OCT 13/ALL PRECIOUS METALS SKYROCKET TODAY: GOLD CLOSED UP $129.35 TO $4113.35 WITH SILVER UP A HUGE $1.78 TO $51.93//PLATINUM ALSO HAS A GOOD DAY CLOSING UP $25.90 TO $1644.90 WITH PALLADIUM UP $67.60 TO $1482.35//ALL 20 HOSTAGES RETURNED TO ISRAEL SO THE PEACE CAN BEGIN// COMMODITY REPORTS TONIGHT ON COCOA AND SILVER//SILVER LEASE RATES REMAIN HIGH AT 19% FOR ONE MONTH AND 3 MONTHS WITH A HUGE 12% BORROWING COSTS FOR SLV SHARES//GOLD COMMENTARY TONIGHT FROM MATHEW PIEPENBURG AND ALASDAIR MACLEOD//PETER TCHIR ANALYSIS THE HUGE CONFLICT WITH USA AND CHINA//ANTIFA TERROR CONTINUES IN GERMANY AND HOLLAND//HEALTH ISSUES/VACCINE INJURY REPORT/MARK CRISPIN MILLER/DR PAUL ALEXANDER/./USA FORECLOSURES JUMP 17% IN 3RD QUARTER//SWAMP STORIES FOR YOU TONIGHT//
099 H DEUTSCHE BANK AG 35 118 H MACQUARIE FUTURES US 360 190 H BMO CAPITAL MARKETS 4 323 C HSBC 182 332 H STANDARD CHARTERED B 9 363 H WELLS FARGO SECURITI 304 435 H SCOTIA CAPITAL (USA) 563 523 H INTERACTIVE BROKERS 2 624 H BOFA SECURITIES 119 657 C MORGAN STANLEY 250 661 C JP MORGAN SECURITIES 750 686 C STONEX FINANCIAL INC 9 686 H STONEX FINANCIAL INC 308 709 C BARCLAYS 4 737 C ADVANTAGE FUTURES 5 20 880 H CITIGROUP 141 905 C ADM 5
TOTAL: 1,535 1,535 MONTH TO DATE: 39,249
JPMORGAN STOPPED 750/1535
OCT
GOLD: NUMBER OF NOTICES FILED FOR OCT/2025: 1535 CONTRACTs NOTICES FOR 153,500 OZ or 4.774 TONNES
total notices so far: 39,249 contracts for 3,924,900 OR 122.081 tonnes)
FOR OCT
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SILVER NOTICES: 293 NOTICE(S) FILED FOR 1.465 MILLION OZ/
total number of notices filed so far this month : 5241 CONTRACTS (NOTICES) for 26.205 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $129.35 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD
HJUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.14 TOINNES OF GOLD OUT OF THE GLD.
INVENTORY RESTS AT 1013.44 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $1.78 AT THE SLV:
HUGE CHANGES IN SILVER INVENTORY AT THE SLV:/ // A DEPOSIT OF SILVER TOTALLING 1.180 MILLION OZ OF SILVER INTO THE SLV//
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 496.800 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A HUGE SIZED 1591 CONTRACTS TO 171,302 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR HUGE GAIN OF $1.27 IN SILVER PRICING AT THE COMEX WITH RESPECT TO FRIDAY’S // TRADING.! WE FINALLY ARE MOVING TO A MUCH HIGHER BASE SURPASSING THE $34.40 SILVER PRICE BARRIER TO A HIGH DEGREE, CLOSING IN ON THE MAGIC ALL TIME HIGH OF $50.00. WE HAD A MEGA MEGA HUGE SIZED GAIN OF 2921` TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A MONSTER SIZED 1330 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD MAJOR LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO FRIDAY’S / FAST TRADING WITH AS YOU WILL WITNESSS, MUCH MUCH FAILURE AS THEY DESPERATELY AGAIN TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $42.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED ON FRIDAY WITH SILVER’S HUGE GAIN IN PRICE. THE PRICE STILL FINISHED MILES ABOVE THE MAGIC NUMBER OF $40.00 SILVER SPOT PRICE CLOSING AT $50.18 GAINING $1.27 . WE FINALLY STOPPED HAVING THOSE MEGA MEGA HUGE 5000 + T.A.S. ISSUANCE BUT STILL WITNESSING SOMETIMES LARGE ISSUANCES: TODAY’S WAS ONE OF THOSE DAYS AS TOTAL ISSUANCE WAS RECORDED AT A HUGE SIZED 852 T.A.S. CONTRACTS. THE CROOKS ARE BECOMING MORE DESPERATE TO STOP SILVER BREAKING WELL ABOVE THE 40.00 DOLLAR MARK!!. THE NEXT LINE IN THE SAND IS THE ORIGINAL HIGH POINT OF 50.00 DOLLAR SILVER. WE HAD A MONSTER SIZED 1330 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE SIZED 852 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN FUTURE TRADING//RAIDS AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE GAINED A MEGA MAMMOTH SIZED 2921 CONTRACTS ON OUR TWO EXCHANGES WITH OUR GAIN IN PRICE OF $1.27. WE HAD HUGE GOVERNMENT COMEX CONTRACTS TRADING TODAY AND A MAJOR PORTION HAS BEEN REMOVED BY DAYS END. (I RECORD THIS FOR YOU ON A DAILY BASIS)
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON FRIDAY NIGHT//SATURDAY MORNING: A HUGE SIZED 852 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1.1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES.
WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $1.27) BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH AS WE HAD A MEGA HUGE SIZED GAIN OF 2959 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR HUGE GAIN IN PRICE..THE COMEX IS IN ONE BIG SIZED MESS!!
WE HAD A MONSTER 1330 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 13.240 MILLION OZ FOLLOWED BY TODAY’S 1.430 MILLION OZ CONTRACT QUEUE JUMP ALONG WITH OUR INITIAL 2.165 MILLION OZ EXCHANGE FOR RISK ISSUANCE//NEW STANDING ADVANCES TO 28.785 MILLION OZ.
THUS:
INITIAL STANDING FOR OCT: 26.675 MILLION OZ (WHICH INCLUDES ALL QUEUE JUMPING)
+ 2.110 MILLION OZ EXCHANGE FOR RISK
EQUALS
28.785 MILLION OZ..
WE HAD:
/ HUMONGOUS COMEX OI GAIN+// A MONSTER SIZED EFP ISSUANCE 1330 CONTRACTS (/ VI) A HUGE NUMBER OF T.A.S. CONTRACT ISSUANCE 852 CONTRACTS)
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: A SMALL XX CONTRACTS WERE REMOVED!!!!!!
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS OCT.. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF AUGUST
TOTAL CONTRACTS for 9 DAY(S), total 8851 contracts: OR 44.255 MILLION OZ (983 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 44.255 MILLION OZ
LAST 24 MONTHS TOTAL EFP CONTRACTS ISSUED IN MILLIONS OF OZ:
MAY 137.83 MILLION
JUNE 149.91 MILLION OZ
JULY 129.445 MILLION OZ
AUGUST: MILLION OZ 140.120
SEPT. 28.230 MILLION OZ//
OCT: 94.595 MILLION OZ
NOV: 131.925 MILLION OZ
DEC: 100.615 MILLION OZ
YEAR 2022:
JAN 2022-DEC 2022
JAN 2022// 90.460 MILLION OZ
FEB 2022: 72.39 MILLION OZ//
MARCH 2022: 207.140 MILLION OZ//A NEW RECORD FOR EFP ISSUANCE
APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE
MAY: 105.635 MILLION OZ//
JUNE: 94.470 MILLION OZ
JULY : 87.110 MILLION OZ
AUGUST: 65.025 MILLION OZ
SEPT. 74.025 MILLION OZ///FINAL
OCT. 29.017 MILLION OZ FINAL
NOV: 134.290 MILLION OZ//FINAL
DEC, 61.395 MILLION OZ FINAL
TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)
JAN 2023/// 53.070 MILLION OZ //FINAL
FEB: 2023: 100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.
MARCH 2023: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 111.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH
JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)
AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD
SEPT: 72.705 MILLION OZ (SMALLER THIS MONTH)
OCT: 97.455 MILLION OZ
NOV. 50.050 MILLION OZ
DEC. 66.140 MILLION OZ//
TOTAL 2023: 1,104.10 MILLION OZ/
JAN ’24 : 78.655 MILLION OZ//
FEB /2024 : 66.135 MILLION OZ./FINAL
MARCH: 143.750 MILLION OZ// 4TH HIGHEST ON RECORD.
APRIL: 161.770 MILLION OZ (THIS MONTH WILL BE A WHOPPER OF ISSUANCE OF EFPS//3RD HIGHEST EVER RECORDED FOR A MONTH)
MAY: 135.995 MILLION OZ //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
JUNE 110.575 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
JULY: 108.870 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH/ A TOUCH OVER 100 MILLION OZ/)
AUGUST; 99.740 MILLION OZ//THIS MONTH WILL BE STRONG FOR ISSUANCE BUT LESS THAN JULY.
SEPT: 112.415 MILLION OZ//WILL BE A HUGE MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
OCT; 97.485 MILLION OZ (WILL BE SMALLER ISSUANCE THIS MONTH )
NOV. 115.970 MILLION OZ ( HUGE THIS MONTH)
DEC: 132.54 MILLION OZ (THIS MONTH WILL BE A HUMDINGER FOR ISSUANCE BUT ISSUANCE SLOWED DRAMATICALLY THESE PAST FIVE DAYS/// WILL NOT EXCEED MARCH 2022 RECORD OF 209 MILLION OZ
YEAR 2024 TOTAL: 1363.84 MILLION OR 1.363 BILLION OZ
JANUARY 2025: 67.230 MILLION OZ///(THIS MONTH’S ISSUANCE OF EXCHANGE FOR PHYSICAL WILL BE SMALL)
FEB. 58.260 MILLION OZ//EXCHANGE FOR PHYSICAL ISSUANCE/FINAL
MARCH: 67.020 MILLION OZ///QUITE SMALL AND BECOMING SMALLER EACH AND EVERY MONTH.
APRIL: 100.895 MILLION OZ///AVERAGE SIZE ISSUANCE
MAY: 28.975 MILLION OZ (ISSUANCE WILL BE QUITE SMALL THIS MONTH)
JUNE: 81.065 MILLION OZ
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 44.245 MILLION OZ (WILL BE HUGE THIS MONTH)
RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1591 CONTRACTS WITH OUR GAIN IN PRICE OF $1.27 IN SILVER PRICING AT THE COMEX// FRIDAY.,. . THE CME NOTIFIED US THAT WE HAD A MONSTER SIZED 1330 CONTRACT EFP ISSUANCE CONTRACTS: 1330 ISSUED FOR DEC., AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS.
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LAST 6 MONTHS OF SILVER DELIVERIES:
WE FINISHED APRIL WITH A STRONG SILVER OZ STANDING OF 16.050 MILLION OZ NORMAL DELIVERY , PLUS OUR 4.00 MILLION EX FOR RISK
FINAL STANDING APRIL: 19.965 MILLION OZ
AND MAY:
NEW STANDING FOR MAY FINISHES AT: 75.615 MILLION OZ. (INCLUDES 5,000 OZ EFP TRANSFER TO LONDON + 12.93 MILLION OZ EXCHANGE FOR RISK ISSUANCE/PRIOR.//NEW TOTAL STANDING 88.540 MILLION OZ
AND JUNE: FINAL 16.995 MILLION OZ
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 68.040 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: 26.675 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
PLUS
2.110 MILLION OZ EXCHANGE FOR RISK//TOTAL OZ STANDING IN OCT ADVANCES TO 28.785 MILLION OZ
THE NEW TAS ISSUANCE THURSDAY NIGHT (852) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED NO DOUBT WITH FUTURE TRADING!!
WE HAD 293 NOTICE(S) FILED TODAY FOR 1.465 million OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL. IT IS NOW TIME FOR THE FBI TO ENTER THE COMEX AND ARREST THESE CROOKS EVEN THOUGH THE MAJORITY OF THE TRADING IS GOVERNMENT. THE BANKERS ARE COMPLICIT. THE SILVER COMEX IS NOW ON A MASSIVE SIEGE LOOKING FOR PHYSICAL SILVER!!
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A FAIR SIZED 2979 OI CONTRACTS TO 480,721 OI AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.) THUS WE HAVE STILL A RELATIVELY LOW OI IN COMEX WITH AN EXTREMELY HIGH PRICE OF GOLD. THE SHORT RATS ARE ABANDONING THE SHIP.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED A HUGE 9119 CONTRACTS //ALL GOVERNMENT RELEATED REMOVALS
WE HAD A DECREASE IN COMEX OI (2979 CONTRACTS) . THIS OCCURRED DESPITE OUR GAIN OF $26.00 IN PRICE// FRIDAY///.
LAST 6 MONTHS OF GOLD DELIVERIES:
MAY: SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
FINAL STANDING FOR MAY: 70.174 TONNES OF GOLD TO WHICH WE ADD 1. MONDAY’S (MAY 19) 6.221 TONNES EXCHANGE FOR RISK , 2. THEN WE ADD: 1.35 TONNES TO LAST WEEK”S. THEN WE ADD 3. 1.55 TONNES TO EQUAL 9.591 TONNES// NEW EXCHANGE FOR RISK = 9.591 TONNES WHICH MUST BE ADDED TO OUR NORMAL DELIVERY SCHEDULE OF 80.644 TONNES. THUS STANDING FOR MAY INCREASES TO 90.235 TONNES OF GOLD
JUNE CONTRACT MONTH: 93.085 TONNES OF GOLD (WHICH INCLUDES ALL QUEUE JUMPING AND 0 EX FOR RISK)
JULY INITIIAL STANDING FIRST DAY NOTICE: 17.847 TONNES. PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK + 2.195 TONNES EX FOR RISK TODAY = 41.106 TONNES STANDING
AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.637 TONNES EX FOR RISK//AUG 25: 9.107 TONNES , AUGUST 26: 9.1010 TONNES 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 AN INITIAL HUGE 4.878 TONNES QUEUE JUMP FOLLOWED BY LAST 4 DAYS OF QUEUE JUMPS OF 23.4273 TONNES,(TODAY’S QUEUE JUMP = 4.3919 TONNES) PLUS 11.353 TONNES OF OUR ISSUANCE EXCHANGE FOR RISK/5 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 135.334 TONNES OF GOLD.
E.F.P. ISSUANCE/FOR OPENING OCT GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A HUMONGOUS SIZED 7525 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 480,721 / AND WE NOW WITNESSING A STRONG COMEX OI WITH AN EXTREMELY HIGH PRICE OF GOLD
SILVER ALSO HAS A STRONG SIZED COMEX OI OF 171,302 CONTRACTS
IN ESSENCE WE HAVE A FAIR SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1579 CONTRACTS WITH 2979 CONTRACTS DECREASED AT THE COMEX// AND A FAIR SIZED 1400 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 1579 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A HUGE SIZED AND CRIMINAL 4556 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED UPON LIKE THURSDAY, OCT 9. GOLD PRICE ON FRIDAY ROSE BY $26.00
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(1400) ACCOMPANYING THE FAIR LOSS IN COMEX OI OF 2979 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 1579 CONTRACTS..WE HAVE 1) NOW RETURNED TO OUR FORMER FORMAT OF BANKERS GOING LONG AND SPECULATORS GOING SHORT ,2.) STRONG INITIAL STANDING FOR GOLD FOR OCT AT 90.012 TONNES OF NORMAL DELIVERY+TODAY’S QUEUE JUMP OF 4.3919 TONNES+ 11.353 TONNES TOTAL EX FOR RISK//5 OCCASIONS//NEW TOTALOF GOLD STANDING; 135.334 TONNES
NEW STANDING FOR GOLD, OCT CONTRACT AT 135.334 TONNES OF GOLD
.
/ 3) MASSIVE T.A.S. LIQUIDATION (AND SOME GOVT LIQUIDATION AND ZERO LIQUIDATION OF EQUITY SHARES) AS WE HAD 1)A $26.00 COMEX PRICE GAIN. WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED AS WE HAD A FAIR LOSS OF 1579 CONTRACTS ON OUR TWO EXCHANGES. THIS WAS COUPLED WITH HUGE GOVERNMENT LIQUIDATED CONTRACTS ALONG WITH MASSIVE TAS LIQUIDATION AND ZERO GOLD EQUITY SHARES/./ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED FRIDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL AND YOU CAN VISUALIZE THIS BY THE HUGE AMOUNTS OF QUEUE JUMPING WE HAVE BEEN HAVING LATELY
4) FAIR SIZED COMEX OI LOSS// 5) V) FAIR SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD (1400)
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF OCT. :
TOTAL EFP CONTRACTS ISSUED: 33,921 CONTRACTS OR 3,392,100 OZ OR 105.502 TONNES IN 9 TRADING DAY(S) AND THUS AVERAGING: 3769 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN9 TRADING DAY(S) IN TONNES: 105.502 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 105.502 TONNES DIVIDED BY 3550 x 100% TONNES = 2.98% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2023: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES VS 2578 TONNES LAST YEAR
2024 AND 2025:
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STILL SMALL TO FAIR
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 105.502 TONNES
SPREADING OPERATIONS
NOW SWITCHING TO GOLD FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF OCT. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A HUMONGOUS SIZED 1579 CONTRACTS OI TO 171,302 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 A MONSTER 1330 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
DEC 1330 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1330 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 1629 CONTRACTS AND ADD TO THE MONSTER 1330 E.FP. ISSUED
WE OBTAIN A MEGA MEGA HUGE SIZED GAIN OF 2959 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR HUGE GAIN OF $1.27 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 14.605 MILLION PAPER OZ
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS
ASIAN MARKETS THIS MONDAY MORNING:
SHANGHAI CLOSED DOWN 7.53 POINTS OR 0.19%
//Hang Seng CLOSED CLOSED DOWN 400.84 PTS OR 1.52%
// Nikkei CLOSED : HOLIDAY //Australia’s all ordinaries CLOSED DOWN 0.78%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.1239// OFFSHORE CLOSED DOWN AT 7.1321/ Oil UP TO 59.93 dollars per barrel for WTI and BRENT UP TO 63.71 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING DOWN TO 7.1321 // OFFSHORE YUAN TRADING DOWN TO 7.1397 :/ONSHORE YUAN TRADING ABOVE OFF SHORE / AND THUS WEAKER/OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS WEAKER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR SIZED 2979 CONTRACTS TO 480,721 OI WITH OUR GAIN IN PRICE OF $26.00 WITH RESPECT TO FRIDAY’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 A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (1400). WE HAD SOME T.A.S. LIQUIDATION FRIDAY. WE HAD A TOTAL LOSS IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 1579 CONTRACTS (OR 7.895 TONNES).THEN WE WERE NOTIFIED OF A ZERO CONTRACT EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS ISSUED FOR NIL OZ OR 0 TONNES OF GOLD.
EXCHANGE FOR PHYSICAL//GOLD ISSUANCE//OCTOBER:
THUS THE TOTAL NUMBER OF CONTRACTS EXCHANGE FOR RISK ISSUED FOR THE MONTH OF OCT FOR GOLD REMAINS AT 11.353 TONNES OF GOLD UNDER THE GUIDANCE OF 5 ISSUANCES.
A LITTLE HISTORY ON OUR EXCHANGE FOR RISK ISSUANCES/ GOLD:
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: 5 ISSUANCES
WE RECEIVED NOTICE THAT OUR INITIAL EXCHANGE FOR RISK ISSUED ON FIRST DAY NOTICE WAS 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 13,200 OZ OR 4.1057 TONNES AND THIS WAS FOLLOWED BY SATURDAY’S OCT 4: 180 CONTRACT ISSUANCE FOR 18,000 OZ OR .5596 TONNES:THIS BRINGS US TO OCT 8 WITH A HUGE ISSUANCE OF 1000 CONTRACTS FOR 100,000 OZ OR 3.1104 TONNES TOTAL ISSUANCES 5 OCCASIONS FOR 3650 CONTRACTS OR 365,000 OZ OR 11.353 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, AND THEN SATURDAY OCT 4, THE CME ISSUED ITS 4 ISSUANCE FOR 180 CONTRACTS FOR 18,000 OZ OR .5594 TONNES. THEN FINALLY OCT 8 FOR 1000 CONTRACTS, OR 100,000 OZ OR 3.1104 TONNES TOTAL ISSUANCE ON 5 OCCASIONS: 11.353 TONNES
AS I EXPLAINED ABOVE,:THE RECIPIENT OF EXCHANGE FOR RISK FOR GOLD 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 127.5 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 30 TONNES SHORTFALL. IT BOUGHT BACK ONLY 4 TONNES LAST MONTH 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 126.5 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 MAY 2023. HUGE ISSUANCES BEGAN OCT AND DEC 2024. ROBERT LAMBOURNE, GATA CONSULTANT AND EXPERT ON BIS AND BANK OF ENGLAND ISSUES HAS WRITTEN TO THE BANK OF ENGLAND AUTHORITIES CONCERNING THE REFUSAL OF THE BANK OF ENGLAND’S AUDITORS TO SUPPLY A POSITIVE AUDIT ON THEIR GOLD TONNAGE AND OTHER ASSETS HELD UNDER THE E.E.A. .
DETAILS ON OCTOBER COMEX MONTH//
IN TOTAL WE HAD A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 7590 CONTRACTS WITH OUR STRONG GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY FOR THE THOUGHTFULNESS. LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. DELIVERY OF GOLD CONTRACTS ARE NOW TAKING SEVERAL WEEKS. NO DEFAULT HAS BEEN INITIATED AS DEALERS ARE AFRAID OF LOSS OF THEIR JOBS. SO THIS FRAUD CONTINUES. THE LEASE RATES IN LONDON HAVE NOW INCREASED TO 6.0% 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 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 HUGE T.A.S ISSUANCE AS THE CME NOTIFIES US THAT THEY HAVE ISSUED 4556 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 YESTERDAY DESPERATELY TRYING TO STOP GOLD’S ADVANCE. THIS GENERALLY ENDS IN FAILURE
A LITTLE HISTORY ON TAS ATTEMPTED RAIDS:
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 RIGHT BEFORE FIRST DAY NOTICE SEPT 30, WITH MUCH FAILURE AS THE TOTAL OPEN INTEREST REFUSED TO BUCKLE!! THIS LEADS US TO 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 (BACK TODAY) AND OF COURSE THE IMPORTANT RELIGIOUS HOLIDAY FOR THE JEWISH PEOPLE OCT 1-2, YOM KIPPUR. AGAIN THIS ENDED IN ABSOLUTE FAILURE AS LONDON AGAIN CAME TO THE RESCUE WITH THEIR MASSIVE TENDERING FOR PHYSICAL. YOU CAN JUST VISUALIZE THE MASSIVE HEADACHE THE CROOKS UNDERWENT WITH THIS HUGE PHYSICAL TENDERING FOR GOLD. WITH MUCH FAILURES. THIS BRINGS US TO YESTERDAY’S MASSIVE RAID ON OUR PRECIOUS METALS. ONE SHOULD EXPECT CONSIDERABLE DAMAGE TO OUR LONGS. SHOCKINGLY AS YOU WILL SEE, ON A NET BASIS NOBODY LEFT EITHER ARENA, GOLD AND SILVER.
THE T.A.S. LIQUIDATION OF THESE T.AS. CONTRACTS CONTINUED THURSDAY AND FRIDAY, OCT 1 AND OCT 2 AND NOW OCT 9 THROUGH 10TH AND THAT IS THE REASON WHY WE ARE HAVING HUGE DISTORTED COMEX OPEN INTEREST NUMBERS 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 IN OCTOBER AND THE HUGE QUEUE JUMPING THAT FOLLOWED!
HERE IS A SUMMARY OF GOLD STANDING FOR DELIVERY ON OUR LAST 7 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 FIRST MASSIVE QUEUE JUMP OF 4.898 TONNES QUEUE JUMP FOLLOWED BY OCT 4 QUEUE JUMP OF 0.9704 TONNES TO BE FOLLOWED BY OCT 7 QUEUE JUMP OF 3.623 TONNES, THEN OCT 8’S HUGE 6.942 TONNES QUEUE JUMP, OCT 9 HUGE 4.979 TONNES OF QUEUE JUMP, OCT 10 MASSIVE QUEUE JUMP OF 7.504 CONTRACTS(250,900 OZ//7.504 TONNES) AND THEN OCT 13: 4.3919 TONNES// //// AND THIS WAS AUGMENTED BY AN UNUSUAL 50,000 CONTRACT EXCHANGE FOR RISK ISSUED ON FIRST DAY NOTICE AND THEN ON THREE CONSECUTIVE OCCASIONS, OCT 2 THROUGH TO THE OCT 4.THEY TOOK ONE DAY OFF AND THEN ISSUED ITS 5 EXCHANGE FOR RISK ISSUANCE FOR 1000 CONTRACTS OR 100,000 OZ/3.1105 TONNES THE NEW TOTAL ON THESE 5 ISSUANCES IS 3650 CONTRACTS FOR 365,000 OZ OR 11.353 TONNES WHICH WILL BE ADDED TO OUR NORMAL DELIVERIES INCLUDING QUEUE JUMPS. NEW TOTALS FOR GOLD STANDING ADVANCES TO 134.334 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 243 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:
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.
SEPT:
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 OUR LATEST OCT 13: 4.3919 TONNES TO WHICH WE ADD OUR TOTAL 3,650 EXCHANGE FOR RISK CONTRACTS ON 5 OCCASIONS FOR 365,000 OZ OR 11.353 TONNES.! TOTAL STANDING ADVANCES TO 135.334
SUMMARY FOR OCTOBER STANDING:
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 3 CONSECUTIVE EXCHANGE FOR RISK ISSUANCES OF 2150 CONTRACTS FOR 215000 OZ OR 6.687 TONNES
D) AFTER A ONE DAY HIATUS, A 5TH ISSUANCE FOR 1000 CONTRACTS //100,000 OZ OR 3.1104 TONNES
TOTAL EXCHANGE FOR RISK OCT 5 OCCASIONS: 11.353 TONNES
TO WHICH WE ADD OUR QUEUE JUMPING;
E) A MASSIVE QUEUE JUMP,OCT 3 OF 4.898 TONNES OF GOLD
F) STRONG QUEUE JUMP OCT 4: 0.9704 TONNES
G) A MASSIVE QUEUE JUMP OCT 7 OF 3.623 TONNES
H) A MASSIVE QUEUE JUMP OCT 8 FOR 6.942 TONNES
I) A MASSIVE QUEUE JUMP OCT 9 FOR 4.979 TONNES
J) A MASSIVE AND 3RD HIGHEST EVER OCT 10 QUEUE JUMP FOR 7.504 TONNES
I) A MASSIVE QUEUE JUMP OF 4.3919 TONNES
EQUALS
135.334 TONNES OF GOLD!!
EXCHANGE FOR PHYSICAL ISSUANCE/OCT
THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED EXCHANGE FOR PHYSICAL OF 1400 CONTRACTS.
THAT IS A FAIR SIZED 1400 EFP CONTRACT WAS ISSUED: : /DEC 1400 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1400 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 O.C.C. HEADQUARTERED IN BOTH LONDON AND WASHINGTON.
WE HAD :
SOME LIQUIDATION OF OUR T.A.S. SPREADERS//FRIDAY + GOVERNMENT LIQUIDATION
MONTH END SPREADERS HAVE NOW FINISHED AS IT WAS IN FULL FORCE ON FIRST DAY NOTICE SEPT 30 WITH OUR ATTEMPTED FAILED RAID, FOLLOWED BY ANOTHER RAID OCT 2 AND THAT ENDED IN TOTAL FAILURE! , OCT 7 WE WITNESSED A SMALL RAID TRYING TO STOP GOLD’S ADVANCE TO THE 4000 BARRIER!! EARLY Y\OCT 8 MORNING THE BARRIER TO 4,000 DOLLAR GOLD WAS PIERCED!! AND THAT SET IN MOTION OUR CROOKS DESPERATE TO CONTROL THEIR HUGE DERIVATIVE LOSSES. (OCT 9 SAW FINALLY AFTER MANY YEARS SILVER PIERCING THE 50 DOLLAR MARK AND THAT WAS WHEN THE CROOKS THREW A TEMPER TANTRUM. AFTER KNOCKING SILVER DOWN HUGELY IT IS NOW BACK OVER 50 DOLLARS.)
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 FRIDAY NIGHT/SATURDAY MORNING WAS A HUGE SIZED SIZED 4556 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR OTHERWISE LIKE LAST MONTH ON OPTIONS EXPIRY WEEK AND THEN OCT 9, 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 STRONG GAIN OF COMEX OI AND A STRONG EXCHANGE FOR PHYSICAL ISSUANCE.. THE COMEX IS IN TOTAL TURMOIL ESPECIALLY THESE PAST 3 MONTHS ESPECIALLY WITH THE FOLLOWING;
WITH JULY’S RARE TWO ISSUANCES OF EXCHANGE FOR RISK (LATE IN JULY)
AND THIS WAS FOLLOWED WITH AUGUST’S 7 ISSUANCES OF EXCHANGE FOR RISK FOR 44.696 TONNES
TO BE FOLLOWED BY SEPTEMBER’S 7 ISSUANCES FOR EXCHANGE FOR RISK FOR 22.923 TONNES.
TO BE FOLLOWED BY OCTOBER’S 5 ISSUANCES FOR 11.383 TONNES
THE LONDON BANKING AUDITORS HAVE SO FAR REFUSED TO GIVE THE GREEN LIGHT ON THE BANK OF ENGLAND’S GOLD AND OTHER ASSETS HELD UNDER THE E.E.A.(SEE ROBERT LAMBOURNE’S LETTER OCT 8/
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 TODAY;S 4.3919 TONNES OF A QUEUE JUMP WHICH MUST BE ADDED TO OUR 5 ISSUANCES OF 11.353 TONNES EXCHANGE FOR RISK//TOTAL NEW STANDING FOR GOLD IN THIS ACTIVE OCTOBER DELIVERY MONTH ADVANCES TO 135.334 TONNNES.
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS OF 2021-2024:
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:STANDING FOR GOLD/COMEX
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
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COMEX GOLD TRADING BEGINNING OCT,. CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $26.00./ /) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SPECULATOR LONGS AS WE DID HAVE STRONG SIZED GAIN IN OI FROM TWO EXCHANGES OF 7590 CONTRACTS.. BUT AS EXPLAINED ABOVE WE HAD SOME T.A.S. SPREADER LIQUIDATION FRIDAY .THIS WAS COUPLED WITH GOVERNMENT LIQUIDATING THEIR CONTRACTS OUT OF SEVERE FEAR!!(PRELIMINARY NUMBERS LOWERED TO FINAL SHOWING MASSIVE LIQUIDATION). HOWEVER, ON TUESDAY OCT 7, WE WITNESSED FOR NO REASON A MASSIVE LIQUIDATION IN PRICE OF OUR GOLD EQUITY SHARES LIKE AGNICO EAGLE AND BARRICK GOLD /// THE BANKERS ARE QUITE NERVOUS ABOUT BASEL III WITH ITS IMPLEMENTATION COMMENCING JULY 1. THEY ARE VERY CONCERNED WITH THEIR HIGH AMOUNT OF DERIVATIVES LOSSES ON THEIR BOOKS. THUS THE REASON THEY NEEDED THESE T.A.S. ISSUANCES NOW IN ORDER TO FORMALIZE RAIDS: OUR CROOKS TRIED AGAIN LATE WEDNESDAY-THURSDAY OCT 2 WITH CHINA OUT FOR A WEEK, WITH NOT MUCH LUCK. WITH CHINA COMING BACK TODAY, THURSDAY OCT 9 THE CROOKS NEEDED TO RAID TRYING DESPERATELY TO HALT GOLD’S ADVANCE. I GUESS THAT THEIR LUCK HAS RUN OUT WITH GOLD PIERCING THE 4,000 DOLLAR BARRIER OCT 7-8 ALONG WITH THE PIERCING OF SILVER’S MAGIC 50 DOLLAR MARK.
SATURDAY MORNING//FRIDAY NIGHT
THE CROOKS HOWEVER COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL FRIDAY EVENING/ SATURDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING WEEKS TO DELIVER
ANALYSIS OCT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// OCT COMEX CONTRACT
WE HAVE A STRONG SIZED GAIN OF A TOTAL OF 7.895 PAPER TONNES FROM OUR TWO EXCHANGES, DESPITE THE RAID, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR OCT AT 90.164 TONNES TO BE FOLLOWED BY TODAY’S HUGE 4.3919 TONNES OF QUEUE JUMP TO WHICH WE ADD OUR 11.353 TONNES EX FOR RISK/5 OCCASIONS:
/ NEW TOTAL STANDING 130.942 TONNES.
ALL OF THIS HUGE STANDING FOR OCTOBER WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $26.00
WE HAD A HUGE 9119 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 1579 CONTRACTS OR 157,900 0Z (7.895 TONNES)
i) Out of Asahi: 67,091.750 oz ii) Out of JPMorgan: 148,537.620 oz (4620 kilobars)
total withdrawal: 215,629.370 oz or 6.706 tonnes
.
Deposit to the Dealer Inventory in oz
0 ENTRIES
Deposits to the Customer Inventory, in oz
DEPOSITS/CUSTOMER
0 ENTRIES
xxxxxxxxxxxxxxxxI
No of oz served (contracts) today
1535 notice(s) 153,500 OZ 4.774 TONNES
No of oz to be served (notices)
611 contracts 61,100 OZ 1.900 TONNES
Total monthly oz gold served (contracts) so far this month
39,249 notices 3,924900 oz 122.081 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month
dealer deposits: 0
0 ENTRIES
xxxxxxxxxxxxxxxxxxxxx
DEPOSITS/CUSTOMER
0 entry
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
customer withdrawal
2 entries
i) Out of Asahi: 67,091.750 oz ii) Out of JPMorgan: 148,537.620 oz (4620 kilobars)
total withdrawal: 215,629.370 oz or 6.706 tonnes
ADJUSTMENTs 7
first 6: dealer to customer
i)Asahi 31,460.566 oz
ii) Brinks: 154,523.549 oz
iii) HSBC 5638.127 oz
iv) JPMorgan 10,404.358 oz
v) Malca: 8083.194 oz
vi) Manfra 14,297.935 oz
last one customer to dealer:
v) Delaware: 101.470 oz
volume at the comex: FRIDAY: 387,955 oz (HUGE)
AMOUNT OF GOLD STANDING FOR OCTOBER
THE FRONT MONTH OF OCTOBER STANDS AT 2146 CONTRACTS FOR A LOSS OF 843 CONTRACTS.
