SEPT 25/FREEPORT MCMORAN DECLARES FORCE MAJEURE AND HALTS ALL DELIVERIES OF GOLD/SILVER AND COPPER AND THAT CAUSES ALL OUR METALS TO RISE DESPITE ATTEMPTS BY BANKERS TO WHACK THEIR PRICES DOWN: GOLD CLOSED UP $5.70 TO $3740.50 BUT SILVER WAS THE STAR OF THE DAY CLOSING UP $1.44 TO $44.84//PLATINUM CLOSED UP $47.05 TO $1523.50 AND PALLADIUM WAS ALSO UP $11.20 TO $1259.50//BIX WEIR DISCUSSES THE SHUTDOWN OF THE HUGE GRASBERG MINE IN INDONESIA//EX PRESIDENT SARKOZY GIVEN A STIFF JAIL SENTENCE FOR NONSENSE//ISRAEL VS HAMAS UPDATES//ISRAEL TBN//HOUTHI DRONE SLAMS INTO EILAT HOTEL INJURING 20 INNOCENT ISRAEL CITIZENS: WHY NOT UN CRITICZING HOUTHIS FOR DELIBERATELY TARGETS CIVILIANS?//COVID UPDATES/VACCINE INJURY REPORTS/DR PAUL ALEXANDER/ISRAEL AND CHEVRON STRIKE A DEAL PROVIDING GAS TO EGYPT THROUGH A NEW PIPELINE TO BE DEVELOPED//USA TARIFF DEAL WITH SOUTH KOREA ON THE ROCKS//OTHER DATA RELEASES/USA GDP IN LATEST QUARTER RISES//SWAMP STORIES FOR YOU TONIGHT//
132 C SG AMERICAS 2 323 C HSBC 246 363 H WELLS FARGO SECURITI 71 624 H BOFA SECURITIES 5 661 C JP MORGAN SECURITIES 6 1 686 C STONEX FINANCIAL INC 16 9 732 C RBC CAP MARKETS 167 737 C ADVANTAGE FUTURES 2 3 880 C CITIGROUP 22 880 H CITIGROUP 40 905 C ADM 34
TOTAL: 312 312 MONTH TO DATE: 6,922
JPMORGAN STOPPED 1/312
SEPT
GOLD: NUMBER OF NOTICES FILED FOR SEPT/2025: 312 CONTRACTs NOTICES FOR 31,200 OZ or 0.9704 TONNES
total notices so far: 6922 contracts for 692,200 OR 21.530 tonnes)
FOR SEPT
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SILVER NOTICES: 88 NOTICE(S) FILED FOR 0.440 MILLION OZ/
total number of notices filed so far this month : 13,528 CONTRACTS (NOTICES) for 67.640 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $5.70 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD
HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A MASSIVE 3.82 TONNES OF GOLD REMOVED FROM THE GLD/
INVENTORY RESTS AT 996.85 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $1.44 AT THE SLV:
NO CHANGES IN SILVER INVENTORY AT THE SLV:/ //
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 497.343 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A GOOD SIZED 333 CONTRACTS TO 166,138 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS GOOD SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR LOSS OF $0.32 IN SILVER PRICING AT THE COMEX WITH RESPECT TO THURSDAY’S TRADING. WE FINALLY ARE MOVING TO A MUCH HIGHER BASE SURPASSING THE $34.40 SILVER PRICE BARRIER TO A HIGH DEGREE, CLOSING IN ON THE MAGIC ALL TIME HIGH OF $50.00. WE HAD A HUGE SIZED GAIN OF 845 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A HUGE SIZED 512 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD CONSIDERABLE LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO WEDNESDAY’S TRADING AS THEY DESPERATELY AGAIN TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $42.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY SUCCEEDED ON WEDNESDAY WITH SILVER’S LOSS IN PRICE. THE PRICE FINISHED MILES ABOVE THE MAGIC NUMBER OF $40.00 SILVER SPOT PRICE CLOSING AT $45.10 GAINING 1.44 . WE FINALLY STOPPED HAVING THOSE MEGA MEGA HUGE T.A.S. ISSUANCE BUT STILL WITNESSING SOMETIMES LARGE ISSUANCE: HOWEVER TODAY’S TOTAL ISSUANCE WAS RECORDED AT A STRONG SIZED 470 CONTRACTS. THE CROOKS ARE BECOMING MORE DESPERATE TO STOP SILVER BREAKING WELL ABOVE THE 40.00 DOLLAR MARK!!. THE NEXT LINE IN THE SAND IS THE ORIGINAL HIGH POINT OF 50.00 DOLLAR SILVER. WE HAD A HUGE SIZED 512 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE SIZED 470 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN FUTURE TRADING//RAIDS / AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE GAINED A HUGE SIZED 845 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR LOSS IN PRICE OF $0.32. WE HAD MANY GOVERNMENT COMEX CONTRACTS TRADING TODAY AND SOME WILL BE REMOVED BY DAYS END.
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON WEDNESDAY NIGHT//THURSDAY MORNING: A HUGE SIZED 470 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES.
WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.32) BUT WERE UNSUCCESSFUL IN KNOCKING OFF CONSIDERABLE NET SILVER LONGS FROM THEIR PERCH AS WE HAD A HUGE SIZED GAIN OF 845 CONTRACTS ON OUR TWO EXCHANGES,
WE HAD A 512 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 49.825 MILLION OZ COUPLED WITH TODAY’S 115,000 OZ QUEUE JUMP TO WHICH WE ADD OUR INITIAL 3.0 MILLION OZ OF EXCHANGE FOR RISK SEPT. ISSUANCE//NEW STANDING ADVANCES TO TO 71.120 MILLION OZ///
THUS:
INITIAL STANDING FOR SEPT: 71.120 MILLION OZ
WE HAD:
/ MEGA HUGE COMEX OI GAIN+// A HUGE SIZED EFP ISSUANCE 512 CONTRACTS (/ VI) A HUGE NUMBER OF T.A.S. CONTRACT ISSUANCE 470 CONTRACTS)
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: 242 CONTRACTS.
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS SEPT.. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF AUGUST
TOTAL CONTRACTS for 17 DAY(S), total 8012 contracts: OR 40.060 MILLION OZ (471 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 40.060 MILLION OZ
LAST 24 MONTHS TOTAL EFP CONTRACTS ISSUED IN MILLIONS OF OZ:
MAY 137.83 MILLION
JUNE 149.91 MILLION OZ
JULY 129.445 MILLION OZ
AUGUST: MILLION OZ 140.120
SEPT. 28.230 MILLION OZ//
OCT: 94.595 MILLION OZ
NOV: 131.925 MILLION OZ
DEC: 100.615 MILLION OZ
YEAR 2022:
JAN 2022-DEC 2022
JAN 2022// 90.460 MILLION OZ
FEB 2022: 72.39 MILLION OZ//
MARCH 2022: 207.140 MILLION OZ//A NEW RECORD FOR EFP ISSUANCE
APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE
MAY: 105.635 MILLION OZ//
JUNE: 94.470 MILLION OZ
JULY : 87.110 MILLION OZ
AUGUST: 65.025 MILLION OZ
SEPT. 74.025 MILLION OZ///FINAL
OCT. 29.017 MILLION OZ FINAL
NOV: 134.290 MILLION OZ//FINAL
DEC, 61.395 MILLION OZ FINAL
TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)
JAN 2023/// 53.070 MILLION OZ //FINAL
FEB: 2023: 100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.
MARCH 2023: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 111.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH
JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)
AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD
SEPT: 72.705 MILLION OZ (SMALLER THIS MONTH)
OCT: 97.455 MILLION OZ
NOV. 50.050 MILLION OZ
DEC. 66.140 MILLION OZ//
TOTAL 2023: 1,104.10 MILLION OZ/
JAN ’24 : 78.655 MILLION OZ//
FEB /2024 : 66.135 MILLION OZ./FINAL
MARCH: 143.750 MILLION OZ// 4TH HIGHEST ON RECORD.
APRIL: 161.770 MILLION OZ (THIS MONTH WILL BE A WHOPPER OF ISSUANCE OF EFPS//3RD HIGHEST EVER RECORDED FOR A MONTH)
MAY: 135.995 MILLION OZ //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
JUNE 110.575 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
JULY: 108.870 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH/ A TOUCH OVER 100 MILLION OZ/)
AUGUST; 99.740 MILLION OZ//THIS MONTH WILL BE STRONG FOR ISSUANCE BUT LESS THAN JULY.
SEPT: 112.415 MILLION OZ//WILL BE A HUGE MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
OCT; 97.485 MILLION OZ (WILL BE SMALLER ISSUANCE THIS MONTH )
NOV. 115.970 MILLION OZ ( HUGE THIS MONTH)
DEC: 132.54 MILLION OZ (THIS MONTH WILL BE A HUMDINGER FOR ISSUANCE BUT ISSUANCE SLOWED DRAMATICALLY THESE PAST FIVE DAYS/// WILL NOT EXCEED MARCH 2022 RECORD OF 209 MILLION OZ
YEAR 2024 TOTAL: 1363.84 MILLION OR 1.363 BILLION OZ
JANUARY 2025: 67.230 MILLION OZ///(THIS MONTH’S ISSUANCE OF EXCHANGE FOR PHYSICAL WILL BE SMALL)
FEB. 58.260 MILLION OZ//EXCHANGE FOR PHYSICAL ISSUANCE/FINAL
MARCH: 67.020 MILLION OZ///QUITE SMALL AND BECOMING SMALLER EACH AND EVERY MONTH.
APRIL: 100.895 MILLION OZ///AVERAGE SIZE ISSUANCE
MAY: 28.975 MILLION OZ (ISSUANCE WILL BE QUITE SMALL THIS MONTH)
JUNE: 81.065 MILLION OZ
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 40.060 MILLION OZ.(QUITE SMALL)
RESULT: WE HAD A GOOD SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 333 CONTRACTS DESPITE OUR LOSS IN PRICE OF $0.32 IN SILVER PRICING AT THE COMEX// THURSDAY.,. . THE CME NOTIFIED US THAT WE HAD A HUGE SIZED 512 CONTRACT EFP ISSUANCE CONTRACTS: 512 ISSUED FOR DEC., AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS.
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LAST 6 MONTHS OF SILVER DELIVERIES:
WE FINISHED APRIL WITH A STRONG SILVER OZ STANDING OF 16.050 MILLION OZ NORMAL DELIVERY , PLUS OUR 4.00 MILLION EX FOR RISK
FINAL STANDING APRIL: 19.965 MILLION OZ
AND MAY:
NEW STANDING FOR MAY FINISHES AT: 75.615 MILLION OZ. (INCLUDES 5,000 OZ EFP TRANSFER TO LONDON + 12.93 MILLION OZ EXCHANGE FOR RISK ISSUANCE/PRIOR.//NEW TOTAL STANDING 88.540 MILLION OZ
AND JUNE: FINAL 16.995 MILLION OZ
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 68.120 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING AND EXCHANGE FOR PHYSICAL TRANSFERS) PLUS 3.0 MILLION OZ EX FOR RISK = 71.120 MILLION OZ. THIS IS THE FIRST ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.
THE NEW TAS ISSUANCE THURSDAY NIGHT (614) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED NO DOUBT WITH FUTURE TRADING!!
WE HAD 88 NOTICE(S) FILED TODAY FOR 0.440 million OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL. IT IS NOW TIME FOR THE FBI TO ENTER THE COMEX AND ARREST THESE CROOKS EVEN THOUGH THE MAJORITY OF THE TRADING IS GOVERNMENT. THE BANKERS ARE COMPLICIT. THE SILVER COMEX IS NOW ON COMPLETE SIEGE LOOKING FOR PHYSICAL SILVER!!
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A FAIR SIZED 2722 OI CONTRACTS TO 526,067 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.) THUS WE HAVE STILL A RELATIVELY LOW OI IN COMEX WITH AN EXTREMELY HIGH PRICE OF GOLD. THE SHORT RATS ARE ABANDONING THE SHIP.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED A HUGE 4054 CONTRACTS //.(ALL GOVERNMENT)
WE HAD AN DECREASE IN COMEX OI (1722 CONTRACTS) . THIS OCCURRED WITH OUR LOSS OF $47.70 IN PRICE// WEDNESDAY///.
LAST 5 MONTHS OF GOLD DELIVERIES:
MAY: SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
FINAL STANDING FOR MAY: 70.174 TONNES OF GOLD TO WHICH WE ADD 1. MONDAY’S (MAY 19) 6.221 TONNES EXCHANGE FOR RISK , 2. THEN WE ADD: 1.35 TONNES TO LAST WEEK”S. THEN WE ADD 3. 1.55 TONNES TO EQUAL 9.591 TONNES// NEW EXCHANGE FOR RISK = 9.591 TONNES WHICH MUST BE ADDED TO OUR NORMAL DELIVERY SCHEDULE OF 80.644 TONNES. THUS STANDING FOR MAY INCREASES TO 90.235 TONNES OF GOLD
JUNE CONTRACT MONTH: 93.085 TONNES OF GOLD (WHICH INCLUDES ALL QUEUE JUMPING AND 0 EX FOR RISK)
JULY INITIIAL STANDING FIRST DAY NOTICE: 17.847 TONNES. PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK + 2.195 TONNES EX FOR RISK TODAY = 41.106 TONNES STANDING
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 0.2426 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 = 41.763 TONNES!!
E.F.P. ISSUANCE/FOR OPENING SEPT GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 600 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 526,067 / GETTING MUCH HIGHER AND WE NOW WITNESS A STRONG COMEX OI WITH AN EXTREMELY HIGH PRICE OF GOLD
SILVER ALSO HAS A FAIR SIZED COMEX OI OF 166,138 CONTRACTS
IN ESSENCE WE HAVE A FAIR SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 2122 CONTRACTS WITH 2722 CONTRACTS DECREASED AT THE COMEX// AND A SMALL SIZED 600 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 2122 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED AND CRIMINAL 1679 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED UPON LIKE YESTERDAY. GOLD PRICE ON THURSDAY FELL BY $47.70
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(600) ACCOMPANYING THE FAIR LOSS IN COMEX OI OF 2122 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 2122 CONTRACTS..WE HAVE 1) NOW RETURNED TO OUR FORMER FORMAT OF BANKERS GOING LONG AND SPECULATORS GOING SHORT ,2.) STRONG INITIAL STANDING FOR GOLD FOR SEPT AT 8.093 TONNES PLUS 0.2426 TONNES QUEUE JUMP PLUS 0.000 TONNES EXCHANGE FOR RISK TODAY AND FOR THE MONTH 20.096 TONNES//NEW STANDING ADVANCES TO = 41.763 TONNES.@!!!
NEW STANDING FOR GOLD, SEPT CONTRACT AT 41.763 TONNES OF GOLD
.
/ 3) CONSIDERABLE T.A.S. LIQUIDATION AS WE, DESPITE HAVING 1)A $47.70 COMEX PRICE LOSS. WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED AS WE HAD A FAIR SIZED LOSS OF 2122 CONTRACTS ON OUR TWO EXCHANGES. THIS WAS COUPLED WITH GOVERNMENT LIQUIDATED CONTRACTS/./ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED WEDNESDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL AND YOU CAN VISUALIZE THIS BY THE HUGE AMOUNTS OF QUEUE JUMPING WE HAVE BEEN HAVING LATELY (TODAY = 0.2426 TONNES)
4) FAIR SIZED COMEX OI LOSS// 5) SMALL SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD (600 CONTRACTS)/// FAIR T.A.S. ISSUANCE: 1679 T.A.S.CONTRACTS/
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF SEPT. :
TOTAL EFP CONTRACTS ISSUED: 29,753 CONTRACTS OR 2,975,300 OZ OR 92.54 TONNES IN 17 TRADING DAY(S) AND THUS AVERAGING: 1750 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN17 TRADING DAY(S) IN TONNES: 92.54 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 92.54 TONNES DIVIDED BY 3550 x 100% TONNES = 2.61% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
UNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2023: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES VS 2578 TONNES LAST YEAR
2024 AND 2025:
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. 92.54 TONNES
SPREADING OPERATIONS
NOW SWITCHING TO GOLD FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF OCT. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A GOOD SIZED 333 CONTRACTS OI TO 166,138 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 512 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
DEC 512 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 GAIN OF 333 CONTRACTS AND ADD TO THE 512 E.FP. ISSUED
WE OBTAIN A HUGE SIZED GAIN OF 1845 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR LOSS IN PRICE OF $0.32 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 4.225 MILLION PAPER OZ
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 THURSDAY MORNING:
SHANGHAI CLOSED DOWN 0.34 PTS OR 0.01%
//Hang Seng CLOSED DOWN 76.76 PTS OR 0.29%
// Nikkei CLOSED : UP 124.62PTS OR .27 //Australia’s all ordinaries CLOSED UP 0.06%
//Chinese yuan (ONSHORE) CLOSED DOWN AT 7.1269 OFFSHORE CLOSED UP AT 7.1325/ Oil UP TO 64.51 dollars per barrel for WTI and BRENT UP TO 69.07 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN DOWN IN TRADING AT 7.1269 AND WEAKER//OFF SHORE YUAN TRADING DOWN TO 7.1325 AGAINST US DOLLAR/ AND THUS WEAKER
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 2722 CONTRACTS TO 526,067 OI DESPITE OUR HUGE LOSS IN PRICE OF $47.70 WITH RESPECT TO WEDNESDAY’S // TRADING COMEX CLOSING TIME:… WE LOST ZERO NET LONGS, WITH THAT HUGE PRICE LOSS FOR GOLD. AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (1679). WE HAD CONSIDERABLE T.A.S. LIQUIDATION(AS WE ARE IN OPTIONS EXPIRY WEEK FOR SEPT.) WE HAD A TOTAL LOSS IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 2122 CONTRACTS (OR 6.000 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 1932 CONTRACTS DESPITE OUR HUGE LOSS IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY FOR THE THOUGHTFULNESS. LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. DELIVERY OF GOLD CONTRACTS ARE NOW TAKING SEVERAL WEEKS. NO DEFAULT HAS BEEN INITIATED AS DEALERS ARE AFRAID OF LOSS OF THEIR JOBS. SO THIS FRAUD CONTINUES. THE LEASE RATES IN LONDON HAVE NOW INCREASED TO 5.0% LATELY AS GOLD IN LONDON IS STILL EXTREMELY SCARCE.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE THROUGH SEPTEMBER CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER IS HOWEVER A FAIR T.A.S ISSUANCE AS THE CME NOTIFIES US THAT THEY HAVE ISSUED 1679 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 YESTERDAY WITH MUCH FAILURE AS THE TOTAL OPEN INTEREST REFUSES TO BUCKLE!!
THE T.A.S. LIQUIDATION OF THESE T.AS. CONTRACTS (ALONG WITH PREVIOUS AUGUST MONTH- END SPREADERS) IS THE REASON WHY WE ARE HAVING DISTORTED COMEX OPEN INTEREST GAINS AND LOSSES IN OI BUT THIS IS COUPLED WITH MEGA HUGE AMOUNTS OF GOLD STANDING FOR DELIVERY TO CONFUSE THE ISSUE!!!!! AND THIS WAS SURELY ON DISPLAY WITH FIRST DAY NOTICE TOTALS WITH GOLD TONNES STANDING FOR THE FOLLOWING MONTHS:
FOR APRIL AT 209 + TONNES INCLUDING MANY MASSIVE QUEUE JUMPS AND THIS CONTINUED INTO MAY WITH FINAL STANDING AT 90.23 TONNES.
JUNE WHICH IS A HUGE DELIVERY MONTH , FINAL STANDING WAS RECORDED AT A STRONG 93.085 TONNES. (IS THE COMEX RUNNING OUT OF GOLD?)//TOTAL NET QUEUE JUMPING FOR THE JUNE MONTH: 31.027 TONNES.
IN JULY WE HAD HUGE DELIVERY NOTICES ESPECIALLY FOR A NON ACTIVE DELIVERY MONTH WITH INITIAL STANDING AT 17.947 TONNES PLUS MANY QUEUE JUMPS + 3.75 TONNES EX FOR RISK = 41.106 TONNES OF GOLD // FINAL TOTAL TONNES STANDING JULY: 41.106 TONNES
FOR THE MONTH OF AUGUST:
INITIAL AMOUNT OF GOLD STANDING FOR AUGUST: 60.547 TONNES PLUS THE MONTHS HUGE QUEUE JUMPS OF 47.2312 TONNES +44.696 TONNES EX FOR RISK (7 ISSUANCES) //NEW STANDING 152.208 TONNES WHICH IS MONSTROUS!!!
AND NOW INITIAL AMOUNT OF GOLD STANDING FOR SEPT; INITIAL STANDING; 2,602 CONTRACTS OR 260,200 OZ FOR 8.093 TONNES OF GOLD FOLLOWED BY TODAY’S 0.2426 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 41.763 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 242 EPISODES AS HE TACKLES THIS IMPORTANT TOPIC. THE MAJOR FOUR OR FIVE BANKS ARE ALSO WORRIED ABOUT THEIR HUGE PRECIOUS METAL DERIVATIVE SHORT EXPOSURE (NORTH OF ONE TRILLION DOLLARS) AND THIS IS PROBABLY THE MAJOR REASON FOR GOLD/SILVER’S RISE THESE PAST THREE MONTHS. THEY ARE TOTALLY TRAPPED., AND THEIR FAILURE TO STOP CENTRAL BANK PURCHASES OF PHYSICAL GOLD IS THE MAJOR ISSUE OF THE DAY!IT SURE DOES NOT LOOK LIKE THE BIS HAS GIVEN THE FED ITS MARCHING ORDERS TO COVER ITS PHYSICAL GOLD SHORT AS THEIR OUTSTANDING LOAN REMAINS ON THE BOOKS OF THE BIS. TRUMP WILL PROBABLY BE FURIOUS WITH THE FED IF HE FINDS OUT THAT THEY (FRBNY) HAS BEEN MANIPULATING THE GOLD MARKET FOR THE PAST TWO YEARS. THE FRBNY IS NOW NON COMPLIANT WITH RESPECT TO BASEL III BUT IT IS NOT NECESSARY FOR THEM TO BE COMPLIANT ONLY COMMERCIAL BANKERS MUST BE.
OUR PHYSICAL LONDONERS BOUGHT NEW MASSIVE QUANTITIES OF LONGS AT ANY PRICE AND THIS GOLD BOUGHT WILL BE TENDERED FOR PHYSICAL ON A T + ???? BASIS. BECAUSE GOLD IS BASEL III COMPLIANT, GOLD IS SUPPOSED BE DELIVERED IN A VERY TIMELY ONE DAY. CENTRAL BANKS AROUND THE WORLD, BEING REPRESENTED BY OUR LONDONERS, ARE THE REAL PURCHASERS OF THIS GOLD.
EUROPE IS NOW BASEL III COMPLIANT. THE WEST ( COMEX) IS NOW COMPLIANT EFFECTIVE JULY 1//2025.
