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EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: OCTOBER 2025 COMEX 100 GOLD FUTURES
SETTLEMENT: 4,125.500000000 USD
INTENT DATE: 10/23/2025 DELIVERY DATE: 10/27/2025
FIRM ORG FIRM NAME ISSUED STOPPED
099 H DEUTSCHE BANK AG 14
323 C HSBC 113
357 C WEDBUSH SECURITIES 4
363 H WELLS FARGO SECURITI 19
435 H SCOTIA CAPITAL (USA) 98
657 H MORGAN STANLEY 50
661 C JP MORGAN SECURITIES 94
737 C ADVANTAGE FUTURES 41 2
880 H CITIGROUP 66
905 C ADM 55
TOTAL: 278 278
MONTH TO DATE: 58,339
GOLD: NUMBER OF NOTICES FILED FOR OCT/2025: 544 CONTRACTs NOTICES FOR 54,400 OZ or 1.692 TONNES
total notices so far: 58,061 contracts for 5,806,100 OR 180.594 tonnes)
SILVER NOTICES: 320 NOTICE(S) FILED FOR 1.600 MILLION OZ/
total number of notices filed so far this month : 7628 CONTRACTS (NOTICES) for 38.140 million oz
INITIAL STANDING FOR OCT: 38.235 MILLION OZ (WHICH INCLUDES ALL QUEUE JUMPING)
+ 2.110 MILLION OZ EXCHANGE FOR RISK
EQUALS
40.345 MILLION OZ..
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 75.925 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
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: 38.235 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
PLUS
2.110 MILLION OZ EXCHANGE FOR RISK//TOTAL OZ STANDING IN OCT ADVANCES TO 40.345 MILLION OZ
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 TODAY’S STRONG 0.8615 TONNES QUEUE JUMP WHICH FOLLOWS: 1.695 TONNE QUEUE JUMP FOLLOWING WEDNESDAY’S HUGE 8.622 TONNES OF QUEUE JUMP WHICH FOLLOWS: 3.860 TONNES QUEUE JUMP + FOLLOWING ANOTHER HUGE 7.695 TONNES OF QUEUE JUMP WHICH FOLLOWED FRIDAY’S RECORD SETTING, 12.031 TONNES QUEUE JUMP TO WHICH WE ADD: 8.326 TONNES QUEUE JUMP/WEDNESDAY// WHICH FOLLOWED TUESDAY’S RECORD SETTING MONSTER 9.564 TONNES QUEUE JUMP AND WHICH WAS PRECEDED BY 42.549 TONNES QUEUE JUMPING FOR OCT. THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 196.229 TONNES OF GOLD.
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STRONG THIS MONTH
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. 205.209 TONNES//CERTAINLY MUCH LARGER THIS MONTH
SPREADING OPERATIONS
NOW SWITCHING TO GOLD FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF OCT. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A TINY SIZED 42 CONTRACTS OI TO 166,416 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 0 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
DEC 0 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 42 CONTRACTS AND ADD TO THE 0 E.FP. ISSUED
WE OBTAIN A TINY SIZED LOSS OF 42 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN OF $0.87 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 3.925 MILLION PAPER OZ
OCCURRED WITH OUR GAIN IN PRICE.OF $0.87
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENT
Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS
ASIAN MARKETS THIS FRIDAY MORNING:
SHANGHAI CLOSED UP 27.90 POINTS OR 0.71%
//Hang Seng CLOSED CLOSED UP 192.17 PTS OR 0.74%
// Nikkei CLOSED : UP 658.94 PTS OR 1.35% //Australia’s all ordinaries CLOSED DOWN 0.13%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.1221// OFFSHORE CLOSED UP AT 7.1253/ Oil UP TO 61.76 dollars per barrel for WTI and BRENT UP TO 65.82 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING UP TO 7.1221 // OFFSHORE YUAN TRADING UP TO 7.1253 :/ONSHORE YUAN TRADING ABOVE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
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A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A SMALL 307 CONTRACTS TO 464,096 OI DESPITE OUR HUGE GAIN IN PRICE OF $78.00 WITH RESPECT TO THURSDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST NO NET LONGS, DESPITE THAT HUGE PRICE LOSS FOR GOLD. AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A STRONG NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (2695). WE HAD MASSIVE T.A.S. LIQUIDATION WEDNESDAY BUT NO T.A.S LIQUIDATION ON THURSDAY.. WE HAD A TOTAL GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 3002 CONTRACTS (OR 9.337 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 14.553 TONNES OF GOLD UNDER THE GUIDANCE OF 6 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: 6 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. NOW AFTER A TWO WEEK HIATUS, OCT 21: 1029 CONTRACTS FOR 10290 OZ OR 3.200 TONNES TOTAL ISSUANCES 6 OCCASIONS FOR 4679 CONTRACTS OR 467,900 OZ OR 14.553 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 OCT 8 FOR 1000 CONTRACTS, OR 100,000 OZ OR 3.1104 TONNES AND FINALLY OCT 21; 3.200 TONNES// THUS ON 6 OCCASIONS TOTAL EXCHANGE FOR RISK ISSUANCE; 14.553 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/BORROWED 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 130.3 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 E.E.A. AUDITORS TO SUPPLY A POSITIVE AUDIT ON THEIR GOLD TONNAGE AND OTHER ASSETS HELD UNDER THE E.E.A. .AND NOW THE OCC HAS WRITTEN NEW RULES ON BORROWED GOLD AND THE HANDLING OF EXCHANGE FOR PHYSICAL ISSUANCES AS TO NOT BREAK ANY LAWS!!! STRANGE: THEY HAVE BEEN BREAKING LAWS FOR 5 YEARS NOW.
