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GOLD: NUMBER OF NOTICES FILED FOR OCT/2025: 2570 CONTRACTs NOTICES FOR 257,000 OZ or 0.7999 TONNES
total notices so far: 30,218 contracts for 3,021,800 OR 93.99tonnes)
SILVER NOTICES:349 NOTICE(S) FILED FOR 1.745 MILLION OZ/
total number of notices filed so far this month : 2819 CONTRACTS (NOTICES) for 14.095 million oz
INITIAL STANDING FOR OCT: 13.240 MILLION OZ PLUS 675,000 OZ QUEUE JUMP EQUATES TO 14.675 MILLION OZ//(YESTERDAY;’S QUEUE JUMP OF 870,000 OZZ)
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 8.375 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: 68.040 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING AND EXCHANGE FOR PHYSICAL TRANSFERS) PLUS 3.0 MILLION OZ EX FOR RISK = 71.040 MILLION OZ. (THIS IS THE FIRST AND ONLY ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.)
AND NOW OCTOBER: 14.675 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
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 AND 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
SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
AND NOW OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH A HUGE 4.878 TONNES QUEUE JUMP, PLUS 7.682 TONNES OF OUR ISSUANCE EXCHANGE FOR RISK//NEW TOTAL OF GOLD STANDING ADVANCES TO 102.702 TONNES OF GOLD.
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. 116.13 TONNES VERY SMALL
OCT. 36.348 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 RISE BY A STRONG SIZED 431 CONTRACTS OI TO 165,704 AND CLOSER TO THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 7 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 875 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
DEC 875 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 875 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 431 CONTRACTS AND ADD TO THE 875 E.FP. ISSUED
WE OBTAIN A MEGA HUGE SIZED GAIN OF 1306 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR LOSS OF $1.01 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 6.53 MILLION PAPER OZ
OCCURRED WITH OUR LOSS $1.01 IN PRICE.
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENT
Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS
ASIAN MARKETS THIS FRISDAY MORNING:
SHANGHAI CLOSED
//Hang Seng CLOSED CLOSED
// Nikkei CLOSED : UP 832.77 PTS OR 1.85% //Australia’s all ordinaries CLOSED UP 0.52%
//Chinese yuan (ONSHORE) CLOSED XXXX OFFSHORE CLOSED DOWN AT 7.1336/ Oil DOWN TO 60.97 dollars per barrel for WTI and BRENT DOWN TO 64.59 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING XXXX LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN HOLIDAY IN TRADING AT XXXX AND XXXX//OFF SHORE YUAN TRADING DOWN TO 7.1336 AGAINST US DOLLAR/ AND THUS WEAKER
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A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A STRONG SIZED 6273 CONTRACTS TO 484,786 OI DESPITE OUR SEVERE LOSS IN PRICE OF $28.75 WITH RESPECT TO THURSDAY’S // TRADING COMEX CLOSING TIME:… WE LOST ZERO NET LONGS, WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD AN EXTREMELY STRONG NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (5900). WE HAD HUGE T.A.S. LIQUIDATION THURSDAY. WE HAD A TOTAL LOSS IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 373 CONTRACTS (OR 1.16 TONNES).THEN WE WERE NOTIFIED, MUCH TO MY HORROR,THAT WE HAD A MASSIVE 1320 CONTRACTS EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS FOR FRIDAY MORNING FOR 132,000 OZ OR 4.1057 TONNES OF GOLD ALONG WITH ANOTHER 650 EXCHANGE FOR RISK CONTRACTS I MISSED ON THURSDAY. WE HAD 500 CONTRACTS OF EXCHANGE FOR RISK ISSUED ON FIRST DAY NOTICE AND THAT IS QUITE UNUSUAL FOR THEM AS THE CENTRAL BANK OF ENGLAND MUST BE DESPERATE!! THUS THE TOTAL NUMBER OF CONTRACTS EXCHANGE FOR RISK ISSUED ON 3 OCCASIONS IN OCTOBER: IS 7.682 TONNES OF GOLD (2470 CONTRACTS//247,000 OZ)
A LITTLE HISTORY ON OUR EXCHANGE FOR RISK ISSUANCES:
HERE IS A CLOSER LOOK AT EXCHANGE FOR RISK ISSUANCES FOR THESE PAST 4 MONTHS;
(TOTAL EXCHANGE FOR RISK LAST 4 MONTHS 70.097 TONNES//BANK OF ENGLAND TOTAL RESERVES LISTED AT 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.
SEPT:
SEPTEMBER: SEVEN ISSUANCES SO FAR TOTALLING 7,370 CONTRACTS OR 737,000 OZ OR 22.923 TONNES.
THESE ISSUANCES WILL OF COURSE BE ADDED TO OUR NORMAL DELIVERIES TO GIVE US OUR TOTAL SEPT STANDING FOR GOLD.
AND NOW OCTOBER:
WE RECEIVED NOTICE THAT OUR INITIAL EXCHANGE FOR RISK ISSUED ON FIRST DAY NOTICE FOR 500 CONTRACTS OR 50,000 OZ /1.555 TONNES OF GOLD!!THAT WAS FOLLOWED BY A STRONG 650 CONTRACT ISSUED THURSDAY OCT 2 FOR 2.0217 TONNES AND THAT WAS FOLLOWED THE NEXT DAY BY ANOTHER HUGE 1320 CONTRACT ISSUANCE FOR 13200 OZ OR 4.1057 TONNES. TOTAL ISSUANCE SO FAR ON 3 OCCASIONS IS 7.682 TONNES.
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: SEVEN ISSUANCES FOR 7370 CONTRACTS SO FAR FOR 737,000 OZ OR 22.923 TONNES OF GOLD!!
OCTOBER: FIRST INITIAL ISSUANCE OF 500 CONTRACTS FOR 50,000 OZ OR 1.555 TONNES OF GOLD. THIS WAS FOLLOWED BY AN ISSUANCE OF 650 CONTRACTS OR 65000 OZ OR 2.0217 TONNES. THEN ON OCT 3 WE RECEIVED OUR 3RD NOTICE FOR A HUGE 1320 CONTRACTS OR 132000 OZ OR 4.1057. TOTAL ISSUANCE ON 3 OCCASIONS: 7.682 TONNES
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 126 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 OCT//ONLY MISSING JUNE. TOTAL 9 MONTHS ISSUANCE 118 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 OCTOBER COMEX MONTH//
IN TOTAL WE HAD A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 5,818 CONTRACTS DESPITE OUR 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 1.5% LATELY AS GOLD IN LONDON IS STILL EXTREMELY SCARCE. THE FORCE MAJEURE AT GRASBERG IS CERTAINLY HAVING AN EFFECT ON LEASE RATES IN LONDON WITH RESPECT TO GOLD/SILVER.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE THROUGH SEPTEMBER/OCT 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 1496 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 THIS PAST WEDNESDAY WITH MUCH FAILURE AS THE TOTAL OPEN INTEREST REFUSES TO BUCKLE!! THIS LEADS US TO YESTERDAY, FIRST DAY NOTICE SEPT 30 AND THE LAST POSSIBLE DAY FOR A RAID AND TRUE TO FORM OUR CROOKS DECIDED TO RAID MUCH TO THE DELIGHT OF OUR BOYS IN LONDON WHO PICKED UP EXTRA AMOUNTS OF GOLD AND TENDERED FROM THIS SHORT PAPER ISSUANCE. THEN MUCH TO MY ANGER THEY DECIDED TO RAID AGAIN ON OCT 2 WITH CHINA OFF THIS WEEK FOR THEIR FALL FESTIVAL AND OF COURSE THE IMPORTANT RELIGIOUS HOLIDAY FOR THE JEWISH PEOPLE YESTERDAY, YOM KIPPUR. AGAIN THIS ENDED IN ABSOLUTE FAILURE AS LONDON AGAIN CAME TO THE RESCUE (MARCHING TO WILLIAM TELL’S OVERTURE) WITH THEIR MASSIVE TENDERING FOR PHYSICAL. YOU CAN JUST VISUALIZE THE MASSIVE HEADACHE THE CROOKS UNDERWENT WITH THIS PHYSICAL TENDERING FOR GOLD.
THE T.A.S. LIQUIDATION OF THESE T.AS. CONTRACTS CONTINUED YESTERDAY AND TODAY AND THAT IS THE REASON WHY WE ARE HAVING HUGE DISTORTED COMEX OPEN INTEREST LOSSES IN OI. HOWEVER 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/OCTOBER COMEX GOLD TOTALS WITH MASSIVE GOLD TONNES STANDING FOR GOLD AND THE HUGE QUEUE JUMPING THAT FOLLOWED!
HERE IS A SUMMARY OF GOLD STANDING FOR DELIVERY ON OUR LAST7 MONTHS:
FOR APRIL AT 209 + TONNES
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!!!
FINAL 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 0.4883 TONNES QUEUE JUMP TO GO ALONG WITH TODAY’S 2.817 TONNES OF EXCHANGE FOR RISK ISSUANCE TODAY AND // TOTAL EXCHANGE FOR RISK ISSUANCE SEPT: 22.923 TONNES//NEW TOTALS STANDING ADVANCES TO 48.801 TONNES OF GOLD!!!
AND THIS NOW BRINGS US TO OCTOBER WHERE INITIAL AMOUNT OF GOLD STANDING IS 28,988 CONTRACTS FOR 90.114 TONNES OF GOLD TO WHICH WE ADD OUR MASSIVE QUEUE JUMP OF 4.898 TONNES QUEUE JUMP AND THIS WAS AUGMENTED BY AN UNUSUAL 50000 CONTRACT EXCHANGE FOR RISK ISSUED ON FIRST DAY NOTICE AND THEN ON TWO SEPARATE OCCASIONS, OCT 2 AND OCT 3, A TOTAL OF 650 CONTRACTS AND THEN 1,320 CONTRACTS.//THUS TOTAL ISSUANCE, EXCHANGE FOR RISK TOTALS 7.632 TONNES OF GOLD. TOTAL AMOUNT STANDING FOR GOLD RISES TO 102.702 TONNES!!
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 OF GOLD QUEUE JUMPING AND EXCHANGE FOR RISK ISSUANCE: AUGUST THROUGH OCTOBER AND SUBSEQUENT STANDING FOR GOLD.
AUGUST: TOTAL QUEUE JUMPING AND TOTAL EXCHANGE FOR RISKS ISSUANCE FOR THE MONTH OF AUGUST; AND THUS STANDING:
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.
SEPTEMBER: TOTAL EXCHANGE FOR RISK AND QUEUE JUMPING; STANDING FOR GOLD
SUMMARY SEPT: 8.093 TONNES INITIALLY STANDING FOR GOLD // 7 ISSUANCES OF 22.923 TONNES OF EXCHANGE FOR RISK ISSUANCE/ SEPT MONTH AND THIS IS ADDED TO OUR NORMAL DELIVERY OF 25.878 TONNES
THAT IS;
A) //TOTAL FOR MONTH EXCHANGE FOR RISK/MONTH: 22.923 TONNES EX FOR RISK!!
B) //NORMAL DELIVERY OF 25.878 TONNES
TOTALS: 48.801 TONNES FINAL STANDING FOR GOLD/SEPT.
AND THIS BRINGS US TO OCTOBER:
OCTOBER: INITIAL STANDING FOR GOLD: 90.164 TONNES TO WHICH WE ADD TODAY;S 4.898 TONNES OF QUEUE JUMP TO OUR INITIAL 50,000 OZ OR 1.555 TONNES OF EX FOR RISK. THIS WAS FOLLOWED ON OCT 2 AND OCT 3 ANOTHER 2 ISSUANCES FOR 1,970 CONTRACTS OR 19,700 OZ OR 6.127 TONNES. NEW EXCHANGE FOR RISK/3 OCCASIONS RISES TO 7.682 TONNES
THAT IS;
a) INITIAL STANDING 90.164 TONNES
b) INITIAL EXCHANGE FOR RISK ISSUANCE OF 500 CONTRACTS FOR 50,000 OZ OR 1.555 TONNES
c) ANOTHER 2 EXCHANGE FOR RISK ISSUANCES OF 1970 CONTRACTS FOR 19,700 OZ OR 6.127 TONNES
TOTAL EXCHANGE FOR RISK OCT: 7.682 TONNES
D) FIRST MASSIVE QUEUE JUMP OF 4.898 TONNES OF GOLD
EQUALS
102.702 TONNES OF GOLD!!
EXCHANGE FOR PHYSICAL ISSUANCE/OCT
THE CME REPORTS THAT THE BANKERS ISSUED A VERY STRONG SIZED EXCHANGE FOR PHYSICAL OF 5,900 CONTRACTS.
THAT IS A STRONG SIZED 5,900 EFP CONTRACT WAS ISSUED: : /DEC 5900 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 5,900 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 :
- MASSIVE LIQUIDATION OF OUR T.A.S. SPREADERS//THURSDAY AND THIS HAD A HUGE EFFECT ON OUR TOTAL OPEN INTEREST.
- MONTH END SPREADERS HAVE NOW COME INTO THE PICTURE AND IT WAS IN FULL FORCE ON FIRST DAY NOTICE WITH OUR ATTEMPTED FAILED RAID, FOLLOWED BY ANOTHER RAID IN OFF HOURS AND THAT ENDED IN TOTAL FAILURE!
T.A.S.SPREADER ISSUANCE//OCT
AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR TUESDAY NIGHT/WEDNESDAY MORNING WAS A FAIR SIZED SIZED 1401 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 MASSIVE LOSS 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
- TO BE FOLLOWED BY SEPTEMBER’S 7 ISSUANCES FOR EXCHANGE FOR RISK FOR 22.923 TONNES.
- TO BE FOLLOWED BY OCTOBER’S 3 ISSUANCES FOR 7.682 TONNES
GOLD STANDING AT THE COMEX FOR GOLD LAST 9 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 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.
SEPT:
SEPT: 25.878 TONNES OF GOLD INITIAL GOLD STANDING TO WHICH WE ADD OUR 22.923 TONNES OF EXCHANGE FOR RISK ISSUED 7 TIMES DURING THE MONTH:
TOTAL EX FOR RISK// FOR MONTH = 22.923//NEW TOTALS FOR GOLD STANDING SEPT ADVANCES TO 48.801 TONNES
THIS IS HUGE FOR A GENERALLY WEAK SEPTEMBER DELIVERY MONTH.
AND NOW OCTOBER: INITIAL AMOUNT OF GOLD STANDING: 90.164 TONNES OF GOLD FOLLOWED BY 4.898 TONNES OF QUEUE JUMPING WHICH MUST BE ADDED TO OUR INITIAL 1.555 TONNES OF GOLD EX FOR RISK, THEN ANOTHER TWO ISSUANCES FOR 6.27 TONNES//TOTAL EX FOR RISK 7.682 TONNES..THUS TOTAL TONNES OF GOLD STANDING FOR OCT INCREASES TO 102.702 TONNES.
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS OF 2021-2024:
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:STANDING FOR GOLD/COMEX
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
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COMEX GOLD TRADING BEGINNING OCT,. CONTRACT;
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY A $28.75./ /) BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SPECULATOR LONGS AS WE DID HAVE A STRONG SIZED GAIN IN OI FROM TWO EXCHANGES. BUT AS EXPLAINED ABOVE WE HAD MASSIVE T.A.S. SPREADER LIQUIDATION THURSDAY.THIS WAS COUPLED WITH GOVERNMENT LIQUIDATING THEIR CONTRACTS OUT OF SEVERE FEAR!!(PRELIMINARY NUMBERS LOWERED TO FINAL SHOWING MASSIVE LIQUIDATION) /// 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 NOW IN ORDER TO FORMALIZE RAIDS: OUR CROOKS TRIED AGAIN LATE YESTERDAY WITH CHINA OUT FOR A WEEK, WITH NOT MUCH LUCK,
FRIDAY MORNING//THURSDAY NIGHT
THE CROOKS HOWEVER COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL THURSDAY EVENING/ FRIDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING WEEKS TO DELIVER
ANALYSIS SOCT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// OCT COMEX CONTRACT
WE HAVE A SMALL SIZED LOSS TOTAL OF 1.160 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR OCT AT 90.164 TONNES TO BE FOLLOWED BY TODAY’S HUGE 4.898 TONNES OF QUEUE JUMP AND THIS WAS COUPLED STRANGELY WITH OUR INITIAL 50,000 OZ EXCHANGE FOR RISK ISSUANCE//1.555 TONNES AND THEN TWO MORE ISSUANCES, EX. FOR RISK, FOR A NEW TOTAL EX FOR RISK/3 OCCASIONS IS 7.682 TONNES./ NEW TOTAL STANDING 102.702 TONNES.
ALL OF THIS HUGE STANDING FOR OCTOBER WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $25.75
WE HAD A HUGE 6191 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 373 CONTRACTS OR 37,300 0Z (1.160TONNES)
speculators have left the gold arena
INITIAL GOLD COMEX
OCT CONTRACT MONTH
OCT 3 /2025
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 2 entries i) Out of Asahi 16,000.654 oz ii) Out of Loomis 1607.650 oz (50 kilbars) total withdrawal: 17,608.204 oz . |
| Deposit to the Dealer Inventory in oz | 1 ENTRIES i) Into Loomis: 22,570.002 oz (702 kilobars) total deposit dealer: 22,570.002 oz (0.702 tonnes) |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER 1 ENTRIES i) Into Brinks customer account: 27,899.440oz total deposit 27,899.440 OZ in tonnes: .867 tonnes total tonnage dealer and customer: 2.858 tonnes xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 1121 notice(s) 112,100 OZ 3.486 TONNES |
| No of oz to be served (notices) | 331 contracts 33100OZ 1.029 TONNES |
| Total monthly oz gold served (contracts) so far this month | 30.218 notices 3,021,800 oz 93.99 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month |
dealer deposits: 1
1 ENTRIES
i) Into Loomis: 22,570.002 oz
(702 kilobars)
total deposit dealer: 22,570.002 oz
(0.702 tonnes)
xxxxxxxxxxxxxxxxxxxxx
DEPOSITS/CUSTOMER
0 ENTRIES
total deposit nil OZ
in tonnes: .000 tonnes
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
customer withdrawal
2 entries
i) Out of Asahi 16,000.654 oz
ii) Out of Loomis 1607.650 oz (50 kilbars)
total withdrawal: 17,608.204 oz
ADJUSTMENTs 1
dealer to customer
Asahi 62,640.435 oz (1949 kilobars)
volume at the comex: THURSDAY: 304,647 oz (strong)
AMOUNT OF GOLD STANDING FOR OCTOBER
THE FRONT MONTH OF OCTOBER STANDS AT 2901 CONTRACTS FOR A LOSS OF 3694 CONTRACTS.
WE HAD 5269 CONTRACTS FILED YESTERDAY SO WE GAINED A MASSIVE 1575 CONTRACT QUEUE JUMP FOR 157500 OZ OR 4.898 TONNES OF GOLD. THUS OUR NEW NORMAL DELIVERY RISES TO 95.020 TONNES WHICH INCLUDES ALL PREVIOUS QUEUE JUMP) PLUS OUR 7.682 TONNES EX FOR RISK//NEW TOTAL STANDING FOR GOLD; 105.702 TONNES
NOVEMBER GAINED 55 CONTRACTS UP TO 4503 CONTRACTS.
DECEMBER LOST 3565 CONTRACTS DOWN TO 394,434 CONTRACTS.
We had 2570 contracts filed for today representing 257,000 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 59 notices issued from their client or customer account. The total of all issuance by all participants equate to 2570 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer an 1397 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for OCT /2025. contract month, we take the total number of notices filed so far for the month (30,218 oz ) to which we add the difference between the open interest for the front month of OCT ( 2901 CONTRACTS) minus the number of notices served upon today (2570 x 100 oz per contract) equals 3,054900 OZ OR 95.020 TONNES OF GOLD TO WHICH WE ADD OUR INITIAL 1.555 TONNES OF EXCHANGE FOR RISK TO YESTERDAY’S AND TODAY;S 6.127 TONNES //NEW TOTALS EX FOR RISK 7.682//NEW TOTALS STANDING FOR GOLD OCTOBER ADVANCES TO 102.702 TONNES
thus the INITIAL standings for gold for the OCT contract month: No of notices filed so far (30,218 x 100 oz +we add the difference for front month of OCT. (2902 OI} minus the number of notices served upon today (2570 x 100 oz) which equals 3,054,900 OZ OR 95.020 TONNES + 7.682 TONNES EXCHANGE FOR RISK//NEW TOTAL OF GOLD STANDING IN OCT OBER: 102.702 TONNES
TOTAL COMEX GOLD STANDING FOR OCT..: 102.702 TONNES TONNES WHICH IS HUGE FOR THIS NORMALLY SMALL ACTIVE ACTIVE DELIVERY MONTH OF OCT.
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COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 2,020,890.710 oz 62.85 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 40,110,882.158 oz
TOTAL REGISTERED GOLD 21,549.905.765 or 670.029 tonnes
TOTAL OF ALL ELIGIBLE GOLD 18,560,976.393 OZ
END
REGISTERED GOLD THAT CAN BE SERVED UPON 1,999,430oz ((REG GOLD- PLEDGED GOLD)= 621.90 tonnes // (
total inventories in gold declining rapidly
SILVER/COMEX
SILVER/COMEX
THE OCT. 2025 SILVER CONTRACTS
OCT 6 2025
INITIAL/
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 2 entries a) Out of CNT 200,133.071 OZ b) Out of STONEX: 133,900..550 oz total withdrawal: 334,433.621 oz |
| Deposits to the Dealer Inventory | 0 ENTRY |
| Deposits to the Customer Inventory | 4 entries i) Into Asahi: 598,249.820 oz ii) Into CNT 533,710.850 oz iii) Into Delaware 0131.556 oz iv) Into Loomis 599,682.230 oz total deposit: 1,732,674.500 oz |
| No of oz served today (contracts) | 349 CONTRACT(S) ( 1.745 MILLION OZ |
| No of oz to be served (notices) | 116 contracts (0.580 MILLION oz) |
| Total monthly oz silver served (contracts) | 2819 Contracts (14.095 oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
DEPOSITS INTO DEALER ACCOUNTS
0 ENTRY
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
4 entries
i) Into Asahi: 598,249.820 oz
ii) Into CNT 533,710.850 oz
iii) Into Delaware 0131.556 oz
iv) Into Loomis 599,682.230 oz
total deposit: 1,732,674.500 oz
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx)
withdrawals: customer side/eligible
2 entries
a) Out of CNT 200,133.071 OZ
b) Out of STONEX: 133,900..550 oz
total withdrawal: 334,433.621 oz
adjustments: 5 dealer to customer
a) Asahi 19,807.700 oz
b) Brinks 2,554,446.310 oz
c) Delaware: 4998.612 oz
d) Manfra; 46,421.700 oz
e) Stonex 472,620.890 oz
one adjustment customer to deaer
CNT 686,235.094 oz
TOTAL REGISTERED SILVER: 189.696 MILLION OZ//.TOTAL REG + ELIGIBLE. 531.873 Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR OCT.
silver open interest data:
FRONT MONTH OF OCT /2025 OI: 465 OPEN INTEREST CONTRACTS FOR A GAIN OF 70 CONTRACTS.
WE HAD 65 CONTRACTS SERVED YESTERDAY, SO WE GAINED 135 CONTRACTS WHICH UNDERWENT A STRONG QUEUE JUMP OF 675,000 OZ. THIS IS THE SECOND DAY IN A ROW FOR HUGE QUEUE JUMPS IN SILVER.
STANDING FOR SILVER OCT ADVANCES TO 14.675 MILLION OZ
NOVEMBER GAINED 208 CONTRACTS UP TO 2533
DECEMBER LOST 1054 CONTRACTS DOWN TO 131,902
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 349 or 1,745,000 oz
CONFIRMED volume; ON THURSDAY 126,060 huge//
AND NOW OCT. DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in OCTOBER. we take the total number of notices filed for the month so far at 2819 X5,000 oz = 14.095 MILLION oz
to which we add the difference between the open interest for the front month of OCT (465) AND the number of notices served upon today (349 )x (5000 oz)
Thus the standings for silver for the OCTOBER 2025 contract month: (2819) Notices served so far) x 5000 oz + OI for the front month of OCTOBER(465) minus number of notices served upon today (349)x 5000 oz equals silver standing for the OCT.contract month equating to 14.675 MILLION OZ
New total standing: 14.675 million oz which is HUGE for this NON active delivery month of OCT. 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 189.696 million oz of registered silver
JPMorgan as a percentage of total silver: 210.283/531.873million. 39.60%
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!
OCT 3 WITH GOLD UP $38.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD A MASSIVE DEPOSIT OF 2.86 TONNES OF GOLD VAPOUR ENTERED INTO THE GLD. . /// ///INVENTORY RESTS AT 1015.74 TONNES
OCT 1 WITH GOLD UP $25.65 TODAY/HUGE CHANGES IN GOLD AT THE GLD A MASSIVE DEPOSIT OF 1.15 TONNES OF GOLD VAPOUR ENTERED INTO THE GLD. . /// ///INVENTORY RESTS AT 1012.88TONNES
SEPT 30 WITH GOLD UP $18.95 TODAY/HUGE CHANGES IN GOLD AT THE GLD A MASSIVE DEPOSIT OF 6.01 TONNES OF GOLD VAPOUR ENTERED INTO THE GLD. . /// ///INVENTORY RESTS AT 1011.73 TONNES
SEPT 29 WITH GOLD UP $48.65 TODAY/HUGE CHANGES IN GOLD AT THE GLD A MASSIVE DEPOSIT OF 8.87 TONNES OF GOLD VAPOUR ENTERED INTO THE GLD. . /// ///INVENTORY RESTS AT 1005.72 TONNES
SEPT 26 WITH GOLD UP $38.40 TODAY/NO CHANGES IN GOLD AT THE GLD . /// ///INVENTORY RESTS AT 996.85 TONNES
SEPT 25 WITH GOLD UP $5.70 TODAY/HUGECHANGES IN GOLD AT THE GLD A 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
GLD INVENTORY: 1015.74 TONNES, TONIGHTS TOTAL
SILVER
OCT 3 WITH SILVER UP $1.43 TODAY/HUGE CHANGES IN SILVER AT THE SLV A HUGE WITHDRAWAL OF 8.893 MILLION OZ OF SILVER OUT OF THE SLV/: /// ///INVENTORY RESTS AT 495.394 MILLION OZ
OCT 1 WITH SILVER UP $1.09 TODAY/HUGE CHANGES IN SILVER AT THE SLV A HUGE DEPOSIT OF 5.264 MILLION OZ OF SILVER DEPOSITED INTO THE SLV/: /// ///INVENTORY RESTS AT 504.287 MILLION OZ
SEPT 30 WITH SILVER DOWN $0.34 TODAY/HUGE CHANGES IN SILVER AT THE SLV A HUGE DEPOSIT OF 5.129 MILLION OZ OF SILVER DEPOSITED INTO THE SLV/: /// ///INVENTORY RESTS AT 499.023 MILLION OZ/
SEPT 29 WITH SILVER UP $0.37 TODAY/SMALL CHANGES IN SILVER AT THE SLV A SMALL WITHDRAWAL OF 0.908 MILLION OZ OF SILVER DEPOSITED OUT OF THE COMEX/: /// ///INVENTORY RESTS AT 493.894 MILLION OZ//
SEPT 26 WITH SILVER UP $1.58 TODAY/SMALL CHANGES IN SILVER AT THE SLV A SMALL DEPOSIT OF 0.681 MILLION OZ OF SILVER DEPOSITED INTOTHE COMEX/: /// ///INVENTORY RESTS AT 494.802 MILLION OZ//
SEPT 25 WITH SILVER UP $1.44 TODAY/HUGE CHANGES IN SILVER AT THE SLV A MASSIVE WITHDRAWAL OF 3.222 MILLION OZ OF SILVER OUT OF THE COMEX THE COMEX/: /// ///INVENTORY RESTS AT 494.121 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./
CLOSING INVENTORY 495.394 MILLION OZ//
PHYSICAL GOLD/SILVE
1/PETER SCHIFF
JOHN RUBINO
JAMES RICKARDS
2. MATHEW PIEPENBERG/VON GREYERZ
ALASDAIR MACLEOD
Where are the bulls?
