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FROM MY no 4 SON STEPHEN //THROUGH AI: ENJOY
EXCHANGE: COMEX
CONTRACT: SEPTEMBER 2025 COMEX 100 GOLD FUTURES
SETTLEMENT: 3,682.200000000 USD
INTENT DATE: 09/15/2025 DELIVERY DATE: 09/17/2025
FIRM ORG FIRM NAME ISSUED STOPPED
118 H MACQUARIE FUTURES US 9
323 C HSBC 13
363 H WELLS FARGO SECURITI 31
435 H SCOTIA CAPITAL (USA) 18
624 H BOFA SECURITIES 1
661 C JP MORGAN SECURITIES 94 11
686 C STONEX FINANCIAL INC 2
732 C RBC CAP MARKETS 13
880 C CITIGROUP 7
905 C ADM 15
TOTAL: 107 107
MONTH TO DATE: 5,647
GOLD: NUMBER OF NOTICES FILED FOR SEPT/2025: 107 CONTRACTs NOTICES FOR 10700 OZ or 0.3328 TONNES
total notices so far: 5647 contracts for 564,700 OR 17.6578 tonnes)
SILVER NOTICES: 42 NOTICE(S) FILED FOR 0.210 MILLION OZ/
total number of notices filed so far this month : 12,409 CONTRACTS (NOTICES) for 62.045 million oz
A DEPOSIT OF 2.01 TONNES OF GOLD INTO THE GLD
INVENTORY RESTS AT 976.81 TONNES
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 26.675 MILLION OZ.
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 63.000 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING) PLUS 3.0 MILLION OZ EX FOR RISK = 66.000 MILLION OZ. THIS IS THE FIRST ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.
AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.637 TONNES EX FOR RISK//AUG 25: 9.107 TONNES , AUGUST 26: 9.1010 TONNES ANND NOW AUGUST 27: 9.0699 TONNES//NEW STANDING ADVANCES TO 107.5117 TONNES OF GOLD NORMAL STANDING (INCLUDES ALL MONTHLY QUEUE JUMPS/EX FOR PHYSICAL TRANSFERS//) +44.696 TONNES EX.FOR RISK = 152.208 TONNES
AND NOW SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.3110 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 = 34.202 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. 62.07 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 HUGE 1128 CONTRACTS OI TO 162,383 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 250 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 250 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 1129 CONTRACTS AND ADD TO THE 250 E.FP. ISSUED
WE OBTAIN A MEGA HUGE SIZED GAIN OF 1378 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN IN PRICE OF $0.28 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 6.890 MILLION PAPER OZ
OCCURRED WITH OUR $0.28 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 TUESDAY MORNING:
SHANGHAI CLOSED UP 1.36 PTS OR 0.04%
//Hang Seng CLOSED UP 41.39 PTS OR 0.16%
// Nikkei CLOSED UP 134.15 OR 0.30% //Australia’s all ordinaries CLOSED UP .33%
//Chinese yuan (ONSHORE) CLOSED UP AT 7.1147 OFFSHORE CLOSED UP AT 7.1110/ Oil UP TO 63.16 dollars per barrel for WTI and BRENT UP TO 67.12 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP IN TRADING AT 7.1149 AND STRONGER//OFF SHORE YUAN TRADING UP TO 7.1110 AGAINST US DOLLAR/ AND THUS STRONGER
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A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED 7,430 CONTRACTS TO 519,611 OI WITH OUR GAIN IN PRICE OF $45.30 WITH RESPECT TO MONDAY’S // TRADING.. WE OF COURSE, LOST NO NET LONGS, WITH 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 (2615). 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 10,045 CONTRACTS (OR 31.244 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 10,045 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 1165 T.A.S CONTRACTS. THESE T.A.S ISSUANCES ARE USED FOR RAID PURPOSES TO STOP GOLD’S RISE AND TO TEMPER HUGE LOSSES IN OTC DERIVATIVE BETS AND IT WAS IN FULL FORCE DESPERATELY TRYING TO STOP GOLD’S ADVANCE AND THIS ENDS IN FAILURE. FOR THE FIRST TIME EVER, THEY FAILED TO RAID AT MONTH’S END AUGUST COMEX AND OTC/LONDON LBMA EXPIRY!!
THE T.A.S. LIQUIDATION OF THESE T.AS. CONTRACTS (ALONG WITH PREVIOUS AUGUST MONTH- END SPREADERS) IS THE REASON WHY WE ARE HAVING DISTORTED COMEX OPEN INTEREST GAINS AND LOSSES IN OI BUT THIS IS COUPLED WITH MEGA HUGE AMOUNTS OF GOLD STANDING FOR DELIVERY TO CONFUSE THE ISSUE!!!!! AND THIS WAS SURELY ON DISPLAY WITH FIRST DAY NOTICE TOTALS WITH GOLD TONNES STANDING FOR THE FOLLOWING MONTHS:
FOR APRIL AT 209 + TONNES INCLUDING MANY MASSIVE QUEUE JUMPS AND THIS CONTINUED INTO MAY WITH FINAL STANDING AT 90.23 TONNES.
JUNE WHICH IS A HUGE DELIVERY MONTH , FINAL STANDING WAS RECORDED AT A STRONG 93.085 TONNES. (IS THE COMEX RUNNING OUT OF GOLD?)//TOTAL NET QUEUE JUMPING FOR THE JUNE MONTH: 31.027 TONNES.
IN JULY WE HAD HUGE DELIVERY NOTICES ESPECIALLY FOR A NON ACTIVE DELIVERY MONTH WITH INITIAL STANDING AT 17.947 TONNES PLUS MANY QUEUE JUMPS + 3.75 TONNES EX FOR RISK = 41.106 TONNES OF GOLD // FINAL TOTAL TONNES STANDING JULY: 41.106 TONNES
FOR THE MONTH OF AUGUST:
INITIAL AMOUNT OF GOLD STANDING FOR AUGUST: 60.547 TONNES PLUS THE MONTHS HUGE QUEUE JUMPS OF 47.2312 TONNES +44.696 TONNES EX FOR RISK (7 ISSUANCES) //NEW STANDING 152.208 TONNES WHICH IS MONSTROUS!!!
AND NOW INITIAL AMOUNT OF GOLD STANDING FOR SEPT; INITIAL STANDING; 2,602 CONTRACTS OR 260,200 OZ FOR 8.093 TONNES OF GOLD FOLLOWED BY TODAY’S 0.3110 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 34.202 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 0.3110 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) 0.3110 TONNES TODAY QUEUE JUMP
TOTALS: 34.202 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 2615 EFP CONTRACT WAS ISSUED: : /DEC 2615 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 2615 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//MONDAY
- 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 MONDAY NIGHT/TUESDAY MORNING WAS A FAIR SIZED SIZED 2615 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 HUGE 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.
GOLD 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 = 34.202 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 UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY A STRONG $45.30./ /) 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.
TUESDAY MORNING//MONDAY 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 MONDAY EVENING/ TUESDAY 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
ANALYSIS SEPT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// SEPT COMEX CONTRACT
WE HAVE A STRONG SIZED GAIN TOTAL OF 31.244 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR SEPTEMBER AT 8.093 TONNES. WE HAD THE FOLLOWING QUEUE JUMP OF 0.3110 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: 34.202 TONNES.
ALL OF THIS HUGE STANDING FOR SEPTEMBER WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $45.30
WE HAD A SMALL247 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 10,045 CONTRACTS OR 1,004,500 0Z (31.244 TONNES)
confirmed volume MONDAY 208,695 contracts// poor//
speculators have left the gold arena
INITIAL GOLD COMEX
SEPT CONTRACT MONTH
SEPT 16 /2025
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 1.entries i) out of Manfra: 14,098.380 oz total withdrawal 14,0989.380 oz . |
| Deposit to the Dealer Inventory in oz | 0 ENTRIES |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER 0 ENTRIES xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 107 notice(s) 10,700 OZ 0.3328 TONNES |
| No of oz to be served (notices) | 88 contracts 8,800 OZ 0.2737 TONNES |
| Total monthly oz gold served (contracts) so far this month | 5647 notices 564,700 oz 17.6578 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month |
dealer deposits: 0
xxxxxxxxxxxxxxxxxxxxx
DEPOSITS/CUSTOMER 0
total deposit
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
customer withdrawal
1.entries
i) out of Manfra: 14,098.380 oz
total withdrawal 14,0989.380 oz
ADJUSTMENTs 2
a) Brinks: customer to dealer account 78,040.434 oz
b) JPMorgan dealer to customer 289.359 oz
AMOUNT OF GOLD STANDING FOR SEPTEMBER
THE FRONT MONTH OF SEPTEMBER STANDS AT 195 CONTRACTS FOR A LOSS OF 840 CONTRACTS. WE HAD 940 CONTRACTS FILED ON MONDAY SO WE GAINED 100 CONTRACTS OR 10,000 OZ ENTERTAINED A QUEUE JUMP OF 0.3110 TONNES. WE NOW MUST ADD TO OUR INITIAL 8.093 TONNES OF GOLD STANDING TO TODAY’S QUEUE JUMP OF 0.3110 TONNES AND THEN ADD MONTH SEPT// EX FOR RISK = 16.364//THUS NEW TOTAL OF GOLD STANDING ADVANCES TO 34.202 TONNES
OCTOBER GAINED 171 CONTRACTS UP TO 60,163
NOVEMBER GAINED 41 CONTRACTS UP TO 3098 CONTRACTS.
We had 107 contracts filed for today representing 10,700 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 94 notices issued from their client or customer account. The total of all issuance by all participants equate to 107 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer an 11 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 (5647 X 100 oz ) to which we add the difference between the open interest for the front month of SEPT ( 195 CONTRACTS) minus the number of notices served upon today (107 x 100 oz per contract) equals 573,500 OZ OR 17.838 TONNES OF GOLD TO WHICH WE ADD OUR TOTAL EX FOR RISK/SEPT MONTH OF 16.369 TONNES//NEW TOTAL STANDING ADVANCES TO 34.202 TONNES
thus the INITIAL standings for gold for the SEPTEMBER contract month: No of notices filed so far (5647 x 100 oz +we add the difference for front month of SEPT. (195 OI} minus the number of notices served upon today (107 x 100 oz) which equals 573,500 OZ OR 17,838 TONNES PLUS 16.364 TONNES EXCHANGE FOR RISK = 34.202 TONNES.
TOTAL COMEX GOLD STANDING FOR SEPT..: 34.202 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 39,166,532.740 oz
TOTAL REGISTERED GOLD 21,399,458.758 or 665.613 tonnes
TOTAL OF ALL ELIGIBLE GOLD 17,7677,373.982 OZ
END
REGISTERED GOLD THAT CAN BE SERVED UPON 19,375,404oz ((REG GOLD- PLEDGED GOLD)= 602.65 tonnes // (
total inventories in gold declining rapidly
SILVER/COMEX
SILVER/COMEX
THE SEPTEMBER 2025 SILVER CONTRACTS
SEPT 16 2025
INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 3 entries: i) Out of Asahi 2,413,243.800 oz ii) Delaware 5179.480 oz iii) Manfra: 596,806.682 oz total withdrawal 3,015,229.962 oz |
| Deposits to the Dealer Inventory | 0 ENTRY |
| Deposits to the Customer Inventory | 0 entries |
| No of oz served today (contracts) | 42 CONTRACT(S) (0.210 million OZ |
| No of oz to be served (notices) | 191 contracts (0.955 MILLION oz) |
| Total monthly oz silver served (contracts) | 12,407 Contracts (62.045 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
0 DEPOSIT ENTRIES/CUSTOMER ACCOUNT
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx)
withdrawals: customer side/eligible
3 entries:
3 entries:
i) Out of Asahi 2,413,243.800 oz
ii) Delaware 5179.480 oz
iii) Manfra: 596,806.682 oz
total withdrawal 3,015,229.962 oz
ADJUSTMENTs 2 dealer to customer
a)Asahia: 2044,066.610 oz
b) Delaware 579,595.175 oz
TOTAL REGISTERED SILVER: 194.327 MILLION OZ//.TOTAL REG + ELIGIBLE. 524,632 Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR AUGUST
silver open interest data:
FRONT MONTH OF SEPTEMBER /2025 OI: 233 OPEN INTEREST CONTRACTS FOR A LOSS OF 25 CONTRACTS. WE HAD 64 CONTRACTS SERVED ON MONDAY SO WE GAINED A FAIR SIZED 39 CONTRACTS OR 195,000 OZ ENTERTAINED A QUEUE JUMP//NEW STANDING FOR SILVER COMEX INCREASES TO 63.000 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 66.000 MILLION OZ
STANDING FOR SILVER: 66.000 MILLION OZ
OCTOBER LOST 103 CONTRACTS TO 2388
NOVEMBER GAINED 195 CONTRACTS UP TO 1658.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 42 or 0.210 MILLION oz
CONFIRMED volume; ON MONDAY 52,249 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 12,409 X5,000 oz = 62.045 MILLION oz
to which we add the difference between the open interest for the front month of SEPT (233) AND the number of notices served upon today (42 )x (5000 oz)
Thus the standings for silver for the SEPTEMBER 2025 contract month: (12,409) Notices served so far) x 5000 oz + OI for the front month of SEPTEMBER(233) minus number of notices served upon today (42)x 5000 oz equals silver standing for the SEPTEMBER contract month equating to 63.000 MILLION OZ TO WHICH WE ADD OUR INITIAL EXCHANGE FOR RISK SEPT TOTALLING 3.0 MILLION OZ//NEW STANDING ADVANCES TO 66.000 MILLION OZ
New total standing: 66.000 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 194.327 million oz of registered silver
JPMorgan as a percentage of total silver: 210.283/524.632 million. 40.08%
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 16 WITH GOLD UP $8.30 TODAY/HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 2.01 TONNES OF GOLD FROM THE GLD:/// ///INVENTORY RESTS AT 976.81 TONNES
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: 976.81 TONNES, TONIGHTS TOTAL
SILVER
SEPT 16 WITH SILVER DOWN $0.05 TODAY/HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 1.500 MILLION OZ INTO THE SLV: /// ///INVENTORY RESTS AT 487.177 MILLION OZ//
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 487.177 MILLION OZ//
PHYSICAL GOLD/SILVE
1/PETER SCHIFF
JOHN RUBINO
JAMES RICKARDS
2. MATHEW PIEPENBERG/VON GREYERZ
ALASDAIR MACLEOD
3. CHRIS POWELL AND GATA GOLD DISPATCHES/OTHER GOLD RELATED TOPICS
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS 240
a must view
5. COMMODITY REPORT BEEF AND EGGS
Ground Beef Inflation Sizzles, Egg Prices Cool Off
Tuesday, Sep 16, 2025 – 06:55 AM
The best bang for the buck in the grocery store protein aisle this year hasn’t been beef, it’s been eggs. Prices have plummeted thanks to President Trump’s swift action to fix the Biden-Harris regime’s botched bird flu culling disaster. By contrast, ground beef has surged to a record $6.32 per pound, squeezed by the smallest US cattle herd in decades, with a bleak outlook despite some signs of a rebuilding phase nearing.
Here’s more from Bloomberg:
For more than a year, egg prices have served as the poster child for the higher cost of living in the US. That distinction may soon move over to the beef market, said Darin Parker, president of global meat trader Parker-Migliorini International Llc. Parker warns that Americans will keep paying more for burgers as restrictions on Brazilian imports further squeeze already tight domestic supplies. Indeed, one measure of US retail prices shows that ground beef has climbed more than 10% since January, while eggs dropped nearly 30%.
Beef inflation is sticky, while egg prices have cooled.
Egg prices are back to pre-crisis levels.
Meanwhile.
Related:
- 12-Year Cattle Cycle Bottoms: Tyson CEO Predicts Rebuild Phase Beginning Next Year
- Tyson Foods Confirms Protein Switching Underway Amid Record High Beef Prices
- Got Beef? 12-Year Cycle Signals “Cyclical Low”
- Cattle Herd Rebuild Begins Just As Consumers Get Slaughtered By Record Beef Prices
The next cattle herd rebuild cycle must bring small, family-run ranchers back into the fold if America wants a resilient domestic beef supply.
Supporting independent journalism goes hand in hand with supporting independent ranchers – both make this nation stronger.
US Futures Set For Another Record, Nasdaq On Pace For 10th Straight Gain
Tuesday, Sep 16, 2025 – 08:29 AM
US equity futures are higher (duh) outperforming global counterparts, while the Nasdaq is on pace for a historic 10th day of gains. As of 8:00am ET, S&P and Nasdaq 100 futures were higher by 0.2% with Oracle rising more than 5% in premarket trading on news it may soon be handed control of TikTok. S&P 500 contracts edged higher after the US benchmark powered through the 6,600 mark on Monday. Pre-mkt, Mag7 is displaying strength across multiple members with add’l TMT support from AVGO (+1.4%) and ORCL (+3.7%). Cyclicals and Semis are poised to lead but with pockets of strength in Defensives (HC, Staples) also seen. Europe’s Stoxx 600 fell 0.2%. Bond yields are flat to down 1bps with the US Dollar broadly weaker ahead of a widely expected 25bp cut and the resumption of the Fed’s easing cycle which paused in Dec 2024 (right after Trump was elected). US Treasuries have been racing past peers, the euro is nearing four-year highs and Goldman strategists caution that the next pain point for bond traders may come in the five-year part of the curve. Both Cook and Miran will be a part of the vote. Today’s macro data focus is on Retail Sales where Feroli is below the Street seeing a 0.1% MoM print and 0.3% for the Control Group.
In premarket trading, Mag 7 stocks are mostly higher: Tesla rises 1.3%, paring earlier gains after the National Highway Traffic Safety Administration opened a probe over issues with door handles on certain Model Y vehicles. Alphabet gains 1.3% a day after the Google-parent on Monday joined an elite group of companies valued at more than $3 trillion (Nvidia -0.2%, Microsoft +0.1%, Apple -0.01%, Amazon +0.5%, Meta Platforms +0.6%)
- Bloom Energy (BE) jumps 7% after Morgan Stanley boosted its price target on the fuel-cell manufacturer to a Street-high, saying the company is much more favorably positioned for success in powering AI data centers.
- Dave & Buster’s (PLAY) tumbles 15% after the restaurant operator reported adjusted earnings per share and revenue for the second quarter that came in well below the average analyst estimate.
- Hershey’s (HSY) gains 2% after Goldman Sachs double upgraded the shares. Analysts said market-share trends are improving, and there are incremental tailwinds ahead for the chocolate and confectionery company.
- New York Times (NYT) shares slip 1.9% after President Donald Trump filed a $15 billion defamation and libel lawsuit against the news organization.
- Oracle (ORCL) rises 5% after CBS News reported that the software giant is among a consortium of firms that would enable TikTok to continue operations in the US if a framework deal is finalized.
- Warner Bros Discovery (WBD) shares fall 1.5% as TD Cowen downgraded to hold from buy after the stock rallied even as Paramount is still to make an official offer.
- Webtoon Entertainment (WBTN) soars 47% after Walt Disney said it plans to acquire a 2% equity interest in the online comics company.
Stock bulls are riding high ahead of a widely expected 25-basis-point Fed cut on Wednesday (potentially as high as 50), the first move in a policy easing round projected to run into 2026. Rate-sensitive tech shares have led the charge in the post-Liberation Day rebound, fueled by enthusiasm over artificial intelligence. Asset managers are growing even more bullish according to the latest BofA survey. But stretched positioning in pockets of the market, with some funds already “maximum long”, is leaving it vulnerable to a shock.
“Capex and profit forecasts linked to AI are overwhelming,” said Thomas Brenier, head of equities at Lazard Freres Gestion. “Look at Oracle, it seems that the sky is the limit.”
Expectations of aggressive Fed rate cuts drove the dollar toward its weakest level since July. The euro climbed 0.4%, nearing its highest mark since 2021. The divergence reflects the Fed’s shift toward easing, in sharp contrast with the European Central Bank, where policymakers have signaled an end to their own loosening cycle.
As the Nasdaq prints a nine-day winning streak, hedge funds net bought IT stocks at the fastest pace in seven months across all regions, according to Goldman’s prime desk. With CTAs max long, corporates increasingly moving into buyout blackouts, and hedge funds likely only able to add at the margin, retail and discretionary investors are left to support equities.
Meanwhile, the tensions between the Fed and Trump administration escalated Monday. An appeals court temporarily halted the effort to oust Governor Lisa Cook, while the Senate separately approved Trump’s economic adviser Stephen Miran for a seat on the board.
Later on Tuesday, traders are set for a final read on the American consumer. Retail sales data for August are forecast to show a 0.2% increase, following stronger advances in the previous two months, although real -time card spending data hints at an even higher print. Bloomberg economists Eliza Winger and Estelle Ou expect headline retail sales likely grew 0.2% in August, down from 0.5% in July, as auto sales slowed, noting spending remains modest overall with consumers concerned about tariffs and the economy. With the jobs market softening and prices rising, questions remain over how long consumers will keep spending freely.
“In the session ahead, we navigate US retail sales and that poses a degree of risk to markets,” wrote Chris Weston, head of research at Pepperstone Group. “However, with the Fed meeting looming large in the following session, it will likely take an outsized surprise in retail sales to really move the dial on risk.”
Stocks may have further upside as rising expectations for economic growth continue to buoy bullish sentiment, according to Bank of America’s Michael Hartnett. His latest fund manager survey found that a net 28% of global investors are overweight equities, the strongest reading in seven months. Views on growth also showed the biggest positive shift in nearly a year, with only a net 16% of respondents still anticipating an economic slowdown, Hartnett said.
Europe’s Stoxx 600 falls 0.1% as the rally that sent US and Asian stocks to fresh highs sputters in Europe. Italian banks dip on news that the government was drafting plans to raise another €1.5 billion ($1.8 billion) from lenders, while miners gained on the back of rising iron ore prices. Here are the biggest movers Tuesday:
- European mining shares are the best performers in the Stoxx 600 benchmark on Tuesday after iron ore advanced, with China’s daily steel output showing signs of improvement
- Embracer gains as much as 5.5%, the biggest contributor to the Stoxx 600 Index, after Kepler Cheuvreux reiterated its buy rating and boosted its price target for the Swedish gaming group ahead of a spinoff of its Coffee Stain subsidiary
- ASML shares continue to rally Tuesday after JPMorgan said that the worst of newsflow is likely behind the chip-gear firm as better trends in both memory and logic end-markets bode well for the 2027 sales outlook
- Kering shares gain as much as 2.4% after CIC upgraded the French luxury firm to buy from hold on improved outlook following the new CEO’s plans, a creative revamp at Gucci, and its delayed Valentino purchase agreement
- Fresnillo rises as much as 4.6% in London after JPMorgan upgraded the precious metals firm’s price target to 2,500 pence from 2,100 pence and reiterated its overweight rating, as the bank sees further upside for the miner
- Kier Group rises as much as 9.4% as the infrastructure services and construction company reported full-year results that beat estimates on better-than-expected current trading and solid order book
- VusionGroup rises as much as 20%, the most since February, after the French tech group’s full-year sales forecast beat expectations and broker Gilbert Dupont upgraded its rating for the stock
- Yellow Cake shares rise as much as 8.4% in London, hitting their highest level since December, tracking a rise in global peers after the US Energy Secretary said the US should boost its strategic uranium reserve
- Shelf Drilling jumps as much as 34%, the most since August, after Ades increased its cash consideration for the offshore drilling contractor to NOK18.5 per share, from the Aug. 5 offer of NOK14 per share
- Haleon drops as much as 6.1% as Barclays downgrades its rating on the consumer-health company to equal-weight from overweight, based on a tough backdrop in the US
- Granges falls as much as 6.9% after Nordea cut its recommendation on the Swedish aluminum group to hold from buy, saying that while the company is set to gain market share, Nordea struggles to find an inflection point
- Schindler shares slide as much as 2.8% after one of its investors offloaded shares at a discount to Monday’s close. The stock is sliding for a second consecutive session after ending last week at an all-time high
- SThree shares plummet by as much as 28%, their biggest drop this year, after the recruitment company warned it is expecting subdued activity to persist into FY26, hitting its guidance for the year
- Italian banks underperformed on Tuesday after Bloomberg reported that the country’s government is working on a preliminary plan to raise an extra €1.5 billion from lenders in 2027 by postponing their tax deductions
Earlier in the session, Asian stocks surged to a fresh intra-day record, propelled by a rally in chip stocks after Beijing’s anti-monopoly ruling on Nvidia. The MSCI Asia Pacific Index rose as much as 0.8% to reach its highest level on record, as chip stocks such as TSMC and Samsung Electronics led gains. Investor sentiment remained upbeat also on expectations of a Federal Reserve rate cut this week. Chip stocks jumped on Tuesday after a Chinese regulator ruled that Nvidia violated anti-monopoly laws in its 2020 acquisition of networking gear maker Mellanox Technologies Ltd. The decision was interpreted by some investors as a signal of Beijing’s push to promote localization and self-sufficiency in chip technology, sparking gains in Chinese home-grown semiconductor firms. Asian equities have been on a tear recently, repeatedly testing a previous high set in 2021. Investor sentiment has gradually improved since April, boosted by easing trade tensions with the US and a resurgence in Chinese stocks due to AI developments and government efforts to cut overcapacity. Here Are the Most Notable Movers
- The unlisted shares of India’s National Commodity & Derivatives Exchange Ltd. have surged after investors including global high-speed trading firms bought stakes in the company ahead of its foray into equities.