DETAILS ON OCTOBER COMEX MONTH//
IN TOTAL WE HAD A VERY STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 14,494 CONTRACTS WITH OUR HUGE GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY FOR THE THOUGHTFULNESS. LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. DELIVERY OF GOLD CONTRACTS ARE NOW TAKING SEVERAL WEEKS. NO DEFAULT HAS BEEN INITIATED AS DEALERS ARE AFRAID OF LOSS OF THEIR JOBS. SO THIS FRAUD CONTINUES. THE LEASE RATES IN LONDON HAVE NOW INCREASED TO 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 STRONG SIZED T.A.S ISSUANCE AS THE CME NOTIFIES US THAT THEY HAVE ISSUED 2,700 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 ON FRIDAY’S AND TUESDAY’S HUGE RAIDS, DESPERATELY TRYING TO STOP GOLD’S ADVANCE. THIS GENERALLY ENDS IN FAILURE AS WE WE WILL PROBABLY SEE GOLD//SILVER RISE HUGELY ON OUR UPCOMING DAYS.
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.(THE HUGE INCREASE IN QUEUE JUMPING). AND NOW AS WE ARE SET TO BEGIN OPTION EXPIRY WEEK, THE CROOKS HAVE DECIDED TO RAID AGAIN. IT WILL BE QUITE A TRADING WEEK //OTC OPTIONS EXPIRY FRIDAY OCT 31..COMEX EXPIRY TUESDAY OCT 28. THE FED IS MOST LIKELY TRYING TO CONTAIN THE PRICE OF GOLD AND SILVER PRIOR TO THEIR MEETING OCT 29 WHERE HE WILL LOWER INTEREST RATES (MAYBE 1/2 PT) AND THAT WILL SET A FIRESTORM OF PRICE INFLATION.
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. //(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 BRINGS US TO OCTOBER:
OCTOBER: INITIAL STANDING FOR GOLD: 90.164 TONNES TO WHICH WE ADD OUR LATEST OCT 24 OF 0.8615 TONNES, FOLLOWING OCT 23 QUEUE JUMP OF 1.695 TONNES OCT 22 JUMP OF 8.622 TONNES WHICH FOLLOWS OCT 21: 3.8600 TONNES TO OCT 20 QUEUE JUMP OF 7.695 TONNES WHICH FOLLOWED OCT 17 RECORD SETTING: 12.031 TONNE QUEUE JUMP WHICH FOLLOWED THURSDAY’S QUEUE JUMP OF 8.326 TONNES WHICH FOLLOWED WEDNESDAY;S 6.469 WHICH FOLLOWED ALL PREVIOUS QUEUE JUMPS OF 42.549 TONNES TO WHICH WE ADD OUR TOTAL 4679 EXCHANGE FOR RISK CONTRACTS ON 6 OCCASIONS FOR 467,900 OZ OR 14.553 TONNES.! TOTAL STANDING ADVANCES TO 195.349 TONNES OF GOLD
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
E) AFTER A TWO WEEK HIATUS: ITS 6TH ISSUANCE FOR 1029 CONTRACTS/102,900 OZ OR 3.200 TONNES
TOTAL EXCHANGE FOR RISK OCT 6 OCCASIONS: 14.553 TONNES
TO WHICH WE ADD ALL OUR QUEUE JUMPING IN OCT:
F) A MASSIVE QUEUE JUMP,OCT 3 OF 4.898 TONNES OF GOLD
G) STRONG QUEUE JUMP OCT 4: 0.9704 TONNES
H) A MASSIVE QUEUE JUMP OCT 7 OF 3.623 TONNES
I) A MASSIVE QUEUE JUMP OCT 8 FOR 6.942 TONNES
J) A MASSIVE QUEUE JUMP OCT 9 FOR 4.979 TONNES
K) A MASSIVE AND 3RD HIGHEST EVER OCT 10 QUEUE JUMP FOR 7.504 TONNES
L) A MASSIVE QUEUE JUMP OF 4.3919 TONNES
M) A RECORD SETTING QUEUE JUMP OF 9.564 TONNES
N) A HUGE 6.469 TONNES QUEUE JUMP
0) A HUGE 8.326 TONNES QUEUE JUMP
P) A RECORD SETTING 12.031 TONNE QUEUE JUMP THE HIGHEST EVER RECORDED IN COMEX HISTORY SURPASSING TUESDAY’S 9.564 TONNES
Q/ QUEUE JUMP OF 7.695 TONES OF GOLD//
R/ TODAY’S QUEUE JUMP OF 3.8600 TONNE JUMP
S) OCT 22 QUEUE JUMP OF 8.622 TONNES//
T) 1OCT 23 1.695 TONNES
U) OCT 24. 0.8615 TONNES
(ALL OF THESE QUEUE JUMPS ARE REPRESENTED BY CENTRAL BANKS DESPERATELY ADDING TO THEIR OFFICIAL RESERVES)
EQUALS
196.229 TONNES OF GOLD!!
THE FED IS THE OTHER MAJOR SHORT OF AROUND 30+ TONNES OF GOLD OWING TO THE B.I.S. THE FED NEEDS TO COVER AS THEY ARE VERY WORRIED ABOUT WHAT IS GOING TO HAPPEN TO GOLD PRICES NOW THAT THEY MUST BECOME COMPLIANT TO BASEL III RULES JULY 1/2023 AS OUTLINED IN ANDREW MAGUIRE’S LATEST LIVE FROM THE VAULT 231 TO 245 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 SEPT. 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 WHICH INCLUDES ALL QUEUE JUMPING.
TOTALS: 48.801 TONNES FINAL STANDING FOR GOLD/SEPT.
EXCHANGE FOR PHYSICAL ISSUANCE/OCT
THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED EXCHANGE FOR PHYSICAL OF 2695 CONTRACTS.
THAT IS A STRONG SIZED 2695 EFP CONTRACT WAS ISSUED: : /DEC 2695 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 2695 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. SEEMS NOW THAT THE OCC IS CLAMPING DOWN ON THIS EFP’S CIRCLING AROUND IN LONDON!