THE PROBLEM FOR THOSE PROVIDING THE SHORT PAPER IS THE SHOCK TO THEM ON RECEIVING NOTICE THAT THE LONGS WANT THE PHYSICAL GOLD AS THEY TENDER FOR THAT SHINY YELLOW METAL. THE HIGH LIQUIDATION OF OUR TWO SPREADERS: 1) THE MONTH END SPREADERS AND 2. T.A.S DURING THESE PAST SEVERAL WEEKS IS SURELY DISTORTING COMEX OPEN INTEREST BUT THAT DOES NOT STOP LONDON’S ACCUMULATION OF PHYSICAL! YOU CAN ALSO VISUALIZE THAT PERFECTLY WITH THE HUGE AMOUNTS OF QUEUE JUMPING ORCHESTRATED BY CENTRAL BANKERS BOLTING AHEAD OF ORDINARY LONGS AS THEIR NEED FOR PHYSICAL IS GREAT AS THEY SCOUR THE PLANET LOOKING FOR GOLD, AND THE MASSIVE AMOUNT OF GOLD STANDING EACH AND EVERY MONTH INCLUDING FIRST DAY NOTICE OF GOLD TONNAGE STANDING.
SUMMARY AUGUST: TOTAL QUEUE JUMPING AND TOTAL EXCHANGE FOR RISKS ISSUANCE FOR THE MONTH OF AUGUST;
WE HAD A HUGE 60.547 TONNES OF INITIAL GOLD STANDING FOR AUGUST, FIRST DAY NOTICE FOLLOWED BY THE MONTHS HUGE TOTAL OF 47.2312 TONNES OF QUEUE JUMPS TO WHICH WE ADD AUGUST 7TH,S HUGE 5.443 TONNES EXCHANGE FOR RISK ISSUANCE +LAST SATURDAY’S/MONDAY AUG 10 HUGE 776 CONTRACT EXCHANGE FOR RISK FOR 2.413 TONNES THEN AUGUST 12: 2.637 TONNES: AND NOW AUG 25: 9.107 TONNES ISSUANCE MONDAY’S MASSIVE 9.1016 TONNES ISSUANCE/AUGUST 25, AUGUST 26 9.0699 TONNES , YESTERDAYDAY’S (AUGUST 27) 9.0699 TONNES AND FINALLY TODAY’S TODAL OF 6.923 TONNESS/NEW STANDING ADVANCES TO 152.208 TONNES.
AND NOW SEPTEMBER:
SUMMARY SO FAR SEPT: 8.093 TONNES INITIALLY STANDING FOR GOLD COUPLED WITH TODAY;S 0.2426 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) 0.2426 TONNES TODAY QUEUE JUMP
TOTALS: 41.763 TONNES INITIALLY STANDING FOR GOLD/SEPT.
EXCHANGE FOR PHYSICAL ISSUANCE/SEPTEMBER
THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A FAIR SIZED 1332 EFP CONTRACT WAS ISSUED: : /DEC 1332 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1332 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 :
CONSIDERABLE LIQUIDATION OF OUR T.A.S. SPREADERS//WEDNESDAY BUT THIS HAD NO EFFECT ON OUR TOTAL OPEN INTEREST!!
MONTH END SPREADERS HAVE NOW COME IN THE PICTURE AND IT SURELY LOOKS LIKE THERE WILL BE NO DAMAGE TO THE PRICE OF GOLD SIMILAR TO WHAT HAPPENED IN AUGUST EXPIRY MONTH.
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 WEDNESDAY NIGHT/THURSDAY MORNING WAS A FAIR SIZED SIZED 1679 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: 21.667 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 = 41.763 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
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: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
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COMEX GOLD TRADING BEGINNING SEPTEMBER CONTRACT;
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY A HUGE $47.70./ /) BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SPECULATOR LONGS AS WE DID HAVE A FAIR SIZED GAIN IN OI FROM TWO EXCHANGES. BUT AS EXPLAINED ABOVE WE HAD CONSIDERABLE T.A.S. SPREADER LIQUIDATION WEDNESDAY. MUCH OF THAT LOSS IN OI FOR OUR TWO EXCHANGES WAS DUE TO SPREADER LIQUIDATION WITH SPECULATIVE LONGS PILING INTO COMEX GOLD TRADING COUPLED WITH GOVERNMENT LIQUIDATING 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 AGAIN ON SEPT. OPTIONS EXPIRY WEEK THIS WEEK, LIKE THEY DID IN AUGUST. COMEX EXPIRY IS CONCLUDING TODAY, SEPT 25 AND LBMA LONDON EXPIRY IS FINISHING TUESDAY SEPT 30.
THURSDAY MORNING//WEDNESDAY 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 WEDNESDAY EVENING/ THURSDAY 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 LOSS TOTAL OF 6.60 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR SEPTEMBER AT 8.093 TONNES. WE HAD THE FOLLOWING QUEUE JUMP OF 0.2426 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: 41.763 TONNES.
ALL OF THIS HUGE STANDING FOR SEPTEMBER WAS ACCOMPLISHED WITH OUR HUGE LOSS IN PRICE TO THE TUNE OF $47.70
WE HAD A MAMMOTH 4054 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.
NET LOSS ON THE TWO EXCHANGES 2122 CONTRACTS OR 212,200 0Z (6.600 TONNES)
i) Into Brinks 96,345.863 oz ii) Into Manfra 20,136.586 oz
total deposit: 116,452.449 oz
3.622 tonnes
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No of oz served (contracts) today
312 notice(s) 31,200 OZ 0.9704 TONNES
No of oz to be served (notices)
44 contracts 4400 OZ 0.1368 TONNES
Total monthly oz gold served (contracts) so far this month
6922 notices 692200 oz 21.530 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
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DEPOSITS/CUSTOMER 4
DEPOSITS/CUSTOMER
2 ENTRIES
i) Into Brinks 96,345.863 oz ii) Into Manfra 20,136.586 oz
total deposit: 116,452.449 oz
3.622 tonnes
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customer withdrawal
0 entries
ADJUSTMENTs 3
ADJUSTMENTs 3
all customer to dealer:
a) Asahi 129,317.89 oz
b) Malca 32,118.849 oz (999 kilobars)
c) Manfra 24,614,397.
total weight adjusted: 5.78 tonnes
volume at the comex: Wednesday 265,431 oz (fair)
AMOUNT OF GOLD STANDING FOR SEPTEMBER
THE FRONT MONTH OF SEPTEMBER STANDS AT 356 CONTRACTS FOR A LOSS OF 118 CONTRACTS. WE HAD 196 CONTRACTS FILED ON WEDNESDAY SO WE GAINED 78 CONTRACTS OR 7800 OZ ENTERTAINED A QUEUE JUMP OF 0.2426 TONNES. WE NOW MUST ADD TO OUR INITIAL 8.093 TONNES OF GOLD STANDING TO TODAY’S QUEUE JUMP OF 0.2426 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 41.763 TONNES
OCTOBER LOST 6167 CONTRACTS DOWN TO 43,567
NOVEMBER GAINED 205 CONTRACTS UP TO 4243 CONTRACTS.
We had 312 contracts filed for today representing 31,200 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 6 notices issued from their client or customer account. The total of all issuance by all participants equate to 312 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer an 1 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 (6922 X 100 oz ) to which we add the difference between the open interest for the front month of SEPT ( 356 CONTRACTS) minus the number of notices served upon today (312 x 100 oz per contract) equals 696,600 OZ OR 21.607 TONNES OF GOLD TO WHICH WE ADD OUR TOTAL EX FOR RISK/SEPT MONTH OF 20.096 TONNES//NEW TOTAL STANDING ADVANCES TO 41.763 TONNES
thus the INITIAL standings for gold for the SEPTEMBER contract month: No of notices filed so far (6922 x 100 oz +we add the difference for front month of SEPT. (356 OI} minus the number of notices served upon today (312 x 100 oz) which equals 696,600 OZ OR 21.607 TONNES PLUS 20.096 TONNES EXCHANGE FOR RISK = 41.763 TONNES.
TOTAL COMEX GOLD STANDING FOR SEPT..: 41.763 TONNES TONNES WHICH IS HUGE FOR THIS NORMALLY INACTIVE ACTIVE DELIVERY MONTH IN THE CALENDAR.
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COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 1,998,022.517 oz 62.14 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 39,922,875.913 oz
TOTAL REGISTERED GOLD 21,781,544.250 or 677.497 tonnes
TOTAL OF ALL ELIGIBLE GOLD 18,141,331.663 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 25 2025
INITIAL
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
1 entries
a) Out of Loomis: 398,772.080 oz
Deposits to the Dealer Inventory
0 ENTRY
Deposits to the Customer Inventory
3 entries
i) Into Ashai 1,368814.300 oz ii) Into CNT 598,990.340 oz iii) Into Loomis; 1,203,851.090 oz
total deposit 3,171,655.730 oz
No of oz served today (contracts)
88 CONTRACT(S) (0.440 million OZ
No of oz to be served (notices)
96 contracts (0.480 MILLION oz)
Total monthly oz silver served (contracts)
13,528 Contracts (67.640 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
TOTAL REGISTERED SILVER: 196.289 MILLION OZ//.TOTAL REG + ELIGIBLE. 529.927 Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR SEPT.
silver open interest data:
FRONT MONTH OF SEPTEMBER /2025 OI: 184 OPEN INTEREST CONTRACTS FOR A LOSS OF 167 CONTRACTS. WE HAD 190 CONTRACTS SERVED ON WEDNESDAY SO WE GAINED A FAIR SIZED 23 CONTRACTS OR 115,000 OZ ENTERTAINED A QUEUE JUMP TO TAKE DELIVERY OVER ON THIS SIDE OF THE POND..//NEW STANDING FOR SILVER COMEX INCREASES TO 68.120 MILLION OZ. THEN WE MUST ADD OUR INITIAL ISSUANCE OF 600 CONTRACTS FOR EXCHANGE FOR RISK OR 3.0 MILLION OZ//NEW STANDING ADVANCES TO 71.120 MILLION OZ
STANDING FOR SILVER: 71.120 MILLION OZ
OCTOBER GAINED 35 CONTRACTS TO 3141
NOVEMBER GAINED 56 CONTRACTS UP TO 2198.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 88 or 0.440 MILLION oz
CONFIRMED volume; ON WEDNESDAY 65,315 strong//
AND NOW SEPT. DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in SEPTEMBER. we take the total number of notices filed for the month so far at 13,528 X5,000 oz = 67.640 MILLION oz
to which we add the difference between the open interest for the front month of SEPT (184) AND the number of notices served upon today (88 )x (5000 oz)
Thus the standings for silver for the SEPTEMBER 2025 contract month: (13,528) Notices served so far) x 5000 oz + OI for the front month of SEPTEMBER(184) minus number of notices served upon today (88)x 5000 oz equals silver standing for the SEPTEMBER contract month equating to 68.120 MILLION OZ TO WHICH WE ADD OUR INITIAL EXCHANGE FOR RISK SEPT TOTALLING 3.0 MILLION OZ//NEW STANDING ADVANCES TO 71.120 MILLION OZ
New total standing: 71.120 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: 210.283/529.928 million. 39.68%
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 25 WITH GOLD UP $5.70 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A MASSIVE WITHDRAWAL OF 3.82 TONNES OF GOLD FROM THE GLD// . /// ///INVENTORY RESTS AT 996.85 TONNES
SEPT 24 WITH GOLD DOWN $47.70 TODAY/NO CHANGES IN GOLD AT THE GLD . /// ///INVENTORY RESTS AT 1000.67 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: 996.85 TONNES, TONIGHTS TOTAL
SILVER
SEPT 25 WITH SILVER UP $1.44 TODAY/NO CHANGES IN SILVER AT THE SLV /: /// ///INVENTORY RESTS AT 497.343 MILLION OZ//
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
3. CHRIS POWELL AND GATA GOLD DISPATCHES/OTHER GOLD RELATED TOPICS
IT’S JUST GETTING WORSE FOR THE SILVER PRICE RIGGERS! ALERT! Silver’s “Perfect Storm” Gets WORSE as 3 Massive Silver Mines Shutdown! BUY SILVER! (Bix Weir)https://youtu.be/qg4zIa9Pl0s
ASIAN MARKETS THIS THURSDAY MORNING:
SHANGHAI CLOSED DOWN 0.34 PTS OR 0.01%
//Hang Seng CLOSED DOWN 76.76 PTS OR 0.29%
// Nikkei CLOSED : UP 124.62PTS OR .27 //Australia’s all ordinaries CLOSED UP 0.06%
//Chinese yuan (ONSHORE) CLOSED DOWN AT 7.1269 OFFSHORE CLOSED UP AT 7.1325/ Oil UP TO 64.51 dollars per barrel for WTI and BRENT UP TO 69.07 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN DOWN IN TRADING AT 7.1269 AND WEAKER//OFF SHORE YUAN TRADING DOWN TO 7.1325 AGAINST US DOLLAR/ AND THUS WEAKER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS THURSDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN TO 7.1269
OFFSHORE YUAN: DOWN TO 7.1325
HANG SENG CLOSED DOWN 76.76 PTS OR 0.29%
2. Nikkei closed UP 124.62 PTS OR 0.27%
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX UP TO 97.53 EURO FALLS TO 1.1734 DOWN 8 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +1.647//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 148.77…… 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: 3.134 DOWN 3 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 UP TO +2.7415 Italian 10 Yr bond yield UP to 3.598 SPAIN 10 YR BOND YIELD UP TO 3.297
3i Greek 10 year bond yield UP TO 3.448
3j Gold at $3755.30 Silver at: 44.73 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 19 /100 roubles/dollar; ROUBLE AT 83.56
3m oil (WTI) into the 64 dollar handle for WTI and 69 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 148.77/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.647% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING.//JAPAN 30 YR: 3.134 DOWN 3 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7960 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: 4.140 DOWN 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.740 DOWN 2 BASIS PTS/
USA 2 YR BOND YIELD: 3.604 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 41.48
10 YR UK BOND YIELD: 4.6850 UP 2 PTS BUT STILL ESCALATING RAPIDLY
30 YR UK BOND YIELD: 5.500 UP 1 BASIS PTS
10 YR CANADA BOND YIELD: 3.206 UP 2 BASIS PTS
5 YR CANADA BOND YIELD: 2.741 UP 1 BASIS PTS.
2a New York OPENING REPORT
2b) European opening report
Tentative trade ahead of a busy US data slate and a slew of Fed speakers – US Market Open
Thursday, Sep 25, 2025 – 06:14 AM
US President Trump is to sign executive orders at 15:30 ET (20:30 BST) on Thursday; potentially on TikTok
The White House Budget Office instructed federal agencies to prepare workforce reduction plans for potential mass layoffs amid the threat of a government shutdown, according to Politico.
European bourses are lower and have recently made fresh troughs after the European Commission investigates SAP; US equity futures trade tentatively into a packed US data slate and Fed speak.
USD is steady, Antipodeans lead whilst the Swiss Franc lags a touch.
USTs are flat awaiting catalysts; Bunds are firmer amidst a subdued risk tone in Europe, Gilts little moved following a well-received tender.
Crude is on the backfoot while XAU resumes its climb; Copper continues to build on the prior day’s strength.
Looking ahead, US Durable Goods (Aug), GDP Final (Q2), PCE Final (Q2), Jobless Claims, Advance Goods Trade Balance (Aug), Banxico Announcement; Speakers include Fed’s Goolsbee, Williams, Schmid, Bowman, Logan, Barr, Daly, and supply from the US.
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TRADE/TARIFFS
US President Trump to sign executive orders at 15:30 ET (20:30 BST) on Thursday.. Potentially relating to TikTok
A non-principal-level Chinese delegation will visit the US Treasury on Thursday for staff-level technical discussions on trade and the economy. The talks are not the next round of trade negotiations and TikTok will not be addressed. A source added that no negotiations will occur during the visit and US principals will not meet with Chinese technical staff while they are in Washington, according to FBN’s Lawrence.
US Treasury Secretary Bessent said the US-South Korea alliance remains strong and that challenges can be overcome, according to Yonhap. South Korea discussed an FX swap with US Treasury Secretary Bessent on Wednesday, according to the Finance Ministry.
The US is in talks with the G7 and EU on broader rare earth trade measures to prevent price dumping, which could include tariffs, price floors, or other actions, according to Reuters citing a Trump administration official.
US President Trump reportedly plans to visit Japan on 28th or 29th of October, according to TV Asahi. Japanese Chief Cabinet Secretary Hayashi said no decision has yet been made regarding US President Trump’s visit, according to Reuters.
US opened a 232 probe into robotics, machinery and medical devices, according to Bloomberg
EUROPEAN TRADE
EQUITIES
European bourses (STOXX 600 -0.4%) opened lower across the board and have traded sideways throughout the morning. Nothing really driving sentiment this morning, but perhaps some continuation of the pressure seen on Wall St in the prior session. Most recently, the European Commission has opened a formal investigation into possible anticompetitive practices by SAP (-2.1%) – news which has put further pressure on the DAX 40 and Euro Stoxx 50, both at fresh session lows.
European sectors opened with a strong negative bias, but are now a little more mixed. Basic Resources is found right at the top of the pile, driven by upside in underlying metals prices – namely copper. As a reminder, copper prices soared in the prior session after one of the world’s largest copper mines, Grasberg, halted operations and declared a force majeure; Rio Tinto (+2.7%), Anglo American (+2.2%). Retail is found in second place, boosted by considerable upside in Swedish-listed H&M (+8.7%); the Co. reported a beat on its Q3 Op. Profit metrics, whilst Sales were more-or-less in line. On trade, it said tariff costs are expected to have an increased impact on gross margin in Q4. Elsewhere, JD Sports (+2.7%) gains after the Co. announced a GBP 100mln share buyback.
Construction & Materials is found right at the foot of the pile, joined closely by Healthcare; losses are broad-based, following reports that the US opened a probe into robotics, machinery and medical devices. Names that have been hit today include; Siemens Healthineers (-4.5%), Philips (-3%), Getinge (-4%) and others.
US equity futures are modestly mixed on either side of the unchanged mark. Catalysts are currently lacking, but a busy US data slate and numerous Fed speakers will soon change that.
US lawmakers are scrutinising large US companies including Amazon (AMZN) and Apple (AAPL) over their use of H-1B visas amid US layoffs, via WSJ. US Senators requested data from companies by October 10 on H-1B workers’ wages and potential displacement of American employees.
European Commission has opened a formal investigation into possible anticompetitive practices by SAP (SAP GY). SAP does not expect this to have a material impact on financial performance.
USD has paused for breath after a notable pick-up on Wednesday, which didn’t have a clear or obvious macro driver. Broadly, the USD has continued to pick up since last week’s FOMC policy announcement with comms from the Fed (ex-Miran and Bowman) largely adopting a cautious stance. Today’s docket sees a deluge of Fed speak with voters Goolsbee, Williams, Miran, Schmid, Barr, Bowman and non-voters Logan and Daly all due on deck. On the data slate, weekly claims will be eyed for any further deterioration in the labour market, alongside durable goods and trade metrics. DXY has ventured as high as 97.91.
EUR is steady vs. the USD with incremental macro drivers for the Eurozone on the light side. Geopolitical headlines surrounding Ukraine/Russia and drone activity over certain nation’s remain frequent but so far not having any obvious impact on the FX space with ING making the observation that “if investors were substantially more worried about military conflict at NATO’s eastern border, CEE currencies would be a lot weaker, as would German equity markets”. The pair sits just above Wednesday’s trough at 1.1727 and the WTD low at 1.1726.
USD/JPY was choppy overnight and within a tight range with the pair initially trimming some of Wednesday’s USD-driven gains before reversing back towards session highs in catalyst-light trade. BoJ minutes from two meetings ago discussed the case for future rate hikes if the economic and price outlooks are realised, though timing remained divided. Elsewhere, US President Trump reportedly plans to visit Japan on 28th or 29th of October, according to TV Asahi; Chief Cabinet Secretary Hayashi said no decision has yet been made on the visit. USD/JPY has pulled back a touch from Wednesday’s 148.91 high.
GBP is flat vs. USD and EUR with macro drivers for the UK notably lacking and nothing of note on today’s agenda. Yesterday’s hawkish-leaning remarks from BoE’s Greene have had little sway on markets with the policymaker noting she is less concerned about a rapid decline in the labour market, risks from trade persist but have abated somewhat, and highlighted that the risks to the inflation outlook have shifted to the upside. As is the case with EUR/USD, the dollar is likely to dictate near-term direction for Cable.
Antipodeans are both are a touch firmer vs. the USD and at the top of the G10 leaderboard with little in the way of newsflow out of Australia or New Zealand.
As widely expected, the SNB refrained from delving into NIRP and kept its policy rate at 0%. The decision to do so was largely due to inflation coming in a touch above the SNB’s forecast (albeit only just above the bottom end of its target range) and a broader reticence to take policy below the 0% mark. The policy statement reiterated that the Bank remains ready to intervene in forex markets as needed. The SNB refrained from adding any language around the CHF, despite it being the best performing currency YTD vs. the USD. EUR/CHF saw some fleeting downside before returning to pre-release levels.
PBoC set USD/CNY mid-point at 7.1118 vs exp. 7.1293 (Prev. 7.1077)
A contained start to the session for USTs as we await a packed afternoon and evening of US events. Firstly, weekly jobless data is scheduled and expected to rise to 235k (prev. 231k) while continuing claims, coincide with the BLS window for September, are seen lifting to 1.935mln (prev. 1.92mln). Last week’s better-than-expected claims (231.0k vs. exp. 240k) spurred a hawkish reaction, hitting USTs by around a full point over the course of one hour. There are also a slew of Fed speakers to keep markets busy.
Bunds are firmer but holding in a very narrow 128.09 to 128.34 band, upside came as the European risk tone deteriorated. Specifics for the bloc are a little light so far, no read across from the SNB policy announcement to fixed benchmarks (see FX for more). Additionally, the morning’s EZ M3 and loan data passed without incident. Focus on the above US docket, but alongside that, attention is on political matters in France. As PM Lecornu is reportedly to unveil his first “budgetary guidelines” today, via Politico citing sources; will be posted in La Parisien, online at “the end of the day”.
Currently, OATs trade broadly in-line with EGB peers. The key OAT-Bund 10yr yield spread widened a touch yesterday to just under 83bps and while it remains around that level today, it has not extended further.
A slightly softer start to the session for Gilts, following the bias from peers at that point in time. However, Gilts have not been able to follow the very modest pick up seen in EGBs across the morning. Potentially a function of the slight relative outperformance seen in the first half of the week or as we look at the day’s supply docket. UK auctions this week have seen robust b/c, however the actual demand at the taps has been weak which, alongside the very chunk tail seen on Tuesday’s outing, has increased focus on supply. Today’s first tender passed without incident, with a 2.9x cover strong enough to prevent a sell off but not sufficient to break the modest bearish trend that has been in play this morning.
Japan sold JPY 400bln in 40-year JGBs; b/c 2.6x (prev. 2.1x); highest accepted yield 3.300% (prev. 3.375%).
UK sells GBP 1.25bln 4.50% 2034 Gilt via tender: b/c 2.90x, average yield 4.584%.
Oracle (ORCL) launched a USD 18bln investment-grade bond sale, according to Bloomberg.
Crude was initially quiet and rangebound trade in a c. USD 0.50/bbl range after the benchmarks closed out Wednesday’s sessions with modest gains in proximity to highs of USD 65.05/bbl and USD 69.33/bbl for WTI and Brent respectively. Since, benchmarks have pulled back and are lower by c. USD 0.60/bbl at the low-end of respective USD 64.29-93/bbl and USD 68.91-69.33/bbl parameters. Market-moving energy newsflow has been light this morning; instead, the pressure seems to be a function of the increasingly downbeat equity risk tone.
Spot gold is rangebound trade early in the session with a lift in prices coinciding with the SNB rate decision. A rebound that took spot gold from modest gains around the USD 3746/oz mark to a USD 3761.6/oz peak, but shy of USD 3779/oz and USD 3791/oz highs from the last two sessions. At the same time, silver saw a more pronounced rally lifting from USD 44.02/oz to a USD 44.87/oz peak.
