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FROM MY no 4 SON STEPHEN //THROUGH AI: ENJOY
099 H DEUTSCHE BANK AG 219
118 H MACQUARIE FUTURES US 23
323 C HSBC 13
332 H STANDARD CHARTERED B 1
363 H WELLS FARGO SECURITI 35
661 C JP MORGAN SECURITIES 15 171
905 C ADM 9
GOLD: NUMBER OF NOTICES FILED FOR SEPT/2025: 243 CONTRACTs NOTICES FOR 24300 OZ or 0.7558 TONNES
total notices so far: 4600 contracts for 460,000 OR 14.308 tonnes)
SILVER NOTICES: 499 NOTICE(S) FILED FOR 2.495 MILLION OZ/
total number of notices filed so far this month : 12,303 CONTRACTS (NOTICES) for 61.515 million oz
A WITHDRAWAL OF 2.01 TONNES OF GOLD OUT OF THE GLD
INVENTORY RESTS AT 977.95 TONNES
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 24.675 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: 62.785 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING) PLUS 3.0 MILLION OZ EX FOR RISK = 65.785 MILLION OZ. THIS IS THE FIRST ISSUANCE OF EXCHANGE FOR RISK FOR SILVER 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 0.7216 TONNES PLUS 6.277 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 16.364//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 30.830 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. 47.583 TONNES
SPREADING OPERATIONS
NOW SWITCHING TO GOLD FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF APRIL. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A MEGA HUGE 2756 CONTRACTS OI TO 159,829 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 535 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 535 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 630 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 2756 CONTRACTS AND ADD TO THE 535 E.FP. ISSUED
WE OBTAIN A MEGA HUGE SIZED GAIN OF 3474 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN IN PRICE OF $0.46 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 16.455 MILLION PAPER OZ
OCCURRED WITH OUR $0.46 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 FRIDAY MORNING:
SHANGHAI CLOSED DOWN 4.71 PTS OR 0.12%
//Hang Seng CLOSED UP 301.84 PTS OR 1.16%
// Nikkei CLOSED UP 395.62 PTS OR 0.89% //Australia’s all ordinaries CLOSED UP .63%
//Chinese yuan (ONSHORE) CLOSED DOWN AT 7.1240 OFFSHORE CLOSED DOWN AT 7.1235/ Oil DOWN TO 62.26 dollars per barrel for WTI and BRENT DOWN TO 66.36 Stocks in Europe OPENED ALL MOSTLY RED
ONSHORE USA/ YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN DOWN IN TRADING AT 7.1240 AND WEAKER//OFF SHORE YUAN TRADING DOWN TO 7.1235 AGAINST US DOLLAR/ AND THUS WEAKER
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END
A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A TINY SIZED 307 CONTRACTS TO 510,353 OI DESPITE OUR LOSS IN PRICE OF $7.50 WITH RESPECT TO THURSDAY’S // TRADING.. WE OF COURSE, LOST NO NET LONGS, DESPITE THAT PRICE LOSS FOR GOLD. AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (1661). WE HAD ZERO T.A.S. LIQUIDATION AS WE HAD A TOTAL GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 1968 CONTRACTS (OR 6.121 TONNES).THEN WE WERE NOTIFIED, THAT WE HAD FOR THE 4TH TIME WITH MONTH A HUGE 2179 CONTRACT EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 217,900 OZ (6.2777 TONNES) AND ALL OF THIS OCCURRED WITH A PRICE LOSS?????
HERE IS A CLOSER LOOK AT EXCHANGE FOR RISK ISSUANCES FOR 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.
AND NOW:
SEPT:
SEPTEMBER: FOUR ISSUANCES SO FAR TOTALLING 5261 CONTRACTS OR 526,100 OZ OR 16.364 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 9.4054 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: FOUR ISSUANCES FOR 5261 CONTRACTS SO FAR FOR 526,100 OZ OR 16.364 TONNES OF GOLD!!
AS I EXPLAINED ABOVE,:THE RECIPIENT OF EXCHANGE FOR RISK IS THE BANK OF ENGLAND
here are the only possible candidates who must bring back loaned gold
- THE BANK OF ENGLAND WHO CONTINUES TO LEASE OUT ITS GOLD TO BULLION BANKS AND :
- THE FEDERAL RESERVE BANK OF NEW YORK (NEED TO RETRIEVE THEIR LEASED GOLD FROM THE BIS).THE FED STILL REFUSES TO BRING BACK MUCH OF ITS 34 TONNES SHORTFALL. IT BOUGHT BACK ONLY 4 TONNES AND THUS THEIR SHORTFALL TO THE BIS IS 30 TONNES.
HOWEVER, IN OUR CASE, EXCHANGE FOR RISK RECIPIENT IS THE BANK OF ENGLAND. THE COUNTERPARTY TO THE BANK OF ENGLAND EXCHANGE FOR RISK ARE BULLION BANKS THAT CANNOT VERIFY THAT THEIR GOLD IS UNENCUMBERED. THE BUYER, REPRESENTING THE CENTRAL BANK OF ENGLAND 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 FAIR SIZED GAIN ON OUR TWO EXCHANGES OF 1968 CONTRACTS DESPITE OUR STRONG LOSS IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY FOR THE THOUGHTFULNESS. LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. DELIVERY OF GOLD CONTRACTS ARE NOW TAKING SEVERAL WEEKS. NO DEFAULT HAS BEEN INITIATED AS DEALERS ARE AFRAID OF LOSS OF THEIR JOBS. SO THIS FRAUD CONTINUES. THE LEASE RATES IN LONDON HAVE NOW INCREASED TO 5.0% LATELY AS GOLD IN LONDON IS STILL EXTREMELY SCARCE.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE 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 1347 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 PREVIOUS 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 WHICH IS MONSTROUS!!!
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 0.7216 TONNES QUEUE JUMP TO GO ALONG WITH THE 6.277 TONNES OF EXCHANGE FOR RISK ISSUANCE TODAY AND // TOTAL EXCHANGE FOR RISK ISSUANCE SEPT: 16.364 TONNES//NEW TOTALS STANDING ADVANCES TO 30.830 TONNES OF GOLD!!!
THE FED IS THE OTHER MAJOR SHORT OF AROUND 30+ 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 240 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.
AND NOW SEPTEMBER:
SUMMARY SO FAR SEPT: 8.093 TONNES INITIALLY STANDING FOR GOLD COUPLED WITH TODAY;S 0.7216 TONNES QUEUE JUMP AND 6.277 TONNES EXCHANGE FOR RISK TODAY// NEW TOTALS OF 16.364 TONNES OF EXCHANGE FOR RISK ISSUANCE/:
THAT IS;
A) 6.277 TONNES OF EXCHANGE FOR RISK ISSUANCE TODAY + 9.586 TONNES EX FOR RISK PRIOR =//TOTAL FOR MONTH: 16.364 TONNES EX FOR RISK!!
B) 0.7216 TONNES TODAY QUEUE JUMP
TOTALS: 30.364 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 1661 EFP CONTRACT WAS ISSUED: : /DEC 1661 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1661 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//THURSDAY
- 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 THURSDAY NIGHT/FRIDAY MORNING WAS A FAIR SIZED SIZED 1677 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 FAIR 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 4 ISSUANCES FOR EXCHANGE FOR RISK FOR 16.364 TONNES.
STANDING AT THE COMEX 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.
AND NOW SEPT:
SEPT: 14.466 TONNES OF GOLD (INCLUDES TODAY’S QUEUE JUMP) + 6.277 TONNES EX FOR RISK TODAY+ 9.586 TONNES EX FOR RISK PRIOR =_//TOTAL EX FOR RISK// FOR MONTH = 16.364//NEW TOTALS FOR GOLD STANDING SEPT = 30.830 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 SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY A STRONG $7.50./ /) BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SPECULATOR LONGS AS WE DID HAVE A STRONG SIZED GAIN IN OI FROM TWO EXCHANGES. BUT AS EXPLAINED ABOVE WE HAD 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 AND THIS WEEKS’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.
FRIDAY MORNING//THURSDAY 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 THURSDAY EVENING/ FRIDAY 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 WAS ADDED TO OUR OFFICIAL STANDING. THUS 35.176 TONNES OFFICIAL STANDING + 1.555 TONNES EX FOR RISK PRIOR + 2.195 TONNES EX FOR RISK ISSUED JULY 25 = 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: 4 ISSUED:
THE CME NOTIFIED US THAT OUR FOUR ISSUANCES OF EXCHANGE FOR RISK WITH TODAY’S ISSUANCE EQUATING TO 2179 CONTRACTS FOR 217,900 OZ FOR A TOTAL MONTH OF 16.364 TONNES. WE WILL PROBABLY HAVE A DOOZY FOR SEPT DELIVERIES AS THE BANK OF ENGLAND WANTS ITS GOLD BACK+ THE MASSIVE QUEUE JUMPING BY OTHER CENTRAL BANKS IS CERTAINLY ON DISPLAY TODAY’S 0.7216 TONNES QUEUE JUMP.
ANALYSIS SEPT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// SEPT COMEX CONTRACT
WE HAVE A STRONG SIZED GAIN TOTAL OF 49.023 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 0.7216 TONNES OF GOLD ALONG WITH 6.277 TOTAL TONNES OF EXCHANGE FOR RISK TODAY/// TOTAL FOR MONTH TOTALS EX FOR RISK// MONTH = 16.364//NEW TOTAL STANDING FOR GOLD IN SEPT ADVANCES TO: 30.830 TONNES.
ALL OF THIS HUGE STANDING FOR SEPTEMBER WAS ACCOMPLISHED DESPITE OUR LOSS IN PRICE TO THE TUNE OF $7.50
WE HAD A MAMMOTH 13,793 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 307 CONTRACTS OR 30700 0Z (6.123 TONNES)
confirmed volume THURSDAY 236,381 contracts// fair//
speculators have left the gold arena
INITIAL GOLD COMEX
SEPT CONTRACT MONTH
SEPT 12 /2025
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 1.entries i) into Brinks 32.151 Brinks (1 kilobars) . |
| Deposit to the Dealer Inventory in oz | 0- |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER 0 ENTRIES xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 243 notice(s) 24,300 OZ 0.7538 TONNES |
| No of oz to be served (notices) | 51 contracts 5100 OZ 0.1586 TONNES |
| Total monthly oz gold served (contracts) so far this month | 4600 notices 460,000 oz 14.308 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month |
dealer deposits: 0
xxxxxxxxxxxxxxxxxxxxx
DEPOSITS/CUSTOMER 0
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
customer withdrawal
1 entries
1.entries
i) into Brinks 32.151 Brinks
(1 kilobars)
ADJUSTMENTs 1
Brinks; added 2218.419 oz (69 kilobars) into eligible account
AMOUNT OF GOLD STANDING FOR SEPTEMBER
THE FRONT MONTH OF SEPTEMBER STANDS AT 294 CONTRACTS FOR A LOSS OF 85 CONTRACTS. WE HAD 317 CONTRACTS FILED ON THURSDAY SO WE GAINED 232 CONTRACTS OR 23,200 OZ ENTERTAINED A QUEUE JUMP OF 0.7216 TONNES. WE NOW MUST ADD TO OUR INITIAL 2.333 TONNES OF GOLD STANDING TO TODAY’S QUEUE JUMP OF 0.7216 TONNES AND THEN ADD MONTH SEPT// EX FOR RISK = 16.364//THUS NEW TOTAL OF GOLD STANDING ADVANCES TO 30.830 TONNES
OCTOBER LOST 994 CONTRACTS DOWN TO 59,490
NOVEMBER GAINED 10 CONTRACTS UP TO 2943 CONTRACTS.
We had 243 contracts filed for today representing 24,300 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 15 notices issued from their client or customer account. The total of all issuance by all participants equate to 243 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer an 171 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 (4600 X 100 oz ) to which we add the difference between the open interest for the front month of SEPT ( 294 CONTRACTS) minus the number of notices served upon today (243 x 100 oz per contract) equals 465,100 OZ OR 14.466 TONNES OF GOLD TO WHICH WE ADD OUR TOTAL EX FOR RISK/SEPT MONTH OF 16.369 TONNES//NEW TOTAL STANDING ADVANCES TO 30.830 TONNES
thus the INITIAL standings for gold for the SEPTEMBER contract month: No of notices filed so far (4600 x 100 oz +we add the difference for front month of SEPT. (294 OI} minus the number of notices served upon today (243 x 100 oz) which equals 465,100 OZ OR 14.466 TONNES PLUS 16.364 TONNES EXCHANGE FOR RISK = 30.830 TONNES.
TOTAL COMEX GOLD STANDING FOR SEPT..: 30.830 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: 2,024,054.573 oz 62.956 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 38,914,490.822 oz
TOTAL REGISTERED GOLD 21,289,381.227 or 662.19 tonnes
TOTAL OF ALL ELIGIBLE GOLD 17,625,109.695 OZ
END
REGISTERED GOLD THAT CAN BE SERVED UPON 19,264,8458oz ((REG GOLD- PLEDGED GOLD)= 599.20 tonnes // (
total inventories in gold declining rapidly
SILVER/COMEX
SILVER/COMEX
THE SEPTEMBER 2025 SILVER CONTRACTS
SEPT 12 2025
INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 1 entries: i) Out of Stonex: 9952.980 oz total withdrawal 9952,980 oz |
| Deposits to the Dealer Inventory | 1 ENTRY i) Into Stonex: 545,022.650 oz total deposit 545,022.650 oz |
| Deposits to the Customer Inventory | 5 DEPOSIT ENTRIES/CUSTOMER ACCOUNT i)Into Asahi 1,255,203.880 oz ii) Into CNT 14,914.500 oz iii) into HSBC: 600,001.400oz iv) Into Loomis: 205,798.200 oz v) Into Stonex: 2045.800 o total deposit 2,374,755.800 oz |
| No of oz served today (contracts) | 499 CONTRACT(S) (2.495 million OZ |
| No of oz to be served (notices) | 254 contracts (1.270 MILLION oz) |
| Total monthly oz silver served (contracts) | 12,303 Contracts (61.515 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
1 ENTRY
i) Into Stonex: 545,022.650 oz
total deposit 545,022.650 oz
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5 DEPOSIT ENTRIES/CUSTOMER ACCOUNT
i)Into Asahi 1,255,203.880 oz
ii) Into CNT 14,914.500 oz
iii) into HSBC: 600,001.400oz
iv) Into Loomis: 205,798.200 oz
v) Into Stonex: 2045.800 o
total deposit 2,374,755.800 oz
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx)
withdrawals: customer side/eligible
1 entries:
i) Out of Stonex: 9952.980 oz
total withdrawal 9952.980 oz
ADJUSTMENTs 2
a) Customer to dealer
Delawarfe: 15,225.660 oz
b) Dealer to customer Stonex: 655,516.271 oz
TOTAL REGISTERED SILVER: 196.654 MILLION OZ//.TOTAL REG + ELIGIBLE. 527.473 Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR AUGUST
silver open interest data:
FRONT MONTH OF SEPTEMBER /2025 OI: 753 OPEN INTEREST CONTRACTS FOR A GAIN OF 204 CONTRACTS. WE HAD 153 CONTRACTS SERVED ON THURSDAY SO WE GAINED A STRONG 357 CONTRACTS OR 1.785 MILLION OZ ENTERTAINED A QUEUE JUMP//NEW STANDING FOR SILVER COMEX INCREASES TO 61.785 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 65.785 MILLION OZ
STANDING FOR SILVER: 65.785 MILLION OZ
OCTOBER GAINED 91 CONTRACTS TO 2471
NOVEMBER GAINED 32 CONTRACTS UP TO 1432.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 499 or 2.495 MILLION oz
CONFIRMED volume; ON THURSDAY 65,945 fair//
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 12,303 X5,000 oz = 61.515 MILLION oz
to which we add the difference between the open interest for the front month of SEPT (753) AND the number of notices served upon today (499 )x (5000 oz)
Thus the standings for silver for the SEPTEMBER 2025 contract month: (12,303) Notices served so far) x 5000 oz + OI for the front month of SEPTEMBER(753) minus number of notices served upon today (499)x 5000 oz equals silver standing for the SEPTEMBER contract month equating to 62.785 MILLION OZ TO WHICH WE ADD OUR INITIAL EXCHANGE FOR RISK SEPT TOTALLING 3.0 MILLION OZ//NEW STANDING ADVANCES TO 65.785 MILLION OZ
New total standing: 65.785 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 196.654 million oz of registered silver
JPMorgan as a percentage of total silver: 210.283/527.5880 million. 39.84%
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 12 WITH GOLD UP $12.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 2.01 TONNES OF GOLD FROM THE GLD:/// ///INVENTORY RESTS AT 977.95 TONNES/
SEPT 11 WITH GOLD DOWN $7.50 TODAY/SMALL CHANGES IN GOLD AT THE GLD A DEPOSIT OF .28 TONNES OF GOLD INTO THE GLD:/// ///INVENTORY RESTS AT 979.96 TONNES//
SEPT 10 WITH GOLD DOWN $1.10 TODAY/NO CHANGES IN GOLD AT THE GLD:/// ///INVENTORY RESTS AT 979.68 TONNES//
SEPT 9 WITH GOLD UP $47.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2.29 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 979.68 TONNES//
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: 977.95 TONNES, TONIGHTS TOTAL
SILVER
SEPT 12 WITH SILVER UP $0.46 TODAY/NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 485.677 MILLION OZ//
SEPT 11 WITH SILVER UP $0.46 TODAY/NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 485.677 MILLION OZ//
SEPT 10 WITH SILVER UP $0.28 TODAY/NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 485.677 MILLION OZ //
SEPT 9 WITH SILVER DOWN $0.55/ HUGE CHANGES AT THE SLV AT WITHDRAWAL OF 1.816 MILLION OZ OUT OF THE SLV:// ////INVENTORY RESTS AT 486.677 MILLION OZ./
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 485.677 MILLION OZ//
PHYSICAL GOLD/SILVE
1/PETER SCHIFF
JOHN RUBINO
2. MATHEW PIEPENBERG/VON GREYERZ
ALASDAIR MACLEOD
Silver soars, gold follows
Bull markets in gold and silver, or more accurately the dollar’s disaster, resume as demand mounts ahead of the Fed’s FOMC meeting next week when a cut in rates is expected.
| Alasdair MacleodSep 12∙Paid |
This morning, gold and silver ventured into new high ground after a week of minor consolidation. In early morning European trade, gold was $3650, up $64 from last Friday’s close and 39% since 1 January. Silver was $42.15, up $1.17, and 46% higher over the same respective timescales.
In their particulars, the factors driving gold and silver differ. In gold’s case, speculator demand is beginning to build, evidenced in open interest (the black line) in the chart of the Comex contract below:
This chart is instructive: since March, open interest began to fall sharply while the price continued to rise peaking at $3445 in early-April, since when the price consolidated sideways, despite speculator liquidation taking open interest to its lowest level since February 2024. After a period of normalisation based around 450,000 contracts, at the end of August speculators finally began to buy, driving the price above and out of its consolidation pattern into new high ground.
The normal relationship between buying and a rising price has been restored, with some way to go before this contract becomes technically overbought. Context is important, which I will address below after looking at silver.
Silver exhibits not so much speculator buying as a systemic bear squeeze, illustrated by this chart from Bloomberg (posted by Ronnie Stoeferle of Incrementum on X):
The spike in lease rates to the highest level for many years is the clearest evidence of a panic for physical silver. It sets the scene for the dynamics behind our next chart, of open interest on Comex and its relationship with the price:
Open interest has declined while silver has soared, clear evidence of the price being driven by a systemic squeeze while speculators stand aside. Meanwhile, stand-for-deliveries are substantial, with 58,255,000 ounces (1,812 tonnes) since just 29 August for a total of 10,550 tonnes so far this year. This represents physical liquidity vanishing, so it’s little wonder that the systemic squeeze is on.
Shortly, we can expect speculators to spot this and chase silver prices higher still. Furthermore, growing public participation from those who feel that they have missed out in gold’s upward momentum are likely to view silver as the affordable alternative. This demand will almost certainly be through ETF buying against a background of diminishing physical liquidity with a disproportionate effect on the price. Therefore, a rerating to a gold/silver ratio below 50 and even lower still (currently 87 and falling) is not impossible.
Next week will see the Fed’s FOMC decide on a likely cut to the Feds funds rate, widely expected to be 0.25% with some going for 0.5%. This suggests that gold could see some short-term profit taking on a 0.25% cut, or would rise on 0.5% reduction. But in a more general context, it’s all about weakening the dollar. It’s trade weighted index appears due to slide significantly lower, which is our last chart:
A lower dollar is the ambition of President Trump and Stephen Miran, his new FOMC rate-setting acolyte and author of the Mar-a-Largo accord. It is surprising that the foreign exchanges are yet to reflect the importance of these developments.
Of course, they will — probably suddenly. This likelihood is being front run by gold. But when the dollar’s TWI declines convincingly below its current 97.5, gold will almost certainly go far higher, reflecting declining dollars.
We finish with gold’s updated technical chart:
Strong gold, without doubt. But really, it’s the dollar’s disaster.
3. CHRIS POWELL AND GATA GOLD DISPATCHES/OTHER GOLD RELATED TOPICS
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS 240
a must view
5. COMMODITY REPORT IRON ORE
Iron Ore Price Volatility Now At 2008 Low
Friday, Sep 12, 2025 – 11:40 AM
Singapore iron ore futures closed the week near six-month highs, supported by signs of revived Chinese demand driving peak-season restocking, alongside other factors such as steel mills curbing supply and expectations for a 25-bps interest rate cut in the U.S. next week.
Earlier in the week, UBS analyst Catherine Gordon told clients, “I would flag that the team has seen strong demand for the UBS Gold Miners Basket {UBXXGOLD} amid the frenzy. Iron Ore remains the least discussed with investors on the sidelines.”
Has the iron ore market been long lost and forgotten by Wall Street desks, with prices stuck around $100 a ton for more than a year?
Possibly. UBS analyst Myles Allsop noted that iron ore volatility has collapsed to its lowest level in 15 years. With no trend to follow and prices compressed around the $100 handle, iron ore has become one of the least discussed commodities among UBS clients – well, for now.