WE HAD :
- ZERO LIQUIDATION OF OUR T.A.S. SPREADERS//THURSDAY + 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 ANOTHER TEMPER TANTRUM WHEN GOLD FINALLY BROKE THROUGH 4,000 DOLLAR MARK ON OCT. 10 AND GOLD NEVER LOOKED BACK DESPITE OUR TWO RAIDS THIS PAST WEEK, ON FRIDAY AND OCT 21 AND ATTEMPTED RAID OCT 24
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 THURSDAY NIGHT/FRIDAY MORNING WAS A STRONG SIZED SIZED 1677 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR OTHERWISE LIKE LAST MONTH ON OPTIONS EXPIRY WEEK AND THEN OCT 9 AND THEN OCT 21 AND NOW OCT 24, 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 FAIR 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 6 ISSUANCES FOR 14.553 TONNES
- THE LONDON BANKING AUDITORS HAVE SO FAR REFUSED TO GIVE CERTIFICATION ON THE BANK OF ENGLAND’S SISTER HOLDING OPERATION, THE E.E.A. ON ITS 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 STRONG 0.8615 TONNE QUEUE JUMP WHICH FOLLOWS YESTERDAY’S 1.695 TONNES QUEUE JUMP WHICH FOLLOWED WEDNESDAY’S HUGE 8.622 TONNES WHICH FOLLOWS TUESDAY’S., 3.860 TONNES WHICH FOLLOWS OCT 20, 7.695 TONNES WHICH FOLLOWED LAST FRIDAY’S HUGE: 12.031 TONNE QUEUE JUMP WHICH FOLLOWED LAST THURSDAY’S 8.326 TONNES, FOLLOWING LAST WEDNESDAY’S HUGE 6.469 TONNES WHICH FOLLOWED LAST TUESDAY;S RECORD SETTING 9.564 TONNES OF A QUEUE JUMP TO WHICH WE ADD ALL OTHER QUEUE JUMPS IN OCT OF 33.009 TONNES WHICH MUST BE ADDED TO OUR 6 ISSUANCES OF 14.553 TONNES EXCHANGE FOR RISK//TOTAL NEW STANDING FOR GOLD IN THIS ACTIVE OCTOBER DELIVERY MONTH ADVANCES TO 196.229 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)
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
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COMEX GOLD TRADING BEGINNING OCT,. CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY A HUGE $78.00./ /) AND WERE MILDLY SUCCESSFUL IN KNOCKING OFF SOME NET SPECULATOR LONGS AS WE DID HAVE VERY FAIR SIZED GAIN IN OI FROM TWO EXCHANGES OF 3002 CONTRACTS.. BUT AS EXPLAINED ABOVE WE HAD HUGE T.A.S. SPREADER LIQUIDATION WEDNESDAY BUT NONE ON THURSDAY .THIS WAS COUPLED WITH A) GOVERNMENT LIQUIDATING THEIR CONTRACTS OUT OF SEVERE FEAR!!(PRELIMINARY NUMBERS LOWERED TO FINAL SHOWING MASSIVE LIQUIDATION). AND B) NOW THE COMMENCEMENT OF MONTH END SPREADER LIQUIDATION /// THE BANKERS ARE QUITE NERVOUS ABOUT BASEL III WITH ITS IMPLEMENTATION COMMENCING JULY 1. THEY ARE VERY CONCERNED WITH THEIR HIGH AMOUNT OF DERIVATIVES LOSSES ON THEIR BOOKS EVEN THOUGH THEY TRANSFERRED THESE LOSSES ONTO THE FED’S BALANCE SHEET.THUS THE REASON THEY NEEDED THESE T.A.S. ISSUANCES NOW IN ORDER TO FORMALIZE RAIDS: OUR CROOKS TRIED AGAIN LATE OCT 2 WITH CHINA OUT FOR A WEEK, WITH NOT MUCH LUCK. WITH CHINA COMING BACK 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 INITIALLY PIERCING THE 4,000 DOLLAR BARRIER OCT 7-8 ALONG WITH THE PIERCING OF SILVER’S MAGIC 50 DOLLAR MARK. GOLD AND SILVER FROM OCT 10 ON, NEVER LOOKED BACK ONCE THEY PIERCED THEIR RESPECTIVE BARRIERS OF 4,000 DOLLAR GOLD AND 50 DOLLAR SILVER. THE CROOKS NOW NEED TO RAID ON EVERY OTHER DAY. AS OCT 21 WAS ANOTHER MASSIVE RAID ON OUR PRECIOUS METALS AND EQUITY SHARES. THEY ARE TRYING TO CONTAIN PRICING ON OUR PRECIOUS METALS TODAY, OCT 24.
THURSDAY MORNING//WEDNESDAY NIGHT
THE CROOKS HOWEVER COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL THURSDAY EVENING/ FRIDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING WEEKS TO DELIVER
ANALYSIS OCT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// OCT COMEX CONTRACT
WE HAVE A VERY FAIR SIZED GAIN OF A TOTAL OF 9.337 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR OCT AT 90.164 TONNES TO BE FOLLOWED BY TODAY’S 0.8615 TONNES QUEUE JUMP FOLLOWED BY YESTERDAY’S 1.692 TONNES WHICH FOLLOWED YESTERDAY’S 7.695 TONNES/QUEUE JUMP WHICH FOLLOWED A MASSIVE 12.031 TONNES OF QUEUE JUMP ON FRIDAY OCT 21 AND THEN 61.216 TONNES OF PREVIOUS QUEUE JUMPS TO WHICH WE ADD OUR 14.553 TONNES EX FOR RISK/6 OCCASIONS:
/ NEW TOTAL STANDING 195.349 TONNES.
ALL OF THIS HUGE STANDING FOR OCTOBER WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $78.90
WE HAD A HUGE 11,490 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.
NET GAIN ON THE TWO EXCHANGES 14,494 CONTRACTS OR 1,449,400 0Z (45.082 TONNES)
speculators have left the gold arena
INITIAL GOLD COMEX
OCT CONTRACT MONTH
OCT 24
OCT CONTRACT MONTH
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 3 entries i) Out of Brinks 3215.000 oz 1000 kilobars ii) Out of Malca: 40,414.218 oz 1257 KILOBARS iii) Out of HSBC: 38,148.771 oz total withdrawal: 81,828.089 oz. or 2.63 tonnes of gold. . |
| Deposit to the Dealer Inventory in oz | 0 ENTRIES |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER nil xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 278 notice(s) 27,800 OZ 0.8646 TONNES OF GOLD |
| No of oz to be served (notices) | 70 contracts 7000 OZ 0.2147 TONNES |
| Total monthly oz gold served (contracts) so far this month | 58,339notices 5,833,900oz 181.458 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 entries
customer withdrawals:
3 entries
i) Out of Brinks 3215.000 oz 1000 kilobars
ii) Out of Malca: 40,414.218 oz 1257 KILOBARS
iii) Out of HSBC: 38,148.771 oz
total withdrawal: 81,828.089 oz.
or 2.63 tonnes of gold.