Copper is firmer, extending the aggressive bid seen in yesterday’s session following news from miner Freeport McMoran who declared force majeure in relation to contracts fulfilled by its Indonesian Grasberg mine. A facility that accounts for c. 3% of global supply.
Goldman Sachs expects a 250–260kt loss of copper production from Grasberg in 2025, compared with its previous forecast of 700kt. After adjusting for disruption allowances, it incorporated a 160kt downgrade to its H2 2025 global mine supply forecast and a 200kt downgrade to its 2026 forecast. The bank lowered its 2025/2026 copper mine production growth forecast to +0.2%/+1.9% y/y from +0.8%/+2.2% previously. Goldman said the latest disruption means risks to its December 2025 LME copper price forecast of USD 9,700/t are skewed to the upside, with prices expected to settle in a USD 10,200–10,500/t range, and emphasised its long-term bullish copper price forecast of USD 10,750/t by 2027, according to Reuters.
Magnitude 5.6 earthquake strikes Zulia, Venezuela region, according to EMSC.
China is studying measures to strengthen regulation on copper smelting production capacity.
German GfK Consumer Sentiment (Oct) -22.3 vs. Exp. -23.3 (Prev. -23.6, Rev. -23.5)
French Consumer Confidence (Sep) 87.0 vs. Exp. 87.0 (Prev. 87.0)
NOTABLE EUROPEAN HEADLINES
Swiss SNB Policy Rate (Q3) 0.0% vs. Exp. 0.0% (Prev. 0.0%); willing to intervene in FX if needed, annual inflation forecasts maintained. Click for details
SNB Chair Schlegel says uncertainty over inflation and economic developments remain elevated Inflation pressure virtually the same as prior quarter. Will tweak monetary policy as needed. Remains willing to be active in FX market as needed.
SNB Chairman Schlegel says “the bar to go into negative rates is higher than for a normal cut; but if necessary, will be ready to use all tools”; large part of economy has not been affected by tariffs. Trade: Switzerland has very high tariffs, companies may find it challenging. Impact of tariffs as a whole is limited. Policy: Monetary policy is currently expansive. Inflation; Can have negative prints in the short term, stresses importance of medium-term outlook. FX: Are not speaking about re-introducing minimum exchange rate; the situation is different to 2011. Never intervenes in currency market to give companies an unfair advantage.
SNB Vice Chairman Martin says global economic developments dampened by US tariffs and ongoing high uncertainty “Continuing high uncertainty is having a negative impact on companies’ investment activity”. “Our scenario for the global economy remains subject to high uncertainty”. “However, it also cannot be ruled out that the global economy will prove more resilient than expected”. “US tariffs are likely to curb global trade and reduce the purchasing power of US households.”
SNB’s Tschudin says economic outlook for Switzerland has deteriorated due to significantly higher US tariffs Unemployment is likely to continue rising. The economic outlook for Switzerland remains uncertain. The main risks are US trade policy and global economic developments.
French PM Lecornu is reportedly to unveil his first “budgetary guidelines” today, via Politico citing sources; will be posted in La Parisien, online at “the end of the day”.
ECB’s Kazimir says the inflation goal has been met and will only act if required.
German economic institutes revise their 2025 growth forecast to 0.2% (prev. 0.1%), 2026 1.3% (prev. 1.3%).
NOTABLE US HEADLINES
The White House Budget Office instructed federal agencies to prepare workforce reduction plans for potential mass layoffs amid the threat of a government shutdown, according to Politico.
Fed’s Daly (2027 voter) said further policy adjustments will likely be needed as the Fed works to restore price stability and support the labour market. She said she fully supported last week’s 25bps rate cut, noted that risks to the economy had shifted and it was time to act, and emphasised that the Fed’s rate-path projections are not promises and policy will need to be assessed at each decision point, according to Reuters. Daly said it is hard to say if further rate cuts will come now, later this year, or at another time. She said the labour market is not weak but no longer as speedy as it was, describing it as sustainable and stressing she does not want to see further softening. She likened the recent rate cut to taking out insurance on the labour market, noting that once it tips into weakness, it is hard to revive. Daly added that the Fed still has work to do on inflation, but does not want the labour market to weaken, emphasised this is not stagflation, and said inflation excluding tariffs is roughly 2.4% to 2.5%. She added the economy still needs monetary bridling, though not as much, and that evidence is consistent with tariffs having a one-time impact on inflation.
NVIDIA (NVDA) CEO Huang sold 225,000 common shares across multiple transactions at prices ranging between USD 174.82 and USD 184.38 per share (vs USD 176.97 close), with the sales executed under a pre-arranged trading plan, according to Reuters citing an SEC filing.
GEOPOLITICS
Unidentified drones were observed over four airports across Denmark, causing one of them to close for several hours, according to Danish police.
Denmark’s police reported sightings of multiple drones over Aalborg airport and said it is unclear if they are linked to those seen in Copenhagen on Monday, according to Reuters. The Local Chief Police Inspector in Aalborg said that if it is safe to do so, local police will ‘take the drones out’, according to Faytuks News.
Denmark’s Chief of National Police said a state of national emergency may be raised, according to TV 2 Denmark, cited by Faytuks. Danish police later confirmed that operations against unidentified drones over Aalborg Airport have concluded, saying drones previously spotted in North Jutland are no longer present in the airport’s airspace, according to Reuters.
Danish National Police Chief adds that there were events at military facilities.
Danish Defence Minister says there is no evidence to say there is a link to Russia, decided not to shoot the drones.
EU leaders have concluded that US President Trump is no longer a reliable ally, according to FT citing officials; Officials fear that Trump’s new rhetoric on Ukraine aims to shift the blame away from Washington if Kyiv falters in the war.
CRYPTO
Bitcoin is a little lower and trades just shy of USD 118k whilst Ethereum underperforms and slips to the USD 4k mark.
A Senate panel will hold a hearing on the taxation of digital assets on October 1st, according to Bloomberg.
APAC TRADE
APAC stocks traded mixed for most of the session following a softer Wall Street handover, with the breadth of the market narrow and price action uneventful amid a lack of fresh catalysts heading into quarter-end. The region then tilted into a modestly positive picture despite a lack of drivers.
ASX 200 was initially in the red, pressured by gold miners as the yellow metal pulled back from near USD 3,800/oz levels, while notable gains in Energy helped offset some of the downside.
Nikkei 225 moved between modest gains and losses and found some support at the 45,500 mark. BoJ minutes from two meetings ago suggested one member said rates should be raised when possible, as policy is still below neutral and the BoJ should not be too cautious, whilst one member added the BoJ could exit its wait-and-see mode as soon as this year if the US economy proves resilient.
Hang Seng and Shanghai Comp were choppy, with Hong Kong and Mainland China initially trimming their modest opening gains before recouping. Participants overlooked reports that a non-principal-level Chinese delegation will visit the US Treasury on Thursday for staff-level technical discussions on trade and the economy. Sources suggested the TikTok issue will not be discussed and emphasised these talks are not the next round of trade negotiations but rather a technical meeting.
KOSPI traded with mild losses amid a lack of progress in US-South Korea trade talks.
Nifty 50 kicked off the session flat but remained above the 25,000 mark following its recent H-1B-related losses.
NOTABLE ASIA-PAC HEADLINES
China President Xi said the country aims to bring total installed capacity of wind and solar power to over six times the 2020 level, and that NEVs will become the mainstream of new car sales, according to Reuters.
BoJ July meeting minutes showed many members said the US-Japan trade deal reduced uncertainty on the outlook, but the tariff impact on the economy and prices must be scrutinised for the time being. One member said the BoJ must look at more data before making policy decisions, given uncertainty in US monetary policy and FX, while another said rates should be raised, when possible, as policy is still below neutral and the BoJ should not be too cautious. One member added the BoJ could exit its wait-and-see mode as soon as this year if the US economy proves resilient, and another stressed that hiking at the appropriate time would be important from a risk management perspective, via the BoJ.
PBoC Deputy Governor said the global impact and attractiveness of the Chinese bond market have greatly increased in recent years. He noted the total balance of the market reached CNY 192tln as of August 2025, making it the world’s second-largest, and said global bond investors remain confident, with foreign investors holding 2% of Chinese yuan bonds, according to Reuters.
Chinese Commerce Ministry says US should take steps to remove “unreasonable” tariffs. Says removing unreasonable tariff will create conditions to expand two-way trade.
2c) Asian opening report
Europe Market Open: Trump expected to sign TikTok deal. White House preparing workforce plans amid threat of government shutdown
Thursday, Sep 25, 2025 – 01:35 AM
APAC stocks traded mixed for most of the session before eventually tilting modestly higher, following a softer Wall Street handover.
US President Trump is expected to sign the TikTok deal on Thursday, according to Semafor, citing an official; US President Trump is to sign executive orders at 15:30 ET (20:30 BST) on Thursday.
The White House Budget Office instructed federal agencies to prepare workforce reduction plans for potential mass layoffs amid the threat of a government shutdown, according to Politico.
Unidentified drones were observed over four airports across Denmark, causing one of them to close for several hours, according to Danish police.
Looking ahead, highlights include German GfK Consumer Sentiment (Oct), US Durable Goods (Aug), GDP Final (Q2), PCE Final (Q2), Jobless Claims, Advance Goods Trade Balance (Aug), SNB Announcement, Banxico Announcement; Speakers include SNB’s Schlegel, Fed’s Goolsbee, Williams, Schmid, Bowman, Logan, Barr, Daly, and supply from UK, US.
US President Trump said he has decided that no meeting with Congressional leaders could possibly be productive regarding the CR, according to Truth Social.
The White House Budget Office instructed federal agencies to prepare workforce reduction plans for potential mass layoffs amid the threat of a government shutdown, according to Politico.
FED
Fed’s Daly (2027 voter) said further policy adjustments will likely be needed as the Fed works to restore price stability and support the labour market. She said she fully supported last week’s 25bps rate cut, noted that risks to the economy had shifted and it was time to act, and emphasised that the Fed’s rate-path projections are not promises and policy will need to be assessed at each decision point, according to Reuters. Daly said it is hard to say if further rate cuts will come now, later this year, or at another time. She said the labour market is not weak but no longer as speedy as it was, describing it as sustainable and stressing she does not want to see further softening. She likened the recent rate cut to taking out insurance on the labour market, noting that once it tips into weakness, it is hard to revive. Daly added that the Fed still has work to do on inflation, but does not want the labour market to weaken, emphasised this is not stagflation, and said inflation excluding tariffs is roughly 2.4% to 2.5%. She added the economy still needs monetary bridling, though not as much, and that evidence is consistent with tariffs having a one-time impact on inflation.
Fed’s Goolsbee (2025 voter) warned against a series of rate cuts, saying the jobs market remains mostly steady and solid. He said he is uncomfortable with overly frontloading cuts on the presumption that inflation will be transitory, and added that US President Trump’s trade policies were to blame for his reluctance to lower borrowing costs more aggressively, according to the FT.
NOTABLE US EQUITY NEWS
Intel (INTC) plans to ask Apple (AAPL) to invest as part of a comeback bid, and the two companies have also discussed ways to work more closely. Talks are still at an early stage and may not lead to an agreement, according to Bloomberg.
NVIDIA (NVDA) CEO Huang sold 225,000 common shares across multiple transactions at prices ranging between USD 174.82 and USD 184.38 per share (vs USD 176.97 close), with the sales executed under a pre-arranged trading plan, according to Reuters citing an SEC filing.
TRADE/TARIFFS
US President Trump is expected to sign the TikTok deal on Thursday, according to Semafor, citing an official.
China and all parties agreed to the terms of the TikTok deal, according to NBC.
US President Trump to sign executive orders at 15:30 ET (20:30 BST) on Thursday.
A non-principal-level Chinese delegation will visit the US Treasury on Thursday for staff-level technical discussions on trade and the economy. The talks are not the next round of trade negotiations and TikTok will not be addressed. A source added that no negotiations will occur during the visit and US principals will not meet with Chinese technical staff while they are in Washington, according to FBN’s Lawrence.
US warned European countries not to restrict air travel in violation of bilateral agreements, according to Reuters citing the Transportation Secretary.
European Commission President von der Leyen said she had a good and frank exchange with Chinese Premier Li Qiang, noting on trade that she appreciates China’s willingness to engage in a spirit of mutual understanding, according to a post on X.
US Treasury Secretary Bessent said the US-South Korea alliance remains strong and that challenges can be overcome, according to Yonhap. South Korea discussed an FX swap with US Treasury Secretary Bessent on Wednesday, according to the Finance Ministry.
The US is in talks with the G7 and EU on broader rare earth trade measures to prevent price dumping, which could include tariffs, price floors, or other actions, according to Reuters citing a Trump administration official.
US President Trump reportedly plans to visit Japan on 28th or 29th of October, according to TV Asahi. Japanese Chief Cabinet Secretary Hayashi said no decision has yet been made regarding US President Trump’s visit, according to Reuters.
US opened a 232 probe into robotics, machinery and medical devices, according to Bloomberg
APAC TRADE
EQUITIES
APAC stocks traded mixed for most of the session following a softer Wall Street handover, with the breadth of the market narrow and price action uneventful amid a lack of fresh catalysts heading into quarter-end. The region then tilted into a modestly positive picture despite a lack of drivers.
ASX 200 was initially in the red, pressured by gold miners as the yellow metal pulled back from near USD 3,800/oz levels, while notable gains in Energy helped offset some of the downside.
Nikkei 225 moved between modest gains and losses and found some support at the 45,500 mark. BoJ minutes from two meetings ago suggested one member said rates should be raised when possible, as policy is still below neutral and the BoJ should not be too cautious, whilst one member added the BoJ could exit its wait-and-see mode as soon as this year if the US economy proves resilient.
Hang Seng and Shanghai Comp were choppy, with Hong Kong and Mainland China initially trimming their modest opening gains before recouping. Participants overlooked reports that a non-principal-level Chinese delegation will visit the US Treasury on Thursday for staff-level technical discussions on trade and the economy. Sources suggested the TikTok issue will not be discussed and emphasised these talks are not the next round of trade negotiations but rather a technical meeting.
KOSPI traded with mild losses amid a lack of progress in US-South Korea trade talks.
Nifty 50 kicked off the session flat but remained above the 25,000 mark following its recent H-1B-related losses.
US equity futures traded with a mild upward bias (ES +0.2%, NQ +0.2%) across the board following the prior session’s losses. Traders are bracing for a busy US docket that includes several Fed speakers, Q2 PCE and final Q2 GDP, alongside Durable Goods and Jobless Claims data.
European equity futures are indicative of a flat cash open with the Euro Stoxx 50 U/C after cash closed -0.1% on Wednesday.
FX
DXY traded flat for a bulk of the session before seeing a mild downward bias as the index took a breather from the prior day’s surge, having reached a 97.92 peak on Wednesday ahead of a busy US docket.
EUR/USD was uneventful in APAC hours, with the single currency moving in tandem with the USD and eventually moving back to 1.1750. EUR ignored reports of further drone activity in Denmark across multiple cities. The EU docket for Thursday is light, with only German GfK sentiment and EZ loans data scheduled.
GBP/USD was similarly quiet, with Cable holding in a narrow range on both sides of 1.3550 as UK-specific catalysts remained limited and with the domestic calendar light for Thursday.
USD/JPY was choppy within tight ranges, with the pair initially trimming some of Wednesday’s USD-driven gains before reversing back towards session highs in catalyst-light trade. BoJ minutes from two meetings ago discussed the case for future rate hikes if the economic and price outlooks are realised, though timing remained divided.
Antipodeans initially diverged slightly, with AUD/NZD extending gains above 1.1300. Macro drivers overnight were light, but both pairs eventually traded in modestly positive territory as the DXY tilted slightly lower.
EUR/CHF saw little action ahead of the SNB’s quarterly confab, in which rates are expected to be held at 0.00% after the Chairman outlined a high bar for a return to NIRP, with attention on any update on the language around FX or the tiering system.
PBoC set USD/CNY mid-point at 7.1118 vs exp. 7.1293 (Prev. 7.1077)
FIXED INCOME
10yr UST futures initially edged higher, taking a breather after the prior day’s selling, which was not tied to a specific headline and followed an average 5-year auction. Contracts then trimmed the modest upside and traded flat/subdued heading into the end of the APAC session.
Bund futures traded broadly flat in a narrow range above 128.00 amid a lack of headlines, with traders looking ahead to German GfK consumer sentiment data.
10yr JGB futures were softer intraday as the contract played catch-up to the selling seen in Western counterparts on Wednesday. The 40-year JGB auction was healthier than the prior outing, but failed to stop the post-auction downticks across JGBs. Meanwhile, BoJ minutes from two meetings ago suggested one member said rates should be raised when possible as policy is still below neutral and the BoJ should not be too cautious, whilst one member added the BoJ could exit its wait-and-see mode as soon as this year if the US economy proves resilient.
Japan sold JPY 400bln in 40-year JGBs; b/c 2.6x (prev. 2.1x); highest accepted yield 3.300% (prev. 3.375%).
Oracle (ORCL) launched a USD 18bln investment-grade bond sale, according to Bloomberg.
COMMODITIES
Crude futures paused and posted mild losses after two straight sessions of strong gains driven by heightened geopolitical tensions and Russian output disruptions from drone attacks. Overnight reports of unidentified drones across multiple Danish cities had no impact on prices, with no co-conspirator named.
Spot gold saw choppy trade within a tight range following the prior session’s losses as traders booked profits ahead of quarter-end. Overnight price action was uneventful, with the metal holding within yesterday’s range.
Copper futures were weaker on LME as the contract retraced gains from yesterday’s surge, which followed Freeport-McMoRan’s force majeure on contracted supplies from its Grasberg Block Cave mine in Indonesia. Chinese copper played catch-up to yesterday’s gains in the West.
Rosneft’s oil refinery in Russia’s Novokuibyshevsk halted oil processing on September 20th following a drone attack, according to Reuters, citing sources.
Goldman Sachs expects a 250–260kt loss of copper production from Grasberg in 2025, compared with its previous forecast of 700kt. After adjusting for disruption allowances, it incorporated a 160kt downgrade to its H2 2025 global mine supply forecast and a 200kt downgrade to its 2026 forecast. The bank lowered its 2025/2026 copper mine production growth forecast to +0.2%/+1.9% y/y from +0.8%/+2.2% previously. Goldman said the latest disruption means risks to its December 2025 LME copper price forecast of USD 9,700/t are skewed to the upside, with prices expected to settle in a USD 10,200–10,500/t range, and emphasised its long-term bullish copper price forecast of USD 10,750/t by 2027, according to Reuters.
CRYPTO
Bitcoin was softer and dipped back under the USD 113k level but remained within the prior day’s range.
A Senate panel will hold a hearing on the taxation of digital assets on October 1st, according to Bloomberg.
NOTABLE ASIA-PAC HEADLINES
China President Xi said the country aims to bring total installed capacity of wind and solar power to over six times the 2020 level, and that NEVs will become the mainstream of new car sales, according to Reuters.
BoJ July meeting minutes showed many members said the US-Japan trade deal reduced uncertainty on the outlook, but the tariff impact on the economy and prices must be scrutinised for the time being. One member said the BoJ must look at more data before making policy decisions, given uncertainty in US monetary policy and FX, while another said rates should be raised when possible, as policy is still below neutral and the BoJ should not be too cautious. One member added the BoJ could exit its wait-and-see mode as soon as this year if the US economy proves resilient, and another stressed that hiking at the appropriate time would be important from a risk management perspective, via the BoJ.
PBoC Deputy Governor said the global impact and attractiveness of the Chinese bond market have greatly increased in recent years. He noted the total balance of the market reached CNY 192tln as of August 2025, making it the world’s second-largest, and said global bond investors remain confident, with foreign investors holding 2% of Chinese yuan bonds, according to Reuters.
GEOPOLITICS
NATO
Unidentified drones were observed over four airports across Denmark, causing one of them to close for several hours, according to Danish police.
Denmark’s police reported sightings of multiple drones over Aalborg airport and said it is unclear if they are linked to those seen in Copenhagen on Monday, according to Reuters. The Local Chief Police Inspector in Aalborg said that if it is safe to do so, local police will ‘take the drones out’, according to Faytuks News.
Denmark’s Chief of National Police said a state of national emergency may be raised, according to TV 2 Denmark, cited by Faytuks. Danish police later confirmed that operations against unidentified drones over Aalborg Airport have concluded, saying drones previously spotted in North Jutland are no longer present in the airport’s airspace, according to Reuters.
EU leaders have concluded that US President Trump is no longer a reliable ally, according to FT citing officials; Officials fear that Trump’s new rhetoric on Ukraine aims to shift the blame away from Washington if Kyiv falters in the war.
MIDDLE EAST
US President Trump and US envoy Witkoff presented a Gaza peace deal plan to Arab leaders, and Trump’s Gaza peace plan reportedly received support from regional leaders, Axios sources said. Key points include the release of all remaining hostages, a permanent ceasefire, gradual Israeli withdrawal from all of the Gaza Strip, a post-war governing mechanism in Gaza without Hamas, a security force including Palestinians alongside soldiers from Arab and Muslim countries, Arab and Muslim funding for Gaza’s new administration and reconstruction, and some involvement of the Palestinian Authority, according to Axios.
French President Macron said that together with Germany and the UK, they have taken the decision to activate the snapback procedure, allowing the reimposition of sanctions on Iran, and emphasised that Iran must never obtain a nuclear weapon. He added that an agreement remains possible, with only a few hours left, and that it is up to Iran to meet the legitimate conditions set, according to Reuters.
French President Macron said Iran has not taken concrete steps to allow inspectors to return to nuclear sites, according to Al Arabiya.
US Middle East Envoy Witkoff, when asked if there is a diplomatic path forward with Iran, said “we’re talking to them,” adding that Iran is in a tough position and that the US has a desire to negotiate with Iran, according to Reuters.
EU/UK
NOTABLE HEADLINES
BoE’s Greene said monetary policymakers have tended to look through supply shocks and may need to rethink this approach, adding that in the current environment they should offset supply shocks. She noted she is less concerned about a rapid decline in the labour market, said risks from trade persist but have abated somewhat, and highlighted that the risks to the inflation outlook have shifted to the upside. She added that the risks of weaker demand have not disappeared, but in her view have diminished, according to a speech release.
LATAM
A 6.31-magnitude earthquake struck Venezuela, according to GFZ.
A 6.48-magnitude earthquake struck Venezuela, according to GFZ.
APAC stocks traded mixed for most of the session before eventually tilting modestly higher, following a softer Wall Street handover.
US President Trump is expected to sign the TikTok deal on Thursday, according to Semafor, citing an official; US President Trump is to sign executive orders at 15:30 ET (20:30 BST) on Thursday.
The White House Budget Office instructed federal agencies to prepare workforce reduction plans for potential mass layoffs amid the threat of a government shutdown, according to Politico.
Unidentified drones were observed over four airports across Denmark, causing one of them to close for several hours, according to Danish police.
Looking ahead, highlights include German GfK Consumer Sentiment (Oct), US Durable Goods (Aug), GDP Final (Q2), PCE Final (Q2), Jobless Claims, Advance Goods Trade Balance (Aug), SNB Announcement, Banxico Announcement; Speakers include SNB’s Schlegel, Fed’s Goolsbee, Williams, Schmid, Bowman, Logan, Barr, Daly, and supply from UK, US.
