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FROM MY no 4 SON STEPHEN //THROUGH AI: ENJOY
099 H DEUTSCHE BANK AG 552
118 H MACQUARIE FUTURES US 186
190 H BMO CAPITAL MARKETS 291
323 C HSBC 95
363 H WELLS FARGO SECURITI 503
624 H BOFA SECURITIES 27
657 H MORGAN STANLEY 2
661 C JP MORGAN SECURITIES 214
905 C ADM 10
GOLD: NUMBER OF NOTICES FILED FOR SEPT/2025: 64 CONTRACTs NOTICES FOR 64,000 OZ or 2.923 TONNES
total notices so far: 5540 contracts for 55,400 OR 17.231 tonnes)
SILVER NOTICES: 64 NOTICE(S) FILED FOR 0.320 MILLION OZ/
total number of notices filed so far this month : 12,367 CONTRACTS (NOTICES) for 61.835 million oz
A WITHDRAWAL OF 3.15 TONNES OF GOLD OUT OF THE GLD (WHICH SEEMS IMPOSSIBLE)
INVENTORY RESTS AT 974.80 TONNES
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 25.425 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 3.032 TONNES PLUS 0 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 16.364//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 33.891 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. 53.94 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 OCT. 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 1434 CONTRACTS OI TO 161,263 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 150 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 150 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 150 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 1685 CONTRACTS AND ADD TO THE 150 E.FP. ISSUED
WE OBTAIN A MEGA HUGE SIZED GAIN OF 1584 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN IN PRICE OF $0.72 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 7.92 MILLION PAPER OZ
OCCURRED WITH OUR $0.72 GAIN IN PRICE.
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENT
Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS
ASIAN MARKETS THIS MONDAY MORNING:
SHANGHAI CLOSED DOWN 10.09 PTS OR 0.26%
//Hang Seng CLOSED UP 58.40 PTS OR 0.22%
// Nikkei CLOSED HOLIDAY //Australia’s all ordinaries CLOSED DOWN .08%
//Chinese yuan (ONSHORE) CLOSED UP AT 7.1217 OFFSHORE CLOSED UP AT 7.1230/ Oil UP TO 62.76 dollars per barrel for WTI and BRENT UP TO 67.03 Stocks in Europe OPENED ALL MOSTLY GREEN
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP IN TRADING AT 7.1217 AND STRONGER//OFF SHORE YUAN TRADING UP TO 7.1230 AGAINST US DOLLAR/ AND THUS STRONGER
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END
A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR SIZED 1798 CONTRACTS TO 512,181 OI WITH OUR GAIN IN PRICE OF $12.40 WITH RESPECT TO FRIDAY’S // TRADING.. WE OF COURSE, LOST NO NET LONGS, DESPITE THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (2045). 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 3843 CONTRACTS (OR 11.953 TONNES).THEN WE WERE NOTIFIED, THAT WE HAD 0 CONTRACTS EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS
A LITTLE HISTORY ON OUR EXCHANGE FOR RISK ISSUANCES:
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 5,261 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 SEPTEMBER COMEX MONTH//
IN TOTAL WE HAD A HUGE SIZED GAIN ON OUR TWO EXCHANGES OF 21,437 CONTRACTS WITH OUR STRONG GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY FOR THE THOUGHTFULNESS. LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. DELIVERY OF GOLD CONTRACTS ARE NOW TAKING SEVERAL WEEKS. NO DEFAULT HAS BEEN INITIATED AS DEALERS ARE AFRAID OF LOSS OF THEIR JOBS. SO THIS FRAUD CONTINUES. THE LEASE RATES IN LONDON HAVE NOW INCREASED TO 5.0% LATELY AS GOLD IN LONDON IS STILL EXTREMELY SCARCE.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE THROUGH SEPTEMBER CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER IS HOWEVER A FAIR T.A.S ISSUANCE AS THE CME NOTIFIES US THAT THEY HAVE ISSUED 978 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 3.032 TONNES QUEUE JUMP TO GO ALONG WITH THE 0. TONNES OF EXCHANGE FOR RISK ISSUANCE TODAY AND // TOTAL EXCHANGE FOR RISK ISSUANCE SEPT: 16.364 TONNES//NEW TOTALS STANDING ADVANCES TO 33.891 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.XXXXX TONNES QUEUE JUMP AND 0.000 TONNES EXCHANGE FOR RISK TODAY// NEW TOTALS OF 16.364 TONNES OF EXCHANGE FOR RISK ISSUANCE/:
THAT IS;
A) 0.00 TONNES OF EXCHANGE FOR RISK ISSUANCE TODAY // =//TOTAL FOR MONTH EX FOPR RISK: 16.364 TONNES EX FOR RISK!!
B) 3.032 TONNES TODAY QUEUE JUMP
TOTALS: 33.891 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 2025 EFP CONTRACT WAS ISSUED: : /DEC 2025 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 2025 CONTRACT. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS. THE REGULATORY BODY THAT IS SUPPOSE TO CONTROL THESE EFP’S IS THE OCC HEADQUARTERED IN BOTH LONDON AND WASHINGTON.
WE HAD :
- ZERO LIQUIDATION OF OUR T.A.S. SPREADERS//FRIDAY
- MONTH END SPREADERS HAVE NOW BEEN FINALIZED AS OF AUGUST 29 AND THEY FOR THE FIRST TIME CAUSED NO DAMAGE TO OUR GOLD PRICE
T.A.S.SPREADER ISSUANCE//SEPT.
AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR FRIDAY NIGHT/SATURDAY MORNING WAS A FAIR SIZED SIZED 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: 17.527 TONNES OF GOLD (INCLUDES TODAY’S QUEUE JUMP) +0 EX FOR RISK TODAY//
TOTAL EX FOR RISK// FOR MONTH = 16.364//NEW TOTALS FOR GOLD STANDING SEPT = 33.891 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
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
COMEX GOLD TRADING BEGINNING SEPTEMBER CONTRACT;
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY A STRONG $12.40./ /) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SPECULATOR LONGS AS WE DID HAVE A STRONG SIZED GAIN IN OI FROM TWO EXCHANGES. BUT AS EXPLAINED ABOVE WE HAD ZERO T.A.S. SPREADER LIQUIDATION AND THAT GAIN IN OI FOR OUR TWO EXCHANGES WAS DUE TO THE LONGS PILING IT ON TRYING TO OBTAIN BADLY NEEDED GOLD///. THE BANKERS ARE QUITE NERVOUS ABOUT BASEL III WITH ITS IMPLEMENTATION COMMENCING JULY 1. THEY ARE VERY CONCERNED WITH THEIR HIGH AMOUNT OF DERIVATIVES LOSSES ON THEIR BOOKS. THUS THE REASON THEY NEEDED THESE T.A.S. ISSUANCES (WHICH ARE JOINED BY OUR MONTHLY SPREADERS IN ORDER TO FORMALIZE RAIDS ON OUR PRECIOUS METALS) WHICH OF COURSE NORMALLY ENDS IN TOTAL FAILURE LIKE IT DID WITH LAST WEEK 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.
SATURDAY MORNING//FRIDAY NIGHT
THE CROOKS HOWEVER COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL FRIDAY EVENING/ SATURDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING WEEKS TO DELIVER
DETAIL SUMMARY OF NUMBER OF EXCHANGE FOR RISK ISSUANCES: FEB THROUGH SEPTEMBER TRADING:
EXCHANGE FOR RISK CONTRACTS/MONTH FOR FEBRUARY://FINISHES AT 4 ISSUANCES
THE CME ANNOUNCED TO THE WORLD THAT ON FEB 4 THEY ISSUED 100 CONTRACTS OF EXCHANGE FOR RISK TTO THE BANK OF ENGLAND.THEN ,FEB 4 THEY ISSUED THEIR SECOND CONSECUTIVE EXCHANGE FOR RISK OF 500 CONTRACTS FOR 50,000 OZ (1.555 TONNES OF GOLD. FEB 6 WAS THE THIRD ISSUANCE FOR A HUGE 2400 CONTRACTS, 240,000 OZ OR 7.465 TONNES. AND THEN FINALLY FRIDAY NIGHT, THE 4TH EXCHANGE FOR RISK WAS ISSUED REPRESENTED BY 2834 CONTRACTS OR 283,400 OZ OR 8.8149 TONNES OF GOLD WITH THE OWNER OF THOSE CONTRACTS BEING THE BANK OF ENGLAND. THE BANK OF ENGLAND WANTS THEIR GOLD BACK. THIS NEW EXCHANGE FOR RISK WAS ADDED TO PREVIOUS EXCHANGE FOR RISK OF 9.3264 TONNES TO A NEW TOTAL EXCHANGE FOR RISK = 18.1413 TONNES. IN MID WEEK WE HAD ANOTHER .3114 TONNES OF EXCHANGE FOR RISK ISSUANCED//NEW TOTAL 18,4527 TONNES!..FINALLY THIS TOTAL WAS ADDED TO OUR REGULAR DELIVERIES THROUGH THE MONTH. FEBRUARY IS THE SECOND HIGHEST ISSUANCE OF EXCHANGE FOR RISK AS AUGUST BECOMES THE HIGHEST EVER RECORDED AS YOU WILL SEE BELOW!
EXCHANGE FOR RISK CONTRACTS/MONTH FOR MARCH 3 ISSUANCES
EARLY IN THE DELIVERY CYCLE THE CME NOTIFIED US THAT WE HAD OUR FIRST EXCHANGE FOR RISK CONTRACT ISSUANCE IN MARCH FOR 150 CONTRACTS REPRESENTING 15,000 OZ OF GOLD OR .46656 TONNES. THE BANK OF ENGLAND WAS STILL NOT SATISFIED AS THEY NEED TO RETRIEVE ALL OF ITS LOST GOLD THROUGH LEASING! THE 15,000 OZ WAS ADDED TO OUR NORMAL DELIVERY TOTAL.
MARCH ISSUES IT’S THIRD EXCHANGE FOR RISK: TOTAL FOR THE MONTH FINISHED AT 3
TOTAL ISSUANCE OF EXCHANGE FOR RISK MARCH 28 TOTALS 2200 CONTRACTS FOR 6.8429 TONNES OF GOLD. PRIOR ISSUANCE: .7775 TONNES. THUS TOTAL EXCHANGE FOR RISK FOR MARCH : 7.6179 TONNES OF GOLD. MARCH BECOMES THE 4TH CONSECUTIVE MONTH FOR EXCHANGE FOR RISK ISSUANCE.
APRIL, ISSUED ITS 7TH EXCHANGE FOR RISK: 187 CONTRACTS OR 18,700 OZ OR 0.5816 TONNES
SUMMARY EXCHANGE FOR RISK FOR THE MONTH OF APRIL//TOTAL ISSUANCES 7 FOR 8.3571 TONNES OF GOLD!:
ISSUANCE FOR EXCHANGE FOR RISK ON FIRST DAY NOTICE//APRIL MONTH// WAS 700 CONTRACTS FOR 70,000 OZ OR 2.177 TONNES OF GOLD TO WHICH WE ADD (APRIL 4) : 250 CONTRACTS FOR 25,000 OZ OR .777 TONNES, APRIL 7 ISSUANCE OF 280 CONTRACTS FOR 28,000 OZ OR .8709 TONNES THEN APRIL 9 484 CONTRACTS FOR 48400 OZ OR 1.5054 TONNES AND FINALLY MONDAY MORNING APRIL 14 AT 200 CONTRACTS FOR 20,000 OZ OR .5816 TONNES AND NOW APRIL 24: 600 CONTRACTS FOR 60,000 OZ OR 1.866 TONNES AND NOW APRIL 25 187 CONTRACTS FOR 18700 OZ OR .5816 TONNES//NEW FINAL TOTAL ISSUANCE FOR APRIL: 8.3571 TONNES!!. APRIL ISSUANCE OF EXCHANGE FOR RISK MEANS WE NOW HAD 5 CONSECUTIVE MONTHS FOR EXCHANGE FOR RISK ISSUANCE. THESE DELIVERIES WERE ADDED TO OUR NORMAL DELIVERY CYCLE.
MAY ISSUANCE: 3
MAY ISSUANCE OF EXCHANGE FOR RISK NOW TOTALS 3 ISSUANCES FOR 308,350 OZ. THIS TOTALS 9.591 TONNES OF GOLD WHICH WILL BE ADDED TO OUR REGULAR DELIVERY SCHEDULE. THE RECIPIENT OF THIS LARGESS IS THE BANK OF ENGLAND.
JUNE ISSUANCE: ZERO
JULY ISSUANCE; AFTER A TWO MONTH HIATUS AFTER AN INITIAL ISSUANCE OF 500 CONTRACTS FOR 50,000 OZ OR 1.555 TONNES OF GOLD (OCCURRED ON JULY 25) THE CME NOTIFIED US OF A SECOND ISSUANCE OF 706 CONTRACTS FOR 70,600 OZ OR 2.195 TONNES WHICH 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 0 CONTRACTS FOR NIL 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 .3032 TONNES QUEUE JUMP.
ANALYSIS SEPT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// SEPT COMEX CONTRACT
WE HAVE A STRONG SIZED GAIN TOTAL OF 102.170 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 3.032 TONNES OF GOLD ALONG WITH 0 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: 33.891 TONNES.
ALL OF THIS HUGE STANDING FOR SEPTEMBER WAS ACCOMPLISHED DESPITE OUR GAIN IN PRICE TO THE TUNE OF $12.40
WE HAD A MAMMOTH 17,541 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 384300 CONTRACTS OR 384,300 0Z (11.953 TONNES)
confirmed volume FRIDAY 174,242 contracts// poor//
speculators have left the gold arena
INITIAL GOLD COMEX
SEPT CONTRACT MONTH
SEPT 15 /2025
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 0.entries . |
| Deposit to the Dealer Inventory in oz | 1 ENTRIES i) Into the dealer Asahi: 32,128.690 oz total deposit 32,128.690 oz |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER 3 ENTRIES DEPOSITS/CUSTOMER 3 i) Into Brinks: 3000.000 oz ?????? ii) Into HSBC 97,122.085 oz iii) Into Asahi: 134,189.513 oz total deposit 234,311.608 oz xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 940 notice(s) 94,000 OZ 2.923 TONNES |
| No of oz to be served (notices) | 95 contracts 2900 OZ 0.2954 TONNES |
| Total monthly oz gold served (contracts) so far this month | 5540 notices 554,000 oz 17.231 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month |
dealer deposits: 1
1 ENTRY
i) Into the dealer Asahi: 32,128.690 oz
total deposit 32,128.690 oz
xxxxxxxxxxxxxxxxxxxxx
DEPOSITS/CUSTOMER 3
i) Into Brinks: 3000.000 oz ??????
ii) Into HSBC 97,122.085 oz
iii) Into Asahi: 134,189.513 oz
total deposit 234,311.608 oz
total deposit
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
customer withdrawal
0 entries
0.entries
ADJUSTMENTs 1
Delaware customer to dealer acct of Delaware 197.866 oz
AMOUNT OF GOLD STANDING FOR SEPTEMBER
THE FRONT MONTH OF SEPTEMBER STANDS AT 1035 CONTRACTS FOR A GAIN OF 741 CONTRACTS. WE HAD 234 CONTRACTS FILED ON FRIDAY SO WE GAINED 975 CONTRACTS OR 97,500 OZ ENTERTAINED A QUEUE JUMP OF 3.032 TONNES. WE NOW MUST ADD TO OUR INITIAL 2.333 TONNES OF GOLD STANDING TO TODAY’S QUEUE JUMP OF 3.032 TONNES AND THEN ADD MONTH SEPT// EX FOR RISK = 16.364//THUS NEW TOTAL OF GOLD STANDING ADVANCES TO 33.891 TONNES
OCTOBER GAINED 502 CONTRACTS UP TO 59,992
NOVEMBER GAINED 114 CONTRACTS UP TO 3057 CONTRACTS.
We had 940 contracts filed for today representing 94000 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 940 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer an 214 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 (5540 X 100 oz ) to which we add the difference between the open interest for the front month of SEPT ( 1035 CONTRACTS) minus the number of notices served upon today (940 x 100 oz per contract) equals 563,500 OZ OR 17.527 TONNES OF GOLD TO WHICH WE ADD OUR TOTAL EX FOR RISK/SEPT MONTH OF 16.369 TONNES//NEW TOTAL STANDING ADVANCES TO 33.891 TONNES
thus the INITIAL standings for gold for the SEPTEMBER contract month: No of notices filed so far (5540 x 100 oz +we add the difference for front month of SEPT. (1035 OI} minus the number of notices served upon today (940 x 100 oz) which equals 563,500 OZ OR 17,527 TONNES PLUS 16.364 TONNES EXCHANGE FOR RISK = 33.891 TONNES.
TOTAL COMEX GOLD STANDING FOR SEPT..: 33.891 TONNES TONNES WHICH IS HUGE FOR THIS NORMALLY INACTIVE ACTIVE DELIVERY MONTH IN THE CALENDAR.
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
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 39,180,931.120 oz
TOTAL REGISTERED GOLD 21,321,707.683 or 663.19 tonnes
TOTAL OF ALL ELIGIBLE GOLD 17,859,223.437 OZ
END
REGISTERED GOLD THAT CAN BE SERVED UPON 19,297,653oz ((REG GOLD- PLEDGED GOLD)= 600.02 tonnes // (
total inventories in gold declining rapidly
SILVER/COMEX
SILVER/COMEX
THE SEPTEMBER 2025 SILVER CONTRACTS
SEPT 15 2025
INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 0 entries: |
| Deposits to the Dealer Inventory | 0 ENTRY |
| Deposits to the Customer Inventory | 2 DEPOSIT ENTRIES/CUSTOMER ACCOUNT i)Into Asahi 214,586.260 OZ ii) Into Loomis 9952.98 oz total deposit 224,441.24 oz |
| No of oz served today (contracts) | 64 CONTRACT(S) (0.320 million OZ |
| No of oz to be served (notices) | 194 contracts (0.970 MILLION oz) |
| Total monthly oz silver served (contracts) | 12,367 Contracts (61.935 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
0 ENTRY
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
2 DEPOSIT ENTRIES/CUSTOMER ACCOUNT
i)Into Asahi 214,586.260 OZ
ii) Into Loomis 9952.98 o
total deposit 224,441.24 oz
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx)
withdrawals: customer side/eligible
0 entries:
ADJUSTMENTs 1
a) Customer to dealer JPMorgan: 296,792.100 oz
TOTAL REGISTERED SILVER: 196.951 MILLION OZ//.TOTAL REG + ELIGIBLE. 527.647 Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR AUGUST
silver open interest data:
FRONT MONTH OF SEPTEMBER /2025 OI: 258 OPEN INTEREST CONTRACTS FOR A LOSS OF 495 CONTRACTS. WE HAD 499 CONTRACTS SERVED ON FRIDAY SO WE GAINED A SMALL 4 CONTRACTS OR 20,000 OZ ENTERTAINED A QUEUE JUMP//NEW STANDING FOR SILVER COMEX INCREASES TO 62.805 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 65.805 MILLION OZ
STANDING FOR SILVER: 65.805 MILLION OZ
OCTOBER GAINED 20 CONTRACTS TO 2491
NOVEMBER GAINED 31 CONTRACTS UP TO 1463.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 499 or 2.495 MILLION oz
CONFIRMED volume; ON FRIDAY 76,774 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 12,367 X5,000 oz = 61.835 MILLION oz
to which we add the difference between the open interest for the front month of SEPT (258) AND the number of notices served upon today (64 )x (5000 oz)
Thus the standings for silver for the SEPTEMBER 2025 contract month: (12,367) Notices served so far) x 5000 oz + OI for the front month of SEPTEMBER(258) minus number of notices served upon today (64)x 5000 oz equals silver standing for the SEPTEMBER contract month equating to 62.805 MILLION OZ TO WHICH WE ADD OUR INITIAL EXCHANGE FOR RISK SEPT TOTALLING 3.0 MILLION OZ//NEW STANDING ADVANCES TO 65.805 MILLION OZ
New total standing: 65.805 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 196.951 million oz of registered silver
JPMorgan as a percentage of total silver: 210.283/527.646 million. 39.85%
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 15 WITH GOLD UP $45/30 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 3.01 TONNES OF GOLD FROM THE GLD:/// ///INVENTORY RESTS AT 974.80 TONNES/
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: 974.80 TONNES, TONIGHTS TOTAL
SILVER
SEPT 15 WITH SILVER UP $0.28 TODAY/NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 485.677 MILLION OZ//
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
JAMES RICKARDS
Rickards: All Eyes On An Irrelevant Fed
Saturday, Sep 13, 2025 – 09:00 PM
Authored by James Rickards via DailyReckoning.com,
The Federal Reserve is irrelevant unless it’s doing damage to the economy. Since the Fed is often doing damage to the economy, it does require our attention.
Claiming the Fed is irrelevant seems outlandish.
The Fed dominates the headlines. An upcoming meeting of the Federal Open Market Committee (FOMC, the Fed’s interest rate policy group) on September 16-17 is already receiving outsized attention because of the likelihood that the Fed will cut interest rates for the first time since December 2004. Trump’s efforts to mold the Fed board of governors to his liking with appointments and firings is another focal point for market attention.
At times, the Fed seems to be at the center of the financial universe.
It’s not.
It is true that the Fed is the central bank of the United States and that it has the power to print (really, digitally create) the U.S. dollar, the currency in which 60% of global reserves are denominated. It’s also the lead regulator of U.S. bank holding companies and almost all-important banks are members of the Federal Reserve System. There is a lot of power in those roles.
But the power narrative crumbles quickly when we look at what the Fed actually does and how they do it. That’s a task the Fed does not want you to do because they prefer to hide behind a curtain of monetary omnipotence. Let’s pull back the curtain and see what’s really going on.
Creating Money Out of Thin Air
How is money created? The Fed does print money (called M0) by buying U.S. Treasury securities and mortgage-backed securities from a select list of banks called the primary dealers. I was chief counsel and chief credit officer of a top primary dealer for ten years and we spoke to the Fed daily. So, I’ve had a front row seat of this process. When the Fed buys securities from a dealer, they pay with dollars pulled out of thin air.
But since 2008, those dollars are then put on deposit with the Fed by the banks in the form of excess reserves. Those dollars don’t go anywhere. The Fed is simply expanding its balance sheet with securities on the asset side and deposits on the liability side. The Fed pays interest on those excess reserves, so the banks are fine with the arrangement. The actual dollars are not lent, spent or invested. They’re sterilized on the Fed balance sheet. It’s all a mirage.
Money creation that is useful for the economy doesn’t happen at the Fed. It happens at commercial banks. They also create money out of thin air (called M1) by making a loan and crediting the borrower’s account. That’s the money that can be used by business for investment, new jobs, working capital or other productive purposes. M1 is also created for consumers in the form of mortgages, credit cards, lines of credit and other extensions of credit. If you want to know where money comes from, don’t look at the Fed. Look at the banks.
Unfortunately, bank lending is starting to dry up. Consumer credit losses are piling up. Some consumers are cutting back on their credit cards as a precautionary measure. Mortgage creation is slowing because homeowners don’t want to sell since they’d have to refinance their current low-rate mortgages (from 2021-2024) at higher rates. Businesses don’t want to borrow because investment opportunities are scarce, and new hiring has hit the wall. When borrowers don’t want to borrow and banks don’t want to lend, you have the makings of a recession. So-called “fed stimulus” won’t change that.
The FOMC target rate for fed funds (called the policy rate) is also irrelevant. It is likely to be cut by 0.25% at the September 17 meeting. But the fed funds market to which that rate applies has not functioned since the 2008 financial panic. In other words, the Fed is targeting a rate for a market that doesn’t exist.
Meanwhile, two markets that do exist – the market for four-week Treasury bills and the secured overnight financing rate market (SOFR, basically the repo rate) – both have rates that are materially below the fed funds target rate. The Fed is not leading the market to lower rates; they’re following the market.
Fed Models – A Bunch of Nonsense
Trump is banging the table demanding lower rates from the Fed. He should be careful what he wishes for. Trump will get lower rates not from the Fed but from the market itself. But those lower rates are not stimulus; they’re a sign of recession or even depression. A healthy, growing economy has rates closer to the 4% to 5% range. Trump will get the 2% rates he’s looking for by next year. But by then, unemployment will have risen, and the stock market will have fallen out of bed. That’s not exactly the outcome he was hoping for.
Why is the Fed so bad at its job? Why can’t the Fed actually stimulate the economy and avoid recessions? The reasons for this have to do with the Fed’s belief in economic models that do not accord with reality.
The Fed follows a model called the Phillips Curve. This model claims that unemployment and inflation have an inverse correlation. If unemployment is low, inflation will be on the rise. If unemployment rises, inflation will be low. The Fed has a “dual mandate” to keep unemployment low and keep inflation low at the same time. If the Phillips Curve is true, it should be easy to pick the target and not worry about the other factor because it takes care of itself due to the inverse correlation.
But the Phillips Curve is a joke. The late 1970s were a time of 10% unemployment and 15% interest rates. Both parts of the dual mandate were out of control. There was no inverse correlation. The 2010s were a time of low inflation and low unemployment. Again, there was no inverse correlation.
You can always draw a Phillips Curve on a graph, but it has no predictive analytic power and offers no policy guidance. Still, the Fed believes in it, which is why they have not cut rates for almost a year. The Fed is worried about inflation even as unemployment is on the rise. This high-rate policy will just make the unemployment situation worse.
The Fed also believes that medium-to-long-term rates on Treasury securities are a function of a hypothetical strip of short-term rates rolled over for the full term of the long-dated security. Since the Fed can influence short-term rates, they believe they can also affect rates on five- and ten-year Treasury notes through a combination of policy changes and forward guidance. To the extent that market rates on, say, a five-year Treasury note vary from the implied five-year rate using the Fed’s model, they dismiss this as a “term premium” imposed by the market for some unknown reason (presumably expectations that vary from forward guidance).
That theory is another batch of nonsense. Medium-to-long-term rates are set by the market for intrinsic reasons having to do with liquidity, hedging and portfolio allocations. Long-term rates have nothing to do with the present value of a hypothetical strip of short-term bills. There is no empirical evidence to support the idea of a term premium – it’s a pure invention with no analytical value. Again, the Fed is creating models that do not accord with reality for the sole purpose of enhancing their own importance.
Drama At The Fed
Finally, we come to the topic du jour, which is Fed “independence.” Trump’s calls for Fed Chair Jay Powell’s resignation and Trump’s firing of Fed Governor Lisa Cook are both viewed as threats to the Fed’s independence. The plot thickens when one considers Trump’s nomination of Stephen Miran to fill a vacant seat on the Fed’s board of governors following the resignation of Governor Adriana Kugler. Miran is currently Chair of the White House Council of Economic Advisors. And has suggested he will keep his White House position while serving on the Fed board of governors, another threat to Fed independence.
Fed independence is a red herring. It has never really existed. When the Federal Reserve Act was passed in 1913, the Secretary of the Treasury was a member of the Fed board. Fed meetings were actually held in the Treasury building. This arrangement prevailed until FDR reorganized the Fed in 1934.
The Federal Reserve exercised no independence at all from 1942 to 1951 during which time the Fed agreed at the request of the U.S. Treasury to maintain a low interest rate of 0.375% (3/8ths of one percent) on Treasury bills and 2.5% on long-term Treasury bonds. Granted this agreement ran during the course of World War II and most of the Korean War, but it does demonstrate that the Fed will align with Treasury preferences as circumstances require.
In 1965, during the Johnson administration, LBJ invited Fed Chair William McChesney Martin to his ranch and physically assaulted him after Martin pushed through an interest rate hike two days before. In 1972, President Richard Nixon pressured Fed Chair Arthur Burns to maintain an expansionary monetary policy to help his election chances in the presidential election that year. Burns followed orders and that is considered to have contributed to the Great Inflation that resulted in the late 1970s.
You can debate the wisdom of these moves but there’s no debate that the Fed has frequently bent to political pressure over the decades. To single out Trump as a unique threat to Fed independence is untrue and historically wrong.
This brings us to Trump’s firing of Fed Governor Lisa Cook. She was clearly an affirmative action or DEI appointee. She was touted as the “first black woman” on the Fed board (as if that mattered) while no one could point to a distinguished scholarly record or any contributions to monetary theory. Accusations of plagiarism in her articles have arisen. Those facts by themselves are not a reason to fire her. She’s not alone as a DEI appointee.
But it now appears that she lied on several mortgage applications. She claimed certain homes as her “primary residence” when there can only be one. She also said another home was a residence when it was for investment purposes. Such claims can result in lower interest rates and higher loan-to-value ratios for the borrower. These matters are now under criminal investigation by the Department of Justice. Trump fired Cook “for cause” (as authorized by statute) based on these allegations. That seems to be justified considering that the Fed is the principal regulator of banks that are mortgage lenders.
Cook is suing to prevent her firing. The matter is now in the courts and may be resolved soon, but any decision is likely to be appealed. Meanwhile, the uncertainty about whether Cook is or is not on the board casts another shadow over whatever the Fed does on September 17.
Trump has also started a horse race to replace Jay Powell as Chair. Powell’s term expires in May 2026. Trump’s three candidates are Kevin Warsh (a former board member), Christopher Waller (a current board member who could be promoted from member to Chair) and Kevin Hasset (currently the White House Director of the National Economic Council).
Two current members of the Fed board, Michelle Bowman and Waller, were appointed by Trump in his first term. Stephan Miran and another appointee to replace Lisa Cook would give Trump four appointees out of the seven-person board. If Waller replaces Powell as Chair, Trump will have another appointee to fill the Waller board seat next May. Trump is well on his way to controlling the Fed board and its Chair through the appointments process.
That’s important, but in the end it won’t matter. Interest rates are coming down for reasons that are bigger than the Fed and that the Fed can’t control. Low rates are not the stimulus that Trump imagines. Rates are coming down fast because the U.S. economy is heading for recession. Trump may claim he controls the Fed, but he will end up owning the economic debacle to come.
END
Gold Telegraph
ROBERT H
on X: “Former British diplomat: “I call it the super monetary highway: China has made the yuan–gold tradable on the Shanghai exchanges… so you can take delivery in Hong Kong—or soon Saudi Arabia. This will be huge” We just covered this on stage @Frank_Giustra https://t.co/LS7EH6DaQF”
Now you know why Trump needs gold to play.
With Moscow coming on stream in December. Any currency without gold is a loser.
And that goes for economies because payment will considered as a gold reference point.
It is why gold is the 2nd value point pivot for currency settlement behind the USD.
The US cannot back all the currency out there that is printed so it must slice and dice what it will back and what it will not back. That implies the debt and on balance sheet money and not non asset backed printing. Offshored money that has no providence or by theft or deceit will be zeroed out. The US actually needs on balance liquidity as well.
And new true US dollar will come because there is no choice.
2. MATHEW PIEPENBERG/VON GREYERZ
TD GHALI
TD’s Ghali: Silver Endgame Approaches, $50 On Table
by VBL
Saturday, Sep 13, 2025 – 17:51
Silver Approaches Endgame as Inventories Shrink
Authored by GoldFix ZH Edit
Silver is trading above $42.00 this morning. This is less than two weeks after Dan Ghali of TD Securities made some interesting comments updating his own view of the Silver situation as it pertains to available free-float silver (or lack thereof) from his January call of $40 silver when it was trading $30. Here is his note broken down as well as his January call in video form.
Gold at Records, Silver in Pursuit of $50.00
Gold has surged to fresh highs above $3,600 per ounce, drawing global headlines as investors pile into the metal on expectations of Federal Reserve easing and sustained central bank demand. Yet silver, often overshadowed by gold’s prominence, is showing equal if not greater potential momentum. Prices have reached $41.24 per ounce, their highest level in fourteen years, and analysts now warn that the last reserves of freely available stock could be gone within months.
The Analyst’s Warning
Daniel Ghali, Senior Commodity Strategist at TD Securities, has placed silver firmly in focus.
“If investment demand picks up, as we have seen happen in previous easing cycles, stockpiles could be depleted within four months.”
Ghali describes the current stage as the “endgame” of the cycle, where demand is eroding the “last dregs” of above-ground inventories. The bank has been constructive on silver since April 2024 when it first noted that London Bullion Market Association vaults were under strain from surging industrial use.
This is even more apparent when it is understood that Silver’s addition to the US critical minerals list makes it eligible for governmnet hoarding. GoldFix did a workup on price potential based on lithium and Uranium’s additions. Here it is…
Are You Ready for $144 Silver and $9.00 Copper?