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
ADJUSTMENTs 0
volume at the comex: TUESDAY: 288,886oz (fair//
AMOUNT OF GOLD STANDING FOR OCTOBER
THE FRONT MONTH OF OCTOBER STANDS AT 348 CONTRACTS FOR A LOSS OF 267 CONTRACTS.
WE HAD 544 CONTRACTS FILED ON THURSDAY SO WE GAINED A STRONG 277 CONTRACT QUEUE JUMP FOR 27700 OZ OR 0.8615 TONNES OF GOLD, WHICH FOLLOWS YESTERDAY’S 1.695 TONNES QUEUE JUMP WHICH FOLLOWS WEDNESDAY’S 3.8 TONNES QUEUE JUMP WHICH FOLLOWED LAST FRIDAY’S, HIGHEST EVER QUEUE JUMP RECORDED IN COMEX HISTORY OF 12.54 TONNES TONNES OF GOLD WHICH FOLLOWED BY ALL THE REST OF OCTOBER QUEUE JUMP OF 57.356 TONNES
THUS OUR NEW NORMAL DELIVERY RISES TO 181.676 TONNES WHICH INCLUDES ALL PREVIOUS QUEUE JUMPS) PLUS OUR 14.553 TONNES EX FOR RISK//NEW TOTAL STANDING FOR GOLD ADVANCES TO 196.229 TONNES
NOVEMBER LOST 183 CONTRACTS DOWN TO 4104 CONTRACTS.
DECEMBER GAINED 441 CONTRACTS UP TO 352,935 CONTRACTS.
We had 320 contracts filed for today representing 32,000 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 278 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer an 94 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 (58,339 oz ) to which we add the difference between the open interest for the front month of OCT ( 348 CONTRACTS) minus the number of notices served upon today (278x 100 oz per contract) equals 5,840,900 OZ OR 181.676 TONNES OF GOLD TO WHICH WE ADD OUR 6 ISSUANCES OF 14.553 TONNES OF EXCHANGE FOR RISK //NEW TOTALS STANDING FOR GOLD OCTOBER ADVANCES TO 196.229 TONNES. NO WONDER THE COMEX IS IN TURMOIL WITH THIS MAMMOTH STANDING FOR GOLD.
thus the INITIAL standings for gold for the OCT contract month: No of notices filed so far (58,339 x 100 oz +we add the difference for front month of OCT. (348 OI} minus the number of notices served upon today (320 x 100 oz) which equals 5,840,900 OZ OR 181.676 TONNES + 14.553 TONNES EXCHANGE FOR RISK//NEW TOTAL OF GOLD STANDING IN OCTOBER ADVANCES TO 196.229 TONNES
TOTAL COMEX GOLD STANDING FOR OCT..: 196.229 TONNES TONNES WHICH IS HUGE FOR THIS NORMALLY SMALL ACTIVE ACTIVE DELIVERY MONTH OF OCT.
volume THURSDAY confirmed 327,800 contracts huge
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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: 1,706,422.489 oz 53.07 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 38,827,086.830oz
TOTAL REGISTERED GOLD 19,947,825.805 or 620.461tonnes
TOTAL OF ALL ELIGIBLE GOLD 18,923,261.025 OZ
END
REGISTERED GOLD THAT CAN BE SERVED UPON 1,824,140 oz ((REG GOLD- PLEDGED GOLD)= 567.38tonnes // (dseclining rapidly)
total inventories in gold declining rapidly
SILVER/COMEX
SILVER/COMEX
THE OCT. 2025 SILVER CONTRACTS
OCT 24 2025
INITIAL/
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 4 entries i) Out of CNT 696,604.593 oz ii) Out of Delaware 26,354.390 oz iii) Out of HSBC 30,137.680 oz iiv) Out of JPMorgan: 673,535.580 oz total withdrawal 1,426,632,243 |
| Deposits to the Dealer Inventory | 0 ENTRY |
| Deposits to the Customer Inventory | nil 1 entries i) into Stonex: 392,558.800 oz total deposit 392,558.800 oz |
| No of oz served today (contracts) | 320 CONTRACT(S) ( 1.600 MILLION OZ |
| No of oz to be served (notices) | 14 contracts (70,000 oz) |
| Total monthly oz silver served (contracts) | 7628 Contracts (38.140 MILLION oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
DEPOSITS INTO DEALER ACCOUNTS
0 ENTRY
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
1 entries
i) into Stonex:
392,558.800 oz
total deposit 392,558.800 oz
`
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx)
withdrawals: customer side/eligible
4 entries
i) Out of CNT 696,604.593 oz
ii) Out of Delaware 26,354.390 oz
iii) Out of HSBC 30,137.680 oz
iiv) Out of JPMorgan: 673,535.580 oz
total withdrawal 1,426,632,243
adjustments: 4
4 dealer to customer
a) Brinks: 139,472.800 oz
b) Delaware: 9813.03 oz
c) Manfra; 125,195.327 oz
d) stonex: 19,245.780 oz
comex is in turmoil
TOTAL REGISTERED SILVER: 167.706 MILLION OZ//.TOTAL REG + ELIGIBLE. 496.946 Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR OCT.
silver open interest data:
FRONT MONTH OF OCT /2025 OI: 339 OPEN INTEREST CONTRACTS FOR A GAIN OF 92 CONTRACTS.
