WE HAVE NOW ENTERED OPTION EXPIRY MONTH:
COMEX OPTION EXPIRY TOMORROW SEPT 25 AND SEPT 30 IS LBMA LONDON EXPIRY
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TODAY’S REPORT IS SMALL AS I WAS OUT FOR MOST OF THE DAY
BUT ALL THE DATA IS COMPLETE!!
323 C HSBC 160
363 H WELLS FARGO SECURITI 29
624 H BOFA SECURITIES 40
686 C STONEX FINANCIAL INC 33 16
726 C PLUS500US FINANCIAL 1
732 C RBC CAP MARKETS 72
737 C ADVANTAGE FUTURES 1 2
880 C CITIGROUP 18
905 C ADM 1 19
GOLD: NUMBER OF NOTICES FILED FOR SEPT/2025: 196 CONTRACTs NOTICES FOR 19,600 OZ or 0.6096 TONNES
total notices so far: 6610 contracts for 661,000 OR 20.559 tonnes)
SILVER NOTICES: 190 NOTICE(S) FILED FOR 0.950 MILLION OZ/
total number of notices filed so far this month : 13,440 CONTRACTS (NOTICES) for 67.200 million oz
INVENTORY RESTS AT 1000.67 TONNES
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 37.500 MILLION OZ.(QUITE SMALL)
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: 68.005 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING AND EXCHANGE FOR PHYSICAL TRANSFERS) PLUS 3.0 MILLION OZ EX FOR RISK = 71.005 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 0.8834 TONNES PLUS 0.000 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 20.096//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 41.514 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. 90.678 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 FELL BY A HUGE SIZED 1198 CONTRACTS OI TO 165,805 AND FURTHER FROM THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 7 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 200 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
DEC 200 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 640 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 3946 CONTRACTS AND ADD TO THE 200 E.FP. ISSUED
WE OBTAIN A HUGE SIZED LOSS OF 1618 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR GAIN IN PRICE OF $0.32 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 4.99 MILLION PAPER OZ
OCCURRED DESPITE OUR GAIN $0,32 IN PRICE.
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENT
Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS
ASIAN MARKETS THIS WEDNESDAY MORNING:
//Hang Seng CLOSED UP 359.53 PTS OR 1.37%
// Nikkei CLOSED : UP 136.65 PTS OR .30 //Australia’s all ordinaries CLOSED DOWN 0.88%
//Chinese yuan (ONSHORE) CLOSED DOWN AT 7.1216 OFFSHORE CLOSED DOWN AT 7.1274/ Oil UP TO 63.51 dollars per barrel for WTI and BRENT UP TO 67.66 Stocks in Europe OPENED ALL RED
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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 FELL BY A FAIR SIZED 1618 CONTRACTS TO 528,789 OI DESPITE OUR HUGE GAIN IN PRICE OF $42.10 WITH RESPECT TO TUESDAY’S // TRADING COMEX CLOSING TIME:… WE LOST ZERO NET LONGS, WITH THAT HUGE PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A STRONG NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (2018). 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 350 CONTRACTS (OR 7.22 TONNES).THEN WE WERE NOTIFIED, THAT WE HAD 0 CONTRACTS EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 0 OZ OR 0.0 TONNES OF GOLD
A LITTLE HISTORY ON OUR EXCHANGE FOR RISK ISSUANCES:
HERE IS A CLOSER LOOK AT EXCHANGE FOR RISK ISSUANCES FOR THESE PAST 3 MONTHS;
(TOTAL EXCHANGE FOR RISK LAST 3 MONTHS 68.542 TONNES//BANK OF ENGLAND TOTAL RESERVES 310 TONNES.)
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 BADLY AS 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). EARLY IN THE MONTH 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 AN 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: SIX ISSUANCES SO FAR TOTALLING 6,461 CONTRACTS OR 646,100 OZ OR 20.096 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).AT THE BEGINNING OF THE MONTH 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 PREVIOUS DAY’S ISSUANCE OF 2924 CONTRACTS. THE HUGE NUMBERS OF EXCHANGE FOR RISK SUGGEST THAT A MAJOR CENTRAL BANK IS DEMANDING ITS GOLD BACK.
SEPTEMBER: SIX ISSUANCES FOR 6461 CONTRACTS SO FAR FOR 646,100 OZ OR 20.096 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 MUCH ITS GOLD TO BULLION BANKS AND :(EX FOR RISK 9 MONTH TOTALS 113 TONNES)//TOTAL RESERVES OF BOE EQUALS 310 TONNES)
- 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. TOTAL 9 MONTHS ISSUANCE 113 TONNES)……… THE FACT THAT A CENTRAL BANK TAKES THE RISK OF A DELIVERY IS TOTALLY INSANE. THE VERY FIRST ISSUE OF EXCHANGE FOR RISK CAME IN DECEMBER 2024.
DETAILS ON SEPTEMBER COMEX MONTH//
IN TOTAL WE HAD A FAIR SIZED GAIN ON OUR TWO EXCHANGES OF 2322 CONTRACTS DESPITE OUR HUGE 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 1655 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 AGAIN LAST NIGHT DESPERATELY TRYING TO STOP GOLD’S ADVANCE. THIS GENERALLY ENDS IN FAILURE AS FOR THE FIRST TIME EVER, THEY FAILED TO RAID AT MONTH’S END AUGUST COMEX AND OTC/LONDON LBMA EXPIRY!! SO THE CROOKS DECIDED IT WAS NECESSARY TO RAID AROUND THE BIG INTEREST RATE ANNOUNCEMENT SEPT 17-SEPT 18 AND THEY TRIED AGAIN DURING LAST NIGHT WITH MUCH FAILURE!!
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 1.135 TONNES QUEUE JUMP TO GO ALONG WITH THE 0.000. TONNES OF EXCHANGE FOR RISK ISSUANCE TODAY AND // TOTAL EXCHANGE FOR RISK ISSUANCE SEPT: 20.096 TONNES//NEW TOTALS STANDING ADVANCES TO 41.514 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 241 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 1.135 TONNES QUEUE JUMP AND 0.0000 TONNES EXCHANGE FOR RISK TODAY// NEW TOTALS OF 20.096 TONNES OF EXCHANGE FOR RISK ISSUANCE/ SEPT MONTH:
THAT IS;
A) 0.0000 TONNES OF EXCHANGE FOR RISK ISSUANCE TODAY // =//TOTAL FOR MONTH EX FOPR RISK: 20.096 TONNES EX FOR RISK!!
B) 1.135 TONNES TODAY QUEUE JUMP
TOTALS: 41.514 TONNES INITIALLY STANDING FOR GOLD/SEPT.
EXCHANGE FOR PHYSICAL ISSUANCE/SEPTEMBER
THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A STRONG SIZED 2018 EFP CONTRACT WAS ISSUED: : /DEC 2068 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 2018 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 AND THUS NO EFFECT ON OUR TOTAL OPEN INTEREST!!
- 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 TUESDAY NIGHT/WEDNESDAY MORNING WAS A STRONG SIZED SIZED 2068 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 GAIN IN PRICE IN GOLD AND A CORRESPONDING GAIN OF COMEX OI AND A STRONG EXCHANGE FOR PHYSICAL ISSUANCE.. THE COMEX IS IN TOTAL TURMOIL ESPECIALLY THESE PAST 3 MONTHS ESPECIALLY WITH THE FOLLOWING;
- WITH JULY’S RARE TWO ISSUANCES OF EXCHANGE FOR RISK (LATE IN JULY)
- AND THIS WAS FOLLOWED WITH AUGUST’S 7 ISSUANCES OF EXCHANGE FOR RISK FOR 44.696 TONNES
3) TO BE FOLLOWED BY SEPTEMBER’S 6 ISSUANCES FOR EXCHANGE FOR RISK FOR 20.096 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: 21.415 TONNES OF GOLD (INCLUDES TODAY’S QUEUE JUMP) +0.0000 TONNES EX FOR RISK TODAY//
TOTAL EX FOR RISK// FOR MONTH = 20.096//NEW TOTALS FOR GOLD STANDING SEPT = 41.514 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 $42.10./ /) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SPECULATOR LONGS AS WE DID HAVE A SMALL SIZED GAIN IN OI FROM TWO EXCHANGES. BUT AS EXPLAINED ABOVE WE HAD CONSIDERABLE T.A.S. SPREADER LIQUIDATION TUESDAY. MUCH OF THAT GAIN IN OI FOR OUR TWO EXCHANGES WAS DUE TO SPECULATIVE LONGS PILING INTO COMEX GOLD TRADING COUPLED WITH GOVERNMENT LIQUIDATED THEIR CONTRACTS OUT OF SEVERE FEAR!! /// 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 NOW IN ORDER TO FORMALIZE RAIDS, LET US SEE IF OUR CROOKS AGAIN FAIL ON OPTIONS EXPIRY WEEK THIS WEEK, LIKE THEY DID IN AUGUST. COMEX EXPIRY IS TOMORROW SEPT 25 AND LBMA LONDON EXPIRY IS TUESDAY SEPT 30
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 TUESDAY EVENING/ WEDNESDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING WEEKS TO DELIVER
ANALYSIS SEPT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// SEPT COMEX CONTRACT
WE HAVE A FAIR SIZED GAIN TOTAL OF 1.088 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 1.135 TONNES OF GOLD ALONG WITH 0.0000 TOTAL TONNES OF EXCHANGE FOR RISK TODAY/// TOTAL FOR MONTH TOTALS EX FOR RISK// MONTH = 20.096//NEW TOTAL STANDING FOR GOLD IN SEPT ADVANCES TO: 41.514 TONNES.
ALL OF THIS HUGE STANDING FOR SEPTEMBER WAS ACCOMPLISHED WITH OUR HUGE GAIN IN PRICE TO THE TUNE OF $42.10
WE HAD A MAMMOTH 1972 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 350 CONTRACTS OR 35000 0Z (1.088 TONNES)
confirmed volume TUESDAY 330,734 contracts// strong//
speculators have left the gold arena
INITIAL GOLD COMEX
SEPT CONTRACT MONTH
SEPT 24 /2025
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 0 entries . |
| Deposit to the Dealer Inventory in oz | 0 ENTRIES |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER 2 ENTRIES i) Into Asahi 32,007.860 oz ii) Into Manfra 30,024.310 oz total deposit: 62,032.179 oz 1.929 tonnes xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 196 notice(s) 19,600 OZ 0.6096 TONNES |
| No of oz to be served (notices) | 276 contracts 27,600 OZ 0.8584 TONNES |
| Total monthly oz gold served (contracts) so far this month | 6610 notices 661,000 oz 20.553 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 4
DEPOSITS/CUSTOMER
2 ENTRIES
2 ENTRIES
i) Into Asahi 32,007.860 oz
ii) Into Manfra 30,024.310 oz
total deposit: 62,032.179 oz
1.929 tonnes
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
customer withdrawal
0 entries
ADJUSTMENTs 2
a) customer to dealer Manfra: 63,080.266 oz
b) dealer to customer jPMorgan: 8,002.615 oz
AMOUNT OF GOLD STANDING FOR SEPTEMBER
THE FRONT MONTH OF SEPTEMBER STANDS AT 474 CONTRACTS FOR A GAIN OF 79 CONTRACTS. WE HAD 286 CONTRACTS FILED ON TUESDAY SO WE GAINED 365 CONTRACTS OR 36,500 OZ ENTERTAINED A QUEUE JUMP OF 1.135 TONNES. WE NOW MUST ADD TO OUR INITIAL 8.093 TONNES OF GOLD STANDING TO TODAY’S QUEUE JUMP OF 1.135 TONNES, ADDING TO PREVIOUS QUEUE JUMPS AND THEN ADD MONTH SEPT// EX FOR RISK = 20.096//(WHICH INCLUDES TODAY’S 0.000 TONNES EX. FOR RISK) THUS NEW TOTAL OF GOLD STANDING ADVANCES TO 41.514 TONNES
OCTOBER LOST 6507 CONTRACTS DOWN TO 49,734
NOVEMBER LOST 50 CONTRACTS UP TO 4038 CONTRACTS.
We had 196 contracts filed for today representing 19,600 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 196 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer an 0 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 (6610 X 100 oz ) to which we add the difference between the open interest for the front month of SEPT ( 474 CONTRACTS) minus the number of notices served upon today (196 x 100 oz per contract) equals 688,600 OZ OR 21.418 TONNES OF GOLD TO WHICH WE ADD OUR TOTAL EX FOR RISK/SEPT MONTH OF 20.096 TONNES//NEW TOTAL STANDING ADVANCES TO 41.514 TONNES
thus the INITIAL standings for gold for the SEPTEMBER contract month: No of notices filed so far (6610 x 100 oz +we add the difference for front month of SEPT. (474 OI} minus the number of notices served upon today (196 x 100 oz) which equals 688,600 OZ OR 21.418 TONNES PLUS 20.096 TONNES EXCHANGE FOR RISK = 41.514 TONNES.
TOTAL COMEX GOLD STANDING FOR SEPT..: 41.514 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: 1,998,022.517 oz 62.14 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 39,807,323.454 oz
TOTAL REGISTERED GOLD 21,595,493.814 or 671,71 tonnes
TOTAL OF ALL ELIGIBLE GOLD 18,211,789.640 OZ
END
REGISTERED GOLD THAT CAN BE SERVED UPON 19,597.471oz ((REG GOLD- PLEDGED GOLD)= 609.56 tonnes // (
total inventories in gold declining rapidly
SILVER/COMEX
SILVER/COMEX
THE SEPTEMBER 2025 SILVER CONTRACTS
SEPT 24 2025
INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 2 2 entries a) Out of Delaware: 9915.830 oz ii) Out of HSBC 10,074.080 oz total withdrawal 19,880.910 oz |
| Deposits to the Dealer Inventory | 0 ENTRY |
| Deposits to the Customer Inventory | 2 entries i) Into Brinks 425,706.100 oz II) Into Delaware: 1061.585 oz total 420,767.685 oz |
| No of oz served today (contracts) | 190 CONTRACT(S) (0.950 million OZ |
| No of oz to be served (notices) | 161 contracts (0.805 MILLION oz) |
| Total monthly oz silver served (contracts) | 13,440 Contracts (67.200 million oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
DEPOSITS INTO DEALER ACCOUNTS
0 ENTRY
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
2 DEPOSIT ENTRIES/CUSTOMER ACCOUNT
2 entries
i) Into Brinks 425,706.100 oz
II) Into Delaware: 1061.585 oz
total 420,767.685 oz
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx)
withdrawals: customer side/eligible
2 entries
a) Out of Delaware: 9915.830 oz
ii) Out of HSBC 10,074.080 oz
total withdrawal 19,880.910 oz
ADJUSTMENTs
customer to dealer:
a) Asahi 2,949,733.700 oz
TOTAL REGISTERED SILVER: 196.289 MILLION OZ//.TOTAL REG + ELIGIBLE. 527.153 Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR SEPT.
silver open interest data:
FRONT MONTH OF SEPTEMBER /2025 OI: 351 OPEN INTEREST CONTRACTS FOR A LOSS OF 18 CONTRACTS. WE HAD 22 CONTRACTS SERVED ON TUESDAY SO WE GAINED A SMALL 4 CONTRACTS OR 20,000 OZ ENTERTAINED A QUEUE JUMP TO TAKE DELIVERY OVER ON THIS SIDE OF THE POND..//NEW STANDING FOR SILVER COMEX INCREASES TO 68.015 MILLION OZ. THEN WE MUST ADD OUR INITIAL ISSUANCE OF 600 CONTRACTS FOR EXCHANGE FOR RISK OR 3.0 MILLION OZ//NEW STANDING REDUCES TO 71.005 MILLION OZ
STANDING FOR SILVER: 71.005 MILLION OZ
OCTOBER GAINED 106 CONTRACTS TO 3106
NOVEMBER GAINED 99 CONTRACTS UP TO 2142.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 190 or 0.950 MILLION oz
CONFIRMED volume; ON TUESDAY 82,029 huge//
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 13,440 X5,000 oz = 67.200 MILLION oz
to which we add the difference between the open interest for the front month of SEPT (351) AND the number of notices served upon today (190 )x (5000 oz)
Thus the standings for silver for the SEPTEMBER 2025 contract month: (13,440) Notices served so far) x 5000 oz + OI for the front month of SEPTEMBER(351) minus number of notices served upon today (190)x 5000 oz equals silver standing for the SEPTEMBER contract month equating to 68.005 MILLION OZ TO WHICH WE ADD OUR INITIAL EXCHANGE FOR RISK SEPT TOTALLING 3.0 MILLION OZ//NEW STANDING REDUCES TO 71.005 MILLION OZ
New total standing: 71.005 million oz which is HUGE for this active delivery month of SEPT.. THE SILVER COMEX IS NOW UNDER SIEGE!!
We must also keep in mind that there is considerable silver standing in London coming from our longs in New York that underwent EFP transfers.
There are 196.289 million oz of registered silver
JPMorgan as a percentage of total silver: 210.283/527.153 million. 39.84%
The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price on that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44.
Now that we have surpassed $28.40 the next big line in the sand for silver is $34.76. After that the moon
the next big line in the sand for silver is $34.76. After that the moon
END
BOTH GLD AND SLV ARE MASSIVE FRAUDS!
SEPT 24 WITH GOLD DOWN $47.70 TODAY/NO CHANGES IN GOLD AT THE GLD . /// ///INVENTORY RESTS AT 1001.67 TONNES
SEPT 23 WITH GOLD UP $42.10 TODAY/HUGE CHANGES IN GOLD AT THE GLD A MAMMOTH DEPOSIT OF 6/11 TONNES OF GOLD VAPOUR ENTERED THE GLD. /// ///INVENTORY RESTS AT 1001.67 TONNES
SEPT 22 WITH GOLD UP $68.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD A MAMMOTH DEPOSIT OF 14.61 TONNES OF GOLD VAPOUR ENTERED THE GLD. /// ///INVENTORY RESTS AT 994.56 TONNES
SEPT 19 WITH GOLD UP $26.70 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 4.29 TONNES OF GOLD FROM THE GLD /// ///INVENTORY RESTS AT 979.95 TONNES
SEPT 18 WITH GOLD DOWN $37.50 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 4.29 TONNES OF GOLD FROM THE GLD /// ///INVENTORY RESTS AT 975.66 TONNES
SEPT 17 WITH GOLD DOWN $8.30 TODAY/NO CHANGES IN GOLD AT THE GLD /// ///INVENTORY RESTS AT 979.95 TONNES
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 979.95 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
GLD INVENTORY: 1000.67 TONNES, TONIGHTS TOTAL
SILVER
SEPT 24 WITH SILVER DOWN $0.48 TODAY/HUGE CHANGES IN SILVER AT THE SLV A MASSIVE DEPOSIT OF 3.222 MILLION OZ OF SILVER VAPOUR ENTERED THE COMEX/: /// ///INVENTORY RESTS AT 497.343 MILLION OZ//
SEPT 23 WITH SILVER UP $0.32 TODAY/HUGE CHANGES IN SILVER AT THE SLV A MASSIVE DEPOSIT OF 5.265 MILLION OZ OF SILVER VAPOUR ENTERED THE COMEX/: /// ///INVENTORY RESTS AT 494.121 MILLION OZ//
SEPT 22 WITH SILVER UP $1.16 TODAY/NO CHANGES IN SILVER AT THE SLV: /// ///INVENTORY RESTS AT 488.357 MILLION OZ//
SEPT 19 WITH SILVER UP $0.89 TODAY/HUGE CHANGES IN SILVER A WITHDRAWAL OF 0.908 MILLION OZ OUT OF THE SLV: /// ///INVENTORY RESTS AT 488.357 MILLION OZ//
SEPT 18 WITH SILVER DOWN $0.69 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 0.908 MILLION OZ OUT OF THE SLV: /// ///INVENTORY RESTS AT 488.357 MILLION OZ//
SEPT 17 WITH SILVER DOWN $0.03 TODAY/HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 2.088 MILLION OZ INTO THE SLV: /// ///INVENTORY RESTS AT 489.265 MILLION OZ//
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.//
CLOSING INVENTORY 494.121 MILLION OZ//
PHYSICAL GOLD/SILVE
1/PETER SCHIFF
JOHN RUBINO
JAMES RICKARDS
2. MATHEW PIEPENBERG/VON GREYERZ
ALASDAIR MACLEOD
Investment managers still don’t get gold
Bloomberg: “Investment experts see opportunities ranging from dividend-paying stocks to crypto lending platform Aave.” Not one of them mentioned gold or silver.
| Alasdair MacleodSep 23 |
Bloomberg posted an article this evening, having asked four wealth advisors how they would invest a $100,000 portfolio. Putting to one side the lady who only invests in cryptos (I hope no one takes her seriously, because that’s not investment — it’s outrageous speculation) none of the other three mentioned gold.
The chart below compares gold with the S&P since January 2023.
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Both gold and the S&P more or less tracked each other until 25 February this year, when the S&P took a tumble. Until then, performance-oriented investment advisors could, indeed should have advised investors to start looking at gold, even putting a toe into the water. At least that would have been some protection when equities took a 20% tumble, finally selling off on Trump’s 2 April tariff fiasco.
That pushed the S&P to a low point, while gold recognising increasing dollar risk soared to test $3450 briefly.
Now there’s no question about it. Gold is outperforming equities, and equities are losing upside momentum. Yet Bloomberg’s esteemed advisors stubbornly persist in ignoring gold, and even the miners. When will they adjust their portfolio allocation to take account of reality??
Conclusion: The message gold is sending is clear. The risk of a dollar credit crisis is mounting, and equities are the wrong place to be. Even bitcoin is losing momentum compared with the Magnificent Seven:
I give all Bloomberg’s chosen investment advisors nought out of ten.
3. CHRIS POWELL AND GATA GOLD DISPATCHES/OTHER GOLD RELATED TOPICS
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS 241
5. COMMODITY REPORT BEEF
The Soaring Price Of Beef
Tuesday, Sep 23, 2025 – 10:35 PM
Authored by Jeffrey Tucker via The Epoch Times,
You have doubtless seen the price of beef at the store. It is shocking, outrageous really, ticking up higher and higher each week. When all this began four years ago, many people assumed that prices would settle back down after the crisis ended. That has not happened. The problem is getting worse, not better.
Checking in on the CPI for ground beef, we were shocked to see double-digit rates of inflation. The price of beef steaks in five years has gone up fully 50 percent and keeps rising.
Right now, the beef inflation rate is running at an astonishing 12.4 percent.
The price of ground beef has fully doubled in 10 years.
This isn’t just government data. Industry sources are showing beef prices running far ahead of other groceries.
This is happening just as more science is showing how essential beef is for human health. It is not the only good meat but it contains the most of what we need for health, weight control, energy, building muscle, and organ strength. There is growing market demand for everything from ground beef to steaks.
The growing demand is coinciding with a 50-year decline in the size of herds. Feedlot reports: “The USDA National Agricultural Statistics Service (NASS) released its Cattle report on January 31st. The total of all cattle and calves on January 1, 2025, was estimated at 86.662 million head, about 0.5 million fewer than the previous year. This marks the 6th year of contraction for aggregate beef and dairy cattle inventories and the 11th year overall of the current cattle cycle—the cyclical expansion and contraction of the national cattle herd over time. The cycle is influenced by the combined effects of cattle prices, input costs that drive cow-calf producer profitability, the gestation period for cattle, the time needed for raising calves to market weight, and climate conditions.”
This could become a huge problem for the Trump administration. If inflation in food prices and beef in particular keep going like this, there is a genuine risk to the presidency and the entire Republican Party. People who are not actually very political tend to judge the party in power by how much they have to spend at the grocery. If they find themselves switching from beef to rice and beans, they will blame the ruling party regardless.
So far, it does not appear to be a priority with Agriculture Secretary Brooke Rollins to address this huge problem with anything more than the status quo. This has to change.
I would suggest a three-point agenda for the Trump administration. It needs to be enacted immediately to keep this problem from spinning out of control.
First, there needs to be emergency deregulation of any existing barriers that keep farmers and other middle sources from getting product to the stores.
Two main regulatory bodies deal with this problem: the U.S. Department of Agriculture (USDA) Food Safety and Inspection Service (FSIS) and the Animal and Plant Health Inspection Service (APHIS). Vast paperwork and technology are required just to track the sourcing and every state has rules on storage and more. It’s a system worthy of a Soviet-style central plan. All these are clogging up supply chains such that many bureaucrats are intervening at each stage.
All these regulations consolidate the industry into only the largest players who know the ropes and can navigate the bureaucracies. All these rules need to be relaxed so that sellers can work directly with wholesalers to assure safe and good products. Fixing this problem could even require a fast executive order, backed by legislation.
Second, there must be focus on the problem of the USDA’s strict monopoly on processing meat. This adds dramatically to time and expense, and pointlessly so. Farmers must have the absolute right to on-site processing followed by sales of all sorts. The entire USDA system must be crushed and competition in meat processing permitted. The monopoly must end.
The PRIME act needs a quick passage. It stands for Processing Revival and Intrastate Meat Exemption Act. This act would: Allow states to permit the intrastate sale (within state borders) of custom-slaughtered meat—such as beef, pork, or lamb—from these facilities to consumers, restaurants, grocery stores, hotels, and other food service outlets. Meat would no longer require full federal USDA inspection for intrastate transactions. This would allow genuine farm-to-table meat, vastly reduce costs, and immediately increase supply on the shelves.
In addition, this would reduce the costs of slaughter and incentivize a bolstering of herds, relaxing existing price pressure.
Third, all meat imported from abroad should be exempt from tariffs and quotas that are currently increasing wholesale and retail pricing. This should be done in the name of saving the American diet, and maybe even saving the Trump presidency. I get that Trump believes that tariffs are necessary to protect the U.S. industry, but right now they risk pillaging the U.S. consumer. These tariffs should not apply to meat in a time of crisis.
The laws governing meat in this country are ancient, dating even from 1906. They were put in place to help large industry players in a time of grave doubt about the safety and cleanliness of the industry. Contrary to myth, the industry fully supported the regulations because they knew for sure that they would consolidate the industry and bolster consumer confidence. Unfortunately, the new rules bogged down the local farmer and added costs. All these many years later, they are still in place but serve no real function.
The remaining independent beef farmers in this country need the freedom to sell directly to stores and restaurants and to customers. People would absolutely love the chance to buy directly, knowing exactly the farmer and rancher they are supporting. The existing system does not allow this.
The Trump administration needs to place an urgent call to The Beef Initiative, founded in 2021 to make “food more localized, redundant, and secure. We serve our community by providing market access to producers and consumers who understand the importance of food integrity.”
There are many such organizations and knowledgeable farmers. Joel Salatin of Polyface must be a top consultant to guide the White House.
Such efforts are completely consistent with the agenda of MAHA. Currently, prioritizing this is not on the agenda but it must be. The last thing we need are price controls or an angry public that can no longer afford real beef.
No one wants the fake product being pushed by those who favor “lab-grown meat” or the “impossible burger,” much less the agenda to eat bugs instead of cows, chicken, and pigs. So far, inflation in beef has not been so terrible as to make it forbidding to the average family. That is changing and quickly.
The Trump administration dealt well with the egg crisis by increasing supply and stopping the hen slaughter. Egg prices are down substantially. The same needs to happen with cows now.
END
COPPER
“A Black Swan Event”: Copper Prices Soar After FCX Declares Force Majeure At World’s 2nd Largest Mine
Wednesday, Sep 24, 2025 – 02:05 PM
In what Goldman’s commodity team dubbed a “black swan event”, copper mining giaint Freeport-McMoRan (FCX) declared force majeure on contracted supplies from its giant Grasberg mine in Indonesia, the second-largest source of the metal, sending prices of the metal soaring.
The US company also cut its copper and gold sales guidance for the quarter, now seeing 4% lower copper sales and 6% lower for gold than July 2025 estimates – as it continues to search for five missing workers following an accident at the site two weeks ago. Two employees are confirmed to have died following a flow of about 800,000 metric tons of mud into Grasberg’s underground levels.
Production in the Grasberg minerals district had been halted following the incident. A prolonged disruption at the copper mine may further lift benchmark prices, while posing an additional challenge for the smelting industry as processors deal with a severe shortage of feedstock. Force majeure gives producers the right to miss supply obligations due to unforeseen events.
Teams are working around the clock at Grasberg in the province of Central Papua to clear mud and debris, and are making steady progress to reach areas where the workers were located at the time of the Sept. 8 incident, Freeport said in a statement.
While the company tried to minimize the impact as much as possible, Goldman’ commodity specialist James McGeoch was far less sanguine, calling the shocking development a “black swan event”. This is what he wrote this morning:
Force Majeure at Grasberg: Q3 loses 4% Copper and 6% Gold (incident was Sept 8 at Grassberg), Q4 will only see unaffected areas back operating my mid Nov (2 out of 5 areas), with sales “insignificant” (does that mean zero?), prev estimates 201kt Cu, and 345koz gold… Wow that’s material…. phased restart in 2026, 2/5 blocks and third in 2H and last 2 in 2027… Guide to 2026 being 35% of prev guide, which is 270kt of copper lost and 1.04m oz Gold. GIR model we model 700kt in 2025 and 730kt in 2026….