WE HAD 2255 CONTRACTS FILED ON FRIDAY SO WE GAINED A MONSTROUS 2509 CONTRACT QUEUE JUMP FOR 141200 OZ OR 4.3919 TONNES OF GOLD. THUS OUR NEW NORMAL DELIVERY RISES TO 123.981 TONNES WHICH INCLUDES ALL PREVIOUS QUEUE JUMPS) PLUS OUR 11.353 TONNES EX FOR RISK//NEW TOTAL STANDING FOR GOLD ADVANCES TO 135.334 TONNES
NOVEMBER GAINED 108 CONTRACTS UP TO 2436 CONTRACTS.
DECEMBER LOST 77 CONTRACTS UP TO 128,207 CONTRACTS.
We had 1535 contracts filed for today representing 153,500 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 1535 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer an 750 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 (39,249 oz ) to which we add the difference between the open interest for the front month of OCT ( 2142 CONTRACTS) minus the number of notices served upon today (1535 x 100 oz per contract) equals 3,986,000 OZ OR 123.981 TONNES OF GOLD TO WHICH WE ADD OUR 5 ISSUANCES OF 11.353 TONNES OF EXCHANGE FOR RISK //NEW TOTALS STANDING FOR GOLD OCTOBER ADVANCES TO 135.334 TONNES
thus the INITIAL standings for gold for the OCT contract month: No of notices filed so far (39,249 x 100 oz +we add the difference for front month of OCT. (2146 OI} minus the number of notices served upon today (1535 x 100 oz) which equals 3,986,000 OZ OR 123.981 TONNES + 11.353 TONNES EXCHANGE FOR RISK//NEW TOTAL OF GOLD STANDING IN OCTOBER ADVANCES TO 135.334 TONNES
TOTAL COMEX GOLD STANDING FOR OCT..: 135.334 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: 1,957,498.686 oz 60.880 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 39,727,040.204 oz
TOTAL REGISTERED GOLD 21,421,327.439 or 666.08 tonnes
TOTAL OF ALL ELIGIBLE GOLD 18,300,666.763OZ
END
REGISTERED GOLD THAT CAN BE SERVED UPON 1,946,382. oz ((REG GOLD- PLEDGED GOLD)= 605.40 tonnes // (
total inventories in gold declining rapidly
SILVER/COMEX
SILVER/COMEX
THE OCT. 2025 SILVER CONTRACTS
OCT 13 2025
INITIAL/
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
3 entries
i) Out of Asahi 899,091.300 oz ii) Out JPMorgan: 168,866.510 oz iii) Out of Loomis: 1207,445.640 oz
total withdrawal 2,271,453,450 oz
Deposits to the Dealer Inventory
0 ENTRY
Deposits to the Customer Inventory
0 entries
No of oz served today (contracts)
293 CONTRACT(S) ( 1.465 MILLION OZ
No of oz to be served (notices)
94 contracts (0.4700 MILLION oz)
Total monthly oz silver served (contracts)
5241 Contracts (26.205 MILLION oz)
Total accumulative withdrawal of silver from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
i) Out of Asahi 899,091.300 oz ii) Out JPMorgan: 168,866.510 oz iii) Out of Loomis: 1207,445.640 oz
total withdrawal 2,271,453,450 oz
adjustments: 1 dealer to customer
a) Asahi 338,325.450 oz
TOTAL REGISTERED SILVER: 183.013 MILLION OZ//.TOTAL REG + ELIGIBLE. 526.192 Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR OCT.
silver open interest data:
FRONT MONTH OF OCT /2025 OI: 387 OPEN INTEREST CONTRACTS FOR A LOSS OF 1141 CONTRACTS.
WE HAD 1427 CONTRACTS SERVED ON FRIDAY, SO WE GAINED 286 CONTRACTS WHICH UNDERWENT A MASSIVE QUEUE JUMP FOR 1.430 MILLION 0Z
THUS
STANDING FOR SILVER OCT ADVANCES TO 26.675 MILLION OZ WHICH INCLUDES TODAY’S MASSIVE 7.165 MILLION OZ QUEUE JUMP + 2,110 MILLION OZ EX. FOR RISK = 28.735 MILLION OZ WHICH IS MASSIVE FOR A NON DELIVERY MONTH!!
NOVEMBER GAINED 108 CONTRACTS UP TO 2436
DECEMBER LOST 64 CONTRACTS DOWN TO 128,217
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 293 or 1.465 MILLION oz
CONFIRMED volume; ON FRIDAY 158,816 immense//
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 5241 X5,000 oz = 26.205 MILLION oz
to which we add the difference between the open interest for the front month of OCT (387) AND the number of notices served upon today (293 )x (5000 oz)
Thus the standings for silver for the OCTOBER 2025 contract month: (5241) Notices served so far) x 5000 oz + OI for the front month of OCTOBER(387) minus number of notices served upon today (293)x 5000 oz equals silver standing for the OCT.contract month equating to 26.675 MILLION OZ to which we must add our initial 2.110 million oz exchange for risk issuance//new standing advances to 28.785 which is mammoth for a non active delivery monthj.
New total standing: 28.785 million oz. THE SILVER COMEX IS NOW UNDER MASSIVE 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 183.013 million oz of registered silver
JPMorgan as a percentage of total silver: 208,435/526.192million. 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 11 WITH GOLD UP $!29.35 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 3.72 TONNEES OF GOLD FROM THE GLD// . /// ///INVENTORY RESTS AT 1017.16 TONNES
OCT 10 WITH GOLD UP $26.00 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WIHTDRAWAL OF 1.14 TONNEES OF GOLD FROM THE GLD// . /// ///INVENTORY RESTS AT 1013.44 TONNES
OCT 9 WITH GOLD DOWN $91.45 TODAY/NO CHANGES IN GOLD AT THE GLD . /// ///INVENTORY RESTS AT 1014.58 TONNES
OCT 8 WITH GOLD UP $68.60 TODAY/NO CHANGES IN GOLD AT THE GLD . /// ///INVENTORY RESTS AT 1013.17 TONNES
OCT 7 WITH GOLD UP $29.20 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 1.17 TONNES OF GOLD OUT OF THE GLD. . /// ///INVENTORY RESTS AT 1013.17 TONNES
OCT 6 WITH GOLD UP $68.70 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 0.86 TONNES OF GOLD OUT OF THE GLD. . /// ///INVENTORY RESTS AT 1014.88 TONNES
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: 1017.16 TONNES, TONIGHTS TOTAL
SILVER
OCT 10 WITH SILVER UP $1.78 TODAY/SMALL CHANGES IN SILVER AT THE SLV A WITHDRAWAL OF 0.272 MILLION OZ OF SILVER INTO THE SLV/: /// ///INVENTORY RESTS AT 496.528 MILLION OZ
OCT 10 WITH SILVER UP $1.27 TODAY/HUGE CHANGES IN SILVER AT THE SLV A DEPOSIT OF 1.180 MILLION OZ OF SILVER INTO THE SLV/: /// ///INVENTORY RESTS AT 496.800 MILLION OZ
OCT 9 WITH SILVER DOWN $0.54 TODAY/HUGE CHANGES IN SILVER AT THE SLV A DEPOSIT OF 0.635 MILLION OZ OF SILVER INTO THE SLV/: /// ///INVENTORY RESTS AT 495.620 MILLION OZ
OCT 8 WITH SILVER UP $1.75 TODAY/HUGE CHANGES IN SILVER AT THE SLV A HUGE DEPOSIT OF 2.723 MILLION OZ OF SILVER INTO THE SLV/: /// ///INVENTORY RESTS AT 494.985 MILLION OZ
OCT 7 WITH SILVER DOWN $0.89 TODAY/HUGE CHANGES IN SILVER AT THE SLV A HUGE DEPOSIT OF 4.538 MILLION OZ OF SILVER INTO THE SLV/: /// ///INVENTORY RESTS AT 492.262 MILLION OZ
OCT 6 WITH SILVER UP $0.63 TODAY/HUGE CHANGES IN SILVER AT THE SLV A HUGE WITHDRAWAL OF 7.67 MILLION OZ OF SILVER OUT OF THE SLV/: /// ///INVENTORY RESTS AT 487.724 MILLION OZ
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./
Silver is back at its all-time nominal high, while tales of shortages and squeezes abound. Is this the moment long-suffering stackers have been waiting for?
Let’s start with an AI-generated overview of the structural silver deficit:
A significant global shortage of silver is currently underway, driven by persistent demand outpacing supply. This deficit is the fifth consecutive year of imbalance, with the market expected to see a deficit of 117.6 million troy ounces in 2025, a 21% reduction from the previous year but still substantial. The shortage is attributed to robust industrial demand, particularly in electronics, electric vehicles, and solar panels, which has remained strong despite a slight decline in solar panel demand. Investment demand is also rising, with a projected 7% increase in demand for silver coins and bars in 2025.
The situation has led to severe market disruptions, particularly in regions like Ahmedabad, India, where bullion traders and jewellers have halted new silver orders and are experiencing a near standstill in the jewellery trade ahead of the Diwali festival. This is due to a sharp price spike, with silver reaching Rs 1.6 lakh per kg, and a critical shortage of physical silver, forcing traders to demand large premiums for spot delivery and extending delivery times to four to seven days. Similar shortages are reported globally, with inventories at mints, refiners, and dealers vanishing and raw materials for minting bars becoming scarce.
Experts predict that the structural deficit will continue for several more years, as supply growth lags behind demand, particularly in industrial applications. While the deficit is expected to narrow slightly in 2025 due to a 1% increase in supply and a 1% fall in demand, the underlying imbalance remains a significant factor supporting silver prices.
Here’s how this is playing out in India, the world’s largest silver importer:
Oct 9 (Reuters) – Kotak Mahindra Asset Management Company (KMAMC) has temporarily suspended fresh lump-sum and switch-in investments into the Kotak Silver ETF Fund of Fund, effective October 10, 2025, the company said in a statement on Thursday.
This is primarily due to a shortage of physical silver in the domestic market that lifted premium sharply above benchmark prices, Kotak said.
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The statement added that silver is trading at a premium relative to international prices.
Spot silver hit a record high of $51.22 per ounce on Thursday, surpassing the $51 per ounce level for the first time.
In India, the world’s biggest silver consumer, silver premium over official domestic prices jumped as much as 10% on Thursday because of strong investment demand ahead of a key festival and limited supplies, bullion dealers said.
“Kotak Silver ETF is an open-ended Exchange Traded Fund replicating/tracking price of Silver, which reflects the domestic price of silver. Therefore, the premium in domestic silver prices directly impacts the valuation of the Scheme,” the company said.
Meanwhile, the rest of the world has the same problem:
(Jerusalem Post) – A growing storm is engulfing the global silver market. From the UK to Australia, and from Canada to Vietnam, reports are surfacing of silver coins, bars, and raw materials vanishing from dealers’ inventories – a squeeze reminiscent of the 2008 financial crisis.
According to Mike Maloney, founder of GoldSilver.com and a long-time analyst of the precious metals market, “This is not a drill. Silver is on its way to unobtanium.”
Shelves Are Empty Across Continents
Across multiple continents, investors and dealers are reporting a sudden, synchronized shortage. In South Africa, the Rand Refinery has officially announced it is “sold out.” In Canada, major retailers including Costco and even the Royal Canadian Mint have depleted their silver stock.
In the United Kingdom, leading bullion sites such as Gold.co.uk are showing the same warning banners: “Awaiting stock” and “Create stock alert.” One-kilogram silver coins – a staple for British investors – are completely unavailable, with customers asked to register for alerts when inventory returns.
“This is not isolated,” said one London dealer. “There are no 250-gram bars left, and allocations are being rationed. What we have now might be the last available batch for weeks.”
GoldCore’s Jan Skoyles is becoming my favorite precious metals educator. In the following videos, she does a great job of fleshing out the silver squeeze:
And here’s Miles Franklin’s Andy Schectman with the gory details of the (imminent?) metals exchange default:
JAMES RICKARDS
2. MATHEW PIEPENBERG/VON GREYERZ
The Hidden History Of Policy Theft & Skyrocketing Gold
As gold continues to rocket north with continuous all-time highs, some investors are still wondering, well… why?
The answer has less to do with gold’s consistent physical and monetary properties, and more to do with historical human –and hence policy—weakness, which makes this metal almost too easy to understand.
Let’s dig in.
Lead to Temptation
Some crimes are harder to see than the classic patterns of masked men robbing citizens at gunpoint.
Here, we examine the ironic yet hard truth that unmasked policy makers are deliberately and quietly robbing their citizens with embarrassing impunity.
This temptation toward sovereign sins hiding in plain sight is done without black cowboy hats or stuffing cash into a burlap bag while scared bystanders hold their hands in the air.
Instead, politicos, in neckties and blue suits, commit identical theft with far greater subtlety and destruction—smiling the entire time for re-election.
To see this clearly, let’s start with a little history.
As far back as the 1500s, Sir Thomas Gresham (from which “Gresham’s Law” originated) explained that whenever trusted money (i.e., gold) circulates at the same time as bad currency (i.e., paper/fiat “money”), some folks eventually figure out that it is better to save in gold and spend in fiat.
From Ancient Rome Onwards
These patterns go as far back as ancient Rome, when leaders—over their ears in debt from too many promises, wars and drunken spending—began to chip away at the silver in their Denarius coins, debasing their currency to “pay” down debt.
Eventually (over a period of about 250 years), this resulted in a Denarius with zero silver content.
Medieval Europe later followed this desperate playbook by replacing its gold money with copper money.
This is because real money eventually drives out bad currencies whenever a fiat system approaches its breaking point.
This cycle became an economic rule which the 18th century French economist, Adolphe Thiers, spelled out clearly and which history subsequently confirmed from the wheelbarrow money of Weimar Germany to similar currency/debt debacles in Zimbabwe and Venezuela.
In such contexts of extreme debt and debased currencies, no one wants to hold worthless paper money.
The desire for real money-gold-becomes a desperate and historical thirst.
Gone With the Wind
During the US Civil War, for example, the Confederate States of 1865 were on their last leg, as its Army of Northern Virginia bled out during the Petersburg siege.
The army’s commander, Robert E. Lee, was obviously worried about saving his dwindling troops, but in the waning hours of the Confederacy, the primary theme of the letters to his most trusted general, James Longstreet, centred around gold rather than cannons, artillery or horses.
Why?
Because without real money, even his most devoted soldiers could not be supplied.
Unfortunately, their fiscally over-stretched Confederate President, Jefferson Davis, had already debased the Confederate currency to pay debts which their rebel economy could not sustain.
Wages, salaries and savings could not keep up with inflation rates (currency debasement), which not even the cleverest liars in Richmond could hide or deny.
Not long after, the Confederacy, like so many other paper-currency nations before and since, was gone with the wind…
But Not the USD!?
Some, of course, will rightly say: “The US today is nothing like ancient Rome, Weimar Germany or the Rebel South of 1865!”
Well, yes and no…
The USA (and USD) is certainly stronger than 19th 19th-century Confederate currency, a 3rd-century Roman Denarius or the German Mark of 20th 20th-century Weimar.
But debt is still debt, and US debt is embarrassing…
And global debt is no less so…
Unfortunately, Gresham’s law, like Thiers’ rules, still apply as much today as yesterday. The death just takes a little longer for a world reserve currency…
What we are seeing today with the USD’s open decline and mis-reported inflationary decay is, in fact, nothing new to man, history or economic rules.
Inflation Is Theft
Take another forgotten truth-teller of the forgotten science of honest economics, the 18th century Irish/Frenchman, Richard Cantillon, from which the “Cantillon Effect” got its name.
The Cantillon Effect, like history, teaches us that inflation is not only a deliberate theft by policy makers, but also a wealth transfer from the masses to the elites—something familiar to anyone paying attention to US history…
Cantillon shows how new money (i.e., printed or mouse-clicked money) is not accidental nor class-blind.
New money always goes to (and enriches) the top 10% first before it later shafts the bottom 90% second.
That is, the elites, who already own stocks and real estate (90% of US stocks are held by the top 10%), are the first to benefit from the obvious inflation in stocks and real estate, which always follows money creation in lock-step.
The TARP/QE-rescued Wall Street, for example, saw this first hand, when every new version of QE correlated 1:1 with a rise in a stock market drunk on the money printed post-GFC/2008.
In fact, commercial banks saw their greatest bonuses the very year that those same banks nearly broke the economy on a subprime mortgage scandal/scam.
But Main Street, temporarily quieted by stimmy checks, was slowly measuring their wages and savings accounts in dollars whose inherent purchasing power was melting by the day from the currency expansion which saved Wall Street while slowly gutting Main Street.
This inflation, of course, is an invisible theft, one which starts slowly and then comes all at once.
Dishonesty as Deliberate Policy
Average citizens feel themselves getting poorer while their leadership tells them inflation is only “transitory” or contained within “a 2-3% target range”—all of which is an open lie.
Actual (as opposed to “reported”) inflation is compounding at levels of at least 10% per year, which means the absolute purchasing power of the USD is dying at a similar rate.
US M2 money supply has expanded by 40% since 2020, which means the USD is effectively debasing at a similar rate.
This is precisely what policy makers in debt (from ancient Rome to modern DC) need to do in order to pay down debt with devalued money.
In other words, policy makers crush the currency—and hence the people—to sustain their debt and themselves.
But as clever thieves, policy-makers (central bankers, treasury secretaries and national leaders) do this slowly and with deliberate complexity, as well as with deliberate dishonesty, a fact which a more modern economist, Charles Goodhart, made clear in the 1970s.
That is, Goodhart was among the first to reveal that whenever sovereigns create inflation, growth or employment “targets” they are almost always, well: Lying.
And as we, and many others, have written with facts rather than drama, the tools, math, and tricks used to measure employment, inflation, growth, and even the definition of recession are all open lies to anyone willing to look under the hood of the creative math and writing coming out of DC, Brussels or London…
History Made Current
If we apply the admittedly simplified historical lessons and economic rules above to today’s current headlines, as to: 1) the decline of the dollar and 2) the undeniable rise in gold, we see our situation with almost eerie clarity: The more things change, the more they stay the same.
Just as Gresham and Thiers warned, central banks as well as informed investors have already begun to see the debasement of paper money.
They increasingly prefer real money – gold – over fiat toilet paper, even if that paper is the world’s reserve currency.
This explains the BRICS+ rise and open de-dollarization process away from the greenback and UST, which is no longer a slow-drip trend but a rapidly expanding direction.
This explains why central banks have been net stacking gold and net selling USTs since 2014.
This explains why 20% of global oil sales are now occurring outside the US petrodollar.
This explains the open panic and disintegration on the COMEX and London exchanges, who are seeing net outflows of physical gold to satisfy counterparty thirst for the metal.
This explains why even the BIS has made gold a Tier-1 asset.
This explains why the IMF sees pure gold as fundamental to its otherwise impure CBDC initiatives.
This explains the three consecutive years of central bank gold stacking at record levels of above 1000 tons per annum since the USA weaponized the USD in 2022.
This explains why central banks now hold more gold than USTs on their balance sheets for the first time since 1996.
This explains why even Morgan Stanley must now openly confess/recommend a 20% gold allocation.
But this, too, is nothing new for our clever thieves from above.
In 1933, FDR, by executive order, confiscated gold at $20/ounce and then, overnight, revalued it to $35/ounce, and in doing so, devalued the dollar by 69% in order to make its debt burden 69% less onerous.
In 1971, Nixon shamelessly welched on the USD and the world by removing its gold backing. Since then, the dollar has lost well over 90% of its purchasing power.
Honest vs. Dishonest Money
Such measures certainly made Uncle Sam’s appalling bar tabeasier to repay, but only by gut-punching those trusting citizens who measure their wealth, savings, portfolio returns and retirement in USDs.
And that, ladies and gentlemen, is how policymakers attempt to stay in power– by quietly robbing their citizens of paper wealth, which in the end, is slowly no wealth at all.
And that too, fully explains the record highs and headlines in the current gold price, for gold is not rising due to speculative mania, it’s merely and honestly reflecting its relatively superior value over dishonest paper money—something gold has done throughout history.
Following Trump’s new 100% extra tariffs on China, markets are expected to fall significantly this coming week. But precious metal paper markets are in crisis, driving prices higher.
In a metaphorical Up Yours!, China has doubled down on exports of rare earths, notably to the US which prompted Trump’s response. Crypto markets fell heavily, with bitcoin losing 10% between Friday morning and Saturday evening. Early indications in futures contracts point to 6%+ falls in Asian markets when they open late tonight UK-time.
It’s a wake-up call to the West, with China signalling that it is prepared to do without America’s trade. The consequences for supply bottlenecks for US industry and the impact on consumer prices should be obvious. As will be the impact on the high-flying tech stocks, which correlate with a collapsing bitcoin.
Whether this is the start of the credit bubble bursting, we shall see. But what likely concerns readers of this column are the consequences for precious metals, particularly silver, where lease rates in London reportedly soared to as much as 100% on Friday.
The silver problem is one of acute liquidity shortages, with maturing forward contracts finding it impossible to obtain the physical silver demanded for delivery. This alone should drive silver prices far higher. Market theory suggests that prices will have to rise to the point where sellers appear, but they seem unlikely to materialise. The shortage is driven by ETF demand mopping up liquidity, likely to accelerate on the rise and adding fuel to the fire.
Banks shorting SLV to access its physical metal are finding that there are no lenders of stock to facilitate the transaction. It has the makings of a disorderly market, characterised by delivery failures.
Normally, we would expect someone, likely a government with stockpiles, to come to the rescue. China is extremely unlikely to help, signalled by its rare earths policy. And the US is advised by its geological department to categorise silver as a critical mineral: that is, not for sale. Furthermore, there is always the possibility that a capricious Trump will impose tariffs on silver imports and/or restrict exports of vaulted silver.
This leaves us facing a paper market crisis beyond obvious resolution.
Similarly, gold has a liquidity shortage, but unlike silver, that is yet to drive lease rates much above normal levels. However, a spillover of the silver mess is set to drive gold higher on its own.
Buckle up for a bumpy ride!
3. CHRIS POWELL AND GATA GOLD DISPATCHES/OTHER GOLD RELATED TOPICS
Silver traders rush bars to London as historic squeeze rocks market
Submitted by admin on Sat, 2025-10-11 11:12 Section: Daily Dispatches
By Jack Farchy, Jack Ryan, Yihui Xie, and Veena Ali-Khan Bloomberg News via Yahoo News, Sunnyvale, California Saturday, October 11, 2025
The London silver market has been thrown into turmoil by a massive short squeeze, driving prices above $50 an ounce for only the second time in history and stirring memories of the billionaire Hunt brothers’ notorious attempt to corner the market in 1980.
Benchmark prices in London have soared to near-unprecedented levels over New York. Traders described a market where liquidity has almost entirely dried up, leaving anyone short spot silver struggling to source metal and forced to pay crippling borrowing costs to roll their positions to a later date.
And the squeeze has become so dramatic that some traders have rushed to book slots in the cargo holds of transatlantic flights for bulky silver bars — an expensive mode of transport typically reserved for more valuable gold — to profit off the massive premiums in London.
There’s no modern-day equivalent of the Hunt brothers trying to corner the market today, traders and analysts say, pointing instead to a combination of factors that have sent prices soaring. But the chaos of the past two days bears many similarities with the 1980 squeeze, and in some ways is even more extreme.
“I have seen nothing like it ever. What we are seeing in silver is entirely unprecedented,” said Anant Jatia, chief investment officer at Greenland Investment Management, a commodities hedge fund. “There is no liquidity available currently.” …
India’s Kotak Mahindra halts new investments in silver ETF amid shortage
Submitted by admin on Fri, 2025-10-10 10:21 Section: Daily Dispatches
By Anjana Anil and Rajendra Jadhav Reuters Thursday, October 9, 2025
Kotak Mahindra Asset Management Co. has temporarily suspended fresh lump-sum and switch-in investments into the Kotak Silver ETF Fund of Funds, effective October 10, 2025, the company said in a statement today.
This is primarily due to a shortage of physical silver in the domestic market that lifted premium sharply above benchmark prices, Kotak said.
The statement added that silver is trading at a premium relative to international prices. …
India’s hidden stash of gold hits record $3.8 trillion after 62% rally in 2025, Morgan Stanley says
Submitted by admin on Fri, 2025-10-10 09:31 Section: Daily Dispatches
By Nikhil Agarwal The Times of India, Mumbai via MSN News, Redmond, Washington Friday, October 10, 2025
India’s household gold wealth has exploded to an estimated $3.8 trillion, following a spectacular 62% rally in 2025 that has pushed the value of the country’s privately held gold to nearly 89% of its GDP, a staggering testament to the metal’s enduring grip on household balance sheets and its growing role as a store of wealth amid global uncertainty.
The surge has delivered a powerful wealth effect for families traditionally invested in physical assets, even as consumption volumes remain steady. With gold prices touching record highs above $4,000 per ounce globally this week and around ₹1.27 lakh per 10 gram domestically, Indian households are quietly sitting on one of the world’s largest private troves of the precious metal — worth more than three times their equity holdings.
Morgan Stanley estimates that Indian households collectively hold about 34,600 tonnes of gold as of June 2025, making the country the world’s second-largest consumer after China. Gold holdings among Indian households at current market value are about 3.1 times the current equity stock holding of $1,185 billion, according to the report.
While India’s annual gold consumption has been largely range bound between 750-840 tonnes since 2021, meaningfully lower than its peak of 1,145 tonnes in June 2011, the sharp acceleration in domestic gold prices has pushed consumption in value terms to a fresh all-time high. …
Stuart Englert: Don’t call those old silver coins ‘junk’
Submitted by admin on Thu, 2025-10-09 15:16 Section: Daily Dispatches
By Stuart Englert StuartEnglert.substack.com Thursday, October 9, 2025
Not all old, tarnished and worn silver coins are melt-worthy junk, even if they’re commonly called junk silver. Sometimes circulated legal tender coins are treasured keepsakes with memories that last a lifetime.
I own one of those coins.
The 1893 CC Morgan Silver Dollar I gifted to my mother in 1974 is a memento with far more than monetary or numismatic value. The 132-year-old coin evokes a cherished recollection of my coin-collecting mom. It also affirms my longtime reverence for American history and affinity for silver-based money.
i doubt that they would be successful. Government always fails
Provisional administration to restart mining at Barrick’s Mali gold mine, sources tell Reuters
Submitted by admin on Sat, 2025-10-11 11:02 Section: Daily Dispatches
By Divya Rajagopal and Portia Crowe Reuters Friday, October 10, 2025
Blasting is scheduled to begin at Barrick Mining’s Loulo underground gold mine in Mali on October 15, four months after a court-appointed provisional administration took control of the site, two sources told Reuters.
Under the provisional administration, operations at the Loulo-Gounkoto gold complex have so far been limited to transporting existing ore stocks to its plant and processing them there.
The provisional administrators had planned to resume active mining in September, one of the sources said, but pushed back the start date as they negotiated with subcontractors, some of whom had not been paid since Barrick suspended operations in January. …
Your daily hot cocoa might do more than warm you up – it could also prevent heart disease and the inflammation that drives it, according to a recent study.
As we get older, our bodies become more inflamed, increasing our risks of developing chronic disease and dying.
A large-scale study tracked people who took daily cocoa supplements for two years and found that body-wide inflammation stayed steady instead of rising – with the strongest effects in those who had higher inflammation at baseline.
In the COcoa Supplement and Multivitamin Outcomes Study (COSMOS) trial, daily cocoa extract supplements were linked to a 27 percent lower risk of death from cardiovascular disease.
Taking cocoa extract supplementation lowered C-reactive protein, a key marker of body-wide inflammation, by 70 percent after two years.
That drop corresponds to an estimated 7 percent to 23 percent lower risk of cardiovascular events, shifting participants from the “average-risk” range into the low-risk range for heart disease, while the placebo group remained in the average-risk category.
The Inflammation Connection
The study focused on C-reactive protein, or CRP, which typically rises about 5 percent annually with age and is widely used as a marker of body-wide inflammation. This process, dubbed “inflammaging” by researchers, fuels chronic diseases, frailty, disability, and premature death.
While the placebo group’s CRP levels rose by about 5 percent per year, the cocoa group’s dipped by about 3 percent—a change that wasn’t significant on its own. However, when the two groups were compared across two years, cocoa significantly prevented the usual age-related inflammaging, keeping inflammation steady. These results came from a standardized 500-milligram cocoa flavanol supplement (including 80 milligrams epicatechin).
The findings suggest that cocoa may help protect the heart by lowering inflammation, a key driver of cardiovascular disease, Howard Sesso, associate professor of medicine at Brigham and Women’s Hospital and lead author of the study, told The Epoch Times.
The cocoa group also showed a small but significant rise in IFN-γ. This messenger has potential antiviral effects, which may indicate protective effects, though its effect on health is still unclear and requires more study.
These results come from the COSMOS-Blood substudy, which followed nearly 600 generally healthy older adults (average age 70) with no history of cardiovascular disease or cancer through repeated blood tests over two years.
How Cocoa Fights Inflammation
Cocoa extract appears to blunt inflammaging by lowering CRP.
Cocoa is naturally rich in flavanols, which counter inflammation at the molecular level. They turn down a key switch that tells cells to make pro-inflammatory molecules like CRP. They also boost nitric oxide production, which relaxes blood vessels, lowers oxidative stress, and helps calm inflammation in the vessel walls.
In the heart, flavanols help lower blood pressure, keep blood flowing smoothly, and lower the risk of stroke and atherosclerosis by keeping blood vessels flexible and platelets less “sticky.”
A review of clinical trials found that cocoa or dark chocolate can boost nitric oxide levels and lower oxidative stress. The effects were strongest with higher flavanol doses, over 450 milligrams per day.
Make Cocoa Work for You
Not all cocoa products are created equal, Sesso said, noting that most cocoa products lose flavanols during processing and labels don’t list their content.
Melissa Mitri, a registered dietitian-nutritionist and owner of Melissa Mitri Nutrition, agreed, noting that the study used a specific, standardized dose of 500 milligrams of cocoa extract. “The amount of cocoa flavanols present in food forms, like dark chocolate, can vary significantly and may not always contain the amount shown to provide anti-inflammatory benefits in the research,” Mitri told The Epoch Times.
“Cocoa powder may be a better option,” Sesso added. “But this does not mean we should all turn to supplements. Instead, it is important to focus on flavanol-rich foods that include cocoa, berries, tea, grapes, and other plant-based foods.”
Experts say natural is better. “The real benefits come from cocoa, so the darker the chocolate, the better. Aim for 70 percent cocoa or higher,” Kara Siedman, a nutritionist and director of partnerships with resbiotic Nutrition, told The Epoch Times.
Siedman noted that chocolate is calorie-dense and easy to overdo. She recommended just a square or two after dinner, savored slowly, or using unsweetened cocoa powder in smoothies, oatmeal, or yogurt to get flavanols without added sugar and fat.
The most effective approach combines cocoa with other proven strategies like regular exercise and healthy eating patterns, such as the Mediterranean diet and omega-3s. “What matters most is consistency—the foods and habits you follow most of the time.”
Order by midnight PST:
END
SILVER/INDIA
India Funds Halt Silver ETF Investment Amid Unprecedented Global Shortage
Monday, Oct 13, 2025 – 09:25 AM
Amid the unprecedented shortage in the physical silver market (that we detailed here), a number of Indian asset managers have halted all new investments into Silver ETFs.
In India, the world’s biggest silver consumer, silver premium over official domestic prices jumped as much as 10% on Thursday because of strong investment demand ahead of a key festival and limited supplies, bullion dealers said.
Kotak Mutual Fund on Thursday temporarily halted new purchases in a plan linked to its Indian silver exchange-traded fund, citing a domestic shortage that has driven prices above global levels.
“Kotak Silver ETF is an open-ended Exchange Traded Fund replicating/tracking price of Silver, which reflects the domestic price of silver. Therefore, the premium in domestic silver prices directly impacts the valuation of the Scheme,” the company said.
Kotak Silver ETF Fund of Fund invests in units of Kotak Silver ETF, which tracks the local price of the precious metal. The fund had assets of 2.25 billion rupees ($25 million) in August, and has risen over 80% this year.
“Investors are requested to note that in recent weeks, silver has witnessed a sharp surge in demand, driven by global macroeconomic factors and increased investor interest in commodities.
However, the current limited availability of physical silver has constrained the creation of new units by ETFs at the indicative NAV (iNAV).”
Following Kotak’s decision, EconomicTimes.com reports that UTI Mutual Fund and SBI Mutual Fund have also now suspended fresh subscriptions to their Silver ETF Fund of Funds, effective immediately.
Since silver-linked funds must purchase the physical metal to back up new investments, the asset managers chose to pause fresh inflows until supply conditions stabilize.
“Whenever the spot premium aligns with the import parity price, the fund-of-fund will open for subscription,” Chief Executive Nilesh Shah said in a post on X.
Redemptions will continue as before, he said.
Bloomberg reports that Nippon India Silver ETF has surged 86% this year, pushing its historical premium to net asset value to a two-year high, data compiled by Bloomberg show. The fund has 152 billion rupees in assets.
“This is a global phenomenon, not limited to India, and festive and seasonal demand has provided an additional boost,” said Vikram Dhawan, fund manager and head of commodities at Nippon India.
As we previously detailed, Goldman believes this squeeze will be temporary expecting that within 1-2 weeks we’ll see significant physical inflows from China and the US into LBMA and the curve ultimately eases, but the path will be bumpy, euphemistically speaking.
A quick glimpse at the annualized 1 month silver lease rate…
…tells you the unwind of the physical shortage is far from over.
END
ASIAN MARKETS THIS MONDAY MORNING:
SHANGHAI CLOSED DOWN 7.53 POINTS OR 0.19%
//Hang Seng CLOSED CLOSED DOWN 400.84 PTS OR 1.52%
// Nikkei CLOSED : HOLIDAY //Australia’s all ordinaries CLOSED DOWN 0.78%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.1239// OFFSHORE CLOSED DOWN AT 7.1321/ Oil UP TO 59.93 dollars per barrel for WTI and BRENT UP TO 63.71 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING DOWN TO 7.1321 // OFFSHORE YUAN TRADING DOWN TO 7.1397 :/ONSHORE YUAN TRADING ABOVE OFF SHORE / AND THUS WEAKER/OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS WEAKER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS MONDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 7.1321
OFFSHORE YUAN: DOWN TO 7.1397
HANG SENG CLOSED DOWN 400.84 PTS OR 1.52%
2. Nikkei closed HOLIDAY
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 98.91 EURO FALLS TO 1.1552 DOWN 26 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +1.690//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 152.04…… 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: 3.1920 UP 1 BASIS PTS.