- Nintendo lost 3.3% after fans were left disappointed by the lack of a new Mario game announcement. Disco shares gained 8.2% after Morgan Stanley said it was its top pick in Japan’s chip sector.
- GCL Technology Holdings Ltd.’s stock rose after the Chinese company announced a share sale to help fund efforts to reduce overcapacity in the solar polysilicon sector.
- Disco shares rose as much as 7.6%, their biggest intraday gain since June 27.
- Nintendo shares lost as much as 4%, the most since June 20, after the firm’s Nintendo Direct event ended without an announcement of a major new Mario game for its Switch 2 console.
- LG Display shares surge as much as 14% on expectations that Apple’s new iPhones will help the Korean display panel supplier report stronger earnings.
- Yunfeng Financial shares slide as much as 15% in Hong Kong after the financial services company and a shareholder offer 191 million shares at HK$6.10 each in a top-up placement.
- Genda shares jump as much as 20% to the daily limit after the Japanese arcade operator reported half-year earnings, with operating profit rising 0.9% from a year earlier.
- Nitto Denko shares fall as much as 3.4%, the most since Aug. 4, after the Japanese specialty chemicals company conducted its annual investor’s meeting on Friday that saw an outlook decline in its new circuit products from the year before.
In FX, the dollar weakens for a second day, boosting G-10 peers. The euro touches highest since July, closing in on its strongest level in four years. Sterling hits a two-month high too after UK jobs data backed a slower pace of cuts by the Bank of England.
In rates, US Treasuries were little changed, with the 10-year yield at 4.04% and European bond markets, mixed for gilts. US government bonds have outpaced global peers this year, delivering a 5.8% return as expectations for policy easing reversed widely held bearish views.
In commodities, gold hits another record high, trading about $19 higher on the session to around $3,697/oz. Oil prices dip, with Brent slipping closer to $67/barrel.
Today’s economic data slate includes August retail sales and import/export prices and September New York Fed services business activity (8:30am), August industrial production (9:15am), and July business inventories and September NAHB housing market index (10am).
Market Snapshot
- S&P 500 mini +0.2%
- Nasdaq 100 mini +0.3%
- Russell 2000 mini +0.2%
- Stoxx Europe 600 -0.1%
- DAX -0.3%
- CAC 40 little changed
- 10-year Treasury yield -1 basis point at 4.03%
- VIX -0.2 points at 15.48
- Bloomberg Dollar Index -0.2% at 1191.97
- euro +0.4% at $1.1808
- WTI crude -0.4% at $63.03/barrel
Top Overnight News
- Lisa Cook is set to take part in the FOMC meeting today and tomorrow after an appeals court blocked Donald Trump from firing the Fed governor. So is Stephen Miran, who was confirmed in a 48-47 Senate vote. BBG
- The SEC said it’s prioritizing Trump’s proposal to reduce the frequency of earnings reports after the president called for an end to quarterly disclosures. BBG
- Trump said Congressional Republicans are working on a short-term clean extension of government funding to stop Senate Minority Leader Schumer from shutting down the government.
- Trump signed a Presidential Memorandum to establish the Memphis Safe Task Force which was said to be a replica of efforts in Washington DC and will include the National Guard. Furthermore, Trump stated they are probably going to go in Chicago next and want to get to New Orleans, while he also commented that they need to save St. Louis.
- A group of GOP senators are working on legislation to extend Affordable Care Act subsidies with policy changes designed to win over conservatives, according to four people granted anonymity to disclose private discussions. Politico
- US reportedly looks to boost national strategic uranium stockpile: BBG
- Trump has filed a defamation lawsuit against the NYT seeking $15bn in damages from the media organization he accused of being a “mouthpiece” for the Democratic party. FT
- China has significant leverage when it comes to trade negotiations with Washington, including rare earth supplies and agricultural product purchases (China has halted US soybean purchases, delivering a punishing blow to American farmers). NYT
- The world must invest $540 billion annually in oil and gas exploration through 2050 to sustain output, the IEA said. Without new discoveries or demand shifts, supply may shrink by more than 5 million b/d each year — around 40% higher than it was in 2010. BBG
- The US will start formally implementing a lower 15% tariff on imports of Japanese autos and parts starting today. BBG
- Switzerland’s conservative central bank has quietly become one of the world’s biggest tech investors, amassing a stock portfolio that is equivalent in value to nearly a fifth of the national economy’s annual output. The Swiss National Bank has US equity holdings amounting $16bn, with more than $42bn invested in megacap tech. FT
- The UK labor market showed stabilizing signs after a slump triggered by higher taxes. Payrolls dropped by 8,000 in August and vacancies increased for the first time since early 2024, leaving the BOE on track to hold rates later this week. The pound gained. BBG
Trade/Tariffs
- US President Trump said he is undecided regarding a TikTok stake, and he will speak with Chinese President Xi about a significant agreement, while he believes discussions with Xi will confirm key matters.
- US opened an inclusions window for the section 232 on steel and aluminium in which the Bureau of Industry and Security established a process for including additional derivative steel and aluminium articles within the scope of the duties authorised by the President under section 232 of the Trade Expansion Act of 1962.
- Playbook citing officials reports that the forum for any UK-US talks on steel/aluminium would be a bilateral meeting, however as of Monday night there was reportedly no sign of a sit-down between UK Chancellor Reeves and US Treasury Secretary Bessent.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded mixed amid some cautiousness ahead of upcoming risk events and despite the fresh record levels on Wall St, where the mega-caps did most of the lifting as Alphabet joined the USD 3tln market cap club. ASX 200 marginally gained with the index led by strength in mining, resources and materials, but with gains capped by weakness in defensives. Nikkei 225 swung between gains and losses following an early unprecedented climb to above the 45,000 milestone on return from the extended weekend, while the calendar was quiet, although lower US tariffs on Japan took effect. Hang Seng and Shanghai Comp were subdued despite the recent talks in Madrid where the US and China reached a framework agreement on TikTok although the details were scarce, while US President Trump and Chinese President Xi are scheduled to talk on Friday.
Top Asian News
- Japan’s Finance Minister Kato reiterated it is not appropriate to lower the consumption tax and he has decided to support Agricultural Minister Koizumi in the LDP leadership race.
- China is issuing measures on increasing consumption, according to Xinhua. Will launch a series of consumption promotion activities. Will enhance supply of quality services. Will promote an orderly opening up of sectors including the internet and cultures. Will expand pilots in telecoms, medicine and education sectors. Will extend business hours for tourist sites and museums. Will increase consumption credit support. Will coordinate funding channels, including local government special bonds, for new cultural and tourism facilities.
European bourses (STOXX 600 -0.1%) opened around the unchanged mark, but sentiment then slipped as markets turned risk-off across the board in the continent. That pressure has since slowed down a little and are off worst levels – but indices are still broadly lower. European sectors are broadly on the backfoot, in-fitting with the risk tone. IT is towards the top of the pile, boosted by strength across Dutch semiconductor names; nothing really driving the upside today, but it does come after ASML (+3%) once again overtook SAP, to become Europe’s largest company. Consumer Staples is found towards the bottom of the pile; Unilever (-1%) moves lower after it appointed a new CFO.
Top European News
- ECB’s Villeroy says French growth is not strong enough, but remains positive.
FX
- DXY is on the backfoot; currently trading towards lows of 96.96 Another weak start of the session for the index which remained subdued in APAC hours after weakening yesterday alongside softer US yields and with the greenback not helped by a drop in the NY Fed Manufacturing Survey. Participants now await Industrial Production and Retail Sales data scheduled later today, while the FOMC will also begin its 2-day policy meeting which will be attended by Fed’s Cook and Miran, after a US Appeals Court denied the Justice Department’s request to put on hold a judge’s ruling temporarily blocking Trump from removing Cook, and the US Senate confirmed Miran to join the Fed board.
- EUR/USD mildly benefits from recent dollar weakness and after ECB officials reiterated that interest rates are in a good place. In data, EUR held onto gains following mixed German ZEW survey (Economic Sentiment beat and surprisingly improved but Current Conditions missed and deteriorated), whilst the EZ metrics improved. EUR/USD eventually eclipsed 1.1800 to a current high at 1.1817.
- USD/JPY is softer amid USD weakness and broader JPY strength, with analysts at ING attributing some of the JPY upside to “the more moderate Shinjiro Koizumi is entering the LDP leadership race against Sanae Takaichi, who is seen as yen bearish for her views on loose monetary and fiscal policy.” USD/JPY found resistance near its 21 DMA (147.65) to trade in a current range between 146.69-147.54.
- GBP is benefitting from broader dollar weakness and ahead of US President Trump’s state visit to the UK, with a presser (likely joint) due on Thursday before the US leader’s departure. UK jobs data this morning were largely in line, but a slightly above-forecast employment change prompted a couple of pips of upside in cable, but nothing to write home about. Pricing remains unchanged with markets firmly expecting no change at the BoE this Thursday, with some 97% chance of a hold. Cable trades in a 1.3598-1.3642 range.
- Antipodeans trade rangebound with a slightly softer bias and following an uneventful APAC session. Comments from RBA’s Hunter and Hauser provided little to shift the dial – the former noted they are close to getting inflation to the target and that risks around the outlook are balanced.
Fixed Income
- USTs are flat, awaiting the FOMC on Wednesday, but before that, we have a Tier 1 release in the form of retail sales. Expected at +0.2% M/M in August (prev. 0.5%), while the ex-autos measure is seen rising +0.4% M/M, matching the July reading, and the Retail Control group is seen +0.4% M/M (prev. +0.5%). Thereafter, issuance in focus with a 20yr Bond auction scheduled. No concession seen in trade this morning, but that could change in the hours ahead. Elsewhere, the composition of the Fed remains in focus as Cook will remain on the board for at least the September meeting following a court update. Additionally, White House official Miran has been formally approved and will be partaking in the September meeting. Currently, USTs reside in a very thin 113-11 to 113-16 band.
- Bunds are in-fitting with peers throughout the European morning. Gapped higher around the cash equity open, seemingly as a function of the pressure seen in the equity space around this point. German ZEW for September was mixed. Economic sentiment came in above consensus and seemingly spurred some modest pressure in Bunds with financial market experts cautiously optimistic. However, the current situation has deteriorated amid ongoing US tariff concern and into the German fiscal reform window. As such, Bunds quickly retraced that pressure and are back to pre-release levels. Thereafter, a weaker-than-prior German 2030 auction spurred another bout of pressure in Bunds, back towards earlier lows of 128.54.
- Gilts are modestly lower. No significant follow-through from the morning’s jobs data. Overall, the release was broadly in-line with consensus with the labour market continuing to cool though the pace of this is seemingly beginning to slow. While the continued slowing is arguably a dovish sign, it is counteracted by the (as expected) uptick in wages, which remain at levels likely inconsistent with inflation sustainably settling at target over the medium term. Note, the next CPI release is Wednesday, where the headline Y/Y is expected at 3.8% (prev. 3.8%). Elsewhere, supply was soft. A sub-3x cover and a chunky tail, reminiscent of the auction before last. Results of this sent Gilts lower by just under 10 ticks, but comfortably within existing parameters. Gilts opened the morning unchanged from Monday’s close at 91.47, before briefly dipping to a 91.31 low and then retracing to a 91.57 peak.
- UK sells GBP 3bln 4.375% 2040 Gilt: b/c 2.95x (prev. 3.69x), average yield 5.048% (prev. 5.066%) & tail 0.9bps (prev. 0.1bps)
- Germany sells EUR 3.491bln vs exp. EUR 4.5bln 2.20% 2030 Bobl: b/c 1.70x (prev. 1.90x), average yield 2.29% (prev. 2.32%) & retention 22.42% (prev. 23.19%)
Commodities
- Subdued trade in the crude complex with aggressive losses seen around the time of the European cash equity open which also came despite USD weakness. One of the bearish factors could be reports that the 19th EU sanctions package against Russia is no longer expected to be presented on Wednesday, via Politico citing an EU diplomat (since corroborated by other reports); no detail on when the sanctions would be unveiled. WTI currently resides in a USD 62.89-63.55/bbl range while Brent sits in a USD 67.01-67.68/bbl range.
- Spot gold holds an upward bias as it continues printing fresh records on its way to USD 3,700/oz against the backdrop of a softer dollar and heightened geopolitics. Spot gold currently resides in a USD 3,674.70-3,697.40/oz range with the top end of the band the latest all-time high.
- Base metals are mostly softer despite the softer dollar and gains in US futures, albeit the mood in Europe is slightly more mixed. 3M LME copper holds above USD 10k/t and resides in a USD 10,087.90-10,177.70/t range at the time of writing.
- Commerzbank revises its gold price forecast upward to USD 3,600/oz for end-year; raises silver year-end forecast for 2025 to USD 41/oz and 2026-end forecast to USD 43/oz.
- Thai Central Bank says they have discussed tax on gold trades; to support gold trades in Dollars; other measures on gold trades were discussed.
- Ukraine’s military says it struck Russia’s Saratov oil refinery (140k BPD) in overnight attack.
Geopolitics: Middle East
- Israel has launched its ground incursion into Gaza City, two Israeli officials told CNN early Tuesday; One of the officials said the ground incursion is going to be “phased and gradual” at the beginning.
- Israel military official says will be increasing the amount of troops into Gaza city as the days go by.
- US President Trump said Israel won’t be attacking Qatar.
- US President Trump posted about Hamas moving hostages above ground to use them as human shields and stated “I hope the Leaders of Hamas know what they’re getting into if they do such a thing. This is a human atrocity, the likes of which few people have ever seen before. Don’t let this happen or, ALL “BETS” ARE OFF. RELEASE ALL HOSTAGES NOW!”
- US Secretary of State Rubio said before heading to Qatar, that they hope Qatar will re-engage on Gaza talks despite everything that’s happened, while he added that they have a very short window in which a deal on Gaza can happen and that they are on the verge of finalising an enhanced defence cooperation agreement with Qatar.
Geopolitics: Ukraine
- Polish government is boosting its cyber security budget to a record EUR 1bn this year, after Russian sabotage attempts targeted hospitals and urban water supplies, according to FT.
- Japanese Finance Minister Kato said Japan pledged to comply with WTO rules, but will consider measures to raise pressure on Russia and coordinate with G7 countries, when asked about US requests to G7 for higher sanctions on India and China for buying Russian oil.
- The 19th EU sanctions package against Russia is now off the agenda for Wednesday’s EU ambassadors meeting, no new date has been set, via an EU official. Confirmation of earlier reporting via Politico
- Russia says its drones have struck a Ukrainian gas distribution station reportedly used by the military.
US Event Calendar
- 8:30 am: Aug Retail Sales Advance MoM, est. 0.2%, prior 0.5%
- 8:30 am: Aug Retail Sales Ex Auto MoM, est. 0.4%, prior 0.3%
- 8:30 am: Aug Retail Sales Ex Auto and Gas, est. 0.4%, prior 0.2%
- 8:30 am: Aug Import Price Index MoM, est. -0.2%, prior 0.4%
- 8:30 am: Aug Import Price Index YoY, est. 0%, prior -0.2%
- 9:15 am: Aug Industrial Production MoM, est. -0.1%, prior -0.1%
- 9:15 am: Aug Capacity Utilization, est. 77.4%, prior 77.5%
- 10:00 am: Jul Business Inventories, est. 0.2%, prior 0.2%
- 10:00 am: Sep NAHB Housing Market Index, est. 33, prior 32
DB’s Jim Reid concludes the overnight wrap
I woke up this morning the father of a 10-year-old daughter. Where did the time go? Don’t tell my family as it’s a surprise for tonight, but I spent part of the summer writing and recording a new song and creating a video celebrating Maisie’s first decade. The world premiere at home will be after a night out at an escape room tonight… if we escape.
As we await tomorrow’s FOMC decision, markets have continued to power forward over the last 24 hours, with risk appetite supported by positive noises out of the US-China trade talks. That newsflow led to growing optimism that some kind of longer-term truce would eventually be reached between the two, and those hopes of a cooling in the trade war meant both the S&P 500 (+0.47%) and the NASDAQ (+0.94%) closed at another record high. Moreover, it was a decent session for sovereign bonds as well, thanks to mounting anticipation that the Fed would deliver another rate cut at tomorrow’s meeting. So, it was a strong day all round, and US Treasuries also rallied across the curve, with the 10yr yield (-2.8bps) falling back to 4.04%.
Ahead of today’s start to the FOMC, an appeals court last night blocked Mr Trump from firing Lisa Cook from the Fed board before her appeal against her dismissal is heard. So, she will likely be at the meeting barring any additional legal action. Stephen Miran could also sit as he was confirmed in his new post by the Senate last night. So, it’s shaping up to be an interesting 2-day meeting.
On those US-China headlines, Trump himself posted that the meeting in Madrid “has gone VERY WELL!” and that he would be speaking with President Xi on Friday. Separately, Treasury Secretary Bessent said that “we do have a framework for the deal with TikTok”. This collectively led to a fresh burst of optimism, particularly around stocks which are more exposed to US-China trade. For instance, the NASDAQ Golden Dragon China index (+0.87%) outperformed, which is an index made up of US-listed companies who do a majority of their business in China.
That positive trade narrative spread across markets, helping to lift global equities as investors grew more hopeful on the path of US-China relations. After all, there’s still a lot of tension between the two sides, and it’s worth remembering that the tariffs are still subject to a temporary 90-day truce in place between the two sides, which currently runs out in November. The hope is that continued engagement will eventually lead to a more durable truce, avoiding the possibility of US tariffs jumping back up to the 145% rate seen after Liberation Day. Indeed, US Trade Representative Greer said on the tariff extension, that “We’re certainly open to considering further action there, if the talks continue in a positive direction”.
This backdrop led to a fresh global advance, with the S&P 500 (+0.47%) at another all-time high whilst in Europe the Stoxx 600 (+0.42%) closed 1% from its all-time high reached back in March. In fact, the S&P 500 is now on track to have risen for 6 of the last 7 weeks, which would be the most sustained advance of 2025 so far. Those moves were led by tech stocks, with both the NASDAQ (+0.94%) and the Magnificent 7 (+1.95%) hitting fresh highs of their own. Alphabet (+4.49%) became the fourth company to reach a $3trn valuation while Tesla (+3.56%) also outperformed following news that Elon Musk had purchased around $1bn worth of Tesla shares. Nvidia lost ground after China found they’d violated their antitrust law with a deal in 2020, but its stock was only down -0.04% by the close. The strong day ended with the S&P 500 up +12.47% for the year, even as most of its constituents were lower on the day.
For sovereign bonds, it was generally a strong day as well. But French bonds saw a relative underperformance after Friday’s news that Fitch Ratings had downgraded their credit rating from AA- to A+. Yields on 10yr OATs (-2.8bps) were only down a bit to 3.48%, whilst those on Italian BTPs fell by a larger -4.7bps to 3.47%. That’s a significant move, because it’s the first time since 1999 that France’s 10yr yield has closed above Italy’s, having briefly moved above on an intraday basis last week. Clearly this trend has been apparent for some time, but it’s a striking re-ordering of how investors perceive the risk of different sovereigns, having been in a completely different place at the height of the Euro crisis in the early 2010s.
In absolute terms however, it was still a strong day for sovereign bonds on both sides of the Atlantic. For example, US Treasury yields came down across the curve, with the 2yr yield (-1.9bps) falling to 3.54%, whilst the 10yr yield (-2.8bps) fell to 4.04%, which further helped to ease fears about the fiscal trajectory. The bond rally got a further push from the NY Fed’s Empire State manufacturing survey for September, which fell to a 3-month low of -8.7 (vs. +5.0 expected), coming in beneath every economist’s estimate on Bloomberg. So that helped to boost expectations for a faster cycle of Fed rate cuts, with the amount of cuts priced in by the June meeting up +2.0bps on the day to 120bps. And that move lower for yields was clear across the rest of Europe too, with those on 10yr bunds (-2.4bps) and gilts (-3.9bps) both falling as well.
The lower rates backdrop weighed on the dollar, with the dollar index (-0.25%) falling to its lowest in almost eight weeks. Meanwhile, gold (+0.98%) reached a record high for the ninth time in twelve sessions at $3,679/oz.
In Asia, the KOSPI (+1.18%) is leading gains, touching a new peak as heavyweight chipmakers Samsung Electronics and SK Hynix are sharply higher while the Nikkei (+0.50%) is also trading in positive territory after returning from a holiday. Elsewhere, the Hang Seng (+0.12%) is swinging between gains and losses while on the mainland the CSI (-0.39%) and the Shanghai Composite (-0.10%) are bucking the positive regional trend with both drifting lower after strong recent gains. Meanwhile, the S&P/ASX 200 (+0.31%) is also edging higher. S&P 500 (+0.09%) and NASDAQ 100 (+0.14%) futures are also trading slightly higher.
To the day ahead now, and data releases include US retail sales and industrial production for August, the German ZEW survey for September, Canada’s CPI for August, and the UK’s latest employment report. Central bank speakers include the ECB’s Escriva.
end
2b European opening report
Fed nominee Miran and Governor Cook confirmed for the September meeting; DXY lower into Retail Sales – US Market Open
Tuesday, Sep 16, 2025 – 06:34 AM
- US Appeals Court declined to allow Trump to remove Federal Reserve Governor Cook; Cook can attend the FOMC’s September 16th-17th meeting.
- US Senate voted 48-47 to confirm US President Trump’s Fed nominee Miran to join the Fed board.
- European bourses opened flat but sentiment dipped a touch to display a mostly negative picture; US equity futures are modestly firmer; NVDA little moved on reports of “lukewarm” demand for its RTX6000D AI chip.
- DXY in the doldrums as the clock ticks down to the FOMC; GBP was little moved to an in-line Jobs Report.
- USTs are essentially flat into Retail Sales and supply; Bunds pressured following ZEW and a relatively soft German auction.
- Crude futures slip with reports of the 19th sanctions package delayed; XAU makes a fresh ATH.
- Looking ahead, US Retail Sales (Aug) and Industrial Production (Aug), Import Prices (Aug), Atlanta Fed GDP, Canadian CPI (Aug) & ECB’s Escriva, Supply from the US.
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TARIFFS/TRADE
- US President Trump said he is undecided regarding a TikTok stake, and he will speak with Chinese President Xi about a significant agreement, while he believes discussions with Xi will confirm key matters.
- US opened an inclusions window for the section 232 on steel and aluminium in which the Bureau of Industry and Security established a process for including additional derivative steel and aluminium articles within the scope of the duties authorised by the President under section 232 of the Trade Expansion Act of 1962.
- Playbook citing officials reports that the forum for any UK-US talks on steel/aluminium would be a bilateral meeting, however as of Monday night there was reportedly no sign of a sit-down between UK Chancellor Reeves and US Treasury Secretary Bessent.
EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 -0.1%) opened around the unchanged mark, but sentiment then slipped as markets turned risk-off across the board in the continent. That pressure has since slowed down a little and are off worst levels – but indices are still broadly lower.
- European sectors are broadly on the backfoot, in-fitting with the risk tone. IT is towards the top of the pile, boosted by strength across Dutch semiconductor names; nothing really driving the upside today, but it does come after ASML (+3%) once again overtook SAP, to become Europe’s largest company. Consumer Staples is found towards the bottom of the pile; Unilever (-1%) moves lower after it appointed a new CFO.
- US equity futures (ES +0.2%, NQ +0.2%, RTY +0.2%) are incrementally firmer today, continuing the upside seen in the prior session, ahead of US Retail Sales.
- NVIDIA (NVDA) RTX6000D AI chip for China meets only lukewarm demand with some major tech firms opting not to place; chip not seen as cost-effective, better card can be found on the grey market, according to Reuters sources.
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FX
- DXY is on the backfoot; currently trading towards lows of 96.96 Another weak start of the session for the index which remained subdued in APAC hours after weakening yesterday alongside softer US yields and with the greenback not helped by a drop in the NY Fed Manufacturing Survey. Participants now await Industrial Production and Retail Sales data scheduled later today, while the FOMC will also begin its 2-day policy meeting which will be attended by Fed’s Cook and Miran, after a US Appeals Court denied the Justice Department’s request to put on hold a judge’s ruling temporarily blocking Trump from removing Cook, and the US Senate confirmed Miran to join the Fed board.
- EUR/USD mildly benefits from recent dollar weakness and after ECB officials reiterated that interest rates are in a good place. In data, EUR held onto gains following mixed German ZEW survey (Economic Sentiment beat and surprisingly improved but Current Conditions missed and deteriorated), whilst the EZ metrics improved. EUR/USD eventually eclipsed 1.1800 to a current high at 1.1817.