Aug 26
The recent decision to add silver to the U.S. critical minerals list marks an important shift in how policymakers view the metal. The designation signals that silver is no longer treated as a simple commodity but as an asset tied to industrial capacity, technological development, and national security. Analysts and policymakers alike emphasize that this recognition places silver in the same category of strategic concern as lithium, uranium, and rare earths.
“Designation of a mineral as critical is bullish because it highlights essential demand, reveals insecure supply, and creates a government-backed floor for consumption.”
The lithium market provides a clear and very favorable example of how critical designation can lead to higher prices. After the U.S. listed lithium in 2018, automakers and investors rushed to secure access. Supply did increase, but the lag time for new mines allowed demand to run ahead, driving prices from under $10,000 per ton in 2020 to over $70,000 per ton by 2022.
Structural Deficits
The supply imbalance is not new. The Silver Institute expects 2025 to mark the fifth consecutive annual deficit, with shortfalls estimated at 117.6 million ounces. Ghali links the drawdown in global inventories to years of cumulative tightness combined with powerful megathemes.
“The drain in global inventories persists amid years of structural deficits, exacerbated by megathemes that should continue to attract capital into precious metal ETFs.”
These megathemes include silver’s role in solar panels, batteries, and other components critical to the green transition. This is not the first time Ghali has spoken as such. In January of this year Ghali warned of stockout risk.
Price Projections and Resistance Levels
TD Securities had projected an average silver price of $37.50 in the fourth quarter, but that forecast was made prior to recent events. Spot prices have already surged well beyond that level. Ghali sees few barriers left in the current trajectory.
“From a historical perspective, when we see this kind of melt-up, it is difficult to determine what prices can do. I think we could easily see $50 an ounce in the next couple of months. With the current momentum, that is how prices are tracking.”
The $50 level is not only psychological resistance but also the all-time high set in 2011.
Continues unlocked here
END
ALASDAIR MACLEOD
China prepares for the dollar’s death
Opening SGE vaults in Hong Kong, Saudi Arabia, and elsewhere where gold is exchangeable for yuan anticipates a yuan gold standard. It will replace the dying dollar for SCO and BRICS.
| Alasdair MacleodSep 14∙Paid |
During the Mao era, China’s communist universities taught economics students that capitalism would collapse under its own contradictions taking the capitalists’ currencies down with it. After Mao, this became modified to embrace state-controlled capitalism, but the fear that the western capitalist system was in decline nevertheless persisted, and China’s own economic history confirmed that fiat currencies never last.
It followed that as China reformed her own economy on capitalist lines, she would have to protect her currency from the inevitable end of the post-1971 fiat currency system by acquiring sufficient gold and silver to protect her own currency for when the time came. In 1983, the CCP issued regulations appointing the state-owned Peoples Bank of China to acquire sufficient monetary gold and silver for this purpose.
Fast-forward to today, and we see this prophecy coming true. There is little doubt that the 54-year fiat currency system is on its last legs, with the accumulation of government debt in all the major G7 currencies racing towards an existential tipping point. That being the case, China is finalising her plans to protect her currency, the yuan, from our currency collapse.
China corners the gold market
For some time now, China has been preparing herself for the inevitable demise of the dollar-based currency system. As early as 1983, the Peoples Bank (PBOC) was appointed by the communist administration with sole responsibility for dealing in and managing the nation’s gold and silver. Chinese citizens were banned from owning them until the Shanghai Gold Exchange (SGE) controlled by the PBOC was opened in 2002. By that time, we can be sure that the government had accumulated a core holding distributed into a number of government accounts, which I estimate to have been at least 20,000 tonnes based on the enormous foreign exchange volumes under the PBOC’s control between 1983-2002.
After the SGE opened, the benefits of gold ownership were promoted to the general public. So far, over 27,000 tonnes have been delivered into public hands out of the SGE vaults. Additionally, there are unrecorded amounts of SGE vaulted gold held by Chinese banks and institutions, backing public investment schemes and the gold accumulation accounts offered by banks to Chinese savers.
It’s not just the government, but China’s citizens also understand the monetary importance of gold, unlike their Western counterparts. They save in gold accumulation accounts offered by the banks alongside their deposit accounts. Linking the yuan to gold will not come as a shock to them and will be a natural development for which they are prepared.
Since 2002, the estimated accumulation of state-owned gold has almost certainly been added to, because apart from relatively minor amounts permitted to leave the mainland for the Hong Kong jewellery trade, no gold leaves China, while substantial bullion imports from predominantly Western markets have continued for the 23 years since the SGE opened its doors.
It should also be noted that China has been the largest nation by far in terms of gold mine output for many years, estimated to have mined over 9,000 tonnes since the early 1990s. Additionally, Chinese refiners have taken in gold doré from elsewhere adding to eventual refined output. And Chinese media has revealed multiple new discoveries in the last year alone amounting to a further 2,000 tonnes.
In effect, China has cornered the physical gold market.
China’s silver policy has been similarly acquisitive. As the second largest global silver miner and being the largest global refiner, her unspecified reserves have been bolstered by doré imports over decades. However, much of China’s silver imports have been used for industrial purposes, principally photovoltaic cells.
Whatever the actual numbers, it is clear that China and her citizens have accumulated the largest reservoirs of gold and possibly silver in the world. The only logical reason for this aggressive accumulation is the certainty that the dollar-based fiat currency system will collapse one day, just as every fiat currency in the past has failed.
G7 government finances are now in crisis
It is not just coincidence that the finances of all G7 countries are together descending into chaos, with their government debts spiralling out of control. It is the logical conclusion of 54 years of the post-Bretton Woods fiat currency regime, headed by the US dollar.
The signs that the dollar’s days are now numbered are increasing. Unsustainable government debt and runaway budget deficits are the most obvious, to which can be added the erosion of US hegemonic power, and therefore global faith in the value of its currency. Opening SGE vaults outside China, whereby gold and only yuan currency short-term instruments can be freely exchanged, is an important step in protecting the yuan from a dollar-based fiat currency collapse.
An interim floating gold-to-yuan standard is emerging, ahead of the day when the rate becomes fixed.
Having cornered the gold market over the last four decades, China is now opening it up to foreigners, principally members of the SCO, BRICS, and other important trading partners such as Saudi Arabia. Clearly, this is in preparation for the moment when gold not just protects China’s yuan from an anticipated collapse of the entire fiat currency system but it will replace the dollar for all China’s trading partners. Trade with China, and you settle in gold-backed yuan. Trade with each other, and it will be the trusted payment.
At the recent SCO summit in Tianjin, we can be sure that confidential briefings and conversations between SCO and BRICS attendees about China’s plans for the internationalisation of the yuan took place in addition to the hegemonic conflict with the US.
The piece that’s missing from this nearly completed Chinese puzzle is the rate at which the yuan will be fixed to gold. But with a planned network of SGE vaults outside China beginning to be implemented, soon a fixed exchange rate could be established at a moment’s notice. It will be enacted to protect the yuan, rather than as a policy to attack the global currency status quo. It is also likely to be based on the principles behind the old Bretton Woods agreement, whereby gold-yuan exchanges will happen at government level, and the facility be will available to the Shanghai-based BRICS bank and similar institutions.
How long do we have?
The fact that China’s plans for linking the yuan to gold are now emerging suggests that the Chinese authorities think it’s becoming urgent — perhaps a matter of only a few years. Furthermore, the PBOC has been selling off its dollars in favour of gold, confirming this analysis.
In the G7, government deficits are rising, and analysts are not yet factoring in the economic recessions only just beginning to be reflected in some government statistics. This is extremely important, because of the consequences for deficits which are bound to rise significantly above current forecasts.
There will be two consequences. The first is that the currency debasement resulting from increased deficits will lead to higher inflation in 2026; and the second is that bond yields will rise to reflect anticipated currency debasement, adding to borrowing costs which are spiralling out of control. Financial markets are wrongfooted in these respects, so they will come as a shock
Higher inflation plus higher bond yields will threaten to turn a recession into a slump. It is a self-feeding phenomenon destroying all credit values. It won’t just be borrowing costs spiralling out of control. It will also be an acceleration of inflation driven by a loss of faith in all fiat currencies.
At least nations representing over 70% of the world’s population will be in a position to project themselves by replacing collapsing dollars, euros, yen, and sterling with gold-backed yuan. Unfortunately, the benefit is not for us.
END
3. CHRIS POWELL AND GATA GOLD DISPATCHES/OTHER GOLD RELATED TOPICS
not good!
Thailand considers tax on gold trades to slow rally in baht
Submitted by admin on Mon, 2025-09-15 07:53 Section: Daily Dispatches
By Suttinee Yuvejwattana
Bloomberg News
via The Business Times, Singapore
Monday, September 15, 2025
BANGKOK — Thai authorities are reported to be considering a tax on physical gold trading to slow a rally in the nation’s currency that has threatened exports and tourism. The baht fell the most in six weeks.
The Bank of Thailand and Ministry of Finance are discussing ways to tax gold bought and sold through various online channels and settled in baht, according to people familiar with the matter. Any such levy may exempt gold traded in U.S. dollars, on futures exchanges, or purchases made from bullion shops, the people said.
With the tax, authorities aim to reduce exports of gold and make it more expensive for Thais to own the precious metal, the people said, adding that dollar inflows tied to bullion shipments were among the factors strengthening the baht. …
… For the remainder of the report:
end
Ghana, Africa’s top gold producer, will begin local gold refining drive this year
Submitted by admin on Sat, 2025-09-13 18:19 Section: Daily Dispatches
From Business Insider, New York
Saturday, September 13, 2025
The Ghana Gold Board has announced plans to commence local gold refining and introduce fire assay operations in October.
The development was disclosed by the chief executive officer of the board, Sammy Gyamfi, at the Mining and Minerals Convention in Accra on Tuesday, September 9.
According to the board, the initiative is part of the research agenda of President Mahama, with the gold board working in partnership with the Bank of Ghana and local refineries such as Gold Coast Refinery. The plan will see gold purchased and exported by the board, refined locally, from October.
A site has already been secured at the Cargo Village of Kotoka International Airport for the construction of an ISO-certified assay laboratory. The new facility will introduce fire-assay testing, an internationally recognised gold standard, replacing existing XRF and water density methods. …
… For the remainder of the report:
end
China proposes rule changes to ease gold imports and exports
Submitted by admin on Sat, 2025-09-13 09:28 Section: Daily Dispatches
From Bloomberg News
via The Times of India, Mumbai
Saturday, September 13, 2025
China is seeking to ease licensing rules for gold imports and exports as the world’s largest consumer of the precious metal continues to diversify its reserves away from U.S. dollars.
The country plans to expand the use of “multi-use permits,” a faster approval system, by increasing the number of ports that can accept them, according to a draft proposal from the People’s Bank of China. The central bank also plans to extend their validity to nine months and remove limits on the number of times each permit can be used.
The latest development builds on the PBOC’s 2016 initiative to simplify procedures for cross-border trade in gold by reducing paperwork and speeding up imports. …
… For the remainder of the report:
end
Adam Sharp: Is gold cooked? No way!
Submitted by admin on Fri, 2025-09-12 18:43 Section: Daily Dispatches
By Adam Sharp
Daily Reckoning, Baltimore
Friday, September 12, 2025
A tricky gold chart is making the rounds on social media.
The Bloomberg chart in question shows that gold just surpassed its 1980 all-time high, if you adjust for CPI (official government inflation).
At first glance, this might seem scary if you own gold and miners. Some will be tempted to sell their precious metal investments based on this faulty chart.
The problem, of course, is that government inflation is a horribly flawed measure of price. …
… For the remainder of the commentary:
end
This is big:
Poland’s central bank to boost gold reserves to 30% of assets
Submitted by admin on Fri, 2025-09-12 07:56 Section: Daily Dispatches
From Investing.com, Nicosia, Cyprus
Thursday, September 11, 2025
Poland’s central bank announced Wednesday plans to increase its gold holdings to 30% of its reserve assets, aiming to strengthen the country’s financial security.
The National Bank of Poland said the timing and volume of gold purchases would be determined by market condition
“In these difficult times of global turmoil and the search for a new financial order, gold is the only safe investment for state reserves,” bank Governor Adam Glapinski said in an emailed statement.
Glapinski had previously indicated last week that he would propose a motion to the bank’s management board about raising the reserve target for gold to 30%. …
… For the remainder of the report:
end
with Brics nations turning to physical gold, Giustra explains why paper gold is coming to an end
(NorthernMiner)
‘Paper gold’ is over, Frank Giustra tells Colorado metals conference
Submitted by admin on Fri, 2025-09-12 07:21 Section: Daily Dispatches
By Henry Lazenby
The Northern Miner, Toronto
Thursday, September 11, 2025
BEAVER CREEK, Colorado — Canadian dealmaker Frank Giustra says the age of paper gold is ending as BRICS nations stand up a parallel financial system that routes around the U.S. dollar and prizes deliverable metal.
“We’re now, believe it or not, in the era of hard money,” Giustra said Tuesday in a conversation with Alex Deluce of the Ontario-based bulletin Gold Telegraph at the Precious Metals Summit. “If you own paper gold, you do not own gold. When the crunch comes, it will not be there.”
China and partners among the BRICS (Brazil, Russia, India, China and South Africa) nations are building a system to mirror Western finance. It spans payments, settlement, depositories, ratings, and swap lines — all outside the dollar. It downplays paper gold, products like gold exchange-traded funds, sovereign gold bonds, and gold futures that represent a stake in gold’s value without physically possessing the metal.
Giustra, a member of the Canadian Mining Hall of Fame, pointed to yuan-for-gold convertibility on the Shanghai Gold Exchange, new physical-delivery vaulting in Hong Kong, and plans for more warehouses abroad.
“It basically puts (global financial messaging network) SWIFT back into the stone age,” he said. …
… For the remainder of the report:
* * *
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS 240
a must view
5. COMMODITY REPORT
ASIAN MARKETS THIS MONDAY MORNING:
SHANGHAI CLOSED DOWN 10.09 PTS OR 0.26%
//Hang Seng CLOSED UP 58.40 PTS OR 0.22%
// Nikkei CLOSED HOLIDAY //Australia’s all ordinaries CLOSED DOWN .08%
//Chinese yuan (ONSHORE) CLOSED UP AT 7.1217 OFFSHORE CLOSED UP AT 7.1230/ Oil UP TO 62.76 dollars per barrel for WTI and BRENT UP TO 67.03 Stocks in Europe OPENED ALL MOSTLY GREEN
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP IN TRADING AT 7.1217 AND STRONGER//OFF SHORE YUAN TRADING UP TO 7.1230 AGAINST US DOLLAR/ AND THUS STRONGER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS MONDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP TO 7.1217
OFFSHORE YUAN: UP TO 7.1230
HANG SENG CLOSED UP 58.40 PTS OR 0.22%
2. Nikkei closed
3. Europe stocks SO FAR: ALL MOSTLY GREEN ESCEPT LONDON
USA dollar INDEX UP TO 97.00 EURO RISES TO 1.1756 UP 27 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +1.594//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 147.33…… 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: 3.210 UP 1 BASIS PTS.
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen UP CHINESE ONSHORE YUAN: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR BRENT this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.6977 Italian 10 Yr bond yield UP to 3.516 SPAIN 10 YR BOND YIELD UP TO 3.251
3i Greek 10 year bond yield UP TO 3.379
3j Gold at $3645.10 Silver at: 42.22 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 1 AND 49 /100 roubles/dollar; ROUBLE AT 82.51
3m oil (WTI) into the 62 dollar handle for WTI and 67 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 147.33/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.594% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING.//JAPAN 30 YR: 3.210 UP 1 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7952 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9348 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: 4.070 UP 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.690 UP 1 BASIS PTS/
USA 2 YR BOND YIELD: 3.558 UP 0 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 41.29
10 YR UK BOND YIELD: 4.650 DOWN 3 PTS BUT STILL ESCALATING RAPIDLY
30 YR UK BOND YIELD: 5.478 DOWN 2 BASIS PTS
10 YR CANADA BOND YIELD: 3.188 DOWN 1 BASIS PTS
5 YR CANADA BOND YIELD: 2.757 UP 1 BASIS PTS.
2a New York OPENING REPORT
Futures Rise To New Record High As Musk Trade Sends Tesla Soaring
Monday, Sep 15, 2025 – 08:46 AM
Equity futures are at fresh record highs, erasing a modest dip earlier in the session when a probe found that Nvidia violated anti-monopoly laws in China in a 2020 deal. That killed the mood at the start of a big week, with the Fed expected to make the first of a series of rate cuts, however the mood was promptly lifted again just after 6am ET when Elon Musk bought $1BN in TSLA stock sending the market cap soaring by over $100BN and lifting stocks to new all time highs. As of 8:00am ET, S&P 500 futures and Nasdaq 100 futures were higher by 0.2%. In premarket trading, Nvidia shares fell as much as 2.9% after China said it violated antitrust regulations after its acquisition of Mellanox. The surprise announcement came as US and Chinese officials headed into a second day of wide-ranging negotiations in Madrid over tariffs. Mag7 names are mixed with AAPL, AMZN, and GOOG up 90bp-108bp; TSLA soared 8% after Musk purchased $1bn of stock, his first open market purchase since February 2020. European stocks advanced in a rally led by luxury shares. US / China trade talks enter a second day today. Commodities are mixed with Energy up and Ags / Metals down. Today’s macro data focus is Empire Mfg ahead of tomorrow’s Retail Sales and Weds’ Fed meeting.
In premarket trading, Mag 7 stocks are higher: Tesla (TSLA) surges 7% after Elon Musk purchased about $1 billion worth of Tesla shares on Sept. 12, according to a filing with the US Securities & Exchange Commission. Nvidia (NVDA) slips 1.6% after China ruled that the company violated anti-monopoly laws with its 2020 deal to acquire Mellanox. Other peers are all green (Alphabet +1.2%, Microsoft unch, Apple +1%, Amazon +1.3%, Meta Platforms +0.2%).
- Auto and industrial chipmakers such as Texas Instruments (TXN) and ON Semiconductor (ON) slip after China launched two investigations targeting the US chip sector as trade talks between the two countries went on in Madrid. Texas Instruments -2%, ON Semiconductor -2%
- Corteva Inc. (CTVA) rises 1% after the WSJ reported that the company is considering separating its seed and pesticide businesses into separate companies,
- Hain Celestial (HAIN) falls 14% after the food company reported net sales for the fourth quarter that missed the average analyst estimate.
- Hims & Hers Health (HIMS) falls 2.8% after FDA Commissioner Marty Makary said a widely watched TV commercial by the telehealth firm earlier this year breached the agency’s regulations.
- Smurfit WestRock (SW) shares are up 3.7% after UBS initiates coverage for the packaging company with a buy rating on “significant” organic growth potential.
- VF Corp. (VFC) gains 3% after agreeing to sell the Dickies brand to brand management firm Bluestar Alliance for $600 million in cash.
Nvidia slipped 2.1% in premarket trading after Chinese regulators said that the chipmaker had violated anti-monopoly laws. Tesla rose nearly 6%. The Nvidia announcement landed as US and Chinese officials entered a second day of trade talks in Madrid, ratcheting up the pressure on Washington during sensitive negotiations.
“At this moment of the cycle, bad news just doesn’t stick,” said David Kruk, head of trading at La Financiere de l’Echiquier. “We’re about to enter a cycle of rate cuts with strong EPS growth, that’s a really great cocktail.”
The Fed won’t be the only major central bank in focus. Policy decisions from the Bank of Canada on Wednesday, the Bank of England on Thursday, and the Bank of Japan at week’s end will round out a packed calendar for half of the world’s 10 most-traded currencies. The key question this week is whether the Fed will push back against market wagers on a string of cuts extending into next year when officials gather on Wednesday. Traders are almost fully pricing reductions at each of the next three meetings, betting the Fed will lean toward supporting a softening job market even as inflation remains above target.
Meanwhile, options traders aren’t betting on volatility to resurface this week, even with Friday’s $5 trillion triple-witching expiration looming as well. Instead, the spotlight will also rest on upcoming employment data for hints on how fast and deep the Fed will have to cut. Options markets are pricing in a 0.78% move for the US nonfarm payrolls report Oct. 3 and 0.72% for Wednesday’s Fed rate decision.
“The week ahead for risk could be a bumpy ride, especially if the Fed deliver a message that lands hawkish,” said Michael Brown, research strategist at Pepperstone Group Ltd. “I still see the path of least resistance as leading higher, with economic and earnings growth solid, calmer tones prevailing on trade, and a looser monetary stance helping to juice things along.”
Tesla shares jumped as much as 7.3% in premarket trading. If the gains carry over into the regular trading session, the stock will return to positive territory for 2025, having recovered from a 45% decline as of early April. Musk, 54, last bought Tesla stock in the open market in February 2020, according to data compiled by Bloomberg. He offloaded more than $20 billion of the company’s shares in 2022, the year he acquired Twitter.
Europe’s Stoxx 600 is up 0.4% with most sub-indexes in the green. Luxury names LVMH and Kering lift the CAC 40, up 0.9%, with French and Italian stocks outperforming peers. Sainsbury shares gained as much as 6.3% after terminating talks to sell its Argos unit, while AstraZeneca shares fell after Handelsbanken cut the stock to hold from buy. Turkish stocks, bonds and lira climb after a key court decision on the opposition party was adjourned. Here are the biggest movers Monday:
- Rubis shares jumped as much as 9.6% in Paris trading, to the highest since June 2024, after Bloomberg reported on Friday that CVC Capital Partners and Trafigura are said to be among potential bidders for the French fuel distributor
- Dassault Aviation gained as much as 4.2% while Saab falls as much as 4.5% after the Times of India newspaper reported the Indian Air Force has proposed buying 114 “Made in India” Rafale fighter jets
- French equities extended gains, outperforming broader European peers, as investors remained focused on the political outlook. Fitch Ratings downgraded the country’s credit rating last week
- Sainsbury shares rose as much as 6.3%, following a weekend in which the UK supermarket chain said it was in talks with Chinese e-commerce firm JD.com to sell its Argos unit, before terminating discussions a day later
- Flow Traders advanced as much as 7.4%, the most in seven months, after being upgraded by analysts at Oddo BHF as they raised their EPS estimates and said the trading platform should deliver another good quarter
- Lundbergforetagen rose as much as 3.4%, the most since April, after Swedish business daily Dagens Industri named the Swedish investment group its stock pick of the week, saying it will be a solid performer in the coming years
- AO World surged as much as 15% after the electrical retailer upgraded the mid-point of its annual profit guidance and launching its first-ever share buyback
- AstraZeneca fell as much as 3.9%, the most since Aug. 1, after Handelsbanken cut its recommendation on the drugmaker to hold from buy, noting the bank’s outlook for $76 billion in 2030 sales is lower than the company’s target of $80 billion
- Orsted fell as much as 7.6%, before paring the losses, after the Danish wind-farm developer announced the hotly-awaited terms for its DKK60 billion ($9.4 billion) rights issue
- Virbac shares dropped as much as 9.3%, the most in more than five months, after the animal health company reported a decrease in adjusted net income for the first half-year. Analysts also noted the drop in gross margin
- S4 Capital fell as much as 14%, hitting a record low, after the advertising firm’s first-half revenues fell, margins contracted and it trimmed like-for-like net revenue guidance for the full year
Earlier in the session, Asian equities extend September’s impressive performance as Chinese tech stocks continue pushing higher. The ChiNext index rallies more than 2% on CATL surge and Hang Seng Tech Index jumps more than 1%. Mainland indexes are in the green despite softer Chinese data. Kospi ekes out a modest gain after South Korea scraps capital gains tax plans on stocks. Taiex and ASX 200 indexes nurse small losses.
In rates, treasuries are mixed as US session gets under way after plying small ranges during Asia session and European morning, keeping yields within a basis point of Friday’s closing levels. Bunds and gilts outperform, with French bonds in focus after Friday’s downgrade by Fitch. US session has few calendar events Monday, ahead of Tuesday’s 20-year bond auction and Wednesday’s Federal Reserve policy announcement. US 10-year near 4.07% is less than 1bp higher on the day with bunds and gilts in the sector outperforming by 2bp and 2.5bp; French bonds also outperform, unwinding losses that followed the Fitch downgrade. French bonds rise broadly in line with European peers despite Fitch downgrading the country’s credit rating.
In FX, the Bloomberg Dollar Spot Index edges lower, trading in a narrow range, while sterling outperforms, trading at the highest since July. The pound led major currencies higher against the dollar. The yen strengthens to around 147.40/USD
In commodities, oil prices nudge higher with Brent trading above $67.40 barrel. Gold steady at around $3,641/oz.
The US economic data slate includes September Empire manufacturing at 8:30am New York time. Ahead this week are August retail sales, industrial production and housing starts.
Market Snapshot
- S&P 500 mini +0.3%
- Nasdaq 100 mini +0.2%,
- Russell 2000 mini +0.5%
- Stoxx Europe 600 +0.3%,
- DAX +0.3%,
- CAC 40 +0.9%
- 10-year Treasury yield little changed at 4.06%
- VIX +0.4 points at 15.17
- Bloomberg Dollar Index -0.1% at 1196.95,
- euro +0.1% at $1.1746
- WTI crude +0.3% at $62.88/barrel
Top Overnight News
- Trump said the Fed chair is incompetent and is hurting the housing market, while Trump added that he has three people he likes a lot for Fed Chair.
- Trump’s administration on Sunday renewed its request to an appeals court to fire Fed Governor Cook.
- Trump said on Monday he would call a national emergency and federalize Washington, D.C. after Mayor Muriel Bowser said its police would not cooperate with Immigration and Customs Enforcement. CNBC
- Treasury Secretary Bessent was reported on Friday to have interviewed 4 of the 11 Fed Chair candidates, and had interviewed BlackRock’s Rieder, who was said to have climbed the ranks of contenders for the Fed Chair role, according to Bloomberg.
- OpenAI plans to share 8% of its revenue with Microsoft (MSFT), while it is expected to gain USD 50bln from cutting the revenue share with Microsoft and partners, according to The Information. In relevant news, xAI is cutting staff by about 500 workers with the Co. laying off about a third of its data annotation team.
- Vaccine advisers for the Centers for Disease Control and Prevention are expected this week to consider softening or eliminating recommendations for some routine childhood immunizations — which doctors say could significantly depress vaccination rates and trigger more infectious disease outbreaks. Politico
- US companies reportedly put the brakes on hiring after Trump’s tariffs hit, with industries most exposed to the increased costs due to trade wars launching a wave of job cuts, according to FT.
- China’s economic growth falls short of expectations in Aug, including retail sales at +3.4% (vs. the Street +3.8% and down from +3.7% in Jul) and industrial production at +5.2% (vs. the Street +5.6% and down from +5.7% in Jul), sparking speculation that the gov’t could expand stimulus going forward. RTRS
- China said Nvidia violated anti-monopoly laws with its 2020 acquisition of networking gear maker Mellanox. Nvidia shares fell premarket (NVDA -2% premkt). BBG
- Axios reported on Friday that many of the claims were fake regarding the massive spike in jobless claims on Thursday that heightened labor market fears and was “a result of attempted fraudulent unemployment filings in Texas.”
- South Korea’s top trade envoy, Yeo Han-koo, is heading to the United States on Monday for follow-up tariff negotiations, the trade ministry said, as the countries struggle to overcome obstacles to finalise a trade deal agreed in July. BBG
- Indian trade negotiators are scheduled to visit the U.S. this week as the two countries try to get their relationship back on track after weeks of heated rhetoric and 50% tariffs on India. WSJ
- A Russian drone entered Romania’s airspace and was tracked by its air force for nearly an hour before leaving, the country’s defense minister said on Sunday, condemning Moscow’s second breach of Nato territory within a week. FT
- Gold held near a record and MLIV expects it’ll remain attractive amid potential Fed easing, a weaker dollar, ETF inflows and central bank buying. BBG
- TSLA +6% in pre… Elon Musk has purchased about $1 billion worth of Tesla shares on Sept. 12, according to a filing with the US Securities & Exchange Commission. The purchases coincided with Tesla Chair Robyn Denholm speaking with Bloomberg News about the merits of a pay package for Musk that could be worth upwards of $1 trillion if the company achieves a series of ambitious milestones linked to market value and performance. BBG
Corporate News
- Tesla Inc. Chief Executive Officer Elon Musk purchased about $1 billion worth of the carmaker’s shares, according to a regulatory filing.
- China ruled that Nvidia Corp. violated anti-monopoly laws with a high-profile 2020 deal, ratcheting up the pressure on Washington during sensitive trade negotiations.
- Orsted A/S plans to sell new shares at a 67% discount as the offshore wind developer works to rebuild investor confidence after a bet on the US market went wrong.
- Banco Sabadell SA’s chairman called on rival BBVA SA to significantly increase its offer if it wants it to be considered, less than a week after rejecting a $18 billion takeover bid the board said was too low.
- Swiss lawmakers will on Monday vote on a second attempt to delay new rules for bank capital quality which are set to lift UBS Group AG’s capital requirements by some $3 billion.
- ANZ Group Holdings Ltd. will pay a A$240 million ($160 million) fine after admitting misconduct across its institutional and retail divisions, the culmination of a months-long investigation by the corporate watchdog into one of the country’s biggest lenders.
- Singapore’s GIC Pte is in talks to sell its stake in US landlord Yes! Communities Inc. to Brookfield Asset Management in what could be one of the biggest exits for the sovereign wealth fund in years, according to a person with knowledge of the matter.
Trade/Tariffs
- US Treasury Secretary Bessent said the US and China made good progress on technical details; Chinese counterparts have an “aggressive ask”; if there is no TikTok agreement, then it will not affect overall relations. Not willing to sacrifice national security.
- USTR Greer said they are close to resolving the TikTok issue with China. Wants a good relationship to be maintained with China.
- US President Trump posted on Truth Social that “When Foreign Companies who are building extremely complex products, machines, and various other “things,” come into the United States with massive Investments, I want them to bring their people of expertise for a period of time to teach and train our people how to make these very unique and complex products, as they phase out of our Country, and back into their land.”
- US President Trump said China is paying a lot in tariffs and talks with China in Spain are going well, while he also commented that they are still negotiating on TikTok and may let it die, but it depends on China.
- China’s Commerce Ministry said it is to immediately open an antidumping investigation into certain US analogue chips and began an anti-discrimination investigation into US measures against China in the integrated circuit sector.
- US Treasury said talks with China regarding TikTok and trade began in Madrid on Sunday, while talks will resume today.
- Wall Street executives working on the TikTok deal said President Trump will announce another operating extension this week as the last one concludes on September 17th, although this could change, while the fate of the app is tied to the US-China trade talks and China is using it for leverage, according to Fox’s Gasparino who cited sources that noted it is easier for Trump to just extend the deadline and continue with negotiations.
- US official said the Chinese delegation came into the talks in Madrid with a fundamental misunderstanding of the US’ position regarding TikTok.
- The lack of progress in US talks with China on tariffs and fentanyl is said to have reduced the chances of a Beijing summit, and it is more likely that a Trump-Xi meeting will be a lower-profile event at the APEC forum in South Korea during October, according to FT. Furthermore, it was noted that China had made a formal invitation to President Trump for a state visit to Beijing, but the White House has yet to respond amid difficulties in making headway on trade and fentanyl.
- US added 32 entities to the restricted trade list on Friday, including 23 from China, while other entities added to the list were based in countries including India, Iran, Turkey and the UAE, according to the Federal Register.
- South Korea’s Finance Ministry declined to confirm specific measures currently in discussion regarding an FX swap with the US, while it is in talks with the US to minimise any impact on the FX market from the US investment package. In relevant news, South Korea’s Foreign Ministry said US Deputy Secretary of State Landau expressed regret over the recent immigration raid on South Korean workers.
- Indian trade official said the next round of India-EU trade talks is scheduled for 6-10 October in Brussels.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded mixed with the region somewhat cautious ahead of this week’s flurry of central bank updates and as participants digested disappointing Chinese activity data, while Japanese participants were away for a holiday. ASX 200 marginally declined amid weakness in the healthcare, mining and financial sectors, in which the latter was pressured by losses in Big 4 bank ANZ after it admitted to widespread misconduct related to incorrectly reporting bond trading data and agreed to pay AUD 240mln in penalties. Hang Seng and Shanghai Comp were kept afloat with the Hong Kong benchmark lifted by tech strength after China announced an antidumping investigation into certain US analogue chips and began an anti-discrimination investigation into US measures against China in the integrated circuit sector, while US and Chinese officials also began talks on TikTok and trade in Madrid on Sunday. Nonetheless, the gains were limited as participants also digested disappointing activity data.