Summary: you are losing 500kt Copper over next 12-15 months, with a ramp in 2027, could argue another 100-200kt lost….. This is Cobre + Komao + Los Bronces all at once.
FCX: looking at 2026 cons this is c.39% of their Copper and 60% of the Gold. Grasberg to those in the weeds is a Gold mine (largest in the world). REMEMBER FCX owns 48.76%…so this is not as painful as it looks.
Copper has to rally on this. Remember what I say. Demand moves are linear, supply moves are exponential.
The below is a chart looking at these periods, obv there are many factors at play in each of these moves, i have been arguing for a number of days/weeks that Copper is poised, interest has been low (despite CTA creeping to record long on GS strat data and Managed money back at a reasonable level). Commodity franchise has been almost exclusively looking at precious for discretionary/macro accounts. This will light the fuse.
Here is a separate fact sheet, also from Goldman, only this time from trader trader Adam Gillard:
- Summary: We think the realized production loss will be smaller than headline given lower YTD reported disruptions, but ~150k MT this year should have a disproportionate impact on SHFE + LME given the surplus is trapped in the US (from tariff related stock build). Expect SHFE / LME arb to perform, Asian LME inventory to draw, and LME spreads to stay tight. Vol bid; 6M 25% delta calls +2v (from a 5y low), and skew also rallied to +1.5v, highest level since May24 when CMX “broke”. We’re trading from the long side via skew and flat price.
- What happened? Freeport downgraded bal-25 production by 250-260k MT, and cal-26 production by ~270k MT, causing price to rally 3.5%
- Balance pre Grasberg disruptions: 2025: 105k surplus / 2026: 55k deficit / 2027: 134k deficit
- Are there any mitigants: YTD disruptions are ~90k MT below our allowance; think the salient point is whether q4 disruptions are in line with YTD average, or our pro-rata allowance. Think we likely lose ~150k MT this year, although we acknowledge the potential for concentrate inventory at mine, port or Tank House, to be exported if Freeport can get a permit from Indo Gvt. 2026 impact harder to model; we had 5% / 1.1mn MT disruption allowance vs 2.2% supply growth, probably lose another 100-150k MT. It’s a lot. Price should rally we think.
- Where do Indonesian exports go: Refined exports are low-ish at 25k MT pm as Gresik ramps, 25% goes to China, the rest Asia ex-China. Concentrate exports are ~160k DMT per month, of which 65% goes to China (which explains the onshore bid during their night session, see below).
- Does the CMX stock build exacerbate the LME + SHFE tightness: Yes. Combination of a) tariff related onshore (US) stock-build and b) Still positive CMX / LME ARB (explanation here) incentivising the marginal unit to the US, is keeping the surplus trapped (in the US), meaning lost Grasberg metal will have a disproportionate impact on Shanghai and London.
- What did China do: Bought a lot, largest open interest change in 5 years. But total positioning is ~23% off the local high
- LME volume also strong at ~49k lots
Copper for delivery in three months rose as much as 3.7% to $10,341 a ton on the London Metal Exchange, the biggest intraday jump since April 10, while FCX shares tumbled as much as 11% and rivals including Glencore and Teck Resources climbed.
As Bloomberg notes, the accident highlights the copper market’s vulnerability to global supply shocks, and is just the latest disruption to the industry. It follows Hudbay Minerals’ disclosure late Tuesday that it was shutting operations at a mill at its Constancia mine site in Peru due to ongoing political protests.
The development at Freeport shows “how little it takes to tighten up this market,” especially when two of the world’s top copper mines have problems at the same time, said Ole Hansen, head of commodity strategy at Saxo Bank. “Traders buy first before asking questions.”
The Grasberg mine accounted for about 3.2% of mined copper supply for this year prior to the disruptions, according to Grant Sporre, global head of metals and mining at Bloomberg Intelligence. It contributes nearly 30% of Freeport’s total copper production and 70% of gold output, underscoring the scale of the disruption.
“An accident of such scale is unheard of in Freeport’s history,” said Bernard Dahdah, an analyst at Natixis.
Glencore shares rose as much as 3.6% in London, while Antofagasta Plc added 9.6%. Teck Resources gained as much as 6% and Southern Copper Corp. climbed 10% in New York.
* END
ASIAN MARKETS THIS WEDNESDAY MORNING:
SHANGHAI CLOSED UP 31.81 PTS OR 0.83%
//Hang Seng CLOSED UP 359.53 PTS OR 1.37%
// Nikkei CLOSED : UP 136.65 PTS OR .30 //Australia’s all ordinaries CLOSED DOWN 0.88%
//Chinese yuan (ONSHORE) CLOSED DOWN AT 7.1216 OFFSHORE CLOSED DOWN AT 7.1274/ Oil UP TO 63.51 dollars per barrel for WTI and BRENT UP TO 67.66 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN DOWN IN TRADING AT 7.1216 AND WEAKER//OFF SHORE YUAN TRADING DOWN TO 7.1274 AGAINST US DOLLAR/ AND THUS WEAKER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN TO 7.1261
OFFSHORE YUAN: UP TO 7.1274
HANG SENG CLOSED UP 359.53 PTS OR 1.37%
2. Nikkei closed UP 136.65 PTS OR 0.30%
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX UP TO 97.21 EURO FALLS TO 1.1770 DOWN 46 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +1.642//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 147.53…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA. JAPAN 30 YR BOND YIELD: 3.159 DOWN 2 BASIS PTS.
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR BRENT this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.7311 Italian 10 Yr bond yield DOWN to 3.573 SPAIN 10 YR BOND YIELD DOWN TO 3.282
3i Greek 10 year bond yield DOWN TO 3.426
3j Gold at $3771.00 Silver at: 44.14 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 16 /100 roubles/dollar; ROUBLE AT 83.81
3m oil (WTI) into the 63 dollar handle for WTI and 67 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 148/20/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.640% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING.//JAPAN 30 YR: 3.159DOWN 2 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7935 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9344 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.
USA 10 YR BOND YIELD: 4.103 DOWN 2 BASIS PTS…
USA 30 YR BOND YIELD: 4.716 DOWN 2 BASIS PTS/
USA 2 YR BOND YIELD: 3.563 DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 41.47
10 YR UK BOND YIELD: 4.668 DOWN 2 PTS BUT STILL ESCALATING RAPIDLY
30 YR UK BOND YIELD: 5.479 DOWN 2 BASIS PTS
10 YR CANADA BOND YIELD: 3.186 DOWN 2 BASIS PTS
5 YR CANADA BOND YIELD: 2.733 DOWN 1 BASIS PTS.
2a New York OPENING REPORT
Futures Rise As Alibaba Capex Promise Boosts AI Sentiment Again
Wednesday, Sep 24, 2025 – 08:33 AM
US futures are once again higher after taking a brief pause yesterday, led by Tech, with all of Mag7 higher pointing to a stronger open as Alibaba’s spending promise and Micron’s upbeat outlook lift sentiment on AI. Global stocks resumed their rally after a pledge by China’s Alibaba for more spending (now the mere promise of more capex is sufficient to send your stock ripping) and Micron’s upbeat forecast lifted sentiment on AI (even higher… if that’s possible). As of 8:00am ET, S&P and Nasdaq futures rose 0.2% after big tech’s slide in the prior session broke a streak of records; Mag 7 are all green led by AMZN, +1.6% while TMT is boosted by Micron rising +1.5% after strong earnings underscored the boom’s ongoing momentum. Semis were bid after Alibaba jumped 9% in typhoon-hit Hong Kong on plans to boost AI spending beyond an initial $50 billion target. According to JPM, the AI-theme should perform well today (when does it not), including Critical Metals. Cyclicals are leading Defensives. The curve is steepening as 2Y yields are -2bps and the 10Y rises 3bps to 4.13% as the USD is bid up for first time this week. Trump said that Ukraine, with NATO help, has the tools to win back all of its Russian-occupied territory, included continued US weapons sales to NATO, and should shoot down Russian planes that enter its airspace. Gold held near all-time highs. Today’s macro data focus is on Home Sales, Building Permits and Mortgage Apps.
In premarket trading, Mag 7 stocks are all higher: Amazon (AMZN) gains 1.4% following an upgrade at Wells Fargo on greater conviction in the company’s Amazon Web Services division (Tesla +0.7%, Nvidia +0.6%, Meta +0.2%, Microsoft +0.2%, Alphabet +0.1%, Apple +0.07%).
- Acadia Pharmaceuticals (ACAD) shares are halted after the company said its Phase 3 trial of intranasal carbetocin (ACP-101) in patients with hyperphagia in Prader-Willi syndrome failed to meet its primary endpoint.
- Adobe (ADBE) is down 1.3% as Morgan Stanley downgrades to equal-weight from overweight on decelerating digital media annual recurring revenue.
- Alibaba Group Holding (BABA) shares surged 9% after revealing plans to ramp up AI spending past an original $50 billion-plus target, joining tech leaders pledging ever-greater sums toward a global race for technological breakthroughs.
- Bloom Energy Corp. (BE) falls 6% after Jefferies cut its recommendation on the fuel cell power generator to underperform from hold, saying that valuation reflects high expectations. Analysts see difficulty for the firm to reach 1 GW of power in the near term.
- Lithium Americas (LAC) soars 68% after reports revealed the US is seeking an equity stake in the company as it renegotiates terms of a $2.3 billion government loan.
- PayPal Holdings Inc. (PYPL) climbs 1.3% after Blue Owl Capital Inc. agreed to buy about $7 billion of buy now, pay later loans from the company.
- UniQure (QURE) shares are halted after the company said phase I/II trial of AMT-130 in Huntington’s disease met its prespecified primary endpoint.
In corporate news, OpenAI plans to invest roughly $400 billion it does not have to develop five new US data center sites in partnership with Oracle and SoftBank. Tether is in talks with investors to raise as much as $20 billion, a deal that could propel the crypto firm into the highest ranks of the world’s most valuable private companies. Apollo is rolling out three new private capital funds for wealthy individual investors in Europe.
Turning back to the broader market, down days are few and far between at the moment, and the overall sentiment for stocks is becoming euphoric. JPMorgan’s head of market intelligence, Andrew Tyler, sums it up nicely: “several conversations yesterday focused on what could derail this bullish run. My favorite response was an asteroid hitting the earth.” Internal market metrics underscore just how bullish investors have become. Systematic strategies were already almost maxed-out. Now, discretionary investors are stretching to more bullish levels, with room to go further. Options volume is firmly skewed toward chasing the upside. Still, impending portfolio rebalancing may create a technical headwind as the month comes to an end.
In any case, the S&P 500 has gone 107 sessions without a drop of 2% or more, the longest streak in more than a year as hopes for rapid Fed easing have added to the buoyant mood.
Traders are paying little attention to a range of risks, with the threat emphasized Tuesday when Fed Chair Jerome Powell warned that policymakers still face a difficult path ahead. Bullishness over AI’s vast potential has fueled multiple all-time highs in stocks this year, offsetting all worries about rising geopolitical risks and trade tensions.
In the Middle East, Saudi Arabia’s move to ease foreign ownership rules added $123 billion to the country’s stock market. Banking stocks on the Tadawul All Share Index surged a record 9%.
Alibaba shares soared in Asia after CEO Eddie Wu revealed plans to ramp up AI spending above an original target of $50 billion-plus over three years. Micron, which has seen its shares almost double this year, gave an upbeat outlook driven by demand for AI equipment. Also top of mind for tech traders — California’s AG is looking at whether Trump’s $100,000 application fee for H-1B visas can be challenged by law.
“AI is back as the key driver for global markets. Investment continues apace and that’s keeping the AI theme relevant,” said Guy Miller, chief strategist at Zurich Insurance Co. “That leads to the question, is this getting to the last innings with overinvestment and misallocation of capital? From an investor perspective, all that actually tells you there’s a bit further to run.”
According to Bloomberg, the danger now is that officials scale back expectations for further cuts, leaving Wall Street disappointed. San Francisco Fed President Mary Daly speaks later Wednesday, in what is otherwise a light day for the events calendar.
“There’s going to be lots of chatter about the Fed and that’s going to dominate,” said Daniel Murray, deputy chief investment officer at EFG Asset Management. “I expect we’re going to drift for a couple of weeks. The next catalyst is going to be the third-quarter earnings season.”
European stocks slipped 0.3% diverging from gains in Asia and the US, as autos, consumer products and financials underperform. The region’s defense stocks rallied after US President Donald Trump’s latest criticism of Russia. Here are the biggest movers Wednesday:
- European defense stocks rise after President Donald Trump said on Tuesday NATO nations should shoot down Russian aircraft that violated their airspace and struck a more sympathetic tone on Ukraine’s chances of winning the war
- JD Sports shares rise 3.6% after the retailer’s 1H results showed “limited tariff impact,” according to RBC. Analysts said the update also showed market share gains in North America and Europe, and supported an outlook for a better 2H
- Electrolux Professional gains as much as 5.9% after Handelsbanken reiterated its buy rating on the Swedish professional kitchen and laundry equipment maker, saying the upcoming 3Q report and CMD as potential positive triggers
- Bouygues shares rise as much as 2.7% after the construction and telecommunications company was upgraded by Morgan Stanley, which sees limited downside to the current share price
- Metso falls as much as 4.9%, the most since July, after its new financial targets fell short of the most bullish hopes for the Finnish industrial equipment company, which slightly hiked its Ebita margin target
- Lanxess shares fall as much as 5.3% after being downgraded by Deutsche Bank, as analysts say the chemical company is now fairly valued and that the upside from the recent Envalior announcement has been captured
- Asker Healthcare Group falls as much as 6.4% after Swedish pension fund AP6 sold its entire holding in the company at SEK81 per share, representing a 8.9% discount from the previous close
- NCAB falls as much as 7.6%, the most since July, after SEB cut its recommendation on the Swedish printed circuit board maker to hold from buy, saying the company’s valuation has come up and is trading at a 10-21% premium
- Baltic Classifieds falls as much as 15% to the lowest in more than a year, after the firm said in a trading update that full-year revenue and profit is expected to be 3%-4% below its previously communicated guidance
- Pinewood Technologies shares plunge as much as 14% after the software maker’s 2025 Ebitda target disappointed. Berenberg analysts noted a one-off accounting impact and the delay in implementation with a major customer
- On the Beach shares slide as much as 20%, the most since May 2023, after the online package holiday firm’s full-year profit before tax undershot expectations, due to loss-making B2B operations
- Exail Technologies drops as much as 7.7% after completing an offer of its convertible bonds, which led to TP ICAP downgrading the industrial company. That has broken the clean-sweep of buy ratings on the stock
Earlier in the session, Asian stocks advanced, as a boost from Alibaba’s AI spending plans countered a broader regional selloff in tech shares. The MSCI Asia Pacific Index gained 0.2%, with Alibaba the biggest boost while banks including Westpac Banking Corp. and Commonwealth Bank of Australia weighed on the gauge. Equity benchmarks rose in Japan and mainland China, and fell in South Korea, Taiwan and Australia. Meanwhile, the Hang Seng Tech Index surged more than 2% after Alibaba said it would beef up its AI budget and unveiled its new Qwen3-Max large language model. Shares of peers and China’s homegrown tech suppliers climbed, boosting key equity measures on the mainland as well as in Hong Kong. Australia’s main index declined nearly 1% after monthly consumer prices rose more than economists expected, weakening the case for a rate cut next week.
“Asian markets are treading cautiously today, caught between profit-taking and lack of new catalysts,” said Dilin Wu, a research strategist at Pepperstone Group. “After yesterday’s strong US tech rally, much of the initial enthusiasm has faded.”
In FX, the dollar climbs 0.3% after two days of declines. The Australian dollar is the only G-10 currency to outperform the greenback, while the yen is the weakest of the group. The euro slips after an unexpected drop in German business confidence.
In rates, front-end Treasuries outperform while 10Y yields rose 3bps to 4.13% as the curve steepened. Treasury auctions resume at 1pm New York with $70 billion 5-year note sale, follows a solid 2-year note auction Tuesday which stopped 0.1bp through the WI.
In commodities, oil extended its biggest gain in a week, as Trump ramped up his rhetoric against Russia and traders watched for supply disruptions from the OPEC+ member. Brent rose above $68 a barrel and WTI adds 0.4% to $63.64. Sot gold rises about $5 to $3,769 an ounce.
US economic data slate includes August new home sales/building permits (10am). Fed speaker slate includes Daly at 4:10pm, delivering keynote remarks on the outlook for the economy
Market Snapshot
- S&P 500 mini +0.2%
- Nasdaq 100 mini +0.3%
- Russell 2000 mini +0.1%
- Stoxx Europe 600 -0.3%
- DAX -0.2%
- CAC 40 -0.3%
- 10-year Treasury yield little changed at 4.11%
- VIX -0.2 points at 16.42
- Bloomberg Dollar Index +0.3% at 1199.14
- euro -0.4% at $1.1768
- WTI crude +0.4% at $63.66/barrel
Top Overnight News
- House Democrats will meet on September 29th in Washington, D.C. to discuss government funding: BBG
- Volodymyr Zelenskiy told Fox News that Donald Trump’s remarks on Ukraine winning back territory from Russia were a big shift and said the leaders have better relations than before. The Ukrainian president speaks today at the UNGA. BBG
- OpenAI, Oracle, and Softbank announced five new US data centres; expects new data centre site to create over 25,000 direct jobs and tens of thousands more across the US. The firm continues assessing further potential locations for expansion.
- China said it would no longer seek new special treatment for developing countries in current and future World Trade Organization negotiations, signaling a possible effort to ease a longstanding friction point with the U.S. ahead of a planned summit. WSJ
- Alibaba shares jumped +9%+ after the company said it would invest more than $53 billion in artificial intelligence—above its original target—and released a new model. WSJ
- Inflation pressures are once again building in Australia, with a monthly reading of price pressures hitting its highest level in just over a year in August. Australia’s Aug CPI overshoots the Street consensus at +3% (vs. the Street +2.9% and up from +2.8% in Jul). WSJ
- Europe’s asset managers are racing to consolidate, with recent high-profile M&As reshaping the industry and creating new trillion-dollar firms. Cash-rich banks are driving deals across France, Switzerland and Italy. BBG
- Bond traders are dialing back Fed rate cut bets for 2025, now pricing in just one more reduction as mixed signals from officials cloud policy expectations. BBG
- A pickup in dealmaking and initial public offerings is helping fuel a hot job market on Wall Street. Big banks had been adding staff over the past year in strategic expansions, but now sudden jumps in activity have them seeking to hire even more and slowing layoffs they might have otherwise executed. WSJ
- Micron shares rose premarket (was up as much as 4% post the print) after giving an upbeat forecast boosted by demand for AI equipment. BBG
- NVIDIA director Mark A. Stevens sold over 350k common shares at an average price of USD 176.3923/shr on 19 September (vs 178.43 closing price on Tuesday)
- US crude inventories fell 3.8 million barrels last week, the API is said to have reported. That would reduce total holdings to the lowest in three and a half years if confirmed by the EIA. BBG
Trade/Tarifffs
- The White House said US President Trump will meet Australian Prime Minister Albanese on 20th October in Washington, according to Reuters.
- Canadian PM Carney said discussions with US President Trump about a Canada-US trade deal will roll into the USMCA review process, noting that talks are ongoing and that Canada will sign when there is the right deal for the country, according to Reuters.
- Canadian PM Carney said he is open to discussions with the Chinese Premier regarding steel tariffs, according to Reuters.
- China’s Commerce Ministry stated it will not seek preferential treatment at the WTO, according to Reuters.
- China’s Premier expressed willingness to enhance cooperation with Canada to improve bilateral relations, according to Reuters.
A more detailed wrap of overnight markets courtesy of Newsquawk
APAC stocks eventually traded mixed following a subdued open as the sentiment from Wall Street initially reverberated, but later improved after Chinese cash trade got underway, whilst Hong Kong remained open despite the Super Typhoon. ASX 200 declined as gold miners weighed following consecutive sessions of outperformance, while Tech mirrored Wall Street sectoral weakness. Nikkei 225 returned from holiday to trade softer in line with the regional tone, though losses were somewhat cushioned by the NVIDIA/OpenAI rally it missed yesterday and a weaker JPY intraday. KOSPI was pressured amid the broader global tech pullback and deteriorating South Korean consumer sentiment. Hang Seng and Shanghai Comp were choppy and eventually traded in the green, with the former also boosted by Alibaba, whose shares surged after releasing its largest LLM whilst announcing plans to ramp up spending on AI infrastructure to better compete with US rivals.
Top Asian News
- New Zealand Finance Minister Willis said Anna Breman will be the new RBNZ Governor, beginning her five-year term on 1st December 2025. Breman will leave her position at the Riksbank on October 10th as she has been appointed the governor of the RBNZ.
- Alibaba (BABA/ 9988 HK) officially released Qwen3-MAX, a 1tln-parameter large language model. CEO announced plans to ramp up spending on AI infrastructure to better compete with US rivals.
- Russian Kremlin states US President Trump is a businessman attempting to pressure global markets into purchasing US oil and gas at elevated prices Praises Trump’s desire to bring an end to the conflict. States that Russian army are advancing in Ukraine and dynamics on the frontline are obvious.
- China announces measures to promote service export, via state media.
European bourses (STOXX 600 -0.3%) began the session around the unchanged mark, but slipped into negative territory, soon after the cash open, but without a clear catalyst – perhaps some focus on the latest hawkish geopolitical rhetoric from Trump. More recently, the complex has picked up from worst levels to currently trade towards the mid-point of the day’s range. European sectors hold a negative bias, and with the breadth of the market fairly narrow today. Utilities is found towards the top of the pile, albeit only marginally so. Iberdrola (+0.8%) announced it will be investing USD 68bln to grow in the UK/US; the Co. also said it sees close to EUR 20bln in dividends between 2025 and 2028. Defence names today have been boosted today after President Trump said Ukraine can win all its land back from Russia.
Top European News
- French PM Lecornu is open to a tax on top earners and firms, via BFM TV.
- German Chancellor Merz says that a true reform is needed to fund the German welfare system. Says Germany will make a concrete proposal on pension system reform this year. Says Germany’s aviation costs need to be lowered. Says Auto, Steel and Chemical sectors are key sectors in Germany and must remain.
- Swiss KOF: cuts 2026 outlook due to the deterioration in competitive conditions caused by US tariffs and ongoing heightened economic uncertainty, adj. GDP forecast at 0.9% in 2026 (prev. 1.5)
FX
- USD is attempting to claw back the losses seen on Monday and Tuesday in a session, which thus far has been void of fresh macro drivers. Docket today fairly thin, focus will be on Fed speak via Daly at 21:10BST, who will be speaking on the economic outlook. DXY has eclipsed Tuesday’s best at 97.45.
- EUR/USD is lower on account of the broadly stronger USD and a disappointing IFO report from Germany. Both the expectations and current conditions prints declined from their priors and printed below the bottom end of analyst estimates, snapping a streak of six consecutive months of increases for the headline business climate metric. Desks remain cognizant of geopolitical tensions after US President Trump’s UN address yesterday, in which he noted that NATO countries should shoot down Russian aircraft if they enter NATO airspace. Finally, in an olive branch to the Left, reports in French press suggest that Lecornu is open to a tax on top earners and firms. EUR/USD has extended its decline on a 1.17 handle.
- USD/JPY has moved back onto a 148 handle, supported by the stronger dollar and incremental JPY weakness after flash PMIs showed a deterioration across all components, commentary highlighted persistent cost pressures and elevated inflation. Elsewhere, focus remains on the outcome of the LDP leadership contest on October 4th with Sanae Takaichi still judged to be the front-runner for the position. As it stands, an October hike is currently seen as a coin-flip by markets. USD/JPY has ventured as high as 148.29.
- GBP is on the backfoot vs. the broadly firmer USD and steady vs. the EUR. Incremental macro drivers from the UK are light in the wake of yesterday’s soft showing for September flash PMI metrics, which were weighed on by angst ahead of the November 26th budget. Ahead of which, the Institute for Government (IfG) is the latest think tank to come out and suggest that Chancellor Reeves needs to consider going back on her “rash” tax commitments and impose serious tax reform. Today’s docket is light in terms of data. However, MPC external member Greene is due to give remarks at 17:30BST on ‘Supply shocks and monetary policy’ (text release is due). Cable has slipped onto a 1.34 handle and below Tuesday’s 1.3488.
- AUD is bucking the trend of the majors and is firmer vs. the USD in the wake of firm Australian CPI metrics, which saw the Y/Y CPI rate climbing from 2.8% to 3.0% – the top end of the RBA’s target range.
- PBoC set USD/CNY mid-point at 7.1077 vs exp. 7.1080 (Prev. 7.1057)
- RBI reportedly likely intervened in NDF markets ahead of local opening to support the INR, according to traders cited by Reuters
Fixed Income
- A slightly firmer start to the day for USTs, though once again ranges are thin and US specific newsflow is light. Currently, USTs hold near the top end of a 112-28 to 113-00 band. Just about eclipsing Tuesday’s 112-30+ peak and last week’s best, which was a tick above that. After the deluge of speakers yesterday, today’s docket is a little quieter but does feature remarks from Fed’s Daly (2027) where we expect text and a Q&A. Before that, the week’s supply continues with 5yr notes due after Tuesday’s 2yr sale, an auction that was ok overall but did show a cooling of demand.
- A contained start for Bunds, firmer by a handful of ticks but also in a thin range with newsflow at the time light and largely digesting leaders remarks on the defense/Ukraine front after Trump’s language yesterday, language that took even Ukraine by surprise. The main update was Ifo, a surprisingly weak release with conditions and expectation printing below the forecast range. Metrics lifted Bunds by around 10 ticks in the minutes after and since have helped lift it to a 128.40 peak and also propped up peers across the board as well.
- Gilts are outperforming vs peers, in a continuation of the strength seen yesterday after poor PMIs and despite soft supply. At a 91.28 peak, but for the most part holding around the midpoint of 91.12-91.28 parameters. UK docket relatively light, supply was unremarkable from the UK, strong enough to keep the benchmark comfortably in the above range. Follows the soft tap on Tuesday, where a chunky price tail sparked notable pressure. Press remains focussed on the budget as more think tanks and other groups offer recommendations as to what Chancellor Reeves should do. Overall, the narrative from such groups is that significant tax cuts are inevitable and as such Reeves may need to break the manifesto pledge around them, in order to raise sufficient funds to cover the gap and avoid having to come back.
- UK sells GBP 4.75bln 4.375% 2030 Gilt: b/c 2.80x (prev. 3.15x), average yield 4.095% (prev. 4.022%), yield tail 0.4bps (prev. 0.1bps), price tail 1.6 ticks.
- Italy sells EUR 2.5bln vs exp. EUR 2-2.5bln 2.10% 2027 BTP Short Term & EUR 3.75bln vs exp. EUR 2-2.5bln 1.10% 2031 and 2.40% 2039 BTPei.
- Germany sells EUR 3.045bln vs exp. EUR 4.0bln 2.50% 2032 Bund: b/c 1.5x (prev. 1.2x), average yield 2.52% (prev. 2.46%), retention 23.88% (prev. 33.13%).
- South Korea will issue JPY 500bln in yen-denominated bonds, according to a Japanese regulatory filing.
Commodities
- Choppy price action across the crude complex thus far. Upticks in oil prices was seen following reports that the Israeli army had taken “another step” in the plan to occupy Gaza city spurred a move higher to peaks of USD 63.86/bbl and USD 68.12/bbl for WTI and Brent respectively. However, the move proved somewhat short-lived. Crude hit by a surprise German Ifo survey, with all metrics falling from the prior and both conditions and expectations printing below the forecast range. Potential demand-side concerns from this weighed and sent benchmarks back to fresh lows for the session of USD 63.25/bbl and USD 67.51/bbl respectively. Further bearish impulse potentially from Russia restarting a second unit at the UST-Luga facility and Russia saying Exxon is not the only firm interested in returning to Russia.
- Spot gold is trading off the new ATH at USD 3791/oz made in yesterday’s session, with the day’s best price USD 12/oz lower at USD 3779/oz. Specifics light thus far, continued focus on the geopolitical drivers outlined above, these factors seemingly helped XAU recoup some of Tuesday’s pressure. However, USD strength is capping a return to mentioned highs.
- 3M LME Copper continues to trade below key USD 10k/ton level and in a tight range amid concerns over Super Typhoon Ragasa. The main move this morning came alongside the German Ifo series, preventing 3M LME Copper from retesting USD 10k/t to the upside and pushing the metal back towards earlier USD 9.96k/T lows. Currently, in the red but just off that trough.
- EU Trade Chief Sefcovic to meet with USTR Greer this week to revive talks on metal tariffs, via Bloomberg.