Allsop provided more color about this collapse in volatility:
Iron ore prices: why is volatility at the lowest level in >15yrs?
The volatility in the iron ore price is at its lowest level since the industry moved to spot pricing in 2008/09, with prices trading in a tight range since mid-2024 (average ~$100/t with a low of $90/t & a high of $110/t). In our opinion, one of the key drivers of this stability is a change in buying behaviour in China, supported by widespread uncertainty & balanced market fundamentals. The Chinese govt established China Minerals Resources Group (CMRG) in Jul-22 with an aim to stabilise the iron ore market through centralised demand, price negotiations, and strategic inventory mgmt. CMRG now represents >50% of China’s steelmakers in negotiations with global suppliers, fundamentally changing the negotiating leverage from miners to Chinese steel mills and altering the iron ore market dynamics; it has also dampened speculative activity in the market by building substantial strategic inventory holdings. Looking forward, we expect lower price volatility to become the new normal, which helps steelmakers through improved cost forecasting but reduces trading opportunities for financial participants; we expect supply-demand fundamentals to continue to drive broader market price trends though the concentrated buying power of CMRG is likely to compress margins.
Iron ore prices holding up with supply/ demand balanced & inventories stable
Iron ore prices have shuffled up to ~$105/t last week with activity rebounding after the military parade and on improving sentiment (due to the China Work Plan & Fed rate cut expectations). On the key signals we note: 1) Iron ore inventories at ports (Fig24) and at mills (Fig26) in China are broadly stable w/w; 2) Iron ore shipments from traditional markets (Fig2) continue to recover with Brazil +3% YTD (> Access Dataset); 3) Steel production in China accelerated in early-Aug in the CISA data (Fig10), though MySteel utilisation rate data remains broadly flat (Fig14); 4) Steel exports from China remain strong at ~106Mtpa in Aug despite increasing trade restrictions (Fig19) – Baosteel expects China steel exports to remain >100Mt in 2025, albeit softer in 4Q; 5) Positioning on the Dalian has turned incrementally more negative and is now at -2Mt of net contracts (Fig37). We have Neutral ratings on Vale, RIO & BHP, and Sell on FMG & KIO; we est. spot 2026 FCF yield of BHP at 4%, RIO at 8%, Vale at 15% (interactive model).
Separately, Goldman analyst James McGeoch added more color about why prices of the steelmaking ingredient have soared in recent weeks to six-month highs:
“Your coming into the pre-golden week restock (Golden week October 1), the onshore feedback is positive, August imports at 105mt is impressive. The range $100-105 is still where the traders see it, consumer buying at $100, and producer hedging at $105. Of note the story Friday on the CMRG (China group) selling to calm prices down, they are not going away… “
Chart
The longer the compression, the larger the eventual move in iron ore markets. The big question is what could trigger a breakout to the upside: China stimulus, U.S. rate cuts, or Beijing pressuring mills to curb production?
Full chart pack available exclusively for ZeroHedge Pro Subs here.
ASIAN MARKETS THIS FRIDAY MORNING:
SHANGHAI CLOSED DOWN 4.71 PTS OR 0.12%
//Hang Seng CLOSED UP 301.84 PTS OR 1.16%
// Nikkei CLOSED UP 395.62 PTS OR 0.89% //Australia’s all ordinaries CLOSED UP .63%
//Chinese yuan (ONSHORE) CLOSED DOWN AT 7.1240 OFFSHORE CLOSED DOWN AT 7.1235/ Oil DOWN TO 62.26 dollars per barrel for WTI and BRENT DOWN TO 66.36 Stocks in Europe OPENED ALL MOSTLY RED
ONSHORE USA/ YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN DOWN IN TRADING AT 7.1240 AND WEAKER//OFF SHORE YUAN TRADING DOWN TO 7.1235 AGAINST US DOLLAR/ AND THUS WEAKER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS FRIDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN TO 7.1240
OFFSHORE YUAN: DOWN TO 7.1235
HANG SENG CLOSED UP 301.84 PTS OR 1.16%
2. Nikkei closed UP 395.62 PTS OR 0.89%
3. Europe stocks SO FAR: ALL MOSTLY RED
USA dollar INDEX UP TO 97.76 EURO FALLS TO 1.1719 DOWN 14 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +1.595//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 147.50…… 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: 3.204 DOWN 2 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 DOWN CHINESE ONSHORE YUAN: DOWN OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and DOWN FOR BRENT this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.6887 Italian 10 Yr bond yield UP to 3.510 SPAIN 10 YR BOND YIELD UP TO 3.258
3i Greek 10 year bond yield UP TO 3.380
3j Gold at $3639.00 Silver at: 42.26 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 4 /100 roubles/dollar; ROUBLE AT 84.61
3m oil (WTI) into the 62 dollar handle for WTI and 65 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 147.50/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.595% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING.//JAPAN 30 YR: 3.204 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 0.7973 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9342 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: 4.040 UP 3 BASIS PTS…
USA 30 YR BOND YIELD: 4.698 UP 1 BASIS PTS/
USA 2 YR BOND YIELD: 3.560 UP 3 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 41.37
10 YR UK BOND YIELD: 4.6210 DOWN 1 PTS BUT STILL ESCALATING RAPIDLY
30 YR UK BOND YIELD: 5.446 UP 1 BASIS PTS
10 YR CANADA BOND YIELD: 3.170 DOWN 0 BASIS PTS
5 YR CANADA BOND YIELD: 2.748 DOWN 1 BASIS PTS.
2a New York OPENING REPORT
Futures Dip As Record-Breaking Rally Runs Out Of Steam
Friday, Sep 12, 2025 – 08:37 AM
US equity futures are fractionally lower with small caps lagging as the record-breaking rally in stocks appeared to be running out of steam. At 8:15am ET, S&P 500 futures slid 0.1% after all major US indexes hit all-time highs on Thursday, however Nasdaq 100 futures are still in the green amid an relentless tech bid: Microsoft rose in premarket trading, leading the Mag 7 after it avoided a hefty antitrust penalty from the European Union. Europe’s Stoxx 600 eased as well. Incremental headlines after yesterday’s close were limited as Fed policy and AI development continue to support bulls over job market concerns or geopolitics. On trade, Bessent and Chinese VP will meet in Madrid next week. Yields are 1-2bp higher and USD is higher. Commodities are mixed, with oil and base metals higher, while precious metals are lower. Today’s econ data slate is just the September prelim University of Michigan sentiment at 10am New York time.
In premarket trading, Mag 7 stocks are mostly higher with AMZN and AAPL lagging (Microsoft +1%, Nvidia +0.1%, Amazon -0.07%, Meta +0.01%, Tesla +0.1%, Apple -0.3%, Alphabet +0.2%)
- Adobe (ADBE) rises about 3% after giving a strong quarterly revenue outlook, suggesting that the software maker is seeing a payoff from its investment in AI features.
- Alaska Air (ALK) gains 2% as an upgrade from UBS gives the stock a clean sweep of buy ratings among analysts.
- Array Technologies (ARRY) declines 5% as BofA assigns the solar tracking technology firm its only negative analyst rating, downgrading to underperform based on tariff drag.
- RH (RH) falls 8% after the luxury furniture company cut its sales outlook for the full year, citing mounting impacts from new US tariffs that resulted in delays to a seasonal catalog.
- Stellantis’ US shares (STLA) fall 3%, giving back some of the gains booked on Thursday following comments from CEO Antonio Filosa on dealer inventory levels and the company’s tariff talks with Washington. UBS tempered the optimism this morning, claiming the risk-reward profile looks “unattractive” in the near-term.
- Super Micro Computer (SMCI) gains 5% after the server company announced the availability of its Nvidia Blackwell Ultra solutions
- Warner Bros. Discovery (WBD) is up 6%, set to extend Thursday’s 29% rally as Paramount Skydance, the Hollywood studio taken over by independent filmmaker David Ellison, is said to be preparing a bid for the company.
Stocks repeatedly scaled all-time highs after a raft of data this week pointed to a strained labor market and relatively contained inflation, sealing a Fed cut when policymakers meet next week. Some now question whether the rally has further room to run as seasonal weakness and geopolitical uncertainty linger. Meanwhile swaps pricing indicates traders anticipate the equivalent of between two or three quarter point cuts through year-end, with some wagering on a jumbo half-point cut next week (odds about 10%).
Claudia Panseri, chief investment officer for France at UBS Wealth Management, cautioned that markets were reaching the limit of pricing in Fed support: “I would say that the market is overestimating the scale of rate cuts across the 12 coming months,” she said. “As for next week, some investors will be disappointed if there’s not a 50 basis-point cut, and I don’t think there will be.”
While the slowdown in the labor market has raised concerns that the Federal Reserve may have stayed on pause for too long, Bank BofA strategist Michael Hartnett said markets are betting that policymakers would still be ahead of the curve once they begin cutting rates. A rally in banks and other rate-sensitive stocks, along with a decline in investment-grade credit spreads, signal that investors are “saying the Fed can cut with credibility and is cutting into US growth re-acceleration,” he said.
Analysts expect small caps to outperform over the next twelve months, with the potential for a 20% advance in the Russell 2000, compared with calls for an 11% jump in the S&P 500, as highlighted in today’s Taking Stock column. BI strategist Gillian Wolff notes the Russell 2000 broke above the key psychological level of 2,400 this week and at 68, the 14-day RSI remains far from overbought levels — prior highs were marked by RSI above a 73-handle.
In European markets, European stocks are subdued on Friday as investors await the Federal Reserve meeting next week. Automobile and retail shares are biggest laggards, while mining and utilities equities are the best-performers.
The Stoxx Europe 600 Index was little changed at 554.86. Here are the biggest movers Friday:
- European miners are outperforming on Friday thanks to a broad rise in metal prices, with gold, copper, aluminum and nickel all gaining ground
- Hannover Rueck SE shares rise as much as 3.4%, the most since April, after UBS raised the recommendation on the German reinsurance company to buy from neutral on earnings resilience
- Inwido rises as much as 6%, reaching the highest in two months, as Berenberg initiates on the Swedish windows and door manufacturer with a buy rating
- Vallourec shares rise as much as 6.3%, the most in over two months, after the tubular product maker said it has won a major contract from Petrobras that could generate up to $1 billion in revenue
- European energy firms are lagging the wider market on Friday as oil extends a decline after the International Energy Agency projected an even bigger surplus next year
- Novartis drops as much as 2.9% after the stock was downgraded to sell from neutral at Goldman Sachs. The analysts say the Swiss drugmaker’s valuation looks “stretched” given the increasing impact of generic competition following drug patent expiries in the coming years
- Ocado shares plunge as much as 12% extending losses booked in late trading on Thursday. Morgan Stanley analysts noted “negative readacross” from comments made on US grocer Kroger’s conference call yesterday
French bonds lagged most regional peers ahead of a Fitch Ratings update on the country, due after the close. French assets have been unsettled after former Prime Minister Francois Bayrou lost a confidence vote, failing to muster enough support to rein in the budget deficit. “The market is already incorporating at least one or two or even three downgrades,” Vincent Mortier, chief investment officer at Amundi SA, told Bloomberg TV. “We’re still far away from a sub-investment-grade rating. The market has been quicker than the rating agencies to adjust the levels.”
Earlier in the session, Asian equities advanced, as technology shares extended their rally on rising expectations that the Federal Reserve will cut interest rates next week. The MSCI Asia Pacific Index rose as much as 1.1%, poised for a seventh day of rise in its longest winning streak since May 2024. South Korea’s Kospi notched another all-time high, after SK Hynix announced it had completed development of its next-generation AI memory chip. Shares in Hong Kong also rose, with Alibaba surging amid optimism over its AI infrastructure plans. Risk appetite has been improving in Asia as tariff worries ease on progress in US trade talks. The return of optimism on the AI trade, a liquidity-driven rally in Chinese stocks and expectations that Fed cuts will allow Asian central banks room to ease further have helped power the advance. Tech got a boost this week from Oracle Corp.’s upbeat cloud-business outlook. Stocks also climbed Friday in Taiwan, Japan and Australia. Indonesia’s key equity gauge jumped more than 1% on optimism over plans from the nation’s new finance minister. Here Are the Most Notable Movers
- Ain Holdings Inc. shares jumped after the Japanese pharmacy operator raised its full-year operating profit guidance. Meanwhile, Fuji Oil Co. shares surged following a takeover offer from Idemitsu Kosan Co.
- Infosys shares rise as much as 2.3% to their highest in seven weeks after the software firm said it will buy back shares worth 180 billion rupees ($2 billion).
- Aristocrat Leisure shares fall as much as 4.5%, the most since May 14, after the Australian game machine operator said Dylan Slaney will replace Moti Malul as CEO of the interactive division.
- Star Plus Legend shares rise as much as 22% in Hong Kong, the most since July 30, after a media report saying that a robot dog created by the company and Hangzhou Unitree Technology will make its first appearance soon.
- Malaysian car distributor Bermaz Auto Bhd. fell to a record low after its first-quarter net income slumped 88%, weighed by strong competition from Chinese automakers.
- Ascletis Pharma shares rise as much as 6.6% in Hong Kong after the company said Chairman Jason Wu and Executive Director Judy Wu are demonstrating “strong faith” in its long-term value and future prospects.
- Verisilicon Microelectronics shares surge as much as 20% to a record high, resuming trading following a halt, after the company announced plans to buy a Shanghai chip tech firm.
- Alibaba Group Holding Ltd.’s stock gained the most in about two weeks after the company initiated a series of moves intended to shore up its place in China’s AI development boom.
- Anritsu shares jump as much as 13% to the highest intraday level since Nov 2021 after Goldman Sachs initiates a buy rating on the Japanese measurement instruments company on expectations of profit growth driven by AI and data center businesses.
- Timee shares plunged as much as 18%, the most in a year, after the part-time job app developer’s quarterly sales missed estimates, spurring concern about weakness in its food industry operations.
In FX, the dollar rebounded from back-to-back losses. The yen lags G-10 currency peers, down by 0.5%, and set for a third consecutive weekly decline. The pound trimmed a weekly gain after the economy showed a sluggish start to the third quarter, with gross domestic product flat and slowing from the previous month.
In rates, treasuries pulled back from Thursday’s advance alongside weakness in Europe, with the US 10-year yield rising two basis points to 4.05%. Yields are biased slightly higher amid bigger losses for bunds during European morning following German and French CPI data. US front-end to 10-year yields are cheaper by as much as 1.5bp with 2s10s curve barely 1bp steeper on the day. Long-end yields are little changed, flattening 5s30s by about 1bp. German and UK counterparts lag US 10-year by 2bp and 1bp. Gilt yields are higher and the pound is weaker after UK economy flat-lined in July.
In commodities, gold pares gains after testing another record, but is still up by $6 to $3,639/oz as money pours into bullion-backed ETFs. Copper and nickel also rise to buoy miners in Europe. Oil prices reverse an earlier decline, with Brent trading up 1% and shy of $67/barrel.
Looking ahead, today’s calendar includes the US September University of Michigan Survey, UK July monthly GDP, Italy’s Q2 unemployment rate, and Canada’s July building permits. Central bank speakers include the ECB’s Rehn, Kocher, and Nagel, as well as the BoE’s inflation attitudes survey.
Market Snapshot
- S&P 500 mini -0.1%
- Nasdaq 100 mini little changed
- Russell 2000 mini -0.5%
- Stoxx Europe 600 -0.1%
- DAX -0.3%
- CAC 40 -0.4%
- 10-year Treasury yield +2 basis points at 4.04%
- VIX little changed at 14.68
- Bloomberg Dollar Index +0.2% at 1199.62
- euro -0.1% at $1.172
- WTI crude +0.6% at $62.74/barrel
Top Overnight News
- Trump says Charlie Kirk’s murder suspect has been captured and is in police custody
- The US will pressure G7 countries to hit India and China with sharply higher tariffs for buying Russian oil in an attempt to force Moscow into peace talks with Ukraine, according to four people briefed on the plans. FT
- China on Thursday warned Mexico that raising tariffs on Chinese goods will be considered “appeasement” to US “bullying,” after Mexico mulled plans to impose import duties of up to 50%. Nikkei
- Allianz and AllianceBernstein are among global firms boosting holdings of Chinese government bonds after a selloff driven by a rotation into stocks sent yields to multi-month highs. Analysts also expect the PBOC to resume purchases. BBG
- US Treasury Secretary Scott Bessent plans to meet with Chinese Vice Premier He Lifeng and other senior officials next week in Madrid to continue their discussions on trade, economic and national security issues, the Treasury said on Thursday. RTRS
- Brazil’s Supreme Court sentenced former president Jair Bolsonaro to 27 years in prison for plotting a coup after his 2022 election defeat. Marco Rubio said the US will respond “accordingly.” BBG
- OpenAI is moving closer to a for-profit structure under a new deal with Microsoft, giving its nonprofit parent an equity stake of more than $100 billion. The plan faces resistance from Elon Musk and regulatory scrutiny. BBG
- Sam Altman and Nvidia’s Jensen Huang will announce investments worth billions of dollars in UK data centers next week, people familiar said. BBG
- Adobe (+3.8% premkt) shares rose on a strong revenue forecast, suggesting investments in AI features are paying off. Reported solid quarterly results, and upped its Revenue, net new ARR, and EPS guidance which should help push back on bear thesis.
- Gold ETF holdings jumped about 25 tons this week — the sixth-highest weekly gain this year — on the back of Fed rate-cut bets, weaker yields and central-bank demand. Still, Phillip Nova warned long-term holding is riskier amid volatile momentum-driven trading. BBG
Trade/Tariffs
- US Treasury Secretary Bessent will travel to Spain and the UK on September 12th-18th on a trip that includes government and private sector meetings in London. Bessent will meet with Chinese Vice Premier He and other senior Chinese officials next week in Madrid, while Bessent and He are to discuss key US-China national security, economic and trade issues, including TikTok and anti-money-laundering cooperation. Furthermore, Bessent will also meet with Spanish government counterparts to discuss the US-Spain relationship and is to join US President Trump in the UK for an official state visit with King Charles.
- China’s Commerce Ministry said planned Mexican tariffs on China are too seriously affect Mexico’s business environment and confidence of enterprises in investing in Mexico, while it added that China will take necessary measures to safeguard legitimate rights and interests.
- Taiwan said it will continue advanced talks with the US and seeks more equitable reciprocal trade terms with the US, while Taiwan and the US affirmed that some progress was made in trade talks
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mostly higher following the gains on Wall St, where the major indices climbed to record highs after a jump in Initial Jobless claims further boosted Fed rate cut pricing. ASX 200 edged higher with outperformance in Real Estate, Miners, Materials & Financials spearheading the advances as Fed rate hike expectations boost global risk sentiment. Nikkei 225 extended on record highs and approached closer towards the 45,000 level despite little fresh pertinent drivers. Hang Seng and Shanghai Comp traded mixed with tech leading the gains in Hong Kong after it was reported that Alibaba (9988 HK) and Baidu (9888 HK) are using internally designed chips for training AI models are to adopt their own AI chips in a major shift for Chinese tech, while the mainland lagged amid frictions, with the US reportedly to urge G7 to impose high tariffs on China and India over Russian oil purchases.
Top Asian News
- Japanese and US finance ministers’ joint statement noted as trusted partners, the United States Department of the Treasury and the Japanese Ministry of Finance agreed to continue their close consultations on macroeconomic and foreign exchange matters, while they reaffirmed that exchange rates should be market-determined and that excess volatility can have adverse implications for economic and financial stability.
- Japanese Member of the House of Representatives Takaichi leads in a Kyodo poll to be next head of Japan ruling party.
- Chinese finance minister says local debt swap programme is achieving results. China’s finance minister vows to resolutely curb new local hidden debt.
- Japan’s former Top Currency Diplomat Gyoten says BoJ must take into consideration concerns that weak JPY could accelerate inflation; Japan’s interest rates are too low and are contributing to the JPY weakness.
European bourses (STOXX 600 -0.3%) opened modestly firmer across the board, but sentiment slipped as the morning progressed to display a negative picture – nothing really behind the turn. European sectors are split down the middle, and with little overall newsflow driving this at the moment. Basic Resources takes the top spot, buoyed by strength in underlying metals prices. Insurance and Utilities follow closely behind. Autos is found at the foot of the pile, and then joined by Retail and Energy
Top European News
- UBS Global Wealth Management expects ECB to remain on hold in 2025 (prev. 25bps cut in Dec); Now expect ECB to remain on hold for a prolonged period
- ECB’s Simkus says inflation has stabilised at the target and labour market is in a good situation, adds economic activity is quicker than previously observed. Inflation risks are significantly high.
- ECB’s Villeroy says another rate cut is possible in coming meetings; upward risks to inflation are lower than downward, via Bloomberg.
- ECB’s Kazaks says risks remain elevated; a meeting-by-meeting approach is still appropriate, via CNBC; December meeting is ‘rich’.
- ECB’s Muller says rates in the right place at the moment.
- ECB’s Rehn says the risk that inflation remains slower than the target level should not be underestimated. Must be mindful of downside risks to inflation stemming from cheaper energy and a stronger EUR.
- ECB’s Kocher says the gap between Austrian inflation and EZ average is far too high; growth and inflation outlook presented at the meeting was little changed; will decide meeting-by-meeting and changes to risk landscape.
- Ipsos data: UK public inflation expectations at 3.6% (prev. 3.2%) for the coming year and 3.4% (prev. 3.2%) for the following 12-month period, 5-year 3.8% (prev. 3.6%)
FX
- DXY is attempting to claw back some lost ground after declining on Thursday in the wake of the jump in US weekly claims data, which overshadowed the mostly in-line/slightly firmer (on an underlying basis) CPI report. Pricing for next week’s FOMC rate decision was largely unchanged with markets reluctant to price a 50bps reduction. With regards to personnel at the Fed, the latest reporting suggests US Treasury Secretary Bessent met this week with Warsh, Lindsey, and Bullard as the search for the next Fed chair continues. Ahead, focus is on UoM data for September. DXY sits towards the bottom end of Thursday’s 97.47-98.08 range.