WE HAD 233 CONTRACTS SERVED ON THURSDAY, SO WE GAINED 325 CONTRACTS WHICH UNDERWENT A STRONG QUEUE JUMP FOR 1.625 MILLION 0Z
THUS
NORMAL STANDING FOR SILVER OCT ADVANCES TO 38.235 MILLION OZ WHICH INCLUDES TODAY’S STRONG 1.625 MILLION OZ QUEUE JUMP + 2,110 MILLION OZ EX. FOR RISK = 40.345 MILLION OZ WHICH IS MASSIVE FOR A NON ACTIVE DELIVERY MONTH!!
NOVEMBER LOST 10 CONTRACTS DOWN TO 2709
DECEMBER GAINED 78 CONTRACTS UP TO 115,483
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 320 or 1.600 MILLION oz
CONFIRMED volume; ON THURSDAY 73,258 good//
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 7628 X5,000 oz = 38.140 MILLION oz
to which we add the difference between the open interest for the front month of OCT (339) AND the number of notices served upon today (320 )x (5000 oz)
Thus the standings for silver for the OCTOBER 2025 contract month: (7628) Notices served so far) x 5000 oz + OI for the front month of OCTOBER(339) minus number of notices served upon today (320)x 5000 oz equals silver standing for the OCT.contract month equating to 38.235 MILLION OZ to which we must add our initial 2.110 million oz exchange for risk issuance//new standing advances to 40.345 which is mammoth for a non active delivery monthj.
New total standing: 40.345 million oz. THE SILVER COMEX IS NOW UNDER MASSIVE SIEGE!! AND THIS IS HAPPENING WITH THE MASSIVE SIEGE ON GOLD AS WELL.
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 167.706 million oz of registered silver
JPMorgan as a percentage of total silver: 206.158/496.946million. 41.47%
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 24 WITH GOLD DOWN $7.65 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A HUGE WITHDRAWAL OF 6.29 TONNES OF GOLD FROM THE GLD./// . /// ///INVENTORY RESTS AT 1052.37 TONNES
OCT 23 WITH GOLD UP $78.00 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A HUGE WITHDRAWAL OF 6.29 TONNES OF GOLD FROM THE GLD./// . /// ///INVENTORY RESTS AT 1052.37 TONNES
OCT 22 WITH GOLD DOWN $78.95 TODAY/NO CHANGES IN GOLD AT THE GLD: A DEPOSIT// . /// ///INVENTORY RESTS AT 1058.66 TONNES
OCT 21 WITH GOLD DOWN $240.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 11.45TONNEES OF GOLD INTO THE GLD// . /// ///INVENTORY RESTS AT 1058.66 TONNES
OCT 20 WITH GOLD UP $137.70 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 12.59TONNEES OF GOLD INTO THE GLD// . /// ///INVENTORY RESTS AT 1047.21 TONNES
OCT 17 WITH GOLD DOWN $90.00 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 12.04TONNEES OF GOLD INTO THE GLD// . /// ///INVENTORY RESTS AT 1034.62 TONNES
OCT 16 WITH GOLD UP $104,45 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 1.15TONNES OF GOLD INTO THE GLD// . /// ///INVENTORY RESTS AT 1022,60 TONNES
OCT 15 WITH GOLD UP $41.25 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2 TONNEES OF GOLD INTO THE GLD// . /// ///INVENTORY RESTS AT 1021.45 TONNES
OCT 14 WITH GOLD UP $33.90 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 1.72 TONNEES OF GOLD INTO THE GLD// . /// ///INVENTORY RESTS AT 1018.88 TONNES
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//
GLD INVENTORY: 1052.37 TONNES, TONIGHTS TOTAL
SILVER
OCT 24 WITH SILVER DOWN $0.25 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 2.541 MILLION OZ OUT OF THE SLV /// ///INVENTORY RESTS AT 497.346 MILLION OZ
OCT 23 WITH SILVER UP $0.87 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 2.541 MILLION OZ OUT OF THE SLV /// ///INVENTORY RESTS AT 501.474 MILLION OZ
OCT 22 WITH SILVER DOWN $0.33 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 2.995 MILLION OZ OUT OF THE SLV /// ///INVENTORY RESTS AT 504.015 MILLION OZ
OCT 21 WITH SILVER DOWN $3.73 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A DEPOSIT OF 8.757 MILLION OZ INTO THE SLV /// ///INVENTORY RESTS AT 507.010 MILLION OZ
OCT 20 WITH SILVER UP $0.94 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A DEPOSIT OF 2.405 MILLION OZ INTO THE SLV /// ///INVENTORY RESTS AT 498.253 MILLION OZ
OCT 17 WITH SILVER DOWN $2.85 TODAY/NO CHANGES IN SILVER AT THE SLV /// ///INVENTORY RESTS AT 495.848 MILLION OZ
OCT 16 WITH SILVER UP $1.63 TODAY/HUMONGOUS CHANGES IN SILVER AT THE SLV A HUGE WITHDRAWAL OF 9.982MILLION OZ OF SILVER OUT OF THE SLV/: /// ///INVENTORY RESTS AT 495.848 MILLION OZ
OCT 15 WITH SILVER UP $0.55 TODAY/SMALL CHANGES IN SILVER AT THE SLV A SMALL WITHDRAWAL OF 0.681 MILLION OZ OF SILVER OUT OF THE SLV/: /// ///INVENTORY RESTS AT 505.830 MILLION OZ
OCT 14 WITH SILVER DOWN $0.07 TODAY/MAMMOTH CHANGES IN SILVER AT THE SLV A HUGE DEPOSIT OF 9.983 MILLION OZ OF SILVER INTO THE SLV/: /// ///INVENTORY RESTS AT 506.511 MILLION OZ
OCT 11 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./
CLOSING INVENTORY 497.346 MILLION OZ OF SILVER
PHYSICAL GOLD/SILVE
1/PETER SCHIFF
JOHN RUBINO
ecession Watch: Shadow Banking Crisis … and So Much More
| John RubinoOct 24 |
The spread of private equity and non-bank lending has created a “shadow banking system” that’s largely invisible — until something breaks. Then the resulting losses show up in the real banking system, and everyone freaks.
In the past couple of months, some of this shadow paper went bad without warning. Here are a few bullet-point snippets from reporting on the debacle:
- Regional lender Zions Bancorp announced a $50 million writeoff on “what it believes to be apparent misrepresentations and contractual defaults” by two borrowers.