- USD/JPY is softer amid USD weakness and broader JPY strength, with analysts at ING attributing some of the JPY upside to “the more moderate Shinjiro Koizumi is entering the LDP leadership race against Sanae Takaichi, who is seen as yen bearish for her views on loose monetary and fiscal policy.” USD/JPY found resistance near its 21 DMA (147.65) to trade in a current range between 146.69-147.54.
- GBP is benefitting from broader dollar weakness and ahead of US President Trump’s state visit to the UK, with a presser (likely joint) due on Thursday before the US leader’s departure. UK jobs data this morning were largely in line, but a slightly above-forecast employment change prompted a couple of pips of upside in cable, but nothing to write home about. Pricing remains unchanged with markets firmly expecting no change at the BoE this Thursday, with some 97% chance of a hold. Cable trades in a 1.3598-1.3642 range.
- Antipodeans trade rangebound with a slightly softer bias and following an uneventful APAC session. Comments from RBA’s Hunter and Hauser provided little to shift the dial – the former noted they are close to getting inflation to the target and that risks around the outlook are balanced.
- PBoC set USD/CNY mid-point at 7.1027 vs exp. 7.1159 (Prev. 7.1056).
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FIXED INCOME
- USTs are flat, awaiting the FOMC on Wednesday, but before that, we have a Tier 1 release in the form of retail sales. Expected at +0.2% M/M in August (prev. 0.5%), while the ex-autos measure is seen rising +0.4% M/M, matching the July reading, and the Retail Control group is seen +0.4% M/M (prev. +0.5%). Thereafter, issuance in focus with a 20yr Bond auction scheduled. No concession seen in trade this morning, but that could change in the hours ahead. Elsewhere, the composition of the Fed remains in focus as Cook will remain on the board for at least the September meeting following a court update. Additionally, White House official Miran has been formally approved and will be partaking in the September meeting. Currently, USTs reside in a very thin 113-11 to 113-16 band.
- Bunds are in-fitting with peers throughout the European morning. Gapped higher around the cash equity open, seemingly as a function of the pressure seen in the equity space around this point. German ZEW for September was mixed. Economic sentiment came in above consensus and seemingly spurred some modest pressure in Bunds with financial market experts cautiously optimistic. However, the current situation has deteriorated amid ongoing US tariff concern and into the German fiscal reform window. As such, Bunds quickly retraced that pressure and are back to pre-release levels. Thereafter, a weaker-than-prior German 2030 auction spurred another bout of pressure in Bunds, back towards earlier lows of 128.54.
- Gilts are modestly lower. No significant follow-through from the morning’s jobs data. Overall, the release was broadly in-line with consensus with the labour market continuing to cool though the pace of this is seemingly beginning to slow. While the continued slowing is arguably a dovish sign, it is counteracted by the (as expected) uptick in wages, which remain at levels likely inconsistent with inflation sustainably settling at target over the medium term. Note, the next CPI release is Wednesday, where the headline Y/Y is expected at 3.8% (prev. 3.8%). Elsewhere, supply was soft. A sub-3x cover and a chunky tail, reminiscent of the auction before last. Results of this sent Gilts lower by just under 10 ticks, but comfortably within existing parameters. Gilts opened the morning unchanged from Monday’s close at 91.47, before briefly dipping to a 91.31 low and then retracing to a 91.57 peak.
- UK sells GBP 3bln 4.375% 2040 Gilt: b/c 2.95x (prev. 3.69x), average yield 5.048% (prev. 5.066%) & tail 0.9bps (prev. 0.1bps)
- Germany sells EUR 3.491bln vs exp. EUR 4.5bln 2.20% 2030 Bobl: b/c 1.70x (prev. 1.90x), average yield 2.29% (prev. 2.32%) & retention 22.42% (prev. 23.19%)
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COMMODITIES
- Subdued trade in the crude complex with aggressive losses seen around the time of the European cash equity open which also came despite USD weakness. One of the bearish factors could be reports that the 19th EU sanctions package against Russia is no longer expected to be presented on Wednesday, via Politico citing an EU diplomat (since corroborated by other reports); no detail on when the sanctions would be unveiled. WTI currently resides in a USD 62.89-63.55/bbl range while Brent sits in a USD 67.01-67.68/bbl range.
- Spot gold holds an upward bias as it continues printing fresh records on its way to USD 3,700/oz against the backdrop of a softer dollar and heightened geopolitics. Spot gold currently resides in a USD 3,674.70-3,697.40/oz range with the top end of the band the latest all-time high.
- Base metals are mostly softer despite the softer dollar and gains in US futures, albeit the mood in Europe is slightly more mixed. 3M LME copper holds above USD 10k/t and resides in a USD 10,087.90-10,177.70/t range at the time of writing.
- Commerzbank revises its gold price forecast upward to USD 3,600/oz for end-year; raises silver year-end forecast for 2025 to USD 41/oz and 2026-end forecast to USD 43/oz.
- Thai Central Bank says they have discussed tax on gold trades; to support gold trades in Dollars; other measures on gold trades were discussed.
- Ukraine’s military says it struck Russia’s Saratov oil refinery (140k BPD) in overnight attack.
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NOTABLE DATA RECAP
- UK ILO Unemployment Rate (Jul) 4.7% vs. Exp. 4.7% (Prev. 4.7%); Employment Change (Jul) 232k vs. Exp. 220k (Prev. 238k)
- UK Avg Wk Earnings 3M YY (Jul) 4.7% vs. Exp. 4.7% (Prev. 4.6%); Ex-Bonus (Jul) 4.8% vs. Exp. 4.8% (Prev. 5.0%)
- UK HMRC Payrolls Change (Aug) -8k (Prev. -8k, Rev. -6k); Claimant Count (Aug) 17.4k (Prev. -6.2k, Rev. -33.3k)
- Italian CPI (EU Norm) Final YY (Aug) 1.6% vs. Exp. 1.7% (Prev. 1.7%); Consumer Prices Final YY (Aug) 1.6% vs. Exp. 1.6% (Prev. 1.6%); Consumer Prices Final MM (Aug) 0.1% vs. Exp. 0.1% (Prev. 0.1%); CPI (EU Norm) Final MM (Aug) -0.2% vs. Exp. -0.2% (Prev. -0.2%)
- German ZEW Economic Sentiment (Sep) 37.3 vs. Exp. 26.3 (Prev. 34.7)
- German ZEW Current Conditions (Sep) -76.4 vs. Exp. -75.0 (Prev. -68.6)
- EU ZEW Survey Expectations (Sep) 26.1 (Prev. 25.1)
- EU Industrial Production MM (Jul) 0.3% vs. Exp. 0.4% (Prev. -1.3%)
- EU Industrial Production YY (Jul) 1.8% vs. Exp. 1.7% (Prev. 0.2%)
- EU Wages In Euro Zone (Q2) 3.7% (Prev. 3.4%)
- EU Labour Costs YY (Q2) 3.6% (Prev. 3.4%)
NOTABLE EUROPEAN HEADLINES
- ECB’s Villeroy says French growth is not strong enough, but remains positive.
NOTABLE US HEADLINES
- US Senate voted 48-47 to confirm US President Trump’s Fed nominee Miran to join the Fed board.
- US Appeals Court declined to allow Trump to remove Federal Reserve Governor Cook, in which it denied the Justice Department’s request to put on hold a judge’s ruling temporarily blocking Trump from removing Cook, while the ruling for now clears the way for Cook to attend the FOMC’s September 16th-17th meeting.
- US President Trump said Congressional Republicans are working on a short-term clean extension of government funding to stop Senate Minority Leader Schumer from shutting down the government.
- US President Trump signed a Presidential Memorandum to establish the Memphis Safe Task Force which was said to be a replica of efforts in Washington DC and will include the National Guard. Furthermore, Trump stated they are probably going to go in Chicago next and want to get to New Orleans, while he also commented that they need to save St. Louis.
- US reportedly looks to boost national strategic uranium stockpile, according to Bloomberg.
GEOPOLITICS
MIDDLE EAST
- Israel has launched its ground incursion into Gaza City, two Israeli officials told CNN early Tuesday; One of the officials said the ground incursion is going to be “phased and gradual” at the beginning.
- Israel military official says will be increasing the amount of troops into Gaza city as the days go by.
- US President Trump said Israel won’t be attacking Qatar.
- US President Trump posted about Hamas moving hostages above ground to use them as human shields and stated “I hope the Leaders of Hamas know what they’re getting into if they do such a thing. This is a human atrocity, the likes of which few people have ever seen before. Don’t let this happen or, ALL “BETS” ARE OFF. RELEASE ALL HOSTAGES NOW!”
- US Secretary of State Rubio said before heading to Qatar, that they hope Qatar will re-engage on Gaza talks despite everything that’s happened, while he added that they have a very short window in which a deal on Gaza can happen and that they are on the verge of finalising an enhanced defence cooperation agreement with Qatar.
RUSSIA-UKRAINE
- Polish government is boosting its cyber security budget to a record EUR 1bn this year, after Russian sabotage attempts targeted hospitals and urban water supplies, according to FT.
- Japanese Finance Minister Kato said Japan pledged to comply with WTO rules, but will consider measures to raise pressure on Russia and coordinate with G7 countries, when asked about US requests to G7 for higher sanctions on India and China for buying Russian oil.
- The 19th EU sanctions package against Russia is now off the agenda for Wednesday’s EU ambassadors meeting, no new date has been set, via an EU official. Confirmation of earlier reporting via Politico
- Russia says its drones have struck a Ukrainian gas distribution station reportedly used by the military.
CRYPTO
- Bitcoin is a little firmer today and trades around USD 115.5k whilst Ethereum moves a bit lower to a current USD 4.5k.
APAC TRADE
- APAC stocks traded mixed amid some cautiousness ahead of upcoming risk events and despite the fresh record levels on Wall St, where the mega-caps did most of the lifting as Alphabet joined the USD 3tln market cap club.
- ASX 200 marginally gained with the index led by strength in mining, resources and materials, but with gains capped by weakness in defensives.
- Nikkei 225 swung between gains and losses following an early unprecedented climb to above the 45,000 milestone on return from the extended weekend, while the calendar was quiet, although lower US tariffs on Japan took effect.
- Hang Seng and Shanghai Comp were subdued despite the recent talks in Madrid where the US and China reached a framework agreement on TikTok although the details were scarce, while US President Trump and Chinese President Xi are scheduled to talk on Friday.
NOTABLE ASIA-PAC HEADLINES
- Japan’s Finance Minister Kato reiterated it is not appropriate to lower the consumption tax and he has decided to support Agricultural Minister Koizumi in the LDP leadership race.
- China is issuing measures on increasing consumption, according to Xinhua. Will launch a series of consumption promotion activities. Will enhance supply of quality services. Will promote an orderly opening up of sectors including the internet and cultures. Will expand pilots in telecoms, medicine and education sectors. Will extend business hours for tourist sites and museums. Will increase consumption credit support. Will coordinate funding channels, including local government special bonds, for new cultural and tourism facilities.
2c) Asian opening report
Mild upward tilt in Europe following mixed APAC trade; Fed’s Cook will attend the FOMC –
Tuesday, Sep 16, 2025 – 02:08 AM
- APAC stocks traded mixed amid some cautiousness ahead of upcoming risk events and despite the fresh record levels on Wall St.
- US Appeals Court declined to allow Trump to remove Federal Reserve Governor Cook; Cook can attend the FOMC’s September 16th-17th meeting.
- US Senate voted 48-47 to confirm US President Trump’s Fed nominee Miran to join the Fed board.
- European equity futures indicate an uneventful cash market open with Euro Stoxx 50 future +0.1% after the cash market closed with gains of 0.9% on Monday.
- DXY is a touch softer, extending on yesterday’s downside. JPY marginally outperforms, whilst antipodeans lag.
- Crude futures marginally extended on the prior advances. 10yr UST futures plateaued overnight after catching a bid yesterday
- Looking ahead, highlights include UK Jobs Report (Jul), Italian CPI Final (Aug), EZ Industrial Production (Jul), Labour Costs (Q2), German ZEW Survey (Sep), US Retail Sales (Aug) and Industrial Production (Aug), Import Prices (Aug), Atlanta Fed GDP, Canadian CPI (Aug), RBA’s Hauser & ECB’s Escriva, Supply from Germany, UK & US.
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US TRADE
EQUITIES
- US stock indexes finished in the green on Monday with outperformance in the Nasdaq, thanks to notable gains in Alphabet (GOOGL) which joined the USD 3 trillion market cap club and Tesla (TSLA) shares rallied on the Musk share purchases. Other mega-cap stocks performed well (AAPL, MSFT, AMZN), but Nvidia (NVDA) losses limited the gains due to China’s antitrust investigations. Sectors were more mixed, however, with the heavy-cap sectors (communication, consumer discretionary and tech) outperforming, while consumer staples and health care lagged, and breadth was negative at c. 200 gainers to 300 losers. Elsewhere, T-notes were bid as a downbeat NY Fed Manufacturing survey added to economic concerns, while the attention turns to US Retail Sales on Tuesday and the FOMC on Wednesday.
- SPX +0.47% at 6,615, NDX +0.84% at 24,294, DJI +0.11% at 45,883, RUT +0.34% at 2,405.
- Click here for a detailed summary.
TARIFFS/TRADE
- US President Trump said he is undecided regarding a TikTok stake and he will speak with Chinese President Xi about a significant agreement, while he believes discussions with Xi will confirm key matters.
- US opened an inclusions window for the section 232 on steel and aluminium in which the Bureau of Industry and Security established a process for including additional derivative steel and aluminium articles within the scope of the duties authorised by the President under section 232 of the Trade Expansion Act of 1962.
- Senior US official said the White House was not tracking any announcement to reduce US tariffs on Scotch Whisky ahead of US President Trump’s UK visit, in a sign that an agreement was unlikely, according to FT.
NOTABLE HEADLINES
- US Senate voted 48-47 to confirm US President Trump’s Fed nominee Miran to join the Fed board.
- US Appeals Court declined to allow Trump to remove Federal Reserve Governor Cook, in which it denied the Justice Department’s request to put on hold a judge’s ruling temporarily blocking Trump from removing Cook, while the ruling for now clears the way for Cook to attend the FOMC’s September 16th-17th meeting.
- Former St. Louis Fed President Bullard said he spoke on Wednesday with Treasury Secretary Bessent about the Fed Chair position, while Bullard said he is “very interested” in becoming Fed Chair under the right conditions and noted the Fed must defend the dollar, keep inflation low, and protect independence.
- US President Trump said Congressional Republicans are working on a short-term clean extension of government funding to stop Senate Minority Leader Schumer from shutting down the government.
- US President Trump signed a Presidential Memorandum to establish the Memphis Safe Task Force which was said to be a replica of efforts in Washington DC and will include the National Guard. Furthermore, Trump stated they are probably going to go in Chicago next and want to get to New Orleans, while he also commented that they need to save St. Louis.
- US reportedly looks to boost national strategic uranium stockpile, according to Bloomberg.
APAC TRADE
EQUITIES
- APAC stocks traded mixed amid some cautiousness ahead of upcoming risk events and despite the fresh record levels on Wall St, where the mega-caps did most of the lifting as Alphabet joined the USD 3tln market cap club.
- ASX 200 marginally gained with the index led by strength in mining, resources and materials, but with gains capped by weakness in defensives.
- Nikkei 225 swung between gains and losses following an early unprecedented climb to above the 45,000 milestone on return from the extended weekend, while the calendar was quiet, although lower US tariffs on Japan took effect.
- Hang Seng and Shanghai Comp were subdued despite the recent talks in Madrid where the US and China reached a framework agreement on TikTok although the details were scarce, while US President Trump and Chinese President Xi are scheduled to talk on Friday.
- US equity futures (ES +0.1%, NQ +0.1%) held on to their recent spoils after the fresh record levels seen on Wall St.
- European equity futures indicate an uneventful cash market open with Euro Stoxx 50 future +0.1% after the cash market closed with gains of 0.9% on Monday.
FX
- DXY remained subdued after weakening yesterday alongside softer US yields and with the greenback not helped by a drop in the NY Fed Manufacturing Survey. Participants now await Industrial Production and Retail Sales data scheduled later today, while the FOMC will also begin its 2-day policy meeting which will be attended by Fed’s Cook and Miran, after a US Appeals Court denied the Justice Department’s request to put on hold a judge’s ruling temporarily blocking Trump from removing Cook, and the US Senate confirmed Miran to join the Fed board.
- EUR/USD mildly benefitted from recent dollar weakness and after ECB officials reiterated interest rates are in a good place.
- GBP/USD held on to the prior day’s spoils after returning to the 1.3600 handle but with further upside capped ahead of UK employment and earnings data, as well as US President Trump’s state visit to the UK.
- USD/JPY breached through the previous day’s trough amid a softer dollar and as lower US tariffs for Japan took effect.
- Antipodeans were rangebound amid a quiet overnight calendar and after comments from RBA Assistant Governor Hunter provided little to shift the dial, in which she noted they are close to getting inflation to the target and that risks around the outlook are balanced.
- PBoC set USD/CNY mid-point at 7.1027 vs exp. 7.1159 (Prev. 7.1056).
FIXED INCOME
- 10yr UST futures plateaued overnight after it caught a bid yesterday on a weak NY Fed manufacturing survey and with participants now awaiting incoming US data and a 20yr auction, while the FOMC will also kick-start its two-day meeting.
- Bund futures lacked demand ahead of German ZEW data and incoming supply including a EUR 4.5bln Bobl issuance later, followed by EUR 2.5bln of Bund auctions on Wednesday.
- 10yr JGB futures briefly wobbled with demand constrained amid a lack of data and as Japanese stock markets extended on record highs.
COMMODITIES
- Crude futures marginally extended on the prior advances following continued Ukraine attacks on Russian oil facilities.
- California lawmakers passed a bill over the weekend to boost oil production, which would allow the construction of thousands of new oil wells annually, according to Reuters.
- Spot gold took a breather after climbing to a fresh record high yesterday as the dollar softened ahead of the FOMC.
- Copper futures gave back some of the prior day’s spoils after climbing in tandem with the record highs seen on Wall St.
CRYPTO
- Bitcoin was choppy overnight with prices oscillating above support at the USD 115k level.
NOTABLE ASIA-PAC HEADLINES
- Japan’s Finance Minister Kato reiterated it is not appropriate to lower the consumption tax and he has decided to support Agricultural Minister Koizumi in the LDP leadership race.
GEOPOLITICS
MIDDLE EAST
- US President Trump said Israel won’t be attacking Qatar.
- US President Trump posted about Hamas moving hostages above ground to use them as human shields and stated “I hope the Leaders of Hamas know what they’re getting into if they do such a thing. This is a human atrocity, the likes of which few people have ever seen before. Don’t let this happen or, ALL “BETS” ARE OFF. RELEASE ALL HOSTAGES NOW!”
- US Secretary of State Rubio said before heading to Qatar, that they hope Qatar will re-engage on Gaza talks despite everything that’s happened, while he added that they have a very short window in which a deal on Gaza can happen and that they are on the verge of finalising an enhanced defence cooperation agreement with Qatar.
- Gulf leaders instructed the Joint Defence Council of the Gulf Cooperation Council to convene an urgent meeting in Doha following the Israeli attack, while Gulf leaders called for the activation of the joint defence mechanism. It was also reported that the Doha summit draft communiqué called for a review of diplomatic relations with Israel after the attack on Qatar.
- It was initially reported that Israeli PM Netanyahu spoke with US President Trump before Israel bombed Qatar, according to Axios. However, a senior Trump administration official denied the reports in Axios that President Trump could have stopped the attack in Qatar but did not do so.
- Leaders of Canada, France, Egypt, Jordan, Qatar and the UK held a phone call on Monday about the situation in the Middle East, according to the Canadian PM’s office.
RUSSIA-UKRAINE
- UK government said RAF Typhoons will fly air defence missions over Poland as part of NATO’s eastern sentry mission, while UK jets are expected to start flying missions over Poland in the coming days.
- Polish PM Tusk said the state protection service neutralised a drone operating over government buildings and the President’s Palace, while two Belarusians were detained.
- Polish government is boosting its cyber security budget to a record EUR 1bn this year, after Russian sabotage attempts targeted hospitals and urban water supplies, according to FT.
- Japanese Finance Minister Kato said Japan pledged to comply with WTO rules, but will consider measures to raise pressure on Russia and coordinate with G7 countries, when asked about US requests to G7 for higher sanctions on India and China for buying Russian oil.
OTHER
- US President Trump said US military forces conducted a second strike against drug trafficking cartels and narcoterrorists from Venezuela in the SOUTHCOM area on Monday morning, under his orders, and the strike killed 3 male terrorists.
- Venezuelan President Maduro said recent incidents with the US are “aggression” not “tensions”.
3A NORTH KOREA/SOUTH KOREA
SOUTH KOREA//NORTH KOREA/
3B JAPAN
3C CHINA
4. European affairs and NATO
EU
Crooks!!
Influence Operation? The EU Paid-Off €600,000 To Friendly Media Outlets Right After European Elections
Tuesday, Sep 16, 2025 – 03:30 AM
While the European Union likes to throw out terms like “misinformation,” “disinformation,” and “influence campaigns,” the reality is that the EU is pumping millions into influencing public opinion itself. The difference is just that when Brussels does it, it is not supposed to be propaganda.
One European politician, MEP Petr Bystron, has revealed that the EU commission has provided Financial support to the American investigative network Organized Crime and Corruption Reporting Project (OCCRP) right after the 2024 EU elections. Major German news outlets like Spiegel, Zeit, and Süddeutsche Zeitung belong to the group, which is the world’s largest network of investigative media.
These outlets are known for their hit pieces on conservative and right-wing parties, often at opportune times. Notably, Spiegel and Süddeutsche Zeitung’s reporting in 2019 on the Ibiza Affair scandal — which involved an undercover video of the Freedom Party of Austria (FPÖ) party’s leader — led to the toppling of the Austrian government at the time, which included the FPÖ. Many critics believed that due to the sophistication of the operation, which included an undercover actress, intelligence services may have played a role.
The OCCRP group was founded in 2006 and is most well known for publishing the “Panama Papers” and the “Azerbaijan Laundromat” evasion scandals.
After a massive flow of U.S. money was cut off to key European establishment outlets and NGOs, Brussels is stepping in to fill the gap. Namely, the Trump administration ended the massive levels of funding headed towards foreign organizations, particularly from USAID, which allowed them to pump out pro-EU and left-wing content to wide swathes of the population across Europe.
The OCCRP group has received an extraordinary amount of money from U.S. taxpayers and other U.S. sources. According to French outlet Mediapart, the group received nearly $50 million from U.S. sources, but these funders were not just generous donors. They also could dictate editorial agendas and veto staff appointments.
Two journalists from NDR, a German state media network, questioned just how independent the OCCRP is in a 2024 report.
The two determined that a significant portion of the money was coming from American funds, particularly from USAID. OCCRP was funneling content and material to German media outlets like Spiegel, Zeit, and Süddeutsche Zeitung.
Since the revelations, Alternative for Germany (AfD) MEP Petr Bystron has officially requested the EU Commission to provide information about whether it also provides financial support to OCCRP. The response revealed that the organization has received €600,000 since November 2024 as part of an EU project to “strengthen” journalism.
Known as the NEXT-U project, it aims to support European journalists and media organizations with training and tools for investigative journalism. The commission defends the grants, stating that the taxpayer money is transparently distributed and adheres to journalistic standards.
Bystron argues that the ample amount of money amounts to an influence operation.
“OCCRP media outlets like Der Spiegel received over 600,000 euros from the EU directly after the EU elections. These very media outlets manipulated the last EU elections through massive campaigns,” he said in an interview with Berliner Zeitung, which published the exclusive story first.
The AfD MEP stated that the aim was to discredit conservative, right-wing politicians who are critical of the EU.
As Remix News previously reported, Bystron is the focus of an investigation that has seen his house and properties raided 22 times. He is accused of receiving funds from the news platform Voice of Europe, which was accused of being tied to wealthy pro-Russian backers.
Czech intelligence reports were leaked to the press, claiming that Bystron was handing out bribes to right-wing politicians in exchange for interviews; however, Bystron has personally requested that the recordings be released to the public. So far, no such recording has emerged. Bystron has said these allegations are “paid propaganda.”
“Every single one of these 22 searches was illegal. Each one marks a step away from a democratic constitutional state and toward an authoritarian regime that seeks to silence dissent by any means necessary,” Bystron told the Gateway Pundit earlier this year.
Notably, the allegations emerged right before the European Parliament elections, leading to calls that the timing of the allegations was politically motivated and designed to hamper the AfD’s popularity at a pivotal time.
“We will not allow our election campaign to be dictated by manipulative accusations from foreign secret services,” said Bystron about the alleged recordings when the story first broke.