- EUR is steady vs. the USD after gaining yesterday in the wake of a broadly softer dollar and what turned out to be a hawkish ECB policy announcement. Source reporting has suggested that an October cut is very unlikely. However, the matter could be revisited in December alongside the latest economic projections. We have heard from a slew of ECB speakers this morning, who have largely echoed Lagarde’s remarks that policy is in the right place. Afterhours, focus will be on Fitch’s review of France. EUR/USD ventured as high as 1.1747 before pulling back. If upside resumes, the WTD peak sits at 1.1780.
- JPY is softer vs. the USD and at the bottom of the G10 leaderboard. Focus this week for Japan has primarily been on the fallout from political uncertainty after PM Ishiba announced his resignation, with pressure this morning potentially exacerbated by the Kyodo poll. The inference for markets has been that the upheaval in Japan could derail BoJ tightening expectations. Elsewhere, a joint statement between the US and Japan has reaffirmed their commitment to close consultations on foreign exchange matters and reaffirmed that exchange rates should be market-determined. USD/JPY is currently contained within Thursday’s 146.98-148.19 range.
- GBP is on the backfoot vs. the USD following an in-line M/M outturn for UK GDP at 0%, leaving the 3M/3M rate at 0.2%, as expected. Looking ahead, Pantheon expects “GDP growth will probably undershoot the MPC’s forecast for Q3 slightly after today’s release, but that should have little effect on interest rates”. Cable sits towards the middle of Thursday’s 1.3490-1.3583 range.
- Antipodeans are both softer vs. the USD after faltering alongside the pullback in risk sentiment in early European trade. Macro drivers for both remain on the light side and as such, the risk environment and broader moves in the USD are likely to provide the greatest source of traction for AUD/USD and NZD/USD.
- PBoC set USD/CNY mid-point at 7.1019 vs exp. 7.1081 (Prev. 7.1034).
Fixed Income
- A softer start to the final session of a packed week. Today’s docket is a little lighter stateside, University of Michigan is the main data event while scheduled speakers are light aside from POTUS on Fox at 13:00BST, an interview likely to focus on Charlie Kirk. Currently, USTs are lower by a handful of ticks in a thin c. five tick range which is comfortably within Thursday’s 113-09 to 113-29 band. September aside, Treasury Secretary Bessent met this week with Warsh, Lindsey, and Bullard regarding the Chair position. Will be speaking with sitting officials’ post-blackout. His goal is to add one or two names to the list of candidates.
- Bunds are softer, continuing to pullback from the 129.38 peak that printed yesterday in reaction to US weekly claims. Entered today’s session just above the 129.00 mark but has since slipped below the figure and is at a 128.84 trough. Very much focussed on the post-ECB sources. In short, a move in October is off the cards (-1.3bps implied) with policymakers generally of the view that further easing is not required to get inflation to the 2.0% target; however, the December meeting (-3.8bps implied) is the point to review this when new forecasts will be available including the first look at 2028. ECB speak today has been mixed but has largely echoed commentary from Lagarde on Thursday.
- Gilts are just in the red, but outperforming peers. Outperformance that is a function of the morning’s growth data. Where the headline metrics were as expected for the M/M and 3M/3M, the Y/Y missed consensus and the manufacturing/production breakdown was very weak, printing beneath the forecast range. Notably, the M/M only just avoided being a negative print, helped out by some favourable 1dp rounding. A series that was sufficient to lift Gilts to a 91.75 peak, posting gains of 11 ticks at best. However, as the morning progressed this strength has waned and the benchmark is well off best, but still outperforming peers. The data has had no impact on BoE pricing, with markets not looking for a move until around March 2026.
- OATs are lower, in-fitting with peers. Awaiting the sovereign review from Fitch, due after the US close. Into this, OATs trade in-line with Bunds and the OAT-Bund 10yr yield spread holds just below the 80bps mark. Fitch has France at AA-, negative. 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.
Commodities
- Crude opened lower, but traded with an upward bias since the European cash open, taking the complex into the green; currently resides at session highs. Some of the downbeat sentiment may be on EU officials suggesting it is unlikely the G7 will impose 100% tariffs on China and India, as India is a vital partner in trade and security matters, according to FT. WTI currently resides in a 61.69-62.83/bbl range while Brent sits in a USD 65.71-66.91/bbl range.
- Precious metals are steadily gaining despite this morning’s dollar strength and in tandem with a rally in silver, which climbed above the USD 42/oz level. Spot gold currently resides in a USD 3,622.75-3,649.35/oz range. All-time high still sits at USD 3,674.69/oz printed on 9th September.
- Base metals trades firmly despite the weaker sentiment and stronger dollar, and with little in terms of newsflow to explain price action, although supply-side headlines yesterday suggested Peruvian copper output fell 2% in July. 3M LME copper resides in a USD 10,054.35-10,127.20/t range at the time of writing.
- US Energy Secretary Wright says the faster EU phase out of Russian energy would be helpful in ending the Ukraine war; thinks EU could phase out Russian oil and gas faster.
- Commerzbank raised gold price forecast to USD 3,800/oz by end-2026 (prev. USD 3,600/oz); raises silver end-2025 forecast to USD 41/oz to USD 43/oz; raises platinum forecast for 2025-end to USD 1,400/oz (prev. USD 1,350/oz).
Geopolitics: Middle East
- Israel’s UN envoy to the Security Council said Israel will act against the leaders of terror wherever they are hiding.
- Qatar’s PM said to the UN Security Council that the Israeli attack on Hamas leaders in Doha is a violation of Qatar’s sovereignty, and the attack, which was carried out while we are engaged in mediation, exposes Israel’s intentions to derail peace efforts. Furthermore, Qatar’s PM said Israeli leaders show no regard for hostages’ lives and Qatar will continue its humanitarian and diplomatic role to spare bloodshed, but will not tolerate any infringement on sovereignty and security.
Geopolitics: Ukraine
- The US is to urge G7 to impose high tariffs on China and India over Russian oil purchases, while finance ministers from G7 leading economies will discuss a US proposal for a round of new measures on Friday, according to FT.
- EU officials say it is unlikely G7 will impose 100% tariffs on China and India as India is a vital partner in trade and security matters, according to FT.
- Japan’s Chief Cabinet Secretary Hayashi said Japan is to impose additional asset freeze, export controls, and sanctions on Russia over Moscow’s invasion of Ukraine, while he added they are to lower the price cap on Russian crude oil from today.
- Japan’s Trade Ministry said they are to restrict exports to additional entities, including six in China, two in Turkey, and one in the UAE, as part of sanctions against Russia’s invasion of Ukraine.
- NATO Secretary General Rutte and Supreme Allied Commander to hold joint press conference at NATO headquarters today at 16:00 BST.
US Event Calendar
- 10:00 am: Sep P U. of Mich. Sentiment, est. 58, prior 58.2
DB’s Jim Reid concludes the overnight wrap
As we approach the end of the week, markets have been in a buoyant mood over the last 24 hours, continuing into this morning’s Asian session, with investor attention squarely focused on the slightly higher than expected US August CPI release, and the notably higher than expected jobless claims data. The influence of the latter won out with December fed futures spiking to price in 76bps of cuts immediately after the numbers, having been at 68bps before the release. We ended up pricing in 72bps at the close. This overshadowed a slightly hawkish ECB meeting where sources later suggested that the ECB are inclined to keep rates on hold in this cycle unless there is an economic shock. Equities extended their recent rally, with the S&P 500 (+0.85%), Nasdaq (+0.72%), and the Mag-7 (+1.13%) all notching fresh record highs.
Starting with the US CPI report, headline inflation rose by +0.4% month-on-month (m/m) in August, up from +0.2% in July and above the +0.3% consensus forecast. Core inflation matched expectations at +0.3% m/m, unchanged from July but it did come in at 0.345%, just shy of rounding up. However, it was outsized increases in volatile categories such as airfares (+5.8% m/m) and lodging (+2.3% m/m) that pushed the core reading higher, with the Cleveland Fed’s trimmed mean CPI measure rising by a more moderate +0.26% m/m. Indeed, with airfares CPI not entering into the Fed’s preferred core PCE inflation measure, our US economists’ projection for August core PCE has declined to +0.22% m/m after the CPI print. Overall, they see the CPI data pointing to continued strength in service prices, but to potentially more moderate tariff impacts than previously anticipated. See their full take here
Alongside CPI, initial jobless claims for the week ending 6 September rose to +263k, well above the +235k expected. The state of Texas accounted for most of this increase so some of this spike was likely due to temporary distortions. Still, it was yet another data point adding to a picture of a softening US labour market.
The combined data prompted a rally in US Treasuries, with 10yr yields falling -6bps lower after the print before closing -2.5bp on the day to 4.02%. 30yr yields saw a larger -4.2bps decline, even as they sold off a little after an average 30yr auction. However, the front-end rally ran out of steam as the day went on and 2yr yields closed a mere -0.1bps lower as markets remained hesitant to price in much risk of a 50bps cut, with September Fed pricing unchanged at 27bps. The dollar index weakened slightly, posting a -0.25% decline.
Equities responded positively to the lower rates outlook. The S&P 500 (+0.85%) and Nasdaq (+0.72%) both advanced to fresh records, supported by continued enthusiasm around AI. The Magnificent 7 gained +1.13%, although Oracle slipped -6.23% after three consecutive days of gains. But the equity gains were widespread with 436 advancers within the S&P 500 being the most we’ve seen since May 27, while the small cap Russell 2000 (+1.83%) surged to within 1% of its own record high reached back in November 2021.
Turning to Europe, the ECB held rates steady at 2%, as widely expected, but this was accompanied by some hawkish hints that led markets to price out prospects of another rate cut. The ECB saw the risks to growth as “more balanced” amid fading trade uncertainty and a resilient domestic economy. President Christine Lagarde stated that the “disinflationary process is over” and repeated that policy is “in a good place”. While there was a dovish tweak with the 2027 core CPI forecast being lowered from +1.9% to +1.8%, Lagarde did not focus on this, rather calling the downwardly revised +1.9% headline CPI projection for 2027 a “minimal deviation” from target. Overall, our European economists see the ECB as increasingly comfortable with 2% policy rates, and they continue to expect the next ECB move to be a hike in late 2026. See their full reaction here.
In response, markets effectively removed any pricing of an October rate cut and are now pricing only 10 bps of easing by next March (-3.1bps on the day), which marks the first time that another 25bp rate cut has been less than 50% priced. That sent 2yr bund yields +3.3bps higher, though the 10yr yield (+0.4bps to 2.65%) was little changed amid the US bond rally.
The euro gained +0.33% against the dollar on the day, and European equities rose as the STOXX 600 climbed +0.55%, with the CAC 40 up +0.78% and the DAX +0.30%.
Elsewhere, oil prices fell, with Brent crude down -1.66% to $66.37/bbl as the International Energy Agency projected a larger record oil market surplus for 2026. That outweighed ongoing geopolitical concerns after Russia’s drone incursions into Poland on Tuesday night. Warsaw’s allies including France and Germany pledged to expand their air policing over Poland, but we are yet to hear if Europe and the US will announce new sanctions in response.
In Asia, the Hang Seng tech index is leading the way with a rise of +2.18%, while the Hang Seng itself is +1.53%, bringing its five-day gain to over 4% and positioning it for its highest close since August 2021. Meanwhile, the KOSPI is up by +1.28%, supported by a notable surge of over 7% in one of its major heavyweights, SK Hynix, after the company announced the successful completion of its next-generation high bandwidth memory chip, HBM4, which is essential for AI applications. Elsewhere, the Nikkei (+1.08%) is rising for the third consecutive session, reaching new record highs despite the uncertainty following Prime Minister Ishiba’s resignation. The Shanghai Composite (+0.20%) is seeing more muted gains alongside US equity futures which are currently flat as I type.
Looking ahead, today’s calendar includes the US September University of Michigan Survey, UK July monthly GDP, Italy’s Q2 unemployment rate, and Canada’s July building permits. Central bank speakers include the ECB’s Rehn, Kocher, and Nagel, as well as the BoE’s inflation attitudes survey.
2b European opening report
2c Asian opening report
Mild upward bias in Europe as Wall Street sentiment reverberates – Newsquawk European Market Open
Friday, Sep 12, 2025 – 02:21 AM
- US Treasury Secretary Bessent will meet with Chinese Vice Premier He and other senior Chinese officials next week in Madrid, while Bessent and He are to discuss key US-China national security, economic and trade issues.
- US President Trump’s administration asked the US appeals court to pause a ruling that blocked the removal of Fed’s Cook.
- ECB rate cut debate is said to not be over, but October is seen as too soon, and the next real discussion is more likely in December, according to Reuters sources.
- APAC stocks were mostly higher following the gains on Wall St; European equity futures indicate a marginally positive cash market open with Euro Stoxx 50 futures up 0.2% after the cash market closed with gains of 0.5% on Thursday.
- Looking ahead, highlights include French Final CPI (Aug), Spanish Final CPI (Aug), US University of Michigan Prelim (Sep), CBR Announcement, ECB Publication of ECB staff macroeconomic projections for the euro area, Credit Rating Reviews for France & Spain.
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SNAPSHOT
US TRADE
EQUITIES
- US stocks gained despite an initial choppy reaction in equity futures to US data releases in which CPI printed broadly in line (ex. headline M/M, which was hot), while initial jobless claims soared to 263k (exp. 235, prev. 236k) and continued to add to the economic concerns around the labour market. As such, Fed money market pricing moved more dovish, with 73bps of easing priced in by year-end vs. 68bps pre-data and all main indices gained, despite the initial two-way price action.
- SPX +0.85% at 6,587, NDX +0.60% at 23,993, DJI +1.36% at 46,108, RUT +1.83% at 2,422.
- Click here for a detailed summary.
TARIFFS/TRADE
- US Treasury Secretary Bessent will travel to Spain and the UK on September 12th-18th on a trip that includes government and private sector meetings in London. Bessent will meet with Chinese Vice Premier He and other senior Chinese officials next week in Madrid, while Bessent and He are to discuss key US-China national security, economic and trade issues, including TikTok and anti-money-laundering cooperation. Furthermore, Bessent will also meet with Spanish government counterparts to discuss the US-Spain relationship and is to join US President Trump in the UK for an official state visit with King Charles.
- China’s Commerce Ministry said planned Mexican tariffs on China are to seriously affect Mexico’s business environment and confidence of enterprises in investing in Mexico, while it added that China will take necessary measures to safeguard legitimate rights and interests.
- Taiwan said it will continue advanced talks with the US and seeks more equitable reciprocal trade terms with the US, while Taiwan and the US affirmed that some progress was made in trade talks.
- US President Trump’s nominee for ambassador to India said the US is on track to resolve “hiccups” in the relationship with India, and President Trump has been crystal clear that India must stop buying Russian oil.
NOTABLE HEADLINES
- US President Trump’s administration asked the US appeals court to pause a ruling that blocked the removal of Fed’s Cook.
- US Treasury Secretary Bessent met this week with Warsh, Lindsey, and Bullard as the search for the next Fed chair continues, while he is waiting for the end of the Fed blackout to speak with sitting Fed officials, and the goal is to add one or two names to candidates Trump has already mentioned, a group that includes 11 economists.
- GOP leaders reportedly eye stopgap funding until November 21st, according to Politico.
APAC TRADE
EQUITIES
- APAC stocks were mostly higher following the gains on Wall St, where the major indices climbed to record highs after a jump in Initial Jobless claims further boosted Fed rate cut pricing.
- ASX 200 edged higher with outperformance in Real Estate, Miners, Materials & Financials spearheading the advances as Fed rate hike expectations boost global risk sentiment.
- Nikkei 225 extended on record highs and approached closer towards the 45,000 level despite little fresh pertinent drivers.
- Hang Seng and Shanghai Comp traded mixed with tech leading the gains in Hong Kong after it was reported that Alibaba (9988 HK) and Baidu (9888 HK) are using internally designed chips for training AI models are to adopt their own AI chips in a major shift for Chinese tech, while the mainland lagged amid frictions, with the US reportedly to urge G7 to impose high tariffs on China and India over Russian oil purchases.
- US equity futures took a breather after advancing on soft jobs-related data and a subsequent boost in Fed rate cut bets.
- European equity futures indicate a marginally positive cash market open with Euro Stoxx 50 futures up 0.2% after the cash market closed with gains of 0.5% on Thursday.
FX
- DXY attempted to nurse some losses after suffering yesterday as participants reacted to soft labour data in which the initial jobless claims were higher than expected and subsequently spurred Fed rate cut bets with around 71bps of cuts currently priced in by year-end, while CPI figures somewhat took a back seat and largely matched estimates.
- EUR/USD held on to most of its recent spoils after benefitting from a weaker buck and following the ECB meeting, where the central bank unsurprisingly kept rates unchanged and Lagarde provided a somewhat more hawkish tone.
- GBP/USD slightly eased back from the prior day’s highs amid light pertinent newsflow and as the attention turns to incoming data from the UK, including monthly GDP, as well as industrial and manufacturing production.
- USD/JPY gradually edged higher as the dollar regained composure and amid a lack of haven demand for the yen.
- Antipodeans plateaued overnight and held on to recent spoils alongside the widespread constructive mood
- PBoC set USD/CNY mid-point at 7.1019 vs exp. 7.1081 (Prev. 7.1034).
FIXED INCOME
- 10yr UST futures were subdued after having faded the spike seen following yesterday’s surge in Initial Jobless Claims.
- Bund futures lacked direction and were stuck around the 129.00 focal point where prices have oscillated around throughout this week, and with demand also not helped following the hawkish commentary by ECB’s Lagarde at the post-meeting press conference, while ECB source reports essentially ruled out prospects of an October rate cut.
- 10yr JGB futures mildly declined amid the record highs in Japanese stock markets and weaker demand at today’s enhanced-liquidity auction.
COMMODITIES
- Crude futures continued to decline after recently snapping a 3-day win streak amid a lack of energy newsflow, although it was reported overnight that the US is to urge G7 to impose high tariffs on China and India over Russian oil purchases, while Japan announced to lower the price cap on Russian crude oil.
- Canada is in talks with energy firms and Alberta that could result in the scrapping of the federal oil and gas emissions cap. In exchange, Canada would seek renewed progress towards cutting the energy industry’s carbon footprint.
- Spot gold steadily gained after recent dollar weakness and in tandem with a rally in silver, which climbed above the USD 42/oz level.
- Copper futures remained firmer alongside the mostly positive mood across global markets.
CRYPTO
- Bitcoin trickled lower after failing to sustain an early advance above the USD 116k level.
NOTABLE ASIA-PAC HEADLINES
- Japanese and US finance ministers’ joint statement noted as trusted partners, the United States Department of the Treasury and the Japanese Ministry of Finance agreed to continue their close consultations on macroeconomic and foreign exchange matters, while they reaffirmed that exchange rates should be market-determined and that excess volatility can have adverse implications for economic and financial stability.
GEOPOLITICS
MIDDLE EAST
- Israeli PM Netanyahu signed an agreement to significantly expand West Bank settlement near Jerusalem.
- Israel’s UN envoy to the Security Council said Israel will act against the leaders of terror wherever they are hiding.
- Qatar’s PM said to the UN Security Council that the Israeli attack on Hamas leaders in Doha is a violation of Qatar’s sovereignty, and the attack, which was carried out while we are engaged in mediation, exposes Israel’s intentions to derail peace efforts. Furthermore, Qatar’s PM said Israeli leaders show no regard for hostages’ lives and Qatar will continue its humanitarian and diplomatic role to spare bloodshed, but will not tolerate any infringement on sovereignty and security.
RUSSIA-UKRAINE
- Ukrainian President Zelensky said he discussed sanctions against Russia and potential joint weapons production with US envoy Kellogg.
- The US is to urge G7 to impose high tariffs on China and India over Russian oil purchases, while finance ministers from G7 leading economies will discuss a US proposal for a round of new measures on Friday, according to FT.
- EU officials say it is unlikely G7 will impose 100% tariffs on China and India as India is a vital partner in trade and security matters, according to FT.
- Japan’s Chief Cabinet Secretary Hayashi said Japan is to impose additional asset freeze, export controls, and sanctions on Russia over Moscow’s invasion of Ukraine, while he added they are to lower the price cap on Russian crude oil from today.
- Japan’s Trade Ministry said they are to restrict exports to additional entities, including six in China, two in Turkey, and one in the UAE, as part of sanctions against Russia’s invasion of Ukraine.
EU/UK
NOTABLE HEADLINES
- ECB rate cut debate is said to not be over, but October is seen as too soon, and the next real discussion is more likely in December, according to Reuters sources.
- ECB policymakers are convinced that no further interest-rate cuts are needed to deliver 2% inflation, despite new economic projections pointing to an undershoot over the next two years, according to Bloomberg sources who added that unless the EZ experiences another major shock, borrowing costs are set to stay where they are for some time. Furthermore, it was noted that while a reduction at October’s meeting can be virtually ruled out, December will be an opportunity to reassess as fresh quarterly forecasts will include 2028, and the reluctance for additional monetary loosening matches the views of investors, who are leaning against any more cuts.
3A NORTH KOREA/SOUTH KOREA
SOUTH KOREA//NORTH KOREA/
3B JAPAN
3C CHINA
CHINA/USA
Lutnick: Beijing “Eating” Majority Of China’s 52% Average Tariffs
Thursday, Sep 11, 2025 – 11:00 PM
Commerce Secretary, Howard Lutnick, said that foreign governments have been bearing the brunt of U.S. tariffs over 15 percent, with China paying the lion’s share.
“China is paying an average tariff of 52 percent. But the government of China is eating most of it. So while that’s a high average when you count in China, the government of China is covering most of that cost,” Lutnick said on CNBC’s “Squawk on the Street” on Sept. 11.
As Epoch Times notes, Lutnick said that most countries aren’t facing tariffs above 15% and that when they do, the foreign governments step in to keep their businesses afloat while they negotiate better terms.
“The model is clear: 10% tariffs or less are paid by the manufacturers, the distributors, the businesses,” he said. “The consumer doesn’t pay. The consumer doesn’t pay because the seller doesn’t want to raise prices, because if they could, they would, but they don’t want to sell less. So they eat it.”