- Regional lender Fifth Third Bancorp (FTB), in a regulatory filing in early September, said it would take a $170 million charge related to the collapse of subprime auto lender Tricolor. JPMorganChase (JPM) also wrote off $170 million in Tricolor-related loans in the third quarter. And Raistone, which facilitates short-term business loans, has said $2.3 billion has “simply vanished” as a result of First Brands’ failure.
- “I probably shouldn’t say this, but when you see one cockroach, there are probably more,” said JPMorgan CEO Jamie Dimon. “I expect it to be a little bit worse than other people expect it to be.”
- The First Brands collapse WIPED OUT $4 billion in leveraged loans held across ~80 CLOs from PGIM, Franklin Templeton, Blackstone, and others. The sudden failure is a major warning for the broader credit market and leveraged loan sector.
But of course, shadow banking is just one of our problems. Others include soaring credit card delinquencies…
…layoffs approaching Great Financial Crisis levels…
…new home prices down by over $100,000 since 2022…
…home sellers now outnumbering home buyers…
…and financial leverage that’s growing much faster than the money supply — which coincided with the previous two stock market crashes:
Meanwhile, all of this financial fragility is perched upon the precarious pillar of AI spending, which accounts for just 4% of U.S. GDP but supplied 92% of this year’s GDP growth. In other words, minus the current tech bubble, the economy is dead in the water.
jAMES RICKARDS
2. MATHEW PIEPENBURG/VON GREYERZ
ALASDAIR MACLEOD..
Gresham’s Law says buy the dip
Nervousness in precious metals is not going to stop the gold and silver bull market. Underweight portfolios are beginning to drive prices through ETF accumulation.
| Alasdair MacleodOct 24∙Paid |
This week, Friday’s selloff continued with both gold and silver drifting lower. In European morning trade today, gold was $4065, $295 lower than last Friday’s close, and silver at $48.10 was down $4.30. On Comex, silver’s volume dwindled while in gold it merely declined.
This one-week selloff appears spectacular but should be observed in the context of the previous rise. If support at $4000 fails, the gold chart suggests that support will then
be found at about $3750, when the price should coincide with the rapidly rising 55-day moving average.
Silver, being more volatile on charting grounds should be the weaker of the two in this scenario. But silver is still in backwardation, though the disparity between spot and the active future has declined to about 20 cents, suggesting some temporary supply has reached the London market.
What happens in the short term is probably in the hands of ETF buyers. India has been a strong source of silver demand, with major ETF providers suspending share creation for lack of supply. It is estimated that about 80% of LBMA vaulted silver is ETF stocks, leaving a theoretical float of 160 million ounces. But much of that is bound to be owned by industrial corporations, needing it for manufacturing. On Comex, at first glance silver stocks appear much healthier at 500moz:
The problem Comex faces is stand for deliveries, which so far this year total 386 million ounces. How much of that remains in the warehouse system is unknown but is likely to be a fair chunk. The point is that while there is some liquidity available backing Comex futures, it is probably not as great as the warehouse numbers suggests.
Gold ETFs are beginning to gather pace, as our next chart from the World Gold Council demonstrates:
According to the WGC, net inflows in September were the strongest on record. This is probably the best indicator of what’s happening, as underweight portfolios reassess their exposure to gold. October’s inflows could turn out to be even more spectacular, despite the mid-month correction.
We know the current price dip is short-term because pressure on the Fed to reduce interest rates is increasing. Even though government statistics are not being produced due to the US government shutdown, there are other indicators which suggest that the US is heading for recession, the most important being the Fed’s Beige Book.
According to the Fed’s Beige Book released last week, “…three districts reported slight to modest growth, five no change, and four a slight softening”. The relevance of the Beige Book is that it informs interest rate policy, confirming further cuts.
Note that gold took off when the Fed last cut its funds rate in mid-September, rising $800 at one point. And for much of this year, this cut was discounted by markets, particularly since August when gold broke up out of a four-month consolidation to rise by over $1000 from mid-August. It was about then that markets began to discount a September rate cut.
We now have confirmation from the Beige Book of growing certainty that the Fed will abandon its inflation target, shifting to its full employment mandate to prevent the economy stalling. The signal to the market is therefore clear: continue selling the dollar and buy gold.
In summary, the next phase of gold’s bull market is likely to be driven by portfolios buying despite the dip, mainly by accumulating ETFs. In silver, there is the additional factor of industrial demand which will keep the free float of bullion tight. Traders can take their chances, but hoarders mindful of Gresham’s Law (bad money drives the good out of circulation) will rejoice at the opportunity to continue stacking.
END
3. CHRIS POWELL AND HIS GATA DISPATCHES
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS /245 AND 246
5. COMMODITY REPORT//COFFEE
“World Is Running Out Of Coffee”: Arabica Futures Hit New Highs As Brazil Troubles Worsen
Friday, Oct 24, 2025 – 04:15 AM
Arabica coffee futures in New York jumped nearly 4% to $4.36 a pound – a new record high – amid renewed concerns that adverse weather conditions may impact Brazilian exports. These concerns were previously highlighted in our mid-September coffee report, which warned of ongoing “weather disasters” in Brazil that could threaten global production.
Arabica, the premium bean used by Starbucks, Dunkin’, and other chains, had set the previous record of $4.2995 a pound in February amid rising fears that top grower Brazil would export fewer beans.
In a mid-August report, we cited Maja Wallengren, Danish-born independent coffee market reporter and founder of SpillingTheBean, who warned that adverse weather across key coffee-producing areas in Brazil, including the entire Cerrado Mineiro region and parts of Southern Minas, had experienced “frost damage” severe enough to be a potential “death blow” to the 2026 harvest.
Wallengren fired off numerous X posts this week, amid surging coffee futures, warning about supply woes coming out of Brazil:
- VERY BAD NEWS from Brazil continue to worsen, with ongoing SEVERE drought coupled with EXTREME heat about to wipe out all hopes left for even a REMOTELY medium-good 2nd flowering after the 1st 2026 crop flowering FAILED to generate much fruit. The World IS RUNNING OUT OF COFFEE !