In an interview with Brussels Signal at the time, AfD MEP Maximilian Krah, the lead candidate for the AfD in the EU parliament elections, stated that if Bystron truly took money from Russia, that would constitute a crime, and the authorities should simply arrest him. He notes that it is interesting that Bystron is not being charged and also called for the alleged audio recording to be released.
END
AUSTRIA/SYRIAN MIGRANT GANGS
glad they were arrested
(zerohedge)
“I’ve Never Experienced Crime Of This Magnitude Before”: 20-Year Veteran Austrian Police Spox
Tuesday, Sep 16, 2025 – 02:00 AM
More than 30 victims of a Syrian youth gang, known as “505,” have been recorded n the cities of Graz and Vienna.
The suspects range in age from 17 to 20, with police reporting they dealt a “severe blow” to the group with mass arrests.
“I’ve never experienced a dimension (of crime) of this magnitude before, and I’ve been in this business for 20 years,” said police spokesman Fritz Grundnig.
The organized gang is accused of a long series of extremely violent assaults between November 2024 and June 2025, mostly in Graz. Styrian police have released details to the national media about the group, including their involvement in the narcotics trade.
“A total of over 20 crimes have been reported, with over 30 victims injured and assaulted by this gang,” said Grundnig.
“The men are suspected of having intentionally committed grievous bodily harm, aggravated assault, robberies, dangerous threats, and coercion in Graz since the end of 2024, with varying degrees of involvement, and of having joined forces in a criminal organization,” an additional press release reads. The investigation revealed that the “505” group used blunt and stabbing weapons. Among the victims were minors, according to media outlet Die Presse.
Despite the gang being focused in Graz, a number of arrests were made in Vienna as well.
Many victims faced extreme violence.
“For example, in June, the group stabbed another man at Griesplatz. He suffered a stab wound in the thigh,” Grundnig reported.
The police spokesperson also said that the gang is involved in the narcotics trade.
“During the house searches, which were of course carried out as part of this operation, a considerable quantity of drugs was found,” he stated.
The gang apparently named itself after another Arab clan gang, which participated in brutal clashes between Chechens, Turks, and Syrians, who gathered under the name 505 or 505/515, in Vienna in 2024.
Those clashes saw gun battles, multiple stabbings, and routine violence.
END
UK
Details of Unite the Kingdom rally over the weekend
(Patrick)
What We Saw At Britain’s ‘Unite The Kingdom’ Rally
Tuesday, Sep 16, 2025 – 07:20 AM
Authored by Philip Patrick via DailySceptic.org,
100,000, 150,000, 500,000, a million, three million? An estimate of the size of the ‘Unite the Kingdom’ rally in central London on Saturday is evidently challenging, perhaps impossible. (All these figures have been claimed somewhere.) The drone footage looks like a CGI representation of a massed army from Lord of the Rings.
Then there are the at least one-and-a-half million who were following events on livestreams. But does the figure really matter? Suffice to say the numbers who were there, and those that would have liked to have been there, were extraordinary – historic even – and far surpassed the expectations of the police or the mainstream media.
A better question might be: what does it all mean?
I was there for much of it. So packed did it become that I had to almost fight my way out. (I had a train to catch.) This was a bit of a problem as the police had sealed off most of Whitehall making it very hard to leave. The idea seemed to be to create empty buffer zones to prevent confrontations with rival protestors. Fair enough perhaps, but the cordoned-off area was simply too small, leading to gridlock and a certain amount of panic. I only got out after feigning a heart problem and claiming my wife was on the other side of the thin blue line with my medication. My Oscar-worthy performance worked, testament to what I found was the overall reasonableness of the police.
But they were close to being overwhelmed at times and one take-away message from the day is that the authorities underestimated the breadth and depth of feeling of people in UK who oppose the direction the country seems to be taking. The rally was called ‘Unite the Kingdom’ and the proliferation of Union Jacks, flags of St George, Saltires and Welsh Dragons evidenced the UK-wide appeal of this event – not just how frustrated people feel, but a renewed spirit of Unionism, too.
The number of crosses and placards proclaiming Jesus Christ our saviour was, to me at least, surprising. “Jesus is King” was chanted from the stage at one point. How real this is (is Tommy Robinson a regular churchgoer?) is questionable but it certainly added a flavour to the proceedings and reinforced the mood of a people striving for a higher, better, ancient authority to appeal to. Proselytisers handed out literature and if they didn’t seem to be making too many converts, they were welcomed nevertheless.
The mood, if it can be summarised, was not angry or aggressive, just defiant, determined and resolutely patriotic. I would summarise it thus: “We are British and proud of it. We quite like our little island and don’t want it transformed. We are sick of being smeared and caricatured, censored and silenced.” If the crowds might not be called diverse – though there were people of every skin pigmentation – no one appeared excluded, accept, perhaps, Sir Keir Starmer, who is loathed. I even bumped into Piers Corbyn and had a brief chat to him about climate change. Interesting that this old Leftie should see potential for scepticism in this crowd of supposed ‘far-Right bigots’.
Almost no party political figures seemed to be present (Ben Habib excepted), not from the UK anyway, and interest in traditional politics seemed lacking. Advance UK had a couple of stalls, I saw one UKIP banner, one “Farage for PM” placard, but of Reform as a party virtually nothing. They were no doubt keeping their distance from what many will depict as an unsavoury manifestation of extremism, but I didn’t detect much enthusiasm for or interest in the bookies’ favourite for our next PM.
And what of Tommy Robinson? He arrived over Blackfriars Bridge within the main body of the endless march enclosed within a phalanx of bodyguards and flanked, apparently, by Katie Hopkins and Laurence Fox. I nearly bumped into him at one point, which brought me up short. I had almost wondered whether Tommy Robinson was real. Such is his mystique that he seemingly exists as much in the imagination or YouTube as in the flesh, a liminal character like Ned Ludd, Watt Tyler, Jack Cade or Robin Hood.
Whoever or whatever Robinson is, he was clearly idolised by a substantial section of the crowd. But not, I suspect, by all. One of the benefits of actually being there is that you can judge to what extent the generalisations of the mainstream media were borne out. The Tommy chant was struck up a number of times, but never quite took general hold. I could be wrong but I sensed there were many who chose to keep a little distance between the main man and the general themes of the day. Whatever else yesterday was, it would be wrong to characterise it as ‘Tommy-fest’.
Those themes were love of country, of British culture, a rejection of mainstream politics and mainstream media, and a resolute defence of free speech. Charlie Kirk was appropriately memorialised and there were huge cheers for Elon Musk who appeared via a video link to speak with Robinson. Musk spoke of his love of the UK and desire to see it stand up for its core values. Robinson thanked him for his acquisition of Twitter and opening up the global debate. The mainstream media were hardly mentioned at all, which speaks not just to the contempt most there feel towards them but their growing irrelevance to large sections of society.
Were there bad elements?
Plenty certainly had the look.
There were some rough-looking muscle-bound men, skinheads, all-body tattoos, military garb, lager in hand. Aesthetically you can understand why many jump to the conclusion that at least some of Tommy Robinson’s followers are undesirables – particularly when they are told so over and over again by the mainstream media. For the most part, though, I’d agree with the estimable Trevor Philips who described the attendees as “the sort of people you would meet in a country pub”.
I saw no trouble whatsoever, but there were apparently 25 arrests on Saturday and a similar number of police were injured when Unite the Kingdom came close to clashing with an ‘anti-fascist’ group. It’s not clear exactly what happened or how many of the arrested were counter-protesters or indeed what exactly the injuries amounted to. By way of reference, there were 528 arrests at the Notting Hill Carnival this year.
More out of curiosity than anything else, I watched the BBC report of the rally that evening. It focused almost entirely on the one (that I know of) ugly confrontation which it seemed to be suggesting characterised the whole event and everyone there.
The reporter looked a little dazed and demoralised, perhaps overwhelmed by the scale of the event or vaguely guilty about the partiality of his own reporting.
He mouthed the orthodox complaints of ‘far-Right’ violence but his demeanour suggested acquiescence to a deeper truth: that what happened yesterday in Whitehall and what it signifies cannot be so easily defined or so easily dismissed.
END
FRANCE
Risk spreads down but conditions inside France is still chaotic
(White)
Risk In France Is Not Quite Gone Or Forgotten
Tuesday, Sep 16, 2025 – 05:00 AM
Authored by Simon White, Bloomberg macro strategist,
Risk spreads in France have continued to ease back on a trend basis, even after Fitch’s downgrade on Friday.
However, some spreads remain elevated in absolute terms, indicating the market continues to price in structural problems.
As a reminder that agencies’ ratings changes are lagging, French bond spreads and asset swap spreads are slightly tighter today after Fitch’s downgrade of French government debt to A+ from AA- on Friday.
A holistic measure of market-based French risk spreads, in the chart below, shows it is back to its one-year average.
However, the measure is on a trend basis.
In absolute terms, some risk spreads, such as the French-German bond spread and the asset swap spread, remain wide.
What that tells us is that risk is no longer acute, but it remains chronic.
Spreads will not significantly decline until there is clear progress in reducing the deficit.
France may have got a pass from the bond market for now, but it’s still in a fix.
That clemency will be reassuring to other countries such as the UK, yet what happens in the EU’s second largest economy will still be consequential for developed bond markets around the world.
end
POLAND RUSSIA ET AL
Poland’s False Flag! What Comes If Russia Loses In Ukraine? | Armstrong Economics
People have lost their heads. There can be no winners in a nuclear exchange.
Complete insanity rules where reason should exist. It is why Europe will break up.
The “rally around the flag” delusion is just that a delusion because the moment NATO decides to go in the gloves will come off in Russia. Putin is not stupid, he will be overthrown if he does not defend Russia against NATO.
So forget this rubbish about ground war. Air war shooting down drones will cause NATO jets to be destroyed and yes ground forces will cross into Ukraine and WWIII will be on. At this point within hours not days missiles will be launched in force to hit infrastructure that supports war. This escalation will cause NATO jets and missiles to be launched at Moscow and Kaliningrad with possible ground forces. At this point nukes will engage and every military base in Europe will be struck on mass.
People have no idea of the strike power of Russia. What you see in Ukraine is nothing but battlefield testing and time management to build up missile forces. Apart from Oreshnik there is a new missile in serial production called “ghost”. You will not even see it coming. The test ground in force will Western Europe. No one needs this. And forget these migrants who are thought to be useful cannon fodder. They will not fight for Europe but they will loot Europe at war.
What a mess! And you wonder why capital is fleeing Europe? There are many people now who understand who also leaving with families just like they have in the past.
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
ISRAEL /GAZA/HEZBOLLAH/IRAN/SUMMARY OF THE LAST 24 HR/TBN
ISRAEL VS HAMAS
Sept. 15: Heavy Israeli airstrikes reported in northwest Gaza City as ground op looms
Trump: If Hamas using hostages as human shields, ‘ALL BETS ARE OFF’ * At emergency summit, Arab leaders call to ‘review diplomatic ties’ with Israel * Rubio heading to Qatar Tuesday
By ToI Staff and Joshua Davidovich Follow
15 September 2025, 4:24 am
Israel reportedly commences ground op portion of Gaza City takeover
The IDF has launched its ground offensive to take over Gaza City, the Axios news site reports, citing unnamed Israeli officials.
The IDF has been gradually expanding airstrikes in and around the city in recent days, but had not dispatched ground troops into the densely populated northern city where roughly hundreds of thousands of Palestinians are believed to be sheltering.
The IDF says some 300,000 Palestinians have fled Gaza City in recent weeks after its population had ballooned to roughly one million displaced people earlier this year. The army has been urging everyone in Gaza City to evacuate with limited success, as many fear that other areas in the Strip are no safer.
Airstrikes in Gaza City intensified on Monday evening local time before Palestinian media began reporting that IDF tanks had entered the city.
END
ISRAEL VS HAMAS
ground offensive begins!
(zerohedge)
Israel reportedly commences ground op portion of Gaza City takeover
Today, 2:27 am
The IDF has launched its ground offensive to take over Gaza City, the Axios news site reports, citing unnamed Israeli officials.
The IDF has been gradually expanding airstrikes in and around the city in recent days, but had not dispatched ground troops into the densely populated northern city where roughly hundreds of thousands of Palestinians are believed to be sheltering.
The IDF says some 300,000 Palestinians have fled Gaza City in recent weeks after its population had ballooned to roughly one million displaced people earlier this year. The army has been urging everyone in Gaza City to evacuate with limited success, as many fear that other areas in the Strip are no safer.
Airstrikes in Gaza City intensified on Monday evening local time before Palestinian media began reporting that IDF tanks had entered the city.
END
JERUSALEM POST/same story as above!
IDF invasion of Gaza City erupts as Palestinians report tanks in heart of the Strip
ByYONAH JEREMY BOBSEPTEMBER 15, 2025 23:28Updated: SEPTEMBER 16, 2025 00:22
The IDF invasion of Gaza City erupted late Monday night, The Jerusalem Post can confirm.
Palestinian reports said that IDF tanks had entered the heart of the city in scenes and levels of war not seen in northern Gaza in possibly two years.
After weeks of increasing air force strikes on Gaza City, including bringing down an increasing number of tall multi-story buildings, it seems the IDF has finally reached the tipping point for a larger scale ground invasion.
As of earlier Monday, an estimated more than 300,000 Gazans had fled Gaza City going southward, but around 700,000 remained.
The IDF was hoping that, like in Rafah, most of the Gazan civilians would flee once Israeli ground forces truly started to penetrate the city.
IDF tanks enter heart of Gaza City
The invasion of Gaza City is controversial globally and also within the defense establishment, with most security officials, including IDF Chief of Staff Lt.-Gen. Eyal Zamir opposing the move.
However, Zamir has declined to resign after being ordered to go forward with the invasion by Prime Minister Benjamin Netanyahu, seemingly rationalizing that he can moderate the attack and its impact on Israeli hostages, Israeli soldiers, and Palestinian civilians.
Netanyahu has said that invading Gaza City will further defeat Hamas beyond the heavy defeats the terror group has suffered over two years.
‘The writing is on the wall’
In a post to Truth Social, US President Donald Trump also acknowledged the danger the hostages are in.
“I have just read a News Report that Hamas has moved the hostages above ground to use them as human shields against Israel’s ground offensive. I hope the Leaders of Hamas know what they’re getting into if they do such a thing.
“This is a human atrocity, the likes of which few people have ever seen before. Don’t let this happen or, ALL “BETS” ARE OFF. RELEASE ALL HOSTAGES NOW!”
Netanyahu later thanked Trump for his “unflinching support for Israel’s battle against Hamas and the release of all our hostages.”
The Hostages and Missing Families Forum Headquarters slammed the decision to intensify military action in Gaza City in a late Monday night statement.
“After 710 nights of being held captive by terrorists, tonight could be the final night for hostages who are barely surviving, and our last chance to locate and recover the deceased for dignified burial,” the statement read.
“Prime Minister Netanyahu bears personal responsibility for the fate of the hostages. The people of Israel will not forgive the sacrifice of the hostages and soldiers. The writing is on the wall.”
Families of hostages, including Einav Zangauker, Ofir Braslavski, and Anat Angrest, are currently en route to the Prime Minister’s residence in Jerusalem, the forum added.
Jerusalem Post Staff contributed to this article.
END
ISRAEL
Israel needs to develop weapons on its own and not depend on others. Economic isolation may be a blow to other countries wishing Israeli technologly and not being able to obtain it
(zerohedge)
Netanyahu Admits Economic Isolation As More European Leaders Talk Arms Embargo
Tuesday, Sep 16, 2025 – 04:15 AM
On Monday a group of 325 former EU ambassadors and senior officials have submitted a letter calling on the United Nations General Assembly (UNGA) to impose sanctions on Israel, reported by Euronews. This is in response to the devasting civilian casualties in Gaza and expansionist policies in the West Bank.
The letter urges the UNSC “to adopt sanctions against the multiple violations of international law being perpetrated daily by the Israeli government on the people of Palestine.”
This is not going to advance, of course given that the five permanent UNSC members of China, France, Russia, UK and US are not going to approve it – especially not the Untied States. Each have veto power over such sanctions. But Israeli leader Benjamin Netanyahu has increasingly acknowledged Israel’s growing economic isolation, especially regarding Europe, as he did in fresh Monday comments…
“Israel is in a sort of isolation,” Netanyahu admitted before conference of the Finance Ministry’s accountant general in Jerusalem. “We will increasingly need to adapt to an economy with autarkic characteristics,” he continued – using a term signifying the pursuit of total economic self-sufficiency and domestic reliance. He said this is “the word I most hate.”
“I am a believer in the free market, but we may find ourselves in a situation where our arms industries are blocked. We will need to develop arms industries here – not only research and development, but also the ability to produce what we need,” he said.
While the Trump administration has expressed it will continue its ironclad security support, Tel Aviv knows it cannot always rely on Washington, given in any era there could be a new administration in the White House, and future policy could shift drastically – as it is doing among several EU states.
To illustrate Trump’s ongoing support, Secretary of State Marco Rubio traveled to Israel over the weekend to reaffirm the ‘special relationship’ – after President Donald Trump is reportedly frustrated with the Israeli attempted assassination of several Hamas officials in Qatar, who were there for a new round of expected negotiations.
Rubio made a visit to the Western Wall, also with Ambassador Mike Huckabee, where he said, “I think his visit here is a testament to the durability, the strength of the Israeli-American alliance. And Netanyahu told reporters during the visit that the relationship is “as strong, as durable as the stones in the Western Wall that he just touched. Under President Trump and Secretary Rubio and their entire team, this alliance has never been stronger.”
Last week’s risky operation in Doha has reportedly pit Israel’s intelligence officials against the prime minister. The Wall Street Journal issued the following details of what was a long-range missile fired from Israeli jets from far outside Gulf airspace:
As Israeli war planners plotted a secret strike on Hamas political leaders in Qatar, they chose a plan that enabled them to attack quickly and limited the opportunity for the U.S. to object.
The operation, which was carried out Tuesday, relied on warplanes that fired long range missiles, avoided the airspace of Arab countries and left the Trump administration in the dark until the last moments.
Israeli jet fighters, eight F-15s and four F-35s, flew to the Red Sea, on the opposite side of the Arabian Peninsula from Qatar. From there, some of the planes fired the air-launched ballistic missiles into space over Saudi Arabia at Doha, several U.S. officials said.
If accurate, this allowed the Israelis to inform the White House at the last minute, but in a way where the mission couldn’t be shut down. What is clear is that US Patriot batteries did not fire at the inbound missiles. Netanyahu’s intelligence chiefs were reportedly against it, wanting a covert or more subtle option less likely to invoke Qatar’s wrath.
While five Hamas representatives and a Qatari security official were slain, there has been contradictory reporting over whether the mission took out the desired top Hamas official. Netanyahu has been coming under fire domestically, given it also definitely means near-term negotiations with Gaza leaders are effectively dead.
END
I
SYRIA/RUSSIA
THE CRADLE
Syria’s Sharaa Says Agreement With Moscow Enabled Swift Fall Of Assad
Monday, Sep 15, 2025 – 11:50 PM
Syrian President Ahmad al-Sharaa (Jolani) has alleged that he and his followers from the former Al-Qaeda affiliate in Syria, Hayat Tahrir al-Sham (HTS), took power in Damascus as part of an agreement with Russia.
Sharaa, formerly known as Islamic State in Iraq commander Abu Mohammad al-Jolani, made the comments in an interview with the state-run Al-Ikhbariya TV channel. During the interview from days ago, Sharaa claimed that his forces had begun secret negotiations with Russia, Bashar al-Assad’s key ally, during the offensive that eventually toppled Assad.
On November 27 of last year, HTS launched an offensive to capture Aleppo in northern Syria. His forces met little resistance and quickly took control of the city. His fighters then moved south toward Hama, the next major city on the road toward Damascus.
“When we reached Hama during the liberation battle, negotiations took place between us and Russia,” Sharaa said.
When HTS forces continued south to Homs, the next major city, Russia “stayed out of the fighting… under an agreement concluded between us,” he added.
Sharaa’s forces took control of Damascus on December 8 after Assad fled the country to Russia. The interim Syrian president also claimed that his forces had deliberately avoided attacking Russia’s Hmeimim airbase near Jableh on the country’s coast and that he is committed to keeping good relations with Russia.
“Russia is an important country in the world and a member of the Security Council. There are close ties between Syria and Russia that we inherited. They must be preserved and developed calmly and carefully,” he was quoted as saying in the interview.
In February, Reuters reported that Israel was lobbying the US to allow Russia to maintain its airbase in Hmeimim, as well as its naval base further south in Tartus. The lobbying was part of an Israeli effort to keep Syria weak and divided, Reuters added.
Syria is currently negotiating a security agreement with Israel, which has occupied large swathes of land in south-west Syria since Sharaa came to power. “We are now in a state of negotiations and dialogue on the issue of a security agreement,” Sharaa said during the interview with Al-Ikhbariya.
He said he is asking Israel to honor the 1974 disengagement agreement establishing a demilitarized buffer zone after the 1973 October (Yom Kippur) War and to withdraw its troops to positions it held before 8 December.
Sharaa’s comments appear to endorse Israeli control of the Syrian Golan Heights, which Israel occupied in 1967 during the Six-Day War. Former Syrian President Hafez al-Assad refused to reach a peace agreement with Israel as long as the occupation of the Golan continued. His son Bashar continued the same policy.
Israel has also carried out hundreds of airstrikes in Syria to destroy the country’s military infrastructure since 2018, when the covert US-Israeli war to topple the Syrian government ended.
But Israel unleashed an unprecedented number of airstrikes on Syria in the days after Assad fell on December 8, as the country’s Russian-made air defenses were completely crippled. However, Israeli-Russian cooperation existed long before Sharaa’s recent campaign to seize Damascus.
Professor Chen Kerchner of Ariel University wrote that Israel and Russia have engaged in “friendship balancing,” despite being on opposite sides of the Syria conflict since 2015. The Russian air force entered the war in September of that year to bomb extremist groups supported by the US and Israel, including Sharaa’s HTS and ISIS.
Russia and Israel “developed norms and structural practices – including regular meetings of elites, public statements, and other mechanisms – to mitigate disputes. These strategies created and sustained a friendship balance that prevented rivalry and escalation between the two,” Kerchner wrote.
According to a former officer in the Syrian Army who spoke with The Cradle, Russia regularly blocked Syria from using its air defense systems when targeted by Israeli warplanes in the years before Assad was toppled. “Russian betrayed us long before December 8,” the officer stated.
After Israel attacked Russia’s erstwhile ally, Iran, in June of this year, President Vladimir Putin explained that Russia did not assist the Islamic Republic because “almost two million Russian-speaking people live in Israel.”
After the fall of the Soviet Union, a number of Jewish businessmen amassed immense fortunes, becoming some of Russia’s most prominent and influential oligarchs. Following the Russian invasion of Ukraine in 2022, Bernie Bellan asked in the Jewish Post and News, “I wonder how many other Jews are harboring feelings of embarrassment over the fact that so many Russian oligarchs are Jews.”
END
ISRAEL VS HOUTHIS
IDF strikes upwards of 10 Houthi targets in main supply port in Hodeidah, Yemen
IDF Arabic Spokesperson Col. Avichay Adraee warned of an upcoming strike on Hodeidah Port in Yemen on Tuesday, and ordered the evacuation of the area.
IAF fighter jets taking off for a strike in Yemen.(photo credit: IDF SPOKESPERSON UNIT)ByJERUSALEM POST STAFFSEPTEMBER 16, 2025 15:12Updated: SEPTEMBER 16, 2025 19:43
The IDF struck the Houthi-controlled Hodeidah Port in Yemen on Tuesday, which is the main supply port of the Houthi terror regime, Prime Minister Benjamin Netanyahu said in a statement.
“The strike was carried out in response to the repeated attacks by the Houthi terrorist regime against the State of Israel, including the launch of UAVs and surface-to-surface missiles towards the State of Israel,” read a statement shared by the IDF.
Al Masirah TV, a station affiliated with the Houthis, said that 12 Israeli strikes targeted the port’s docks.
Two sources at the port told Reuters the strikes targeted three docks restored after previous Israeli hits. Residents in the area told Reuters the attack lasted about 10 minutes.
The strike comes after the Arabic Spokesperson Col. Avichay Adraee warned civilians to evacuate the area. Adraee urged ships anchored at the port to evacuate, and warned that anyone who remains “puts their life in danger.”
Defense Minister Israel Katz commented on the attack, explaining that they aim to “ensure the continuation of the maritime and air blockade on the Houthis terrorist organization.”
.com/Israel_katz/status/1967944505673519480?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1967944505673519480%7Ctwgr%5E9001fffec1886dd001432d36696698667f5ae736%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.jpost.com%2Fisrael-news%2Fdefense-news%2Farticle-867640
Israel responds to attacks on Eilat airport
The strikes come after a series of IDF attacks on Sanaa at the beginning of September, which targeted Houthi army camps, the headquarters of the Houthis’ propaganda department, and a fuel storage site that was used for the regime’s military activity.