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR DOWN this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.6258// Italian 10 Yr bond yield DOWN to 3.469 SPAIN 10 YR BOND YIELD DOWN TO 3.182
3i Greek 10 year bond yield DOWN TO 3.350
3j Gold at $4075.90 Silver at: 51.50 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 1 AND 9 /100 roubles/dollar; ROUBLE AT 80.55
3m oil (WTI) into the 59 dollar handle for WTI and 63 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 152.04/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.690% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING.//JAPAN 30 YR: 3.192 UP 1 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.8035 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9361 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: 4.064 DOWN 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.634 DOWN 10 BASIS PTS/
USA 2 YR BOND YIELD: 3.522 DOWN 8 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 41.81 UP 1 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.6510 DOWN 3 PTS BUT STILL ESCALATING RAPIDLY
30 YR UK BOND YIELD: 5.4510 DOWN 2 BASIS PTS
10 YR CANADA BOND YIELD: 3.169 DOWN 4 BASIS PTS
5 YR CANADA BOND YIELD: 2.737 DOWN 2 BASIS PTS.
2a New York OPENING REPORT
Futures Jump After Trump Softens China Rhetoric; Gold, Silver Soar
Monday, Oct 13, 2025 – 08:41 AM
US markets closed last week with the largest one-day loss in six months, with Asian overnight futures pointed to a sharp downdraft on Monday. HSCEI and Hang Seng futures closed down 5% (limit down) on Friday night. However, on Sunday Trump walked back some of his Friday comments, stating that “November 1 is an eternity” and expressing optimism that “they will be fine with China.” As a result, amid some fringe expectations of a “Black Monday” futures are solidly in the green as Trump strikes a reconciliatory tone in social media posts yesterday with futures pointing to a 50% retracement of Friday’s losses with Tech leading an ‘Everything Rally’ as the bond market is closed for the Columbus Day holiday and there are no expected data releases. As of 8:00am ET. S&P futures are 1.2% higher while Nasdaq futures gain 1.7% with Mag7 and Semis among the largest gainers pre-market. Cyclicals are seeing material outperformance to Defensives with rare earth plays seeing double-digit gains. In commodities, all 3 complexes are recovering with crude and precious metals the standouts as gold hits a new record high around $4080 and silver trades above $51.50 its highest level in decades amid a historic short squeeze in London. Cryptocurrencies bounced following the weekend’s selloff. French bonds held steady as President Emmanuel Macron unveiled a new cabinet to contain a growing political crisis. The dollar steadied and oil rose for the first time in three days.
In premarket trading, Mag 7 names are all green after Friday’s rout (Nvidia +2.7%, Apple +1.4%, Microsoft +1.1%, Meta +1.4%, Tesla +1.7%, Amazon +1.3%, Alphabet +1.2%).
US-listed rare earth and critical mineral stocks rise following strong gains among Asian peers, as fresh tensions between Beijing and Washington over China’s exports of the critical minerals fueled bets on alternative suppliers
Blackstone Inc. (BX) rises 2% after agreeing to sell a portfolio of UK warehouses valued at $1.3 billion to Tritax Big Box REIT Plc in a deal that will hand the alternative asset manager a stake in the landlord.
Estee Lauder (EL) climbs 4.8% after Goldman Sachs upgraded the beauty company to buy from neutral.
Fastenal (FAST) falls 4% after the maker of sheet metal screws posted 3Q profit that slightly missed estimates.
StubHub (STUB) gains 4% after the company received several bullish initiations following its initial public offering, with analysts expecting the company to further leverage its dominant position as it enters the lucrative primary ticketing market.
Warner Bros Discovery (WBD) rises 4% as the media company rejected Paramount Skydance Corp.’s initial takeover approach for being too low, according to reports that cited people familiar with the matter.
In corporate news, Morgan Stanley’s asset-management business is said to have asked to redeem some money it invested in a Jefferies fund with large exposure to the trade debt of First Brands. State Street and Marex Group are expanding their outsourced trading businesses.
Stock futures are bouncing back from Friday’s dramatic selloff after Trump signaled openness to a deal with China. Treasury futures slipped, with cash trading in US bonds suspended for Columbus Day. The dash for gold persisted as the metal neared $4,080 an ounce. In Europe, French bonds held steady as President Emmanuel Macron unveiled a new cabinet to contain a growing political crisis. Silver surged to its highest level in decades amid a historic short squeeze in London. Cryptocurrencies bounced following the weekend’s selloff. The dollar steadied and oil rose for the first time in three days.
“There is a belief emerging that this is mostly negotiating tactics on both sides,” wrote Jim Reid, global head of macro research and thematic strategy at Deutsche Bank AG. “The market will begin to price in a reasonable probability of a deal once the initial shock fades.”
Still, there’s plenty to keep traders tense, with Morgan Stanley’s Mike Wilson said that a bear-case scenario could see the S&P 500 sink as much as 11% if trade tensions between the US and China aren’t resolved before a November deadline. Deutsche Bank strategists said overall equity positioning is moderately overweight but not stretched, and markets could follow a scenario from 2021 when stocks suffered a modest pull back before resuming a strong, steady rally.
With the VIX remaining above the key 20 level, the next few days will be a test of whether investors continue the systematic dip buying seen in recent months. The current three-year bull market has seen the S&P 500 add about $28 trillion in market value, but history suggests gains need to broaden out to be maintained.
As well as US-China developments, investors will focus on earnings season this week which kicks off with the banks tomorrow. US financials kick things off tomorrow, while AI-related updates including TSMC and Samsung in Asia and ASML in Europe will be closely watched. Analysts tracked by Bloomberg Intelligence expect profit growth of 7.4% for US stocks in the third quarter.
A Citigroup index tracking US earnings revisions – the number of analysts upgrading versus downgrading estimates – turned flat for the first time since August, while RBC strategist Lori Calvasina said the rate of upward EPS estimate revisions has been fading. If last season’s strong sentiment around earnings can’t be maintained, stocks may face “a period of digestion,” Calvasina said. High valuations also leave little patience for companies that don’t meet the bar. The S&P 500 trades at 22 times P/E, a big premium to the rest of the world.
As JPMorgan, Goldman and Citigroup prepare to report third-quarter earnings on Tuesday, options on S&P 500 members imply an average 4.7% swing after results, data compiled by Bloomberg show. That’s near July’s level, when the expected move was the largest for an earnings-season kickoff since 2022, using JPMorgan’s release as the starting point.
“For earnings, the focus will remain on the richly-valued areas of the market,” said Geoff Yu, senior macro strategist at BNY. “We’ve seen a more defensive posture take hold and it’s a time for validation and confirmation.”
Outside of earnings, global policymakers and finance ministers gather this week in Washington for the IMF/World Bank fall meetings after a chorus of warnings that a stock bubble focused on AI might burst before long.
In Europe, the Stoxx 600 is up 0.4%, trimming part of Friday’s steep decline after President Donald Trump backpedaled on his tariff threats against China, signaling a willingness to negotiate. Mining, real estate and technology shares lead gains.
In FX, the Japanese yen is the weakest of the G-10 currencies, falling 0.6% against the greenback while the Swiss franc is not far behind. The Aussie dollar outperforms, rising 0.8%.
In rates, treasury futures came under early pressure from the reopen, partially unwinding a late bid seen in Friday’s session, after President Donald Trump’s administration signaled openness to a deal with China to quell the fresh trade tensions. Cash trading in Treasuries is closed for Columbus Day. In Europe, gilts lead a modest advance in European government bonds. French bonds held steady as President Emmanuel Macron unveiled a new cabinet to contain a growing political crisis
In commodities, spot gold rises over $50 to another record. WTI crude futures gain 2% to $60 a barrel.
There is nothing on the calendar due to the Columbus Day holiday.
Market Snapshot
S&P 500 mini +1.1%
Nasdaq 100 mini +1.6%
Russell 2000 mini +1.7%
Stoxx Europe 600 +0.4%
DAX +0.5%
CAC 40 +0.5%
10-year Treasury yield unchanged at 4.03%
VIX -2.2 points at 19.48
Bloomberg Dollar Index little changed at 1214.31
euro -0.2% at $1.1593
WTI crude +1.9% at $60/barrel
Top Overnight News
All remaining Israeli hostages were released by Hamas. Israel is in the process of releasing almost 2,000 Palestinian prisoners. Donald Trump arrived in Israel and is to address the Knesset before traveling to Egypt for a deal-signing ceremony. The Israeli PM’s office said Benjamin Netanyahu won’t go to the Egypt summit. BBG
The Trump administration signaled openness to a deal with China while also warning that recent export controls announced by Beijing were a major barrier to talks. BBG
Trump said on Friday that layoffs will be Democrat-oriented and it will be a lot of people. Trump separately commented that he is using his authority to direct the defence secretary to use all available funds to get troops paid on October 15th, while he added they identified funds to do this and Secretary Hegseth will use them to pay troops.
JD Vance told Fox News that the longer the shutdown goes on, the more significant permanent layoffs will be. Trump said he’s directing the Defense Department to use funds the administration has identified to deliver paychecks to US troops on Oct. 15. Vance responded that the ‘President is looking at all his options’ when asked if Trump is considering invoking the Insurrection Act. Furthermore, he said that the Justice Department is not acting on orders by President Trump to prosecute his political opponents. BBG
The Pentagon is looking to buy as much as $1 billion of critical minerals to stockpile, the FT reported. China’s latest curbs on the export of batteries may have major impact on US companies, analysts say. BBG
China’s exports rose at the fastest pace in six months in September, beating market expectations and underscoring the sector’s continued role as a key growth driver for the world’s second-largest economy. China exports +8.3% (vs. the Street +6.6%) and imports +7.4% (vs. the Street +1.8%). WSJ
China’s auto sales growth accelerated in Sept vs. Aug (+6.6% Y/Y vs. +4.9% in Aug). RTRS
Trump said he’d consider arming Ukraine with long-range Tomahawk missiles, but may first talk to Vladimir Putin in a bid to end the war. BBG
Canada believes it is closing in on sectoral trade deals with the US, counting on Trump’s need for wins ahead of next year’s midterm elections. Melanie Joly, Canada’s minister of industry, said there was progress on landing trade deals, in particular for steel, which has been significantly hit by US tariffs. FT
JPMorgan vowed to funnel $1.5 trillion into industries that bolster US economic security and resiliency over the next 10 years — an initiative that will invest billions of dollars in companies and hire bankers and other professionals. BBG
Friday’s trade and tariff headlines fueled worries around a replay of April. The moves triggered heavy index-level hedging and record option volumes, even as cash equity trading remained relatively muted. S&P share volumes were only up +9% versus the 20-day moving average, while total U.S. options volume hit a new all-time high, eclipsing 100mm contracts for just the second time (April 4th was the other — when the market fell -5.97%). Friday’s felt more like a rush to protect than a rush to exit positions per Goldman
New research suggested that the upcoming easing of capital rules could unlock USD 2.6tln in lending capacity for US banks and increase pressure on regulators elsewhere to follow suit, according to FT.
Trade/Tariffs
US President Trump posted on Sunday “Don’t worry about China, it will all be fine! Highly respected President Xi just had a bad moment. He doesn’t want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!”
US VP Vance called on Beijing to “choose the path of reason” amid escalating trade tensions with China and said President Trump has “far more cards” if an aggressive response is required.
China’s Commerce Ministry said the October 9th rare earth export control measures are legitimate and designed to better safeguard world peace and regional stability, while it added that rare earth export control measures do not constitute a ban on exports, and applications that meet the requirements will be granted licences. MOFCOM said the US announcement of 100% tariffs on China represents a classic case of double standards, and since the US-China talks in Madrid, the US has continuously introduced a series of new restrictions against China. It also stated that China’s position on tariff wars has been consistent, whereby they do not want to fight but are not afraid to fight. Furthermore, China urged the US to promptly correct its erroneous practices and warned that should the US persist in its course, China will resolutely take corresponding measures to safeguard its legitimate rights and interests, as well as noted that the US decision to impose port fees on relevant Chinese vessels meant China “had no choice but to take countermeasures”, and that China’s decision to impose a special port fee on US-related vessels are necessary defensive actions.
China’s Foreign Ministry urges US to promptly correct its “wrong practices” in regards to the new US tariffs.
China Customs spokesperson said US measures on shipping fees are a typical show of unilateralism and protectionism, while the spokesperson added that China’s countermeasures are necessary and are defensive actions. Furthermore, it was stated that China’s measures aim to safeguard the legitimate rights of Chinese industries and firms, while they hope the US can face up to its own ‘mistakes’ and that the US gets back to the correct track of communication and negotiations.
USTR Greer said the US reached out for a call with China after the export controls announcement, but Beijing deferred. It was also reported that Greer said significant progress was made in trade talks with Cambodia that will allow more export opportunities for US farmers.
US said it is taking action to defend America from the UN’s first global carbon tax and that the administration unequivocally rejects this proposal, while the US is considering actions against nations that support this global carbon tax on American consumers. Furthermore, the US said possible actions include probes, visa restrictions, commercial penalties, additional port fees and sanctions on officials.
Canadian Industry Minister Joly said the government is working on a new industrial strategy that seeks to open new markets for exporters and prioritise domestic procurement in the face of US tariffs, which have hurt steel, aluminium, forestry and automotive companies. It was also reported that Canadian Trade Minister Sidhu spoke with India’s Commerce Minister Goyal.
Switzerland and China will accelerate trade discussions on upgrading their free-trade agreement, following a meeting between Swiss Foreign Minister Cassis and Chinese counterpart Wang on Friday.
Indian Trade Delegation is to visit to US this week, via Reuters citing sources; good progress has reportedly been made. India and US are sticking to a fall deadline for an early part of the deal. India looking to buy more energy and gas from the US.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks began the week in the red as the region reacted to last Friday’s Trump tariff threats and the subsequent Wall St sell-off, although US equity futures rebounded due to the softer tone from Trump over the weekend, while Japanese markets were shut for a holiday. ASX 200 was dragged lower by underperformance in tech, energy, telecoms and defensives, while gold miners are at the other end of the spectrum after prices rebounded back above the USD 4,000/oz level to touch fresh record highs. KOSPI retreated amid tech weakness, and with index heavyweight Samsung Electronics pressured after it was hit by a USD 445.5mln jury verdict for infringing wireless communication patents. Hang Seng and Shanghai Comp were pressured following the flare-up of US-China trade frictions on Friday after US President Trump threatened massive tariffs on China and announced to impose a 100% additional tariff on China from November 1st, before softening his tone over the weekend, while participants digested the latest Chinese trade data, which showed both exports and imports topped forecasts.
Top Asian News
China Customs Vice Minister said great efforts are needed to stabilise foreign trade in Q4 and that China’s foreign trade showed resilience with improving structure in Q1-Q3, but the current external environment is still complex and grim with rising uncertainties.
US FCC chair said on Friday that US ecommerce websites were removing millions of prohibited Chinese electronic items from companies like Huawei.
Dutch government said it is intervening in Dutch chipmaker Nexperia and stated that there are serious administrative shortcomings at Nexperia, while it added that intervention means it may block or reverse company decisions and that the Co. is a subsidiary of Chinese electronics manufacturer Wingtech (600745 CH).
European bourses (STOXX 600 +0.4%) opened firmer across the board to varying degrees and have traded sideways throughout the morning. Markets are currently cheering US President Trump’s softer tone on China, after Friday’s threat of 100% tariffs on the region. European sectors hold a strong positive bias. The cyclical sectors are all towards the top of the pile, with Tech and Consumer Products leading whilst Telecoms lag a touch.
Top European News
UK Chancellor Reeves is bumping up her plans for tax increases and spending cuts in the November Budget in order to create billions of pounds of additional fiscal “headroom” for the Treasury against future economic shocks, according to FT. It was separately reported that UK Chancellor Reeves is reportedly eyeing up a GBP 7bln tax raid on pensions in a desperate bid to plug a black hole in the Budget, with experts warning that Reeves could push up taxes both on pension contributions paid by working people, and on withdrawals by retirees, according to the Express. Meanwhile, The Telegraph reported that Chancellor Reeves has signalled that wealthier households will be asked to “contribute more” in her Budget next month.
ECB’s Vujcic suggested he’s comfortable with the current policy settings as he noted that “Markets predict that interest rates will stay where they are,” and stated that “We are at a good place.”
French Presidency announced a new government on Sunday with Laurent Nunez named as Interior Minister, Roland Lescure renamed as Finance Minister and Jean-Noel Barrot renamed as Foreign Minister.
Several people were injured in the German town of Giessen after someone fired shots in a marketplace, according to DPA citing a police spokesperson.
FX
Overall, a firmer day for the Dollar following Friday’s hefty fall from grace after US President Trump said there is no reason to meet Chinese President Xi, and threatened China with 100% tariffs. Over the weekend, US President Trump softened his tone and suggested the Xi meeting is not cancelled and “might” still happen, and added the US wants to help, not hurt China, although Trump did not withdraw his tariff threat. The Columbus Day holiday in the US means that cash bond markets are closed, although equity markets are open today. DXY resides in a current 98.83-99.21 band, and within Friday’s 98.81-99.43 range.
EUR is subdued but within relatively tight parameters with ECB’s Vujcic suggesting he’s comfortable with current policy settings as he noted that “markets predict that interest rates will stay where they are” and stated, “they are at a good place”. Attention also remained on the political situation in France, where Lecornu returned as French PM and a new government was unveiled ahead of the budget deadline, with Lecornu asked to present a revised budget to parliament. ING suggests “That seems likely to fail and result in a no-confidence vote later this week, which will leave France without a government. A rise in German WPI this morning did little to move the charts.
JPY stands as the clear laggard, closely followed by the CHF, as the haven FX unwind some of the recent haven flows from Friday and amid the Japanese holiday closure overnight. USD/JPY gapped higher overnight after ending Friday’s session towards the bottom of a 151.10-153.27 range, with today between 151.72-152.37 parameters.
Cable sees mild losses despite a lack of pertinent catalysts this morning, but as the DXY clambers off worst levels, while press reports over the weekend noted that UK Chancellor Reeves is eyeing up a GBP 7bln tax raid on pensions to plug a black hole in the Budget. The pair trades in a 1.3329-1.3366 range at the time of writing.
Antipodeans are the clear outperformers this morning amid the partial unwind of Friday’s fall, with the AUD surpassing peers and being aided by a boost in base metals and gold also holding firm despite a recovery in the dollar and in spite of the unwind of risk premium across other havens, albeit amid the ongoing US government shutdown.
Fixed Income
A softer start to the week for USTs after the Trump-induced jump on Friday. To recap, USTs got to a 113-09 peak on Friday after escalating trade tensions between the US and China. Since, the US President has been a little softer in his language over the weekend and while China has commented, it has not announced a tit-for-tat or escalatory response just yet. Points that have taken some of the tension out of the situation allowing the risk tone to recover to a degree. As such, USTs are down to a 112-30 trough with losses of 6+ ticks at most, though markedly clear of the 112-16+ base from Friday. For the US today is a quieter than usual day owing to Columbus Day, while it is not a formal market holiday cash trade remains closed and was also shut overnight due to the absence of Japan. Nonetheless, Fed’s Paulson (2026) is scheduled and expected to provide a text and partake in a Q&A; we haven’t really heard from Paulson since she replaced Harker at the Philadelphia Fed at end-June.
OATs underperform vs peers. In focus as re-appointed PM Lecornu addresses his newly formed cabinet before speaking to parliament at some point today. As a reminder, the current schedule means that a draft 2026 budget of some form needs to be presented today in order to allow discussion/negotiation and passage before year end.
Bunds were initially lower, tracking USTs, but are now a touch firmer. Specifics for Germany are primarily on the fiscal front. Handelsblatt reports that the Finance Ministry is considering exempting from the debt brake the interest payments on loans for defence spending. An exemption that would provide a “double-digit billion amount” of leeway in the coming years. No discernible move in Bunds to the release. Bunds in a 129.13 to 129.34 band which is entirely within Friday’s 128.70 to 129.41 parameter.
Gilts opened lower by a handful of ticks, directionally in-fitting with peers but with magnitudes a little more contained. Since, the benchmark has been as low as 91.01, posting losses of 15 ticks at most. However, Gilts have reverted back towards opening levels of 91.12 in a 91.01-26 band. Multiple outlets report that the Chancellor is looking at giving herself more than the GBP 9.9bln of headroom she had from her first budget. To do this, she is said to be considering a pension raid, among other measures to target wealthier households, according to the Express/Telegraph.
Commodities
Crude benchmarks climb as markets digest the softening tone from US President Trump following increased trade tensions between China and US, where Trump threatened to impose an additional 100% tariff on China. After the largest selloff on Friday since late June, WTI and Brent have bounced and peaked shy of USD 60/bbl and USD 64/bbl respectively. Benchmarks currently oscillating in a tight c. USD 0.40/bbl range.
Precious metals continue to break ATHs, with spot XAU peaking at USD 4078/oz during the APAC session and currently trading near its peak. Shrinking stockpiles of silver in London, in addition to the rising debt concerns and debasement from the dollar, have helped reinforce the rally in XAG. It has been calculated that “free float” silver has dropped to just 200mln ounces, down 75% from a high of over 850mln ounces in mid-2019. Further upside is still the theme in precious metals, with BofA lifting XAU and XAG forecasts to USD 5k/oz and USD 65/oz respectively.
Base metals rebound as US President Trump plays down tariff scare. 3M LME Copper gapped higher and peaked at USD 10.67k/t, before finding support at USD 10.5k/t and currently oscillating between parameters formed early this session.
Iraq set November Basrah medium crude Official Selling Price to Asia at plus USD 0.85/bbl vs Oman/Dubai and set the OSP to Europe at minus USD 2.80/bbl vs Dated Brent, while it set the OSP to North and South America at minus USD 1.40/bbl vs ASCI, according to SOMO.
Ahead of LME Week (Oct 13th), Goldman Sachs expects copper prices to remain in a USD 10,000-11,000/t price range in 2026/2027, but sees downside to aluminium prices, while nickel is likely to remain in oversupply. Elsewhere, the desk sees the most likely medium-term path for silver prices as one of further gains, as Fed cuts attract inflows.
BofA lifts gold price forecasts after spot gold hit their USD 4,000/oz forecast; says a 14% increase of investment demand – similar to what was seen this year – could lift gold to USD 5,000/oz, a 28% demand increase could see a rally to USD 6,000/oz. Still expect further upside in 2026: Gold potentially rising to USD 5,000/oz (USD 4,400 average). Silver potentially rising to USD 65/oz (USD 56.25/oz average). Downside risks to watch: US mid-term election outcomes impacting policy implementation. Possible Fed hawkish pivot if data improves. Supreme Court ruling on Trump’s tariffs.
Saudi Aramco CEO says oil demand is resilient and there is large growth potential. Maximum sustained production capacity is 12mln BPD, can be done at no additional cost for one year Sees oil demand growing by 1.1-1.3mln BPD in 2025, and then 1.2-1.4mln BPD in 2026.
Geopolitics: Middle East
Egypt will host an international summit on Monday regarding the agreement to end the war in Gaza which will be attended by more than 20 leaders, including US President Trump. It was also reported that UK PM Starmer will travel to Egypt to attend the signing ceremony of the Gaza peace plan, while French President Macron and European Council President Costa will also attend the peace summit in Egypt on Monday.
Israeli government spokesperson said the release of hostages will begin early Monday morning and it expects all 20 living hostages to be released together at one time, while Palestinian prisoners will be released once all hostages set to be released on Monday are received.
Israeli army radio announced that the first 6 hostages are to be released in Gaza City, while it was reported that Hamas published the names of the 20 hostages to be released.
Iran’s Foreign Minister Araqchi said the possibility of Iran joining the Abraham Accords is US President Trump’s wishful thinking and Iran will never recognise an ‘occupier regime, which has committed genocide and killed children’, while he added that Tehran sees no reason for nuclear talks with European powers. Furthermore, he noted that Tehran and Washington are exchanging messages through mediators and that Tehran welcomes a potential ‘fair and balanced’ US nuclear proposal, but stated they have not received any request for nuclear negotiations from any country so far.
All living hostages have now been released by Hamas, according to reports citing Kann News.
US President Trump says Hamas will comply with plans to disarm; the war is over.
Geopoltics: Ukraine
US President Trump said he may tell Russian President Putin that he may send Tomahawk missiles to Ukraine if the war is not settled.
Ukrainian President Zelensky said he had a good, productive conversation with US President Trump and discussed strengthening air defence, while he is grateful for US readiness to support. Zelensky separately commented that they would only use Tomahawk missiles to pursue military goals, not to attack civilians in Russia, although he also noted that Trump has not yet made a decision on supplying Tomahawks to Ukraine and that he is waiting for Trump’s decision.
Ukrainian drone struck Russia’s Bashneft oil refinery in Ufa.
Russian Defence Ministry said Russian troops hit fuel and energy infrastructure facilities of Ukraine’s military-industrial complex, while it reported on Sunday morning that Russia shot down 72 Ukrainian drones over the previous day.
UK Ministry of Defence said two Royal Air Force aircraft flew a 12-hour mission on Thursday with the US and NATO as they patrolled the border of Russia.
Geopoltics: Other
Pakistan’s military said 22 Pakistani soldiers were killed and more than 200 died on the Afghan side in border clashes. Furthermore, Pakistan Foreign Minister said they expect the Taliban government to take concrete measures against terrorist elements and perpetrators that wish to derail Pakistan-Afghanistan relations, while Pakistan will take all possible measures to defend its own territory, sovereignty and people.
Afghan Taliban Foreign Minister said Qatar and Saudi Arabia intervened for mediation after Saturday night firing between Afghanistan and Pakistan, while the official added that they have other ways to handle the situation if Pakistan does not want to engage in dialogue.
Philippines said a government vessel was rammed by a Chinese ship at sea, while China’s Coast Guard said two Philippine government vessels ‘illegally entered’ waters near Sandy Cay without authorisation, which resulted in a collision, for which the Philippine side bears full responsibility. Furthermore, the Chinese Coast Guard stated that it lawfully took control measures against Philippine vessels and resolutely expelled them.
North Korean Leader Kim held talks with Russia’s Medvedev and said the military must evolve to destroy all threats, while Kim said the nation’s military heroism will not only be seen in the defence of North Korea but also in outposts of socialist construction. Furthermore, Kim told Medvedev that he hopes to continue to strengthen cooperation between the two countries and closely engage in diverse exchanges and contacts to achieve common goals, according to KCNA.
China and North Korea pledged to develop strategic communication and will strengthen strategic cooperation.
US Event Calendar
12:55 pm: Fed’s Paulson Speaks at NABE
DB’s Jim Reid concludes the overnight wrap
It’s hard to know where to start this morning with a continued US shutdown seemingly the least of our concerns these days. The plates currently spinning in markets are 1) the sudden resumption of trade hostilities between the US and China on Friday; 2) the reappointment of Lecornu as French Prime Minister late on Friday but with no obvious signs that he’ll find life any easier than what promoted him to resign a week before; 3) the collapse of the governing coalition in Japan on Friday just a week after Takaichi was elected as LDP leader which will make radical policymaking more challenging and even threaten her nomination as PM; 4) The US intervening to prop up the Argentinian Peso ahead of domestic mid-term elections (President Milei is an ally of Trump) in less than 2 weeks; 5) the London Silver market seeing one of the biggest short squeezes in history; 6) a peace deal with Hamas and Israel which should see the remaining hostages released today after two years of captivity; 7) signs of weakness in US credit, after the First Brands collapse a couple of weeks back, and bubbling private credit fears, post a long period of being bullet proof; and 8) a large fall in Crypto late on Friday, including a $10,000 fall in bitcoin in just a few hours. There’s probably more but these are the main themes in global markets.
After Friday’s sell-off where the S&P 500 (-2.71%) fell the most since April 10th, just as US Treasuries were under their peak post Liberation Day stress, Asian markets are also seeing a weak session this morning. US futures are bouncing though on hopes that US and China can negotiate through their disagreements. Throughout the region, the Hang Seng Tech index (-4.54%) is at the forefront of losses, while the Hang Seng index is also sinking (-3.49%), primarily influenced by substantial declines in major Chinese internet and technology companies. In addition, the CSI (-1.76%) and the Shanghai Composite (-1.30%) are also lower. Elsewhere Japan is shut for a public holiday, while the KOSPI (-1.62%) and the S&P/ASX 200 (-0.99%) are also weak. S&P 500 (+1.22%) and NASDAQ (+1.65%) futures are rebounding strongly as the US leadership rhetoric over the weekend showed willingness to negotiate.
When Trump returned to power, I was convinced it would mark the beginning of a much weaker US-China relationship, with a real risk of significant decoupling. Yet, over the past few months, US trade tensions have often seemed more focused on traditional allies, while the relationship with China appeared to be improving, albeit after some aggressive tariff threats. But Friday’s developments were a reminder of the underlying tension that still exists.
I suspect the recent improvement was driven more by US fears of empty shelves if the punitive tariffs threatened post-Liberation Day were actually implemented. Perhaps the US needed time to adjust. Since then, the mood music has been notably more positive, and it’s still very possible, maybe even likely, that both sides are simply trying to strengthen their near-term negotiating positions. However, these tensions will probably be a recurring theme in the years ahead as both sides compete on the global stage for dominance.
China currently holds considerable leverage in the rare earths market and seems keen to use it to secure a better deal—particularly in the chip sector, where the US has imposed export controls. So, this battle is shaping up as rare earths versus AI chips.
Interestingly this morning’s data show that China is diversifying their exports. While exports to the US decreased by -27.0% year-on-year in September, marking the sixth consecutive month of double-digit declines, growth in its global exports reached a six-month high of +8.3% (compared to +6.6% expected), significantly surpassing the +4.4% year-on-year increase recorded in August. Imports rose by +7.4% in September, exceeding the forecast of +1.8%, resulting in a surplus of $90.5 billion.
It’s worth remembering that Trump and Xi were expected to meet on the sidelines of the APEC 2025 summit in South Korea on October 31st–November 1st. Also note that the suspension of higher US tariffs on Chinese goods expires on November 10th. There’s still plenty of time for negotiations, and I suspect the market will begin to price in a reasonable probability of a deal once the initial shock fades. For what its worth, Polymarket has the probabilities of the two Presidents meeting by October 31st at 62% this morning, down from a peak of 88% last week but up from around 35% at the lows on Friday night. So there is a belief emerging that this is mostly negotiating tactics on both sides. Trump posted on social media yesterday “Don’t worry about China, it will all be fine! Highly respected President Xi just had a bad moment. He doesn’t want Depression for his country, and neither do I. The U.S.A wants to help China, not hurt it!!!”. Meanwhile JD Vance also opened the door to negotiations yesterday. We will see.
Onto France, where the motto seems to be “if at first you don’t succeed, try, try again.” Whether this time will be any different is a moot point, but with Lecornu reappointed as PM late last week, they will be having another go at passing a budget and forming a government early this week. Polymarket currently shows a 30% probability that fresh elections will be called before the end of October, and a 63% chance by year-end. There’s also a 20% chance of elections being announced by this Friday.
In terms of key events this week, the US CPI won’t happen as expected on Wednesday, but we now know it will be released on the 24th October. The special treatment during a shutdown is due to the fact that September’s CPI is a crucial input into the government’s calculation of the “cost of living adjustment” (COLA) that is applied each year to several categories of federal outlays. So it’s likely that this is a one-off data wise. The main highlights elsewhere start today with Columbus Day in the US, with bond markets closed but equity markets open. The Annual World Bank and IMF meetings also start today and run through into Saturday. They’ll be plenty to discuss. Tomorrow sees UK employment numbers, the German ZEW, Fed Chair Powell speaking, and the start of US earnings season (more below). Wednesday sees Chinese inflation, Eurozone Industrial Production, and the Fed Beige book and Thursday sees the US NAHB index. There are lots of Central Bankers speakers which you can see in the day-by-day calendar at the end as usual.
As briefly touched upon above, US banks will kick off the Q3 earnings season tomorrow with notable companies reporting including JPMorgan Chase, Goldman Sachs and Citigroup. Morgan Stanley and Bank of America will follow on Wednesday. In tech, the spotlight will be on semiconductor firms ASML (Wednesday) and TSMC (Thursday). Other earnings highlights this week include Samsung, Johnson & Johnson and Blackrock.
Recapping last week now and all was relatively quiet until the US/China trade tensions flared up late on Friday. The S&P 500 ended the week down -2.43% (-2.71% Friday) with Tech stocks underperforming significantly on Friday, as the NASDAQ was down -3.56% (-2.53% on the week), and the Magnificent 7 down -3.68% (-2.69% on the week). This was despite news that OpenAI had agreed to purchase tens of billions of dollars of chips from AMD, which sent its shares up +30.5% last week (-7.7% Friday). It was the worst week for the NASDAQ since mid-April, and the worst since mid-May for the S&P 500. The VIX index of volatility rose to 21.7pts (+5.2pts Friday, +5.0pts on the week), which was the highest level since late-June.
European indices were closed before the final leg of Friday’s sell-off, so they did out-perform. France led losses though with a weekly decline of -2.05% (-1.54% Friday). Franco-German 10-year spreads closed the week +2.4bp wider (+1.3bps Friday) at 83.4bps. The Stoxx 600 was down -1.10% (-1.25% Friday), the FTSE 100 -0.67% (-0.86% Friday), and the DAX -0.56% (-1.50% Friday).
In fixed income, US treasury yields saw a significant rally on Friday with 2yr yields ending the week -7.4bps lower (-9.1bps Friday) at 3.50%, 10yr yields were down -8.7bps ( -10.6bps Friday) to 4.03%, and 30yr Treasuries were down -9.3bps (-10.3bps Friday) to 4.62%. 10yr bund yields rallied -5.4bps (-5.9bps Friday) on the week and BTPs were down -5.0bps (-4.7bps Friday).