Top Asian News
- China’s stats bureau said the economic operation was generally steady in August and they are facing many uncertainties, while it was noted that the external environment is very severe and uncertainties are rising, and some firms are having difficulties in operations. NBS said China will expand domestic demand and boost consumption and promote a rebound in prices, as well as stated that employment is generally steady with jobless rates expected to ease as college graduates find jobs. It also stated that China will further stabilise the economy and stabilise employment, and that more efforts are needed to support the property sector, but expects Q3 economic operations to maintain a stable trend as macro policies gain traction.
- China MIIT aims for vehicle sales to rise around 3% Y/Y to about 32.3mln this year, while it was also reported that Hong Kong is in talks with several Chinese EV makers to establish local EV manufacturing.
- South Korea’s Foreign Minister will visit China from September 17th to 18th and will discuss plans including Chinese President Xi’s visit to South Korea in October.
- Australian Foreign Minister Wong said Australia and China will hold high-level talks in Beijing this week.
European bourses (STOXX 600 +0.5%) are broadly firmer across the board, in contrast to an overall mixed session in APAC trade. Price action this morning was initially only upward, however, while benchmarks are still firmly in the green, they waned from best in tandem to the general pullback seen on the China-NVIDIA update. European sectors hold a strong positive bias, with only a couple of sectors residing in negative territory. Consumer Products takes the top spot, largely boosted by gains in Luxury names following the disappointing Chinese Activity Data, which has increased calls for the country to implement further fiscal stimulus. Financial Services is found in second spot; UBS (+1.3%) gains following reports via the NY Post which reported that the Co. could move to the US as it seeks to avoid new capital requirements in Switzerland.
Top European News
- ECB’s Kazimir said they must not change policy because of small deviations from the inflation target. Monetary policy must remain nimble, need to take a meeting-by-meeting approach.
- UK Chancellor Reeves plans to scrap VAT on energy to lower bills and told cabinet members that ‘all options were on the table’ for a budget giveaway to ease the cost of living, according to The Sunday Times.
- UK government announced over GBP 1.25bln of inward investment from US finance companies which will create 1,800 UK jobs, while the deal lines up GBP 20bln in trade between the two countries, including an expected GBP 7bln commitment from BlackRock (BLK) to grow in the UK.
- UK government announced over GBP 1.1bln in joint government and industry investment for the maritime sector.
- ECB’s Kocher said the rate-cutting cycle is either over or very close to the end, and the central bank can keep its interest rates steady at 2% for the time being, provided there are no major shocks, according to FT.
- Exit polls from the election in Germany’s bellwether state of North Rhine-Westphalia showed German Chancellor Merz’s Christian Democrats won with 34% of the votes, although support for the far-right AfD tripled with 16.5% of the votes, according to The Guardian.
- Italy’s Economy Minister said the government is to confirm its GDP growth estimates in the upcoming Budget plan, while he added that the Italian banking sector must consolidate to face challenges posed by giants such as Amazon and others that will compete for their market share.
- Fitch cut France’s sovereign rating from AA- to A+; Outlook Revised to Stable from Negative, and raised Portugal’s sovereign rating from A- to A: Outlook Revised to Stable from Positive, while S&P raised Spain’s sovereign rating from A to A+; Outlook Stable.
- German Economy Ministry said Germany must expand grids, renewable energies and decentralized flexibility at the same time; must maintain and expand unified and liquid energy markets. Must support hydrogen ramp-up pragmatically and cut back over-complex regulation. Fixed feed-in tariffs for new renewable energy installations will be abolished.
FX
- DXY is choppy with a negative bias and within a tight range, with weekend macro newsflow somewhat overlooked as traders zeroing in on the FOMC policy announcement due mid-week – with a 25bps cut priced in a 95% and a 50bps at 5%, and with ~70bps of cuts priced in through to year-end. Sticking with the Fed, weekend reports suggested that documents showed Fed Governor Cook declared her Atlanta property as a vacation home in documents, indicating it would not be her primary residence, which contradicts mortgage fraud allegations. DXY resides in a narrow 97.497-97.702 range.
- EUR is underpinned by mild USD weakness with no obvious reaction seen on Fitch cutting France’s sovereign rating from AA- to A+, with the outlook revised to Stable from Negative. In Germany, exit polls from the election in the bellwether state of North Rhine-Westphalia showed Chancellor Merz’s Christian Democrats won with 34% of the votes. Ahead, EUR focus could be on commentary from ECB’s Schnabel at 12:30 BST/ 07:30 ET. EUR/USD resides in a 1.1716-1.1751 range at the time of writing
- USD/JPY is subdued against the backdrop of a fragile USD this morning, whilst overnight, there was an absence of Japanese participants due to Respect for the Aged Day. Political uncertainty lingered ahead of the LDP election on October 4th – it was reported that Japan’s Chief Cabinet Secretary Hayashi will announce on Tuesday his intention to run in the leadership race. USD/JPY remains heavy with reports this morning suggesting China ruled that NVIDIA (NVDA) violated anti-monopoly laws after concluding a prelim investigation, which ups the pressure on Washington during sensitive trade negotiations in Spain. USD/JPY trades on either side of its 21 and 50 DMAs (at 147.57 and 147.65 respectively) in a current 147.32-147.81 range.
- GBP is underpinned by the mostly positive risk tone across Europe, albeit with the FTSE 100 hampered by its domestic currency strength. Over the weekend, the UK government announced over GBP 1.25bln of inward investment from US finance companies which will create 1,800 UK jobs. On the domestic fiscal front, UK Chancellor Reeves plans to scrap VAT on energy to lower bills and told cabinet members that ‘all options were on the table’ for a budget giveaway to ease the cost of living, according to The Sunday Times.
- Antipodeans are both holding a mild upward bias amid the mostly positive risk tone in the market and USD weakness at the time of writing.
- PBoC set USD/CNY mid-point at 7.1056 vs exp. 7.1213 (Prev. 7.1019)
- Canadian PM Carney said the budget deficit will be ‘substantial’, meaning bigger than it was last year due to US tariffs, while he announced a new federal agency with CAD 13bln to build affordable housing.
Fixed Income
- USTs started the week on the backfoot but have traded with an upward bias throughout the European morning. Officials from China and the US have begun the second day of talks in Spain. A lot of the focus has been on TikTok while overnight the FT reported that the lack of progress in US talks with China on tariffs and fentanyl is said to have reduced the chances of a Beijing summit. Most recently, China’s Market regulator is continuing its antitrust investigation into NVIDIA; an update that hit the risk tone and lifted USTs back to a 113-08 high; currently in a 113-02 to 113-08 band. Focus ahead on the appointment process for Miran, who looks set to be eligible to partake in this week’s meeting, assuming the votes progress without incident.
- Bunds are in the green, by just over 15 ticks at best. While firmer, the 128.73 peak is someway shy of Friday’s 129.09 best which, in turn, is someway below last week’s 129.44 peak. Specifics a little light so far. For Germany specifically, August WPI came in at 0.7% Y/Y (prev. 0.5%), Destatis highlights that this is primarily due to higher prices for food, beverages and tobacco products. Elsewhere, exit polls from NRW in focus as Chancellor Merz’s CDU won with 34% of the vote, while support for AfD tripled to 16.5%.
- Gilts are marginally outperforming into a week packed with UK data and then the BoE on Thursday. At best, higher by 17 ticks in a 91.14 to 91.41 band. Specifics are a little light since the Gilt open. However, newsflow beforehand was focused on various investment details with the Government announcing over GBP 1.25bln of inward investment from US firms, a deal for SNRs involving Centrica and a GBP 1.1bln maritime scheme; all ahead of this week’s US state visit by President Trump. Elsewhere, The Sunday Times reports that Chancellor Reeves intends to scrap VAT on energy with all options on the table for a budget giveaway to ease the cost of living situation.
Commodities
- Crude is modestly firmer against the backdrop of a softer USD and following recent comments by US President Trump that he is willing to impose sanctions on Russia, but noted that Europe has to toughen sanctions and should stop purchasing oil from Russia. WTI currently resides in a USD 62.52-63.24/bbl range while Brent sits in a USD 66.78-67.52/bbl range.
- Spot gold is flat despite a softer dollar ahead of this week’s central bank meetings and with the spotlight on Wednesday’s FOMC. Spot gold currently resides in a USD 3,626.46-,3646.95/oz range
- Base metals trade mixed with the upside contained as participants digested the latest Chinese activity data, which fell short of expectations. China’s economy showed signs of slowing in August, with weaker retail sales, industrial production, and investment, rising unemployment, and a struggling housing market. Slowing export growth and persistent deflation added pressure on Beijing to introduce near-term stimulus measures, according to data from the NBS. 3M LME copper holds above USD 10k/t and resides in a USD 10,053.97-10,102.00/t range at the time of writing.
- EDF said it has received a strike notice for Wednesday September 17th 20:00BST to Thursday September 18th 20:00BST.
- Iraq signed a joint operation agreement with TotalEnergies and QatarEnergy LNG, according to the Iraqi PM.
- Egypt signed three new agreements for investments worth more than USD 121mln for oil and gas exploration in the Western Desert, Suez Gulf and north of Sinai.
- Ecuador’s government is withdrawing its diesel subsidy and will redirect funds to social programs.
- Thailand reportedly mulling tax on gold trades to slow the THB rally, according to Bloomberg; follows, Thai PM saying they need to urgently address the strong THB.
- Indonesia’s Mining Minister is targeting an increase in the ownership of Freeport (FCX) Indonesia by over 10%.
Geopolitics: Middle East
- Israeli PM Netanyahu said getting rid of Hamas chiefs living in Qatar would rid the main obstacle to releasing all hostages and ending the war in Gaza.
- Hamas said on Sunday it suspended talks on a prisoner swap with Israel after accusing Israel of targeting its negotiating delegation in Doha last week.
- Qatar’s PM said Israel’s attack will not lead to anything but aborting de-escalating efforts, and Israeli ‘practices’ will not stop Doha from its Gaza mediation efforts with Egypt and the US to end the war.
- Iran’s top security body warned on Sunday that EU threats to reinstate UN sanctions on Iran could jeopardise efforts to restore international monitoring of the country’s nuclear program, according to Economic Times.
- Afghan Foreign Ministry said US officials held talks in Kabul over Americans detained in Afghanistan.
Geopolitics: Ukraine
- Russia’s Kremlin says NATO is fighting Russia, that is a certainty; obvious that NATO is de facto involved in this war; has provided direct and indirect support to Kyiv.
- Chinese Commerce Ministry firmly opposes US secondary tariffs over Russian oil purchases; said will take measures to safeguard legitimate rights and interests.
- Russia’s Deputy Chair said “Allowing NATO countries to shoot down Russian drones over Ukraine means war between NATO and Russia”, via Sky News Arabia
- US President Trump said he is ready to impose major sanctions on Russia when all NATO nations have agreed and started to do the same thing, and when all NATO nations stop buying oil from Russia. Trump said NATO is placing 50%-100% tariffs on China, to be fully withdrawn after the Russia-Ukraine war ends, while he added that China has strong control, and even grip, over China and these powerful tariffs will break that grip. Trump later commented that he is willing to impose sanctions on Russia, as well as stated that Europe has to toughen sanctions and should avoid purchasing oil from Russia.
- G7 Finance Ministers discussed options to increase pressure on Russia to end its war against Ukraine and agreed to accelerate discussions to further use immobilised Russian sovereign assets to fund Ukraine, while they also agreed to explore other mechanisms that would allow further increasing financial support to Ukraine. Furthermore, they discussed a range of possible economic measures, including further sanctions and trade measures such as tariffs.
- Ukrainian President Zelensky posted on Friday that they can confirm the Russian offensive operation on Sumy had been completely thwarted by their forces.
- Ukraine’s Defence Minister said Ukraine will need at least USD 120bln next year for defence efforts.
- Ukrainian military said Ukraine attacked Russia’s Kirishi oil refinery, while the regional governor said the refinery sustained a fire, which was put out.
- Russian troops struck control points, launch sites and storage sites for long-range drones in Ukraine, while Russian troops captured Novomykolaivka in eastern Ukraine, according to TASS. Furthermore, Russia’s Defence Ministry said early on Sunday that Russia had shot down 361 Ukrainian drones over the past day, while it also stated that Russia test-fired a Zircon hypersonic cruise missile at a target in the Barents Sea during ’Zapad’ exercises.
- Polish and allied aircraft were deployed on Saturday in a “preventive” operation in Poland’s airspace because of a threat of drone strikes in neighbouring areas of Ukraine, and the airport in Lublin was closed, while the alert lasted about two hours, according to The Guardian.
- Romania scrambled two F-16 fighter jets after a Russian drone entered Romania’s airspace on Sunday, while the drone was tracked by the Romanian air force for nearly an hour before leaving.
- Russian Defence Ministry said Russian forces take control of Olhivske in Ukraine’s Zaporizhzhia region, according to Ria.
Geopolitics: Other
- US, Japan and the Philippines held joint maritime exercises in the Philippines’ Exclusive Economic Zone in the South China Sea from Thursday to Saturday.
- Chinese military conducted ‘routine’ cruises in the South China Sea and said it will continue to defend China’s sovereignty in the South China Sea, while it also stated that the Philippines must immediately stop provoking incidents and must stop escalating tensions in the South China Sea.
- Pakistan’s Foreign Affairs Ministry said the Pakistani Deputy PM received a call from US Secretary of State Rubio and they both expressed satisfaction over a positive trajectory of US-Pakistan ties, as well as discussed recent developments.
- Venezuela said a US Navy destroyer intercepted and boarded a Venezuelan tuna vessel on Friday in waters in Venezuela’s economic zone, while its government demanded that the US stop targeting Venezuelan vessels, which it said places the security and peace of the Caribbean at risk.
US event calendar
- 8:30 am: Sep Empire Manufacturing -8.7, est. 5, prior 11.9
DB’s Jim Reid concludes the overnight wrap
Clearly this week is all about the FOMC conclusion on Wednesday and the likely continuation of the US rate cutting cycle that started exactly a year ago and got as far as one 50bps and two 25bps cuts, with the last being 9 months ago now. We’ll preview the meeting below but it’s not the only big central bank meeting this week with the Bank of Canada also meeting on Wednesday with the BoE (preview here) and Norges Bank on Thursday, and the BoJ (preview here) on Friday being the other main ones deciding on rates. Markets are pricing in an 85% probability of a Canadian cut, a 61% of a Norwegian one but minuscule probabilities of a change in Japan or the UK. By my count there are 16 global central banks deciding on rates this week with Brazil and Indonesia on Wednesday the largest of the rest, with markets expecting both to stay on hold.
Other highlights through the week are speeches from the likes of Lagarde and Schnabel from the ECB today; US retail sales, industrial production, and the NAHB index, alongside the UK employment data, Canadian CPI, the German ZEW survey and a 20yr UST auction tomorrow; US housing starts and permits, and UK inflation (preview here) on Wednesday; the US Phili Fed, jobless claims and a 10yr TIPS auction on Thursday; and Japanese CPI (preview here), German PPI and UK, French and Canadian retail sales on Friday. See the full day by day calendar of events at the end as usual.
Previewing the Fed now and markets are pricing in 26bps worth of cuts and haven’t ever gone beyond 29bps (just after payrolls 10 days ago) for this meeting. So, assuming no big surprises, this FOMC is all about the signalling via the statement, Powell’s press conference, and the SEP. In their preview note on Friday (“Fed Notes: September FOMC preview: Back (to back?) to risk management school “), our economists changed their view to 75bps worth of cuts this year, 25bps at each of the remaining meetings. This path would leave the fed funds rate at 3.5-3.75% by year end, consistent with their view of neutral. The weaker labour market data and slightly lower inflation than they anticipated has led them to this view, but they don’t expect further cuts in 2026 although the risks are on the downside, and much might depend on how the Fed leadership and board composition evolves. Markets are pricing in 141bps of cuts by next December, so significantly above our forecasts.
Our economists believe that the median dot of the updated SEP will likely show 75bps of total reductions for 2025, 25bps more than in June. However, there is likely to be differing views within the committee. On the dovish side there could be three calling for a 50bp cut and possibly one or two voting for no change. It has the potential to be the first meeting where three governors dissent since 1988, and the first with dissents on both sides since September 2019.
Powell’s discussion of the labour market is likely to sound materially different compared to the July meeting and closer to his communications at Jackson Hole, but he could still allude to some of the slowdown in job gains reflecting supply-side dynamics driven by immigration policies. His tone on inflation will likely be more dovish as although August CPI was somewhat hotter than expected the details from PPI and CPI point to a more subdued reading on core PCE later this month, likely in the 20-24bps range, according to our economists. Overall the meeting’s most important theme will be what it signals going forward.
Asian markets are starting the week mostly higher with a weak monthly data dump from China, encouraging hopes of further policy stimulus. As I check my screens, the KOSPI (+0.41%) is edging higher trading at a record high while marking its 10th straight session of gains after South Korea’s Finance Minister Koo Yun-cheol indicated that the government will scrap its previous plan to raise taxes on stock investments. Meanwhile, the Hang Seng (+0.29%), the CSI (+0.82%) and the Shanghai Composite (+0.22%) are hoping for fresh stimulus. The S&P/ASX 200 (-0.21%) is bucking the regional trend while Japanese markets are closed for a holiday which also means US Treasuries aren’t trading yet. US equities futures are up less than a tenth of a percentage point.
Coming back to China, retail sales expanded by a modest +3.4% y/y, falling short of analysts’ +3.8% forecast and declining from July’s +3.7% increase, signaling persistent weakness in domestic demand. Similarly, industrial output growth softened to +5.2% in August, down from +5.7% in July and reaching its lowest point since August 2024. Year-to-date fixed-asset investment saw a significant slowdown, growing by just +0.5% compared to +1.6% in the January-July period, and missing economists’ +1.5% projection. See our economists’ view of the numbers here and the implications for policy.
Recapping last week now, and equities continued to advance, largely driven by optimism surrounding interest rate cuts and strong performances from tech stocks. The S&P 500 rose +1.59% (-0.05% Friday) while the NASDAQ achieved new record highs on each of the five trading days, ending the week up +2.03% (+0.44% Friday). This performance was bolstered by Mag 7 stocks advancing +3.20% (+1.67% Friday) and a standout performance from Oracle (+25.51%; -5.09% on Friday) amidst news of a $300bn deal with OpenAI and a strong outlook for its cloud business. European equities also saw gains, with the Stoxx 600 up +1.03% (-0.09% Friday), the DAX up +0.43% (-0.02% Friday), while the CAC 40 advanced +1.96% (+0.02% Friday) as Sébastien Lecornu took over as the new prime minster and will now seek to pass a budget through a fractious parliament. Fitch downgraded France late on Friday from AA- to A+ with a stable outlook. At the same time, they upgraded Portugal to A from A-, while S&P upgraded Spain from A to A+, all with a stable outlook. The rating moves are in line with our strategists long held convergence view, but the upgrade of Spain was a welcome surprise. especially as it’s now three notches ahead of where Moody’s rate it. They are likely to be forced to play catch up soon.
On the data side, significant downward revisions of -911k to US payroll data and softer weekly initial jobless claims reinforced the view of a softer labour market, strengthening the narrative for Fed easing. On the inflation side, a softer US PPI at -0.1% mom (vs. +0.3% expected) provided reassurance regarding inflation trends which was then followed by a stronger August CPI print of +0.4% (vs. +0.3% expected), though its details pointed to a moderating impact of tariffs and the read through to PCE of the week’s data was softer than expected. On Friday, the University of Michigan 5-10yr inflation expectations came in at 3.9% (vs. 3.4% expected), but this data has long been questioned because of the extreme partisan responses, while consumer sentiment fell to 55.4 (vs. 58.0 expected). All that left curve flattening as the main theme for US Treasuries. The 2yr yield rose +4.8bps (+1.4bps Friday), after briefly hitting its lowest level in 3 years on Monday, while 10yr yields were down -0.9bps (+4.5bps Friday) to 4.07% and 30yr yields fell by -7.8bps (+2.7bps Friday).
In Europe, the ECB kept its deposit rates on hold at 2% for a second meeting in a row, with President Lagarde’s signal that policy was “in a good place” suggesting a higher bar for another rate cut. That left markets pricing only 10bps of further easing by mid-2026 (-9.0bps on the week) and contributed to a sell-off in government bonds, with 2yr bund yields +8.9bps higher (+3.2bps Friday) and 10yr yields up +5.3bps to 2.71% (+5.9bps Friday).
Oil prices experienced sizeable volatility, with Brent crude up +2.27% over the week (+0.93% Friday) amid increasing concerns over potential new Western measures targeting Russian oil as well as Israel’s strike against Hamas’ leadership in Qatar. Gold prices also surged by +1.57% (+0.25% on Friday) to a new record high of $3,643/oz, benefiting from the increasing likelihood of Fed rate cuts and its traditional role as a safe-haven asset.
2b) European opening report
NVDA slips -2.3% as China said NVIDIA violated antitrust laws, crude gains after Trump is ready to impose sanctions on Russia – Newsquawk US Market Open
Monday, Sep 15, 2025 – 06:12 AM
- US and China day two talks are underway; overnight, FT reported that there has been a lack of progress, potentially reducing the odds of a Beijing summit. Recently, US Treasury Secretary Bessent said the US and China made good progress on technical details.
- Crude benchmarks are higher amid a softer USD and after President Trump said he is ready to impose sanctions on Russia, once NATO stops buying Russian oil. Most recently, Russia’s Kremlin says NATO is fighting Russia.
- NVIDIA hit in the pre-market, weighing on the NQ and broader sentiment, as China said NVIDIA violated antitrust laws; European bourses off best, but still firmer, Euro Stoxx 50 +0.6%.
- Fitch downgraded France to A+ (prev. AA-), sparking modest OAT-Bund widening though levels remain orderly. EUR is unreactive, GBP leads with the DXY softer.
- Gold had an initial upward bias with the focus on geopols, though off best. Base metals capped by soft Chinese data.
- Looking ahead, NY Fed Manufacturing (Sep), Speakers including ECB’s Schnabel, Rehn & Lagarde.
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TARIFFS/TRADE
- US Treasury Secretary Bessent said the US and China made good progress on technical details; Chinese counterparts have an “aggressive ask”; if there is no TikTok agreement, then it will not affect overall relations. Not willing to sacrifice national security.
- USTR Greer said they are close to resolving the TikTok issue with China. Wants a good relationship to be maintained with China.
- US President Trump posted on Truth Social that “When Foreign Companies who are building extremely complex products, machines, and various other “things,” come into the United States with massive Investments, I want them to bring their people of expertise for a period of time to teach and train our people how to make these very unique and complex products, as they phase out of our Country, and back into their land.”
- US President Trump said China is paying a lot in tariffs and talks with China in Spain are going well, while he also commented that they are still negotiating on TikTok and may let it die, but it depends on China.
- China’s Commerce Ministry said it is to immediately open an antidumping investigation into certain US analogue chips and began an anti-discrimination investigation into US measures against China in the integrated circuit sector.
- US Treasury said talks with China regarding TikTok and trade began in Madrid on Sunday, while talks will resume today.
- Wall Street executives working on the TikTok deal said President Trump will announce another operating extension this week as the last one concludes on September 17th, although this could change, while the fate of the app is tied to the US-China trade talks and China is using it for leverage, according to Fox’s Gasparino who cited sources that noted it is easier for Trump to just extend the deadline and continue with negotiations.
- US official said the Chinese delegation came into the talks in Madrid with a fundamental misunderstanding of the US’ position regarding TikTok.
- The lack of progress in US talks with China on tariffs and fentanyl is said to have reduced the chances of a Beijing summit, and it is more likely that a Trump-Xi meeting will be a lower-profile event at the APEC forum in South Korea during October, according to FT. Furthermore, it was noted that China had made a formal invitation to President Trump for a state visit to Beijing, but the White House has yet to respond amid difficulties in making headway on trade and fentanyl.
- US added 32 entities to the restricted trade list on Friday, including 23 from China, while other entities added to the list were based in countries including India, Iran, Turkey and the UAE, according to the Federal Register.
- South Korea’s Finance Ministry declined to confirm specific measures currently in discussion regarding an FX swap with the US, while it is in talks with the US to minimise any impact on the FX market from the US investment package. In relevant news, South Korea’s Foreign Ministry said US Deputy Secretary of State Landau expressed regret over the recent immigration raid on South Korean workers.
- Indian trade official said the next round of India-EU trade talks is scheduled for 6-10 October in Brussels.
EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 +0.5%) are broadly firmer across the board, in contrast to an overall mixed session in APAC trade. Price action this morning was initially only upward, however, while benchmarks are still firmly in the green, they waned from best in tandem to the general pullback seen on the China-NVIDIA update.
- European sectors hold a strong positive bias, with only a couple of sectors residing in negative territory. Consumer Products takes the top spot, largely boosted by gains in Luxury names following the disappointing Chinese Activity Data, which has increased calls for the country to implement further fiscal stimulus. Financial Services is found in second spot; UBS (+1.3%) gains following reports via the NY Post which reported that the Co. could move to the US as it seeks to avoid new capital requirements in Switzerland.
- US equity futures are mixed, (ES +0.1%, NQ -0.1%, RTY +0.4%) with some very slight underperformance in the NQ after China said its preliminary probe found that NVIDIA (-2% pre-market) violated anti-monopoly law, via Bloomberg. Thereafter, the FT reports that the findings were concluded before US-China trade talks, but were released now to give China greater leverage in trade talks.
- China Market Regulator is to continue antitrust investigation into NVIDIA (NVDA); China said preliminary probe finds NVIDIA violated anti-monopoly law, via Bloomberg.
- FT journalist suggests China released its statement on NVIDIA (NVDA) now to give China greater leverage in trade talks.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
- Click for a detailed summary
FX
- DXY is choppy with a negative bias and within a tight range, with weekend macro newsflow somewhat overlooked as traders zeroing in on the FOMC policy announcement due mid-week – with a 25bps cut priced in a 95% and a 50bps at 5%, and with ~70bps of cuts priced in through to year-end. Sticking with the Fed, weekend reports suggested that documents showed Fed Governor Cook declared her Atlanta property as a vacation home in documents, indicating it would not be her primary residence, which contradicts mortgage fraud allegations. DXY resides in a narrow 97.497-97.702 range.
- EUR is underpinned by mild USD weakness with no obvious reaction seen on Fitch cutting France’s sovereign rating from AA- to A+, with the outlook revised to Stable from Negative. In Germany, exit polls from the election in the bellwether state of North Rhine-Westphalia showed Chancellor Merz’s Christian Democrats won with 34% of the votes. Ahead, EUR focus could be on commentary from ECB’s Schnabel at 12:30 BST/ 07:30 ET. EUR/USD resides in a 1.1716-1.1751 range at the time of writing
- USD/JPY is subdued against the backdrop of a fragile USD this morning, whilst overnight, there was an absence of Japanese participants due to Respect for the Aged Day. Political uncertainty lingered ahead of the LDP election on October 4th – it was reported that Japan’s Chief Cabinet Secretary Hayashi will announce on Tuesday his intention to run in the leadership race. USD/JPY remains heavy with reports this morning suggesting China ruled that NVIDIA (NVDA) violated anti-monopoly laws after concluding a prelim investigation, which ups the pressure on Washington during sensitive trade negotiations in Spain. USD/JPY trades on either side of its 21 and 50 DMAs (at 147.57 and 147.65 respectively) in a current 147.32-147.81 range.
- GBP is underpinned by the mostly positive risk tone across Europe, albeit with the FTSE 100 hampered by its domestic currency strength. Over the weekend, the UK government announced over GBP 1.25bln of inward investment from US finance companies which will create 1,800 UK jobs. On the domestic fiscal front, UK Chancellor Reeves plans to scrap VAT on energy to lower bills and told cabinet members that ‘all options were on the table’ for a budget giveaway to ease the cost of living, according to The Sunday Times.
- Antipodeans are both holding a mild upward bias amid the mostly positive risk tone in the market and USD weakness at the time of writing.
- PBoC set USD/CNY mid-point at 7.1056 vs exp. 7.1213 (Prev. 7.1019)
- Canadian PM Carney said the budget deficit will be ‘substantial’, meaning bigger than it was last year due to US tariffs, while he announced a new federal agency with CAD 13bln to build affordable housing.
- Click for a detailed summary
- Click for NY OpEx Details
FIXED INCOME
- USTs started the week on the backfoot but have traded with an upward bias throughout the European morning. Officials from China and the US have begun the second day of talks in Spain. A lot of the focus has been on TikTok while overnight the FT reported that the lack of progress in US talks with China on tariffs and fentanyl is said to have reduced the chances of a Beijing summit. Most recently, China’s Market regulator is continuing its antitrust investigation into NVIDIA; an update that hit the risk tone and lifted USTs back to a 113-08 high; currently in a 113-02 to 113-08 band. Focus ahead on the appointment process for Miran, who looks set to be eligible to partake in this week’s meeting, assuming the votes progress without incident.
- Bunds are in the green, by just over 15 ticks at best. While firmer, the 128.73 peak is someway shy of Friday’s 129.09 best which, in turn, is someway below last week’s 129.44 peak. Specifics a little light so far. For Germany specifically, August WPI came in at 0.7% Y/Y (prev. 0.5%), Destatis highlights that this is primarily due to higher prices for food, beverages and tobacco products. Elsewhere, exit polls from NRW in focus as Chancellor Merz’s CDU won with 34% of the vote, while support for AfD tripled to 16.5%.
- Gilts are marginally outperforming into a week packed with UK data and then the BoE on Thursday. At best, higher by 17 ticks in a 91.14 to 91.41 band. Specifics are a little light since the Gilt open. However, newsflow beforehand was focused on various investment details with the Government announcing over GBP 1.25bln of inward investment from US firms, a deal for SNRs involving Centrica and a GBP 1.1bln maritime scheme; all ahead of this week’s US state visit by President Trump. Elsewhere, The Sunday Times reports that Chancellor Reeves intends to scrap VAT on energy with all options on the table for a budget giveaway to ease the cost of living situation.
- Click for a detailed summary
COMMODITIES
- Crude is modestly firmer against the backdrop of a softer USD and following recent comments by US President Trump that he is willing to impose sanctions on Russia, but noted that Europe has to toughen sanctions and should stop purchasing oil from Russia. WTI currently resides in a USD 62.52-63.24/bbl range while Brent sits in a USD 66.78-67.52/bbl range.
- Spot gold is flat despite a softer dollar ahead of this week’s central bank meetings and with the spotlight on Wednesday’s FOMC. Spot gold currently resides in a USD 3,626.46-,3646.95/oz range
- Base metals trade mixed with the upside contained as participants digested the latest Chinese activity data, which fell short of expectations. China’s economy showed signs of slowing in August, with weaker retail sales, industrial production, and investment, rising unemployment, and a struggling housing market. Slowing export growth and persistent deflation added pressure on Beijing to introduce near-term stimulus measures, according to data from the NBS. 3M LME copper holds above USD 10k/t and resides in a USD 10,053.97-10,102.00/t range at the time of writing.
- EDF said it has received a strike notice for Wednesday September 17th 20:00BST to Thursday September 18th 20:00BST.
- Iraq signed a joint operation agreement with TotalEnergies and QatarEnergy LNG, according to the Iraqi PM.
- Egypt signed three new agreements for investments worth more than USD 121mln for oil and gas exploration in the Western Desert, Suez Gulf and north of Sinai.
- Ecuador’s government is withdrawing its diesel subsidy and will redirect funds to social programs.
- Thailand reportedly mulling tax on gold trades to slow the THB rally, according to Bloomberg; follows, Thai PM saying they need to urgently address the strong THB.
- Indonesia’s Mining Minister is targeting an increase in the ownership of Freeport (FCX) Indonesia by over 10%.
- Click for a detailed summary
NOTABLE DATA RECAP
- UK Rightmove House Prices MM (Aug) 0.4% (Prev. -1.3%); YY (Aug) -0.1% (Prev. 0.3%)
- German Wholesale Price Index YY (Aug) 0.7% (Prev. 0.5%)
- Italian Trade Balance EU (Jul) 1.917B EU (Prev. -0.069B EU, Rev. -0.093B EU)
NOTABLE EUROPEAN HEADLINES
- ECB’s Kazimir said they must not change policy because of small deviations from the inflation target. Monetary policy must remain nimble, need to take a meeting-by-meeting approach.
- UK Chancellor Reeves plans to scrap VAT on energy to lower bills and told cabinet members that ‘all options were on the table’ for a budget giveaway to ease the cost of living, according to The Sunday Times.
- UK government announced over GBP 1.25bln of inward investment from US finance companies which will create 1,800 UK jobs, while the deal lines up GBP 20bln in trade between the two countries, including an expected GBP 7bln commitment from BlackRock (BLK) to grow in the UK.