Comex is effectively the largest gold and silver mine, with stand for deliveries a source for bullion. The conversion of paper gold and silver into bullion is now conspicuous. It cannot last.
| Alasdair MacleodOct 3∙Paid |
As our headline chart illustrates, gold and particularly silver have had a good week with prices continuing to rise. In European trade this morning, gold was $3860, up $101 from last Friday’s close. And silver at $47.33 was up $1.30 on the week. So far this year, gold is up 47% and silver by 63%.
The question on everyone’s lips is will it continue?
The answer appears to be in the affirmative. Look at the relation between Comex open interest and the price in the silver contract:
The 63% rise in silver has been driven by a massive bear squeeze on Comex and not speculator interest, which has broadly moved sideways for the last eighteen months. In theory, bullion banks run short positions on Comex to hedge their longs on the LBMA. But backwardations and high lease rates in London tell us that this is not so: the bear squeeze is on London as well. And while the shorts appear to be holding their ground by containing open interest, the damage to them is from soaring prices.
This contract has turned into something no one expected, and that’s a delivery mechanism for buyers demanding physical bullion. This week, stand for deliveries for silver in the first four days were for 393 tonnes, making the total for the year 11,244. This is 60% of estimated total mine production this year so far. In effect, Comex is the largest silver mine in the world, and the strains are beginning to show.
Similarly, with gold. The first four days of this week saw stand for deliveries totalling 86.6 tonnes, taking the annual total to 990 tonnes. This is three times China’s annual output, making Comex the largest gold producer as well. The relationship between open interest on Comex and the price is next:
Here again, while open interest is volatile, its declining trend while the price rises is clear evidence of a systemic squeeze on the establishment bullion bank traders, not being driven by speculative demand. Indeed, within subdued open interest, there are shorts in the speculator category totalling 92,088 contracts on the last Commitment of Traders report (23 September). They will be praying that they are not going to be asked to deliver gold which they obviously have not got. And they should buy back these positions if they do nothing else.
The value of gross and net shorts in the swaps category is at all-time highs and must be hurting badly on every $100 jump in the gold price:
The gross short position is costing 28 participants a total of $108.5bn. That is over three times pre-covid levels.
Covid lockdowns certainly destabilised the global economy, leading to an explosion of debt in welfare-driven nations. It is this explosion which is flooding the world with credit, distorting asset values and undermining currencies’ purchasing powers. This debt-cum-credit bubble is breaking apart the fiat currency system, as China, Russia, and their cohorts in the Shanghai Cooperation organisation, BRICS, and the wider lobal south all run for cover.
So far, western investors appear to be blissfully unaware of what is happening, but some are just beginning to realise they should be buying gold, or if they feel the need to catch up perhaps some silver. Demand for ETFs are the best indicator of this awakening demand. But as the World Gold Council’s chart shows, the amounts going into ETFs are still derisory in the context of global portfolios estimated at over $300 trillion.
Portfolio adjustments in favour of gold, silver, and commodities generally are yet to come. And when it does, Comex and London are bound to face far greater challenges than an old fashioned bear squeeze.
end
3. CHRIS POWELL AND GATA GOLD DISPATCHES/OTHER GOLD RELATED TOPICS
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS 243/
5. COMMODITY REPORT SILVER
Silver Squeeze 2.0: 10x Gains as Deficits Squeeze Supplies Dry – David Morgan
by ITM Trading
Wednesday, Oct 01, 2025 – 12:23
Brace yourselves: a global precious metals upheaval is brewing. David Morgan, author of The Silver Manifesto, warns this isn’t a localized crisis—it’s a worldwide event. With central banks scrambling and the dollar under pressure, industrial demand now devours 70% of silver, forcing the market to consume above-ground supply just to balance.
Gold is already in hyper-acceleration, smashing records, but Morgan says silver’s trajectory could dwarf it. “Gold may hit $4,000, out of reach for the average person, but silver at $40? That’s when silver takes the lead,” he says. Epic, historic, and inevitable—silver could soon outshine gold.
Follow Daniela on X: Daniela Cambone
About ITM Trading: ITM Trading has been a trusted leader in precious metals for over 28 years, helping clients protect and grow their wealth with custom gold and silver strategies designed for economic downturns and currency resets.
Contributor posts published on Zero Hedge do not necessarily represent the views and opinions of Zero Hedge, and are not selected, edited or screened by Zero Hedge editors.
END
COPPER
Copper Highest In Year On Supply Disruptions Collide With AI And Power Grid Demand
Thursday, Oct 02, 2025 – 05:40 PM
Copper futures on the London Metal Exchange rose above $10,500 a ton – the highest since May 2024 – driven by a mix of investing themes, macro tailwinds, and worsening supply outlook.
Freeport-McMoRan’s (FCX) recent force majeure declaration at Indonesia’s giant Grasberg mine, the world’s second-largest copper source, adds to mounting disruptions already squeezing the market. Add growing demand from AI data centers and grid upgrades, and the shiny industrial metal looks poised for further upside.
Last week, Goldman’s commodity specialist James McGeoch called the Grasberg mine incident a “black swan event”… The full note can be read here.
The Grasberg mine incident highlights the copper market’s vulnerability to global supply shocks and is just the latest disruption to the industry. It follows Hudbay Minerals’ disclosure last month that it was shutting operations at a mill at its Constancia mine site in Peru due to ongoing social unrest.
Supply woes for the industrial metal are colliding with rising demand for “The Next AI Trade” and “Powering Up America” themes, and more recently, Goldman told clients that the power grid is a “vulnerable link in energy security.”
In other words, analysts Lina Thomas and Daan Struyven told clients last week, “The need to invest in the power grid – a vulnerable link in the energy supply chain – and the associated metals demand boost are becoming more acute with the rise of AI, geopolitical tensions, and the shift to hybrid warfare.”
Both analysts pointed out that with AI and defense putting the power grid at the center of energy security, copper is the new oil.
“Such grid upgrades are metals-intensive: we expect grid and power infrastructure to drive ~60% of global copper demand growth through the end of the decade, adding the equivalent of another US to global demand and underpinning our bullish copper price forecast of $10,750/t by 2027,” they said.
With that being said. Copper prices are marching higher.
. . .
END
RARE EARTHS
USA Rare Earth Shares Spike More Than 18% On News Of Talks With Trump Administration
Friday, Oct 03, 2025 – 01:20 PM
USA Rare Earth shares rose more than 18% to a record high Friday after CEO Barbara Humpton said the company was in “close discussions with the White House” during a CNBC interview. We have highlighted the name multiple times when discussing potential rare earth companies that the Trump administration could take interest in. We also noted MP Materials months ago before the company’s nearly 400% ascent.
Humpton’s remarks follow the Trump administration’s 5% stakes in Lithium Americas and its Thacker Pass joint venture with General Motors earlier this week. In March, Trump invoked emergency powers to boost U.S. mineral output after China halted rare earth exports, underscoring the need for domestic supply.
Recall, just hours ago we noted that as part of America’s Industrial Policy transformation, The Trump administration is pressing companies across nearly 30 industries to strike deals that advance national and economic security goals.
Officials are offering tariff relief, revenue guarantees, and even government equity stakes in exchange for concessions. The rapid pace of negotiations is aimed at securing political wins for President Donald Trump before the 2026 midterm elections, sources said.
Commerce Secretary Howard Lutnick has emerged as the administration’s lead dealmaker, overseeing government stakes in Intel and Nippon Steel’s purchase of U.S. Steel. “If we’re going to give you the money, we want a piece of the action,” Lutnick said in August. He is building out a Wall Street-heavy team under a new U.S. Investment Accelerator, seeded in part with $550 billion from Japan as part of its trade commitments.
The International Development Finance Corporation, originally tasked with overseas projects, is also central to the strategy. A June proposal before Congress would expand its mandate and increase its firepower to $250 billion, creating an equity fund to support critical supply chains, energy, minerals, and infrastructure.
Reuters reports that the administration’s outreach spans semiconductors, AI, shipbuilding, critical minerals, energy, and pharmaceuticals. On Tuesday, Trump announced a White House deal with Pfizer to cut drug prices in exchange for tariff relief, declaring: “The United States is done subsidizing healthcare of the rest of the world.”
Companies are learning the optics are as important as the agreements. Eli Lilly was pressed by the administration after announcing new U.S. plants without including Trump. “As an American company, Lilly is committed to expanding manufacturing capacity in the U.S.,” a spokesperson said. Pfizer and AstraZeneca declined comment.
And we continue to watch the nuclear space closely, where we have speculated that names like Centrus Energy (LEU) could be in line for attention from the adminstration.
ASIAN MARKETS THIS FRIDAY MORNING:
SHANGHAI CLOSED
//Hang Seng CLOSED CLOSED
// Nikkei CLOSED : UP 832.77 PTS OR 1.85% //Australia’s all ordinaries CLOSED UP 0.52%
//Chinese yuan (ONSHORE) CLOSED XXXX OFFSHORE CLOSED DOWN AT 7.1336/ Oil DOWN TO 60.97 dollars per barrel for WTI and BRENT DOWN TO 64.59 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING XXXX LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN HOLIDAY IN TRADING AT XXXX AND XXXX//OFF SHORE YUAN TRADING DOWN TO 7.1336 AGAINST US DOLLAR/ AND THUS WEAKER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED HOLIDAY
OFFSHORE YUAN: DOWN TO 7.1336
HANG SENG CLOSED HOLIDAY
2. Nikkei closed UP 832.77 PTS OR 1.85%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX DOWN TO 97.47 EURO RISES TO 1.1737 UP 12 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +1.659//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 147.40…… 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: 3.151 UP 2 BASIS PTS.
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: XXX OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and DOWN FOR BRENT this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.7056// Italian 10 Yr bond yield DOWN to 3.549 SPAIN 10 YR BOND YIELD DOWN TO 3.243
3i Greek 10 year bond yield DOWN TO 3.396
3j Gold at $3863.00 Silver at: 47.37 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 1 AND 76 /100 roubles/dollar; ROUBLE AT 82.13
3m oil (WTI) into the 60 dollar handle for WTI and 64 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 147.40/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.659% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING.//JAPAN 30 YR: 3.154 DOWN 2 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7968 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9352 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: 4.095 UP 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.698 UP 0 BASIS PTS/
USA 2 YR BOND YIELD: 3.553 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 41.69 UP 10 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.7010 DOWN 2 PTS BUT STILL ESCALATING RAPIDLY
30 YR UK BOND YIELD: 5.507 DOWN 2 BASIS PTS
10 YR CANADA BOND YIELD: 3.176 DOWN 1 BASIS PTS
5 YR CANADA BOND YIELD: 2.722 DOWN 2 BASIS PTS.
2a New York OPENING REPORT
Futures Hit Another All Time High As Government Shutdown Enters Day 3
by Tyler Durden
Friday, Oct 03, 2025 – 08:35 AM
US equity futures are heading into Day 3 of the US government shutdown on pace for what is now another daily all time high. S&P 500 and Nasdaq 100 futures rose 0.1% as of 8:15 am in New York, on course for the longest winning streak since July. Pre-market, Mag 7 are all higher led by TSLA (+1.6%), NVDA (+0.6%) and AMZN (+0.6%). European stocks enjoyed similar as the tech-fueled rally continues. Nikkei rose almost 2% after Japan’s Hitachi teamed up with OpenAI and Fujitsu, expanding its collaboration with Nvidia. Today’s job report will become the latest casualty of the Democrats’ government shutdown, and that’s actually helping to keep volatility subdued, according to ING strategists. Bond yields are mostly unchanged; USD is lower. Energy and precious metals are both higher. Gold was on track for a seventh weekly gain, fueled by central bank buying amid falling US interest rates and lingering inflation concerns. There’s also a view that the underlying labor market likely isn’t as weak as the ADP print estimated this week. There have not been much incremental updates overnight as investors are still waiting for updates from the White House. The only major data release we will receive will be ISM Services which is expected to print at 51.7 vs. 52.0 prior.
In premarket trading Mag 7 stocks are all higher (Tesla +1.2%, Meta +0.5%, Nvidia +0.4%, Amazon +0.4%, Alphabet +0.2%, Microsoft +0.1%, Apple +0.1%).
- Applied Materials (AMAT) is down 2.6% after the semiconductor-equipment maker said net revenue for FY 2026 is set to decrease by $600 million due to a new rule by the US Department of Commerce’s Bureau of Industry and Security.
- Freeport-McMoRan Inc. (FCX) rises 1.3% after UBS upgraded the metals company to buy from neutral.
- Maplebear (CART), doing business as Instacart, falls 1% after Piper Sandler analyst Tom Champion cut his recommendation on the delivery-services provider to neutral from overweight, citing intensifying competitive pressures.
- Tronox Holdings (TROX) is down 2.7% as JPMorgan downgrades to neutral from overweight, saying conditions in the titanium-dioxide industry have become more difficult near term.
- Baidu Inc. US shares (BIDU) are up 1.2% after Morgan Stanley raised its price target on the China-based search engine to $140 from $100.
- USA Rare Earth (USAR) shares rise 9.6% after CNBC reported that the company is in close communication with the Trump administration, when asked whether it would be open to a deal with the US government.
In corporate news, Boeing’s 777X is said to fly commercially for the first time in early 2027 instead of next year, a fresh setback to the US planemaker. A large blaze has broken out after an explosion at a Chevron refinery in Los Angeles County, according to CBS News. Tesla was sued over claims that defects in the doors of a crashed Cybertruck made it a “death trap.”
Investors are wagering that the billions pouring into the AI sector will translate into profits and extend gains in tech shares. So far none of that has happened. Meanwhile, the rally underscores how bullish momentum is overshadowing concerns about a US government shutdown, now in its third day and prompting a blackout in key economic data. In fact, it’s been 114 trading sessions since the S&P 500 had a 5% pullback, as US stocks take investors on a one-way ride up. Not surprisingly, Bloomberg Intelligence found that bears are becoming a vanishing breed, as bullish call option volumes posts new records and shorting has become increasingly dangerous in the meme-stock era. Global equity ETFs saw $152 billion of inflows in the past three weeks, the most on record, according to BofA strategists citing EPFR Global data.
“Financial market volatility is falling across the board, partly driven by the US government shutdown and the delay to key data releases such as the September jobs data,” wrote ING strategists Chris Turner and Francesco Pesole. “Instead, investors remain transfixed by the AI-driven rally in megacap tech shares, which shows no signs of slowing.”
One way to play the AI mania is to barbell valuation extremes using cheap cyclical assets against rich tech, according to BofA’s Michael Hartnett. Fueling the excitement this week: Global Infrastructure Partners is in advanced talks to acquire Aligned Data Centers, while OpenAI continues to announce new partnerships. VC’s have poured $192.7 billion into AI startups so far this year, setting new global records according to PitchBook data.
The continued optimism around AI is stoking questions over how far the rally can run. Concerns are growing that valuations look overheated as spending has yet to translate into earnings.
“The market may well start asking questions whether current valuation levels are justified,” said Wolf von Rotberg, equity strategist at Bank J. Safra Sarasin. “Further upside is set to be much more gradual, with risks of a setback fairly elevated.”
Even as investors remain transfixed by AI and the hype that surrounds it, they’re keeping one eye on the relentless rally in gold. Central banks around the world are accumulating the metal, while a gauge of gold mining stocks has significantly outperformed chip makers this year.
European stocks are on track for their strongest week since May, gaining for a sixth day in a row, driven by investor optimism over artificial intelligence developments. In individual stocks, Barry Callebaut shares jump after Bloomberg News revealed the Swiss company’s main shareholder previously explored taking the chocolate maker private. Stoxx 600 rises 0.4% to 569.9 with 461 members up, 128 down, and 11 unchanged. Here are the biggest movers Friday:
- Barry Callebaut shares rise as much as 8.2%, climbing to their highest level since March, after Bloomberg News reported that the Swiss company’s main shareholder previously explored taking the chocolate maker private
- Galapagos rises as much as 7.7%, hitting their highest level since 2024, after a report by newspaper De Tijd that former CEO Paul Stoffels has formed a consortium to table a bid for the biotech company’s cell therapy business
- Raiffeisen gains as much as 8.9% after the FT reported the EU is preparing to lift sanctions on assets linked to Russian oligarch Oleg Deripaska to compensate Raiffeisen Bank International for damages it had to pay in Russia
- Diploma gains as much as 4.1% after the building components supplier received a double-upgrade from RBC Capital Markets, with analysts describing the firm as “one of the safest growth names in the wider sector”
- Kongsberg gains as much as 2.1% after being upgraded to hold from sell at Pareto Securities, with the broker noting the Norwegian company has underperformed its European defense-sector peers, but has recently re-rated
- Intertek Group rises as much as 1.2% as BofA Securities describes the testing group as “best in class” and reinstates coverage with a buy rating and 5,990p price target
- Zinzino gains as much as 7.4%, the most since July, after the Swedish nutritional health firm reported preliminary 3Q sales figures, posting a 48% increase in 3Q sales to SEK786.7 million from the year ago period
- J D Wetherspoon shares tumble as much as 6.2% after the UK pub chain reported annual results. Earnings came in ahead of expectations, although analysts at Jefferies said investors are remaining cautious
- Shares of European chip equipment makers edge lower on Friday after Applied Materials warned that a US export restriction published earlier this week will reduce its revenues
Earlier in the session, Asian stocks rose to head for a fifth consecutive session of gains, driven by technology shares on continued optimism over artificial intelligence. The MSCI Asia Pacific Index rose as much as 0.7%, taking its weekly advance to 2.7%. Japan was among the region’s top gainers ahead of the ruling party’s leadership election this weekend, while stocks slumped in Hong Kong. Markets were shut for holidays in mainland China and South Korea.
Heightened risk appetite fueled regional market gains Friday, with TSMC and Hitachi among the top contributors to the benchmark’s advance. Hitachi jumped 10% on a new strategic partnership with OpenAI while Fujitsu Ltd. expanded its collaboration with Nvidia. The day’s rally highlighted how global investors are largely brushing aside concerns about a potential bubble in tech shares. Meanwhile, Global Infrastructure Partners was in advanced talks to acquire Aligned Data Centers, a major beneficiary of the AI spending boom, in a deal that could value the company at about $40 billion. Hong Kong’s stock benchmarks slipped, taking a breather after recent gains. Most tech and EV shares were down, while Alibaba extended its rally.
In FX, dollar weakens against most of the G-10. The yen lags after BOJ Governor Kazuo Ueda avoided any clear hints on the rate path.
In rates, treasury yields are within a basis point of Thursday’s closing levels as US session gets under way, with government shutdown in its third day to postpone the release of September employment report. Yields kept to narrow ranges overnight, leaving 10-year near 4.08%; Gilts outperforming in Europe, with yields edging lower: UK 10-year is ~2bp richer vs US after weaker-than-expected UK services PMI. IG dollar issuance slate empty so far and expected to remain light; weekly total stands at $13.7 billion vs dealers’ projection of $25 billion. Services gauges from S&P Global and ISM are unaffected, however, and several Fed officials are slated to speak.
In commodities, oil prices bounced, though still set for a hefty weekly loss, Brent trading just below $65/barrel. Oil headed for its biggest weekly decline since late June, ahead of an OPEC+ meeting that’s expected to result in the return of more idled barrels. Gold slightly higher, up about $5 for the session and off records hit earlier in the week. Gold was on track for a seventh weekly gain, fueled by central bank buying amid falling US interest rates and lingering inflation concerns. And despite all the hype around AI and the surge in chip stocks this year, gold miners have actually been the better bet. An MSCI Inc. gauge of global gold equities has soared about 135% in 2025. It’s on course for its biggest-ever outperformance against the index compiler’s measure of major semiconductor firms, which is up 40%.
Looking at today’s US economic calendar we get the September final S&P Global US services PMI (9:45am) and September ISM services (10am); September jobs report would normally land at 8:30am but it is being delayed. Fed speaker slate includes Goolsbee (8:30am), Miran (9:35am, 3:30pm), Logan (1:30pm) and Jefferson (1:40pm)
Market Snapshot
- S&P 500 mini +0.3%
- Nasdaq 100 mini +0.3%
- Russell 2000 mini +0.4%
- Stoxx Europe 600 +0.4%
- DAX +0.1%
- CAC 40 +0.3%
- 10-year Treasury yield +1 basis point at 4.09%
- VIX -0.4 points at 16.27
- Bloomberg Dollar Index little changed at 1201.41
- euro +0.2% at $1.1733
- WTI crude +1% at $61.09/barrel
Top Overnight News
- US President Trump said there could be firings and project cuts if the shutdown continues, according to an interview.
- The Trump administration is pursuing deals across up to 30 industries, involving dozens of companies deemed critical to national or economic security, according to more than a half dozen people familiar with the talks. In some cases, the administration is offering tariff relief in exchange for concessions, revenue guarantees, or taking equity stakes in troubled companies, among other types of help. RTRS
- The White House has compiled a list of agencies it plans to target for federal firings and is expected to announce it as soon as today. CNN
- US administration to enlist powerful businesses and labor groups to push Democrats to end shutdown, reports: Axios.
- Government report flags security risks from China’s DeepSeek models, though they remain behind American counterparts: Axios.
- The US banking system’s reserves, a key factor in the Federal Reserve’s decision to keep shrinking its balance sheet, tumbled for the eighth straight week to a new mark below $3 trillion. Bank reserves fell by about $20.1 billion to $2.98 trillion in the week through Oct. 1, according to Fed data released on Thursday. That’s the lowest level since January. RTRS
- Google will locate a new data centre in West Memphis, Arkansas, with a multi-billion USD investment: Reuters.
- Hedge funds are gearing up for Japan’s LDP leadership election tomorrow, with some investors looking to take risk off the table, while others are looking to profit from possible yen strength. BBG
- Huawei Technologies Co. used advanced components from Asia’s largest technology firms (TSMC, Samsung, and SK Hynix) in at least some of its leading Ascend AI processors, a research firm discovered during teardowns, highlighting China’s reliance on foreign hardware as it works to boost domestic production of AI semiconductors. BBG
- The yen weakened after Kazuo Ueda failed to indicate whether the BOJ will raise rates this month. The unemployment rate rose to its highest in more than a year. BBG
- A senior Hamas official said the Palestinian militant group will respond to Donald Trump’s plan to end the war in Gaza “very soon.” BBG
- Applied Materials fell premarket (AMAT -3% in pre) after the firm warned of a $600 million sales hit in fiscal 2026 from the latest US curbs on China. BBG
- President Trump has projected unwavering confidence that he is winning the messaging war over the government shutdown. But behind the scenes, his team is increasingly concerned that the issue at the center of the debate will create political vulnerabilities for Republicans. Advisers are worried that the GOP will take the blame for allowing healthcare subsidies to expire, raising costs for millions of Americans ahead of next year’s midterm elections, according to administration officials. WSJ
- Fed’s Williams (voter) does not comment on the outlook for monetary policy. Says, robust policy works to anchor inflation expectations
Trade/Tariffs
- US President Trump said he is considering taxpayer rebates of USD 1,000–2,000 funded by tariff revenue, according to Reuters.
- China launches trade barrier probe into Mexico tariffs; vows necessary measures to defend companies’ rights.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mostly firmer, taking their cue from Wall Street’s gains amid light newsflow, whilst the looming delay of the US jobs report due to the government shutdown keeps focus on Fed speak and upcoming ISM data. Mainland Chinese and South Korean markets remained closed for holidays. ASX 200 was supported by strength in technology and healthcare names, though gold miners lagged as the yellow metal pulled back. Nikkei 225 outperformed, driven by weakness in the yen and strength in technology, while remarks from BoJ Governor Ueda following this week’s Tankan Survey underlined the need to maintain an accommodative monetary environment, with focus also on the upcoming LDP elections. Hang Seng declined, bucking the regional trend as it failed to benefit from gains in technology, with Stock Connect closed and Mainland participants absent during Golden Week.
Top Asian News
- BoJ Governor Ueda said the Bank will continue raising interest rates if the economy and prices move in line with its forecast, while stressing the need to maintain an accommodative monetary environment to support the economy. He said the likelihood of the baseline forecast materialising will be scrutinised alongside upside and downside risks, with close monitoring of the global outlook, including the US economy, the impact of tariffs on corporate profits, wage and price-setting behaviour, and overall price developments. Ueda noted signs that consumers are cutting back on spending amid rising food prices, which the BoJ is watching carefully. He said corporate profits are likely to stay elevated, though some manufacturers are being hit by tariffs, as seen in exports and output data. He reiterated the BoJ wants to support business activities by keeping policy loose, but warned that tariff policy creates global uncertainty and a 15% tariff rate would weigh on the economy. He added that economic growth is likely to moderate before rising again as overseas economies return to a moderate growth path, and emphasised that judgements will be made without preconceptions on whether the economy and prices are moving in line with the forecast. He repeated that interest rates will continue to be raised if conditions follow the outlook, while noting that the impact of US tariffs has not spread to Japan’s entire economy so far, according to Reuters.
- Japan Finance Minister Kato said tariffs cannot be boosted on countries importing Russian oil from the perspective of compliance with international laws. He added that Japan is watching with high interest the impact of the US government shutdown on markets and the economy.
European bourses (STOXX 600 +0.4%) opened slightly firmer and have traded sideways throughout the morning. No real moves to EZ Final PMI revisions. European sectors have opened slightly firmer with Banks (+1.0%), Basic Resources (+0.8%) and Retail (+0.6%) leading the way. The former benefits from upside in Raiffeisen Bank (+6.2%) after the FT reported that the EU is to lift sanctions on Deripaska to compensate the bank. Towards the bottom of the pile; Technology has been the worst performing sector, with losses broadbased; ASML (-0.8%) and BE Semiconductor (-2.4%) both on the backfoot. This pressure can be attributed to commentary via Applied Materials (-3.8% pre-market) which stated that the US BIS Affiliates Rule will cut Q4 revenue by about USD 110mln and reduce FY26 revenue by about USD 600mln.
Top European News
- ECB President Lagarde says Klass Knot would make a good ECB President, via ANP. Says Europe needs to level up regulation of non Banks involved in Bank-like activities.
- UK OBR reportedly wants to end the ongoing status of assuming that the 5p cut to fuel duty will be reversed in the spring and then increase with inflation thereafter, via The Sun citing sources.
- French Prime Minister Lecornu announces he will renounce the use of 49.3 to pass the French Budget.
FX
- USD is flat today and currently trades within a very narrow 97.75 to 97.94 range; most recently, some modest pressure has been seen in the Dollar, but without a clear driver. Nothing really too pertinent for the Dollar by way of newsflow; some focus has been on President Trump, where he stated that he is considering taxpayer rebates of USD 1,000–2,000 funded by tariff revenue, according to Reuters. Elsewhere, the WSJ reported that Trump is looking to send billions in cash bailouts to farmers with taxpayer money. With the jobs report now shelved, focus will now be on US PMIs and ISM Services. The former is generally overshadowed by the ISM report; on that, the consensus expects the headline to fall slightly to 51.8 from 52.0 in September; the business activity gauge is seen falling to 51.8 from 55.0. Additionally, a handful of Fed officials are scheduled today.
- EUR is on a slightly firmer footing today, but without a clear driver. The bulk of the marginal upside was seen around the European cash open and continued to trend higher on the releases of European PMIs. To recap those PMIs, Spain Services and Italian Services both beat expectations whilst the French, German, and then the EZ-wide metrics were revised a touch lower. The EZ release highlighted that the data will likely “confirm the stance” for those ECB members who opt for no more cuts. Sticking with the ECB, some very marginal upside was seen in the single-currency after ECB President Lagarde said former ECB member Knot would make a “good” President at the Bank, via ANP; for reference, Knot was a hawkish member during his tenure. Now focus will turn to ECB’s Schnabel later in the day, who is also speaking at a Knot farewell symposium.