Credit markets also saw their biggest wobble since Liberation Day. USD IG spreads were 6bps wider on the week (+4bps Friday), while USD HY spreads were +36bps wider on the week (+22bps Friday). That is the largest weekly backup for both markets since the first week of April, when the initial tariffs were announced. This also comes as there have been growing fears of stress in private credit markets and Business Development Companies, whose stock prices fell sharply even prior to Friday’s selloff. EUR credit markets were not immune to this stress as EUR IG spreads were +4bps wider on the week (+3bps Friday) and EUR HY spreads gapped +37bps wider (+15bps Friday).
In commodities, gold continued its climb to break through $4,000/oz last week and finished the week up +3.38% (+1.03% Friday) at $4,018/oz. Brent crude declined -2.79% (-3.82% Friday) to $62.73/bbl, as the first phase of the Israel-Hamas truce began on Friday day, with thousands of Palestinians already moving back north and the Israeli army leaving the enclave.
2b) European opening report
US equity futures gain & commodities rebound after Trump softens tone on China – Newsquawk US Opening News
Monday, Oct 13, 2025 – 05:47 AM
US President Trump posted on Sunday, “Don’t worry about China, it will all be fine! Highly respected President Xi just had a bad moment. He doesn’t want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!”
Equities are firmer across the board as markets cheer Trump’s softer tone on China; NQ +1.9%.
DXY recovers amid EUR losses and as Trump softens tone on China over the weekend; Antipodeans lead whilst havens lag.
Bonds are pulling back from Friday’s Trump-induced jump, OATs lag ahead of Lecornu.
Commodities rebound as US President Trump attempts to ease worries of further trade escalation.
Holidays: US Columbus Day (US cash bond market will be closed) & Canadian Thanksgiving.
TARIFFS/TRADE
US President Trump posted on Sunday “Don’t worry about China, it will all be fine! Highly respected President Xi just had a bad moment. He doesn’t want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!”
US VP Vance called on Beijing to “choose the path of reason” amid escalating trade tensions with China and said President Trump has “far more cards” if an aggressive response is required.
China’s Commerce Ministry said the October 9th rare earth export control measures are legitimate and designed to better safeguard world peace and regional stability, while it added that rare earth export control measures do not constitute a ban on exports, and applications that meet the requirements will be granted licences. MOFCOM said the US announcement of 100% tariffs on China represents a classic case of double standards, and since the US-China talks in Madrid, the US has continuously introduced a series of new restrictions against China. It also stated that China’s position on tariff wars has been consistent, whereby they do not want to fight but are not afraid to fight. Furthermore, China urged the US to promptly correct its erroneous practices and warned that should the US persist in its course, China will resolutely take corresponding measures to safeguard its legitimate rights and interests, as well as noted that the US decision to impose port fees on relevant Chinese vessels meant China “had no choice but to take countermeasures”, and that China’s decision to impose a special port fee on US-related vessels are necessary defensive actions.
China’s Foreign Ministry urges US to promptly correct its “wrong practices” in regards to the new US tariffs.
China Customs spokesperson said US measures on shipping fees are a typical show of unilateralism and protectionism, while the spokesperson added that China’s countermeasures are necessary and are defensive actions. Furthermore, it was stated that China’s measures aim to safeguard the legitimate rights of Chinese industries and firms, while they hope the US can face up to its own ‘mistakes’ and that the US gets back to the correct track of communication and negotiations.
USTR Greer said the US reached out for a call with China after the export controls announcement, but Beijing deferred. It was also reported that Greer said significant progress was made in trade talks with Cambodia that will allow more export opportunities for US farmers.
US said it is taking action to defend America from the UN’s first global carbon tax and that the administration unequivocally rejects this proposal, while the US is considering actions against nations that support this global carbon tax on American consumers. Furthermore, the US said possible actions include probes, visa restrictions, commercial penalties, additional port fees and sanctions on officials.
Canadian Industry Minister Joly said the government is working on a new industrial strategy that seeks to open new markets for exporters and prioritise domestic procurement in the face of US tariffs, which have hurt steel, aluminium, forestry and automotive companies. It was also reported that Canadian Trade Minister Sidhu spoke with India’s Commerce Minister Goyal.
Switzerland and China will accelerate trade discussions on upgrading their free-trade agreement, following a meeting between Swiss Foreign Minister Cassis and Chinese counterpart Wang on Friday.
Indian Trade Delegation is to visit to US this week, via Reuters citing sources; good progress has reportedly been made. India and US are sticking to a fall deadline for an early part of the deal. India looking to buy more energy and gas from the US.
EUROPEAN TRADE
EQUITIES
European bourses (STOXX 600 +0.4%) opened firmer across the board to varying degrees and have traded sideways throughout the morning. Markets are currently cheering US President Trump’s softer tone on China, after Friday’s threat of 100% tariffs on the region.
European sectors hold a strong positive bias. The cyclical sectors are all towards the top of the pile, with Tech and Consumer Products leading whilst Telecoms lag a touch.
US equity futures (ES +1.9%, NQ +2%, ES +1.5%) are entirely in the green and attempting to pare some of the downside seen on Friday, following Trump’s tariff threat on China; upside spurred by Trump posting on Truth over the weekend, telling China not to worry. As a reminder, today is Columbus Day in the US, though cash equity trade is open.
Deutsche Bank forecasts Stoxx 600 year-end target at 650; European equities upgraded to Overweight from Neutral vs US equities.
Overall, a firmer day for the Dollar following Friday’s hefty fall from grace after US President Trump said there is no reason to meet Chinese President Xi, and threatened China with 100% tariffs. Over the weekend, US President Trump softened his tone and suggested the Xi meeting is not cancelled and “might” still happen, and added the US wants to help, not hurt China, although Trump did not withdraw his tariff threat. The Columbus Day holiday in the US means that cash bond markets are closed, although equity markets are open today. DXY resides in a current 98.83-99.21 band, and within Friday’s 98.81-99.43 range.
EUR is subdued but within relatively tight parameters with ECB’s Vujcic suggesting he’s comfortable with current policy settings as he noted that “markets predict that interest rates will stay where they are” and stated, “they are at a good place”. Attention also remained on the political situation in France, where Lecornu returned as French PM and a new government was unveiled ahead of the budget deadline, with Lecornu asked to present a revised budget to parliament. ING suggests “That seems likely to fail and result in a no-confidence vote later this week, which will leave France without a government. A rise in German WPI this morning did little to move the charts.
JPY stands as the clear laggard, closely followed by the CHF, as the haven FX unwind some of the recent haven flows from Friday and amid the Japanese holiday closure overnight. USD/JPY gapped higher overnight after ending Friday’s session towards the bottom of a 151.10-153.27 range, with today between 151.72-152.37 parameters.
Cable sees mild losses despite a lack of pertinent catalysts this morning, but as the DXY clambers off worst levels, while press reports over the weekend noted that UK Chancellor Reeves is eyeing up a GBP 7bln tax raid on pensions to plug a black hole in the Budget. The pair trades in a 1.3329-1.3366 range at the time of writing.
Antipodeans are the clear outperformers this morning amid the partial unwind of Friday’s fall, with the AUD surpassing peers and being aided by a boost in base metals and gold also holding firm despite a recovery in the dollar and in spite of the unwind of risk premium across other havens, albeit amid the ongoing US government shutdown.
A softer start to the week for USTs after the Trump-induced jump on Friday. To recap, USTs got to a 113-09 peak on Friday after escalating trade tensions between the US and China. Since, the US President has been a little softer in his language over the weekend and while China has commented, it has not announced a tit-for-tat or escalatory response just yet. Points that have taken some of the tension out of the situation allowing the risk tone to recover to a degree. As such, USTs are down to a 112-30 trough with losses of 6+ ticks at most, though markedly clear of the 112-16+ base from Friday. For the US today is a quieter than usual day owing to Columbus Day, while it is not a formal market holiday cash trade remains closed and was also shut overnight due to the absence of Japan. Nonetheless, Fed’s Paulson (2026) is scheduled and expected to provide a text and partake in a Q&A; we haven’t really heard from Paulson since she replaced Harker at the Philadelphia Fed at end-June.
OATs underperform vs peers. In focus as re-appointed PM Lecornu addresses his newly formed cabinet before speaking to parliament at some point today. As a reminder, the current schedule means that a draft 2026 budget of some form needs to be presented today in order to allow discussion/negotiation and passage before year end.
Bunds were initially lower, tracking USTs, but are now a touch firmer. Specifics for Germany are primarily on the fiscal front. Handelsblatt reports that the Finance Ministry is considering exempting from the debt brake the interest payments on loans for defence spending. An exemption that would provide a “double-digit billion amount” of leeway in the coming years. No discernible move in Bunds to the release. Bunds in a 129.13 to 129.34 band which is entirely within Friday’s 128.70 to 129.41 parameter.
Gilts opened lower by a handful of ticks, directionally in-fitting with peers but with magnitudes a little more contained. Since, the benchmark has been as low as 91.01, posting losses of 15 ticks at most. However, Gilts have reverted back towards opening levels of 91.12 in a 91.01-26 band. Multiple outlets report that the Chancellor is looking at giving herself more than the GBP 9.9bln of headroom she had from her first budget. To do this, she is said to be considering a pension raid, among other measures to target wealthier households, according to the Express/Telegraph.
Crude benchmarks climb as markets digest the softening tone from US President Trump following increased trade tensions between China and US, where Trump threatened to impose an additional 100% tariff on China. After the largest selloff on Friday since late June, WTI and Brent have bounced and peaked shy of USD 60/bbl and USD 64/bbl respectively. Benchmarks currently oscillating in a tight c. USD 0.40/bbl range.
Precious metals continue to break ATHs, with spot XAU peaking at USD 4078/oz during the APAC session and currently trading near its peak. Shrinking stockpiles of silver in London, in addition to the rising debt concerns and debasement from the dollar, have helped reinforce the rally in XAG. It has been calculated that “free float” silver has dropped to just 200mln ounces, down 75% from a high of over 850mln ounces in mid-2019. Further upside is still the theme in precious metals, with BofA lifting XAU and XAG forecasts to USD 5k/oz and USD 65/oz respectively.
Base metals rebound as US President Trump plays down tariff scare. 3M LME Copper gapped higher and peaked at USD 10.67k/t, before finding support at USD 10.5k/t and currently oscillating between parameters formed early this session.
Iraq set November Basrah medium crude Official Selling Price to Asia at plus USD 0.85/bbl vs Oman/Dubai and set the OSP to Europe at minus USD 2.80/bbl vs Dated Brent, while it set the OSP to North and South America at minus USD 1.40/bbl vs ASCI, according to SOMO.
Ahead of LME Week (Oct 13th), Goldman Sachs expects copper prices to remain in a USD 10,000-11,000/t price range in 2026/2027, but sees downside to aluminium prices, while nickel is likely to remain in oversupply. Elsewhere, the desk sees the most likely medium-term path for silver prices as one of further gains, as Fed cuts attract inflows.
BofA lifts gold price forecasts after spot gold hit their USD 4,000/oz forecast; says a 14% increase of investment demand – similar to what was seen this year – could lift gold to USD 5,000/oz, a 28% demand increase could see a rally to USD 6,000/oz. Still expect further upside in 2026: Gold potentially rising to USD 5,000/oz (USD 4,400 average). Silver potentially rising to USD 65/oz (USD 56.25/oz average). Downside risks to watch: US mid-term election outcomes impacting policy implementation. Possible Fed hawkish pivot if data improves. Supreme Court ruling on Trump’s tariffs.
Saudi Aramco CEO says oil demand is resilient and there is large growth potential. Maximum sustained production capacity is 12mln BPD, can be done at no additional cost for one year Sees oil demand growing by 1.1-1.3mln BPD in 2025, and then 1.2-1.4mln BPD in 2026.
German Wholesale Price Index MM (Sep) 0.2% (Prev. -0.6%); YY (Sep) 1.2% (Prev. 0.7%)
NOTABLE EUROPEAN HEADLINES
UK Chancellor Reeves is bumping up her plans for tax increases and spending cuts in the November Budget in order to create billions of pounds of additional fiscal “headroom” for the Treasury against future economic shocks, according to FT. It was separately reported that UK Chancellor Reeves is reportedly eyeing up a GBP 7bln tax raid on pensions in a desperate bid to plug a black hole in the Budget, with experts warning that Reeves could push up taxes both on pension contributions paid by working people, and on withdrawals by retirees, according to the Express. Meanwhile, The Telegraph reported that Chancellor Reeves has signalled that wealthier households will be asked to “contribute more” in her Budget next month.
ECB’s Vujcic suggested he’s comfortable with the current policy settings as he noted that “Markets predict that interest rates will stay where they are,” and stated that “We are at a good place.”
French Presidency announced a new government on Sunday with Laurent Nunez named as Interior Minister, Roland Lescure renamed as Finance Minister and Jean-Noel Barrot renamed as Foreign Minister.
Several people were injured in the German town of Giessen after someone fired shots in a marketplace, according to DPA citing a police spokesperson.
NOTABLE US HEADLINES
US President Trump said on Friday that layoffs will be Democrat-oriented and it will be a lot of people. Trump separately commented that he is using his authority to direct the defence secretary to use all available funds to get troops paid on October 15th, while he added they identified funds to do this and Secretary Hegseth will use them to pay troops.
US VP Vance said they have to lay off some federal workers to preserve essential benefits, while he responded that the ‘President is looking at all his options’ when asked if Trump is considering invoking the Insurrection Act. Furthermore, he said that the Justice Department is not acting on orders by President Trump to prosecute his political opponents.
New research suggested that the upcoming easing of capital rules could unlock USD 2.6tln in lending capacity for US banks and increase pressure on regulators elsewhere to follow suit, according to FT.
GEOPOLITICS
MIDDLE EAST
Egypt will host an international summit on Monday regarding the agreement to end the war in Gaza which will be attended by more than 20 leaders, including US President Trump. It was also reported that UK PM Starmer will travel to Egypt to attend the signing ceremony of the Gaza peace plan, while French President Macron and European Council President Costa will also attend the peace summit in Egypt on Monday.
Israeli government spokesperson said the release of hostages will begin early Monday morning and it expects all 20 living hostages to be released together at one time, while Palestinian prisoners will be released once all hostages set to be released on Monday are received.
Israeli army radio announced that the first 6 hostages are to be released in Gaza City, while it was reported that Hamas published the names of the 20 hostages to be released.
Iran’s Foreign Minister Araqchi said the possibility of Iran joining the Abraham Accords is US President Trump’s wishful thinking and Iran will never recognise an ‘occupier regime, which has committed genocide and killed children’, while he added that Tehran sees no reason for nuclear talks with European powers. Furthermore, he noted that Tehran and Washington are exchanging messages through mediators and that Tehran welcomes a potential ‘fair and balanced’ US nuclear proposal, but stated they have not received any request for nuclear negotiations from any country so far.
All living hostages have now been released by Hamas, according to reports citing Kann News.
US President Trump says Hamas will comply with plans to disarm; the war is over.
RUSSIA-UKRAINE
US President Trump said he may tell Russian President Putin that he may send Tomahawk missiles to Ukraine if the war is not settled.
Ukrainian President Zelensky said he had a good, productive conversation with US President Trump and discussed strengthening air defence, while he is grateful for US readiness to support. Zelensky separately commented that they would only use Tomahawk missiles to pursue military goals, not to attack civilians in Russia, although he also noted that Trump has not yet made a decision on supplying Tomahawks to Ukraine and that he is waiting for Trump’s decision.
Ukrainian drone struck Russia’s Bashneft oil refinery in Ufa.
Russian Defence Ministry said Russian troops hit fuel and energy infrastructure facilities of Ukraine’s military-industrial complex, while it reported on Sunday morning that Russia shot down 72 Ukrainian drones over the previous day.
UK Ministry of Defence said two Royal Air Force aircraft flew a 12-hour mission on Thursday with the US and NATO as they patrolled the border of Russia.
OTHER
Pakistan’s military said 22 Pakistani soldiers were killed and more than 200 died on the Afghan side in border clashes. Furthermore, Pakistan Foreign Minister said they expect the Taliban government to take concrete measures against terrorist elements and perpetrators that wish to derail Pakistan-Afghanistan relations, while Pakistan will take all possible measures to defend its own territory, sovereignty and people.
Afghan Taliban Foreign Minister said Qatar and Saudi Arabia intervened for mediation after Saturday night firing between Afghanistan and Pakistan, while the official added that they have other ways to handle the situation if Pakistan does not want to engage in dialogue.
Philippines said a government vessel was rammed by a Chinese ship at sea, while China’s Coast Guard said two Philippine government vessels ‘illegally entered’ waters near Sandy Cay without authorisation, which resulted in a collision, for which the Philippine side bears full responsibility. Furthermore, the Chinese Coast Guard stated that it lawfully took control measures against Philippine vessels and resolutely expelled them.
North Korean Leader Kim held talks with Russia’s Medvedev and said the military must evolve to destroy all threats, while Kim said the nation’s military heroism will not only be seen in the defence of North Korea but also in outposts of socialist construction. Furthermore, Kim told Medvedev that he hopes to continue to strengthen cooperation between the two countries and closely engage in diverse exchanges and contacts to achieve common goals, according to KCNA.
China and North Korea pledged to develop strategic communication and will strengthen strategic cooperation.
CRYPTO
Bitcoin is firmer and attempting to scale back recent losses; Ethereum outperforms and is back above USD 4k.
APAC TRADE
APAC stocks began the week in the red as the region reacted to last Friday’s Trump tariff threats and the subsequent Wall St sell-off, although US equity futures rebounded due to the softer tone from Trump over the weekend, while Japanese markets were shut for a holiday.
ASX 200 was dragged lower by underperformance in tech, energy, telecoms and defensives, while gold miners are at the other end of the spectrum after prices rebounded back above the USD 4,000/oz level to touch fresh record highs.
KOSPI retreated amid tech weakness, and with index heavyweight Samsung Electronics pressured after it was hit by a USD 445.5mln jury verdict for infringing wireless communication patents.
Hang Seng and Shanghai Comp were pressured following the flare-up of US-China trade frictions on Friday after US President Trump threatened massive tariffs on China and announced to impose a 100% additional tariff on China from November 1st, before softening his tone over the weekend, while participants digested the latest Chinese trade data, which showed both exports and imports topped forecasts.
NOTABLE ASIA-PAC HEADLINES
China Customs Vice Minister said great efforts are needed to stabilise foreign trade in Q4 and that China’s foreign trade showed resilience with improving structure in Q1-Q3, but the current external environment is still complex and grim with rising uncertainties.
US FCC chair said on Friday that US ecommerce websites were removing millions of prohibited Chinese electronic items from companies like Huawei.
Dutch government said it is intervening in Dutch chipmaker Nexperia and stated that there are serious administrative shortcomings at Nexperia, while it added that intervention means it may block or reverse company decisions and that the Co. is a subsidiary of Chinese electronics manufacturer Wingtech (600745 CH).
DATA RECAP
Chinese Trade Balance (CNY)(Sep) 645.5B (Prev. 727.7B)
Chinese Trade Balance (USD)(Sep) 90.45B vs Exp. 98.96B (Prev. 102.33B)
Chinese Exports YY (Sep) 8.3% vs Exp. 6.0% (Prev. 4.4%); Imports YY (Sep) 7.4% vs Exp. 1.5% (Prev. 1.3%
2c) Asian opening report
Positive sentiment after Trump pours cold water on recent US-China tensions – Newsquawk European Opening News
Monday, Oct 13, 2025 – 01:28 AM
US President Trump announced on Friday that the US is to impose a tariff of 100% on China beginning on November 1st, which will be over and above any tariffs that they are currently paying, while US export controls on critical software will also start on November 1st.
US President Trump posted on Sunday, “Don’t worry about China, it will all be fine! Highly respected President Xi just had a bad moment. He doesn’t want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!”
APAC stocks began the week in the red as the region reacted to last Friday’s Trump tariff threats and the subsequent Wall St sell-off, although US equity futures rebounded due to the softer tone from Trump over the weekend, while Japanese markets were shut for a holiday.
European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.3% after the cash market closed with losses of 1.7% on Friday.
US BLS said it will publish the September CPI report on Friday, 24th October 2025, at 08:30EDT/13:30BST.
Looking ahead, highlights include German WPI (Sep), OPEC MOMR, Speakers including BoE’s Mann, Fed’s Paulson & RBA’s Hauser. Holidays: US Columbus Day (US bond market will be closed) & Canadian Thanksgiving.
2. Listen to this report in the market open podcast (available on Apple and Spotify)
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US TRADE
EQUITIES
US stocks plummeted on Friday and havens rallied after US President Trump reignited trade concerns as he threatened massive tariffs on China in response to China’s rare earth export controls and noted that other countermeasures are also under consideration. He also said there is seemingly no need for an in-person meeting with Chinese President Xi, given the escalations.
The post on Truth hit global equities hard, with all indices in the red and sectors also whacked, aside from Consumer Staples. The dollar was sold on the news as it raises trade uncertainty and antipodes were hit the hardest, given their exposure to China, while the Yen and Swiss Franc outperformed. Furthermore, oil prices were sold in the risk-off trade, adding to the post-Gaza ceasefire downside.
SPX -2.71% at 6,553, NDX -3.49% at 24,222, DJI -1.90% at 45,480, RUT -3.01% at 2,395.
US President Trump announced on Friday that the US is to impose a tariff of 100% on China beginning on November 1st, which will be over and above any tariffs that they are currently paying, while US export controls on critical software will also start on November 1st.
US President Trump said on Friday that he has not cancelled the meeting with Chinese President Xi and assumes they might have it. Furthermore, Trump posted on Sunday “Don’t worry about China, it will all be fine! Highly respected President Xi just had a bad moment. He doesn’t want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!”
US VP Vance called on Beijing to “choose the path of reason” amid escalating trade tensions with China and said President Trump has “far more cards” if an aggressive response is required.
China’s Commerce Ministry said the October 9th rare earth export control measures are legitimate and designed to better safeguard world peace and regional stability, while it added that rare earth export control measures do not constitute a ban on exports, and applications that meet the requirements will be granted licences. MOFCOM said the US announcement of 100% tariffs on China represents a classic case of double standards, and since the US-China talks in Madrid, the US has continuously introduced a series of new restrictions against China. It also stated that China’s position on tariff wars has been consistent, whereby they do not want to fight but are not afraid to fight. Furthermore, China urged the US to promptly correct its erroneous practices and warned that should the US persist in its course, China will resolutely take corresponding measures to safeguard its legitimate rights and interests, as well as noted that the US decision to impose port fees on relevant Chinese vessels meant China “had no choice but to take countermeasures”, and that China’s decision to impose a special port fee on US-related vessels are necessary defensive actions.
China Customs spokesperson said US measures on shipping fees are a typical show of unilateralism and protectionism, while the spokesperson added that China’s countermeasures are necessary and are defensive actions. Furthermore, it was stated that China’s measures aim to safeguard the legitimate rights of Chinese industries and firms, while they hope the US can face up to its own ‘mistakes’ and that the US gets back to the correct track of communication and negotiations.
USTR Greer said the US reached out for a call with China after the export controls announcement, but Beijing deferred. It was also reported that Greer said significant progress was made in trade talks with Cambodia that will allow more export opportunities for US farmers.
US said it is taking action to defend America from the UN’s first global carbon tax and that the administration unequivocally rejects this proposal, while the US is considering actions against nations that support this global carbon tax on American consumers. Furthermore, the US said possible actions include probes, visa restrictions, commercial penalties, additional port fees and sanctions on officials.
Canadian Industry Minister Joly said the government is working on a new industrial strategy that seeks to open new markets for exporters and prioritise domestic procurement in the face of US tariffs, which have hurt steel, aluminium, forestry and automotive companies. It was also reported that Canadian Trade Minister Sidhu spoke with India’s Commerce Minister Goyal.
Switzerland and China will accelerate trade discussions on upgrading their free-trade agreement, following a meeting between Swiss Foreign Minister Cassis and Chinese counterpart Wang on Friday.
NOTABLE HEADLINES
Fed’s Musalem (2025 voter) said on Friday that the Fed’s goals are in tension, inflation is running high and the labour market is showing signs of potential weakness. Musalem said a balanced approach to monetary policy only works if inflation expectations are anchored, and they are less able to respond to short-term labour market fluctuations if inflation expectations become unanchored. Furthermore, he is open-minded on a potential further rate cut as further insurance and believes they should tread with caution, as well as noted limited room for further easing before policy gets overly accommodative.
Federal Reserve said on Friday that Industrial Production data will not be released on October 17th because it relies on other government data that is not available.
US BLS said it will publish the September CPI report on Friday, 24th October 2025, at 08:30EDT/13:30BST.
US President Trump said on Friday that layoffs will be Democrat-oriented and it will be a lot of people. Trump separately commented that he is using his authority to direct the defence secretary to use all available funds to get troops paid on October 15th, while he added they identified funds to do this and Secretary Hegseth will use them to pay troops.
US VP Vance said they have to lay off some federal workers to preserve essential benefits, while he responded that the ‘President is looking at all his options’ when asked if Trump is considering invoking the Insurrection Act. Furthermore, he said that the Justice Department is not acting on orders by President Trump to prosecute his political opponents.
White House official said on Friday that federal layoffs will be in the thousands. It was also reported that the Trump administration laid off dozens of CDC officials, according to NYT.
New research suggested that the upcoming easing of capital rules could unlock USD 2.6tln in lending capacity for US banks and increase pressure on regulators elsewhere to follow suit, according to FT.
APAC TRADE
EQUITIES
APAC stocks began the week in the red as the region reacted to last Friday’s Trump tariff threats and the subsequent Wall St sell-off, although US equity futures rebounded due to the softer tone from Trump over the weekend, while Japanese markets were shut for a holiday.
ASX 200 was dragged lower by underperformance in tech, energy, telecoms and defensives, while gold miners are at the other end of the spectrum after prices rebounded back above the USD 4,000/oz level to touch fresh record highs.
KOSPI retreated amid tech weakness, and with index heavyweight Samsung Electronics pressured after it was hit by a USD 445.5mln jury verdict for infringing wireless communication patents.
Hang Seng and Shanghai Comp were pressured following the flare-up of US-China trade frictions on Friday after US President Trump threatened massive tariffs on China and announced to impose a 100% additional tariff on China from November 1st, before softening his tone over the weekend, while participants digested the latest Chinese trade data, which showed both exports and imports topped forecasts.
US equity futures rebounded at the open with the TACO trade in play after US President Trump softened his tone on China over the weekend, in which he stated, “Don’t worry about China, it will all be fine!” and that the US wants to help China, not hurt it!!!”
European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.3% after the cash market closed with losses of 1.7% on Friday.
FX
DXY traded within relatively tight parameters amid the mixed performance against peers and recent tariff-related market volatility, with weekend headlines mainly centred around US-China trade tensions and Trump’s eventual softening of tone. Furthermore, trading conditions stateside are thinned owing to Columbus Day in the US and Thanksgiving Day in Canada, while data releases this week remain impacted by a lack of progress to reopen the government, although the BLS will publish the September CPI report on October 24th.
EUR/USD eked minimal gains in rangebound trade with ECB’s Vujcic suggesting he’s comfortable with current policy settings as he noted that “markets predict that interest rates will stay where they are” and stated “they are at a good place”. Attention also remained on the political situation in France, where Lecornu returned as French PM and a new government was unveiled ahead of the budget deadline.
GBP/USD lingered near Friday’s best levels but with price action contained by a lack of pertinent catalysts, while press reports noted that UK Chancellor Reeves is eyeing up a GBP 7bln tax raid on pensions to plug a black hole in the Budget.
USD/JPY unwound some of the recent haven flows but with a further recovery capped amid the Japanese holiday closure.
Antipodeans nursed some of their recent losses with outperformance in AUD/USD amid a rebound in commodity prices, while participants also digested the latest Chinese trade data, which showed exports and imports both topped estimates.
FIXED INCOME
10yr UST futures pared some of last week’s advances as global risk sentiment got some reprieve from Friday’s tariff-related turmoil, although the reversal was limited, with US bond markets closed on Monday due to Columbus Day.
Bund futures eased back from around a monthly high with demand constrained ahead of German Wholesale Prices and amid the absence of bond market participants in both Japan and the US.
COMMODITIES
Crude futures bounced back from last week’s trough as global sentiment found some solace from the softer tone by US President Trump regarding China during the weekend, although the rebound has further to go to reclaim the losses seen during Friday’s session, where prices tumbled alongside risk-off trade to extend on the post-Gaza ceasefire downside.
Iraq set November Basrah medium crude Official Selling Price to Asia at plus USD 0.85/bbl vs Oman/Dubai and set the OSP to Europe at minus USD 2.80/bbl vs Dated Brent, while it set the OSP to North and South America at minus USD 1.40/bbl vs ASCI, according to SOMO.
Spot gold rebounded from the pullback late last week and returned to above the USD 4,000/oz level to touch a record high.
Copper futures clawed back the majority of Friday’s losses with the TACO trade spurred by US President Trump’s post to not worry about China and suggested an openness for a deal with China.
CRYPTO
Bitcoin was choppy overnight after partially rebounding from last Friday’s crypto meltdown.
NOTABLE ASIA-PAC HEADLINES
China Customs Vice Minister said great efforts are needed to stabilise foreign trade in Q4 and that China’s foreign trade showed resilience with improving structure in Q1-Q3, but the current external environment is still complex and grim with rising uncertainties.
US FCC chair said on Friday that US ecommerce websites were removing millions of prohibited Chinese electronic items from companies like Huawei.
Dutch government said it is intervening in Dutch chipmaker Nexperia and stated that there are serious administrative shortcomings at Nexperia, while it added that intervention means it may block or reverse company decisions and that the Co. is a subsidiary of Chinese electronics manufacturer Wingtech (600745 CH).
Japan’s main opposition was reported on Friday to weigh a unified PM candidate to block LDP President Takaichi as PM, while it seeks to form an alliance with other opposition parties, according to Nikkei.
DATA RECAP
Chinese Trade Balance (CNY)(Sep) 645.5B (Prev. 727.7B)
Chinese Exports YY (CNY)(Sep) 8.4% (Prev. 4.8%)
Chinese Imports YY (CNY)(Sep) 7.5% (Prev. 1.7%)
Chinese Trade Balance (USD)(Sep) 90.45B vs Exp. 98.96B (Prev. 102.33B)
Chinese Exports YY (Sep) 8.3% vs Exp. 6.0% (Prev. 4.4%)
Chinese Imports YY (Sep) 7.4% vs Exp. 1.5% (Prev. 1.3%)
GEOPOLITICS
MIDDLE EAST
Egypt will host an international summit on Monday regarding the agreement to end the war in Gaza which will be attended by more than 20 leaders, including US President Trump. It was also reported that UK PM Starmer will travel to Egypt to attend the signing ceremony of the Gaza peace plan, while French President Macron and European Council President Costa will also attend the peace summit in Egypt on Monday.
Israeli government spokesperson said the release of hostages will begin early Monday morning and it expects all 20 living hostages to be released together at one time, while Palestinian prisoners will be released once all hostages set to be released on Monday are received.
Israeli army radio announced that the first 6 hostages are to be released in Gaza City, while it was reported that Hamas published the names of the 20 hostages to be released.
Iran’s Foreign Minister Araqchi said the possibility of Iran joining the Abraham Accords is US President Trump’s wishful thinking and Iran will never recognise an ‘occupier regime, which has committed genocide and killed children’, while he added that Tehran sees no reason for nuclear talks with European powers. Furthermore, he noted that Tehran and Washington are exchanging messages through mediators and that Tehran welcomes a potential ‘fair and balanced’ US nuclear proposal, but stated they have not received any request for nuclear negotiations from any country so far.
RUSSIA-UKRAINE
US President Trump said he may tell Russian President Putin that he may send Tomahawk missiles to Ukraine if the war is not settled.
Ukrainian President Zelensky said he had a good, productive conversation with US President Trump and discussed strengthening air defence, while he is grateful for US readiness to support. Zelensky separately commented that they would only use Tomahawk missiles to pursue military goals, not to attack civilians in Russia, although he also noted that Trump has not yet made a decision on supplying Tomahawks to Ukraine and that he is waiting for Trump’s decision.
Ukrainian drone struck Russia’s Bashneft oil refinery in Ufa.
Russian Defence Ministry said Russian troops hit fuel and energy infrastructure facilities of Ukraine’s military-industrial complex, while it reported on Sunday morning that Russia shot down 72 Ukrainian drones over the previous day.
UK Ministry of Defence said two Royal Air Force aircraft flew a 12-hour mission on Thursday with the US and NATO as they patrolled the border of Russia.
OTHER
Pakistan’s military said 22 Pakistani soldiers were killed and more than 200 died on the Afghan side in border clashes. Furthermore, Pakistan Foreign Minister said they expect the Taliban government to take concrete measures against terrorist elements and perpetrators that wish to derail Pakistan-Afghanistan relations, while Pakistan will take all possible measures to defend its own territory, sovereignty and people.
Afghan Taliban Foreign Minister said Qatar and Saudi Arabia intervened for mediation after Saturday night firing between Afghanistan and Pakistan, while the official added that they have other ways to handle the situation if Pakistan does not want to engage in dialogue.
Philippines said a government vessel was rammed by a Chinese ship at sea, while China’s Coast Guard said two Philippine government vessels ‘illegally entered’ waters near Sandy Cay without authorisation, which resulted in a collision, for which the Philippine side bears full responsibility. Furthermore, the Chinese Coast Guard stated that it lawfully took control measures against Philippine vessels and resolutely expelled them.
North Korean Leader Kim held talks with Russia’s Medvedev and said the military must evolve to destroy all threats, while Kim said the nation’s military heroism will not only be seen in the defence of North Korea but also in outposts of socialist construction. Furthermore, Kim told Medvedev that he hopes to continue to strengthen cooperation between the two countries and closely engage in diverse exchanges and contacts to achieve common goals, according to KCNA.
China and North Korea pledged to develop strategic communication and will strengthen strategic cooperation.
EU/UK
NOTABLE HEADLINES
UK PM Starmer was reported on Friday to have ordered a last-minute rewrite of the UK government’s flagship planning bill as he attempts to boost growth and patch up the public finances ahead of the November Budget, according to FT.