- US Private Inventories: Crude Stocks -3.82mln (exp. +0.2mln , prev. -3.4mln), Distillate +0.52mln (exp. -0.5mln, prev. +1.9mln), Gasoline Stocks +1.05mln (exp. +0.2mln, prev. -0.7mln), Cushing +0.07mln (prev. -0.38mln)
- Peru’s Antamina mine expects to produce 380k metric tons of copper this year (vs 430k tons in 2024). 2026 copper output forecasts at 450k tons. Zinc production is projected at 450k tons this year (vs 270k tons in 2024).
- Trump officials are seeking an equity stake in Lithium Americas (LAC) as part of the renegotiation of a USD 2.3bln loan for the Thacker Pass lithium project; Lithium Americas has offered the administration no-cost warrants that would equate to 5% to 10% of the company’s common shares, according to Reuters.
- China reported its Crude Steel output fell by 0.7% in August 2025 v August 2024 to 77.4 million tonnes.
- Russia’s Novatek restarts its second processing unit at UST-Luga complex following a fire.
- Iran’s Oil Minister Paknejad says UN sanctions won’t create a burden on restrictions of oil sales.
Geopolitics: NATO
- US Defense Secretary Hegseth spoke with his Estonian counterpart and affirmed that the US stands with NATO allies, stressing that any incursion into NATO airspace is unacceptable, according to the Pentagon.
- G7 Foreign Ministers’ Joint Statement: G7 expresses concern over Russia’s latest airspace violations in Estonia, Poland, and Romania; G7 discussed imposing additional economic costs on Russia
Geopolitics: Ukraine
- Ukrainian President Zelensky said he was surprised at US President Trump’s recent comments on Ukraine but welcomed them as “a very positive signal” that the US and Trump would support Kyiv until the end of the war, according to Reuters.
- Ukraine hits Russia’s Neftekhim Salavat plant with drones overnight, says Reuters citing sources.
- Russian Kremlin says the Ukraine war is not an “aimless war” and the idea that Ukraine can win something back is “deeply mistaken”.
- Russian Kremlin states that improved relations with US is moving slow than would like; wants to remove ‘irritants’ in US ties; remains open to areas for profitable cooperation with US
Geopolitics: Middle East
- French President Macron said he will meet with the Iranian President on Wednesday to discuss the return of UN sanctions, according to Reuters.
- US envoy Barrack said Israel and Syria are close to reaching a “de-escalation” arrangement under which Israel would halt its bombings and Syria would not move military equipment toward the border, with a security agreement to follow, according to Al-Monitor.
- Israel’s army has taken “another step” in the plan to occupy Gaza city, via Alhadath citing Walla
US Event Calendar
- 5:00 am: Aug F Building Permits, est. 1312k, prior 1312k
- 7:00 am: Sep 19 MBA Mortgage Applications, prior 29.7%
- 10:00 am: Aug New Home Sales, est. 650k, prior 652k
- 10:00 am: Aug New Home Sales MoM, est. -0.31%, prior -0.6%
Central Bank Speakers
- 4:10 pm: Fed’s Daly Gives Keynote Remarks on Monetary Policy
DB’s Jim Reid concludes the overnight wrap
Markets struggled to keep up with the recent momentum yesterday, with the S&P 500 (-0.55%) finally slipping back after a succession of record highs, with a couple of main drivers for this retreat. One was a reversal in tech as there were as many questions as answers over Nvidia’s high profile $100bn tie-up with OpenAI from Monday. The other was a slightly more cautious tone on the labour market by Fed Chair Powell. Meanwhile, concerns also grew about a potential government shutdown next week. To be fair though, it wasn’t all bad news, as US Treasuries finally rallied after a run of 4 consecutive declines since the Fed meeting, and gold prices (+0.46%) hit a fresh record of $3,764/oz.
Powell’s prepared remarks on the economic outlook largely echoed his post-FOMC comments last week. The Chair said that “Two-sided risks” on inflation and the labour market “mean that there is no risk-free path” and avoided giving a firm rate cut signal for the upcoming meetings. However, in the Q&A he appeared to lean a little more into the dovish arguments, noting that “we do see meaningful weakness in the labor market“. While the comments had little impact on near-term Fed pricing, with 44bps of cuts being priced in by year-end (+0.6bps on the day), they reinforced a moderate rally in Treasuries. By the close, 2yr yields were -1.7bps lower at 3.59%, whilst the 10yr yield was down -4.1bps to 4.11%.
Earlier in the day, we’d already heard from several other Fed speakers, although the message was pretty divergent. For instance, Vice Chair for Supervision Bowman (voter) struck a dovish note, saying “it is time for the committee to act decisively and proactively to address decreasing labor market dynamism and emerging signs of fragility”. For context, Bowman has been widely reported as one of the candidates to become Fed Chair, and voted for a 25bp cut at the July meeting where they held rates steady, so has been one of the more dovish members recently. Otherwise, Chicago Fed President Goolsbee (voter) was more cautious, saying that “with inflation having been over the target for four-and-a-half years in a row, and rising, I think we need to be a little careful with getting overly, up-front aggressive.” And it was a similar message from Atlanta Fed President Bostic (non-voter), who said that “it’s incumbent upon us to continue to stay vigilant in the fight against inflation.”
Whilst Fed speakers provided the main headlines, an important developing story has been on the potential for a US government shutdown next week. For those who haven’t been following, government funding currently runs out on September 30, unless Congress vote to authorise more spending. And even though the Republicans have a majority in both chambers of Congress, they need 60 votes in the Senate to avoid a filibuster, when they only have 53 among themselves. Meanwhile, the Democrats are calling for an extension of healthcare subsidies, so there’s an impasse as it stands. There had been a meeting planned between President Trump and the House and Senate Democratic leaders, but Trump cancelled the meeting yesterday, posting that “I have decided that no meeting with their Congressional Leaders could possibly be productive.” So that cancellation has led to a fresh bout of concern that funding will run out at next week’s deadline, and we could see the first shutdown since the winter of 2018-19. Meanwhile, Trump’s main appearance yesterday was a combative speech at the UN, as he accused the organisation of offering only “empty words” and criticised other countries’ climate and immigration policies. Trump later seemed to give his clearest support to Ukraine yet suggesting that the country is in a position to win all its territory back. So that was a change in emphasis.
US equities fell back, with the S&P 500 (-0.55%) posting its worst day in three weeks, while the NASDAQ (-0.95%) and the Mag-7 (-1.55%) saw even larger declines. All of the Mag-7 moved lower, including a -3.04% slide for Amazon, but it was Nvidia’s -2.82% decline that was the main story. This reversed much of Monday’s +3.93% gain after it announced it would invest as much as $100bn into OpenAI. Investors have been left grappling with many questions around the deal. A more practical one is on the timing of the planned data center roll out and whether this can access sufficient power grid capacity. But the bigger concern from an AI bubble risk perspective was whether Nvidia was now relying on investments into customers to feed its revenue growth and whether we’re beginning to see some creative accounting reminiscent of 1990s telco deals.
Over in Europe, there was much more of a risk-on tone yesterday after the September flash PMIs painted a picture of ongoing resilience. Most notably, the Euro Area composite PMI moved up to a 16-month high of 51.2 (vs. 51.1 expected), which added to the optimism around European growth, particularly with the fiscal stimulus ahead. Nevertheless, there was a pretty divergent picture across different countries. Germany led the advance, with its composite PMI rising to 52.4 (vs. 50.7 expected), which was also a 16-month high. But France’s composite PMI fell back to a 5-month low of 48.4 (vs. 49.7 expected). By comparison, the US composite PMI saw a -1.0pt decline albeit to a still solid level of 53.6 (vs. 54.0 expected).
That positive backdrop helped to lift European equities, with the STOXX 600 (+0.28%) moving higher, alongside the DAX (+0.36%) and the CAC 40 (+0.54%). European bond yields also ended the session a bit higher, with yields on 10yr bunds (+0.1bps) and OATs (+0.4bps) inching up. Over in the UK however, there was a bit more weakness, with the FTSE 100 (-0.04%) losing ground after the country’s flash PMIs surprised on the downside. Indeed, the composite PMI fell to a 4-month low of 51.0 (vs. 53.0 expected), which also put downward pressure on gilt yields, with the 10yr yield down -3.3bps on the day.
Asian equity markets are mostly lower this morning outside of a bounce back for China risk. The KOSPI (-0.80%) is an underperformer, impacted by declines in regional technology stocks, while the S&P/ASX 200 (-1.07%) is seeing larger losses also after higher-than-anticipated CPI has dampened expectations for additional interest rate reductions from the RBA (details below).
The Nikkei is rallying back to flat as I type after a holiday yesterday. Conversely, Chinese stocks are defying the regional negative trend, with the Hang Seng (+0.91%), and the Shanghai Composite (+0.63%) seeing gains due to optimism surrounding potential stimulus measures from Beijing. Outside of Asia, US equity futures are fairly flat along with US Treasuries after their rally yesterday.
Returning to Australia, CPI increased by +3.0% year-on-year in August (compared to +2.9% expected; +2.8% in July), marking the highest reading in a year, primarily driven by housing costs. Although the RBA’s preferred trimmed mean measure, which excludes volatile items such as food and energy, decreased to +2.6% in August from 2.7% in the previous month, based on some of the components in the release our Q3 trimmed mean CPI forecast for Q3 is now at 0.8%qoq/2.7%yoy. The RBA’s forecast as outlined in the August SMP was for a 0.6%qoq/2.5%yoy print. As such DB has changed its call for November from a cut to a hold. We still expect cuts in February and May next year but a terminal rate that is now 25bps higher at 3.1%. See our report here.
Following the release of this data, the Australian dollar recovered from losses to trade +0.26% higher, settling at 0.6616 against the dollar, while yields on the policy-sensitive 3yr government bonds rose by +7.5bps to trade at 3.52%, as markets adjusted their expectations for the next rate cut.
In a separate report, Japan’s manufacturing activity contracted more than anticipated in September, with the S&P’s preliminary manufacturing PMI dropping to 48.4, down from 49.7 in the previous month, as overseas demand faced pressure from high US trade tariffs. Simultaneously, the S&P Global Flash Japan Services PMI increased to 53.0 in September, slightly slower than the 53.1 recorded in August, but still comfortably within growth territory. Staying with Japan, our economist has published a “what we need to know” about the LDP leadership battle.
To the day ahead now, and data releases include the Ifo’s business climate indicator from Germany for September, and US new home sales for August. Central bank speakers include San Francisco Fed President Daly, and the BoE’s Greene.
2b) European opening report
US equity futures are mixed, USD gains, EUR is pressured on soft German Ifo – US Market Open
Wednesday, Sep 24, 2025 – 06:19 AM
- European bourses are modestly lower; US equity futures are incrementally firmer/flat.
- USD is attempting to atone for recent losses. EUR digests soft German Ifo.
- Fixed benchmarks are firmer; Bunds caught a bid on softer-than-expected German Ifo metrics.
- Crude briefly boosted by reports that Israel’s army has taken “another step” in the plan to occupy Gaza city; XAU takes a breather from recent upside.
- Looking ahead, highlights include Supply from the US; Speeches from BoE’s Greene, Fed’s Daly.
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TRADE/TARIFFS
- The White House said US President Trump will meet Australian Prime Minister Albanese on 20th October in Washington, according to Reuters.
- Canadian PM Carney said discussions with US President Trump about a Canada-US trade deal will roll into the USMCA review process, noting that talks are ongoing and that Canada will sign when there is the right deal for the country, according to Reuters.
- Canadian PM Carney said he is open to discussions with the Chinese Premier regarding steel tariffs, according to Reuters.
- China’s Commerce Ministry stated it will not seek preferential treatment at the WTO, according to Reuters.
- China’s Premier expressed willingness to enhance cooperation with Canada to improve bilateral relations, according to Reuters.
EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 -0.3%) began the session around the unchanged mark, but slipped into negative territory, soon after the cash open, but without a clear catalyst – perhaps some focus on the latest hawkish geopolitical rhetoric from Trump. More recently, the complex has picked up from worst levels to currently trade towards the mid-point of the day’s range.
- European sectors hold a negative bias, and with the breadth of the market fairly narrow today. Utilities is found towards the top of the pile, albeit only marginally so. Iberdrola (+0.8%) announced it will be investing USD 68bln to grow in the UK/US; the Co. also said it sees close to EUR 20bln in dividends between 2025 and 2028. Defence names today have been boosted today after President Trump said Ukraine can win all its land back from Russia.
- US equity futures are modestly firmer/flat, with the ES/NQ trading with incremental gains whilst the RTY bobbles around the unchanged mark.
- Pre-market movers; Micron (+1.9%, Q4 results topped expectations and guidance was decent), Alibaba (+9%, launched its largest AI model; collaborates with NVIDIA on Physical AI), NVIDIA (+0.8%, insider selling; OpenAI in talks to rent NVIDIA chips).
- Alibaba (BABA / 9988 HK) announces a collaboration with NVIDIA (NVDA) on physical AI, via CLS.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
- Click for a detailed summary
FX
- USD is attempting to claw back the losses seen on Monday and Tuesday in a session, which thus far has been void of fresh macro drivers. Docket today fairly thin, focus will be on Fed speak via Daly at 21:10BST, who will be speaking on the economic outlook. DXY has eclipsed Tuesday’s best at 97.45.
- EUR/USD is lower on account of the broadly stronger USD and a disappointing IFO report from Germany. Both the expectations and current conditions prints declined from their priors and printed below the bottom end of analyst estimates, snapping a streak of six consecutive months of increases for the headline business climate metric. Desks remain cognizant of geopolitical tensions after US President Trump’s UN address yesterday, in which he noted that NATO countries should shoot down Russian aircraft if they enter NATO airspace. Finally, in an olive branch to the Left, reports in French press suggest that Lecornu is open to a tax on top earners and firms. EUR/USD has extended its decline on a 1.17 handle.
- USD/JPY has moved back onto a 148 handle, supported by the stronger dollar and incremental JPY weakness after flash PMIs showed a deterioration across all components, commentary highlighted persistent cost pressures and elevated inflation. Elsewhere, focus remains on the outcome of the LDP leadership contest on October 4th with Sanae Takaichi still judged to be the front-runner for the position. As it stands, an October hike is currently seen as a coin-flip by markets. USD/JPY has ventured as high as 148.29.
- GBP is on the backfoot vs. the broadly firmer USD and steady vs. the EUR. Incremental macro drivers from the UK are light in the wake of yesterday’s soft showing for September flash PMI metrics, which were weighed on by angst ahead of the November 26th budget. Ahead of which, the Institute for Government (IfG) is the latest think tank to come out and suggest that Chancellor Reeves needs to consider going back on her “rash” tax commitments and impose serious tax reform. Today’s docket is light in terms of data. However, MPC external member Greene is due to give remarks at 17:30BST on ‘Supply shocks and monetary policy’ (text release is due). Cable has slipped onto a 1.34 handle and below Tuesday’s 1.3488.
- AUD is bucking the trend of the majors and is firmer vs. the USD in the wake of firm Australian CPI metrics, which saw the Y/Y CPI rate climbing from 2.8% to 3.0% – the top end of the RBA’s target range.
- PBoC set USD/CNY mid-point at 7.1077 vs exp. 7.1080 (Prev. 7.1057)
- RBI reportedly likely intervened in NDF markets ahead of local opening to support the INR, according to traders cited by Reuters
- Click for a detailed summary
- Click for NY OpEx Details
FIXED INCOME
- A slightly firmer start to the day for USTs, though once again ranges are thin and US specific newsflow is light. Currently, USTs hold near the top end of a 112-28 to 113-00 band. Just about eclipsing Tuesday’s 112-30+ peak and last week’s best, which was a tick above that. After the deluge of speakers yesterday, today’s docket is a little quieter but does feature remarks from Fed’s Daly (2027) where we expect text and a Q&A. Before that, the week’s supply continues with 5yr notes due after Tuesday’s 2yr sale, an auction that was ok overall but did show a cooling of demand.
- A contained start for Bunds, firmer by a handful of ticks but also in a thin range with newsflow at the time light and largely digesting leaders remarks on the defense/Ukraine front after Trump’s language yesterday, language that took even Ukraine by surprise. The main update was Ifo, a surprisingly weak release with conditions and expectation printing below the forecast range. Metrics lifted Bunds by around 10 ticks in the minutes after and since have helped lift it to a 128.40 peak and also propped up peers across the board as well.
- Gilts are outperforming vs peers, in a continuation of the strength seen yesterday after poor PMIs and despite soft supply. At a 91.28 peak, but for the most part holding around the midpoint of 91.12-91.28 parameters. UK docket relatively light, supply was unremarkable from the UK, strong enough to keep the benchmark comfortably in the above range. Follows the soft tap on Tuesday, where a chunky price tail sparked notable pressure. Press remains focussed on the budget as more think tanks and other groups offer recommendations as to what Chancellor Reeves should do. Overall, the narrative from such groups is that significant tax cuts are inevitable and as such Reeves may need to break the manifesto pledge around them, in order to raise sufficient funds to cover the gap and avoid having to come back.
- UK sells GBP 4.75bln 4.375% 2030 Gilt: b/c 2.80x (prev. 3.15x), average yield 4.095% (prev. 4.022%), yield tail 0.4bps (prev. 0.1bps), price tail 1.6 ticks.
- Italy sells EUR 2.5bln vs exp. EUR 2-2.5bln 2.10% 2027 BTP Short Term & EUR 3.75bln vs exp. EUR 2-2.5bln 1.10% 2031 and 2.40% 2039 BTPei.
- Germany sells EUR 3.045bln vs exp. EUR 4.0bln 2.50% 2032 Bund: b/c 1.5x (prev. 1.2x), average yield 2.52% (prev. 2.46%), retention 23.88% (prev. 33.13%).
- South Korea will issue JPY 500bln in yen-denominated bonds, according to a Japanese regulatory filing.
- Click for a detailed summary
COMMODITIES
- Choppy price action across the crude complex thus far. Upticks in oil prices was seen following reports that the Israeli army had taken “another step” in the plan to occupy Gaza city spurred a move higher to peaks of USD 63.86/bbl and USD 68.12/bbl for WTI and Brent respectively. However, the move proved somewhat short-lived. Crude hit by a surprise German Ifo survey, with all metrics falling from the prior and both conditions and expectations printing below the forecast range. Potential demand-side concerns from this weighed and sent benchmarks back to fresh lows for the session of USD 63.25/bbl and USD 67.51/bbl respectively. Further bearish impulse potentially from Russia restarting a second unit at the UST-Luga facility and Russia saying Exxon is not the only firm interested in returning to Russia.
- Spot gold is trading off the new ATH at USD 3791/oz made in yesterday’s session, with the day’s best price USD 12/oz lower at USD 3779/oz. Specifics light thus far, continued focus on the geopolitical drivers outlined above, these factors seemingly helped XAU recoup some of Tuesday’s pressure. However, USD strength is capping a return to mentioned highs.
- 3M LME Copper continues to trade below key USD 10k/ton level and in a tight range amid concerns over Super Typhoon Ragasa. The main move this morning came alongside the German Ifo series, preventing 3M LME Copper from retesting USD 10k/t to the upside and pushing the metal back towards earlier USD 9.96k/T lows. Currently, in the red but just off that trough.
- EU Trade Chief Sefcovic to meet with USTR Greer this week to revive talks on metal tariffs, via Bloomberg.
- US Private Inventories: Crude Stocks -3.82mln (exp. +0.2mln , prev. -3.4mln), Distillate +0.52mln (exp. -0.5mln, prev. +1.9mln), Gasoline Stocks +1.05mln (exp. +0.2mln, prev. -0.7mln), Cushing +0.07mln (prev. -0.38mln)
- Peru’s Antamina mine expects to produce 380k metric tons of copper this year (vs 430k tons in 2024). 2026 copper output forecasts at 450k tons. Zinc production is projected at 450k tons this year (vs 270k tons in 2024).
- Trump officials are seeking an equity stake in Lithium Americas (LAC) as part of the renegotiation of a USD 2.3bln loan for the Thacker Pass lithium project; Lithium Americas has offered the administration no-cost warrants that would equate to 5% to 10% of the company’s common shares, according to Reuters.
- China reported its Crude Steel output fell by 0.7% in August 2025 v August 2024 to 77.4 million tonnes.
- Russia’s Novatek restarts its second processing unit at UST-Luga complex following a fire.
- Iran’s Oil Minister Paknejad says UN sanctions won’t create a burden on restrictions of oil sales.
- Click for a detailed summary
NOTABLE DATA RECAP
- German Ifo Expectations New (Sep) 89.7 vs. Exp. 92 (Prev. 91.6); Ifo Current Conditions New (Sep) 85.7 vs. Exp. 86.5 (Prev. 86.4); Ifo Business Climate New (Sep) 87.7 vs. Exp. 89.3 (Prev. 89)
NOTABLE EUROPEAN HEADLINES
- French PM Lecornu is open to a tax on top earners and firms, via BFM TV.
- German Chancellor Merz says that a true reform is needed to fund the German welfare system. Says Germany will make a concrete proposal on pension system reform this year. Says Germany’s aviation costs need to be lowered. Says Auto, Steel and Chemical sectors are key sectors in Germany and must remain.
- Swiss KOF: cuts 2026 outlook due to the deterioration in competitive conditions caused by US tariffs and ongoing heightened economic uncertainty, adj. GDP forecast at 0.9% in 2026 (prev. 1.5)
NOTABLE US HEADLINES
- House Democrats will meet on September 29th in Washington, D.C. to discuss government funding, according to Bloomberg.
- OpenAI, Oracle (ORCL), and Softbank (9984 JT) announced five new US data centres; expects new data centre site to create over 25,000 direct jobs and tens of thousands more across the US. The firm continues assessing further potential locations for expansion.
- NVIDIA (NVDA) director Mark A. Stevens sold over 350k common shares at an average price of USD 176.3923/shr on 19 September (vs 178.43 closing price on Tuesday)
- Micron (MU) Q2 2025 (USD): Adj. EPS 3.03 (exp. 2.86), Revenue 11.32bln (exp. 11.21bln). Adj. net income 3.469bln (exp. 3.158bln). Outlook: Q1 EPS 3.75 (exp. 3.07). Q1 revenue 12.5bln (exp. 11.87bln). Shares settled +0.4% after hours.
GEOPOLITICS
NATO-RUSSIA
- US Defense Secretary Hegseth spoke with his Estonian counterpart and affirmed that the US stands with NATO allies, stressing that any incursion into NATO airspace is unacceptable, according to the Pentagon.
- G7 Foreign Ministers’ Joint Statement: G7 expresses concern over Russia’s latest airspace violations in Estonia, Poland, and Romania; G7 discussed imposing additional economic costs on Russia
RUSSIA-UKRAINE
- Ukrainian President Zelensky said he was surprised at US President Trump’s recent comments on Ukraine but welcomed them as “a very positive signal” that the US and Trump would support Kyiv until the end of the war, according to Reuters.
- Ukraine hits Russia’s Neftekhim Salavat plant with drones overnight, says Reuters citing sources.
- Russian Kremlin says the Ukraine war is not an “aimless war” and the idea that Ukraine can win something back is “deeply mistaken”.
- Russian Kremlin states that improved relations with US is moving slow than would like; wants to remove ‘irritants’ in US ties; remains open to areas for profitable cooperation with US
MIDDLE EAST
- French President Macron said he will meet with the Iranian President on Wednesday to discuss the return of UN sanctions, according to Reuters.
- US envoy Barrack said Israel and Syria are close to reaching a “de-escalation” arrangement under which Israel would halt its bombings and Syria would not move military equipment toward the border, with a security agreement to follow, according to Al-Monitor.
- Israel’s army has taken “another step” in the plan to occupy Gaza city, via Alhadath citing Walla
CRYPTO
- Bitcoin is a little lower and trades around USD 112.6k whilst Ethereum is holding around USD 4.1k.
APAC TRADE
- APAC stocks eventually traded mixed following a subdued open as the sentiment from Wall Street initially reverberated, but later improved after Chinese cash trade got underway, whilst Hong Kong remained open despite the Super Typhoon.
- ASX 200 declined as gold miners weighed following consecutive sessions of outperformance, while Tech mirrored Wall Street sectoral weakness.
- Nikkei 225 returned from holiday to trade softer in line with the regional tone, though losses were somewhat cushioned by the NVIDIA/OpenAI rally it missed yesterday and a weaker JPY intraday.
- KOSPI was pressured amid the broader global tech pullback and deteriorating South Korean consumer sentiment.
- Hang Seng and Shanghai Comp were choppy and eventually traded in the green, with the former also boosted by Alibaba, whose shares surged after releasing its largest LLM whilst announcing plans to ramp up spending on AI infrastructure to better compete with US rivals.
NOTABLE ASIA-PAC HEADLINES
- New Zealand Finance Minister Willis said Anna Breman will be the new RBNZ Governor, beginning her five-year term on 1st December 2025. Breman will leave her position at the Riksbank on October 10th as she has been appointed the governor of the RBNZ.
- Alibaba (BABA/ 9988 HK) officially released Qwen3-MAX, a 1tln-parameter large language model. CEO announced plans to ramp up spending on AI infrastructure to better compete with US rivals.
- Russian Kremlin states US President Trump is a businessman attempting to pressure global markets into purchasing US oil and gas at elevated prices Praises Trump’s desire to bring an end to the conflict. States that Russian army are advancing in Ukraine and dynamics on the frontline are obvious.
- China announces measures to promote service export, via state media.
DATA RECAP
- Australian Weighted CPI YY (Aug) 3.00% vs. Exp. 2.90% (Prev. 2.80%)
- Australian CPI Annual Trimmed Mean YY (Aug) 2.60% (Prev. 2.70%)
- Australian CPI SA MM (Aug) 0.10% (Prev. 0.90%); YY (Aug) 3.00% (Prev. 2.80%)
- Japanese S&P Global Manufacturing PMI Flash SA (Sep) 48.4 (Prev. 49.7); Services PMI Flash SA (Sep) 53.0 (Prev. 53.1)
- Japanese S&P Global Composite Op Flash SA (Sep) 53.0 (Prev. 52.0)
- South Korean Consumer Sentiment (Sep) 110.1 (Prev. 111.4)
2c) Asian opening report
No move to Fed speak, geopolitics in focus; Ifo & supply ahead – Newsquawk Europe Market Open
Wednesday, Sep 24, 2025 – 01:33 AM
- APAC stocks eventually traded mixed following the subdued lead from Wall Street; Japanese markets returned from holiday, Chinese markets were choppy before posting gains.
- Fed Chair Powell said that towards the next meeting, the Fed will look at labour market, growth data, and inflation data to assess whether policy is in the right place, adding that if it is not, they will move it there.
- DXY edged higher throughout the APAC session, EUR/USD briefly dipped under 1.1800, AUD was boosted by Aussie CPI, JPY weakened slightly post-PMI.
- US President Trump shifted his stance on Ukraine and said he thinks Ukraine, with the support of the EU, is in a position to fight and “win” all of Ukraine back in its original form.
- OpenAI, Oracle (ORCL), and Softbank (9984 JT) announced five new US data centres; NVIDIA (NVDA) director Mark A. Stevens sold over 350k common shares.
- European equity futures are indicative of a softer cash open with the Euro Stoxx 50 future -0.4% after cash closed +0.6% on Tuesday.
- Looking ahead, highlights include German Ifo Survey (Sep), Supply from Italy, UK, Germany, US, Speeches from BoE’s Greene, Fed’s Daly.
SNAPSHOT
Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
2. Listen to this report in the market open podcast (available on Apple and Spotify)
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US TRADE
EQUITIES
- US stocks closed lower, pausing the recent rally. Energy outperformed on the back of a rebound in crude prices, while Consumer Discretionary and Technology lagged. NVIDIA (-2.8%) gave back some of Monday’s gains from the OpenAI deal, weighing most heavily on the S&P 500 (-0.6%) and Nasdaq 100 (-0.7%), alongside Amazon (-2.8%).
- SPX -0.55% at 6,657, NDX –0.73% at 24,580, DJI –0.19% at 46,293, RUT -0.24% at 2,458.
- Click here for a detailed summary.
NOTABLE HEADLINES
- House Democrats will meet on September 29th in Washington, D.C. to discuss government funding, according to Bloomberg.
- OpenAI, Oracle (ORCL), and Softbank (9984 JT) announced five new US data centres; expects new data centre site to create over 25,000 direct jobs and tens of thousands more across the US. The firm continues assessing further potential locations for expansion.
- NVIDIA (NVDA) director Mark A. Stevens sold over 350k common shares at an average price of USD 176.3923/shr on 19 September (vs 178.43 closing price on Tuesday)
- Micron (MU) Q2 2025 (USD): Adj. EPS 3.03 (exp. 2.86), Revenue 11.32bln (exp. 11.21bln). Adj. net income 3.469bln (exp. 3.158bln). Outlook: Q1 EPS 3.75 (exp. 3.07). Q1 revenue 12.5bln (exp. 11.87bln). Shares settled +0.4% after hours.