- JPY is the worst-performing G10 currency, albeit very marginally so. Focus overnight has been on BoJ Governor Ueda, who stressed the importance of maintaining an accommodative monetary environment to support the economy – these comments sparked some modest pressure in the Yen. As it stands, markets currently assign a 64% chance of a hold at the October meeting. Ueda aside, focus will be on the weekend’s LDP election. In brief, polls currently suggest Takaichi as the favourite, followed closely by Koizumi; ING suggests that the former would be seen as more bearish for the JPY.
- GBP is incrementally higher today and trades in a 1.3430 to 1.3467 range, and towards the midpoint of the prior day’s range. Today’s focus has been on the region’s Final PMI metrics, where the Services component was subject to a decent downward revision to 50.8 (prev. 51.9); as such, the Composite moved lower to 50.1. The accompanying release highlighted that corporate clients are deferring spending decisions until after the Autumn budget.
- Antipodeans are both slightly firmer vs the Dollar, and with some very modest outperformance in the Kiwi. Nothing really driving the upside today, but perhaps buoyed by the continued upside in base metals prices.
Fixed Income
- A slightly softer start for USTs to a much more limited session than initially scheduled due to the US government shutdown. much more limited session than initially scheduled due to the US government shutdown. Into the ISM Services print, the odds of a Fed move in October have just retreated beneath being fully priced with a c. 97% implied probability at the time of writing, vs the over 100% we saw following the surprising negative ADP print earlier in the week.
- EGBs are contained this morning, limited reaction in OATs to the concession from French PM Lecornu that he will not be utilising Article 49.3 to pass fiscal reform.
- Bunds contained in a very thin range of c. 10 ticks, updates in the space light, no reaction to remarks from Lagarde or final PMIs.
- Gilts trade a little better than peers, but are essentially unchanged on the session. Awaiting any update/leak around the OBR’s first forecast round being presented to Chancellor Reeves, forecasts are expected to be very bleak from Reeves’ perspective. Furthermore, The Sun reports that the OBR wants to end the fuel duty assumption in the forecast, an update that would add further pressure to Reeves.
Commodities
- Crude benchmarks rebound after WTI and Brent extended below key levels of USD 61/bbl and USD 64.20/bbl respectively in Thursday’s session. Initially, oscillating between USD 60.90-61.27/bbl and USD 64.50-64.85/bbl after picking up modestly during the APAC session. In geopolitics, a senior Hamas official said that they will need more time and are demanding substantial changes to the Trump plan. Crude benchmarks extended modestly on this to session highs of USD 61.38/bbl and USD 65.02/bbl respectively. As a reminder, Trump gave Hamas just three days to consider and accept the US-backed plan for Gaza. This upside was ultimately short-lived and has entirely pared.
- Spot gold has thus far been relatively muted, after selling off from a strengthening dollar yesterday. XAU is currently oscillating within a c. USD 30/oz bound as economic newsflow remains light due to the US government shutdown.
- Base metals continue to extend on gains and are on track for the biggest weekly gain since April as supply disruptions, a weaker dollar, and optimism about demand support gains. 3M LME Copper oscillated around USD 10.5k/t before extending to a high of USD 10.85k/t.
Geopolitics: Middle East
- “A senior Hamas official told the Saudi media: “We have informed the mediators that we need more time for consultations regarding the Trump plan. Hamas Demands Some “Fundamental Changes” in Some of the Plan’s Clauses”, via Kan News.
Geopolitics: NATO
- Germany’s Munich Airport has been closed after drones were spotted over the airport, a federal police spokesperson told BILD.
- Munich Airport later reopened after being closed overnight amid drone sightings, according to witnesses
Geopolitics: Russia-Ukraine
- Russian President Putin also said the possible seizure of vessels would increase the risks of confrontations at sea, and warned that any US supply of Tomahawk missiles to Ukraine would not change the battlefield but would be dangerous, damage relations, and escalate the conflict, according to Reuters.
US Event Calendar
DB’s Jim Reid concludes the overnight wrap
This week continues to see Europe and Asia outperforming the US, as fears about a prolonged government shutdown and some hawkish-leaning data meant sentiment in the US lagged again yesterday. However, a late rally led by Tech meant that the S&P 500 (+0.06%) just reached another record high, while the US 10yr Treasury (-1.5bps) fell back to 4.08%. But in Europe there was a more positive story again, with the STOXX 600 (+0.53%) up to a new record.
In terms of the US shutdown, yesterday brought no sign of an end to the impasse, with investors becoming increasingly concerned that it could drag on into next week. For instance, the Polymarket odds of the shutdown lasting beyond October 15 is currently at 45%, having stood at 34% as we went to press yesterday. So that added to concern about the shutdown having a larger economic impact, particularly given markets are lacking a lot of key data right now. Indeed, we’d normally be previewing the US payrolls number this morning, but the shutdown has seen that postponed, along with the usual weekly jobless claims yesterday.
In terms of progress on negotiations, Treasury Secretary Bessent called for a “clean continuing resolution” on federal spending in a CNBC interview, and warned that the shutdown could lead to a hit to US GDP and growth prospects. Those comments came as Trump posted on Truth Social that he would be meeting with his budget chief to determine which Democratic agencies he would decide to cut federal spending on, and whether these cuts would be temporary or permanent, potentially threatening “thousands” of jobs.
US Treasuries had spent the early part of the US day higher in yield, particularly at the front-end. One cause of that was an unusual release markets don’t normally pay much attention to, which was a payrolls estimate from Revelio Labs. That suggested nonfarm payrolls were up around +60k in September, which contrasted with the contractionary print (-32k) in the ADP’s report of private payrolls on Wednesday. That was also backed up by the Challenger job cut numbers, which found that job cuts in September were down -25.8% year-on-year. So that boosted optimism on the near-term US outlook, and meant investors pared back their expectations for rate cuts, now pricing in 91bps by the June meeting, down -1.0bps on the day. The 2yr yield spiked around 3bps on the data but ultimately settled barely higher (+0.4bps) at 3.539%, whilst the 10yr yield (-1.5bps) closed at 4.08%. Yields are back up just over a basis point overnight in Asia.
Back to the Fed, and we also heard a bit from Bessent on the Fed chair interviews, which he said were currently underway, and that he expected “3-to-5” candidates would be put forward for Trump’s consideration. Current Fed speakers continued to display a fairly balanced view. While the market wrestles with how to handicap the health of the US labour market without BLS data, Federal Reserve Bank of Chicago President Goolsbee said officials can turn to other sources. He noted that his staff had produced labor market data that “indicates some steadiness in the labor market and I think the underlying economy is still growing pretty solidly”. Earlier in the day Federal Reserve Bank of Dallas President Logan said that she “has a little bit slower of a normalization of the policy path in order to make sure we get all the way to 2%.” She added that she felt labour market risks are “fairly balanced” and that “It doesn’t appear to be that policy is more than modestly restrictive.”
The S&P 500 (+0.06%) was able to shrug off shutdown jitters to creep to yet another record high. Things had looked even more promising at the open, before faltering following the employment data. Indeed, the S&P was pulled higher as the NASDAQ (+0.39%) managed to reach a new record, even as the Mag-7 underperformed that (+0.08%). Chipmaker stocks outperformed, with the Philadelphia Semiconductor index up +1.94% after yesterday’s overnight news that Samsung Electronics and SK Hynix have partnered with OpenAI as part of its Stargate AI push into data cloud centres.
In Europe, the mood was positive, and the STOXX 600 was up +0.53% to another record. We also saw multiple indices like the CAC 40 (+1.13%) and DAX (1.28%) jump over one per cent, although the UK’s FTSE 100 (-0.20%) lagged behind. That advance for the DAX comes as the multi-year German stimulus package is starting to come into effect, which is something I looked at in my chart of the day yesterday (link here). Meanwhile for bonds, yields on 10yr bunds (-1.3bps), OATs (-1.1bps) and BTPs (-0.6bps) all moved lower. 10yr Gilts (+1.4bps) underperformed as fiscal concerns persist and there was some intraday weakness after data from the Bank of England’s DMP survey which showed business inflation expectations were unchanged at 3.4%, albeit in-line with expectations.
In Asia, Japanese markets are leading the way, with the Nikkei soaring by +1.69%, nearing recent peaks, after a surprisingly dovish speech by BoJ Governor Ueda and ahead of a crucial ruling party vote that would determine the next Prime Minister of the country.
Ueda reaffirmed the bank’s longstanding position on interest rates, thus avoiding signalling any policy changes for this month following recent market speculation about an imminent rate hike. Market pricing has dipped to 59% for an October hike down from 65%. The Yen has weakened around a third of a percent. Staying with Japan, the jobless rate increased to 2.6%, its highest level in over a year in August, from 2.3% the previous month, and against expectations of 2.4%. Additional data revealed that the job-to-applicant ratio decreased to 1.20 from 1.22, marking the lowest number of job openings since 2022.
In other markets, the S&P/ASX 200 is up by +0.37%, whereas the Hang Seng is down by -0.94%, impacted by losses in EV stocks following a decline in Tesla overnight. Trading volumes are subdued due to market holidays in China and South Korea, with Chinese markets remaining closed until the middle of next week. US equity futures are up a couple of tenths of a percent.
To the day ahead now, we’ll get UK September official reserves changes, France August industrial production, Italy September services PMI, August retail sales, Q2 deficit, and Eurozone August PPI. For central banks, we’ll hear from the Fed’s Williams and Jefferson, ECB President Lagarde, and the ECB’s Sleijpen, Villeroy and Schnabel, and BOE Governor Bailey.
2b European opening report
2c) Asian opening report
Trump considers rebate and European futures mildly firmer – Newsquawk European Opening News
Friday, Oct 03, 2025 – 01:27 AM
- APAC stocks were mostly firmer, taking their cue from Wall Street’s gains amid light newsflow, whilst the looming delay of the US jobs report due to the government shutdown keeps focus on Fed speak and ISM data.
- US President Trump said he is considering taxpayer rebates of USD 1,000–2,000 funded by tariff revenue, according to Reuters.
- USD/JPY saw upside momentum as BoJ Governor Ueda stressed the importance of maintaining an accommodative monetary environment to support the economy.
- European equity futures are indicative of a mildly firmer open with the Euro Stoxx 50 future +0.2% after cash closed +1.1% on Thursday.
- Highlights include Turkish CPI (Sep), EZ & UK Final Composite PMIs (Sep), EZ Producer Prices (Aug), ISM Services (Sep), ECB’s Lagarde, Schnabel, Fed’s Williams, Jefferson, BoE’s Bailey.
- Due to the US government shutdown, the following data will not be released: US NFP (Sep)
- Click for the Newsquawk Week Ahead.
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US TRADE
EQUITIES
- US stocks were choppy as the government shutdown held back key US data, with no weekly jobless claims released. Stocks closed the day in the green, paring some of the risk-off moves seen at the opening bell.
- The majority of sectors closed red with Energy, Real Estate and Consumer Discretionary, and Consumer Staples lagging, while Materials, Tech and Industrials outperformed.
- SPX +0.06% at 6,715, NDX +0.37% at 24,893, DJI +0.17% at 46,520, RUT +0.66% at 2,458
- Click here for a detailed summary.
NOTABLE HEADLINES
- US President Trump said there could be firings and project cuts if the shutdown continues, according to an interview.
- Employees furloughed at the BLS told Senator Warren’s office the September labour data has been collected and is likely ready to be released, according to CNN, citing a Senate Banking Committee aide. Senator Warren called on the Trump administration to release the September jobs report on Friday despite the ongoing government shutdown, arguing the data has been processed and prepared, but the administration is choosing not to publish it, via CNN.
- Fed’s Goolsbee (2025 voter) said the immediate impact of the shutdown will be on federal workers who don’t get paid on time, adding that real-time indicators show a steady unemployment rate and in the absence of the official figure the Fed will make decisions with the information it has, while stressing the need to be careful about overly frontloading rate cuts, via Fox.
- Google (GOOGL) will locate a new data centre in West Memphis, Arkansas, with a multi-billion USD investment, according to Reuters.
- BoC Deputy Governor Mendes said the Bank is studying ways to improve its existing measures of core inflation, questioning whether preferred and alternative measures should all pre-exclude mortgage interest costs. He said improvements are only the first step, with the second involving exploration of new measures such as multivariate core trend inflation (MCT), which isolates persistent inflation pressures.
TRADE/TARIFFS
- US President Trump is reportedly planning to send billions in cash bailouts to farmers with taxpayer money, with the administration set to roll out the first tranche of payments in the coming weeks using billions from an internal USDA account, according to Politico, citing three people with direct knowledge. Trump has also said he wants to use direct tariff revenue for the payments, which could spark a major fight in Congress. The WSJ reported he is considering providing USD 10bln or more in aid to US farmers.
- US President Trump said he is considering taxpayer rebates of USD 1,000–2,000 funded by tariff revenue, according to Reuters.
APAC TRADE
EQUITIES
- APAC stocks were mostly firmer, taking their cue from Wall Street’s gains amid light newsflow, whilst the looming delay of the US jobs report due to the government shutdown keeps focus on Fed speak and upcoming ISM data. Mainland Chinese and South Korean markets remained closed for holidays.
- ASX 200 was supported by strength in technology and healthcare names, though gold miners lagged as the yellow metal pulled back.
- Nikkei 225 outperformed, driven by weakness in the yen and strength in technology, while remarks from BoJ Governor Ueda following this week’s Tankan Survey underlined the need to maintain an accommodative monetary environment, with focus also on the upcoming LDP elections.
- Hang Seng declined, bucking the regional trend as it failed to benefit from gains in technology, with Stock Connect closed and Mainland participants absent during Golden Week.
- US equity futures traded with a modest upward bias but within contained ranges amid the lack of fresh newsflow, while the state-side data blackout means the US jobs report will not be released on Friday, adding greater weight to the ISM Services PMI and Fed speak.
- European equity futures are indicative of a mildly firmer open with the Euro Stoxx 50 future +0.2% after cash closed +1.1% on Thursday.
FX
- DXY held a modest upward bias, supported in part by JPY weakness, though the index remained confined within yesterday’s 97.52–97.13 range. The dollar index was sandwiched between its DMA at 98.05 and the 21 DMA at 97.63.
- EUR/USD traded unchanged in a narrow intraday range and stayed within Thursday’s 1.1683–1.1759 parameters, with little of note for the single currency overnight and no reaction seen to reports of drone sightings over Munich airport. Traders now turn attention to the final Services and Composite PMIs from the bloc.
- GBP/USD was also little changed, holding uneventful trade on either side of 1.3450 and within Thursday’s 1.3400–1.3509 band. The pair faced resistance not far from its 50 DMA at 1.3462, with market participants awaiting the UK’s final Services and Composite PMIs before a speech from the BoE Governor.
- USD/JPY had a firmer bias, with the yen weaker after initially trading sideways. Upside momentum in the pair followed remarks from BoJ Governor Ueda, who, after this week’s Tankan Survey, stressed the importance of maintaining an accommodative monetary environment to support the economy. USD/JPY was seen around its 21 DMA at 147.76 and 50 DMA at 147.78, while traders also eyed this weekend’s LDP elections.
- Antipodeans were quiet, with both AUD/USD and NZD/USD flat amid subdued newsflow and the continued absence of Mainland China. AUD showed little reaction to the release of Australia’s final PMIs, while NZD was steady as traders looked ahead to next week’s RBNZ meeting, where expectations are split between a 25bps or 50bps rate cut.
FIXED INCOME
- 10yr UST futures were little changed, drifting sideways after Thursday’s choppy session as traders struggled to find a clear narrative amid the ongoing data blackout. With the US jobs report not being released on Friday, focus turns instead to the ISM Services PMI and upcoming Fed commentary.
- Bund futures saw a mild upward bias, but moves were largely contained with little reaction to reports of Munich airport being closed following drone sightings. Broader macro newsflow was also light heading into the end of the APAC week.
- 10yr JGB futures were firmer, supported by modest dovish impulses after BoJ Governor Ueda said that policy should maintain an accommodative stance and support the economy. His remarks followed this week’s Tankan Survey, with traders now turning their attention to the LDP elections this weekend.
- Australia sold AUD 1bln 1.25% 2032 AGB; b/c 3.38x (prev. 2.93x), average yield 3.9431% (prev. 3.9240%)
COMMODITIES
- Crude futures were modestly firmer, with WTI and Brent consolidating after Thursday’s downside move that saw both contracts settle at session troughs despite the lack of a clear headline catalyst. Focus is firmly on the upcoming OPEC+ meeting this weekend, with attention on whether the group accelerates the pace of unwinding existing production curbs. Recent reports suggested Saudi Arabia and partners are considering fast-tracking the return of the remaining 1.66mln BPD tranche in larger increments, including potential monthly instalments of around 500k BPD, while Reuters sources noted that the core producers could agree to a November hike of between 274–411k BPD.
- Spot gold eventually tilted lower after Thursday’s pullback, with traders struggling to find direction in the absence of the US jobs report, which will not be released on Friday due to the government shutdown. The focus instead shifts to ISM Services and upcoming Fed commentary.
- Copper futures traded on either side of USD 10,500/t on the LME. Activity remained muted amid the absence of mainland Chinese markets for Golden Week and against the backdrop of the US data blackout, leaving momentum light.
- OPEC oil output rose by 330k BPD in September to 28.4mln BPD from August, according to a Reuters survey. Under the September OPEC+ agreement, five OPEC members — Algeria, Iraq, Kuwait, Saudi Arabia and the UAE — were to raise output by 415k BPD before compensation cuts of 170k BPD for Iraq, Kuwait and the UAE. The survey found the actual increase by the five was 347k BPD, via Reuters.
CRYPTO
- Bitcoin was modestly softer overnight but largely held onto its USD 120k handle.
NOTABLE ASIA-PAC HEADLINES
- BoJ Governor Ueda said the Bank will continue raising interest rates if the economy and prices move in line with its forecast, while stressing the need to maintain an accommodative monetary environment to support the economy. He said the likelihood of the baseline forecast materialising will be scrutinised alongside upside and downside risks, with close monitoring of the global outlook, including the US economy, the impact of tariffs on corporate profits, wage and price-setting behaviour, and overall price developments. Ueda noted signs that consumers are cutting back on spending amid rising food prices, which the BoJ is watching carefully. He said corporate profits are likely to stay elevated, though some manufacturers are being hit by tariffs, as seen in exports and output data. He reiterated the BoJ wants to support business activities by keeping policy loose, but warned that tariff policy creates global uncertainty and a 15% tariff rate would weigh on the economy. He added that economic growth is likely to moderate before rising again as overseas economies return to a moderate growth path, and emphasised that judgements will be made without preconceptions on whether the economy and prices are moving in line with the forecast. He repeated that interest rates will continue to be raised if conditions follow the outlook, while noting that the impact of US tariffs has not spread to Japan’s entire economy so far, according to Reuters.
- Japan Finance Minister Kato said tariffs cannot be boosted on countries importing Russian oil from the perspective of compliance with international laws. He added that Japan is watching with high interest the impact of the US government shutdown on markets and the economy.
DATA RECAP
- Japanese S&P Global Services PMI Final SA (Sep) 53.3 (Prev. 53)
- Japanese S&P Global Composite Op Final SA (Sep) 51.3 (Prev. 51.1)
- Japanese Unemployment Rate (Aug) 2.6% vs. Exp. 2.4% (Prev. 2.3%)
- Japanese Jobs/Applicants Ratio (Aug) 1.2 vs. Exp. 1.22 (Prev. 1.22)
- Australian S&P Global Composite PMI Final (Sep) 52.4 (Prev. 52.1)
- Australian S&P Global Services PMI Final (Sep) 52.4 (Prev. 52.0)
GEOPOLITICS
NATO
- Germany’s Munich Airport has been closed after drones were spotted over the airport, a federal police spokesperson told BILD.
- Munich Airport later reopened after being closed overnight amid drone sightings, according to witnesses
RUSSIA-UKRAINE
- The Trump administration’s plan to send long-range Tomahawk missiles to Ukraine may not be viable as current inventories are committed to the US Navy and other uses, via Reuters, citing officials and sources.
- Russian President Putin criticised Sweden and Finland’s NATO membership as “silly”, saying they had lost the advantages of neutrality. He joked that Russia does not have drones capable of flying to Lisbon, referencing drones in Denmark, and added, “I will not do this anymore, I promise”. On the one-year extension of the New START treaty, he said dialogue with the US is complex and noted Russia now possesses Oreshnik missiles. He added he is confident the global energy sector will remain sustainable, demand will rise, and it is impossible to picture a global economy without Russian oil, warning prices would skyrocket, but demand will still be met.
- Russian President Putin said it is impossible to believe Russia will attack NATO, adding they will not do so for security reasons, but questioned whether countermeasures will be taken against the militarisation of Europe. He warned that weakness is unacceptable and Russia should not be provoked, stressing that if others seek military competition, Russia has proved it can respond quickly, while also calling for a full-scale restoration of relations with the US and a mutually acceptable solution.
- Russian President Putin said all NATO countries are fighting against Russia in Ukraine by providing intelligence, weapons, and training, calling it a serious challenge. He claimed Russian forces are advancing across all fronts, creating a security zone, now control two-thirds of Kupyansk, and have entered Kostiantynivka and Pokrovsk, adding that the US is supplying Ukraine with as many weapons as required.
- Responding to US demands that India and China stop buying Russian energy, Russian President Putin said the threat of higher tariffs on Russia’s trade partners would lead to higher prices and force the Fed to hold rates for longer. He noted Russia is the second-largest supplier of uranium to the US, earning around USD 800mln last year from the trade and set to exceed USD 1bln in 2025, and said Russia is ready to continue providing stable uranium supplies to the US.
- Russian President Putin also said the possible seizure of vessels would increase the risks of confrontations at sea, and warned that any US supply of Tomahawk missiles to Ukraine would not change the battlefield but would be dangerous, damage relations, and escalate the conflict, according to Reuters.
EU/UK
NOTABLE HEADLINES
- Italy lowered its 2025 budget deficit target to 3.0% of GDP from 3.3% in April and now sees GDP growth at 0.5% from 0.6% previously. The government sees 2026 GDP growth at 0.7% from 0.8% prior and confirmed its 2026 deficit-to-GDP target at 2.8%, according to Reuters.
A NORTH KOREA/SOUTH KOREA
SOUTH KOREA//NORTH KOREA/
3B JAPAN
3C CHINA
CHINA/BRAZIL USA
Trump Plans Up To $14 Billion Farm Bailout Amid China Pivot To Brazil, WSJ Says
Thursday, Oct 02, 2025 – 03:55 PM
Update (1555ET):
The Trump administration has been signaling for about a week that it may tap tariff revenues to fund a multibillion-dollar aid package for American farmers, as China shifts its agricultural purchases to Brazil.
The Wall Street Journal revealed new details about the potential aid package on Thursday afternoon. People within the administration, or those familiar with the discussions, said Trump is considering a package between $10 billion and $14 billion, though the exact size has yet to be confirmed.
Sources said the aid package would focus on soybean farmers across the Midwest (some of Trump’s biggest supporters), who have been hit hardest by both sliding prices and collapsing Chinese demand.
Earlier, Treasury Secretary Scott Bessent told CNBC that the administration could announce a new “substantial support” as soon as next Tuesday. Sources told WSJ that the timeline could be pushed out a little further due to the government shutdown.
On Wednesday, President Trump blasted China on Truth Social for “hurting” American farmers during the negotiation period of a trade deal. He also said soybeans will be a “major topic of discussion” in his upcoming meeting with Chinese President Xi Jinping.
Trump even hinted at the incoming aid package to farmers: “We’ve made so much money on Tariffs, that we are going to take a small portion of that money, and help our Farmers.”
What’s been reported so far:
- Trump To Bail Out Farmers With Tariff Money, Will Investigate Seed & Fertilizer Companies Over Jacked Prices
- China Pivots To Brazil, Squeezing U.S. Farmers As Trump Plans Relief Fund
- Trump, Bessent Hit Back At China’s Ag Purchase Pivot, Promise Farm Support Next Week
The key chart that shows China’s shift in purchasing from U.S. farmers to Brazil…
* * *
Following last week’s news of China’s massive shift away from American farmers in favor of Brazilian ones, the Trump administration is seeking financial support to mitigate the impact on U.S. farmers and plans to address the issue in upcoming trade talks with Beijing.
On Wednesday, President Trump wrote on Truth Social that U.S. farmers are “being hurt because China is, for negotiating reasons only, not buying,” adding, “We’ve made so much money on Tariffs, that we are going to take a small portion of that money, and help our Farmers.”
In fact, Beijing’s pivot to ag purchases in Brazil is merely one way to target Trump’s farm base, with hopes that the hybrid pressure campaign will force his supporters to push the president into concessions in the trade war. Trump, however, has stated that he would use tariff revenue to cushion American farmers.
Related:
- Trump To Bail Out Farmers With Tariff Money, Will Investigate Seed & Fertilizer Companies Over Jacked Prices
- China Pivots To Brazil, Squeezing U.S. Farmers As Trump Plans Relief Fund
Earlier today, Treasury Secretary Scott Bessent said U.S. farmers could see an announcement on a “substantial support” package as soon as Tuesday.
Trump noted in the Truth Social post above that he will be meeting with Chinese President Xi Jinping in four weeks and will make Soybeans a “major topic of discussion.”
. . .
4. European affairs and NATO
UK MANCHESTER
Manchester Synagogue Attack Leaves 2 Dead, Several Wounded On Judaism’s Holiest Day
UPDATE
Manchester Synagogue Attack Officially Declared “Terrorist Incident”
Thursday, Oct 02, 2025 – 11:11 AM
Update (1111ET):
The vehicle-ramming and stabbing attack that killed two people and wounded three others at the Heaton Park Hebrew Congregation Synagogue, in a suburb of Manchester, has been declared an act of terrorism by Laurence Taylor, head of Counter Terrorism Policing.
“Based on what we know, counter terrorism policing has declared this a terrorist incident. We have also made two further arrests,” Taylor told reporters at New Scotland Yard in London.
Taylor said the terrorist was shot dead by police. He continued, “We believe we know their identity, but for safety reasons at the scene, we are unable to confirm at this stage.”
And why wouldn’t the police be releasing the name of the shooter?
Hmm.
Conservative UK activist Tommy Robinson wrote on X, “Make no bones about it, the suspected Islamic terror attack on peaceful Jewish at their place of worship in Manchester is the consequence of Keir Starmer’s regime allowing hate marches to take to our streets following the October 7th massacre. After all that vile hatred, Starmer publicly give in to them. Blood on your hands!”
EARLY REPORT
ZERO HEDGE
Thursday, Oct 02, 2025 – 09:00 AM
A horrific vehicle-ramming and stabbing attack occurred earlier today at the Heaton Park Hebrew Congregation Synagogue, located in a suburb of Manchester, Greater Manchester, England. The incident took place during Yom Kippur, the holiest day in Judaism.
Greater Manchester Police declared the Crumpsall synagogue attack a “marauding terrorist attack” after a deranged man – now deceased – drove into a crowd before launching a stabbing spree. The rampage left two dead and three others seriously injured.
The attacker…
Footage shows police killing the attacker on Middleton Road, near the Heaton Park synagogue in Crumpsall. Video is currently being heavily censored – even on X.
A Jewish man told The Times: “It is the holiest day of the year and we get this. There is no [safe] place for Jews in Britain any more. It’s over.”
British Prime Minister Keir Starmer wrote on x…
“I’m appalled by the attack at a synagogue in Crumpsall,” Starmer said.
The Israeli embassy told The Times that the attack was “abhorrent and deeply distressing“.
“The embassy of Israel in the United Kingdom condemn the attack carried out today on Yom Kippur at the Heaton Park Hebrew Congregation Synagogue in Manchester,” the embassy continued, adding, “That such an act of violence should be perpetrated on the holiest day of the Jewish calendar, in a place of prayer and community, is abhorrent and deeply distressing.”