- UK government announced over GBP 1.1bln in joint government and industry investment for the maritime sector.
- ECB’s Kocher said the rate-cutting cycle is either over or very close to the end, and the central bank can keep its interest rates steady at 2% for the time being, provided there are no major shocks, according to FT.
- Exit polls from the election in Germany’s bellwether state of North Rhine-Westphalia showed German Chancellor Merz’s Christian Democrats won with 34% of the votes, although support for the far-right AfD tripled with 16.5% of the votes, according to The Guardian.
- Italy’s Economy Minister said the government is to confirm its GDP growth estimates in the upcoming Budget plan, while he added that the Italian banking sector must consolidate to face challenges posed by giants such as Amazon and others that will compete for their market share.
- Fitch cut France’s sovereign rating from AA- to A+; Outlook Revised to Stable from Negative, and raised Portugal’s sovereign rating from A- to A: Outlook Revised to Stable from Positive, while S&P raised Spain’s sovereign rating from A to A+; Outlook Stable.
- German Economy Ministry said Germany must expand grids, renewable energies and decentralized flexibility at the same time; must maintain and expand unified and liquid energy markets. Must support hydrogen ramp-up pragmatically and cut back over-complex regulation. Fixed feed-in tariffs for new renewable energy installations will be abolished.
NOTABLE US HEADLINES
- US President Trump said the Fed chair is incompetent and is hurting the housing market, while Trump added that he has three people he likes a lot for Fed Chair.
- US President Trump’s administration on Sunday renewed its request to an appeals court to fire Fed Governor Cook.
- Fed Governor Cook declared her Atlanta property as a vacation home in documents, indicating it would not be her primary residence and appears to contradict mortgage fraud allegations, according to FT.
- US Treasury Secretary Bessent was reported on Friday to have interviewed 4 of the 11 Fed Chair candidates, and had interviewed BlackRock’s Rieder, who was said to have climbed the ranks of contenders for the Fed Chair role, according to Bloomberg.
- US companies reportedly put the brakes on hiring after US President Trump’s tariffs hit, with industries most exposed to the increased costs due to trade wars launching a wave of job cuts, according to FT.
- Axios reported on Friday that many of the claims were fake regarding the massive spike in jobless claims on Thursday that heightened labour market fears and was “a result of attempted fraudulent unemployment filings in Texas.”
- OpenAI plans to share 8% of its revenue with Microsoft (MSFT), while it is expected to gain USD 50bln from cutting the revenue share with Microsoft and partners, according to The Information. In relevant news, xAI is cutting staff by about 500 workers with the Co. laying off about a third of its data annotation team.
GEOPOLITICS
MIDDLE EAST
- Israeli PM Netanyahu said getting rid of Hamas chiefs living in Qatar would rid the main obstacle to releasing all hostages and ending the war in Gaza.
- Hamas said on Sunday it suspended talks on a prisoner swap with Israel after accusing Israel of targeting its negotiating delegation in Doha last week.
- Qatar’s PM said Israel’s attack will not lead to anything but aborting de-escalating efforts, and Israeli ‘practices’ will not stop Doha from its Gaza mediation efforts with Egypt and the US to end the war.
- Iran’s top security body warned on Sunday that EU threats to reinstate UN sanctions on Iran could jeopardise efforts to restore international monitoring of the country’s nuclear program, according to Economic Times.
- Afghan Foreign Ministry said US officials held talks in Kabul over Americans detained in Afghanistan.
RUSSIA-UKRAINE
- Russia’s Kremlin says NATO is fighting Russia, that is a certainty; obvious that NATO is de facto involved in this war; has provided direct and indirect support to Kyiv.
- Chinese Commerce Ministry firmly opposes US secondary tariffs over Russian oil purchases; said will take measures to safeguard legitimate rights and interests.
- Russia’s Deputy Chair said “Allowing NATO countries to shoot down Russian drones over Ukraine means war between NATO and Russia”, via Sky News Arabia
- US President Trump said he is ready to impose major sanctions on Russia when all NATO nations have agreed and started to do the same thing, and when all NATO nations stop buying oil from Russia. Trump said NATO is placing 50%-100% tariffs on China, to be fully withdrawn after the Russia-Ukraine war ends, while he added that China has strong control, and even grip, over China and these powerful tariffs will break that grip. Trump later commented that he is willing to impose sanctions on Russia, as well as stated that Europe has to toughen sanctions and should avoid purchasing oil from Russia.
- G7 Finance Ministers discussed options to increase pressure on Russia to end its war against Ukraine and agreed to accelerate discussions to further use immobilised Russian sovereign assets to fund Ukraine, while they also agreed to explore other mechanisms that would allow further increasing financial support to Ukraine. Furthermore, they discussed a range of possible economic measures, including further sanctions and trade measures such as tariffs.
- Ukrainian President Zelensky posted on Friday that they can confirm the Russian offensive operation on Sumy had been completely thwarted by their forces.
- Ukraine’s Defence Minister said Ukraine will need at least USD 120bln next year for defence efforts.
- Ukrainian military said Ukraine attacked Russia’s Kirishi oil refinery, while the regional governor said the refinery sustained a fire, which was put out.
- Russian troops struck control points, launch sites and storage sites for long-range drones in Ukraine, while Russian troops captured Novomykolaivka in eastern Ukraine, according to TASS. Furthermore, Russia’s Defence Ministry said early on Sunday that Russia had shot down 361 Ukrainian drones over the past day, while it also stated that Russia test-fired a Zircon hypersonic cruise missile at a target in the Barents Sea during ’Zapad’ exercises.
- Polish and allied aircraft were deployed on Saturday in a “preventive” operation in Poland’s airspace because of a threat of drone strikes in neighbouring areas of Ukraine, and the airport in Lublin was closed, while the alert lasted about two hours, according to The Guardian.
- Romania scrambled two F-16 fighter jets after a Russian drone entered Romania’s airspace on Sunday, while the drone was tracked by the Romanian air force for nearly an hour before leaving.
- Russian Defence Ministry said Russian forces take control of Olhivske in Ukraine’s Zaporizhzhia region, according to Ria.
OTHER
- US, Japan and the Philippines held joint maritime exercises in the Philippines’ Exclusive Economic Zone in the South China Sea from Thursday to Saturday.
- Chinese military conducted ‘routine’ cruises in the South China Sea and said it will continue to defend China’s sovereignty in the South China Sea, while it also stated that the Philippines must immediately stop provoking incidents and must stop escalating tensions in the South China Sea.
- Pakistan’s Foreign Affairs Ministry said the Pakistani Deputy PM received a call from US Secretary of State Rubio and they both expressed satisfaction over a positive trajectory of US-Pakistan ties, as well as discussed recent developments.
- Venezuela said a US Navy destroyer intercepted and boarded a Venezuelan tuna vessel on Friday in waters in Venezuela’s economic zone, while its government demanded that the US stop targeting Venezuelan vessels, which it said places the security and peace of the Caribbean at risk.
CRYPTO
- Bitcoin is a little lower and trades around USD 115k; Ethereum underperforms, scaling back from weekend strength.
- French regulator reportedly threatens to block crypto company passporting rights amid concerns about weak crypto licencing, via Reuters citing the AMF President.
APAC TRADE
- APAC stocks traded mixed with the region somewhat cautious ahead of this week’s flurry of central bank updates and as participants digested disappointing Chinese activity data, while Japanese participants were away for a holiday
- ASX 200 marginally declined amid weakness in the healthcare, mining and financial sectors, in which the latter was pressured by losses in Big 4 bank ANZ after it admitted to widespread misconduct related to incorrectly reporting bond trading data and agreed to pay AUD 240mln in penalties.
- Hang Seng and Shanghai Comp were kept afloat with the Hong Kong benchmark lifted by tech strength after China announced an antidumping investigation into certain US analogue chips and began an anti-discrimination investigation into US measures against China in the integrated circuit sector, while US and Chinese officials also began talks on TikTok and trade in Madrid on Sunday. Nonetheless, the gains were limited as participants also digested disappointing activity data.
NOTABLE ASIA-PAC HEADLINES
- China’s stats bureau said the economic operation was generally steady in August and they are facing many uncertainties, while it was noted that the external environment is very severe and uncertainties are rising, and some firms are having difficulties in operations. NBS said China will expand domestic demand and boost consumption and promote a rebound in prices, as well as stated that employment is generally steady with jobless rates expected to ease as college graduates find jobs. It also stated that China will further stabilise the economy and stabilise employment, and that more efforts are needed to support the property sector, but expects Q3 economic operations to maintain a stable trend as macro policies gain traction.
- China MIIT aims for vehicle sales to rise around 3% Y/Y to about 32.3mln this year, while it was also reported that Hong Kong is in talks with several Chinese EV makers to establish local EV manufacturing.
- South Korea’s Foreign Minister will visit China from September 17th to 18th and will discuss plans including Chinese President Xi’s visit to South Korea in October.
- Australian Foreign Minister Wong said Australia and China will hold high-level talks in Beijing this week.
DATA RECAP
- Chinese Industrial Output YY (Aug) 5.2% vs. Exp. 5.7% (Prev. 5.7%)
- Chinese Retail Sales YY (Aug) 3.4% vs. Exp. 3.9% (Prev. 3.7%)
- Chinese Urban Investment (YTD)YY (Aug) 0.5% vs. Exp. 1.4% (Prev. 1.6%)
- Chinese Unemployment Rate Urban Area (Aug) 5.3% (Prev. 5.2%)
- Chinese House Prices MM (Aug) -0.3% (Prev. -0.3%); YY (Aug) -2.5% (Prev. -2.8%)
2c) Asian opening report
Europe points to a mildly firmer open in a week packed with central bank risk – Newsquawk Europe Market Open
Monday, Sep 15, 2025 – 02:20 AM
- APAC stocks traded mixed, with the region somewhat cautious as participants digested disappointing Chinese activity data.
- The lack of progress in US talks with China on tariffs and fentanyl is said to have reduced the chances of a Beijing summit, according to the FT.
- Fitch cut France’s sovereign rating from AA- to A+; Outlook Revised to Stable from Negative; OATs -11 ticks.
- European equity futures indicate a slightly positive cash market open with Euro Stoxx 50 futures up 0.3% after the cash market closed with gains of 0.1% on Friday.
- In FX, DXY is steady and FX markets are contained heading into a week, which is set to be dominated by central bank activity.
- US President Trump said he is ready to impose major sanctions on Russia when all NATO nations have agreed and started to do the same thing, and when all NATO nations stop buying oil from Russia.
- Looking ahead, highlights include German Wholesale Price Index (Aug), NY Fed Manufacturing (Sep), Speakers including ECB’s Schnabel, Rehn & Lagarde.
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SNAPSHOT
US TRADE
EQUITIES
- US stocks were mixed on Friday in what was an ultimately quiet trading session, although tech gains buoyed the Nasdaq but the majority of sectors closed in the red, in which Materials and Healthcare underperformed, while T-Notes were sold across the curve in likely profit taking after the recent rally and as participants braced for the central bank bonanza in the upcoming week including a widely anticipated Fed rate cut.
- SPX -0.06% at 6,584, NDX +0.41% at 24,092, DJI -0.59% at 45,838, RUT -1.11% at 2,395.
- Click here for a detailed summary.
TARIFFS/TRADE
- US President Trump posted on Truth Social that “When Foreign Companies who are building extremely complex products, machines, and various other “things,” come into the United States with massive Investments, I want them to bring their people of expertise for a period of time to teach and train our people how to make these very unique and complex products, as they phase out of our Country, and back into their land.”
- US President Trump said China is paying a lot in tariffs and talks with China in Spain are going well, while he also commented that they are still negotiating on TikTok and may let it die, but it depends on China.
- China’s Commerce Ministry said it is to immediately open an antidumping investigation into certain US analogue chips and began an anti-discrimination investigation into US measures against China in the integrated circuit sector.
- US Treasury said talks with China regarding TikTok and trade began in Madrid on Sunday, while talks will resume today.
- Wall Street executives working on the TikTok deal said President Trump will announce another operating extension this week as the last one concludes on September 17th, although this could change, while the fate of the app is tied to the US-China trade talks and China is using it for leverage, according to Fox’s Gasparino who cited sources that noted it is easier for Trump to just extend the deadline and continue with negotiations.
- The lack of progress in US talks with China on tariffs and fentanyl is said to have reduced the chances of a Beijing summit, and it is more likely that a Trump-Xi meeting will be a lower-profile event at the APEC forum in South Korea during October, according to FT. Furthermore, it was noted that China had made a formal invitation to President Trump for a state visit to Beijing, but the White House has yet to respond amid difficulties in making headway on trade and fentanyl.
- US added 32 entities to the restricted trade list on Friday, including 23 from China, while other entities added to the list were based in countries including India, Iran, Turkey and the UAE, according to the Federal Register.
- US and UK were reported on Friday to be rushing to finalise deals on nuclear reactors, artificial intelligence data centres and whisky ahead of a state visit to London by US President Trump, according to FT. It was also reported that the UK and the US are to sign a ‘ground-breaking’ tech deal during President Trump’s visit, according to Bloomberg.
- South Korea’s Finance Ministry declined to confirm specific measures currently in discussion regarding an FX swap with the US, while it is in talks with the US to minimise any impact on the FX market from the US investment package. In relevant news, South Korea’s Foreign Ministry said US Deputy Secretary of State Landau expressed regret over the recent immigration raid on South Korean workers.
NOTABLE HEADLINES
- US President Trump said the Fed chair is incompetent and is hurting the housing market, while Trump added that he has three people he likes a lot for Fed Chair.
- US President Trump’s administration on Sunday renewed its request to an appeals court to fire Fed Governor Cook.
- Fed Governor Cook declared her Atlanta property as a vacation home in documents, indicating it would not be her primary residence and appears to contradict mortgage fraud allegations, according to FT.
- US Treasury Secretary Bessent was reported on Friday to have interviewed 4 of the 11 Fed Chair candidates, and had interviewed BlackRock’s Rieder, who was said to have climbed the ranks of contenders for the Fed Chair role, according to Bloomberg.
- US companies reportedly put the brakes on hiring after US President Trump’s tariffs hit, with industries most exposed to the increased costs due to trade wars launching a wave of job cuts, according to FT.
- Axios reported on Friday that many of the claims were fake regarding the massive spike in jobless claims on Thursday that heightened labour market fears and was “a result of attempted fraudulent unemployment filings in Texas.”
- OpenAI plans to share 8% of its revenue with Microsoft (MSFT), while it is expected to gain USD 50bln from cutting the revenue share with Microsoft and partners, according to The Information. In relevant news, xAI is cutting staff by about 500 workers with the Co. laying off about a third of its data annotation team.
APAC TRADE
EQUITIES
- APAC stocks traded mixed with the region somewhat cautious ahead of this week’s flurry of central bank updates and as participants digested disappointing Chinese activity data, while Japanese participants were away for a holiday
- ASX 200 marginally declined amid weakness in the healthcare, mining and financial sectors, in which the latter was pressured by losses in Big 4 bank ANZ after it admitted to widespread misconduct related to incorrectly reporting bond trading data and agreed to pay AUD 240mln in penalties.
- Hang Seng and Shanghai Comp were kept afloat with the Hong Kong benchmark lifted by tech strength after China announced an antidumping investigation into certain US analogue chips and began an anti-discrimination investigation into US measures against China in the integrated circuit sector, while US and Chinese officials also began talks on TikTok and trade in Madrid on Sunday. Nonetheless, the gains were limited as participants also digested disappointing activity data.
- US equity futures (ES +0.1%, NQ +0.1%) were rangebound in quiet trade ahead of this week’s key events which are predominantly centred around central bank announcements.
- European equity futures indicate a slightly positive cash market open with Euro Stoxx 50 futures up 0.3% after the cash market closed with gains of 0.1% on Friday.
FX
- DXY struggled for direction with participants awaiting this week’s central bank announcements, in particular, the FOMC meeting on Wednesday, with money markets fully pricing in a Fed rate cut. Ahead of the Fed meeting, participants also await Fed nominee Miran’s Senate confirmation vote set for Monday, while it was also reported that documents showed Fed Governor Cook declared her Atlanta property as a vacation home in documents, indicating it would not be her primary residence, which contradicts mortgage fraud allegations. Furthermore, there were some comments from US President Trump who reiterated criticism against the Fed Chair and stated that there are 3 people he likes a lot for Fed Chair.
- EUR/USD marginally softened in quiet FX trade and despite hawkish comments from ECB’s officials including Nagel, who warned on Friday that more rate cuts could threaten price stability, while ECB’s Kocher said the rate-cutting cycle is either over or very close to the end, and the central bank can keep its interest rates steady at 2% for the time being.
- GBP/USD traded little changed with the BoE unanimously expected to keep rates unchanged later in the week, while the attention will also be on US President Trump’s state visit to the UK this week, with the UK and the US reportedly to sign a ‘ground-breaking’ tech deal during Trump’s visit.
- USD/JPY trickled lower in the absence of Japanese participants due to Respect for the Aged Day and as political uncertainty lingered ahead of the LDP election on October 4th. Furthermore, it was reported that Japan’s Chief Cabinet Secretary Hayashi will announce on Tuesday his intention to run in the leadership race, while a recent Kyodo News poll showed ex-economic security minister and former PM Abe protege Takaichi was seen as the most suitable candidate to lead the ruling LDP.
- Antipodeans remained afloat and gradually edged higher despite disappointing Chinese activity data.
- PBoC set USD/CNY mid-point at 7.1056 vs exp. 7.1213 (Prev. 7.1019)
- Canadian PM Carney said the budget deficit will be ‘substantial’, meaning bigger than it was last year due to US tariffs, while he announced a new federal agency with CAD 13bln to build affordable housing.
FIXED INCOME
- 10yr UST futures remained subdued after last Friday’s pullback and ahead of this week’s central bank announcements, including the FOMC on Wednesday and with overnight cash treasuries trade shut due to the holiday closure in Tokyo.
- Bund futures languished around the prior week’s trough after recently sliding to a sub-129.00 territory and with German Wholesale Prices due later, while exit polls from the election in Germany’s bellwether state of North Rhine-Westphalia showed Chancellor Merz’s Christian Democrats won with 34% of votes, but support for the far-right AfD tripled with 16.5% of the votes.
COMMODITIES
- Crude futures eked out mild gains following recent comments by US President Trump that he is willing to impose sanctions on Russia, but noted that Europe has to toughen sanctions and should stop purchasing oil from Russia.
- Iraq signed a joint operation agreement with TotalEnergies and QatarEnergy LNG, according to the Iraqi PM.
- Egypt signed three new agreements for investments worth more than USD 121mln for oil and gas exploration in the Western Desert, Suez Gulf and north of Sinai.
- Ecuador’s government is withdrawing its diesel subsidy and will redirect funds to social programs.
- Spot gold was choppy ahead of this week’s central bank meetings and with the spotlight on Wednesday’s FOMC.
- Copper futures edged marginally higher but with the upside contained as participants digested the latest Chinese activity data, which fell short of expectations.
CRYPTO
- Bitcoin was ultimately little changed after rebounding from an early decline with the help of support at the USD 115k level.
NOTABLE ASIA-PAC HEADLINES
- China’s stats bureau said the economic operation was generally steady in August and they are facing many uncertainties, while it was noted that the external environment is very severe and uncertainties are rising, and some firms are having difficulties in operations. NBS said China will expand domestic demand and boost consumption and promote a rebound in prices, as well as stated that employment is generally steady with jobless rates expected to ease as college graduates find jobs. It also stated that China will further stabilise the economy and stabilise employment, and that more efforts are needed to support the property sector, but expects Q3 economic operations to maintain a stable trend as macro policies gain traction.
- China MIIT aims for vehicle sales to rise around 3% Y/Y to about 32.3mln this year, while it was also reported that Hong Kong is in talks with several Chinese EV makers to establish local EV manufacturing.
- South Korea’s Foreign Minister will visit China from September 17th to 18th and will discuss plans including Chinese President Xi’s visit to South Korea in October.
- Australian Foreign Minister Wong said Australia and China will hold high-level talks in Beijing this week.
DATA RECAP
- Chinese Industrial Output YY (Aug) 5.2% vs. Exp. 5.7% (Prev. 5.7%)
- Chinese Retail Sales YY (Aug) 3.4% vs. Exp. 3.9% (Prev. 3.7%)
- Chinese Urban Investment (YTD)YY (Aug) 0.5% vs. Exp. 1.4% (Prev. 1.6%)
- Chinese Unemployment Rate Urban Area (Aug) 5.3% (Prev. 5.2%)
- Chinese House Prices MM (Aug) -0.3% (Prev. -0.3%)
- Chinese House Prices YY (Aug) -2.5% (Prev. -2.8%)
GEOPOLITICS
MIDDLE EAST
- Israeli PM Netanyahu said getting rid of Hamas chiefs living in Qatar would rid the main obstacle to releasing all hostages and ending the war in Gaza.
- Hamas said on Sunday it suspended talks on a prisoner swap with Israel after accusing Israel of targeting its negotiating delegation in Doha last week.
- Israel’s Qatar strike left US President Trump with little time to object, and the plan relied on ballistic missiles fired over Saudi Arabia by jet fighters hundreds of miles from the target, according to a report on Friday by WSJ.
- Qatar’s PM said Israel’s attack will not lead to anything but aborting de-escalating efforts, and Israeli ‘practices’ will not stop Doha from its Gaza mediation efforts with Egypt and the US to end the war.
- Iran’s top security body warned on Sunday that EU threats to reinstate UN sanctions on Iran could jeopardise efforts to restore international monitoring of the country’s nuclear program, according to Economic Times.
- Afghan Foreign Ministry said US officials held talks in Kabul over Americans detained in Afghanistan.
RUSSIA-UKRAINE
- US President Trump said he is ready to impose major sanctions on Russia when all NATO nations have agreed and started to do the same thing, and when all NATO nations stop buying oil from Russia. Trump said NATO is placing 50%-100% tariffs on China, to be fully withdrawn after the Russia-Ukraine war ends, while he added that China has strong control, and even grip, over China and these powerful tariffs will break that grip. Trump later commented that he is willing to impose sanctions on Russia, as well as stated that Europe has to toughen sanctions and should avoid purchasing oil from Russia.
- G7 Finance Ministers discussed options to increase pressure on Russia to end its war against Ukraine and agreed to accelerate discussions to further use immobilised Russian sovereign assets to fund Ukraine, while they also agreed to explore other mechanisms that would allow further increasing financial support to Ukraine. Furthermore, they discussed a range of possible economic measures, including further sanctions and trade measures such as tariffs.
- Ukrainian President Zelensky posted on Friday that they can confirm the Russian offensive operation on Sumy had been completely thwarted by their forces.
- Ukraine’s Defence Minister said Ukraine will need at least USD 120bln next year for defence efforts.
- Ukrainian military said Ukraine attacked Russia’s Kirishi oil refinery, while the regional governor said the refinery sustained a fire, which was put out.
- Russia’s UN Envoy said on Friday that Russia was not targeting Poland and that it was physically impossible for Russian drones to have reached Polish territory.
- Russian troops struck control points, launch sites and storage sites for long-range drones in Ukraine, while Russian troops captured Novomykolaivka in eastern Ukraine, according to TASS. Furthermore, Russia’s Defence Ministry said early on Sunday that Russia had shot down 361 Ukrainian drones over the past day, while it also stated that Russia test-fired a Zircon hypersonic cruise missile at a target in the Barents Sea during ’Zapad’ exercises.
- Polish and allied aircraft were deployed on Saturday in a “preventive” operation in Poland’s airspace because of a threat of drone strikes in neighbouring areas of Ukraine, and the airport in Lublin was closed, while the alert lasted about two hours, according to The Guardian.
- Romania scrambled two F-16 fighter jets after a Russian drone entered Romania’s airspace on Sunday, while the drone was tracked by the Romanian air force for nearly an hour before leaving.
OTHER
- US, Japan and the Philippines held joint maritime exercises in the Philippines’ Exclusive Economic Zone in the South China Sea from Thursday to Saturday.
- Chinese military conducted ‘routine’ cruises in the South China Sea and said it will continue to defend China’s sovereignty in the South China Sea, while it also stated that the Philippines must immediately stop provoking incidents and must stop escalating tensions in the South China Sea.
- Pakistan’s Foreign Affairs Ministry said the Pakistani Deputy PM received a call from US Secretary of State Rubio and they both expressed satisfaction over a positive trajectory of US-Pakistan ties, as well as discussed recent developments.
- Venezuela said a US Navy destroyer intercepted and boarded a Venezuelan tuna vessel on Friday in waters in Venezuela’s economic zone, while its government demanded that the US stop targeting Venezuelan vessels, which it said places the security and peace of the Caribbean at risk.
EU/UK
NOTABLE HEADLINES
- UK Chancellor Reeves plans to scrap VAT on energy to lower bills and told cabinet members that ‘all options were on the table’ for a budget giveaway to ease the cost of living, according to The Sunday Times.
- UK government announced over GBP 1.25bln of inward investment from US finance companies which will create 1,800 UK jobs, while the deal lines up GBP 20bln in trade between the two countries, including an expected GBP 7bln commitment from BlackRock (BLK) to grow in the UK.
- UK government announced over GBP 1.1bln in joint government and industry investment for the maritime sector.
- ECB’s Kocher said the rate-cutting cycle is either over or very close to the end, and the central bank can keep its interest rates steady at 2% for the time being, provided there are no major shocks, according to FT.
- ECB’s Nagel said on Friday that more rate cuts could threaten price stability, while he added there are “convincing reasons” to keep rates unchanged and that a “steady hand” policy is appropriate at the moment. Nagal also stated that with inflation and rates at 2% “we can closely monitor developments over the coming weeks and months and react if necessary”, as well as noted that the rise in services prices is still high, and the great uncertainty is known to all, especially in geopolitical terms, according to Faz.
- Exit polls from the election in Germany’s bellwether state of North Rhine-Westphalia showed German Chancellor Merz’s Christian Democrats won with 34% of the votes, although support for the far-right AfD tripled with 16.5% of the votes, according to The Guardian.
- Italy’s Economy Minister said the government is to confirm its GDP growth estimates in the upcoming Budget plan, while he added that the Italian banking sector must consolidate to face challenges posed by giants such as Amazon and others that will compete for their market share.
- Fitch cut France’s sovereign rating from AA- to A+; Outlook Revised to Stable from Negative, and raised Portugal’s sovereign rating from A- to A: Outlook Revised to Stable from Positive, while S&P raised Spain’s sovereign rating from A to A+; Outlook Stable.
DATA RECAP
- UK Rightmove House Prices MM (Aug) 0.4% (Prev. -1.3%)
- UK Rightmove House Prices YY (Aug) -0.1% (Prev. 0.3%)
3A NORTH KOREA/SOUTH KOREA
SOUTH KOREA//NORTH KOREA/
3B JAPAN
3C CHINA
China To Help Local Government Repay $1 Trillion In Unpaid Bills To Private Sector
Friday, Sep 12, 2025 – 08:30 PM
Every single day, we get a new story of another stealth bailout by China (since a bazooka stimulus remains out of the picture seeing how China pretty much used them all up by the time covid rolled out and pushed the country’s consolidateded debt to GDP to around 400%). Here’s another: according to Bloomberg, China is preparing to tackle the massive backlog of unpaid bills owed by local governments to the private sector, an amount of arrears some have estimated at over $1 trillion.
Of course, since there is no actual “loose cash” floating around in China, in another financial MC Escher painting, Beijing will need to take out more massive loans to repay bills that couldn’t be repaid because of too much debt. The government is considering asking state lenders and policy banks including China Development Bank to lend to local authorities so they can make the payments in arrears.
The amount of money under discussion would plug at least 1 trillion yuan ($140 billion) of debt owed to private companies in the first phase of a longer-term initiative. Officials aim to complete the task by 2027, according to the people.
What this means is that Beijing’s massive subsidy engine is about to go into turbo overdrive, and the world is about to be flooded with below cost crappy EVs and enough solar panels to cover the Sahara.
President Xi warned in a February speech made public last month that the government’s delayed payments to companies risks undermining people’s trust in the authorities. Underscoring the importance Beijing is placing on the issue, China’s top leader said unpaid bills could “cripple” affected businesses in the embattled private sector and was hurting “society at large.”
Of course, while the proposed assistance would offer relief to private-sector contractors, it would shift more risk onto state banks that already face rising loan losses, and is why gold just continues to surge day after day.
Local government-related entities in China are estimated to owe 10 trillion yuan, or about $1.4 trillion, to corporates and civil servants, equivalent to 7% of the country’s gross domestic product last year, according to economist David Li Daokui’s estimate. Hilariously, China’s GDP continues to grow at a fixed 5% every single year. Which means that the government is now directly funding all of the growth with even more debt!
Caitong Securities said in a report last week that China may allocate about 200 billion yuan in special bonds this year to settle overdue payments to companies, based on projections for land-reserve and project-construction special bonds.
The nudging has already begun and in recent months, authorities have instructed the nation’s major banks to provide support for the initiative, including asking them to give short-term liquidity loans to regional governments to settle overdue bills tied to their affiliated entities. While such debts are typically not owed by the local governments, they are responsible for repayment because they are backing the entities in debt. The policy may need further backing from regulators, as bankers are concerned about potential risks and need some form of assurance they won’t be held responsible if the advances turn bad, one of the people said.
Bottom line: now we know why there has been such a surge in Chinese stocks in recent days; the simple answer: after the latest $1 trillion debt transfer from the private sector to the government, all risk assets will benefit while China’s consolidated debt is about to explode even higher, which also means that the recent spike in gold and crypto isn’t ending any time soon.
END
CHINA/USA
Trump will not be a happy camper with this;
(zerohedge)
China’s Top Market Watchdog Rules Nvidia Violated Antitrust Law
Monday, Sep 15, 2025 – 08:05 AM
Currently, the Trump administration’s top priority is securing a trade agreement with China. Beijing has recently signaled its goodwill by indicating intentions to purchase 500 Boeing commercial jets. But early Monday, just ahead of the U.S. cash session, news broke that China had ruled Nvidia in violation of anti-monopoly laws. If that’s any indication of sentiment surrounding trade talks between the two superpowers, the optics here don’t look great.
U.S. equity futures were muted early Monday, with Nvidia shares down 2% in premarket trading after China’s State Administration for Market Regulation (SAMR) ruled that the company violated anti-monopoly laws in connection with a 2020 deal.
The agency gave no details beyond a one-sentence statement. Here are more details via state-run media Xinhua News Agency:
China’s top market watchdog announced Monday a decision to launch further probe into Nvidia for anti-trust violations after a preliminary investigation.
The State Administration for Market Regulation (SAMR) said in an online statement that Nvidia had violated China’s anti-monopoly law and a 2020 decision by the market regulator on Nvidia’s acquisition of Mellanox Technologies.
In 2020, the SAMR conditionally approved the acquisition after an antitrust review that began in 2019. The deal was subject to multiple restrictive conditions due to concerns that the merger could exclude or restrict competition in global and Chinese markets for GPU accelerators, dedicated network interconnect equipment, and high-speed Ethernet adapters
Commenting on the new development coming out of China, Goldman analyst Shubham Ghosh, based in Hong Kong, told clients, “Sino-US trade talks are ongoing, and China’s probe into Nvidia finding they violated the Anti-monopoly law has created some uncertainty.“
On a separate desk, UBS analyst Nicola Brion, based in the UK, told clients, “The Euro Stoxx 50 is up 0.4% Monday with cyclicals broadly outperforming defensives. Semis are leading gains up 1.6% despite headlines around China’s preliminary findings of Nvidia violating antitrust regulations.”
Shares of Nvidia are down 2% in premarket trading in New York. On the year, shares are up 32%. The chart below shows that upside price action has stalled since mid-August. The $180 level is the current resistance.
. . .
4. European affairs and NATO
GERMANY
Germany To Add More Than 100K Troops To Army In Preparation For War With Russia
Saturday, Sep 13, 2025 – 12:50 PM
The head of the German army is calling for more than doubling its forces in response to a perceived threat from Russia. The Army Chief said Berlin must be ready to fight a war with Moscow by 2029.
Reuters reports viewing confidential German documents that show Army Chief Alfons Mais wants to add 100,000 new troops to the military. The increase in armed men will more than double the size of the German Army.
“It is imperative for the army to become sufficiently ready for war by 2029 and provide the capabilities Germany pledged (to NATO) by 2035,” he wrote on September 2.
The proposal comes as Berlin is increasing its defense commitments to Eastern European nations. Germany is in the process of establishing a permanent deployment of 5,000 troops in Lithuania.