UK Chancellor Reeves is bumping up her plans for tax increases and spending cuts in the November Budget in order to create billions of pounds of additional fiscal “headroom” for the Treasury against future economic shocks, according to FT. It was separately reported that UK Chancellor Reeves is reportedly eyeing up a GBP 7bln tax raid on pensions in a desperate bid to plug a black hole in the Budget, with experts warning that Reeves could push up taxes both on pension contributions paid by working people, and on withdrawals by retirees, according to the Express. Meanwhile, The Telegraph reported that Chancellor Reeves has signalled that wealthier households will be asked to “contribute more” in her Budget next month.
ECB’s Vujcic suggested he’s comfortable with the current policy settings as he noted that “Markets predict that interest rates will stay where they are,” and stated that “We are at a good place.”
Lecornu was re-appointed as French PM on Friday and has been tasked with forming a French government. Furthermore, French PM Lecornu said they must end the French political crisis and that improving French public accounts remains a priority, while he added that no one will be able to avoid the necessity of restoring France’s public finances and that all the issues raised during the consultations held in recent days will be open to parliamentary debate. It was also reported that the French Presidency announced a new government on Sunday with Laurent Nunez named as Interior Minister, Roland Lescure renamed as Finance Minister and Jean-Noel Barrot renamed as Foreign Minister.
Several people were injured in the German town of Giessen after someone fired shots in a marketplace, according to DPA citing a police spokesperson.
While not as catchy or creepy as “They’re Heeere” (remember when TVs were tubes and had “snow”?), Poltergeist II tried to expand on the franchise. Unfortunately for markets, tariffs with China are back.
It is always dangerous to argue that “this time is different” but I think it is very different.
This Time is Different (not in a good way)
Leading up to Liberation Day, there were tariffs implemented against certain products, certain countries, etc. Then we had the Liberation Day tariffs and markets ensued a deep sell-off until the tariffs imposed via executive order were dramatically reduced.
Since Liberation Day we’ve had some trade deals (in principle) and have been in a “steady” state of tariffs somewhere between 10% and 20% on most things. We have argued (and continue to argue) that the tariff impacts are only starting to be felt in the economy and will weave their way into markets in the coming quarters as their costs are finally felt.
Tariffs have “only” been about $200 billion more than usual so far, a big number for you and me, but still a small number relative to the U.S. economy.
But that all potentially changed this week.
The “steady” state is no longer so “steady.”
We specifically say “this week” as opposed to Friday, as the potential issue emerged earlier in the week – reports that China would restrict shipments of not just processed rare earths/critical minerals, but also some products that incorporate them.
The President responded on Friday by imposing 100% tariffs (starting November 1st) and restricting sales of critical software (I have to admit there is some confusion around that). Chips are likely to face restrictions as well. Notice the timeline and how different it is than prior escalations in the trade war.
This was NOT a relatively unilateral act by the admin. China provoked this.
We will explore why China may have done this (it is a natural extension, to a large degree, of our previous work, and quite possibly a dangerous extension), but markets “bucketing” this tariff with others may be missing the critical point – how we came to adding this 100% tariff is very different than how we got to other tariff escalations.
If You are Planning on Eating a TACO, You May Go Hungry
It is easy to understand why the “buy the dippers” all chattered about TACO (Trump Always Chickens Out). We think that is the wrong analysis.
TACO was never quite right, because the admin “pivoted” out of policies that weren’t working as well as they expected or were more unpopular than they envisioned. Not quite the same as “chickening” out, but a crucial difference, if we are right about this time being different.
The President largely initiated the escalations and it was very easy to argue that they were “negotiating” ploys for “maximum leverage.” I still think we could have achieved the state we have been in without the “Art of the Deal” and would be better off, but today is not the time or place to rehash that argument on the American Brand. That timeline played out on virtually every element of tariffs, until now. This does not, at least to me, seem like an escalation by the admin, but far more like a response to a legitimate threat from China.
More on our “response function” in a bit, but “spoiler” alert – it will be heavy on ProSec™.
What is China Up To?
Since China initiated this round of escalation, let’s think about what China may or may not be thinking. Yes, we get to play the “red team” as an exercise here.
It is possible that China didn’t think this through. That they were taking steps that they viewed as mere formalities that we misinterpreted. Or it is conceivable that China might be trying to play the “maximum leverage” game and this was just their first foray into “instigation” in the recent tariff wars. Those are all possibilities. It is also possible that the NY Jets call me up to kick for them this weekend (I went with the Jets because it would be impossible to believe any team other than the Jets would do it). But it isn’t very likely.
The reality is that this is far more likely to be a calculated step by China. That there is intent in this escalation.
China controls the processing/refining of rare earths and critical minerals. The West ceded the entire industry to China as it was energy intensive and very “dirty” at least in the “green” world point of view. So, while rare earths and critical minerals are abundant (there are markets that you can buy them on), they are “just” commodities. The processing and refining is more difficult and this is a huge advantage for China (it has driven the “extensions” that the admin has put in place with China on tariffs).
China likely sees the intensity with which the U.S. is starting to address the problem. We have been all over ProSec™ as an investment strategy as this admin takes Production for Security very seriously. We have seen several investments made into the space to help jumpstart domestic capacity. We fully expect that to continue and grow over time if the admin is able to create some form of Sovereign Wealth Fund as opposed to the more ad hoc deals that have been done so far. The admin is also finally doing things on the deregulation side (again, we would have started with production for security and deregulation rather than a global tariff war, but that is water under the bridge now). Does China see a future where the U.S. isn’t dependent on their processed rare earths and critical minerals? If the answer is “yes” then they “know” their biggest bargaining chip will get smaller over time. That is a reason to escalate now for true (not hyperbole) maximum leverage.
The risk with semiconductors (and software). To the extent there has been a “balancing” act in the trade negotiations with China, it has been U.S. dominance in this area. The consensus seems to be that China wants our chips so badly that they will do what it takes to maximize their access. But we have “felt” that this was not the correct take, and think China’s recent moves support our view that China is comfortable (or even wants) to cut themselves off from U.S. chips. They want to continue to develop their chip industry. They believe they can be successful (just look at the success of Huawei and BYD to understand why China might be confident in their own ability). We’ve seen some announcements from Chinese companies about some progress that has been made (and assume there is progress here and there that is not public).
By refusing to buy our chips (or not being allowed to buy our chips, if you prefer) they deny revenue to our companies which would be nice to have (not necessary, but nice).
To the extent that necessity is the mother of invention (and I believe there is a lot of truth to that), they set up the “necessity” for their companies to be successful. So, it might work (just like it should work for us on ProSec™ which is the flipside of this whole battle).
China is spending a lot on AI and has more engineers than we do (not necessarily as good, or as creative, but there is a strength in numbers), so we shouldn’t assume that China has concluded that the U.S. will continue to dominate the space.
So, China’s bargaining chip is declining in value and they think they can actually benefit from restricted access to chips. That would support an argument that China has analyzed the situation and is prepared for a full-on trade war.
This also fits well (from China’s perspective) with the steps they have been taking to transition from Made In China to Made By China (where they don’t want to make goods for us to sell, they want to make their own brands to sell).
There were signs of this already. China has handled Trump 2.0 very differently on trade. During 1.0, every time we said tariff, they said, negotiate. Now they just accepted some, or quietly matched the President’s tariffs. China had 4 years to prepare for this and 4 years to better understand how the President negotiates.
My working assumption is this is a very calculated escalation by China and they are prepared to dig in.
Seriously, we are being asked to believe that we wouldn’t retaliate aggressively? I find it hard to believe that anyone who has watched the admin really thinks we won’t respond aggressively to something that has to be perceived as an assault on our economy.
From a Post-War World to a Pre-War World
General (ret.) Spider Marks discussed this concept recently. He also went through the thought process in more detail during some meetings in Milwaukee this week.
Basically, the argument is that the post-war world we lived in since the end of World War II (with a big bump from the fall of the Soviet Union) is changing. That the mentality of a post-war world (basking in the glow of peace) may have to shift to the mentality of a pre-war world.
In the pre-war world, all of our decisions (and investments) have to be looked at through the lens of how it helps us prepare for war (or create the deterrence necessary to avoid war).
ProSec™ will not just be a shortform word that we at Academy use, but a national movement.
The natural response from almost any administration, but almost certainly from this administration, will be to double or triple down on their efforts to make things we need for security. We continue to argue that every country should think, to some degree, about behaving like this.
The element that could be most interesting is that in a pre-war world, people are more willing to make sacrifices for the greater good.
Some could argue that we have lived a “pampered” life where the battles, except for the horrific events of 9/11, happened elsewhere. That Putin’s invasion of Ukraine was an aberration, rather than a shifting norm.
That mindset could be changing.
Germany, for example, ahead of the first winter after the Ukraine war, put serious restrictions on anything from heating to lawn mowing to preserve precious energy supplies. The Germans abided by those rules and made it through that winter better than they would have had they gone about “business as usual.”
We’ve argued before (and we will argue again) that we had the luxury to create a lot of regulations and we need to revisit those regulations to see if they still make sense.
How many people would agree to fight a battle with one hand tied behind their back (even an economic battle)? Yet that is to some extent what we have been doing.
Bottom Line
This week may turn out to be more pivotal to markets and the economy than people currently think. This may be the week that really turns the tide in how we think about our economy and our need to manufacture, process, and refine things.
If I’m wrong, then back to business as usual.
If I’m right:
Accelerate efforts to become self-sufficient on energy, electricity, components, chips, pharma/biotech, etc. Maybe not quite a “war-time” economy, but something more akin to that.
The President really started to frame this as China against “a more collective us.” He framed this as the U.S. response to China’s actions, but (basically) called on others to take action against China.
China is going to try to rapidly grow their businesses and shape their global relationships in direct opposition to the U.S.
China stocks should not be owned offshore at this point, as many of the actions around Chinese ADRs and their VIE structure could get called into question.
Maybe I’m overreacting, but I think China’s response is calculated and it is “game on” for us versus them in global trade and production.
I want to own anything and everything that benefits from ProSec™ while being cautious on some of the companies most exposed to China.
Maybe it will be TACO Tuesday, but I think it is far more likely to be Lithium Thursday (I’m pretty sure eating Lithium is not good for your health – but making and refining it is).
For the first time, I think we might be ready for a period where Main Street is more important than Wall Street (or whatever street it is where we extract and make things).
We didn’t touch on the Fed today or growing concerns about the private credit market, as we did not want to dilute today’s message, but we will address those topics early in the week too.
4. European affairs and NATO
EUROPE
(KOLBE)
Lagarde And The Euro: Why The ECB Will Never Deliver A Global Reserve Currency
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Saturday, Oct 11, 2025 – 07:00 AM
Submitted by Thomas Kolbe
ECB President Christine Lagarde on Tuesday once again called for a leadership role for the euro in the global economy. According to her assessment, the Eurozone is today a passive observer, forced to endure shocks from Washington and other financial centers. A glimpse into the obscure world of ECB officials, who see themselves as victims.
They present themselves as the masters of money – the central bankers. Their influence on real-world politics and economic developments must not be underestimated, especially in times of exploding national debt. They are the backstop of politics. They are the ones who, through massive interventions in currency and bond markets, attempt to keep government budgets, long sinking in the swamp of debt, afloat. And they are increasingly in competition with each other.
USA vs. EU
Since the U.S. under President Donald Trump made it unmistakably clear that the transatlantic cuddle course – in view of European censorship, expansive state intervention, and green transformation – belongs to the past, the ECB’s monetary policy has come under intensified market scrutiny.
On Tuesday, ECB President Christine Lagarde appeared at an event organized by Business France in Paris – delivering a speech that made waves internationally.
At a time when political credibility is increasingly negotiated on the capital markets, such appearances send signals far beyond the conference hall.
In her speech, Christine Lagarde painted an unusual overall picture – a narrative that clearly fits into the ongoing currency war with the United States. Between the lines, she suggested a general loss of confidence in the U.S. dollar, without explicitly naming the supposed culprit. She implied that Donald Trump’s abandonment of climate policy and deregulation of the U.S. economy was erratic, shaking investor confidence in the American capital market.
The U.S. Is Gaining Ground
Nothing could be further from reality. The U.S. economy is currently growing at nearly four percent, with investments roughly 14 percent above the long-term average. An economic powerhouse defined by stability and confidence.
Exactly this is likely a thorn in the side of the currency watchers in the ECB Tower and the central planners of the Brussels Commission. While market-driven dynamism is returning to the U.S. after the stifling Biden years, Europe’s own model – driven by central planning and CO₂ dogma – remains deeply mired in economic distortions. The transatlantic gap is glaring.
It is truly bizarre when Christine Lagarde speaks of being a “powerless observer” of political decisions made elsewhere – especially in Washington. Her institution, the European Central Bank, which has long merged with Brussels’ power architecture into a political unit, plays a central role in propping up Brussels’ eco-socialist agenda through massive bond market interventions.
The ECB was not a bystander but an active architect of this course. While Lagarde today feigns the role of powerless observer, her bank is in fact one of the key actors keeping this fragile system alive, now crumbling before her eyes.
EU as the Victim
The European Union and the ECB love to cast themselves in the victim role. The very actors who confront European citizens with heavy-handed measures such as private chat monitoring or censorship laws like the Digital Services Act and Digital Markets Act, shielding their power from criticism, present themselves as victims.
What Christine Lagarde demands is nothing less than a deepening of the monetary union – the next step toward a comprehensive banking union. This is preparation for what Brussels has already quietly planned: the gradual consolidation of national debts under the EU Commission, always kept liquid by the ECB’s money printer – a power project Brussels and Frankfurt have long committed to, to the detriment of democratic control and national sovereignty.
Euro as a Global Reserve Currency
Christine Lagarde sees the euro – a currency that lost its largest single buyer, Russia, after the cessation of Russian gas imports and has since been gradually declining in global significance – as poised to become a new global reserve currency. The push forward is intended, among other things, through the introduction of euro stablecoins, eurobonds, and structural reforms in the Eurozone economy.
Lagarde leaves unanswered the question of who will actually implement these structural reforms. She likely referred to the €800 billion investment package her predecessor Mario Draghi presented as a universal panacea for Europe’s problems.
In Brussels, Draghi’s advice is followed, plunging headlong into debt: the planned seven-year budget of the Commission totals €2 trillion – including €750 billion for the climate economy and €130 billion for the military-industrial complex of the new crony economy.
At the ECB, no one notices the contradiction: how can the euro become a trusted global reserve currency amid these mountains of debt? They represent nothing less than a massive expansion of the money supply, exerting growing depreciation pressure on the currency.
Who would voluntarily hold a currency whose debts are neither collateralized nor energy-secured, but backed solely by an economically exhausted European taxpayer and the central bank’s printing press?
Draghi’s Poisoned Legacy
Christine Lagarde and her colleagues have inherited the poisoned legacy of Draghi’s “Whatever it takes” principle – unlimited backing of state debt with the printing press has become the foundation of European monetary and fiscal policy. While the Federal Reserve demonstrates the stability of the U.S. economy with real positive interest rates, the ECB remains the indispensable backstop of Europe’s shrinking economy and debt-heavy states – a guarantor for financing numerous socialist programs on the capitals’ and Brussels’ agenda.
The ECB is not only the guardian of the euro; it is the safety net and lifeline of a system that would have collapsed without permanent monetary support. And the markets know it. So when Lagarde speaks of addressing domestic economic problems through appropriate reforms, the world knows: the money pump will be switched on to flood the dried-up subsidy channels of the green crony economy. Lost capital, lost confidence. In this modus operandi, the euro will never become a global reserve currency.
The numbers confirm this. About 84 percent of global trade is still invoiced in U.S. dollars. The euro accounts for roughly 7 percent, far from challenging the greenback.
While global foreign exchange reserves show a slightly different picture – 58 percent in U.S. dollars and 20 percent in euros – this does not change the verdict: the euro is no real competitor to the U.S. dollar.
Digital Euro Brings Light to the Darkness
The ideological rift between the U.S. and EU becomes fully visible once the ECB introduces the digital euro. Behind the technocratic façade lies not a mere modernization step but an attempt to gain full control over cross-border transfers, prevent capital flight, and establish the currency as a political instrument of discipline. The plan is transparent: those who oppose politically – whether against Brussels’ climate dogma, the Ukraine war, or the increasing centralization of power – will lose access to their digital wallet, fully controllable at any time. A diabolical scheme undermining individual sovereignty, nearing completion.
Just like censorship, chat monitoring, and eco-socialist regulatory mania, it will inevitably lead to a socio-political fiasco.
On October 14, the European Parliament will debate the introduction of chat monitoring – or, in other words, the end of postal privacy. All factions will lay their cards on the table. We will see who truly stands with the citizens, who defends the values of a free civilization, and who upholds the foundations of civic liberty. Many likely will not.
* * *
About the author: Thomas Kolbe is a German graduate economist, who has worked for over 25 years as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.
END
GERMANY/EUROPE/SPAIN
(KOLBE)]
Evonik CEO Kullmann Calls For End Of CO₂ Cult: Wake-Up Call For Europe’s Economy
Sunday, Oct 12, 2025 – 08:10 AM
Submitted by Thomas Kolbe
For a long time, the German economy remained silent on the dogmatic climate goals and the politically destructive course. Now, Christian Kullmann, CEO of Evonik, is the first business leader to speak plainly. It is time to bury the CO₂ cult.
Finally, one might say, after years of deafening silence from German industry, a CEO is speaking openly. Christian Kullmann, head of the chemical giant Evonik, is at the forefront of the fight against ever-tighter climate regulations from Brussels and Berlin.
Looking ahead to the drastic tightening of the emissions trading system planned for 2027, Kullmann spared no words in an interview with the FAZ: “The CO₂ levy for Europe must go. It threatens at least 200,000 well-paid industrial jobs in Germany.”
Industrial Collapse
And that is likely a conservative estimate. Currently, the economy is forced to cut more than 10,000 jobs per week. Companies such as Bosch, with 22,000 planned cuts, and ZF Friedrichshafen, planning 7,600 by 2030, are slashing jobs on a massive scale. A wave of insolvencies is sweeping across the German economy, expected to break all records with over 24,000 bankruptcies by year-end.
Kullmann’s blunt statement may mark the start of a long-overdue debate on the real costs of European climate policy for the German economy and heavily burdened households.
From 2027, the CO₂ emissions trading system threatens Germany with another cost tsunami: the price per ton of CO₂ could rise to as much as €200, drastically increasing heating, fuel, and energy costs. Households could pay an additional €1,000 annually, while companies face soaring production costs, reduced investment, and job cuts.
Economically, this radical step would impose around €40 billion in extra costs annually on a consumption of 400 million tons, accelerating the socially and politically dangerous deindustrialization.
The EU: An Expensive Affair
What leftist and eco-socialist ideologues unleashed with the Green Deal has become a socio-political landslide. Bureaucracies and official circles have yet to realize that their campaign against civil society and market rules is already lost.
In Brussels, Berlin, Paris, and other capitals of the European debt union, they respond with ever more levies to stave off their own collapse.
Revenue from the CO₂ levy is used almost exclusively to stabilize overstretched national budgets: about 90 percent flows to national treasuries, the rest to Ursula von der Leyen’s EU coffers, which will inject around €750 billion in subsidies into the dried-up channels of the green patronage economy by 2034.
And Brussels’ megalomania knows no bounds. Every capital source is tapped—from steel tariffs to recycling taxes on plastic products. The EU is an expensive ideological game. It is now the ethical duty of business leaders to resist this campaign against reason and market principles. Failure to act risks direct confrontation in the markets. Brussels will be forced to refinance via bond markets—disguised as Eurobonds.
The Commission has positioned itself at the head of a debt union that suffocates the free market with its sprawling, centrally planned ecological patronage economy.
Spain as a Counterpoint
It is likely that after Kullmann’s criticism, a massive wave of counter-propaganda will arise. NGOs and state-affiliated media will mobilize every resource to rally Europeans against the imagined threat of man-made climate change.
Critical voices are often dismissed with a single example—a sign of how detached Brussels officials are from reality. This example comes from Spain. Officially, Spain’s economy will grow by about 2.5% in 2025, with a state quota of 48%, total debt of 109%, and a net new debt of 3.5%.
Even the much-praised Spain fails to meet the once-celebrated Maastricht criteria—just like Germany. Looking at the situation realistically, private industry shrinks by about 1% despite massive Brussels credit support and programs like NextGenerationEU.
But nowhere is the collateral damage of eco-socialism more evident than in Germany. The dramatic industrial output drop from July to August—4.3% overall, 18.5% in the auto sector, over 10% in pharmaceuticals—should serve as a warning even to the staunchest ideologist.
What central planners like Lars Klingbeil, Friedrich Merz, and the Brussels bureaucrats fail to grasp: every euro not flowing through the free market is a lost euro. Through massive interventions and debt-financed programs, states restrict the private sector’s room to invest in the future, endangering Europe’s prosperity engine.
Companies and their workforces will not tolerate this development for long. We are not witnessing a cyclical downturn or a classic recession—but a full economic collapse.
Using the Crisis
Europeans embarked on a climate crusade in recent years. Intellectual and ethical misadventures like this only thrive on the economic success of previous generations, who left their heirs an illusion of growth and the promise of effortless prosperity.
Let us hope that the Evonik CEO’s voice opens the door to real criticism—a catalyst whose bold impulse sparks a chain reaction of open, constructive debate.
Until now, criticism within German industry has entangled itself within the political framework. Calls for aid and subsidies, especially for energy costs, dominated. But this was not true policy critique—it was submission to the eco-dictate.
It is the ethical duty of business leaders to draw the line for politics. Too much is at stake to entrust it to infantile ideology. Its time is over. The crisis is unavoidable. But now we can begin rebuilding a market-based rulebook and sovereign policies in Europe’s national states. Brussels’ task would remain the safeguarding of the common internal market—a challenge more than demanding.
* * *
About the author: Thomas Kolbe is a German graduate economist, who has worked for over 25 years as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.
END
GERMANY
Wave Of Antifa Terror Continues In Germany: Hamburg AfD Politicians’ Home Addresses Doxxed, State Security Services Investigate
The far-left extremist portal “Indymedia,” associated with Antifa, was used to target three politicians of the Alternative for Germany (AfD) party in Hamburg, including the publishing of their home addresses and calls to take action against the “fascists.” The information was published both on the platform but also on stickers, which were put up all over the neighborhoods where the three politicians live.
As a result, a state investigation has been launched.
Two AfD city council members were targeted, as well as a district council member, with the stickers distributed in the neighborhoods of all three individuals. The stickers featured the address and photos of all three politicians, along with a message that read: “Attention, AfD fascists in your neighborhood.”
The same information was published on the Indymedia website, which is well-known for publishing manifestos and calls to action for Antifa terror groups. Recently, a left-wing group took responsibility on the platform for a series of attacks on Berlin’s electrical grid, which resulted in the longest-running blackout in Berlin’s history since the end of the Cold War.
Indymedia also published the message that the “three AfD politicians in Hamburg have been outed.” The message read that the AfD politicians had been “visited” in their neighborhoods. The post also included a message: “We greet all Antifa members in hiding and in prison! Lots of strength and love to the antifascist Maja! We stand together! Free ALL Antifas! Fight Fascism!”
Dirk Nockemann, the Hamburg AfD parliamentary group leader, condemned the action as “attempts at intimidation” and said they should be “condemned in the strongest possible terms.” Nockemann also called on left-wing parties in the Hamburg Parliament to condemn the terrorizing of political opponents.
“Antifa means terror. It is a left-wing terrorist and anti-democratic group that, like no other, stands for public denunciation and violence against dissidents,” wrote Nockermann. He criticized political leaders who have often associated themselves with Antifa. The previous interior minister, Nancy Faeser, even wrote for Antifa Magazine shortly before she was installed in her position.
AfD politicians have long been targeted in attacks, including arson attacks and assaults. Bernd Baumann, parliamentary director of the AfD parliamentary group in the Bundestag, spoke to WELT TV about his own experiences after being named by Antifa via “Indymedia.” Baumann described the constant threat, saying, “I’m constantly being attacked on my house. My wife is really scared.” To feel safe, he said he installed “steel doors and got a dog so his wife could sleep again.”
Baumann also recounted an incident where his tenant’s car was burned in front of his house. He detailed the immediate online claim of responsibility: “And the next morning, Antifa wrote on Indymedia that we had once again burned an expensive limousine in front of Bernd Baumann’s house.” The resulting damages and fear meant he “could no longer rent the house.”
Notably, the West has been plagued with a wave of extremist left-wing violence as of late, with numerous assassination attempts against Donald Trump, along with the recent murder of Charlie Kirk, which was allegedly committed by Antifa and trans activist Tyler Robinson. As a result, Antifa has been declared to be a domestic terror threat in the United States by Donald Trump.
Other European leaders have called for similar action against Antifa. Slovak Prime Minister Robert Fico, who was nearly killed last year in an assassination attempt, is one of the European leaders attempting to highlight the risks coming from left-wing terrorists.
Geert Wilders Suspends Campaign Due To ‘Jihadi-Inspired Terrorist’ Plot, Assassination Threats
– 07:35 AM
In yet another example of how ‘peaceful’ both the Left and hardline Sunni/Salafi immigrants are, and in the wake of the Charlie Kirk assassination last month in the US, Dutch populist politician Geert Wilders – who the media constantly dubs Hitler “far Right” – has suspended his campaigning for elections later this month, due to ongoing threats to his life.
Specifically he was informed by authorities that he was a potential target of a suspected plot in Belgium to kill conservative politicians using a drone carrying explosives. Three men were arrested in Antwerp in the foiled attack believed to primarily be aimed at Belgium’s Prime Minister Bert De Wever.
“The NCTV does not foresee any ‘residual threat’ but I have a bad feeling and I am therefore suspending all my campaign activities for the time being,” Wilders said after a briefing he received.
Police raids in Antwerp recovered a homemade bomb, shrapnel loads, and evidence of apparent efforts to put together an explosive-laden drone. Washington Post details:
Prosecutors said the police raids were part of an investigation into “attempted terrorist murder and participation in the activities of a terrorist group.” They didn’t identify the politicians who might have been targeted.
But Belgian government ministers identified Prime Minister Bart De Wever as one target. On X, Wilders posted a Belgian news report that he and De Wever’s successor as Antwerp mayor, Els van Doesburg, were also on the hit list. All three are right-wing politicians.
Wilders’ outspoken stance against Islam as well as mass migration policies has actually resulted in some level of police protection and higher security going all the way back to 2004.
Dutch Justice Minister Foort van Oosten posted on X that he has ordered the Dutch counterterrorism office “do everything necessary to enable Mr. Wilders to resume his work as soon as he wishes.”
The founder and leader of Party for Freedom (PVV) has attracted controversy and hate due to his outspokenness on Europe’s migrant problem and the commentary like the following:
Geert Wilders: “Islam is truly evil. The so-called Prophet Muhammad raped a young girl and gave slave girls to his henchmen. Islam is violence, hatred and barbarism by nature. It is incompatible with freedom!” Do you agree? pic.twitter.com/qcoCCDxPMd
Wilders had previously canceled a planned radio debate, after which he was notified directly of the threat by the Dutch intelligence agency NCTV.
It does appear the plotter arrested in Belgium are Islamic radicals, given that Belgian prosecutors have described the intention of the suspects “was to carry out a jihadi-inspired terrorist attack targeting politicians.”
END
HOLLAND/CHINA
Holland just rturned up thje heat by seizing chip maker Nexperia
Dutch Govt Suddenly Seizes Control Of China-Owned Chip Maker
Monday, Oct 13, 2025 – 09:15 AM
As Trump cranks up (and then walks back) rhetoric towards China, the Dutch government just turned up the Beijing-baiting amplifier to ’11’.
In a sudden and quite chocking move, The FT reports that the Dutch government has taken control of Chinese-owned semiconductor maker Nexperia, warning of risks to Europe’s economic security after alleging “serious governance shortcomings” at the company.
Nexperia, the European semiconductor unit of China’s Wingtech Technology Co. is a key supplier to the automotive and consumer electronics industries. The Sept. 30 court order invoked the Goods Availability Act for the first time, a piece of legislation enacted more than 70 years ago to ensure access to critical products in emergencies.
“The decision aims to prevent a situation in which the goods produced by Nexperia would become unavailable in an emergency,” the government said in a statement late on Sunday, against a backdrop of escalating trade tensions between China and the US and its allies.
The move escalates frictions between western countries and China over access to high-end technology such as advanced semiconductors and critical raw materials.
The Netherlands should “truly adhere to market principles and refrain from politicising economic and trade issues”, said spokesperson Lin Jian.
On Thursday, China placed sweeping restrictions on the exports of rare earths used in products from cars to wind turbines.
The Dutch ministry said it invoked the country’s Goods Availability Act because of “recent and acute serious governance shortcomings and actions” at Nexperia, which is based in the Netherlands and has been majority-owned by Chinese technology group Wingtech since 2019.
As one would imagine, this move was not received well by Wingtech, which called the Dutch move excessive and based on geopolitical bias.
“We strongly protest against the discriminatory treatment targeting Chinese firms,” the company said in a statement on Monday posted on Chinese social media platform WeChat, urging the Dutch government to revoke the directives.
We have initiated all legal and diplomatic channels, it said.
Nexperia’s own executives called for a probe into the company, headquartered in Nijmegen, the Netherlands. Its Dutch chief legal officer, supported by German chief operating officer and chief financial officer filed a petition to an Amsterdam court on Oct. 1 seeking an investigation into the firm, Wingtech said.
The demands of the European executives closely aligned with directives from the Dutch government, Wingtech said, framing the move as an effort to use political pressure to deprive shareholders of their rights and overturn the company’s legitimate governance structure.
The Dutch government said Nexperia showed “recent and acute signals of serious governance shortcomings,” without elaborating. “These signals posed a threat to the continuity and safeguarding on Dutch and European soil of crucial technological knowledge and capabilities,” it said in the statement.
While Nexperia can continue regular production, the government can now block or reverse its decisions. The Hague is demanding that Wingtech suspend changes to Nexperia’s assets, business or personnel for as much as a year, a requirement that extends to its subsidiaries, the Chinese firm said in an exchange filing on Sunday.
Its shares plunged by its daily limit of 10% in Shanghai on Monday.
The court also ordered that all shares in Nexperia – except one – should be placed under custodial management by a designated individual, not yet named, for management purposes, Wingtech said.
“China always opposes overstretching the concept of national security and discriminatory moves that target companies from certain countries,” China Foreign Ministry spokesman Lin Jian said at a regular press briefing in Beijing on Monday.
“China is firmly resolved in defending its own legitimate and lawful rights and interests.”
Washington last year added Wingtech to its “entity list”, accusing the company of helping China acquire sensitive semiconductor manufacturing technology.
The designation requires US companies to seek a license to sell to them. Those license requests are often denied.
The US commerce department last month introduced new rules that extend the sales restrictions to subsidiaries of companies on the entity list, meaning that Nexperia would be subject to restrictions because of its Wingtech ownership.
We can only imagine the reaction in Washington or Brussels were this kind of action undertaken by Beijing on a US tech firm within China.
POLAND ILLEGAL MIGRANTS
Not in my backyard!!!
(Brooke ReMix)
“We Will Not Agree!” – Polish President Rejects EU Migrant Relocation Plan
Polish President Karol Nawrocki has told European Commission President Ursula von der Leyen that Poland will not accept any attempt by EU institutions to impose migrant relocations within its borders.
In a letter sent to Brussels, Nawrocki stated that such actions would be unacceptable and urged the Commission to focus on securing the European Union’s external frontiers and combating illegal immigration.
“I would like to kindly inform you that Poland will not agree to any actions by European institutions that would be aimed at relocating illegal migrants in Poland, and I hope that you will take this fact into account in your actions,”the president wrote, honoring his electoral pledge to firmly reject the bloc’s Migration and Asylum Pact.
Nawrocki reminded von der Leyen that Poland’s eastern frontier has for years faced “constant migratory pressure, controlled by the Moscow regime with the help of the Belarusian state and intelligence services.” He noted that Warsaw has devoted “significant resources” to protecting the EU’s border and to supporting Ukrainian refugees displaced by Russia’s war.
“In 2025, there are still nearly a million Ukrainian refugees in Poland,” Nawrocki wrote. “After Feb. 24, 2022, the Polish state acted responsibly and accepted Ukrainian citizens fleeing the war. We offered not only our own homes but also the state’s support that was needed at that time. Poland acted in solidarity, even though it was not bound by the obligation to show solidarity.”
Nawrocki said the bloc’s focus should not be on redistributing migrants within Europe but on stopping illegal crossings in the first place.
“I agree that illegal migration is a problem that Europe must address, but the solution is not to forcibly return migrants to Central and Eastern European countries,” he wrote. “Our common task should be, above all, to seal borders and combat smugglers.”
The Polish leader also noted that opposition to migrant relocation is shared across the political spectrum in Poland, including, at least in principle, Prime Minister Donald Tusk’s left-wing coalition government.
“If it occurs to anyone in Europe to consider that Poland should take on other burdens, then regardless of who says it, I will say that Poland will not implement it. End of story,” Tusk said earlier this year, albeit ahead of the presidential election.
“The overwhelming majority of Poles, regardless of political affiliation, oppose the forced relocation of migrants to Poland,” Nawrocki wrote, adding that his election campaign had centered on ensuring “that Poles feel safe in their own country” and preserving national sovereignty.
“One element of this security is undoubtedly the absence of the risk of illegal migration, which has been flooding Western Europe since German Chancellor Angela Merkel’s memorable decision in 2015,” he continued.
Nawrocki reaffirmed that he “will not consent to the implementation of the Pact on Migration and Asylum in Poland” but said Warsaw remains ready to cooperate in other areas. “At the same time, I remain ready to cooperate on border protection, joint operational activities, information exchange, and technical support for Member States most exposed to migratory pressures,” he concluded.
In February, the Polish legal foundation Ordo Iuris told Remix News that the European Union’s migration pact could see up to 100,000 migrants relocated to Poland every year.
“All will depend, of course, on the number of migrants arriving by the Southern routes, so it is a very rough estimate. But we stand by it,” said the institute’s Olivier Bault.
“In most cases, Poland will be unable to deport them, even if their asylum applications are denied,” Bault added.
When asked specifically about Poland and any possible exemption previously, EU commission spokesman Markus Lammert told press that “EU law is binding on the member states and the migration pact, as a result of its entry into force, is binding law.”
President Donald Trump suggested on Oct. 9 that Spain could be thrown out of NATO after Madrid declined to commit to boosting defense spending to 5 percent of gross domestic product (GDP).