Earlier, German prosecutors apprehended three suspected Hamas members who were allegedly procuring weapons “for assassinations targeting Israeli or Jewish institutions” (read full report).
President Trump recently blasted the liberal elites at the U.N. for allowing “uncontrolled illegal migration” that is “ruining countries.”
The mass immigration experiment in Europe is failing. This is another wake-up call for the U.S.
END
TIMES OF ISRAEL/SAME STORY AS ABOVE
2 killed, 4 seriously injured in Yom Kippur attack at UK synagogue; terrorist shot dead
Assailant rams car into worshippers, then stabs them, tried to break into crowded synagogue; officer heard yelling suspect ‘has a bomb’; police presence boosted at synagogues across UK
By Agencies and ToI StaffToday, 5:05 pmUpdated at 7:48 pm
- The suspect who carried out a deadly terrorist attack at the Heaton Park Hebrew Congregation in Manchester, UK, on Yom Kippur, October 2, 2025. (Image circulated on social media used in accordance with Clause 27a of the Copyright Law)
- Rabbi Daniel Walker (3L) stands among armed police officers as they talk with members of the Jewish community outside Heaton Park Hebrew Congregation synagogue in Crumpsall, north Manchester, on October 2, 2025, following a deadly terrorist attack at the synagogue. (Paul Currie / AFP)
- A bomb disposal technician collects evidence near the body of a man, believed to be the terrorist, at the scene of a deadly attack outside a synagogue, in north Manchester, Britain, October 2, 2025. (REUTERS/Hannah McKay)
- Armed police officers talk with members of the community near Heaton Park Hebrew Congregation synagogue in Crumpsall, north Manchester, on October 2, 2025 (Paul Currie / AFP)
- Members of the community comfort each other near Heaton Park Hebrew Congregation Synagogue in Crumpsall, north Manchester, after a deadly terrorist attack on October 2, 2025 (Oli SCARFF / AFP)
- Members of the Armed Forces work by a bomb disposal van as they prepare a Harris T7 Multi-Mission Robot inside a police cordon at Heaton Park Hebrew Congregation synagogue in Crumpsall, north Manchester, on October 2, 2025 (Oli SCARFF / AFP)
- Members of the community comfort each other near Heaton Park Hebrew Congregation Synagogue in Crumpsall, north Manchester, on October 2, 2025, following a deadly terrorist attack at the synagogue. (Paul Currie / AFP)
Two people were killed and four seriously injured when a man drove a car into people outside a packed synagogue in Manchester, northern England, on Thursday and then began stabbing them, in a terror attack on Yom Kippur.
Police shot and killed the suspect outside Heaton Park Hebrew Congregation Synagogue in the Crumpsall neighbourhood, said Greater Manchester Police (GMP). It took law enforcement a number of hours to confirm the man was dead because of concerns he had an explosive device on him.
GMP Chief Constable Sir Stephen Watson confirmed that two Jewish people were killed in the attack. He also said the suspect was “wearing a vest that appeared to be a suicide device.” Officers said later that the device was “not viable.”
Police said a large number of people had been worshipping inside the synagogue at the time and prevented the terrorist from entering. The building was subsequently evacuated.
A video shared on social media showed police shooting a man inside the synagogue’s perimeter, while another man, apparently a congregant, lay on the floor in a pool of blood.
Footage from the scene at the time of the attack also showed an officer yelling for onlookers to clear the area as the suspect “has a bomb.”
A bystander could be heard on the video saying that the terrorist had a bomb and was trying to detonate it. When he tried to stand up, a gunshot rang out and he fell to the ground.
A bomb disposal technician collects evidence near the body of a man, believed to be the terrorist, at the scene of a deadly attack outside a synagogue, in north Manchester, Britain, October 2, 2025. (REUTERS/Hannah McKay)
An image on social media appeared to show the assailant wearing white objects around his waist.
Britain’s most senior counter-terrorism officer, Laurence Taylor, said the attack had been declared a terrorist incident based on what investigators knew, and that two people had been arrested.
He said investigators believed they knew the identity of the attacker but were not able to confirm it yet.
The attack took place as people gathered at the Orthodox synagogue on Yom Kippur, the day of atonement and holiest day in the Jewish calendar.
‘He tried to break into the synagogue’
Chava Lewin, who lives next to the synagogue, said she heard a bang and thought it might be a firework until her husband ran inside their house and said there had been a “terrorist attack.”
She said she had been told that the car had been driving erratically before crashing into the gates of the synagogue.
“The second he got out of the car, he started stabbing anyone near him. He went for the security guard and tried to break into the synagogue,” she told British media.
Rabbi Daniel Walker (3L) stands among armed police officers as they talk with members of the Jewish community outside Heaton Park Hebrew Congregation synagogue in Crumpsall, north Manchester, on October 2, 2025, following a deadly terrorist attack at the synagogue. (Paul Currie / AFP)
“Someone barricaded the door. Everyone is in utter shock,” Lewin said.
Other witnesses were quoted specifying that the synagogue’s rabbi, Daniel Walker, barricaded the door.
Members of the community comfort each other near Heaton Park Hebrew Congregation Synagogue in Crumpsall, north Manchester, on October 2, 2025, following a deadly terrorist attack at the synagogue. (Paul Currie / AFP)
In a series of posts on X, Greater Manchester Police said they were called to the Heaton Park synagogue shortly after 9:30 a.m.
The caller said he witnessed a car being driven toward members of the public and that one man had been stabbed.
Minutes later, police fired shots, saying they believed they had hit the suspect.
Neighbour Angela Crawshaw told Reuters she had seen three policemen aiming guns at the terror suspect in the car park of the synagogue, telling him: “Stay down, don’t move or we’ll shoot.”
“Then they did shoot, and he fell to the floor. Then he tried getting up again and moving again, and they shot him again. And then it was just panic … just noise and panic.”
A bomb disposal robot works by a car with a broken windshield, apparently driven by a terrorist in a deadly attack outside a synagogue in north Manchester, Britain, October 2, 2025. (REUTERS/Hannah McKay)
After the attack, police were seen ushering a large group of mostly Jewish elderly men — some in tears, many looking shocked — away from the synagogue. Some were wearing white robes, others were in suits and wearing a skullcap.
Crawshaw said she saw about 30 people being taken out, including three young children.
“There were a large number of worshippers attending the synagogue at the time of this attack, but thanks to the immediate bravery of security staff and the worshippers inside, as well as the fast response of police, the attacker was prevented from gaining access,” said Watson, the GMP police chief.
Armed police officers talk with members of the community near Heaton Park Hebrew Congregation synagogue in Crumpsall, north Manchester, on October 2, 2025 (Paul Currie / AFP)
“We are grateful to the member of the public whose quick response to what they witnessed allowed our swift action, and as a result the offender was prevented from entering the synagogue,” a police spokesperson said.
Police later confirmed that two further suspects had been arrested in relation to the attack.
Police said a “loud noise” at the scene a number of hours after the attack was due to “specialist resources” breaking into the suspect’s vehicle “as a precaution,” an apparent reference to bomb disposal teams.
Counterterrorism officer Taylor told reporters: “Communities across the UK who would normally be marking this holy day are now grieving, and worried about their safety. I want to be clear: UK policing is mobilizing. And mobilizing fast.”
Heaton Park Hebrew Congregation, in Manchester, England (File photo: Wikipedia)
Authorities declare an emergency
Immediately after the attack, police declared “Plato,” the national code-word used by police and emergency services when responding to a “marauding terror attack.”
Prime Minister Keir Starmer said he was appalled by the attack and additional police officers would be deployed at synagogues across the UK.
He flew home early from a summit of European leaders in Copenhagen, Denmark, to chair a meeting of the government’s emergency committee.
“The fact that this has taken place on Yom Kippur, the holiest day in the Jewish calendar, makes it all the more horrific,” Starmer said on the X platform.
British Prime Minister Keir Starmer makes a statement about an attack on a synagogue in Manchester, England, after he left the European Political Community summit, at Copenhagen Airport, in Kastrup, Denmark, Oct. 2, 2025. (Suzanne Plunkett/Pool Photo via AP)
King Charles III said he and Queen Camilla were “deeply shocked and saddened″ to learn of the attack “on such a significant day for the Jewish community.″
“Our thoughts and prayers are with all those affected by this appalling incident and we greatly appreciate the swift actions of the emergency services,’′ he said on his social media feed.
Members of the Armed Forces work at a Bomb Disposal lorry parked inside a Police cordon near the Heaton Park Hebrew Congregation synagogue in Crumpsall, north Manchester, on October 2, 2025 (Oli SCARFF / AFP)
Israel’s embassy in the UK said it was “abhorrent and deeply distressing” that “such an act of violence should be perpetrated on the holiest day of the Jewish calendar.”
“The safety and security of Jewish communities in the United Kingdom must be guaranteed,” it added on X.
Antisemitic incidents in the UK have soared following Hamas’ devastating October 7, 2023, attack that sparked the war in Gaza, according to Community Security Trust, a security and advocacy group for British Jews.
Armed police officers stand with their weapons inside a police cordon near Heaton Park Hebrew Congregation synagogue in Crumpsall, north Manchester, on October 2, 2025, following an attack at the synagogue (Paul Currie / AFP)
More than 1,500 incidents were reported in the first half of the year, the second-highest reported since the record set a year earlier.
British synagogues and Jewish sites have high levels of security, both from community guards and policing, as well as physical defenses
END
TERRORIST WAS A MUSLIM, A BRITISH CITIZEN EMIGRATED FROM SYRIA
Manchester synagogue terrorist ID’d as British citizen of Syrian descent; 3 suspects in custody
By Reuters
The suspect who carried out a deadly terrorist attack at the Heaton Park Hebrew Congregation in Manchester, UK, on Yom Kippur, October 2, 2025. (Image circulated on social media used in accordance with Clause 27a of the Copyright Law)
British police say that the suspect in the deadly attack outside a synagogue in Manchester in northern England is believed to be Jihad al-Shamie, a 35-year-old British citizen of Syrian descent.
“We believe the person responsible for today’s attacks is 35-year-old Jihad Al-Shamie,” the Greater Manchester Police says. “He is a British citizen of Syrian descent.”
Al-Shamie was shot dead by armed officers after ramming a car into pedestrians and stabbing at least one person near a synagogue during Yom Kippur, the holiest day in the Jewish calendar.
The police added that three suspects – two men in their 30s and a woman in her 60s – are currently in custody and “have been arrested on suspicion of commission, preparation and instigation of acts of terrorism.”
END
The real story what happened in Manchester: police in uk most inept in the world
UK Cops Killed One Of The Manchester Synagogue Victims, Injured Another
Friday, Oct 03, 2025 – 09:45 AM
One of the two victims who died in the synagogue attack in Manchester, UK was shot dead by police, with the other victim killed by suspect. In fact, the police were the only ones with guns at the incident.
Here’s what happened: The suspect, Jihad al-Shamie, rammed a vehicle into a crowd of people gathered outside the synagogue, striking several individuals. He then exited the car and stabbed at least one person before attempting to enter the building. Worshippers and security staff managed to block his entry – when armed cops showed up within 7 minutes and shot al-Shamie.
Al-Shamie killed one of the victims and sent two to the hospital with injuries, while the cops accidentally killed another victim and shot a 3rd person who was also sent to the hospital.
“Overnight, we have taken advice from the Home Office pathologist ahead of full postmortem examinations scheduled for later today. The Home Office pathologist has advised that he has provisionally determined that one of the deceased victims would appear to have suffered a wound consistent with a gunshot injury,” said Greater Manchester police chief constable, Sir Stephen Watson.
“It is currently believed that the suspect, Jihad al-Shamie, was not in possession of a firearm and the only shots fired were from GMP’s authorised firearms officers as they worked to prevent the offender from entering the synagogue and causing further harm to our Jewish community.
“It follows therefore that subject to further forensic examination, this injury may sadly have been sustained as a tragic and unforeseen consequence of the urgently required action taken by my officers to bring this vicious attack to an end.
The two victims killed in the attack at Heaton Park Synagogue were identified on Friday as 53-year-old Adrian Daulby and 66-year-old Melvin Cravitz. al-Shamie was wearing a fake explosive vest during the attack.
Jihad, 35, moved to the UK from Syria as a child and became a naturalized British citizen while he was a minor in 2006. Home secretary Shabana Mahmood (!) said on Friday that Jihad was not known to counterterrorism police, however in 2012, MP John Howell received threatening emails from ‘Jihad Alshamie’ according to a report by the Jerusalem Post. It’s unclear if it’s the same Jihad.
Footage of the scene showed Al-Shamie writhing on the ground when police shot him – with a nearby officer shouting “He has a bomb” and “move back.”
In a statement posted on Facebook, Al-Shamie’s father, Faraj, said that the attack by his son, who he named Jihad, was a “profound shock,” adding “The Al-Shamie family in the UK and abroad strongly condemns this heinous act, which targeted peaceful, innocent civilians.”
END
free speach is non existent in UK. Rogan rages at media silence!!
Rogan Rages At Media Silence On UK’s “Orwellian Nightmare” Free Speech Crackdown
Friday, Oct 03, 2025 – 08:05 AM
Authored by Steve Watson via Modernity.news,
Podcaster Joe Rogan has blasted the media and leftists for ignoring a massive crackdown on free speech and a move toward total dystopian surveillance in the UK, while focusing instead on Jimmy Kimmel being suspended for a few days.
“The fact that our mainstream media is relatively silent on this is insane,” Rogan stated during a recent episode of his show.
“This is an Orwell nightmare coming to life right in front of our face,” he further warned.
“You’re seeing a complete, total attack on one of the most fundamental principles of the Western world, which is your ability to express yourself,” Rogan continued, adding “And your ability to call out that you think that the policies that are being implemented in your country are destructive.”
Referring to people who have been arrested and even imprisoned for social media posts, Rogan noted “These people are not calling for violence. They’re not. They’re being arrested for wild things. People are being arrested for liking posts. Some people were investigated for viewing posts.”
He further cautioned that “12,000 people arrested by the police in the UK, the same place that just implemented digital ID.”
“No one’s flinching, no one in America is freaking out about what’s happening in the UK at all,” Rogan urged.
“I mean, you get people online that are kind of freaked out by it, but they’re way more freaked out by nonsensical things like whether or not what Jimmy Kimmel said in his monologue was offensive. They’ll go to the ends of the earth to fight that,” he asserted.
As we have highlighted, Prime Minister Kier Starmer recently announced Chinese communist-style digital tracking is coming to the UK with a new mandatory “right to work” scheme in the form of a universal ID called the “Brit Card”.
It’s all predicated on the back of out of control mass illegal immigration, with the leftists using the crisis created by the previous Conservative government and amplified by Starmer’s cabal in an attempt to rollout Orwellian style surveillance and control.
While they claim the scheme will help to stop “illegal” immigrants from crossing the channel by denying them access to work, the possibilities for control via biometric tracking are endless.
Meanwhile, the police in Britain are still visiting people’s homes in the middle of the night to interrogate them about spicy Facebook posts.
Have they not got any actual crime to investigate or prevent? There sure seems to be a lot going on.
* * *
(zerohedge)
HUNGARY/EUROPE/RUSSIA UKRAINE
Hungary’s Orban From Copenhagen Summit: “The EU Has Decided To Go To War”
Friday, Oct 03, 2025 – 04:15 AM
Hungarian Prime Minister Viktor Orbán is newly warning that EU leaders are preparing for war with Russia, soon after he participated in the European Political Community meeting in Copenhagen.
He has denounced this as “horrifying” that “the EU has decided to go to war” and that at Wednesday’s informal EU summit, leaders pushed a war strategy on how to defeat the Russians.
This reportedly features plans for a ‘drone shield’ to counter Russian incursions into member states’ airspaces, as well as long-planned efforts to confiscate seized Russian assets held in Europe. Conformity is being demanded of all member states.
“The pressure is great. So I will suggest to the Fidesz presidency that we start a signature campaign in Hungary against the EU’s war plans. Because we need all our strength to stay out of this war,” Orbán said.
He summarized the situation on X in an English-language post:
“Copenhagen, day two. The situation is serious. Outright pro-war proposals are on the table. They want to hand over EU funds to Ukraine. They are trying to accelerate Ukraine’s accession with all kinds of legal tricks. They want to finance arms deliveries. I will stand firmly by the Hungarian position.”
The Hungarian prime minister additionally argued that full EU membership for Ukraine is a terrible and dangerous idea as it means “the war would enter the European Union”. Instead, he suggested an arrangement which stops short at a strategic partnership as a “better idea”.
Further in a fresh interview Orban highlighted that Europe is signing on to a climate of “endless war”…
Orban’s foreign minister, Péter Szijjártó, also sounded off, saying on X that “Brussels is preparing for war, and they want Europeans, including Hungarians, to pay the price. As part of this war preparation, the EU Commission has drafted a 7-year budget that is more about Ukraine than about the European Union.”
“This is practically a Ukraine budget,” he then emphasized. “Instead of tackling Europe’s real challenges, such as restoring competitiveness, ensuring energy security, and rebuilding economic growth, they focus on financing the Ukrainian army and the Ukrainian state.”
More signs of hawkish voices dominating the discussion…
Alternately, stepping back in time a bit…
Meanwhile, European Council President Antonio Costa described at a press briefing, “Leaders broadly supported initial priority flagship projects that will strengthen Europe’s security, including the European drone wall and the Eastern Flank Watch.” A lot of noise has been made over last month’s alleged several incursions of Russian aircraft, mostly drones, in European airspace.
END
GERMANY
THIS IS AWFUL!!
German Police Probe Left Party Youth Over ‘Target’ Stickers On AfD Leader’s Head
\
Friday, Oct 03, 2025 – 03:30 AM
A sticker featuring a target over a photo of Alternative for Germany (AfD) party co-leader, Alice Weidel, is allegedly being distributed by the Left Party Youth in Hannover, Germany. The sticker, which also features the text, “Aim Here,” has sparked an investigation by the German police.
“This sticker is being distributed by the youth organization of the Left in Hannover. This is not just a call to violence, this is an incitement to attack in the spirit of the left-terrorist Antifa. The radical Left should finally have the plug pulled. Criminal complaint is being filed!” wrote Thorsten Weiß, the deputy chairman of the AfD parliamentary group in Berlin.
Other X users have brought light to the troubling sticker, which appears to be openly calling for the assassination of Weidel.
The official X account of the Lower Saxony State Criminal Police Office indicated that an open investigation is underway.
“Thank you for the tip! We have forwarded it to the relevant department,” the police account wrote on X.
ttps://x.com/PolizeiNI_lka/status/1973358955138335170?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1973358955138335170%7Ctwgr%5E8a3f96cf98d5d8fb8862db33f25880fbd49abeba%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.zerohedge.com%2Fpolitical%2Fgerman-police-probe-left-party-youth-over-target-stickers-afd-leaders-head
The police were responding to a post pointing to the dangerous image.
“Mrs. Dr.@Alice_Weidel in the crosshairs of the youth organization of the party DIE LINKE. The question is, what are the State Security and the @BfV_Bund doing? Isn’t that an incitement to a crime (murder)?” wrote X user J. Eckleben.
Notably, this is not the first post from the Left Youth in Hanover that has been condemned as of late. The group wrote a message after the assassination of Charlie Kirk that celebrated Kirk’s death in graphic terms.
“Bloody and right-wing politics lead to bloody bullets,” the group wrote in an image, adding: “With a targeted shot to Kirk’s neck, the end of his right-wing inhumane and exploitative policies was sealed.”
Notably, the first post on this topic from Remix News was censored on X, potentially at the request of German or European authorities.
The Left Party Youth message of hate against Kirk was widely condemned across the political spectrum, including from conservative youth from the Christian Democrat Union (CDU), known as Young Union (JU).
“Immediate monitoring of the Hanover Left Youth the Federal Office for the Protection of the Constitution, due to extremist activities that glorify violence and undermine the rule of law. Immediate funding freeze for the Left Youth Hanover, so that state funds do not benefit organizations that publicly glorify violence and act against democracy,” wrote the JU.
Apparently, the criticism did not phase the Left Party Youth in Hanover, with the group issuing an arguably even more explicit image of Weidel.
The federal Left Party has not yet commented on the image.
END
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
TBN ISRAEL/LAST 24 HRS:
ISRAEL VS HAMAS//GERMANY
Germany Says It Busted Up Hamas Terror Plot Targeting Jews
Thursday, Oct 02, 2025 – 05:45 AM
German prosecutors announced in a statement Wednesday that authorities have apprehended three suspected Hamas members who were allegedly procuring weapons “for assassinations targeting Israeli or Jewish institutions.”
The trio has been charged with membership in a foreign terrorist organization and preparing an act of violence endangering the state, in a somewhat rare case, given Hamas does not tend to operate transnationally – especially in moments of direct, intensified war with the Israel Defense Forces (IDF).
However, the three – so far only identified by the first names and last initials, are not Palestinian. Two are said to be German, while the third was born in Lebanon. They are set to appear before a judge on Thursday.
The men identified as Abed Al G, Wael F M and Ahmad I were arrested in Berlin, which notably came a day before Yom Kippur, the holiest day of the Jewish calendar.
CNN has cited a prosecutor statement as saying, “Since at least the summer of 2025 the three have been involved in procuring firearms and ammunition” for Hamas.
Police found “various weapons, including an AK 47 assault rifle and several pistols, and a considerable amount of ammunition.” during raids on their homes during the arrest.
By this statement, it doesn’t appear as if they had yet acquired too big of an arsenal, but the prospect of random acts of terror and the potential for mass shootings by Islamist operatives remains a significant danger to Europe.
Interestingly, Hamas is not claiming responsibility for the alleged attack plot, but has instead denied that these men are its operatives and rejected that it conducts attacks on European soil:
Hamas said in a statement that the allegations against it were “baseless” and aimed to “undermine the German people’s sympathy for the Palestinian people”.
The group added that it had a policy of limiting its activities to what it considers Palestinian territory.
Back in December 2023, German and Dutch authorities arrested four people accused of plotting to attack Jewish institutions in Europe – but in such instances it remains murky whether the plotters were directly members or Hamas or else ‘Hamas-inspired’ or loosely linked.
Hezbollah too, out of Lebanon, is a group which is not known for conducting attacks on an international level, but typically stays confined to south Lebanon or the Mideast region, carrying out anti-Israel operations and missile strikes along the border.
END
ISRAEL HAMAS
Hamas fires 5 rockets from Gaza on Yom Kippur, triggering sirens in Ashdod; no injuries
IDF says 4 projectiles intercepted, 1 hit open area; Gazan health authorities say dozens killed by Israeli fire; officer seriously wounded in attack on army post
By Emanuel Fabian, Follow
Agencies and ToI StaffToday, 7:27 pm
Screenshot from a video showing the firing of a rocket from Gaza toward Ashdod on October 1, 2025. (Screen grab used in accordance with Clause 27a of the Copyright Law)
Five rockets were fired from the northern Gaza Strip at the coastal city of Ashdod on Wednesday evening during Yom Kippur, in a barrage later claimed by the Hamas terror group.
Meanwhile, on Thursday, an officer was seriously injured and two troops were lightly hurt in an attack on an army post in central Gaza, the military said.
According to the Israel Defense Forces, four of the rockets launched at Ashdod were intercepted by air defenses, and one landed in an open area.
There were no reports of injuries or damage.
The attack came on Yom Kippur, the holiest day of the Jewish calendar, and as the Israeli Navy prepared to intercept the large flotilla attempting to break the Israeli maritime blockade on the Gaza Strip — ultimately, the IDF said that none of the vessels reached the Gaza coast.
Sirens rang out in the southern city as thousands of observant Jews were in synagogues and while secular Israelis took advantage of the deserted roads and highways, they took to the streets on their bicycles.
On Thursday, the Hamas terror group took responsibility for the rocket barrage. In a statement, the terror group’s military wing said it targeted Ashdod “in response to the targeting of civilians.”
Rocket fire from Gaza was once an intermittent fact of life for southern Israel.
But such salvos, especially long-range attacks with multiple projectiles, have become increasingly rare as the war has progressed, with terror groups’ launching capabilities hindered by the IDF’s ground offensive.
Earlier on Wednesday, terrorists in the northern Gaza Strip fired two rockets at southern Israel, which were intercepted by the IDF. The attack triggered sirens in Gaza border communities.
In addition, several rockets were launched from southern Gaza’s Khan Younis at an aid distribution site in Rafah on Wednesday, the military said.
The rockets struck near the aid site, run by the Gaza Humanitarian Foundation, without causing any damage to the compound itself, according to the IDF. Despite the rocket fire, the GHF site opened on Thursday for aid distribution, the army added.
Palestinians carry bags containing food and humanitarian aid packages delivered by the Gaza Humanitarian Foundation, in Rafah, southern Gaza, June 9, 2025. (AP/Abdel Kareem Hana)
On Thursday evening, the IDF announced that an officer was seriously wounded and two other troops, including a reservist, were lightly injured by gunfire during fighting in the central Gaza Strip earlier in the day.
The officer, who served with the 414th Combat Intelligence Collection Unit, and the other two soldiers were taken to hospitals for treatment, and their families were notified, the IDF added.
According to an initial IDF probe, a terror operative managed to breach an army post in Israel’s buffer zone in central Gaza — some 800 meters from the Israeli border — and open fire on troops. After a gun battle with the soldiers at the post, the gunman was killed.
A photo released by the Israel Defense Forces on October 1, 2025, showing IDF activity in the Gaza Strip. (Israel Defense Forces)
Also on Wednesday, a drone launched by the Houthis in Yemen at Israel was intercepted by the Israeli Air Force, the military said.
The drone was shot down off the coast of Eilat, but no sirens sounded, “according to protocol,” the IDF said, because it did not pose a threat.
The Iran-backed Houthis — whose slogan calls for “Death to America, Death to Israel, [and] a Curse on the Jews” — began attacking Israel and maritime traffic in November 2023, a month after the October 7 Hamas massacre in southern Israel that launched the war in Gaza.
Displaced Palestinians look at smoke rising into the sky following an Israeli military strike in Gaza City, as seen from the central Gaza Strip, Oct. 2, 2025. (AP Photo/Abdel Kareem Hana)
Meanwhile, Israeli strikes and gunfire overnight and into Thursday killed at least 41 Palestinians in Gaza, according to hospitals in the Strip, as Hamas was still considering its response to US President Donald Trump’s proposal for ending the nearly two-year war, sparked by the terror group’s October 7, 2023, massacre.
Gazan health authorities tied to Hamas said at least 27 people were killed by Israeli fire in southern Gaza, with 14 of them killed in an Israeli military corridor.
Officials at Al-Aqsa Martyrs Hospital in the central city of Deir al-Balah said they had received 13 dead from Israeli strikes. In Gaza City, health officials at Shifa Hospital, which Israel has long said is a key terror base for Hamas, said they received one body and several wounded people.
The Hamas-run Gaza health ministry says more than 66,000 people in the Strip have been killed or are presumed dead in the fighting so far, though the toll cannot be verified and does not differentiate between civilians and fighters. Israel says it has killed over 22,000 combatants in battle as of August and another 1,600 terrorists inside Israel during the October 7 onslaught.
Israel has said it seeks to minimize civilian fatalities and stresses that Hamas uses Gaza’s civilians as human shields, fighting from civilian areas, including homes, hospitals, schools, and mosques.
The rocket and drone attacks and IDF strikes came as Hamas was set to respond to a US hostage-ceasefire proposal that Israel has agreed to.
On Monday, US President Donald Trump presented a ceasefire-hostage deal proposal in a joint press conference at the White House with Prime Minister Benjamin Netanyahu, who accepted the offer.
US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu (L) shake hands at the end of a press conference at which Trump set out a plan to end the war in Gaza, in the State Dining Room of the White House in Washington, DC on September 29, 2025. (ANDREW CABALLERO-REYNOLDS / AFP)
The proposal would release the remaining 48 hostages within 72 hours. In exchange, Israel would release 250 Palestinian prisoners serving life sentences; 1,700 Gazans, including all women and children, detained since the Hamas onslaught of October 7, 2023, which sparked the war in Gaza; and 15 bodies of deceased Gazans for every body of an Israeli hostage.