If the duties are between 10 and 15%, the distributor and manufacturers share the cost at about a 60-40 split, he said, resulting in about a 2 percent price increase with tariffs of 15%.
“And above 15%, no one can handle that … unless the government covers it. So what you saw in cars, when you had 25%, before Europe made their deal and Japan made their deal, the government of South Korea and Japan and Europe covered it, because they didn’t want to hurt their employment,” Lutnick said.
This confirms our own previous reporting, focusing primarily on Japanese auto exports where virtually all these tariff costs have been borne by domestic carmakers.
“You’ve got to remember, these are big things, and our president is playing the big hand for America, and some of the governments play the little hand for their countries’ good,” Lutnick said, adding that this is why citizens have not seen price increases as a result of the tariffs.
“Our average tariff rate is not that high. Most of the world is less than 15 percent.”
Lutnick said Trump’s tariff strategy has changed the way other countries meet the United States at the table, pointing to the Japan and EU deals as an example. While Europe has agreed to U.S. car imports with no tariffs, Japan culturally has no market for U.S. cars, Lutnick said. Japan has instead agreed to invest $550 billion in American projects of Trump’s choice during his term in office, effectively to “buy down their tariff” at no cost to its own taxpayers, he said.
“Tariffs are bringing in $40 billion a month, bringing down our deficit,” Lutnick said. “It’s going to grow to $700 billion a year, and with growth of our economy the president says it’s going to get to a trillion.”
He predicted a construction boom in the first quarter of next year, with new factory building worth roughly $10 trillion and gross domestic product growth even before the factories open.
“You’re going to see factories get built in America at a scale you have never seen before,” he said.
4. European affairs and NATO
EUROPE/INDIA AND CHINA
EU To Resist Trump Pressure To Hit China & India With 100% Tariffs
Thursday, Sep 11, 2025 – 06:50 PM
Eyebrows have been raised as President Trump has reportedly been busy urging the European Union to impose tariffs of up to 100% on China and India over their purchases of Russian oil. Europe is unlikely to comply, most reports say.
According to the Financial Times and CNBC, Trump made the proposal during a meeting in Washington on Tuesday with top American and EU officials – with one aspect to the pitch being the US is willing to implement matching tariffs if Europe proceeds. The Europeans were led by the bloc’s sanctions chief, David O’Sullivan, and the US side was led by senior US Treasury officials.
The European Commission has kept mum on the report, as has the White House, but the Commission has been touting its forthcoming ‘tough’ 19th sanctions package targeting Russia, given it includes measures to target sanctions evasion involving third countries.
India has blasted the current 50% tariff levied by Washington, including a 25% punitive duty it for its Russian oil purchases, and the EU is wary of any overly aggressive method which would damage relations with China and India.
But a US official told the Financial Times that the Trump White House is “ready to go, ready to go right now, but we are only going to do this if our European partners step up with us.”
Trump had written Tuesday on Truth Social, “India, and the United States of America, are continuing negotiations to address the Trade Barriers between our two Nations.”
“I look forward to speaking with my very good friend, Prime Minister Modi, in the upcoming weeks,” he added. “I feel certain that there will be no difficulty in coming to a successful conclusion for both of our Great Countries!”
This heightened tariff talk and threats are happening just as the May US trade court ruling which concluded the tariff’s “exceed any authority granted to the president” is heading to the supreme court, after last month a federal appeals court upheld it.
As for the current tariff impact on US ally India, one producer in India’s large carpet industry has lamented, “We are completely dependent on the US for our business and have no other markets. The tariffs have brought our production to a halt, and no consignment has been dispatched to the US for the past one month.”
Perspective of a NATO hawk…
The person underscored, “It is the worst phase of my 50-year career in the carpet business, and the industry will die a painful death if the situation doesn’t improve in the next two months.”
In the meantime the US tariffs have served to push India and China closer together, despite an uneasy ‘frenemy’ history, including border tensions among the nuclear-armed Asian powers.
END
UK
“Art Must Always Tell The Truth”
Friday, Sep 12, 2025 – 02:45 AM
Popular artist Banksy created a graffiti mural in London depicting the current state of the UK censorship system using the courts to trample the rights of British citizens…
[SOURCE]
As ‘sundance’ writes at TheConservativeTreeHouse.com, it did not take long for the authorities to cover the mural and eventually attempt to remove it.
However, what remained of the artwork was the essential core of the truth.
I particularly like the fact the govt turned the CCTV camera, so they can monitor who might visit the scene of the criminal dissent.
Apparently, the British government doesn’t quite see the irony.
END
FRANCE
(KOLBE)
France is still in turmoil. We have a rising Eurozone debt risk
(Kolbe)
French Government Collapse Signals Rising Eurozone Debt Risk
Friday, Sep 12, 2025 – 08:05 AM
Submitted By Thomas Kolbe
French Prime Minister François Bayrou failed a parliamentary confidence vote, bringing his government to an end. While markets largely remained calm, this does not mean France’s debt crisis has been postponed.
After only nine months in office, President Emmanuel Macron’s fourth government has collapsed. Prime Minister François Bayrou lost Monday evening’s confidence vote on his austerity budget by 364 to 194 votes. Bayrou announced his resignation for Tuesday.
Bayrou Acknowledged the Severity of the Situation
Bayrou took responsibility for the dire state of French public finances and attempted to impose a fiscal consolidation program. With public debt at 114% of GDP and a net borrowing forecast of 5.4% for this year, the plan included €44 billion in spending cuts, frozen pensions, and the reduction of two public holidays—measures intended as a lifeline for the struggling economy.
Both the parliamentary majority and broad segments of French society fundamentally opposed the reform program. Another general strike is already looming.
With Bayrou’s resignation, the wavering Emmanuel Macron faces the task of appointing a fifth prime minister in two years. Until the upcoming elections in April 2027, any government, regardless of composition, will confront the same problems. Any form of fiscal consolidation will be torpedoed by entrenched political factions. France is stuck in a political deadlock, making debt consolidation seem impossible.
The Road to Disaster
This bizarre situation reveals that France’s political elite—and increasingly across all EU states under debt pressure—can no longer put economic necessity above ideological divides. The lost confidence vote is another nail in the EU’s coffin and will soon manifest in markets as a problem for the Eurozone, as investors realize France’s political impotence.
In recent days, Bayrou openly criticized the French lifestyle, identifying the welfare state as a core problem. He now experiences firsthand that anyone challenging the numerous privileges of the sprawling welfare system is politically ruthlessly punished. France defends its transfer society as a national sacred cow, even though this stance leads straight into fiscal catastrophe.
Europe’s Contagion Risk
For financial markets, the events in Paris are not good news. France’s “OATs” — Treasury bonds — showed little immediate reaction to the government’s collapse. Yet they had been under increasing pressure in recent weeks amid the brewing sovereign crisis. Yields rose, and the spread to German Bunds—Europe’s benchmark—widened to as much as 90 basis points, signaling risk.
French government bonds are now trading with a significant risk premium, much like UK debt. Contagion risk looms for the Eurozone if markets turn to other high-debt nations such as Spain, Italy, or Greece, potentially triggering a chain reaction reminiscent of the prior sovereign debt crisis.
France remains in turmoil. On Friday, another crucial test awaits: Fitch will release its credit rating assessment.
Source
While an immediate downgrade is unlikely—France already sits at AA- with a negative outlook—a fall into the single-A category is now a real possibility. This would force institutional investors to sell French bonds, further raising refinancing costs and deepening France’s debt spiral. The country would gradually lose its “quasi risk-free” benchmark status in the Euro core.
Pricing in the Risks
A similar pattern emerged in the currency markets, where the euro even gained slightly against the US dollar. Signals of the upcoming sovereign debt crisis may also come from precious metals: gold and silver temporarily hit all-time highs Monday evening, confirming a steady upward trend bolstered by central bank demand worldwide.
Private investors and institutional players should take note: awareness of impending sovereign crises has heightened since the severe market shocks eighteen months ago. Gold offers a safe haven without counterparty risk.
The ECB faces a difficult balancing act: in the event of renewed intervention, it must weigh inflation control against financial stability. Rising spreads can distort the transmission of monetary policy, forcing targeted liquidity measures without abandoning policy tightening entirely. Market commentators warn of a “jittery autumn” for Eurozone spreads.
Source
Showdown Inevitable
The European Central Bank, the final Eurozone backstop in case of panicked bond sell-offs, remained invisible on Monday. Calm trading after the failed confidence vote and stable yields in French bonds and the euro suggest that the ECB may have quietly intervened with selective support purchases. Confirmation will come in weeks with the next TCI report, revealing central bank transactions.
Until then, speculation continues—unless leaks surface prematurely.
Cynics might argue markets have grown accustomed to the French drama and are merely awaiting the next chapter, possibly involving liquidity problems. Overall, the gradual sell-off of long-term government debt in global markets continues. France remains under close scrutiny due to ongoing political turbulence and unresolved fiscal challenges.
The major bond market showdown looms like a dark cloud, and the relentless accumulation of public debt will sooner or later unleash severe storms. The global financial architecture rests on a fragile foundation—a fiat currency system built on inflationarily circulating sovereign debt.
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
ISRAEL /GAZA/HEZBOLLAH/IRAN/SUMMARY OF THE LAST 24 HR/TBN
ISRAEL VS HAMAS
Hamas leader Khalil al-Hayya misses son’s burial in sign he may be wounded
Senior terror officials Osama Hamdan and Izat al-Rishak appear in Doha in an attempt to show that high-level leaders still hold control.
Mourners carry the bodies of the people killed by an Israeli attack in Doha during a funeral at the Sheikh Mohammed bin Abdul Wahhab Mosque in Doha, Qatar, September 11, 2025, in this screengrab obtained from a video feed.(photo credit: Qatar TV/Reuters TV via REUTERS)ByYONAH JEREMY BOBSEPTEMBER 11, 2025 20:42Updated: SEPTEMBER 11, 2025 22:30
Hamas leader Khalil al-Hayya’s condition remained a mystery on Thursday as he was not seen at his son’s funeral in Doha, Qatar, two days after the Israel Air Force bombed a gathering of Hamas leaders at their home.
The noticeable absence of Hayya, as well as the lack of any pictures or videos of him to date, has increased speculation that he is, at least, badly wounded, even if he was not killed when 10 missiles hit the Doha building he was suspected to be in.
In contrast, senior Hamas officials Osama Hamdan and Izzat al-Rishq did appear at the funeral, seemingly an attempt by the terror group to show its high-level leaders are still running the show.
There were numerous other contrary reports about the fate of other officials like Muhammad Ismail Darwish, Mousa Abu Marzook, Zaher Jabarin, and others, though Hamas has not produced any signs of their health either, leaving open the possibility that some of them were either killed or badly wounded.
A majority of reports indicated that former Hamas chief Khaled Mashaal either was not present or had survived the attack, although no sign of life has been produced regarding him either.
It is also possible that Hamas leaders are trying to keep a low profile to avoid further Israeli strikes and may only come forward once they feel safer.
Israeli officials, as of Thursday night, have still not given clear indications of the state of the Hamas leaders in Qatar whom they tried to assassinate on Tuesday, but trends suggested that many of those officials survived.
Optimism over success of strike shifts as reports come out
If in the early hours after the attack, The Jerusalem Post received off-record indications about the strike having killed several Hamas leaders, already by 1 a.m. on Wednesday morning, the indications from Israeli sources had turned to pessimism.
This was significant because, though Hamas had said its leaders had survived within a few hours, the Palestinian terror group has often issued knee-jerk false denials when its leaders, such as Yahya Sinwar or Mohammed Deif, were killed, only to admit this weeks or months later.
By Wednesday night, there was a narrative in Arab media that the top Hamas leaders had left their cellphones in one room, while moving to another room to pray, and had thus survived.
Optimism over success of strike shifts as reports come out
At the same time, more than 24 hours after the attack, none of the Hamas leaders has surfaced in any videos or photos to prove they are in one piece, and only one official, Husam Badran, has issued a public statement.
Statements by Prime Minister Benjamin Netanyahu and Defense Minister Israel Katz on Wednesday notably left out any mention of whether the Hamas leaders were killed – an omission which also suggested the IDF may not have killed the officials it was targeting.
One possibility is that many of the Hamas officials were injured, and some could still die from their injuries.
In such a case, Hamas might withhold any announcements until it has a better idea of which officials might be sufficiently fit to retain their roles, as opposed to those who may have survived but have been incapacitated.
It is also possible that because the IAF used precise munitions, and not a larger bomb, the limited force of the blast was not strong enough to kill the targets.
The IAF used a smaller, precise munition to avoid harm to local Qataris, and such strategies have in the past allowed other top Hamas officials to survive even when a missile successfully struck the room they were in.
Most of the speculation surrounds Hayya, who was viewed as the group’s leader outside of Gaza after serving as the mouthpiece and deputy of Hamas’s former chief Yahya Sinwar, who himself was killed by Israel last October.
After two years of Qatar hosting negotiations between Israel and Hamas over hostage exchanges and ceasefires, the government reached the decision that killing the remaining Hamas leaders was more important than leaving that diplomatic channel open.
A statement said that the leaders targeted were responsible for the October 7 massacre of around 1,200 Israelis in the country’s South, as well as managing the terror group’s operations for years beforehand.
The US has been mostly critical of Israel’s attack, as have been European countries and even Arab allies of Israel, which normally dislike Doha.
In Israel, news leaked on Wednesday that the defense establishment was split over the wisdom of the strike, especially while negotiations with Hamas were ongoing.
ISRAEL VS HAMAS
QATAR
WEST BANK/TERRORISTS
Two wounded in terror attack at hotel in Kibbutz Tzuba, attacker arrested by off-duty officer
A 50-year-old was critically injured in the attack, while the other, a 23-year-old, was moderately injured. MDA personnel administered first aid at the scene and evacuated the wounded.
Scene of the terror attack at the hotel in Kibbutz Tzuba, September 12, 2025.(photo credit: Yoav Davidkovitz/TPS)ByJERUSALEM POST STAFFSEPTEMBER 12, 2025 13:24Updated: SEPTEMBER 12, 2025 15:01
Two people were wounded in a terror stabbing attack at a hotel in Kibbutz Tzuba near Jerusalem, Israel Police said on Friday.
A 50-year-old was critically injured in the attack, while the other, a 23-year-old, was moderately injured.
Magen David Adom (MDA) personnel administered first aid at the scene before evacuating the two to Hadassah-University Medical Center in Ein Karem.
The attacker, an Arab resident of the Shuafat refugee camp in east Jerusalem, is an outside contractor who was hired as a dishwasher.
He was subdued and placed under arrest by an off-duty police officer visiting the hotel for a family event.
Three additional suspects involved in the attack have been arrested by Israel Police.
Off-duty police officer subdues, arrests the suspect
“I was at a family event at the hotel when I noticed a crowd rushing out. I immediately realized something unusual was happening, so I shouted for people to stay calm and walk instead of running. I drew my gun, grabbed identification for myself, and ran toward the direction the crowd had fled from,” the officer recalled of the attack.
“To minimize the risk to remaining civilians, I subdued the terrorist using only physical force, not gunfire. With the help of some others, we managed to pin him to the ground and put him in handcuffs.”
“I noticed a person had been stabbed in the upper body and gave him first aid. It was then I saw that my cousin had also been stabbed.”
Significant Border Police forces from the Mateh Yehuda station are operating at the scene.
TPS contributed to this report. This is a developing story.
END
Hamas praises Jerusalem area stabbing attack, but doesn’t take responsibility for it
By Charlie Summers FollowToday, 3:52 pm
Hamas praises a stabbing attack that injured two Israeli civilians earlier today at a hotel outside Jerusalem.
In a statement, the terror group calls the attack at Kibbutz Tzuba a “heroic stabbing attack” which deals a “new blow to the occupation’s security apparatus.”
Hamas does not take responsibility for the stabbing.
The suspected assailant, an employee at the hotel who lives in East Jerusalem’s Shuafat neighborhood, took a knife to two male guests, moderately injuring a 23-year-old and seriously injuring a 50-year-old. Both were taken to the hospital.
He was overpowered and restrained by an off-duty cop who had been staying at the hotel, police said earlier today.
IRAN
Iran’s Araghchi says uranium stockpile ‘inaccessible’ amid negotiations with IAEA – report
The Iranian Foreign Minister said that all of their enriched material is “under the rubble of bombed facilities,” while he also assured that the IAEA is examining the sites.
Image of Iran’s Foreign Minister Abbas Araghchi against a backdrop of the Iranian flag, US flag and fire.(photo credit: REUTERS/Pedro Nunes, Shutterstock/danielo, Zeferli from Getty Images)ByJERUSALEM POST STAFFSEPTEMBER 12, 2025 02:10Updated: SEPTEMBER 12, 2025 03:10
Iranian Foreign Minister Abbas Araghchi said on Thursday that Iran’s enriched uranium stockpile is under the rubble of the attacked nuclear sites and it has now become inaccessible, according to reports by AFP.
“All of our material is under the rubble of the bombed facilities,” said Araghchi during a television interview, while adding that the International Atomic Energy Agency (IAEA) was currently examining the sites.
Israel’s attacks on Iranian facilities during Operation Rising Lion aimed at the centers in Natanz and Isfahan, while an extra attack by the United States using B2 stealth bombers reportedly damaged the Fordow center.
The comments by Araghchi represent the first ones made by any Iranian official on the uranium situation, although they also come as the regime is currently negotiating with the IAEA to reinstate nuclear inspections.
Iran, IAEA give mixed message about nuclear inspections
The latest announcement from Iran and the IAEA confirmed that an agreement had been reached between the two parties. However, both parties provided conflicting reports about the state of inspections and who would be responsible for conducting them.
First, it was IAEA Chief Rafael Grossi who presented the deal to the IAEA Board of Governors as an agreement that had restored “complete” access for the IAEA to all nuclear sites within the Islamic Republic.
The IAEA’s Grossi said in a statement on Wednesday that the “technical document” agreed provided for “a clear understanding of the procedures for inspection, notifications, and implementation…”
“These include all facilities and installations in Iran and also contemplate the required reporting on all the attacked facilities, including the nuclear material present at those.”
However, soon after Grossi gave his optimistic statements, Araghchi demurred, saying that the deal does not guarantee the UN nuclear inspectors’ access to Iranian nuclear sites and that Tehran wants further talks on how inspections are carried out.
Yonah Jeremy Bob contributed to this report.
END
EGYPT/ISRAEL
Israel approves Egyptian request to aidrop aid to Gaza Strip due to an ‘urgent need’ – KAN
However, KAN reported that no humanitarian aid air drops will be made in Gaza City, to encourage civilians to evacuate the city, which Israel has said it will invade and occupy.
Humanitarian aid is dropped over the Gaza Strip from a Spanish aircraft, August 1, 2025.(photo credit: Spanish Defence Ministry/Handout via REUTERS)ByJERUSALEM POST STAFFSEPTEMBER 12, 2025 12:38Updated: SEPTEMBER 12, 2025 12:55
Israel approved Egypt’s request on Friday to airdrop humanitarian aid into the Gaza Strip due to an “urgent need,” Israeli public broadcaster KAN reported.
The airdrops are likely to take place already on Friday in southern and central Gaza.
However, KAN reported that no humanitarian aid air drops will be made in Gaza City, to encourage civilians to evacuate the city, which Israel has said it will invade and occupy.
The IDF announced on Friday that it has begun expanding “Crossing 147,” which will allow an increase in aid volume to humanitarian zones in Gaza.
In recent days, the military has begun preparing the area, including by paving new routes and expanding the cargo area.
The IDF added that after completing the expansion, the capacity for truck reception at the crossing will increase to 150 trucks per day, around three times the current capacity, and will allow an increase of food aid into humanitarian zones.
In recent weeks, the IDF has destroyed several high-rise buildings in the Gaza City area as it ramps up its planned full-scale invasion of the city.
IDF issues largest evacuation warning to Gaza City yet
The military has also issued several evacuation warnings for Gaza City, including its largest evacuation order yet last Tuesday.
The scope and immediacy of the order signaled that the military’s full-scale invasion may finally be close.
Past evacuation orders were localized in a specific area or used wording that suggested that an invasion was coming soon but was less imminent.
To date, Israeli political and military officials have spent weeks encouraging Palestinian civilians to evacuate Gaza City, but only around 100,000 out of around one million have left, leaving the timing of the invasion in question.
Yonah Jeremy Bob contributed to this report. This is a developing story.
END
TURKEY/ISRAEL
Turkey In Netanyahu’s Crosshairs For Harboring Hamas, After Qatar Strike
– 12:40 PM
Israeli Prime Minister Benjamin Netanyahu has defended a recent airstrike on what Israel says was a Hamas headquarters in Doha, comparing the October 7 attacks to the September 11 terror attacks in the United States. The speech was given in the middle of this week, just before the 24th anniversary of the 9/11 attacks, warning that Hamas leaders will be hunted down wherever they are located, and putting countries like Qatar and even Turkey on notice.
Turkey has long expressed support to Hamas leadership. Though Netanyahu did not directly name Turkey, observers interpreted his remarks as a veiled threat to Ankara, which has long hosted senior Hamas officials.
Calling October 7 “our 9/11,” Netanyahu warned that any country offering safe haven to “Islamist terrorists” could become targets of Israeli intelligence operations. He urged governments to expel or prosecute such individuals, or potentially face the wrath of unilateral Israeli action.
He laid out: “Well, yesterday, we acted in the same manner. We pursued the masterminds of terror who perpetrated the massacre of October 7. And we did this. In Qatar, which provides a safe haven, harbors terrorists, funds Hamas, gives its terrorist leaders luxurious villas, and provides them with everything.”
Netanyahu continued: “We did exactly what America did when it pursued Al-Qaeda terrorists in Afghanistan, and after they went and killed Osama bin Laden in Pakistan.”
He added: “Now, various countries around the world condemn Israel. They should be ashamed of themselves. What did they do after America eliminated Osama bin Laden? Did they say: What a terrible thing happened in Afghanistan or Pakistan? No, they applauded. They should commend Israel for adhering to the same principles and applying them.”
The prime minister invoked a UN Security Council resolution that called on governments to deny safe haven to terrorists, arguing that Israel is acting on the same principles.