3A NORTH KOREA/SOUTH KOREA
SOUTH KOREA//NORTH KOREA/
3B JAPAN
3C CHINA
4. European affairs and NATO
GERMANY
EUROPE
ROBERT H:
Kalergi plan working
Inbox
Robert Hryniak
8:47 AM (3 hours ago)
to
“London is now only 36% White. Manchester and Birmingham c45%.”
England is lost ! This is a country that turns on leaders when pushed. Expect the same. Cities will burn as a result with mass bloodshed. Real estate prices are tanking everywhere.
France not much better with ghettos in every major city.
Germany follows blind to dystopian reality.
After the first shot is fired in a wider conflict with Russia. I wager 45 days until the collapse of the Euro zone as it is. Contagion will sweep their banks like a wild fire . Within a 60 day period one would imagine certain countries will collapse. The Swiss will not escape the contagion.
And this is not knowing what the Russian response will be. However whatever it will be will set back economic realities by decades.
It is why real world capital is leaving and coming into the US holding up the stock market and gold prices.
Next year Brazil will likely collapse currency wise. The signs are already there. Capital is starting to leave.
Looks like the next few years will change everything we thought about Europe.
END
FRANCE:
The left continues to whack right wing politicians
French Ex-President Sarkozy Given 5-Years In Prison For Libya Campaign Financing Scandal
Thursday, Sep 25, 2025 – 08:45 AM
Former French President Nicolas Sarkozy has been sentenced to five years in prison and a €100,000 fine after being found guilty of criminal conspiracy in a high-profile case involving alleged illicit funding from the late Libyan leader Muammar Gaddafi, who was slain by NATO-backed rebels after US-UK-French military intervention in 2011.
The 70-year-old, who served as president from 2007 to 2012 and was a hugely influential figure in right-wing politics has maintained his innocence. “What happened today is extremely serious for the rule of law and for public trust in the justice system,” he said in a statement. “If they absolutely want me to sleep in jail, I will sleep in jail – but with my head held high.”
He was accused during his time as president of accepting millions of euros from Gaddafi to finance his 2007 election campaign. The quid pro quo allegedly involved a commitment help rehabilitate Gaddafi’s image with the West.
Gaddafi had over many decades been in and out of the West’s favor, and in the mid-2000s had been ‘brought in from the cold’ by the Bush administration, in exchange for giving up his aspiring nuclear and WMD program. Yet he still later saw a Washington-led regime change war against him once the so-called Arab Spring kicked off.
Sarkozy was acquitted of other charges, including passive corruption and illegal campaign financing, with Judge Nathalie Gavarino stating that Sarkozy had allowed close aides to reach out to Libyan officials to secure financial support for his campaign. But there wasn’t enough evidence to show Sarkozy actually directly benefited from any such illicit campaign funds.
The former French leader insists he will appeal the whole thing and that his innocence will be established, in what he says is a politically motivated case.
The allegations and case are at the very least mired in intrigue, political scandal, score settling, and curiously came to light only after Gaddafi was overthrown and killed. The accusations emerged after Gaddafi’s son Saif al-Islam publicly accused Sarkozy of accepting campaign funds from Libya.
In 2014, Franco-Lebanese businessman Ziad Takieddine, long a well-known go-between for France and the Middle East, purported to possess written proof that Sarkozy received €50 million from Tripoli, with the payments allegedly persisting even after Sarkozy took office.
Former French President Nicolas Sarkozy vows appeal after being sentenced to five years for accepting illegal campaign financing from Muammar Gaddafi's regime for his 2007 campaign. #Libya#ليبياpic.twitter.com/Z3CDhLw4dY
This is another historic ‘first’ for France’s presidents and the legal system, after in 2024 he had already received a one-year sentence (but six months were suspended) for exceeding the legal spending limit during his 2012 re-election campaign
Also in 2021 he was found guilty of attempting to bribe a judge in exchange for confidential information regarding an ongoing investigation, after which he was issued a custodial sentence.
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
TBN ISRAEL/LAST 24 HRS:
ISRAEL VS HAMAS
Departing for NYC, Netanyahu says he’ll use UN speech to denounce leaders who recognized Palestine
PM says he’ll discuss ‘great opportunities,’ Gaza war in upcoming fourth meeting with Trump * Syria’s Sharaa meets Trump on sidelines of UN summit
Before boarding his plane to New York, Prime Minister Benjamin tells reporters that he plans to denounce world leaders who recognized a Palestinian state this week during his speech before the UN General Assembly on Friday.
“At the UN General Assembly, I will speak our truth — the truth about the citizens of Israel, the truth about our IDF soldiers and the truth about our country,” Netanyahu says on the Ben Gurion Airport tarmac.
“I will denounce those leaders who, instead of denouncing the murderers, rapists, and child burners, want to give them a state in the heart of the Land of Israel. This will not happen,” the premier asserts.
“In Washington, I will meet for the fourth time with [US] President [Donald] Trump and discuss with him the great opportunities that our victories have brought, and also our need to complete the goals of the war: returning all of our hostages, defeating Hamas and expanding the circle of peace that has opened up following the historic victory in ‘Operation Rising Lion’ (against Iran) and other victories that we have achieved,” Netanyahu continues.
He will meet with Trump in the White House on Monday.
ISRAEL VS HAMAS
US envoy Witkoff ‘confident’ of Gaza breakthrough in coming days as peace plan floated
Witkoff says Trump’s 21-point plan for peace, shared with Arab and Islamic leaders on sidelines of UN General Assembly, addresses Israel’s and the region’s concerns
(L-R) US Special Envoy to the Middle East Steve Witkoff, White House Chief of Staff Susie Wiles, US Secretary of State Marco Rubio and US Ambassador to the United Nations Michael Waltz attend a meeting between US President Donald Trump and United Nations Secretary-General António Guterres during the 80th session of the UN General Assembly at the United Nations headquarters on September 23, 2025 in New York City. (Chip Somodevilla/Getty Images North America/Getty Images via AFP)
US envoy Steve Witkoff said Wednesday he expected a breakthrough related to Gaza in the coming days, saying US President Donald Trump had presented a plan to regional countries.
Witkoff, a real estate friend of Trump who has become his roving ambassador and the US Special Envoy to the Middle East, said the US president shared ideas when meeting with a group of Arab and Islamic countries on Tuesday on the sidelines of the UN General Assembly.
“We presented what we call the Trump 21-point plan for peace in the Mideast and Gaza,” Witkoff said.
“I think it addresses Israeli concerns as well as the concerns of all the neighbors in the region,” he told the Concordia summit on the sidelines of the UN General Assembly.
“We’re hopeful, and I might say even confident, that in the coming days we’ll be able to announce some sort of breakthrough.”
A joint statement from the governments represented in Tuesday’s meeting said the leaders had “reiterated their commitment to cooperate with President Trump, and stressed the importance of his leadership to end the war.”
The meeting included representatives from Saudi Arabia, the United Arab Emirates, Qatar, Egypt, Jordan, Turkey, Indonesia, and Pakistan.
Seated at main table, L/R, UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan, Indonesia’s President Prabowo Subianto, Qatar’s Emir Sheikh Tamim bin Hamad al-Thani, Turkey’s President Recep Tayyip Erdogan, US President Donald Trump, Jordan’s King Abdullah II, Pakistan’s Prime Minister Shehbaz Sharif, and Egypt’s Prime Minister Mostafa Madbouly attend 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. (Photo by Brendan SMIALOWSKI / AFP)
French President Emmanuel Macron, who also met with Trump on Tuesday, said he expected the plan, which Witkoff did not detail, to include elements he presented to the US president.
Macron has promoted a plan that would include the dismantling of Hamas and an international force to stabilize war-ravaged Gaza.
“The United States is now going to absorb that, so to speak,” Macron said in an interview jointly with France 24 and Radio France Internationale.
“I think that if we can align everyone — the United States, the Arabs, the Europeans — around this peace plan, we can have a result,” Macron said.
Macron also on Monday led a summit that recognized a Palestinian state, an initiative strongly opposed by Trump and Israel.
But Macron said that Trump shared opposition to Israeli annexation of the West Bank, a threat made by right-wing Israeli ministers to scuttle the prospects for a Palestinian state.
“What President Trump told me yesterday was that the Europeans and Americans have the same position,” Macron said.
Witkoff and Trump have repeatedly voiced hope for ending the devastating, nearly two-year war, which began when Hamas launched its shock cross-border assault on Israel on October 7, 2023, killing some 1,200 people and seizing 251 hostages. Of those hostages, 47 still remain captive, and Hamas is also holding the body of an Israeli soldier killed in Gaza in 2014.
US President Donald Trump holds a bilateral meeting with France’s President Emmanuel Macron on the sidelines of the United Nations General Assembly, in New York City, on September 23, 2025. (Brendan SMIALOWSKI / AFP)
Secretary of State Marco Rubio was more somber on a trip last week to Israel, which has launched a massive new offensive to seize Gaza City.
While the details of Trump’s plan have not been made public, Israel’s Channel 12 reported on Wednesday evening that senior Israeli officials do not believe the president will “force a proposal on Israel it doesn’t believe in.”
Unnamed senior officials told Channel 12 that Jerusalem sees Trump’s 21-point plan as a framework for creating a “day after” in Gaza, in cooperation with moderate Arab states.
According to the outlet, the Trump administration hopes that the framework will mobilize the Arab states — which the report does not identify by name — into pouring money into the war-torn Strip and rebuilding its civilian infrastructure.
Trump is due to meet with Netanyahu in Washington on Monday.
Ahead of his departure for the UN General Assembly in New York, where he is due to speak on Friday, Netanyahu was said to have told his ministers that he and Trump will discuss possible responses to the wave of announcements from Western countries recognizing a Palestinian state.
He reportedly insisted to the ministers that any move Israel may want to make — such as annexing a portion of the West Bank — would need Trump’s approval.
Earlier this week, a senior Israeli official told The Times of Israel that the Trump administration had privately cautioned Israel against annexing the West Bank in response to Western recognition of a Palestinian state.
Publicly, however, Washington has avoided taking a public stance regarding potential Israeli annexation of the West Bank and has argued that Western countries are to blame for Jerusalem considering the step due to their decisions to recognize a Palestinian state.
END
ISRAEL HAMAS/ARAB STATES
Trump says US close to ‘some kind of deal’ in Gaza after ‘great’ meeting with regional leaders
Israeli strikes hit Houthi targets in Sanaa * Slovenia imposes travel ban on Netanyahu * In virtual UN speech, Abbas denounces Israeli ‘genocide,’ rejects ‘what Hamas did on Oct. 7’
US President Donald Trump, from left, gestures as Vice President JD Vance, Secretary of State Marco Rubio and Defense Secretary Pete Hegseth listen during a meeting with Turkish President Recep Tayyip Erdogan in the Oval Office of the White House, Sept. 25, 2025, in Washington. (AP Photo/Evan Vucci)
Palestinian Authority President Mahmoud Abbas speaks via video during the General Debate of the United Nations General Assembly at UN headquarters in New York City on September 25, 2025. (Photo by TIMOTHY A. CLARY / AFP)
Children play as displaced Palestinians set up temporary camp in the middle of a cemetery in Khan Younis in the southern Gaza Strip, on September 25, 2025. (Omar Al-Qattaa/AFP)
Staff Sgt. Chalachew Shimon Demalash, 21, of the Nahal Brigade’s 932nd Battalion (Israel Defense Forces)
The remains of a car that exploded and severely injured a man in Ibtin, an Arab town in the Western Galilee on September 25, 2025. (Magen David Adom)
Mourners attend the funeral of Staff Sgt. Chalachew Shimon Demalash, who was killed in a battle in the Gaza Strip, during his funeral at the military cemetery in Beersheba, Israel, September 25, 2025. (AP Photo/Ohad Zwigenberg)
Israeli anti-government activists protest against Prime Minister Benjamin Netanyahu in New York City, September 25, 2025. (Courtesy)
Prime Minister Benjamin Netanyahu is seen aboard his Wing of Zion plane en route to New York, on September 25, 2025. (Avi Ohayon/GPO)
US President Donald Trump says “we’re close to getting some kind of deal done” in Gaza after his “great” multilateral meeting on Wednesday on the UN General Assembly sidelines with the leaders of eight Arab and Muslim countries on the issue.
Trump tells reporters in the Oval Office during the public portion of his sit-down with visiting Turkish President Recep Tayyip Erdogan that “a lot was determined in that [Wednesday] meeting” during which Trump presented a 21-point plan for ending the war in Gaza and establishing a non-Hamas body to govern the Strip.
“I have to meet with Israel. They know what I want. I think we can get that one done. I hope we can get that done. A lot of people are dying,” Trump says.
“We want to get the hostages back,” Trump continues. “We want them all back at one time.”
Trump says steps regarding Gaza could be taken “today,” without elaborating.
ISRAEL HAMAS
IDF encircles Gaza City as part of Operation Gideon’s Chariots II
This comes after the IDF estimated that more than 600,000 residents had already left Gaza City.
IDF soldiers operate in the Gaza Strip on September 20, 2025.(photo credit: IDF SPOKESPERSON’S UNIT)ByAVI ASHKENAZISEPTEMBER 23, 2025 16:36Updated: SEPTEMBER 23, 2025 20:06
The IDF completed the encirclement of Gaza City on Tuesday, military sources said.
Three IDF divisions completed their takeover of key areas inside and around the city — Sheikh Radwan, the coastline, Sabra, and Tel al-Hawa.
“Hamas is currently in a state of confusion,” a military source told Maariv. “It doesn’t know where the IDF is striking from and has no clear sense of the scale of forces we’re using against them.”
For now, clashes remain limited, with Hamas avoiding major confrontations except for a few incidents. In one of them, yesterday, Maj. Shahar Netanel Buzaglo, a company commander in the 77th Armored Battalion, was killed in battle.
Palestinians flee with their belongings from the northern Gaza Strip and Gaza City to safer areas, on September 22, 2025. (credit: Khalil Kahlout/Flash90)
The military source also said that there had been “limited movement of terrorists and the number of clashes is not large. They probably prefer to dig in and preserve their strength.”
IDF reinforces all fronts
IDF combat forces have been reinforced on land, at sea, in the air, and across all units throughout the country, with dozens of IDF battalions being placed on high alert for the duration of the High Holidays.
IDF Central Command Chief Maj.-Gen. Avi Bluth has ordered extra troops to secure shopping centers, roads, junctions, bus stops, hitchhiking posts, and communities.
“The many challenges before us, the fighting in Gaza City, defense in the North, and the constant battle against terrorism in Judea and Samaria, have recently converged with political statements, the holidays, and the olive harvest, foreign incitement, and lone-wolf inspiration. All these are not reasons for optimism, but I am full of hope,” Bluth said at a ceremony marking 35 years of the West Bank Yamam unit.
On the other hand, Hamas commanders seem to be in distress due to the heavy pressure, with sources inside Gaza City saying the terror organization is pushing for civilians to stay using violence.
“We saw at the end of the week that Hamas attacked a UN convoy, which indicates their distress. We know more about the situation Hamas finds itself in in Gaza City,” said a military source.
ISRAEL HOUTHIS
Houthi Drone Slams Into Hotel In Southern Israel, Wounding Over 20
Wednesday, Sep 24, 2025 – 04:40 PM
Israeli media is reporting that over 20 people were wounded, including two in serious condition, after a drone launched by Houthis out of Yemen struck the southern Israeli city of Eilat during the day Wednesday.
Some reports initially said the drone slammed into a hotel, but video shows it crashing down onto an external courtyard or public square which formed an entrance to the hotel. Public broadcaster KAN says several rooms in a nearby hostel were damaged in the attack. Watch:
⚡️⭕️ New scenes .. The moment the Yemeni drone impact on a hotel in occupied Eilat pic.twitter.com/ii9FAZPIri
Most of the casualties were injured by being struck by shrapnel, with the more serious cases being airlifted to Soroka Medical Center in Beersheba.
Very clear video footage from multiple angles shows the large drone flying over the beach and then the city, evading efforts to intercept.
The Israeli Air Force said that while sirens sounded, its anti-air defenses failed in this instance:
The military acknowledged that attempts to intercept the drone had failed, with two Iron Dome interceptor missiles fired at the unmanned aircraft, while noting that sirens had sounded a warning of an attack “according to protocol.”
It’s being speculated that the Iron Dome system’s failure was due to the very low altitude of the drone, as can also be seen on video as it silently drifts over the southernmost city.
Have the #Houthis found a hole in Israeli air defence? ⚠️
Within the past hour, a #Houthi drone breached Israeli air defence and impacted Club (Kalab) Hotel in #Eilat injuring at least 8, despite Red Alerts which indicate the IDF was aware of the approaching #UAV.
“The Houthi terrorists refuse to learn from Iran, Lebanon, and Gaza, and will learn the hard way,” Defense Minister Israel Katz warned on X after the attack. “Whoever harms Israel will be harmed sevenfold.”
This strongly suggests Israel’s military could be gearing up for overnight strikes on Yemen, or else operations in the coming days. The last months have seen largescale IDF airstrikes on Yemen, but this hasn’t deterred the Houthis.
Below: Chaos as bystanders rush to help wounded in the immediate strike aftermath…
Chaos as people tend to victims in wake of YEMENI DRONE attack in Eilat, Israel
The Houthis have of late especially targeted airports in southern and central Israel, including Tel Aviv. By Wednesday evening, the Houthis took responsibility for the fresh attack on Eilat in a statement.
This event could constitute the most numbers of casualties in a single strike inflicted on Israel by the Iran-aligned Houthis to date related to the Gaza war, and Netanyahu is thus likely to order bigger military action.
END
SOUTH YEMEN ISRAEL
South Yemen would join Abraham Accords, says separatist leader Aidaros al-Zubaidi
President of the Southern Transitional Council Aidaros al-Zubaidi told UAE state media that he supports a two state solution between both Israel and Palestine, and in Yemen.
President of the anti-Houthi Southern Transitional Council Aidaros al-Zubaidi speaking at the United Nations General Assembly in New York City, September 24, 2025.(photo credit: SCREENSHOT/X/@STCSouthArabia)ByJERUSALEM POST STAFFSEPTEMBER 25, 2025 11:17
An independent South Yemen would join the Abraham Accords and establish relations with Israel, senior anti-Houthi Yemeni official Aidaros al-Zubaidi said in an interview with UAE state media outlet The National.
Zubaidi, who is president of the Southern Transitional Council, a South Yemen separatist movement, and deputy chairman of the anti-Houthi government, the Presidential Leadership Council, spoke to the outlet on the sidelines of the United Nations General Assembly in New York City on Wednesday.
He told them that before the Israel-Hamas War started, the STC was “advancing towards joining the Abraham Accords.”
“When we have our southern state, we will make our own decisions, and I believe we will be part of these accords,” he added.
However, he also told the outlet that the Abraham Accords “will be essential for stability” if “Gaza and Palestine regain their rights.”
President of the anti-Houthi Southern Transitional Council Aidaros al-Zubaidi pictured in 2020. (credit: Aboodalyazedi/WIKIMEDIA COMMONS)
Zubaidi supports two-state solution for Israel, Palestine, and Yemen.
Zubaidi also affirmed his support for a two-state solution, both in Yemen and in seeing “a Palestinian state alongside Israel.”
“Self-determination is a right. All people have the right to determine their future,” he said.
South Yemen was independent from 1967 until unification in 1990 under the socialist People’s Democratic Republic of Yemen. Zubaidi claimed that this historical independence makes the idea that Yemen could split in two, as neither unusual nor impossible, The National noted.
END
RUSSIA VS UKRAINE/EUROPEGLOBE
INSANITY!!
Gold, Oil Jump After Europe “Privately” Warned Russia It’s Ready To Shoot Down Its Jets
Thursday, Sep 25, 2025 – 01:47 PM
Oil and gold spiked, and cryptos (which lately sell off on literally any news) tumbled to session lows on a BBG report that European diplomats have “privately” warned Russia this week that NATO is ready to respond to further violations of its airspace with full force, including shooting down Russian planes, according to sources familiar with the exchange.
According to the report, during a tense meeting in Moscow, British, French and German envoys addressed their concerns about an incursion by three MiG-31 fighter jets over Estonia last week. Following the conversation, they concluded that the violation had been a deliberate tactic ordered by Russian commanders.
Naturally, any responses from NATO countries to Russian incursions into their airspace would mark a huge escalation in tensions in the region, boosting gold and oil’s geopolitical risk premium further, and sure enough prices of the commodities have spiked.
As we noted earlier, a Russian ambassador warned that if a Russian plane is shot down, it would be the start of war so tensions are clearly running high.
According to Bloomberg, the account of the meeting in Moscow shows that Putin has been given a more forceful warning about the volley of jets and drones into the skies over eastern Europe and offers an insight into the brinkmanship between the two sides.
During the talks, a Russian diplomat told the Europeans that the incursions were a response to Ukrainian attacks on Crimea, the officials said. The Kremlin said those operations would not have been possible without NATO support and, as a result, Russia considers that it is already engaged in a confrontation including European nations.
The Russian side took extensive notes during the conversation, the officials said, leading the European team to speculate that they had been instructed to provide a detailed readout of the NATO position up the chain of command.
A German government official confirmed that a meeting took place and that the ambassadors told Moscow that the incursions had to stop. Chancellor Friedrich Merz said Thursday that he’s coordinating with Paris, London and Warsaw and supports “all measures necessary.”
Russian officials have denied their planes crossed into Estonian airspace and insisted that they are not trying to test NATO. They said that a separate incident when drones crossed into Poland was the result of an error. Kremlin spokesman Dmitry Peskov this week said Russian military flights are guided by international rules.
In a stark reversal from his previous position, Trump this week urged Ukraine to win back all the territory captured by Russia “with the support of the European Union” and defined the US role as selling weapons that allies could ship to the battlefield.
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
EUROPE
Europe’s Top Causes Of Death, Ranked; Cancer Is #2
by Tyler Durden
Thursday, Sep 25, 2025 – 04:15 AM
More than 5 million people died in the EU in 2022.
The infographic, via Visual Capitalist’s Pallavi Rao, breaks down top causes of death that year, revealing the persistent dominance of heart-related illnesses and the continued threat from cancer.
While the data is somewhat dated, it was only released in March, 2025, and points to ongoing trends in mortality patterns.
Cardiovascular Diseases Still Top the List
Diseases of the circulatory system (think heart diseases and strokes) accounted for nearly 1.7 million deaths in 2022.
This was more than the combined total of the next two categories.
Note: Per the World Health Organization (WHO), a main cause of death is “the disease or injury which initiated the train of morbid events leading directly to death, or the circumstances of the accident or violence which produced the fatal injury.” Data derived from the medical certificate of death, which is obligatory in the Member States. The information recorded in the death certificate is according to the rules specified by the WHO.
Cardiovascular mortality correlates strongly with age: people over 65 represent about 9 in 10 of these deaths.
For reference, 85% of all deaths in this year (4.4 million) occurred among people aged over the age of 65.
ℹ️ Related: Europe has some of the highest life expectancies in the world.
Central and Eastern European countries, where smoking and hypertension rates remain high, record the highest death rates per 100,000 residents.
Cancer’s Persistent—and Growing—Burden
Cancer caused 1.15 million EU deaths in 2022, or just under one-quarter of the total.
Lung cancer leads the pack for men, while breast cancer is the deadliest for women.
When looking at totals however, lung and colorectal cancers accounted for one-third of all cancer deaths in the EU.