The proposal would also require a three-phase Israeli withdrawal from Gaza, disarm Hamas, demilitarize Gaza, ensure uninhibited humanitarian aid to the Strip, and hand the enclave over to an international transitional government without Hamas or the Palestinian Authority.
Hamas has refused to disarm absent Palestinian statehood, which Israel rejects, and until “the occupation” is ended. It regards Israel’s existence as an occupation, and avowedly seeks to destroy the Jewish state
The deal is supported by European, Arab and Muslim countries, as well as the Palestinian Authority. Hamas has yet to formally respond to the offer. Trump said Tuesday that the terror group would have “three or four” days to do so.
END
ISRAEL/HAMAS/USA
Trump gives Sunday deadline for Hamas to take his Gaza proposal or be ‘quickly extinguished’
President calls on civilians to flee to ‘safer areas of Gaza’ in latest ‘final warning’ ultimatum to Hamas * Father of Manchester synagogue terrorist says family shocked by his ‘heinous’ actions, as Starmer visits scene of terror attack
Trump gives Sunday deadline for Hamas to take his Gaza proposal or be ‘quickly extinguished’
By Jacob Magid
US President Donald Trump walks to speak with reporters before departing on Marine One from the South Lawn of the White House, on September 30, 2025, in Washington. (AP Photo/Alex Brandon)
US President Donald Trump calls on Palestinian civilians to “immediately” evacuate to “safer parts of Gaza, while warning that Hamas has until 6 p.m. Eastern time on Sunday to accept his proposal for ending the war before “ALL HELL” breaks out against the terror group.
Trump writes on Truth Social that Hamas’s remaining fighters are “MILITARILY TRAPPED, just waiting for me to give the word, ‘GO,’ for their lives to be quickly extinguished.”
“As for the rest, we know where and who you are, and you will be hunted down, and killed,” the US president says.
“I am asking that all innocent Palestinians immediately leave this area of potentially great future death for safer parts of Gaza. Everyone will be well cared for by those that are waiting to help,” he adds.
Trump doesn’t specify from which parts of Gaza he wants civilians to flee, but he appears to be referring to Gaza City where hundreds of thousands still remain, as Israel advances its operation to take over what Prime Minister Benjamin Netanyahu claims is Hamas’s last stronghold.
On Tuesday, Trump said that he would give Hamas three or four days to respond to his proposal and indicated that there wasn’t much more space for additional negotiations.
A source familiar with the talks told The Times of Israel on Thursday that Hamas was slated to soon respond positively to the US proposal while adding a series of amendments, a move likened to what Netanyahu managed to do in the days before the plan was unveiled on Monday when he secured key changes to the document.
Egyptian and Qatari officials have also indicated that they would like to make some changes to the proposal after fuming over the amendments that Netanyahu convinced the US to make.
It’s unclear whether the US will accept additional changes, though, as Trump indicates in his Truth Social post that his patience is running out.
“Fortunately for Hamas, however, they will be given one last chance! Great, powerful, and very rich nations of the Middle East, and the surrounding areas beyond, together with the United States of America, have agreed, with Israel signing on, to PEACE, after 3000 years, in the Middle East,” Trump writes.
“THIS DEAL ALSO SPARES THE LIVES OF ALL REMAINING HAMAS FIGHTERS! The details of the document are known to the WORLD, and it is a great one for ALL!” he adds, apparently referring to the clause granting amnesty to “peace committing” Hamas members and granting those of them who want to leave safe access to unnamed receiving countries.
“Hamas has been a ruthless and violent threat, for many years, in the Middle East! They have killed (and made lives unbearably miserable), culminating with the October 7th MASSACRE, in Israel, babies, women, children, old people, and many young men and women, boys and girls, getting ready to celebrate their future lives together.”
“As retribution for the October 7th attack on civilization, more than 25,000 Hamas ‘soldiers; have already been killed,” he says, reiterating a point he made during the unveiling of the US plan on Monday, potentially setting the stage to argue that Israel has caused enough damage to Hamas to declare victory — a stance voiced by the Biden administration as it sought to convince Israel to take a hostage deal that would end the war.
“We will have PEACE in the Middle East one way or the other. The violence and bloodshed will stop.”
“RELEASES THE HOSTAGES, ALL OF THEM, INCLUDING THE BODIES OF THOSE THAT ARE DEAD, NOW!”
“An agreement must be reached with Hamas by Sunday evening at SIX (6) p.m., Washington, D.C. time. Every Country has signed on!”
“If this LAST CHANCE agreement is not reached, all HELL, like no one has ever seen before, will break out against Hamas,” Trump wrote.
However, he has several times in recent months claimed to give Hamas a “final warning” to release the hostages, without following through on his threats.
Trump has issued a similar ultimatum before, threatening Hamas with “HELL TO PAY” in a March post that he also claimed was his “last warning.”
On September 8, Trump wrote on Truth, “I have warned Hamas about the consequences of not accepting. This is my last warning. There will not be another one.”
On March 5, he wrote, “Release all of the Hostages now, not later, and immediately return all of the dead bodies of the people you murdered, or it is OVER for you… This is your last warning!”
Signing off on his latest ultimatum, Trump writes, “THERE WILL BE PEACE IN THE MIDDLE EAST ONE WAY OR THE OTHER.”Share
END
THEN HAMAS SAID IT WILL ACCEPT TRUMP’S DEAL;
Hamas Ready To Release All Hostages In Major Trump Deal Breakthrough
Friday, Oct 03, 2025 – 04:08 PM
Update(1608ET): Late Friday evening Hamas has announced had agreed to release all of the Israeli hostages as well as the bodies of those who had died. This is in direct response to President Trump’s peace proposal, contained in the 20-point plan released by the White House earlier this week. According to the breaking announcement via the NY Times:
In a statement posted online on Friday night, the armed group said it would release the hostages “according to the exchange formula contained in President Trump’s proposal, and as the field conditions for the exchange are met.”
“In this context, the movement affirms its readiness to immediately enter into negotiations through the mediators to discuss these details,” the group added.
But as the wording suggests, there will be more hurdles to go as the group enters fresh “negotiations”. Trump had earlier said there’s little room for this, but it’s unlikely that Hamas will sign on to all points of the White House plan. Additionally, it remains to be seen whether the IDF will engage in a ‘partial withdrawal’ from the Strip, as the plan calls for.
Nevertheless, at this early moment in entering the new deal, this is the first positive news out of Gaza in a long time, and the US administration is likely to hail it as a major victory going into the weekend.
ISRAEL HAMAS/FRIDAY MORNING
IDF says it killed 20 Hamas operatives seeking to attack other Gazans in humanitarian zone
Some 20 armed Hamas terror operatives, who attempted to carry out a raid against other Gazans in the Israeli-designated humanitarian zone in the Khan Younis area of southern Gaza, were killed in drone strikes, the military says.
The military publishes footage of the strikes.
Hossam al-Astal, who leads an armed group in the area, told The Times of Israel that his forces had thwarted a Hamas attack on a family with which the terror group is in dispute this morning, with air support from the IDF.
The Israeli military does not mention the armed group in its statement, but confirms it thwarted an attack on “Gazan residents” in the area.
The IDF says that after the drone strikes, several Hamas operatives were seen trying to use Palestinian children as human shields. The gunmen were killed in separate strikes minutes later, without harm being caused to the civilians, the military says.
In recent weeks, there have been repeated attempts by Hamas to prevent Palestinian civilians from heading to the humanitarian area in southern Gaza, the military says.
According to the IDF’s latest estimates, more than 870,000 Palestinians have evacuated Gaza City to the Strip’s south, out of around a million who were residing there before the army’s latest offensive against Hamas.
ISRAEL HEZBOLLAH
IDF says 3 Hezbollah operatives killed in south Lebanon drone strikes over past day
By Emanuel Fabian FollowToday, 10:48 pm
Lebanese emergency and security service members deploy around the wreckage of a car hit by an Israeli drone strike in the southern area of Al-Jarmak on October 2, 2025. (Rabih Daher/AFP)
Three Hezbollah operatives were killed in Israeli drone strikes in southern Lebanon over the past day, the military says.
A strike in Kafra on Wednesday afternoon killed Ali Mohammed Qarouni, who the IDF says served as Hezbollah’s local representative in the town, and as part of his role, he was responsible for liaising between the terror group and the residents “on economic and military matters.”
“The terrorist acted to seize private property for the organization’s military needs, such as renting homes for storing weapons and conducting surveillance,” the army says.
A separate strike earlier today in Kfar Reman killed two more Hezbollah operatives, who the IDF says were engineering operatives involved in restoring the terror group’s infrastructure in the Mount Dov and Khiam areas.
ISRAEL VS HAMAS/NETHERLANDS//NORWAY//USA/CATERPILLAR
IDIOTS
Netherlands’ Top Pension Fund Dumps Caterpillar Over Gaza Demolitions
Thursday, Oct 02, 2025 – 05:00 AM
The Netherlands’ largest pension fund, ABP, announced Wednesday that it had divested from US manufacturer Caterpillar, citing concerns over the use of its equipment by Israeli forces in Gaza.
ABP, which manages investments on behalf of three million government and education employees, confirmed it had sold its stake worth around $454 million as of late March.
“Our investment approach must ensure good returns while being socially responsible,” the fund said in a statement to AFP. It added that when companies fail to meet its standards, discussions are held, but “if these do not lead to the desired results, ABP will stop investing in these companies.”
While declining to disclose decisions about individual firms, ABP acknowledged that “the composition of our investment portfolio is evolving, particularly in Israel–Gaza.” AFP said Caterpillar had been contacted for comment but offered no response.
The Dutch fund’s withdrawal came as European institutions were intensifying divestments from companies tied to Israel’s genocide in Gaza and its settlement drive in the occupied West Bank.
In late August, Norway’s $2-trillion sovereign wealth fund – the largest in the world – announced it had excluded Caterpillar and five Israeli banks after an ethics review concluded they were enabling grave violations of international law.
The Council on Ethics said Caterpillar’s bulldozers and heavy machinery were deployed in “extensive and systematic violations of international humanitarian law,” including the destruction of Palestinian homes and property.
It stressed that Caterpillar had failed to act against the weaponization of its equipment. The same review led to the exclusion of Hapoalim, Leumi, Mizrahi Tefahot, First International Bank of Israel (FIBI), and FIBI Holdings for underwriting and financing settlement construction, described as a “necessary prerequisite” for sustaining an illegal occupation.
Fund chief Nicolai Tangen described the divestments as “extraordinary measures” taken in response to the worsening humanitarian disaster in Gaza. He noted that exposure to Bet Shemesh Engines – a jet engine manufacturer servicing Israeli warplanes bombing Gaza – had triggered the review.
President Trump has openly criticized nations and funds that boycott the Texas-based company.
Norwegian Prime Minister Jonas Gahr Store called the investment “worrying.” Earlier in August, the Norwegian fund confirmed it had already dropped 11 Israeli companies, underscoring a broader retreat by European investors from firms complicit in Israel’s military campaign and settlement expansion.
END
TURKEY/KURDS SYRIA
they must get this lunatic out of power. Nobody says a word and yet the Kurds deserve a state!!
Erdogan Threatens Operation Against Syrian Kurds If ‘Integration’ With Damascus Fails
Friday, Oct 03, 2025 – 02:00 AM
President Recep Tayyip Erdogan stated Wednesday that Turkey will not allow Syria’s fragmentation if a deal to integrate the Kurdish-led Syrian Democratic Forces (SDF) into the Syrian military led by self-appointed President Ahmad al-Sharaa collapses.
“We have engaged all channels of diplomacy, both to preserve Syria’s territorial integrity and prevent a terrorist structure from forming across our borders. We continue to use these channels with patience, sincerity, and common sense,” Erdogan explained while giving a speech to mark the Turkish parliament’s re-opening. “If diplomatic initiatives are left unanswered, Turkey policy and position are clear. Turkey will not allow a deja vu to take place in Syria,” he added.
The US-backed SDF controls large swathes of oil-rich territory in north and east Syria, which it administers under the name of the Autonomous Administration of North and East Syria (AANES).
The US-backed SDF was established under US guidance in 2015. It is an offshoot of the Kurdistan Workers Party (PKK), which Ankara considers a terrorist organization.
Erdogan has threatened to take military action against the SDF if it does not integrate its forces into the Syrian state, based on an agreement reached with President Sharaa, the former Al-Qaeda leader, on March 10.
Turkey occupies large areas of land in northern Syria and has deployed forces against the SDF in the past. Erdogan claims Ankara needs a “buffer zone” to protect against PKK attacks.
Earlier this week, Syria’s government asked factions within the military to prepare for operations against the SDF, the Syrian Observatory for Human Rights (SOHR) reported.
According to SOHR, Turkish-aligned factions in the Syrian army were asked to “prepare for operations” against the SDF in Deir Hafer and the Tishreen Dam area. SOHR added that officials in Damascus have requested that a campaign against the SDF not take more than a week.
If launched, the operation would aim to pressure the Kurdish–dominated group into accepting the agreement signed with Damascus in the wake of the Syrian government’s large-scale massacre of Alawite civilians on the country’s coast.
The SDF leadership is worried the Kurds could be subjected to similar massacres if they give up their weapons and allow their fighters to integrate into the Syrian military as individuals rather than as units under Kurdish command.
Recent days have seen a significant buildup of both Syrian army forces and SDF troops on the front lines in eastern Aleppo. On Monday, SOHR reported escalating clashes, as more than 10 artillery shells struck areas around the Tishreen Dam following exchanges between the SDF and Turkish-backed Syrian factions.
Earlier in the day, SOHR sources confirmed that orders were issued to Syrian government forces to deploy “show-of-force” units with heavy vehicles, tanks, and artillery to the Deir Hafer frontline in anticipation of possible SDF operations. There are also reports that the SDF has stationed kamikaze drones, rocket launchers, and long-range artillery near the local sugar factory.
The Turkish army, which has operated against the SDF in the past, may be gearing up for a new campaign, Sharaa said earlier this month. Turkey “may act militarily if full integration is not achieved by December,” Sharaa warned.
In late May, Erdogan warned the SDF to “quit stalling” and integrate with the Syrian army. Turkey is currently training Syria’s new extremist-dominated military.
The National reported on August 17 that Damascus is assembling a force of 50,000 to capture Deir Ezzor and Raqqa from the SDF.
end
WEST BANK
HEZBOLLAH
RUSSIA VS UKRAINE/USA
Putin Warns US Tariffs On Russia’s Partners Will Backfire: ‘Oil Will Skyrocket, Exceed $100
Thursday, Oct 02, 2025 – 03:50 PM
Update(1550): Earlier, we reported below that Washington is now openly affirming it will provide Ukraine with US intelligence assistance for long-range strikes targeting Russian oil facilities. Throughout the war, Ukraine has already hit the majority of Russian refineries – a hand full of them more than once – in drone attacks. Also, Europe is busy escalating with the French Navy having boarded what’s believed to be a sanctions-busing oil tanker flying the Benin flag.
Putin warned on Thursday that imposing higher tariffs on Russia’s trading partners would lead to increased global prices and compel the US Federal Reserve to maintain elevated interest rates. His comments also reflected on the US introduction an additional 25% tariff on Indian goods in August, raising the total tariff on some Indian exports to 50%. Putin further criticized Washington’s attempts to pressure countries like India and China to scale back their energy cooperation with Moscow, warning of unintended economic consequences.
He’s had enough, and said severe countermeasures are coming during the Valdai discussion club meeting in Sochi. While oil prices have been steadily falling, Putin has threatened warned, oil prices “will skyrocket” and immediately exceed $100 per barrel without Russian crude supplies getting to the global market.
“It’s impossible to imagine that the loss of Russian oil would maintain normalcy in the global energy sector and the global economy. That won’t happen,” he stated. “Is that really in the interests of the economies of countries that are already doing poorly, including European countries?”
He’s also once again highlighting the ongoing contradictions and hypocrisy in EU policy.
* * *
The Kremlin is downplaying reports out of the Wall Street Journal and Reuters which cite unnamed US officials to say the Trump White House has quietly reversed policy on providing Ukraine with intelligence to assist in hitting long-range targets on Russian territory. The entrenched narrative is that the US under Trump had resisted this, and that it was Biden who had really put in place the American intelligence-sharing apparatus in Ukraine.
Specifically, as The Wall Street Journal reports, “The U.S. will provide Ukraine with intelligence for long-range missile strikes on Russia’s energy infrastructure, American officials said, as the Trump administration weighs sending Kyiv powerful weapons that could put in range more targets within Russia.”
But Moscow’s response has been unexpectedly calm and cool, with a statement describing that nothing in fact has change, highlighting that US intelligence had already been flowing to Kiev for a long time.
Kremlin spokesman Dmitry Peskov said: “The US transmits intelligence to Ukraine on a regular basis online. The supply and use of the entire infrastructure of Nato and the US to collect and transfer intelligence to Ukrainians is obvious.”
In the opening months of Trump’s second term, the president got the warring sides to agree to a halt on attacking each other’s energy sites. Though it held for perhaps weeks, it didn’t take long for the moratorium to break down.
Ukraine especially has used it as a tactic to try and bring Russia’s war machine to its knees. And there are recent reports showing some degree of success in inflicting economic pain.
“President Trump recently signed off on allowing intelligence agencies and the Pentagon to aid Kyiv with the strikes. U.S. officials are asking North Atlantic Treaty Organization allies to provide similar support, these people said,” WSJ continues, marking the first such instance of Trump openly greenlighting Ukrainian strikes on Russia with long-range missiles.
The question of providing Tomahawks still remains an open one, and the Kremlin has said it would be “surprised” if the White House allowed such a serious escalation. Still, J.D. Vance early this week said the administration is seriously looking at the European request.
“The expanded intelligence-sharing with Kyiv is the latest sign that Trump is deepening support for Ukraine as his efforts to advance peace talks have stalled,” WSJ adds.
International estimates are that thus far during the war Ukraine has struck a whopping 21 out of Russia’s 38 refineries, some of them more than once, which has proven costly – also as sanctions have made it hard to find parts for quick repairs.
This alleged ‘policy change’ may be the direct result of heightened lobbying from Zelensky and the Europeans. After Zelensky was in New York last week for the UN General Assembly, Trump wrote on social media, “After getting to know and fully understand the Ukraine/Russia Military and Economic situation and, after seeing the Economic trouble it is causing Russia, I think Ukraine, with the support of the European Union, is in a position to fight and WIN all of Ukraine back in its original form.” But this was also a way of simply handing off the bulk of the war effort to the Europeans, which itself could prove highly dangerous, even if Trump wants to washing his hands of it.
END
RUSSIA/UKRAINE
Russia Has Upgraded Missiles To Successfully Evade Ukraine’s Patriots
Thursday, Oct 02, 2025 – 08:10 PM
We’ve been documenting how more and more US Patriot missile batteries have been showing up in Ukraine, as even Israel has of late openly acknowledged sending one, with more said to be on the way.
But it hasn’t taken long for Russia to respond by upgrading its ballistic missile systems to evade Ukrainian air defenses, including US-supplied Patriot systems, according to a report by the Financial Times on Thursday. The report, which cites Ukrainian and US officials, details that the modifications affect both the Iskander-M short-range ballistic missiles and the air-launched Kinzhal missiles.
These have ranges of up to around 300 miles, with the upgraded missiles now said to be capable of performing sharp maneuvers or steep dives as they approach their targets, making them significantly more difficult to intercept.
One Ukrainian official admitted the development to be a “game-changer for Russia” – as cited in Financial Times. Western intel sources further conceded a noticeable drop in successful interceptions by Ukraine’s air defenses as a result.
“Ukraine’s ballistic missile interception rate improved over the summer, reaching 37 per cent in August, but it plummeted to 6 per cent in September, despite fewer launches, according to public Ukrainian air force data compiled by the London-based Centre for Information Resilience and analyzed by the Financial Times,” the report underscores.
A notable successful Russian strike which was able to evade significant air defenses was on August 28, when a major facility for the manufacture of Turkish-made Bayraktar drones was hit, in what many analysts said at the time sent a clear message to Ankara.
And during an attack wave on September 18, Ukraine’s Air Force reported – somewhat unusually – that all four Iskander missiles launched that day bypassed Patriot defenses entirely. Such had become a ‘pattern’ over the summer.
These prior instances in the summer saw Ukraine’s air defenses at times down merely one missile out of seven or more, and that the intercept rate was previously consistently higher.
An American Patriot surface-to-air missile lies on the streets in Kiev:
Also of note in the fresh report is the feedback that major defense makers are getting in real-time. “Ukraine shares Patriot engagement data with the Pentagon and the air defense system’s US manufacturers, said the western and Ukrainian officials,” FT writes.
“Virginia-based Raytheon makes the Patriot system, while Maryland-based Lockheed Martin produces the system’s interceptor missiles,” the report continues, describing that “The data is used to make updates needed to keep pace with Russia’s adjustments, but one official said those improvements often lagged behind Moscow’s evolving tactics.
RUSSIA/UKRAINE NATO
Putin: ‘All NATO Countries Are Fighting Us’ While EU Leaders ‘Whip Up Hysteria’
Thursday, Oct 02, 2025 – 09:50 PM
Speaking at the Valdai Discussion Group in the Black Sea resort of Sochi on Thursday, Russian President Vladimir Putin said his forces are advancing along the entire front in Ukraine, and warned that Moscow is now facing down all of NATO.
“All NATO countries are fighting us, and they’re no longer hiding it,” he said. “Unfortunately, there are instructors (in Ukraine), and they’re actually taking part in combat operations. A centre was created specifically in Europe, and it essentially supports everything the Ukrainian armed forces do. It feeds information, transmits intelligence from space, and supplies weapons and gives training.”
“The ruling elites of united Europe continue to whip up hysteria. It turns out that war with the Russians is practically on the doorstep. They repeat this nonsense, this mantra, over and over again,” he continued. “They can’t believe what they’re saying, that Russia is going to attack NATO?… They’re either incredibly incompetent if they truly believe it, because it’s impossible to believe this nonsense, or they’re simply dishonest.” Earlier on Thursday it was widely reported that the White House has authorized intelligence assistance to striking long-range targets inside Ukraine.
“We simply cannot ignore what is happening. We have no right to do so for reasons of our own security. I repeat, our defense and safety. Therefore, we are closely monitoring the escalating militarization of Europe.” He made clear that it’s absurd to believe that Russia is looking to attack NATO. This had been frequently repeated by the Kremlin throughout the summer.
Putin said further: “Are these just empty words, or is it time for us to take countermeasures? … Germany, for example, says that the German army should be the most powerful in Europe. Good. We listen carefully, understanding what is meant.”
“I think no one doubts that such measures will force Russia to act, and Russia’s countermeasures will not be long in coming. It seems (to me) that the response to these threats will be, to put it mildly, very convincing.”
As for the United States and the potential for an improvement in bilateral relations, this was the one bright spot in the Valdai address:
“The current White House administration states its interests and desires directly … and bluntly, but without any unnecessary hypocrisy.”
“We see that the current U.S. administration is guided primarily by its own interests, as it understands them. I believe this is a rational approach. But then, if you will excuse me, Russia also reserves the right to be guided by its national interests. One of which, incidentally, is the restoration of full-fledged relations with the U.S.”
And so Putin appeared to lay the bulk of the blame on Europe and its efforts to support Ukraine at all costs while pursuing irresponsible and dangerous confrontation.
Putin is not beating around the bush, calling out German leaders among others for their jingoist rhetoric, and vowing that serious ‘countermeasures’ are coming…
We can assume that if President Trump does actually go forward with approving Europe’s request to send Tomahawk long-range missiles to Kiev, this optimistic picture of bilateral Russia-US relations will no longer be the case.
As for the state of the battlefield, Putin made clear that Russia will pursue its Special Military Operation undeterred, and that it is ascendant and keeps moving forward daily. “Our troops are confidently advancing along practically the entire line of contact,” he declared.
“We control almost 100% of the Luhansk region. The enemy controls a little over 19% in the Donetsk region, and 24-25% in the Zaporizhzhia and Kherson regions, respectively. And everywhere, Russian troops confidently maintain the strategic initiative.”
Last week, FM Lavrov said something similar to what Putin has said in Sochi. “NATO and the European Union want to declare, in fact, have already declared a real war on my country and are directly participating in it,” Lavrov had said.
Meanwhile, on the economic front, some the countermeasures that Russia is said to be readying…
ROBERT H
RUSSIA
We are approaching the Oreshnik Moment |
I have read John’s writing and i would agree that Oreshnik will fly again and likely before we know it. It is after all why it was created to allow a non nuclear response that was equivalent to a nuclear strike.
I disagree that Putin would allow a surrender of Russia. He would be dead before this would occur. And agreements with China would suggest a Chinese response. China will not allow this and vice versa. Many Russian hard liners are pissed that he has not allowed wholesale destruction of Ukraine as a direct message to European Neocons. The Russian public is growing anger and is looking for a response that Russia can give. The hard liners see this as does Putin. Putin has and is buying time as the internal war machine cranks out more missiles by the week.
Whatever happened in Alaska is tempered by realities. The root cause of-the problem are European Neocons and their cousins in America. If they choose to buy American missiles and use them against Russia so be it.
As long as European parties direct the strikes then the US will stay out. If not then the US will be seen as a a combatant to the strikes. And contrary to what Lavrov may publicly say, the reality is that Russia will have to react. And react in such a way to make clear that the next provocation will be met with a nuclear attack across the board.
Time will tell. Putin had and has cancer. How close to being serious, who knows? However, have NO illusions about the pressure being exerted both internally and externally for a broader war.
https://www.paulcraigroberts.org/2025/10/01/we-are-approaching-the-oreshnik-moment/
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
GLOBAL ISSUES
MARK CRISPIN MILLER
89 new studies and reports that reconfirm the deadliness of COVID “vaccination” (and also some GOOD news)
Our latest compilation showing some of the abundant scientific evidence that COVID “vaccination” is a bio-weapon that has been deployed against humanity worldwide
| Mark Crispin MillerOct 2 |
Here’s a brief preface to this compilation: Thank you, Pres. Trump!
Health sector gave millions to Trump inauguration
April 21, 2025
Pfizer Strikes $70 Billion Deal with U.S. to Expand Its mRNA Empire, Lower Drug Prices
September 30, 2025
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.
Today, Pfizer announced a “landmark agreement” with the Trump Administration. The press release promised lower drug costs and a revival of U.S. manufacturing. President Donald Trump touted that Pfizer would cut Medicaid drug prices for low-income Americans and sell new medicines at a “most-favored-nation” price — but only in exchange for tariff relief. In reality, it appears to be a multi-billion dollar effort to entrench Pfizer’s failed gene-transfer platforms for decades to come.
The deal secures a $70 billion commitment to U.S. R&D — a down payment on Pfizer’s next wave of gene-based products:
- Cancer “vaccines”
- Obesity injections
- Expanded vaccine portfolio (flu, RSV, bird flu, more)
- Chronic disease biologics in inflammation & immunology
Majority of Americans Now Suspect COVID-19 “Vaccines” Caused Mass Deaths
SEP 11, 2025
Rasmussen survey finds 56% of U.S. voters believe COVID shots caused significant deaths — and 42% say CDC employees should be fired for their pandemic response.
Covid ‘Vaccines’ Were ‘Deliberately Engineered’ to Cause ‘Unprecedented Levels’ of Death
September 1, 2025
A bombshell new peer-reviewed study has dropped a hammer on the official Covid narrative, concluding that both the SARS-CoV-2 virus and the mRNA “vaccines” share “deliberately engineered” features consistent with gain-of-function biological weapons research. The researchers behind the study warn that the mRNA injections have caused “unprecedented levels of morbidity and mortality.” The study’s paper was authored by 11 scientific and legal experts. It was published in the prestigious Journal of American Physicians and Surgeons.