In recent weeks, Netanyahu stunned the region by recognizing the Armenian genocide of 1915 in an interview in an unprecedented first for the Israeli government.
The Erdogan government seems this as a calculated provocation aimed at embarrassing Turkey, as Turks have long considered this issue a red line. Within Turkey, individuals can be thrown in jail if they publicly advocate for Armenian genocide recognition, especially journalists.
Interestingly, just on Thursday Israel’s Haaretz newspaper wrote that Turkey Could Be Next in Israel’s Cross-hairs After Qatar in a headline.
“The Shin Bet security service announced last week that it thwarted a Turkey-based Hamas cell’s plot to assassinate National Security Minister Itamar Ben-Gvir. Ankara quickly denied involvement,” the newspaper said. “But the revelation raised an explosive question: Could Turkey have a hand in helping Hamas assassinate an Israeli minister?”
Any Israeli operation on Turkish soil akin to the Qatari one would be viewed by Ankara as an act of war. Turkey has vigorously denounced Israel for its Doha strike, after long condemning Israel for its actions in Gaza.
END
QATAR/ISRAEL/GULF STATES
Qatar Pressures Arab Allies To Close Embassies In Israel: ‘The Gloves Are Off’
Friday, Sep 12, 2025 – 02:05 PM
Qatar is leaning on Arab countries who have embassies in Israel to close them, as diplomatic retaliation for this week’s brazen Israeli airstrikes on Doha, which killed several Hamas leaders – including Khalil al-Hayya – and a Qatari security official.
Specifically, the United Arab Emirates is being pressured to shutter its embassy in Tel Aviv. The UAE was an initial signer of the Trump-brokered Abraham Accords. It officially inaugurated its embassy in July of 2021 as part of the historic normalization deal.
Washington has been hoping to expand the accords to other Gulf states, especially Saudi Arabia, but with the Gaza war raging, this seems definitely off and nowhere on the horizon.
“The gloves are off,” a Gulf diplomat speaking with Haaretz said. The UAE has vehemently condemned the attack on Qatar, and summoned the Israeli deputy ambassador, David Ohad Horsandi, to complain of “outrageous attack” which violated Qatar’s sovereignty.
Haaretz has suggested that Qatar might even alter its security ties with the United States. “Qatar’s prime minister told the White House his country would now re-evaluate its security partnership with Washington,” Haaretz reported.
“From Doha’s perspective, accusing Qatar of hosting Hamas leaders is seen as a knife in the back and could affect continued cooperation with Mossad as well as other interactions between the emirate and Israel,” Haaretz added.
The oil and gas rich GCC countries had throughout the decade-plus long Syria proxy war cooperated closely with Israeli intelligence, past reports have said.
But the Gaza crisis has strained all of these past ties, which mostly focused on countering Iranian and Shia influence across the Middle East, and Assad became prime target number one for regime change – given his deep cooperation with the Iranians.
Yet even the Saudis have by and large mended relations with Iran. While the royal family pays lip service to defending Palestinians, it is the common populations of Gulf states which tend to be more hardline in the pro-Palestinian cause.
A prime reason the Saudis have yet to normalize with Israel is precisely on fears it could enrage the society at large as well as the powerful clerical establishment that oversees the kingdom’s Sharia courts and other institutions. This could destabilize the kingdom, especially if the monarchy rushes to embrace Israel under Netanyahu.
UN //PALESTINIANS
THIS WILL NEVER COME TO FRUITION; YOU NEVER REWARD TERRORISM WITH A STATE:
UN overwhelmingly approves Palestinian statehood resolution as Israel calls it ‘theatre’
The proposal, initiated by France and Saudi Arabia, was approved as part of the New York conference held in July.
People rally in front of the United Nations headquarters during a “Stop Starving Gaza Now” protest amid the ongoing conflict between Israel and Hamas, in New York City, US, July 25, 2025.(photo credit: REUTERS/Christian Monterrosa/File Photo)ByJERUSALEM POST STAFFSEPTEMBER 12, 2025 17:56Updated: SEPTEMBER 12, 2025 19:45
The UN General Assembly approved a resolution advanced by France and Saudi Arabia on Friday, which supports the advancement of an “irreversible” path to Palestinian statehood.
The resolution was approved by a majority of 142 countries, with 10 voting against and 12 abstaining, on the “New York Declaration on the Peaceful Settlement of the Question of Palestine and the Implementation of the Two-State Solution.”
Ambassador to the UN Danny Danon responded to the resolution, stating, “This one-sided declaration will not be remembered as a step toward peace, only as another hollow gesture that weakens this Assembly’s credibility…This is not diplomacy. It is theatre.
“The only beneficiary is Hamas…When terrorists are the ones cheering, you are not advancing peace; you are advancing terror.”
The resolution calls for the Palestinian Authority to assume leadership of a Palestinian state with appropriate international support and demands Hamas end its control of Gaza.
Calls to recognize Palestinian statehood
The issue of Palestinian statehood gained new momentum over the past two years as numerous countries voiced their criticism of the war in Gaza.
Israeli authorities have been vocally critical of plans to recognize a Palestinian state, arguing such a move would reward Hamas for its terrorism and perpetuate future violence.
International bodies have expressed a preference that the Palestinian Authority would take over leadership of a Palestinian state, despite having been ousted from the Gaza Strip nearly 20 years ago. Prime Minister Benjamin Netanyahu has asserted that the PA would not have a role in governing the Strip.
RUSSIA VS UKRAINE
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
Vax Stocks Tumble As Trump Admin To Link COVID Shots To Child Deaths
by Tyler Durden
Friday, Sep 12, 2025 – 11:56 AM
Shares in vaccine stocks were sharply lower on Friday after a report that the Trump administration is set to announce the deaths of 25 children linked to COVID-19 vaccines, according to the Washington Post.
The findings are based on VAERS, a federal database that tracks vaccine injuries operated by the CDC.
Trump health officials plan to include the pediatric deaths claim in a presentation next week to an influential panel of advisers to the CDC that is considering new coronavirus vaccine recommendations, which affect access to the shots and whether they’re free.
As a result shares in Pfizer, BionNTech, and Moderna spiked sharply lower in Friday trade:
Developing…
END
GLOBAL ISSUES
BRANDON SMITH….
A MUST READ….
Brandon Smith: Men Of The West, We Are At War
Thursday, Sep 11, 2025 – 11:25 PM
Authored by Brandon Smith via Alt-Market.us
It’s a strange thing. I was writing today about the tests of brutality we endure in the western world in modern times, trying to explain why things cannot continue the way they have been for much longer, when the news hit the feeds on the assassination of Charlie Kirk. I forced myself to watch the video footage, just as I forced myself to watch the recent murder of Ukrainian refugee Iryna Zarutska by a black man on a train who then bragged about how he “Got that white girl”.
I witnessed leftist journalists try to hide the event and bury the story until it blew up on social media and they had no choice but to cover it. And when they did, they complained more about online treatment of the killer than they complained about the murder itself.
I have watched thousands of leftists across the web cheer for the death of that innocent girl. I have watched hundreds-of-thousands of them cheer for trans mass shooters after they killed Christian kids, just as they now cheer for the death of Charlie Kirk.
They can barely contain their glee. They blame Kirk and his beliefs as the catalyst; as if he is being punished for a crime. They say “people are fed up with right wing violence”, but where is this violence? It doesn’t exist. The claim is gaslighting on an epic level. The only violence we have seen for the past decade has been from the political left. Normally this behavior would be called terrorism.
Riots in the streets, innocent people assaulted, Christian events attacked, multiple assassination attempts and a slew of mass shootings, all from politically motivated leftists. And the only thing they can come up with is January 6th, a short lived riot which was CAUSED by Capitol Police shooting peaceful protesters with rubber bullets and tear gas.
What was Charlie Kirk’s real crime? He committed the most egregious sin there is when it comes to the political left – He told the truth without shame. For this, he was murdered.
I didn’t necessarily agree with Kirk on every issue. In particular, I think he put far too much stock in the idea that public debate would make a difference. I think it has diminishing returns. Progressives only seem to get worse with each argument they lose. They only become more unhinged, more violent. Trying to reason with such zealots is a waste of energy, but at least it gets the message out to the normies, if there are any normies left.
The reliance on public debate is part of a deeper problem within conservative and populist movements; we tend to cling to the notion that we are fighting a political battle and that this battle can be won by being the most factual, the most reasonable, the most right.
As I have always said: Leftists do not care about being right. They only care about winning.
We have been engaging in civics while the woke cult engages in sabotage, mob violence, child grooming and assassination. Conservatives are naturally reticent to abandon order or abandon the law. The political left knows this – they count on it. They know we are limited in how we fight back because we have an expectation that the system can be corrected and reformed.
The problem is that the system is infected. It’s infested by parasites. In order for social discourse to achieve anything constructive, both sides have to be patriotic. Both sides have to love their culture and country to a certain degree and want the best for the future. Leftists and globalists HATE the west. They hate the US. They want to turn it to dust. They want the memory of it erased from history. There is no level of reason or diplomacy that can dissolve their bitter psychopathy.
In other words, McCarthy was right. The left needs to go.
This is not to say that conscience and respect for order is a weakness. If we didn’t have these things then we would be no better than the progressives. My point, however, is that we need to come to grips with the reality that total war has been declared against the west and we must start acting like we are at war if our civilization is going to survive.
This is where I part ways with many of my Libertarian colleagues. This problem is not about American citizens in disagreement. This is not about the old days of polite political dysfunction. Again, this is a war, a shooting war and a mind war. I’m not interested in the constitutional rights of people who have declared war on me, my country and the very freedoms they hide behind.
If they want to burn the west to the ground to usher in their own dystopian collectivist vision, then the only logical response is to burn THEM to the ground.
For the past few years I have warned about the events that are now unfolding. In my article “Terror Attacks Kick Off In 2025 – It’s Only Going To Get Worse So Be Prepared”, published in January, I argued that:
“…There is a serious risk of civil destabilization in 2025 caused by a steady series of terror attacks. Some of them might be planned by legitimate suspects while others could be fabricated by covert interests in order to stir up public fear. I would also warn specifically about far-left groups reverting to Weather Underground-like tactics in order to disrupt conservative reforms…”
“After witnessing the “fiery but peaceful” activities of groups like Antifa and BLM during the 2020 riots I don’t find it hard to believe that there may also be an activist element in the US right now that’s willing to engage in infrastructure terrorism and political assassination. This is not to say that the leftists themselves are highly organized, but there is evidence that they are managed by calculating people behind the scenes.
In other words, elitist institutions can very easily use far-left actors to carry out terror attacks because leftists only need a “nudge” to go down that path. Just as many Islamic fundamentalists are so easy to nudge into mass violence…”
There are those that theorize that Kirk’s shooting is a “false flag” and that this is about sowing divisions among Americans. News Flash: We are already divided. Even without encouragement we would be divided. Too many liberty minded people make the mistake of thinking our problems stop with the globalists at the top, but they are only one part of this conflict.
The other part is at the bottom of the pyramid – The millions of progressives that want to see the world in ashes. Ultimately it doesn’t really matter if Kirk was killed by a “lone nut” or an organized conspiracy, the end result is the same. The lefties are still applauding. They still want you dead. So, they still need to be dealt with.
Before the news of the assassination I was thinking about measured responses – Particularly the subject of “martial law” and whether or not this is a justifiable solution given the circumstances, or a reaction of fear leading to a slippery slope of government authoritarianism.
Trump’s deployment of the National Guard in Washington DC has been a resounding success so far, but he can’t keep the troops there forever. The root of the disease needs to be addressed, particularly the corrupt Democrat leaders in blue cities who are keeping repeat offenders out of prisons and on the streets.
Frankly, I see martial law as nothing more than a stop gap even with the best of intentions; like giving someone morphine for their Stage 4 cancer. It feels good and takes the pain away for a little while but on the inside the body is still dying. Martial law doesn’t go far enough. The time for measured responses is over.
Consider for a moment, though, what the natural alternative is? What is going to happen next? It’s not hard to predict: It’s going to be open season on leftist activists and the elites who fund them. It’s going to be widespread vigilantism. And, honestly I welcome it. I wish that this was not necessary, but I accept the reality that it is inevitable.
I don’t think leftists understand what is about to happen. I think they have gotten away with their evil for so long they think they are untouchable. In truth, the only reason they continue to exist is because of men like Charlie Kirk who put so much value in traditional and peaceful opposition. Whoever the shooter is, they killed one of the nice guys.
When we witness a defining moment like the assassination of Kirk, it’s important to hold these images in our minds, as horrible as they are. Civilized society is quick to move on and absorb the next tragedy without properly dwelling on their rage. We need to be much angrier than we are.
Is vengeance the answer? I would say balance is the answer. Justice is the answer. For now, there is no justice. There is no balance.
What I see is a culture under siege on every level and we are not taking these attacks seriously enough. How much longer can we endure mass invasions from the third world? How much longer can we endure the indoctrination of our children? How much longer can we allow our speakers to be silenced, by censorship or by the bullet? How much longer will our neighborhoods remain safe when career criminals are protected by the system?
People who hate the west and want to see the west harmed should be kicked out. NGOs and corporations that fund these activists need to be shut down and scattered to the winds, by force if necessary. People and groups that actively seek to cripple the west and exploit or kill western citizens need to be eliminated. This is not complicated.
Men of the west must stand and defend themselves. We must defend our principles, our ideals and our people. This means destroying all enemies, foreign and domestic. This means patriots going to war.
Views expressed in this article are opinions of the author and do not necessarily reflect the views of ZeroHedge.
END
DR PAUL ALEXANDER
‘SHOCK VIDEO: Ukrainian Refugee Brutally Murdered by Career Criminal in North Carolina While Sitting in a Rail Car’; I was going to NYC for my daughter’s birthday with family & NYC is worse &
now with this killing, by this feral fecal monster who must be placed in a vat of acid and boiled down for we know it is him…I will not be headed there & will tell others NOT to go; it is insane!
| Dr. Paul AlexanderSep 12 |
I had to write about this again.
We must find way to torture people like this, use all outlawed Geneva Convention acts on beasts like this.
USA, NYC is dangerously insane. I have no issue saying it. In your face insane. Trump must clean this up. Now is the time. The NY State government do not care, the typical democrats. Please Trump, have no mercy on the criminals.
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.
‘Horrifying footage has emerged showing the moments before and after a low-life career criminal brutally murdered a young female looking to start a new life after fleeing her war-torn nation.
As The Gateway Pundit previously reported, 23-year-old Ukrainian refugee Iryna Zarutska was brutally murdered last month by a low-life thug in Charlotte, North Carolina, who had no business walking free to begin with. The Charlotte-Mecklenburg Police Department revealed Zarutska suffered multiple stab wounds and was pronounced dead at the East/West Boulevard light rail station at 10 P.M. ET on August 22.
Police later confirmed the location of the murder was on a train. Zarutska had recently arrived in America seeking safety and a new lease on life as Russia continues to bombard her homeland.
Police identified 34-year-old Decarlos Brown Jr. as the person responsible for Zarutska’s death. He has been arrested and charged with first-degree murder.
On Friday, WBTV obtained surveillance video showing how Brown committed his horrendous act of violence.
Warning: the video is quite disturbing.
WATCH:
The first clip shows Brown sitting on the railcar before Zarutska boards the light rail. He moves around in his seat, apparently agitated.
The next segment shows Zarutska entering the railcar and sitting down in front of Brown.
About one and a half minutes into the video, Brown takes out a pocket knife and rises to kill Zarutska. WBTV does not show the actual moment of the stabbing.
The full video shows Brown stabbing Zarutska three times in her throat area before calmly walking away. Zarutska falls to the ground. floor shortly after.
Drops of the Ukrainian refugee’s blood are seen in the video as Brown flees the scene of the crime.
Brown is a career criminal and is currently homeless. The New York Post previously obtained court records showing he has been arrested multiple times for various crimes since 2011.
His arrests included: felony larceny, robbery with a dangerous weapon, and communicating threats. WSOC-TV reveals Brown served five years in prison for the robbery with a deadly weapon charge.’
MARK CRISPIN MILLER
Lady Gaga postpones show; Celine Dion cancels Eurovision appearance; Sir Ian McKellen skips film premiere appearance (one year after falling off the stage)
“Cabaret” to close on Broadway because of Billy Porter’s sepsis; Mexican singer Alejandro Fernández postpones El Paso concert; Aussie drag star Maxi Shields pulls out of comedy show (due to tumor)
| Mark Crispin MillerSep 11 |
A survey of the likely global toll of COVID “vaccination,” based on the reports collected by our worldwide team of researchers this past week.
To help support our work, consider subscribing or making a donation.
Cancelations:
UNITED STATES
Mayhem indeed: Lady Gaga forced to postpone show
September 4, 2025
Lady Gaga was forced to cancel a show barely an hour before hitting the stage – as she issued an emotional apology to gutted fans. The Born This Way singer has embarked on her Mayhem Ball Tour, and it seems it was an apt title after she had to pull out of performing on Wednesday night. Barely an hour before she was due on stage in Miami, the 39-year-old shared a message on her Instagram Stories saying that she had no choice but to cancel the concert. “During rehearsal last night and my vocal warmup tonight, my voice was extremely strained and both my doctor and vocal coach have advised me not to go on because of the risk it poses. I want to be hardcore and just push through this for you but I don’t want to risk long-term or permanent damage to my vocal cords.”
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.
Researcher’s note – Lady Gaga “Double vaxed + boosted [sic]…don’t 4get to still wear a mask this sh*ts contagious ,” the “Born This Way” songstress shared a selfie with her N95 face mask in January 2022: Link
Cabaret to close on Broadway nearly a month early after Billy Porter pulls out due to illness
September 7, 2025
Cabaret at the Kit Kat Club is cutting its Broadway run short after star Billy Porter [55] pulled out of the show to recover from sepsis. The Tony Award–winning revival of the classic John Kander and Fred Ebb musical will take its final bow at the August Wilson Theatre on Sunday, Sept. 21, wrapping up a run that spans 592 performances and 18 previews since beginning in April 2024. The production was originally slated to conclude on Oct. 19. Porter, who has been starring as the Emcee since July 22, is recovering from a “serious case of sepsis,” according to the musical’s producers. “His doctors are confident that he will make a full recovery but have advised him to maintain a restful schedule,” read a statement shared to the show’s official Instagram page. News of Cabaret closing comes after the show’s grosses recently entered a slump, with capacity falling to below 70 percent. This was especially dire considering the immersive production had a reported budget of $26 million, much of which was used to renovate the theater and create the Kit Kat Club ambience.
Researcher’s Note – In 2020, Porter joined Global Goal: Unite for Our Future campaign, calling on world leaders to address vaccine [sic] disparities by committing the billions of dollars needed to ensure that COVID-19 testing, treatments, and vaccines [sic] are available to everyone, everywhere: Link
Dion cancels Eurovision appearance due to health issue
September 4, 2025
Céline Dion was forced to withdraw from a planned surprise performance at this year’s Eurovision Song Contest in Switzerland.
The Canadian singer, 57, has been battling stiff person syndrome, a rare neurological condition that causes severe muscle spasms and mobility problems. She had been expected to perform Ne Partez Pas Sans Moi, the song that won Eurovision for Switzerland in 1988.
French newspaper Le Parisien reported Dion was in Basel for the event but suffered a medical episode before taking the stage. Her appearance had been kept secret, though speculation grew when presenter Graham Norton hinted at her involvement during the live broadcast.
MEXICO
Alejandro Fernández concert in El Paso on 2025 tour rescheduled for October
September 8, 2025
The concert by Mexican music icon Alejandro Fernández [54] scheduled to take place on Sunday, Sept. 7, at the Don Haskins Center in El Paso has been rescheduled to Oct. 19 due to illness. Fernández posted on social media that he is dealing with an illness requiring doctor-ordered rest causing him to postpone two concerts in Texas that had been scheduled to take place on Saturday, Sept. 6, at Dickies Arena in Fort Worth and Sunday’s show in El Paso.
UNITED KINGDOM
Ian McKellen forced to cancel film premiere appearance after doctors’ warning
September 9, 2025
Sir Ian McKellen has been forced to withdraw from the international premiere of his latest film The Christophers on the advice of doctors.
The celebrated actor, 86, had been due to attend the Toronto Film Festival for the unveiling of the Steven Soderbergh-directed black comedy but instead recorded a pre-taped message for the event.
As reported by the Daily Mail, McKellen told the outlet his “medical advisers” advised him not to fly, adding “Better safe than sorry”.
One year ago:
Sir Ian McKellen Is ‘Pain-Free’ After Stage Fall, But Still Dealing with It ‘Emotionally’; ‘I Felt Ashamed’
September 3, 2024
McKellen’s “vaccination” in December of 2020:
AUSTRALIA
Drag Race star Maxi Shield shares cancer diagnosis: ‘I’m a tough old bird’
September 3, 2025
Drag Race Down Under star Maxi Shield has shared a health update with fans, clarifying that a health scare that hospitalised her during the Edinburgh Fringe has been diagnosed as a cancerous growth. The Drag Race Down Under darling, who appeared on the first season of the Australia and New Zealand-based spinoff in 2021, was forced to pull out of her Edinburgh Fringe performances with season one sister Art Simone in comedy show Fountain Lakes In Lockdown: A Drag Parody Play. At the time, she shared with fans that a swollen gland had been pushing against blood vessels in her throat. Now, in a separate update issued to her followers via the 51-year-old’s social media profiles, Maxi confirmed that the growth “is cancerous”, but has a good recovery rate.”
NEWS ADDICTS
NEWSWIZE
EVOL NEWS
MICHAEL EVERY/OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
now we have geopolitical risks
(zerohedge)
Oil Prices Surge On Ukrainian Drone Threat, Expanded Russian Sanctions Fears
Friday, Sep 12, 2025 – 08:44 AM
Oil prices are surging this morning as the market is caught in a “tug-of-war” between bearish fundamentals and heightened geopolitical risks (as Citigroup put it).
“The volatility reflects the market’s ongoing struggle to balance growing surplus risks against persistent geopolitical uncertainty and resilient refined product margins,” said Ole Hvalbye, a commodities analyst at SEB AB.