- Arabica coffee continued to RALLY on the fast expanding CROP DISASTER in Brazil and daily growing global SUPPLY DEFICIT,
- You are totally right my dear Ernie, because regardless of where the US Tariff-game ends, and regardless of how much and if and when the EUDR may MAY be implemented, none of this will change the fact that the world of #coffee is facing an UNPRECEDENTED supply deficit with ZERO hope for #KC supply recovery until 2029-2030 earliest !!
- If #KC tariffs are reduced NONE OF THIS will help bring a recovery to the supply that is not there and the #COFFEE IS NOT THERE – and it won’t come in from ANY NEW CROPS in time to cover WINTER CONSUMPTION demand !!
- BRAZIL coffee exports are in near FREE-FALL for this entire year, running about 8M-9M bags BELOW year ago level so fa
- Traditionally yes, but there is NOTHING traditional about everything currently taking place in the global #coffee market because the #KC commercial players – roasters in particular – have NO RESCUE SOURCES for the coffee supply they need and the coffee will NOT ARRIVE because there is simply not enough for all to go around !! Also, the whole “tariff-issue” is beyond ridiculous, just see how Barchart one day will say lower tariffs is bullish and the next day it’s bearish – the fact is when there is such a HUGE and UNPRECEDENTED supply deficit with ZERO hopes of recovery in the global supply chain until 2029-2030 earliest, the CORE FUNDAMENTALS – shortage – will rule and hence as I have said all along #KC is just about to get started on the next push toward the $5-$6 mark. Sure, any change in Tariff-policy may delay this push, but it will be short-lived bcs the coffee is not there BUT the KEY WINTER consumption season is just around the corner !!
- Perhaps, but paper contracts cannot be delivered or roasted, and ACTUAL commercials in the entire #coffee chain will have to take PHYSICAL delivery of coffee to sustain and maintain business operations, and when that time comes – very very soon because of the WINTER season in the entire Northern Hemisphere – then it doesn’t matter what paper positions are because the COFFEE IS AND WILL STILL NOT be there !! In the unlikely event of bears succeeding in bringing #KC a bit down – and that is the most they MAY accomplish – the REAL prices will be adjusted upward to the $5-$6 range through premiums. And while I have told and keep telling growers across the world that they shld not be greedy – especially those who have sold to Specialty clients well above #KC for many years – I also keep telling EVERYBODY that NO-ONE in the #coffee trade can expect growers to sell below the market price !! And to ALL FOLLOWING the #coffee conversation here, pls do remember that WITHOUT THE COFFEE GROWER, small or large, there wld be NO MARKET to profit from and NO coffee to enjoy !!
- Yes the #KC market in this UNPRECEDENTED situation which the gobal #coffee market NEVER IN HISTORY has wittnessee absolutely NEEDS to see the supply IN IMPORTING ports – if there was abundant stocks it wld be different like in over 315 years of commercial COFFEE EXPORTING history – instead there is only 3-4 weeks left most of which is in Europe and U.S. market simply DOES NOT have enough physical supply at hand AS PER THE VOLUMES it has grown acustomed !!
FYI:
Given the troubling supply dynamics building in Brazil, it’s probably not a bad idea to start building up your own pantry reserves. Find here.
ASIAN MARKETS THIS FRIDAY MORNING:
SHANGHAI CLOSED UP 27.90 POINTS OR 0.71%
//Hang Seng CLOSED CLOSED UP 192.17 PTS OR 0.74%
// Nikkei CLOSED : UP 658.94 PTS OR 1.35% //Australia’s all ordinaries CLOSED DOWN 0.13%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.1221// OFFSHORE CLOSED UP AT 7.1253/ Oil UP TO 61.76 dollars per barrel for WTI and BRENT UP TO 65.82 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING UP TO 7.1221 // OFFSHORE YUAN TRADING UP TO 7.1253 :/ONSHORE YUAN TRADING ABOVE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS FRIDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP AT 7.1221
OFFSHORE YUAN: UP TO 7.1253
HANG SENG CLOSED UP 192.12 PTS OR 0.74%
2. Nikkei closed UP 658.04 PTS OR 1.35%
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX UP TO 98.85 EURO FALLS TO 1.1609 DOWN 8 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +1.658//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 152.96…… 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: 3.043 DOWN 4 FULL BASIS PTS.
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR BRENT this morning
3h European bond buying continues to push yields HIGHER on all fronts in the EMU. German 10yr bund YIELD UP TO +2.6189// Italian 10 Yr bond yield UP to 3.4519 SPAIN 10 YR BOND YIELD UP TO 3.159
3i Greek 10 year bond yield UP TO 3.295
3j Gold at $4067.90 Silver at: 48.14 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 0 AND 14 /100 roubles/dollar; ROUBLE AT 81.10
3m oil (WTI) into the 61 dollar handle for WTI and 65 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 152.96/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.658% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING.//JAPAN 30 YR: 3.043 DOWN 4 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7960 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9240 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: 4.015 UP 3 BASIS PTS…
USA 30 YR BOND YIELD: 4.595 UP 2 BASIS PTS/
USA 2 YR BOND YIELD: 3.497 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 41.99 UP 1 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.4460 UP 2 PTS
30 YR UK BOND YIELD: 5.218 DOWN 1 BASIS PTS
10 YR CANADA BOND YIELD: 3.101 UP 0 BASIS PTS
5 YR CANADA BOND YIELD: 2.6666 UP 0 BASIS PTS.
a New York OPENING REPORT
Futures Rise Ahead Of Key CPI Print
Friday, Oct 24, 2025 – 08:29 AM
US equity futures are higher ahead of a Trump-blessed CPI print that is broadly expected to print in line or lower than expected, with optimism growing the meeting planned for next week between Trump and Xi will succeed in reducing trade tensions. With the wait nearly over for inflation data that’s will be key for the Fed’s to justify a rate cut next week, as of 8:00am S&P futures are 0.3% higher and Nasdaq futures gain 0.4%. Pre-market, Intel soared 8% after an upbeat revenue forecast. Ford gained 3% after signaling it will largely bounce back next year from a devastating fire that hobbled a key supplier. Newmont slumped after the precious-metals miner’s guidance disappointed investors.Mag 7 names are mostly higher led by GOOGL and NVDA. 10Y bond yields are fractionally higher, just above 4.0% as the USD trades near session highs. Commodities are mixed: base metals are outperforming, while precious metals are lagging and gold slides by about $100 to $4,050. Incremental macro news since Thursday’s close were mostly muted, but earnings announcements were mostly positive. Trump announced that all trade talks with Canada are finished over what he called a deceptive video ad featuring Ronald Reagan disapproving of tariffs. Today, the key focus will be CPI release at 8:30am ET and PMIs at 9:45am ET.