Unlike circulatory diseases, cancer mortality trends vary sharply by tumor type.
For example, deaths from stomach cancer have fallen around the world, yet pancreatic cancer deaths continue to rise.
COVID-19 and Other Rising Threats
Respiratory diseases took 363,000 lives, but that figure excludes the 312,000 officially attributed to COVID-19 in 2022.
Globally, the pandemic catapulted infectious disease back into the top five causes of death for the first time in decades.
Meanwhile, deaths linked to nervous-system disorders such as Alzheimer’s (212,000) now rival those from digestive diseases (like liver cirrhosis).
As Europe’s population continues to age, dementia-related deaths are projected to surge—posing new challenges for healthcare systems.
Onstage “health emergency” halts Broadway’s “Cabaret”; Mötley Crüe missed 2 months of shows after Vince Neil had a stroke; Jerry Lawler cancels appearance; Pio Treviño has heart attack mid-show; more
Steve Martin and Martin Short show in Richmond canceled
September 19, 2025
RICHMOND, Va. — Steve Martin [80] and Martin Short’s upcoming show at Allianz Amphitheater in Richmond has been canceled, according to an announcement on the venue’s social media. According to the post, Steve Martin has come down with COVID and the Saturday, Sept. 20 show — as well as a show in Virginia Beach planned for Friday — will be canceled out of abundance of caution.
News from Underground by Mark Crispin Miller is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Dolly Parton, 79, Cancels Dollywood Appearance After Health Scare
September 18, 2025
Dolly Parton is taking a brief step back from public appearances after experiencing a bit of a health setback.
The legendary singer, 79, was slated to appear at her beloved Dollywood theme park in Pigeon Forge, Tennessee, on Wednesday, September 17, to unveil a new attraction. Instead, she addressed fans in a heartfelt video message, explaining that she is currently recovering from a kidney stone.
Sofia Vergara forced to miss hosting the Emmys after gruesome medical incident on way to event
September 15, 2025
Sofia Vergara [53] was forced to miss hosting the Emmys 2025 after she suffered from a medical incident on her way to the event. The America’s Got Talent judge and Modern Family star was set to be one of the main hosts for the prestigious awards show, but had to quit last minute. She shared a post explaining what had happened to her, revealing: “Didn’t make it to the Emmys but made it to the ER!” Sofia Vergara shared pictures of her lying on a hospital bed as well as one of her very swollen eye, and apologised for having to “cancel” her Emmys 2025 appearance. She added: “Sorry I had to cancel! Craziest eye allergy right before getting in the car!”
Researcher’s Note – Sofia Vergara, Ciara, Bethenny Frankel and Joe Jonas get their COVID-19 vaccination [sic]: Link
Pio Treviño Recovering After Heart Attack During Performance
September 17, 2025
Tejano music legend cancel, best known as the “Magic Man,” is recovering after suffering a heart attack during a private event performance on September 13. Treviño revealed the news to fans on Wednesday (Sept. 17) through social media video recorded from his hospital bed. “Hello to all my family, friends, and fans. I am here at the hospital. I had a heart attack on Saturday night while I was performing and I feel much better,” Treviño shared. “They went ahead and put a couple of stents in my heart and hopefully everything will be okay. I can’t wait to get back on stage. God bless you and keep up your prayers and hope to see you very soon. Love you.”
Sold-Out Concert Postponed After Singer Comes Down With Appendicitis
September 20, 2025
Nashville, TN – One singer had to cancel a sold-out concert due to something out of his control. Roots rock and roll musician Andrew Leahey [42] took to his Instagram to reveal that he wound up getting appendicitis and had to postpone an upcoming concert. “Went to Mexico City and came back with acute appendicitis!” he wrote alongside a photo of himself in the hospital. “Our sold-out show at Blue Bird Café needs to be postponed to 12/14, so I can recover from yesterday’s surgery! Love you guys! Also, should I keep this outfit?? It’s all about the socks.”
Researcher’s Note – This disease is no joke. I had a mild case but still feel thoroughly wiped out. Be safe out there. Breakthrough cases are everywhere. You know what to do to protect yourself — and it’s just as important to make sure you’re protecting those around you, right? #covid19 #quarantine
More: Appendicitis as a possible safety signal for the COVID-19 vaccines [sic] Appendicitis has been suggested as an adverse event of special interest post-vaccination [sic] against COVID-19 after a numerical increase in the vaccine [sic] arm of a clinical trial: Link
An Israeli team have done a good study on vaccine [sic] side effects. They found 40% increased risk of Appendicitis 42 days post vax [sic]: Link
Lainey Wilson’s Woodlands concert rescheduled to November
September 20, 2025
THE WOODLANDS, Texas – Country star Lainey Wilson [33] announced on social media that she has to postpone her Saturday concert in The Woodlands. The “Somewhere Over Laredo” singer was scheduled to perform at the Cynthia Woods Mitchell Pavillion on Saturday night. However, Wilson announced that she had to postpone the show to November 1st. The singer shared on her Instagram story that she was unable to perform since she lost her voice. “I was hoping that I would have a voice by showtime, and the truth is its only gotten worse, and I want to give y’all the best show that I possibly can,” Wilson said. “Please know that I am deeply sorry for any inconvenience that this has caused to you and your family.”
Researcher’s Note – COVID Collaborative TV Spot, ‘A Lot of Reasons: Granny’ Featuring Lainey Wilson Lainey Wilson says she got the COVID-19 vaccine [sic] because she wants to see her granny in-person again: Link
Broadway’s Cabaret Stops Mid-Performance After Actor Is Rushed to Hospital for Health Emergency
September 12, 2025
An actor in the Broadway cast of Cabaret at the Kit Kat Club is recovering after experiencing a medical emergencyon stage Friday night. Price Waldman, an understudy who was on for the role of Herr Schultz in director Rebecca Frecknall’s revival of classic John Kander and Fred Ebb musical, froze during Act 1 on Sept. 12, forcing the production to stop cold. PEOPLE witnessed the moment from the audience. It occurred more than 20 minutes into the performance, in the scene leading up to the number “Don’t Tell Mama.” The house lights were brought up as a stage manager escorted Waldman off stage. Waldman was taken via ambulance to a local hospital where a source tells PEOPLE he was treated and is “doing okay.” Theatergoers were informed via an announcement that he was “conscious” and “responsive” when he got into the ambulance. An official diagnosis was not shared. PEOPLE reached out to Waldman and reps for the show for comment. This is the second time this month that Cabaret at the Kit Kat Club made headlines for something related to an actor’s health [reported here earlier this month]. On Sept. 7, it was revealed that Billy Porter was withdrawing from the production after he was diagnosed with “a serious case” of sepsis, a life-threatening condition where the body responds improperly to an infection.
Mötley Crüe’s Vince Neil Reveals He Suffered a Stroke Last Christmas: “I Had to Learn to Walk Again”
September 12, 2025
Earlier in the year, glam metal outfit Mötley Crüe postponed their Las Vegas, NV, residency that was intended to take place in March and April of the spring. At the time, the group’s vocalist Vince Neil communicated that he was having health issues, with the band’s camp indicating he required an “unspecified medical procedure.” While Neil returned to the stage last month, the 64-year-old musician has now publicly revealed the severity of the medical incident that sidelined him. Speaking to the Las Vegas Review-Journal, Neil confirmed he had a strokeafter going to sleep on Christmas day, December 25th, 2024. Neil relayed that he felt fine on Christmas day, but after going to sleep that night, he woke up and his “whole left side went out”. Neil went on to say of his condition, “I had to learn to walk again, and that was tough. The doctors said they didn’t think I’d be able to go back on stage again. I go, ‘No, no, I’m gonna do it. Watch and see.’”
Researcher’s Note – Motley Crue’s Vince Neil Diagnosed with COVID-19, Backs Out of Festival Performance: ‘This Thing Is Really Kickin’ My Ass’: Link
WWE legend Jerry Lawler forced to pull out of public appearance after medical emergency
September 12, 2025
WWE legend Jerry “The King” Lawler has been forced to cancel a public appearance after suffering a stroke, his third in seven years. Lawler, 75, was slated to appear at HorrorHound Weekend in Cincinnati last Friday. According to TMZ Sports, Lawler experienced the latest stroke at one of his homes in Florida. His ex-fiancée and caregiver reported that his daughter, Heather, 56, is now caring for him and moving him back to his primary residence. It comes as the location for John Cena’s retirement match has emerged as he continues his farewell tour. He is expected to rest and recover over the next few weeks before resuming anything like a normal schedule. Lawler has a long history of serious health scares. In 2023 he suffered a “massive” stroke, and in 2018 he also endured one. In 2012 he had a heart attack while working backstage during WWE’s Monday Night Raw.
Fresno Old Dominion Concert Canceled as Drummer Receives Medical Treatment
September 16, 2025
The Old Dominion concert scheduled for Saturday at the Save Mart Center has been canceled as the band’s drummer, Whit Sellers, undergoes treatment for a back injury, the Save Mart Center announced Tuesday.
The band said it made the “difficult but necessary” decision to prioritize Sellers’ health and recovery before returning to the stage, the event center said.
In addition to the Saturday show, the Ontario and Bakersfield concerts have been postponed.
Carrie Ann Inaba Skipping ‘Dancing With the Stars’ Season 34 Premiere Amid Illness
September 16, 2025
The Dancing With the Stars ballroom will be down one judge for the season 34 premiere, after Carrie Ann Inaba announced she won’t be in attendance. “I wanted to share that I will not be at the show tonight as I am feeling quite under the weather,” Inaba, 57, wrote via Instagram on Tuesday, September 16, just hours before the season’s long-awaited debut. “I’m resting up and can’t wait to be back next week in good health.” Inaba was noticeably absent during the September 3 reveal, as fellow judges Bruno Tonioli and Derek Hough and DWTS hosts Alfonso Ribeiro and Julianne Hough appeared on the morning show to unveil this year’s celebrity lineup. Despite missing the talk show, Inaba showed her excitement over the season 34 cast via her Instagram Story at the time. “Here we goooooo!!!!” Inaba wrote, alongside an article about the celebrities and their pro dance partners.
Women’s soccer match is abandoned after USA player collapses on field in terrifying medical emergency
September 15, 2025
A match between Racing Louisville FC and Seattle Reign FC was abandoned after Louisville midfielder Savannah DeMelo collapsedon the pitch just before halftime. DeMelo was helped on the pitch by medical staff and was then transported to a local hospital in Seattle after the terrifying scenes. Racing Louisville confirmed that she was stable and alert and was undergoing further evaluation. This is the secondmedical incident that DeMelo has experienced this season. Back on March 22, during a match against Bay FC in San Francisco, she went down on the pitch after feeling dizzy and experiencing shortness of breath. DeMelo was taken off by a stretcher. The 27-year-old DeMelo revealed to ESPN that she had been diagnosed with Graves’ disease and hyperthyroidism last fall. Both those conditions affect the thyroid glands. Symptoms include increased heartbeat, heat intolerance, excessive sweating, fatigue, bulging eyes, and tremors among other side effects. DeMelo, a native of California, has spent her entire club career with Louisville – scoring 20 goals across all competitions since turning pro in 2022.
Researcher’s Note – UC to mandate COVID-19 vaccines [sic] for all students, faculty, staff for fall term: Link
why? it was him & he will be found guilty of the crime but in USA we have innocence until proven otherwise & skilled lawyer can now claim if POTUS et al. saying its done, then he can’t get fair trial
Case can be tossed out…no fair trial. We each are guaranteed this. So be careful, let this play out and we all stfu now. Me included. This feral beast has his rights to a fair trial. Based on a jury of his peers. We are a good governance society, well, what is left of it after near 100 years of corruption and theft by Republicans and Democrats in the US congress house and Senate.
‘Trump says the man who fatally stabbed Ukrainian refugee Iryna Zarutska on a Charlotte, N.C., train should get the death penalty. His family says the system failed him.
Here’s everything you need to know about the case — and the reaction to it.’
‘WARSAW (Reuters) – Poland shot down drones that entered its airspace on Wednesday, the first time a member of NATO is known to have fired shots during Russia’s war in Ukraine.
Alexander News Network (ANN): Trump’s War 2.0 for America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Poland said 19 objects had entered its airspace during a large Russian air attack on Ukraine, and that it had shot down those that posed a threat. Prime Minister Donald Tusk said he had activated article four of NATO’s treaty, under which alliance members can demand consultations with their allies.’
‘Poland says it shot down Russian drones that violated its airspace during attack on Ukraine
The Kremlin said it did not plan to attack any targets in Poland as leaders across the West condemned Wednesday’s incident as the latest sign of escalation.’
Russia’s ‘unprecedented violation’ of Poland’s air space branded an ‘act of war’ as Poland plans response and Zelensky issues dire warning
Chevron Corp. (NYSE:CVX) has signed a deal with Israel Natural Gas Lines, Israel’s state-owned pipeline operator, to begin construction of the Nitzana natural gas pipeline that will transport natural gas from the giant Leviathan Gas Field to Egypt.
Scheduled to be completed in three years, the $610 million pipeline is expected to ease Egypt’s ongoing energy crisis, which currently spends billions of dollars every year importing liquefied natural gas (LNG) to meet surging domestic energy demand.
The Nitzana pipeline will transport ~600 million cubic feet of natural gas per day, bringing Israel’s total export capacity to Egypt to more than 2.2 billion cubic feet per day. Israel’s NewMed is Leviathan’s main operator with a 45.3% working interest; Chevron has a 39.7% working interest, while Ratio Energies has 15%. Founded in 1992, Ratio Energy is one of Israel’s leading energy partnerships, with a mission to develop and produce natural gas and oil.
Egypt’s natural gas production has declined rapidly over the years due to the natural depletion of mature fields, including the Zohr gas field. Coupled with a lack of significant new discoveries since 2015, surging domestic demand for electricity, and past financial issues such as hard currency shortages and payment arrears to foreign companies, Egypt now finds itself in a tenuous position, becoming a net gas importer since 2022, and relying on imported Liquefied Natural Gas (LNG) as well as pipeline gas from Israel. Last year, Egypt imported a record 981 million cubic feet per day of natural gas from Israel, good for 18.2% year-over-year increase. Egypt imports up to 20% of its gas from Israel. Last month, Egyptian Prime Minister Mostafa Madbouly announced that the $35-billion gas supply agreement signed with Israel’s NewMed Energy was extended until 2040. But the fate of these gas flows now hangs in the balance, with tensions in the Middle East escalating after the Israeli military ordered residents of Gaza City to evacuate.
Last month, Netanyahu declared that he is “deeply committed to the vision of Greater Israel,’’ encompassing parts of Arab countries stretching from the Euphrates to the Nile.
According to Israel Hayom, Netanyahu has instructed officials “not to move forward with the massive gas deal with Egypt without his personal approval.”
On its part, Chevron is now moving on three major geopolitical fronts at once:
finalizing terms for the Nitzana pipeline to ship Israeli gas into Egypt,
bidding for offshore blocks near Crete that Libya claims as its own,
and preparing a long-delayed final investment decision (FID) on the Leviathan expansion.
Together, the moves put the U.S. major at the center of the East Mediterranean’s most combustible mix of energy ambition and maritime dispute. Chevron has partnered with Greece’s HelleniQ Energy to bid for exploration rights in offshore blocks south of Crete and the Peloponnese. Athens views this development as a major step towards asserting its sovereignty over the contested waters. Waters south of Crete and the Peloponnese are contested due to a 2019 Turkey-Libya maritime agreement that ignores Greece’s Exclusive Economic Zone (EEZ) claims and is a response to potential hydrocarbon reserves in the area. Greece claims these areas based on international law, while Turkey disputes that islands like Crete can generate EEZs and views the situation as a geopolitical power struggle. Libya also claims significant portions of the area, aligning with Turkey’s position.
Meanwhile, Chevron has long delayed a final investment decision (FID) on the Leviathan expansion due to security concerns and a need for greater market demand, particularly after the October 2023 conflict. However, Chevron and its partners, NewMed Energy and Ratio Energies, now expect to take the FID on the Leviathan Phase 1B expansion, which includes drilling, subsea systems, and a potential floating liquefied natural gas (FLNG) facility, in the fourth quarter of 2025. This expansion is projected to significantly increase the field’s annual production capacity and is supported by a recent historic gas export deal, a revised development plan approved by Israel in August 2025, and ongoing contract negotiations with potential customers.
Discovered in 2010, the Leviathan is located approximately 130 km off the shores of Haifa. The 330-square kilometer field holds ~22.9 trillion cubic feet of recoverable gas, making it the largest natural gas reservoir in the Mediterranean, and one of the largest producing assets in the region. Production is facilitated by 4 subsea wells that are connected to an offshore platform via a subsea manifold and two 120 km long pipelines, where all processing of gas takes place. The gas is then piped to shore into the Israeli national grid and distributed to clients in Israel, Egypt, and Jordan.
END
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS THURSDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1734 DOWN 0.0008 PTS OR 8 BASIS POINTS
USA/ YEN 148.77 DOWN 0.006 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 1.3445 DOWN .00404 OR 4 BASIS PTS
USA/CAN DOLLAR: 1.3900 UP 0.004 (CDN DOLLAR DOWN 4 BASIS PTS)
Last night Shanghai COMPOSITE DOWN 0.34 PTS OR 0.01%
Hang Seng CLOSED DOWN 76.76 PTS OR 0.29%
AUSTRALIA CLOSED UP 0.06%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 76.76 PTS OR 0.29%
/SHANGHAI CLOSED DOWN 0.34 PTS OR 0.01%
AUSTRALIA BOURSE CLOSED UP 0.06 %
(Nikkei (Japan) CLOSED UP 124.62 PTS OR 0.27%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 3754.80
silver:$44.42
USA dollar index early THURSDAY morning: 97.53 UP 1 BASIS POINTS FROM WEDNESDAY’s CLOSE
THURSDAY MORNING NUMBERS ENDS
And now your closing THURSDAY 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 THURSDAY
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
Momentum Massacre: Stocks Slammed, Bonds Battered, Crypto Crashes But Silver Soars And Gold Glorious
WRAP UP FOR THE DAY:
Stocks & Treasuries slide with Dollar bid as traders await pivotal PCE – Newsquawk US Market Wrap
Thursday, Sep 25, 2025 – 04:04 PM
SNAPSHOT: Equities down, Treasuries down, Crude flat, Dollar up
REAR VIEW: US data comes in hot, Q2 GDP & GDP sales revised higher, Initial Claims sink beneath forecasts, Durable goods top exp.; US Adv. Goods Trade deficit narrows more than anticipated; Fed’s Miran & Goolsbee reiterate recent remarks, Schmid maintains hawk view; Russia to extend gasoline exports ban until end-2025; Poor US 7yr note auction; SNB holds rates & Banxico cuts rates, both as expected; AMZN to pay USD 2.5bln in FTC case.
COMING UP: Data: Japanese Tokyo CPI (Sep), Chinese Industrial Profit YTD, US PCE (Aug), US University of Michigan Final (Sep). Speakers: BoJ’s Noguchi; ECB’s Cipollone, Lagarde; Fed’s Barkin; Bowman. Supply: Australia, Italy. Earnings: Carnival.
2. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
MARKET WRAP
US indices closed in the red, weighed by hot US data. The data sparked concerns over the Fed’s ability to cut rates in the current environment, whereby the Q2 data pointed towards a hotter-than-expected economy. GDP, GDP Sales, and GDP Deflator were all revised higher, with GDP seeing a chunky upward revision to 3.8% (exp. 3.3%, prev. 3.3%). The move was primarily driven by an upward revision to consumer spending. Simultaneously, Durable Goods topped expectations, and Initial & Continued Claims dropped below expectations, with Initial Claims falling ~20k below the 4-week average. The labour data will be welcomed; however, it does dampen expectations of an imminent labour market meltdown paving the way for a series of rate cuts. As such, RUT underperformed as T-Notes on the short end were sold, while the USD gained thanks to a more attractive rate differential. Many Fed speakers hit the wires again, but they largely kept to their known stances. Schmid (2025 voter), a hawk, described Fed policy as ‘slightly restrictive,’ which is the right place to be. In supply, the US sold USD 44bln of 7yr notes. The auction was met with weak demand, but similar to the 2yr and 5yr this week, the reaction across markets was limited. Equity sectors ex-Energy traded in the red, led by Health, Consumer Discretionary, and Materials, while Energy once again in a seemingly rotation play. Separately, the SNB held rates at 0.0%, while Banxico cut rates by 25bps to 7.50%; both decisions were widely expected. In crude, prices settled flat after a choppy session. Bloomberg reported that Europeans privately tell Russia that they are ready to shoot down jets. Late into the close, the EU is reportedly planning to impose tariffs of 25-50% on Chinese steel and related products.
US DATA
Q2 GDP FINAL: The GDP final figure was revised up to 3.8%, surpassing the consensus for it to be unrevised at 3.3% and the highest forecast of 3.7%. The increase largely reflected an upward revision to consumer spending that was partly offset by a downward revision to exports. Concerning services, the largest contributors were transportation services, financial services and insurance. Meanwhile, the biggest drivers for goods were motor vehicles and parts (mainly new and used light trucks). GDP Sales saw a similar theme, revised higher to 7.5% above the expected 6.8% and the highest forecast of 6.9% (prev 6.8%). The GDP Deflator was slightly revised up to 2.1% (exp. 2.0%, prev. 2.0%), Core PCE Prices printed 2.6% (exp. 2.5%, prev. 2.5%), and PCE Prices printed 2.1% (exp. 2.0%, prev. 2.0%). PCE ex food, energy, and housing was revised up 2.3% from 2.2% and PCE Services ex energy and housing was revised up to 2.4% from 2.1%, Elsewhere, consumer spending was revised up to 2.5% from 1.6% while corporate goods were revised down to 0.2% from 2.0%. On the latter, Oxford Economics writes that “This would suggest that businesses absorbed some of the tariffs, but the hit to corporate profit margins has been small, which is key”. Ahead, the agency notes that “odds are that we will be revising higher our forecast for Q3 GDP because of the incoming data on spending this quarter”.
JOBLESS CLAIMS: Initial jobless claims (w/e 20th Sept) printed 218k (exp. 235k, prev. 232k) and came in beneath the bottom end of the forecast range, which saw the 4-wk average tick lower to 237.5k from 240.25k. Note, seasonals had expected a decrease of 3,477 W/W. Behind the headline figures, California (+1,714) was the greatest increase, while Arkansas (-1,300), New York (-1,880), and Texas (-6,901) all contributed to the downside. Continued claims (w/e 13th Sept), for the week that coincides with the usual payrolls period, declined to 1.926mln from 1.928mln, beneath the forecasted 1.935mln. The headline figure will offer some assurance that labour market conditions are not deteriorating, but Pantheon Macroeconomics says claims are painting an overly flattering picture of labour market conditions.
DURABLE GOODS: Durable Goods for August rose 2.9% (exp. -0.5%, prev. -2.7%), and was mostly driven by volatile aircraft orders. Commercial aircraft orders soared 21.6%, and defense aircraft orders jumped 50.1%. Ex-transport rose a solid 0.4% (exp. 0.0%, prev. +1.0). Non-defense cap ex-air +0.6% (exp. -0.1%, prev. 0.8%) and ex-defense +1.9% (prev. -2.3%). Oxford Economics adds that the upward surprise is further evidence that business equipment investment is holding up well. Shipments edged lower, but the broader picture is that conditions are brightening. OxEco adds that the ongoing tailwind from AI-related investments has played a key role in the resilience of business equipment investment, but they expect that strength will begin to broaden in ‘26 as business tax cuts, lower interest rates, and the fading of policy uncertainty cause firms to resume investments in other areas.