The paper argues that the genetic signatures of SARS-CoV-2, and the dangerous spike protein it shares with the vaccines, “represent a violation of the Biological Weapons Convention.” This study represents the most direct challenge yet to the official Covid narrative. It doesn’t just question safety, it raises the possibility that both the virus and the “vaccines” were products of deliberate engineering, with catastrophic consequences.
And the authors are clear, warning the public that the damage is ongoing, and the truth can no longer be ignored.
Link
Three Peer-Reviewed Studies Provide Irrefutable Grounds for Immediate Market Withdrawal of COVID-19 mRNA Injections
AUG 28, 2025
International evidence converges: mRNA shots are unsafe, ineffective, contaminated, and in violation of international law. Two major peer-reviewed papers were published in the last 48 hours — one from Japan and another from an international team of physicians and researchers, including those from the McCullough Foundation. Together, these three studies converge on the same conclusion: The modified COVID-19 mRNA injections are unsafe, ineffective, contaminated, and in violation of international law. This is now the strongest scientific and ethical case yet for immediate global withdrawal of mRNA-LNP products.
World Council for Health: mRNA ‘Vaccines’ Are ‘Weapons of Mass Destruction’
September 3, 2025
The World Council for Health (WCH) has just made an explosive and historic move by officially declaring that Covid mRNA “vaccines” are “biological and technological weapons of mass destruction.” The bombshell declaration was announced by the global health organization’s Florida wing. In a stunning announcement, the World Council for Health Florida (WCH FL) confirmed it is formally endorsing the “Sansone mRNA Bioweapons Prohibition Act.” the first-of-its-kind bill seeks to criminalize and outlaw the use of mRNA technology under existing state bioweapons laws. The legislation was drafted by renowned medical expert Dr. Joseph Sansone.
The legislation was introduced in the Minnesota legislature in April 2025. It is now being pushed for widespread adoption across all 50 states and even globally. In its official declaration, WCH FL stated: “mRNA nanoparticle injections are biological and technological weapons of mass destruction that have caused a massive amount of disease, disability, and death, and without intervention, this will continue into the foreseeable future.” The group, part of a global alliance with councils in 35 countries, is the first health freedom organization to explicitly classify the injections as weapons of mass destruction.
Funeral Director Blows Whistle on Horrifying Covid ‘Vaccine’ Cover-Up
August 2, 2025
According to the official narrative, Covid “vaccines” are “safe and effective,” and these surging excess deaths are just a “conspiracy theory.” However, what embalmers are finding when they examine these bodies is nothing short of chilling. These clots are far from rare. A global survey has found them in one out of every four corpses, and they only began to appear after the rollout of mRNA injections. Yet, this issue is now being reported globally. John O’Looney, a UK funeral director, has just blown the whistle on the cover-up of these clots. O’Looney revealed that coroners are removing these clots before releasing the bodies, ensuring that grieving families never even see the evidence.
Pentagon Secretly Advancing ‘Self-Spreading Vaccine’ Development, Documents Reveal
August 14, 2025
The company’s stated goal is to build “synthetic immune systems” using what they call Therapeutic Interfering Particles (TIPs). TIPs are genetically engineered viruses designed to act as “tiny Trojan horses,” carrying genetic material from person to person without consent. Unlike conventional vaccines, these cannot be targeted or dosed, and no one exposed to them would have given informed consent.
Inside mRNA Vaccines: The Movie
AUG 11, 2025
This hard-hitting film rips the lid off the disastrous mRNA rollout — with stunning 3D animation and unfiltered testimony from the world’s leading experts.
American Medical Association: Colorectal Cancer Surging Among Children & Young Adults
August 3, 2025
Colorectal cancer rates had been in decline since the 1980s. However, the AMA reported that incidences of the disease among those under 50 have been increasing by approximately 2% per year. Here are the sobering statistics that reflect these alarming trends:
- Ages 10 to 14: Increased by 500%
- Ages 15 to 19: Increased by 333%
- Ages 20 to 24: Increased by 185%
- Ages 25 to 29: Increased by 68%
- Ages 30 to 34: Increased by 71%
- Ages 35 to 39: Increased by 58%
- Ages 40 to 44: Increased by 45%
Major Study Confirms Cancer-Promoting Sequences in mRNA ‘Vaccines’
September 7, 2025
The bombshell study was led by Dr. David J. Speicher with co-authors Jessica Rose and Kevin McKernan of Medicinal Genomics. The paper was published in the journal Autoimmunity (Taylor & Francis). Their investigation found alarming amounts of residual plasmid DNA in both Pfizer and Moderna vials. The Pfizer lots contain SV40 promoter–enhancer sequences, long known to accelerate cancer development. The findings represent a massive breach of the FDA and World Health Organization’s (WHO) own safety benchmarks.
Report Exposes Plot to ‘Vaccinate All Americans, Despite RFK Jr’
August 9, 2025
The group, which includes insiders who profit directly from the “vaccine” industry, aims to establish a “nongovernmental vaccine system,” effectively sidestepping the recommendations of the U.S. Centers for Disease Control and Prevention’s (CDC) Advisory Committee on Immunization Practices (ACIP). The plan aims to push mass vaccinations in a way that conflicts with the agenda of Health and Human Services Secretary Robert F. Kennedy Jr.’s agenda. The plot was revealed in a report from the Washington Post. In the report, the Post reveals that the coalition is plotting to “vaccinate all Americans, despite RFK Jr.”
Canada Advances Plan to ‘Vaccinate’ Public with Bill Gates-Funded Covid mRNA Aerosols
August 3, 2025
The new AeroVax seeks to overcome “vaccine hesitancy” by using aerosols to “vaccinate” the general public. Unlike traditional “vaccines” that are deployed using injections, the new AeroVax is an atomized spray that is inhaled. The new “vaccines” are sprayed in aerosol form and breathed in by recipients. The AeroVax was developed by researchers at the Bill and Melinda Gates Foundation-funded McMaster University in Canada.
FDA Approves New Needle-Free ‘Vaccine Mist’
August 22, 2025
For the 2025–2026 flu season, AstraZeneca’s “FluMist vaccine” will be mailed directly to homes for self-administration. It marks the first time Americans can dose themselves with a live intranasal flu vaccine from the comfort of their own homes. The vaccines are administered in the form of a nasal spray. However, the atomized delivery method raises new concerns about how similar “mists” could be sprayed over large numbers of people, vaccinating them without consent. Nevertheless, the corporate media has rushed to celebrate the decision, calling it “safe,” “convenient,” and “innovative.” What they aren’t saying is that FluMist has historically been one of the least effective influenza products on the market.
Nurse Blows Whistle on Cover-Up of 5000% Surge in Fetal Deaths Caused by Covid ‘Vaccines’
August 5, 2025
The lawsuit, Spencer v. Community Health System (Case No. 25CECG03557), claims that the health system concealed an alarming rise in fetal deaths after Covid mRNA injections were mandated for pregnant women. According to Spencer, fetal deaths surged by up to 5,000% among pregnant women who received mRNA injections. Spencer, a labor and delivery nurse, accuses CMC of concealing a dramatic increase in fetal deaths following the hospital’s Covid “vaccine” policies, implemented in 2021. The lawsuit alleges fraudulent concealment of adverse outcomes, retaliation against whistleblowers, and prioritization of institutional profits over patient safety. She reveals that fetal deaths went from a baseline of 1–2 per month to an average of 4 per week, coinciding with the rollout of the Covid “vaccines.”
Senior HHS Adviser Confirms the Worst COVID Fears Were True
AUG 08, 2025
HHS Secretary RFK Jr. dropped a mega bombshell on Tuesday when he announced that BARDA will be CANCELING 22 mRNA vaccine development contracts, saving taxpayers about $500 million in the process. Thursday, on Steve Bannon’s War Room, HHS Senior Adviser Dr. Steven Hatfill revealed that RFK Jr. pulled mRNA funding after the data showed getting vaccinated was MORE dangerous than COVID itself. In other words, the “cure” was WORSE than the disease.
47 Pesticides Found in U.S. Homes, Water, and People — As Congress Moves to Shield Manufacturers
AUG 03, 2025
Invasion of toxic herbicides, insecticides, and fungicides warrants action to protect public health — not shield the chemical industry from liability.
DR PAUL ALEXANDER
NEWS ADDICTS
NEWSWIZE
EVOL NEWS
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
Searching For Alternative Options
Thursday, Oct 02, 2025 – 09:20 AM
By Bas van Geffen, Senior Macro Strategist at Rabobank
Searching For Alternative Options
The US shutdown enters another day. Moderates on both sides of the aisle are exploring ways to strike a deal to reopen the government. The senators’ ideas include a shorter stopgap bill than the seven-week extension provided in the bill that was passed in the House of Representatives, combined with possible assurances that Republicans are willing to compromise on health insurance subsidies. These bipartisan discussions have yet to yield any tangible results, though.
Incentives are complicating the resolution of this impasse. The shutdown gives the Democrats some leverage, and they hope that their fight to preserve Affordable Care Act subsidies will give them an edge in the midterm elections next year. However, historically, such hostage-taking has often backfired. And the Republicans are already trying to shift the blame to their political opponents. Several government agencies explicitly mention the Democrats as the reason that public services are unavailable.
Aside from that blame game, the shutdown may not be too bad for team Trump, as our US strategist noted yesterday. It allows the administration to lay off civil servants permanently, which Trump’s Department of Government Efficiency sought to achieve in the first months of his term. And, unlike DOGE’s plans, the administration can now put the blame on the Democrats’ refusal to cooperate. White House Press Secretary Leavitt has suggested that these layoffs are imminent.
Markets have mostly shrugged off the government shutdown. US Treasuries ended the day slightly bid, with yields declining about 5bp across the curve, while equities post modest gains. Perhaps the market is not too worried about the economic implications yet, or perhaps the market believes that the Fed is now even more likely to step in, as a protracted shutdown could have ramifications for growth – even though the Fed is now facing another level of difficulty, with official data on the labour market and inflation unavailable until further notice. Chicago Fed President Goolsbee signalled unease with the lack of data, at a time when services inflation showed a renewed pickup.
Meanwhile, Europe is also at a political impasse of its own making. The European Commission has drafted various omnibus bills that aim to address complaints from multiple industries that red tape and regulation are stifling their competitiveness. Member states have set up procedures to fast-track this elimination of regulatory requirements. But, the European Parliament has objected to this omnibus-bill approach, because it clashes with the way the European Parliament operates.
If procedures and the way of working complicate a simplification drive in the EU, then surely it must be an issue when it comes down to the defense of the continent.
European leaders have agreed on the need to create a European “drone wall,” but the European Commission has yet to design a detailed plan for the defence system. Commission President Von der Leyen said that the eastern border would be a priority. But that has already led to complaints from Italy’s Meloni, who believes that the southern border should not be forgotten, and France’s Macron, who wants a more comprehensive approach. Will this drone wall get caught in its own red tape? As we noted in yesterday’s daily, power either needs to centralise further or be decentralised again, for Europe to remain responsive to such threats.
And keep in mind that defensive shields such as this drone wall aren’t a one-off. The wall is not done when the bricks are laid, but it would probably require continuous maintenance and upgrades to stay current and effective.
As a case in point, recent Russian innovations have increased the efficacy of their missile strikes. Interception rates have dropped as improved flight paths and evasive manoeuvres allow Russian missiles to escape the Patriot air defense systems. That could be a game changer. But so too could be the US’ approval to provide long-range Tomahawk missiles – and intelligence.
In areas that are squarely within Brussels remit, the Commission is making more advances. The EU’s anti-dumping task force has been announcing new measures almost weekly – albeit on very specific goods and products.
The European Commission is now also looking to amp up protectionist measures for its own steel industry. Brussels is considering halving the current import quota, as well as significantly increasing the tariff rate on foreign steel, “in line with what our American and Canadian partners are doing.”
The additional measures come as European products are also increasingly in the crosshairs of strategic rivals like China. Beijing is shunning European telecom equipment, in favor of its domestic networking equipment. This begs the question why Europe is not doing the same. Warnings about the potential risks of Chinese-made equipment have so far only made a small dent in their use in European infrastructure.
END
“Steel Is Real”: No Steel Production Means No Military Power, No Industrial Backbone, No Sovereignty
Friday, Oct 03, 2025 – 11:40 AM
By Stefan Koopman, Senior Macro Strategist at Rabobank
Steel Is Real
“Steel is real” isn’t just a mantra for moustached, espresso-sipping cycling purists who swear by the ride quality of classic steel frames over flashier materials like carbon or titanium. It’s also a hard truth in geopolitics and economics. As we’ve argued over and over: no steel production capacity means no military power, no industrial backbone, no leverage in the great game – and by extension, no sovereignty. Whether you’re building tanks, turbines or yes, even bicycles, steel and other basic industries remain the foundation.
This broader rethink of industrial strategy comes as Europe faces mounting geopolitical pressure. Our latest Monthly Outlook dives deeper into the shifting global landscape, where hybrid warfare, supply chain weaponization, and economic statecraft are rapidly replacing traditional policy tools. From Russian aerial incursions and drone strikes on refineries to the US weaponizing supply chains and swap lines, the lines between markets and military strategy are blurring fast.
Of course, it doesn’t always deliver the right results. Treasury Secretary Bessent told CNBC that substantial financial support for US soybean farmers will be announced Tuesday, lamenting that Beijing has completely stopped buying US soybeans since May, shifting instead to Brazil and (also) US bailed-out Argentina (oops!). The move echoes the $32bn bailout of the sector during Trump’s first term, with fresh tariff revenues earmarked in some sort of money-go-round. In our view, this announcement suggests a near-term breakthrough in US-China agricultural trade should not be expected. For more on the beans and other ag markets, please see our latest ACMR Monthly Outlook.
Brent crude dipped to a 4-month low of USD 64/bbl before recovering to USD 64.80, as OPEC+ signals it may vote this weekend for further supply increases in November. With 2.2m bpd already restored this year and rising output from Brazil and Guyana, oversupply concerns are mounting. China’s strategic stockpiling has so far helped cushion prices, but market sentiment remains bearish for Q4 2025 and into 2026. We agree supply will exceed demand, though not to the extent suggested by consensus. A key source of price support is US production, which is already stalling near 13.4m bpd at current prices. We forecast Brent to average USD 61 in Q1 2025, then USD 58–60 through 2026.
Markets remain largely unfazed by the ongoing US government shutdown, with equities grinding higher, Treasuries stable, and the dollar firming against major peers. Gold briefly hit a record before easing. The prevailing view is that the shutdown has limited macro or monetary policy implications. However, risks are building beneath the surface. President Trump is now openly backing the Project 2025 blueprint and weighing permanent federal job cuts, with budget director Russ Vought pushing for dramatic downsizing. While markets are sanguine – believing this is just part of a game of chicken in US Congress – such cuts could trigger a reflexive process: news of permanent layoffs may dampen consumer confidence and spending, prompting the private sector to retrench further. With job growth already stalling, this feedback loop could accelerate a downturn more quickly than expected.
On that note, the September Challenger report showed hiring intentions at just 117k, down sharply from 403k a year ago. Retailers and transport firms, in particular, appear cautious ahead of the holiday season. At the same time, planned job cuts also declined, pointing to a labor market with low hiring and firing, echoing the JOLTS report and Powell’s recent remarks. Separately, new kid in town, Revelio Labs, reported a 60k increase in employment for September, led by gains in education, health services, and retail trade. Leisure and hospitality, along with business services, saw declines. This contrasts sharply with ADP’s estimate of a 32k drop. Until we hear from the BLS, it’s unclear whether the US added or lost jobs last month – and even then, revisions may leave us guessing for another year. In this labor market, the only certainty is uncertainty.
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
Alberta Proposes New Oil Pipeline
Thursday, Oct 02, 2025 – 09:25 PM
By Irina Slav of OilPrice.com
Alberta has proposed to build a new oil pipeline to the British Columbia coast that could carry up to 1 million barrels daily of crude oil, to be exported to Asian markets.
The Calgary Herald reported the provincial government was ready to commit C$14 million to early planning for the project, with Premier Danielle Smith expressing hope the project could get federal approval as early as next month.
Opposition, however, has been swift. The Premier of British Columbia said that “The problem that we have is Smith continues to advance a project that is taxpayer-funded, has no private sector proponent, is not a real project and is incredibly alarming to British Columbians, especially First Nations along the coast,” as quoted by Global News.
Indeed, a representative of several coastal First Nations said they would not support a new pipeline project “now or ever,” according to a report by CBC News. “This is not something that we would ever support,” Marylin Slett told the publication.
“There is no project that … we would ever support the lifting of that moratorium,” referring to a ban on oil tankers for northern British Columbia ports.
“I think coastal provinces have a special obligation to be generous and make sure we’re creating access to ports for all of our products,” Alberta’s Smith said.
The Alberta government has been pushing for new oil pipeline capacity to expand Canadian oil’s access to international markets for a while now, but British Columbia’s government has been against it from the start.
“The only way that pipeline across the north gets built is if the government of Alberta and the federal government pony up tens of billions of tax dollars to build it,” B.C. Premier David Eby said in September, as quoted by Bloomberg, estimating the potential price tag of such an infrastructure project at some $C$60 billion, equal to around $43 billion.
END
Sanctions And Houthi Threat Boost Fuel Oil Demand
Thursday, Oct 02, 2025 – 06:55 PM
By Tsvetana Paraskova of OilPrice.com
Contrary to earlier expectations, global demand for fuel oil has jumped the most since 2019 as longer routes to avoid the Houthi threat around the Red Sea and the surge in shadow fleet numbers have contributed to higher fuel oil use in the shipping industry, analysts tell Reuters.
Ship owners have installed the so-called scrubbers to reduce emissions from fuel oil use instead of significantly boosting the use of marine gasoil and low-sulfur fuel oil (LSFO), according to industry experts.
In the past two years, the geopolitical situation has also contributed to higher fuel oil demand. Vessels began avoiding the Red Sea at the end of 2023 amid Houthi attacks on commercial shipping. That has made the voyage via the Cape of Good Hope in Africa much longer and requires higher fuel oil volumes per trip.
Moreover, a growing number of very old vessels are joining the so-called shadow fleet to transport Russian, Iranian, and Venezuelan oil and oil products. These tankers are inefficient and burn higher fuel oil volumes.
The shadow fleet has expanded significantly since 2023 as the West banned Russian oil imports unless priced below a price cap.
The shadow fleet accounts for about 17% of all in-service oil tankers in the ocean today, according to the research firm S&P Global Market Intelligence. The average age of the shadow vessels is around 20 years, compared with 13 years for the overall global oil fleet.
“Many of these vessels will be proverbial rust buckets that are more than 15 and, in some cases, even older than 20 years,” Eugene Lindell at consultancy FGE told Reuters.
These oil ships are less fuel-efficient and travel on long-haul routes, which further boosts their fuel oil consumption, Lindell added.
Additionally, the major Middle Eastern oil producers, led by Saudi Arabia, use and import growing volumes of fuel oil, including from Russia, as they burn oil for power generation and look to free more of their crude output for exports.
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 FRIDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1737 UP 0.0012 PTS OR 12 BASIS POINTS
USA/ YEN 147.40 UP 0.249 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 1.3460 UP .0015 OR 15 BASIS PTS
USA/CAN DOLLAR: 1.3963 UP 0.0023 (CDN DOLLAR DOWN 23 BASIS PTS//CDN DOLLAR GETTING KILLED)
Last night Shanghai COMPOSITE CLOSED HOLIDAY
Hang Seng CLOSED HOLIDAY
AUSTRALIA CLOSED UP 0.52%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED HOLIDAY
/SHANGHAI CLOSED HOLIDAY
AUSTRALIA BOURSE CLOSED UP 0.52 %
(Nikkei (Japan) CLOSED UP 832.77 PTS OR 1.85%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 3863.00
silver:$47.37
USA dollar index early FRIDAY morning: 97.47 DOWN 7 BASIS POINTS FROM THURSDAY’s CLOSE
FRIDAY MORNING NUMBERS ENDS
And now your closing FRIDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.100% DOWN 0 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +1.660% UP 1 FULL POINTS AND 50/100 BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.139 DOWN 2 BASIS PTS//DEADLY
SPANISH 10 YR BOND YIELD: 3.236 DOWN 0 in basis points yield
ITALIAN 10 YR BOND YIELD 3.543 DOWN 0 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.6977 DOWN 0 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY FRIDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1739 UP 0.0016 OR 16 basis points
USA/Japan: 147.25 UP 0.097 OR YEN IS DOWN 10 BASIS PTS//
Great Britain 10 YR RATE 4.6910 DOWN 1 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.498 DOWN 0 BASIS POINTS.
Canadian dollar UP 0004 OR 4 BASIS pts to 1.3956
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY DOWN ATXXXX CLOSED CNY ON SHORE ..
THE USA/YUAN OFFSHORE UP TO 7.1330
TURKISH LIRA: 41.69 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.643 DOWN 3/4 basis pts
THE 30 YR JAPANESE BOND YIELD: 3.139 DOWN 1 basis pts
Your closing 10 yr US bond yield UP 1 in basis points from TUESDAY at 4.095% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.693 DOWN 1 in basis points /11:00 AM
USA 2 YR BOND YIELD: 3.551 DOWN 0 BASIS PTS.
GOLD AT 10;00 AM 3881.00
SILVER AT 10;00: 47.65
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: FRIDAY CLOSING TIME 11:00 AM//
London: CLOSED UP 63.52 PTS OR 0.67%
GERMAN DAX: DOWN 43.76 pts or 0.18%
FRANCE: CLOSED UP 74.91 pts or 0.31%
Spain IBEX CLOSED UP 88.90pts or 0.57%
Italian MIB: CLOSED UP 179.98 or 0.42%
WTI Oil price 60.85 10.00 EST/
Brent Oil: 64.52 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 82.32 ROUBLE DOWN 0 AND 23/ 100
CDN 10 YEAR RATE: 3.168 DOWN 1 BASIS PTS.
CDN 5 YEAR RATE: 2.714 DOWN 1 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1741 UP 0.0017 OR 17 BASIS POINTS//
British Pound: 1.3483 UP .0037 OR 37 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.6940 DOWN 0 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.503 UP 1/2 IN BASIS PTS.
JAPAN 10 YR YIELD: 1.654 UP 1 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.157 UP 1 AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 147.47 UP 0.313 BASIS PTS EXTREMELY DANGEROUS/YEN FALLING IN VALUE
USA dollar vs Canadian dollar: 1.3949 DOWN 0.0012 PTS// CDN DOLLAR UP 12 BASIS PTS CDN DOLLAR FALLING OUT OF BED!
West Texas intermediate oil: 60.84
Brent OIL: 64.57
USA 10 yr bond yield UP 3 BASIS pts to 4.122
USA 30 yr bond yield UP 2 PTS to 4.714%
USA 2 YR BOND: UP 3 PTS AT 3.576%
CDN 10 YR RATE 3.193 UP 2 BASIS PTS
CDN 5 YEAR RATE: 2.736 UP 2 BASIS PTS
USA dollar index: 97.40 DOWN 14 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 41.69 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 82.38 UP 0 AND 17/100 roubles //
GOLD $3864.55 . (3:30 PM)
SILVER: 47.40 (3:30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 238.56 OR 0.51%
NASDAQ 100 DOWN 63.54 PTS OR 0.28%
VOLATILITY INDEX 16.42 DOWN 0.21 PTS OR 1.26%
GLD: $ 357.69 UP 2.85 PTS OR 2.35%
SLV/ $43.53 UP 1.00 PTS OR OR 2.35%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 329.45 PTS OR 1.09%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
“Squeezy Out There”: Jobs Data Stalls Stocks, But Shutdown Brings Big Week For Bitcoin & Bullion
WRAP UP FOR THE DAY:
Stocks chop in thin trade as shutdown prevents payrolls – Newsquawk US Market Wrap
Friday, Oct 03, 2025 – 03:51 PM
- SNAPSHOT: Equities mixed, Treasuries down, Crude higher, Dollar down, Gold up.
- REAR VIEW: ISM Services falls beneath bottom end of forecast range, with business activity tumbling; China reportedly pushes Trump to drop curbs; Trump threatens Hamas to make a deal by Sunday evening; Hamas agrees to release all Israeli hostages; OPEC+ reportedly set for Sunday hike, size unclear; Trump considering significant tariff relief for US auto production; Fed speak adds little new.
- COMING UP: Data: EZ Construction PMI (Sep), Sentix (Oct), Retail Sales (Aug), US Employment Trends (Sep), New Zealand NZIER (Q3). Speakers: ECB’s de Guindos, Lane, Escriva, Lagarde; BoE’s Bailey. Earnings: Constellation Brands. Holiday: China.
- WEEK AEHAD: Highlights include FOMC Minutes, ECB Minutes, RBNZ, Canada jobs, OPEC+, Japan LDP leadership election. Click here for the full report.
- CENTRAL BANK WEEKLY: Previewing RBNZ, FOMC Minutes, ECB Minutes; Reviewing RBA and RBI. Click here for the full report.
- WEEKLY US EARNINGS ESTIMATES: Thin earnings docket with PEP the standout. Click here for the full report.
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MARKET WRAP
US indices closed the final session of the week mixed, with the tech-heavy Nasdaq 100 (-0.4%) lagging, and the small-cap Russell 2000 (+0.7%) outperforming. The former was weighed on by weakness in NVDA, AMZN, META, TSLA, and PLTR, which saw large-cap sectors Consumer Discretionary, Communication Services, and Technology as the only sectors in the red. Utilities and Health were the clear outperformers. Newsflow was very thin on Friday, with ISM Services and Fed speak the highlights given the postponement of the US payrolls report due to the US government shutdown. ISM Services disappointed on the headline and fell to 50.0 (exp. 51.7, prev. 52.0) and beneath the bottom end of the forecast range. Business activity and new orders tumbled, with the latter into contractionary territory, while employment and prices paid both ticked incrementally higher. The Dollar was lower with NZD and GDP the G10 outperformers, while the Yen lagged amid Ueda comments overnight. Treasuries were weaker across the curve as newsflow/data failed to have a lasting impact on direction. The crude complex saw gains, but still ended the week notably in the red ahead of the OPEC meeting on Sunday, whereby the latest source reports noted OPEC+ is set for a further oil output increase, although the size is still unclear. Spot gold firmed but couldn’t breach USD 3.9k/oz to the upside.
US
ISM SERVICES PMI: The ISM Services PMI was soft, the headline fell to 50.0 – the line between contraction and growth – from the 52.0 reading in August, and below the 5.17 consensus, and also beneath the most pessimistic analyst forecast. The drop in the headline was led by a hit to new orders, falling to 50.4 from 56.0, while business activity fell to 49.9 from 55.0. The prices paid remained elevated at 69.4 while employment remained in contractionary territory at 47.2, above the prior 46.5. Within the report, it noted “Commentary in general indicated moderate or weak growth, with more isolated observations of supplier delivery challenges. Employment continues to be in contraction territory, thanks to a combination of delayed hiring efforts and difficulty finding qualified staff.” Due to the Government agency-produced data being on pause at the moment due to the shutdown, Federal Reserve officials will have to rely on private market data to get a temperature check on the economy. As such, Oxford Economics adds that neither the ISM nor ADP reports this week paint a particularly robust picture of the labour market; With all measures of employment pointing to contraction, an October rate cut seems locked in.
FED’S MIRAN (Governor): Said access to data is important to making policy and is hopeful Fed will have the needed data by next FOMC; Fed policy should be forward-looking. Re. inflation expects serious disinflation in services inflation due to housing and population shifts, and adds that inflation expectations are reasonably well anchored; does not expect broad-based inflation increase after tariffs. On rates, the real neutral rate is about 0.5%, and doesn’t think the position on the neutral rate is extreme, just wants to get there faster. The method of using backwards-looking data is misguided, and financial conditions may not give a good read for Fed policy.
FED’S GOOLSBEE (2025 voter): When asked about the lack of data, said the Chicago Fed employment measure (released 2nd Oct) tracks unemployment at 4.3%, which was unchanged M/M and in line with analyst expectations for the delayed official BLS report. Chicago Fed President said market expects cuts, Fed will act on data; uptick in services inflation is probably not from tariffs and reiterated he is wary about front-loading rate cuts. On the potential lack of data given the Government shutdown, he remarked that there are a lot of private sector gauges on the labour market, but not so much for inflation.