CENTRAL BANKS
- Fed Chair Powell said downside risks to employment shifted the balance of risks, prompting last week’s rate cut, which he described as another step towards a more neutral policy stance. He stressed that with two-sided risks there is no risk-free path and policy is not on a pre-set course, while the stance remains modestly restrictive and well-positioned to respond to developments. He noted economic growth has moderated with rising downside risks to jobs, consumer spending has slowed, and businesses say uncertainty weighs on the outlook. He said inflation has risen and remains somewhat elevated, with August PCE likely at 2.7% and core PCE at 2.3%, both up from a year earlier and driven by goods prices reflecting tariffs rather than broad pressures, adding that tariff-driven effects should be short-lived while services disinflation continues and long-term expectations remain consistent with 2%. He described the labour market as less dynamic and somewhat softer, with an unusual decline in both supply and demand for workers. He warned tariff increases will likely show up as higher inflation over several quarters but pledged to prevent a one-off price jump from becoming ongoing inflation, and he emphasised that at a time when public trust in institutions is challenged, those in public service must focus tightly on their critical missions, according to Reuters.
- Fed Chair Powell said in a Q&A that towards the next meeting on 29 October the Fed will look at labour market, growth data, and inflation data to assess whether policy is in the right place, adding that if it is not, they will move it there. He said the policy path is difficult and required a compromise, stressed the need to look at both goals equally, and emphasised the need for a policy that covers a range of plausible outcomes, according to Reuters. Click here for the full Q&A remarks.
- BoC Governor Macklem said he thinks the Bank of Canada will get back to a baseline forecast in the Monetary Policy Report, adding that the BoC is going to have to start being more forward-looking again, according to Reuters.
TRADE/TARIFFS
- The White House said US President Trump will meet Australian Prime Minister Albanese on 20th October in Washington, according to Reuters.
- US President Trump said he looks forward to continuing to work closely with Argentina’s President Milei and endorsed him for re-election, according to Truth Social.
- Canadian PM Carney said discussions with US President Trump about a Canada-US trade deal will roll into the USMCA review process, noting that talks are ongoing and that Canada will sign when there is the right deal for the country, according to Reuters.
- Canadian PM Carney said he is open to discussions with the Chinese Premier regarding steel tariffs, according to Reuters.
- China’s Commerce Ministry stated it will not seek preferential treatment at the WTO, according to Reuters.
- China’s Premier expressed willingness to enhance cooperation with Canada to improve bilateral relations, according to Reuters.
APAC TRADE
EQUITIES
- APAC stocks eventually traded mixed following a subdued open as the sentiment from Wall Street initially reverberated, but later improved after Chinese cash trade got underway, whilst Hong Kong remained open despite the Super Typhoon.
- ASX 200 declined as gold miners weighed following consecutive sessions of outperformance, while Tech mirrored Wall Street sectoral weakness.
- Nikkei 225 returned from holiday to trade softer in line with the regional tone, though losses were somewhat cushioned by the NVIDIA/OpenAI rally it missed yesterday and a weaker JPY intraday.
- KOSPI was pressured amid the broader global tech pullback and deteriorating South Korean consumer sentiment.
- Hang Seng and Shanghai Comp were choppy and eventually traded in the green, with the former also boosted by Alibaba, whose shares surged after releasing its largest LLM whilst announcing plans to ramp up spending on AI infrastructure to better compete with US rivals.
- US equity futures traded flat to slightly firmer (ES +0.1%, NQ +0.1%), consolidating after Tuesday’s selling with little scheduled on the US docket for Wednesday.
- European equity futures are indicative of a softer cash open with the Euro Stoxx 50 future -0.4% after cash closed +0.6% on Tuesday.
FX
- DXY was modestly firmer after two sessions of losses, edging higher on quiet newsflow within a narrow 97.220–97.371 range, holding inside Tuesday’s 97.199–97.456 parameters.
- EUR/USD edged lower as dollar strength weighed, with the pair eventually briefly dipping under 1.1800 and traders eyeing today’s German Ifo survey for direction amid light APAC newsflow.
- GBP/USD was also subdued on broader dollar gains but remained above 1.3500, confined to yesterday’s afternoon range, with focus turning to BoE’s Greene, who will speak on “Supply shocks and monetary policy.”
- USD/JPY edged closer towards 148.00 – supported by the stronger dollar and incremental JPY weakness after Flash PMIs showed deterioration across all components, though commentary highlighted persistent cost pressures and elevated inflation.
- Antipodeans were initially subdued but AUD/USD reversed higher to reclaim 0.6600 after stronger-than-expected Aussie CPI data, while NZD/USD coat-tailed on some of the gains from its Tasman counterpart.
- PBoC set USD/CNY mid-point at 7.1077 vs exp. 7.1080 (Prev. 7.1057)
- RBI reportedly likely intervened in NDF markets ahead of local opening to support the INR, according to traders cited by Reuters
FIXED INCOME
- 10yr UST futures were choppy in a tight range, initially maintaining a mild upward bias after the 2-year auction, which cleared well, but demand momentum cooled. Direct bidders eased off, dealers absorbed more, and indirects remain below average – suggesting investor appetite is still there, but less robust than in prior sales.
- Bund futures held onto mild gains amid the broader cautious tone, with traders eyeing the German Ifo survey and a 2032 Bund auction later in the session.
- 10yr JGB futures advanced in tandem with western counterparts – playing catch-up after Tuesday’s Japanese holiday.
- Italy to sell up to EUR 8.75bln in bonds on September 26th, via auction.
- US sold USD 69bln of 2yr notes, stops-through 0.1bps. High Yield: 3.571% (prev. 3.641%, six-auction average 3.847%); WI 3.572%: Tail -0.1 (prev. -1.5bps, six-auction avg. -0.5bps), Bid-to-Cover: 2.51x (prev. 2.69x, six-auction avg. 2.61x), Dealers: 11.49% (prev. 9.7%, six-auction avg. 11.3%), Directs: 30.77% (prev. 33.2%, six-auction avg. 27.3%), Indirects: 57.75% (prev. 57.1%, six-auction avg. 61.4%)
- Australia sold AUD 1bln 3.00% 2033 AGB; b/c 3.21x (prev. 3.29x), average yield 4.0912% (prev. 4.0742%)
- South Korea will issue JPY 500bln in yen-denominated bonds, according to a Japanese regulatory filing.
COMMODITIES
- Crude futures held an upward bias after Tuesday’s sharp gains, supported by punchy rhetoric from US President Trump and reports that Russia may extend its gasoline export ban, while the impact of a surprise large draw in private inventories was tempered by weaker internals.
- Spot gold eased slightly on dollar strength but remained above USD 3,750/oz after yesterday’s record high of USD 3,791.25/oz, underpinned by geopolitics.
- Copper futures were little changed, slipping back below USD 10,000/t amid dollar strength and softer risk sentiment.
- US Private Inventories: Crude Stocks -3.82mln (exp. +0.2mln , prev. -3.4mln), Distillate +0.52mln (exp. -0.5mln, prev. +1.9mln), Gasoline Stocks +1.05mln (exp. +0.2mln, prev. -0.7mln), Cushing +0.07mln (prev. -0.38mln)
- Peru’s Antamina mine expects to produce 380k metric tons of copper this year (vs 430k tons in 2024). 2026 copper output forecasts at 450k tons. Zinc production is projected at 450k tons this year (vs 270k tons in 2024).
- Trump officials are seeking an equity stake in Lithium Americas (LAC) as part of the renegotiation of a USD 2.3bln loan for the Thacker Pass lithium project; Lithium Americas has offered the administration no-cost warrants that would equate to 5% to 10% of the company’s common shares, according to Reuters.
CRYPTO
- Bitcoin found some reprieve overnight from recent selling, and hovered just above the USD 112k mark.
NOTABLE ASIA-PAC HEADLINES
- New Zealand Finance Minister Willis said Anna Breman will be the new RBNZ Governor, beginning her five-year term on 1st December 2025. Breman will leave her position at the Riksbank on October 10th as she has been appointed the governor of the RBNZ.
- Alibaba (BABA/ 9988 HK) officially released Qwen3-MAX, a 1tln-parameter large language model. CEO announced plans to ramp up spending on AI infrastructure to better compete with US rivals.
DATA RECAP
- Australian Weighted CPI YY (Aug) 3.00% vs. Exp. 2.90% (Prev. 2.80%)
- Australian CPI Annual Trimmed Mean YY (Aug) 2.60% (Prev. 2.70%)
- Australian CPI SA MM (Aug) 0.10% (Prev. 0.90%)
- Australian CPI SA YY (Aug) 3.00% (Prev. 2.80%)
- Japanese S&P Global Manufacturing PMI Flash SA (Sep) 48.4 (Prev. 49.7)
- Japanese S&P Global Services PMI Flash SA (Sep) 53.0 (Prev. 53.1)
- Japanese S&P Global Composite Op Flash SA (Sep) 53.0 (Prev. 52.0)
- South Korean Consumer Sentiment (Sep) 110.1 (Prev. 111.4)
GEOPOLITICS
NATO-RUSSIA
- US President Trump said NATO countries should shoot down Russian aircrafts if they enter NATO airspace; asked if the US would support such action, he said it depends on the circumstances; he added that he thinks Hungarian leader Orban will stop buying Russian oil, and said we do not know exactly what happened in Denmark, according to Reuters.
- European Commission President Von der Leyen, asked about when Europe can stop buying Russian oil, said that while some is still coming, a lot has already been done, and the aim is to be out by the end of the year, according to Reuters.
- US Defense Secretary Hegseth spoke with his Estonian counterpart and affirmed that the US stands with NATO allies, stressing that any incursion into NATO airspace is unacceptable, according to the Pentagon.
- G7 Foreign Ministers’ Joint Statement: G7 expresses concern over Russia’s latest airspace violations in Estonia, Poland, and Romania; G7 discussed imposing additional economic costs on Russia
RUSSIA-UKRAINE
- US President Trump said he thinks Ukraine, with the support of the EU, is in a position to fight and “win” all of Ukraine back in its original form, arguing that with time, patience, and European—particularly NATO—financial support, restoring the original borders is a realistic option; he described Russia as fighting aimlessly for three and a half years in a war that should have taken a real military power less than a week, calling it a “paper tiger”, and said Russia is in “big economic trouble” with long fuel queues and most resources tied up in the war, while Ukraine has “great spirit” and is only getting stronger; he added that the US will continue supplying weapons to NATO for it to use as it wishes and wished both countries well, according to Truth Social.
- Ukrainian President Zelensky said he was surprised at US President Trump’s recent comments on Ukraine but welcomed them as “a very positive signal” that the US and Trump would support Kyiv until the end of the war, according to Reuters.
MIDDLE EAST
US envoy Barrack said Israel and Syria are close to reaching a “de-escalation” arrangement under which Israel would halt its bombings and Syria would not move military equipment toward the border, with a security agreement to follow, according to Al-Monitor.
There was nothing in the E3/EU-Iran meeting that made a snapback less likely, according to WSJ’s Norman, citing sources.
Iran has still not met conditions set by European powers to avert snapback, according to Reuters, citing French diplomatic sources; discussions with Iran over snapback will continue to explore all possibilities to find a solution, with sources saying the ball is in Iran’s court, and that in the absence of progress by the end of 27 September, UN sanctions will be reimposed on Iran.
Iran’s Supreme Leader Khamenei said negotiations with the US are a dead-end, that Iran does not need nuclear weapons and does not intend to produce them, and that the nation will not surrender to pressure regarding uranium enrichment, which the Iranian people will not accept at zero; he stressed that negotiations with the US in the present situation will not help Iran’s interests and are harmful, and claimed the US seeks to prevent Iran from possessing missiles, including midrange missiles, according to Reuters.
Iran’s Supreme Leader said the country has reached an advanced level in uranium enrichment, noting that while countries aiming to develop nuclear weapons enrich uranium up to 90%, Iran has limited enrichment to 60% because it has no need for such weapons and has intended not to pursue them, according to a post on X.
French President Macron said he will meet with the Iranian President on Wednesday to discuss the return of UN sanctions, according to Reuters.
3A NORTH KOREA/SOUTH KOREA
SOUTH KOREA//NORTH KOREA/
3B JAPAN
3C CHINA
4. European affairs and NATO
GERMANY
AFD CANDIDATE BANNED
what a joke; only 20% of voters participated
(remix)
German Mayoral Election Turns Into Farce After AfD Candidate Banned; Only 29% Of Voters Participate
Wednesday, Sep 24, 2025 – 05:00 AM
Germany’s left have long claimed that the Alternative for Germany (AfD) is a threat to democracy, and due to this claim, they argue the party should be banned entirely. Although banning parties is typically reserved for authoritarian regimes, this outcome remains a very real possibility in Germany, and a local election in the city of Ludwigshafen just showed what such an outcome could look like in practice.
Incredibly, the main candidate for the AfD, Joachim Paul, was banned from running in the mayoral election. The method used to ban him could become widespread and now represent — despite what the left claims — the true threat to democracy in Germany.
Using an expert opinion from the powerful domestic spy agency, the Federal Office for the Protection of the Constitution (BfV), commissioned by Social Democrat (SPD)-led Interior Minister of Rhineland-Palantinate, Paul was banned through the courts. It was a backdoor method that three separate courts upheld after numerous appeals by the AfD” ‘s lawyers.
“Election night without the blue bar. And without an alternative! Remarkable: low voter turnout and a relatively high number of invalid votes. I thank everyone who has supported me in the last 6 weeks! Many heartfelt thanks!” wrote Paul on his X page.
Notably, Paul was leading in the polls before he was removed entirely from the ballot. Nobody replaced him on the ballot either, meaning the AfD was not represented by anyone in the election.
Now, the turnout in the mayoral election has reached an all-time low of just 29.3 percent. In 2017’s mayoral election in Ludwigshafen, the then-SPD candidate Jutta Steinruck won with 60.2 percent participation.
That means voter turnout was cut in half from that election.
That is not all. For those who did vote, many of them appear to have submitted “spoiled” ballots. A record-high number of ballots were ruled invalid, at 9.2 percent. Eight years ago, that number was just 2.6 percent.
In the final totals for this most recent election, in which Paul was banned, Klaus Blettner (CDU) and Jens Peter Gotter (SPD) have advanced to the runoff vote. Blettner received 41.2 percent of the vote and Goter 35.5 percent. Another SPD candidate, Martin Wegner, received 15.7 percent, and Volt candidate Michaela Schneider-Wettstein received 7.6 percent.
However, to claim that whoever wins the second round of voting now has a “mandate” from the people in a fair democratic election is questionable, if not outright laughable.
Still, the liberal media and establishment politicians will either be silent about what happened in Ludwigshafen or openly cheer it on, despite 70 percent of voters choosing simply not to vote, and many who did protested with invalid votes.
This entire operation, a true victory for “democracy,” was orchestrated by AfD rival parties from start to finish. Outgoing Mayor Steinruck, while serving as chairwoman of the electoral committee, initiated the expulsion. All parties in the city are represented on the electoral committee — except the AfD.
The only party to reject the move in the committee was the Free Democrats (FDP). All others backed the unprecedented move. It was in their electoral interest, after all. Eliminating the democratic competition through bureaucratic backroom deals is now de facto a reality in Germany.
Paul says he is not giving up and told the media that he has initiated further legal action, the very same day voters headed to the polls.
“We are determined to contest the election. Whether after the first round or after the runoff is up to my lawyers,” Paul told the German Press Agency.
Other courts have already rejected Paul’s attempts to gain a spot on the ballot before the election, with all of these courts telling him he must pursue legal actions after the vote was already concluded.
Party co-leader Alice Weidel has criticized the mayoral race as well.
“Only 29.3% of the Ludwigshafen residents participated in the mayoral election, from which AfD candidate Joachim Paul was excluded. A democracy thrives on the freedom of choice — but that wasn’t even granted to the citizens,” wrote Weidel.
However, her and her party’s protests are certain to have little influence on how this new weapon is used. In fact, the only remedy may be through the courts, the same ones that have many judges actively hostile to the AfD.
In contrast, the outgoing mayor, Steinruck, says banning a candidate through a bureaucratic process, one that has never been used before, is simply the “rule of law.”
“There are rules. We, as the electoral committee, have obviously adhered to these rules. There are now three court rulings that confirm this.” She said the fact that people are “questioning” the rule of law makes her “sad.”
“We all have to continue working on this in the future,” Steinruck added.
AfD remains at record high
This move comes at a time when debate over a ban on the entire AfD continues to rage. The AfD currently stands at between 26 percent and 27 percent in national polls, and could even reach 30 percent within the next year.
Of course, the party may also fall from this polling high. However, the federal government remains deeply unpopular, and the core issues of a faltering economy, sky-high immigration, exploding crime, troubled schools, soaring debt levels, and a disastrous energy policy are not going away.
The ground is ripe for the AfD to remain a competitive party.
Pressure for an outright ban will grow more intense as the party grows more popular, but if that is not achieved, more and more AfD candidates may simply be eliminated from participating in elections altogether via the method used to eliminate Paul.
The precedent has now been set.
END
FRANCE
Macron Opposes Seizure Of Frozen Russian Assets, Cites “Respect” For International Law
Wednesday, Sep 24, 2025 – 04:15 AM
Amid mounting speculation that Europe can fund at least part of its gargantuan fiscal commitments with seized Russian assets, French President Emmanuel Macron said in a Sept 21 interview with CBS News that confiscating frozen Russian assets would constitute a violation of international law.
Recall that at the start of the Ukraine war in 2022, G7 countries froze approximately $300 billion in Russian central bank assets, with about two-thirds held by the Belgian clearinghouse Euroclear. At the same time, Russia was kicked out of the global dollar cross-border payments network, SWIFT. The decision to weaponize fiat currencies sparked a historic meltup in gold and led to the disconnect of gold with such traditional drivers of the price as real yields.
In any case, European governments and G7 allies have been exploring ways to generate revenue from these immobilized funds without outright seizing them, which would have legal and political ramifications.
But Macron, already facing a political crisis at home, has put a lid on these discussions.
“You cannot seize these assets from the (Russian) Central Bank even in such a situation. And I think it’s a matter of credibility, and it’s very important that our countries remain… and do respect the international laws,” Macron said, clearly unaware where the price of gold has gone in the past 3 years and that it is now far too late to worry about “credibility.”
“So we will respect international law. We are predictable, and we will not do all impossible things with these frozen assets.”
Brussels has been reluctant to confiscate assets outright due to potential fiscal and legal pitfalls. Instead, it uses the profits generated by the assets to fund Ukraine’s defense and reconstruction via the $50 billion G7 loan and a separate EU program. In recent months, there have been mounting calls for the EU to pursue more radical ways of using the profits for Ukraine’s benefit, such as through riskier investments.
Earlier in September, European Commission President Ursula von der Leyen said that the EU could provide Ukraine with a reparations loan funded by cash balances associated with the frozen Russian assets.
END
NATO, EUROPE/RUSSIA
Trump Says NATO Should Shoot Down Jets That Breach NATO Airspace
Wednesday, Sep 24, 2025 – 08:45 AM
During a busy day at the UN Tuesday where he at one point voiced a dramatic shift in perspective on Ukraine, taking to Truth Social to say he believes Ukrainian forces can take back the whole of the east, President Trump also stated that NATO should shoot down any Russian aircraft that violates NATO airspace.
The very bold bold remark, which flirts with a WW3-style confrontation with Russia, comes after several alleged Russian airspace violations of NATO eastern flank members’ airspace, namely Poland, Romania, and Estonia – earlier this month.
Trump made the comment during a meeting with Ukrainian President Volodymyr Zelensky on the sidelines of the UN General Assembly. He was asked whether NATO should engage Russian aircraft that enter its airspace, to which Trump simply replied, “Yes, I do.”
On the same day NATO held Article 4 consultations in response to Estonia’s claim that Russian jets had entered its airspace for 12 minutes. The alleged incursion by three MiG-31 jets occurred over Vaindloo, an uninhabited Estonian island in the Gulf of Finland, roughly 15 miles from the mainland.
British Foreign Secretary Yvette Cooper said at the meeting Moscow was risking “a direct armed confrontation between NATO and Russia.”
“Our alliance is defensive, but be under no illusion… if we need to confront planes that are operating in NATO airspace without permission, then we will do so,” she said.
Russia has rejected the accusation, calling it unfounded. The Russian Defense Ministry said the jets were on a scheduled flight to Kaliningrad and that the route stayed over international waters, maintaining a distance of over three kilometers from Vaindloo.
Despite all the hype and warlike stances from various corners of Europe, NATO Secretary-General Mark Rutte emphasized that the Russian aircraft were not deemed an immediate threat.
“In the latest airspace violation we discussed today in Estonia, NATO forces promptly intercepted and escorted the aircraft without escalation,” Rutte said.
When asked by a reporters whether NATO would shoot down manned or unmanned Russian aircraft in similar situations, Rutte stressed that such decisions are made in real time and are based on the threat level. “We evaluate the intent, armament, and risk to allied forces, civilians, or infrastructure,” he explained.
Rutte’s response appeared much more cautious and rational when compared to Trump’s quick “yes” response when asked the same question.
While NATO forces have previously shot down drones over Poland, which Warsaw says were launched by Russia, it’s clear that targeting a manned Russian jet would represent a major escalation, with the potential to trigger a broader major war.
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
TBN ISRAEL/LAST 24 HRS:
ISRAEL VS HAMAS/USA
Trump insists he will ‘end the war in Gaza’ at meeting with heads of Arab and Muslim states
Witkoff offers thumbs up as White House doesn’t immediately comment on sit-down at UN, which UAE reports focused on permanent ceasefire and Turkey’s Erdogan describes as ‘fruitful’
By ToI Staff and AgenciesToday, 4:24 am
US President Donald Trump, alongside Turkey’s President Recep Tayyip Erdogan, speaks during a multilateral meeting to discuss the situation in Gaza, on the sidelines of the United Nations General Assembly in New York City, on September 23, 2025. (Brendan SMIALOWSKI / AFP)
US President Donald Trump on Tuesday met leaders from the Arab and Muslim world on the sidelines of the UN General Assembly in New York City to discuss ending the Israel-Hamas war in Gaza, repeatedly calling it his “most important meeting.”
“We want to end the war in Gaza. We’re going to end it. Maybe we can end it right now,” Trump told the press at the start of the meeting.
“This is my most important meeting,” he continued. “But this is the one that’s very important to me because we’re going to end something that should have probably never started.”
Leaders of Saudi Arabia, the United Arab Emirates, Qatar, Egypt, Jordan, Turkey, Indonesia, and Pakistan were in attendance. Trump said the sit-down included “all of the big players except for Israel but that’s going to be next,” in apparent reference to his meeting with Prime Minister Benjamin Netanyahu at the White House next week.
Trump also complimented Indonesian President Prabowo Subianto’s speech to the General Assembly earlier, in which Subianto said peace requires guaranteeing Israel’s security.
Following the meeting, Trump simply waved to gathered news reporters without commenting on how things went, and there was no immediate comment from the White House. Trump’s special envoy Steve Witkoff offered a thumbs-up when asked how the meeting had fared.
Both Trump and Witkoff had been expected to unveil the US plan for the post-war management of Gaza that former UK prime minister Tony Blair has been developing in recent months and that was revealed last week in The Times of Israel.
Turkish President Recep Tayyip Erdogan described the meeting with Trump as “very fruitful.”
NATO member Turkey has harshly criticized Israel’s attacks in Gaza against Hamas — which Erdogan is a leading backer of — and claim they amount to genocide, a charge that Jerusalem strongly rejects. Turkey has halted all trade with Israel, urged international measures against it, and demanded an immediate ceasefire in Gaza.
Speaking to reporters, Erdogan said a joint declaration from the meeting would be published and that he was “pleased” with the outcomes of the meeting, but did not elaborate.
Emirati state news agency WAM meanwhile reported that the meeting focused on ending the ongoing war in Gaza and reaching a permanent ceasefire. The news agency said releasing all hostages and taking steps toward addressing the worsening humanitarian crisis in the war-torn enclave were also discussed as priorities.
Trump ‘on the side of Israel’
Meeting at the UN earlier in the day with French President Emmanuel Macron, whose country was among several to recognize a Palestinian state a day earlier during a Franco-Saudi conference on promoting a two-state solution to the Israel-Palestinian conflict, Trump told reporters that he and the leaders of the Muslim nations “we’re going to see if we can do something about” ending the Gaza war.
“We want to stop that. We want to get our hostages back, or their hostages back,” he said, referring to the captives taken abducted by Hamas-led terrorists during the October 7, 2023, attack against Israel that started the Gaza war.
While sitting alongside Macron, Trump also declared: “I’m on the side of Israel. I’ve been on the side of Israel, really, my whole life, and we’re going to get a solution, and it’s going to be a solution that’s good for everybody.”
Asked about Macron’s decision to recognize Palestinian statehood, Trump echoed his speech to the UN General Assembly. “I think it honors Hamas and you can’t do that because of October 7. You just can’t do that.”
“Nobody forgets the 7th of October,” Macron said in response.
“But after almost two years of war, what is the result,” Macron said, adding: “This is not the right the right way to proceed.”
Macron also said Israel’s killing of Hamas leaders was a “great achievement” but “you have as many Hamas fighters as you had the first day. So it doesn’t work to dismantle Hamas. This is not the right way to proceed. So we need a full-fledged process.”
ISRAEL VS HAMAS
Qatar, Jordan denounce Netanyahu as warmonger, regional threat; Indonesia says ‘Shalom’
‘They visit our country and plot to attack it,’ wails emir, as Abdullah warns ‘Greater Israel’ would involve ‘blatant violation of the sovereignty’ of Israel’s neighbors; Indonesian leader says Israel’s security must be respected
By ToI Staff and AgenciesToday, 12:01 am
Emir of Qatar Sheikh Tamim bin Hamad Al Thani addresses the 80th session of the United Nations General Assembly at the UN headquarters in New York, September 23, 2025. (AP Photo/Richard Drew)
Qatar’s Emir Sheikh Tamim bin Hamad al-Thani said Tuesday that Israel had chosen war over the return of its remaining 48 hostages, and that its “treacherous” September 9 attack on the Hamas leadership in Doha was an attempt to derail the Qatari-mediated Gaza hostage-ceasefire talks.
In his address to the UN General Assembly in New York, al-Thani accused Israel of genocide in Gaza and said Prime Minister Benjamin Netanyahu sees the Gaza war as “an opportunity to expand settlements.”
UN Secretary General Antonio Guterres and the leaders of Jordan and Turkey also condemned Israel over its conduct in Gaza, with Jordan’s King Abdullah devoting almost his entire address to a denunciation of the government of Prime Minister Benjamin Netanyahu, which he said was not a partner for peace and whose “Greater Israel” calls threatened the sovereignty and territorial integrity of Israel’s neighbors.
In sharp contrast, the president of Indonesia — the world’s most populous Muslim nation, which has no formal relations with Israel — said the world must respect Israel’s right to security and ended his speech with the Hebrew benediction “Shalom.”
Some of al-Thani’s criticism of Netanyahu was echoed by hostage families, who vowed to follow Netanyahu this week to the General Assembly, where the prime minister is set to speak on Friday, in protest of the new IDF operation to take over Gaza City.
Hostage families have said the operation, whose ground phase was launched last week, places their loved ones’ lives in acute danger. They have also assailed the strike on Doha for scuttling the hostage-ceasefire negotiation, which has stalled since then.
Addressing the strike, Qatar’s emir slammed the violation of the Gulf state’s sovereignty and reiterated his denunciation of Israel’s “rogue act … of state terrorism,” accusing Israel of a policy of political assassinations.
“They visit our country and plot to attack it,” al-Thani said of Israel, which has frequently sent negotiators to Doha. “They negotiate with delegations and plot to assassinate the members of the negotiation teams. It is difficult to cooperate with such a mentality that does not respect the most minimal standards of cooperation. It is impossible.”
“They consider negotiations the continuation of war by other means and a way to delude the Israeli public opinion,” he went on. “If the release of Israeli hostages is [contingent on] the end of war, the government of Israel is abandoning the notion of releasing the hostages,” said al-Thani.
The Israeli government’s “goal is to destroy Gaza so that it is unlivable and where no one can study or receive treatment,” he said. Israel is, in other words, aiming to “end the viability of the Gaza Strip, to displace its population.”
Referring to Netanyahu, al-Thani said: “The Israeli leader wants to continue war. He believes in what is called Greater Israel.”
Al-Thani said Netanyahu “believes that war is an opportunity to expand settlements and to change the status quo in the holy sites” on the Temple Mount, a flash point that was the site of the two Jewish temples of antiquity and is now the site of the Al-Aqsa Mosque, Islam’s third-holiest site. “He also plots for attacks in the West Bank,” said the Qatari emir.