Additionally, Berlin is planning to increase its surveillance in Poland after about two dozen Russian drones entered Polish airspace.
Berlin has yet to reach its 2018 goal of having 203,000 troops across its military. Earlier this year, German Defence Minister Boris Pistorius announced Berlin was now trying to increase the size of its military to 260,000.
According to further analysis and summary in Modern Diplomacy:
- Germany may need to reintroduce conscription or offer substantial incentives to attract and retain military personnel, amid a competitive labor market.
- Failure to meet troop targets could weaken NATO’s eastern flank and strain alliances, particularly with frontline states like Poland and the Baltics.
- Increased defense spending will be necessary to equip and train new troops, testing Germany’s fiscal priorities and public support for militarization.
- Russia may view Germany’s military buildup as provocative, potentially escalating tensions in Eastern Europe.
Mais went on to say that Germany would also need hundreds of thousands of reservists that can quickly mobilize.
“According to a first rough estimate, a total of around 460,000 personnel (from Germany) will be necessary, divided into some 260,000 active troops and around 200,000 reservists,” he wrote.
END
GERMANY
Far-Left Extremists Claim Responsibility For Berlin’s Biggest Blackout Since The Cold War
Monday, Sep 15, 2025 – 05:00 AM
Far left extremists are claiming responsibility for a major attack on a power supply hub providing power to southeast Berlin, which led to a blackout that left 50,000 people without power, the biggest blackout in Berlin since the Cold War.
The damage has been so severe that authorities are reporting it may take until 2026 to fully make repairs, according to Tagesspiegel.
A letter of responsibility was published on Indymedia, a website where many leftist groups publish such letters following attacks.
Berlin’s interior senator, Iris Spranger (SPD), said the letter was authentic.
In fact, the letter has many similarities to another letter published in February following a similar arson attack near the Tesla car factory in Grünheide near Berlin, which also led to a major loss of power in Berlin.
“We assume the group of perpetrators is from the left-wing extremist spectrum,” said the Interior Senator. “So that means: not from abroad, but from within the country.“
German media and authorities are indicating that the perpetrators conducted the attacks with a high degree of professionalism.
The attack was conducted in the Johannisthal district and involved an arson attack on two electricity pylons on Tuesday morning. It resulted in the longest power outage in 25 years, leaving up to 50,000 residents without power, with many thousands without power for over 60 hours.
The power outage has proven extremely difficult to repair.
Spranger implied that the attacks, which cut power to thousands of homes, led to deaths; however, it is unclear what she is referring to. She said the perpetrators accepted the deaths of people as “collateral damage”
“No one should accept the death of people. And we all have to face it together,” she said.
END
AUSTRIA
what took them so long to do this!!!
“It’s A Sign Of Oppression!” – Austria Plans Headscarf Ban For Girls Under-14 In Schools
Monday, Sep 15, 2025 – 02:00 AM
Authored by Thomas Brooke via Remix news,
The Austrian government will move ahead this week with plans to ban headscarves for girls under 14 in schools, a measure officials frame as promoting equality.
In an interview with Bild cited by Welt, Integration Minister Claudia Plakolm of the Austrian People’s Party (ÖVP) said, “I want girls, regardless of their religion, to have the same opportunities in our free and Western society. And that’s why I see the headscarf for girls under 14 as a sign of oppression.”
The proposed law sets out a staged response to violations: first, a conversation with the girl concerned, then with her parents, followed by possible involvement of youth welfare authorities. Repeated breaches could result in administrative penalties. Plakolm stressed that the measure would apply only in schools and educational institutions, not in public spaces.
“Public space is rightly a very well-protected area, and that’s something that probably wouldn’t stand up in a constitutional court,” she said.
The minister also linked the proposal to broader changes in Austria’s migration and integration policy.
She said the government plans a “three-year integration phase” for asylum seekers and migrants, during which they will receive only an integration allowance rather than full social benefits.
“There will be no social assistance during this integration phase, but only an integration allowance, and the amount will depend on how willing people are to fulfill their integration obligations,” Plakolm explained.
The move follows an announcement made by Education Minister Christoph Wiederkehr (NEOS) in June for newly arriving children and teenagers to undergo a one-semester integration course prior to starting school.
Under the new system, children will first attend a semester-long orientation class where they will acquire basic German language skills to facilitate communication, fundamental school skills, such as writing, using scissors, and following classroom etiquette, and social values, including respect, equality, and tolerance.
The opposition Freedom Party of Austria (FPÖ) insisted the move manages the symptoms and fails to address the root cause of mass immigration.
A previous headscarf ban in elementary schools, introduced in 2019 by a coalition of conservatives and the Freedom Party, was struck down by Austria’s Constitutional Court. Plakolm argued that the new version comes with accompanying measures aimed at helping young women live self-determined lives. She emphasized that “the new law is not a measure against Islam.”
Austria’s Muslim community has previously clashed with Plakolm over her rhetoric. In July, the Islamic Religious Community in Austria (IGGÖ) said it was “deeply disturbed” after she described the headscarf as a “symbol of oppression” that must not be permitted in schools. The group warned at the time that her remarks threatened religious freedom and stigmatized Muslim girls.
The move comes amid mounting tensions in Austria’s schools. In October last year, a survey by the Vienna teachers’ union found rising difficulties linked to mass immigration, with many children facing language barriers and some schools reporting extreme incidents.
According to the Kronen Zeitung, these included assaults on teachers, requests from parents that staff wear burqas, and even mock executions staged by pupils. One middle school headmistress described the problems but requested anonymity, citing fear of reprisals.
end
DENMARK/ORSTED
Giant wind farm Orsted trying to raise capital in a dying business:
(zerohedge)
Orsted To Raise Emergency Capital At 67% Discount As Green Energy Bubble Deflates
Monday, Sep 15, 2025 – 07:45 AM
Shares of Danish wind giant Orsted A/S slipped in European trading after the offshore wind developer launched its rights offering, pricing shares at a steep discount to Friday’s close. The move aims to raise what amounts to emergency capital to stabilize its balance sheet amid a broader downturn in the green-energy space and mounting uncertainty from the Trump administration’s freeze on one of its U.S. East Coast projects.
Here’s a breakdown of the rights offering (view documents):
- Orsted will sell new shares at 66.6 kroner each – or about a 67% discount to Friday’s 200.3 kroner close to raise 60 billion Danish kroner ($9.4 billion). This is the largest rights issue by a European energy company in over a decade.
- Rights offering will be used for restoring confidence after heavy losses tied to U.S. offshore wind bets. This will determine whether investors still believe in the long-term profitability of offshore wind.
- CEO Rasmus Errboe said funds will cover immediate financing needs, including retaining full ownership of the Sunrise Wind project and managing U.S. regulatory risks
“We’re raising capital to cover immediate financing needs from retaining full ownership of Sunrise Wind, to manage risks from regulatory uncertainty in the US, and to strengthen Ørsted’s capital structure so we can deliver on our growth pipeline and long-term value creation,” Orsted’s CEO Rasmus Errboe wrote in a statement.
Important dates related to the rights offering: Subscription period for the rights offering will open on September 19 and close on October 2.
What’s transpired in recent months?
Well, it’s a combination of Orsted shares crashing in Copenhagen on news of the rights offering last month, the Trump administration freezing construction of its Rhode Island offshore wind project, and the broader unraveling of the globalist/Democrats’ green energy bubble:
- Orsted Shares Crash Below IPO Price On “Unexpected” Rights Issue
- Wind Giant Orsted Suffers Worst Week On Record As Green Energy Demise Accelerates
- Orsted Shares Crash To Record Lows After Trump Halts Rhode Island Offshore Wind Project
- UBS: Orsted Lawsuit Signals Wind Talks With Trump Admin “Not Going Well”
The market’s response in Copenhagen today was muted. Year-to-date, the stock is down 39% and now trades below its IPO price.
END
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
ISRAEL /GAZA/HEZBOLLAH/IRAN/SUMMARY OF THE LAST 24 HR/TBN
ISRAEL VS HAMAS
IDF strikes high-rise building used by Hamas in Gaza City as over 280,000 Gazans leave the city
Earlier, IDF Spokesperson in Arabic Avichay Adraee issued another evacuation order for Gaza City residents to move southward. According to him, more than 250,000 Gazans have already left the city.
Smoke billows from an evacuated UNRWA school following Israeli airstrikes, at al-Shati (Beach) refugee camp, in Gaza City, September 13, 2025.(photo credit: Ebrahim Hajjaj/Reuters)ByJERUSALEM POST STAFFSEPTEMBER 13, 2025 15:10Updated: SEPTEMBER 13, 2025 19:43
The IDF struck a high-rise building used by Hamas in Gaza City, the military announced on Saturday morning.
“Within the building, Hamas established military infrastructure used to advance and execute terrorist attacks against IDF troops in the area,” the military said.
Earlier, IDF Spokesperson in Arabic Avichay Adraee issued an evacuation order for Gaza City residents to move southward. More than 280,000 Gazans have already left the city, KAN reported, citing assessments by security officials.
Defense Minister Israel Katz on Saturday evening posted a video of the strike on X/Twitter. “The hurricane continues to strike Gaza. The Burj al-Noor terror tower has been destroyed, and Gaza residents are required to evacuate and head south.”
“Efforts to thwart surveillance and terror infrastructures continue, paving the way for the maneuvering forces – until Hamas is defeated and all hostages are freed,” the defense minister wrote.
Last Tuesday, the military issued its largest evacuation order for Gaza City yet. Past orders were localized in specific areas or used wording suggesting that an invasion was coming soon, but was less imminent.
Additionally, the military has increasingly struck high-rise buildings in the Gaza City Area.
IDF destroys several high-rise buildings in Gaza City area
In early September, the military destroyed three buildings after the IDF had warned residents to evacuate the area surrounding each of them.
Although the IDF has said that Hamas or other terror groups are using the buildings as lookout posts to follow the movements of its forces and to potentially plan or direct ambushes, it seems that the military is also destroying buildings to increase the stream of evacuees southward from Gaza City.
For weeks, the IDF has been warning Palestinians to evacuate Gaza City and head south.
Yonah Jeremy Bob contributed to this report. This is a developing story.
ISRAEL VS HAMAS
Netanyahu: Getting rid of Hamas leaders in Gaza would end war, free hostages
Reports by numerous Israeli media outlets state that the prime minister’s social media post largely implies that the Israeli strike in Doha to take out top-ranking Hamas officials had failed.
Prime Minister Benjamin Netanyahu arrives to the courtroom at the Distrcit court in Tel Aviv, September 10, 2025(photo credit: MOTI MILROD/POOL)ByJERUSALEM POST STAFFSEPTEMBER 13, 2025 20:20Updated: SEPTEMBER 13, 2025 20:50
Prime Minister Benjamin Netanyahu blamed Hamas for blocking ceasefire attempts in Gaza, specifically Hamas leaders living abroad, in a post on X/Twitter.
“The Hamas terrorists chiefs living in Qatar don’t care about the people in Gaza,” Netanyahu wrote.
“They blocked all ceasefire attempts in order to endlessly drag out the war. Getting rid of them would rid the main obstacle to releasing all our hostages and ending the war.”
Reports by numerous Israeli media outlets state that the prime minister’s social media post largely implies that the Israeli strike in Doha to take out top-ranking Hamas officials had failed.
Prior reports that Hamas officials likely survived
This comes two days after an Israeli official told The Jerusalem Post of the increased likelihood that no senior Hamas officials were killed in the strike.
Some senior Hamas officials are believed to have been injured, although this has not yet been fully confirmed.
The same day, a Qatari expert told The Media Line also that the Hamas officials who were targeted had survived.
Amichai Stein and Giorgia Valente/The Media Line contributed to this report.
END
ISRAEL GAZA/HAMAS
As Hamas urges Gazans to stay put, its leaders are trying to flee Strip, says Israel
COGAT chief says terror group’s ‘hypocrisy is blatant,’ as unit names 4 Hamas officials seeking safe passage for their families; IDF continues to fight operatives around Gaza City
By Emanuel Fabian Follow14 September 2025, 10:38 pm
Displaced Palestinians fleeing northern Gaza carry their belongings along the coastal road toward southern Gaza, September 13, 2025, after the Israeli army issued evacuation orders from Gaza City. (AP Photo/ Jehad Alshrafi)
Israel asserted on Sunday that, even as Hamas has urged Palestinians to stay put in Gaza City while the IDF calls on them to evacuate, several of the terror group’s leaders have submitted requests for themselves and their family members to be allowed to exit the Strip.
Maj. Gen. Ghassan Alian, chief of the Coordinator of Government Activities in the Territories, posted in Arabic on Facebook about the “hypocritical attempts of senior officials in Gaza City and the Hamas terror organization to evacuate their family members to a third country through the Israeli mechanism for evacuating Gaza residents.”
On X, COGAT, a Defense Ministry body which coordinates humanitarian matters in the Gaza Strip, echoed that statement. The post did not include copies of the requests themselves, which the unit said it denied.
“In recent weeks, several requests have been submitted by senior officials for their families to leave the Gaza Strip, some of whom even requested to leave themselves, but their requests were denied by Israel,” COGAT said.
The posts from COGAT come as the IDF’s offensive to conquer Gaza City appears to be imminent. The military has been bombing high-rises in the city that it says were used by Hamas, and its troops have been fighting Hamas operatives in the city’s surroundings.
As the offensive nears, the IDF called on Palestinians last week in all areas of Gaza City to leave. Out of the estimated 1 million Palestinians there, the military said on Sunday that some 300,000 have since left for other areas of the Strip.
While Hamas calls the residents of Gaza City NOT to move south, its operatives fear for their own lives and are seeking to leave the Gaza Strip. They are using residents of northern Gaza as human shields while looking out for their own interests. Two weeks ago, a member of the Gaza City Council, Anwar Atallah, fled the Gaza Strip together with his family through the mechanism operated by Israel that allows Gazans to exit via Jordan to a third country. Many other senior officials have submitted requests for their families to leave the Strip, and some have even asked to leave themselves, but their requests were denied by Israel. Israel continues to call on residents of northern Gaza to move south for their protection.
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93K Views
The reported number of evacuees is rising despite efforts by Hamas to prevent civilians from leaving. In his post, addressing Gazan civilians, Alian called it “a vile campaign against you to serve its murderous goals.”
But at the same time, several Hamas officials have sought a way out of the Strip entirely, COGAT said. Those who submitted the requests to leave and were denied, the agency said, include Muhammad Madhoun, a minister in the Hamas government, together with his family members; the family of Isma’il al-Ashqar, head of Hamas’s Foreign Affairs and Security Committee; and the family of Alaa a-Din Bata, head of a Hamas government committee.
In addition, COGAT said that Gaza City Council member Anwar Atallah left the Gaza Strip two weeks ago with his family to an unnamed country via Jordan, “with the approval of the defense establishment.”
Alongside the evacuation effort, the IDF has continued to battle Hamas operatives around Gaza City. In a recent operation nearby, in Beit Hanoun in the far north of the Gaza Strip, the IDF and Shin Bet said at least 11 Hamas operatives were killed inside the terror group’s tunnels.
In August, the IDF declared that Hamas’s Beit Hanoun Battalion had been defeated after the final remaining gunmen there were either killed or surrendered to troops. But Sunday’s announcement indicated that several operatives had either returned to the area or were previously undiscovered.
IDF troops in the 36th Division operate in the Gaza Strip, in an image published on September 11, 2025. (Israel Defense Forces)
The IDF said that last week, troops of the Gaza Division’s Northern Brigade, alongside Shin Bet forces, set out to locate the Hamas operatives who were still in Beit Hanoun. The operation focused on the kasbah, or fortified quarter of Beit Hanoun, following indications that the operatives were holed up there.
As part of the operation, the IDF said ground troops directed an Israeli Air Force drone to strike several sites in Beit Hanoun, including tunnel shafts and a “significant” underground route. So far, according to the military, the bodies of 11 Hamas operatives have been discovered inside the tunnels, including field commanders.
Referencing the fighting, Alian urged civilians to leave the area, as he said Hamas’s local leaders were trying to do.
“While the Hamas terrorist organization calls on you, the residents of Gaza City, not to move south, its operatives fear for their own lives and are seeking to leave the Gaza Strip,” Alian wrote on Facebook. “They are using you as human shields while looking out for their own interests.”
“Hamas’s hypocrisy is blatant,” he continued. “While its operatives try to flee the Strip with their families, the murderous organization abandons you, the residents of Gaza, and exerts psychological terror on you to remain in Gaza City as human shields.”
ISRAEL/PALESTINIANS
‘No Palestinian State, This Place Is Ours’: Netanyahu Rejects UN Two State Recognition
Saturday, Sep 13, 2025 – 12:15 PM
Israeli Prime Minister Benjamin Netanyahu has firmly rejected the idea of Palestinian statehood at a moment it is being pushed in the UN General Assembly, declaring, “There will be no Palestinian state – this land belongs to us.“
His audience burst into loud applause, at a celebratory event marking a major housing deal in Ma’ale Adumim this week. The occasion was an “umbrella agreement” between the Israeli government and Ma’ale Adumim, which includes the planned development of the highly contested E1 area, a highly sensitive zone both Israel and the Palestinians recognize as geopolitically crucial to their futures.
Construction in E1 would effectively sever the territorial continuity of a future Palestinian state, which has resulted in fierce condemnation from those who deem it an intentional and decisive blow to any two-state solution.
Underscoring how controversial developing this piece of land has been, the 12-square-kilometer (4.6 sq. mile) area in Judea has sat untouched for several decades. It was first proposed for Israeli development in 1994, but has seen no movement since, amid international pressure.
Ma’ale Adumim, at currently some 40,000 residents, will see the expanse into the contested land zone result in an additional 7,000 new housing units, or enough for about 30,000 more Israelis.
“[T]his is about to realize the doubling of the city of Ma’ale Adumim. There will be 70,000 people here in five years. That will be a huge change,” Netanyahu said in his speech.
Netanyahu’s firm declaration that “there will be no Palestinian state” was a direct challenge on the ground to what’s happening at the United Nations meeting in New York:
The U.N. General Assembly voted overwhelmingly Friday to support a two-state solution to the Israel-Palestinian conflict and urge Israel to commit to a Palestinian state, which Prime Minister Benjamin Netanyahu vehemently opposes.
The 193-member world body approved a nonbinding resolution endorsing the “New York Declaration,” which sets out a phased plan to end the nearly 80-year conflict. The vote was 142-10 with 12 abstentions.
Of course, this is largely symbolic – but Israel’s relations with leading European countries such as France and Germany have been very negatively impacted, also as some like Denmark even mull sanctions.
Gaza too is expected to be occupied indefinitely by an Israeli troop presence, especially now that Netanyahu has committed to the full Gaza City offensive and takeover.
END
ISRAEL GAZA SUNDAY
Israel levels three towers in Gaza City as residents continue to evacuate area
Gaza hospital reports family, including three children, dead in airstrike; IDF asserts that 300,000 of the million people who were in the strip’s main northern city have headed south
By Emanuel Fabian, Follow
Nurit Yohanan Follow
and AgenciesToday, 4:35 pm
Footage shows the aftermath of IDF strikes on Gaza City which leveled the Al-Kawthar Tower after an evacuation warning on September 14, 2025. (Youssef Hassouna/AFPTV/AFP)
The Israel Defense Forces said Sunday morning that dozens of terror operatives had been killed across Gaza over the previous 24 hours, as fighting in Gaza City continued to intensify and Palestinians continued to flee amid looming Israeli plans to capture the city.
The IDF struck three tall buildings in Gaza City on Sunday after issuing separate evacuation warnings for all three, including a university building, which Israel said was being used by Hamas.
Meanwhile, a fresh IDF estimate said that more than 300,000 Palestinians had so far evacuated Gaza City, out of approximately a million who were in the city, for other areas of the Strip.
Hospitals in Gaza said Israeli strikes had killed at least 13 people on Sunday; Hamas-controlled authorities, which do not distinguish between civilians and combatants, also reported Saturday that at least 47 people had been killed in Israeli strikes in Gaza over the previous 24 hours.
The IDF confirmed carrying out airstrikes on three high-rise towers in Gaza City on Sunday following evacuation warnings for Palestinian civilians in the vicinity.
On Sunday morning, residents said the Kawthar tower, in the Tel al-Hawa neighborhood, was flattened to the ground about an hour after an IDF warning. There were no immediate reports of casualties. According to the military, Hamas had placed surveillance equipment in that building to track IDF troop movements in the area, in order to advance attacks.
In the afternoon, footage posted by Palestinian media showed a strike against the Mahna Tower high-rise, also in Tel al-Hawa, also following an IDF evacuation warning. Shortly afterward, Israel destroyed the al-Munawwarah City building on the Islamic University of Gaza campus, Palestinian media reported.
According to the military, Hamas had placed surveillance equipment and set up observation posts in the Mahna Tower and a building on the Islamic University campus, in order to track troop movements and advance attacks.
The military said Hamas operatives “prepared to carry out attacks against IDF troops in the area of one of the buildings that was struck.”
Palestinians watch as a building collapses amid heavy smoke, during an Israeli strike in the Tal el-Hawa neighborhood of Gaza City on September 14, 2025. (Omar AL-QATTAA / AFP)
Five days after Israel issued an evacuation order for the entirety of Gaza City ahead of a planned offensive there, the IDF asserted that more than 300,000 Palestinians had so far evacuated Gaza City to other areas of the Strip, according to fresh estimates.
Tens of thousands of people had left the area in the past day, the military said on Sunday.
Around one million Palestinians were estimated to be residing in Gaza City before the IDF began to prepare for a major offensive against Hamas there. Last week, the IDF ordered all of Gaza City to evacuate immediately ahead of the planned offensive.
Civilians have been instructed to head for an Israeli-designated humanitarian zone in the Strip’s south. Israel has said it will take over Gaza City, calling it one of Hamas’s last strongholds, and mobilized tens of thousands of reservists for the operation.
Displaced Palestinians evacuating southbound from Gaza City travel on foot and by vehicle along the coastal road in Nuseirat in the central Gaza Strip on September 13, 2025. (Eyad BABA / AFP)
The UN and aid groups have warned that displacing hundreds of thousands of people will exacerbate a dire humanitarian crisis in the enclave. Sites in southern Gaza where Israel is telling people to go are often overcrowded, according to the UN, and it can cost money to move, which many people don’t have.
Displaced Gazans say they were stopped from setting up tents
Amid the mass evacuation effort, however, displaced Gazans have — in at least two instances — said they were prevented from setting up tents in an area of the southern Strip.
A video circulating on social media Sunday showed a man in an area north of Khan Younis claiming he was prevented from setting up a tent at the site, saying he was shot at when he tried to do so.
From the footage, it was not clear who the man believes attacked him.
Abdallah, a Gaza City resident who asked not to be further identified, told The Times of Israel that his neighbor left Gaza City after the Israeli military issued an evacuation order amid a widening offensive, and set up a tent in the same area of the south shown in the video.
He said that it was Hamas members who blocked displaced residents from setting up the tents, arguing the land was “government property.”
It should be noted that some accounts on social media claimed that it was private individuals who were preventing evacuated Gazans from setting up the tents.
Strikes across the Strip continue
On Sunday, at least 13 Palestinians were killed and dozens were wounded in multiple Israeli strikes across Gaza, according to local hospitals.
Two parents, their three children and the children’s aunt were killed in one strike, according to the Al-Aqsa hospital. The family was from the northern town of Beit Hanoun, and arrived in Deir al-Balah last week after fleeing their shelter in Gaza City.
The IDF did not have immediate comment on the particular strikes, but it said Sunday that dozens of terror operatives had been killed in airstrikes in Gaza over the past 24 hours.
Footage released by the IDF on September 14, 2025, shows strikes carried out by the 282nd Artillery Regiment in the Gaza Strip against Hamas operatives. (Israel Defense Forces)
In Jabalia and on the outskirts of Gaza City, the IDF said troops of the Givati Infantry Brigade killed more than 10 operatives and destroyed Hamas infrastructure, and that the 215th Artillery Regiment killed additional operatives and destroyed weapon depots.
On the outskirts of Gaza City’s Sheikh Radwan neighborhood, the IDF said troops of the 401st Armored Brigade led a strike that killed a group of at least 10 Hamas operatives who were identified in the area.
Also over the weekend, in northern Gaza, the military said the 990th Reserve Artillery Regiment killed additional operatives and destroyed a Hamas anti-tank missile launch post used in a previous attack, and that the Yiftah Reserve Infantry Brigade and Gaza Division’s Northern Brigade destroyed several buildings being used by Hamas for surveillance.
Israeli forces operate in the Gaza Strip, in a photo released September 14, 2025. (Israel Defense Forces)
In southern Gaza, reservists of the Etzioni Reserve Infantry Brigade destroyed Hamas surveillance equipment and killed several operatives, the IDF added.
IDF names some Hamas commanders killed in last month
The military also said Sunday that more than 20 Hamas terrorists, including several who participated in the October 7, 2023, onslaught, have been killed in strikes carried out by the 282nd Artillery Regiment in the past month.
Among the slain terrorists who invaded Israel on October 7, 2023, was Yousef Jumaa, the commander of a terror cell that raided Kibbutz Alumim, the IDF said, adding he also carried out attacks against Israel and IDF troops in Gaza during the war.
Other operatives killed in the regiment’s strikes were named by the IDF as Samir Laqta, the commander of a Nukhba force cell; Issa Abbas, a company commander in Hamas’s Zeitoun Battalion; and Ismail Adwan, Ahmed Adwan and Mohammed Adwan, all members of Hamas’s Beit Hanoun Battalion.
Water pipeline to south Gaza resumes after repairs
Water supply to the southern Gaza Strip via a pipeline from Israel has resumed following repairs carried out by international organizations, Israel’s Coordinator of Government Activities in the Territories said on Sunday.
The Bani Suheila pipeline, near Khan Younis, is one of three water lines from Israel to Gaza.
COGAT did not specify how the pipeline had been damaged. The water lines to Gaza have been repaired several times during the war.
COGAT stated that with the line operational again, approximately 14,000 cubic meters of water are being delivered daily to Palestinians in Deir al-Balah, Khan Younis, and the Mawasi area on the coast.
Displaced Palestinians seen near their tents at the Nuseirat camp in the central Gaza Strip, September 13, 2025. (Ali Hassan/Flash90)
Hamas authorities report two malnutrition-related deaths
The Hamas-controlled health ministry claimed on Sunday that two Palestinian adults had died of causes related to malnutrition and starvation in the Gaza Strip over the last 24 hours.
That brought the ministry’s death toll from malnutrition-related causes to 422, including 145 children, since the war began.
Israel denies that there is starvation in Gaza, and has said that a series of steps it took in July to facilitate the entry and distribution of humanitarian aid have brought food prices in Gaza’s markets back down. The prices shot up amid a two-month Israeli blockade on all aid from March to May, which Israel said it imposed to pressure Hamas to release hostages.
Times of Israel staff contributed to this report.
END
WEST BANK/ISRAEL/UAE
A GOOD READ
| Israel Was Looking For More Than Revenge in Doha |
| Also, why Jerusalem should take the UAE’s annexation warning seriously, and Syrian President Amhed al-Sharaa makes a questionable hire. |
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| A building in Doha following Israel’s strike on senior Hamas officials. |
| It’s Friday, September 12, and the Arab diplomat walked through the corridors of Washington’s MEAD conference just as the news came in about the assassination attempt in Qatar. What’s your reaction, he was asked. “This is very serious,” he replied. But a wide grin spread across his face. “Very serious,” he repeated, still smiling. This very week last year, the same forum convened in Washington, and the difference between the two is instructive. Last year, it was a week since the murder of the six hostages in Gaza, and a week before Israel’s pager operation against Hezbollah. At the time, Israel looked like a battered truck that had entered a one-way street against the traffic, with no way out. On the conference stage, the Biden administration justified the partial arms embargo, while then-envoy Amos Hochstein explained that Israel had nothing to gain—and only what to lose—from war with Hezbollah. Iran, meanwhile, was racing toward nuclear capabilities. A year later, senior Trump officials explained on stage why they would back Israel—almost at any cost. The new president’s envoy, Tom Barrack, predicted imminent Israeli-Lebanese normalization, and spoke of the dismantling of Hezbollah in a matter of months. Last year, Israel was the punching bag of the Middle East. Now the perception is that it is the neighborhood bully that needs restraint. The Jewish state’s neighbors, meanwhile, did not exactly mourn the slap Qatar received, but they fear nevertheless that Israel is overstepping its bounds. In April, Strategic Affairs Minister Ron Dermer said that within a year the war would already be over, and normalization agreements would be signed with various states in the region. That forecast has not changed—in fact, it has apparently become more optimistic. Dermer now believes the war can be over with by the end of 2025. Indeed, the assassination attempt in Doha was meant to achieve just that. The hope was that the killing there would do to Hamas what Hassan Nasrallah’s assassination did to Hezbollah—removing those opposing a ceasefire from the picture. The very fact that Donald Trump’s Gaza proposal is being seriously discussed within the terror organization’s leadership shows their deep concern. A senior source once suggested to me that hostages for Hamas are like nuclear weapons for a threatened state—their number can be reduced, but there will always be at least one for survival. Perhaps the analogy was not entirely accurate. If Hamas is convinced that Israel will enter Gaza City, and that entry into the city means Hamas’ defeat, it may release the living hostages to prevent its total destruction. The people who opposed that vocally were supposed to be in the Red House in Qatar. The above is an excerpt from my Shabbat column in Israel Hayom. |
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| The Abraham Accords signing ceremony at the White House. (Avi Ohayon/GPO) |
| Israel is no stranger to other nations threatening that if it pursues X policy, its ties with the world will be damaged. But the Jewish state often dismisses such threats—and rightly so. However, the UAE’s warning that extending sovereignty over Judea and Samaria “would be a red line” should be taken very seriously. I explained why in my Shabbat column for Israel Hayom. *** One morning, not long ago, a policeman knocked on the door of the UAE embassy in Israel. I’m very sorry, he said, but you need to immediately take down the flag on top of the building. Why, asked the guard. Because Palestinian flags are not allowed. To the policeman, the red-black-white-green flag looked identical to the one Hamas personnel wave. Perhaps he thought all Arabs are the same. They are not. In fact, apart from Trump’s White House, Israel has no closer friend than Abu Dhabi. After decades of cold, resentful peace with Egypt and Jordan, the Emiratis arrived in 2020 with a boiling peace—a true peace between states and peoples. Unlike other Arab states (and unfortunately the UN and many European nations), they expressed unconditional horror over October 7, and unlike others, have consistently and genuinely supported eliminating Hamas once and for all. Indeed, the Emirati ruler sent his soldiers to six wars against the Muslim Brotherhood, instead of funding them like Qatar. Since long before the Israelis, the UAE has understood what it means to have territory controlled by that satanic movement. The understanding that both states share a common struggle against Iran and its proxies is why FlyDubai continued flying here even when all foreign airlines stopped, and it is why the Emiratis don’t press Jerusalem on the Palestinian issue, despite the furious Arab street. And so, when friends speak, it’s worth listening. The Emiratis are signaling growing discomfort over the Judea and Samaria sovereignty plan. Not out of any care for the rotten Palestinian Authority, which they too despise, but because for the UAE, it might be one step too far. Many threats are worth ignoring, especially if they’re given in a French or German accent. This is not one of those cases. Is there an explicit threat to scrap the Abraham Accords? No, and there probably never will be. But the question is whether it’s worth taking the risk of pushing them backward. The peace that erupted in 2020 is not only an obvious Israeli interest, but also a right-wing one: proof that, unlike all the visions of Yossi Beilin, Shimon Peres, and Tzipi Livni, the road to peace in the Middle East does not go through Ramallah. It is proof that standing firm on principles and security does not harm normalization but encourages it. It would be a tragedy, no less, if the Abraham Accords entered the freezer named after Hosni Mubarak. There is no need to accept the UAE’s condition that it will only enter Gaza with an invitation from the (renewed) Palestinian Authority. But Israel does need to consider how it can balance the vital need to eliminate the risk of a terror state in Judea and Samaria with preserving ties with true friends in the region. The Emiratis suggest, for example, funding a moderate education system in both Gaza and Judea and Samaria, instead of the PA’s current system full of incitement. They might be able to live with less symbolic steps than sovereignty, but no less practical ones like transferring territory in Judea and Samaria from Palestinian to Israeli security control. Perhaps this is the way to keep both the Abraham Accords and the ancestral homeland. |
HOUTHIS VS ISRAEL
these crazy Houthis!! sooner or later they will be blown to bits
(zerohedge)
Watch: Drone Erupts Over Israel’s Southern Airport, Now Under Repeat Attack
Monday, Sep 15, 2025 – 09:25 AM
This weekend saw a lot of drone action out of Yemen against Israel. This included Houthi military leadership claiming that three drones struck Ramon Airport in the southern city of Eilat, while a fourth allegedly hit a military installation in the Negev region.