ADVANCED GOODS TRADE BALANCE: The Advanced Goods trade balance for August showed a deficit of USD 85.5bln, shallower than the expected USD 95.2bln deficit and falling from the prior USD 102.8bln deficit seen in July. Exports of goods were USD 176.1bln (prev. 178.4bln M/M) and imports were USD 261.6bln (prev. 281.2bln). Overall, the steep decline in imports as new tariffs came into force means net trade is on track to provide a near 1ppt boost to Q3 GDP, OxEco write. They estimate that half of the decline was due to weaker gold imports, which are excluded from the calculation of GDP. Even so, nongold imports are on track to decline 3% on an annualised basis in Q3.
EXISTING HOME SALES: Existing home sales for August dipped to 4mln from 4.01mln, but printed above the consensus of 3.96mln. Inventory of homes for sale was unchanged at 1.53mln units, 4.6 months’ worth, while median existing home price rose 2% Y/Y to USD 422.6k. NAR Chief Economist Lawrence Yun said, “Home sales have been sluggish over the past few years due to elevated mortgage rates and limited inventory. However, mortgage rates are declining and more inventory is coming to the market, which should boost sales in the coming months.”
FED
FED’s MIRAN (voter, dovish dissenter): As expected, Miran reiterated his dovish rhetoric, noting his view going forward is that policy is up 200bps too restrictive and should remove that in 50bps moves. In the next 6 months, he would like the Fed to be a lot closer to neutral. On 2026, he is still on the low end of 2026 projections, but less daylight between him and others.
FED’S GOOLSBEE (2025 voter): Said the job market seems to be cooling, and counting on inflation being ‘transitory’ makes him uneasy; rates can go down a fair bit more if inflation heads towards 2%, but reiterated he is wary of frontloading cuts; somewhat uneasy with frontloading too many cuts based on slowing job numbers. That said, he is still relatively optimistic that tariffs will not drive up inflation broadly, and rates can come down. On policy, Goolsbee noted it has been mildly and moderately restrictive, while the pace of rate cuts will be in large measure be determined by the behaviour of inflation.
FED’S SCHMID (2025 voter): Schmid, a known hawk, said the current Fed is close to meeting its mandates, but policy must look forward; the rate cut [last week] was appropriate to offset risks to the labour market, and Fed policy is ‘slightly restrictive,’ which is the right place to be. Regarding the balance sheet, Schmid noted reserves could trend down to approximately USD 2.6tln.
FIXED INCOME
T-NOTE FUTURES (Z5) SETTLED 10 TICKS LOWER AT 112-10+
T-Notes sold on hot US data ahead of PCE. At settlement, 2-year +6.3bps at 3.661%, 3-year +6.3bps at 3.660%, 5-year +5.3bps at 3.765%, 7-year +4.3bps at 3.944%, 10-year +2.5bps at 4.172%, 20-year +0.3bps at 4.728%, 30-year -0.5bps at 4.753%.
INFLATION BREAKEVENS: 1-year BEI +1.4bps at 3.266%, 3-year BEI +0.2bps at 2.736%, 5-year BEI +0.8bps at 2.478%, 10-year BEI +0.6bps at 2.368%, 30-year BEI -0.2bps at 2.263%.
THE DAY: T-Notes meandered in APAC trade before succumbing to pressure in the European morning ahead of US data. Upon the data releases, selling across the curve accelerated, particularly on the short end as the hot data somewhat dented rate cut expectations til year-end. The GDP was hot across the board, seeing the headline, sales, and all components of PCE Prices revised higher, with the GDP deflator also seeing a slightly upward revision. At the same time, initial claims and continued claims both unexpectedly fell, with the former dropping to 218k (exp. 235k), notably lower than the 4-week average of 237.5k. Money market pricing now indicates ~86% chance of a 25bps rate cut in October (prev. 90%), but did reach as low as around 80%. Beyond, a further 25bps of easing by year-end, is priced with a 52% chance, down from the 72% seen yesterday. Separately, many Fed speakers were present. Governor Miran and 2025 voter Goolsbee spoke in line with recent comments, while 2025 voter Schmid, a known hawk, kept true to his stance, calling policy “slightly restrictive”, which is the right place to be. From the earlier highs of 112-22, T-Notes reached as low as 112-06, before moving slightly higher into settlement. The US sold USD 44bln of 7yr notes, in what was a weak auction (more below). Similar to the auctions earlier in the week (mediocre 2yr & average 5yr), a muted reaction was seen in Treasuries.
SUPPLY
NOTES
US sold USD 44bln of 7yr notes; tail 0.6bps
The auction came in weak, highlighted by the 0.6bps tail, an increase from the prior tail of 0.3bps, and an increasing signal of weaker demand relative to the six-auction average stop through of 0.7bps. B/C dropped to 2.40x from 2.49x, standing firm below the 2.6x average. The only positive was the jump in Direct demand to 31.6% from 12.8% (avg. 22.2%); however, this was offset by the drop in Indirect demand to 56.4% from 77.4% (avg. 68.1%). This left Dealers with 12% of the bid, up from 9.8%, and keeping above the 9.7% average.
Bills
US sold USD 100bln 4-wk bills at high rate 4.080%, covered 2.61x; sold USD 85bln of 8-wk bills at high rate 4.000%, covered 2.65x
US to sell USD 82bln of 13-wk bills and USD 73bln of 26-wk bills on September 29th; to sell USD 85bln of 6-wk bills and USD 50bln of 52-wk bills on September 30th; all to settle on October 2nd
STIRS/OPERATIONS
Market Implied Fed Rate Cut Pricing: Oct 21bps (prev. 23.5bps), Dec 38bps (prev. 43bps), January 47bps (prev. 55bps).
NY Fed RRP op demand at USD 25bln (prev. 29bln) across 21 counterparties (prev. 22).
EFFR at 4.09% (prev. 4.09%), volumes at USD 88bln (prev. 95bln) on September 24th.
SOFR at 4.13% (prev. 4.12%), volumes at USD 2.852tln (prev. 2.877tln) on September 24th.
CRUDE
WTI (X5) SETTLED USD 0.01 LOWER AT 64.98/BBL; BRENT (X5) SETTLED USD 0.11 HIGHER AT 69.42/BBL
The crude complex was choppy, but ultimately settled more or less unchanged amid a week of notable gains. There was a deluge of US data and Fed speak, whereby the latter broadly painted an upbeat picture of the US economy (Q2 GDP revised higher, Durable goods beat, and jobless claims tumbled), but little move was seen in the energy space. Russia/Ukraine dominated the slate on Thursday, with upside in benchmarks seen in the European morning after Interfax reported that Russia is to extend the gasoline export ban until the end of 2025, and is imposing a ban on diesel fuel exports for non-producers. Later in the US afternoon, another boost was seen as Bloomberg reported that Europeans privately told Russia that they are ready to shoot down jets. Elsewhere, TASS said Ukraine tried to attack the Kursk nuclear power plant, but it continues to operate normally. While intelligence sources said Ukraine’s Naval drones attacked Novorossiysk and Tuapse, which temporarily suspended operations at the Transneft oil pumping complex and oil terminal. Trump met with Erdogan and said he wants him to stop buying Russian oil. WTI traded between USD 64.06-65.03/bbl, while Brent hit a low of USD 68.42/bbl and a high of 69.42.
EQUITIES
CLOSES: SPX -0.50% at 6,605, NDX -0.43% at 24,397, DJI -0.38% at 45,947, RUT -0.98% at 2,411
SECTORS: Health -1.67%, Consumer Discretionary -1.47%, Materials -1.21%, Utilities -0.96%, Industrials -0.66%, Communication Services -0.64%, Consumer Staples -0.59%, Financials -0.27%, Real Estate -0.27%, Technology +0.03%, Energy +0.87%.
EUROPEAN CLOSES: Euro Stoxx 50 -0.30% at 5,448, Dax 40 -0.61% at 23,521, FTSE 100 -0.39% at 9,214, CAC 40 -0.41% at 7,795, FTSE MIB -0.43% at 42,242, IBEX 35 -0.27% at 15,154, PSI +0.00% at 7,915, SMI -0.74% at 11,890, AEX -0.11% at 934.
STOCK SPECIFICS:
Intel (INTC) has approached Apple (AAPL) about a potential investment to support its turnaround. Meanwhile, Intel has approached TSMC (TSM) about investments or manufacturing partnerships, WSJ reports
Starbucks (SBUX) approved restructuring plan & estimates $1bln in restructuring costs
US lawmakers are scrutinising large US Cos, including Amazon (AMZN) and Apple (AAPL), over their use of H-1B visas amid US layoffs.
Eli Lilly (LLY): Halted diabetes trial of muscle-sparing drug with Zepbound.
Accenture (ACN): EPS & revenue topped but next quarter revenue midpoint light.
CarMax (KMX): EPS & revenue light.
H. B. Fuller (FUL): Revenue light & narrowed FY EPS view as it slightly reduced the top end of outlook.
Oracle (ORCL): Initiated with a ‘Sell’ at USD 175 PT at Rothschild & Redburn.
Lululemon (LULU): Downgraded to ‘Hold’ from ‘Buy’ at Needham.
Uranium Energy (UEC): Downgraded to ‘Market Perform’ from ‘Outperform’ at BMO Capital.
Citi (C): Moved nearly 1k tech jobs to India after China cuts, according to Bloomberg.
Google (GOOGL): Set to be hit with second fine under landmark EU rules in the coming months, according to Reuters sources; EU not rushing decision due to US trade tensions and criticism.
Amazon (AMZN): To pay USD 2.5bln in fines and consumer redress in Prime case settlement, according to the FTC; AMZN to establish USD 1.5bln consumer fund for reimbursements related to Prime case settlement
Meta (META): Is reportedly set to face a charge sheet from the EU for failing to adequately police illegal content, risking fines for violating the bloc’s content moderation rulebook, according to Bloomberg.
Oracle (ORCL), Silver Lake, and MGX would each take a roughly USD 15% stake in the new TikTok US, Bloomberg reports.
Volkswagen (VWAGY): Cut output and paused production at German EV plants, Bloomberg reports.
FX
The Dollar saw extensive gains and continued on its move higher seen on Wednesday. The catalyst on Thursday was US data, which broadly painted an upbeat picture of the US economy – recapping, Q2 GDP was revised higher, as was core PCE, but attention is on August’s print on Friday. Jobless claims tumbled to 218k from 232k, beneath the lower end of the forecast range. Durable Goods soared, and the US advanced goods trade balance posted a shallower deficit than expected. In addition, there was a deluge of Fed speak (Miran, Goolsbee, Schmid, Bowman, Logan), but little new was said, and the members largely reiterated their known tones (comments available in US market wrap). DXY hit a peak of 98.602, the highest level since September 4th at 98.26. As mentioned, Friday’s highlight is PCE for August, whereby on Tuesday, Chair Powell said total PCE prices is seen up 2.7% Y/Y (vs. 2.6% Y/Y in July); Core PCE prices are expected to have increased 2.9% Y/Y (matching the July reading), driven by goods price rises, mainly reflecting tariffs.
G10 FX was once again lower across the board amid the surging Buck, as opposed to much currency-specific newsflow. Despite saying that, CHF saw modest strength in wake of the SNB. Overall, it was largely as expected – the policy rate was maintained at the ZLB, FX guidance was reiterated, and the tiering system for sight deposits continues to be in play. While the statement does not give much away on forward guidance, the inflation forecasts were maintained for 2025, 2026 and 2027. Market pricing moved in a hawkish direction since the announcement, with just 5bps of easing implied by end-2026 vs 10bps heading into the confab. For the EUR, Ukraine/Russia headlines and drone activity over certain nations remain frequent, but so far have not had any obvious impact on the FX space, with ING observing that “if investors were substantially more worried about military conflict at NATO’s eastern border, CEE currencies would be a lot weaker, as would German equity markets”.
EMFX was exclusively lower amid the aforementioned themes. South African PPI was hotter than expected, while Brazilian IPCA-15 Mid-Month CPI came in short of Wall St. consensus. Elsewhere in Brazil, BCB forecasts 2025 GDP growth of 2.0% (prev. 2.1%), 2026 +1.5%.
MXN saw little move on Banxico, whereby they cut rates by 25bps, as expected to 7.50%, and Heath dissented in favour of maintaining rates at 7.75%, as he did in the prior meeting. The Governing Board deemed it appropriate to continue the rate-cutting cycle, and the decision was consistent with the assessment of the current inflationary outlook. Headline inflation forecasts were adjusted slightly, while core inflation forecasts were revised marginally upwards, but headline inflation is still expected to converge to the target in Q3 ’26. Ahead, the board will assess further adjustments to the reference rate.
DATA RELEASES
US Existing Home Sales Stuck Near 15 Year Lows As Prices Keep Rising
Thursday, Sep 25, 2025 – 09:57 AM
Following yesterday’s surge in new home sales (thanks to a huge wave of incentives from homebuilders), existing home sales brought us back to earth with a 0.2% MoM decline (better than the 1.4% MoM drop expected)
Source: Bloomberg
The total existing home sales SAAR dipped back to 4.00 million, hovering near the lowest levels since 2010…
Source: Bloomberg
The median sales price, meantime, rose 2% from a year ago to $422,600, extending a string of straight year-over-year gains since mid-2023, NAR data show.
Prices remain out of reach for many Americans, having risen more than 50% since the pandemic.
“Home sales have been sluggish over the past few years due to elevated mortgage rates and limited inventory,” NAR Chief Economist Lawrence Yun said in a statement.
“However, mortgage rates are declining and more inventory is coming to the market, which should boost sales in the coming months.”
There is certainly room to run for sales if mortgage rates sustain this decline…
But the question remains – why haven’t existing home sales already moved?
Existing-home sales in the South, the country’s biggest home-selling region, decreased 1.1% to an annualized rate of 1.83 million. Sales saw slight gains in the West and Midwest, while they fell 4% in the Northeast.
Individual investors or second-home buyers purchased 21% of homes last month, compared with 20% a month earlier. And, first-time buyers accounted for 28% of closings, unchanged from July.
On the bright side, the affordability crunch, however, is slowly easing. Two-thirds of the US’s most populous metropolitan areas were buyer’s markets last month, meaning sellers outnumber buyers by at least 10%, according to research from online housing marketplace Redfin.
END
Q2 GDP Revised Sharply Higher To 3.8%, Best Quarter In Two Years
Thursday, Sep 25, 2025 – 08:59 AM
It started off as 2.960%; one month later it was revised higher to 3.290%, and moments ago the Bureau of Economic Analysis reported that Q2 GDP was revised once again, and even higher this time, to a whopping 3.830%, the highest print in nearly two prints, since the 4.70% in Q3 2023, and primarily reflecting an upward revision to consumer spending.
According to the BEA, the increase in real GDP in the second quarter primarily reflected a decrease in imports, which are a subtraction in the calculation of GDP, and an increase in consumer spending. These movements were partly offset by decreases in investment and exports.
Compared to the first quarter, the upturn in real GDP in the second quarter primarily reflected a downturn in imports and an acceleration in consumer spending that were partly offset by a downturn in investment. Real final sales to private domestic purchasers, the sum of consumer spending and gross private fixed investment, increased 2.9 percent in the second quarter, revised up 1.0 percentage point from the previous estimate.
Here are the details:
Personal consumption contributed 1.68% to the bottom line GDP print of 3.8%, or nearly half. This was revised higher from 1.07% in last month’s revision
Fixed investment was also revised higher, to 0.77% from 0.59%
The change in private inventories was revised lower, subtracting 3.44% from the bottom line print; down from 3.29% previously
Net exports (i.e. exports less imports) was also revised slightly lower, adding 4.83% to the bottom line print, down from 4.95% last month.
Government was flat, subtracting a negligible 0.01% from the GDP number, down from -0.03% previously.
Of the above, the most notable revision was that of personal consumption which surged from 1.6% SAAR to 2.5%, despite clear signals that the average US consumer (middle class, if not so much the top 1%) is hurting.
Before Thursday’s figures, the Federal Reserve Bank of Atlanta’s GDPNow estimate penciled in a 3.3% rate of growth in the July-September period. However, economists are less upbeat about growth in the fourth quarter as weaker employment dims prospects for consumer spending.
From an industry perspective, the increase in real GDP reflected increases of 10.2 percent in real value added for private goods-producing industries and 3.5 percent for private services-producing industries that were partly offset by a decrease of 3.2 percent in real value added for government.
Real gross output increased 1.2 percent in the second quarter, reflecting increases of 0.6 percent for private goods-producing industries and 1.7 percent for private services-producing industries that were partly offset by a decrease of 0.7 percent for government.
The BEA also issued its annual update of the national economic accounts, which covers GDP and related series in the past five years. While it incorporated newer, more complete source data, the agency said it was “unable to purchase” certain statistics related to tax returns for corporations and sole proprietorships.
The annual revisions were relatively minor as real GDP still increased at an average annual pace of 2.4% from 2019 to 2024. They paint a picture of an economy that quickly rebounded from the initial shock of the pandemic and has since transitioned to period of steadier, trend growth with lingering inflation.
Turning to the inflation metrics, the revisions showed the Fed’s preferred inflation metric — the personal consumption expenditures price index, excluding food and energy — rose at faster clip throughout 2024 and was also marked up in the second quarter to 2.6%. Economists expect monthly PCE data, which are due Friday, to show the metric advanced nearly 3% in August from a year ago.
For Q2, the price index for gross domestic purchases increased 2.0% in the second quarter, revised up 0.2% from the previous estimate. The personal consumption expenditures (PCE) price index increased 2.1 percent, revised up 0.1 percentage point. Excluding food and energy prices, the PCE price index increased 2.6 percent, also revised up 0.1 percentage point.
That may limit the extent of Fed interest-rate cuts in the coming months. In lowering borrowing costs last week, policymakers also projected two more reductions this year, though some officials are wary given persistently high inflation.
Real gross domestic income (GDI) increased 3.8 percent in the second quarter, revised down 1.0 percentage point from the previous estimate. The average of real GDP and real GDI increased 3.8 percent, revised down 0.2 percentage point.
Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $6.8 billion in the second quarter, a downward revision of $58.7 billion.
Looking ahead, economists expect activity to only pick up somewhat in 2026, partly due to Trump’s tax law and lower interest rates, with most forecasters expecting sub-2% growth for the next few years.
END
Initial Jobless Claims Tumble Back Near YTD Lows
Thursday, Sep 25, 2025 – 08:38 AM
The brief hysteria of a surging pace of initial jobless claims is now well ans truly back in the dustbin of data-driven-drivel history as the number of Americans applying for unemployment benefits for the first time fell to 218k last week (practically the lowest year-to-date) after surging to four year highs on the back of Texas trouble…
Source: Bloomberg
Whatever it was that cause Texas to see a dramatic surge in jobless claims (some mentioned the start of the school year) has gone now as Texas claims revert back to ‘normal’…
Source: Bloomberg
The number of Americans claiming some form of unemployment benefit remains above 1.9 million…
Source: Bloomberg
Will the drop in initial claims ease back Fed anxiety?
END
USA ECONOMIC NEWS
Trump To Sign EO Targeting ‘Domestic Terror Networks’ After “Despicable” Attack At Dallas ICE Facility
Wednesday, Sep 24, 2025 – 04:45 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 (1640ET): President trump has been briefed on the shooting at the Dallas ICE facility and is readying an EO to expand targeting of Domestic Terror Networks:
I have been briefed on the deadly shooting at the ICE Field Office in Dallas, Texas. It has now been revealed the deranged shooter wrote “Anti-ICE” on his shell casings. This is despicable!
The Brave Men and Women of ICE are just trying to do their jobs, and remove the “WORST of the WORST” Criminals out of our Country, but they are facing an unprecedented increase in threats, violence, and attacks by Deranged Radical Leftists. This violence is the result of the Radical Left Democrats constantly demonizing Law Enforcement, calling for ICE to be demolished, and comparing ICE Officers to “Nazis.”
The continuing violence from Radical Left Terrorists, in the aftermath of Charlie Kirk’s assassination, must be stopped. ICE Officers, and other Brave Members of Law Enforcement, are under grave threat.
We have already declared ANTIFA a Terrorist Organization, and I will be signing an Executive Order this week to dismantle these Domestic Terrorism Networks.
I AM CALLING ON ALL DEMOCRATS TO STOP THIS RHETORIC AGAINST ICE AND AMERICA’S LAW ENFORCEMENT, RIGHT NOW!
The Trump Administration is fully committed to backing Law Enforcement, Strong Borders, securing our Homeland, deporting Violent Illegal Criminals, and fully rooting out the Left Wing Domestic Terrorism that is terrorizing our Country.
Thank you for your attention to this matter!
END
THE FED
(MISES)
Establishment Fears About Trump’s Focus On The Fed Are About Optics, Not Policy
After the Federal Reserve’s board voted to cut interest rates by a quarter of a percent last week, the Wall Street Journal editorial board declared that the central bank was now “Trump’s Federal Reserve.”
The editors are referring to the political establishment’s ongoing concerns that President Trump is mounting an unprecedented and extremely dangerous effort to “take over” the Federal Reserve—turning America’s central bank into a political tool for him and his successors.
What began as vague anxiety within the political class, as Trump hinted at a renewed interest in the Fed during the last campaign, grew into panic when Fed governor Adriana Kugler resigned in August, giving Trump the opportunity to appoint a voting member of the Fed board. While Kugler’s term was scheduled to end anyway in January and her replacement would, therefore, only be nominated to serve the final four months, the resignation still gave Trump an earlier-than-anticipated opportunity to exert his presidential control over the Fed.
However, that panic grew to the level of hysteria when the Trump administration attempted to fire Fed governor Lisa Cook for allegedly committing mortgage fraud. Unlike Kugler, Cook’s term is scheduled to run until 2038. So a Cook replacement would not only stay on the board long after Trump leaves office, but would replace an establishment-friendly, Biden-appointed governor who’s supposed to remain at the Fed throughout and beyond this second Trump term.
However, the effort to fire Lisa Cook has been blocked by federal judges as the evidence of mortgage fraud turned out not to be as blatant or unique as Trump’s team had initially claimed. The case is now in front of the Supreme Court.
But even if that falls apart and Cook remains at the Fed, establishment voices—like those on the WSJ editorial board—are still framing Trump’s takeover of the Fed as either being imminent or even settled. Because, last week, his replacement for Kugler—Stephen Miran, one of the President’s economic advisors—was officially appointed, and the Fed voted to lower rates, which Trump has been demanding for months.
On the surface, the establishment’s issue with Trump exerting more control over the Fed is that he will pull the “independent” central bank away from its “data-driven” and “non-political” decision process and force it to stimulate the economy in ways politically convenient for Republicans—risking inflation.
Digging a little deeper, there’s also some concern about the potential for Trump to use the Federal Reserve’s power to “debank” his political opponents and to print unlimited amounts of money to fund his broad agenda.
However, it is very unlikely that these are the true reasons the American political class is worried about what Trump is doing with the Fed.
To start, the American political establishment has made it very clear for many decades that they are more than okay with inflation. Not only have they embraced monetary inflation, or money printing, as a central tool to pay for government programs, but, over the last thirty years, they have explicitly aimed to bring about price inflation—the speed at which prices rise—every single year.