This new campaign is a part of an operation that’s centered around stopping the recent Houthi attacks on the Ramon Airport in Eilat, which caused the temporary closing of the city’s airspace after a drone hit the airport.
The strike represented the longest flight made by an Israeli pilot since the beginning of the war, covering a total of 2,350 km. to complete the mission.
Sanaa residents told Reuters that the attack was on a hideout between two mountains that is used as a Houthi command and control center. The extent of the damage was not immediately clear.
END
IRAN AND USA
US imposes sanctions on global financial network facilitating Iranian oil sales
The US has sanctioned a financial network tied to Iranian oil sales, targeting entities in Hong Kong and the UAE to disrupt funding for Iran’s military and proxies.
The IRGC’s control over Iran’s oil industry has grown to such a point, experts now estimate 50% of the country’s oil wealth is siphoned to the military organization(photo credit: WANA handout via REUTERS/ANONYMOUS/Middle East Images/AFP via Getty Images)ByJERUSALEM POST STAFFSEPTEMBER 16, 2025 21:49
The United States on Tuesday imposed new sanctions targeting an international financial network allegedly involved in facilitating the sale of Iranian oil. The designated network includes individuals and entities based in Hong Kong and the United Arab Emirates.
According to the US State Department, the proceeds from these transactions have supported Iran’s Islamic Revolutionary Guard Corps Quds Force (IRGC-QF) and the Ministry of Defense and Armed Forces Logistics (MODAFL). These funds have reportedly been used to finance regional proxies and weapons development activities.
The action was taken under Executive Order 13224, as amended, and marks the fourth round of sanctions on Iran’s financial infrastructure since the issuance of National Security Presidential Memorandum 2, which outlines a maximum pressure policy on Iran.
In a statement, the State Department said the United States “remains committed to disrupting illicit funding streams” linked to Iran’s activities.
Separately, State Secretary Marco Rubio has revoked a 2018 sanctions exception under the Iran Freedom and Counter-Proliferation Act (IFCA) that allowed certain reconstruction and economic development activities in Afghanistan involving Iran’s Chabahar Port. The revocation takes effect on September 29, 2025.
Entities involved in operations at Chabahar or in other activities specified under the IFCA may be subject to US sanctions once the revocation takes effect.
Treasury Dept. designated 22 entities in July
The US Treasury Department’s OFAC sanctioned 22 entities based in Hong Kong, the UAE, and Turkey for facilitating the sale of Iranian oil that funds the IRGC-QF, the department announced in July.
IRGC-QF leverages front companies outside of Iran, using “offshore accounts to transfer hundreds of millions of dollars in profits derived from Iranian oil sales to circumvent sanctions and funnel funds toward IRGC-QF terrorist activities,” OFAC said.
Refineries purchase Iranian oil and then transfer payments to these front companies, who in turn move funds to other front company accounts also controlled by the IRGC-QF, OFAC stated.
IRGC-QF uses these proceeds to fund weapons programs and support Iran’s terror proxies across the Middle East.
RUSSIA VS UKRAINE/BELARUS
DETENTE??? BETWEEN BELARUS AND RUSSIA???
(ZEROHEDGE)
US Military Officers In ‘Surprise Visit’ To Belarus To Observe Joint Russian War Games
Monday, Sep 15, 2025 – 10:35 PM
Last week we reported on a slow but progressing US-Belarus detente, after President Aleksandr Lukashenko agreed to release 52 political prisoners to NATO member Lithuania. In return, Washington granted sanctions relief to the country’s national airline Belavia. President Trump also issued Lukashenko a warm letter, and even a gift of cufflinks
Ironically this positive momentum between the US and Belarus is happening at a moment the Moscow-allied ‘Union State’ is hosting joint Russian war games, the “Zapad-2025” drills – also amid soaring tensions with NATO. But another unexpected development has occurred Monday: the Pentagon has sent representatives to observe the war games from Belarusian soil.
US military officers are on hand to observe the war games in what’s being described as a surprise visit wherein Belarusian Defense Minister Viktor Khrenin instructed that the US officials could look at “whatever is of interest for you.”
According to a description in Reuters:
“Who would have thought how the morning of another day of the Zapad-2025 exercise would begin?” it [the defense ministry] said in a statement noting their presence among representatives from 23 countries including two other NATO member states — Turkey and Hungary.
The ministry released video showing two uniformed U.S. officers thanking Khrenin for the invitation and shaking his hand. “We will show whatever is of interest for you. Whatever you want. You can go there and see, talk to people,” the minister told the Americans, who declined to speak to reporters.
This development is also unprecedented and highly unusual given Belarus has been Moscow’s closest partner in executing the ‘special military operation’ in neighboring Ukraine, having utilized its territory to send tens of thousands of Russian troops into Ukraine in February 2022 and after.
Watch: American greeted by the Belarusian Defense Minister, Viktor Khrenin, who, according to the Belarus MoD, instructed his military to provide “the best seats for American guests, and to show absolutely everything that interests them.”
Cross-border drone operations have also at times been reportedly launched from Belarusian territory. There’s also the fact that President Putin had previously ordered strategic nuclear weapons to be stationed at Belarusian bases, overseen by Russian military and intelligence officers.
The Zelensky government, as well as his hawkish backers in Europe and among NATO allies, will likely be furious at this news. They will see it as the Trump admin ‘colluding’ with the enemy amid the standoff with the West.
Importantly, Kremlin spokesman Dmitry Peskov in fresh remarks Monday painted a picture of NATO and Russia being in a de facto state of war.
“NATO is at war with Russia. It is obvious and does not require any additional proof,” he told a press briefing. “NATO is de facto involved in this war. NATO provides both indirect and direct support to the Kiev regime. Therefore, it can be said with absolute certainty that NATO is at war with Russia.”
While many among Trump’s base have been disappointed that Washington has not yet deescalated its involvement, seeing US colonels in Belarus seems a clear sign that Trump is still serious about seeing it happen. Pentagon officers on hand is largely symbolic, and yet it is resounding, even as US sanctions still exist on the Belarusian government and its military. For now the White House is content with drastically improving its bilateral ties with both Moscow and Minsk, as the war grinds on.
END
TURKEY RUSSIA INDIA USA
Turkey made end up getting other countries S 400’s!
(Korybko)
Speculation Is Swirling About The Future Of Turkiye’s S-400s
by Tyler Durden
Tuesday, Sep 16, 2025 – 06:30 AM
Authored by Andrew Korybko via Substack,
Turkish media recently claimed that Russia offered to buy back their country’s S-400s that it received in 2019 in order to then resell them to other clients, which Turkiye is supposedly receptive to since it wants to end its spat with the US over this and is also developing a domestic analogue that can replace them.
Polish media added that “Ankara still does not actively use them. They were never integrated into NATO, their missiles are already halfway through their shelf life, and maintenance costs pose a burden”.
Meanwhile, Indian media suggested that this deal could result in their country finally receiving its delayed S-400s, which would first have to be upgraded by Russia. While neither Russia nor Turkiye have confirmed this report, it’s sensible enough to be taken seriously for the time being at least. Russia can’t spare any S-400s from the front for export, Turkiye has since largely reconciled with the US and no longer needs the S-400s either, while India is eager to receive more of these systems as soon as possible.
Each corresponding party’s interests are more urgent than ever because:
- Russia needs to regain its rapidly declining role in the global arms market after most of its production has been redirected from export to the front since 2022;
- the new TRIPP Corridor creates the basis for a US-Turkish military-strategic partnership along Russia’s entire southern periphery so long as the S-400-related US sanctions are first lifted;
- and spring’s Indo-Pak clashes made air defense a renewed priority for Delhi.
The original goal behind Turkiye’s import of the S-400s is no longer relevant either. Back then, President Recep Tayyip Erdogan deeply distrusted the US due to its (at minimum indirect) role in summer 2016’s failed coup, hence why he agreed to this air defense deal a year later. Turkiye was also very displeased with direct US military support for Ankara-designated Kurdish terrorists in Syria. After TRIPP and Jolani’s/Sharaa’s rise to power, however, the aforesaid imperatives became outdated for the most part.
The stage is therefore set for a grand deal between the US, Turkiye, Russia, and India, at least in theory and only tacitly in the case of the US-Russia, US-India, and Turkiye-India, but it remains to be seen whether it’ll materialize.
There are some forces that might torpedo it though, chiefly hardliners in the US and Russia, who might respectively object to the principle of a NATO ally selling military equipment back to Moscow and Russia buying back a weapons system that it sold to a NATO ally who now funds Ukraine.
Each side’s hardliners would therefore have to be sidelined in order for this deal to go through and it can’t be assumed that both Trump and Putin are able to do so in the current political conditions amidst escalating US-Russian tensions.
Furthermore, the US is also taking a hard line against India nowadays led by Trump personally, which reduces the odds that it would agree to have Turkiye indirectly supply India with Russia’s S-400s after Trump just punitively tariffed India for continuing to buy Russian arms.
Accordingly, while the details of this proposed arrangement make perfect sense with respect to each side’s interests as explained, political factors vis-à-vis the calculations of American and Russian hardliners could ultimately ruin any possibility for such a deal.
If the political will exists at each of those two’s highest levels, however, then it’s recommended that they encourage their media surrogates to articulate the inherent strategic benefits in order to help persuade the hardliners to reconsider their resistance.
END
RUSSIA VS UKRAINE
Western Countries Downing Russian Drones Over Ukraine Will Mean War With NATO: Medvedev
Tuesday, Sep 16, 2025 – 02:45 AM
Security Council Deputy Chairman Dmitry Medvedev has once again issued a firm warning to the Western military alliance backing Kiev, saying that if NATO countries begin shooting down Russian drones over Ukraine during the ‘special military operation’, this will put Moscow at war with NATO.
The words come dangerously after the last week has seen Russian drones allegedly breach Polish and Romanian airspace – both NATO member’s along the alliance’s ‘eastern flank’. Moscow has rejected accusations that it intentionally sent these drones, which were by and large ‘decoy’ UAVs amid broader drone waves targeting inside Ukraine.
“Seriously, implementing the provocative idea of Kiev and other idiots to create a ‘no-fly zone over Ukraine’ and allowing NATO countries to down our drones will mean only one thing: NATO’s war with Russia,” Medvedev wrote on Telegram Monday.
He additionally remarked the “powerful European initiative ‘Eastern Sentry’” amuses him as it “seems to be all that remains of the ‘coalition of the willing’.”
Over the weekend, a pair of Russian drones were observed and tracked in Romania’s airspace, near Ukraine’s southern border, the Romanian military said. A pair of F-16s were scrambled, but the pilots refrained from firing on them and they exited back to Ukraine territory.
The former Russian president also made comments aimed at Estonian Defense Minister Hanno Pevkur. He is visiting Ukraine. “An Estonian defense minister has arrived in Kiev. He is threatening. The smaller the country, the more aggressive and foolish its leaders tend to be,” Medvedev noted.
All the while, Ukraine has continued its cross-border drone attacks on Russian territory. Belgorod oblast authorities said two women in a village near the border with Ukraine were killed in such an attack Monday morning.
Three other people were injured and a vehicle was destroyed, following a night where anti-air defenses were able to intercept six of the inbound drone wave.
The hawks keep pushing for more muscle and present delusional views on the current status of the conflict…
Meanwhile, Kremlin spokesman Dmitry Peskov in fresh remarks Monday painted a picture of NATO and Russia already being in a de facto state of war.
“NATO is at war with Russia. It is obvious and does not require any additional proof,” he told a press briefing. “NATO is de facto involved in this war. NATO provides both indirect and direct support to the Kiev regime. Therefore, it can be said with absolute certainty that NATO is at war with Russia.”
end
RUSSIA /UKRAINE
A big hit!
Ukrainian Kamikaze Drone Attacks Slash Russian Refining Capacity
Tuesday, Sep 16, 2025 – 09:10 AM
Ukraine has ramped up its use of long-range drones against Russian oil refineries, export terminals, and storage facilities in an effort to erode Moscow’s revenue streams and weaken its war financing ability, with the latest kamikaze drone attacks in August and September taking an estimated 300,000 barrels per day of refining capacity offline, according to a Goldman Sachs client report issued this week.
A team of Goldman analysts led by Yulia Zhestkova Grigsby and others wrote in a note to clients:
The Brent oil price increased by $2/bbl from a week ago to $67/bbl as drone attacks on Russia refineries and export facilities ramped up. We estimate that drone attacks took out about 0.3mb/d of Russia refining capacity in August and in September so far.
Following increasing sanctions pressure on Russian oil buyers and lower refinery runs, Russia seaborne diesel exports dropped by nearly 1/2 over the last 6 months or by 0.5mb/d (Exhibit 1, right panel). But refinery outages can also weigh on upstream production via crude storage congestion from lower refinery intake, especially if crude storage and export capacities are limited.
Our Russia crude production nowcast has been trending down over the last 3 years and dropped to its lowest post-pandemic level of 8.8mb/d last week (Exhibit 1, left panel). While the uncertainty around secondary tariffs and additional sanctions remains high, we assume only modestly lower Russian production as Asian buyers continue to signal willingness to import Russian crude. We see more downside risks to Russia production from declining producer price incentives and technological and operational bottlenecks from sanctions than from lower foreign demand for Russian crude.
Brent crude markets are weighing geopolitics against softening macroeconomic data in the U.S. and elsewhere, alongside rising protectionism from the global trade war. Prices are consolidating around $67 a barrel as much of the war-risk premium has evaporated.
Last weekend, Ukraine launched a massive drone assault on Russian energy infrastructure, with Reuters reporting 361 drones, including at least one that struck the vast Kirishi oil refinery in northwest Russia. In a separate development, Russian drones were recently downed in NATO-member Poland. More coverage on the drone campaign is available here.
ZeroHedge Pro Subs can read the full note in the usual place.
end
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
A MUST MUST READ!!!!
Keto, Ivermectin, & Fenbendazole: New Cancer Treatment Protocol Gains Momentum
Monday, Sep 15, 2025 – 11:00 PM
Authored by Stu Cvrk via American Greatness,
In 2023, according to the US Centers for Disease Control, 613,349 Americans died of cancer. That number is projected to increase to over 618,000 this year. As a result, medical research has been focused on the development of cancer treatment protocols for decades for all types of cancer.
The National Cancer Institute’s Cancer Trials Support Unit (CTSU) and the National Institute of Health’s ClinicalTrials.gov website list hundreds of active protocols, with 457 NCI-supported protocols noted in clinical trial databases for various cancer types and stages.
For example, there are approximately a dozen known treatment protocols for Stage 4 prostate cancer that focus on managing the disease since it is considered to be incurable. For context, the American Cancer Society’s estimates for prostate cancer in the US for 2025 are about 313,780 new cases and about 35,770 projected deaths.
Medical researchers are continually developing potentially breakthrough cancer protocols. This is the true story of one man’s experience with a new protocol that exploits repurposed drugs.
THE PATIENT
Mr. Jeffrey Kramer of Shelby, Ohio, retired as a plaintiff’s civil fraud attorney in 2024 after he was diagnosed with metastasized Stage 4 prostate cancer that had spread into his hip bones, lumbar spine, and inguinal lymph nodes. His Cleveland Clinic oncologist had advised him that the cancer was incurable but probably manageable for a (short) time using testosterone suppressant drugs (leuprolide injections and apalutamide pills) until his body ceased being “hormone sensitive,” at which point he would decline from there.
The side effects of that drug combo would be substantial—and potentially mortal. Most significant was that the leuprolide injection(s) would assuredly demineralize his bones at a high rate (up to 11% per year), leading to hip fracture(s) and loss of mobility.
This was Mr. Kramer’s second bout with serious cancer, as in 2010, he had undergone surgery, then three months of combined chemotherapy and radiation therapy for tonsil cancer that had incapacitated him for a year before he was able to resume his law practice.
Last fall, Mr. Kramer received information about a new cancer protocol that would change his life.
THE PROTOCOL
A new peer-reviewed cancer protocol authored by a team of sixteen cancer doctors and medical researchers from the US and several other nations was published in the September 2024 Journal of Orthomolecular Medicine, titled “Targeting the Mitochondrial-Stem Cell Connection in Cancer Treatment: A Hybrid Orthomolecular Protocol.” Its authors were prominent in oncology, and the published protocol was heavily footnoted to 204 medical studies documenting in vivo and in vitro safe and successful use of each and every element of the protocol. The authors of many of the referenced studies are at the top of their profession, i.e., well-known, highly published doctors and medical research professionals.
Here is an excerpt from the abstract that explains the science (not for the non-technical among us!):
The cancer paradigm is generally based on the somatic mutation model, asserting that cancer is a disease of genetic origin. The mitochondrial-stem cell connection (MSCC) proposes that tumorigenesis may result from an alteration of the mitochondria, specifically a chronic oxidative phosphorylation (OxPhos) insufficiency in stem cells, which forms cancer stem cells (CSCs) and leads to malignancy. Reviewed evidence suggests that the MSCC could provide a comprehensive understanding of all the different stages of cancer.
From the research presented in the paper, a hybrid orthomolecular protocol was developed that relies upon six elements (or “molecules”):
[1] a therapeutic ketogenic diet high in fats and protein but low in carbs.
[2] moderate exercise (aerobic heart rate) for 45-75 minutes three times a week, such as cycling, running, swimming, etc.
[3] high-dose (non-toxic level) vitamin C by IV, PICC, or port three times a week.
[4] ivermectin daily at a proven safe dosage.
[5] fenbendazole (or mebendazole) daily at a proven safe dosage.
[6] daily vitamin/mineral supplements of safe levels of vitamin D, vitamin K2, zinc, magnesium, and potassium, with a lab test every two weeks to monitor liver and kidney function and potassium and vitamin D levels for safety.
ADMINISTERING AND MONITORING THE PROTOCOL
After carefully reading that report in the Journal of Orthomolecular Medicine, Mr. Kramer contacted three of the U.S./Canadian doctors who were co-authors of the protocol. Because the protocol had not yet been approved for clinical trials and therefore was not FDA approved, they explained that they could not provide assistance without risking discipline, including potential loss of license to practice medicine, by their state/province medical boards. In response to a question about when a clinical trial for this protocol would be approved, their answers were consistent: it typically would take ten to twenty years to get a clinical trial approved, especially where no Big Pharma company would have a profit interest to lobby for a clinical trial of a protocol involving repurposed/off-patent drugs.
Pierrick Martinez, of the Association Cancer et Métabolisme in Nimes, France, a medical researcher and lead author of the protocol, was then contacted by Mr. Kramer. He agreed to provide “long-distance assistance” and supervised administering the entire 15-week protocol, including corresponding with the nurse practitioner who administered the megadose vitamin C intravenous infusions that were one part of the protocol and answering numerous questions along the way. A licensed nutritionist at a Cleveland Clinic oncology center in Mansfield, Ohio, was consulted for advice on how to implement the therapeutic ketogenic diet that was another part of the protocol.
Mr. Kramer completed the 15-week hybrid orthomolecular protocol on June 5, 2025, with no side effects whatsoever. Two weeks later, he received an FDG-PET scan at AVITA Hospital in Galion, Ohio. The radiologist’s report that followed showed no evidence of any active cancer anywhere in his body—not in his head, hip bones, lumbar spine, chest, or lymph glands; nothing—no active cancer anywhere. In fact, it took the radiologist almost a full week to issue that report, for the PET scan was ordered to evaluate metastatic prostate cancer, deemed to be an incurable condition.
Perhaps most amazing, the total cost of the medicines, dietary vitamin/mineral supplements, and vitamin C infusions of this protocol was less than $20,000—a fraction of the cost of even one month’s expense for the cancer “management” medications that a Cleveland Clinic oncologist had previously prescribed as “the standard of care” for cancer treatment.
A mere $20,000 to stave off debilitating cancer and certain death was more than a bargain; it was a godsend to Mr. Kramer.
A very important note: the Hybrid Orthomolecular Protocol was not developed specifically for treating prostate cancer, but rather for treating cancers in general. More specifically, Mr. Kramer’s first treatment for tonsil cancer significantly diminished his immune system such that he was advised that he would be progressively more vulnerable to follow-on cancers like prostate cancer, and this, of course, is what happened. Since he was cured by this protocol, others with immune systems damaged from conventional cancer treatment regimens could likely benefit from it as well.
CONCLUDING THOUGHTS
One man was cured of his Stage 4 prostate cancer through the supervised administration of a new cancer protocol that featured the inexpensive repurposed drugs ivermectin and fenbendazole— “A Hybrid Orthomolecular Protocol.” Was this a one-time miracle or a repeatable protocol that may help other cancer sufferers who are without hope?
Regardless, the U.S. Department of Health and Human Services should expedite human trials for this protocol while publicizing this particular result and allowing other cancer sufferers to receive these treatments under the supervision of healthcare professionals. After all, what do they have to lose? Label this procedure as “experimental” if necessary, with the appropriate legal disclaimers, but the US government should not stand in the way of a potentially life-saving cancer protocol.
END
Camus on X: “”Billions of Brains Altered”: Dr. Sucharit Bhakdi’s Grave Warning on mRNA COVID Vaccines Immunologist Dr. Sucharit Bhakdi issues a stark and sobering alert: a global neurological crisis is underway, and the cause may be the very vaccines meant to protect us. His thesis? mRNA https://t.co/qPHCqKhXgw” / X
My god, what is the fate of humanity if this is true?
The very nature of civilization will be changed forever. It is self inflicted extermination by fools.
The unvaccinated people will be the winners and those people who chose to guard themselves against the vaccines early on. Fortunately, many of these shots were spoiled and many shots were not of the same calibre to bear uniform effect.
GLOBAL ISSUES
ROBERT H
HustleBitch on X: “
BREAKING: TOXIC FUMES ON FLIGHTS LEAVE PASSENGERS WITH SEVERE BRAIN INJURIES Passengers are being told to breathe through their clothing and stay low while the cabin fills with toxic jet fuel fumes. Reports say permanent nervous system damage is being linked to Airbus A320 https://t.co/ISE2eRddAX” / X
Crazy .. flying is becoming more dangerous
https://x.com/HustleBitch_/status/1967634084944879862
Number Of Fume Poison Events On Airplanes Is Soaring, What You Should Know
Monday, Sep 15, 2025 – 10:10 PM
Authored by Mike Shedlock via MishTalk.com,
Airbus is much worse than Boeing on toxic fumes sucked into planes.
Toxic Fumes Are Leaking Into Airplanes
The number of airplane fume incidents is soaring. People and pilots are getting sick. In some cases, people have been crippled for life. Smaller airlines are worse, and Airbus is much worse than Boeing.
The FAA knows the exact cause and refuses to take action. Primarily it’s design flaws and maintenance.
On most planes, about half the air in the aircraft is recirculated. Fume events occur when engine oils and hydraulic fluids leak into the section of the engine that recirculates air.
The Wall Street Journal has an excellent trio of links regarding toxic fumes leaking into airccraft. With thanks to the Journal, here are free links to a set of articles on the problem.
FAA Has Been Ignoring the Problem for Years
Please consider Toxic Fumes Are Leaking Into Airplanes, Sickening Crews and Passengers
“Do you smell that?” Florence Chesson was asked by a fellow Jet Blue flight attendant as they prepared for landing in Puerto Rico.
Chesson, as trained, inhaled a lungful of air through her nostrils in a single deep breath. “It smells like dirty feet,” she told her colleague.
Instantly, she started to feel like she had been drugged, Chesson said in an interview.
When the flight landed, the two cabin crew were taken to a hospital in an ambulance, one on a stretcher.
Chesson, her uniform and hair soaked in sweat and with an overpowering metallic taste in her mouth, went to meet her supervisors. “I felt like I was talking gibberish,” she recalled. “I remember being very repetitive, saying ‘What just happened to me? What just happened to me?’”
After months of worsening symptoms, Chesson was diagnosed with a traumatic brain injury and permanent damage to her peripheral nervous system caused by the fumes she inhaled. Her doctor, Robert Kaniecki, a neurologist and consultant to the Pittsburgh Steelers, said in an interview that the effects on her brain were akin to a chemical concussion and “extraordinarily similar” to those of a National Football League linebacker after a brutal hit. “It’s impossible not to draw that conclusion,” he said.
Kaniecki said he has treated about a dozen pilots and over 100 flight attendants for brain injuries after exposure to fumes on aircraft over the last 20 years. Another was a passenger, a frequent flier with Delta’s top-tier rewards status who was injured in 2023.
The Journal’s reporting—based on a review of more than one million FAA and National Aeronautics and Space Administration reports, thousands of pages of documents and research papers and more than 100 interviews—shows that aircraft manufacturers and their airline customers have played down health risks, successfully lobbied against safety measures, and made cost-saving changes that increased the risks to crew and passengers.
In a February incident captured on video by several passengers, enough oil entered the bleed air supply of a Boeing 717 that thick plumes of smoke started piling through the vents midflight. “Ladies and gentlemen, please breathe through your clothing, stay low,” the Delta Air Lines flight attendant told passengers, some of whom had noticed a strange smell during takeoff.