The Houthis claimed all drones successfully reached their targets, but dramatic footage was published from Israel of the inbound drone attack, with at least one being blown up during a daytime raid – perhaps contradicting the Houthi claims. For example, below is the moment a Houthi drone erupts over near Ramon Airport.
Israeli media indicated that sirens were activated in the nearby town of Be’er Ora following the launch of an interceptor missile by the Iron Dome system, which successfully destroyed the large UAV, still leaving concerns over falling debris.
Israeli leadership did not acknowledge any destructive drone impact at Ramon. This is unlike last week, where there was clear damage left at the southern airport, after at least one drone made it past Israel’s anti-air defenses.
The airport has since opened up after making repairs, only to see itself once again come under Houthi assault. An elderly man had been injured in that prior attack.
Israel’s YNet on Sunday reported that “four days after the strike on Ramon Airport and less than 24 hours after the Israeli military bombed Houthi targets in Yemen, the rebels are continuing to launch drones toward Israel.”
Last Wednesday say another IDF retaliatory attack on Yemen, which it said were Houthi military camps where operatives were gathered, as well as a strike the headquarters of the terror group’s propaganda division, and a fuel depot. Scores were reported injured and killed in this latest aerial raid.
Meanwhile, Al Jazeera points out that last week Israel attacked six countries, among them Qatar (targeting the Hamas leaders in Doha) – which is a first.
“The attack was part of a wider wave of Israeli strikes extending beyond its immediate borders, and marked the sixth country attacked in just 72 hours and the seventh since the start of this year,” the publication writes.
This included strikes on Lebanon and Syria as well, at a moment Washington is pressuring the Lebanese government to disarm Hezbollah. But so long as the Israeli strikes on south Lebanon continue, Hezbollah says it is not gong to disarm. The Houthis are also refusing to relent in their Gaza-related aggression on Israel and in the Red Sea.
RUSSIA VS UKRAINE
Kremlin Confirms Ukraine Talks ‘On Pause’ As Zelensky Rules Out Giving Up The East
Friday, Sep 12, 2025 – 04:40 PM
The Kremlin confirmed Friday what most observers should consider obvious at this point – Ukraine peace talks are not happening. Putin spokesman Dmitry Peskov told a Friday press briefing that talks to end the war in Ukraine are on “pause”.
“Negotiators remain in contact, but for now it is probably more accurate to speak of a pause,” Peskov said, after the sides met twice so far this year, which resulted from President Trump’s efforts to mediate.
“You shouldn’t wear rose-tinted glasses and expect lightning-fast results,” Peskov added, which seemed an indirect criticism of Trump’s earlier claims of being able to achieve peace quickly.
Interestingly, Peskov took a swipe at European leaders, describing the so-called ‘coalition of the willing’ as actively “impeding” negotiations. He sill emphasized that Moscow is committed to the “path of peaceful dialogue.”
The Western allies have been pushing ‘security guarantees’ which include troops from NATO countries which are to make up a ‘reassurance force’ – a prospect which Russia has condemned as an impossibility.
As for President Trump’s assessment of where things stand, he offered this in a Friday Fox News appearance:
Meanwhile, Ukrainian President Zelensky has again ruled out giving up “the east”, saying it cannot be a “bargaining chip” – in fresh comments. This stance is nothing new, but territorial concessions will be key in any future permanent peace deal.
Despite slow but steady Russian gains on the ground, Zelensky is still holding out hope of gaining the military momentum, despite being outgunned and outmanned.
Politico writes, “Vladimir Putin told Donald Trump and U.S. special envoy to Ukraine Steve Witkoff that he intends to occupy Ukraine’s eastern Donbas region in a few months, Volodymyr Zelenskyy said in an interview published Tuesday.”
Zelensky told ABC News, “That is, he [Putin] says that in three to four months, and this is what he told the Americans, the White House, and President Trump’s representative Witkoff, he said that he would take Donbas in two to three months, maximum four months.”
Ukraine war headlines have largely receded to the background this week, in wake of the horrific assassination of Turning Point USA founder Charlie Kirk. Yet fighting and the intensified cross-border attacks, particularly targeting each’s energy sites, continue on with no end in sight.
END
RUSSIA/UKRAINE/USA/NATO EUROPE
Trump Backs Off Promise To Sanction Russia, Issues Ultimatum To NATO
Saturday, Sep 13, 2025 – 02:35 PM
President Trump’s prior two week deadline where he vowed to make a big decision on Russia has come and gone. He’s now backing off the prior threat to impose heightened sanctions on Russia, including secondary sanctions which would seek to punish its trading partners, particularly China and India.
There’s been no peace agreement, and the latest out of both Russian and Ukrainian leaders suggests negotiations are effectively dead at this point, as Moscow forces keep advancing in the east village by village. There’s been little to no momentum from the Alaska summit with Putin.
On Saturday Trump made clear in a long Truth Social post that he’s backing off pulling the trigger on new sanctions, and listed things NATO members would have to do for it to happen. He set some new standards which are very unlikely to met by all NATO countries – or rather a significant ultimatum.
All NATO countries must stop buying oil from Russia and in parallel agree to sweeping tariffs on China, Trump explained Saturday, throwing down the gauntlet.
“I am ready to do major Sanctions on Russia when all NATO Nations have agreed, and started, to do the same thing, and when all NATO Nations STOP BUYING OIL FROM RUSSIA,” Trump wrote Social Saturday morning.
He described his words as a letter to America’s allies and to the world: “As you know, NATO’S commitment to WIN has been far less than 100%, and the purchase of Russian Oil, by some, has been shocking,” he continued.
“China has a strong control, and even grip, over Russia, and these powerful Tariffs will break that grip,” Trump’s ‘letter’ continues. He then made his position clear that tariffs on China would “be of great help in ENDING this deadly, but RIDICULOUS, WAR.”
China and India are of course at this moment the two biggest importers of Russian oil, in that order, but what’s less well known is that NATO member Turkey is the third largest. Ironically, Turkey maintains the second largest military in NATO, next to the United States.
It continues, alongside Orban’s Hungary and Fico’s Slovakia, to be a thorn in the side of ‘NATO unity’ regarding Russian energy imports. According to one recent energy industry study:
In the first half of 2024, Turkey has risen from being the 14th largest buyer of Russian crude oil before Russia’s full-scale invasion of Ukraine, to the third largest importer.
In the same period, three Turkish refineries have used EUR 1.2 bn worth of Russian crude to create oil products that are then imported by G7+ countries.
Imports of refined oil products from Turkey’s STAR Refinery, Tupras Izmit Refinery, and the Tupras Aliaga Izmir Refinery have generated an estimated EUR 750 mn in tax revenues for the Kremlin to finance its brutal war on Ukraine.
The Russian oil and gas sector is a crucial revenue stream for the Kremlin, contributing 32% to the federal budget in 2023, a decrease from 42% in 2022. Furthermore, the Kremlin allocated a third of all 2024 spending on the military.
X.com/JavierBlas/status/1966864911709204857?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1966864911709204857%7Ctwgr%5E9e16f5c7ab458ade34bb7dbf158b8279fc182c0a%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.zerohedge.com%2Fenergy%2Ftrump-backs-promise-sanction-russia-issues-ultimatum-nato
This means that getting all of NATO on the same page regarding both Russian energy imports and China tariffs would be all but impossible.
Trump additionally pointed out in his fresh message, “This is not TRUMP’S WAR (it would never have started if I was President!), it is Biden’s and Zelenskyy’s WAR. I am only here to help stop it.”
END
RUSSIA VS UKRAINE AND NATO
ROBERT H
Hal Turner Radio Show – Kremlin: “NATO is at war with Russia”
I wish that people would listen, read, and think. However, people do not, leadership was handed to politicians who see survival at the expense of the public as a right. They are truly wrong and have learnt nothing from history.
Of course when NATO supports with money and troops and weapons the fight the veneer of war is defined by a useful proxy called Ukraine. It has never been about Ukraine but the larger goal of destroying Russia and getting the 75 trillion + in raw resources to save the EU from collapse. This is truly delusional thinking and Europe is not capable of winning.
We can spin this ball in any way we want. But the fact remains that without such support this conflict would have never started and even if it did, it would ended long ago. So yes this is a fight between NATO and Russia. The purpose of NATO died with the Soviet Union. There is no reason to fight others than without the boggy-man called Russia. What purpose does NATO serve? Ask before it is too late to ask.
Europe is being goaded and guided into a war it will lose and lose badly. Slovakia has the common sense to see this. It would be helpful to see more countries see and act. Unless the public rises and soon, war will beckon shortly.
The admission here is only to give notice that Russia understands and has prepared accordingly. Russians do not threaten they act, and this public comment simply means notice is being served that Russia is ready. Do not think for a second that Europe will be handled with kindness. Russian missiles will come calling and in great numbers and speed. Please understand that Russia has a wartime economy, Europe does not! And CHINA has already publicly stated it will not allow Russia to lose. Do you know that NORTH KOREA surprised Russia by offering 100,000 ready and equipped combat troops to Russia?
While actual war with many countries sending troops to die is a fool’s errand. Just like Macron telling French Hospitals to prepare for 50,000 wounded soldiers by March of next year. Physical war will be fought with long range missiles and not at a line of contact. Have no illusions! Cities and industries will be impacted severally. Neither the cities nor industry has prepared for this. Well over a decade ago in Belarus even villages had bug out shelters for attack. What does the EU have?
Europe stands just short of a depression like era. The debt is not sustainable. Nor is physical war the answer. Yes, perhaps convenient to stay in power longer but the days and time of the EU is numbered. As in its current form it cannot survive. Today like at its inception there is one currency and yet each county’s debt is priced separate as to risk. This is the flaw. Conflict can only bring down each country’s debt faster, and then think contagion. Remember Greece and how Greece was made to pay for what should have been a common problem. The contagion Europe faces is unreal. As it is goods from Europe are being thought about quite different than before. What is the real value of say a vehicle if parts are not availed due to conflict. There is a risk factor here that is ignored. Even real estate value is questionable in a time of war as there are fewer buyers. And be sure, liquidity is shrinking because capital is running. Even without war, England and France are on the edge of asking and needing help from the IMF. The IMF does not fund war economies, which is why they are now resisting giving any more money to Ukraine.
When the first real shots are fired by a country outside of Ukraine or when the first NATO country troops enter Ukraine in plain view as opposed to being covert you will see CAPITAL CONTROLS. Hotels even now in Europe will not accept more than a $1000 in cash.
The only questions are who will be ready and who will stay out?
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
ROBERT H
Luther ‘Ćyrus’ on X: “Breaking 
: Leading experts in Canada have issued a global alert after an investigation confirmed that an “alarming” surge in “unexpected” or “excess” deaths is linked to Covid “vaccine” mandates. A shocking new report from one of Canada’s leading constitutional rights groups https://t.co/pI1gMpjS78″ / X
This is maddening. Why anyone still takes these shots is beyond comprehension.
How many people have lost loved ones prematurely? And how many people had adverse impact on their health?
https://x.com/Censored4sure/status/1966281274827346359
Robin Monotti on X: “WHY DO COVID “VACCINES” CAUSE CANCER? Angus Dalgleish, Professor of Oncology at St George’s Hospital Medical School in London, former President of the Clinical Immunology and Allergy Section of the Royal Society of Medicine explains. https://t.co/4xxsKgem2F” / X
Insanity on full display. Or simply criminal behavior. How many families will pay a price for this ?????
https://x.com/robinmonotti/status/1966388533410611695
GLOBAL ISSUES
US Official Warns Of New Deadly Synthetic Opioid From China
Monday, Sep 15, 2025 – 06:30 AM
Authored by Darlene McCormick Sanchez via The Epoch Times,
U.S. authorities are warning of a new synthetic opioid from China that can be up to 50 times more potent than fentanyl.
Nitazenes pose an emerging threat as they are more resistant to naloxone, a medication that can reverse opioid overdoses. They are often mixed with other drugs and delivered in the form of counterfeit pills mimicking drugs such as Xanax or Percocet, according to authorities.
Frank Tarentino, who heads the Drug Enforcement Administration’s (DEA) New York Division, said that the presence of nitazenes coming from China has been increasingly prevalent on the illicit drug scene.
“Here in the United States, we have found it in heroin, methamphetamine, in some cases fentanyl, and more alarmingly, we have now seen it pressed into pills,” he said in a Sept. 10 interview with NTD, The Epoch Times’ sister media outlet.
“What we have seen is that these cartels, these transnational criminal organizations that are operating on a global scale, are intentionally lacing their drugs with fentanyl and now nitazenes to increase the high, to increase the addiction, to make more money.”
Tarantino said that traffickers are selling counterfeit prescription drugs such as oxycodone on the streets, online, or on social media. He warned that the only safe place to buy prescription drugs is through a legitimate pharmacy.
Chinese companies and Mexican cartels are turning to nitazenes, a cheap synthetic opioid, particularly as pressure mounts on fentanyl production and distribution.
Some cartels have shifted to nitazenes due to a recent crackdown on fentanyl precursor chemicals coming from China, noted Sally Sparks, a public information officer with the DEA’s Houston Division.
“We are also seeing street-level drug dealers mixing it with the fentanyl, heroin, and cocaine,” she told The Epoch Times via email.
President Donald Trump made tackling the fentanyl crisis a signature issue during his administration, moving to impose tariffs on China and Mexico while declaring Mexican Cartels terrorist organizations to fight the influx of the deadly drug.
Congress passed the HALT Fentanyl Act, which Trump signed into law in July. It permanently classifies fentanyl-related substances as Schedule I under the Controlled Substances Act, thus increasing penalties for possession and distribution.
President Donald Trump speaks before signing the HALT Fentanyl Act in the East Room of the White House on July 16, 2025. Nathan Howard/Reuters
Like fentanyl, nitazene production has been tied to China.
In one instance, nitazenes were allegedly imported into the United States and Mexico by a China-based company and its employees, according to a 2023 U.S. Department of Justice press release announcing eight indictments.
“Drug traffickers typically mix protonitazene and metonitazene with other opioids, such as fentanyl, to create new and more powerful cocktails of dangerous opioids,” the release stated.
Depending on their production methods, these drugs can be up to 50 times stronger than fentanyl and heroin, according to the Inter-American Drug Abuse Control Commission.
Nitazenes were relatively unknown until recently, except for researchers studying opioids. They began showing up as pressure on fentanyl manufacturing and distribution intensified.
This class of drugs was developed in the 1950s and emerged in 2019 on the illicit drug market in Europe before spreading to the United States and beyond.
Dr. Stephen Loyd, director of the Office of Drug Control Policy in West Virginia—the epicenter of the national fentanyl crisis—described nitazenes as an emerging threat, similar to how xylazine, an animal tranquilizer sometimes mixed with fentanyl, was viewed a few years ago.
“The nitazenes are the kind of drug de jure to do that,” Loyd told The Epoch Times, adding they are the “next step” for drug dealers.
Greater amounts of naloxone, which can reverse opioid overdose, have been needed to save people from nitazenes because of their potency, according to the Centers for Disease Control and Prevention.
Drug overdose deaths, mainly attributed to fentanyl, decreased by some 25 percent across the country from February 2024 to January 2025, according to provisional data from the CDC.
However, drug overdose remains the top cause of death for those between 18 and 44 years old, according to Dr. Allison Arwady, director for the CDC’s National Center for Injury Prevention and Control, who spoke at the National Conference of State Legislatures Summit in August.
Loyd noted that the recipes for some of these synthetic opioids, which are cheap to make, are available on the internet and that the only thing drug cartels need to produce them is a skilled chemist.
Most of West Virginia’s overdoses can be attributed to more than one drug, he said. Heroin, for example, likely has fentanyl or nitazenes, he said.
“They blend this … basically in bullet blenders that you get from Walmart,” he added.
Nitazenes have been connected to more than 18,000 fatal and nonfatal EMS encounters for overdose across the country from Jan. 1, 2023, to April 30, 2025, according to the National Drug Early Warning System.
States on the East Coast, such as Virginia, South Carolina, and Georgia, appear to be particularly hard hit.
But recently, nitazenes have grabbed headlines in states such as Texas.
The DEA Houston Division has seen a spike in the number of fatal drug poisonings related to nitazene, more specifically N-pyrrolidino protonitazene (pyro) during the past 18 months, Sparks said.
Pyro is 25 percent more potent than fentanyl, she added.
Agents have seized drugs laced with nitazenes in Houston, San Antonio, and Austin.
“We’re mainly seizing pills pressed to look like legitimate prescription drugs like hydrocodone and Percocet,” she said.
This year has seen 11 deaths associated with nitazene in the Houston area, Sparks said.
The victims’ ages range between 17 and 59 years old. Also, in rural East Texas, a 16-year-old girl died of a drug overdose in July that authorities suspected was fentanyl, but turned out to be pyro.
Loyd said there will always be a new illicit drug on the horizon. Efforts to stop the cartels are needed, but treating people for addiction is the only real solution.
“You’ve got to treat people and decrease demand. If you don’t do that, the supply will meet the demand 100 percent of the time,” he said.
END
Multidrug-Resistant Fungus Spreading Rapidly In Europe: ECDC
by Tyler Durden
Monday, Sep 15, 2025 – 03:30 AM
Authored by Naveen Athrappully via The Epoch Times (emphasis ours),
A multidrug-resistant fungus is spreading quickly across hospitals in Europe, posing a major threat to health care systems and patients, the European Centre for Disease Prevention and Control (ECDC) said in a Sept. 11 statement.
“Candidozyma auris (C. auris) is a fungus that usually spreads within healthcare facilities, is often resistant to antifungal drugs, and can cause severe infections in seriously ill patients. Its ability to persist on different surfaces and medical equipment and to spread between patients makes it particularly challenging to control,” the ECDC said.
“Case numbers are rising, outbreaks are growing in scale, and several countries report ongoing local transmission.”
Symptoms of C. auris infection include fever, high heart rate, low body temperature, fatigue, pain or pressure in the ear, and low blood pressure, according to the Cleveland Clinic.
According to a survey report released by ECDC on Sept. 11, there have been 4,012 cases of C. auris infections or colonization in the European Union (EU) or European Economic Area (EEA) countries between 2013 and 2023. Colonization involves the presence of fungus in a host without causing an illness.
The ECDC says a rapid spread of the infection is due to it becoming endemic in areas where there was no presence earlier.
The top five European nations with the highest C. auris case numbers during this period were Spain with 1,807 incidents, Greece with 852, Italy with 712, Romania with 404, and Germany with 120 cases, according to the report.
Since 2020, case numbers have been increasing rapidly, with 1,346 cases reported by 18 countries in 2023, it said.
“Despite this increase, the recorded case numbers only reflect the tip of the iceberg as systematic surveillance is not in place in many countries,” the report warned.
In Greece, Spain, and Italy, the time period between the first documented C. auris incident and the infection becoming endemic in the region has been five to seven years, “showing how rapidly C. auris can spread through hospital networks.”
“This rapid dissemination of C. auris is of serious concern and points to a high risk for continued C. auris spread throughout European healthcare systems,” the report states. “With increasing C. auris cases and its widespread geographic distribution, sustained control will become more difficult.”
The report suggested implementing early detection and surveillance systems, as well as rapid infection prevention and control measures, to mitigate the impact on patients.
In its statement, ECDC said only 17 out of the 36 EU/EEA nations currently have a national surveillance system to monitor C. auris, with only 15 having developed specific infection prevention and control guidance at the national level.
“C. auris has spread within only a few years—from isolated cases to becoming widespread in some countries,” Dr Diamantis Plachouras, head of ECDC’s Antimicrobial Resistance and Healthcare-Associated Infections Section, said.
“This shows how rapidly it can establish itself in hospitals. But this is not inevitable. Early detection and rapid, coordinated infection control can still prevent further transmission.”
Patients infected or colonized with C. auris can spread the fungus onto objects in health care settings, such as bedrails and doorknobs, according to an April 2024 post by the U.S. Centers for Disease Control and Prevention.
Other individuals may then come into contact with these surfaces, thereby becoming colonized or infected by the fungus, the CDC said.
“C. auris mostly affects patients with severe underlying medical conditions and those requiring complex medical care and invasive medical devices. Invasive medical devices are often necessary but create pathways for C. auris to get into the body,” the CDC said.
Examples of invasive medical equipment include breathing tubes, urinary catheters, and feeding tubes.
“People who do not have these risk factors generally do not carry C. auris or become sick from C. auris. This includes healthcare providers and visitors,” the agency said.
Since 2016, when the first C. auris infection was reported in the United States, the number of clinical cases has continued to rise, according to the CDC. In 2023, there were 4,514 new clinical C. auris cases in the country.
Between 2016 and 2023, there have been a total of 10,788 clinical cases, with California, Nevada, Florida, New York, and Illinois seeing the highest number of incidents.
“However, since 2022 the year-to-year increase has lessened compared to previous years,” the CDC said.
END
MARK CRISPIN MILLER
Joe Biden has skin cancer surgery; Kate McKinnon has “gross” tongue disease; Roger Blevins, Jr., has tongue cancer; HGTV’s Tiffany Brooks, 46, has kidney, pancreas transplants
‘World Lung Cancer Expert [D. Ross Camidge] Diagnosed with Advanced Lung Cancer”; Savannah mayor Van Johnson has prostate cancer; UFC Hall of Famer B.J. Penn, 46, has Parkinson’s; & more
| Mark Crispin MillerSep 13 |
Celebs:
UNITED STATES
Biden, 82, spotted with massive scar on his head after getting skin cancer removed — as Jill goes to spin class
September 7, 2025
New photos show the massive scar on former President Joe Biden’s head following a skin cancer operation. Biden, 82, was spotted Saturday exiting St. Joseph’s Church for Saturday Mass in Delaware. He was seen sporting the brutal gash on his noggin without the bandage he had covering it last week. The new photos of Joe Biden show that his wound appears to be healing. The 46th president’s team was forced to reveal he had Mohs surgery to deal with skin cancer last week following the publication of pictures with the nasty gash. The procedure removes layers of skin until all the cancerous cells are eliminated, per the Mayo Clinic. It is not clear when Biden received the surgery, though he had been spotted with the injury last month as well while attending the funeral of former Delaware Gov. and Rep. Mike Castle. The former president previously underwent surgery to remove skin cancer during his time in the White House. Following a physical he received in February 2023, Biden had a cancerous skin lesion removed from his chest. That lesion later turned out to be basal cell carcinoma. Back in May, the 46th president publicly announced that he had been diagnosed with an “aggressive” type of prostate cancer that had metastasized to his bones. Biden is receiving treatment. His team claims that the prostate cancer “appears to be hormone-sensitive, which allows for effective management.”
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 – Biden receives new COVID-19 vaccine [sic] booster:
‘My Three Sons’ Star Dawn Lyn Makes Rare, First Public Appearance After Brain Coma
September 6, 2025
It’s been a long and difficult struggle for My Three Sons actress Dawn Lyn, who after undergoing a non-malignant brain surgery in October of 2022 fell victim of bacterial meningitis. She made her first public appearance since at the Hollywood Show in Burbank, California, on Friday, Sept. 6, 2025. The star, and sister to Leif Garrett, fell ill just days after the surgery and remained comatose in the ICU for a month before regaining consciousness. She’s been in and out of the hospital for the past three years. “I love you very much,” the 62-year-old Dawn Lyn told the audience. “I also love the show.”
‘Saturday Night Live’ Icon Reveals ‘Gross’ Medical Condition
September 6, 2025
Legendary Saturday Night Live comedian Kate McKinnon opened up about her uncomfortable medical diagnosis in a September 6, 2025, interview. “It’s called geographic tongue,” the 41-year-old Barbie actress told PEOPLE. “Your tongue sheds in patches and looks like an atlas, hence the name ‘geographic tongue’… It’s gross… Maybe I shouldn’t be saying this in a magazine.” The admission came after she was asked to reveal the last photo on her phone. “I took a photo of my tongue and sent it to an actor friend of mine. We both have the same medical condition,” she explained with her signature humor. “We brag about how geographic we are on any given day.” Mayo Clinic describes the condition as “inflammatory but harmless,” explaining that it can “cause tongue pain and make you more sensitive to certain foods, such as spices, salt, and even sweets.”
Researcher’s Note – “Get the vaccine [sic] and enjoy life with no masks”: Kate McKinnon returns as SNL’s Dr. Fauci: Link
Oral lesions after COVID-19 vaccination [sic]: Immune mechanisms and clinical approach: Link
Characteristics of Oral Adverse Effects following COVID-19 Vaccination [sic] and Similarities with Oral Symptoms in COVID-19 Patients: Taste and Saliva Secretory Disorders: Link
90s R&B Legend Reveals His Cancer Has Returned During ‘Today Show’ Appearance
September 3, 2025
Legendary “This Is How We Do It” singer Montell Jordan [55] sadly revealed to TODAY that his prostate cancer has tragically returned after he received an early stage 1 diagnosis in 2024, despite undergoing surgery. “I always imagined I would be telling my prostate cancer story from the other side of prostate cancer because I had a radical prostatectomy surgery. My prostate was removed. There were clear margins,” Jordan toldTODAY.com. “Close to a year post-prostatectomy, I still need to go back and have additional treatments because it’s (been) detected that there is still cancer.” Though the news is deeply upsetting, in the 3rd hour of the show’s daily broadcast, he revealed he has not given up any hope.
Rob Norris, The Bongos’ Bassist, on the Mend Following Heart Attack; Charity Campaign Launched to Aid in His Recovery
September 3, 2025
Rob Norris, bassist of the veteran Hoboken, New Jersey, power-pop band The Bongos, is recovering from a recent heart attack. According to a Facebook post by Norris’ friend and longtime musical collaborator Bibi Farmer, Rob “suffered a cardiac arrest on August 18 [and his] heart stopped.” She continued, “He was revived, helicoptered to Vassar Hospital [in Poughkeepsie, New York,] where he was on life support for a few days – and is making a brilliant recovery! He’ll be altogether back soon!” Farber also reported that Norris was released from the hospital on August 30.
No age reported.
HGTV’s Tiffany Brooks Shares Update After Kidney & Pancreas Transplant Surgery
September 3, 2025
HGTV star Tiffany Brooks [46] is doing well after undergoing two major surgeries. The $50K Three Ways host revealed via Instagram that she recently received a kidney and pancreas transplant. Though Brooks didn’t specify the reason for her recent surgeries, she has previously been open about her health ups and downs. In a 2013 blog post, Brooks revealed that she has had “juvenile diabetes” since she was a child and that she only had 30% of her kidneys left functioning after she gave birth to her son in 2003. “I weighed 105 pounds, had jaundice of the skin, and at 24 I was on dialysis. I was the youngest patient at the dialysis center,” she wrote at the time, adding that she previously received a kidney and pancreas transplant in 2004 and 2005, respectively.
Researcher’s Note – Brooks was working in Hollywood between 2021-2023: Hollywood’s On-Set Vaccine [sic] Mandates to End on May 12, 2023: Link
A singer’s tongue cancer diagnosis halted his career. Now, he’s returned to his passion and is helping others
September 8, 2025
Singer and musician Roger Blevins Jr. toured the country and world with his band, Mingo Fishtrap, for three decades – until he received a life-changing tongue cancer diagnosis in 2022. His wife, Valerie Blevins, said they both cried after receiving the news, “then we stopped crying and got down to business.” Surgeons removed most of Blevins’ tongue and used tissue from his thigh to reconstruct a flap, allowing him to eat and speak again. “So most of my tongue … is white. That’s all part of my leg. I don’t have control of that,” Blevins explained. He had to learn to speak again and said he locked himself in the bathroom and recorded practicing sounds and phrases. “It’s really hard to physically speak differently than you have for five decades,” Blevins said. “Singing has been the center … of my rehab.” While Blevins remains a patient at MD Anderson, he’s hit another milestone: a full year of clear screenings or N.E.D. (no evidence of disease).
Tallah vocalist Justin Bonitz opens up about his HIV diagnosis from last year prior to tour
September 7, 2025
On October 14, 2024, I returned from the studio and opened a letter from the hospital. I was recovering from pneumonia, crapping blood, and I had just finished recording vocals for Tallah’s new album, Primeval Obsession//Detachment, which I did in one, non-stop, unedited, album-long take. It was easily the proudest moment of my entire life, and I was still riding that wave…until I opened the letter. Two months prior, I had asked my doctor for some blood work. The letter said the lab didn’t perform one test, so I needed to return.The next afternoon, I tested positive for HIV. You never think it can happen to you until it does, right? I have always been so careful! I am thirty-four years old and have only had seven sexual partners my whole life – all serious relationships. I never caught any STIs, never partook in hook-ups, one-night-stands, group sex, nothing! The first two weeks after my diagnosis were quite difficult. Existential dread hung over like a thousand angry wasps. I felt so scared and embarrassed and disgusting and disgraced.
World Lung Cancer Expert Diagnosed with Advanced Lung Cancer
September 8, 2025
In his 20-year research career in Colorado, University of Colorado Cancer Center member D. Ross Camidge [58], MD, PhD, has published nearly 400 academic papers. But perhaps none have been so personal to him as a May 2025 analysis, published in the Journal of Thoracic Oncology, on how clinical researchers describe the side effects caused by new anti-cancer treatments. It’s research he hopes will help other lung cancer doctors and all oncologists to better treat their patients, but it’s also research that reflects his own personal experience. What few of his colleagues knew at the time the paper was published was that Camidge — one of the world’s leading lung cancer researchers — had himself been diagnosed with aggressive lung cancer in 2022. Earlier this year, he had a progression that led to treatment that was harder the second time around.
Savannah Mayor Van Johnson announces prostate cancer diagnosis
September 2, 2025
SAVANNAH, Ga. – Savannah Mayor Van Johnson [57] said Tuesday that he has been diagnosed with prostate cancer for a second time and has undergone treatment. Mayor Johnson says he was diagnosed earlier this year. He previously underwent treatment for his initial diagnosis in 2020 and had been in remission. As for this more recent diagnosis, his team says “he’s completed some treatment but is still in the follow-up process.” “Man I’m good man. I was treated for prostate cancer successfully I thought. Earlier this year I was diagnosed with it again. And I have not missed a beat. I’m still Savannah strong,” said Mayor Johnson. He said it’s a slow-moving cancer, and his treatment is going well.
Researcher’s Note – Mayor Van Johnson urged vaccination [sic] and asked businesses to impose mask mandates amid rising infections in the Hostess City. “You’re not doing it for me, you’re doing it for you,” Johnson said of getting vaccinated [sic] and wearing masks: Link
Savannah Mayor Van Johnson: Mandatory vaccinations [sic] for city employees possible: Link
BJ Penn Reveals Parkinson’s Disease Diagnosis
September 2, 2025
Hilo, Hawaii – UFC Hall of Fame inductee BJ Penn [46] has just revealed that he was diagnosed with Parkinson’s Disease in a recent outburst on social media. The MMA legend experienced a very difficult end to his career in the cage that included several personal issues, but those problems have only increased since he chose to retire from the sport.
DR PAUL ALEXANDER
Bjorn Borg has prostate cancer; Windsor mayor Drew Dilkens has prostate cancer; UK: John Blackman has oral cancer; Julia Bradbury has “brain cysts”; NO: handball star Camilla Herrem has breast cancer
DE: news anchor Jeppe Nybroe has brain hemorrhage; SP midfielder Álex Baena has appendix surgery; SA: actor Sabelo Gumede has choriocarcinoma; RU: RT head Margarita Simonyan has breast cancer; more
| Mark Crispin MillerSep 15 |
CANADA
Windsor Mayor Drew Dilkens diagnosed with prostate cancer
September 8, 2025
Windsor Mayor Drew Dilkens [53] has been diagnosed with prostate cancer and will undergo surgery on Tuesday. “I am told my prognosis is excellent and a full recovery is expected with a return to my typical routine occurring in a few weeks,” Dilkens said in a statement. Dilkens, who has been the city’s mayor since 2014, said he will continue to fulfil his duties from home for a couple of weeks as his recovery continues.
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.