“Sentiment remains broadly cautious.”
Crude rallied initially on mounting fears that Ukrainian drone attacks may disrupt flows through Russia’s two most important crude-exporting hubs on the Baltic coast.
The strikes have suspended operations at Primorsk, the main oil-loading port in the region, as well as three pumping stations pushing crude to the Ust-Luga hub, a person familiar with the situation said.
The gains extended further on reports that the Trump administration will urge its allies in the Group of Seven to imposes tariffs as high as 100% on China and India for their purchases of Russian oil in an effort to convince President Vladimir Putin to end his war in Ukraine.
The US proposal calls for 50% to 100% secondary tariffs on China and India as well as restrictive trade measures on both imports and exports to curb the flow of Russian energy and to prevent the transfer of dual-use technologies into Russia, according to the proposal.
President Trump has told European officials he’s willing to impose sweeping new tariffs on India and China to push Putin to the negotiating table with Ukraine – but only if nations in Europe do so as well.
Trump’s suggestion comes after his deadline for Putin to hold a bilateral meeting with Ukraine’s Volodymyr Zelenskiy passed without indication that the Russian leader was genuinely interested in engaging in face-to-face peace talks.
Instead, Moscow has stepped up its Ukraine bombing campaign.
As Bloomberg reports, the heightened risk premium offset an International Energy Agency projection for a record oil supply surplus next year.
A more pessimistic report from the agency on Thursday followed a decision by OPEC+ to keep returning idled barrels to the market in October, albeit at a lower rate than previous hikes.
end
China Continues To Import Sanctioned Russian Arctic LNG Cargoes
Friday, Sep 12, 2025 – 05:00 AM
Authored by Charles Kennedy via OilPrice.com,
- China has become a regular importer of LNG from Russia’s sanctioned Arctic LNG 2 project, with a third cargo recently discharging at a Chinese terminal.
- The Arctic LNG 2 export project, sanctioned by the US, EU, and UK, has resumed shipping cargoes after struggling for over a year to find buyers willing to risk secondary sanctions.
- Two additional LNG tankers carrying supply from the sanctioned Russian project are currently en route to the Chinese port of Beihai.
China appears to have become a regular importer of liquefied natural gas from the sanctioned Arctic LNG 2 project in Russia as the third cargo in two weeks has just discharged gas at a Chinese import terminal.
The LNG tanker Zarya, sanctioned by the United States, unloaded on Wednesday over 160,000 cubic meters of LNG from Arctic LNG 2 at the southern Chinese Beihai LNG Terminal in Guangxi, Reuters reported on Thursday, citing ship-tracking data from LSEG and Kpler.
The Arctic LNG 2 export project roared back to life this summer, in a sign that Russia is done waiting and is now sending off loaded LNG cargoes, which could be testing the Trump Administration’s willingness to sanction Russia’s LNG customers in China.
Arctic LNG 2 is under sanctions by the United States, the EU, and the UK, which have also blacklisted many of the LNG vessels thought to be servicing the project’s output.
For over a year, the U.S. and EU sanctions on Russia’s Arctic LNG 2, which was billed as Russia’s flagship LNG project, had effectively frozen the start-up of the export facility in the Gydan Peninsula.
The project last year came under intensifying sanctions from the United States, which put off any buyers that were previously considering buying cargoes from Arctic LNG 2.
The Russian export project struggled for more than a year to find any buyer willing to risk secondary sanctions.
The wait ended at the end of August, when a cargo from the facility docked at a Chinese import terminal.
The Arctic Mulan LNG tanker arrived at the Beihai LNG terminal, and China received the cargo, making it the first-ever actual exported cargo out of the Russian facility.
Now that the third LNG cargo from the sanctioned Russian project has unloaded in China, two other LNG tankers loaded with Arctic LNG supply are en route to Beihai and just a couple of days away from the Chinese port.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
BRAZIL// USA
Darth Vadar and his gang of merry men Supreme Court Justices give Bolsonaro a harsh 27 yr sentence. Trump to issue huge sanctions on Brazil
(zerohedge)
Brazilian Supreme Court Issues Harsh 27-Year Sentence For Bolsonaro, Trump Responds
Thursday, Sep 11, 2025 – 06:51 PM
Update(1851ET): A shockingly harsh 27+ years in prison was handed down by the Supreme Court of Brazil:
…for plotting a military coup and seeking to “annihilate” the South American country’s democracy.
Justices Cármen Lúcia Antunes Rocha and Cristiano Zanin ruled on Thursday that Bolsonaro – a former paratrooper who was elected president in 2018 – was guilty of seeking to forcibly cling to power after losing the 2022 election, meaning four of the five judges involved in the trial had found Brazil’s former leader guilty.
Announcing Bolsonaro’s sentence for crimes including coup d’etat and violently attempting to abolish Brazil’s democracy on Thursday night, the supreme court justice Alexandre de Moraes said: “[He tried to] annihilate the essential pillars of the democratic rule-of-law state … the greatest consequence [of which] … would have been the return of dictatorship to Brazil.”
President Trump isn’t happy with the court’s conviction – though there was one dissenting vote. His response: “very much like they tried to do with me but they didn’t get away with it”…
* * *
Amid the looming threat of Trump’s ‘punishing’ Brazil, the country’s Supreme Court on Thursday is preparing to issue a conviction of former president Jair Bolsonaro for allegedly attempting a coup to remain in office during his 2022 election loss to Luiz Inácio Lula da Silva.
Backlash is expected from the Trump administration, as a majority of judges on a Brazil Supreme Court panel have now found Jair Bolsonaro guilty, with Justice Carmen Lucia becoming the third member of the five-judge panel to vote in favor of Bolsonaro’s conviction. This could result in unrest in the streets once the verdict is formally handed down.
The trial is set to formally conclude Friday, and a sentence handed down. If the sentence is harsh the White House could react fiercely after this summer a 50% overall tariff has been cumulatively imposed, impacting most Brazilian imports – including coffee, cocoa, sugarcane, beef, tobacco, seafood and rare earth minerals.
On Wednesday a lone dissenting vote was cast – Justice Luiz Fux voted to acquit Bolsonaro. “Fux’s position also emboldened conservative lawmakers pushing for a broad amnesty bill that would shield Bolsonaro,” Bloomberg writes. Such an outcome would certainly help Brazil-US relations at a delicate moment, though many Brazilians might balk at bowing down to Washington.
Fux has actually requested that the whole trial be annulled. “While the lower house has signaled it may bring the measure to a vote, the Senate has shown little support, and the Supreme Court could still strike it down as unconstitutional,” Bloomberg observes further.
“Authorities have cast the case as a landmark moment for democracy in a nation that has experienced more than a dozen coup attempts in its history but never before prosecuted a top official for taking part in one,” adds the report.
Bolsonaro has already been barred from running in future elections, and a lengthy appeals process could push the proceedings closer to the 2026 presidential campaign – and all the while Bolsonaro has insisted he will be a candidate.
The Trump White House has chaffed at him being placed under house arrest, and has repeatedly publicly denounced the Lula government for a state ‘witch hunt’.
Meanwhile, new polling reported in Bloomberg finds that “Approval of Brazil President Luiz Inacio Lula da Silva’s government rose to 33%, compared to 29% in July, according to Datafolha poll, published by Folha de S.Paulo.”
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS FRIDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1711 DOWN 0.0022 PTS OR 22 BASIS POINTS
USA/ YEN 147.73 UP 0.506 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//JAPAN IN TROUBLE WITH RISING RATES
GBP/USA 1.3546 DOWN .0028 OR 28 BASIS PTS
USA/CAN DOLLAR: 1.3847 UP 0.0014 (CDN DOLLAR DOWN 14 BASIS PTS)
Last night Shanghai COMPOSITE DOWN 4.71 PTS OR 0.12%
Hang Seng CLOSED DOWN 301.84 PTS OR 1.166%
AUSTRALIA CLOSED UP 0.63%
// EUROPEAN BOURSE: ALL MOSTLY RED EXCEPT LONDON
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL MOSTLY RED EXCEPT LONDON
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 301.84 PTS OR 1.16%
/SHANGHAI CLOSED DOWN 4.71 PTS OR 0.12%
AUSTRALIA BOURSE CLOSED UP .63 %
(Nikkei (Japan) CLOSED UP 395.62 PTS OR 0.89%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 3641.75
silver:$42.40
USA dollar index early FRIDAY morning: 97.76 UP 23 BASIS POINTS FROM THURSDAY’s CLOSE
FRIDAY MORNING NUMBERS ENDS
And now your closing FRIDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.1274% UP 5 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +1.602% UP 3 FULL POINTS AND 0/100 BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.204 DOWN 1 BASIS PTS
SPANISH 10 YR BOND YIELD: 3.283 UP 6 in basis points yield
ITALIAN 10 YR BOND YIELD 3.545 UP 6 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.7085 UP 6 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY FRIDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1711 DOWN 0.0022 OR 22 basis points
USA/Japan: 147.73 UP 0.506 OR YEN IS DOWN 51 BASIS PTS//
Great Britain 10 YR RATE 4.660 UP 5 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.484 UP 5 BASIS POINTS.
Canadian dollar DOWN .0014 OR 14 BASIS pts to 1.3847
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY DOWN AT 7.1243 CNY ON SHORE ..
THE USA/YUAN OFFSHORE DOWN TO 7.1248
TURKISH LIRA: 41.37 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.602 UP 3 basis pts
THE 30 YR JAPANESE BOND YIELD: 3.204 DOWN 1 basis pts
Your closing 10 yr US bond yield UP 6 in basis points from THURSDAY at 4.066% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.703 UP 5 in basis points /11:00 AM
USA 2 YR BOND YIELD: 3.560 UP 3 BASIS PTS.
GOLD AT 11;00 AM 3650.20
SILVER AT 11;00: 42.12
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: FRIDAY CLOSING TIME 11:00 AM//
London: CLOSED DOWN 14.28 PTS OR 0.15%
GERMAN DAX: DOWN 5.50 pts or 0.02%
FRANCE: CLOSED UP 1.72 pts or 0.02%
Spain IBEX CLOSED DOWN 13,10pts or 0.68%
Italian MIB: CLOSED UP 133.99 or 0.12%
WTI Oil price 63.50 11.00 EST/
Brent Oil: 67.43 11:00 EST
USA /RUSSIAN ROUBLE /// AT: 83.81 ROUBLE UP 0 AND 68/ 100
CDN 10 YEAR RATE: 3.206 UP 4 BASIS PTS.
CDN 5 YEAR RATE: 2.774 UP 3 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1738 UP 0.0005 OR 5 BASIS POINTS//
British Pound: 1.3566 DOWN .0008 OR 8 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.6710 UP 8 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.499 UP 7 ( STILL DANGEROUS LEVELS FOR GILTS)
JAPAN 10 YR YIELD: 1.595 UP 2 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.206 DOWN 1 AND VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 147.51 UP 0.277 BASIS PTS
USA dollar vs Canadian dollar: 1.3840 UP 0.0006 BASIS PTS// CDN DOLLAR DOWN 6 BASIS PTS
West Texas intermediate oil: 62.59
Brent OIL: 66.83
USA 10 yr bond yield UP 5 BASIS pts to 4.061
USA 30 yr bond yield UP 3 PTS to 4.6780%
USA 2 YR BOND: UP 3 PTS AT 3.558%
CDN 10 YR RATE 3.186 UP 2 BASIS PTS
CDN 5 YEAR RATE: 2.755 UP 1 BASIS PTS
USA dollar index: 97.57 UP 4 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 41.36 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 84.00 UP 0 AND 92/100 roubles //
GOLD $3645.95 . (3:30 PM)
SILVER: 42.19 (3:30 PM)
DOW JONES INDUSTRIAL AVERAGE: DOWN 273.78 OR 0.59%
NASDAQ 100 UP 99.63 PTS OR 0.42%
VOLATILITY INDEX: 14.78 UP 0.09 0.48%
GLD: $ 335.47 UP 0.66 PTS OR 0.20%
SLV/ $38.34 UP .55 PTS OR OR 1.46%
TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 114.29 PTS OR 0.39%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
‘
‘Bad News’ Sparks Surge In Rate-Cut Odds; Lifts Big-Tech, Bitcoin, & Bullion On The Week
WRAP UP FOR THE DAY:
Stocks mixed and bonds hit ahead of key risk week – Newsquawk US Market Wrap
Friday, Sep 12, 2025 – 03:51 PM
- SNAPSHOT: Equities mixed, Treasuries down, Crude up, Dollar flat.
- REAR VIEW: Prelim UoM disappoints, with 5yr inflation expectations rising; US reportedly proposes broad G7 sanctions on Russian energy; Trump says patience has run out with Putin; US QSS rises 2.2% to $5.695tln; CBO downgrades US real GDP growth; IAM union rejects deal with BA; BlackRock’s Rieder reportedly climbs Fed Chair ranks; Axios says spike in jobless claims was due to many being fake.
- COMING UP: Data: Chinese Activity Data (Aug), German Wholesale Price Index (Aug), NY Fed Manufacturing (Sep) Speakers: ECB’s Schnabel, Rehn, Lagarde.
- WEEK AHEAD: Highlights include FOMC, BoE, BoC, BoJ, US Retail Sales, UK Inflation, UK Jobs and China activity data. Click here for the full report.
- CENTRAL BANK WEEKLY: Previewing FOMC, BoJ, BoE, BoC, BCB, Norges; Reviewing CBRT and ECB. Click here for the full report.
- WEEKLY US EARNINGS ESTIMATES: Light earnings docket but highlights include GIS, FDX, LEN. Click here for the full report.
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MARKET WRAP
Stocks were mixed on Friday in what was ultimately quiet trade with tech gains buoying the Nasdaq. The majority of sectors closed red, led by Materials and Health Care but Utilities and Technology outperformed. T-Notes were sold across the curve in likely profit taking after the recent rally with all eyes on the FOMC next week. The Dollar was flat, as was most of G10 FX albeit the Yen and Kiwi lagged peers ahead of the key risk week next week (US Retail Sales, Fed, BoE, BoJ, BoC). The crude complex ended the day, and week, with gains as Russia tensions continue to mount. Gold prices added to recent gains despite the move higher in yields as geopolitical risk premium kept the yellow metal bid.
US
MICHIGAN: Prelim UoM for September saw sentiment fall to 55.4 from 58.2, way beneath the expected 58.0. Current conditions dipped to 61.2 from 61.7, again shy of the projected 61.3, and the forward-looking expectations tumbled to 51.8 (exp. 54.9, prev. 55.9), beneath the bottom end of the forecast range. 1yr inflation expectations were left unchanged at 4.8%, but longer-term 5-10yr moved higher to 3.9% from 3.5%. Surveys of Consumers Director Joanne Hsu said, “buying conditions for durables improved, while all other index components fell. Consumers continue to note multiple vulnerabilities in the economy, with rising risks to business conditions, labour markets, and inflation.” On trade, Hsu added “Trade policy remains highly salient to consumers, with about 60% of consumers providing unprompted comments about tariffs, little changed M/M. Still, sentiment remains above April and May 2025 readings, immediately after the initial announcement of reciprocal tariffs.”
FIXED INCOME
T-NOTE FUTURES (Z5) SETTLED 12 TICKS LOWER AT 113-09
T-Notes sold in likely profit-taking ahead of Fed next week. At settlement, 2-year +2.7bps at 3.556%, 3-year +3.7bps at 3.524%, 5-year +4.5bps at 3.623%, 7-year +5.1bps at 3.808%, 10-year +4.6bps at 4.057%, 20-year +3.3bps at 4.639%, 30-year +2.3bps at 4.674%.
INFLATION BREAKEVENS: 1-year BEI +6.0bps at 3.279%, 3-year BEI +2.4bps at 2.735%, 5-year BEI +1.6bps at 2.454%, 10-year BEI +1.1bps at 2.354%, 30-year BEI +1.1bps at 2.253%.
THE DAY: T-Notes were lower across the curve on Friday, paring some of the upside on Thursday after the mostly in line CPI and spike in initial jobless claims. There was likely some profit-taking ongoing following the recent upside in Treasuries, as Fed rate cut expectations build following a deterioration in the labour market. On the Fed, the meeting takes place next week, where a 25bps rate cut is widely expected, while we will also see the updated summary of economic projections, with particular attention on the 2025 and 2026 year-end dot plots. The market currently prices in 70bps of easing by year-end, which fully prices two rate cuts with an 80% probability of a third. Meanwhile, through 2026, 141bps of easing is priced from the current rate level – which fully prices five 25bps rate cuts with a 64% probability of a sixth. Morgan Stanley, in a report posted today, announced they expect four consecutive 25bps rate cuts through January, followed by two more 25bps cuts in April and July – which is more dovish than current market pricing.
Meanwhile, the Senate are looking to vote on Miran’s Fed Governor nomination on Monday, where if approved, it would see him be able to vote at the upcoming meeting. Meanwhile, the DC Circuit has laid out a briefing schedule for this weekend to determine whether Cook can remain at the Fed, which if she can, would also be able to vote. On the Fed Chair, Bessent has reportedly interviewed four of the eleven candidates, and BlackRock’s Rieder has climbed the ranks.
Data today saw the Quarterly Services Survey for Q2, which rose 2.2% to USD 5.965tln, while the UoM took focus. Overall sentiment was weak in the prelim September report, while inflation expectations were unchanged in the 1yr but saw a notable increase to 3.9% from 3.5% in the 5-year forecast. Attention next week is largely on the FOMC, but also US Retail Sales on Tuesday.
SUPPLY
T-Notes/Bonds
- US Treasury to sell USD 13bln in 20yr bonds on September 16th and USD 19bln in 10yr TIPS on September 18th; all to settle Sept. 30th
Bills:
- US to sell USD 73bln of 26-week bills and USD 82bln of 13-week bills on September 15th
- US to sell USD 85bln of 6-week bills on September 16th.
STIRS/OPERATIONS
- Market Implied Fed Rate Cut Pricing: September 26bps (prev. 27bps), Oct 48bps (prev. 50bps), Dec 70bps (prev. 73bps).
- NY Fed RRP op demand at USD 17.3bln (prev. 27bln) across 16 counterparties (prev. 15).
- EFFR at 4.33% (prev. 4.33%), volumes at USD 117bln (prev. 111bln) on September 11th
- SOFR at 4.41% (prev. 4.39%), volumes at USD 2.828tln (prev. 2.800tln) on September 11th
Block trades (Futures)
- 11:28EDT/16:28BST: 5.0k 2-Year T-Note Futures (ZTZ5) at 104-107
CRUDE
WTI (V5) SETTLED USD 0.32 HIGHER AT 62.69/BBL; BRENT (X5) SETTLED USD 0.62 HIGHER AT 66.99/BBL
The crude complex ended the day, and week, with gains as Russia tensions continue to mount. Facilitating the gains in the oil space were Bloomberg source reports that US proposes broad G7 sanctions on Russian energy to end the war, and giving benchmarks a further fillip higher was US President Trump remarking that Russian drones should not have been close to Poland, and Trump added that his patience has run out with Russian President Putin. Elsewhere, newsflow was light to end the week as attention turns to plenty of scheduled macro events next week, such as FOMC, BoJ, BoE, BoC, and China activity data. In addition, Beijing confirmed Chinese Commerce Minister He Lifeng to visit Spain from 14-17th September for trade talks including discussions with US officials, whereby the US-China talks are to focus on trade, export controls, tariffs and TikTok. For the record, the weekly Baker Hughes rig count saw oil rigs rise 2 to 416, natgas was unchanged at 118, leaving the total up 2 at 539. WTI and Brent saw lows of USD 61.69 and 65.71/bbl, respectively, against later peaks of USD 63.98 and 68.17/bbl.
EQUITIES
CLOSES: SPX -0.06% at 6,584, NDX +0.41% at 24,092, DJI -0.59% at 45,838, RUT -1.11% at 2,395.
SECTORS: Consumer Discretionary +0.56%, Utilities +0.56%, Technology +0.44%, Communication Services +0.21%, Consumer Staples -0.26%, Real Estate -0.47%, Financials -0.48%, Energy -0.57%, Industrials -0.82%, Materials -0.97%, Health -1.13%.
EUROPEAN CLOSES: Euro Stoxx 50 +0.08% at 5,391, Dax 40 -0.06% at 23,689, FTSE 100 -0.15% at 9,283, CAC 40 +0.02% at 7,825, FTSE MIB +0.32% at 42,566, IBEX 35 -0.09% at 15,308, PSI -0.08% at 7,748, SMI -0.78% at 12,197, AEX +0.35% at 909.
STOCK SPECIFICS:
- Adobe (ADBE): EPS & revenue beat; Strong next quarter & FY outlook
- Super Micro Computer (SMCI) has begun global volume shipments of Nvidia Blackwell Ultra solutions.
- Warner Bros. Discovery (WBD) extending on 29% gains on Thurs. after reports Paramount Skydance (PSKY) is preparing a majority cash bid for the Co.
- RH (RH): Top & bottom line light; Cut FY revenue growth & adj. EBITDA margin.
- Apple’s (AAPL) China website said the iPhone Air is now coming later, with the delay likely related to eSIM issue.
- Micron (MU) froze prices as inference AI fuels a surge in SSD demand and supply shortages, TrendForce reports.
- General Motors (GM) upgraded to ‘Overweight’ from ‘Equal Weight’ at Barclays.
- Applied Materials (AMAT) downgraded at Mizuho to ‘Neutral’ from ‘Outperform’
- Microsoft (MSFT) & OpenAI signed a non-binding deal to redefine their partnership.
- Novartis (NVS) downgraded to ‘Sell’ from ‘Neutral’ at Goldman Sachs.
- NVIDIA (NVDA) reportedly steps back from cloud effort to compete with AWS (AMZN), according to The Information.
- Joby (JOBY) plans to jumpstart US operations through the White House EVTol integration programme.
- Amazon (AMZN) and Alphabet (GOOGL) under FTC investigation over search advertising practices, according to Bloomberg sources.
- Of note for vaccine names (MRNA, BNTX, PFE, AZN): Trump officials are to link child deaths to COVID shots, according to WaPo; US officials plan to link 25 child deaths to COVID shots.