In a 2017 internal email, excerpts of which were produced in a lawsuit, Boeing quality inspector Steven Reiman wrote:
Just think what would happen if people realized they are being poisoned by coming to work on our airplanes or as passengers.
The FAA on its website says the incidents are “rare” and cites a 2015 review that estimated a rate of “less than 33 events per million aircraft departures.” That rate would suggest a total of about 330 fume events on U.S. airlines last year.
In reality, the FAA received more than double that number of reports of fume events in 2024 from the 15 biggest U.S. airlines alone, according to the Journal’s analysis of service difficulty reports for flights between 2010 and early 2025. The rate has soared in recent years. In 2014, the Journal found about 12 fume events per million departures. By 2024, the rate had jumped to nearly 108.
The Journal’s analysis suggests that the growth is driven by the world’s bestselling aircraft: the Airbus A320. In 2024, among the three largest U.S. airlines with mixed fleets, the rate of reports on A320s had increased to more than seven times the rate on their Boeing 737 aircraft.
At JetBlue and Spirit—both majority-Airbus operators—the increase is stark. Together, the airlines saw a 660% surge in the frequency of incidents on their A320s between 2016 and 2024.
The Journal’s analysis shows incidents began climbing in 2016, the year Airbus started delivering its new A320neo, what would become the world’s fastest-selling model. It boasted a new generation of fuel-efficient engines, including one that was plagued by rapidly degrading seals meant to keep oil from leaking into the air supply.
Under pressure from airlines who complained that fume events were keeping aircraft out of service for up to days at a time, Airbus loosened maintenance rules, according to a review of internal documents and people familiar with the changes.
The FAA inspector wrote:
These toxic chemicals are present in today’s modern synthetic jet engine oils and are passing into the aircraft cabin/cockpit unfiltered, affecting the air that crew and passengers breathe in.
‘Passed out pilots’
The United Nations has formally recognized fume events as a risk to flight safety since 2015. In addition, more than a dozen accident investigation teams in countries across the world have asked Boeing, Airbus and their regulators to implement measures to mitigate the risk, according to a review of official accident investigation reports. No major changes have been made.
One exception is the 787, Boeing’s first all-new design since smoking on commercial planes was fully banned in the U.S.
An email chain from Boeing’s early marketing meetings for the plane showed managers were grappling with how and whether to promote the new design. In one marketing brief it was referred to as “removing gaseous contaminants” from the air supply.
One executive was concerned that “if we elaborate on the 787 air purification and say how great and important it is,” he’d be asked why the system wasn’t available on Boeing’s other models, according to a deposition citing internal Boeing documents.
Congress is trying again. A bipartisan bill reintroduced last month would phase out the use of bleed air and require specialized filters on aircraft within seven years.
What You Need to Know About Fume Events on Airplanes
Next, please consider What You Need to Know About Fume Events on Airplanes
Due to a design element that has been a feature of almost every commercial jetliner since the 1950s, toxic fumes can leak from jet engines into the cabin or cockpit. The fumes have led to emergency landings, sickened passengers and crew members, and affected pilots’ vision and reaction times midflight, according to official reports.
The health effects are often mild but can also be severe, including brain injuries. Here’s what to know:
Where does the air on a flight come from?
On most planes, about half the air in the aircraft is recirculated. That refers to air that’s already on the plane that’s breathed in and exhaled by passengers with the remaining oxygen filtered and then pumped back inside the cabin. The other half is pulled from outside via the aircraft’s engines using a system known as “bleed air.” Engines are used for air supply on every modern aircraft, with the exception of Boeing’s 787.
Sorry, but why is my air pulled through an engine?
Good question! Because air at altitude is very thin and very cold, it has to be compressed and heated before it can be sent to us to breathe. Aircraft manufacturers realized in the 1950s that jet engines were already doing that work, and they decided to “bleed” the air from the engines’ compression chambers and then run it through air conditioners to get it back down to breathable temperatures. Fume events occur when engine oils and hydraulic fluids leak into that section of the engine.
How worried should I be?
It doesn’t happen often. The rates we identified in 2024 showed an incident rate on top U.S. airlines of 108 per one million departures, or roughly twice a day. But we also know that fume events are massively underreported. Internal industry data reviewed by the Journal estimated a rate of 800 incidents per million flights in the U.S., or just about 22 a day. Still, as one researcher put it, it’s highly unlikely you’ll be exposed, but almost guaranteed it’ll happen on an aircraft somewhere in the U.S. today.
What about dropdown oxygen masks and existing air filters? Should I bring my own mask?
Because dropdown passenger oxygen masks aren’t sealed, they don’t provide proper protection. In one extreme fume event investigated by the FAA, passengers stood on their seats to break into the overhead compartments to access the masks—that’s a safety hazard that can cause other problems on a flight.
Cloth and even N95 masks also aren’t designed to filter vapors and gases. Until fume events have been addressed, often the best bet is to flag it to your cabin crew.
Why do cabin crew appear to be the most at risk?
There’s some evidence indicating that repeat exposures coalesce to cause more-severe damage. Cabin crew aren’t just flying more, but are also more active when they do. That means their breathing rates are typically higher than a seated and docile passenger.
While pilots have longer-lasting emergency oxygen supplies, cabin crew only have access to 15-minute oxygen tanks, which is often shorter than it takes for a pilot to divert and land the aircraft. Prolonged use of that oxygen supply is also dangerous.
Also, it’s possible we’re only more aware of affected crew because of the lack of awareness among passengers. Whereas crews have avenues to report their exposure, passengers don’t. Because symptoms can take time to fully manifest, the connection between exposure and symptoms becomes harder to make.
How the Journal Analyzed More Than One Million FAA Reports
Finally, please consider How the Journal Analyzed More Than One Million FAA Reports
The Federal Aviation Administration, airplane manufacturers and airlines don’t release a public accounting of how often engine fumes leak into airplane cabins. So The Wall Street Journal conducted its own.
Airlines are required to submit “service difficulty reports” to the FAA detailing many kinds of operational issues they encounter during a flight. The Journal built a database of more than one million of them—every accessible filing from 2010 through mid-2025. SDRs contain identifying information about the aircraft as well as narrative text describing the issue.
“These reports are an important part of the FAA’s safety surveillance system,” an FAA spokeswoman said in a statement. “By collecting this information across thousands of aircraft and operators, the FAA can identify trends, detect patterns, and spot potential risks.”
To ensure a clean comparison, the Journal limited its analysis to the aircraft built by the three largest planemakers and flown by the top fifteen U.S. carriers by number of departures with one point in the U.S. between 2010 and the first quarter of 2025—the last date for which there were reliable departure statistics.
Journal reporters used machine learning algorithms, large-language models and manual review to find reports describing so-called fume events. In these, oil or hydraulic fluid contaminates the air supply and causes fumes to enter the cabin or flight deck. To validate the methodology, reporters spoke with experts and reviewed multiple studies, including one with funding from the FAA, as well as internal documents from aircraft manufacturers and airlines.
The Journal’s analysis was a two-step process. First, reporters trained a statistical model using a list of classified SDRs compiled by Judith Anderson, a researcher and occupational health specialist at the Association of Flight Attendants-CWA union who advocates on this issue and whose work the FAA cites for its 33 fume events per million departures figure. Testing against 25% of Anderson’s data not used in the training, the model correctly identified fume events 94% of the time.
To minimize false positives, reporters then created a prompt for a large language model based on academic literature and aviation industry documents. Only reports classified as fume events by both methods were counted.
Airbus Statement
“Airbus aircraft are designed and manufactured according to all relevant and applicable airworthiness requirements,” a spokesman said in a statement.
Yeah, right.
Criminal Behavior
It’s criminal behavior by the airlines and the FAA to not immediately address these issues.
The Journal reported “Airbus loosened maintenance rules, according to a review of internal documents.”
Airbus and the airlines lobbied for this to prevent planes from being grounded.
DR PAUL ALEXANDER
Every single vaccine available, childhood, to adulthood, is fraud, every one, & I guarantee if we go and forensic all the Malone Bourla Bancel Pfizer past grants you will find all their data & methods
are fraud, false, many of them took grants, tax money with bogus grants and today once we get to do the audits will say ‘oh some junior student did that for me’…no no no, you took the money knowing
Dr. Paul Alexander
Sep 15
READ IN APP
This is a great photo above! Fond memories of Charlie. Trump loved him! Respected him.
This political madness, this political driven madness must end.
Every single vaccine, every drug today, is based on botched data, once the FDA and NIH and CDC were involved, it is fraud, bad.
Everyone is toxic. None are designed to fix anything, just mitigate symptoms and even that is dangerous, mechanisms of action.
Alexander News Network (ANN): Trump’s War 2.0 for America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Upgrade to paid
Everyone.
Take none. Give your child none.
I argue no vaccine, or drug FDA approved today is safe and effective. Not one. Re-examined data and underpinning studies will show this.
These people took tax money fraudulently. Let us examine every grant they got and took, let us go over all their past data and studies. I offer as a global expert evidence based methods person, to do it for free!
I want to show that they are all frauds, still tapping into the US taxpayer pockets.
___
You must not wait for another catastrophic crisis (at times manufactured but we are prevented from making our own basic personal decisions or accessing needed drugs and response tools) to catch you off-guard. We must take charge and be prepared today so that we can enjoy peace of mind tomorrow.
Enter the Wellness Company as a solution and a willing participant in the health care conversation. The Wellness Company, launched in 2022, offers health care, prescriptions, and supplements, all backed by research
The Wellness Company isn’t chasing profits — it’s trying to help people recover. While the government continues pushing vaccines, The Wellness Company is focusing on real solutions.
From telemedicine, prescriptions, memberships, and supplements, TWC is leading America with alternative choices to the traditional health care model.
Robert F. Kennedy Jr & Sasha Latypova said COVID Vaccines Were a ‘Huge Military Operation’; Kennedy was correct 100%; I was actually at HHS, I saw OWS inside, it was 100% military, whatever it was!
These mRNA technology injections are ‘countermeasures’; no, these were never health products; this was a military operation (not just distribution of the vaxx), no, DoD ran OWS; HHS, FDA was a front!
| Dr. Paul AlexanderSep 16 |
Why? This is what we must investigate. Why this injection? What was and is the medium and long-term aims?
I/we want to know why? Did the DoD only take care of OWS logistics or was this a fully run DoD injection development and if so, why?
MARK CRISPIN MILLER
NEWSWIZE
NEWS ADDICTS
EVOL NEWS
| ATEST NEWS: |
| FBI Is Investigating Pro-Trans Groups Over Potential Connection to Kirk Assassination – EVOL |
| Read more… |
| Texas A&M Fires Staff After Student Ordered to Leave Class for Opposing Gender Theory – EVOL |
| Read more… |
MICHAEL EVERY/OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
Trump Is Successfully Corralling Countries To Join Trade War Against China
Monday, Sep 15, 2025 – 01:45 PM
By Benjamin Picton, senior market strategist at Rabobank
Central Banks and State Visits
The week ahead is shaping up as somewhat of a watershed for markets as the FOMC looks poised to deliver the first rate cut of the second Trump presidency. 85 of 93 analysts surveyed by Bloomberg are predicting a 25bp cut (including RaboResearch), with 6 forecasting no change and 2 plumping for an extra-large 50bp cut.
OIS futures are convinced that a cut of at least 25bps is a done deal, despite core PCE and CPI sitting well above the Fed’s 2% target at 2.9% and 3.1% respectively. A delta of 26.1bps is currently priced in to the implied Fed Funds rate following a dovish pivot from Jerome Powell at Jackson Hole, two consecutive months of dreadful jobs figures (which the FT is today laying at the feet of Trump’s tariffs) and some even more dreadful revising-away of previously reported employment gains that appear to have been – in part – magicked-up by the BLS’s Birth-Death model.
Regular readers will recall that Trump – unhappy with the swings in reported employment levels – sensationally fired BLS head Erika McEntarfer after the July payrolls report disclosed a huge 258,000 downward revision to reported employment gains in May and June.
The intrigue of this week’s FOMC meeting will be heightened by the Senate confirmation hearing of Trump acolyte Stephen Miran that is scheduled to take place later today. The administration is pushing to have Miran confirmed as replacement for Adriana Kugler – who recently stepped down from her position as a Fed Governor – before the FOMC meeting begins tomorrow. There’s little doubt that Miran would join July dissenters Bowman and Waller in pushing for a rate cut (maybe even a 50bp cut?) if his appointment is confirmed later today. President Trump certainly seems to think so, he told reporters on Sunday that he is expecting a “big cut” from the FOMC this week.
Separately, President Trump renewed a request on Sunday for a Federal appeals court to allow him to fire Fed Governor Lisa Cook prior to this week’s FOMC meeting. Bloomberg Economics lists Cook amongst the most dovish Fed Governors on its spectrometer, which seems to run counter to the idea that Trump wants to stack the FOMC with doves. Could it be that the President is convinced that Fed Governors’ determinations of the appropriateness of monetary policy are not a purely technocratic process and actually exhibit some malleability dependent on who happens to be occupying the White House? See here for our full preview of this week’s FOMC meeting.
The Fed is not the only central bank in action this week. The Bank of Canada, Bank of England, Norges Bank, Bank of Japan and Brazil Central Bank will all be meeting to set policy rates. Of those listed, the BOC and Norges Bank are expected to deliver 25bp cuts, while the BOJ, BOE and BCB keep rates unchanged.
The Bank of Canada finds itself in a similar position to the Fed, whereby the course of its monetary policy is being dictated by a rapidly deteriorating labour market even as inflation pressures remain uncomfortably elevated. As Molly Schwartz and Christian Lawrence point out here, the Canadian economy is being buffeted by tariff shocks through the trade channel which were not helped by the economic nationalism adopted by former PM Trudeau while he had one foot out the door earlier this year. Increasingly, Mark Carney seems to be walking back Trudeau’s hairy-chested approach in favour of a more “go along to get along” strategy with Canada’s Southern Neighbor.
Carney’s slow motion fold on the tariff fight is interesting in the context of Donald Trump’s suggestions late last week that NATO allies should place tariffs of 50-100% on China and India as secondary sanctions for their continued purchases of Russian energy. Uncomfortably, the EU also continues to purchase Russian energy and no leaders of NATO countries have seen fit to endorse Trump’s plan.
However, it might be worth remembering that it was only a short while ago that the 5% spending target demanded of NATO allies by the USA was seen as a non-starter and impossible under current fiscal constraints – until it wasn’t. It was similarly assumed that the EU would not sign on to a one-sided trade agreement with the United States – until it did, and South Korea wasn’t going to agree to 3.5% defence spending – until it did. Are we seeing a pattern here?
Trump has been transparent in his efforts to corral allies into supporting his strategy of isolating China economically and geopolitically, though many media outlets remain oblivious to the broader strategy and continue to see only chaos.
Canada got in ahead of time to impose tariffs of 100% on Chinese EVs and 25% on Chinese steel and aluminum, while Mexico – ahead of USMCA renegotiations slated for next year – has announced tariffs of up to 50% on cars and other products made in China and Asian economies suspected of acting as intermediaries for Chinese transshipment. The EU imposed tariffs of up to 35% on Chinese EVs in October last year, and South Korea has placed duties of 38% on Chinese steel plate and 21% on stainless steel while also making commitments to lend its expertise (and capital) to help revive US shipbuilding. Trump’s demands are prodding allies further down a protectionist path that they are already on toward common tariffs against China.
For further signs of Western leaders crabwalking towards the US’ policy demands, look no further than Australia. Having spent months pushing back on suggestions that Australia would be forced to increase defence spending in line with US demands, PM Albanese recently announced an A$1.7bn investment in a new fleet of AI-equipped undersea lethal drones to be built by US arms manufacturer Anduril. Shortly afterwards, Albanese announced a A$12bn “downpayment” to expand shipbuilding and maintenance facilities in Western Australia where US Virginia class and UK Astute class nuclear submarines will be rotationally-based and undergo sustainment under the terms of the AUKUS agreement (even as a Chinese defence industry study says that AI could make it “nearly impossible” for submarines to survive in future naval combat), thereby reducing capacity pressures on the US’ own shipbuilding and maintenance facilities. Again, are we sensing a trend here?
Trump himself will make a state visit to the UK from Tuesday this week with NVIDIA’s Jensen Huang and OpenAI’s Sam Altman in tow. The FT reports that PM Starmer is today set to announce a new US-UK agreement on nuclear energy, which apparently includes an agreement between the UK’s Centrica and US’ X-Energy to build advanced modular reactors in Hartlepool, England. Other deals covering tech, AI and Scotch whiskey are also likely to be announced.
Of course, energy is an input to all production and the immense electricity consumption of AI-enabling data centres requires abundant affordable energy to be viable. While reporting on the nuclear energy partnership the FT concurrently bemoans that “the West is buried under red tape” as risk-shy bureaucrats ladle on regulation and complexity, thereby killing competition, innovation and productivity of the kind that will be needed to realise the ‘affordable’ part of ‘abundant, affordable energy’. Trump’s trade tariffs and the various national responses to them are pointed to as another source of complexity that Western business has to deal with.
Perhaps a common external tariff would simplify things?
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
VENEZUELA// USA
USA strikes narcoterrorists again as Venezuela tried to ship drugs to the USA
(zerohedge)
“Be Warned, We Are Hunting You”: Trump Unleashes Second Attack On ‘Narcoterrorists’ Near Venezuela
Monday, Sep 15, 2025 – 04:20 PM
With Venezuela President Maduro stating the country is readying for an “armed struggle”, President Trump has unleashed hell on a second vessel ferrying drugs from Venezuela, confirming his determination to proceed with attacks.
US forces “conducted a SECOND Kinetic Strike against positively identified, extraordinarily violent drug trafficking cartels and narcoterrorists” in the US Southern Command’s area of responsibility, Trump wrote in a social media post.
“The Strike occurred while these confirmed narcoterrorists from Venezuela were in International Waters transporting illegal narcotics (A DEADLY WEAPON POISONING AMERICANS!) headed to the U.S.”
Trump continued:
“These extremely violent drug trafficking cartels POSE A THREAT to U.S. National Security, Foreign Policy, and vital U.S. Interests.
The Strike resulted in 3 male terrorists killed in action.
No U.S. Forces were harmed in this Strike.
The post included a link to a video that showed a vessel rolling in the waves in unidentified waters. After several seconds it is consumed by a massive fireball.
Trump concluded with a warning:
“BE WARNED — IF YOU ARE TRANSPORTING DRUGS THAT CAN KILL AMERICANS, WE ARE HUNTING YOU!
The illicit activities by these cartels have wrought DEVASTATING CONSEQUENCES ON AMERICAN COMMUNITIES FOR DECADES, killing millions of American Citizens.
NO LONGER.
Thank you for your attention to this matter!!!”
Just hours earlier, Maduro reiterated that recent incidents between his country and the United States are an “aggression” by the U.S., not tensions between the two countries, and that there is no communication between the governments.
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS TUESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1795 UP 0.0033 PTS OR 33 BASIS POINTS
USA/ YEN 146.73 DOWN 0.672 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 1.3638 UP .0038 OR 38 BASIS PTS
USA/CAN DOLLAR: 1.3765 DOWN 0.0009 (CDN DOLLAR UP 9 BASIS PTS)
Last night Shanghai COMPOSITE UP 1.36 PTS OR 0.04%
Hang Seng CLOSED UP 41.39 PTS OR 0.16%
AUSTRALIA CLOSED UP 0.33%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 41.39 PTS OR 0.16%
/SHANGHAI CLOSED UP 1.36 PTS OR 0.04%
AUSTRALIA BOURSE CLOSED UP .33 %
(Nikkei (Japan) CLOSED UP 134.15 PTS OR 0.30%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 3693.60
silver:$42.74
USA dollar index early TUESDAY morning: 96.63 DOWN 21 BASIS POINTS FROM MONDAY’s CLOSE
TUESDAY MORNING NUMBERS ENDS
And now your closing MONDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.105% DOWN 0 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +1.612% UP FULL POINTS AND 0/100 BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.252 UP 4 BASIS PTS//DEADLY
SPANISH 10 YR BOND YIELD: 3.255 UP 1 in basis points yield
ITALIAN 10 YR BOND YIELD 3.517 UP 1 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.6997 UP 1 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY TUESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1823 UP 0.0063 OR 63 basis points
USA/Japan: 146.85 DOWN 0.553 OR YEN IS UP 55 BASIS PTS//
Great Britain 10 YR RATE 4.650 UP 1 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.472 UP 1 BASIS POINTS.
Canadian dollar UP .00056 OR 56 BASIS pts to 1.3738
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY UP AT 7.1154 CNY ON SHORE ..
THE USA/YUAN OFFSHORE UP TO 7.1085
TURKISH LIRA: 41.28 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.612 UP 2 basis pts
THE 30 YR JAPANESE BOND YIELD: 3.255 UP 4 basis pts DEADLY
Your closing 10 yr US bond yield DOWN 1 in basis points from MONDAY at 4.035% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.664 UP 1 in basis points /11:00 AM
USA 2 YR BOND YIELD: 3.516 DOWN 2 BASIS PTS.
GOLD AT 11;00 AM 3696.25
SILVER AT 11;00: 42.92
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: TUESDAY CLOSING TIME 11:00 AM//
London: CLOSED DOWN 81.37 PTS OR 0.88%
GERMAN DAX: DOWN 419.62 pts or 1.77%
FRANCE: CLOSED DOWN 78.71 pts or 1.00%
Spain IBEX CLOSED DOWN 231.80pts or 1.51%
Italian MIB: CLOSED DOWN 549.16 or 1.28%
WTI Oil price 64.09 11.00 EST/
Brent Oil: 68.18 11:00 EST
USA /RUSSIAN ROUBLE /// AT: 82.93 ROUBLE UP 0 AND 6/ 100
CDN 10 YEAR RATE: 3.161 DOWN 3 BASIS PTS.
CDN 5 YEAR RATE: 2.718 DOWN 6 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1864 UP 0.0100 OR 100 BASIS POINTS//
British Pound: 1.3657 UP .0057 OR 57 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.6370 up 1 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.464 UP 2 ( STILL DANGEROUS LEVELS FOR GILTS)
JAPAN 10 YR YIELD: 1.602 UP 1 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.249 UP 3 AND VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 146.38 DOWN 1.014 BASIS PTS
USA dollar vs Canadian dollar: 1.3748 DOWN 0.0027 BASIS PTS// CDN DOLLAR UP 27 BASIS PTS
West Texas intermediate oil: 64.49
Brent OIL: 68.43
USA 10 yr bond yield DOWN 1 BASIS pts to 4.030
USA 30 yr bond yield DOWN 2 PTS to 4.655%
USA 2 YR BOND: DOWN 2 PTS AT 3.512%
CDN 10 YR RATE 3.158 DOWN 2 BASIS PTS
CDN 5 YEAR RATE: 2.717 DOWN 2 BASIS PTS
USA dollar index: 96.27 DOWN 62 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 41.27 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 83.33 DOWN 0 AND 33/100 roubles //
GOLD $3690.10 . (3:30 PM)
SILVER: 42.57 (3:30 PM)
DOW JONES INDUSTRIAL AVERAGE: DOWN 129.18 OR 0.27%
NASDAQ 100 DOWN 19.53 PTS OR 0.089%
VOLATILITY INDEX: 16.20 UP 0.51 3.25%
GLD: $ 339.59 UP .68 PTS OR 0.20%
SLV/ $38606 DOWN 0.16 PTS OR OR 0.61%
TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 115.76 PTS OR 0.39%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
‘
Stocks End Red Ahead Of The Fed; Bonds, Bitcoin & Bullion Bid
WRAP UP FOR THE DAY:
Dollar sold with stocks and bonds choppy ahead of FOMC – Newsquawk US Market Wrap
Tuesday, Sep 16, 2025 – 04:17 PM
- SNAPSHOT: Equities flat/down, Treasuries up, Crude up, Dollar down
- REAR VIEW: US Retail Sales top expectations; US Import/Export Prices come in hotter than anticipated; Industrial Production surprises to the upside; Miran clears Senate vote to become interim Fed Governor; Atlanta Fed GDPNow (Q3) revised up; 19th EU sanctions package against Russia reportedly delayed; Russia’s Transneft reportedly told producers it may cut oil output due to drone attacks; US issues fresh Iran-related sanctions; US reportedly to consider imposing new national security tariffs on additional imported auto parts; German’s ZEW Economic Sentiment unexpectedly rises; Canada CPI tilts soft; US reportedly in talks to set up USD 5bln fund for minerals deals; MSFT to invest USD 30bln in the UK.
- COMING UP: Data: Japanese Trade Balance, ECB Wage Tracker, UK Inflation (Aug), EZ HICP Final (Aug), New Zealand GDP (Q2), US Atlanta Fed GDP. Events: FOMC Announcement, BoC Announcement, BCB Announcement, Bank of Indonesia Announcement. Speakers: RBA’s Jones; ECB’s Lagarde, Nagel, Cipollone; Fed Chair Powell; BoC’s Macklem; US President Trump. Supply: Australia, Japan, Germany, UK. Earnings: General Mills.