UNITED KINGDOM
Hey Hey It’s Saturday star reveals shock cancer diagnosis following routine dental check
September 8, 2025
A Hey Hey It’s Saturday star has been diagnosed with the same type of cancer as co-star John Blackman and iconic singer John Farnham. Wilbur Wilde, who played saxophone in the show’s house band, revealed on Monday that he was diagnosed with squamous cell carcinoma following a routine dental check. The 69-year-old musician has subsequently had part of his tongue and mouth removed. ‘It was a shock,’ he told the Herald Sun. Wilbur revealed his dentist first spotted the suspicious discolouration in his mouth in 2022. After it failed to disappear, a biopsy was ordered and a week later the results came back revealing it was cancer. He underwent surgery in early 2023 to have a third of his tongue and the floor of his mouth removed. Elsewhere in the chat, Wilbur said he was concerned that the procedure would impact his ability to talk and play his instrument. ‘The first morning after the procedure, when [my doctor came to check] I looked at him and I said, “You are very good, I can still pronounce anaesthesiologist”.’ Wilbur said he has been told he is ‘cancer clear’ and his speech rehabilitation is going well. That comes after Wilde played a key role in the funeral of his friend and Hey Hey It’s Saturday co-star John Blackman back in 2024. Blackman died at the age of 76 in June last year, following a harrowing battle with cancer and surgery to remove his jaw.
BBC Countryfile star shares shock ‘brain cyst’ diagnosis
September 3, 2025
BBC Countryfile star Julia Bradbury [55] admitted “I don’t think you’re ever the same again” as she opened up on her shock ‘brain cyst’ diagnosis. The Irish-born TV presenter decided to take control of her health and optimise her wellbeing after being diagnosed with cancer in 2021. Now cancer-free, she said her shocking diagnosis was the push she needed to make significant lifestyle changes.
Researcher’s Note – ‘I’m going to need to be as safe as possible:’ Julia Bradbury receives her Covid booster jab as she prepares to undergo a mastectomy following shock breast cancer diagnosis: Link
NORWAY
Camilla Herrem is praised by doctors: Huge inspiration
September 3, 2025
The Norwegian handball star is full of praise – both for the impressive comeback and for being a role model for others. She was diagnosed with breast cancer in June. On Tuesday last week she had her last “hard” round of chemo, and on Sunday she already made a comeback on the pitch for her club team Sola – even playing full time and scoring four goals. Since then, the handball world has deservedly praised Norwegian handball star Camilla Herrem (38) for her great comeback, but it doesn’t stop there. Norwegian VG has spoken to several cancer experts who are also impressed by the Norwegian icon.
SWEDEN
Bjorn Borg had prostate cancer
September 5, 2025
The five-time Wimbledon champion has disclosed his battle with the disease in his upcoming autobiography, Heartbeats and told how he underwent surgery to have his prostate removed because the disease had advanced. He wrote in the tome, which was written with the help of his wife Patricia: “”Now I have a new opponent in cancer – one I can’t control. But I’m going to beat it. I’m not giving up. I fight like every day is a Wimbledon final. And those usually go pretty well, don’t they?” The book is due to be released later this month, and Bjorn is expected to share more about his health struggles while on a press tour for Heartbeats. The “candid” memoir promises to offer fans a “look behind the curtain” at 69-year-old Bjorn’s glittering but relatively brief tennis career, which saw him win 11 Grand Slam titles before retiring at the age of just 26.
DENMARK
Jeppe Nybroe suffers brain hemorrhage: It’s a miracle that I’m alive
September 2, 2025
Former DR news anchor Jeppe Nybroe [50s] has had quite a scare when he suffered a massive brain hemorrhage a few weeks ago. He writes this in a post on his Instagram profile. “In the words of the doctors, it is almost a miracle that I have survived a suddenly ruptured aneurysm followed by a major brain hemorrhage, and equally a miracle that it has happened without the prospect of permanent damage,” he writes in the post. He is deeply grateful that nothing more happened and for the help he received when he collapsed in a laundromat. He thanks the skilled hospital staff who saved his life.
At the same time, he writes that he is looking forward to being back at full strength soon, and reveals that he can already play and hug his son.
SPAIN
Álex Baena has undergone surgery for appendicitis
September 2, 2025
Throughout this afternoon, Alejandro Baena [24] has successfully undergone surgery for appendicitis. The Atlético de Madrid midfielder was feeling unwell throughout the day and had to undergo surgery, as confirmed by Atleti in a statement that read: “Álex Baena has been successfully operated on this Tuesday, September 2, for acute appendicitis. The laparoscopic surgery went smoothly, and the player is doing well, but he will remain hospitalized for the next few hours awaiting discharge and is pending recovery for his return to training”.
Researcher’s Note – Appendicitis as a possible safety signal for the COVID-19 vaccines [sic]. Appendicitis has been suggested as an adverse event of special interest post-vaccination [sic] against COVID-19 after a numerical increase in the vaccine [sic] arm of a clinical trial: Link
An Israeli team have done a good study on vaccine [sic] side effects. They found 40% increased risk of Appendicitis 42 days post vax [sic]: Link
SOUTH AFRICA
Actor Sabelo Gumede appeals to public for donations amid cancer battle
September 5, 2025
Known for his energetic performances and recent appearance on e.tv’s Scandal!, comedian and actor Sabelo Gumede is going through a difficult time after receiving a diagnosis of stage-three choriocarcinoma, a rare but curable type of cancer. The diagnosis earlier this year has significantly impacted the beloved entertainer, prompting him to seek public support through a GoFundMe campaign to offset his escalating medical expenses. Before a diagnosis was made, Gumede’s illness, which has spread to his neck, lungs, spine, diaphragm, and lymph nodes, needed a lot of testing, which cost more than R100 000. The actor is depending on his rapidly diminishing savings because he does not currently have any acting gigs lined up.
No age reported.
RUSSIA
NEWS ADDICTS
| LATEST REPORTS FOR NEWS JUNKIES |
| Suspect Arrested, Identified in Charlie Kirk AssassinationPresident Donald Trump announced Friday that the suspect accused of assassinating conservative activist Charlie Kirk was turned in by his own father.The suspect has been identified as Tyler Robinson, a 22-year-old Utah student.Speaking live on Fox & Friends Friday morning, Trump said he received word of the arrest just minutes before the interview.“Somebody who was very close to him turned …READ THE FULL REPORT |
| Here Are the Messages Found on Suspect Tyler Robinson’s Bullet CasingsAuthorities say Tyler Robinson, 22, left disturbing messages on bullet casings before assassinating conservative activist Charlie Kirk. Robinson, a Utah State University student, turned himself in Thursday after being identified in surveillance footage climbing a rooftop at Utah Valley University. Messages on Casings At a Friday press conference, Utah Gov. Spencer Cox confirmed the engravings found on the rifle casings. …READ THE FULL REPORT |
| Illegal Migrant Arrested After Beheading Dallas Motel Manager with MacheteAn illegal migrant released from ICE custody earlier this year brutally murdered a motel manager in Old East Dallas on Wednesday.Police identified the suspect as Yordanis Cobos-Martinez, a Cuban national who entered the U.S. illegally and was released into the interior on January 13, 2025.Brutal AttackCobos-Martinez allegedly attacked Chandra Nagamallaiah, 50, manager of the Downtown Suites motel.He used a machete …READ THE FULL REPORT |
| Trump Says He’ll Send National Guard to MemphisPresident Donald Trump announced Friday that Memphis will be the next city to receive a federal policing surge. The Tennessee city becomes the second to see the operation, following Washington, D.C. High Crime Rates Memphis, with a population of about 611,000, has the highest violent crime rate among major U.S. cities. Authorities recorded 297 murders last year, alongside 2,501 violent …READ THE FULL REPORT |
| Charlie Kirk’s Widow Waves to Supporters Through Tears as Casket Arrives in ArizonaCharlie Kirk’s widow, Erika Frantzve, clutched a rosary as she waved to supporters from the backseat of an SUV on Thursday evening.The procession escorted Kirk’s body to Hansen Mortuary Chapel in Phoenix, where hundreds lined the streets waving American flags.Return on Air Force TwoThe 31-year-old conservative activist was flown home aboard Air Force Two.He had been killed the day before, …READ THE FULL REPORT |
NEWSWIZE
| LATEST REPORTS FOR NEWS JUNKIES |
| DC Cancels Trans Writer’s New Comic Book Over Charlie Kirk CommentsA transgender comic book writer lost a new series after mocking the death of conservative activist Charlie Kirk.Kirk was shot and killed on Wednesday at Utah Valley University during a Turning Point USA event, the group he founded.Writer Gretchen Felker-Martin responded online by mocking the assassination.Social Media PostAccording to Cosmic Book News, Felker-Martin wrote: “Thoughts and prayers you Nazi b***h… …READ THE FULL REPORT |
| Iryna Zarutska’s Boyfriend Shares His HeartbreakThe heartbroken boyfriend of Iryna Zarutska, the 23-year-old Ukrainian refugee brutally murdered on a Charlotte light rail train, has spoken publicly for the first time, mourning his partner and lashing out at the magistrate judge who let her alleged killer walk free months earlier.Stanislav “Stas” Nikulytsia, 21, shared a photo of himself with Zarutska in bathing suits on Instagram, accompanied …READ THE FULL REPORT |
| Law Enforcement Identifies Suspect in Assassination of Charlie KirkFederal investigators say they have identified a name of the person of interest in the assassination of conservative activist Charlie Kirk, though no arrest warrant has yet been issued, according to CBS News.FBI Releases Photos, Offers RewardOn Thursday, the FBI Salt Lake City field office published two surveillance photos of a man they are seeking to identify in relation to …READ THE FULL REPORT |
| Charlie Kirk Killer’s Ammunition ‘Engraved with Pro-Trans Messages’The bullet that killed Turning Point USA founder Charlie Kirk was engraved with ideological slogans linked to transgender and anti-fascist movements, according to a federal law enforcement bulletin reported by The Wall Street Journal.ATF Bulletin DetailsThe internal notice, circulated among ATF agents, described the ammunition found inside the .30-06 caliber bolt-action hunting rifle used in the assassination.A spent cartridge was …READ THE FULL REPORT |
| Charlie Kirk Shooter’s POV Revealed in New Photos of Sniper’s NestNewly released photos show the chilling rooftop perch where investigators say a sniper positioned himself before firing the fatal shot that killed conservative activist Charlie Kirk at Utah Valley University on Wednesday.Rooftop EvidenceImages reviewed by investigators depict a gravel-covered roof, believed to be the Losee Center, with five orange evidence flags marking indentations that may have been left by the …READ THE FULL REPORT |
EVOL NEWS
| ATEST NEWS: |
| U.S. Secret Service puts agent on leave who wrote negative Facebook post about Charlie Kirk, official says – EVOL |
| Read more… |
| Red State Politician Hit With Resignation Demands After Vile Charlie Kirk Statement – EVOL |
| Read more… |
| EST NEWS: |
| Florida Democrat Mocks Charlie Kirk’s Faith in Post Calling Him a ‘Fitting Sacrifice’ – EVOL |
| Read more… |
| Watch: Man in Crowd at Charlie Kirk Shooting Seen Cheering and Looking Back After Gunshot – EVOL |
| Read more… |
| Family Claims Home Security Footage Captured Kirk Assassin Fleeing Through Backyards – EVOL |
| Read more… |
MICHAEL EVERY/OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
BRAZIL// USA
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS MONDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1756 UP 0.0027 PTS OR 27 BASIS POINTS
USA/ YEN 147.33 DOWN 0.231 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 1.3612 UP .0063 OR 63 BASIS PTS
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Last night Shanghai COMPOSITE DOWN 10.09 PTS OR 0.26%
Hang Seng CLOSED UP 58.40 PTS OR 0.22%
AUSTRALIA CLOSED DOWN 0.08%
// EUROPEAN BOURSE: ALL MOSTLY GREEN EXCEPT LONDON
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL MOSTLY GREEN EXCEPT LONDON
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 301.84 PTS OR 1.16%
/SHANGHAI CLOSED DOWN 10.09 PTS OR 0.26%
AUSTRALIA BOURSE CLOSED DOWN .08 %
(Nikkei (Japan) CLOSED HOLIDAY
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 3643.20
silver:$42.22
USA dollar index early MONDAY morning: 97.00 DOWN 14 BASIS POINTS FROM FRIDAY’s CLOSE
MONDAY MORNING NUMBERS ENDS
And now your closing MONDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.102% DOWN 2 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +1.594% DOWN 1/2 FULL POINTS AND 0/100 BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.210 UP 1 BASIS PTS
SPANISH 10 YR BOND YIELD: 3.297 DOWN 3 in basis points yield
ITALIAN 10 YR BOND YIELD 3.514 DOWN 3 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.6947 DOWN 1 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY MONDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1764 UP 0.0034 OR 34 basis points
USA/Japan: 147.28 DOWN 0.287 OR YEN IS UP 29 BASIS PTS//
Great Britain 10 YR RATE 4.640 DOWN 2 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.466 DOWN 2 BASIS POINTS.
Canadian dollar UP .0005 OR 5 BASIS pts to 1.3830
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The USA/Yuan CNY UP AT 7.1195 CNY ON SHORE ..
THE USA/YUAN OFFSHORE DOWN TO 7.1206
TURKISH LIRA: 41.29 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.594 DOWN 1/2 basis pts
THE 30 YR JAPANESE BOND YIELD: 3.2010 UP 1 basis pts
Your closing 10 yr US bond yield DOWN 2 in basis points from FRIDAY at 4.040% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.658 DOWN 5 in basis points /11:00 AM
USA 2 YR BOND YIELD: 3.528 DOWN 4 BASIS PTS.
GOLD AT 11;00 AM 3660.25
SILVER AT 11;00: 42.22
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: MONDAY CLOSING TIME 11:00 AM//
London: CLOSED DOWN 6.26 PTS OR 0.07%
GERMAN DAX: UP 50.71 pts or 0.02%
FRANCE: CLOSED UP 71.69 pts or 0.92%
Spain IBEX CLOSED UP 81.90pts or 0.57%
Italian MIB: CLOSED UP 487/31 or 1/14%
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 1.1769 UP 0.0040 OR 40 BASIS POINTS//
British Pound: 1.3505 UP .0056 OR 56 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.6340 DOWN 4 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.472 DOWN 2 ( STILL DANGEROUS LEVELS FOR GILTS)
JAPAN 10 YR YIELD: 1.594 DOWN 0 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.2104 UP 1 AND VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 147.33 DOWN 0.236 BASIS PTS
USA dollar vs Canadian dollar: 1.3774 DOWN 0.0062 BASIS PTS// CDN DOLLAR UP 62 BASIS PTS
West Texas intermediate oil: 63.34
Brent OIL: 67.41
USA 10 yr bond yield DOWN 2 BASIS pts to 4.038
USA 30 yr bond yield DOWN 2 PTS to 4.655%
USA 2 YR BOND: DOWN 2 PTS AT 3.536%
CDN 10 YR RATE 3.172 DOWN 1 1/2 BASIS PTS
CDN 5 YEAR RATE: 2.734 DOWN 2 BASIS PTS
USA dollar index: 96.89 DOWN 26 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 41.29 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 83.00 UP 0 AND 99/100 roubles //
GOLD $3678.10 . (3:30 PM)
SILVER: 42.65 (3:30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 49.23 OR 0.11%
NASDAQ 100 UP 20.59 PTS OR 0.84%
VOLATILITY INDEX: 15.69 UP 0.93 6.30%
GLD: $ 338.91 UP 3.49 PTS OR 1.04%
SLV/ $38.76 UP .42 PTS OR OR 1.10%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 120.56 PTS OR 0.41%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
‘
Gold Soars To New Record High Ahead Of Fed, Bonds & Stocks Bid
WRAP UP FOR THE DAY:
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Charlie Kirk’s widow says her ‘cries will echo around the world like a battle cry’
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Wife of prominent conservative activist killed in Utah on Wednesday says she will continue his work: ‘You have no idea the fire that you have ignited within this wife’
By AgenciesToday, 3:01 pm
Erika Kirk gives a press conference after her husband Charlie was killed, September 12, 2025 (TURNING POINT USA/AFP)
The widow of prominent right-wing activist Charlie Kirk pledged Friday to carry on her husband’s work, after US authorities announced his alleged assassin had finally been captured.
Erika Kirk vowed in a tearful but defiant video message that “the movement built by my husband will not die” but grow stronger.
Speaking from the studio of his radio-podcast show, she urged young people to join Turning Point, exalting her husband as a fallen political hero who “now and for all eternity will stand at his savior’s side wearing the glorious crown of a martyr.”
She mourned the loss of “the perfect father… the perfect husband.”
The 31-year-old Kirk was hit by a single bullet while addressing a large crowd at Utah Valley University in the town of Orem on Wednesday.
His widow said Friday she had a pointed message for “the evildoers responsible for my husband’s assassination,” although investigators have said they believe the suspect acted alone.
Vice President JD Vance, right, Second Lady Usha Vance, center, and Erika Kirk, holding a cross on a chain, deplane Air Force Two, carrying the body of Charlie Kirk, the CEO and co-founder of Turning Point USA who was shot and killed, Sept. 11, 2025, in Phoenix. (AP Photo/Ross D. Franklin)
“You have no idea the fire that you have ignited within this wife. The cries of this widow will echo around the world like a battle cry,” she said.
She thanked US President Donald Trump, saying through tears that her husband loved the president, and vowed to keep her husband’s work alive, continuing his campus tour, radio show and podcast.
Investigators had appeared to be making slow progress in the hunt for whoever gunned down Trump’s close ally, until they released security camera images of a young man.
“We got him,” Utah Governor Spencer Cox told a news conference Friday, identifying the suspect as Tyler Robinson, 22, who had reportedly been confronted by his father over the pictures and then turned in.
Kirk was an electrifying presence on the US right, with a huge young following that helped Trump win the election last November.
Charlie Kirk speaks just before he is shot during Turning Point’s visit to Utah Valley University in Orem, Utah, September 10, 2025. (Tess Crowley/The Deseret News via AP)
His murder has consumed America, capturing almost all cable news coverage, while Trump has ordered flags to fly at half-staff.
Kirk’s hardline views on race, gender, gun ownership and other hot-button issues made him an intensely divisive figure, although even opponents praised his willingness to debate.
‘Definitely unexpected’
Details about Robinson began to trickle out Friday, a picture emerging of a young man from a Republican family in St. George, a staunchly conservative city some four hours south of Orem.
“Who would have known that this little skinny guy getting in and out of his car would be able to commit such a heinous act?” Heather McKnight, a former neighbor who had recently moved out, told AFP.
A TV monitor displays a picture of Tyler Robinson, the suspected of killing Charlie Kirk on September 11, in Orem, Utah, on September 12, 2025. (Patrick T. Fallon / AFP)
Photographs showed the young man — who was in the third year of an electrician apprenticeship — posing with guns and dressed for Halloween in a costume in which he appears to be riding Trump’s shoulders.
“I always thought he would become a businessman or a CEO someday, rather than what I’m learning about him now,” said Jaida Funk, a 22-year-old who attended elementary and middle school with him.
“It’s definitely unexpected.”
Cox said in an interview with CNN that the suspect was radicalized “in a fairly short amount of time,” without elaborating.
Utah Governor Spencer Cox (C) speaks during a press conference outside the Doterra Auditorium at Utah Valley University, two days after youth activist and influencer Charlie Kirk was shot during a public event in Orem, Utah, on September 12, 2025 (Patrick T. Fallon / AFP)
Speculation swirled over markings that Cox said were found on unused bullet casings in the weapon Robinson is believed to have used.
One cartridge had “Hey, fascist! Catch!” written on it, while another featured “Bella ciao,” — a World War II-era Italian anti-fascist song that reports said had recently been repurposed in niche online circles.
Other cartridges were marked with symbols and wording that appeared to be from online gaming culture.
Breakthrough in manhunt
Authorities took 33 hours to make the arrest.
The police and FBI appeared to struggle after detaining, then releasing, two people unconnected to the case.
Investigators then found the alleged murder weapon, a high-powered hunting rifle, in a wooded area near the university and released photos of a young man dressed in a baseball cap and casual clothing.
A vigil for Charlie Kirk on Sept. 12, 2025, in Provo, Utah. (AP Photo/Lindsey Wasson)
Late Thursday, officials in Orem released more details about the suspect’s clothing and initial movements after the shooting, pleading with the public to help identify him.
FBI Director Kash Patel said the arrest was finally made at 10:00 pm Thursday.
Cox credited assistance from the alleged killer’s family.
“On the evening of September 11th, a family member of Tyler Robinson reached out to a family friend, who contacted the Washington County sheriff’s office with information that Robinson had confessed to them or implied that he had committed the incident,” he said.
Seeking death penalty
Robinson was being held on suspicion of aggravated murder and was expected to be formally charged in the coming days.
Utah has the death penalty for such crimes — a punishment Trump has said he would like imposed.
Charlie Kirk (R) and and his wife Erika (L) on stage during the Turning Point USA Inaugural-Eve Ball at the Salamander Hotel on January 19, 2025 in Washington, DC (Samuel Corum / GETTY IMAGES NORTH AMERICA / Getty Images via AFP)
Kirk co-founded Turning Point USA in 2012 to drive conservative viewpoints among young people, with his natural showmanship making him a go-to spokesman on television networks.
The father-of-two used his audiences on TikTok, Instagram and YouTube to build support for conservative talking points, and to spread carefully edited clips of his interactions during debates at his many college events.
END
New Bill Could Punish Lenient Judges Following Charlotte Train Stabbing
Monday, Sep 15, 2025 – 07:20 AM
Authored by Luis Cornelio via Headline USA,
A newly introduced bill threatens to punish judges who refuse to impose tough sentences on dangerous criminals.
The legislation, called the JAIL Act and introduced Friday by Rep. Randy Fine, R-Fla., comes in response to the killing of Ukrainian refugee Iryna Zarutska.
Zarutska was allegedly murdered by Decarlos Brown Jr., a career criminal with a lengthy rap sheet who had repeatedly avoided serious jail time.
Video of Zarutska’s senseless murder in Charlotte, North Carolina, went viral on social media, fueling outrage over lawlessness and soft-on-crime judges across the country.
Fine said the bill is designed to hold judges accountable for failing to protect the public from repeat offenders.
The bill would allow civil penalties on judges who fail to impose bail on repeat offenders who go on to commit violent crimes.
“As promised, I just introduced the JAIL Act to hold corrupt judges accountable for releasing repeat offenders back onto our streets,” Fine wrote on X.
“To the judges who released Decarlos Brown Jr.: You are the reason another innocent life was lost, and you will be held accountable for your reckless actions,” he added.
Fine said the proposed law is part of a broader effort to “fix our justice system that prioritizes criminals over victims.”
end
The Fed Models Were Wrong About The US Economy
Monday, Sep 15, 2025 – 12:25 PM
In 2025, the mainstream Keynesian narrative that the United States would inevitably experience a recession and stagflation has proven to be utterly incorrect.
The American economy is performing much better than its comparable nations, is showing broad-based strength, and even has indications of accelerating growth, giving investors and consumers plenty of reason to feel more optimistic, despite the consensus estimates from earlier in the year.
The consensus was wrong.
The United States economy is outperforming the economies of the UK, Germany, France, Italy, Japan, and the entire euro area, showing estimates of economic growth that exceed those of the best-performing developed nations, along with significantly lower unemployment rates and solid real wage growth.
Due to exaggerated expectations of the impact of factors like new tariffs, global uncertainty, and the potential for persistently high inflation, most mainstream analysts and market commentators projected a stagnant or recessionary environment for the US in 2025, while hailing the euro area as the place to invest. We have seen the opposite.
US bond yields are falling, while euro area sovereign yields are rising despite ECB rate cuts. Additionally, GDP growth estimates for the euro area are weak, and US economic growth is stronger than the European Union’s “engines of growth,” whereas Japan and the UK remain stagnant. Inflation is under control, real wage growth is strong, and the private sector is improving.
The mainstream consensus predictions were biased and incorrect. Rather, the US economy has reported strong real GDP growth: following a short contraction in Q1, growth in the second quarter bounced back to 3–3.3% annually, and the Atlanta Fed’s GDPNow model currently projects Q3 growth at a stable 3% pace. In addition to consumer spending and imports, business investment also contributed to this GDP strength, and, more importantly, it came with government spending under control.
The most recent CPI and PPI data dispel concerns that the tariff regime is causing inflation. CPI and core measures in August came in close to or below expectations, indicating that headline monthly inflation and producer price increases are still under control. Prices for durable and nondurable goods are still stable, and, despite negative forecasts, tariffs have not generated a significant increase in the cost of living for Americans; instead, energy and important imports have either decreased or stabilised.
Despite recent revisions, the private-sector labor market maintained momentum from January through August. The significant negative revisions occurred during the January-December 2024 period, indicating that the Biden administration’s job creation was only half of what was reported and required a two million downward adjustment to the job figures from 2023 to 2024. What the Bureau of Labour Statistics has shown clearly is that the United States was in a private sector recession in 2024, which justified the negative sentiment from citizens.
Private payrolls have reported consistent net gains, particularly in the important service and construction segments, despite slight revisions to previous months. Even more encouraging is the fact that real wage growth is accelerating rather than merely keeping up with inflation. Real average hourly earnings increased by 1.2%, and real weekly earnings increased by 1.4% between July 2024 and July 2025. Increased purchasing power is boosting middle-class disposable income and driving retail demand because wage gains are outpacing price growth.
Retail sales also remain resilient in the face of market volatility and trade uncertainty. Bloomberg predicts that headline retail sales will increase by 0.2% in August, while the core control group will increase by 0.3%. This increase is significantly better than what April estimates showed, particularly since consumer sentiment is still cautious but generally stable. Throughout the third quarter, household consumption is increasing due to strong private labor markets and healthy wage growth.
The growing agreement that inflation risks are under control represents the most significant development for financial markets, paving the way for the Federal Reserve to finally recognise reality and cut interest rates in the coming months. Markets are beginning to anticipate that the Fed will soon lower interest rates, which could further boost borrowing, investment, and the economy’s momentum for the rest of 2025.
Despite the pessimistic predictions of recession and stagflation, they have proven to be undeniably wrong. The US economy is in a period of true private sector expansion, thanks to strong job and wage growth, favourable taxation, and deregulation, whereas tariffs are having no real impact on inflation. Now the Fed needs to be truly data dependent. Putting aside the pessimism of the previous year, the data currently indicates an improving outlook and a recovery from the private sector recession and fiscal mess inherited in 2024.
The Fed models were wrong about inflation and used labor market figures that were hugely inflated. The Fed should have read its own Beige Book, which alerted of a marked slowdown in job creation in March and April, instead of succumbing to the biased consensus narrative.
END
It’s A Crisis! A Whopping 67% Of American Workers Are Living Paycheck To Paycheck In 2025
Monday, Sep 15, 2025 – 03:05 PM
Authored by Michael Snyder via TheMostImportantNews.com,
When two-thirds of all the workers in your entire country are just barely scraping by from month to month, you have got a major crisis on your hands. For a long time, our standard of living has been going down and the middle class has been shrinking. But in recent years, those two trends have accelerated. We have now reached a point where it takes 5 million dollars to live the American Dream for a lifetime. Needless to say, the vast majority of the population will never come close to making that sort of money. But most Americans continue to strive to live a middle class lifestyle, and as a result most people are teetering on the brink of financial disaster in this day and age.
According to a survey that was recently conducted by PNC Bank, 67 percent of U.S. workers are now living paycheck to paycheck…
A growing share of U.S. workers are struggling to cover expenses as everyday costs continue to weigh heavily on household budgets, according to new survey findings.
PNC Bank’s annual Financial Wellness in the Workplace Report shows that 67 percent of workers now say they are living paycheck to paycheck, up from 63 percent in 2024.
The report surveyed 1,000 U.S. workers aged 21 to 69 who work full time at companies with more than 100 workers.
There are two very important points that I want to make about this survey.
First of all, it only covers people that actually have a job.
There are vast numbers of other Americans that are not employed and that are deeply struggling right now.
So when you take that into account, this survey is even more shocking.
Secondly, it is clear that we are rapidly moving in the wrong direction.
It was bad enough that 63 percent of U.S. workers were living paycheck to paycheck last year, but now we are at 67 percent.
A four percent jump in a single year is a very troubling sign.
The primary reason why so many employed Americans are struggling financially is due to the rapidly rising cost of living.
For example, the price of coffee has risen by almost 21 percent over the past 12 months…
Coffee drinkers are in for a jolt long before their first sip.
Retail coffee prices in the United States in August jumped nearly 21% compared to the same month last year — the largest annual jump since October 1997, according to the latest Consumer Price Index, released Thursday. On a monthly basis, coffee prices rose 4%, the most in 14 years.
The vast majority of the coffee that we drink is imported, and Brazil is the number one source…
Coffee, for instance, is largely imported because there are only a handful of places in the U.S. where the beans can be grown, such as Hawaii and Puerto Rico. About 80% of unroasted coffee imports are sourced from Latin America, primarily from Brazil, according to the U.S. Department of Agriculture.
Products from Brazil that are shipped to the U.S. now face a 50% tariff, according to the White House.
If you drink coffee, you will want to brace yourself, because prices are only going to go higher in the months ahead.
Of course just about everything has become significantly more expensive, and this is pushing many consumers over the edge.
I recently wrote about how subprime auto loan delinquencies in the U.S. have risen to an all-time high, and now we have learned that one of the largest subprime auto loan lenders in the U.S. has filed for Chapter 7 bankruptcy…
A company that provides auto loans to families with poor or no credit has filed for bankruptcy.
Tricolor Holdings, a Dallas-based car fixing and credit company, has filed for Chapter 7 — or liquidation — bankruptcy. The filing typically means the company will quickly go out of business.
The company’s demise is a warning sign for the US economy: Americans are racking up a huge amount of debt to keep their cars, while a record amount can’t keep up with the payments.
This is just the beginning.
There will be more failures.
At this stage, most of us can feel the change that is in the air. In fact, it is being reported that consumer confidence “dropped sharply in September”…
Consumer confidence dropped sharply in September to its lowest level in four months, according to preliminary data released Friday, as Americans expressed growing anxiety about job security and the persistence of high prices.
The University of Michigan’s closely watched index of consumer sentiment fell to 55.4 in September from 58.2 in August, missing economists’ expectations and reflecting what survey director Joanne Hsu described as “multiple vulnerabilities in the economy.”
And the confidence that Americans have in being able to find a new job has fallen to the lowest level ever recorded…
In the latest sign of trouble for the U.S. labor market, confidence in the ability to move from one job to another has hit a record low, according to a New York Federal Reserve survey released Monday.
Respondents to the central bank’s monthly Survey of Consumer Expectations for August indicated a 44.9% probability of finding another job after losing their current one. The reading tumbled 5.8 percentage points from the prior month and is the lowest in the survey’s history dating back to June 2013.
If you are thriving in this extremely difficult economic environment, good for you.
For most of the population, things are very painful at this moment.
The ranks of the middle class are steadily thinning out, poverty is growing all around us, and more Americans are homeless than ever before in our entire history.
In Los Angeles, one homeless encampment has become so enormous that it is now being described as a full-blown “city”…
A sprawling homeless encampment in Los Angeles is drawing ire from neighbors who say the makeshift shelter has grown into a full “city” of its own, complete with working electricity and a recreational area featuring a tennis court, garden and barbecue pit.
The encampment sits on a vacant Koreatown lot surrounded by apartment buildings and other structures, according to ABC 7.
“The reason why people are sleeping here is because you leaders are sleeping on not taking initiative and action to clean this place up,” neighborhood resident Daniel King told the station.
Most Americans are just a few bad breaks from losing everything.
In fact, there are already millions of Americans that have lost everything, and those that are on the bottom levels of the economic pyramid are becoming increasingly desperate.
When things really start hitting the fan in this country, vast numbers of extremely desperate people will cause tremendous chaos throughout our society.
Things didn’t have to turn out this way.
If we would have made much different decisions over the past 50 or 60 years, we would have gotten much different results.
But we just kept doing things the wrong way, and now we shall reap what we have sown.
* * *
Michael’s new book entitled “10 Prophetic Events That Are Coming Next” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.