“Israel is not a democratic country surrounded by enemies, but in fact it is an enemy to its surrounding neighbors,” al-Thani said.
Prime Minister Benjamin Netanyahu holds a press conference at the Prime Minister’s office in Jerusalem, September 16, 2025. (Marc Israel Sellem/POOL)
Amid a wave, applauded by al-Thani and decried by Israel, of recognitions of Palestinian statehood by Western nations, the emir noted that Netanyahu has vowed to prevent the establishment of a Palestinian state. The emir also accused Israel of genocide, a charge Israel has bitterly rejected.
Israel is “engaged in a genocide, and its leader is proud of preventing the establishment of a Palestinian state, and he promises that such a state will never be established, and he takes pride in preventing peace with the Palestinians, and that he will prevent such peace in the future,” said al-Thani, accusing Israel of stonewalling on peace with its Arab neighbors.
“Israel is surrounded by states either who have signed a peace agreement with it, or are committed to the Arab Peace Initiative. But Israel does not make do with truces and settlements. It desires to impose its will on its surrounding Arab neighbors,” he said. “Everyone who opposes its will is either antisemitic or a terrorist. Even Israel’s allies realize this fact and reject it.”
He said Qatar would continue to engage in diplomacy even when its enemies “find it easier to use weapons,” and denounced what he said were disinformation campaigns against his country, which Israel has repeatedly accused of support for terrorism, due to its funding of Al Jazeera and its hosting of Hamas leaders.
Damage is seen after an Israeli strike targeted part of a building that hosted Hamas’s leaders in Doha, Qatar, September 10, 2025. (AP/Jon Gambrell)
Qatar, with Netanyahu’s approval, had for years delivered millions of dollars in cash to Gaza on a monthly basis until the terror group stormed southern Israel on October 7, 2023, to kill some 1,200 people and take 251 hostages, sparking the war in Gaza.
The money was intended for government salaries in the Hamas-run Strip, and has been seized upon by Netanyahu’s critics to blame him for the Hamas onslaught.
Current and former top aides to Netanyahu are also under investigation for alleged criminal ties to Qatar.
Hostage families to follow PM to General Assembly
Netanyahu is expected to depart for the UN on Wednesday night, after the end of Rosh Hashanah, the Jewish New Year, which began Monday night.
Hostage families and hundreds of supporters have rallied outside his Jerusalem residence throughout the holiday, holding meals and prayers there.
In a statement outside Netanyahu’s residence on Tuesday, Einav Zangauker, mother of hostage Matan Zangauker, said hostage families will follow the premier on his upcoming trip.
Einav Zangauker, center, mother of hostage Matan Zangauker, speaks during a press conference outside Prime Minister Benjamin Netanyahu’s residence in Jerusalem, September 23, 2025. (Yonatan Sindel/Flash90)
“We will also go to the US while he is staying there,” Zangauker said, referring to Netanyahu’s trip, which is also set to include a meeting with US President Donald Trump next week.
“A week ago, Netanyahu gave instructions to occupy Gaza City, blow up the living hostages and make the dead disappear forever,” Zangauker said, adding that the families of hostages could not remain at home while their loved ones were in danger.
“For a week, we shouted the cry of our children from the tunnels. But instead of leaving the house and reaching out, Netanyahu sealed his heart and closed his windows,” said Zangauker. Attempts to silence the families have failed, she added.
Erdogan: Netanyahu uninterested in peace or hostages
Turkey’s President Recep Tayyip Erdogan also slammed Israel’s war against Hamas as a “genocide” during his speech at the UN General Assembly, showing images of the destruction in Gaza during his address.
“A genocide is continuing in Gaza; even as we meet here, innocent people are dying,” said Erdogan. “We cannot possibly talk about the presence of two sides in Gaza, because in Gaza, on one side, there is a regular army with the most modern, most lethal weapons, and on the other hand, there are innocent civilians, innocent children. This is not a fight against terrorism. This is an occupation, deportation, exile, genocide, and destruction of life.”
He also condemned Israel’s actions in the West Bank, “where Hamas is not in power,” as well as the strike in Doha and “attacks on Syria, on Iran, Yemen and Lebanon.”
“Netanyahu is obviously not interested in forging peace or releasing the hostages. Not only Israel’s neighbors, but all countries in the Middle East are subject to the Israeli government’s reckless threats,” he said.
Israel’s actions threaten “the values that emerged after the Second World War” and were responsible for the shelving of “fundamental human rights” around the world, said Erdogan.
Jordan: Gaza war ‘one of the darkest moments’ in UN history
Jordan’s King Abdullah II, in a relentless denunciation of Netanyahu and Israel’s leadership, said in his speech that the war in Gaza was “one of the darkest moments in this institution’s history.”
“How long will we be satisfied with condemnation after condemnation without concrete action? When it comes to the Palestinian-Israeli conflict, it seems that what unfolds in the halls of power is theory; the struggles and suffering on the ground are reality,” he said, commending nations for supporting a deal that “ensures the release of all hostages, unhindered humanitarian aid and support for the Palestinian people as they rebuild.”
Abdullah also said interim deals between Israel and the Palestinian Liberation Organization, which dominates the West Bank-based Palestinian Authority, have “served as a distraction, as Israel grabbed more land, expanded illegal settlements, demolished homes, and displaced entire neighborhoods.
“Muslim and Christian holy sites in Jerusalem have been vandalized and desecrated by those under government protection,” charged the king, whose country holds a custodianship over Christian and Muslim holy sites in Jerusalem, including the Temple Mount.
“And throughout all these years, Israeli families too have not been able to live in true security because military action cannot bring the safety they need. Nowhere is that more evident than in Gaza,” he said.
“More than 60,000 Palestinians killed, 50,000 children injured or killed, miles of burnt-out rubble. Neighborhoods, hospitals, schools, farms, even mosques and churches in ruins, widespread starvation. And what we are seeing is only a glimpse because never in our modern history has the lenses of international media been obstructed like this from capturing the reality on the ground,” said Abdullah.
The figures he cited come from Gaza’s Hamas-run health ministry and cannot be independently verified. They do not distinguish between civilians and combatants. Israel says it has killed some 22,000 gunmen as of August as well as about 1,600 terrorists inside Israel during the October 7 onslaught.
Tents sheltering Palestinians displaced by conflict from Gaza City are pitched by damaged buildings in Khan Younis, in the southern Gaza Strip, on September 22, 2025. (Omar AL-QATTAA / AFP)
Like the Qatari emir, Abdullah accused Israel of flouting the status quo at the Temple Mount, and referred to Greater Israel, a concept that has been used to describe a Jewish state spanning all or some of Jordan, the West Bank, Gaza, Golan Heights and Sinai Peninsula.
“The current Israeli government’s provocative call for a so-called Greater Israel can only be realized through the blatant violation of the sovereignty and territorial integrity of its neighbors. And there is nothing great about that,” he said. “I can’t help but wonder if a similar outrageous call were made by an Arab leader, would it be met with the same global apathy?”
“The international community must stop entertaining the illusion that this government is a willing partner for peace. Far from it. Its actions on the ground are dismantling the very foundations on which peace could stand and intentionally burying the very idea of a Palestinian state,” said Abdullah.
National Security Minister Itamar Ben Gvir visits the Temple Mount in Jerusalem’s Old City, April 2, 2025. (Yonatan Sindel/Flash90)
“Its hostile rhetoric calling for the targeting of Al-Aqsa Mosque will incite a religious war that would reach far beyond the region and lead to an all-out clash that no nation will be able to escape,” he added.
Since first receiving the national security portfolio in 2022, far-right National Security Minister Itamar Ben Gvir has continuously asserted that his policy is to allow Jewish prayer atop the Temple Mount, flouting the status quo, which Prime Minister Benjamin Netanyahu’s office has insisted remains in place.
Guterres: Gaza horrors approaching ‘monstrous’ 3rd year
Opening the General Assembly earlier Tuesday, Guterres, the UN chief, said “the horrors are approaching a third monstrous year” in Gaza, where he accused Israel of carrying out disproportionate “collective punishment.”
“They are the result of decisions that defy basic humanity,” he said, citing “a scale of death and destruction beyond any other conflict” in his nearly nine years as secretary-general.
Guterres reiterated his condemnation of the October 7 massacre and hostage-taking, but said “nothing can justify the collective punishment of the Palestinian people and the systematic destruction of Gaza.”
Guterres called for the full and immediate implementation of international law, a permanent ceasefire, the release of all hostages and humanitarian access. “And we must not relent in the only viable answer to sustainable Middle East peace: a two-state solution,” he said.
Indonesia’s Subianto calls for ‘Shalom’
In contrast to the wave of condemnatory rhetoric, Indonesia’s President Prabowo Subianto told the UN that his country “will immediately recognize that State of Israel” once Israel recognizes a Palestinian state.
“We must also recognize, we must also respect, and we must also guarantee the safety and security of Israel. Only then we can have real peace,” Subianto said in his speech, which he ended with the word “Shalom,” Hebrew for peace.
Though Indonesia has no formal relations with Israel, it has coordinated with Israel on airdropping aid in Gaza and was last year said to be mulling normalizing relations with Israel as part of a bid to join the OECD.
Subianto had reiterated on Monday at a UN summit on the two-state solution to the Israeli-Palestinian conflict that Indonesia would be prepared to send troops to a post-war peacekeeping mission in Gaza.
He doubled down on the offer at the General Assembly on Tuesday, saying Indonesia wants a peace that shows “might cannot make right.”
“We believe in the UN. We will continue to serve where peace needs guardians — not with just words, but with boots on the ground,” he said.
“If and when the UN Security Council and this great assembly decide, Indonesia is prepared to deploy 20,000 or even more of our sons and daughters to help secure peace in Gaza,” he states.
He said Indonesia was also willing to send peacekeepers elsewhere, including in Ukraine, Sudan, or Libya.
end
IRAN
Satellite images show Iran has started rebuilding key missile sites hit by Israel
Experts say a main component, the large mixers needed to produce solid fuel for the weapons, is still missing; Iran believes resuming missile production key to deterring Israel
By Jon GambrellToday, 2:16 pm
This satellite photo from Planet Labs PBC shows reconstruction efforts at Iran’s Parchin solid propellant plant outside of Tehran, Iran, Aug. 28, 2025. (Planet Labs PBC via AP)
DUBAI, United Arab Emirates (AP) — Iran has begun rebuilding missile-production sites targeted by Israel during its 12-day war in June, satellite images analyzed by The Associated Press show, but a key component is likely still missing — the large mixers needed to produce solid fuel for the weapons.
Reconstituting the missile program is crucial for the Islamic Republic, which believes another round of war with Israel may happen. The missiles are one of Iran’s few military deterrents after the war decimated its air defense systems — something that Tehran long has insisted will never be included in negotiations with the West.
Missile experts told AP that obtaining the mixers is a goal for Tehran, particularly as it prepares for possible United Nations sanctions to be reimposed on the country later this month. The sanctions would penalize any development of the missile program, among other measures. Iranian President Masoud Pezeshkian is due to address the United Nations General Assembly on Wednesday.
Known as planetary mixers, the machines feature blades that revolve around a central point, like orbiting planets, and offer better mixing action than other types of equipment. Iran could purchase them from China, where experts and US officials say they’ve purchased missile fuel ingredients and other components in the past.
“If they’re able to reacquire some key things like planetary mixers, then that infrastructure is still there and ready to get rolling again,” said Sam Lair, a research associate at the James Martin Center for Nonproliferation Studies who studied Iranian missile sites.
Iran’s mission to the United Nations did not respond to questions about the country’s efforts to rebuild its missile program.
This satellite photo provided by Planet Labs PBC shows Iran’s Shahroud solid propellant plant outside of Shahroud, Iran, after an Israeli attack on June 25, 2025. (Planet Labs PBC via AP)
Israeli war targeted solid-fuel missile sites
Solid-fuel missiles can be fired faster than those using liquid fuel, which must be loaded just before launch. That speed can make the difference between launching a missile and having it destroyed in a launcher — something that happened during the war with Israel.
Iran has solid-fuel missile manufacturing bases at Khojir and Parchin, two sites just outside Tehran, as well as at Shahroud, some 350 kilometers (215 miles) northeast of the capital. Even before the most recent war, all of those sites came under Israeli attack in October 2024 during hostilities between the countries.
Attacks during the war in June appeared aimed at destroying buildings that housed the mixers, which are needed to ensure the missile fuel is evenly combined, according to experts. Other sites struck by Israel included manufacturing facilities that likely could be used to make the mixers.
Satellite images from Planet Labs PBC taken this month and analyzed by AP show construction at both the Parchin and Shahroud facilities.
At Parchin, mixing buildings appear to be under repair, Lair said, and similar rebuilding is happening at Shahroud involving mixing buildings and other structures.
The speed at which Iran is rebuilding shows the importance Tehran puts on its missile program. Iran’s bombed nuclear sites so far have not seen the same level of activity.
This image, taken from video footage aired by Iranian state television on March 8, 2022, shows the launch of a rocket by Iran’s Revolutionary Guard carrying a Noor-2 satellite in the northeastern Shahroud Desert, Iran. (Iranian state television via AP)
During the war, Iran fired 574 ballistic missiles at Israel, according to the Washington-based Jewish Institute for National Security of America, which has a close relationship with the Israeli military. In two exchanges of fire before the war, Iran launched another 330 missiles, the think tank said.
The Israeli military had estimated Iran’s total arsenal at around 2,500 missiles, meaning that over a third of its missiles were fired.
Before the war, Iran was on track to be able to produce more than 200 solid-fuel missiles a month, said Carl Parkin, a summer fellow at the James Martin Center. That drew Israeli strikes to missile-building facilities.
“Israel’s targeting indicates that they believed mixing was a bottleneck in Iran’s missile production,” he said. “If Iran is able to overcome their mixing limitations, they’ll have all the casting capacity that they need to start producing at high volumes again.”
The Israeli military declined to respond to questions over its strategy.
Israel said it launched the war to set back Iran’s nuclear and missile programs. Prime Minister Benjamin Netanyahu has said that Iran — which routinely vows to destroy Israel — was on track to build 20,000 missiles, something that would constitute an existential threat to Israel.
Iran’s defense minister, Gen. Aziz Nasirzadeh, recently claimed Tehran now has new missiles with more advanced warheads.
“The 12-day war with Israel has altered some of our priorities,” he said on Aug. 22. “We are now focused on producing military equipment with higher precision and greater operational capabilities.”
Chinese mixers seen at Syria missile site affiliated with Iran
Iran may choose to rely on China to obtain mixers and the chemicals to make solid fuel.
Such chemicals may have caused a massive explosion in April that killed at least 70 people at a port in Iran. Iran still has not explained the blast, which happened as its diplomats met with Americans in Oman over its nuclear program.
Just days after the explosion, the US State Department sanctioned Chinese firms it said provided the Islamic Republic with “ballistic missile propellant ingredients.”
Meanwhile, Iran’s Revolutionary Guard likely supplied a planetary mixer to an underground ballistic missile construction facility in Syria near the town of Masyaf, some 170 kilometers (105 miles) north of the capital, Damascus, near the Lebanese border.
Footage released by the Israeli military months after the September 2024 raid on the facility showed the mixer, which bore a resemblance to others sold online by Chinese firms.
Iran’s president and military officials visited Beijing earlier this month for China’s Victory Day parade. Iran’s government has provided no detailed readout on what Pezeshkian said to Chinese President Xi Jinping, and China’s state-run media offered no indications that Tehran asked for help.
The DF-5C liquid-fueled intercontinental strategic nuclear missile takes part in a military parade to commemorate the 80th anniversary of Japan’s World War II surrender held in front of Tiananmen Gate in Beijing, Wednesday, Sept. 3, 2025. (AP Photo/Andy Wong)
The Chinese Foreign Ministry, asked about possibly supplying Tehran mixers and fuel ingredients, told AP that Beijing is “willing to continue leveraging its influence to contribute to peace and stability in the Middle East.”
“China supports Iran in safeguarding its national sovereignty, security and national dignity,” the ministry said. “At the same time, China is deeply concerned about the continued escalation of tensions in the Middle East.”
Can Kasapoğlu, a senior fellow with the Washington-based Hudson Institute, said Beijing could supply guidance systems and microprocessors as well for Iran’s ballistic missiles.
“If Iran uses its relationship with China to bolster its disruptive military capabilities, the 12-day war could be a mere speed bump for the Iranian regime, rather than a decisive defeat,” he wrote.
Lair, the analyst, said if Iran restarts its production at prewar levels, the sheer number of missiles produced will make it harder for the Israelis to preemptively destroy them or shoot them down.
“They are clearly very invested in their missile program, and I don’t think that they’re going to negotiate it away, ever,” he said.
Times of Israel Staff contributed to this report
END
RUSSIA VS UKRAINE
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
HUGE STORY!!!
Google states that users were removed over COVID 18 views. These people knew that the virus was not has harmful as stated and they thought over remedies were available like ivermectin etc that were thwarted from use by google (you tube).
Steiber
Google Says Users Removed Over COVID-19 Views Can Rejoin YouTube
Tuesday, Sep 23, 2025 – 09:45 PM
Authored by Zachary Stieber via The Epoch Times (emphasis ours),
YouTube creators who were removed over their views concerning COVID-19 or the 2020 election can rejoin the service, Google and its parent company, Alphabet, said in a Sept. 23 letter.
Rules in place prohibiting some discussion of COVID-19 and the election were lifted in 2023 or 2024, Google said through its lawyers.
“Today, YouTube’s Community Guidelines allow for a wider range of content regarding COVID-19 and elections integrity,” it stated. “Reflecting the Company’s commitment to free expression, YouTube will provide an opportunity for all creators to rejoin the platform if the Company terminated their channels for repeated violations of COVID-19 and elections integrity policies that are no longer in effect.”
People whose channels were suspended or taken down included Dan Bongino, the current deputy director of the FBI.
The company said it values conservative content creators and recognizes they regularly land compelling interviewers with politicians, business leaders, and others.
Google described the COVID-19 pandemic as an unprecedented time that forced online platforms to “balance freedom of expression” with moderation of content “that could result in real-world harm.” The situation was complicated by top officials in the Biden administration pressuring the company to take action against certain COVID-19 content “that did not violate its policies,” it said.
“It is unacceptable and wrong when any government, including the Biden Administration, attempts to dictate how the Company moderates content, and the Company has consistently fought against those efforts on First Amendment grounds,” the company stated.
YouTube’s medical content policies evolved throughout the pandemic, as health authorities changed their guidance, the company said. The company is now allowing a wide range of content on COVID-19 and elections.
“In contrast to other large platforms, YouTube has not operated a fact-checking program that identifies and compensates fact-checking partners to produce content to support moderation,” the letter states. “YouTube has not and will not empower fact-checkers to take action on or label content across the Company’s services.”
The letter was sent to Rep. Jim Jordan (R-Ohio), chairman of House of Representatives Judiciary Committee.
“Whether you were an established YouTube presence with a massive following like Dan Bongino or just were starting out to express political views there, YOU will have an opportunity to come back onto the platform if you were censored for engaging in political speech,” Jordan wrote on X. “This is another victory in the fight against censorship.”
Google did not respond to a request for comment.
Mark Zuckerberg, CEO of Meta, Facebook’s parent company, said in 2024 that the company was pressured by top Biden administration officials “to censor certain COVID-19 content, including humor and satire, and expressed a lot of frustration with our teams when we didn’t agree.” Ultimately, he wrote, it was up to the company to take down or leave up the content.
“I believe the government pressure was wrong, and I regret that we were not more outspoken about it,” Zuckerberg added later.
Documents released in a court case filed by states against the federal government showed that White House lawyer Dana Remus, among others, were involved in the effort to pressure large technology companies to crack down on alleged misinformation during the COVID-19 pandemic. The Supreme Court later dismissed the case, finding the states did not show they were directly harmed by the efforts.
END
I WONDER WHY? COULD IT BE VACCINE RELATED ISSUES
Alzheimer’s Death-Rate Has Doubled Since 2000
Wednesday, Sep 24, 2025 – 05:45 AM
The rate of people dying of Alzheimer’s disease in the United States has doubled since the year 2000, according to the Alzheimer’s Association’s latest report.
As Statista’s Anna Fleck shows in the chart below, where an average of 17.6 people per 100,000 died from the form of dementia at the turn of the millennium, the figure had climbed to 34 per 100,000 people as of 2023.
You will find more infographics at Statista
This is likely the result of an aging population, since age is the predominant risk factor for Alzheimer’s dementia. However, it could also reflect a rise in the number of formal diagnoses of the disease or even in the number of physicians who are reporting Alzheimer’s as a cause of death.
The number of deaths from dementia spiked in 2020 in the U.S., with one in every 10 death certificates that year listing Covid-19 as the primary cause of death also listing Alzheimer’s disease or another dementia as a multiple cause of death. Among people aged 85 or older who died of Covid-19 in 2020 or 2021, Alzheimer’s disease or another dementia was listed as a multiple cause of death on almost a quarter of death certificates. According to the Alzheimer’s Association, this is largely due to the fact that nursing homes and long-term care facilities were the site of major outbreaks in the early stages of the pandemic, with residents with Alzheimer’s particularly vulnerable.
Dementia is often underdiagnosed, with some studies indicating that such underdiagnosis is higher in Black and Hispanic older adults. This can lead to harms such as delayed access to treatment and supportive services as well as less time for care planning. Early symptoms of Alzheimer’s disease include difficulty remembering recent conversations, names or events, apathy and depression… and difficulty remembering.
END
IVERMECTIN and CANCER Part 2 – Treating Turbo Cancer – 7 new studies released in 2024 show Ivermectin works against CANCER – suggested PROTOCOLS for COVID-19 mRNA Vaccine Induced Turbo Cancers2nd Smartest Guy in the World
Sep 24 READ IN APP by DR. WILLIAM MAKIS MD
Last year I published one of the most popular articles on Ivermectin and Cancer Treatment ever published, which went viral internationally:
(Oct.2, 2023) – IVERMECTIN and CANCER, it has at least 15 anti-cancer mechanisms of action. Can Ivermectin Treat COVID-19 mRNA Vaccine Induced Turbo Cancers? – 9 Ivermectin papers reviewed2024 – NEW STUDIES!(2024 Fan et al) – Ivermectin Inhibits Bladder Cancer Cell Growth and Induces Oxidative Stress and DNA Damage(2024 Man-Yuan Li et al) – Ivermectin induces nonprotective autophagy by downregulating PAK1 and apoptosis in lung adenocarcinoma cells(2024 Kaur et al) – Ivermectin: A Multifaceted drug with a potential beyond anti-parasitic therapy(2024 Xing Hu et al) – Ivermectin as a potential therapeutic strategy for glioma(2024 Yang Song et al) – Gene signatures to therapeutics: Assessing the potential of ivermectin against t(4;14) multiple myeloma(2024 Goldfarb et al) – Lipid-Restricted Culture Media Reveal Unexpected Cancer Cell Sensitivities(2024 Newell et al) – Therapeutic targeting of nuclear export and import receptors in cancer and their potential in combination chemotherapyPRACTICAL APPROACH TO USING IVERMECTIN IN CANCER TREATMENT (Disclaimer: the following is not medical advice)In “Ivermectin and Cancer Part 1”, I covered all the mechanisms of action that Ivermectin has shown against cancer in many in vitro and in vivo studies.The 7 new studies published in 2024 only confirm what we already know from previous studies. Ivermectin is highly effective against many cancers.Since my previous Ivermectin article, I‘ve had 1000s of questions sent to me. Not about mechanisms of action against Cancer. But about practical use – how to use Ivermectin to treat Stage 4 Cancers, what formulations, what doses?The goal of this article (Part 2) is to answer all of those questions to the best of my ability.Papers reviewed:2023 Sep.23 – Man-Yuan Li et al – Ivermectin induces nonprotective autophagy by downregulating PAK1 and apoptosis in lung adenocarcinoma cells2023 May – Samy et al – Eprinomectin: a derivative of ivermectin suppresses growth and metastatic phenotypes of prostate cancer cells by targeting the β-catenin signaling pathway2022 Nov – Lotfalizadeh et al – The Anticancer potential of Ivermectin: Mechanisms of action and therapeutic implications2022 Oct – Jian Liu et al – Progress in Understanding the Molecular Mechanisms Underlying the Antitumour Effects of Ivermectin2022 Jun – Daeun Lee et al – Ivermectin suppresses pancreatic cancer via mitochondria dysfunction2021 Aug – Shican Zhou et al – Ivermectin has New Application in Inhibiting Colorectal Cancer Cell Growth2021 Jan – Mingyang Tang et al – Ivermectin, a potential anticancer drug derived from an antiparasitic drug2019 Sep Intuyod et al – Anti-parasitic Drug Ivermectin Exhibits Potent Anticancer Activity Against Gemcitabine-resistant Cholangiocarcinoma In Vitro2018 Feb – Juarez et al – The multitargeted drug ivermectin: from an antiparasitic agent to a repositioned cancer drug2018 Feb – Juarez et al – The multitargeted drug ivermectin: from an antiparasitic agent to a repositioned cancer drugSatoshi Omura at the Kitasato Institute discovered Ivermectin in 1979 and was awarded a Nobel Prize in Physiology or Medicine for this discovery in 2015Ivermectin was FDA Approved for human use in 1987 to orally treat onchocerciasis, also known as river blindness, caused by the blackfly-transmitted parasite Onchocerca volvulusIvermectin is annually taken by close to 250 million peoplemost patients treated with Ivermectin have no side-effects other than those caused by the immune and inflammatory responses against the parasite, such as fever, pruritus, skin rashes and malaisemaximum concentration in plasma is reached 4-5 h after its oral administrationits half-life is approximately 19 h and is metabolized in the liver by the cytochrome CYP1A and CYP3A4 complexes, generating 10 metabolites, mostly demethylated and hydroxylated.Its excretion is mainly by feces and only 1% is excreted in the urineIvermectin exerts antitumor effects in different types of cancer.What this means Clinically:Chloride channel – Acute myeloid leukemia – induced cell deathAkt/mTOR path – glioblastoma, renal cancer cell lines – inhibition of mitochondrial biogenesis or function, oxidative stress, DNA damageP2X7 (ICD) overexpression promotes tumor growth and metastases – ivermectin potentiates immunogenic cell death (ICD) in triple negative breast cancer cellsPAK1 (Autophagy) – glioblastoma and ovarian cancer cell lines – Ivermectin promotes autophagy through this pathwayWNT-TCF pathway – glioblastoma, colon cancer, melanoma – Ivermectin exerts anti-proliferative function through this pathway (possibilities to use Ivermectin to block WNT-TCF dependent cancers like breast, skin, lung)SIN3 Domain – breast cancer (Ivermectin acts as epigenetic modulator to alter gene expression and decrease tumor growth)NS3 helicase – glioma cells – Ivermectin had anti-tumor effects by acting as helicase inhibitorIn Vitro Studies:breast cancer, ovarian, prostate, colon, pancreas, head and neck, melanoma – inhibits cell proliferation, induction of apoptosis, autophagy, reversion of tamoxifen resistance, inhibits metastasesglioblastoma – growth inhibition, apoptosis, and anti-angiogenesisIn Vivo Studies (done on immune deficient mice):acute myeloblastic leukemia – reduce tumor volume up to 70%glioblastoma – reduce tumor volume up to 50%breast cancer – reduce tumor volume up to 60%glioma – reduce tumor volume up to 50% (at 0.24mg/kg), however at human dose equivalent to 0.8mg/kg tumors were not detectable!colon cancer – reduce tumor volume up to 85%median dose employed was equivalent to 0.4 mg/kg in humans from 10 to 42 days (oral, intraperitoneal or intra-tumoral)the in vitro and in vivo antitumor activities of Ivermectin are achieved at concentrations that can be clinically reachable based on the human pharmacokinetic studies done in healthy and parasited patients2019 Sep Intuyod et al – Anti-parasitic Drug Ivermectin Exhibits Potent Anticancer Activity Against Gemcitabine-resistant Cholangiocarcinoma In VitroIvermectin studied on cholangiocarcinoma cells that were chemo resistant (gemcitabine)Ivermectin inhibited cancer cell proliferation and colony formation in a dose and time dependent manner(!)Ivermectin caused S-phase cell cycle arrest and cell deathConclusion: “Ivermectin might be useful as an alternative treatment for cholangiocarcinoma, especially in patients who do not respond to chemo.”2021 Jan – Mingyang Tang et al – Ivermectin, a potential anticancer drug derived from an antiparasitic drugspecific mechanism of IVM-mediated cytotoxicity in tumor cells is unclear; it may be related to the effect of IVM on various signaling pathwaysIVM seems to induce mixed cell death in tumor cellsCONCLUSIONS: Ivermectin selectively inhibits the proliferation of tumors at a dose that is not toxic to normal cells and can reverse the MDR (multi-drug resistance) of tumors.In healthy volunteers, the dose was increased to 2 mg/kg, and no serious adverse reactions were foundUnfortunately, there have been no reports of clinical trials of IVM as an anticancer druglarge number of research results indicate that IVM affects multiple signaling pathways in tumor cells and inhibits proliferation, IVM may cause antitumor activity in tumor cells through specific targetsIvermectin regulates the tumor microenvironment, inhibits the activity of tumor stem cells and reduces tumor angiogenesis and tumor metastasis.It has become increasingly clear that Ivermectin can induce a mixed cell death mode involving apoptosis, autophagy and pyroptosis depending on the cell conditions and cancer type.Ivermectin can enhance the sensitivity of chemotherapeutic drugs and reduce the production of resistance. Therefore, IVM should be used in combination with other drugs to achieve the best effect2022 Jun – Daeun Lee et al – Ivermectin suppresses pancreatic cancer via mitochondria dysfunctionPoster presentation from South KoreaIvermectin was combined with gemcitabine in pancreatic cancerIvermectin-gemcitabine combination inhibited pancreatic cancer cell proliferation via G1 arrest of cell cyclein vivo experiments showed ivermectin-gemcitabine significantly suppressed tumor growth of pancreatic cancer compared with gemcitabine aloneConclusion: “Ivermectin could be a potential antitumor drug for the treatment of pancreatic cancer”2021 Aug – Shican Zhou et al – Ivermectin has New Application in Inhibiting Colorectal Cancer Cell GrowthColorectal cancer is 3rd most common cancer worldwide, lacks effective therapyIvermectin tested on colorectal cancer cell linesIvermectin dose-dependently inhibited colorectal cancer growthpromoted cell apoptosispromoted total and mitochondrial ROS production (reactive oxygen species)induced colorectal cancer cell S-phase arrestConclusion: Ivermectin might be a new potential anticancer drug therapy for human colorectal cancer2022 Oct – Jian Liu et al – Progress in Understanding the Molecular Mechanisms Underlying the Antitumor Effects of IvermectinPAK1 (Autophagy) – Ivermectin, acts as PAK1 inhibitor and inhibits growth of breast cancer, ovarian cancer, glioblastoma and NF2 tumors and involved in cell death in Nasopharyngeal carcinoma and melanoma.Apoptosis (Caspase Dependent) –
SCANDINAVIA
(Mises)
The True Nature Of Scandinavian “Socialism”
Wednesday, Sep 24, 2025 – 03:30 AM
Authored by Roman Kireev via The Mises institute,
The Scandinavian model is often misrepresented as a humane and efficient form of socialism. In reality, it is a distinctly coercive and oligarchic form of statism.