- IAM union rejects deal with Boeing (BA); strike at defense unit is to continue, according to Bloomberg.
- Bank of America (BAC) reportedly plans leadership shakeup that elevates trading head Demare, according to Bloomberg.
- Google (GOOGL) loses bid to further delay court-ordered reforms to app store play – US appeals court ruling.
- Corteva (CTVA) is reportedly considering a breakup that would separate its seed and pesticide businesses into two separate companies, according to WSJ citing sources.
FX
The Dollar was more-or-less flat on Friday in what was largely quiet newsflow to end the week, ahead of a plethora of risk events next week with the FOMC the highlight. Nonetheless, prelim UoM for September disappointed as sentiment, conditions, and expectations all declined and also fell short of expectations. In terms of inflation expectations, 1yr was unchanged, but longer-term 5yr rose to 3.9% from 3.5%. In addition, the CBO downgraded 2025 growth of real GDP to 1.4% from 1.9% primarily due to negative effects on output stemming from new tariffs and lower net immigration, which more than offset the positive effects of provisions of the reconciliation act this year. Elsewhere, there was bullish US rheotric on Russia as Trump said Russian drones should not have been close to Poland, and patience has run out with Putin. Meanwhile, Bloomberg sources suggested that US proposes broad G7 sanctions on Russian energy to end the war. For the record, DXY traded between 97.488-864.
G10 FX largely saw weakness against the Buck, albeit with no extensive losses. NZD and JPY were the relative laggards, with USD/JPY breaching 148 to the upside, albeit with no clear driver. Attention turns to the BoJ next week, where they are widely expected to keep rates unchanged. As a reminder, this week there were hawkish BBG sources which noted the BoJ sees some chance of hiking this year, and some officials are even of the view that a hike could be appropriate as early as October.
EUR and GBP, flat, were the relative outperformers, although the Pound was on the backfoot in the morning in wake of an in-line M/M outturn for UK GDP at 0%, leaving the 3M/3M rate at 0.2%, as expected. Looking under the hood, Pantheon Macroeconomics noted that M/M growth was close to being rounded down to 0.1% with the main downside surprise coming via a 1.3% M/M decline in manufacturing production. Money market pricing has been left little changed as attention turns to next week’s docket, which includes UK jobs, CPI retail sales and the BoE rate decision. The latter is widely expected to see rates left unchanged with the next cut not fully priced until April next year. Cable traded between 1.3525-80.
EUR/USD traded between a very narrow 1.1702-47, despite a deluge of ECB speak following the rate decision on Thursday.
EMFX was largely weaker vs. the Greenback, although the BRL was the clear gainer ahead of BCB next week, where the central bank is widely expected to leave unchanged at 15% – highlighted by the latest Reuters poll which sees all 41 economists surveyed expecting that outcome. Elsewhere on the central bank footing, Peru cut its reference rate by 25bps to 4.25%, as expected. CBR cut rates by 100bps to 17%, but expectations were for a larger reduction to 16%.
USA DATA RELEASES
US Consumer Confidence Tumbles To Lowest Since May As Inflation Expectations Calc Completely Broken
Friday, Sep 12, 2025 – 10:23 AM
US consumer sentiment tumbled for the second month in a row in the just released preliminary September data, down from 58.2 to 55.4, far below the median estimates of 58.0 (in fact it was below all estimates), with both Current Conditions (61.0, Last 61.7) and Expectations (51.8, Last 55.9) declining.
“Consumers’ expected probability of personal job loss grew sharply this year and ticked up in September as well,” Joanne Hsu, director of the survey, said in a statement, “suggesting that consumers are indeed concerned that they may be personally affected by any negative developments in labor markets.”
“Moreover, consumers also feel squeezed by the persistence of high prices,” she added.
Curiously Republicans and Independents saw their optimism (i.e. expectations) slide fractionally – while Democrats oddly rose – although while it narrowed modestly, the spread between Dems and Reps remains near a record high.
After plunging back to reality for two months, inflation expectations resumed their ascent especially on the longer-end horizon: year-ahead inflation expectations were unchanged at 4.8% after jumping in July from 4.5%, while long-run (5-10) inflation unexpectedly jumped from 3.5% in August to 3.9%, higher than the expected decline to 3.4% and the highest since June.
What is bizarre here, is that once again the Marxist UMich professors grabbed at straws to paint as bleak a picture as possible, and while both Republican and Independent 5Yr inflation expectations dropped substantially, and Democrats rose by the smallest possible 0.1%, the average somehow magically surged by 0.4% to 3.9%!!
It gets better… and by better we mean dumber: 1 Year inflation expectations dropped across every single party: Dems down 0.5%; Republicans down 0.1%, Independent down 0.4%, and yet the average was… unchanged!
So how did this inflation expectation rise or stay flat? Non-voters? Illegals?
Or maybe it’s time to finally start ignoring this indicator or at least call it TDS: Trump Derangement Sentiment.
USA ECONOMIC COMMENTARIES
US Deficit Explodes In August Despite Rising Tariff Revenues As Government Spending Soars
Thursday, Sep 11, 2025 – 07:40 PM
We used to dread covering the monthly update of US government income and spending because, without fail, it would show that the USS Titanic was getting that much closer to the inevitable iceberg crash. A few months ago, there was a glimmer of hope when thanks to Elon Musk and DOGE, there was a brief push to cut government spending, while at the same time the US also found a new revenue stream in the form of tariffs which helped reduce the massive monthly US deficit by a modest amount. Alas, in the grand scheme of things, the modest trim in spending and the bounce in revenue proved to be too little… and too late.
With that in mind, here is a look at the latest Treasury Income Statement for the month of August, published earlier today.
First, the good news: for the fifth month in a row, the US government benefited from outsized tariff revenues, which as shown in the chart below, continue to rise and in August hit just under $30BN – or about $360BN annualized – at the current tariff rate.
But while the tariff revenue in June was sufficient to tip the overall US Treasury budget into a (very rare) surplus, July proved to be too great an obstacle as we discussed last month. And August was just a full-blown return to the disastrous drunken-sailor spending ways of old.
According to the latest Monthly Treasury Statement, in August the US government spent $689 billion, up 0.4% from the $686.6 billion a year ago, and the highest monthly spending total of fiscal 2025 which ends next month. So much for the cost-cutting efforts of DOGE.
And while the huge monthly spending was somewhat offset by a 12.3% increase in revenues, which increased from $306.5 billion to $344.3 billion, this included the $29.5 billion in tariff revenues noted above. Take that out and government income would have been flat YoY.
Combining the latest receipts and spending data, and we get an August deficit of $345 billion, a substantial deterioration from the $291 billion deficit in July, and the highest monthly deficit of calendar 2025. It was also the second worst August deficit in US history, with just last year’s pre-election blowout of $380 billion higher, which as readers will recall, was a kitchen sink month for the Biden admin, which flooded the economy in a last-ditch effort of boosting the economy ahead of the presidential elections.
Looking at the deficit on a cumulative basis, we find that after June’s improvement, the deficit took another lunge in the past two months, and in August – just one months before the fiscal year end – it hit $1.974 trillion, up 4% from the $1.897 trillion a year ago. That means that with just one month to go, 2025 is shaping up as the third worst year in US history for the budget deficit, with just the covid years 2020 and 2021, worse.
Last but not least, the epic disaster that is US gross interest spending continues to rise, and in August the US spent $111.5 billion on interest, pushing the total for the eleven months of the fiscal year to a record $1,124 trillion, and on pace to surpass $1.2 trillion for the full year.
With total debt rising by about $1 trillion every 100 days, it means that interest will keep growing too, and unless revenue grows in line, we will reach a point where every taxed dollar goes to pay down US debt. As of today, interest expense eats up just over 23% of all government tax revenues, just shy of the non-wartime record high.
It also means that, as we first showed over a year ago, gross interest remains the second highest spending category for the US, well above defense, income security and health spending, and only Social Security remains a larger outlay category (although it is unclear for how much longer).
Bottom line: after a brief period of irrational hope in early 2025 when Musk’s obsession with DOGE and cutting spending, we are again at square zero one and back on the fast-track to the debt-death of the United States. No wonder why in his most recent public commentary, Musk fully agrees with us: the government is unfixable.
Trump Admin Seeks Accelerated Appeal To Remove Cook From Fed Board Before Next FOMC Meeting
Thursday, Sep 11, 2025 – 09:45 PM
The Trump administration asked an appeals court on Thursday to remove Lisa Cook from the Federal Reserve’s board of governors by Monday, before the central bank’s next vote on interest rates. The request is the latest effort by the White House to stack the board before the Fed’s next interest-rate decision next Tuesday and Wednesday. At the same time, Senate Republicans are pushing to confirm Stephen Miran, President Donald Trump’s nominee to an open spot on the Fed’s board, which could happen as soon as Monday.
Trump sought to fire Cook Aug. 25, but a federal judge, who is also a member of Cook’s black sorority, ruled late Tuesday that the removal was illegal and reinstated her to the Fed’s board.
Trump has accused Cook of mortgage fraud because she has claimed two properties as “primary residences” in July 2021, before she joined the board. Such claims can lead to a lower mortgage rate and smaller down payment than if one of them was declared as a rental property or second home. Cook has denied the charges and stated that it was a clerical error.
On Tuesday, District Court Judge Jia Cobb ruled that the administration had not satisfied a legal requirement that Fed governors can only be fired “for cause,” which she said was limited to misconduct while in office. Cook did not join the Fed’s board until 2022.
In their emergency appeal, Trump’s lawyers argued that even if the conduct occurred before her time as governor, her alleged action “indisputably calls into question Cook’s trustworthiness and whether she can be a responsible steward of the interest rates and economy.”
The administration asked an appeals court to issue an emergency decision reversing the lower court by Monday. If their appeal is successful, Cook would be removed from the Fed’s board until her case is ultimately resolved in the courts, and she would miss next week’s meeting.
If the appeals court rules in Cook’s favor, the administration will seek an emergency ruling from the Supreme Court.
Either way, the Fed is expected to cut its benchmark interest rate next week by a quarter-point to about 4.1%. It would be ironic if Cook, who will most likely be present during next week’s meeting and is a prominent dove, vote for no rate cut (or, even funnier, a hike) when she herself would do everything in her power to lower her own personal debt interest rates.
Meanwhile, should Miran, a top economic adviser to Trump, win approval in time to join the Fed next week, he could push for a steeper half-point reduction to the Fed’s rate.
That said, there are 12 officials who vote on whether and by how much to cut, including the seven members of the Fed’s board as well as five of the Fed’s 12 regional bank presidents, who vote on a rotating basis.
Trump’s two other appointees to the Fed – Christopher Waller and Michelle Bowman – might also support a half-point cut, but several of the Fed’s bank presidents have expressed concern about stubbornly elevated inflation and would almost certainly oppose such a large reduction.
If the Fed approves a quarter-point cut, it is possible there could be dissenting votes both from officials who preferred no cut and from those who support a half-point.
end
Colleges Fire Employees Over Remarks About Charlie Kirk’s Murder
Friday, Sep 12, 2025 – 09:40 AM
Authored by Zachary Stieber via The Epoch Times,
Two universities have terminated employees who made what they described as inappropriate remarks about the murder of conservative influencer Charlie Kirk.
Middle Tennessee State University terminated a worker who “offered inappropriate and callous comments on social media concerning the horrific and tragic murder of Charlie Kirk,” Sidney McPhee, president of the university, said in a statement on Sept. 10.
“The comments by this employee, who worked in a position of trust directly with students, were inconsistent with our values and have undermined the university’s credibility and reputation with our students, faculty, staff and the community at large,” McPhee added.
“This employee has been fired effective immediately. We extend our deepest sympathies to the Kirk family.”
Sen. Marsha Blackburn (R-Tenn.) was among those who had called for the school to act.
Kirk was murdered while speaking on the campus of a university in Utah on Wednesday. He was the founder and president of the conservative group Turning Point USA.
The suspected shooter has been taken into custody, according to President Trump.
University of Mississippi Chancellor Glenn Boyce said on Sept. 11 that an employee who “re-shared hurtful, insensitive comments on social media regarding the tragic murder of Charlie Kirk” had been terminated.
“These comments run completely counter to our institutional values of civility, fairness, and respecting the dignity of each person. We condemn these actions, and this staff member is no longer employed by the university,” Boyce said in a statement.
“Our thoughts and prayers are with the Kirk family, as well as members of our campus community who are affected by this senseless act of violence.”
Baylor University said this week that it was aware of and disappointed by a comment a graduate student made about the shooting of Kirk, although it announced no action against the student.
Military officials also said they were aware of disparaging remarks that were made about the assassination.
The U.S. Coast Guard said on X that it was investigating inappropriate social media activity made by a member, in conjunction with the Department of Homeland Security.
Navy Secretary John Phelan said on X that he was aware of posts displaying contempt towards Kirk and that the Navy would “swiftly and decisively” deal with employees whose actions discredit the department.
“We are tracking all these very closely—and will address, immediately,” Defense Secretary Pete Hegseth said on X. “Completely unacceptable.”
end
VICTOR DAVIS HANSON
KING NEWS
| The King Report September 12, 2025 Issue 7575 | Independent View of the News |
Aug CPI 0.4% m/m & 2.9% y/y, 0.3% m/m & 2.9% y/y exp.; Core CPI 0.3% m/m & 3.1% y/y as exp.  CNBC: Here’s the inflation breakdown for August 2025 — in one charthttps://t.co/Hvvc2H03Dz@stlouisfed: Sticky price CPI (slow-to-change consumer prices) from @AtlantaFed rose 3.6% on an annualized basis in August, following a 4.6% increase in Julyhttps://bit.ly/4mcwkwQInitial Jobless Claims 263k, 235k exp., Continuing Claims 1/939m, 1.95m expAug Federal Budget -$344.8B ($29.5B tariffs), -$340B exp (up from -$324B), -$380.1B priorTrump’s scheme to spend like crazy and offset it with tariffs is failing miserably!@ GlobalMktObserv: The US job market suggests the economy is in a RECESSION: The US economy has SHED -142,200 jobs over the last 4 months ex. healthcare sector, the highest reading since the 2020 Crisis. Such a drop has usually happened at the onset of a recession. https://t.co/w1SA4hb0q4Bottom line: The US economy is weakening; goods producing USA is in recession; the labor market could be in recession (need accurate data); and inflation is intractable. Hello stagflation, my old friend.ECB Keeps Interest Rates on Hold (as expected) and Traders Rule Out Mor Cuts – BBG…deeming inflationary pressure contained and economic dangers abating. The deposit rate was left at 2% with policymakers offering no guidance on future steps… President Christine Lagarde said, “Inflation is where we want it to be” butthe outlook for prices remains “more uncertain than usual” due to the volatile trade environment…@OphirGottlieb: ORCL has $11B in cash, $105B in debt, generates $20B in cash from operations and is now FCF negative. How is this all going to work exactly? ORCL has to buy the chips, take on more debt, while OpenAI has $10B in revenue but will spend $60B/yr in CapEx for five years. What?@MenthorQpro: AAPL hit with 2 downgrades as analysts flag weak AI execution & uninspired products.Consensus rating drops to 3.9/5, lowest since 2020. Stock -9% YTD but +30% off April lows. Options skew still call-biased (~44th pct), though risk reversals show softer momentum. https://t.co/LoJmuRyVMaUS Commerce Secretary Lutnick: Japan was never going to really open their market. They bought down their tariff. (Trump claimed the historic trade deal would open Japan’s markets for US firms!)As we guessed, the usual suspects waited for the release of the August CPI Report to go postal on stocks. However, due to Netflix (-3.54% and Broadcom -2.69%), traders were lukewarm on Fangs/Mag 7 stocks.ESUs traded mostly positive but sideways from the Nikkei opening until they inched higher after 7 ET. ESUs then went inert. As usual, someone got the impact economic data before the official 8:30 ET release. ESUs sank to 6535.50 (20 handles from high) at 8:20 ET but quickly surged to 6562.25 at 8:31 ET. Dump money sold the 0.1 worse than expected (0.3 m/m) CPI headline. Pros that waited for the release then bought aggressively. After a retreat to 6540.00 at 8:34 ET. ESUs intractably rallied to 6595.00 three minutes after the 11:30 ET European close.After trading in a coil (lower highs and higher lows) until 15:18 ET, ESUs meandered up to a daily high of 6600.00 at 15:50 ET. ESUs fell to 6590.25 at 16:00 ET.Positive aspects of previous sessionThe DJIA (+617.08) and S&P (+55.43) closed at record highs; the DJTA closed +223.76Apple rallied 1.43% despite the downgrades.Negative aspects of previous sessionUSZs were only +6/32 at the NYSE close despite the in-line Aug CPI ReportThe NY Fang+ Index closed -33.95Ambiguous aspects of previous sessionHow big a factor is the Russia drone excursion into Poland?First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: UpPivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6575.39Previous session S&P 500 Index High/Low: 6592.89; 6545.80@wesbury: Allan Blinder, former Fed member, is appalled that Stephen Miran will be on leave from the Trump Whitehouse when serving on the Fed. But there are members on leave from many woke universities who have served on the Fed. Why is one a problem and not the other?@GlobalMktObserv: The average US stock is struggling as RARELY BEFORE: The S&P 500 equal-weighted index relative to the S&P 500 index has dropped to the lowest level in 22 YEARS. The ratio has even dropped below the Great Financial Crisis low. Most gains are coming from a handful of giants. https://t.co/UL7YrDaUBiThis is the biggest market concentration since before the GREAT DEPRESSION: The top 5 stocks account for a record ~28% of the S&P 500’s market value. By comparison, at the peak of the 2000 Dot-Com Bubble, the share was ~17%.https://x.com/GlobalMktObserv/status/1966212887300473020Swiss add luster to Trump trade deal with gold refining planhttps://t.co/jByGRWVxN9Part of the plan is for the gold industry to raise its refining capacity in the US to help even out trade flowsFed Balance Sheet: +$3.891B; Reserves: -$20.927BToday – With the DJIA and the S&P 500 breaking out to new highs, the usual suspects will eagerly play for the Friday Rally. There is no impact economic data due (UM stuff is hokey) to impair buying urges. ESUs are +0.50; NQUs are -0.25; AU is -4.20 and USZs are -5/32 at 20:25 ET.Expected Economic Data: Sept UM Sentiment 58, Current Conditions 62, Expectations 56, 1-yr Inflation 4.7%, 5-10-year Inflation 3.4%S&P Index 50-day MA: 6378; 100-day MA: 6112; 150-day MA: 5977; 200-day MA: 5982DJIA 50-day MA: 44,780; 100-day MA: 43,363; 150-day MA: 42,968; 200-day MA: 43,168(Green is positive slope; Red is negative slope) S&P 500 Index (6587.47 close) – BBG trading model Trender and MACD for key time framesMonthly: Trender and MACD are positive – a close below 5447.29 triggers a sell signalWeekly: Trender and MACD are positive – a close below 6214.45 triggers a sell signalDaily: Trender and MACD are positive – a close below 6430.05 triggers a sell signalHourly: Trender and MACD are positive – a close below 6544.57 triggers a sell signal@Brookltnwilliw: Immediately after Charlie Kirk passed away, Minnesota Vikings superstar Justin Jefferson immediately stepped in, pledging to pay all living and educational expenses for Kirk’s two children… many people expressed their admiration for Justin Jefferson’s kindness…@HoopMixOnly: Giants WR Malik Nabers has donated $260,000 to support Charlie Kirk’s family.@MINewsSource: Detroit Lions quarterback Jared Goff is a class act. Goff is donating more than $330,000 to the family of murdered Christian, conservative activist, husband and father Charlie Kirk.@BuzzPatterson: The @packers just held a moment of silence for @charliekirk11.@FoxNews: FBI releases photos of person of interest in Charlie Kirk assassination (and asked for help in identifying him)https://x.com/FoxNews/status/1966168776845701517(latest images) https://x.com/rawsalerts/status/1966295438857736479@WSJ: Ammunition engraved with transgender and antifascist (Antifa) ideology was found inside the rifle authorities believe was used in Kirk’s shooting, sources say‘Experts’ now aver that the sniper was skilled shooter but NOT a hitman because of several mistakes: didn’t bury/ditch rifle, cartridges, and clothing; poor escape; pro would have made a head shot. The assassin used a Mauser 98 .30-06, a basic hunting rifle that is notoriously inaccurate at long range.