In the 2010s, when price inflation remained below the Fed’s arbitrary target of 2 percent per year, establishment monetary officials pushedhard to raise inflation. That same level of urgency was mostly absent when Americans were slammed with the highest price inflation in decades after the pandemic—which establishment experts falsely dismissed as “transitory.” Last year and last week, the Fed decided to cut rates even though price inflation remained above what they claim is their target.
No ruling regime wants hyperinflation, of course, but the idea that the modern American political class has some passionate aversion to inflation is laughable.
It’s also hard to believe the political establishment is seriously worried that Trump will debank his political opponents. They play up the threat of Trump unleashing the full power of the federal government on people he personally doesn’t like, but so far, Trump has not really been interested in that kind of effort. If Trump is unwilling to seriously investigate the officials who greenlit the illegal use of American tax dollars to help fund gain-of-function virus research in Wuhan, China, before the pandemic, or the officials who certified the 2020 election that he is adamant was stolen from him, it’s hard to think the political class is genuinely afraid Trump is about to start debanking his opponents.
The same goes for the establishment’s cited worry about Trump using the Fed to spend more money. The big fear from establishment figures and their media allies in the early days of this term was that Trump was going to allow Elon Musk and DOGE to cut federal spending. That’s their real fear—that Trump would eliminate some of the spending programs making them and their friends richer and more powerful. The fact that Trump is leaving virtually all of that spending in place and is instead looking to expand it further is not a concern from the establishment’s perspective.
Finally, there’s the most commonly cited problem, which is that Trump is “politicizing” the Fed.
The frequency and intensity with which this concern is raised in establishment media suggests that it’s closer to the real reason the political class is so concerned about Trump’s Fed takeover.
However, the idea that Trump is politicizing the Federal Reserve rests on an important assumption: that the Fed is not already political. But it is.
As Jonathan Newman laid out in a talk he gave at a Mises conference earlier this year, the whole idea that the Fed is “independent” from the Treasury Department and the rest of the federal government comes from a meeting that took place in 1951 where, according to the Federal Reserve itself, an “Accord” was reached between the Fed and the Treasury Department that formally severed the tie between both agencies—resulting in the “independent Fed” we have today.
But, as Newman demonstrated by citing Fed and Treasury officials from the time of the meeting, and in the decades since in their own words, all that really changed with the 1951 Accord was the way the Fed described itself. While calling itself “independent,” the Fed continued to act exactly as it had before regarding its relationship and coordination with the Treasury Department. Fed independence is simply a branding choice, not a principle that manifests itself in monetary policy.
The only reason the Fed has appeared independent or non-political is because both parties have been almost completely unified behind the inflationist, stock-market-amplifying, empire-fueling monetary policy that the Fed has been enacting for virtually its entire 111-year existence.
Which brings us to the real reason the political establishment is likely so anxious about the changes Trump is making, and trying to make, at the Fed. The danger, from their perspective, is not that Trump is politicizing an independent central bank. It’s that he will make it impossible to hide the fact that the Fed is already political.
With the appointment of Stephen Miran, the media is already treating him as nothing more than a pawn there to do Trump’s bidding. Fed chair Jerome Powell didn’t even push back at this characterization when asked about it in his most recent press conference.
Meanwhile, as the Trump administration pushed to get Lisa Cook fired, the MAGA media machine worked to villainize her as a far-left radical Biden appointee, meaning that both parties now have a villain and—especially as the Democrats push back against Trump’s attempt to fire Cook—a champion on the Federal Reserve board.
So before Trump was even scheduled to appoint his first Fed official, we are already well on our way to the public thinking of Fed Governors like most already think about Supreme Court Justices—as partisan officials appointed by presidents to help advance their party’s agenda.
Going forward, with every new governor Trump appoints to the Fed, his opponents will likely consider the central bank to be more and more a naked instrument of the Trump administration. And whenever Trump comes up short and fails to either get an ally in at the Fed or pressure the board to adopt his preferred monetary policy, his base will likely come to see the Fed as a part of the anti-Trump coalition—trying to thwart the Republican agenda.
It is hard to see a way forward where the Fed’s “independent, data-driven, non-political” brand does not take a serious hit. But because that characterization is a lie meant to prevent the American people from noticing or caring about all the ways the Federal Reserve is ripping them off to enrich the political class, we should consider this progress. The public ought to lose trust in untrustworthy institutions.
END
WASHINGTON DC
Washington Forcing Speeding Offenders To Install GPS Speed Limiters
by Tyler Durden
Wednesday, Sep 24, 2025 – 11:00 PM
Our nation’s complete loss of freedom is, for sure, progressing on or ahead of schedule. The latest example? Washington is now forcing repeat speed offenders to install GPS-based speed limiters, joining a growing national trend that curbs how fast drivers can go, according to Ecoportal.
Under the new law, anyone caught driving 20 mph over the limit on highways — or 10 mph over on smaller roads — must use the limiter if they want their license back.
The device works like the breath-test locks used for DUIs, but instead of measuring alcohol, it tracks speed through GPS and electronically caps the car’s top speed. Offenders must keep it installed for at least 120 days, or 150 if convicted of reckless driving. Drivers get only three temporary bypasses a month before the limiter locks them down completely. Refusing to comply means more penalties and longer suspensions.
Ecoportal writes that lawmakers pushed the measure after 2023 became the deadliest year on Washington’s roads in more than three decades, with speeding behind a third of all traffic deaths. The bill is named after four victims killed near Renton by a repeat offender who had already been in two crashes earlier that year.
Advocates say the technology will save lives, pointing out that Europe already requires limiters in all new cars. But critics see it as a dangerous precedent: the state taking control of how fast your car can move.
Once activated, the limiter doesn’t allow flexibility — emergencies, wide-open highways, or personal judgment no longer matter.
Other states are watching closely. Virginia and D.C. already use similar devices for repeat offenders, and Pennsylvania is considering its own. California’s governor vetoed a bill, warning against government overreach.
Still, with momentum growing, the “freedom of the road” could soon mean driving under electronic supervision — a future where speed is no longer a choice.
END
USA/SOUTH KOREA
a joke: South Korea cannot afford the huge amounts being thrown to the uSA
(zerohedge)
Trump’s Trade Deal With South Korea On The Rocks As Lutnick Seeks More Cash
Thursday, Sep 25, 2025 – 12:45 PM
A little over a month ago, we joked that Trump was throwing around such ridiculous trade deal numbers – investments in the hundreds of billions if not trillions from countries for whom said promises were multiples of their GDP…
… the while impressive sounding, the while house of trade cards would crumble the moment someone does anything more than cursory due diligence, or merely peeks behind the curtain to try to understand what was just signed.
It appears that South Korea just peeked.
According to the WSJ, Trump’s trade deal with South Korea – announced with so much fanfare – is on shaky ground, with Commerce Secretary Howard Lutnick taking a tough line in talks as some Seoul officials privately argue to allies that the White House is moving the goal posts.
As a reminder, in late July Trump said the U.S. had agreed to lower South Korea’s reciprocal tariffs, plus levies on autos, to 15% from a proposed 25%. In exchange, South Korea pledged $350 billion in U.S. investments, plus another $100 billion in American energy purchases.
Well, it appears that Trump is altering the deal (and pray he doesn’t alter it further). Lutnick, in recent conversations with South Korean officials, has discussed with Seoul the idea of increasing the $350 billion they had previously guaranteed to the U.S. in July and suggested the final tally could get closer to the $550 billion pledged by Japan.
Furthermore, the commerce secretary has also told South Korean officials in private that Trump is looking for more of the funding to be provided in cash rather than loans, a recurring joke by those who first pointed out that the deal is, in a word, ridiculous as the $350BN represents a fifth of the country’s entire gross domestic product.
According to the WSJ, the fate of the Trump administration’s trade pact with South Korea represents a key barometer for the U.S.’s broader tariff dealmaking with dozens of countries. Many of those deals, including the one with Seoul, have been verbal, not signed, agreements. That has left a gulf between the U.S. and some of its key trading partners over what it would take to cross the finish line.
A rather naive take came from a White House official who told the WSJ that while the U.S. is working to fine-tune its agreement with South Korea, the administration isn’t asking for anything that would represent a “dramatic departure” from what was already agreed upon. Full details of that framework haven’t been disclosed.
The good news is that so far at least the cracks in the deal haven’t spilled over diplomatically: Treasury Secretary Scott Bessent reaffirmed to President Lee Jae Myung on Wednesday the strong economic and security ties between the U.S. and South Korea on the sidelines of the United Nations General Assembly, according to a Treasury spokesperson. Lee expressed hope for a “commercially reasonable” agreement, a top Seoul official said.
South Korea is closely watched because its trade accord closely mirrors that of neighboring Japan, which, along with the U.K., represents one of the few deals officially signed by both countries. A close ally of Washington and home to America’s largest overseas U.S. military base, South Korea was pegged by the Trump administration to be among the first major trade-deal targets, alongside Australia, India, Japan and the U.K.
But at home, South Korean officials are facing tougher political pressure to not give too much ground, with the public still irked over the immigration raid this month at a Hyundai Motor complex in Georgia that resulted in the arrest of more than 300 South Koreans (whose visas were improper as we subsequently learned as the company had “cut corners” on US visas instead of hiring domestic US workers). All but one of the detained Koreans have since returned home.
Washington’s ability to close a deal with Seoul could offer Trump much-needed momentum to complete others. But inaction could relieve negotiating pressure on trading partners, who have bristled at the steep asking price and await clarity on the legal issues swirling around Trump’s proposed tariffs.
Trump said on social media at the time he would select the projects funded by South Korea, with his administration controlling how the money is distributed. He offered no further details on the deal’s structure. Officials in Seoul almost immediately disputed Trump’s assertion.
Lutnick had been pushing the South Koreans to sign a deal more aligned with Japan’s agreement, particularly around the enormous investment funds pledged to the U.S. in exchange for tariff relief, according to WSJ sources.
Japan has earmarked $550 billion for U.S. investment projects as part of a memorandum of understanding signed earlier this month. A committee led by Lutnick will make recommendations to Trump on which projects to pursue, and the U.S. stands to reap 90% of the profits from each investment after Japan has recouped its original outlay. By agreeing to those terms, Tokyo saw its lower 15% auto tariff take effect earlier this month, down from the prior 27.5%. That puts Japan among the countries that have seen a crucial reduction from Trump’s proposed auto tariffs.
Lutnick has made clear that, while South Korea is unlikely to come substantially closer to Japan’s $550 billion figure, in his view Seoul must agree to many of the same terms arranged with Japan. Lutnick doesn’t want to give the impression the administration is offering a dramatically different deal structure to South Korea. That reflects a concern that doing so could undermine the signed U.S. agreement with Japan (which is a document that isn’t legally binding).
Lutnick never demanded a total payment of $550 billion from South Korea, according to a spokesman from South Korea’s Ministry of Trade, Industry and Economy, which handles trade talks with the U.S. He declined to comment further.
Still, behind the scenes the panic is palpable and suddenly the entire deal looks on the verge of collapse. In recent days, South Korea, through its embassy in Washington, D.C., has been dialing allies in Washington and warning them the Trump administration is trying to acquire last-minute concessions after the two sides had already come to a verbal agreement, according to a person familiar with the calls.
The discussions between Lutnick and his South Korean counterparts have taken place as recently as this month in New York. In these recent talks with Washington, Seoul has sought to make clear it isn’t comparable to Tokyo. South Korea has stressed its economy, with a gross domestic product of roughly $1.8 trillion, is roughly two-fifths the size of Japan’s.
Tokyo also has a currency-swap deal with Washington, which it can tap for U.S. dollars in a crisis. South Korea lacks such a foreign-exchange arrangement and would potentially need to liquidate U.S. dollar reserves to fund the $350 billion. That sum would swallow up more than 80% of South Korea’s current dollar reserves, potentially leaving it vulnerable in a financial emergency.
South Korean officials, including Lee, have recently said accepting the U.S. offer could trigger a financial crisis for the country. In fact, according to a Reuters report, South Korea now demands a Fed currency swap be implemented so the US can bailout Korea… after it makes its mandatory payments to the Trump admin!
“Without a currency swap, if we were to withdraw $350 billion in the manner that the U.S. is demanding and to invest this all in cash in the U.S., South Korea would face a situation as it had in the 1997 financial crisis,” he said through a translator.
Lee, a liberal, took office in a June snap election after his conservative predecessor, Yoon Suk Yeol, was removed from office and jailed for briefly imposing martial law. Lee has sought to calm the country and its economy and said he plans to use his U.S. visit to tell the world that “democratic Korea is back”.
Lee met Trump for their first summit in August, saying he had built a strong personal tie with the U.S. leader, despite not agreeing on a joint statement or concrete announcement.
Commerce Secretary Howard Lutnick has said South Korea should follow Japan’s deal with the United States. He said Seoul either needs to accept the deal or pay the tariffs, using the Trump administration’s depiction of foreign governments paying the levies, which are instead paid by U.S. importers. Lee, asked if he would walk away from the deal, said: “I believe that between blood allies, we will be able to maintain the minimum amount of rationality.”
South Korea has proposed a foreign exchange swap line with the U.S. to reduce the shock of the investments on the local market for the won currency. Lee did not address how likely the U.S. was to agree or whether that would be enough for the deal to go forward.
He said South Korea is different from Japan, which struck a trade deal with the U.S. in July. Tokyo has more than double South Korea’s $410 billion foreign exchange reserves, an international currency in the yen and a swap line with the United States, Lee said.
And once the incentives are aligned for South Korea to “have a crisis” to evade its tariff obligations, it will do just that… which means that it will be up to the Fed to not only rescue Seoul, but to indirectly pay the US treasury.
Which may have been Trump’s plan all along.
“The devil is in the details,” Lutnick said. “The Koreans either accept that deal or pay the tariffs. Black and white.”
It increasingly appears they may just end up paying the tariffs.
END
CAR MAX STOCK CRASHES;
used car sales in the toilet!!
CarMax Shares Crash Most Since Dot-Com Bust
Thursday, Sep 25, 2025 – 02:40 PM
Shares of CarMax crashed 25% in early New York trading. If the losses hold through the close, it would mark the largest daily decline since the Dot-Com bust. The selloff was sparked by second-quarter earnings that Truist Financial Services analysts described as a “miss across the board,” with “really nothing good to see.” The news also dragged down peers, including Carvana.
CarMax’s second-quarter results shocked Wall Street desks earlier with profit, sales, and pricing misses, signaling a very challenging used-car market in the second half of the year.
Snapshot of the earnings results:
Earnings Miss: Net income fell to $95.4M (64c/share) from $132.8 (85c/share) last year, far below the FactSet consensus estimate of $1.04/share.
Used Car Sales Weakness: Total revenue fell 6% to $6.6B vs. $7B expected. Used-car sales slid 7.2% to $5.27B, missing forecasts for growth, while same-store sales dropped 6.3% against the FactSet consensus estimate for a 1.1% rise.
Statement from CEO: William D. Nash described the quarter as “challenging” and announced a $150M cost-cutting plan over 18 months.
The market’s reaction to the results has so far been armageddon. Shares fell 25% in early trading, hitting lows last seen in 2014.
If the losses hold through the close, it would mark the largest daily decline since January 20, 2000.
Wall Street desks were stunned by the dismal results (courtesy of Bloomberg):
Truist (hold, PT $74)
Trends came in softer than expected, according to analysts led by Scot Ciccarelli, and second-quarter comparable sales fell 6%, marking a material slowdown on a two-year stack
Total used units came in at 200,000, falling short of Truist’s 219,000 estimates, and wholesale units were 138,000 versus their estimate of 146,000
Truist says weaker trends have continued into the third quarter thus far
CarMax Auto Finance receivables were close to flat year-over- year, which will have a negative impact on future income
Wedbush (cut to neutral from outperform, PT to $54 from $84)
Wedbush analysts led by Scott Devitt downgraded CarMax after second-quarter results underperformed on all key metrics
Wedbush said its estimates are under review and may be revised following the earnings call
CarMax’s results have amplified investor concerns around the company’s ability to maintain market leadership and drive growth
“The narrative has turned cautious, and we believe KMX is now losing share at an accelerating pace relative to its closest competitor,” the analysts wrote
JPMorgan
JPMorgan said there is “very little redeeming” CarMax’s results and sees downside to $45
CarMax’s second quarter EPS was $0.64, materially below JPMorgan’s estimate of $0.90, street consensus of $1.03 as well as “the buy-side bogey” of $0.90-$0.95
The quarter’s soft results derive from weak same store sales, soft GPUs, underperformance across gross profit and weaker CarMax Auto Finance income, according to analysts led by Rajat Gupta
RBC Capital Markets (outperform, PT $81)
Analyst Steven Shemesh described the quarter as “tough,” citing a sharp reversal in retail net sales
Shemesh said he will be watching the earnings call for color on whether the quarter’s weakness is company-specific or a broader market trend
CarMax’s pledged $150 million in SG&A savings by the end of 2027, which RBC considers a positive sign
RBC holds a negative sentiment on CarMax
end
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end
about time!!
DoJ To Investigate Soros Foundation
Thursday, Sep 25, 2025 – 01:20 PM
The news cycle for dark-money, billionaire-funded NGOs is about to get optically displeasing for the Democratic Party and its elitist donor class, who have bankrolled what we consider the “protest-industrial complex.”
For years, these leftist billionaire-backed nonprofits have waged an all-out war against President Trump and his MAGA base, funding and facilitating nonstop leftist “color revolution” operations, propping up extremist movements, indoctrinating kids with toxic woke ideology and turning them into revolutionaries, and amplifying a decade of dangerous rhetoric that smeared MAGA as “fascists” and “Nazis.” These leftist, or Marxists, also fueled nation-killing agendas like DEI and criminal and social-justice reforms, which have proven disastrous for the longevity of the country.
A new report from The New York Times shows the Trump administration is preparing to investigate dark-money-funded NGOs that operate in the shadows, with the ultimate goal of not only destroying President Trump and MAGA, but also driving capitalism to collapse and ensuring the nation as we know it today no longer exists in the next decade.
NYT said a senior Justice Department official directed at least six U.S. attorneys’ offices to prepare investigative plans targeting the Open Society Foundations (OSF), bankrolled by radical leftist billionaire Democratic donor George Soros – now his leftist son, Alex, runs operations.
NYT’s report comes after the Capital Research Center, a think tank that tracks foundations, charities, and other nonprofits, released a report last week detailing an explosive revelation: OSF “gave $80 million to pro-terror groups.”
Let’s take a step back to understand that cracks were already rapidly forming across the NGO world shortly after the Trump administration nuked the United States Agency for International Development. Then came domestic terrorist operations by far-left groups that burned Tesla showrooms and vehicles nationwide. At the time, we focused on the Gates Foundation that funded the Arabella network that plowed millions into ‘No Kings’ protests (read report). These protests ultimately failed but were color revolution-style operations aimed at influencing public opinion polls and promoting regime change in Washington. This is the same bullshit strategy U.S. intelligence agencies use overseas.
Then came revelations late in the summer, via a NYT report, that the Gates Foundation had severed ties with the Arabella dark-money network. And for good reason: the foundation likely realized that money funneled into the Arabella network would only strengthen Trump’s push to launch investigations into the NGO world (deep state/parallel government). And that’s precisely what might have happened.
Late summer arrived when Trump, out of the blue, began blasting Soros on Truth Social: he “should be charged with RICO because they support violent protests.” Trump was likely referring to anti-ICE and Tesla takedown protests earlier in the year.
Shortly after, a series of leftist violence erupted – from the transgender shooter who stormed a church in Minneapolis, to the leftist with a transgender boyfriend suspected in the Kirk political assassination, to Wednesday’s ICE attack in Texas by a far-left radical, which merely activated the Trump administration into launching war against the radical left that has been fueling this chaos and the rise in far-left militancy for years, something even the The Atlantic admitted this week as major problem.
Civil terrorism expert Jason Curtis Anderson describes the rise in far militancy as “nihilistic accelerationism” suggesting that “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.”
Marxist-aligned groups operating across America to subvert the nation and collapse capitalism are already “planning war against fascists.”
Meanwhile, the Trump administration is moving full steam ahead to neutralize radical leftists and their NGOs that sow chaos – a crackdown that will extend well beyond Soros and likely include Roy Singham in China, as well as PFLP, Samidoun, and leftist American dynasty families and their nonprofits. Americans remember who funded the BLM riots that destroyed their businesses and cities. Accountability is coming.
VICTOR DAVIS HANSON
KING NEWS
The King Report September 24, 2025 Issue 7584
Independent View of the News
ESZs traded modestly higher from the Nikkei opening on Wednesday until they briefly dipped a tad into negative territory three times (20:06 ET, 21:23 ET, and 21:54 ET). They the rallied to 6728.00 at 2:48 ET. An early dump appeared; ESZs sank to 6715.50 at 3:27 ET. Conditioned dip buyers bought the early European decline. ESZs rebounded to a daily high of 6727.75 at 4:05 ET. After a modest retreat, ESZs traded in a 7-handle range until they broke down at the 9:30 ET NYSE opening.
After falling to 6706.00 at 9:48 ET, conditioned NYSE opening dip buyers lifted ESZs to 6719.00 at 10:51 ET. Astute traders recognized that the rally was labored and listless. Aggressive selling commenced; ESZs sank to a daily low of 6682.50 at 12:02 ET.
A modest Noon Balloon conflated with the early afternoon rally and took ESZs to 6700.00 at 13:35 ET. ESZs then fell to 6681.25 at 14:11 ET. An irregular A-B-C rally pushed ESZs to 6696.75 at 16:03 ET.
Gold sank while Bitcoin rallied on probable manipulation to polish a losing position for Q3 report cards.
Long-time tech analyst Fred Hickey @htsfhickey: Pure insanity. “Each gigawatt of capacity is expected to cost roughly $50 billion, meaning the company is laying the groundwork for at least $1 trillion in infrastructure spending.” “I don’t think we’ve figured out yet the final form of what financing for compute looks like,” OpenAI Chief Executive Officer Sam Altman said. “But I assume, like in many other technological revolutions, figuring out the right answer to that will unlock a huge amount of value delivered to society.” All we ever seem to hear from these egomaniacs is how much money they’re spending, how big the datacenter structures will be and how many “gigawatts” will be generated. Never a detail about the “amount of value delivered to society.” Nothing about products, revenues or earnings. Just build it and they will come?? This may be the equivalent of the one upmanship skyscraper building leading up to the 1929 Crash (and Great Depression).
Sam Altman on OpenAI’s $850 billion in planned buildouts: ‘People are worried. I totally get that’ Altman is committed to the massive buildouts with Oracle, Nvidia and SoftBank… In less than 48 hours, OpenAI has announced commitments equal to 17 nuclear plants or about nine Hoover Dams. The plan will require the amount of electricity needed to power more than 13 million U.S. homes… https://t.co/sRI4eX3PM1
Cracker Barrel closing 14 company-owned restaurants amid backlash The closures aren’t of the signature Cracker Barrel locations but rather a smaller offshoot with locations in Alabama – Maple Street Biscuit Company…Cracker Barrel acquired the brand, which offers a breakfast-focused menu with biscuits, waffles, bowls and specialty beverages, in 2019 for $36 million… https://www.msn.com/en-us/money/general/cracker-barrel-closing-14-company-owned-restaurants-amid-backlash/ar-AA1N9sg0
@JavierBlas: Copper prices hit 1-year high after top miner Freeport McMoRan declares force majeure in shipments from its Grasberg mine in Indonesia
Positive aspects of previous session A moderate equity rally appeared at midday.
Negative aspects of previous session Stocks sank after the NYSE opening. USZs declined modestly.