While the system preserves the formal legality of civilized concepts like human rights, justice, and private property, in practice, it operates on a Marxist-fascist foundation: it systematically violates the individual through taxation, regulation, and bureaucratic entrapment—leaving only a small, politically-connected class permitted to engage in a narrow, state-sanctioned form of commerce.
By the late 19th century, Scandinavian states had come to realize that they could not operate the machinery of production and commerce themselves—at least not in the ambitious new state-socialist style of their continental counterparts. More plausibly, they faced a deeper structural limitation: they lacked a native middle class to take over, yet sat atop vast, underexploited natural resources.
The result was pragmatic: delegate production to politically-favored actors, both foreign and domestic, who would extract and commercialize resources in exchange for tribute, loyalty, and compliance. In essence, the state outsourced its revenue generation to a politically-connected class of industrialists and resource exploiters through administrative privilege and legal monopoly.
This structure was not built by the Western myth of socialist compromise—peaceful violence. It was built by a fusion of Marxist redistribution and fascist favoritism—a system where the state does not outright abolish private enterprise formally, but does so in practice by licensing it selectively, rewarding obedience, and suppressing independence.
The only challenge that remained was how to present this system as orderly, stable, and socially justified. And there was pressure to construct the myth quickly: waves of emigration were draining the countryside of labor and talent, as individuals fled poverty and rigid class structures in search of opportunity abroad. To stop the bleeding, Scandinavian states offered not only economic incentives, but an ideological narrative—a promise of stability, security, and equality that could keep individuals invested in a system built on coercion and quiet obedience. Thus was born the myth of Scandinavian socialism.
The average citizen in Scandinavia owns no capital, produces nothing independently, and functions as a maintenance technician in this vast and dying bureaucratic apparatus. His reward is not profit, ownership, and autonomy, but the promise of state pension, welfare entitlements, and state-managed insurance. In return, he accepts his role in the machinery—with no means or incentive to escape it.
Let us be clear: Scandinavia is not a society of free men cooperating in liberty.
It is a command economy, masquerading as a hybrid—funded by 19th-century taxation, designed to pacify a docile population, and structured to preserve entrenched oligarchic power.
The good news is that today, the system is failing.
The foundational spoils are dwindling. Competitiveness is eroding. The population is aging. The machine groans under its own weight.
The bad news is that, in the face of collapsing revenue and unsustainable obligations, Scandinavian states will soon turn to their final recourse: the nationalization of wealth, the confiscation of private capital, and the full realization of the Marxist impulse they have always harbored.
Why wouldn’t they rank happy?
GLOBAL ISSUES
MARK CRISPIN MILLER
In memory of those who “died suddenly” in the United States and worldwide, September 5-22, 2025
Robert Redford; producer ‘Omen’ Brown; show biz manager Nicholas Brown; songwriter Brett James; music producer Joel Moss; footballers D.D. Lewis, Keith Fahnhorst; vet advocate Boone Cutler; more
| Mark Crispin MillerSep 24 |
A survey of the likely global toll of COVID “vaccination,” based on the reports collected by our worldwide team of researchers this past week.
To help support our work, consider subscribing or making a donation.
UNITED STATES (130)
Jane Fonda ‘Can’t Stop Crying’ Over Robert Redford’s Death Years After Actress Confessed She Was ‘in Love’ With Him
September 16, 2025
Jane Fonda shared a heartbreaking message after Robert Redford’s tragic death. “It hit me hard this morning when I read that Bob was gone,” she shared with multiple outlets. “I can’t stop crying. He meant a lot to me and was a beautiful person in every way. He stood for an America we have to keep fighting for.” Redford [89] died in his home, located in the mountains outside of Provo, Utah, in the early morning of Tuesday, September 16, per The New York Times. Although no cause of death was reported, Cindi Berger, chairman and CEO of Rogers & Cowan PMK, told the outlet that the actor died in his sleep. “Robert Redford passed away on September 16, 2025, at his home at Sundance in the mountains of Utah — the place he loved, surrounded by those he loved,” Berger said in a statement. “He will be missed greatly. The family requests privacy.”
Researcher’s Note - According to ChatGPT, Redford executive produced a movie called Dark Winds, which came out in March, and also appeared in a cameo. And last year he was working on his wife's movie. So it looks like he was in good shape 6 months ago....
Sidney ‘Omen’ Brown, producer who worked with Beyoncé and Drake, found dead in New York City
September 16, 2025
Music producer Sidney “Omen” Brown — who collaborated with superstar artists such as Ludacris, Drake and Beyoncé — was found dead in his New York City apartment, leaving loved ones stunned by the hitmaker’s sudden passing, officials said Tuesday. The 49-year-old Brown’s “cause and manner of death are pending further study,” according to a statement by the city’s Office of Chief Medical Examiner. Brown, who was usually known by the moniker “Omen,” missed his gig as a DJ at Barawine Harlem, prompting family members to go to his East Harlem apartment on Saturday. It was there where they made the sad discovery, sister Nicole Iris Brown, 43, told NBC News. “He was holistic and healthy. So we don’t know of him being sick, so this is all pretty sudden,” his sister said.
Nicholas Brown, Business Manager to Michael Jackson, George Michael and More, Dies at 75
September 16, 2025
Nicholas Brown, who worked as business manager for such artists as Michael Jackson, George Michael, Aerosmith, Michael Caine, Morrissey, the Cure, Boy George and Culture Club, Neil Diamond, Stevie Nicks, Jeff Lynne of ELO, Dave Navarro, and many others, died unexpectedly on Sept. 5 in Santa Barbara, Calif. No cause of death was announced; he was 75.
Diane Martel, a Renowned Video Director, Passes Away at 63
September 19, 2025
Diane Martel [right], acclaimed video director and choreographer, has passed away. She was 63. Martel’s family confimed her passing in a statement a statement obtained by Rolling Stone on Thursday (Sept. 18). “Diane passed away peacefully at Memorial Sloan Kettering Hospital – surrounded by friends and family – after a long battle with breast cancer,” relayed her family.” She went on to work with an impressive roster of artists, including Beyoncé, Mariah Carey, Christina Aguilera, and Miley Cyrus. “I do have to admit I like being provocative. That’s punk, that’s rock & roll, that’s hip-hop,” she told Rolling Stone. “It’s passionate. We’re not doing pharmaceutical ads.”
Update to our report earlier this year:
Reported September 13:
‘Magnum P.I.’ and ‘Hawaii Five-0’ Actor Suffered From Multiple Medical Conditions Before His Death: Latest on David Hekili Kenui Bell’s Passing
September 13, 2025
More information is being shared about David Hekili Kenui Bell’s death. The late actor, who briefly appeared in the Magnum P.I. and Hawaii Five-0 reboots, passed away on June 12 at 46 years old on the Big Island of Hawaii. His sister, Jalene Kanani Bell, confirmed his passing on Facebook. At the time, his cause of death was not revealed, but now, PEOPLE has obtained Bell’s autopsy report, which was issued by the Hawaii Police Department. Among the “pathological diagnoses” listed in the report are acute respiratory failure, sepsis, hypertensive/atherosclerotic heart disease, and morbid obesity. According to the autopsy report, there were medical intervention efforts consistent with resuscitation attempts. The exam found defibrillator pads on Bell’s chest, while he had an airway in his mouth, a blood pressure cuff on his right arm, an IV line in his left arm, and an intraosseous needle in his left leg. Bell also had statis dermatitis, which is a skin condition caused by poor blood circulation in the legs, and edema, swelling that happens when fluid accumulates in tissues in the lower limbs. A toxicology screen indicates there was no evidence of drugs or alcohol in Bell’s system at the time of his death, but he “complained of difficulty breathing” before he died.
Brett James, ‘Jesus, Take the Wheel’ songwriter, dies in North Carolina plane crash
September 19, 2025
Grammy-winning country songwriter Brett James, known for penning hits like “Jesus, Take the Wheel” and “When The Sun Goes Down,” has died in a plane crash in North Carolina. He was 57. “A Cirrus SR22T crashed in a field in Franklin, North Carolina, around 3 p.m. local time on Thursday, Sept. 18. Three people were on board,” the Federal Aviation Administration (FAA) told Fox News Digital. The FAA confirmed that the plane was registered to James under his legal name, Brett James Cornelius. It’s unclear whether he was piloting the aircraft at the time of the crash. The North Carolina State Highway Patrol confirmed his death, as well as the deaths of two other individuals aboard the plane, according to The Associated Press. The FAA and National Transportation Safety Board (NTSB) are investigating the incident. The plane took off from Nashville’s John C. Tune Airport before crashing under still-undetermined circumstances in the woods of Franklin. Authorities have yet to release additional details regarding the cause of the crash. James’ illustrious career spanned decades, as he became one of the most successful and beloved songwriters in Nashville. He worked on more than 500 songs recorded by artists like Faith Hill, Kelly Clarkson, Luke Bryan, Keith Urban and Meghan Trainor. James’ first major success was in 2001 when his song “Who I Am” was recorded by Jessica Andrews and hit No. 1 on the country charts.
Grammy-winner Joel Moss dies age 79: Music producer passes away suddenly after suffering medical emergency
September 19, 2025
Grammy-winning music producer Joel Moss has died at the age of 79, his family confirmed. The producer, who worked with the likes of Johnny Cash, Tony Bennett and the Red Hot Chili Peppers, passed away on Tuesday in Saratoga Springs, New York. His daughter Rachael said that Joel died after suffering an aortic dissection – where a tear occurs in the inner layer of the body’s main artery.
Chicago house music DJ Ron Carroll dies at 57: reports
September 22, 2025
CHICAGO, IL – Ron Carroll, a legendary Chicago house music vocalist and DJ, died Monday at 57, according to multiple reports. Carroll’s death was shared on social media by longtime friend and DJ Deonte Pennington. Chicago producer Stacy Kidd also posted a tribute, noting Carroll died of a heart attack.
Nashville Publicist Kim Fowler Passes Away
September 19, 2025
Nashville music publicist Kim Fowler has passed away at the age of 58, following a long battle with early-onset dementia. Over the course of three decades in the music industry, Fowler worked with artists including Dolly Parton, Shania Twain and Nickel Creek. She began her career at Mercury Records in the early ’90s, where she handled publicity for Twain, Toby Keith and Billy Ray Cyrus, among others. Later, at Sugar Hill Records, she played a key role in helping Nickel Creek break onto the bluegrass and folk scene. In recent years, as she faced her illness, the music community rallied around Fowler and her family, including through a GoFundMe campaign to support her care.
Sarasota Orchestra mourns long-standing double bassist
September 17, 2025
The Sarasota Orchestra in Florida, US, has announced the death of its long-standing double bassist, Alex Albanese [64]. He freelanced extensively, appearing with the Naples Philharmonic, Southwest Florida Symphony, as well as other professional orchestras in Florida. In Mexico, he performed one season with the Orquesta Sinfónica de Aguascalientes. He performed with Seaside Music Theater, on national and international tours, and across 19 different cruise ships. Albanese suffered a stroke in February 2025, causing left-side paralysis and mobility challenges. A second stroke two months later further impaired his mobility, cognition and Type 2 diabetes management. A GoFundMe page was established to cover his medical and living expenses.
No cause of death reported.
Alex Machurov, Head of Business Development at A2IM, Passes Away Aged 53
September 22, 2025
The American Association of Independent Music (A2IM) has announced the passing of Alex Machurov, Head of Business Development at the organization, on September 18. Machurov died at the age of 53 after a long battle with an undisclosed illness. Alex joined A2IM and the Foundation for Independent Music in 2024 as Head of Business Development. In just 18 months—and despite ongoing health challenges—he made significant contributions to the growth and success of the Foundation and to A2IM’s programs.
No cause of death reported.
Dallas Cowboys legend on 2 Super Bowl title teams dies at age 79
September 18, 2025
PLANO, Texas — D.D. Lewis, a key member of the “Doomsday Defense” for the Dallas Cowboys during the 1970s and a two-time Super Bowl champion, has died Tuesday at the age of 79. Mississippi State University, where Lewis played football in college, announced his death in a post on social media. The Cowboys also confirmed Lewis’ death on the team’s website. He reportedly died at Medical City Plano Hospital. No cause of death was reported.
Former 49ers tackle Keith Fahnhorst dead at age 66
September 15, 2025
DR PAUL ALEXANDER
NEWSWIZE
NEWS ADDICTS
EVOL NEWS
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
The EU Won’t Be Able To Keep Its Promise To Buy “Vast Amounts” Of US Weapons
by Tyler Durden
Wednesday, Sep 24, 2025 – 01:05 PM
By Elwin de Groot, head of macro strategy at Rabobank
Geopolitics has taken precedence over economics. That’s a theme we’ve been pushing in this Global Daily for a great number of years. Yesterday’s events proved no different. So instead of discussing the latest report from the OECD on the global economy, or the latest statement from (any) central bank, we start with the NATO statement, which met for the second time in two weeks to discuss matters under Article 4 of the Washington Treaty. This time it was at the behest of Estonia, whose airspace was violated last Friday by three armed Russian jets.
The statement said that NATO expresses its “full solidarity with all Allies whose airspace has been breached. Russia bears full responsibility for these actions, which are escalatory, risk miscalculation and endanger lives. They must stop.”
The statement went on to warn that “Russia should be in no doubt: NATO and Allies will employ, in accordance with international law, all necessary military and non-military tools to defend ourselves and deter all threats from all directions. We will continue to respond in the manner, timing, and domain of our choosing. Our commitment to Article 5 is ironclad.”
If we compare the choice of language in this statement to the text read by NATO Secretary General Rutte following the Polish drone incident two weeks ago, which was mostly about NATO’s readiness, vigilance and resolve to defend “every inch of Allied territory” – one can see this is a step-up in the strength and specificity of the wording used.
And then, on the heels of that NATO statement came the assertion by Denmark’s PM Mette Frederiksen – following ‘drone incidents’ reported earlier that day at Oslo and Copenhagen airports – that the incident at Copenhagen was a “serious attack” on Danish critical infrastructure, adding that she couldn’t “rule out that it is Russia” who is behind this.
If confirmed, would that be sufficient for a third NATO gathering? And if so, what wording would be used in their third statement? Or could NATO’s next step be a more forceful token rather than putting out another warning text?
US President Trump may not stand in the way, it seems. In his address to the UN, the President lashed out at the institution, claiming that the UN does nothing to stop the world’s problems. But his most remarkable comment perhaps was about Ukraine. The US president stated that Ukraine was in a position to reclaim all territory lost to Russia, with help from the EU. That’s a big shift in stance. He also said that NATO should shoot down Russian aircraft that violate their airspace. On that note, the president also reiterated his earlier call on Europe to stop buying Russian oil, adding that the US will join in secondary sanctions on remaining buyers of Russian energy.
So while can only speculate about the next steps taken by NATO or Europe, opinions appear to be shifting and there can be little doubt that whatever comes next is going to be even more costly for Europe in many respects. So market observers may need to pay some extra attention in this area, rather than pouring over the latest PMI reports.
Speaking of which, those reports were actually sowing more confusion than painting a clear picture of what’s going on. The Eurozone PMIs showed a clear divergence between the manufacturing sector (down) and the services sector (up). And since the services sector has a much greater weight in the economy (and, by extension, also in the composite PMI index of activity), this explains the slight ‘overall’ positive surprise in the Eurozone composite PMI (up 0.2 points to 51.2). However, in terms of the direction of travel, we should perhaps attach a higher weight to the signal given by the manufacturing index?
Since the French data is always released first, that led to a short-lived dip in the currency and markets. However, the aggregate results were better, helped by some improvement in Germany. Domestic demand continues to be a key driver behind the reported economic activity, while new export orders continue to decline. Demand from abroad fell at the fastest pace in six months. These two troughs unsurprisingly correlate with the dates of Trump’s tariff announcements and the EU-US trade deal. A reversal in the manufacturing PMI (as shown in September) could thus be signalling that the US import tariffs and reversal of frontloading activities have now turned into a headwind for the economy. In summary, European growth will probably remain sluggish in the coming quarters, as the limited influx of new orders makes an acceleration unlikely.
We might have seen a bigger FX response to the European PMIs if it weren’t for the US data later in the day, which basically confirmed the picture of a weakening economy. Business activity growth slowed in September, as companies reported softer demand. The bright side for the Fed is, perhaps, that this also limits companies’ abilities to raise selling prices. But on the cost side, businesses reported further price increases as a result of tariffs. So, margins are under pressure. The PMI survey also confirmed the labour market is softening, as companies reported slower hiring. In the services sector, that’s mainly the result of attrition and the unwillingness to fill vacancies. But in manufacturing, the survey responses included job losses due to cost cutting.
The UK composite PMI slipped to 51.0 in September from 53.5, reinforcing the uneasy balance between sticky inflation and weak growth. The pullback reflects softer demand, rising slack in the labour market, and growing uncertainty ahead of the Autumn Budget. Services sector inflation remains elevated, though the survey hints at a modest cooling in underlying cost pressures. Still, we see little in this release to shift the Bank of England’s near-term calculus.
Returning to geopolitics – for balance – could we conclude that the military are coming to the rescue of Europe’s ailing industrial sector? As Politico noted yesterday, Germany’s EUR83bn military procurement plan for the remainder of 2025 and 2026 is tilted heavily towards the purchase of European hardware, with only 8 percent going to American weapons. That is a significant break with the previous years and would imply that the EU may not be able to live up to its promise to buy vast amounts of US weapons (as touted by President Trump).
Whilst this may not get a warm response from the White House, from a ‘statecraft’ perspective, the shift towards domestic and European equipment is understandable, particularly given that Germany’s industry is having a hard time with capacity utilization in the capital goods sector, 3.5%-points below its long-term average. And although it could paint the EU/EC in a corner, we note that the EU-US agreement itself did not mention specific numbers for military procurement. All it said was that “The European Union plans to substantially increase procurement of military and defence equipment from the United States, with the support and facilitation of the US government.”
So anyone with a ‘transactional eye’ would say this leaves sufficient room for manoeuvre and does not necessarily have to result in a new spat between Washington and Brussels.
* If you need a good water filter *
Take a look at this
Or travel size
Or this one for under the sink
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
TORONTO CANADA/DOUG MURRAY
SPECIAL THANKS TO ROBERT H FOR SENDING THIS TO US;
The dark side of Toronto
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1770 DOWN 0.0046 PTS OR 46 BASIS POINTS
USA/ YEN 148.20 UP 0.596 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 1.3477 DOWN .0046 OR 46 BASIS PTS
USA/CAN DOLLAR: 1.3862 UP 0.0024 (CDN DOLLAR DOWN 24 BASIS PTS)
Last night Shanghai COMPOSITE UP 31.81 PTS OR 0.83%
Hang Seng CLOSED UP 359.53 PTS OR 1.37%
AUSTRALIA CLOSED DOWN 0.88%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 359.53 PTS OR 1.37%
/SHANGHAI CLOSED UP 31.81 PTS OR 0.83%
AUSTRALIA BOURSE CLOSED DOWN 0.88 %
(Nikkei (Japan) CLOSED UP 136.65 PTS OR 0.30%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 3770.85
silver:$44.10
USA dollar index early WEDNESDAY morning: 97.21 UP 32 BASIS POINTS FROM TUESDAY’s CLOSE
WEDNESDAY MORNING NUMBERS ENDS
And now your closing WEDBNESDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.164% UP 2 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +1.654% DOWN 1/2 FULL POINTS AND 40/100 BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.163 DOWN 1 BASIS PTS//DEADLY
SPANISH 10 YR BOND YIELD: 3.307 UP 1 in basis points yield
ITALIAN 10 YR BOND YIELD 3.601 UP 3 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.7493 UP 1/2 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY WEDNESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1742 DOWN 0.0073 OR 73 basis points
USA/Japan: 148.65 UP 1.058 OR YEN IS DOWN 4 BASIS PTS//
Great Britain 10 YR RATE 4.6710 DOWN 1/ 2 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.748 UP 1 BASIS POINTS.
Canadian dollar DOWN 00.37 OR 37 BASIS pts to 1.3877
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY DOWN AT 7.1290 CNY ON SHORE ..
THE USA/YUAN OFFSHORE UP TO 7.1337
TURKISH LIRA: 41.47 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.654 DOWN 1/2 basis pts
THE 30 YR JAPANESE BOND YIELD: 3.163 DOWN 1 basis pts
Your closing 10 yr US bond yield UP 2 in basis points from MONDAY at 4.136% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.748 UP 1 in basis points /11:00 AM
USA 2 YR BOND YIELD: 3.580 UP 1 BASIS PTS.
GOLD AT 11;00 AM 3767.80
SILVER AT 11;00: 44.11
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: WEDNESDAY CLOSING TIME 11:00 AM//
London: CLOSED UP 27.11 PTS OR 0.29%
GERMAN DAX: UP 55.48 pts or 0.23%
FRANCE: CLOSED DOWN 44.57 pts or 0.57%
Spain IBEX CLOSED UP 36.40pts or 0.24%
Italian MIB: CLOSED UP 54.64 or 0.13%
WTI Oil price 64.27 11.00 EST/
Brent Oil: 68.46 11:00 EST
USA /RUSSIAN ROUBLE /// AT: 85.38 ROUBLE DOWN 1 AND 69/ 100
CDN 10 YEAR RATE: 3.213 UP 3 BASIS PTS.
CDN 5 YEAR RATE: 2.751 UP 2 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1736 DOWN 0.0030 OR 30 BASIS POINTS//
British Pound: 1.3445 DOWN .0078 OR 78 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.6720 DOWN 1 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.490 DOWN 1
JAPAN 10 YR YIELD: 1.642 DOWN 2 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.159 DOWN 3 AND VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 148.87 UP 1.268 BASIS PTS
USA dollar vs Canadian dollar: 1.3900 UP 0.0062 PTS// CDN DOLLAR DOWN 19 BASIS PTS
West Texas intermediate oil: 64.79
Brent OIL: 69.11
USA 10 yr bond yield UP 3 BASIS pts to 4.146
USA 30 yr bond yield UP 2 PTS to 4.755%
USA 2 YR BOND: UP 3 PTS AT 3.600%
CDN 10 YR RATE 3.199 UP 1 BASIS PTS
CDN 5 YEAR RATE: 2.735 UP 0 BASIS PTS
USA dollar index: 97.49 UP 60 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 41.45 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 83.41 UP 0 AND 24/100 roubles //
GOLD $3761.65 . (3:30 PM)
SILVER: 43.94 (3:30 PM)
DOW JONES INDUSTRIAL AVERAGE: DOWN 171.50 OR 0.37%
NASDAQ 100 DOWN 76.80 PTS OR 0.31%
VOLATILITY INDEX 16.42 DOWN 0.22 PTS OR 1.32%
GLD: $ 343.31 DOWN 3.15 PTS OR 0.91%
SLV/ $39.82 DOWN 0.14 PTS OR OR 0.35%
TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 44.12 PTS OR 0.15%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
Bitcoin & Black Gold Bid But Big-Tech Buckles As Goldman Warns ‘Dynamics Feel Stretched’
WRAP UP FOR THE DAY:
Stocks slide continues while Dollar pares recent weakness – Newsquawk US Market Wrap
Wednesday, Sep 24, 2025 – 03:45 PM
- SNAPSHOT: Equities down, Treasuries down, Crude up, Dollar up
- REAR VIEW: US New Home Sales top exp.; Fed’s Goolsbee downplays series of cuts; US sets reduced auto tariffs to 15% for the EU; Avg. US 5yr note auction; EIA crude stocks post surprise draw; G7 countries reportedly considering price floors for rare earth production to counter China; BoE Governor Bailey says there’s still room to cut rates; Germany Ifo prints beneath exp.; Aussie CPI comes in slightly hot; BABA launches Qwen3-Max; ORCL files for $18bln 7-part note offering; Israel’s army has taken “another step” in plan to occupy Gaza city.
- COMING UP: Data: German GfK Consumer Sentiment (Oct), US Durable Goods (Aug), GDP Final (Q2), PCE Final (Q2), Jobless Claims, Advance Goods Trade Balance (Aug). Events: SNB Announcement, Banxico Announcement, BoJ Minutes (Jul), PBoC MLF. Speakers: SNB’s Schlegel; Fed’s Goolsbee, Williams, Schmid, Bowman, Logan, Barr, Daly. Supply: Japan, UK, US. Earnings: Costco, BlackBerry, Accenture, H&M.
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MARKET WRAP
US indices were lower, and it was largely one-way traffic from the sell-off at the open, albeit on no particular headline driver. The Dollar saw notable gains as it attempted to retrace its WTD losses, so far, which weighed on all G10 FX peers. AUD was the relative outperformer, albeit still weaker, as a firm Aussie CPI overnight supported with odds of a 25bps rate cut next week sitting at just 8%. EUR was weighed by a dismal German Ifo report. Treasuries were lower across the curve and sold off through the session, with the downside extending on Oracle announcing a 7-parter. Copper surged on Wednesday, with Freeport McMoRan (FCX, -17%) seeing losses after the Co. confirmed two fatalities from an incident on PT Freeport Indonesia, which has halted operations at Grasberg, and FCX expects quarterly sales 4% lower for copper. Sectors were mixed but with a downside bias, as Energy was the clear sectorial outperformer and supported by the gains seen in the crude complex of c. USD 1.50/bbl – benchmarks were supported after reports that Israel’s army took “another step” in the plan to occupy Gaza City. Out of the US, only Fed’s Goolsbee (2025 voter) spoke, and he reiterated his hawkish tones, while new home sales soared above expectations and the top end of the forecast range, albeit little movement was seen.
US
NEW HOME SALES: New home sales in August soared 20.5% to 800k, way above the expected 650k and the prior, revised higher, 664k. Median sales price rose 1.9% Y/Y to USD 413.5k, while new homes supply was 7.4 months’ worth at the current pace, falling somewhat from July’s 9 months’ worth. Oxford Economics note that the surge in sales, which seems at odds with other indicators, likely overstates any improvement in housing activity. However, OxEco do expect home sales to improve as mortgage rates decline and the labour market regains its footing. New home prices lifted 4.7% M/M, and while they can be noisy, the consultancy says homebuilders have been offering price cuts and other incentives to encourage sales, but there are signs some builders are going to cut back on those incentives as profit margins have been squeezed.
FED’S GOOLSBEE: The 2025 voter warned against a series of rates, seemingly downplaying the chances of an October cut. Goolsbee cited a mostly steady and solid jobs market. He feels uncomfortable with overly frontloading a lot of rate cuts on the presumption that [inflation] will probably just be transitory.