Trump made the remarks during an Oval Office meeting with the leader of the defense alliance’s second-newest member, Finnish President Alexander Stubb, where the world leaders discussed NATO’s almost-universal pledge to increase defense expenditure.
The U.S. president said to his Finnish counterpart: “Well, we had to do it, and you were great about it. Spain has not been. Spain is the one that didn’t do it. And so, I think you people are going to have to start speaking to Spain. The only one that didn’t do it, the only NATO country that didn’t do it is Spain, and you’ll figure what that’s all about, right?”
Trump said later during the exchange: “We had one laggard. It was Spain, Spain. You have to call them and find out why are they a laggard, and they’re doing well, too.
“They have no excuse not to do this, but that’s all right. Maybe you should throw them out of NATO, frankly.”
Responding, Spain reaffirmed its commitment to the alliance, with the country’s defense minister, Margarita Robles, saying that Spain delivers on its pledges.
“These statements were made in a specific context, but I know for a fact that the U.S. Armed Forces are well aware of Spain’s commitment,” Robles said.
The defense minister in July had spoken of Spain’s reliability in the alliance during a visit to NATO headquarters in Naples, Italy, where she said that “NATO can count on Spain.”
According to a Spanish government statement from July 18, Robles said that “there are no debates or speeches that can overshadow Spain’s commitment and reliability in terms of NATO, because our commitment is robust.”
5 Percent of GDP
On June 25, Trump joined the leaders of the 31 other NATO member countries at a summit in The Hague, the Netherlands, where the alliance endorsed a new defense spending target of 5 percent of GDP—more than double the 2 percent benchmark set during a summit in Wales in 2014.
The president had been pushing for an increase in spending to redress an imbalance between what the United States and its non-U.S. allies spend.
A document called Funding NATO on the alliance’s website points to this imbalance, stating:
“The combined wealth of the non-US Allies, measured in GDP, is almost equal to that of the United States.
“However, non-U.S. Allies together spend less than half of what the United States spends on defence.
“This imbalance has been a constant, with variations, throughout the history of the alliance and has grown more pronounced since the tragic events of 11 Sept. 2001, after which the United States significantly increased its defence spending.”
During his first term, Trump frequently brought up this disparity, and the subject reemerged during the 2024 presidential election.
In October 2024, Trump’s then-running mate and now vice president, JD Vance, said: “Donald Trump wants NATO to be strong. He wants us to remain in NATO. But he also wants NATO countries to actually carry their share of the defense burden.”
Spain’s Exemption
In the run-up to the June 25 summit, several countries had already backed Trump’s call to increase their pledges, including Poland, Lithuania, and Estonia.
However, Spanish Prime Minister Pedro Sánchez said his country had made a deal with NATO to exclude itself from the increased target.
“Spain will, therefore, not spend 5 percent of its GDP on defense, but its participation, weight, and legitimacy in NATO remain intact,” Sánchez said in a televised address on June 22.
“We fully respect the legitimate desire of other countries to increase their defense investment, but we are not going to do it.”
He added that Spain could meet all of its commitments to NATO, in terms of staff or equipment, by spending only 2.1 percent of its GDP.
Spanish Prime Minister Pedro Sanchez speaks during a press conference after the plenary session at the NATO summit in The Hague, Netherlands, on June 25, 2025. Markus Schreiber/AP
According to NATO’s latest estimates from June, Spain is one of the lowest spenders on defense, just hitting 2 percent of GDP.
Poland is the highest spender out of the alliance, at 4.48 percent, followed by Lithuania (4 percent), Latvia (3.73 percent), Estonia (3.38 percent), Norway (3.35 percent), the United States (3.22 percent), and Denmark (also 3.22 percent).
At a pre-summit press conference on June 23, a journalist asked NATO Secretary-General Mark Rutte how, given the exemption for Spain, he was going to make sure the 5 percent pledge did not become an empty promise.
Rutte replied, “Alluding to Spain, NATO has no opt-out, and NATO doesn’t do side deals.”
He said countries within the alliance “have the sovereign right, and also the flexibility, to determine their paths for delivering on the NATO commitments.”
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
TBN ISRAEL/LAST 24 HRS:
ISRAEL VS HAMAS/EGYPT USA
Chaos reported as Palestinian factions revolt against Hamas in post-ceasefire Gaza
Palestinian sources report security chaos in the Gaza Strip, as Hamas gunmen clash with local clans in Beit Lahia and the Sabra neighborhood, and the son of a Hamas official was reportedly killed.
A Palestinian man points a weapon in the air, after US President Donald Trump announced that Israel and Hamas agreed on the first phase of a Gaza ceasefire, in the central Gaza Strip October 9, 2025.(photo credit: REUTERS/Mahmoud Issa)ByELLIE LEONOCTOBER 11, 2025 17:08
Following a wave of armed clashes between Hamas terrorists and local Palestinian groups, Palestinian sources are reporting a widespread breakdown in security across the Gaza Strip.
In Beit Lahia, an exchange of gunfire erupted between gunmen affiliated with Ashraf al-Mansi and Hamas forces. At the same time, another confrontation was reported in the Sabra neighborhood of Gaza City between the Dajmash clan and Hamas, during which Muhammad Imad Aql, the son of a senior Hamas military commander who was previously assassinated, was killed.
Hamas forces surrounded the al-Dhamsha family neighborhood in the al-Sabra area of Gaza City on Friday night. Schools and residential towers were evacuated, while snipers and a large number of masked, armed men were deployed throughout the area.
Hamas views the rebellious clans as a direct threat to its control over Gaza City, according to Palestinian sources. During the war, Hamas executed the mukhtar (chief) of the Dajmash clan — one of the armed families in northern Gaza — fearing that Israel might try to use the clan against it. As part of its efforts to suppress the uprising, Hamas sent senior fighters to attempt an assassination of Yasser Abu Shabab, leader of the Rafah militia. The assassination attempt failed.
Meanwhile, Hussam al-Astal, commander of an armed group opposed to Hamas in Khan Yunis, published a defiant post on his Facebook page, harshly attacking the organization.
members of the Abu Shabab Popular Forces militia in the Gaza Strip. (credit: SCREENSHOT/X, SECTION 27A COPYRIGHT ACT)
“To all the Hamas rats,” he wrote, “your tunnels are destroyed, your rights no longer exist. Repent before it’s too late — there is no Hamas from today onward.”
Al-Astal also referred to last week’s clashes, when Hamas allegedly tried to launch an attack against the al-Majaida clan in Khan Yunis. According to him, Hamas gunmen hid inside Nasser Hospital and a nearby mosque, from where they fired RPGs and explosives at the clan’s members. The IDF, he claimed, assisted in eliminating the Hamas cell through an airstrike that killed at least 22 militants. The IDF spokesperson confirmed the existence of the strike.
Following these events, Hamas officials issued calls for revenge against the armed groups that, according to them, cooperated with Israel. Channels affiliated with the organization reported their intention to “settle accounts” with the groups’ leaders — including Abu Shabab, al-Astal, Rami Khalas, and al-Mansi.
The rival groups — among them Abu Shabab’s “Popular Forces” — operate mainly in areas that, according to the first stage of the ceasefire arrangement, will not be evacuated by the IDF: eastern Rafah, parts of Beit Lahia and Beit Hanoun, and eastern Khan Yunis — regions located outside both the “yellow line” and even the “red line” on the proposed map of the agreement.
Al-Astal declared that his men continue to operate: “Let the Hamas dogs not rejoice — we are here, and they are the ones who will fall.”
Sources close to Abu Shabab likewise stated that his forces are undeterred by the threats.
A senior member of the group was quoted as saying, “Just as Hamas gave in under pressure and agreed to release hostages, so too will it eventually give up its heavy weapons.”
END
Hamas shoots at Palestinian rioters after abducting prominent Gaza clan members
Hamas accused the clan of working with Israel.
Palestinians, who were displaced to the southern part of Gaza at Israel’s order during the war, make their way along a road as they return to the north, amid a ceasefire between Israel and Hamas in Gaza, in the central Gaza Strip, October 11, 2025.(photo credit: REUTERS/Mahmoud Issa)BySETH J. FRANTZMANOCTOBER 11, 2025 19:47Updated: OCTOBER 11, 2025 20:23
Hamas appears to be preparing to exact vengeance on those opposed to its rule in Gaza. This will come in the form of mafia-like murders of those Hamas claims are “collaborators.” It will target clans and groups that have shown opposition to Hamas. It will also target those that have worked with Israel, or who it accuses of working with Israel.
A Telegram channel linked to Hamas said the group would target “collaborators.”
The BBC reported that Hamas has called up some 7,000 fighters to assert its control. Hamas recruited during the war even as it took losses. It may have lost many of its commanders, but it has appointed new commanders to various cells, platoons, companies, battalions and brigades.
The BBC reported that “Hamas recalls 7,000 fighters to reassert control over Gaza as fears of renewed internal violence emerge following the withdrawal of Israeli forces. The mobilisation has been widely anticipated as uncertainty grows about who will govern Gaza once the war ends – this is a key sticking point for later phases of Trump’s plan.”
Hamas has long used mafia-like gangland tactics to keep people in check in Gaza. This goes back to how the group emerged in the late 1980s and early 1990s. Hamas leaders such as Yahya Sinwar were known for brutally murdering “collaborators” back then. Sinwar is dead but his tactics live on. Hamas has lost a lot of its larger weapons but it retains AK-47s and can use them to murder people. Videos have already emerged of Hamas allegedly murdering people.
A Palestinian man points a weapon in the air, after US President Donald Trump announced that Israel and Hamas agreed on the first phase of a Gaza ceasefire, in the central Gaza Strip October 9, 2025. (credit: REUTERS/Mahmoud Issa)
Khaled Abu Toameh, an expert and journalist who has covered Palestinian affairs for decades, wrote on social media that “Hamas security forces have arrested dozens of suspected collaborators and anti-Hamas clan members since the ceasefire went into effect. Many are expected to be executed, according to Palestinian sources.”
As Hamas threatens to eliminate any opposition in Gaza, the groups that emerged during the war to challenge Hamas are eying the future. The Telegraph reported this weekend that “In an exclusive interview, Hossam al-Astal describes how he and others who hate the terror group await moment to liberate Gaza.”
Astal leads a group opposed to Hamas. In the interview he said he would work with Tony Blair, whose name has circulated as one of those who may play a role in the Trump-backed Board of Peace for Gaza.
Hamas likely also has its sights on the Doghmush clan whose members it has killed in the past. The clan is large and has weapons, and Hamas will try to keep it in check via violence but also likely via talks. BBC reported on October 11 thagt “tensions rose sharply and quickly after two members of Hamas’s elite forces were shot dead by gunmen from the powerful Dughmush clan in Gaza City’s Sabra neighbourhood. One of them was the son of a senior commander in Hamas’s armed wing, Imad Aqel, who now heads the group’s military intelligence.”
Another group that Hamas will want to target are any of those linked to Yasser Abu Shabab, who formed a militia in southern Gaza. He is linked to Bedouin families and Hamas may target members of Bedouin tribes accused of working with Israel.
Israel’s Ynet noted that “amid the emerging cease-fire deal with Hamas, under which 48 hostages held in Gaza are expected to be released in the coming days, a senior Israeli security official on Thursday called to ‘act now’ to protect the Gaza clans that fought against Hamas during the war. ‘We must not abandon them to Hamas,’ he said.” The New Arab has asked what will happen to those groups that worked with Israel and The Guardian has made it appear that those groups could harm the current peace deal.
Targeting the Mujaida clan
In early October, Hamas also targeted a neighborhood where the Mujaida clan lives. A number of people were killed. “The southern Gaza city of Khan Younis has witnessed one of the fiercest internal confrontations since the war began, between a Hamas security force and gunmen from the al-Mujaida clan – one of the largest families in the south,” the BBC noted.
Hamas will want to settle scores and also show that it is still in control. Hamas will not remain in the shadows, it is already deploying men with AK-47s in areas of Gaza. It will want to show that it still has a mafia-like grip on power. It won’t want any of the various clans, tribes and militias to get any ideas. It will want to cement itself in power before any new interim administration is appointed. Then it will hand a fait accompli to anyone who thinks they can remove Hamas from Gaza.
END
Hamas ready to hand over 20 living hostages ahead of Trump’s arrival, WSJ reports
This contradicts Hamas’s comments from earlier on Sunday that they would reportedly release all remaining hostages, living and deceased, by dawn on Monday, October 13.
Omer Shem Tov and Amit Soussana delivered a message to the hostages still in Gaza, in Tel Aviv, October 9, 2025(photo credit: Chen G. Schimmel/The Jerusalem Post)ByJERUSALEM POST STAFF, AMICHAI STEIN, AVI ASHKENAZIOCTOBER 12, 2025 12:56Updated: OCTOBER 12, 2025 14:36
Hamas has said that it is ready to hand over the 20 living hostages today, the Wall Street Journal reported on Sunday.
“Israel is prepared and ready for the immediate reception of all our hostages,” Prime Minister Benjamin Netanyahu stated.
Israel believes that Hamas will release the living hostages before midnight on Sunday, so that the hostages will be in Israeli care by the time US President Donald Trump arrives on Monday morning. Reports have indicated that the hostages are set to be released from three separate locations.
This contradicts Hamas’s comments from earlier on Sunday that they would reportedly release all remaining hostages, living and deceased, by dawn on Monday, October 13, an Israeli official told The Jerusalem Post.
Hamas has reportedly begun to gather the living hostages in preparation for their handover to representatives of the International Committee of the Red Cross (ICRC), which is expected to begin at around 6 a.m.
However, Hamas has yet to announce the location of the handover, and Israeli authorities currently have no indication of where the transfer will take place or whether there will be more than one handover site.
“We know from previous releases that in the days leading up to the handover, Hamas would gather the hostages in one place in preparation for their release. We assume that’s what they did over the past 24 hours,” an Israeli security official told Maariv.
Israel is operating under two main assumptions. The first, that the hostages, both living and deceased, will be released all at once. The second is that their release will happen by 9 a.m., Trump’s expected arrival.
Einav Zangauker at celebrations at Hostage Square in Tel Aviv as negotiators sign deal freeing all hostages from Gaza, October 09, 2025. (credit: CHAIM GOLDBEG/FLASH90)
Previous expectations of the hostage release
All hostages were expected to be released by noon on Monday at the latest, 72 hours after the ceasefire went into effect following the Israeli government’s vote to ratify the deal.
Additionally, Arab reports indicated that Hamas had begun collecting the remains of deceased hostages to return to Israel; however, there is a fear that Hamas may have lost some of the bodies of the deceased.
“My biggest fear is that we will be told ‘not found,’ and families will be left without closure,” Yehuda Avidan, Director-General of Israel’s Ministry of Religious Services, said in a radio interview to KAN. “We do not trust [Hamas] with anything.”
The agreement was announced after intensive talks in Sharm el-Sheikh, where US Special Envoy to the Middle East Steve Witkoff and Trump’s son-in-law Jared Kushner pushed Israel and Hamas to an agreement, along with Qatari and Egyptian mediators.
This is a developing story.
END
Hamas Says Tony Blair Not Welcome In Gaza Following Ceasefire
Hamas has warned that Tony Blair would not be welcome in any role in governing Gaza following the commencement of a ceasefire in the enclave. Speaking to Sky News, senior Hamas official Basem Naim said he welcomed US President Donald Trump’s involvement in bringing about an end to the two-year war.
However, he said that there could be no role for the former British prime minister in the governance of Gaza, despite Trump’s previously announced support for Blair’s involvement. “When it comes to Tony Blair, unfortunately, we Palestinians, Arabs and Muslims, and maybe others around the world have bad memories of him,” Naim said. “We can still remember his role in killing, causing thousands or millions of deaths to innocent civilians in Afghanistan and Iraq.”
As official envoy for the Middle East Quartet (US, Russia, European Union and UN) between 2007 and 2015, Blair was also previously tasked with attempting to bring about a solution to the Palestine-Israel question, something he was unable to achieve.
Last month, various media outlets reported that Blair was in discussions to lead a transitional authority in the Gaza Strip as part of a US-backed plan for post-war governance. The plan would establish a transitional authority in Gaza for up to five years, excluding both Hamas and the Palestinian Authority.
Under the reported proposal, the authority would hold “supreme political and legal authority” over Gaza during the interim period. Hamas has rejected the involvement of Blair in governing Gaza, citing in part his previous failures in the region.
Thousands of Palestinians began returning to northern Gaza on Friday after a ceasefire took effect, following Israel and Hamas’s approval of a deal to “end the war” and exchange prisoners.
The Israeli military said the ceasefire officially began at 12pm local time (9am GMT) after the completion of its withdrawal to agreed-upon lines of the first phase. There was no immediate comment from Hamas. The Israeli government ratified the agreement on Friday morning, just hours after Hamas announced that a deal had been reached.
Israel’s public broadcaster, Kan, on Thursday published a leaked copy of the agreement’s first phase signed in Egypt, which states that the war would “immediately end” once approved by Israel.
Trump is expected to visit Egypt over the weekend to attend an official signing ceremony, followed by a visit to Israel on Monday.
On Thursday, Hamas chief negotiator Khalil al-Hayya confirmed that the Palestinian movement had also approved the agreement to end the war. He added that the United States and other mediators had provided guarantees that the signing of the deal would mean the war “has ended indefinitely”.
However, Israeli air strikes, artillery fire and gunfire were reported in Gaza City and Khan Younis on Friday morning. No injuries were reported.
Israeli forces also carried out bombings in Gaza on Thursday, after mediators announced a deal had been reached, killing at least eight Palestinians.
END
IDF confirms seven Gaza hostages safely in custody
Hamas publishes names of 20 hostages set for release on Monday morning • Trump set to to land in Israel at 9:20 a.m. amid hostage releases
Red Cross vehicles transport hostages, held in Gaza since the deadly October 7, 2023 attack, following their handover as part of a ceasefire and hostages-prisoners swap deal between Hamas and Israel, in Gaza City October 13, 2025 in this still image taken from video.(photo credit: REUTERS/DAWOUD ABU ALKAS)
October 13, 4:07 PM
WATCH: Gaza hostage Matan Zangauker speaks to mother, girlfriend for first time in two years
Released Gaza hostage Matan spoke with his mother, Einav Zangauker, and his girlfriend, Ilana Gritzewsky, on the phone for the first time in two years shortly after Matan was released by Hamas into IDF custody on Monday morning.
END
THEN:
All living hostages safely within Israeli territory, IDF confirms
Hamas publishes names of 20 hostages set for release on Monday morning • Trump lands in Israel amid hostage releases, declares Gaza war over
Released hostages embrace their loved ones after two years of Hamas captivity on Monday, October 13, 2025.(photo credit: IDF SPOKESPERSON UNIT
END)
WATCH: ‘The war is over,’ Trump declares ahead of historic Knesset speech
Netanyahu praised Trump for a history of pro-Israel policies, including moving the embassy to Jerusalem, and providing support during the past 10 months against Hamas, Iran, and Houthi terrorists.
US President Donald Trump arrived at the Knesset on Monday morning, giving a speech at the plenum.
A trumpet fanfare sounded in the Knesset upon his entrance to the building and he entered the plenum to additional fanfare and wide applause.
“We’re in a nice place,” Trump’s speech began. We are “giving thanks to the Abrahamic God,” he added.
Netanyahu is “not easy to work with, but that’s what makes him great,” Trump affirmed.
“Like the USA right now, it will be the golden age for Israel,” the president commented.
Trump commented that “a lot of people said we were wasting our time” with regards to a ceasefire agreement, but thanks to several “great American patriots, we achieved this,” Trump commented, highlighting the work of US envoy Steve Witkoff for the part that he played.
Trump said that countries working together toward peace under the Gaza agreement represents an “incredible triumph for Israel and the world.”
He said Israel “has won all that can be won by force of arms.”
He added that it was time to translate what he described as “victories against terrorists” into peace and prosperity for the Middle East.
Odeh, Cassif ejected from Knesset for heckling Trump, holding sign reading ‘genocide’
MKs Ayman Odeh and Ofer Cassif were ejected from the Knesset during the speech as MKs shouted “terrorist.” Odeh was holding up a sign protesting Trump reading “genocide.” The president commented that Knesset security removed the two MKs in a “very efficient” manner.
https://player.jpost.com/public/player.html?player=jpost&media=3960710&url=www.jpost.comUS President Donald Trump arrives at the Knesset in Jerusalem for a historic speech as hostages are released from Hamas terror captivity, October 13, 2025. (credit: KNESSET SPOKESPERSON)In the meeting in Netanyahu’s office, Trump wrote in the Knesset’s guest book: “It is a great honor for me – this is a beautiful day, a new beginning. With great respect.”
US President Donald Trump signs the Knesset guest book, Jerusalem, October 13, 2025. (credit: NOAM MOSKOWITZ/KNESSET SPOKESMAN UNIT)
Trump was asked by reporters in the Knesset hallways if the Israel-Hamas war is over. “Yes,” the president emphatically answered.
“It’s a great day. A whole new beginning. There’s never been an event like it. It’s a great day,” Trump commented. “I’m so happy for the hostages and their families,” he added.
‘America First’ is not America alone, Trump understands, Ohana says
Knesset Speaker Amir Ohana began the addresses to the Knesset plenum, welcoming those in attendance and referring to Trump as the greatest friend in Israel’s history.
Trump recognized that “America First” does not mean “America alone,” while discussing the president’s actions taken to prevent Iran from acquiring a nuclear weapon.
Knesset Speaker Amir Ohana began the speeches, saying that Trump is not just “another American president,” but a “giant of Jewish history – one for whom we must look back two and a half millennia into the mists of time to find a parallel, in Cyrus the Great.”
Ohana was referring to the founder of the ancient Persian Achemenid empire who, according to both historical documents and the Bible, permitted Jews to return to Israel and rebuild the Second Temple in Jerusalem, in the sixth century BCE.
“What the world needs now is not appeasers who feed the crocodile in the hope that they will be eaten last, like we have seen at the UN General Assembly, but what the world needs now are more leaders who are brave, resolute, strong, and bold. The world needs more Trumps!” Ohana emphasized.
Ohana then addressed Netanyahu in Hebrew, praising him and expressing gratitude for his efforts throughout the war.
“We would not have made it to this point if Prime Minister Netanyahu had not made the efforts he did.”
Ohana referred to Trump as the “President of Peace” affirming that, in his view, “there was not a single person on this planet who did more than you to advance peace, no one even came close.”
Trump’s election last year was a “turning point not only for the US, but the entire world,” Ohana claimed, adding his view that Trump has become “one of the most consequential presidents in history.”
Trump “more than any other individual” deserves “the highest recognition for your efforts in promoting peace,” Ohana said.
Ohana will therefore work with US Speaker of the House Mike Johnson to rally parliamentary presidents to nominate Trump for the 2026 Nobel Peace Prize as “there is no one more deserving.”
Netanyahu thanks Trump for record of pro-Israeli policies
This is Trump’s first visit to Israel since recognizing Jerusalem as the capital of Israel and relocating the embassy during his first administration, Netanyahu mentioned.
Netanyahu also thanked Trump for recognizing sovereignty over the Golan Heights, and standing up against “lies against Israel” at the United Nations.
Prime Minister Benjamin Netanyahu addresses the Knesset alongside US President Donald Trump, October 13, 2025. (credit: MARC ISRAEL SELLEM/THE JERUSALEM POST)
The prime minister also thanked Trump for brokering the Abraham Accords in 2020.
Netanyahu thanked Trump for Operation Rising Lion and Operation Midnight Hammer, Israel and America’s respective airstrikes against Iran in June.
We remember the scenes of Hamas’s October 7 massacre, Netanyahu said, as he addressed Trump, highlighting that several victims were dual Israel-US nationals.
Israel did what it had to do to defend its people, with heroic soldiers who fought like lions, he added.
Iran’s nuclear weapons and ballistic missile program rolled back with Trump’s help, Netanyahu said. Half of the Houthi leadership wiped out, he added. But the price has been heavy with nearly 2,000 lost, including almost half in battle, leaving behind mourning families, the prime minister said, telling the families that he knows the depth of their pain and the inconsolable grief that will accompany them for the rest of their lives.
“Because of these heroes, our nation will survive, thrive, and have peace,” he added.
Netanyahu also praised a dual Israel-US national called Ari who lost three of his limbs during the Israel-Hamas war.
Our enemies now understand just how powerful Israel is; they understand how catastrophic attacking Israel was, and now understand that attacking Israel was a mistake, Netanyahu said.
Our enemies now understand just how powerful Israel is; they understand how catastrophic attacking Israel was, and now understand that attacking Israel was a mistake, Netanyahu said.
Today with the indispensable help of Trump, and the indescribable sacrifice of IDF soldiers, we are fulfilling the promise to bring all the hostages home, the prime minister stated.
Diplomatic pressure was turned on its head as more and more governments succumbed to Hamas propaganda, Netanyahu stated.
Prime Minister Benjamin Netanyahu and US President Donald Trump embrace on the Knesset plenum, October 13, 2025. (credit: MARC ISRAEL SELLEM/THE JERUSALEM POST)
Just at that point of maximum pressure on Israel, Trump was elected president, and overnight, everything changed, Netanyahu affirmed.
Thanks to Trump’s unequivocal backing of Israel we secured a second hostage deal within weeks of your election, he added.
Just at that point of maximum pressure on Israel, Trump was elected president, and overnight, everything changed, Netanyahu affirmed.
Thanks to Trump’s unequivocal backing of Israel we secured a second hostage deal within weeks of your election, he added.
Trumps decision to bomb Fordow was a pivot in history, Netanyahu said, adding that assassinating then-Islamic Revolutionary Guard Corps-Quds Force chief Qasem Solemani, the “Pivot of Death,” changed the balance in the world, bringing America back to the driving seat, he commented.
Netanyahu added that he nominated Trump to become the first non-Israeli to receive the Israel Prize, adding that “as to that other prize, it’s only a matter of time,” referring to the Nobel Peace Prize.
Opposition leader MK Yair Lapid: Nobel Prize committee made grave mistake not granting Trump award
“For two years we waited for this morning. Two years of sleepless nights, two years without air in our lungs. Our eyes are filled with tears today. Our hearts are filled with gratitude. Our children are coming home,” opposition leader MK Yair Lapid began.
Opposition leader Yair Lapid addresses the Knesset plenum during President Donald Trump’s visit (credit: MARC ISRAEL SELLEM/THE JERUSALEM POST)
Lapid also expressed his gratitude to Trump, telling him,”Mr. President, you have saved the lives of our hostages. But you saved so much more.”
Trump has also saved the souls of the bereaved, as well as thousands of soldiers who now will not fall in battle, along with millions from the horrors of war, Lapid said, referring to the passage in the Jerusalem Talmud which states that one who saves a single life is as if he saved the entire world.
“The fact that you were not awarded the Nobel Peace Prize is a grave mistake by the committee – but they will have no choice, Mr. President. They will have to award it to you next year.”
“We are not going anywhere, the Middle East is our home and we are here to stay,” Lapid said.
Lapid addressed protesters in the West, claiming that they were deceived by propaganda experts. “You have time to go learn the facts, the truth is there was no genocide, no intentional starvation,” he said, noting that if you stand with the Iranian regime, Hamas, or Hezbollah you stand on “the side of evil,” while those who stand on the side of Israel “stand on the side of justice.”
“If there was one stock I would invest in today, it would be the State of Israel,” Lapid said as he addressed, what he called, the “businessman in Trump.”
Trump, Netanyahu hold meeting preceding speeches
Prime Minister Benjamin Netanyahu meets with US President Donald Trump in the Knesset, Jerusalem, October 13, 2025. (credit: Avi Ohayon/GPO)
Trump and Prime Minister Benjamin Netanyahu held a meeting in the Knesset ahead of the president’s speech.
Both leaders then met with freed hostages and hostage families after their private meeting.
Trump was joined in the Knesset by senior officials from the administration, including Secretary of State Marco Rubio, Secretary of War Pete Hegseth, and Chairman of the Joint Chiefs General Dan Caine. Caine met with IDF Chief of Staff Lt.-Gen. Eyal Zamir in the Knesset halls ahead of Trump’s speech.
Special Envoy Steve Witkoff was also in attendance, and received loud cheers and applause when Ohana announced his name.
US ambassador to Israel Mike Huckabee, Israeli ambassador to Washington Yechiel Leiter, Jared Kushner, and Ivanka Trump, Mossad chief David Barnea, Shin Bet chief Maj.-Gen. (res.) David Zini, Coordinator for Hostages and Missing Persons Brig.-Gen. (res.) Gal Hirsch, and Jerusalem mayor Moshe Leon also attended, as well as other notable Israeli and American officials.
Members of Knesset wear a Make America Great Again hat in the Knesset plenum as US President Donald Trump arrives, October 13, 2025. (credit: MARC ISRAEL SELLEM/THE JERUSALEM POST)
The historic visit comes after Trump brokered Israel’s ceasefire deal with Hamas.
Trump landed in Israel at the same time as the first batch of Israeli hostages were released by the terror group.
Prime Minister Benjamin Netanyahu and wife Sara joined Trump in the US Presidential security vehicle, nicknamed “The Beast,” contrary to protocol as the leaders traveled from Ben-Gurion Airport to the Knesset.
Prime Minister Benjamin Netanyahu gifts US President Donald Trump with a golden dove, October 13, 2025. (credit: Avi Ohayon/GPO)
Trump’s visit to the country comes as Israel has begun to receive the hostages as part of the deal throughout Monday morning, after they had been held in Hamas captivity since the October 7, 2023, Hamas massacre.
This is a developing story.
END
Trump Proclaims End Of “Age Of Terror & Death” After Hamas Releases All Remaining Hostages
Monday, Oct 13, 2025 – 07:45 AM
In a historic day, Hamas has released on all remaining Israeli hostages following two years of war. 20 in total have been released, with an initial seven handed over in the first wave, followed by 13 more. 28 additional deceased captives are expected being returned, though there are reports that only four of the deceased have been transferred back to Israel at this point.
In return, 250 Palestinian prisoners serving long and life sentences are now being released from Israeli prisons as part of the first phase of the US-brokered deal. Additionally, over 1,700 Palestinians being held without charge are to be released.
Israeli media observed that many of the hostages, some of which haven’t so much as been photographed in two years, are looking noticeably thin, and they were also forced to wear a quasi-military uniform as they were set free. Several videos have already featured teary-eyed reunions of hostages with their parents, families, and loved ones.
Israel’s Prime Minister Benjamin Netanyahu hailed the freedom of all the remaining hostages in speech before the Knesset, also vowing to keep the peace. “Mr. President, you are committed to this peace. I am committed to this peace. And together, Mr. President, we will achieve this peace,” he said. He declared today “marks the end of two years of war.”
President Trump, having touched down on Air Force One in Tel Aviv hours before, also addressed parliament in Jerusalem, and was thanked by Netanyahu for his “pivotal leadership in putting forward a proposal that got the backing of almost the entire world.”
He said of Trump’s ceasefire plan that it “brings all our hostages home” and “ends the war by achieving all our objectives” and it also “opens the door to an historic expansion of peace in our region and beyond our region.” That Netanyahu has publicly proclaimed the end of the war is a crucial development is there has been much speculation on this point, and whether Israel’s military will actually withdrawal.
With Trump seated beside him, Netanyahu said, “This is your first visit to Israel since you recognized Jerusalem as our capital and moved the embassy here. Thank you for recognizing Israeli sovereignty over the Golan Heights.” He then claimed, “Thank you for standing up to the lies against Israel in the United Nations.”
President Trump took to the podium, and receiving a standing ovation, proclaimed, “This is not only the end of a war. This is the end of the age of terror and death and the beginning of the age of faith and hope and of God.”
Hostages are welcomed home by thousands of Israelis after two painful years in Hamas captivity
One of the most historic and emotional moments in the history of Israel 🇮🇱
Hostages are welcomed home by thousands of Israelis after two painful years in Hamas captivity 🎗 pic.twitter.com/h0hqRQ1JyA
“It’s the start of a grand concord and lasting harmony for Israel, and all the nations of what will soon be a truly magnificent region,” he stated. “I believe that, so strongly. This is the “historic dawn of a new Middle East.”
There was a moment of a disruption in parliament soon after Trump began:
Trump's Knesset speech was protested by Arab MP Ayman Odeh and Communist MP Ofer Cassif with placards reading ‘genocide’; Odeh and Cassif were forcibly removed from the plenary session. pic.twitter.com/EPcIuVWmBv
After two “harrowing” years and “the guns are silent,” Trump continued, adding that the region is now “at peace” and he expressed hope that this will be the case “for eternity”.
At what point the president heaped praise on US special envoy Steve Witkoff and his son-in law and adviser Jared Kushner, who is said to have helped broker the ceasefire deal.
The Hostage and Missing Families Forum says only four of the 28 bodies of dead hostages will be returned to Israel today, calling it a “blatant breach” of the ceasefire agreement with Hamas.
There has not been an announcement on the identities of the four, and there has been no confirmation from Israeli authorities on the number of bodies expected today.
Several families of dead hostages were told by Israeli authorities yesterday that their loved ones’ bodies would not be returned today or tomorrow, and that Israel would spare no effort to locate and return them.
Another key moment in the speech was when Trump said “Bibi would call me so many times” asking for weapons – “so many that Israel became strong and powerful… that’s what led to peace.”
Interestingly, a number of people in the audience were observed wearing MAGA-style hats that read “Trump The Peace President.”
RUSSIA VS UKRAINE
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
Lesser-Known Breast Cancer Spreading Among American Women
A subtype of breast cancer is on the rise among American women, with incidence rates highest among White females, according to an Oct. 7 peer-reviewed study published in the American Cancer Society’s (ACS’s) journal Cancer.
Except for skin cancers, breast cancer is the most common cancer among American women, making up one out of every three new female cancers occurring annually, according to ACS data.
Invasive breast cancer occurs when cancer cells spread into the surrounding breast tissue. There are two common types—invasive ductal carcinoma (IDC) and invasive lobular carcinoma (ILC).
According to the study, breast cancer stats and clinical data typically reflect IDC as the dominant subtype. As such, researchers analyzed data from the Centers for Disease Control and Prevention and the National Cancer Institute (NCI) to identify incidence and outcomes of ILC.
“The incidence of lobular breast cancer has increased from 6 cases per 100,000 women in 1975 to approximately 14 in 2021, mirroring patterns for all other breast cancers that are largely driven by the widespread uptake of mammography screening,” the study stated.