FED’S LOGAN (2026 voter): Worried about non-housing services inflation that’s been elevated and stuck there. She acknowledged that there are also upside risks to good prices even after the tariff effect fades. The 2026 voter described policy as likely just modestly restrictive. Risks that tariff effects are more prolonged raise the risk of a rise in long-term inflation expectations.
FIXED INCOME
T-NOTE FUTURES (Z5) SETTLED 8 TICKS LOWER AT 112-21+
T-Notes sold as the government shutdown extends into the weekend. At settlement, At settlement, 2-year +2.5bps at 3.574%, 3-year +3.1bps at 3.590%, 5-year +3.5bps at 3.710%, 7-year +3.6bps at 3.901%, 10-year +2.9bps at 4.119%, 20-year +2.3bps at 4.681%, 30-year +1.6bps at 4.713%.
INFLATION BREAKEVENS: 1-year BEI +0.6bps at 3.217%, 3-year BEI +0.4bps at 2.657%, 5-year BEI +0.9bps at 2.408%, 10-year BEI +0.9bps at 2.323%, 30-year BEI +0.8bps at 2.241%.
THE DAY: T-notes saw narrow trade on Friday with the NFP report delayed until the government reopens. T-notes hit a peak of 112-31+. Choppy trade was seen in response to the ISM Services PMI report, which missed all analyst expectations, falling to 50.0, the line between growth and contraction, primarily led by a drop in New Orders and Business activity. Prices paid were little changed but still elevated, while employment improved but remained in contractionary territory. There were several Fed speakers, but little new information was added. Goolsbee continued to reiterate caution against front-loading rate cuts, while Miran exclaimed he is taking a forward-looking approach and believes tariffs will not lead to inflation. Attention next week turns to 3, 10 and 30-year supply.
SUPPLY
Notes/Bonds
- US Treasury to sell USD 58bln in 3yr notes on Oct 7th, USD 39bln of 10yr notes on Oct 8th and USD 22bln in 30yr bonds on Oct 9th; all to settle October 15th; sizes all as expected
Bills
- US to sell USD 90bln in 6-week bills (prev. 85bln) on October 7th, USD 84bln in 13-week bills (prev. 82bln) and USD 75bln in 26-week bills (prev. 73bln) on October 6th.
STIRS/OPERATIONS
- Market Implied Fed Rate Cut Pricing: Oct 24bps (prev. 24bps), Dec 46bps (prev. 47bps), January 57bps (prev. 59bps).
- NY Fed RRP op demand at USD 25bln (prev. 8bln) across 14 counterparties (prev. 10)
- EFFR at 4.09% (prev. 4.09%), volumes at USD 102bln (prev. 103bln) on October 2nd.
- SOFR at 4.20% (prev. 4.20%), volumes at USD 3.022bln (prev. 3.075tln) on October 2nd.
CRUDE
WTI (V5) SETTLED USD 0.40 HIGHER AT USD 60.88/BBL; BRENT (Z5) SETTLED 0.42 HIGHER AT 64.53/BBL
The crude complex saw gains on Friday, but still ended the week notably in the red ahead of the OPEC meeting on Sunday. Source reports noted OPEC+ is set for a further oil output increase, although the size is still unclear (full Newsquawk preview available in here). Prior to this, in the European morning, benchmarks saw modest upside after a senior Hamas official told Saudi media that they informed mediators they need more time for consultations regarding the Trump plan, and Hamas demands some “fundamental changes” in some of the plan’s clauses. Later in the session, and once again aiding some upside, Trump posted on Truth that an agreement must be reached with Hamas by Sunday evening at 18:00EDT, and “if this last chance agreement is not reached, all hell…will break out against Hamas”. While no market move, Ukraine is said to have hit Russia’s Orsk refinery (130k bpd). In the weekly Baker Hughes rig count, oil fell 2 to 422, natgas rose 1 to 118, leaving the total unchanged at 549. For the record, WTI traded between USD 60.55-61.38/bbl and Brent 64.20-65.02.
EQUITIES
CLOSES: SPX +0.01% at 6,716, NDX -0.43% at 24,786, DJI +0.51% at 46,758, RUT +0.72% at 2,476
SECTORS: Consumer Discretionary -0.81%, Communication Services -0.64%, Technology -0.32%, Consumer Staples -0.06%, Industrials +0.14%, Materials +0.20%, Real Estate +0.38%, Energy +0.67%, Financials +0.74%, Health +1.13%, Utilities +1.15%.
EUROPEAN CLOSES: Euro Stoxx 50 +0.11% at 5,652, Dax 40 -0.15% at 24,386, FTSE 100 +0.67% at 9,491, CAC 40 +0.31% at 8,082, FTSE MIB +0.42% at 43,258, IBEX 35 +0.57% at 15,585, PSI +0.86% at 8,115, SMI +0.66% at 12,510, AEX +0.27% at 962
STOCK SPECIFICS:
- Applied Materials (AMAT) said expanding existing export restrictions will cut Q4 revenue by ~ USD 110mln & FY26 revenue ~ USD 600mln.
- Boeing (BA) 777x will likely be delayed by a year.
- Large fire broke out at Chevron’s (CVX) El Segundo refinery.
- USA Rare Earth (USAR) CEO Barbara Humpton said it was in close discussions with the White House, via CNBC.
- GameStop (GME) filed an automatic mixed securities shelf.
- Republican Senator Moreno, US President Trump considering significant tariff relief for US auto production. General Motors (GM) and Ford (F) saw upside on the news.
BROKER MOVES:
- Apple (AAPL) downgraded to ‘Underperform’ from ‘Hold’ at Jefferies; said better demand for iPhone 17, likely driven by no price hike in the Pro and Pro Max. models and “an effective price cut” on the 17 base model, is already in the price, which has led to “excessive expectations” on the replacement cycle and prospects of the 18 Fold.
- Occidental Petroleum (OXY) upgraded at HSBC & Mizuho.
- Freeport-McMoRan (FCX) upgraded at UBS to ‘Buy’ from ‘Neutral’.
- Bumble (BMBL) downgraded to ‘Neutral’ from ‘Buy’ at Goldman Sachs.
FX
The Dollar heads into the weekend weaker on the week, finishing in around the midpoint of Friday’s thin trading range of 97.601-97.949. Similar to the days that have followed the government shutdown, a narrative driving market moves has been absent. Services PMIs were due from S&P Global (final revised higher) and ISM (headline fell more than expected), albeit both releases had little bearing on market moves. Within ISM, Business Activity saw a steep decline, unexpectedly moving into contractionary territory, the first time since May 2020. Prices Paid marginally move higher, but remained elevated at its second-highest reading since October 2022. Multiple Fed speakers were once again on the wires, albeit little new was said, with Governor Miran unsurprisingly remaining a dove and Logan (2026 voter) a Hawk.
NZD, GBP, and CHF led G10 gains, while the Yen lagged behind ahead of the LDP election. The theme across FX was the same for USD, headlines/data having a muted reaction on direction. Overnight, the Yen briefly weakened in response to BoJ Governor Ueda saying “must maintain an accommodative monetary environment and support the economy”. Now USD/JPY trades ~ 147.50 within a narrow intraday range of 147.10-81. Click here for the Newsquawk LDP Preview.
In Europe, Services PMIs were revised lower, ECB’s Wunsh reiterated the general tone that they are in a good place, and ECB’s President Lagarde said that the Euro Area has shown more resilience than anticipated. EUR/USD was unfazed by said events, trading higher at ~1.1740 from earlier lows of 1.1714.
EMFX: The Turkish Lira was once again sold, underperforming in the space as the carry trade continues. Turkish inflation in September was hotter than expected, 3.23% M/M (exp. 2.6%), 33.29% Y/Y (exp. 32.5%). ING expect USD/TRY to head towards 45.00 at the end of the year (currently ~41.7), but is still very well compensated on the carry side. In Brazil, industrial output surprised on the upside, rising 0.8% M/M (exp. 0.3%), -0.7% Y/Y (exp. -0.8%).
USA DATA RELEASES
Service Sector Surveys Show Slowdown In September Despite Rebound In Employment
Friday, Oct 03, 2025 – 10:08 AM
With the market desperate for any visibility into the economy – due to data being cutoff during the shutdown – this morning’s soft survey data on the services sector could have a larger impact on stocks and bonds than normal.
With ‘hard’ data surging higher, S&P Global’s US Services PMI rose from 53.9 preliminary to 54.2 final in September (but that is down from the 54.5 final print for August). The ISM Services PMI also fell MoM from 52.0 to 50.0 (worse than the 51.7 expected) – that is the weakest since May…
Source: Bloomberg
Under the hood of the ISM survey we saw prices sticky at highs, employment weak (but a small improvement) and orders slowdown…
Source: Bloomberg
The S&P Global US Composite PMI recorded 53.9 in September. That was down from 54.6 in August and represented the slowest growth for three months.
Both sectors covered by the survey recorded weaker output expansions in line with slower gains in new business. Employment meanwhile barely rose, but confidence in the outlook strengthened noticeably. Cost pressures remained elevated, although inflation softened to a five-month low. A similar trend was seen for output charges.
“Service sector growth softened slightly in September but remained strong enough to round off an impressive performance over the third quarter a whole,” according to Chris Williamson, Chief Business Economist at S&P Global Market Intelligence
“Combined with sustained growth in the manufacturing sector, the expansion of service sector activity is indicative of robust third quarter annualized GDP growth of around 2.5%.”
The recessions shows no signs of appearing:
“Growth is being fueled principally by rising financial services and tech sector activity, though we are also seeing more signs of improving demand for consumer-facing services such as leisure and recreation, likely linked in part to lower interest rates.
Lower borrowing costs have also fed through to a broadbased improvement in business optimism about the outlook for the next 12 months.
But jobs remain a worry:
“Disappointingly, the improvement in business optimism failed to spur more jobs growth, with hiring almost stalling in a sign of further labor market malaise as companies often focused on running more efficiently amid uncertain trading conditions.
As do (tariff-driven) price hikes…
“A further ongoing source of concern from the surveys are heightened cost pressures which survey respondents have attributed to tariffs. Input costs rose sharply again in September as import levies were seen to have again fed through from goods to services.
However, rates charged for services rose at the slowest rate for five months in a welcome sign that some of these tariff price pressures in supply chains are starting to moderate.”
So choose your own adventure – employment data remains in contraction but did improve modestly. The message overall appears to be that there remains ‘less’ firing, but even less hiring.
USA ECONOMIC STORIES
White House Puts Vance At Helm To ‘Drive [Shutdown] Fight Home’
Thursday, Oct 02, 2025 – 03:45 PM
Authored by Philip Wegmann via RealClearPolitics,
Historically, no one really wins a government shutdown. But JD Vance might. In the 24 hours after Senate Democrats voted against a continuing resolution to keep the federal lights on, the vice president quickly became the face of the White House counterargument.
Vance began the day on Fox and Friends to blast Democrats for taking the government “hostage.” By midmorning, he was rallying the MAGA base during an appearance on The Ben Shapiro Show, where he predicted that Democratic resolve was “cracking.” In the afternoon, the vice president made a surprise appearance in the White House briefing room.
Reporters were only tipped off moments before when an advance staffer set up the ceremonial flag of the vice president behind the podium. According to sources familiar with the day’s planning, White House Press Secretary Karoline Leavitt invited Vance to meet the press in person.
The shutdown may amount to the first real crisis of the second Trump administration. The White House feels they have the upper hand because they are not the ones who caused it and because they have an ace up their sleeve in Vance.
Another source familiar with the strategy told RealClearPolitics that the vice president “is widely known as the administration’s bulldog, a natural, excellent messenger, maintains good relationships with his former Senate colleagues, and served in the Senate throughout multiple government funding debates.”
“It only makes sense for Vance to help President Trump drive this fight home,” they added. And if Vance succeeds as the administration’s point man in that debate, it could go a long way towards further cementing the expectation that Trump’s apprentice will become his MAGA heir.
But the squabble in question is a little different than the normal brinksmanship over government funding, in large part because of who currently occupies the Oval Office. At the heart of the battle is a policy dispute over extending Obamacare subsidies and restoring Medicaid cuts that Republicans made in the One Big Beautiful Bill, the president’s marquee domestic policy achievement.
Trump alleges that, in exchange for keeping the government open, Democrats are demanding that the federal government provide healthcare to illegal immigrants. Democrats counter that Republicans are lying because illegal immigrants cannot receive Medicare or Medicaid. As part of the OBBB, Republicans put up additional barriers to ensure, in large part, that non-citizens do not receive those benefits. They say that if the subsidies were restored, then millions of immigrants, who entered the U.S. illegally but were paroled by the Biden administration, would again have access to taxpayer-funded healthcare.
Washington Sen. Patty Murray, the ranking Democrat on the Senate Appropriations Committee, pushed back: “Undocumented immigrants are not eligible to enroll in federally funded health coverage under existing law or Democrats’ funding proposal – but millions of American citizens will see their health care premiums double next year if Republicans keep refusing to act.”
As thorny as it is complicated, the fight centers around who exactly is “lawfully present” in the U.S. In short, Republicans made “lawfully present” immigrants ineligible for Obamacare subsidies, and now Democrats want to roll back that restriction. Into that thorny briar patch enters Vance.
“They say, ‘We’re not actually trying to give healthcare benefits to illegal aliens,’” Vance said of Democrats during his Fox News interview. “And here’s why it’s not true.” The vice president then pointed to two Biden-era actions, one that made immigrants eligible for emergency healthcare at hospitals and another that granted parole and Obamacare subsidies to millions of immigrants.
“So it’s not something that we made up,” he added. “It’s not a talking point. It is in the text of the bill that they initially gave to us to reopen the government. It’s preposterous for them to run away from it now.”
Procedural fights over funding the government do not normally move voters to the polls. But Trump has forced the political fight into the cultural zeitgeist when he posted an AI-generated video of House Minority Leader Hakeem Jeffries, complete with a fake mustache and sombrero. The Democrat called the images “racist” and “bigoted.” Vance laughed them off.
“I’ll tell Hakeem Jeffries right now, I make this solemn promise to you that if you help us reopen the government, the sombrero memes will stop,” the vice president told reporters. “And I’ve talked to the president of the United States about that.”
More than memes, the debate could have future political implications for Vance. The fight isn’t just about turning the lights back on. Longstanding conservative orthodoxy could shift in the process. The White House has told Democrats that they are willing to negotiate over Obamacare premiums but only after the government is reopened.
“Hopefully we can convince the president and others we can’t do that,” Sen. Ron Johnson, a Wisconsin Republican, told National Review of the possibility of continuing the Democratic extension of Obamacare subsidies. “I know people like me are vastly outnumbered here.”
Asked if the party that ran on repealing Obamacare for decades would actually extend Obamacare subsidies, Vance told RCP that the administration wants to ensure citizens have access to healthcare and “we are willing to have that conversation.”
“But I think it’s important to bracket that health care policy conversation,” the vice president clarified, “because it’s separate from the government shutdown.”
For now, the vice president is front and center in the shutdown conversation. Democrats have concluded as much. This includes California Gov. Gavin Newsom, a potential Vance opponent in the coming 2028 presidential election. A sign of the current digital discourse: Newsom posted a deep-fake video of Vance dressed like and sounding like an Oompa Loompa.
END
“Blatant Fraud”: USCIS Operation Uncovers Fraud In 44% Of Pending Immigration Cases In Minneapolis
Thursday, Oct 02, 2025 – 04:50 PM
U.S. Citizenship and Immigration Services (USCIS), working with U.S. Immigration and Customs Enforcement (ICE) and the FBI, has announced the results of Operation Twin Shield, a large-scale fraud detection effort conducted across Minneapolis-St. Paul from September 19 to 28. Minneapolis is home to one of the largest Somali communities in the U.S., reflected in the election of Ilhan Omar, a Somali-American who became the first refugee and one of the first Muslim women elected to Congress.
The operation marked the first targeted surge of its kind, with immigration officers investigating more than 1,000 pending cases flagged for fraud or ineligibility concerns, according to U.S. Citizenship and Immigration. USCIS said officers carried out over 900 site visits and interviews, uncovering fraud, non-compliance, or security issues in 275 cases—about 44 percent of those reviewed.
As of now, USCIS has issued Notices to Appear or referred 42 cases to ICE, with four individuals taken into custody. The agency expects those numbers to increase as administrative investigations are completed. The effort focused on marriage and family-based petitions, employment authorizations, and certain parole requests, in line with Executive Order 14161, which emphasizes protecting the United States from terrorist, national security, and public safety threats.
USCIS announced in a release this week that officials said the operation exposed a wide range of schemes. In one case, a man admitted to paying $100 for a falsified Kenyan death certificate to claim a marriage had ended; his spouse, still alive and living in Minneapolis with their five children, was very much present.
Another case involved the son of a known or suspected terrorist who overstayed his visa and had previously been denied multiple immigration benefits for marriage fraud. A petitioner confessed to marriage fraud only hours after swearing during a USCIS interview that her marriage was genuine. In yet another case, an immigrant manipulated an elderly U.S. citizen spouse in a fraudulent marriage that also involved elder abuse.
“USCIS is declaring an all-out war on immigration fraud. We will relentlessly pursue everyone involved in undermining the integrity of our immigration system and laws. With help from ICE and the FBI, USCIS’ Operation Twin Shield was a tremendous success—hundreds of bad actors will be held accountable,” said USCIS Director Joseph B. Edlow.
“Immigration fraud undermines the integrity of our lawful immigration system, harms those who follow the law, and poses risks to national security and public safety. Under President Trump, we will leave no stone unturned.”
According to USCIS, this is the first time the agency has deployed resources at this scale in one geographic region. Officials emphasized that, unlike during the Biden administration, immigration officers are now empowered to thoroughly vet applicants as required by law and to pursue immigration fraud wherever it is encountered.
VICTOR DAVIS HANSON
KING NEWS
| The King Report October 2, 2025 Issue 7589 | Independent View of the News |
| ADP National Employment Report: Private Sector Employment Shed 32,000 Jobs in September; Annual Pay was Up 4.5% (+51k, initially 54k, jobs was consensus; worse job losses since March 2023) Goods producing -3k: Natural resources/mining +4k, Construction -5k, Mfg. -2k Service-providing -28k: Trade/transportation/utilities -7k, Info +3k, Financial -13k, Prof/Business -13k, Education/health services +33k, Leisure/Hospitality -19k, Other -16k In September, ADP conducted a preliminary rebenchmarking of the National Employment Report based on full-year 2024 results from the Quarterly Census of Employment and Wages (QCEW) released by the Bureau of Labor Statistics. This recalibration resulted in a reduction of 43,000 jobs in the September 2025 ADP National Employment Report. The number of jobs created in August 2025 was revised from 54,000 to -3,000… https://mediacenter.adp.com/2025-10-01-ADP-National-Employment-Report-Private-Sector-Employment-Shed-32,000-Jobs-in-September-Annual-Pay-was-Up-4-5 In the ADP Employment Change report for September, Large (500+ employees) firms added 33k jobs. Senate Leader Thune (GOP): Shutdown ends when Democrats back house-passed GOP bill. September ISM Mfg. 49.1, Exp. 49.0, Prior 48.7 Prices Paid 61.9, Exp. 62.7, Prio 63.7 New Orders 48.9, Exp. 50.0, Prior 51.4 Employment 45.3, Exp. 44.3, Prior 43.8 The S&P Global US Mfg. PMI for September is the expected and prior 52. OMB Dir. @russvought: Roughly $18 billion in New York City infrastructure projects have been put on hold to ensure funding is not flowing based on unconstitutional DEI principles. More info to come soon from @USDOT @TheInsiderPaper: Here’s a timeline of all 21 U.S. federal government shutdowns since 1976, with dates, duration, presidents, and causes… Total: 21 shutdowns. Longest: 35 days (2018–2019). Most shutdowns: Reagan (8 total, though many were short). https://twitter.com/TheInsiderPaper/status/1973231602038698064?s=02 @charliebilello: The S&P 500’s Dividend Yield has moved down to 1.17%, the lowest level since 2000. https://x.com/charliebilello/status/1973393107757502620 Since Friday, WTI Crude Oil has declined as much as 6.2% (at its low yesterday). ESZs opened modestly lower on Tuesday night and proceeded to intractably decline to a daily low of 6680.00 at 1:55 ET. After a modest bounce, ESZs traded in a tight range until they broke higher at 4:26 ET. ESZs then rallied to 6729.00 at 9:38 ET. The professional dump appeared; ESZs sank to 6705.25 at 9:48 ET. ESZs then commenced a plodding rally that turned the S&P December futures positive at the 11:30 ET European close. The continued with only two minor respites; ESZs hit a daily high of 6769.50 at 15:07 ET and rolled over. ESZs fell to 6757.50 at 15:01 ET. There was not as much institutional buying at or near the NYSE close to start Q4 as expected and as needed to absorb trader longs. Positive aspects of previous session Oil and gasoline declined smartly. The DJIA rallied 4.21 on value rotation out of Fangs/Mag 7 USZs were +13/32 at the NYSE close on the US government shutdown. Negative aspects of previous session Gold hit another new high. Fangs/Mag 7 declined modestly; but biotech stocks surged, so the Naz 100 rallied smartly. The DJTA declined 62.58. Ambiguous aspects of previous session Will the markets eventually react to the US government shutdown? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6695.29 Previous session S&P 500 Index High/Low: 6718.48; 6656.20 @RapidResponse47: @SpeakerJohnson: “Chuck Schumer was in the Oval Office with me, what, 48 hours ago… and the president said, ‘Make your case. What is it you want?’ And Chuck Schumer repeated in that meeting what he put on paper… he wants to give healthcare to illegal aliens again.” https://x.com/RapidResponse47/status/1973421750034821286 The New Yorker: Why Democrats Shut Down the Government Having the fight is the point. Winning it is a different matter. Schumer, in particular, lost a lot of credibility after he was perceived to have folded to Trump in March, and the Democratic base has been clamoring for the Party’s leaders to do something; whatever the merits of a shutdown, it’s become increasingly hard to imagine Schumer and Jeffries surviving another preëmptive climbdown… https://www.newyorker.com/news/the-lede/why-democrats-shut-down-the-government VP Vance: “Chuck Schumer is terrified he’s going to get a primary challenge from AOC. The reason why the American people’s government is shut down is because Chuck Schumer is listening to the far-left radicals in his own party—because he’s terrified of a primary challenge.” https://x.com/TrumpWarRoom/status/1973442167197639106 Dems were advised to make the shutdown about healthcare. Team Trump and Republicans jiu jitsued Dems and stridently made the shutdown about healthcare for illegals and Chuck’s AOC fear. @WallStreetApes: DC Lobbyist Desirée Townsend spoke with Congress Reps. The REAL REASON Democrats are fighting for illegal’s healthcare is because states like California have so many illegals their entire healthcare system runs on the taxpayer money for illegals… https://x.com/WallStreetApes/status/1973419733086294085 Fox: The Supreme Court on Wednesday agreed to review President Donald Trump’s effort to fire Federal Reserve Governor Lisa Cook, and will allow her to remain in her spot on the board until oral arguments can be heard in January, the court said… https://www.foxnews.com/politics/supreme-court-keeps-feds-lisa-cook-role-now-agrees-review-case Classified US intelligence warns of China’s preparations for Taiwan invasion The US intelligence says the large ocean-going vessels have been modified to carry tanks and partake in amphibious operations… (Australian Broadcast Corporation, ABC) https://www.abc.net.au/news/2025-09-29/us-intelligence-warns-china-ferries-built-for-taiwan-preparation/105606720 Google admitted little, promised less — and pledged to change nothing (Re: censoring conservatives) https://t.co/EA1pf5iOjB US agency accuses Apple of discriminating against Jewish worker, firing him because of religion Starting in 2023, after Steele converted to Judaism, the store manager told the worker that he smelled of body odor and ordered him not to discuss the Oct. 7 Hamas attack on Israel with his coworkers, according to the lawsuit filed by the US Equal Employment Opportunity Commission…Apple fired Steele in January 2024, claiming he violated its grooming standards again, according to the lawsuit. He was terminated shortly after reminding his supervisor of an upcoming day off for religious reasons, the suit added… https://t.co/YdkBCAFVhX U.S. to Provide Ukraine with Intelligence for Missile Strikes Deep Inside Russia – WSJ Trump has approved sharing targeting data with Ukrainians as the administration weighs sending powerful weapons @Josh_Young_1: Oil is the cheapest it has been in the last 70 years when denominated in gold, with the exception of the Covid lockdown in 2020 https://x.com/Josh_Young_1/status/1973370558235775335 @StockMKTNewz: Here’s how the stock market has done around recent Government shutdowns – Bloomberg – The average government shutdown has lasted 8 days and led to the stock market being up/down 0% https://x.com/StockMKTNewz/status/1973354181609324593 Today is Yom Kippur, Judaism’s most solemn and holiest day. Absenteeism should be high; activity could be muted. The lame action yesterday might have been due to absenteeism ahead of Yom Kippur. Barring unexpected news, today’s trading could replicate what occurred yesterday. The government shutdown halts the release of the September Employment Report that was due today. ESUs are -1.75; NQUs are +9.50; Dec AU is -1.40; and USZs are +5/32 at 20:10 ET. Expected economic data: Initial Jobless Claims 225k, Continuing Claims 1.932m; Aug Factory Orders 1.4% m/m, Ex-Trans 0.3%; Aug Durable Goods 2.9% m/m, Ex-Trans 0.4%, Nondef Ex-Air 0.6%, Shipments -0.3%; Dallas Fed Pres Logan at 10:30 ET S&P Index 50-day MA: 6483; 100-day MA: 6269; 150-day MA: 6031; 200-day MA: 6024 DJIA 50-day MA: 45,265; 100-day MA: 44,148; 150-day MA: 43,148; 200-day MA: 43,278 (Green is positive slope; Red is negative slope) S&P 500 Index (6711.20 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 6377.26 triggers a sell signal Daily: Trender and MACD are positive – a close below 6596.75 triggers a sell signal Hourly: Trender and MACD are positive – a close below 6681.31 triggers a sell signal When Schumer and Jefferies visited Trump in the Oval Office for what they claimed to be a last-ditch effort to halt the government shutdown, DJT ruined their photo op, the real reason for the appearance, by presenting the Dastardly Duo red ‘Trump 2028’ hats. Yep, this is master class trolling! https://x.com/realDonaldTrump/status/1973218687831384293/photo/1 @nicksortor: LMFAO! After Hakeem Jeffries melted down on MSNBC over Trump’s meme dressing him up as a Mexican, 47 doubled down and posted ANOTHER one, with Trump appearing in the background as a mariachi band… https://t.co/9cfruaikzC After DJT’s mariachi bank meme, social media teemed with: “Meme Them Until They Cry, Then Make Memes About Them Crying — Sun Tzu, The Art of War (or Memes) @WallStreetMav: When memes were made of JD Vance, he posted it himself and leaned into it. He thought it was hilarious. When a meme is made of Hakeem Jeffries wearing a sombrero, he cried and whined about racism and disrespect. https://x.com/WallStreetMav/status/1973396963895709962 Dems and the media have viciously mocked and ‘memed’ Republicans for decades. (Remember National Lampoon’s “Sphincter T. Agnew”?) DJT, who loves to mock and meme, is doing to Dems and the media what the GOP never did. DJT has induced Dems & the media to show they are thin-skinned hypocrites. Fox’s @ChadPergram: GOP TX Sen Cruz on Fox Business: What Russ Vougt has done here has really changed the dynamic because he said, if Chuck Schumer and the Democrats force a shutdown, which they now have, that President Trump is going to use that as an opportunity… to send pink slips and to get rid of left-wing bureaucrats who are imposing left- wing priorities that are contrary to President Trump’s priorities…. it’s gonna cause Democrats in Congress to scream and weep and gnash their teeth. I cannot wait for the next Democrat lunch when they start screaming at each other, when they start seeing pink slips go out at the EPA, at the Department of Labor, at the IRS, and suddenly the bureaucrats that they are entrusting to advance their job-killing agenda are themselves without a job. That’s what’s going to end this shutdown, is the Democrats are realizing that President Trump is making major advances for economic liberty as a result of the Democrats’ temper tantrum. Bombshell ICE sweep in Minneapolis-St. Paul finds 50% of immigrants had committed immigration fraud – Officials didn’t point to a specific group, but the Twin Cities has seen a massive uptick in Somali refugees and immigrants in recent years — with more than 82,000 from the East African country living in Minnesota… https://nypost.com/2025/09/30/us-news/bombshell-ice-sweep-in-minneapolis-st-paul-finds-50-of-immigrants-had-committed-immigration-fraud-after-massive-arrival-uptick-from-somalia/ @IngrahamAngle: Biden admin put conservatives on the NO-FLY list. (Where’s the outrage and calls of ‘fascism’ and ‘authoritarian’?) @tristanleavitt: “The Biden administration weaponized this program — people were secretly put on a list so intrusive marshals marked when you went to the bathroom, if they even let you fly at all. All for questioning masks or policy.” https://x.com/IngrahamAngle/status/1973181073635909798 Training exercise or police diversion? Evidence leads Congress to explore new J6 pipe bomb theories – New documents raise questions about the FBI’s pipe bomb timeline and how cell phone location data was “corrupted” after the bureau asked for it… valuable cellular phone location data from the days leading up to Jan. 6 — key data that investigators needed for their work — was purged from an AT&T and government system despite a preservation order from the FBI… https://justthenews.com/government/security/were-pipe-bombs-training-exercise-evidence-spurs-jan-6-subcommittee-look-new @ProudElephantUS: Communist Zohran Mamdani explains why he wants to empty out NYC jails: “Violence is an artificial construct.” https://x.com/ProudElephantUS/status/1972882565817340022 @FischerKing64: The thing to keep in mind about the New York City mayoral race is that hardly anyone votes. If Mamdani wins, it’s not really a “mandate” – probably 15-20% of the city will have voted, and he will have won 8-9% of the city population… NYC is a place that people come to live for a few years, make a little $$ and have some fun – and then leave. Even those who stay don’t really feel rooted… It’s what happens in a massively diverse “city of the world” where no one feels any ownership… it’s basically what the globalist class wants for the entire world. A checked-out population doing its thing – while they do what they want. @WindyCityWxMan: Brandon Johnson in Chicago got 20.02% of the total registered voting base and was elected Mayor. 