FIXED INCOME
T-NOTE FUTURES (Z5) SETTLED 7+ TICKS LOWER AT 112-20+
T-Notes sold amid quiet newsflow. At settlement, 2-year +3.0bps at 3.600%, 3-year +3.1bps at 3.598%, 5-year +3.5bps at 3.712%, 7-year +3.3bps at 3.901%, 10-year +2.9bps at 4.147%, 20-year +2.1bps at 4.723%, 30-year +1.9bps at 4.756%.
INFLATION BREAKEVENS: 1-year BEI +2.6bps at 3.262%, 3-year BEI +1.3bps at 2.732%, 5-year BEI +1.4bps at 2.472%, 10-year BEI +0.7bps at 2.363%, 30-year BEI +0.6bps at 2.266%.
THE DAY: T-Notes traded sideways overnight before moving lower throughout the European morning and into the US session. The curve was sold across all durations, more so on the front end and belly, resulting in mainly steeper spreads. Accelerating the move was Oracle’s 7-part note offering filing with the size originally USD 15bln, before being revised up to USD 18bln after being met with strong demand. The 5-year note auction was met with a muted reaction, with results pretty average after Tuesday’s mediocre 2-year (more below). At the Fed, Goolsbee 2025 voter downplayed a series of cuts, citing a mostly steady and solid jobs market. The 2025 voter is unconformable with overly frontloading a lot of rate cuts on the presumption that [inflation] will probably just be transitory. T-Notes were unfazed by Goolsbee, remaining around 112-20+ lows from earlier 113-00 highs.
SUPPLY
NOTES
- US sold USD 28bln of 2yr FRNs; high discount margin 0.200%.
- High Discount Margin: 0.200% (prev. 0.195%). B/C: 3.15x (prev. 3.22x). Dealer: 28.9% (prev. 21.4%). Direct: 0.9% (prev. 0.7%). Indirect: 70.2% (prev. 77.9%).
- US sold USD 70bln of 5yr notes; tail 0.1bps.
- Overall, the 5yr auction was average. A tail of 0.1bps was seen, smaller than the prior 0.7bps but not too far off the six-auction average of 0.2bps. B/C was little changed at 2.34x from the prior and average of 2.36x. Dealer’s take jumped as a result of a drop in Directs and Indirects, reaching 11.9% from 8.8%, above the 10.9% avg. Meanwhile, Directs fell to 28.6% from 30.7%, but remain above the average of 22.1%, while Indirects remain beneath the 66.9% average at 59.4% from 60.5%.
Bills
- US sold USD 65bln of 17-week bills at a high rate of 3.805%, B/C 2.93x.
STIRS/OPERATIONS
- Market Implied Fed Rate Cut Pricing: Oct 23.5bps (prev. 23bps), Dec 43bps (prev. 44bps), January 55bps (prev. 55bps).
- NY Fed RRP op demand at USD 29bln (prev. 14bln) across 22 counterparties (prev. 16).
- EFFR at 4.09% (prev. 4.09%), volumes at USD 95bln (prev. 93bln) on September 23rd.
- SOFR at 4.12% (prev. 4.14%), volumes at USD 2.877tln (prev. 2.906tln) on September 23rd.
CRUDE
WTI (X5) SETTLED USD 1.58 HIGHER AT 64.99/BBL; BRENT (X5) SETTLED USD 1.68 HIGHER AT 69.31/BBL
The crude complex was firmer and saw gains throughout the session. Benchmarks were boosted in the European morning after reports that Israel’s army took “another step” in the plan to occupy Gaza City. Despite saying that, WTI and Brent swiftly fell to new lows in wake of weak German Ifo figures, but that appeared to be a momentary dip as upside soon continued to see the energy space extend on the week’s gains, so far. In the latest instalment of the Russia/Ukraine war, the Kremlin said the Ukraine war is not an “aimless war” and the idea that Ukraine can win something back is “deeply mistaken”. Of course, this follows Trump’s posting on Truth yesterday that Zelensky is now “in a position to fight and WIN all of Ukraine back in its original form”. Zelensky today, speaking at the UN, noted Putin wants to continue this war by expanding it, and added he had a good meeting with Trump on Tuesday. Little move was seen after the EIA figures, but crude saw a surprise draw, in line with the private metrics, albeit not as large, while Distillates noticed a larger-than-anticipated draw. Gasoline also saw an unexpected draw, with crude production up 19k W/W to 13.501mln. WTI traded between USD 63.25-65.05/bbl and Brent 67.51-69.30/bbl.
EQUITIES
CLOSES: SPX -0.28% at 6,638, NDX -0.31% at 24,504, DJI -0.37% at 46,121, RUT -0.92% at 2,435
SECTORS: Materials -1.59%, Real Estate -1.01%, Communication Services -0.82%, Technology -0.52%, Industrials -0.51%, Health -0.36%, Financials -0.23%, Consumer Staples +0.13%, Consumer Discretionary +0.70%, Utilities +0.73%, Energy +1.23%.
EUROPEAN CLOSES: Euro Stoxx 50 -0.11% at 5,466, Dax 40 +0.30% at 23,682, FTSE 100 +0.29% at 9,250, CAC 40 -0.57% at 7,827, FTSE MIB -0.13% at 42,423, IBEX 35 +0.37% at 15,215, PSI +1.32% at 7,915, SMI -1.01% at 11,980, AEX +0.08% at 935
STOCK SPECIFICS
- Micron (MU): EPS, revenue & net income beat; Strong next quarter guidance.
- Alibaba (BABA): Launched its largest AI model, Qwen3-Max.
- Freeport McMoRan (FCX): Confirmed two fatalities from incident on PT Freeport Indonesia; mining operations at Grasberg suspended since Sept. 8th. Expects quarter sales 4% lower for copper, 6% lower for gold in Q3. PTFI is notifying commercial counterparties of force majeure due to the incident’s impacts.
- JD.com (JD): China’s market watchdog is taking steps to curb excessive competition in the meal delivery sector.
- Cintas (CTAS): FY26 adj. EPS view underwhelmed.
- Oracle (ORCL): OpenAI, ORCL, & Softbank announced five new US data centre. Meanwhile, Oracle filed a 7-part note offering with the size originally USD 15bln, before being revised up to USD 18bln after being met with strong demand.
- Lithium Americas (LAC): Trump admin is seeking up to a 10% equity stake.
- Adobe (ADBE): Downgraded at Morgan Stanley to ‘Equal Weight’ from ‘Overweight’.
- Bloom Energy (BE): Downgraded at Jefferies to ‘Underperform’ from ‘Hold’.
- Amazon (AMZN): Upgraded at Wells Fargo to ‘Overweight’ from ‘Equal Weight’.
- NVIDIA (NVDA): Director Mark Stevens sold >350k shares at an avg. of USD 176.3923/shr, totalling USD 61.7mln.
- Marvell Technology (MRVL): CEO said no revenue hole in 2026 from AWS custom AI silicon programme and assuming a floor of 18% Y/Y data centre capex growth for ’26 – CEO spoke in a JPM fireside chat.
- Xcel Energy (XEL): Reached agreement in principle to resolve all litigation related to 2021 Marshall fire; reaffirms 2025 EPS guidance of USD 3.75-3.85.
- Intel (INTC): To ask Apple (AAPL) to invest as part of a comeback bid, Bloomberg reports; Cos. have also discussed ways to work more closely; talks are early and may not lead to an agreement.
FX
The Dollar was firmer on Wednesday, attempting to pare some of the week’s losses so far, as DXY printed a high of 97.926 against an earlier low of 97.22. There was no one headline driving the Dollar upside, just seemingly retracing some of the week’s underperformance. Out of the US, there was little data or Fed speak, with Goolsbee reiterating his hawkish tones, as well as a stellar US new home sales report. After-hours attention turns to remarks from Daly (2027 voter), where last week the San Fran Fed President noted the job market has softened quite a bit over the last year, and part of this is due to the economic outlook. Barclays’ passive month-end and quarter-end rebalancing model shows moderate USD selling against all majors.
G10 FX was weaker across the board and fell victim to the surging Buck. AUD was the relative outperformer and showed just minor losses, and was due to the firm Australian CPI metrics overnight – Y/Y CPI rate climbed from 2.8% to 3.0% (exp. 2.9%), the top end of the RBA’s target range, with odds of a 25bps rate cut next week sitting at just 8%.
Yen was the G10 laggard. It saw marginal weakness on Japanese S&P metrics overnight, whereby manufacturing and services fell. Elsewhere, the focus remains on the outcome of the LDP leadership contest on October 4th, with Takaichi still judged to be the front-runner. USD/JPY traded between 147.52-148.88, and sits at the top end at the time of writing. EUR saw weakness after dismal German Ifo metrics – Business climate, current conditions, and expectations all fell and were worse than expected. In other news, Bloomberg reported that the US officially set reduced auto tariffs to 15% for the EU beginning August 1st, 2025.
Cable printed a low of 1.3427, and was weighed on by aforementioned themes. No move was seen, but BoE Governor Bailey said there is still further room to cut rates, and the extent depends on the path of inflation. The governor largely echoed remarks made in wake of the September meeting, which saw the MPC hold rates at 4% via a 7-2 vote. Greene also spoke, but said little new.
EMFX was exclusively lower against the Greenback, ex-ARS, which continues to extend on gains with USD/ARS lower by c. 9.5% WTD, so far. In CEE, CNB held rates at 3.5%, as expected, in a unanimous decision.
DATA RELEASES
New Home Sales Exploded Higher In August, But Prices Soared
Wednesday, Sep 24, 2025 – 10:09 AM
With mortgage rates lower (but rising very recently), and mortgage applications spiking (though flat this week), and following record July cancellations, new home sales were expected to decline very modestly in August. The analysts could not have been more wrong as new home sales exploded 20.5% higher MoM (-0.3% exp) and are up 15.4% YoY.
That is the biggest MoM spike since August 2022…
Source: Bloomberg
The total new home sales SAAR surged to 800k (its highest since Dec 2021) and completely decoupled from existing home sales…
Source: Bloomberg
The surge was driven almost entirely sales in the South region…
Source: Bloomberg
The median new home price rose 1.9% y/y to $413,500, but the average selling price soared near record highs at $534,100…
That was the 3rd biggest monthly jump (+11.7%) in average home price since Lehman…
Source: Bloomberg
It appears the surge in sales was dominated by the most expensive homes…
But, even with the jump in median new home prices, they are still well below the existing home price…
Source: Bloomberg
Additionally, houses for sale in Aug. fell 1.4% m/m to 490,000 pushing the months’ supply at 7.4 in Aug. compared to 9.0 prior month.
Did homebuilders finally capitulate?
Is the sales jump sustainable?
“Lower borrowing costs supported a surge in new home sales in August, and could drive further increases in the coming months, given the continued decline in mortgage rates since then,” Thomas Ryan, North America economist at Capital Economics, said in a note.
Source: Bloomberg
The data suggest US homebuilders are successfully luring buyers off the sidelines with aggressive sales incentives. This month, 39% of builders reported cutting prices in a survey by the National Association of Home Builders and Wells Fargo, a post-pandemic high.
Homebuilder Lennar Corp. recently reported offering sales incentives equal to 14.3% of its average sale price, more than double its usual 5% or 6%
Despite the improved August numbers, US homebuilders are contending with lingering affordability concerns. Many buyers still can’t afford today’s prices and financing costs, and are increasingly nervous about the nation’s labor market.
TRUCKING!!
Cass-FREIGHT-iNDEX-lOWEST-SINCE-2020.jpg 624×527 pixels
Yes, it dropped 9.3%in August.
Yes, I read how the US economy is growing. However reality says otherwise. America moves and lives by TRUCK. When trucking shipments fall you are about 1-2 months away from reality of a slower economy. Have you noticed that more companies have started sale prices to stimulate sales? It is why bank liquidity is lower.
Not withstanding the efforts of this administration the seeds of decline were sown i think least one. It is likely that this downturn will last at least 2 years. And longer if war comes. If America manages to stay out of pending wider conflict in Europe, the capital flight from Europe will keep the dollar and markets higher than they would be otherwise for capital safety.
Meanwhile China seems to be dumping Treasuries again. While turning up the heat on Asian gold promise of value.
With geopolitical risk rising it is not surprising that precious metals are rising quickly. Uncertain is building. Even the freezing of bank accounts in places like Vietnam and Thailand is causing flight into accounts outside of those countries. And in the case of Europe when the first shots are heard CAPITAL CONTROLS will be put in place. As it is countries like Spain have restricted payments and withdrawals to 3000 EURO and England will hold transfers overnight at 800 pounds before letting them go.
We are heading into storms not seen in our life time and maybe just maybe North America will escape. The 64 dollar question is whether the WORLD will shun the USD for future trade as more trade is settled in currency other than the USD. Certainly the BRICS and their allied nations have sailed away.
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END
USA ECONOMIC COMMENTARIES\
Trump Admin Has Revoked Over 6,000 Student Visas
Wednesday, Sep 24, 2025 – 12:05 PM
Authored by Nancy Bareham via The College Fix,
More than 6,000 foreign students have lost their visa under the Trump administration, according to State Department data – and several commentators praised the federal government for pulling permission.
“The Trump Administration is protecting our nation and our citizens by upholding the highest standards of national security and public safety through our visa process,” the State Department said in response to an inquiry made by The College Fix about the revocations.
The Heritage Foundation said student visas have benefits to the country but they can be abused.
“Student visas at best are a way to bring foreigners from many countries to learn from our best universities,” Hannah Fay, a communications fellow, told The Fix via email.
“We allow a few of the most talented to remain and work, but the majority go home to build their own countries,”
“Despite the clear intent of the law that they be temporary, many students see a visa as the first step in what they believe is an entitlement to remain for life,” Fay said.
She said immigration enforcement is much better under Trump than Biden, saying the last president “was about open borders and mass migration, legal and illegal.”
“They wanted as many visas issued as possible and standards as low as legally permitted,” Fay said.
The State Department said there are several reasons visas can be revoked, including staying past the expiration date, criminal activity, and supporting terrorism.
The National Association of Scholars, a higher education reform group, said the administration is correct to weed out “terrorist sympathizers.”
“It would seem to me a good policy to review all existing student visas and revoke those belonging to known terrorist sympathizers,” Chance Layton, the director of communications for NAS, said via email. “Any arrest that occurs during anti-American agitation, protest, or subversive action is a reason to revoke a visa. Any act of espionage or technology transfer is a reason to revoke a student visa.”
He said long-term fixes are also in the works.
“It appears that, for the most part, the Trump administration will review these sorts of visas and will likely revoke many of them. Better yet, DHS is moving forward with formal rule-making, which will make it harder for a future administration to overturn these reforms,” Layton said.
The administration proposed capping student visa holders to a four-year stay in August. “Since 1978, foreign students (F visa holders) have been admitted into the U.S. for an unspecified period known as ‘duration of status,’” the Department of Homeland Security stated in a news release. “Unlike other visas issued, those with a ‘“’duration of status’”’ designation are allowed to remain in the U.S. for an indefinite amount of time without further screening and vetting.”
The Fix attempted to reach the Presidents Alliance on Higher Education and Immigration but it did not respond to several emails in the past month asking for comment on the revocation of visas.
While there have been 6,000 student visas revoked, hundreds of thousands of foreign students remain in the country. Groups such as NAFSA: Association of International Educators predict a 15 percent drop in foreign student enrollment this school year, although that would still mean around 1 million enrollees.
The Trump administration has also floated the idea of letting 600,000 Chinese students into the U.S. in the next two years, as previously reported by The Fix.
At the same time, it has attempted to deport foreign students who the administration alleges are sympathetic to Hamas.
In one high-profile case, an immigration judge recently ruled that former Columbia University graduate student Mahmoud Khalil could be deported based on allegations he misled the United States about his internship with a United Nations agency.
END
Jerome Powell’s Reign Of Error
Tuesday, Sep 23, 2025 – 05:00 PM
Authored by Stephen Moore via RealClearPolitics.com,
It’s hard to believe that a couple years ago Time magazine considered naming Federal Reserve Board Chairman Jerome Powell as their Person of the Year. He may well have won, if it hadn’t been for someone named Taylor Swift.
Powell has been idolized by the Left for one reason: He’s been a thorn in the side of President Donald Trump for years. If Trump says “ying,” Powell says “yang.”
Last week Powell finally lowered the federal funds rate, and better late than never.
But his speech to the media was a tirade against Trumponomics. He was filled with doom and gloom in his statement, telling global investors that the economy is growing at only 1.6% so far this year and is expected to grow 1.6% next year.
What country was he talking about? Afghanistan?
Here are the facts:
In the second quarter of this year, the U.S. economy grew by 3.3%, and with a few weeks to go in the third quarter, the Federal Reserve Bank of Atlanta is forecasting 3% growth — twice Powell’s cracked crystal ball.
Powell also never mentioned that real household incomes are up $1,100 for the first seven months of 2025.
He never mentioned that capital investment — the seed corn of a growing economy — has been ramped up, with hundreds of billions pledged next year.
He attacks Trump’s tariffs and more restrictive immigration policies as restricting growth — and he has a point that those have slightly slowed growth. But he never mentioned the Trump tax cuts, the immediate expensing for capital purchases (which has spurred an investment boom), the deregulations that could save up to $1 trillion this year, or that Trump’s pro-energy policies have increased U.S. production of oil and gas to record highs, or that the area where job growth is way down is in government employment — which is GOOD for the economy.
There’s also something almost comical about a Fed chair who let prices soar by 21% during former President Joe Biden’s four years in office — the highest rates in nearly 40 years, dating back to Jimmy Carter’s stagflation. He promised inflation was “transitory” — oops. Tell that to people whose grocery bills rose by one-third in four years.
He accommodated the disastrous lockdowns of the economy with nary a word of objection by shoveling trillions of dollars into the economy in 2020 and ’21. The result: Americans saw a three-year crash in their after-inflation incomes. It was right and proper that Americans chased Biden and former Vice President Kamala Harris out the door, but here we are nine months later, and Powell is still around.
Powell is attacked by Trump as “Too Late Jerome.” But the reality is, he’s “Too Wrong Powell.” His job, as former World Bank president David Malpass notes, should be “to defend the dollar and keep it stable in value.” Steve Forbes adds that Powell has followed the wrongheaded creed of the 300 PhD economists over at the Fed’s temple that growth causes inflation.
He has a bully pulpit that can and should be used to attack the dangerous levels of government debt and deficit spending. He rarely does.
Powell’s defenders counter any criticism of the Fed by reflexively arguing that the central bank should be independent. Yes.
But it should also be competent and accountable.
Under Powell’s reign of error, the central bank has been neither. He makes up monetary policy as he goes along, and that has increased the instability of the U.S. economy and financial markets.
He has been a walking billboard for a rules-based monetary policy — perhaps a gold or commodity standard.
Powell should admit he’s in over his head and exit stage left now before he does more harm. But he lives in a media-created delusion that he’s the last line of defense against Trump. The good news is, at least he will be gone in seven months. Hopefully the next Fed chairman will learn from his series of blunders.
END
Snyder: America Is Reaching A Boiling Point
Tuesday, Sep 23, 2025 – 04:20 PM
Authored by Michael Snyder via The Economic Collapse blog,
I am deeply saddened by what is happening to our country.
America is reaching a boiling point, and it appears that we have entered a new era of civil unrest in which political violence will become the norm. At this moment in our history, we should all be denouncing political violence as loudly as we can. Unfortunately, there are many voices that are loudly calling for more political violence.
I have been warning that this time would come for so many years, and now it is here. The “left” deeply hates the “right”, and the “right” deeply hates the “left”. But how is a bitterly divided nation supposed to thrive? How is it even supposed to survive? Those that founded this country shared a common set of core values, but today there are no core values that still unite us, because the core values that our founders believed in so strongly have been abandoned. In fact, in so many ways America is now the complete opposite of what our founders intended.
Decades ago, we would laugh at the pathetic nations that were constantly plagued by political violence.
Now we are one of those nations.
A man in New Hampshire was just arrested for threatening to use homemade pipe bombs to assassinate New Hampshire Governor Kelly Ayotte…
A ponytailed New Hampshire man has been arrested after allegedly plotting to assassinate the state’s Republican governor with a ‘weapon of mass destruction.’
Tristan Anderson, 22, is accused of threatening to kill Governor Kelly Ayotte with homemade pipe bombs.
According to investigators, Anderson made the chilling threats to his roommate on Snapchat, bragging about his plans and showing off the materials he intended to use.
Hopefully authorities will lock up that nut for a long time, but the truth is that there are millions of others just like him.
For example, a crazed leftist at Oberlin College has boldly proclaimed that we “need to bring back political assassinations”…
A radical leftist student at Oberlin College casually called for political assassinations to continue in the wake of the targeted killing of political activist Charlie Kirk last week, according to an online post she made.
“We need to bring back political assassinations,” said Julia Xu in a social media post, where her handle is @bringbacktheguillotine.
“I don’t feel bad and I don’t think that everyone deserves the right to free speech. Some people should be afraid to express their opinion in public.”
That is sick.
If you have not seen the footage of her making these comments yet, you can find it on YouTube.
So where did she get such horrifying ideas?
Well, it turns out that her thinking has been greatly influenced by Chairman Mao…
Xu is on the advisory board of campus group the Gender, Sexuality and Attraction Initiatives, an office that supports queer, trans and women’s programming at the school. Xu, who uses they/them pronouns, is also a member of Students for a Free Palestine.
Xu said she made the comments about Kirk, who was assassinated during a student debate at Utah Valley University in Orem last week, after being given five minutes for “hot takes” during her “Revolution, Socialism and Reform in China” class.
She said her statement was influenced by her learnings about Chairman Mao, then went on to misguidedly (and perhaps inadvertently) praise the Chinese leader’s authoritarianism.
There are many on the left that would be thrilled if the United States was transformed into another version of communist China.
And a lot of them are openly admitting that blood must be spilled to accomplish that goal. In fact, a tax collector in Pennsylvania has openly admitted that she is “so tired of being told” that violence isn’t the answer…
Ambler, PA tax collector and local Democratic Party leader calls for MORE ass*ssinations and violence
“I’m so tired of being told that violence isn’t into the answer. History is filled with blood. Let’s make some more myrtys.”
SHE NEEDS TO RESIGN.
All over social media, there are people that are talking about a violent uprising.
That should chill you to the core.
In response, the Trump administration plans to crack down on left-wing organizations.
In fact, President Trump just announced that Antifa will be officially designated as a terrorist organization…
President Trump announced Wednesday that he will designate antifa as a terrorist organization, and is recommending investigations into people who allegedly fund it.
It’s unclear when the designation will take place, or what legal implications it will have. Antifa — short for anti-fascist — is a loose affiliation of mostly left-leaning activists, and generally is not considered to be a highly organized group.
I don’t think that people understand what this means.
During previous administrations, terrorists have been shipped off to Guantanamo Bay to be tortured and hunted down by predator drones.
In his post announcing this change on Truth Social, President Trump explained that Antifa will now be deemed to be “A MAJOR TERRORIST ORGANIZATION”…
I am pleased to inform our many U.S.A. Patriots that I am designating ANTIFA, A SICK, DANGEROUS, RADICAL LEFT DISASTER, AS A MAJOR TERRORIST ORGANIZATION. I will also be strongly recommending that those funding ANTIFA be thoroughly investigated in accordance with the highest legal standards and practices. Thank you for your attention to this matter!
Of course Antifa does not hand out membership cards.
So how will it be determined whether leftist protesters are part of Antifa or not?
There are so many unanswered questions.
But what we do know is that the temperature is rising in this country, and it got even hotter when Jimmy Kimmel was suddenly pulled off the air…
After ABC’s suspension of “Jimmy Kimmel Live!” over the comedian’s comments on Charlie Kirk, reactions have been swift, and many question remain.
The Walt Disney-owned network confirmed on Wednesday, Sept. 17, that it has indefinitely pulled Jimmy Kimmel’s late-night talk show following comments he made on a Sept. 15 episode regarding the fatal shooting of the conservative commentator.
I don’t understand why he was still on the air.
He was supposed to be a comedian, but he simply was not funny.
Maybe that is why so few people were still watching him.
ABC decided to make this move because Kimmel suggested that Charlie Kirk’s shooter was part of “the MAGA gang”…
“We hit some new lows over the weekend with the MAGA gang desperately trying to characterize this kid who murdered Charlie Kirk as anything other than one of them and doing everything they can to score political points from it,” he said.
Jimmy Kimmel should have known better than to say something like that, because everyone knows that it isn’t true.
So his employer held him accountable.
But all over BlueSky, liberals are freaking out as if some major turning point in our history has just happened. Here is one example…
First, Stephen Colbert. Now Jimmy Kimmel. Is it sinking in now? Do you all get it now? We now live in an authoritarian dictatorship. The United States of America as we know it is OVER for everyone.
There are a lot of things that are going on in this country that are worth getting tremendously upset about.
The cancellation of Jimmy Kimmel is not one of them.
But Rosie O’Donnell believes that this nation “is no more” now that Jimmy Kimmel is off the air…
O’Donnell lamented on Instagram: “this is unacceptable – f— this fascist administration and corrupt corporate executives – bowing to the orange monster – america is no more .”
She is not rational.
Unfortunately, we have reached a point where vast segments of the U.S. population are not rational.
And when people are not thinking rationally, violence can erupt.
When asked about what just happened to Jimmy Kimmel, actor Jason Bateman had some very ominous things to say…
‘Well, it’s troubling to say the least,’ the A-list star said. ‘And we all have to really take a moment and figure how we feel about this type of thing.
‘Especially, people doing what you do.
‘I’m sure there’s going to be some sort of collective move to respond to this, but I’m not smart enough or powerful enough to be the one to do it but I imagine there’s plenty of conversations going on to do something, because you just can’t stand by and let stuff like that go on.’
Exactly what did he mean when he said that “you just can’t stand by and let stuff like that go on”?
Is he suggesting what it sounds like he is suggesting?
Everyone needs to take a step back and cool down for a while.
But of course that isn’t going to happen, is it?
2025 is the moment when our national boiling point is being reached, and things are only going to get crazier from here.
Michael’s new book entitled “10 Prophetic Events That Are Coming Next” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.
END
FBI Confirms “Targeted Attack” At Dallas ICE Facility, Finds Bullet With “Anti-ICE” Message
Wednesday, Sep 24, 2025 – 01:43 PM
Latest developments:
- Sniper attack by leftist Joshua Jahn, 29 (confirmed by Daily Mail), killed two detainees at an ICE facility in Dallas and critically injured another.
- Jahn then killed himself with his rifle.
- The FBI described the incident as “an act of targeted violence.”
- The shooter opened fire from an elevated position.
- Investigators found an unspent round with “Anti-ICE” political messaging.
- Jahn’s alleged socials show ties to far-left causes.
* * *
Update (1343):
Civil terrorism expert Jason Curtis Anderson explains the broader, alarming trend of left-wing radicals becoming activated, which reflects a form of nihilistic accelerationism.
The trend here is alarming. Anderson explains:
Earlier today, Joshua Jahn, the shooter at the Dallas ICE facility, shot three people before taking his own life.
This incident reflects what many call nihilistic accelerationism—a rising phenomenon in domestic extremism that mirrors the martyrdom embraced by jihadist terrorists. These are individuals who feel so driven by their extremist beliefs that they are willing both to kill and to die for their cause.
Many conversations must take place, and much work remains to be done, but none of it can begin until Democrats acknowledge that far-left extremism exists, and recognize the importance of toning down political rhetoric.
This is not the first time left-wing extremists have attempted to assassinate ICE officers, a recurring theme the left has used to rally voters against the current administration.
The federal government has significant catching up to do, and an interagency approach will be necessary to address the problem.
Far-left extremism extends far beyond groups like Antifa. There is an entire revolutionary (marxist) ecosystem of interconnected entities: billion-dollar progressive NGOs, anarchist networks, political organizations such as the DSA, foreign influence operations like the Singham network, gaming platforms, Discord servers and reddit threads, the dark web, and even civil-rights organizations staffed with “movement lawyers” fully dedicated to waging war against the West until it collapses.
Until the government addresses the root causes, it will only be treating the symptoms. Experts must be brought in to dismantle this machine before it’s too late.
As soon as we have more government leaders with the same pro-Luigi worldview as the DSA, Hasan Piker, and Taylor Lorenz, political assassination will become normalized in the same way that we decriminalized crime in major cities.
Update (1256):
A sniper attack at a Dallas ICE facility left at least one migrant dead and several others wounded early Wednesday morning.
According to the Daily Mail, the gunman, identified as 29-year-old Joshua Jahn, opened fire around 0700 local time into the ICE building. ICE confirmed in a statement that Jahn “fired indiscriminately,” and multiple law enforcement sources verified his identity.