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MARKET WRAP
US indices were rangebound on Tuesday, as traders await the pivotal FOMC meeting on Wednesday, with them widely expected to cut by 25bps, but there remains an outside risk of a larger cut, and attention will be accompanying commentary and updated SEPs. US data came in the form of Retail Sales, which printed above expectations across the board. Import/Export Prices came in hotter than expected, and Industrial Production unexpectedly rose in August. In the wake of the data, the Atlanta Fed Q3 GDPNow model was revised up to 3.4% from 3.1%. Sectors were mixed, with Energy the clear outperformer and buoyed by the gains in the crude complex after Russia’s Transneft reportedly told producers it is restricting oil storage in its systems and may limit oil intake, and that Russia could be forced to start cutting oil production. Treasuries chopped to the aforementioned data ahead of FOMC, but the short-end saw gains while the long-end was more or less flat. The US sold USD 13bln of 20yr notes, with the results signalling resilient demand, particularly from direct bidders. The Dollar sold off, to the benefit of G10 FX peers, while spot gold hit another ATH and breached USD 3,700/oz, albeit briefly.
US
RETAIL SALES: US retail sales were above expectations across the board in August, highlighting the resilient US consumer. Highlighting this, the headline rose 0.6% M/M (exp. 0.2%, prev. 0.6%), and ex-autos M/M lifted 0.7% (exp. 0.4%, prev. 0.4%), with both matching the top end of the forecast range. Ex-gas/autos jumped 0.7% from 0.3%, with retail control coming in at 0.7%, above the consensus 0.4% and prior 0.5%. Looking into the details, nonstore retailers (+2.0%), Clothing & clothing accessories stores (+1.0%), and Food services & drinking places (+0.7%) led the gains, while Furniture, Health, General merchandise, and Miscellaneous all declined. On the release, ING writes “We need to remember that these numbers are nominal dollar figures, so adjusting for inflation, the volume figures are up a more modest 0.2% M/M, but that isn’t bad and should further dampen any lingering thoughts that the Fed could cut rates 50bps on September 17th, and as such a 25bps cut remains ING’s call”.
IMPORT/EXPORT PRICES: Import prices rose 0.3% in August, despite expectations for a 0.1% decline, but the July figure was revised down 0.2% from 0.4%. However, import fuel prices fell 0.8% (prev. +2.5%), with higher prices for nonfuel imports more than offsetting lower prices for fuel imports. Namely, higher prices for consumer goods, nonfuel industrial supplies and materials, capital goods, and automotive vehicles more than offset lower prices for foods, feeds, and beverages. Meanwhile, export prices too came in above expectations, 0.3% (exp. 0.0%, prev. 0.3%). Higher prices in exports ex-ag led the move, which rose 0.3%, offsetting the unchanged prices of agricultural exports. Oxford Economics notes the report has minimal impact on their forecast for inflation and monetary policy, but the details reinforce expectations for consumer prices to accelerate in the coming months.
NAHB: The NAHB housing market index in September stood firm at 32, despite expectations for an uptick to 33. Current single-family home sales conditions held steady at 35, sale expectations in the next six months rose to 45 from 43, while the traffic of prospective buyers fell by one point to 21. Pantheon Macroeconomics notes that there is no positive catalyst in sight, and the housing market remains subdued, constrained by high mortgage rates and consumers’ low confidence, as such the consultancy quips it is hard to see what will stoke demand soon. Looking ahead, Pantheon notes a substantial easing of Fed policy is already priced-in by markets and embedded in current mortgage rates, while business surveys point to ongoing weakness in hiring and a gently rising unemployment rate. Overall, PM expect real residential investment to continue to fall over coming quarters, although not quite at Q2’s breakneck 4.7% pace; Y/Y declines of ~1.5% this year and 1.0% in 2026 seem plausible.
INDUSTRIAL PRODUCTION (AUG): Industrial Production rose 0.1% in August, above the -0.1% forecast but the prior was revised down to -0.4% from -0.1%. Manufacturing output rose 0.2%, beating the -0.2% forecast while the prior was revised down to -0.1% from 0.0%. Within manufacturing, the production of motor vehicles and parts rose 2.6% in August, while factory output elsewhere edged up 0.1%. The index for mining moved up 0.9%, and the index for utilities fell 2.0%. Capacity Utilisation was unchanged at 77.4%, in line with expectations (but prior was revised down by 0.1%). Summarising the data, Oxford Economics write that IP was better than expected, and key to resilience so far has been AI tailwinds and a comeback in aerospace. Looking ahead, the consultancy’s baseline forecast calls for a shallower decline in H2 than before. It notes another upward revision is likely, however, as these drivers are unlikely to reverse, adding that auto production may end up stronger in the face of Trump’s tariffs than initially thought.
FED PREVIEW: The Federal Reserve is widely expected to cut by 25bps at the upcoming meeting to 4.00-4.25%, with a very small probability priced for a larger 50bps rate cut, while only two analysts, out of 107, surveyed by Reuters expect a 50bps move. Within the statement, focus will be on its guidance to see whether this is maintained or if it is adjusted to signal more easing ahead, or whether the FOMC maintains a data-dependent stance. The vote split will also be watched to see if there are any dissenters, and also to see how aggressively Miran pushes for lower rates, while also seeing if any of the hawks prefer to maintain rates. The dot plot will be viewed to see the median rate cut path view on the Fed, particularly through year-end and through 2026, to shape rate cut expectations amid a slowing labour market while inflation remains above target in the face of Trump’s tariffs. Click here for the full Newsquawk preview.
FIXED INCOME
T-NOTE FUTURES (Z5) SETTLED 2+ TICKS HIGHER AT 113-17+
T-Notes chop to US data ahead of FOMC. At settlement, 2-year -2.1bps at 3.514%, 3-year -1.7bps at 3.480%, 5-year -1.0bps at 3.590%, 7-year -0.7bps at 3.776%, 10-year -0.4bps at 4.030%, 20-year -0.7bps at 4.610%, 30-year -0.7bps at 4.648%.
INFLATION BREAKEVENS: 1-year BEI +0.4bps at 3.274%, 3-year BEI +0.5bps at 2.711%, 5-year BEI +0.3bps at 2.451%, 10-year BEI 0.0bps at 2.354%, 30-year BEI -0.2bps at 2.249%.
THE DAY: T-Notes were choppy on Tuesday, and hit lows in the wake of the US Retail Sales report, but swiftly pared thereafter to fresh highs. The Retail Sales print was stronger than expected on the headline, core and control measures, showing signs of a resilient consumer in the face of a slowing labour market. However, ING reminds us that the retail numbers are nominal dollar figures, so adjusting for inflation, it suggests a more modest 0.2% gain. At the same time, US import/export prices were released, which saw import prices unchanged in August while export prices rose 0.3%, albeit having little market reaction, with unchanged import prices unlikely to have much sway on PCE next week. Elsewhere, Industrial Production beat, rising 0.1% albeit the prior was revised down to -0.4% from -0.1%, while capacity utilisation was unchanged and in line with expectations, with manufacturing output beating at 0.2%. After the Retail Sales report and Import/Export price data, Atlanta Fed revised up its Q3 ’25 GDP Now tracker to 3.4% from 3.1%. Attention now turns to the FOMC on Wednesday, where a 25bps rate cut is widely expected, but a minority (two out of 107) look for a 50bps rate cut, while money markets price in a 50bps cut with just a 3% probability. Attention will lie on the vote split, guidance and dot plots too.
SUPPLY
T-Notes/Bonds
- 20-year: Overall, a solid auction. A high yield of 4.613% was seen, stopping through the WI by 0.2bps, which was slightly better than the prior 0.1bps stop-through but not quite as strong as the six-auction average of a 0.4bps stop-through. Bid-to-cover was 2.74x, improving from the prior 2.54x and average of 2.65x. Indirect bidders took home 64.6% of the auction, above the prior 60.6%, but shy of the average 67.2%. Direct demand rose to 27.9% from 26.5%, surpassing recent averages, which left dealers with a measly 7.6%, much improved from the prior 12.9% and six-auction average of 13.3%.
US Treasury to sell USD 19bln in 10yr TIPS on September 18th; all to settle Sept. 30th.
Bills:
- US to sell USD 85bln in 8-week bills and USD 100bln in 4-week bills on September 18th, and USD 65bln in 17-week bills on September 17th; all to settle September 23rd
- US sold USD 85bln of 6-wk bills at a high rate of 4.040%, B/C 2.82x
STIRS/OPERATIONS
- Market Implied Fed Rate Cut Pricing: September 26bps (prev. 26bps), Oct 46bps (prev. 45bps), Dec 68bps (prev. 67bps), January 82bps
- NY Fed RRP op demand at USD 19bln (prev. 17bln) across 16 counterparties (prev. 16).
- EFFR at 4.33% (prev. 4.33%), volumes at USD 91bln (prev. 106bln) on September 15th
- SOFR at 4.51% (prev. 4.42%), volumes at USD 2.877tln (prev. 2.830tln) on September 15th; highest rate this year
Block trades (Futures)
- 09:00EDT/14:00BST: 5.0k 2-Year T-Note Futures (ZTZ5) at 104-122
- 07:58EDT/12:58BST: 5.0k 5-Year T-Note Futures (ZFZ5) at 109-252
CRUDE
WTI (V5) SETTLED USD 1.22 HIGHER AT 64.52/BBL; BRENT (X5) SETTLED USD 1.03 HIGHER AT USD 68.47/BBL
The crude complex was firmer, settling just off peaks, ahead of private inventory data after-hours and the pivotal FOMC on Wednesday. Benchmarks saw a boost after Reuters sources reported that Transneft informed producers it is restricting oil storage in its systems and may limit oil intake, and that Russia could be forced to start cutting oil production. The sources added that Russia could be forced to start cutting oil production following attacks on Baltic Sea ports and refineries. As a reminder, Goldman Sachs estimates that the Ukrainian attacks have taken out c. 300k BPD of Russian refining capacity in August and so far this month. Overnight, Ukraine’s military says it struck Russia’s Saratov oil refinery (140k BPD), whilst Russia said its drones have struck a Ukrainian gas distribution station reportedly used by the military. Elsewhere, Kpler’s Bakr said OPEC+ delegates will meet in person in Vienna on 18-19th September to discuss the issue of the production capacity assessments, which will be used to determine the new baselines in 2027. Other than that, newsflow was sparse, although Trump said that it looks like he will need to sit in a room with the Russian and Ukrainian presidents. For the record, WTI and Brent saw lows of USD 62.89/bbl and 67.01, respectively, against peaks of 64.76 and 68.69. Looking ahead, private inventory data after-hours is due, whereby expectations are (bbls): Crude -0.9mln, Distillate +1.0mln, Gasoline +0.1mln.
On the natgas footing, Japan’s JERA is reportedly in advanced talks to buy USD 1.7bln worth of US natural gas production assets, according to Reuters, citing sources.
EQUITIES
CLOSES: SPX -0.13% at 6,607, NDX -0.08% at 24,274, DJI -0.27% at 45,758, RUT -0.09% at 2,403.
SECTORS: Utilities -1.81%, Real Estate -0.66%, Technology -0.57%, Materials -0.53%, Industrials -0.28%, Financials -0.20%, Health +0.03%, Consumer Staples +0.24%, Communication Services +0.27%, Consumer Discretionary +0.82%, Energy +1.73%.
EUROPEAN CLOSES: Euro Stoxx 50 -1.22% at 5,374, Dax 40 -1.79% at 23,324, FTSE 100 -0.88% at 9,196, CAC 40 -1.00% at 7,818, FTSE MIB -1.28% at 42,505, IBEX 35 -1.51% at 15,163, PSI -0.37% at 7,738, SMI -1.12% at 12,008, AEX -0.83% at 912.
STOCK SPECIFICS:
- FTC is investigating whether Live Nation’s (LYV) Ticketmaster over whether it does enough to block the resale of tickets.
- NVIDIA’s (NVDA) RTX6000D AI chip for China is seeing weak demand as major firms, including BABA, TCEHY, & ByteDance, hold back orders.
- Microsoft (MSFT) raised quarterly dividend +10% to USD 0.91/shr.
- Alphabet’s (GOOGL) Google will invest GBP 5bln in the UK over the next 2yrs to meet rising AI demand.
- Dave & Buster’s Entertainment (PLAY) reported light profit and revenue.
- Chipotle Mexican Grill (CMG) approved an additional USD 500mln in share repurchases, lifting its total buyback programme to USD 750mln.
- Steel Dynamics (STLD) Q3 EPS outlook impressed.
- Novo Nordisk (NVO) plans to seek US approval for its high-dose obesity shot of Wegovy.
- Ralph Lauren (RL) maintained FY26 guidance, leaving investors underwhelmed.
- US is reportedly in talks to set up a USD 5bln fund for minerals deals, according to Bloomberg. Of note for MP Materials (MP) and USA Rare Earth (USAR).
- Ferguson (FERG) surpassed expectations on the top and bottom line.
- Hershey (HSY) was upgraded to ‘Buy’ from ‘Sell’ at Goldman Sachs.
- Warner Bros Discovery (WBD) was downgraded to ‘Hold’ from ‘Buy’ at TD Cowen.
- Bank of America (BAC) said NII may end up at around USD 15.2bln (exp. 15.29bln) in Q3.
- Eli Lilly (LLY) plans to build a USD 5bln manufacturing facility in Virginia, creating 2,450 jobs.
- Salesforce (CRM) expands commitment to UK AI innovation, increasing investment to USD 6bln through 2030 (prev. 4bln in 2023).
- Rivian (RIVN) customer vehicle production is expected to start in 2028, with plans to manufacture midsize, 5-seater, R2 SUV and R3 crossover.
- FDA sends warning letter to Eli-Lilly (LLY) on promotional communication, a direct-to-consumer video about Zepbound and Mounjaro injections use.
- FDA sent a letter to Hims & Hers Health (HIMS), warning the Co. to remove “false and misleading” promotional statements from its website, including language claiming that its customised products contain “the same active ingredient” as FDA-approved drugs Wegovy and Ozempic.
- Microsoft (MSFT) President said the Co. is to invest over USD 30bln in the UK over the next four years; to also spend USD 15.1bln on UK operations, including London AI lab, gaming, and other work, Reuters reports.
FX
The Dollar was sold once again ahead of the FOMC meeting on Wednesday. The latest from Deutsche Bank unveiled that overseas investors are reducing dollar exposure at an unprecedented pace, marking for the first time this decade, flows into dollar-hedged US asset funds above those into unhedged funds. Retail sales came in stronger than expected, with the headline figure, ex-autos, and retail control all beating forecasts. That said, brief USD upside seen on the report faded, with yields on the short end now eyeing fresh monthly lows. Upon the latest data, which also included hotter-than-expected Import & Export prices and better-than-expected Industrial Production, Atlanta Fed GDPNow (Q3) was revised up to 3.4% from 3.1%. As it stands, it’s widely expected across markets that the Fed will cut by 25bps in Wednesday’s meeting. Attention will be on the vote, particularly on those who may dissent in favour of a larger rate cut (Bowman, Waller, Miran), while known hawks, Musalam, Schmid, and Goolsbee may opt for unchanged rates, contending a low unemployment rate and the need for more inflation data, i.e. make sure that the services inflation uptick is a blip.
G10 FX was entirely firmer vs USD. Strength was most pronounced in CHF, EUR, and JPY, with EUR/USD hitting a fresh YTD high of 1.1878 from earlier lows of 1.1758. Germany’s ZEW Economic Sentiment Index unexpectedly rose to 37.3 (exp. 26.3, prev. 34.7), with autos, chemicals, and pharma industries among the export-oriented sectors that saw their outlook improve. Albeit, current conditions fell more than expected to -76.4 (exp. -75.0, prev. -68.6). The ZEW President noted, “There are still considerable risks, as uncertainty about the US tariff policy and Germany’s ‘autumn of reforms’ continues”.
In the UK, the July jobs report did little to change the dial for the BoE policy expectations by year’s end. The unemployment rate stood firm at 4.7%, average earnings (ex-bonus) rose 4.8% as expected (prev. 5.1%), while the August HRMC Payrolls Change fell 8K, the seventh consecutive month of declines. ING notes the 43k drop in private sector workers in August is the largest fall outside of the pandemic, which has been seen since data has been published and should help take wage growth below 4% by year-end. As such, they expected further rate cuts from the BoE, first in November. Cable now resides at ~1.3660 from earlier lows of 1.3598.
Canada CPI leaned soft. Headline Y/Y rose 1.9% (exp. 2.0%), BoC Core rose 2.6% Y/Y (exp. 2.7%), while the CPI Trim and Median matched expectations. Ultimately, the BoC’s preferred gauge, the average of the three BoC metrics, rose 2.86%, showcasing marginal easing from the prior 2.93%. Thereafter, modest dovish repricing was seen in BoC expectations. 94% chance of a 25bps rate cut is priced in at the September meeting, with another 25bps favoured by year-end. CAD was modestly firmer, but to a lesser extent than most of its peers, with gains likely capped by the increased bets over BoC rate cuts.
USA DATA RELEASES
‘Real’ Retail Sales Rise For 11th Straight Month In August
by Tyler Durden
Tuesday, Sep 16, 2025 – 08:39 AM
‘Brace yourself for a big beat’ is the message from BofA’s almost omniscient analysts ahead of this morning’s retail sales print for August with the GDP-driving Control Group expected to be particularly hot…
…and once again they nailed it with headline retail sales rising 0.6% MoM (+0.2% MoM exp) – the third strong monthly rise in a row (with July’s print revised stronger) – leading to a 5.0% YoY rise…
Source: Bloomberg
Core retail sales growth YoY is also surging…
Source: Bloomberg
Onleine sales dominated the upside MoM, along with Motor Vehicles & Clothing…
Source: Bloomberg
Furniture and Department Store sales saw the biggest MoM decline..
Finally, as a reminder, retail sales data is nominal, so roughly adjusting for CPI, we see retail sales up 2.1% YoY (the 11th straight month of annual gains in real spending)
Source: Bloomberg
Not exactly a picture of a struggling consumer deal with hyperinflationary Trump tariffs?
USA ECONOMIC COMMENTARIES
SHE IS CRAZY!!
Trump Threatens National Emergency After DC Mayor Blocks Cops From Helping ICE
Monday, Sep 15, 2025 – 07:15 PM
President Donald Trump on Monday threatened to declare a national emergency in Washington DC after Mayor Muriel Bowser announced that DC police will no longer cooperate with federal immigration enforcement.
Last month Trump declared a crime emergency in the nation’s capitol – with a 30-day federal takeover beginning on Aug. 11, which included federal law enforcement and National Guard troops to combat crime in the city.
With that 30 day emergency now over, Trump said Bowser had notified the administration that the Metropolitan Police Department (MPD) will end its cooperation with Immigration and Customs Enforcement, which Trump strongly opposes.
“The Federal Government, under my auspices as President of the United States of America, has stepped into the complete criminal mess that was Washington, D.C., our Nation’s Capital,” Trump posted to Truth Social. “Because of this, D.C. has gone from one of the most dangerous and murder ridden cities in the U.S.A., and even around the world, to one of the safest — in just a few weeks.”
According to Trump, “crime would come roaring back” if the MPD stops cooperating with ICE, and said he would federalize the police department again if he feels its necessary.
“To the people and businesses of Washington, D.C., DON’T WORRY, I AM WITH YOU, AND WON’T ALLOW THIS TO HAPPEN. I’ll call a National Emergency, and Federalize, if necessary,” he continued.
Last week Bowser told reporters that the MPD’s public safety mission remains unchanged, but the department will no longer help ICE after the emergency order expires.
“The presidential declaration compels the mayor to provide MPD services as requested by the president during the emergency for federal purposes. Immigration enforcement is such a service,” she said. “Immigration enforcement is not what MPD does. And with the end of the emergency, it won’t be what MPD does in the future.”
Earlier this month Bowser signed an executive order to establish the “Safe and Beautiful Emergency Operations Center” (lol wut), or SBEOC – which is tasked with overseeing DC’s response to Trump’s federal task force, which will continue coordinating law enforcement efforts with federal agencies including the US Marshals Service and the DEA, but does not include ICE.
Over 2,000 arrests have been made across the DC area since the federal takeover began, according to FBI Director Kash Patel. Meanwhile, the National Guard has extended its troop encampment in the nation’s capital through Nov. 30.
Even Bowser admitted late last month that crime has decreased since Trump deployed Guard troops and took federal control of the MPD, the Epoch Times notes.
END
Another Shutdown ‘Looming’ As GOP, Democrats Clash Over Stopgap Funding Bill
Monday, Sep 15, 2025 – 08:30 PM
With just over two weeks until yet another episode of government funding distraction theatre, Congress is bracing for a high-stakes showdown that could once again bring the federal government to the brink of a shutdown.
House Republicans this week plan to introduce a short-term measure, known as a continuing resolution, that would keep the government open until Nov. 20 while appropriators attempt to negotiate a broader deal on fiscal year 2026 spending. GOP leaders are framing the bill as a “clean” extension, free of partisan add-ons.
But the proposal pointedly excludes provisions Democrats are demanding, particularly on health care. Senate Majority Leader Chuck Schumer (D-NY) and House Minority Leader Hakeem Jeffries (D-NY) have said they will not support a stopgap that fails to address issues such as Medicaid cuts or Affordable Care Act premium subsidies.
“If Republicans follow Donald Trump’s orders to not even bother dealing with Democrats, they will be single handedly putting our country on the path towards a shutdown,” a Schumer spokesperson told Punchbowl News.
Republicans, led by Senate Minority Leader John Thune (R-SD), say they have no intention of adding health-care policy to a seven-week extension. “This is about buying time, not rewriting law,” Thune said last week.
House Dynamics
The first hurdle lies in the House. Speaker Mike Johnson (R-LA) is under pressure to release the bill text soon, with Republicans traditionally granting 72 hours for review. With Democrats unlikely to support the measure, Johnson can afford to lose no more than two GOP votes. And since Kentucky Republican Thomas Massie is expected to oppose the measure, Johnson is left with almost no margin for error.
Johnson is expected to argue that failing to pass a GOP-only bill would weaken Republicans’ leverage in the negotiations. But conservatives remain wary, fearing the Senate could eventually force through a bipartisan long-term deal more favorable to Democrats.
Senate Timetable
Should the House pass the bill, the Senate could begin work later in the week. Without unanimous consent, processing the measure could consume several days, potentially cutting into the chamber’s planned recess for Rosh Hashanah. Schumer and Jeffries are preparing to filibuster the GOP bill, raising the risk of a shutdown if neither side budges.
Both parties appear confident in their positions. Republicans argue Democrats are overreaching; Democrats counter that Republicans are refusing to negotiate. Historically, Republicans have absorbed more political blame in shutdown fights.
Security Questions
Amid the funding standoff, security for lawmakers has emerged as another point of tension. The White House has requested $58 million for executive and judicial branch security, with the Trump administration indicating support for extending additional protection to lawmakers. Democrats, still unsettled by recent threats, held a call Sunday with U.S. Capitol Police Chief Michael Sullivan to discuss extending the $5,000-per-month member security allowance, set to expire at the end of September.
With only 15 days remaining before current funding lapses, the chances of a shutdown are rising. Democrats are signaling unity behind their leadership, while Republicans are struggling to maintain cohesion in the House. Unless one side concedes, the standoff
END
Miller declares war on radical leftists
(zerohedge)
“Identify, Disrupt, Dismantle, Destroy”: White House’s Stephen Miller Declares War On Radical Left Groups
Monday, Sep 15, 2025 – 11:25 PM
Deputy Chief of Staff for Policy and Homeland Security Advisor Stephen Miller joined Vice President JD Vance, who hosted The Charlie Kirk Show earlier, following Kirk’s assassination last Wednesday by what has been described as a “radical left, ANTIFA-adjacent creep” with a radicalized transgender partner.
Miller told Vance, “Which is that we need to have an organized strategy to go after the left-wing organizations that are promoting violence in this country.”
It appears that Miller has correctly identified the dark-money-funded NGO world as fueling this madness, and that an urgent all-of-government approach is necessary.
Recent commentary from civil terrorism expert Jason Curtis Anderson of One City Rising highlighted the complexity of the radical leftist NGO networks waging war on the nation:
“One of the hardest parts of confronting rising left-wing extremism is that even those who care about the issue often don’t understand how it operates. That’s not their fault—it’s an extraordinarily complex issue. The revolution against the West spans thousands of organizations that may not be formally linked, but are marching in unison toward the revolution.”
In fact, we’ve been warning about civil terrorism emanating like cancer via radical leftist groups for months:
- The Protest-Industrial-Complex Isn’t Peaceful, It’s “Civil Terrorism”…
- America Has A “Transtifa” Problem
- The Transgender Shooter, The Socialist Rifle Association, And The Alarming Rise Of Far-Left Militancy
Commenting on Miller’s response, Anderson also agreed that a multi-agency, coordinated effort is urgently needed, stressing that disrupting the funding networks of these dark-money–funded NGOs is essential to preventing the Marxist revolution from advancing further through continued political assassinations of America First thought leaders and continued color revolution–style operations on city streets aimed at subverting the nation.