“Rising incidence for ILC, as well as other breast cancers, is thought to be driven by changing patterns in risk factors, such as increasing excess body weight, younger age at first menarche, later age at first birth, fewer children, later age at menopause, and increased alcohol consumption in some age groups.”
The study projected that roughly 33,600 women in the United States will be newly diagnosed with ILC this year. Women aged 60–69 are estimated to account for the majority of these cases, with 10,320 diagnoses.
Between 2017 and 2021, more than half of invasive lobular diagnoses happened among women over 65 years of age. Similar to other breast cancers, the most prevalent tumor sizes for lobular cancer types are less than two centimeters.
For the most recent decade, between 2012 and 2021, incidence rates for ILC have increased “more steeply” at 2.8 percent annually compared to 0.8 percent for other breast cancer types, said the study.
Unlike other breast cancers, ILC incidence was found to be rising at a similar pace among women under the age of 50 years and those above it.
Race-wise, White women had the highest incidence rate for ILC at 14.7 per 100,000 females. Incidence rates among black, Native American, and Hispanic women were roughly 33 to 55 percent lower.
In terms of survival, women diagnosed with ILC have a higher survival rate than those with IDC seven years after diagnosis, the study said.
At 10 years, survival rates for ILC and IDC are similar. For regional- and distant-stage disease, in which the cancer has spread wider in the body, ILC survival rates are lower.
ILC originates in the lobules, glands in the breasts responsible for producing milk, ACS said in an Oct. 7 statement.
“ILC tumors grow in a linear or dispersed pattern, instead of forming a lump typical of other breast cancers. This can contribute to delayed detection by patients and doctors, treatment challenges, and poorer long-term prognosis for advanced disease,” it said.
Angela Giaquinto, an ACS scientist and lead author of the study, said that while ILC makes up only 10 percent of all breast cancers, the rising number of these cases makes the disease “important to understand.”
“Also, survival rates beyond seven years are significantly lower for ILC than the most common type of breast cancer, highlighting the pressing need for prevention and early detection strategies targeting this subtype to be brought to the forefront,” she said.
Three of the researchers in the study were employed at the ACS, which receives grants from corporate and private sources.
One researcher reported a conflict of interest, having received grants from the Breast Cancer Research Foundation, the Fashion Footwear Association of New York, and biotech company Genentech. Another researcher received grants from Genentech/Roche, Puma Biotechnology, and pharmaceutical company Eisai.
According to a Sept. 22 post by the CDC, risk factors for breast cancer include things that people can change and some that they can’t.
Changeable risk factors include being physically active, consuming less alcohol, reducing hormone intake, and reducing weight.
Risk factors that are not changeable include genetic mutations, having dense breasts, a family history of breast or ovarian cancer, and old age.
On Sept. 25, the Food and Drug Administration announced it had approved a new therapy for advanced breast cancer—Imlunestrant from Eli Lilly.
The therapy, expected to be made available in the United States over the coming weeks, is set to have a price tag of $22,500 per 28 days for the 400 milligram dose.
According to a 2024 survey, women who delayed mammograms typically had low breast cancer risk and were concerned about overdiagnosis and the resulting harms.
“Commonly stated reasons for delaying screening included lack of family history, low cancer risk, and concern about screening harms,” the study authors said.
Although mammography can save lives through early detection, it also comes with certain risks, including false positives, unnecessary biopsies, and overdiagnosis, with false positives being quite common.
The survey discovered that 239 out of 1,000 women who did breast cancer screenings between 40 and 49 years of age received a false positive result.
UK: Bonehead leaves Oasis tour after cancer diagnosis; FR: Terence Atmane pulls out of Shanghai Masters (“sudden illness”); DE: Malthe Hejsel quits handball for 6 months (myocarditis); more
Country music icon cancels tour dates due to emergency surgery
October 10, 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.
Country music star Cody Johnson has canceled his remaining 2025 tour dates due to an emergency surgery.
The musician shared the news in a statement released on X.
“It is with a very heavy heart I have to share the remainder of this year’s concert performances will not be able to happen,” Johnson said. “While battling a severe upper respiratory and sinus infection, I burst my eardrum. The severity of the rupture means I must undergo immediate surgery. The healing process will take many weeks, and it is not possible for me to sing during this time.”
Dolly Parton postpones shows over ‘health challenges’
September 29, 2025
Dolly Parton has postponed her forthcoming Las Vegas residency by nine months, telling fans she needs “a few procedures” to deal with ongoing “health challenges”. In a statement posted on her social media accounts, the 79-year-old country music legend explained she wouldn’t have enough time to rehearse for the six shows, which were scheduled to take place at The Colosseum at Caesars Palace in December. Parton did not disclose the nature of her health issues, but she was recently forced to pull out of a Dollywood event after being diagnosed with a kidney stone that she said was causing “a lot of problems”. “Turned out it’d given me an infection, and the doctor said, ‘You don’t need to be travelling right this minute, so you need a few days to get better,’” she said in a video recorded for fans who attended the event on 17 September. Earlier this year, she lost her beloved husband Carl after more nearly 60 years of marriage.
Researcher’s Note – Dolly Parton has received her first dose of the COVID-19 vaccine [sic]: Link
Dolly Parton Was ‘Happy’ to Help Fund Moderna’s COVID Vaccine [sic]: I Felt ‘Led to Do Something’: Link
Country Icon Chris Stapleton Forced to Postpone Upcoming Concerts While ‘Battling’ Illness
October 9, 2025
Chris Stapleton has been forced to postpone his upcoming weekend run of shows as part of his 2025 All-American Road Show tour. The vocal country powerhouse took to Instagram on Thursday, Oct. 9, sharing the unfortunate news with his fans and followers.
In his message, the 47-year-old Lexington, Ky. native revealed that he has been sick and is currently recovering from a bout of bronchitis. He also shared that he has been put on doctor-ordered vocal rest as he continues to heal from his illness.
‘90s Alt-Rock Star Forced to Cancel Gig Due to Health Issues: ‘He’s a Very Sick Man’
September 29, 2025
Evan Dando [58], the frontman of 1990s alternative rock favorites the Lemonheads, has been forced to cancel an upcoming solo acoustic date due to health issues. The news was announced in a message on Instagram posted jointly on the official accounts of Dando’s band the Lemonheads, support act Chapterhouse and Brewing Folk, which operates the venue Verdant Taproom in Penryn, U.K. were the gig was scheduled. “We are sad to announce that, unfortunately, our show at Verdant Tap Room with Evan Dando on Wednesday the 1st of October has been cancelled,” reads the message, posted on Monday, Sept. 29. “The venue hope to reschedule this show to a later date. We will keep you posted with any updates.” In the messages, the Lemonheads official account revealed why Dando was forced to cancel the gig, writing, “Sorry guys, Evan has bad COVID.”
When one seemingly snarky commenter noted that Dando was spotted at a recent Oasis gig at Wembley Stadium, writing, “Managed to enjoy Oasis last night though ,” the Lemonheads official site came to his defense. “He stayed for 4 songs and started to feel he was gonna faint when we got home he had a 39.4 degree [102 .9 Celsius] fever ,” they wrote. “why you laughing? He is very sick man.” Dando understandably is taking the time to rest and get well, as he has some big projects and events coming in the next few weeks.
Researcher’s Note – Evan Dando of The Lemonheads: It’s such a hassle traveling right now. It’s wild – it’s just like a science fiction movie. Yuck…Maybe, one day, we’ll get a vaccine [sic] or something”: LinkEvan Dando of The Lemondheads with special guest Korey Dane, 8pm Doors, COVID-19 POLICY: Proof of vaccination [sic] completed 2 weeks or more prior to show date or negative Covid test within 48 hours of show: Link
MPR News host Angela Davis on leave after breast cancer diagnosis
October 6, 2025
Minneapolis, MN – MPR News host Angela Davis is taking a leave of absence from her role after recently being diagnosed with Stage 1 breast cancer, the station announced Monday. “Angela is touched by your support as she focuses on her recovery.” Davis, a long-time voice in Twin Cities television and radio, joined MPR News in 2018 after 12 years with WCCO-TV. She hosts MPR News with Angela Davis weekdays at 9 a.m., bringing listeners conversations on a broad range of topics related to life in Minnesota.
Oasis guitarist and co-founder Paul ‘Bonehead’ Arthurs has had to pull out of the band’s comeback tour after he was diagnosed with prostatecancer. He said he would take a planned break to miss gigs in Seoul, Tokyo, Melbourne and Sydney for treatment. In a post on Instagram he said he had been diagnosed earlier this year, but had been able to be “part of this incredible tour” after responding “really well” to treatment. “I’m really sad to be missing these shows, but I’m feeling good and will be back ready to go in time for South America,” the 60-year-old added. Arthurs previously recovered from tonsil cancer in 2022.
Fear for Atmane, Illness in Shanghai: The Story Is Chilling
October 2, 2025
SHANGHAI, CHINA – Moments of fear at the Shanghai Masters, where Terence Atmane [23] was forced to withdraw due to a suddenillness during his match against Argentine Carabelli. The match stopped at 4-4 in the first set, when the Frenchman began to experience serious physical problems. Immediately after withdrawing, Atmane wanted to share what had happened, describing moments of great difficulty: “After the first point, I felt my hands shaking, but I thought I was just more tense than usual. At 2-0, I immediately felt my whole body shaking and I felt like I was suffocating after every point… I couldn’t breathe and my head hurt. I called the physiotherapist, but I couldn’t speak. I was shaking, I didn’t know where I was or what day it was. My body told me I had to stop. I need to take some time for myself before facing the last tournaments of the season. See you soon.”
Hospitalized on Saturday: Malthe Hejsel suffered from heart disease
October 3, 2025
Fredericia Handball will have to do without Malthe Hejsel [21] for the next six months, as she has been affected by myocarditis. The handball club writes on its website that their profile was affected after they played a match on Saturday. “After the match against GOG on Saturday, Malthe became unwell and has since been hospitalized at Odense University Hospital,” the news says. After a series of examinations, it became clear that Malthe Hejsel is suffering from myocarditis and will not be able to play for the next six months.
“I have to take some time off” – Nigerian singer Tems temporarily halts her music career after she was diagnosed with Reflux Laryngitis
September 29, 2025
Ace Nigerian singer, Temilade Openiyi [30], professionally known as Tems, has temporarily halted her music career after she was diagnosed with Reflux Laryngitis. The songstress made this announcement via her official social media handles where she revealed that she has postponed two shows till whenever she recovers. In a post shared via her Instagram page on Tuesday, she wrote: “Hey gang, it breaks my heart to say this but there is no other option for me. I’m not feeling too good at the moment. After my last performance, I was diagnosed with Reflux Laryngitis and I have to take some time off to protect what’s left of my voice. On the doctor’s advice, I’ve postponed the two shows this week, the Birmingham show on the 15th of June (It’s tomorrow, yeah I know) and the first London show on the 17th of July.”
Football Ferns legend Ali Riley to retire after 18 months that ‘has been truly hell’
October 1, 2025
Auckland – Football Ferns centurion Ali Riley has announced that she will retire from club and international football at the end of 2025.Her decision comes at the end of an 18-month period where her career has been disrupted by a chronic nerve injury she said in July last year had been “excruciatingly painful”.Speaking on The Women’s Game podcast about her decision, Riley said that stretch “has been truly hell” but preferred to look past it.
you yourself RFK spent years seeking to link vaccines with these conditions; now doing all to say everything including the kitchen sink linked EXCEPT vaccine? Senator Cassidy? The Outlaw Wales? Who?
Who is pulling whose strings? Who is making RFK Jr. say these outlandish things? Makary? But he is a dolt! A scientific lightweight…would RFK Jr. diminish his stellar gravitas and history this way? Why? For what? This is laughable now.
So, mRNA vaccine good now? No more focus on it? We see what you l are doing, we see.
This is embarrassing now. Stop floating out this pseudo specious non-sensical crap and use the money of HHS and NIH and CDC (tax-money) to conduct proper studies and do not again bring bogus weak methodologically weak sub-standard reviews and studies to tell us about smoking gun evidence, I am sorry, our health agencies are now run by a clown car. Word now is the clown car is going to take on another clown in the SG. I am dismayed. I have nothing but laughs to give our health agencies. Fire Makary for that drivel on Tylenol-autism, Bhattacharya and Oz. And go back and read the study you all referred to as ‘smoking gun’ (I will not do the work for you) and ask yourself if it makes sense…
this Tylenol-autism assertion was ONLY to take the heat off of vaccines and specifically the look at mRNA for the deadly vaccine it is.
shame on all of you!
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and you all are trying to pull wool same with the Malone Bancel Moderna Pfizer et al. vaccine. Why? Why not tell the truth? Why not pull the mRNA vaccine, you have no scientific, medical, clinical, data etc. basis to keep the mRNA vaccine on market. Except to make people rich? I do not know. I am asking why?
My God, the research being cited in this debate is so laughable, weak, poorly done, flawed, all residually confounded, confounded by indication, many biases that limited any meaningful interpretation of findings.
‘Health and Human Services Secretary Robert F. Kennedy Jr. stunningly claimed Thursday there may be a link between circumcision and autism – due to distribution of Tylenol to infants following the procedure.
“There’s two studies which show children who are circumcised early have double the rate of autism, it’s highly likely, because they were given Tylenol,” Kennedy told President Trump during a cabinet meeting.
Kennedy didn’t specify the research to which he was referring, but a 2015 study out of Denmark that tracked nearly 343,000 Gen Z boys suggested that circumcised males were more likely to develop autism before the age of 10 compared to their non-circumcised peers.’
___
You must not wait for another catastrophic crisis (at times manufactured but we are prevented from making our own basic personal decisions or accessing needed drugs and response tools) to catch you off-guard. We must take charge and be prepared today so that we can enjoy peace of mind tomorrow.
Enter the Wellness Company as a solution and a willing participant in the health care conversation. The Wellness Company, launched in 2022, offers health care, prescriptions, and supplements, all backed by research
The Wellness Company isn’t chasing profits — it’s trying to help people recover. While the government continues pushing vaccines, The Wellness Company is focusing on real solutions.
From telemedicine, prescriptions, memberships, and supplements, TWC is leading America with alternative choices to the traditional health care model.
Deal with U.S. to Expand Its mRNA Empire, Lower Drug Prices; ‘Landmark agreement’ lets Pfizer expand its disastrous mRNA platform — sweeping a massive trail of death and destruction under the rug.
‘We need MASS ARRESTS of these BigPharma CEO’s, not scammy ‘TrumpRx’ deals with them.’
I have told you and I repeat, all these podium talks and crap is just that, bullshit, MISDIRECTION, these people already made deals, mRNA vaccine is going to replace all drugs and vaccine…their role is to do this, this is why they got those HHS, NIH, FDA, CDC jobs…I told you in 3.5 years you will see NO mRNA vaccine gone, but actually it as part of daily life, all you child vaccine etc. will be mRNA…this is the deal with the devil Pfizer and Moderna was…sit back, wager me if you like. I want to hope I am wrong, I pray, yet I know 100% I am correct!!! The game, the real game in DC now is:
“STOP THEM IF YOU CAN”, ‘NOT’ CATCH THEM IF YOU CAN, WE ALREADY KNOW, WE CAUGHT THEM IN THE ACT…SOMEHOW POTUS TRUMP IS ALWAYS LAST TO KNOW.’ I sure hope he fixes this abomination on the American people.
There is zero evidence, NONE, anywhere in the entire world, that any OWS COVID lockdown worked, or any Malone Bourla Bancel et al. mRNA vaccine saved any life…we know it killed. Period! Failed. Was non-sterilizing, never protected the upper airways.
It is clear in this photo above that someone, I say The Outlaw Wales, is squeezing RFK Jr.’s nuts, this is what I see, such discomfort:
IMO we are watching IN YOUR FACE a deadly game, a quid pro quo by pharma and our health agencies…the leaders…what is the QUID and what is the QUO? who is getting what? what is Makary’s role? Oz’s? seems everyone making money now…can Oz go under oath and testify that he did not monetarily benefit by the Tylenol-autism fraud presser…e.g. his drug? There are whispers and I want to know, I am curious. Tax-payer money so I am curious.
Can the Outlaw Josie Wales bring some order? actually, I do not know, what is the Outlaw’s role?
Alexander News Network (ANN): Trump’s War 2.0 for America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
I hope RFK Jr. can talk to the nation on the dangers of steroid use for muscle building and the Palumboism that can result…I sure hope so, he would be a great spokesperson…for he can remind that steroids should never be used to do such and that his way, natural exercise and weightlifting is the key
Sen. John Fetterman Praises Trump’s Move to Broker Peace Deal Between Israel and HamasDemocratic Sen. John Fetterman of Pennsylvania, a staunch and unflinching Israel supporter, wants Hamas to accept the peace deal President Donald Trump is aiming to help broker, and is calling out pro-Palestinian protesters for not demanding that Hamas agree to the peace deal. “Good morning to everyone except all the protesters who aren’t protesting for Hamas to accept the peace …READ THE FULL REPORT
Judge Allows Charlie Kirk Assassin Tyler Robinson to Physically Attend Next Court DateTyler Robinson, the man accused of assassinating conservative influencer Charlie Kirk earlier this month, appeared virtually in court on Sept. 29 for a largely procedural hearing during which the judge said he may attend the next hearing in person. Robinson, 22, has been charged with aggravated murder, two counts of obstruction of justice, a felony discharge of a firearm causing …READ THE FULL REPORT
Virginia Prosecutor Refuses to Charge Corrupt New York AG Letitia JamesDeep State prosecutors in the Eastern District of Virginia are leaking again – this time they are trying to defend Letitia James. A top prosecutor in the Eastern District of Virginia is refusing to charge corrupt New York Attorney General Letitia James. According to MSNBC, Elizabeth Yusi, a senior prosecutor who oversees criminal cases in the Norfolk office, is claiming …READ THE FULL REPORT
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
CANADA
Canada reportedly gave BILLIONS in aid money to Chinese universities
Millions in federal aid were unknowingly directed to Communist China’s postsecondary institutions, raising concerns about fiscal responsibility and foreign policy alignment.
Conservative MP Lianne Rood exposed the funding through a parliamentary inquiry, but Global Affairs Canada (GAC) failed to provide full transparency, citing incomplete data – prompting accusations of government secrecy.
Over $2.5 billion in Canadian foreign aid went to overseas education in five years, with $806,257 earmarked for Chinese campuses despite Beijing being labeled a top foreign interference threat.
Opposition Leader Andrew Scheer condemned the funding, citing China’s human rights abuses and aggressive foreign policy. Revelations coincide with confirmed Chinese interference in Canada’s 2019 and 2021 elections.
Critics allege Prime Minister Mark Carney and ex-PM Justin Trudeau have ties to CCP-linked globalist networks (e.g., WEF), fueling demands for accountability over taxpayer funds benefiting adversarial regimes.
In a revelation that has ignited a firestorm over foreign policy and fiscal responsibility, Canadian taxpayers have unknowingly funded universities in Communist China through federal aid programs, with records showing millions directed to postsecondary institutions under Beijing’s control.
The discovery was prompted by a parliamentary inquiry initiated by lawmaker Lianne Rood of the Conservative Party, the Member of Parliament (MP) representing the Middlesex-London riding (electoral district) in Canada’s Ontario Province. Global Affairs Canada (GAC), the country’s foreign affairs department, disclosed the allocations in a tabled Inquiry of Ministry. However, it declined to provide a full accounting, citing an inability to verify comprehensive data within the allotted time.
The department’s revelations nevertheless drew sharp condemnation from opposition leaders. It also raised questions about government transparency and the flow of Canadian dollars to a nation officially identified as a primary foreign interference threat.
According to a report by Blacklock’s Reporter, approximately $2.5 billion in foreign aid was allocated to overseas educational institutions over the past five years. Of that total, $1.1 million was designated for educational grants, with $806,257 earmarked for postsecondary campuses primarily located in China.
GAC defended its lack of detailed disclosure, stating that producing a complete response “could lead to disclosure of incomplete and misleading information.” This response did little to satisfy Rood, who expressed her frustration during a committee meeting by pointedly asking: “About Canadian funding for education in developing countries, how much was spent?”
China receiving money from Canada while undermining its elections
The financial revelations arrive amid a deeply charged political atmosphere concerning China’s influence in Canadian affairs. The official Foreign Interference Commission has concluded that Chinese operatives interfered in both the 2019 and 2021 Canadian federal elections, identifying Beijing as the most significant foreign interference threat to the nation.
Opposition House Leader Andrew Scheer expressed opposition to Ottawa continuing to send money to Chinese universities. He urged Prime Minister Mark Carney to “stand up for Canadians” and stop allowing taxpayer funds to flow to hostile regimes.
“I don’t believe Canadian taxpayers should be sending any money to China,” said Scheer, the MP for the Regina-Qu’Appelle riding in Canada’s Saskatchewan province. “We’re talking about a communist dictatorial government that abuses human rights, quashes freedoms, violates the rights of its citizens and has a very aggressive foreign policy throughout the region.”
Brighteon.AI‘s Enoch warns that Canada giving aid money to universities in adversarial nations like China risks funding institutions that serve as tools for foreign agendas, undermining academic freedom and enabling the spread of corruption and ideological control. Such aid strengthens hostile regimes by reinforcing their propaganda networks and suppressing independent thought, ultimately harming both the recipient nation and global stability, the decentralized engine adds.
The controversy extends beyond direct aid, touching on broader geopolitical alignments and leadership. During the 2025 federal election debates, Conservative leader Pierre Poilievre similarly criticized Carney for his perceived ties to Communist China. Further allegations, reported by LifeSiteNews and based on an investigation by journalist Sam Cooper, suggest Carney and former Prime Minister Justin Trudeau are influenced by an elite global network with connections to the Chinese Communist Party and the World Economic Forum.
The emerging picture is one of a Canadian government facing mounting pressure to account for how public funds are spent abroad, particularly when they benefit a geopolitical competitor accused of undermining Canadian democracy. The lack of transparency from the GAC, combined with the confirmed findings of election interference, has created a potent political crisis. The demand for a full and honest accounting of where Canadian dollars are going and why remains the central, unresolved issue for a concerned public.
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS MONDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1582 DOWN 0.0026 PTS OR 26 BASIS POINTS
USA/ YEN 152.04 UP 0.959 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 1.3239 DOWN .0007 OR 7 BASIS PTS
USA/CAN DOLLAR: 1.4004 UP 0.0006 (CDN DOLLAR DOWN 6 BASIS PTS//CDN DOLLAR GETTING KILLED)
Last night Shanghai COMPOSITE CLOSED DOWN 7.53 PTS OR 0.19%
Hang Seng CLOSED DOWN 400.84 PTS OR 1.52%
AUSTRALIA CLOSED DOWN 0.87%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 400.84 PTS OR 1.52%
/SHANGHAI CLOSED DOWN 7,53 POINTS OR 0.19%
AUSTRALIA BOURSE CLOSED DOWN 0.78 %
(Nikkei (Japan) CLOSED HOLIDAY
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 4078.00
silver:$51.43
USA dollar index early MONDAY morning: 98.91 UP 18 BASIS POINTS FROM FRIDAY’s CLOSE
MONDAY MORNING NUMBERS ENDS
And now your closing MONDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.033% DOWN 2 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +1.693% UP 2 FULL POINTS AND 10/100 BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.185 UP 0 BASIS PTS//DEADLY
SPANISH 10 YR BOND YIELD: 3.179 DOWN 2 in basis points yield
ITALIAN 10 YR BOND YIELD 3.462 DOWN 2 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.6315 DOWN 1 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY MONDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1563 DOWN 0.0046 OR 46 basis points
USA/Japan: 152.36 UP 1.27 OR YEN IS DOWN 127 BASIS PTS//
Great Britain 10 YR RATE 4.6340 DOWN 0 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.4679 DOWN 1 BASIS POINTS.
Canadian dollar DOWN 0.0032 OR 32 BASIS pts to 1.4031
Gold & Silver Soar To New Record Highs As TACO-Talk Sparks Rebound In Stocks
WRAP UP FOR THE DAY
DATA RELEASES
USA ECONOMIC COMMENTARIES
US Foreclosure Filings Jumped 17% In Q3
Saturday, Oct 11, 2025 – 09:35 PM
There were 101,513 properties with foreclosure filings across the United States during the third quarter of 2025, up by 17 percent from a year back, real estate analytics company ATTOM said in an Oct. 9 statement.
One in every 1,402 housing units nationwide saw a foreclosure filing in Q3, the company said. Florida had the highest foreclosure rate, with one in every 814 housing units having a foreclosure filing. This was followed by Nevada, South Carolina, Illinois, and Delaware.
Among 225 metropolitan statistical areas with a population of at least 200,000 individuals, the highest foreclosure rate was seen in Lakeland in Florida, followed by Columbia in South Carolina, Cape Coral in Florida, Cleveland in Ohio, and Ocala in Florida.
“In 2025, we’ve seen a consistent pattern of foreclosure activity trending higher, with both starts and completions posting year-over-year increases for consecutive quarters,” said Rob Barber, CEO at ATTOM.
“While these figures remain within a historically reasonable range, the persistence of this trend could be an early indicator of emerging borrower strain in some areas.”
Together with a jump in foreclosure filings, the third quarter also saw the average time to foreclose a property decline by 25 percent from a year back, ATTOM said, adding that this continues a downward trend from mid-2020.
In a June 26 statement, credit scoring model company VantageScore reported that mortgage delinquencies rose in May from the previous month, suggesting this could be an early sign of financial stress among borrowers in the housing sector.
“While consumer behavior generally remains positive, particularly among younger borrowers, mortgages may be an area to watch for increasing credit stress, particularly for traditionally less-risky segments with credit scores above VantageScore 660,” Susan Fahy, chief digital officer at VantageScore, said at the time.
The Federal Reserve Bank of New York reported similar trends in an Aug. 5 statement, highlighting that 1.29 percent of mortgage debts were in serious delinquency—90 days or more—in the second quarter of 2025, up from 0.95 percent in Q2, 2024.
However, Joelle Scally, economic policy advisor at the New York Fed, said that despite the increase in mortgage delinquency, the overall mortgage performance “remains strong by historical standards.”
Meanwhile, lawmakers have taken various actions to tackle foreclosure threats facing Americans.
In March, the VA Home Loan Program Reform Act was introduced by Rep. Derrick Van Orden (R-Wis.). The Act eventually passed both chambers of Congress and was signed into law by President Donald Trump on July 30.
The bill aims to financially assist military veterans when it comes to making their home payments in an environment of elevated mortgage rates, thereby avoiding foreclosures.
“The VA Home Loan program has helped millions of veterans achieve the American Dream of owning a home. However, we know that veterans—like all Americans—can fall on hard times and may need a safety net in place to avoid foreclosure on their home,” Rep. Mike Bost (R-Ill.), chairman of the House Veterans’ Affairs Committee, said in a July 16 statement.
“The VA Home Loan Program Reform Act addresses that need head on.”
This week, Sen. Brian Schatz (D-Hawaii) led a group of senators to introduce the Federal Employee Civil Relief Act to protect federal workers and contractor employees, as well as their families, from facing difficulties such as foreclosure or evictions during the ongoing government shutdown, the lawmaker’s office said in an Oct. 8 statement.
This protection will last during the shutdown and 30 days after it so as to “give workers a chance to keep up with their bills,” it said.
In a government shutdown, certain employees deemed to be performing essential work are required to continue working without pay, including law enforcement officers, air traffic controllers, and military personnel.
END
Leftist Fear: Antifa Pretends To Be Peaceful After Trump Announces Crackdown
Sunday, Oct 12, 2025 – 06:10 PM
After years of waging a subversive war against the western world, radical leftists think they can polish their image overnight and pretend as if they were always an amicable movement of civil rights advocates. Much like the “fiery but mostly peaceful” BLM, Antifa is facing a political optics crisis and they are desperate for some spin. With the help of the establishment media and Democrat politicians, they think they have found the solution.
Like any other well organized network, Antifa activists in the Portland epicenter have changed tactics almost overnight. They are pulling back from their typical black-bloc outfits, physical assaults and intimidation and donning inflatable cartoon animal costumes instead.
It’s very funny that Trump sent troops into Portland because someone showed him footage from the 2020 protests and told him it was current day and now troops are faced with this pic.twitter.com/5Pae0DDXoZ
The narrative? “See, we’re not violent at all. In fact, we were never violent. Trump is a crazy authoritarian trying to create fear over crimes that didn’t happen…”
Jimmy Kimmel lies to cover for Antifa:
“There is no Antifa. This is an entirely imaginary organization. There is not an Antifa."
That’s about as Orwellian as it gets. Legacy media continues to function as Antifa’s propaganda apparatus. pic.twitter.com/zhyrFDCaEg
The PR stunt is rather obvious and clearly coordinated with progressive journalists and Democrats who are undertaking a propaganda crusade to deny Antifa exists. While apparently operating on a classic decentralized terrorist cell structure, this does not mean that Antifa does not have top-down leadership or organizational meetings. As Project Veritas recently exposed by going undercover, Antifa is very real and highly coordinated.
Antifa and associated movements have engaged in violence for years, protected by NGO cash and Democrat leaders in blue cities. This was Antifa in Portland in the past two weeks:
🚨 ANTIFA member in Portland tried to chase me out of their rally threating to "smoke me" and DHS Snipers on the roof hit him with a nice lil FAFO as snipers put lasers on his chest
The attacks are constant. Anyone who goes near Antifa operations and deemed “unfriendly” is threatened or beaten. People who defend themselves are arrested by Portland Police while the activists go free. For now the violence is mostly limited to assault, but tolerance for this behavior has encouraged Antifa agents to commit bombings and murders in the past.
The standard weapons of any Marxist revolution are lies, misdirection and denial. The goal is to commit acts of intimidation, mob destruction and terror to provoke a defensive response, then the provocateurs claim that the defensive response is “authoritarian oppression”.
In other words, they gaslight their opponents into doing nothing because every act of self defense hurts their political position. Thus, Antifa is free to wreak havoc with impunity while good people sit idle, fearful of being labeled “tyrants”. The political left declares themselves the good guys (Anti-Fascist), making anyone who opposes their malicious activities the “bad guys” (fascist). However, declaring yourself the good guy does not make it true.
The problem is that every society has an invisible line, a point at which they are so fed up they stop caring about optics. The political left has crossed that line and now many Americas do not care what the Trump Administration does to them.
Trump’s latest efforts to investigate and dismantle the radical left have struck fear into groups like Anitfa. The sudden change in image is not a coincidence, just as it’s not a coincidence that Antifa leaders have been discovered escaping the US to countries like Sweden.
After the Trump administration designated Rose City Antifa as a terrorist group, I can now reveal that its founder has resurfaced in Varberg, Sweden.
Early this morning, I approached Johan Victorin for comment on the designation — and whether he fears prosecution. pic.twitter.com/RuBxT0MRwh
— Christian Peterson 🇸🇪 (English) (@christianpet_) October 6, 2025
The panic is palpable. The abrupt change in direction for Portland Antifa will not last, of course, but it proves that these people are fully aware of how they should be acting. They know what they’re doing is wrong, otherwise they would not be attempting to rewrite history. Their most likely next step as pressure mounts will be to rebrand completely, forming new groups with new names but using the same networks, the same methods with the same goals.
Mentally unhinged ideologues are incapable of long term peaceful behavior or protest. Their declarations of peace are a facade. Their happy cartoon costumes hide a vile calculating core. Compromise is unthinkable for them. Diplomacy is considered a weakness. Only when they are backed into a corner and facing legitimate consequences do they pretend to be reasonable.
END
Rare Earth Stocks Go Vertical After Report Pentagon To Go On $1 Billion Critical Mineral “Buying Spree”
Monday, Oct 13, 2025 – 09:45 AM
We’ve been bullish on rare earth miners for over three months— long before the mainstream press caught on. While the media is just catching up, Zerohedge have hopefully been enjoying locking in multiples of gains in popular rare earth stocks like USA Rare Earths (USAR) and MP Materials (MP) as the Pentagon is quietly ramping up its billion-dollar mineral stockpiling spree, now being highlighted by the Financial Times over the weekend.
Recall, all the way back on July 11th we wrote “The Coming Rare Earth Revolution And How To Profit” for our premium subscribers.USAR was trading at about $11 at the time is is bid at $38 this morning. MP Materials was trading at about $45 at the time and this morning is bid at about $86.
According to filings from the Defense Logistics Agency (DLA), the U.S. Department of Defense has moved to secure up to $1 billion in critical minerals — from cobalt and antimony to scandium and tantalum — as part of a global race to reduce dependence on China, according to Financial Times.
One former defense official summed it up: “They’re definitely looking for more, and they’re doing it in a deliberate and expansive way.”
The acceleration follows China’s sweeping new export controls on rare earths, which prompted Donald Trump to cancel a planned meeting with Xi Jinping, warning: “There is no way that China should be allowed to hold the world ‘captive’ but that seems to have been their plan.”
The Pentagon’s urgency is clear. “China’s ability to turn off the supply of these critical minerals would have a direct, palpable and adverse effect on US ability to field the kind of high-tech capabilities that we’re going to need for any kind of strategic competition or conflict,” said Stephanie Barna of Covington & Burling in Washington.
FT writes that recent DLA filings show proposed purchases including $500 million in cobalt, $245 million in antimony from U.S. Antimony Corp (USAC), $100 million in tantalum, and $45 million in scandium from Rio Tinto and APL Engineered Materials.
Analysts at Jefferies said the Rio Tinto scandium deal was priced “higher than market expectations.” The DLA itself noted that Chinese export controls had “constrained the supply chain.”
The One Big Beautiful Bill Act (OBBA) adds fuel — $7.5 billion earmarked for critical minerals, including $2 billion to fortify the national stockpile and another $5 billion to expand U.S. supply chains. As one former official put it, offices handling mineral security are now “flush with cash.”
Some in the industry were stunned by the scale. “Market participants have been taken aback by the volumes requested by the DLA,” said Cristina Belda of Argus Media. “In most cases, the requested tonnages exceed the US’s annual production and import levels.”
Demand shocks are already visible. Germanium prices have spiked on reduced Chinese exports, antimony trioxide prices have nearly doubled, and the Pentagon is even evaluating acquisitions of rare earths, tungsten, bismuth, and indium. Fastmarkets’ Solomon Cefai warned that “non-China supply would not be pressured by the volumes the DLA is looking at.”