FBI Director Kash Patel stated earlier, “While the investigation is ongoing, an initial review of the evidence shows an idealogical motive behind this attack (see photo below). One of the unspent shell casings recovered was engraved with the phrase “ANTI ICE.”
While not confirmed, X users have been digging through public records to profile Jahn. Here’s what they’ve found so far:
Update (1155):
FBI Special Agent in Charge Joe Rothrock told reporters that the ICE facility shooting in Dallas was a “targeted attack,” and agents at the scene recovered rounds marked with “anti-ICE messages.”
Rothrock reminded reporters, “This is the most recent example of targeted violence.” He referred them to the July 4th attack on ICE in the state.
FBI Director Kash Patel wrote on X
This morning just before 7am local time, an individual fired multiple rounds at a Dallas, Texas ICE facility, killing one, wounding several others, before taking his own life. FBI, DHS, ATF are on the ground with Dallas PD and state authorities.
While the investigation is ongoing, an initial review of the evidence shows an idealogical motive behind this attack (see photo below). One of the unspent shell casings recovered was engraved with the phrase “ANTI ICE.” More updates will be forthcoming.
These despicable, politically motivated attacks against law enforcement are not a one-off. We are only miles from Prarieland Texas where just two months ago an individual ambushed a separate ICE facility targeting their officers. It has to end and the FBI and our partners will lead the these investigative efforts to see to it that those who target our law enforcement are pursued and brought to the fullest extent of justice. Thankfully, no law enforcement personnel were injured. Please pray for the injured and deceased.
This July attack, according to the Washington Post, was tied back to “trans, anti-fascist activism.”
VICTOR DAVIS HANSON
KING NEWS
| The King Report for September 24, 2025 Issue 5784 | Independent View of the News |
| Precious metals might be booming because it is being touted as an AI play. Here’s How AI Could Disrupt the Precious Metals Sector Jan. 7, 2025 The World Gold Council confirmed this prediction in November of 2024, saying that the ongoing AI boom is “likely to drive demand for gold,” a conductive metal used for a wide range of AI-powered and AI-adjacent technologies…Gold, silver, platinum, and even copper are all considered highly efficient conductors, a quality that the AI sector can really never get enough of… https://www.herobullion.com/ai-could-disrupt-the-precious-metals-sector/ Silver’s AI Boom: The Next Big Trade You Need to Know About July 9, 2025 Silver isn’t the only metal in AI tech production; its role is critical. Without it, AI—and much of electronic tech—wouldn’t exist. Its applications in thermal conductivity, semiconductor fabrication, sensors, connectors, and photovoltaic cells make silver indispensable in AI tech production. The Silver Institute says global silver demand is set to hit around 1.2 billion ounces this year, the second-highest level ever recorded. Even with more silver being produced in response to industrial demand, analysts still believe the market will be in deficit for the fourth year in a row… https://articles.stockcharts.com/article/articles-dont_ignore_this_chart-2024-07-silvers-ai-boom-the-next-big-t-53/ Physical gold hit an all-time high of 3791.10 at 5:24 ET. Dec Gold hit 3824.60. Silver hit 44.4675. @GlobalMktObserv: International gold reserves are surging like it’s the 1970s. Gold’s share in international currency reserves hit ~15%, the highest in 30 YEARS. (66% in 1960; 49% in 1970, 34% in 1981) This comes as central banks have been buying massive amounts of gold over the last 4 years, while gold prices have rallied strongly. https://x.com/GlobalMktObserv/status/1970541172859740518 Dimon Says Hard for Fed to Cut Rates Until Inflation Cools: CNBC-TV18 Monday 21:57 ET Trump has rejected a meeting with Dem Rep Jefferies and Sen Schumer over ‘ridiculous demands.’ “After reviewing the details of the unserious and ridiculous demands being made by the Minority Radical Left Democrats in return for their Votes to keep our thriving Country open, I have decided that no meeting with their Congressional Leaders could possibly be productive. They are threatening to shut down the Government of the United States unless they can have over $1 Trillion Dollars in new spending to continue free healthcare for Illegal Aliens (A monumental cost!), force Taxpayers to fund Transgender surgery for minors, have dead people on the Medicaid roles, allow Illegal Alien Criminals to steal Billions of Dollars in American Taxpayer Benefits, try to force our Country to again open our Borders to Criminals and to the World, allow men to play in women’s sports, and essentially create Transgender operations for everybody. These Radical Left Views and Policies is what allowed me to win the Presidential Election…” https://truthsocial.com/@realDonaldTrump/posts/115253901757845391 @KobeissiLetter: The odds of a US government shutdown in 2025 surge to 70%, per Kalshi. This comes minutes after President Trump says no meeting with Democrats “could possibly be productive.” Powell says stock prices appear ‘fairly highly valued’ https://www.cnbc.com/2025/09/23/fed-powell-stock-prices-appear-fairly-highly-valued.html Powell Reiterates No Risk-Free Path for Fed Amid Dual Threats – BBG 12:35 ET “Near-term risks to inflation are tilted to the upside and risks to employment to the downside – a challenging situation… Two sided risks mean that there is no risk-free path…” “Recent data show that the pace of economic growth has moderated. The unemployment rate is low but has edged up. Job gains have slowed, and the downside risks to employment have risen. At the same time, inflation has risen recently and remains somewhat elevated…” (slowing jobs prompted the rate cut) (Full speech): https://www.federalreserve.gov/newsevents/speech/powell20250923a.htm ESZs traded sideway and mostly negative from the Nikkei opening on Tuesday until they broke the lower trading range band near the 11:30 ET European close. ESZs hit a daily high of 6756.50 (+4.00) at 8:52 ET on the conditioned buying of traders great and small. They then sank to 6731.25 at 11:36 ET. After a Noon Balloon rebound to 6741.25 at 12:47 ET, ESZs fell to a new low of 6702.00 (-50.50) at 13:41 ET. After a 14-handle bounce, ESZs retreated into range trading until a minor new low of 6701.75 appeared at 14:59 ET. ESZs then went inert. The late manipulation pushed ESZs to 6718.50 at 15:53 ET. The action on Tuesday suggests that Q3 portfolio rebalancing has begun. This entailed selling stocks and buying bonds or raising cash. There was also group rebalancing: Fangs declined sharply on Tuesday, the DJIA rallied sharply. This valuation rotation has appeared intermittently for the past few months. Part of the afternoon ESZs tumble was due to Powell NOT being more dovish than his Fed Day remarks. Google Admits Censorship Under Biden; Promises to End Bans of YouTube Accounts of Thousands of Americans Censored for Political Speech – House Judiciary Com. Google also admitted the following to the House Judiciary Committee: The Biden Administration pressured Google to censor Americans and remove content that did not violate YouTube’s policies. The Biden Administration censorship pressure was “unacceptable and wrong.” Public debate should never come at the expense of relying “authorities.” The company will never use third-party “fact-checkers.” Europe’s censorship laws target American companies and threaten American speech, including the removal of “lawful content.”… https://judiciary.house.gov/media/press-releases/google-admits-censorship-under-biden-promises-end-bans-youtube-accounts Google to reinstate YouTube accounts banned for ‘repeated violations’ of COVID-19 content https://trib.al/KHGLe4s @WesternLensman: MSNBC’s Scarborough: The right better watch what they do with speech, because the left might do the same thing to them. They all say this as if the left hasn’t already done that, and won’t do it again should they ever reclaim power — regardless of what the right does or doesn’t do. https://x.com/WesternLensman/status/1970464616401764380 Chicago Fed Labor Market Indicators (New labor indicators) September 23, 2025 The Chicago Fed Labor Market Indicators combine real-time private sector data with official labor statistics to provide a timely and comprehensive view of labor market conditions. Updated twice monthly ahead of the U.S. Bureau of Labor Statistics (BLS) Employment Situation report, the Chicago Fed Labor Market Indicators include a layoffs and other separations (discharges and quits) rate, a hiring rate for unemployed workers, and a forecast of the monthly BLS unemployment rate… Real Time Unemployment Rate Forecast 4.32% (1-year ago 4.09%) https://www.chicagofed.org/research/data/chicago-fed-labor-market-indicators/latest-release Fed’s Goolsbee (Chicago Pres): Fed Officials Cannot Take Their Eyes Off Inflation – ABC Fed’s Bostic (Atlanta Pres) says inflation risks still present in US economy https://www.msn.com/en-us/money/economy/fed-s-bostic-says-inflation-risks-still-present-in-us-economy/ar-AA1N95v5 BBG’s @lisaabramowicz1: Everyone seems bullish on US tech, but @bespokeinvest raises an interesting point after Nvidia & OpenAI’s latest $100 billion deal to build data centers: the industry is becoming incredibly circular, investing in clients to sustain revenue, depending on each other’s success. “You don’t have to be a skeptic about AI technology’s promise in general to see this announcement as a troubling signal about how self-referential the entire space has become. If NVDA has to provide the capital that becomes its revenues in order to maintain growth, the whole ecosystem may be unsustainable:” Positive aspects of previous session The DJTA rallied 92.42 on valuation rotation buying. USZs were +15/32 at the NYSE close on Q3 portfolio rebalancing. Negative aspects of previous session Precious metals and energy commodities rallied moderately. Mag 7 (-1.5%) and related stocks were aggressively sold on valuation and Q3 portfolio rebalancing. Ambiguous aspects of previous session How much more Q3 portfolio rebalancing is needed? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6667.14 Previous session S&P 500 Index High/Low: 6699.52; 6645.58 @OilandEnergy: After years of lackluster growth in U.S. electricity demand, demand is expanding at the fastest pace in decades. Electricity prices increased nationally at more than twice the rate of overall inflation during the past year. Utility giant Southern Co.’s CEO: ““If we don’t get affordability right, there will be a revolution in this country,” (AI & Crypto effect?) https://t.co/Ba7cD6vUJc Nexstar joined Sinclair in preempting Jimmy Kimmel Live! Kimmel’s scheduled guest: CA Gov. Newsome! You can’t make this up! https://x.com/bennyjohnson/status/1970505225879654567/photo/2 @matthewrquan: Jimmy Kimmel’s guest is reportedly Gov. Gavin Newsom. There is an active campaign (FAFO 50) in California this November, and this is in violation of FCC equal airtime rules and FEC in kind donations… Newsom will certainly mention and platform his gerrymandering campaign, paid for with his campaign funds and which he has made indistinguishable from “Trump.” The talk shows don’t host both parties. Your affiliates are mostly outside California; the target is California. If @ABC hosts Newsom, @FCC and @FEC should pull every affiliate’s license, as well as those for NBC and CBS. Dem CA State Sen Scott Wiener called for the breakup of Sinclair because it’s destroying democracy. https://x.com/BrendanCarrFCC/status/1970466563271623139/photo/1 FCC Chair @BrendanCarrFCC responding to Wiener: And there it is. On Kimmel, the Democrats are engaged in nothing more than Projection and Distortion. Projection because Democrats are the ones that spent years illegally weaponizing government to silence dissent. And it is Democrats that will do it all again—as they are openly telling you today. Distortion because Democrats want to blame anything other than Disney and their local TV stations for Kimmel’s suspension. Those businesses decided that, in their view, a suspension made sense. The reporting on this is clear. Notably, this is the first time recently that any local TV stations have pushed back on a national programmer like Disney. And that is a good thing because we want empowered local TV stations. After all, local TV stations—not the national programmers—have public interest obligations, and they should be making decisions that in their view meets the needs of their local communities… Wall Street firm calls for Disney to shut down ABC, move content to streaming after Jimmy Kimmel drama – to lower regulatory risks and unlock higher valuation, brokerage Needham wrote in a client note on Tuesday… ABC averaged only 2.4 million viewers in prime time, across both its broadcast and cable channels, during the summer of 2025, according to the note, citing Nielsen data… https://nypost.com/2025/09/23/media/wall-street-firm-calls-for-disney-to-shut-down-abc-move-content-to-streaming-after-jimmy-kimmel-drama/ U.S. Secret Service dismantles imminent telecommunications threat in New York tristate area This protective intelligence investigation led to the discovery of more than 300 co-located SIM servers and 100,000 SIM cards across multiple sites. In addition to carrying out anonymous telephonic threats, these devices could be used to conduct a wide range of telecommunications attacks. This includes disabling cell phone towers, enabling denial of services attacks and facilitating anonymous, encrypted communication between potential threat actors and criminal enterprises. https://www.secretservice.gov/newsroom/releases/2025/09/us-secret-service-dismantles-imminent-telecommunications-threat-new-york U.S. Secret Service disrupts telecom network that threatened NYC during U.N. General Assembly An official briefed on the investigation told reporters that this week, the sophisticated network “could text message the entire country within 12 minutes,” later adding, “This was well organized and well-funded.” Early analysis shows the network was used for communication between foreign governments and individuals known to U.S. law enforcement, including members of known organized crime gangs, drug cartels and human trafficking rings, according to multiple officials briefed on the investigation… Another official added that “it would be unwise to assume” there aren’t other such networks in the U.S… https://www.cbsnews.com/news/u-s-secret-service-disrupts-telecom-network-threatened-new-york-city-u-n-general-assembly/ Trump: After getting to know and fully understand the Ukraine/Russia Military and Economic situation and, after seeing the Economic trouble it is causing Russia, I think Ukraine, with the support of the European Union, is in a position to fight and WIN all of Ukraine back in its original form. With time, patience, and the financial support of Europe and, in particular, NATO, the original Borders from where this War started, is very much an option. Why not? Russia has been fighting aimlessly for three and a half years a War that should have taken a Real Military Power less than a week to win… it is very much making them look like “a paper tiger.” When the people living in Moscow, and all of the Great Cities, Towns, and Districts all throughout Russia, find out what is really going on with this War, the fact that it’s almost impossible for them to get Gasoline through the long lines that are being formed, and all of the other things that are taking place in their War Economy, where most of their money is being spent on fighting Ukraine, which has Great Spirit, and only getting better, Ukraine would be able to take back their Country in its original form and, who knows, maybe even go further than that! Putin and Russia are in BIG Economic trouble, and this is the time for Ukraine to act. In any event, I wish both Countries well. We will continue to supply weapons to NATO for NATO to do what they want with them. Good luck to all! https://truthsocial.com/@realDonaldTrump/posts/115255130298104593 @honestpollster: #1 beer in America: 2024 – Modelo; 2025 – Michelob Ultra – Elections have consequences Today – It appears that Q3 portfolio rebalancing has commenced. There was a valuation rotation into DJTA stocks and out of Fangs; buying bonds and selling stocks; and buying gold while selling crypto. Today’s action depends on the absence or presence of the rebalancing that appeared on Tuesday. ESUs are +1.50; NQUs are +9.00; Dec AU is -20.40; and USZs are +6/32 at 20:35 ET. Expected economic data: Aug New Home Sales 650k, Permits 1.312m S&P Index 50-day MA: 6438; 100-day MA: 6208; 150-day MA: 6006; 200-day MA: 6007 DJIA 50-day MA: 45,034; 100-day MA: 43,863; 150-day MA: 43,050; 200-day MA: 43,227 (Green is positive slope; Red is negative slope) S&P 500 Index (6656.92 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 5506.00 triggers a sell signal Weekly: Trender and MACD are positive – a close below 6374.34 triggers a sell signal Daily: Trender and MACD are positive – a close below 6577.84 triggers a sell signal Hourly: Trender and MACD are negative – a close above 6681.30 triggers a sell signal @susancrabtree: Why did the @SecretService allow Pres. Trump and Melania to get stalled on an escalator today at the @UN General Assembly before his speech without moving quickly to protect the leader of the free world and his wife? The stalled escalator with President Trump and first lady Melania stuck on it was a classic set up for an assassination hit, yet the Secret Service barely noticed and didn’t pull POTUS and FLOTUS off the suddenly stopped stairs, Secret Service sources warn… Sources in the Secret Service community are very concerned about what they witnessed from fellow agents today when President Trump was stalled and vulnerable. It’s a similar critique to the Secret Service’s delayed response in getting Trump off stage after a bullet grazed his ear on July 13… https://x.com/susancrabtree/status/1970579119244181983 Press Sec Leavitt on Fox’s Jesse Watters says the FBI is investigating the apparent sabotage at the UN regarding the escalator, DJT’s Teleprompter, and his microphone. Trump speaking at the UN, hammered the UN, the EU, and Germany; and it was glorious and overdue: @RapidResponse47: “Not only is the U.N. not solving the problems it should—too often, it is actually creating NEW problems…. The United Nations is FUNDING an assault on Western countries and their borders… The U.N. is supposed to STOP invasions—not CREATE them and not FINANCE them.” https://x.com/RapidResponse47/status/1970497913987195259 Our message is very simple: If you come illegally into the United States, you are going to jail, or you’re going back to where you came from, or perhaps even further than that.” https://x.com/RapidResponse47/status/1970493106119155861 “I have come here today to offer the hand of American leadership and friendship to any nation in this Assembly that is willing to join us in forging a safer, more prosperous world.” https://x.com/RapidResponse47/status/1970496005612413078 “You are destroying your countries…Europe is in serious trouble. They’ve been invaded by a force of illegal aliens like the world has never seen… and because they choose to be politically correct, they are doing nothing about it.” https://x.com/RapidResponse47/status/1970498492243050591 In the event that Russia is not ready to make a deal to end the war, then the United States is fully prepared to impose a very strong round of powerful tariffs… But for those tariffs to be effective, European nations would have to join us in adopting the exact same measures… they have to immediately cease ALL energy purchases from Russia. https://x.com/RapidResponse47/status/1970497379095703779 “My position is very simple: the world’s number one sponsor of terror can never be allowed to possess the most dangerous weapon.” https://x.com/RapidResponse47/status/1970495693295902896 “I’m telling you that if you don’t get away from the ‘green energy’ scam, your country is going to FAIL. If you don’t stop people that you’ve never seen before that you have nothing in common with, your country is going to FAIL.” https://x.com/RapidResponse47/status/1970502026627858852 In 1982, the executive director of the U.N. environmental program predicted that by the year 2000, climate change would cause a global catastrophe “irreversible as any nuclear holocaust”… these predictions were WRONG. They were made by stupid people that have cost their countries fortunes. https://x.com/RapidResponse47/status/1970502261567561949 “The primary effect of these brutal green energy policies has not been to help the Environment, but to redistribute manufacturing and industrial activity from developed countries that FOLLOW the insane rules… to polluting countries that BREAK the rules. https://x.com/RapidResponse47/status/1970502978307019118 “The entire globalist concept of asking successful, industrialized nations to inflict pain on themselves and radically disrupt their entire societies MUST be rejected completely and totally — and it must be immediate.” https://x.com/RapidResponse47/status/1970503952484520123 The challenge with trade is much the same as with climate: the countries that FOLLOWED the rules, all their factories have been plundered… by countries that BROKE the rules. That’s why the United States is now applying tariffs to other countries.” https://x.com/RapidResponse47/status/1970504130725654877 Trump: “Germany was being led down a very sick path, both on immigration by the way and on energy. They were going green, and they were going bankrupt.” https://x.com/disclosetv/status/1970502530754060476 Trump: In 2024, almost 50% of inmates in German prisons were foreign nationals or migrants… In Switzerland, it’s 72%… When your prisons are filled with so-called asylum-seekers who repaid kindness with crime, it’s time to END the failed experiment of Open Borders. https://x.com/RapidResponse47/status/1970499285587259508 @visegrad24: Trump spoke about a massive corruption scandal during the renovation of the UN headquarters in New York: “They had massive cost overruns and spent between $2 billion and $4 billion on the building and did not even get the marble floors. You walk on terrazza. Do you notice that? Looking at the building and getting stuck on the escalator, they still haven’t finished the job. […] That was years ago. The project was so corrupt that Congress actually asked me to testify before them.” https://x.com/visegrad24/status/1970502352776913242 @NEWSMAX: TRUMP on the UN: “All they seem to do is write a really strongly worded letter and then never follow that letter up. It’s empty words, and empty words don’t solve war. The only thing that solves war and wars is action.” https://x.com/NEWSMAX/status/1970505116127281537 Trump delivered the beat down at the UN that beaucoup Americans have desired for many decades. Did Trump prepare Americans for the US to defund the UN and/or remove the USA from the UN? The WSJ Editorial Board: Trump Unplugged at Turtle Bay He tells the U.N. the truth about its growing irrelevance. @RapidResponse47: Failed presidential candidate Kamala Harris is inciting violence on MSDNC, calling the duly elected President of the United States—who escaped two assassination attempts—a “Right now we are dealing with a tyrant…we have to compare the strength of our democracy to Communist dictators—that’s what we’re dealing with right now in Donald Trump… and these titans of industry are not speaking up perhaps it’s because of his threats… it’s something that they fear…” https://t.co/ETLYFycE71 Don’t you just love how Dems are ‘toning down’ their incendiary rhetoric and practicing unity? @BGatesIsaPyscho: “You are quite openly Jewish.” “If you choose to remain here you will be arrested for breaching the peace.” In Sadiq Kahn’s diverse & inclusive London – Police threaten you with arrest just for being Jewish in areas of the City people might take offence to that. https://x.com/BGatesIsaPyscho/status/1970419305448661286 @bennyjohnson: Turning Point USA continues to be the fastest-growing political organization in the world. Chapter requests have doubled from 60,000 to 120,000 since Charlie Kirk’s memorial. Charlie Kirk’s life goal was 20,000 chapters. TPUSA has now surpassed that by more than 5x. They tried to silence Charlie. They only fueled a movement that can’t be stopped. This is the Turning Point. ‘Charlie Kirk effect’ in full force as voters register Republican in large numbers https://justthenews.com/politics-policy/elections/charlie-kirk-effect-full-force-voters-register-republican-large-numbers The Leftist Tactic of Labeling Opponents as Nazis or Fascists How the Left Uses Historical Smears to Silence Dissent and Enforce Ideological Conformity The Left’s use of “fascist” as a universal slur dates back to the early 20th century. Communist movements, particularly those aligned with the Soviet Union, frequently used the term to demonize all forms of opposition. Joseph Stalin labeled his political enemies—whether conservative, liberal, or even rival leftists—as “fascists” to justify purges and repression… George Orwell noted this rhetorical shift in 1946, observing that the word “fascism” had become almost meaningless, used as a synonym for anything considered undesirable… it justifies censorship and political repression. If someone is a “Nazi” or “fascist,” then extreme measures to suppress them become justifiable… https://selsey.substack.com/p/the-leftist-tactic-of-labeling-opponents @C_3C_3: Democrats trying to explain why Jimmy Kimmel being fired is a free speech violation but the Biden Administration using Google, Facebook, Twitter and YouTube to silence Conservatives is not a free speech violation. https://x.com/C_3C_3/status/1970548753020174786 @akafaceUS: Democrats are actually chugging bottles of Tylenol on TikTok right now. You can’t make this up. (Because DJT said Tylenol can be harmful to pregnant women – US mental illness is surging!) @REMASCULATE: Liberals “owning” Trump by taking Tylenol (How would you evaluate this guy?) https://x.com/REMASCULATE/status/1970542004804505978 @OwenShroyer1776: This is intentional child endangerment. These women are knowingly doing potential harm to their babies to make a political statement. (Taking Tylenol while pregnant to spite DJT) Sound familiar? https://x.com/OwenShroyer1776/status/1970612599365791931 @libsoftiktok: Brian Edwards, a police officer with the Orange County Sheriff’s Department in North Carolina, has been TERMINATED. He reportedly made posts saying he was part of Antifa and that Republicans should be executed. (Who hired him?) https://x.com/libsoftiktok/status/1970167567219060797 Little girl who had bullet lodged in brain during Minneapolis Catholic school shooting makes ‘miraculous’ recovery https://trib.al/FOWusyc Ryan Routh Found Guilty on All Charges in Trump Assassination Attempt Trial Routh, 59, was charged on five federal criminal counts, including attempting to assassinate a major presidential candidate, assaulting a federal officer, and multiple firearms offenses…The charges carry a maximum sentence of life in prison… https://www.msn.com/en-us/news/crime/ryan-routh-found-guilty-on-all-charges-in-trump-assassination-attempt-trial/ar-AA1N9CWh Ryan Routh stabbed himself in neck with pen in court after convicted of trying to assassinate President Trump, faces life in prison https://trib.al/kQYWW1T BLM-linked activist admits conning donors to fund her lavish lifestyle https://trib.al/TArQoei | |
SWAMP STORIES FOR YOU TONIGHT
GREG HUNTER INTERVIEWING KAREN KINGSTON
It’s Official: CV19 Vax Not Safe & Effective – Karen Kingston
Usawatchdog.com/its-official-cv19-vax-not-safe-effective-karen-kingston/
By Greg Hunter On September 24, 2025 In NewsNo Comments
By Greg Hunter’s USAWatchdog.com
Karen Kingston is a biotech analyst and former Pfizer employee that told everyone not to get the CV19 vax because of all the health problems it would cause. She did this repeatedly after the CV19 vaccine rollout to wake up the public up to the dangers of the injections. She listed heart disease, auto immune problems, blood clotting and turbo cancers popping up everywhere, including the brain. These are just a few of the many problems caused by the CV19 vax that led to disability and death for millions of people around the world.
The things Kingston revealed about why nobody should get the CV19 vax have now been officially acknowledged by the top doctors and researchers in the world at the CDC’s Advisory Committee on Immunization Practices (ACIP) this past week. Kingston, who sat in on the six-hour meeting, says, “What happened during this meeting, the policies that were voted on, the evidence reviewed . . . is now going to become policy. This was not a Senate dog and pony show. This was a regulatory . . . legally binding meeting.”
A few of the highlights that came out of this meeting, according to Kingston, “They said we have to be honest about Myocarditis caused by the CV19 vax. They said the CV19 vaccine causes short-term and long-term diseases and injuries, and those need to be addressed. Professor Levi said we must drop the term ‘safe and effective.’ It is propaganda, and it should never be used when describing the Covid 19 vaccine. The term ‘safe and effective’ has got to go away.”
Also, so-called ‘turbo cancers’ came up at the ACIP meeting and the fact they are caused by the CV19 vaccine. For years, pregnant women were told the CDC recommended they get the CV19 shots. That too is no longer the CDC recommendation. Another big change is true informed consent about the huge risks with the CV19 vaccines. The new rule would basically force doctors and pharmacists to tell the public about the possibility of death and disability with the risk of getting cancer, autoimmune disease, blood clotting and infertility, to name a few. Kingston says, “Informed consent was clearly defined throughout the presentations. . .. Informed consent is not just signing off on a piece of paper. It is a shared clinical decision. . .. In a shared clinical decision, you are now sharing responsibility with that patient. The old, informed consent was ‘I signed my form, I got my $20 CVS coupon, and I got my shot.’ That is not informed consent.”
So, they are going to actually have to tell you all the bad things that can happen if you get the CV19 vax. Kingston told everyone NOT to get the CV19 vax right after the rollout in 2021. All the reasons she gave back then have now come out in this recent ACIP regulatory meeting. If there is going to be true informed consent, Kingston says, “Nobody of sound mind would get these shots. . . .If your doctor knows all the evidence and all the serious adverse events, and your doctor still tells you to get the shots, is that malpractice at this point?”
Another big lie exposed is that the CV19 vaccine made Covid19 milder. This is yet another total lie exposed at the ACIP meeting. Kingston says, “Professor Levi straight up said, the actual . . . clinical trials did not show decrease in hospitalization or death . . . they, in fact, showed harm.”
Also, at the ACIP meeting, the recent Rasmussen poll came up that showed 56% of Americans now believe the CV19 vax caused deaths. This is another signpost in the public’s perception on these dangerous and debilitating CV19 injections.
Kingston contends this ACIP meeting was a turning point and says, “I think this is the beginning of the end of the CV19 shots.”
There was even talk of treatment for the CV19 vax injured, but no definite treatments were put forth—yet. Maybe the CDC can talk to Dr. Betsy Eads or Dr. Pierre Kory about how to treat the millions of victims of the CV19 bioweapon vax. They and other doctors have been successfully doing it since the CV19 injections started.
There is much more in the 82-minute in-depth interview.
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with renowned biotech analyst Karen Kingston as she uncovers the truth about the pure evil that has been covered up about the CV19 vax. Now, the Trump Administration is finally revealing for everyone to see the CV19 vax was NEVER “safe and effective.” It was, in fact, a total fraud and crime on the public. The CV19 vax was indeed a bioweapon that killed and injured millions worldwide for 9.23.25
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After the Interview:
In the last five years, Kingston has appeared on USAWatchdog 29 times. She has never had to make a correction—ever. The things she revealed about why nobody should get the CV19 vax have now been officially acknowledged by the top doctors and researchers in the world at the ACIP regulatory meeting late last week.
There is some free information on Kingston’s Substack.
To support Kingston financially, you can become a subscriber to her Substack by clicking here.
If you want to donate to Kingston electronically so she can continue informing the public, please click here.
Donate to Kingston by snail mail below:
Karen Kingston
1700 Aviara Parkway #130063
Carlsbad, CA 92013
SEE YOU TOMORROW
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