@nicksortor: Security camera footage showing the alleged Charlie Kirk assassin just minutes before he kiIIed Charlie has been released from a homeowner It’s unclear why he is walking with a limp. It could be related to concealing the firearm. https://x.com/nicksortor/status/1966274976853655580FBI under pressure over open airport five miles from Charlie Kirk assassination hit as private jet ‘vanishes’ after shooting – The regional airport deals with domestic flights and is just a ten-minute drive from Utah Valley University where Kirk was speaking. Flight tracking data shows the jet left the airport shortly after 2pm and headed south towards the Arizona border before it disappeared from radars. It then reappeared on radars and returned to Provo roughly one hour after leaving the airport. The jet in question has a registered owner in the Utah city of Lehi, according to FAA data seen by the Daily Mail…https://www.dailymail.co.uk/news/article-15088445/FBI-provo-airport-miles-Charlie-Kirk-assassination-private-jet-vanishes-shooting.htmlKirk’s assassination has deeply affected many Americans. It is giving courage to those that used to be afraid to speak out against left-verboten topics.Charlie Kirk’s assassination is latest evidence that US is suffering an epidemic of leftist violencehttps://t.co/H3MpZy3dQ8Trump: “We have a great country. We have a Radical Left group of lunatics out there — just absolute lunatics — and we’re going to get that problem solved. I’m only concerned for the country.”https://x.com/RapidResponse47/status/1966248462749762028The Left Has Never Been Held Accountable for Political Violence — And That Must ChangeViolence has long been weaved into the fabric of the American left, and until we honestly reckon with that, a bleak political future awaits… Which all brings me back to Obama’s disingenuous statement that “We don’t yet know what motivated the person who shot and killed Charlie Kirk.” At this point what does it matter? Obama did not think consorting with violent, unrepentant terrorists was disqualifying. Obama certainly knew what “motivated” Ayers and Dohrn (“Weather Underground terrorists”), and it did not trouble him.Nor is Ayers the only left-wing terrorist Obama has excused. But now, when the cold-blooded assassination of a leader on the right threatens to be an impediment to implementing the progressive political program that Obama and Ayers largely share, Obama is confused about what may have motivated this and wants you to know that violence is bad…https://thefederalist.com/2025/09/11/the-left-has-never-been-held-accountable-for-political-violence-and-that-must-change/GOP @RepMikeCollins: We need a House Select Committee on left wing violence.TX GOP official @MattRinaldiTX: Political violence is not a “both sides” problem. Only one side is widely using violent rhetoric and, when it leads to murder, openly celebrating it. Only one side has 50% of voters telling pollsters that political opinions justify murder. It’s the same side that tried to kill Steve Scalise, Justice Kavanaugh, @realDonaldTrump, and shot @charliekirk11 yesterday. It’s the same side that burned America in 2020, while their politicians excused it. There is no moral equivalency here.Assassinations Will Continue Until the GOP Creates Real Consequences for Leftist ViolenceMike Cernovich: “The weakness of the GOP led us to this moment. A mass shooter attempted to murder dozens of Republican congress members. Few people even know this happened. Republicans ‘just took it,’ as they always do. And now Charlie Kirk is dead. Recognize what time it is or resign.”…https://thefederalist.com/2025/09/11/assassinations-will-continue-until-the-gop-creates-real-consequences-for-leftist-violence/@Cernovich: Republicans have the House and Senate. None of us want to read their hallmark card sentiments. DO YOUR F-ING JOBS. Immediate investigations into far-left wing NGO’s and their funders.@Peoples_Pundit: Trump said a lot of what needed to be said and I thank him for it. We have to stop pretending what corporate media does on behalf of the Democratic Party isn’t criminal and evil. People get hurt and worse killed from their lies and propaganda.Many teachers posted gleeful remarks about Kirk’s assassination. This is alarming and despicable.@GovRonDeSantis: Celebrating the assassination of a 31 year old father of two young kids is disturbing; that teachers would be among those who do so is completely unacceptable… It is sad that we’ve seen a number of teachers across America celebrate Charlie Kirk’s murder…@realchrisrufo: The number of people celebrating Charlie Kirk’s death who work as teachers, nurses, psychologists, social workers, and other “helping professions” is immensely disturbing. We have a serious problem in this country. (What mental state induces educated people to jeopardize their jobs and careers by posting remarks on social media that celebrates a young man’s assassination? Perhaps because they have NOT been penalized for eons, on liberal privilege, for inappropriate behavior and remarks.)@libsoftiktok: Assistant Dean of Students at MTSU has been FIRED effective immediately following vile comments celebrating Charlie’s death. https://x.com/libsoftiktok/status/1965994170331357203@Anc_Aesthetics: Meet adjunct lecturer at American University Catherine Sawers. Catherine thinks Charlie’s little 3 year old daughter and 1 year old son were “raised to be killers.”This might be the worst one yet. This woman is so unbelievably evil… https://x.com/Anc_Aesthetics/status/1966228262683816086@libsoftiktok: Minnesota State Senator Erin Maye Quade (D) shares posts trashing and demonizing Charlie Kirk after he was ass*ssinated.https://x.com/libsoftiktok/status/1965955480867524772@libsoftiktok: Former ‘America’s Next Top Model’ contestant Lisa Damato celebrates Charlie’s m*rder and says she wishes Trump got shot toohttps://t.co/5WYmAFtPlnPritzker Blames Trump for Charlie Kirk Assassination“A disgracefully ill-timed comment” by Pritzker” – Washington Post. https://t.co/NAdA2OhIgM “Let me be clear, he has said, “I loathe Donald Trump. Every stump speech I delivered in my 2018 campaign began with ‘Everything we care about is under siege by a racist, misogynist, homophobic xenophobic president.’” “Never before in my life have I called for mass protests, for mobilization, for disruption. But I am now. These Republicans cannot know peace.” Pritker said.Gavin Newsom ripped for recent call to ‘fight’ Republicans: ‘This was bad at the time and is worse today’https://t.co/3BF29hVrYf@LibTearCreator1: Dear @BarackObama, we know what motivated the killer! Charlie’s conservative politics did! You stirred up this hatred while you live in luxury…https://x.com/LibTearCreator1/status/1965960521556865428@JMichaelWaller responding to Obama: You started this assassination culture. Crawl back into your Frantz Fanon revolutionary hole and leave our country alone.@johnddavidson: You can’t turn down the temperature or assuage divides with people who are cheering the assassination of Charlie Kirk, and to suggest that you can is damned nonsense. So is the implication that “both sides” celebrate political violence. Only the left does that. We all know it.Elon Musk: “If they won’t leave us in peace, then our choice is fight or die.” The Left is the party of murder. @Cernovich: Not only “the left,” it’s people who fund them. Like Soros, Bill Gates, and Reid Hoffman. Some patsy boomer who was radicalized by agitprop is not who anyone smart considers responsible for today. That’s a fact. @elonmusk: Exactly@DataRepublican: No business owner is boarding up tonight in fear of riots. The Left and the Right are not the same!@DavQuinn: No prominent conservative in America can now appear in a public place without fear of being shot. That is the blunt truth of the matter.@justin_hart: Remember, when Gabby Giffords was shot, it took the press only a few hours to fix the blame on a campaign flyer that Sarah Palin had put out. They ran with that headline for weeks. 6 years later, the NYT ran an editorial declaring this a fact (Palin sued). The Left doesn’t care about the truth. They care about the narrative. Be on your guard and protect the legacy of Charlie Kirk. They will try to fix the blame on YOU!From Bluesky to Reddit, Democrats Celebrate Charlie Kirk’s Assassination; Trump Slams Radical Left – many on the left – after years of being primed by Democrat leadership to engage in violence against ‘nazis’ and ‘fascists’ – could not contain their joy at Kirk’s death… Elon Musk, who responded with an exclamation mark to an X post that stated: “I have a friend at Reddit who says they have had over 16,000 posts calling for the Revolution to continue They are saying Charlie Kirk wasn’t enough SO, they aren’t just celebrating Charlie’s demise they are calling for more…”…Dangerous rhetoric from top Democrats on Capitol Hill … does it make sense now? Years of programming their increasingly unhinged followers have led to countless instances of political chaos this year, from leftist burning Tesla showrooms and defacing Tesla vehicles to ICE attacks to riots, to shootings committed by transgender ideologues. And now the assassination of Kirk…https://www.zerohedge.com/political/bluesky-reddit-democrats-celebrate-charlie-kirks-assassination-trump-declares-war-radical@DougMackeyCase: Take a close look at many of the groups we see over-represented in celebrating Charlie Kirk’s death: -Teachers -Healthcare Professionals -Government Workers. These are NOT radical blue-haired freaks. They are the highly-indoctrinated Democrat rank and file.https://x.com/DougMackeyCase/status/1966135182613983516?t=Yd1CDZ19YxmJ9D7sRNngsg&s=03@visegrad24: There were multiple fights at the Charlie Kirk Vigil held in front of the Idaho State Capitol building in Boise last night between Charlie Kirk supporters and hecklers. The most explosive moment was when Terry Wilson, leader of the local BLM chapter, drove through the vigil a scooter, yelling ‘F*** Charlie Kirk‘. https://t.co/twqjRySldn@OliLondonTV: Left-wing activists hold gathering to CELEBRATE Charlie Kirk being killed. “We got Charlie in the neck.”https://t.co/88JowXOyPV@Anc_Aesthetics: Public Affairs officer Guillermo Muniz who works at Fort Bragg saying Charlie Kirk deserved it https://x.com/Anc_Aesthetics/status/1966157168253743279@susancrabtree: This is a current Secret Service agent, stating in a Facebook post, that Charlie Kirk deserved what he got. “You can’t circumvent karma, [sic] she doesnt [sic] leave.”…https://x.com/susancrabtree/status/1966217485067366842@SteveGuest: West Virginia Democrat State Rep. Anitra L. Hamilton—who is on the West Virginia University Council for Gender Equity and is the President, NAACP Morgantown/Kingwood—in wild Facebook posts viciously smears Charlie Kirk and compares him to the madman who murdered the Ukrainian girl in Charlotte. “You can murder ONE woman on a train by stabbing her in the neck and be condemned by the masses or you can travel the nation spewing hatred and racism, harming thousands and be loved by the masses……. and both have the same outcome.”https://x.com/SteveGuest/status/1966201436242350491(NFL) Panthers fire employee after social media post about Charlie Kirk’s murderCharlie Rock, a football communications coordinator for the Panthers, posted on his personal Instagram account Wednesday…: “Why are yall sad? Your man said it was worth it …” and included a photo of Kirk. Rock also included a reference to the Wu-Tang Clan song “Protect Ya Neck” in the post. https://www.charlotteobserver.com/sports/nfl/carolina-panthers/article312064968.html#storylink=cpy@ThePatriotOasis: Meet US Navy Petty Officer Hyland, he has 1.5M followers on TikTok. He’s openly celebrating the death of Charlie Kirk. He needs to be investigated immediately. This is a clear violation of the UCMJ @SecWar and should not be allowed in our military. https://t.co/OTmRiXZB99@SteveGuest: In the wake of Charlie Kirk being assassinated, CBS Mornings host Nate Burleson tells former Speaker of the House Kevin McCarthy that it’s REPUBLICANS that really need to watch their rhetoric: “Speaking of this tragedy, is this a moment for your party to reflect on political violence, is it a moment for us to think about the responsibility of our political leaders and their voices and what it does to the masses as they get lost in misinformation or disinformation that turns in and spills in to political violence?” UNHINGED. The corrupt corporate media has learned nothing.https://x.com/SteveGuest/status/1966109078863646978?t=DCa7GHlhxaK9PLzbbqRWVw@JonathanTurley: MSNBC’s Jen Psaki actually declared Trump’s criticism of the rhetoric on the left to be “an escalation” after the Kirk assassination. We are already at political assassinations, so I am not sure how much more room for escalation there may be for Psaki or MSNBC. The fact is that some of us have been calling out this rhetoric for months as fueling the rage and the violence that we are seeing. In the words of Charlie, prove me wrong.University of Michigan Prof Bankrolled by Gates Foundation Celebrates Charlie Kirk’s Assassination – Charles H.F. Davis III called Kirk’s killing a ‘solution’https://freebeacon.com/campus/university-of-michigan-prof-bankrolled-by-gates-foundation-celebrates-charlie-kirks-assassination/Harvard Law’s @Vermeullarmine: This is important for understanding how we got where we are, and what needs to happen now. Prominent ultra-violent radicals of the 1970s were even given university jobs, influencing further generations. That cycle must end. See this sort of dumb equivalence has to end — the idea that academic writings or (in Kirk’s case) debating on the right are just as bad as, you know, setting bombs and killing policemen and the other acts of the Weather Underground.Suns beat writer gets fired after series of controversial Charlie Kirk postshttps://trib.al/XOVpcfK@rachel_schilke: Rep. Derrick Van Orden told reporters that the media, “every one of you,” is responsible for Charlie Kirk’s death. “You are responsible for this, because you are echoing the horrifically horrible political violent rhetoric produced by the Democrat Party.”@theblaze: Chuck Schumer and Hakeem Jeffries respond to President Trump blaming the Radical Left for Charlie Kirk’s assassination: “Coming together is what we ought to be doing. Not pointing fingers of blame.” (Both have spewed beaucoup hate for years and Schumer insinuated violence against SCOTUS justices!) https://x.com/theblaze/status/1966142245775749191@TheBabylonBee: Democrats Condemn Violence They Incitedhttps://buff.ly/AvWNVuk@sagesteele: Dear pro sports leagues: Looking forward to seeing you release statements & send condolences to Charlie Kirk’s family after he was murdered for his political beliefs. You know – kinda like you did when career criminal George Floyd died. @NFL @NBA @WNBA @MLB @NHL Appreciate the @Yankees for holding a moment of silence tonight.They Murdered Charlie – It Is Reason They Really Want to KillCharlie Kirk’s work was the principle of reasoned debate. He challenged those spouting leftist talking points to support their positions and their “conclusions” with facts. They could not. They were exposed as pushing not reason or “science” but dogma and propaganda. For that, he had to die... The revolutionaries who want to destroy the entire existing social, economic, and political order understand that to win, they must legitimize violence. They must legitimize horror. They know that their opponents must be transformed into the enemy in the eyes of their supporters – an enemy which can and must be destroyed by violence. Ultimately, all Marxist revolutions rely on this same principle…https://andmagazine.substack.com/p/they-murdered-charlie-it-is-reason?r=gpuy2&triedRedirect=trueAG Pam Bondi announces DOJ has taken over the case of Ukrainian refugee Iryna Zarutska’s murder: “We are going to prosecute him to the fullest extent of the law. We have taken the case because it’s murder on mass transit. Progressive DAs cannot handle this case. Justice will be served, and he will be prosecuted to the fullest extent of the law.” https://x.com/seanhannity/status/1965592828072886407Colorado high school shooter (16-year-old Desmond Holly, committed suicide) was ‘radicalized by some (unnamed) extremist network,’ sheriff’s department says… two victims injured in the shooting…https://abcnews.go.com/US/colorado-high-school-shooter-radicalized-extremist-network-sheriffs/story@BaltStreetNews: Shooting: US Naval Academy: 1 victim transported by land, 2nd Victim transported by MSP Medevac to Baltimore area trauma centers: 2nd MSP Medevac & US Park Police Helicopter in the area: Unknown reports of 3rd victim: Annapolis/USNA/Anne Arundel CountyThe Annapolis shooter is reportedly an ex-midshipman that was recently expelled.@ChicagoContrar1: Interesting how @JBPritzker had no “public” events scheduled for today. Instead of publicly observing the anniversary of the September 11th attacks, Pritzker dropped by the Institute for Nonviolence Chicago to chat with CVIs. In other words, Pritzker preferred to meet with gang members rather than commemorating the sacrifices of first responders on Sept. 11.As we are about to transmit this missive, X teems with employment termination notices for people that celebrated Kirk’s assassination on social media. Boycotts are forming against some small businesses that have employees or owners that cheered Kirk’s death.9/11 is still tough to contemplate and handle. We had friends, associates, and clients that were lost. In fact, we were on the phone with a bank trading desk in the WTC during and after the attack. 2 of the 3 on that desk survived. The deceased had a young family. One close acquaintance was having breakfast with his clients at the Windows of The World atop 1 WTC (North Tower). He didn’t have a chance.“Courage is the first of human qualities because it is the quality which guarantees the others.” — Aristotle | |
SWAMP STORIES FOR YOU TONIGHT
Ammunition in Kirk killing engraved with expressions of transgender, antifascist ideology – WSJ
According to an early bulletin by The Wall Street Journal, the older-model 0.30 caliber hunting rifle was discovered near the scene, with sources telling the paper to urge caution.
FILE PHOTO: Founder and president of Turning Point USA Charlie Kirk speaks at the Conservative Political Action Conference (CPAC) at National Harbor in Oxon Hill, Maryland, U.S., February 28, 2019.(photo credit: REUTERS/KEVIN LAMARQUE)ByJERUSALEM POST STAFFSEPTEMBER 11, 2025 17:51Updated: SEPTEMBER 12, 2025 01:31
Investigators found ammunition engraved with expressions of transgender and antifascist ideology in the rifle believed to have been used in the assassination of Charlie Kirk, The Wall Street Journal reported on Thursday, citing an internal law enforcement bulletin and a person familiar with the investigation.
A later report by the newspaper cited different officials who cautioned against reaching conclusions based on the internal report shared early on Thursday.
According to The Wall Street Journal, the older-model 0.30 caliber hunting rifle was discovered in the woods near the scene, wrapped in a towel with spent cartridges still located in the gun’s chamber.
JPost Videos
There were also three unspent rounds in the magazine, all with the wording tied to transgender and antifascist ideology, the report added.
Kirk, 31, was fatally shot in the neck on Wednesday at an event at a Utah university. He was an influential ally of US President Donald Trump and co-founder of Turning Point USA, the largest conservative youth organization in the country. “Charlie Kirk has been shot at Utah Valley University,” a Kirk spokesperson told NBC.
Authorities said they still had no suspect in custody as of Wednesday night, some eight hours after the midday shooting at Utah Valley University campus in Orem, Utah, during an event attended by 3,000 people.
Lone perpetrator remains ‘at large,’ local authorities say
The lone perpetrator suspected of firing the single gunshot that killed Kirk, 31, apparently from a distant rooftop sniper’s nest on campus, remained “at large,” said Beau Mason, commissioner of the Utah Department of Public Safety, at a news conference four hours later.
State police issued a statement on Wednesday night saying that two men had been detained and one was interrogated by law enforcement, but both were subsequently released.
This is a developing story.
end
Trump Says Charlie Kirk’s Assassin In Custody
Friday, Sep 12, 2025 – 08:16 AM
Update (0816ET):
President Trump joined Fox & Friends on Friday morning, telling hosts that Charlie Kirk’s assassin is “in custody” and that “with a high degree of certainty, we have the suspect.”
Watch here:
Conversation with the president continues.
end
Watch Live: Tyler Robinson, 22, Named As Suspect In Charlie Kirk Assassination
Friday, Sep 12, 2025 – 09:51 AM
Watch Live:
* * *
Update (0951ET):
AP News and the New York Post both report that the suspect in the Charlie Kirk assassination is 22-year-old Tyler Robinson of Utah. Robinson’s father apparently turned him in to the authorities – that is the official narrative so far.
Federal investigators are scheduled to hold a press conference later this morning about the new developments.
Earlier, President Donald Trump revealed that Robinson had been arrested – without naming him directly – saying, “With a high degree of certainty, we have him.” He credited both law enforcement and a minister who helped turn the suspect in after someone close to Robinson identified him.
Federal investigators have yet to release a motive.
end
and he should be charged under RICO for funding these radical leftists
(zerohedge)
“Looking Into Soros. Looks Like RICO”: Trump Puts Crosshairs On Radical Leftist NGOs
Friday, Sep 12, 2025 – 09:20 AM
After President Trump told Fox & Friends hosts that Charlie Kirk’s assassin is “in custody,” he went on to comment about radical leftist organizations, stating, “We are going to look into Soros. It looks like a RICO case.”
Recall that on Wednesday night, just hours after Kirk’s assassination, President Trump addressed the nation from the Oval Office, calling it a “dark moment for America.” He vowed to crack down on radical left movements across the country that have fueled chaos and even death this year.
Then on Thursday night, Texan News reporter Cameron Abrams wrote on X that Rep. Chip Roy, R-Texas, and two dozen others in Congress called for a select committee on “the money, influence, and power behind the radical left’s assault on America and the rule of law.”
“Enough is enough. We must follow the money to identify the perpetrators of the coordinated anti-American assaults being carried out against us and take all steps under the law necessary to stop them,” the lawmakers stated.
Just weeks ago, Trump stated on Truth Social that George Soros and his radical leftist son, Alex Soros, “should be charged with RICO because of their support of violent protests.”
Around that time, the “dark money” leftist NGO network operated by Arabella Advisors reportedly lost one of its top funding sources: Bill Gates.
More here.
President Trump’s messaging suggests his administration may finally be ready to combat the radical left’s dark-money, billionaire-funded NGO networks, accused of sowing chaos, hate, and division; fueling what some describe as “civil terrorism“; and orchestrating color revolutions that continue to this day. Growing concern remains that foreign money (think communist billionaire Neville Roy Singham) is feeding this anti-American woke machine. More evident than ever, the administration – if only for its own survival – must begin to counter the out-of-control NGO sphere. There’s a reason Bill Gates severed ties with Arabella. The pressure begins.
Recall that on Wednesday night, just hours after Kirk’s assassination, President Trump addressed the nation from the Oval Office, calling it a “dark moment for America.” He vowed to crack down on radical left movements across the country that have fueled chaos and even death this year.
Then on Thursday night, Texan News reporter Cameron Abrams wrote on X that Rep. Chip Roy, R-Texas, and two dozen others in Congress called for a select committee on “the money, influence, and power behind the radical left’s assault on America and the rule of law.”
“Enough is enough. We must follow the money to identify the perpetrators of the coordinated anti-American assaults being carried out against us and take all steps under the law necessary to stop them,” the lawmakers stated.
Just weeks ago, Trump stated on Truth Social that George Soros and his radical leftist son, Alex Soros, “should be charged with RICO because of their support of violent protests.”
Around that time, the “dark money” leftist NGO network operated by Arabella Advisors reportedly lost one of its top funding sources: Bill Gates.
More here.
President Trump’s messaging suggests his administration may finally be ready to combat the radical left’s dark-money, billionaire-funded NGO networks, accused of sowing chaos, hate, and division; fueling what some describe as “civil terrorism“; and orchestrating color revolutions that continue to this day. Growing concern remains that foreign money (think communist billionaire Neville Roy Singham) is feeding this anti-American woke machine. More evident than ever, the administration – if only for its own survival – must begin to counter the out-of-control NGO sphere. There’s a reason Bill Gates severed ties with Arabella. The pressure begins.
END
Alleged Kirk Assassin A “Radical Left ANTIFA-Adjacent Creep” Wrote “Hey Fascist” On Bullet Casing
Friday, Sep 12, 2025 – 12:07 PM
Update (1207ET):
The political messaging on the bullet casings underscores a deeply troubling reality: words actually matter.
Earlier, 22-year-old Tyler Robinson turned himself in and named the shooting suspect in Kirk’s political assassination.
Utah Governor Spencer Cox confirmed that casings recovered from the shooting scene had political messages etched into the metal, including:
- FIRED CASING: “Notices Bulges OWO What is this?” –
- UNFIRED CASING 1: “Hey fascist, catch! [3 down arrow symbols]”
- UNFIRED CASING 2: “O Bella Ciao, Bella Ciao, Bella Ciao Ciao Ciao” (a reference to an Italian anti-fascist song)
- UNFIRED CASING 3: “If you read this, you are gay lmao”
GREG HUNTER…..
harveyorganblog.com 