END
VICTOR DAVIS HANSON
KING NEWS
| The King Report September 15, 2025 Issue 7576 | Independent View of the News |
| US Census Bureau: AI Adoption Has Declined for Large Companies (Few are paying attention!) Businesses with more than 50 employees are using AI tools at their business less than in previous months… This represents the first significant and consistent decline in AI adoptions rates since the technology become massive popular in 2023… According to a recent study from MIT, the majority of businesses are not being inundated by revenue as a result of AI, with 95% of businesses noting that they have seen no return-on-investment as a result of the technology… https://tech.co/news/ai-adoptoin-declined-large-companies AI Adoption Rates by Firm Size https://www.apolloacademy.com/ai-adoption-rate-trending-down-for-large-companies/ Sept UM Sentiment 55.4, 58 exp, Current Conditions 62.3, 62 exp, Expectations 51.8, 56 exp, 1-yr Inflation 4.8% as exp (up from initial 4.7% ex), 5-10-year Inflation 3.9%, 3.4% expected. @zerohedge: More ridiculous propaganda from UMich: Republicans 1Yr inflation expectations fell 0.1%; Democrats 1Yr inflation expectations fell 0.5%; Independents 1Yr inflation expectations fell 0.4% And magically the “average” inflation exp was unchanged. https://x.com/zerohedge/status/1966509009306812824 @GlobalMktObserv on Friday: This has never happened before: S&P 500: all-time high; US Home Prices: all-time high; Bitcoin: all-time high; Gold: all-time high; Money Supply: all-time high; Public Debt: $37.4 TRILLION – an all-time high; US labor market: in a RECESSION. And the Fed is going to cut rates next week. What is happening here?! ESUs vacillated between modest gains and losses from the Nikkei opening on Friday until they broke lower at 21:26 ET. After hitting 6586.25 at 22:29 ET, ESUs rallied to 6594.00 at 1:49 ET. ESUs then had a 3-wave tumble to a daily low of 6576.00 at 6576.00 at 4:16 ET. A stair-step rally with steeping steps after 8:28 ET developed. ESUs hit a daily high of 6598.75 at 10:55 ET. ESUs then sank to 6585.75 at 11:48 ET. A Noon Balloon conflated with the afternoon rally to push ESUs to a new daily high of 6606.00 at 15:52 ET. ESUs then sank on weekend liquidation to 6583.00 at 15:42 ET. The illegal late manipulation forced ESUs to 6597.00 at 15:54 ET. Alas, too many traders, particularly Army Ants, are long stuff. ESUs fell to 6585.50 at 16:00 ET. Positive aspects of previous session The NY Fang+ Index rallied modestly while the DJ indices declined moderately. The S&P 500 Index hit an all-time high on Fangs/Mag 7 strength AKA AI Bubble. Negative aspects of previous session USZs declined as much as 31/32 and were -19/32 at the NYSE close The DJIA declined 273.78; the DJTA declined 139.33. Silver rallied moderately; Dec gold was +9.40 at the NYSE close. Ambiguous aspects of previous session How big will the US stock bubble inflate this week on Fed rate cut and AI euphoria? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6588.00 Previous session S&P 500 Index High/Low: 6600.21; 6579.49 ExGoldman Sachs CEO Blankfein warns of looming crisis, but stays “100% in” on equities The U.S. is “due” for another crisis, pointing to hidden risks in credit markets such as narrow spreads and leveraged private credit. Still, he remains bullish, citing Fed rate cuts and the transformative potential of AI, and says he’s fully invested in equities—aligning with GS’s call for a new secular bull market… https://investinglive.com/stock-market-update/exgoldman-sachs-ceo-blankfein-warns-of-looming-crisis-but-stays-100-in-on-equities-20250912/ Trump on FOX News Friday morning: “We’re going to look into Soros because I think it’s a RICO case against him and other people because this is more than protests. This is real agitation; this is riots on the street — and we’re going to look into that.” https://x.com/RapidResponse47/status/1966480468934561857 Trump says Memphis is next city on crime crackdown list (And then New Orleans) https://www.dailymail.co.uk/news/article-15092107/Donald-Trump-National-Guard-troops-Memphis-Tennessee.html @joma_gc: Senate Republicans, in a unanimous 53–45 vote, invoke the nuclear option — cutting the confirmation threshold from 60 to 51 and stripping Chuck Schumer and the Democrats of their power to block President Trump’s nominees. Looks like they finally found their balls. Sadly, and infuriatingly, it was probably the outrage and anger from Kirk’s assassination that induced cowardly Republican senators to finally fight Schumer’s obstruction. Reuters: A loan estimate for an Atlanta home purchased by Lisa Cook, the Federal Reserve governor accused of mortgage fraud by the Trump administration, shows that Cook had declared the property as a “vacation home,” according to a document reviewed by Reuters. The document, dated May 28, 2021, was issued to Cook by her credit union in the weeks before she completed the purchase and shows that she had told the lender that the Atlanta property wouldn’t be her primary residence… https://www.reuters.com/world/us/fed-governor-cook-declared-her-atlanta-property-vacation-home-documents-show-2025-09-12/ Cook supporters absurdly claim that the LOAN ESTIMATE, which is NOT a contract and is NON-binding but required by law to estimate mortgage costs and fees, is proof of innocence. She is accused or MORTGAGE FRAUD, not loan estimate fraud. @SamAntar: Loan Estimates always say the same thing: “this is not a loan approval or commitment.” They’re nonbinding disclosures, not contracts. The only way a “vacation home” designation sticks is if it shows up in the signed closing docs with a Second-Home Rider. Without that, the recorded mortgage’s “primary residence” clause rules — which is why Pulte was right to flag it. @j_fishback: This is what a “loan estimate” looks like. How exactly does a one-page, non-binding loan estimate with no signature section contradict that she got 2 mortgages on 2 home in 2 states within 2 weeks claiming that *both houses* were her primary residence, which would have gotten her a lower interest rate? https://x.com/j_fishback/status/1967216020239659305 @pulte: Dr. Cook represents herself as an extremely accomplished financial operator. If Dr. Cook solicited estimates as a vacation home and then entered into a mortgage agreement as a primary residence, that is extremely concerning, and in my opinion, evidences further intent to defraud. Dr. Lisa Cook has had 3.5 weeks to provide exonerating evidence, but instead, she leaks to the news media “estimates” and then claims to the court that those news reports, which are her “creation”, exonerate her. She is so deceitful. Someone like this does not belong at the Fed. Today – This is Fed Week and September Expiration Week. The known world expects the Fed to issue a 25bp rate cut on Wednesday. September VIX options ‘last trading day’ is tomorrow; expiration and settlement (at 14:15 ET VIX Fix) is Wednesday. The S&P 500 Index high on Friday was an all-time high of 6600.21. When no significant buying developed on ‘the number” (6600), seasoned traders dumped stuff. Ergo, 6600 is key resistance. Furthermore, despite hitting an all-time high, the S&P 500 Index closed -5.25. This is a negative development; it is a ‘reversal day’: Opening above previous session’s close, hit new high, and close negative for the session. https://www.incrediblecharts.com/technical/key_reversal.php ESUs are -2.50; NQUs are -19.00; AU is -15.20 and USZs are -6/32 at 20:40 ET. Expected Economic Data: Sept Empire Mfg 4.3 S&P Index 50-day MA: 6385; 100-day MA: 6126; 150-day MA: 5980; 200-day MA: 5985 DJIA 50-day MA: 44,807; 100-day MA: 43,439; 150-day MA: 42,975; 200-day MA: 43,178 (Green is positive slope; Red is negative slope) S&P 500 Index (6584.29 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 5447.29 triggers a sell signal Weekly: Trender and MACD are positive – a close below 6262.42 triggers a sell signal Daily: Trender and MACD are positive – a close below 6451.79 triggers a sell signal Hourly: Trender is positive; MACD is negative – a close below 6561.11 triggers a sell signal Charlie Kirk assassination investigation widens to probe whether pro-trans, online groups knew in advance – The probe includes groups in online gaming community Steam, as well as a pro-trans organization called Armed Queers SLC, which took down their Instagram after Kirk was killed, the source confirmed… a slew of disturbing — though as yet unverified — social media posts about Kirk are raising questions about whether some people online may have known about the assassination before it happened on Sept. 10… internet sleuths are sharing disturbing social media screenshots purporting to hint at prior knowledge of Kirk’s assassination from accounts that have since been deleted or made private. One such post made on Sept. 9, the day before the shooting, said “Charlie kirk is coming to my college tomorrow I really hope someone evaporates him literally.” The user followed it up moments later with the text “Lets just say something big will happen tomorrow” accompanying a meme of a grinning dog, an archive of the since-deleted post shows… https://nypost.com/2025/09/14/us-news/charlie-kirk-assassination-investigation-widens-to-probe-pro-trans-online-groups/ @TonySeruga: The same transgender that was friends with Tyler’s gay transgender boyfriend posted “WE F***ING DID IT” moments after Charlie’s death. https://x.com/TonySeruga/status/1966990177299284345 I have been told this morning by an FBI analyst reviewing the reams of GPS data, there very well may be dozens of co-conspirators. @BrookeSingman: Charlie Kirk assassin Tyler Robinson lived with his transgender partner, sources tell me. The individual, who is a male transitioning to a female, is fully cooperating with the FBI. Sources tell me the FBI had texts and other communications between Robinson and the individual that helped FBI authorities solidify that Robinson was indeed the shooter. Lance Twiggs Was the Roommate, ’Boyfriend’ of Tyler Robinson, Family Member Says The family member – who has not spoken to other members of the news media – alleged that Twiggs harbored animosity toward conservatives and Christians, confirmed that Twiggs was transgender/transitioning, and said that Robinson was allegedly Twiggs’ boyfriend… The relative told WRN about having heard second-hand from other family members that Lance had allegedly “wished horrible things on people. I’ve really distanced. There was (allegedly) evil inside and only getting worse.”… The relative alleged that Lance Twiggs is “not mentally well at all.”… https://www.wisconsinrightnow.com/lance-twiggs-was-the-roommate-of-tyler-robinson-reports-say/?fsp_sid=6342&=1 A neighbor claimed two weeks ago several people, driving cars with out-of-state plates, were seen going in and out of the house shared by Robinson and Twiggs. “They did not give off a good vibe,” the neighbor said… NY Post https://nypost.com/2025/09/13/us-news/charlie-kirk-shooter-tyler-robinson-lived-with-transgender-partner/ @nicksortor: The FBI and state agencies have launched investigations into multiple LEFTIST groups in Utah for possible advanced knowledge of the Charlie Kirk assassination, per Axios. They’re also probing whether or not these groups provided material support after the killing. At least one group deactivated their social media pages soon after the shot was taken. @ABC: Gov. Spencer Cox, R-Utah, said that the suspect in the shooting that killed conservative activist Charlie Kirk is not cooperating with authorities, but added “all the people around him are cooperating.” Charlie Kirk’s alleged assassin Tyler Robinson ‘deeply indoctrinated with leftist ideology,’ Utah gov. says https://trib.al/45UnF1e (Yet the usual suspects claim he was ‘far right wing!’) @FoxNews: Mugshots of Charlie Kirk’s suspected assassin Tyler Robinson released https://x.com/FoxNews/status/1966507153818017964 Charlie Kirk’s alleged assassin Tyler Robinson was seething over campus appearance, wrote ‘Hey fascist! Catch!’ on bullet – Robinson raged that “Kirk was full of hate and spreading hate,” (Gov) Cox said, quoting the family pal — who acknowledged he was turned off by the level of vitriol being spewed by the suspect… Another (bullet) featured the words “Oh bella ciao, bella ciao, bella ciao ciao ciao,” referencing a popular Italian anti-fascist song, Cox said… (Reportedly now chanted by Antifa) https://nypost.com/2025/09/12/us-news/tyler-robinson-full-of-hate-before-charlie-kirk-shooting-says-family-friends/ @MrAndyNgo: Rifle cartridges from the Charlie Kirk assassination are confirmed marked with Antifa phrases, including lyrics from the Antifa song, “Bella Ciao.” In 2019, Antifa gunman Willem van Spronsen also ended his ICE attack manifesto with the same song. Friday morning, Trump said the alleged sniper’s father turned him into authorities: “It was a minister, and the minister went to a friend. Then it was a father got involved, namely his father, and said, we’ve got to go in. They drove into the police headquarters, and he’s there now.” https://x.com/NextNewsNetwork/status/1966490888797859887 Tyler Robinson’s father Matt is a 27-year veteran of the Washington County Sheriff’s Department. Ty Robinson was a student at Utah State University on a scholarship and has 2 younger brothers. https://www.dailymail.co.uk/news/article-15086467/Tyler-Robinson-Charlie-Kirk-killer-identified-Utah-Trump.html Tyler Robinson messaged his roommate asking him to retrieve the rifle, according to Utah Gov Spencer Cox. https://x.com/greg_price11/status/1966505510938558612 Tyler Robinson’s Discord messages and dark online footprint before Charlie Kirk shooting revealed – https://www.dailymail.co.uk/news/article-15092613/Tyler-Robinson-Discord-dark-online-footprint-Charlie-Kirk.html Patel ripped into FBI agents in profanity-laced online meeting FBI Director Kash Patel reportedly criticized subordinates in a tense Thursday morning meeting over their handling of the investigation into Charlie Kirk’s killer… Patel also criticized Salt Lake City agents for not providing him with a photo of the suspected killer until 12 hours later… Several MAGA allies criticized the director over his leadership, casting doubt on whether he was the right person to head the FBI… https://thehill.com/homenews/administration/5501771-patel-fbi-charlie-kirk-investigation/ FBI Director Kash Patel is taking heat for proclaiming, “We got him” when it was Tyler Robinson’s father that turned in Charlie Kirk’s alleged assassin. Critics contend that the FBI botched the man hunt. FBI agents concealed photo of Kirk assassin from Dir. Kash Patel for over 12 hours. Why, you may ask? The FBI and other agencies are still heavily infiltrated with the same type of people with the same type of beliefs as the sho*ter and other dangerous ideologies. These people also exist all over the CIA, NSA, DIA, and everywhere else in our government, including the Pentagon… Utah Governor Cox noted that Utahans did not respond to Kirk’s assassination with violence: “No rioting, no looting, no cars set on fire, no violence…” @DonaldJTrumpJr: Anyone else notice that when one of our heroes was assassinated in cold blood if front of thousands of people including his wife and young kids that not a single store in America had to board up their windows? That tell us everything you need to know. Scarborough (Canada) teacher accused of showing Charlie Kirk murder video to kids The teacher has been removed from the classroom at Corvette junior Public School while the TDSB investigates the allegations – Can anybody imagine a teacher showing students as young as 10 the video of Charlie Kirk being murdered by a gunshot to the neck?… “While playing this video repeatedly, he gave a speech to his students regarding anti-fascism, anti-trans, and how Charlie Kirk deserved for this to occur,” the source claimed… https://torontosun.com/news/local-news/warmington-scarborough-teacher-accused-of-showing-charlie-kirk-murder-video-to-kids Fox’s @johnrobertsFox: It really is quite stunning to see the sheer number people who are blowing up their careers through their compulsion to post vile and intemperate videos about Charlie Kirk on social media platforms. @tylerbowyer: The sheer amount of people who have had to be fired this week from their jobs because of unhinged rants, statements and callousness is all you need to know about the state of the radicalized Left in America. This is the evil we have been fighting on full display. It’s everywhere. We just cannot understand the mental state of people that celebrate on social media the assassination of a young man. It’s one thing to harbor delight at the murder but why would you display derangement on social media – especially with such a skewed risk-reward. Is the desire to procure affirmation of your ideological brethren so strong, some would say deranged, that you carelessly jeopardize you job? @ScottPresler: The sheer number of teachers celebrating Charlie Kirk’s assassination should make every parent in America consider homeschooling their children. I’m sick to my stomach. The amount of hate emanating from these people is something I’ve never seen before. Our country is sick. America is sick. Our education system is a cancer. @TheMossadIL: Every Jewish person who had internet access on October 8 knows exactly how you feel. Ex-Clinton advisor @MarkHalperin: An email I just got from a very smart person, who is now smarter, unfortunately because of the assassination of Charlie Kirk: “I used to think of Trump Derangement Syndrome as just people losing their minds about him specifically and knee jerk hating everything he said or did or enacted. But I now realize that Trump Derangement Syndrome has made people lose their ability to tell the difference between right and wrong.” For the first day, I refused to believe that anyone was actually going on social media to celebrate Charlie’s murder. Then I realized there was in fact some of it, but I assumed it was a very small amount. Now I see how naive I was. What is wrong with someone who would do that? Outrageous liberal media bias: After years of cheering on the Left/Dominant Media attempts to stifle/punish conservative speech and cancel the lives of those they didn’t like, now the Washington Post and New York Times news desks are positively outraged that the Right is using the same techniques to punish those who have publicly spoken out against Kirk since his murder, often cheering. All of a sudden, free speech rights are sacrosanct and organized efforts to get someone cancelled are unacceptable. WH Deputy CoS @StephenM: We have learned just how many Americans in positions of authority—child services, law clerks, hospital nurses, teachers, gov’t workers, even DOD employees—have been deeply and violently radicalized. The consequence of a vast, organized ecosystem of indoctrination. @TheBabylonBee: Democrats Say There’s No Place for Violence Against Evil Nazi Republicans That Are Literally Killing People and Destroying America @HannahDCox: We’re actually all slaves to the bottom 10 percent of society far more than we are to the top 1 percent. @ClayTravis: Comcast, the owners of MSNBC, have issued a public apology for their coverage of Charlie Kirk’s death and say they must do better. Okay, prove it. Hire sane people and put them on the air. Fire more morons. https://corporate.comcast.com/stories/a-statement-from-comcast Columbia Journalism Review: The F-Word – Data shows that cable networks are focused on Trump and fascism—as they never have been before. June 10, 2024 While there was an increase in mentions of Trump and fascism across all three networks, MSNBC led the charge. Since 2022, MSNBC has mentioned Trump and fascism 3,032 times—about 3.5 times more frequently than CNN did, and 4.5 times more than Fox… https://www.cjr.org/data/fascism-cable-news-data.php Republican revolt over Utah governor after explosive Charlie Kirk feud revealed The 2022 social media blast came after Cox vetoed a bill banning biological males from women’s sports — a move that infuriated Kirk and conservative activists… Cox also threatened to veto a statewide ban on transgender surgeries for minors, prompting Kirk to accuse him of being ‘paid off by Big Pharma who make billions off hormone blockers and chemical castration.’… Cox, described by TIME Magazine as ‘The Red State Governor Who’s Not Afraid to Be Woke’ famously refused to endorse President Donald Trump’s reelection bid until after the assassination attempt in Butler, Pennsylvania… https://www.dailymail.co.uk/news/article-15093527/spencer-cox-steve-bannon-charlie-kirk-assassin.html Bluesky posters threaten Trump, Elon Musk, Ben Shapiro, immediately after Charlie Kirk’s assassination, sick images show https://trib.al/oKydthC @ClayTravis: Dem Rep Jasmine Crockett says calling Trump Hitler doesn’t necessarily mean she wants you to go out and try to kill him. This is what every Democrat does. This is how Charlie Kirk was killed. They are encouraging their supporters to kill: https://x.com/ClayTravis/status/1966551889840845305 Some of these moron leftists truly believe this absurd argument — they think Trump is Hitler and all his followers are Nazis. They buy this bulls**t. And they kill us or try to kill us because of it. They think they are heroes for doing it. @mirandadevine: She’s not smart enough for the verbal ju jitsu needed to get Dems and the Hate Media out of trouble. The talking points are currently being fashioned by NY Times level gaslighters. @nicksortor: Nancy Pelosi just DEFENDED Democrats’ violent rhetoric after the killing of Charlie Kirk: “People don’t have the intention of saying something that will lead to something dangerous BUT we cannot take responsibility for the minds that are out there and how they hear it.” https://x.com/nicksortor/status/1966604072410132514 @CarolineWren: I appreciate the coverage Fox News is giving Charlie Kirk… but let’s not forget that Fox banned Charlie from coming on the network from 2021-2024 and the same anchors crying on air tonight over losing “an amazing champion for free speech” are the same anchors who didn’t have the guts to challenge Murdoch, Paul Ryan, and Karl Rove when they banned Charlie from their network. Charlie talks here about how he hadn’t been on Fox since Tucker’s departure and how Fox banned their anchors from attending TPUSA events. Charlie, as usual, speaks with grace and compassion about his issues with Fox Corp. https://x.com/CarolineWren/status/1966161508322390366 Though most Fox commentators swing right. Fox news, like the WSJ under Murdoch, is Establishment. Boston University College Republicans call for security, accountability after Charlie Kirk assassination – “At BU, conservative students have long been marginalized, silenced by fear of social intimidation, academic penalty or hostility,” the students wrote. “Rather than fostering intellectual diversity, the university has allowed a single ideological perspective to dominate, leaving students of differing opinions isolated.”… He pointed to a 2023 survey from the Harvard Crimson that found just under 3% of Harvard professors in the Arts and Sciences departments identified as conservative, while more than 75% identified as liberal. In the 2025 annual survey, the number of faculty who identified as conservative rose to 9%… https://www.foxnews.com/media/boston-university-college-republicans-call-security-accountability-after-charlie-kirk-assassination @WatchChad: The reason you feel Charlie’s death so deeply is because grief doesn’t measure itself by proximity. It measures itself by meaning. You didn’t have to know him personally to feel the sting of his absence, because when a voice like his goes silent, something in the atmosphere shifts. The reason it feels heavier than so many other tragedies is because your spirit recognizes that this is not just about a man, it is about a battle. Scripture says eternity is written on our hearts, and when someone who carried truth with boldness is suddenly gone, eternity aches within us… The reason you can’t shake it is because psychologically, we don’t only attach ourselves to people…we attach ourselves to symbols. Charlie became a symbol of conviction in a time of compromise, courage in a time of fear… That’s why even those who never met him feel it… So if you’ve wondered why this hits so hard, it’s because your soul knows… https://x.com/WatchChad/status/1966459014054572071 “When you tear out a man’s tongue, you are not proving him a liar, you’re only telling the world that you fear what he might say.” — George R.R. Martin, A Clash of Kings @JesseKellyDC: The task before Donald Trump (and Pam Bondi) is to prevent the rise of a right-wing dictator who will smash the Left with violent means. Much of the Right is already ready for this man. If Trump does not take apart the communist networks brick by brick, he’s coming. History also shows that most Americans want to be left alone and take care of the family and to pursue their interests. But when those that want to be left alone hit a breaking point, all hell breaks loose. When the Preference Cascade Becomes a Flood – Everything is becoming clear. I’ve written before about preference cascades — where large portions of the public, often a majority, conceal their views for fear of punishment, only to reveal those views when some precipitating event takes place… Charlie’s views — uniformly disparaged by the press as “far right” — are in fact mainstream, generally held by the majority of people. His assassination has caused people to step forward, and realize that the normal-American community is a huge majority… People are getting the courage not to hide their views, which is problematic for the left, whose strategy has consisted of using bullying and propaganda to convince 80% of the population that the views of 20% of the population are in the majority… But something else is being revealed, which is just how awful the views of the other 20% are. The approving response to the assassination from so many otherwise apparently respectable people has demonstrated just how many people there are who adhere to a leftist ideology of hate… https://instapundit.substack.com/p/when-the-preference-cascade-becomes Fox’s @BillMelugin_ on Friday: An ICE officer was severely injured in Chicago (Actually Franklin Park) this morning after being being hit & dragged by an illegal alien who resisted arrest during targeted traffic stop & tried to run over the ICE arrest team with his vehicle. ICE shot and killed the alien as a result… https://x.com/BillMelugin_/status/1966551884208238862 Man beheaded with machete at Dallas motel, head put in the trash, police say – NBC 5 DFW Investigators said the suspect, later identified as 37-year-old Yordanis Cobos-Martinez, put the victim’s head in the trash… Public records link Cobos-Martinez to crimes in Houston, California and Florida. He’s charged with capital murder and has been placed on an ICE hold at the Dallas County Jail. Records show he is a Cuban national… https://www.nbcdfw.com/news/local/man-stabbed-beheaded-machete-dallas-motel/3916937/ 18-time convicted felon charged with burglarizing one of the most exclusive homes in Chicago Prosecutors say 46-year-old Robert Berry entered a residence in the 200 block of East Lake Shore Drive around 3 a.m. on August 19, 2025. The block, which includes the landmark Drake Hotel and a row of early 20th-century luxury co-ops, is one of the most expensive stretches of real estate in the city… Records show Berry has been arrested in Chicago more than 25 times since 2015 and charged with felonies 18 times since 2001. His convictions include narcotics, arson, burglary, theft, and at least seven separate shoplifting cases between 2011 and 2024. https://cwbchicago.com/2025/09/18-time-convicted-felon-charged-with-burglarizing-one-of-the-most-exclusive-homes-in-chicago.html @FischerKing64: One major aspect of the fall of the Western Roman Empire was the decline of cities. Wealthy Romans built villas/estates outside the cities – and just ignored the dysfunction. This is going on in the USA. The beating heart of a republic is the cities, and they must be safe/clean. @texasrunnerDFW: When people speak nostalgically about America in the 1950s, what we’re really missing is not 2 kids, a stable factory job with a pension, and a bungalow with a white picket fence in the suburbs. It’s the sense of order, unity, community, and safety. Why is the US left going berserk? Fox’s Jesse Watters says it’s because “they are losing the battle of ideas.” There is little support for leftists’ key issues in the US. But as Watters notes, 55% of leftists believe it’s okay to kill Trump. Rutgers study reveals assassination culture. Among Americans identifying themselves as left-of-center: 48.6% say that murdering Elon Musk is justified. 55.2% say that murdering President Trump is justified… https://powerlineblog.com/archives/2025/04/lets-kill-the-republicans.php “When counting only left-leaning respondents, justification for killing Trump rose to 55% and Musk to 48%… Finkelstein said that while some level of violent sentiment exists on the right, “What we found was a statistically higher endorsement of political murder on the left, 41% more than among right-leaning participants.”… The report singles out BlueSky, a social media platform favored by progressive users, as a major amplifier of extremist ideation… https://nypost.com/2025/04/07/us-news/new-study-reveals-a-spread-of-assassination-culture-under-trumps-rule/ Miami Herald: A strong majority of GOP respondents, 77%, said being satisfied with a public figure’s death is always unacceptable, while 53% of independents and 38% of Democrats agreed. https://www.miamiherald.com/news/nation-world/national/article312077147.html Democrats told to “get shot” for the anti-Trump resistance – Axios Jul 7, 2025 Democratic members of Congress are facing a growing thrum of demands to break the rules, fight dirty — and not be afraid to get hurt… House Democrats told Axios they see a growing anger among their base that has, in some cases, morphed into a disregard for American institutions, political traditions and even the rule of law… “Our own base is telling us that what we’re doing is not good enough… [that] there needs to be blood to grab the attention of the press and the public,” one such lawmaker said… a lot of times that’s coming from economically very secure White people,” another lawmaker said… https://www.axios.com/2025/07/07/democrats-trump-resistance-violence-congress Tyler Robinson in ‘Harris – Walz’ t-shirt: https://x.com/akafaceUS/status/1966936300768165947/photo/1 MAGA and most non-GOPe Republicans believe that there is no uniting with blatant evil and violence. @AFpost: Donald Trump Jr on if now is the time to “lower the temperature” and “reach out to the other side”: “I’d love to, but who was better at that or kinder in doing that than Charlie Kirk? And they killed him. I don’t think it’s possible.” In a national address on Friday night, Charlie Kirk’s widow, Erike, stated, “The evildoers responsible for my husband’s assassination have no idea what they have done. They killed Charlie because he preached a message of patriotism, faith and of God’s merciful love. They should all know this: If you thought that my husband’s mission was powerful before, you have no idea. You have no idea what you just have unleashed across this entire country and this world… The cries of this widow will echo around the world like a battle cry… Charlie, I promise, I will never let your legacy die… I’ll make Turning Point USA the biggest thing that this nation has ever seen… To everyone listening across America, the movement my husband built will not die. It won’t. I refuse to let that happen. It will not die…” Erika Kirk’s first speech since husband’s assassination sparks massive TPUSA chapter surge nationwide – Organization receives 18,000 new chapter requests… https://www.foxnews.com/politics/erika-kirks-first-speech-since-husbands-assassination-sparks-massive-tpusa-chapter-surge-nationwide Lawmakers cancel outdoor events in the aftermath of Charlie Kirk shooting (Dems fear retribution!) Democratic Reps. Becca Balint of Vermont, Alexandria Ocasio-Cortez of New York and Rashida Tlaib of Michigan have all canceled events recently because of heightened tensions related to Kirk’s death… https://t.co/MYIClcgsAC Office Depot has fired the employees who refused to print Charlie Kirk tribute flyers, the company confirmed. https://t.co/A5kk7LynBK @VigilantFox: Bill Maher and his guests come to the conclusion that Democrats stay soft on crime mainly to appease white liberals… And it started with this line from a writer at The Atlantic: “Even as polling has shown clearly that more and more black voters have advocated for tougher policing policies, many of these same Democratic politicians have remained very reluctant, reluctant to get tougher on crime. Why? Because they’re afraid of alienating a different demographic—white liberals in the suburb.” Maher agreed: “It’s so racist!” https://x.com/VigilantFox/status/1966710975966409190 @RNCResearch: Democrat Tennessee State Rep. Justin Pearson says President Trump’s deployment of the National Guard to end crime in Memphis is a “White Supremacist ploy.” Democrats are STILL spewing vile rhetoric. https://t.co/F2d7RLYb8B Why Is the Media Downplaying the Annunciation Shooter’s Motive? Transgenderism and anti-Catholicism drove the recent killing in Minneapolis. https://christopherrufo.com/p/why-is-the-media-downplaying-the Karine Jean-Pierre says Biden health talking points were tightly controlled at senior level https://t.co/GttVURiaNQ @nickshirleyy: Tommy Robinson leads Britain and thanks Elon Musk and Donald Trump as 3 MILLION people have taken to the streets in London to demand their right of freedom of speech “We are the counter revolution. It’s not going anywhere mate, everyone’s had enough.” https://x.com/nickshirleyy/status/1966932092312580462 @HansMahncke: There is something profoundly twisted about the fact that vast numbers of people spread the malicious lie that Charlie Kirk called for gays to be stoned, implying he deserved to die for saying such a horrific thing—which he never said—while at the same time those same people champion immigration from countries where such beliefs are actually held and enforced. | |
SWAMP STORIES FOR YOU TONIGHT
GREG HUNTER…INTERVIEWING ED DOWD
Beginning of Panic Rate Cut Cycle – Ed Dowd
By Greg Hunter On September 13, 2025 In MediaNo Comments
By Greg Hunter’s USAWatchdog.com (Saturday Night Post)
Former Wall Street money manager and financial analyst Ed Dowd of PhinanceTechnologies.com had a storied Wall Street career. He got out of Enron and Lucent long before they crashed and burned. A few of the many other more recent correct calls Dowd has made include: interest rates topping and heading lower (they did), housing tanking and going lower (happening now), massive fraud propping up the Biden economy with illegal immigration (20 million brought in by Biden Admin) and the BLS just restated job creation numbers for 12 months ending in March. The restatement revealed an eye popping 911,000 jobs were fake. Dowd said just after the 2024 election that “Trump inherited a turd of an economy.” Now, Dowd says, “Trump has to deal with a turd of a disaster.” On the phony jobs number alone, Dowd says, “You could say this is statistical fraud or bureaucratic incompetence. Let’s say it’s both. It such an egregious 7 standard deviation. 3.4 standard deviation is the chance of lightning hitting you at least once in your lifetime. It’s not likely. 7 deviation is suggestive of fraud–full stop.”
All the frauds propping up the Biden economy isn’t causing inflation now–just the opposite. Dowd says, “The housing market is rolling over because people can’t afford them. What was keeping a floor in the housing market were rents by the illegal aliens. That’s all going the wrong way. Trump is deporting people, and we closed down the border. Our housing report that we put out a month ago . . . all the indicators are rolling over, and we are going to have a housing recession. We are going to see inflation go lower because housing is 36% of the economy. We expect to see a sub 2% print on inflation.”
What about the Fed cutting interest rates next week? Dowd says, “They cut rates in the Great Financial Crisis starting in 2007. Our stock market did not bottom until 2009. This is the beginning of what I think is the ‘panic rate cut cycle.’ We are going to see the Fed cutting rates all the way down into this asset deflation that we see coming in this panic rate cut cycle. Cutting into slowing growth does not cause assets to reinflate. They are behind the curve, and they are going to be cutting all the way down as we deflate.”
Dowd still likes gold and says his clients are acquiring gold and land, not crypto. He also says there are big problems coming in the not-so-distant future from China and Europe. Dowd says his forecast of the world going into a “very deep recession” will come true soon.
There is much more in the 54-minute interview.
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with money manager and investment expert Ed Dowd, author of the updated book called “Cause Unknown: The Epidemic of Sudden Deaths in 2021, 2022 and 2023” for 9.13.25. Dowd contends the “sudden deaths” and disabilities are still happening at epidemic levels. Now, there are 6 million Americans permanently disabled from the CV19 injections!!
After the Interview:
There is lots of free information on Dowd’s website called PhinanceTechnologies.com. You can also order his reports there.
harveyorganblog.com 