Bottom line: Washington is now openly doing what Zerohedge readers positioned for months ago — securing physical exposure to the minerals that will define the next geopolitical cycle.
* * * We have two new Reverse Osmosis water filters & a camping / survival gravity filter for you to check out
What did Donald Trump do differently to obtain at least temporary calm in the Middle East compared to the failed efforts of past administrations, foreign powers, and the United Nations?
Let us count ten different approaches.
1. Trump curtailed a considerable amount of Iranian oil income and its dispersal. He stopped, for the near future, the Iranian effort to build a bomb. Trump also allowed Israel to destroy Tehran’s air defenses, humiliate it militarily, and eliminate many of its top military officers and nuclear physicists. Thus, Israel’s half-century-long worries about Iranian nukes were addressed. At the same time, its stature as a military power soared to an all-time high—even if it became more isolated politically. Israel became more confident but also more sensitive to past, current, and future American military and political support—or pressure.
2. Trump allowed Netanyahu to destroy Hamas, cripple Hezbollah, and retaliate at will against the Houthis. That liberation led to general dejection among Israel’s enemies and a resurgence in Netanyahu’s own political fortunes. And that rise of Israel and the collapse of the Iranian terrorist network—the “ring of fire”— explain the greater chances for a ceasefire and possibly a peace. Trump allowed no daylight between Israel and the U.S., which, under the Biden administration, may have sent the wrong signals to Hamas prior to October 7.
So there is now no terrorist Palestinian leader, such as a Yasser Arafat or an all-powerful Hamas killer, to sandbag negotiations. Instead, Trump involved a number of self-interested surrogate Arab officials who have the money and influence to rebuild Gaza and restore calm on their own terms. Trump and Israel are not just negotiating from positions of historic strength, but they have also empowered the reasonable Arab nations to have honor and clout in Middle East negotiations in an unprecedented fashion.
3. Trump also leveraged all his benefactions to Israel by pressuring it to agree to a ceasefire.
Even the optics of a strong Israeli leader conceding to Trump that there would be no annexation of the West Bank gave the U.S. credibility in the Arab world as an honest broker and yet paradoxically helped Israel’s global reputation—as well as Netanyahu’s—as a more flexible negotiator.
4. Trump used the Abraham Accords and his much-maligned tariffs, along with expanding or curtailing commercial access into U.S. markets, to pressure—or persuade—the Gulf and moderate Arab states to ensure funding for Gaza reconstruction and the continued political weakening of Hamas. There is a sense in the Middle East, as elsewhere, that when it comes to new technologies such as AI, robotics, genetic engineering, and cryptocurrencies, the U.S. will remain the global leader, and thus a nation to court and please.
5. Trump, in carrot-and-stick fashion, promised a defense protection pact with Qatar—the proverbial untrusted wild card of the Middle East.
But his new quid pro quo “protectorate” also implied reining in Qatar if it should resume its customary double-dealing that so infuriates its neighbors and increasingly enrages the West. The Israeli attack on Hamas leadership in Qatar, and the signal Israel could strike again at will, terrified Qatar and drove it to seek protection in—new dependency on—the U.S.
6. Trump dealt with enemies, allies, and neutrals from a position of strength, comparative advantage, and national ascendance, unlike the appeasing and anemic Biden years or the apologetics of Obama. The successful complex bombing of the Iranian nuclear facilities and the past elimination of terrorist Iranian General Qasem Soleimani and ISIS founder and thug Bakr al-Baghdadi ensured Trump was seen as more serious than either Obama or Biden ever were.
The Arab world and Israel also understood that there are no alternatives to Trump. Russia’s Syrian outpost is gone. Moscow is bogged down in a forever war in Ukraine and under sanctions. It is no longer a force in the Middle East.
Trump has confronted China and exposed its economic vulnerabilities, ensuring that the Arabs saw no outside power comparable to the U.S.
Chinese and Russian allies, like the Iranian theocracy and the former Assad dynasty in Syria, were also shown over the last year to be shrill, impotent, losing clients. At home, restoring the U.S. border, strengthening NATO, rebooting the U.S. military, fast-tracking energy development, and cracking down on crime fed the impression of an American renaissance rather than the continued Obama-Biden-managed decline.
7. Trump was entirely transactional. Unlike the Biden administration, he did not libel the Saudis, or demonize Netanyahu, or take seriously any of the past proverbial empty “peace plans” of a corrupt UN or of terrified Europeans. He had no sooner destroyed Iran’s nuclear capability than he allowed a ceremonial but innocuous “hit” on a U.S. base in Qatar and then declared he wanted to “make Iran great again.” For someone who is supposedly mercurial, holds grudges, and is reckless, Trump was careful to treat all the major parties with deference and a clean slate and offered them trade and military deals rather than diplomatese and platitudes.
8. Europe went from sandbagging Trump in 2017 to 2021 to calling him “daddy” once they realized that only Trump could save Ukraine and, by extension, Europe from Putin. The result was not an anti-American Europe trying to intrude into the Middle East negotiations or ankle-biting the U.S. To the degree that Europeans save face, it is by symbolically recognizing a Palestinian state, but not materially altering realities on the ground in Gaza.
For the most part, there is now a calmer Europe, relieved that Iran was denuclearized and the Palestinian terrorists in the Middle East might no longer trigger unrest among Europe’s own restive and unassimilated Muslim populations.
9. At this 11th hour, Hamas was reminded that it has no real alternatives—as the rubble of Gaza attests. Trump signaled to Israel that it could and can still go medieval on Hamas and its remnants should they resume terrorism.
Otherwise, Gaza remains a bombed-out wreck. Qatar will be pressured to kick out its conniving Hamas billionaires. The result is a stark choice: any Hamas attempt to rebuild its terrorist networks will ensure that it—and everything around it—will be moonscaped. Trump made it clear there are now no more sacred cows in the Middle East, no more safe spaces, and no more off-limits targets—juxtaposed to numerous win-win incentives that can lead to prosperity and security.
10. The Middle East was not seen as a one-off U.S. peace effort—as is usually the case. Instead, it was envisioned as a continuation of a series of prior successful Trump-led ceasefires between Rwanda and Congo, Armenia and Azerbaijan, India and Pakistan, Kosovo and Serbia, Cambodia and Thailand, and Egypt and Ethiopia. The Israelis and the Palestinians saw Trump’s success elsewhere and may have felt from such momentum that the same might be possible in Gaza.
And if the ceasefire holds, or at least reduces the violence, global attention will next turn to Ukraine.
Expectations in and outside the Middle East will rise that if there can be quiet in war-torn Gaza, then that momentum might lead to progress toward peace on the Ukrainian border as well.
Views expressed in this article are opinions of the author and do not necessarily reflect the views of ZeroHedge.
KING NEWS
The King Report October 13, 2025 Issue 7596
Independent View of the News
@realDonaldTrump: Some very strange things are happening in China! They are becoming very hostile, and sending letters to Countries throughout the World, that they want to impose Export Controls on each and every element of production having to do with Rare Earths… it would “clog” the Markets, and make life difficult for virtually every Country in the World, especially for China… I have always felt that they’ve been lying in wait, and now, as usual, I have been proven right! There is no way that China should be allowed to hold the World “captive,” but that seems to have been their plan for quite some time, starting with the “Magnets” and, other Elements that they have quietly amassed into somewhat of a Monopoly position, a rather sinister and hostile move, to say the least. But the U.S. has Monopoly positions also, much stronger and more far reaching than China’s… The letter they sent is many pages long, and details, with great specificity, each and every Element that they want to withhold from other Nations… I have not spoken to President Xi because there was no reason to do so… I was to meet President Xi in two weeks, at APEC, in South Korea, but now there seems to be no reason to do so… I will be forced, as President of the United States of America, to financially counter their move… One of the Policies that we are calculating at this moment is a massive increase of Tariffs on Chinese products coming into the United States of America. There are many other countermeasures that are, likewise, under serious consideration. Thank you for your attention to this matter!…10:57 AM ET Fridayhttps://truthsocial.com/@realDonaldTrump/posts/115350455734003647
CNBC: Trump threatens ‘massive’ tariff hike on China over rare earths dispute China’s Ministry of Commerce on Thursday said that foreign entities must now obtain a license to export products that contain more than 0.1% of rare earth sourced from that country, or that are manufactured using Chinese extraction, refining, magnet-making or recycling technology… The new rules in rare earths exports are set to take effect on Dec. 1. https://www.cnbc.com/2025/10/10/trump-china-tariffs-rare-earths.html
Trump unleashed violent defensive asset allocation. Global recession fears soared!
ESZs hit a daily high of 6806.50 at 9:45 ET on trader buying for the expected Friday Rally. The usual suspects poured into Fang/Mag7 and AI-related trading sardines. 72 minutes later, Trump happened!
At 11:02 ET, USZs were +1 6/32 at 11:00 ET; the DJTA was -214.12; the DJIA was -324.43; the S&P 500 Index was -5107.80; the Nas 100 was -420.00; the NY Fangs+ Index was -356.00; and Dec Gold was +35.70. WTI Oil and Gasolines sank; oil hit a 5-month low. The DXY was down moderately.
By 11:33 ET, USZs were +1 2/32; the S&P 500 Index was -117.01;the Nasdaq100 was -610.00; the NY Fang+ Index was -397.80; and Dec gold was +43.20. At 11:40 ET, the DJTA was -406.53; the DJIA was -579.45. The DXY was -0.7%
The post-European close move took ESZs to 6705.50 at 11:51 ET. Alas, selling resumed; ESZs sank to a new daily low of 6641.50 at 13:14 ET. After a rebound to 6673.50 at 13:38 ET, ESZs sank to a new daily low of 6603.75 at 15:39 ET. A desperate late manipulation pushed ESZs to 6631.50 at 15:49 ET. Alas, determined sellers were in the market; ESZs tumbled to 6591.75 at 15:57 ET and were 6591.50 at 16 ET.
After the NYSE close, Trump announced an additional 100% tariff on China and “Export Controls onany and all critical software” starting on November 1. ESZs tumbled to 6540.25 at 16:55 ET.
St. Louis Fed President Fed’s Musalem: Low-income households pulling back on spending because of inflation, not from the job market… The St Louis Fed will conduct its own survey to measure the labor market this month…
Citing unease over graft, Japan’s Komeito (Party) leaves the longstanding ruling coalition headed by the LDP –Takaichi could still become Japan’s first female prime minister, but the departure of the Buddhist-backed Komeito will compel the Liberal Democrats to find at least one other coalition partner in order to stay in power… Saito said his party, which has been a coalition partner with the Liberal Democrats for 26 years, had raised several concerns in a meeting with its leaders… https://apnews.com/article/japan-komeito-takaichi-politics-coalition-e9fe611e8868f6ce3ad8241dff7965ff
Japan’s ruling coalition splits, throwing Takaichi’s PM bid into doubt Following a meeting with Takaichi on Friday, Komeito leader Tetsuo Saito said the two parties’ 26-year partnership had broken down over the LDP’s failure to respond to a political funding scandal that has dogged the ruling group for two years… “This is in all likelihood going to be an unpopular and potentially very short-lived government, given the real weaknesses going into it. Do you want to tie your party to that?”… https://www.reuters.com/world/asia-pacific/japans-komeito-leave-ruling-coalition-with-ldp-under-takaichi-nhk-reports-2025-10-10/
Japan’s LDP could lose 20% of single-member seats without Komeito: Nikkei Asia Estimate shows both parties will suffer in lower house election if coalition breaks down
Homebuilding stocks crater as Trump, Pulte pile blame on sector Sector suffers worst loss since tariffs hit as builders face high inventory and soft market The sector’s S&P index saw a downturn of nearly 9 percent this week… The situation worsened after Trump’s post on social media, which criticized homebuilders for having millions of empty lots and urged them to begin constructing homes… The sector has seen a 19 percent decline in the last 12 months, a significant underperformance compared to the S&P 500’s 16 percent rally… https://therealdeal.com/national/2025/10/09/homebuilder-stocks-drop-as-trump-and-pulte-pile-on-blame/
Equities and Credit Diverge as Real Returns Surge above Trend – BBG Credit spreads in the Unites States and Europe are widening again today… fallout from First Brands in the US and the ongoing concerns about French sovereign spreads… but it is nevertheless dissonant with the general tone of stock-market trading…
@GlobalMktObserv: US freight shipments are COLLAPSING: The Cass Freight Index, a key measure of freight volumes, hit its lowest since the FINANCIAL CRISIS, excluding 2020. This signals weakening demand for shipping and goods movement, and a slower economy. Is the US economy in a recession?https://x.com/GlobalMktObserv/status/1969046354472124608
Trump administration begins layoffs of federal workers amid government shutdown Although Republicans hold majorities in both the Senate and House, they need the votes of at least some Democratic senators to pass a funding bill because of the 60-vote threshold in the Senate required to avoid filibusters blocking legislation. https://www.cnbc.com/2025/10/10/trump-russ-vought-layoffs-government-shutdown.html
BLS Recalls Staff to Ready September CPI Report by Month’s End – BBG … necessary to calculate the size of next year’s Social Security checks…
Positive aspects of previous session A desperate and illegal late ESZ manipulation truncated equity carnage, for a while.
Negative aspects of previous session Stocks got hammered. USZs were + 1 11/32 at NYSE close on recession angst. The S&P 500 sank 2.7%; the Nas 100 cascaded 3.5% After the NYSE close, DJT dropped the Big Kahuna: Export controls on critical software for China.
Ambiguous aspects of previous session Was Friday’s carnage a one-day overreaction to DJT’s tariff threat or a trend change?
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]: 6621.90 Previous session S&P 500 Index High/Low: 6762.40; 6550.78
@FoxNews: Trump signs Columbus Day proclamation, saying, ‘We’re back, Italians’
@McClellanOsc: The NYSE’s daily cumulative A-D Line peaked on Sep. 18. The divergence… is very short in duration. How long a divergence lasts before it matters varies… One cannot make exact timing decisions just from a condition like this. But this is not good. https://x.com/McClellanOsc/status/1976724249487589517
@Jkylebass: China’s full embargo of rare earth minerals (including neodymium this time)…coupled with demands to settle transactions for iron ore in Yuan no longer amount to ‘economic statecraft’. The plates have shifted and we are now engaged in economic war.
While Trump’s wording was definitive, he is also famously known for backing down from threats. Some investors began engaging in what The Financial Times called the “TACO” trade, which stands for “Trump Always Chickens Out.”… https://apnews.com/article/trump-xi-china-cc47e258cfc6336dfddcc20fa67a3642
We’d bet that after the stock market carnage on Friday, Trump panicked and wanted to TACO; but he loathed being mocked for another TACO. So, he did a TACO Lite. Trump usually TACOs on Tuesday before the NYSE opening, after stocks have declined sharply due to his tariff threats.
USTR says China ‘deferred’ when US reached out for phone call after export controls expansion “I can tell you that we were not notified, and quickly, as soon as we found out from public sources, we reached out to the Chinese to have a phone call, and they deferred,” Greer told Fox News’ “Sunday Briefing,” while calling China’s move “a power grab.” https://t.co/MYZR0C5d3c
On Sunday, DJT went full TACO, even though China blamed Trump for the trade tensions: “Don’t worry about China, it will all be fine! Highly respected President Xi just had a bad moment. He doesn’t want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!”
Beijing blames US for raising trade tensions, defends rare earth curbs – “The US actions have severely harmed China’s interests and undermined the atmosphere of bilateral economic and trade talks, and China is resolutely opposed to them. China’s position on tariff wars has been consistent: we do not want to fight, but we are not afraid to fight.” https://www.reuters.com/world/china/china-says-its-rare-earth-export-controls-are-legitimate-2025-10-12/
Trump repeatedly and gratuitously asserts that he ‘has a good relationship with Xi/Putin/Kim, etc.’ Why?
Today – The bond market is closed for Columbus Day. The greedy miscreants that run equity markets cannot fathom forfeiting any opportunity to clip pennies from traders and investors’ transactions.
On Friday, Trump lit the fuse to a stock market that was extremely combustible. On Sunday, Trump once went TACO on China. So, traders are in a buying panic on Sunday night. ESZs are +70.50; NQZs are +72.50; Dec AU is +53.90; and USZs are -9/32 at 20:02 ET.
Today’s key could be the ability of major equity indices to NOT violate 1st-hour NYSE session lows.
Since April, the S&P 500 Index has traded above its 21-day (monthly) moving average except for 4 brief breaches, two of which occurred in August. Only twice has the S&P closed below its 21-day MA since April – and that was for only one day.
The S&P 500 Index closed at 6552.52 on Friday; the 21-day MA is 6663.25. If ‘they’ cannot force the S&P 500 Index above its 21-DMA, a test of the even more important 50-DMA (6529.82) would be highly probable. A decisive breach of the S&P 500 Index’s 50-DMA would make Mr. Market very sad.
S&P 500 Index with 21-DMA and 50-DMA
Fed Speakers: Phil Pres Anna Paulson on economic outlook at NABD Annual Meeting 12:55 ET
S&P Index 50-day MA: 6530; 100-day MA: 6327; 150-day MA: 6072; 200-day MA: 6050 DJIA 50-day MA: 45,512; 100-day MA: 44,466; 150-day MA: 43,307; 200-day MA: 43,391 (Green is positive slope; Red is negative slope)
S&P 500 Index (6552.52 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 5643.15 triggers a sell signal Weekly: Trender and MACD are positive – a close below 6445.33 triggers a sell signal Daily: Trender and MACD are negative – a close above 6861.42 triggers a buy signal Hourly: Trender and MACD are negative – a close above 6695.52 triggers a buy signal
Trump on Saturday: Chuck Schumer recently said, ‘Every day gets better’ during their Radical Left Shutdown. I DISAGREE! If nothing is done, because of ‘Leader’ Chuck Schumer and the Democrats, our Brave Troops will miss the paychecks they are rightfully due on October 15th. That is why I am using my authority, as Commander in Chief, to direct our Secretary of War, Pete Hegseth, to use all available funds to get our Troops PAID on October 15th. We have identified funds to do this, and Secretary Hegseth will use them to PAY OUR TROOPS. I will not allow the Democrats to hold our Military, and the entire Security of our Nation, HOSTAGE, with their dangerous Government Shutdown… https://truthsocial.com/@realDonaldTrump/posts/115356736998906023 (Imagine Dems or a judge trying to halt troop payments!)
@dwnews: Maria Corina Machado, this year’s Nobel Peace Prize winner, is a 58-year-old Venezuelan opposition activist who lives in hiding.
Nobel Peace Prize winner María Corina Machado @MariaCorinaYA: This recognition of the struggle of all Venezuelans is a boost to conclude our task: to conquer Freedom. We are on the threshold of victory and today, more than ever, we count on President Trump, the people of the United States, the peoples of Latin America, and the democratic nations of the world as our principal allies to achieve Freedom and democracy. I dedicate this prize to the suffering people of Venezuela and to President Trump for his decisive support of our cause!
@Osint613: Russian President Vladimir Putin slammed the Nobel Peace Prize, claiming it has “LOST its credibility,” while praising President Trump for his efforts on long-standing global conflicts. “There were cases when this committee discussed the Nobel Peace Prize for people who have done NOTHING for the world.” “Is the current president of the USA worthy or unworthy? I don’t know. He really does a lot to solve such complex problems, crises that last for years or even decades. He sincerely aspires for this crisis in Ukraine to be resolved.”https://t.co/qzLop0620U
Trump: “He got a prize for doing nothing… He got elected, and they gave it to Obama for doing absolutely nothing but destroying our country… Obama was not a good president.” https://x.com/RapidResponse47/status/1976371566582894947
Nobel Prize: Barack H. Obama, the 44th President of the United States, had been in power for less than eight months when he was awarded the Nobel Peace Prize for 2009. Among the reasons it gave, the Nobel Committee lauded Obama for his “extraordinary efforts to strengthen international diplomacy and cooperation between peoples.”… https://www.nobelprize.org/prizes/peace/2009/obama/facts/
@larryelder: “…it’s difficult to see why he deserves the peace prize so soon after taking office. The Nobel committee didn’t just embarrass Obama, it diminished the credibility of the prize itself…Other political leaders have received the prize for real accomplishments.” —@latimes 10/10/09
@Anna_Giaritelli: Bounties to assassinate ICE came from Mexico – DHS tells me: Now up to $50K is being offered for top ICE officials; $5K payout for rank-and-file agent/officer; Internal DEA report reveals “Gangs in the Pilsen and Little Village neighborhoods [of Chicago] have ‘spotters’ stationed on building rooftops, armed with guns, monitoring law enforcement activity in those areas. Communication is conducted via radio.” Full story: https://washingtonexaminer.com/news/crime/384 Chicago Tribune’s @LAURA_N_ROD: Pilsen still has gangs?
Imagine being a SENIOR Chicago Tribune columnist that covers ‘immigration and culture’ writing something so deceitful or stupid!
Pro-Palestinian agitators hit with felony ‘promotion of anarchy’ charges after riot in Dem-run city (Boston): officialshttps://t.co/w9KJyIxrFb
@C_3C_3: Dem Sen. Adam Schiff is next… Mortgage applications with a Primary Residence in Maryland and also California. Oops! https://t.co/x5CDiAuw01
With the appearance of solid evidence against Letitia James, Dems and their MSM stenographers have altered their response to: ‘It’s only $19,000!’ The media cheered for James to ‘get Trump.’ Now the despicable media is outraged at James’s prosecution.
Realtors note that besides getting lower mortgage interest on ‘primary residences,’ as little as 3% down is required for primary residences and lower homeowners’ insurance rates. So, labeling investment properties as ‘primary residences’ garners more financial benefits than just a mortgage rate deduction. There’s the tax fraud question of labeling investment properties as ‘primary residences’ to get a better tax deduction on mortgage debt. https://www.irs.gov/publications/p936
@VigilantFox: @ScottJenningsKY delivers some tough words for Letitia James as she complains about being a victim of Trump’s “selective prosecution.” This message clearly upset CNN’s Christine Quinn, who couldn’t stop shaking her head at every word. “Letitia James is the absolute WORST possible poster child for the argument of selective prosecution. Her entire political career has been on the idea of selectively prosecuting one person, Donald J. Trump.” “Going out tonight and crying and whining and fussing about selective prosecution, when it comes to Letitia James, who ran an entire campaign saying she was going to go after Trump… I don’t think the American people are going to have too much sympathy for it.” https://x.com/VigilantFox/status/1976483353432924516
Letitia James Is Caught in a War of Her Own Making It’s a fact, beyond reasonable dispute, that Letitia James weaponized her official power as New York’s attorney general to pursue Donald Trump for political purposes… James started it when she ran for New York AG and won in 2018 primarily on an explicit platform of Vote for me, fellow Resistance warriors, and I’ll nail Trump.James tweeted that, if elected, she would be “leading the resistance against Donald Trump in NYC.” She solicited campaign donations by vowing to take down the President.Before she had access to any evidence, James declared conclusively that Trump “engaged in a pattern and practice of money laundering” and “can be indicted for criminal offenses.” The day after she won office, still having seen no actual evidence, the new AG exulted, “We’re going to definitely sue him. We’re going to be a real pain in the ass. He’s going to know my name personally.” For what? Who knows. Just something. https://www.msn.com/en-us/news/politics/letitia-james-is-caught-in-a-war-of-her-own-making/ar-AA1FllXF
Anderson Cooper says it was ‘not a great look’ for Letitia James to threaten to sue Trump after her election – “According to PolitiFact, the day after she was elected in 2018, Letitia James was asked by a community activist if she was going to sue President Trump. And she replied, quote, ‘Oh, we’re going to definitely sue him. We’re going to be a real pain in the a–. He‘s going to know my name personally,’” Cooper recalled on Thursday. “I mean, that’s not a great look for somebody who has just been elected, who has just been campaigning, who hasn’t even looked, I guess… deeply at any evidence,” he added. https://www.foxnews.com/media/anderson-cooper-says-not-great-look-letitia-james-threaten-sue-trump-after-her-election
@C_3C_3: Wait until the Democrats realize Leticia James also committed tax fraud…
@shipwreckedcrew: Almost nothing that Leticia James quarterbacked against Pres. Trump in NY has withstood challenge and scrutiny. And now she is facing felonies that might land her a short sentence in federal prison. Sentences in fraud cases turn mostly on the amount of money involved, and under $50,000 is the lowest level in the guidelines. I wonder how she feels today about all those communications she had about the organized efforts by Democrat partisans to keep Trump from running for a second term by tying him up in litigation and trying to bankrupt him?
Den candidate for CA Governor, Katie Porter, keeps making headlines for her unhinged behavior.
Rep. Katie Porter scalded ex-husband’s scalp with potatoes: documents Matthew Hoffman, who filed for divorce from Porter in 2013, said in a request for a restraining order dated April 30 of that year that he was “routinely” called a “f—ing idiot” and “f—ing incompetent” by his rage-prone spouse, who also shattered a glass coffee pot on their kitchen counter in March 2012 when she felt their house wasn’t clean enough… “When she gets angry, she will claw and scratch her arms and then say to me ‘Look what you made me do!’” Hoffman also said in the records…Porter, a former Harvard law student and protégé of progressive Sen. Elizabeth Warren (D-Mass.)… https://nypost.com/2023/04/13/rep-katie-porter-scalded-ex-hubbys-scalp-with-potatoes/?s=02
Katie Porter makes Hillary Clinton look like June Cleaver. Where do Dems get these people?
@MillennialVerse: Lincoln Square, Chicago—Federal agents arrested WGN (TV) employee Debbie Brockman after she threw an object at their vehicle during an immigration operation. The same media that lectures about justice can’t tell the difference between activism and assault. Breaking news just became breaking the law. https://x.com/MillennialVerse/status/1976792994809344304 @MissinRoyko: If only all of WGN’s staff would be handcuffed and locked up for good only to be aptly replaced by reruns of Bozo’s Circus
Daily Caller: Chicago residents are demanding Mayor Brandon Johnson drop his taxpayer-funded security detail if the city is as “safe” as he claims, after it was revealed his protection includes 150 police officers, costing $22.5 million in salaries alone each year.
@WesternLensman: Minn AG Keith Ellison, Today: Nobody even knows what Antifa is. Keith Ellison, 2018: Tweets photo of himself holding Antifa handbook. https://t.co/LJfZgsSNiz (The latest Dem/MSM gaslighting is proclaiming that Antifa is a figment of Team Trump’s imagination.)
@TitaniaMcGrath: My friends and I have been out all day protesting against this ceasefire. We demand a ceasefire that wasn’t arranged by Donald Trump. We will never give up the struggle for peace. https://x.com/TitaniaMcGrath/status/1977091297656946865
TDS is so severe and pervasive that people are debating if the above post is more TDS or satire.
President Trump’s latest roundtable on ANTIFA wasn’t just a political statement — it was a long-overdue reckoning against rising far-left political violence. For years, journalists and citizens alike have watched America’s streets burn, our cities vandalized, and our law enforcement vilified under banners of “resistance.” But as the President’s meeting revealed, ANTIFA is only one mask worn by a much larger monster — a transnational network of NGOs, foreign financiers, and ideological operatives quietly fueling what Seamus Bruner of the Government Accountability Institute called “Riot Inc.”
Bruner, GAI’s Director of Research, broke down the mechanics of this sprawling protest industrial complex. He traced the money, the messaging, and the movements, exposing how left-wing extremism has evolved from decentralized networks of anarchist collectives into a well-funded infrastructure with global ambitions. Among the various nodes and financiers, he named Neville Roy Singham — a tech billionaire currently under multiple congressional investigations for allegedly funneling money to American-based protest groups doing the bidding of the Chinese Communist Party.
Jonathan Choe, a journalist at the Discovery Institute, added another dimension, one that hits close to home for anyone living on the West Coast. He described how ANTIFA’s organizing hubs are increasingly intertwined with what he called the “homeless industrial complex,” a web of taxpayer-funded nonprofits that profit off permanent social decay. Cities like Portland, Seattle, and Los Angeles, all suffering the twin crises of homelessness and anarchist violence, have quietly become laboratories for this merger of chaos and cash flow.
Choe also revealed deep connections between ANTIFA networks and the Democratic Socialists of America (DSA) — the same group now running Zohran Mamdani for New York City Mayor. In 2019, the DSA’s national convention voted to formally adopt ANTIFA into its organization — a vote that passed with full approval. And according to new reports, ANTIFA’s latest project, “Stop Cop City”, has been holding meetings at the DSA headquarters in New York City.
Within hours of being named at Trump’s roundtable, Mark Bray, the self-proclaimed ANTIFA historian and Rutgers professor, announced he was leaving the country. Bray’s panic was revealing — because just after his name came up, Stop Cop City posted an official response on a well-known anarchist website, calling on supporters to join new “No Kings” protests nationwide.
🚨 Rutgers Professor Calls for “Militant Resistance,” Then Flees to Europe
For years, Rutgers professor Mark Bray, author of Antifa: The Anti-Fascist Handbook, has openly defended political violence as part of “anti-fascist resistance.” In a recent interview, he even admitted… pic.twitter.com/tMbTr1zCfu
Those protests, while marketed as peaceful resistance, have become a predictable cocktail of violence and political theater. In Los Angeles, “No Kings Day” descended into chaos when protesters hurled rocks, bricks, and fireworks at police. Federal buildings were vandalized, hundreds arrested, and at least one deputy hospitalized after a motorcyclist deployed tear gas at law enforcement. In Salt Lake City, a protester was shot and critically injured. In Portland, an ICE facility became the scene of a multi-hour riot. And in Minnesota, a targeted attack on state lawmakers connected to “No Kings” propaganda left two dead and two critically wounded.
All of this, it turns out, was not spontaneous. As ZeroHedge previously reported, the “No Kings” protests were funded by Arabella Advisors, the same dark-money network behind some of the most powerful progressive operations in Washington. Arabella’s fingerprints confirm Bruner’s central thesis: that “Riot Inc.” is a product not of grassroots passion, but of elite engineering — managed, funded, and protected by a nonprofit industrial complex that answers to no voters and fears no audits.
The scale of coordination here should disturb every American. ANTIFA isn’t simply a group of masked agitators smashing Starbucks windows — it’s one visible node of the growing revolution against the West. And while it might be decentralized and loose in structure, the rest of the revolution is not. The permanent protest industry has thousands of nonprofit entities, shell companies, fiscal sponsorships, alternative media arms, an army of lawyers, bail funds, foreign influences, and a multi-billion-dollar network of backers.
Bruner told Trump earlier this week, “We have identified dozens of radical organizations, not just the decentralized Antifa organizations, but dozens of radical organizations that have received more than $100 million from the Riot Inc investors.”
It even has political allies running for major office in America’s biggest cities.
President Trump deserves credit for forcing this conversation into the open. But as Bruner warned, dismantling ANTIFA’s street operations will only address the symptoms.To truly stop the bleeding, America must go after the bloodstream — the NGO networks and offshore foundations that bankroll domestic destabilization.
A “bottom-up” crackdown targets the foot soldiers; a “top-down” strategy targets the financiers, the academics, and the nonprofit executives turning activism into industry.
Riot Inc. is real. It’s organized. And it’s finally being exposed.
GREG HUNTER INTERVIEWING DR JEROME CORSI
Military Stops the Cheating in 2026 Midterms – Dr. Jerome Corsi
Military Stops the Cheating in 2026 Midterms – Dr. Jerome Corsi
By Greg Hunter’s USAWatchdog.com (Saturday Night Post)
Dr. Jerome Corsi came on USAWatchdog at the beginning of the year to talk about the huge amount of voter and election fraud he and his group were uncovering. Back then, he revealed how intel agencies were involved. Dr. Corsi has a Harvard PhD in political science, and he has written more than 30 books. Many of them are best-sellers. Dr. Corsi still says he can prove Donald Trump really did win in 2020. But Dr. Corsi says the widespread cheating with crooked voting machines, millions of fake voters, mail-in ballots and illegal alien voters are all under attack by the Trump Administration. The so-called government shutdown is push back by Democrats that is cutting the funding for illegal alien health care and thus curtailing illegal alien voter fraud. Dr Corsi says, “They have no ability to stay. That is even a worse problem. They can’t afford to stay. If they can’t be hired and they can’t work, there is no economic cord to hold them here.”
So, why do Democrat governors and leaders in Congress seem to be in a much higher level of panic with funds being cut and ICE making arrests on the street? Dr. Corsi says, “They know if Trump wins and the illegals are deported, the Democrats are going to lose. If we go to an ‘only citizen’s’ vote, if we go to eliminating these machines, the Democrats lose everything. If the Democrats can’t steal elections, they lose power and they lose money. The Democrats cannot allow a fair election. So, the Democrats know that Trump is coming after them. They know they cannot defend themselves with a Barak Obama in office whose goal was to destroy America.”
Dr. Corsi says expect to see big layoffs with the government shutdown. Dr. Corsi explains, “There are a lot of people blocking Trump’s agenda from within the bureaucracy. There are too many in the government resisting Trump. So, this shutdown, I think, is very therapeutic right now. I think Donald Trump should accelerate the number of employees that he is reducing by force. He might even close a few departments, and he has great authority right now. I think he has begun to use his authority.”
Dr. Corsi goes on to say, “The amount of crime the Democrats have been committing is going to astonish the American people. . .. Money from child sex trade and child organ harvesting is much more than you can make in drugs. It’s enormous . . . and we get the drugs coming in through the drug cartels. China is allowed to bring in Fentanyl, and all the money goes through the banks. . .. An assistant police chief outside of Nashville did an investigation on this, and what he showed was the money went into the Democrat non-governmental organizations (NGO’s). They took it out of the banks by mortgage fraud. These are treasonous NGO’s, and this is activity that the American people will find abhorrent. . .. When this all unfolds, I doubt the Democrat Party will continue to exist.”
Dr. Corsi says the country will have a fair election in the 2026 midterms. Will the US military stop the cheating and be involved in getting secure and accurate elections? Dr. Corsi says, “Most likely, yes. I think the military is going to prepare for it because if the state boards of elections don’t clean up their voter files and get algorithms out of them, and they are planning on general mail in balloting, it’s not going to be allowed because those are the ways they steal elections.”
If you go to GodsFiveStones.com, you can see all the election fraud data for free.”
There is more in the 53-minute interview.
Join Greg Hunter of USAWatchdog.com as he goes one-on-one with Dr. Jerome Corsi of GodsFiveStones.com. Find out why Dr. Corsi predicts the US military will stop the election fraud in 2026 midterms.
harveyorganblog.com 