80% of eligible voters didn’t vote for him. But here we are. Then his approval rating dropped to 6.6%. (As we noted, the CTU and SEIU vote, so they control Chicago politics!) The Insurrection Act Explained While Section 251 requires state consent, Sections 252 and 253 allow the president to deploy troops without a request from the affected state, even against the state’s wishes. Section 252 permits deployment in order to “enforce the laws” of the United States or to “suppress rebellion” whenever “unlawful obstructions, combinations, or assemblages, or rebellion” make it “impracticable” to enforce federal law in that state by the “ordinary course of judicial proceedings.” Section 253 has two parts. The first allows the president to use the military in a state to suppress “any insurrection, domestic violence, unlawful combination, or conspiracy” that “so hinders the execution of the laws” that any portion of the state’s inhabitants are deprived of a constitutional right and state authorities are unable or unwilling to protect that right. Presidents Dwight D. Eisenhower and John F. Kennedy relied on this provision to deploy troops to desegregate schools in the South after the Supreme Court’s landmark decision in Brown v. Board of Education… https://www.brennancenter.org/our-work/research-reports/insurrection-act-explained @WallStreetApes: Heritage Foundation exposes Hillary Clinton was directly behind getting the European Union to use their Digital Services Act to pressure Elon Musk and America back into censorship. Hillary Clinton flew overseas for a meeting to facilitate this against America. “They (The European Union) gathered in Berlin, and it was the most anti-free speech gathering I’ve ever been part of — Hillary Clinton was there, and she really fueled the anger. When Twitter was purchased by Elon Musk, she called on the EU to use the infamous Digital Services Act, which is one of the most anti-free speech pieces of legislation in decades… to force the censorship of American citizens, force people like Musk to censor. It’s an extraordinary act by someone who was once a presidential candidate.” – Law professor Jonathan Turley https://x.com/WallStreetApes/status/1973387980388884779 Philadelphia Raises Flag for CCP Anniversary Despite Protests, Criticism Philadelphia raised the flag of communist China at City Hall on Sept. 30 despite criticism and protests from human rights activists and legislators…Oct. 1 marks the day the CCP declared its rule after a viciously fought civil war… The city is also home to the Pennsylvania United Chinese Coalition (PUCC) and Greater Philadelphia Fujian Hometown Association, one of the co-organizers of the flag-raising event… https://t.co/EtOiKoJEL6 Michigan shooter’s terrifying descent into drugs and hatred revealed in wake of attack on Mormon church https://t.co/DhjlMsHU5a Biden used notecards with names, photos of prominent Dems such as Hillary Clinton at public events – Unearthed note cards from the Biden era show the administration detailed the names and photos of high-profile Democrats, such as former Secretary of State Hillary Clinton, as well as lesser-known individuals for then-President Joe Biden to ostensibly reference during live events… https://nypost.com/2025/10/01/us-news/resurfaced-notecards-show-that-biden-had-reminders-of-hillary-clinton-among-other-top-dem-officials/ @cooltechtipz: 20 cognitive biases explained in simple terms https://x.com/cooltechtipz/status/1973205986023440462 20 Key Cognitive Biases That Shape Your Decisions https://mindhealth.com.au/cognitive-bias-guide/ | |
| The King Report October 3, 2025 Issue 7590 | Independent View of the News |
| As expected, due to Yom Kippur and the government shutdown, Thursday’s trading was lackluster. ESZs traded modestly lower but sideways from 18:00 ET until they rallied after 20:23 ET. After hitting 6771.50 at 21:19 ET, ESZs traded in an 8-handle range until they rallied modestly at 4:02 ET. ESZs then traded in a 5-handle range until they dipped 5-handles below the range’s lower band at 5:36 ET. ESZs quickly rebound into the prior 5-handle range and stayed there until they broke higher near 7:07 ET. A plodding rally took ESZs to a daily high of 6782.25 at 9:00 ET. After a modest rollover, ESZs commenced a tumble near the NYSE opening that took ESZs to a daily low of 6744.25 at 11:04 ET. The manipulation for the 11:30 ET European close forced ESZs to 6755.50 at 11:10 ET. Alas, too many traders were long; ESZs fell to a new daily low of 6741.50 at 11:38 ET. ESZs then rallied, with only one minor interruption, to 6771.00 at 14:34 ET. ESZs then eased lower, hitting 6762.50 at 15:55 ET. An illegal late manipulation pushed ESZs to 6768.75 at 16:00 ET. Tesla opened +2.4% on better Q3 deliveries (497,099) than expected (439,600). But TSLA quickly sank and was -1.4% at 9:56 ET. Sales surged on a $7,500 EV tax credit that expired on 9/30/25. OMB Dir. @russvought: Nearly $8 billion in Green New Scam funding to fuel the Left’s climate agenda is being cancelled. More info to come from @ENERGY. The projects are in the following states: CA, CO, CT, DE, HI, IL, MD, MA, MN, NH, NJ, NM, NY, OR, VT, WA Trump: “Republicans must use this opportunity of Democrat forced closure to clear out dead wood, waste, and fraud. Billions of Dollars can be saved. MAKE AMERICA GREAT AGAIN!” Fox: WH Press Sec KAROLINE LEAVITT: “Joe Biden and the Democrats allowed millions and millions of illegal aliens into our country… “Those illegal aliens were receiving the taxpayer-funded healthcare benefits of hardworking American taxpayers.” “[Democrats] submitted a continuing resolution that puts this poison pill back into law. That’s what they want to do. And it’s completely unacceptable.” “President Trump ran on the promise to end taxpayer-funded benefits going to illegal aliens, and tens of millions of Americans across the country voted him back to this beautiful White House to implement that promise. And he did.” https://x.com/FoxNews/status/1973756316200915158 Beef prices hit record highs as nationwide cattle inventory drops to lowest level in 70 years Ground beef prices were up 12.8% on a year-over-year basis in August, while beef roasts were up 13.6%, and steak prices were 16.6% higher…”The real issue here is the drought that happened a number of years ago, and Texas, Oklahoma, Kansas, the Southeast lost all their grass, all their forage… Imports have been constrained by illnesses affecting cattle, with shipments of live cattle from Mexico suspended by the U.S. Department of Agriculture in May because of cases of New World screwworm, a flesh-eating parasite, affecting cattle closer to the U.S. border… https://www.foxbusiness.com/economy/beef-prices-hit-record-highs-nationwide-cattle-inventory-drops-lowest-level-70-years Positive aspects of previous session Oil, gasoline, and precious metals declined moderately after gold hit a new high. Equity indices rallied modestly after falling modestly in the morning. S&P 500 record high close USZs were +9/32 at the NYSE close. Negative aspects of previous session Dec. Gold rallied from -54.70 to -16.60 by the NYSE clear. Ambiguous aspects of previous session Will the BLS release the September Employment Report? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6713.51 Previous session S&P 500 Index High/Low: 6731.94; 6693.23 Hamas military chief rejects Trump’s cease-fire plan, aims to keep fighting: report https://trib.al/RKaFg0D Trump Explores Bailout of at Least $10 Billion for U.S. Farmers – WSJ Farmers are harvesting one of the largest crops in history, while China holds off on buying U.S. soybeans Fannie Mae, Freddie Mac’s NY offices to shutter in response to AG James’ ‘corrupt’ practices “We’ll still employ New York residents, and we’ll still continue to do mortgage loans in New York, of course,” the source continued. “But we are going to eliminate our physical presence. And to the extent that we have leases, we are going to be subleasing those.”… https://www.foxnews.com/politics/exclusive-fannie-mae-freddie-macs-ny-offices-shutter-response-ag-james-corrupt-practices @charliebilello: The S&P 500 is now trading at over 3.3x sales, its highest valuation in history. Jerome Powell: “equity prices are fairly highly valued.” https://x.com/charliebilello/status/1973421375969722398 It’s much easier to ‘fool’ with earnings than it is with sales. Fed Balance Sheet: -$ 21.276B, Notes & Bonds -$6,049B, MBS -$13.232B; Reserves: -$ 36.124B https://www.federalreserve.gov/releases/h41/20251002/ Dem Sen. Elizabeth Warren calls for Trump to release the jobs report despite shutdown Employees furloughed at the BLS have told Warren’s office the September labor data has been collected and is likely ready to be released, the Senate Banking Committee aide said… https://www.cnn.com/2025/10/02/economy/jobs-report-elizabeth-warren-trump-shutdown Warren believes or knows (via a BLS leak) that the September Employment Report will be bad. GOP @SenJohnBarrasso: “A shutdown is the last resort for those who can’t otherwise win their fights through elections and can’t win their fights in congress.” – @SenWarren She voted to shut down the government. https://x.com/SenJohnBarrasso/status/1973849193937842640 Trump just stated on One America News, “You grow yourself out of debt.” Not now, duh Donald. You can only inflate or die. DJT threated to permanently cut some projects due to the shutdown. Today – If the September Employment Report is released, it will influence early trading. If the jobs report is in line, traders will play for the Friday Rally. Confusion over the duration of the US government shutdown and its ramifications could mute activity, like in previous sessions. ESUs are +2.5-; NQUs are +18.00; Dec AU is +16.40; and USZs are -1/32 at 20:10 ET. Nighttime trading is subdued because of the shutdown and September Employment Report release uncertainty. Expected economic data: Sept NFP 52k, Mfg. -8k, Unemployment Rate 4.3%, Labor Force Participation Rate 62.3%, Wages 0.3% m/m & 3.7% y/y, Workweek 34.2; Sept S&P Global US Service PMI 53.9; Sept ISM Services Index 51.7, Prices Paid 68, New Orders 54, Employment 46.6 S&P Index 50-day MA: 6490; 100-day MA: 6280; 150-day MA: 6037; 200-day MA: 6028 DJIA 50-day MA: 45,295; 100-day MA: 44,224; 150-day MA: 43,170; 200-day MA: 43,291 (Green is positive slope; Red is negative slope) S&P 500 Index (6715.35 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 6377.26 triggers a sell signal Daily: Trender and MACD are positive – a close below 6616.86 triggers a sell signal Hourly: Trender and MACD are positive – a close below 6687.11 triggers a sell signal Dems in the hot seat after Obamacare’s spiking premium costs torpedo their narrative One reason for the shutdown centers around the “enhanced” tax credits for Affordable Care Act premiums as the subsidies, which started in 2021, are set to end this year, according to KFF. “If you live in these states, your ACA premiums are about to jump: SD – Up 235% LA – Up 150% WV – Up 387% WY – Up 382% TN – Up 320% MS – Up 314% AK – Up 346%,” Sen. Tammy Duckworth, D-Ill., posted on X… https://t.co/OtcPqHgMVo Obamacare is imploding, which is inevitable. Dems are seeking a bailout ahead of the midterms for their much-hyped achievement. Can you image the political fallout from Obamacare blowing up?! @NEWSMAX: House Speaker Mike Johnson did not commit to renewing Affordable Care Act credits set to expire this year, a key issue for Democrats as the government begins its first shutdown in seven years… “They’re trying to bring in a December policy decision, which by the way is expiring because they themselves, the Democrats, put that into law. They had the expiration date set by themselves. “So that is not a decision that needs to be made until the end of the year, December 31. They’re trying to bootstrap that and bring it into this very clean and very simple decision,” Johnson said. “There isn’t anything we can do to make this bill any better for them. We literally did not put one single partisan provision in the bill. There is nothing that we can pull out of this bill to make it any leaner and cleaner. It’s absolutely sparkling clean.” https://t.co/VPHy3Ljnhz @WadeMiller_USMC: Here is how it works… federal dollars go to a Democrat state for healthcare, and since money is fungible, they then move state dollars over to fund illegals, which is made possible by federal dollars filling the gap where state dollars should be going. So functionally federal dollars make funding healthcare for illegals possible. On top of that, a lot of this money funds the infrastructure that is then used to provide healthcare benefits to illegals. On top of that, any illegals committing fraud that has gone undetected could qualify for coverage, and how hard are liberal states looking at that problem? Not much at all. @WesternLensman: CNN’s Kaitlan Collins can’t believe the Trump admin is doubling down with memes and mariachi music in the WH briefing room: “They simply don’t care about the criticism.” Correct — and that’s exactly what’s driving the propaganda press insane. They’re powerless. https://x.com/WesternLensman/status/1973547503942508844 ‘Gen Z Is in the House!’ and Other Cringe Moments in the Democrats’ Shutdown Marathon There were many hitches. At times, just a few dozen viewers were watching the YouTube stream, making it an almost instant joke among Republicans and a source of embarrassment among Democrats… the livestream… featured the feel of a throwback telethon with none of the charisma or surprise… Republicans and the White House almost instantly mocked the livestream. The National Republican Congressional Committee regularly posted to X how few people were watching. White House Communications Director Steven Cheung noted on X that @WhiteHouse was “schlonging Democrats on the viewer count.”… But onYouTube, Democrats peaked at around 1,000 viewers. The White House, meanwhile, had begun livestreaming a roughly 3-minute clip of various congressional Democrats speaking out against previous shutdowns that dwarfed Jeffries’ viewers. “We’re absolutely smoking them, for lack of a better term, on YouTube and across the board,” a White House official told me Wednesday, adding facetiously, “we were also working to get Democrats exposure as well.”… https://www.politico.com/news/magazine/2025/10/01/democrats-shutdown-livestream-00591178?s=02 Homeland Security Removes 5 TSA Officials Over Biden-Era Watchlist … accusing them of weaponizing a now-abolished aviation security watchlist to target innocent Americans… https://www.zerohedge.com/political/homeland-security-removes-5-tsa-officials-over-biden-era-watchlist Harvard hires drag queen named ‘LaWhore Vagistan’ as visiting professor https://t.co/2vL0LziK6T (Unless you’re a cultist, why would any sane person pay 6-figure tuition for this derangement?) @OliLondonTV: Synagogue attacked in Manchester, UK leaving at least 2 dead during Yom Kippur – the holiest day in the Jewish calendar. The attacker rammed a vehicle into a crowd at Heaton Park Hebrew Congregation Synagogue this morning whilst a man was also stabbed during the attack. 2 people have been confirmed dead and 3 are in serious condition following the attack. The suspect was shot by police at the scene. https://x.com/OliLondonTV/status/1973727936340427224 @Bubblebathgirl: This is the suspect who on Thursday (Yom Kippur) used a knife to take the lives of two people outside a synagogue in Manchester, England. He had bombs strapped to him and was ultimately neutralized by police. This Islamist attack is Keir Starmer’s fault. He needs to resign immediately. https://x.com/Bubblebathgirl/status/1973734375226577342 UK’s Counter Terrorism Police name Manchester synagogue attacker as Jihad Al-Shamie, a 35-year-old UK citizen, of Syrian descent – Sky News Illegal migrant school chief’s sordid past revealed: Sex, lies and DEI payouts https://nypost.com/2025/10/02/us-news/illegal-migrant-school-chief-ian-andre-roberts-trail-of-lies-revealed/ @breeadail: NEW YORK—@CardinalDolan invited to take part in Yom Kippur—the Holiest Day of the Jewish Faith—in the spirit of Nostra ætate (1965). https://x.com/breeadail/status/1973795067933700466 Nostra aetate – “In our time” – originally focused on the relationship between Judaism and Catholicism and halted centuries of animosity between the two religions. After all, Christianity derived from Judaism. Heart-warming humanity – when moms lay their heads in their babies and toddlers’ laps: https://x.com/Rainmaker1973/status/1973730641440305174 CIA alum @TPASarah: Just a reminder that back in October 2017, Las Vegas experienced the deadliest mass shooting in U.S. history. Stephen Paddock opened fire from the 32nd floor of the Mandalay Bay Resort and Casino during the Route 91 Harvest Festival, killing 60 people and injuring over 800. Despite ISIS claiming responsibility for the attack—and continuing to do so to this day—U.S. media was systematically used to brush-off ISIS claims… Again, ISIS continues to take responsibility for the attack—I’ve pasted their infographic after the Moscow attacks for reference. Why would ISIS still claim involvement in a recruitment and attack so many years later? In their initial claim of responsibility, shown below, ISIS even provided Paddock’s kunya as Abu Abd El Bar. It seems far more likely that the FBI never properly investigated the ISIS link in the first place. Strikingly similar to what we saw after the New Year’s attack in New Orleans, which was portrayed as a lone-wolf incident—though it clearly was not. https://x.com/TPASarah/status/1973761599526654122 | |
SWAMP STORIES FOR YOU TONIGHT
ABOUT TIME THEY WERE TERMINATED
‘Officially Terminated’: FBI Severs All Ties With SPLC, Patel Slams ‘Disgraceful Record’
Friday, Oct 03, 2025 – 10:40 AM
The FBI has cut all ties to the Southern Poverty Law Center, a far-left hate group that the Biden administration and activists have used to go after Christians and conservative websites such as ZeroHedge.
“The Southern Poverty Law Center long ago abandoned civil rights work and turned into a partisan smear machine,” FBI Director Kash Patel told the Daily Signal in a Friday statement. “Their so-called hate map has been used to defame mainstream Americans and even inspired violence.”
The SPLC created a so-called “hate map” which put conservatives and Christians together with Ku Klux Klan chapters.
“That disgraceful record makes them unfit for any FBI partnership,” Patel added.
The move comes two days after Patel told Fox News that the FBI had severed ties with the Anti-Defamation League, another organization that’s been used to censor, demonetize, and target those on the right.
Even the Washington Post questioned their tactics in 2018…
As the Daily Signal notes, the SPLC has inspired leftist violence…
In 2012, a domestic terrorist used the “hate map” to target the Family Research Council, a conservative Christian think tank in Washington, D.C. He planned to kill everyone in the building. A building manager largely foiled the attack, but suffered lifelong injuries in the process. The SPLC condemned the attack, but kept the council on the “hate map” ever since.
The man who opened fire at a Republican practice session for the Congressional Baseball Game in 2017, nearly killing then-House Majority Whip Steve Scalise, had “liked” the SPLC on Facebook. The SPLC condemned that attack, as well.
The SPLC added Turning Point USA to the “hate map” mere months before an assassin with a transgender boyfriend allegedly murdered Turning Point USA founder Charlie Kirk.
The SPLC condemned the attack, but has not removed Turning Point USA from the “hate map.”
In 2019, the SPLC board of directors appointed Michelle Obama’s former chief of staff, Tina Tchen – who tried to pull strings and have the Jussie Smollett case transferred from the Chicago PD to the FBI – to head up an internal investigation into sexual misconduct claims.
As the Washington Examiner‘s Beckett Adams wrote at the time, the Southern Poverty Law Center is a “scam,” which has taken ” no care whatsoever for the reputational and personal harm it causes by lumping Christians and anti-extremist activists with actual neo-Nazis.”
As it turns out, the SPLC is a cynical money-making scheme, according to a former staffer’s blistering tell-all, published this week in the New Yorker. The center’s chief goal is to bilk naive and wealthy donors who believe it’s an earnest effort to combat bigotry.
The only thing worse than a snarling partisan activist is a slimy conman who merely pretends to be one. –Washington Examiner
““Outside of work,” recalls Bob Moser of his days working for the organization, “we spent a lot of time drinking and dishing in Montgomery bars and restaurants about … the hyperbolic fund-raising appeals, and the fact that, though the center claimed to be effective in fighting extremism, ‘hate’ always continued to be on the rise, more dangerous than ever, with each year’s report on hate groups. ‘The S.P.L.C.—making hate pay,’ we’d say.”
Related:
- SPLC Attorney Among 23 ANTIFA Rioters Arrested On Domestic Terrorism Charges
- Twitter Drops SPLC As ‘Safety Partner’ – While Facebook, Google, Amazon Remain Silent
- SPLC President And Legal Director Resign Amid Sexual Misconduct Scandal
- SPLC Hit With RICO Lawsuit By Immigration Watchdog Labeled A “Hate Group”
- “The Southern Poverty Law Center Is A Hate-Based Scam That Nearly Caused Me To Be Murdered”
END
if you think that the following Triclor and First Brands are frauds, tryin looking into the comex/ and SLV and GLD/inventories.
(zerohedge)
“Huge Red Flag” – Chanos Joins Growing Crowd Questioning Subprime Credit In “The Golden Age Of Frau
Friday, Oct 03, 2025 – 02:40 PM
In a 2020 Lunch with the FT interview, Jim Chanos said financial markets were in “the golden age of fraud”.
On Thursday he said this phenomenon had “done nothing but gallop even higher” since he made the remark.
And now, as we have been highlighting recently, the dominoes may have started falling…
Beneath the surface of what’s been a remarkably resilient US economy, a series of small shocks in the world of consumer credit have combined to rock companies that service financially-vulnerable Americans, raising major questions about the true strength of the supposedly omniscient consumer’s health.
Following the collapse of Tricolor Holdings (a subprime auto lender), and weak second-quarter results from CarMax; we have seen car parts supplier First Brands Group…
…wrongfooting investors further with payments company Klarna and buy-now, pay-later firm Sezzle also suffering declines alongside the ‘Alts’ market and private credit…
And as alternative asset managers tumble, The FT reports that 67 year old Chanos likened the near $2tn private credit apparatus fuelling Wall Street’s lending boom to the packaging up of subprime mortgages that preceded the 2008 financial crisis, due to the “layers of people in between the source of the money and the use of the money”.
“With the advent of private credit . . . institutions [are] putting money into this magical machine that gives you equity rates of return for senior debt exposure,” he said, adding that these high yields for seemingly safe investments “should be the first red flag”.
In the case of Tricolor and First Brands, questions (though no official allegations) have been raised about the substantial use of off-balance sheet financing and the possibility of rehypothecation of invoices (pledging collateral multiples times).
Chanos said:
“We rarely get to see how the sausage is made.”
Indeed, but one cut and the guts come spilling out
“The opaqueness is part of the process,” Chanos said.
“That’s a feature not a bug.”
The ‘opaqueness’ surprised many, as we detailed previously,
Nevertheless, while traders can’t pin down the driver of the weakness in ‘Alts’, The FT concludes that several large banks have also been caught up in the collapse, including JPMorgan Chase and Fifth Third, which are exposed to losses on hundreds of millions of dollars’ worth of auto loans.
A second investor who has since sold their position in packaged-up Tricolor loans said they had no idea how potential financial irregularities went unnoticed by JPMorgan Chase, one of the banks that underwrote debt offerings.
“That’s the shocking part of it,” the investor said. “JPMorgan is one of the most sophisticated lenders in the entire world. How the hell could they have missed this?”
JPMorgan declined to comment.
end
This is a surprise to me: Chubb Insurance being woke?
‘Wokest Insurance Company’ Exposed By Consumer Advocacy Group
Friday, Oct 03, 2025 – 02:00 PM
A major insurance company, labeled the “wokest insurance company” by critics, appears to be at odds with President Donald Trump’s anti-DEI agenda, according to a conservative consumer advocacy group.
Consumers’ Research, in a letter to the Justice and Treasury Departments, accused Chubb Insurance of practices that may violate the Civil Rights Act and other federal anti-discrimination laws, according to Fox News.
Chubb’s website is filled with woke language, declaring that “racial justice and equity is both an individual journey and collective duty” and emphasizing an “anti-racist” stance, claiming mere opposition to racism is “insufficient.” Based in Zurich with its U.S. headquarters in New York City, Chubb has implemented internal training programs to push employees to “combat racism,” a move many Americans view as divisive and disconnected from mainstream values.
Chubb’s website promotes its “Advancing Racial Justice” initiative, spotlighting support for Equal Justice USA (EJUSA), a group tied to controversial figures like convicted cop-killer Mumia Abu-Jamal, Fox News found. “We believe in being anti-racist because a rejection of racism alone is insufficient,” the company states, doubling down on its social justice agenda.
The company has also aligned with progressive priorities when it comes to climate change. As of March 2025, Chubb introduced stringent guidelines for oil and gas projects, refusing to underwrite new coal-fired plants or companies deriving over 30% of revenue from coal mining or energy production, Fox News reports.
Meanwhile – chairman and CEO, Evan Greenberg, has repeatedly taken aim at Trump’s America First agenda, writing in 2017 that he was deeply concerned with “brand of nationalism and its impact on our image and leadership in both trade and geopolitics,” Carrier Management reports.
Greenberg has also attacked Trump’s trade policies, echoing globalist talking points common among corporate elites.
“Our approach to bilateral negotiations now seems to reflect a narrow view of our interests while ignoring the interests of trading partners as if somehow it is simply a privilege to trade with the United States,” Greenberg wrote. “It overestimates our power and underestimates the value of trade agreements for the country.”
Chubb’s commitment to progressive ideology runs deeper than Greenberg’s opposition to Trump, with the company’s Executive Vice President, Joseph Wayland, boasting about how, “Diversity, equity and inclusion are the foundation of our Chubb culture.” in an interview with LEADERS Magazine in 2021.
“Chubb Insurance is fully committed to radical woke ideology. CEO Evan Greenberg openly opposes protections for women’s spaces, undermines democratic laws, embraces DEI, and supports groups exposing children to dangerous transgender activism,” said Will Hild, Executive Director of Consumers’ Research, in a statement to Fox News.
“On climate, Chubb weaponizes insurance to harm America’s energy sector, slashing support for coal and natural gas to pursue leftist climate goals,” Hild added. “Woke corporations like Chubb are going to extremes, and everyday Americans are footing the bill.”
Consumers’ Research has launched WokeChubb.com and a national ad campaign to expose Chubb’s progressive agenda, with mobile billboards outside Chubb’s offices in Washington, D.C. and New York City.
GREG HUNTER…
harveyorganblog.com 