Here’s more from the civil terrorism expert:
It’s encouraging to see the White House focus on the violent, revolutionary arm of the radical left, but targeting small organizations alone won’t solve the problem.
We need a multi-agency coordinated effort, and it must confront the dark-money network of foundations that prop them up.
We also must begin ruthlessly regulating and enforcing the tax-exempt 501(c)(3) system, where the revolution against the West operates. To qualify for tax-exempt status, a group is supposed to serve the public good.
Yet many qualify on flimsy claims of promoting social, racial, or climate justice and then devote themselves to protests and flag-burning.
They are a cancer on society, and the longer we wait, the more it will metastasize.
It’s also alarming how closely far-left radicalization mirrors Islamist radicalization. The stages are strikingly similar: Introduction to ideology, Obsession with ideology, Belief that violence is justified, Acts of violence on behalf of the ideology.
Seamus Bruner, the Director of Research at the Government Accountability Institute (GAI), where he works closely with investigative author Peter Schweizer, provided more color:
Stephen Miller is pulling the mask off the shadowy radical left NGO network that pretends to be humanitarian, but in practice launders money, fuels lawlessness, and stokes violence. Dismantling it isn’t about politics, it’s about cutting off the operational arm of chaos in America.
Here are the methods @StephenM has stated might be in play:
- RICO charges
- Conspiracy charges
- Conspiracy against the United States
- Insurrection
- “We are going to do what it takes.”
On Saturday, the Trump administration urgently sought an extra $58 million in security funding for the executive and judicial branches, because now the admin sees the threat we’ve warned about:
- Kill-List Risks: Kirk’s assassination should be interpreted by America First leaders and thought leaders as the potential beginning of a sequential campaign of targeted political violence. The message is obvious: revolutionary armed Marxist radicals won’t stop at Kirk (read the report).
Are you beginning to see how the Democratic Party’s dark-money-funded NGO network operates?
Related:
The clock is ticking for the administration to come up with an “organized strategy” to dismantle command and control nodes of NGOs that are waging war on capitalism, the U.S., and the American people.
end
This is good! They deserve it for rotten reporting;
“Most Degenerate Newspaper In History” – Trump Slaps NYT With $15 Billion Defamation Lawsuit
Tuesday, Sep 16, 2025 – 07:45 AM
In a late-night Truth Social post, President Trump announced a federal lawsuit against The New York Times, seeking $15 billion for alleged defamation and libel, calling it “one of the worst and most degenerate newspapers in the history of our country, a virtual mouthpiece for the Radical Left Democrat Party.”
“Today, I have the Great Honor of bringing a $15 Billion Dollar Defamation and Libel Lawsuit against The New York Times,” Trump wrote on his social media platform.
He continued, “I view it as the single largest illegal Campaign contribution, EVER. Their Endorsement of Kamala Harris was actually put dead center on the front page of The New York Times, something heretofore UNHEARD OF! The “Times” has engaged in a decades long method of lying about your Favorite President (ME!), my family, business, the America First Movement, MAGA, and our Nation as a whole.”
The lawsuit was filed in the U.S. District Court in Florida late Monday against the NYT and four of its so-called journalists. Lawyers for Trump accused the left-wing news outlet of “spreading false and defamatory content” about the president.
“The Times has betrayed the journalistic ideals of honesty, objectivity, and accuracy that it once professed,” the lawyers stated, adding that the outlet “published such statements negligently, with knowledge of the falsity of the statements, and/or with reckless disregard of their truth or falsity.”
The lawsuit follows similar actions by Trump, some of which have already resulted in multimillion-dollar payouts and public acknowledgments of inaccuracies in their reporting, against ABC and CBS/Paramount. A recent lawsuit against The Wall Street Journal for its Epstein coverage on the president was filed in July.
In 2020, Trump sued the NYT over an opinion column that claimed the president and his campaign were influenced by Moscow. That lawsuit was dismissed as “protected speech”. But more recently, it turned out that ‘Russiagate‘ was merely an orchestrated deception operation and corruption at the highest levels of the Obama Deep State regime.
In recent days, Trump shared a video on social media calling for the president to reinstate a Cold War-era media “accountability” law (Smith‑Mundt Act) in response to the political assassination of Charlie Kirk by what has been described as a “radical left, ANTIFA-adjacent creep” with a radicalized transgender partner.
Given the horrendous coverage of the Kirk assassination by the mainstream media, it’s no surprise, considering their decades of lies, but more recently the Russiagate hoax to Hunter Biden’s laptop, the Covid origin story, President Biden’s mental capacity, and now even attempting to paint the leftist Kirk shooter as some “MAGA” freak. Public trust in the mainstream media has reached record lows, while alternative outlets have emerged to fill the void in this new era of truth-seeking. Support independent journalism.
VICTOR DAVIS HANSON
KING NEWS
| The King Report September 16, 2025 7677 | Independent View of the News |
| Musk’s $1 Billion Tesla Stock Buy Sends Shares Up for the Year (TSLA +7.5% at high) The billionaire bought the shares indirectly through a revocable trust on Sept. 12, according to a regulatory filing released Monday. The purchase coincided with Tesla Chair Robyn Denholm speaking with reporters about the merits of awarding Musk around $1 trillion worth of stock if the company achieves a series of ambitious market value and performance milestones… https://finance.yahoo.com/news/elon-musk-purchases-1-billion-103718869.html At the European close on Monday, the DJIA and DJTA were modestly negative but the Ny Fang+ Index was up 192 points (1.2%). This pushed the S&P 500 Index to a new all-time high. ESZs (December [Z] is now the front month for equity futures) vacillated between modestly gains and losses from the Nikkei opening until they broke higher after 1:35 ET. After hitting 6658.25 at 3:34, the professional dump after the 3:30 ET European opening appeared. ESZs fell to 6643.25 (-1.75) at 4:02 ET. After rebounding to 6654.25 at 4:16 ET, ESZs traded sideways until they broke higher after 6:25 ET. Aggressive buying for the Monday Rally, Fed Week, and the expected manipulation for the September expiration on Friday propelled ESZs to a daily high of 6681.25 at 10:58 ET. ESZs then performed a 5-wave decline to 6663.25 at 13:43 ET. A rally took ESZs to 6674.75 at 15:49 ET; selling pushed ESZs down to 6668.00 at 15:521 ET. An illegal manipulation forced ESZs to 6680.50 at 15:59 ET. China Targets Nvidia over 2020 Deal, Straining Trade Talks – BBG China ruled that Nvidia Corp. violated ant-monopoly laws with a 2020 deal… https://finance.yahoo.com/news/china-finds-nvidia-violated-antitrust-081147850.html Nvidia was -2% at 9:33 ET on China ruling it violated ant-monopoly laws. But euphoria for Fangs/Mag 7 pushed NVDA into positive territory at 11:50 ET. After a bounce to 6677.00 at 13:58 ET, ESZ fell to 663.25 at 14:43 ET. After a rebound to TikTok to ‘switch to US-controlled ownership’ under framework deal: US Treasury chief https://t.co/9Uaa28lTim Positive aspects of previous session The S&P 500 Index hit an all-time high on Fangs/Mag 7 strength AKA AI Bubble. USZs were +12/32 at the NYSE close. Negative aspects of previous session Recession angst weighed on the DJIA and DJTA. Gold rallied sharply to a new all-time high; oil and gasoline rallied moderately. 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: Up; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6612.32 Previous session S&P 500 Index High/Low: 6619.62; 6602.07 @ferrisbuhler81: If science can’t handle scrutiny, it’s not science, it’s marketing. Science without scrutiny is propaganda. Medical errors cause an estimated 250,000 deaths yearly in the U.S. far more than the 45,000 from gun-related deaths (CDC)… Fraudulent Texas unemployment filings caused national spike “The increase in initial claims for unemployment insurance in the week ending September 6th is directly related to an increased volume of fraudulent claim attempts,” a spokesperson for the Texas Workforce Commission said in a statement… On an unadjusted basis, initial claims under state programs totaled 204,000, up 4% from the previous week. Texas accounted for 15% of that, with 32,000 claims — up by 15,000 in a single week… https://www.msn.com/en-us/money/markets/fraudulent-texas-unemployment-filings-caused-spike-in-national-data/ar-AA1MrhwE Trump announced after the close, because he is overly sensitive to the stock market: “This morning, on my Orders, U.S. Military Forces conducted a SECOND Kinetic Strike against positively identified, extraordinarily violent drug trafficking cartels and narcoterrorists in the SOUTHCOM area of responsibility. The Strike occurred while these confirmed narcoterrorists from Venezuela were in International Waters transporting illegal narcotics (A DEADLY WEAPON POISONING AMERICANS!) headed to the U.S. These extremely violent drug trafficking cartels POSE A THREAT to U.S. National Security, Foreign Policy, and vital U.S. Interests. The Strike resulted in 3 male terrorists killed in action. No U.S. Forces were harmed in this Strike. BE WARNED — IF YOU ARE TRANSPORTING DRUGS THAT CAN KILL AMERICANS, WE ARE HUNTING YOU! The illicit activities by these cartels have wrought DEVASTATING CONSEQUENCES ON AMERICAN COMMUNITIES FOR DECADES, killing millions of American Citizens. NO LONGER. Thank you for your attention to this matter!!!” When will DJT strike ‘The Sinaloa Cartel’ or is it too powerful? US DEA: The Sinaloa Cartel is one of the world’s oldest and most powerful drug cartels. Through its birthplace and stronghold in the Mexican state of Sinaloa, the cartel is one of the largest producers and traffickers of fentanyl and other illicit drugs to the United States… https://www.dea.gov/sinaloa-cartel Trump’s Push to Cull Quarterly Reports Hits Fault Line – BBG President Trump called for an end to quarterly earnings reports, suggesting companies report on a six-month basis instead, which he said would save money and allow managers to focus on running their companies. Since Michale Eisner made an, at the time, unheard fortune on Disney options in the ‘80s, large US corporations have been increasingly run to maximize corporate executives’ options. Yes Virginia, fear of LBOs has been a factor in maximizing the short term at the expense of the long term. @WSJ: Stephen Miran has been confirmed by the Senate to join the Fed board, a swift victory for Trump that allows his economic adviser to attend this week’s meeting Today – The Monday Rally was confined to Fangs/Mag 7. Today is the ‘last trading day’ for VIX September options; settlement is tomorrow at 14:15 ET. Ergo, be alert for a manipulation, up or down, for the 14:15 ET VIX Fix. The action today could be very revealing. Normally there is a strong rally into Fed Day and Weird Wednesday of Expiration Week. Traders, especially pros, get long in anticipation of retail trader and ‘dump money’ money buying on Fed Day (Wednesday) after the FOMC Communique release or during the Fed Chair’s press conference. If pros don’t aggressively buy today, it would be a very strong indication that the ‘smart money’ is extremely concerned that there will be overwhelming interest in ‘selling the news’ of the long-awaited 25bp Fed rate cut. Pros understand that the Nasdaq 100, essentially a Fang/Mag 7 index, has rallied for 9 straight sessions in anticipation of a Fed rate cut tomorrow and on AI delusions. It is beaucoup overbought. The bond market is especially vulnerable to a significant decline after a Fed rate cut, especially with inflation remaining near 3%. ESUs are -5.00; NQUs are -17.25; AU is +5.20 and USZs are -1/32 at 20:35 ET. Expected Economic Data: Aug Retail Sales 0.2% m/m, Ex-Autos 0.4%, Ex-Autos & Gas 0.4%; Aug Import Price Index -0.2% m/.m & 0.0% y/y, Ex-Petro 0.1% m/m; Export Price Index -0-.1% m/m; Aug Industrial Production -0.1% m/m, Mfg. Production -0.2% m/m, Capacity Utilization 77.4%; July Business Inventories 0.2% m/m; Sept NAHB Housing Market Index 33; 2-day FOMC Meeting commences S&P Index 50-day MA: 6392; 100-day MA: 6140; 150-day MA: 5984; 200-day MA: 5988 DJIA 50-day MA: 44,828; 100-day MA: 43,506; 150-day MA: 42,985; 200-day MA: 43,186 (Green is positive slope; Red is negative slope) S&P 500 Index (6615.28 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 6307.71 triggers a sell signal Daily: Trender and MACD are positive – a close below 6488.88 triggers a sell signal Hourly: Trender is positive; MACD is negative – a close below 6585.01 triggers a sell signal Mick Jagger: “I’ve never witnessed anything this sick… cheering for someone’s death is pure evil. It shatters every stand of decency; and I refuse to shut up about it.” https://www.instagram.com/p/DOl-D1tja9D/ @aaronsibarium: The FBI is investigating social media posts by at least seven different accounts that appeared to indicate foreknowledge of the assassination of Charlie Kirk, according to three people familiar with the investigation and screenshots obtained by the Free Beacon. https://x.com/aaronsibarium/status/1967568445836554498 https://freebeacon.com/politics/exclusive-fbi-investigating-social-media-accounts-that-appeared-to-indicate-foreknowledge-of-kirk-assassination/ Armed Queers group trains radical Marxists to shoot just miles from where Charlie Kirk was murdered https://justthenews.com/nation/extremism/armed-queers-trains-radical-marxists-shoot-just-miles-where-charlie-kirk @KanekoaTheGreat: FBI Director Kash Patel confirms Tyler Robinson’s DNA was found on the rifle towel and screwdriver, dozens of Leftist group chat members are under investigation, and his texts show he embraced Left-wing ideology and killed Charlie Kirk out of hatred for his beliefs. “His family has collectively told investigators that he subscribed to Left-wing ideology, and even more so in these last couple of years.” “The suspect had a text message exchange with another individual in which he claimed he had an opportunity to take out Charlie Kirk, and he was going to do it because of his hatred for what Charlie stood for.” https://x.com/KanekoaTheGreat/status/1967640852928544791 Tyler Robinson appears to have confessed to assassinating Charlie Kirk in a Discord chat, about two hours before being turned in to authorities. “Hey guys, I have bad news for you all…It was me at UVU yesterday. im sorry for all of this,” Robinson sent to the group, according to an exclusive in The Washington Post. https://x.com/townhallcom/status/1967674217656434746 Democrat Assassination Culture Killed Charlie Kirk – John Kass Hard leftists had shut down public discourse at the universities, as they’d shut down open discourse in American newsrooms… What infuriated the left was that Democrats couldn’t compete with him or his ideas. So they killed him… The killing is what happens when political violence is celebrated and excused by political leaders fawned upon by leftist corporate media that hates President Donald Trump and hates the Make America Great Again movement… https://t.co/UsM2UAv0qx @mazemoore: June 2019. Biden begins his campaign by claiming that Trump is an existential threat. https://x.com/mazemoore/status/1812291504104194055 Washington Post columnist Karen Attiah claims she was fired over reaction to Charlie Kirk’s murder: ‘Excessive, false mourning’ https://trib.al/JyOg2aA Liberal privilege has allowed protected Dem constituents, to spew hate and venom for decades without consequences. The Kirk assassination has ended that privilege to ‘their’ consternation and bewilderment. After years of ‘canceling’ those opposed to Dem ideology, leftists to their horror are being forced to live by their own rules. Harvard Law professor spreads debunked rumor about Charlie Kirk assassination suspect “Kirk’s apparent assassin seems to have been ultra-MAGA, exploding the GOP/MAGA attempt to pin the blame for this tragedy on liberals,” wrote Tribe, a professor at Harvard Law School from 1968 until his retirement in 2020…. https://www.yahoo.com/news/articles/harvard-law-professor-spreads-debunked-135621593.html @libsoftiktok: GOP Rep. Nancy Mace just requested for the Dept. of Education to cut off federal funding from any schools refusing to hold teachers or administrators accountable for celebrating the m*rder of Charlie Kirk. “We don’t fund hate. We fire it.” – Nancy Mace https://x.com/libsoftiktok/status/1967610014065156223 @ABCNews4: Clemson University terminated one employee and removed two from their teaching duties after comments made on social media regarding the death of Charlie Kirk on Wednesday. https://bit.ly/4nz7zfj NJ doctor (Dr. Matthew Jung) resigns after nurse said he ‘cheered’ Charlie Kirk’s death Nurse who filed complaint keeps job after hospital investigation into September 10 incident https://www.foxnews.com/us/nj-doctor-resigns-after-nurse-said-he-cheered-charlie-kirks-death Priest sermon on Sunday: “Do you know this is our first political assassination since 1968?“ “Charlie Kirk was bringing the truth to college campuses, mainly the beauty of God and country. They feared him because he was actually changing the minds of college kids. Showing them the insanity of what they’re being taught.” https://x.com/Girlpatriot1974/status/1967400210797367307 @CollinRugg: IL Gov JB Pritzker demands that *Trump* condemns political violence after Charlie Kirk was assassinated. “I would like to hear the President of The United States, instead of pointing fingers, simply say that political violence has no place in this country.” The gaslighting is insane. https://x.com/CollinRugg/status/1967611267155435761 CBS’s @krisvancleave: American, Delta and United all confirm to CBS News they have suspended employees for social media posts praising Charlie Kirk’s murder. GOP @RepEricBurlison: It’s disturbing to see Democrats and mainstream media attempt to rationalize and excuse the assassination of Charlie Kirk. The truly sad part is that this level of darkness is no longer confined to the fringes of the left. https://t.co/YZBliUkoXN @nicksortor: JD VANCE just WENT OFF on people who are calling for “UNITY” with radical leftists- “There is NO UNITY with people who scream at children over their parents’ politics. There is NO UNITY with someone who LIES about what Charlie Kirk said in order to excuse his murder. There is NO UNITY with someone who HARASSES an innocent family the day after the father of that family lost a dear friend. There is NO UNITY with the people who celebrate Charlie Kirk’s assassination.” https://x.com/nicksortor/status/1967653577481945175 @RNCResearch: Vice President JD Vance: “It is a statistical fact that most of the lunatics in American politics today are proud members of the Far Left.” https://x.com/RNCResearch/status/1967674871942643977 WH Deputy CoS Stephen Miller: “Focused anger, righteous anger directed for a just cause, is one of the most important agents of change in human history. And we are going to channel all of the anger that we have to uproot and dismantle these terrorist networks. It is a vast domestic terror movement. And with God as my witness, we are going to use every resource we have to the DOJ, DHS, and throughout this government to identify, disrupt, dismantle, and destroy these networks. It will happen and we will do it in Charlie’s name.” https://x.com/theblaze/status/1967629142318285005 GOP Rep. @RepFine: As promised, I just introduced the JAIL Act to hold corrupt judges accountable for releasing repeat offenders back onto our streets. 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. This is only the beginning. We’re going to fix our justice system that prioritizes criminals over victims. https://x.com/RepFine/status/1966585033235312681 Fine’s bill would allow civil penalties on judges who fail to impose bail on repeat offenders who continue to commit violent crimes. Was the Current Madness Birthed in the University? – Victor David Hanson America’s descent into violence and moral chaos—from Kirk’s assassination to suppressed crime truths—traces back to the toxic ideologies nurtured in universities… No sooner was he killed than thousands on left-wing social media erupted in celebration—among them scores of teachers and professors. Their venom was eerily reminiscent of their earlier canonization of left-wing murderer Luigi Mangione… Yet, in truth, Charlie Kirk was an upbeat, happy warrior not unlike William F. Buckley in his youth, willing to politely debate political opponents without anger and bias… As expected, most of the media suffocated the murder story (Ukrainian woman on train). After all, it upset the dominant racial narrative that must remain unquestioned. We have been told for decades that systemically racist Americans prey on victimized blacks, and thus, Ibram X. Kendi-style antiracism—de facto stigmatizing and demonizing whites—is needed to stop racism… https://amgreatness.com/2025/09/15/was-the-current-madness-birthed-in-the-university/ 2 arrested after incendiary device placed under news vehicle in Salt Lake City Authorities arrested Adeeb Nasir, 58, and Adil Justice Ahmed Nasir, 31, who were booked at Salt Lake County Jail on Sunday and could face charges that include attempted aggravated arson, threat of terrorism and possession of weapons of mass destruction, according to the documents. They are being held without bail… https://www.cbsnews.com/amp/news/salt-lake-city-fox-13-vehicle-targeted-incendiary-device/ Trump Sends Troops to Memphis, Says Chicago ‘Probably Next’ – BBG The Media’s Anti-Police Bias Is Making Chicago Less Safe by Paul Vallas long-time Dem politician Among the worst biases in Chicago journalism is against the Chicago Police Department (CPD). Seeking to cement an anti-police sentiment in the conscience of its shrinking audience, it should not surprise many that, once again, Chicago’s media has unleashed a new round of stories suggesting Chicago Police are inherently biased against Black residents… WBEZ recently ran a headline suggesting despite a 45 percent reduction in Chicago traffic stops in 2024 “racial disparities” still exist as Black’s and Latinos accounted nearly 75 percent of all traffic stops. No significance is given to the fact that 57 percent of all non-moving violations are Black and Latino drivers, perhaps because it all but matches their 58 percent of the city population… There is no reference to Black and Latino residents accounting for nearly 95 percent of Chicago’s murder victims and 97 percent of felony gun possession arrests suggesting a reason for the heavier police presence and thus more stops in Black and Latino communities… https://www.chicagocontrarian.com/blog/media-anti-police-bias-chicago-less-safe Bishop Fulton Sheen in the ‘50s: ‘False compassion, which is growing in this country, is a pity shown not to the family of the murdered, but to the murderer… How did it start? It started with liberalism… The result is crime is increasing…” https://x.com/CatholicArena/status/1967621105595961657 | |
SWAMP STORIES FOR YOU TONIGHT
Biden FBI Targeted Charlie Kirk’s Turning Point USA
Tuesday, Sep 16, 2025 – 12:05 PM
Authored by Matt Margolis via PJ Media,
FBI Director Kash Patel faces questions during a Senate Judiciary Committee hearing Tuesday morning, during which Sen. Chuck Grassley (R-Iowa) revealed that whistleblower revelations showed that Joe Biden’s FBI targeted not just Donald Trump, but a wide swath of Republican organizations — including Charlie Kirk’s Turning Point USA.
Grassley reminded Patel of the FBI’s recent history of political weaponization, pointing directly to an operation known as “Arctic Frost.”
“At your nomination hearing, I made public records that whistleblowers provide me about Arctic Frost,” Grassley said. “Arctic Frost was the FBI case opened and approved by anti-Trump FBI Agent Thibeau. Arctic Frost then became Jack Smith’s elector case against then-citizen Trump and now-President Trump.”
According to Grassley, newly obtained records show that the Arctic Frost probe was far broader than previously known. “The case was expanded to Republican organizations,” Grassley explained. “Some examples of the group that Wray and FBI sought to place under political investigation included the Republican National Committee, Republican Attorney General’s Association, and various Trump political groups.”
The scope was staggering. “In total, 92 Republican targets, including Republican groups and Republican-linked individuals, were placed under investigative scope of Arctic Frost,” Grassley said. “On that political list was one of Charlie Kirk’s groups, Turning Point USA.”
Grassley argued that the evidence proves that Arctic Frost was more than just an anti-Trump operation. It was actually about crippling the Republican political infrastructure.
“In other words, Arctic Frost wasn’t just a case to politically investigate Trump,” Grassley declared. “It was the vehicle by which partisan FBI agents and Department of Justice prosecutors could achieve their partisan ends and improperly investigate the entire Republican political apparatus.”
“So today, Sen. Johnson and I are making these records public for the entire country to see, and I hope a lot of people are interested in seeing what government can do when various agencies have a political agenda,” Grassley said.
Grassley also connected the dots to the politically charged prosecution of former Trump adviser Peter Navarro. “My investigative work has also exposed the political way in which Peter Navarro was investigated and prosecuted,” he said, noting one FBI agent’s reaction to Navarro’s charges: “When FBI Agent Thibeau found out that Biden’s DOJ would prosecute Navarro, he said, ‘Wow, great.’ That’s a quote-unquote.”
The exposed weaponization of the FBI isn’t just a matter for Washington insiders; it’s a direct assault on the very foundation of our republic. Americans must demand full transparency and accountability before our institutions become irreparably politicized.
This scandal isn’t some partisan gripe; it’s a glaring threat to the democratic process that affects every voter and every election ahead. And let’s not forget, Biden himself set the tone by labeling Trump supporters as enemies of the state. That rhetoric, coupled with a weaponized FBI, created the toxic political climate that ultimately led to Kirk’s assassination.
If this scandal enrages you, join the club. PJ Media calls out the FBI’s corruption while legacy outlets will no doubt look away. Help us keep exposing what the Left wants hidden—subscribe to PJ Media VIP with code FIGHT for 60% off. Exclusive content, ad-free! browsing, and comment privileges! Rally now—your voice matters more than ever.
GREG HUNTER…
SEE YOU TOMORROW
harveyorganblog.com 