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]: 6644.13 Previous session S&P 500 Index High/Low: 6672.66; 6621.76
@FBIDirectorKash: 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 ideological 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 Prairieland, TX 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 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. https://x.com/FBIDirectorKash/status/1970877754221498599
@GuntherEagleman: Deputy DHS Director @TriciaOhio just appeared on Fox News: “We’ve been saying for months that the rhetoric around our law enforcement, particularly ICE, the DEMONIZATION has spun so far out of control and that someone will get hurt or someone will get KlLLED. We hope that’s not today.” “THIS MUST STOP.” “Almost a month to the day at that Dallas ICE field office we actually had a bomb threat there, viable bomb threat.” “We know there has been really out of control rhetoric and threats against them and please join us in praying.” https://x.com/GuntherEagleman/status/1970841678354231529
@MrAndyNgo: Joshua Jahn, the man who carried out a deadly shooting on an ICE facility in Dallas, left behind a literal anti-ICE message on a rifle cartridge where he killed himself. Jahn comes from a liberal bi-racial family in Fairview, Texas. His mother is critical of the gun laws in her state. His sister, Kioko Jahn, is a woke woman who was a supporter of Beto O’Rourke. The attack occurred in the context of months of Democrat politicians, liberals and leftists encouraging violent direct action against ICE. Antifa and far-left extremists have been releasing names, photos and addresses of agents, urging comrades to kill them. In July, members of a North Texas Antifa cell allegedly carried out a shooting ambush on an ICE facility in Alvarado. One officer was shot in the neck, but narrowly survived. The nightly violent attacks on the ICE facility in Portland by Antifa remain ongoing.https://x.com/MrAndyNgo/status/1970936239894430053
Mom of Joshua Jahn, Dallas ICE facility shooter, posted anti-gun rants on social media aimed at Texas GOP leadershttps://trib.al/iR94geg
Trump: I have been briefed on the deadly shooting at the ICE Field Office in Dallas, Texas… the deranged shooter wrote “Anti-ICE” on his shell casings. This is despicable! The Brave Men and Women of ICE are just trying to do their jobs and remove the “WORST of the WORST” Criminals out of our Country, but they are facing an unprecedented increase in threats, violence, and attacks by Deranged Radical Leftists.This violence is the result of the Radical Left Democrats constantly demonizing Law Enforcement, calling for ICE to be demolished, and comparing ICE Officers to “Nazis.” The continuing violence from Radical Left Terrorists, in the aftermath of Charlie Kirk’s assassination, must be stopped… We have already declared ANTIFA a Terrorist Organization, and I will be signing an Executive Order this week to dismantle these Domestic Terrorism Networks. I AM CALLING ON ALL DEMOCRATS TO STOP THIS RHETORIC AGAINST ICE AND AMERICA’S LAW ENFORCEMENT, RIGHT NOW! The Trump Administration is fully committed to… fully rooting out the Left-Wing Domestic Terrorism that is terrorizing our Country…
See horrifying poster taped to side of Dallas ICE shooter Joshua Jahn’s car The poster showed a map of ‘radioactive fallout’ from ‘nuclear detonations’ across the United States, with most of the blasts depicted on the West Coast. Jahn’s brother Noah told NBC news Joshua was unemployed at the time of the shooting and was planning to move into his parent’s property in Oklahoma. https://www.dailymail.co.uk/news/article-15129485/dallas-ice-facility-shooting-office-live-texas.html
@bennyjohnson: Newsom LAST NIGHT on ICE(Colbert Show): “These are authoritarian actions.”JUST NOW: An ICE facility in Texas was shot up by a sniper. https://t.co/HQUq3QLmED
@seanmdav: Barely 12 hours after Newsom deliberately sought to incite violence against ICE agents, a left-wing shooter just tried to assassinate a bunch of ICE agents. Left-wing terrorists are now doing copycat killings thanks to Democrat politicians and left-wing late night network talk show hosts. When Democrats go on TV and call people fascists and Nazis, they are putting out a specific call to violence.They know what they are doing. They know a left-wing lunatic is going to try and kill anyone targeted with that language. Democrats refuse to stop doing this, because they approve of the violence and want more of it.
CA Gov. Newsom on Colbert, Tuesday night: “Donald Trump is trying to rig the midterm elections and I fear that we will not have an election in 2028. I really mean that in the core of my soul. Unless we wake up to the Code Red of what’s happening in this country.” (Accuse others of what you do/did) https://x.com/TheKevinDalton/status/1970715923008155827 @Heminator: I do not fear this possibility in the slightest, but I do fear that this kind of baseless rhetoric is radicalizing people in very unhealthy ways.
@FoxNews: Vice President JD Vance is demanding an end to the violence against law enforcement after at least three people were shot at a Dallas ICE facility. https://t.co/t4VXg5aohj (Suspect identified as 29-year-old Joshua Jahn) “… if your political rhetoric encourages violence against our law enforcement, you can go straight to hell and you have no place in the political conversation of the United States of America.” https://x.com/FoxNews/status/1970919027808584078 “Ifyou want to stop political violence, stop attacking law enforcement as the Gestapo. If you want to stop political violence, stop telling your supporters that everyone who disagrees with you is a Nazi. If you want to stop political violence, look in the mirror.” https://x.com/TrumpWarRoom/status/1970918773608919494 “… my Democrat colleagues need to ask some very hard questions about why it is that folks from their side of the political aisle seem to be engaged in these politically motivated attacks — and I think it’s important for them to look in the mirror and say, ‘Can we actually take some steps to police some of the violent rhetoric on our own side?’ Because unless they do, I fear stuff like this is going to keep on happening.” https://x.com/RapidResponse47/status/1970946734923599879
@joma_gc: Yesterday NBC ran a false story claiming ICE agents used an autistic 5 year old to lure her father into custody. NBC retracted the false smear, but not before almost every elected Democrat and propagandist ran with it. Today an ICE facility was targeted by a deranged leftist.
@nicksortor: Anti-scale fencing is arriving at the White House by the truckload. This type of fencing is what’s typically used during times of unrest or major national security events. What’s happening? https://x.com/nicksortor/status/1970588931495514306
Leftist Chicago Fed Pres Goolsbee, an Obama BFF, said he’s against a ‘series of rate cuts’ and it’s Trump fault, due to his tariffs, that the Fed did NOT cut rates earlier. Goolsbee proved that Powell and his ilk lied each time they claimed Fed officials do NOT comment on fiscal policies.
Cost of Living (Entrenched inflation) Is the Biggest Challenge Americans Face (Statista survey) 49.1 percent of U.S. adults said that the high cost of living was one of the biggest challenges they currently face – making it by far the most common answer… (Healthcare 26.3%, Mental health 26%) https://www.statista.com/chart/35054/biggest-challenges-faced-by-americans/
Today – Q3 portfolio rebalancing is weighing on stocks. At some point, stocks jockeys will aggressively try to manipulate their biggest equity holdings higher. If stocks are soft during early NYSE trading, look for an upward manipulation no later than the afternoon.
ESUs are +9.00; NQUs are +30.00; Dec AU is +9.00; and USZs are +4/32 at 20:07 ET.
Expected economic data: Q2 GDP 3.3%, Consumption 1.7%, GDP Price Index 2.0%, Core PCE Price Index 2.5% q/q; Aug Durable Goods -0.3% m/m, ex-Trans 0.0%, Nondef Ex-Air -0.1%, Shipments 0.3%; Aug Trade Balance -$95.5B; Aug Wholesale Inventories 0.1% m/m, Retail Invs 0.2%; Initial Jobless Claims 233k, Continuing Claims 1.935m: Aug Existing Home Sales 3.96m; Sept KC Fed Mfg. Activity 2
Fed Speakers: Chgo Pres Goolsbee 8:20 ET, NY Pres Williams and KC Pres Schmid 9 ET, Gov Bowman 10 ET, VCEO Barr 13:00 ET on Fed Stress Testing; Dallas Pres Logan 13:40 ET, SF Pres Daly 15:30 ET
S&P Index 50-day MA: 6446; 100-day MA: 6218; 150-day MA: 6009; 200-day MA: 6010 DJIA 50-day MA: 45,076; 100-day MA: 43,917; 150-day MA: 43,060; 200-day MA: 43,232 (Green is positive slope; Red is negative slope)
S&P 500 Index (667.97 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 6664.14 triggers a sell signal
Trump: I can’t believe ABC Fake News gave Jimmy Kimmel his job back. The White House was told by ABC that his Show was cancelled! Something happened between then and now because his audience is GONE, and his “talent” was never there. Why would they want someone back who does so poorly, who’s not funny, and who puts the Network in jeopardy by playing 99% positive Democrat GARBAGE. He is yet another arm of the DNC and, to the best of my knowledge, that would be a major Illegal Campaign Contribution.I think we’re going to test ABC out on this. Let’s see how we do. Last time I went after them, they gave me $16 Million Dollars. This one sounds even more lucrative. A true bunch of losers! Let Jimmy Kimmel rot in his bad Ratings.
@LizMacDonaldFOX: Nextstar still won’t air Jimmy Kimmel tonight after he didn’t apologize last night on air for his lie that a Trump MAGA supporter killed Charlie Kirk just 5 days after he was murdered. Instead he doubled down. Waiting on Sinclair-both said he needs to apologize on camera. This is becoming more evident this is not a free speech issue about a joke, it’s a business/market decision about lying on camera… Sinclair also says it will continue to preempt Jimmy Kimmel tonight until he apologizes for his on-air lie that a Trump voter killed Charlie Kirk… with Nexstar’s preemption again tonight, 66 ABC affiliates will not air Kimmel covering 23% of US households. That’s about 36-40% of Kimmel’s viewership.
Defiant, emotional Jimmy Kimmel fails to apologize for Charlie Kirk comments as he returns to ABC’s airwaveshttps://t.co/ZUBTVcLHrn
Jimmy Kimmel accused of lying again about casting blame for Charlie Kirk assassination… Claiming he never meant to blame any political faction for the assassination of… Charlie Kirk…“Nor was it my intention to blame any specific group for the actions,” Kimmel said… “He’s emotional for himself because he almost torched his entire career.”… (CNN’s) Scott Jennings echoed the criticism, writing, “You used the phrase ‘MAGA gang’ & then lied about what happened. You definitely intended to make light of it and mislead the American people. Pathetic.” “Look at Jimmy ‘The Martyr’ Kimmel fake crying tonight. Deny, Attack, Reverse Victim and Offender. DARVO playbook. This is what they do,” Jack Posobiec… “In typical leftist fashion, Jimmy makes the victim himself.”… Piers Morgan added: “Hard to feel sympathy for Jimmy Kimmel and his crocodile tears… He’s become a partisan political activist, not a comedic host.”… https://trib.al/cIbCFjT
Jimmy Kimmel claimed his MAGA accusation was a joke, and asserted that ‘Trump can’t take a joke!’
Kimmel: “The President of the United States made it very clear he wants to see me and the hundreds of people who work here fired from our jobs. Our leader celebrates Americans losing their livelihoods because he can’t take a joke.” (What was the joke, Jimmy?) https://t.co/PFXjx3qWU4
JD Vance: “He accused Charlie Kirk’s murderer of being ‘MAGA’ … It wasn’t a joke — it was straight up DISINFORMATION, and I really wish Jimmy Kimmel would apologize for it.” https://x.com/nicksortor/status/1970946248606953750
Kimmel fighting back what many claims was ‘crocodile tears’: “It was never my intention to make light of the murder of a young man… For those who think I did point a finger, I do get why you’re upset… I don’t think the murderer who shot Charlie Kirk represents anyone.” https://x.com/greg_price11/status/1970700757524754661
@VigilantFox: Kimmel’s previous comment: “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.” But Kimmel explained: “That was really the opposite of the point I was trying to make. (Pure BS) But I understand that to some, it felt either ill-timed or unclear, or maybe both. And for those who think I did point a finger, I get why you’re upset. If the situation was reversed, there’s a good chance I’d have felt the same way.” https://x.com/VigilantFox/status/1970704059741970865
@Wanderer071189 mocking Kimmel: “I didn’t mean what I expressly said. Even though I also said that the people I was brazenly lying about were hitting a ‘new low’ when they told the truth about what I expressly lied about. I’m so sorry you misunderstood and overreacted. Now I will make an unfunny quip about how Trump can’t take a joke.”
Kimmel: “This show is not important. What is important is that we get to live in a country that allows us to have a show like this… Trump might have to release the Epstein files to distract us from THIS now.” https://x.com/TheTNHoller/status/1970697751475417222
@greg_price11: Fresh off his suspension for lying about Charlie Kirk, Jimmy Kimmel makes this joke about the escalator stopping while President Trump as at the UN today: “Where was that escalator 10 years ago when we needed it on the way down.” https://t.co/zS8ruEQI79
@AutismCapital: Nothing changed in Kimmel by the way. He went right back to the same old Trump hate. He even calls for his audience to be 10x as loud if “Trump continues to bully and censor free speech.” He does a skit where he brings Robert De Niro to pretend to Brendan Carr and be spiteful. He also makes fun of Trump having to walk up the escalator “Why didn’t the elevator break 10 years ago on the way down,” and calls Melania an “unsatisfied Slovenian woman.”
@NeilPatelTDC: Why did Johnson & Johnson spin Tylenol off into a separate independent company (Kenvue) just two years ago, after owning it for more than 60 years? Maybe there’s an innocent reason. But right before these autism reports? Sure looks sketchy.
@tylenol: We actually don’t recommend using any of our products while pregnant. Thank you for taking the time to voice your concerns today. 1:31 PM · Mar 7, 2017 https://x.com/tylenol/status/839196906702127106
@townhallcom: This is one of the best takedowns on the Jimmy Kimmel debate YET. (Ex-GOP Rep Pete Meijer): “WHO WAS SILENCED?! NOBODY was silenced!” “The reason why Jimmy Kimmel got into this in the first place is he was repeating A LIE believe by one-in-three Democrats that the person who assassinated Charlie Kirk had right of center beliefs!” “We have spent WAY more time treating Jimmy Kimmel as a victim than the person who was SHOT AND KILLED!” “Your administration deplatformed and kicked off of social media. Do you want to talk about ACTUALLY silencing?!” This man has NOT been silenced! Charlie Kirk has been silenced because he’s DEAD.” https://x.com/townhallcom/status/1970592021128560894
Charlie Kirk-inspired “Fearless Debates” forced off Tennessee State’s campus by violent leftwing students – Today @FearlessDebates tour tabled at an HBCU, Tennessee State University and after 10 minutes a literal riot erupted. They stole our stuff, followed us to our car, attacked the car, shouted “BLACK POWER” and blocked our exit of the campus. Our topic was DEI… (MSM spiked story) https://notthebee.com/article/riot-breaks-out-after-charlie-kirk-inspired-fearless-debates-tour-tries-to-set-up-shop-at-hbcu
@greg_price11: Dem Rep. Jim Clyburn says that it was a good thing when the Biden admin pressured social media to censor people because “we didn’t need misinformation going out” about covid. He then says President Trump told people to “put Clorox in their veins,” which is not a thing he ever said. https://x.com/greg_price11/status/1970694529260101645
@VigilantFox: Trump just called out Nicolás Maduro’s drug trafficking regime…with the Venezuelan delegates sitting right in front of him, forced to listen. Then he dropped the line that made the room go still: “We will blow you out of existence.” They did not like it one bit… “I’ve also designated multiple savage drug cartels as foreign terrorist organizations, along with two bloodthirsty transnational gangs, probably the worst gangs anywhere in the world: MS-13 and Tren de Aragua. Tren de Aragua is from Venezuela, by the way. Such organizations torture, maim, mutilate and murder with impunity. They’re the enemies of all humanity, and for this reason, we’ve recently begun using the supreme power of the United States military to destroy Venezuelan terrorists and trafficking networks led by Nicolás Maduro. To every terrorist thug smuggling poisonous drugs into the United States of America, please be warned that we will blow you out of existence. That’s what we’re doing. We have no choice. Can’t let it happen.” https://x.com/VigilantFox/status/1970508011371216937
@liz_churchill10: “Obama stated that ‘Climate Change’ was a serious threat and then he got on his plane and flew to Hawaii to play a round of golf and then flew back to DC. Climate Change is the biggest SCAM and HOAX…” -President Trump at the U.N. https://t.co/w3mb63kj1g
@RNCResearch:CNN reports that Kamala Harris’ favorability rating has plunged since the election. HARRY ENTEN: “She is not well liked…The American people, they don’t want this.” https://t.co/Npxy7hxJa6
@WallStreetApes: They aren’t even hiding it anymore: Democrat: ‘DNC paid protester requests surged 400%’ “The range can be from the low hundreds, into a few hundred” per protester, per protesthttps://t.co/JmratCH4LO
The UN: Replacement Migration: Is it A Solution to Declining and Ageing Populations? 3/21/2000 The numbers of migrants needed to offset declines in the working-age population are significantly larger than those needed to offset total population decline… (P. 4) First, inflows of migrants will not be able to prevent population declines in the future, nor rejuvenate a national population, unless the migration streams reach comparatively high levels… https://www.un.org/development/desa/pd/sites/www.un.org.development.desa.pd/files/unpd-egm_200010_un_2001_replacementmigration.pdf (But ‘they’ assured us that ‘replacement theory’ was a conspiracy theory!)
@infolibnews: Tucker Carlson: America started preparing for war with Iraq “immediately” after September 11th “at the behest of a foreign government—Israel.”https://x.com/infolibnews/status/1970713748664131824
Israel Warned US Not to Invade Iraq after 9/11 Israeli officials warned the George W. Bush administration that an invasion of Iraq would be destabilising to the region and urged the United States to instead target Iran as the primary enemy, according to former administration official Lawrence Wilkerson…If you are going to destabilise the balance of power, do it against the main enemy.”… Neoconservatives in the Bush administration were focused on regime change in Iraq as a low-cost way of leveraging more ambitious changes in the region. From the neoconservative perspective, the very military weakness of Hussein’s Iraq made it the logical target for the use of U.S. military power. https://www.commondreams.org/news/2007/08/29/israel-warned-us-not-invade-iraq-after-911
@AuronMacintyre: In the last month leftist terrorists have shot up Catholic school children, Charlie Kirk, ABC affiliates, and now ICE facilities… the American Civil War didn’t really start at Fort Sumter, it started in the territories… eventually this developed into the Civil War we think of today, but that is not how it started It started with random acts of violence carried out by people who hated their fellow Americans so much they were willing to murder them in cold blood over a political ideology… https://x.com/AuronMacintyre/status/1970909960662819226
Jan. 6 subcommittee zeroes in on paid informants at the Capitol riothttps://t.co/6XEGzrB2hK Chairman Loudermilk wants to know why and how many informants and federal agents were at the incident and whether they properly passed on intelligence to law enforcement…
SWAMP STORIES FOR YOU TONIGHT
CALIFORNIA
EU Style Censorship!? California Bill To Slap $1M Fines On Social Media For Hate Speech Moves To Newsom’s Desk
Wednesday, Sep 24, 2025 – 09:20 PM
California is one pen stroke away from enacting a controversial bill that would impose fines of up to $1 million on major social media platforms that fail to censor contentdeemed in violation of state civil rights laws.
On Monday, SB 771 passed bother chambers of the state legislature, where it now sits on Governor Gavin Newsom’s desk awaiting his signature.
While critics warn that the measure will lead to EU-style censorship of lawful speech, state Democrats justify the bill by citing “rising incidents of hate-motivated harm,” including “hate crimes involving anti-immigrant slurs.”
Nothing about violent leftist groups targeting conservatives, of course.
It’s real 🚨 Gavin Newsom and his California Senators are ending Free Speech
Spencer Pratt explains California passed SB 771 through all committees and is only 1 signature away from implementing fines of up to $1 million dollars per offense for what Democrats call “Hate speech” pic.twitter.com/PzNxi6RCYO
The bill cites data from the Human Rights Campaign and the Center for Countering Digital Hate (CCDH), showing a 400% rise in “anti-LGBTQ+ disinformation and harmful rhetoric on major social media platforms.
According to the bill, “The purpose of this act is not to regulate speech or viewpoint but to clarify that social media platforms, like all other businesses, may not knowingly use their systems to promote, facilitate, or contribute to conduct that violates state civil rights laws.”
So, it is to regulate speech or viewpoint.
“If people think platforms remove their content too much now, they should expect to see the pattern significantly intensify with this law,” Shoshana Weissmann, director of digital media at the R Street Institute, told the Daily Caller News Foundation. “Rather than risk liability for showing users content one could argue (even if it doesn’t actually) violate a law, platforms will over-moderate and remove posts in order to stay out of court.”
As the Daily Caller notes further:
Under the proposed law, platforms with $100 million or more in annual revenue could face $1 million in fines if they intentionally, knowingly, or willfully “relay” content that violates state law through their algorithms. Companies found to be in reckless violation could face penalties of up to $500,000.
“Courts have recognized that algorithms are protected by the First Amendment, so punishing sites for using algorithms to deliver free speech would run into problems,” Weissmann continued. “Further, the law doesn’t limit which kinds of algorithms would cause platforms to be held liable for user speech. This means even showing content in the order it was posted would have this effect under the law, as ‘reverse chronological order’ is an algorithm.”
Opponents call BS
“By exposing these companies to civil liability for content they do not remove, SB 771 creates a chilling effect on their editorial discretion. The significant, prescribed civil penalties — potentially amounting to the billions for each violation — would lead platforms to over-remove lawful content to mitigate legal exposure,” the California Chamber of Commerce, the Computer and Communications Industry Association and TechNet wrote in their opposition to the bill.
“This violates the First Amendment rights of users and social media platforms.”
Meanwhile, if you’re a California lawyer – Matt Taibbi would like to have a word.
. Within a 60 day period one would imagine certain countries will collapse. The Swiss will not escape the contagion. 
Dr. Paul Marik discusses how Ivermectin, aka “horse dewormer,” has not only been vindicated as an effective treatment for COVID, but it is now proving to be an extremely powerful cancer treatment protocol.Read full story…and recently the good doctor had these important words to say about the cancer industry:Chemotherapy prolongs life about 2 to 3 months.2 to 3 months, that’s the sum benefit.For some cancers such as gastric cancer it actually reduces life expectancy.Chemotherapy is a hoax.It’s a hoax perpetuated by BigPharma to make money at the expense of people who suffer…SourceReaders of this Substack have also known about this questionable treatment…Chemotherapy: Fraudulent and Deadly?2nd Smartest Guy in the World·August 21, 2023
by Dr. Vernon ColemanRead full story…so just like vaccines are completely useless and deadly…If ALL Vaccines Are Unsafe And Ineffective, Then Why Are They Being Foisted on Humanity?2nd Smartest Guy in the World·Feb 2
There is not a single vaccine that is safe, effective, or in any way necessary; in fact, all of the major vaccines are actually far worse than the diseases they fraudulently purport to protect against; to wit:Read full story…how have these murderous cancer “treatments” perpetuated by the Medical Industrial Complex been allowed to flourish for this long?Some of the answers lie in the recently exposed fraud and crimes against humanity being committed at the criminal CIA money laundering agencies USAID and DoD.We know that the CIA controls the Mockingbird MSM as well as Google, Facebook and all of the other social media platforms; USAID and the DoD were their slush funds and Intelligence Industrial Complex nodes that allowed for degrees of separation such that the CIA’s various illicit and murderous schemes could be executed more fluidly and untraceably.Controlling the narrative is what is known as social engineering:
harveyorganblog.com 