In premarket trading, Mag7 stocks are mostly higher (Alphabet +1.2%, Nvidia +0.6%, Microsoft +0.1%, Meta Platforms +0.4%, Apple +0.3%, Amazon -0.1%, Tesla -0.5%)
- Booz Allen (BAH) falls 8% after the defense contractor cut its adjusted earnings per share guidance for the full year.
- Deckers Outdoor (DECK) falls 12% after the owner of the Ugg and Hoka brands forecast 2026 net sales below the average analyst estimate. Analysts note the management annual outlook might be conservative.
- Ford Motor Co. (F) climbs 4% after the company reported third-quarter results that included a beat on profit and as traders weigh a 50,000 unit boost to pickup truck production against a $1.5 billion-$2 billion hit to Ebit from the Novelis aluminum plant fire.
- HCA Healthcare (HCA) rises 2% after boosting its revenue forecast for the full year
- Intel (INTC) gains 7% after the chipmaker returned to profitability and gave an strong revenue forecast, indicating signs of a comeback gaining traction.
- Mohawk Industries (MHK) falls 4% after the flooring manufacturer provided a disappointing fourth quarter earnings outlook.
- Newmont (NEM) is down 7% after the precious metals miner guided attributable gold production for 2026 that’s expected to be within the same guidance range provided for 2025.
- NEXTracker (NXT) is up 13% after the renewable energy equipment company reported adjusted earnings per share for the second quarter that beat the average analyst estimate.
- Procter & Gamble (PG) climbs 2% after reporting better-than-expected sales for its latest quarter as consumers snapped up the company’s Gillette razors and Secret deodorant.
Overnight, Trump said he is halting all trade talks with Canada for its “egregious behavior” over an ad comprising clips from a 1987 address by former President Ronald Reagan in which he defended free trade and slammed tariffs as an outmoded idea. At the same time, Trump has already been talking up the prospects for a trade deal with China, dangling an extension to the pause on higher tariffs on Chinese imports in exchange for a resumption of China’s purchases of American soybean, a crackdown on fentanyl and Beijing backing off restrictions on rare-earth exports. China’s Commerce Minister sounds optimistic, too.
Turning back to markets, Wall Street rediscovered an appetite for growth and momentum stocks, pushing indexes steadily higher during the back half of Thursday’s session. Confirmation came of a Trump-Xi sit-down next week, the first face-to-face meeting between the leaders of the world’s two biggest economies since Trump took back the keys to the White House in January.
At 8:30 a.m. markets deprived of economic data by the US govt shutdown now in its 24th day (yet with everything still working just fine) will finally get a look into the trajectory of consumer prices, which the median estimate sees rising 3.1% for both headline and core. September’s CPI report should give the Fed a green light to cut interest rates next week (see our CPI preview). Into the CPI data, Fed-dated OIS, steady over recent weeks, almost fully price in 25bp rate cuts at the October and December policy meetings
“Whatever the print looks like, it won’t deter the FOMC from delivering a 25 basis-point cut next week, or at the December meeting, even if there will probably be some knee jerk volatility as the data crosses,” said Michael Brown, a senior research strategist at Pepperstone Group Ltd.
“The risk sits firmly with a topside surprise,” said Nick Twidale, chief market analyst at AT Global Markets. A soft print is unlikely to impact Fed rate cut expectations at next week’s meeting or into 2026, he said
Next week is shaping up to be the busiest of this earnings season, with companies speaking for nearly 44% of the S&P 500’s market value slated to report. With earnings season approaching its apex, just 5% of companies in the S&P 500 Index that have released earnings this season so far have cut their forward guidance, a mere fraction of the 14% that did so by this stage of the reporting cycle in the past two quarters, according to data compiled by Citigroup.
The strong earnings season so far has helped markets to ride out geopolitical and trade tensions. With nearly quarter of the reporting done, year-on-year growth in earnings-per-share has been 4% in Europe and 14% in the US, better than expected, according to Barclays Plc strategists. The real test will come with big-tech results starting next week, they said. Alphabet Inc. and Meta Platforms Inc. are slated to report on Oct. 29 and Apple Inc. the day after.
“We do not think that we are out of the volatility period and market sentiment still feels fragile,” said Mohit Kumar, chief economist and strategist at Jefferies International Ltd. “Investor positioning has shown some signs of cleanup, but overall positioning still remains on the long side. Thus, we are keeping our low-risk mode for now, while maintaining our medium term bullish view.”
Europe’s Stoxx 600 reversed an opening gain, now down by 0.1%, with real estate and utilities shares leading declines, while technology and financial services stocks outperformered. Among companies reporting earnings in Europe, French drugmaker Sanofi SA, UK lender NatWest Group Plc, Swiss cement producer Holcim AG and Swedish defense firm Saab AB gained after beats, as did automobile component maker Valeo. Aluminum supplier Norsk Hydro ASA, Dutch lights manufacturer Signify NV and elevator specialist Schindler Holding AG dropped after missing analysts’ estimates. Here are the biggest movers Friday:
- Valeo shares rise as much as 8.5% to their highest intraday since May 2024 after the French firm posted revenue for the third quarter that beat estimates
- Lifco gains as much as 11% after the Swedish industrial conglomerate reported better-than-expected third-quarter earnings, with organic revenue growth of 4.9% coming in well ahead of consensus estimates of 0.2%
- Saab gains as much as 7.8%, the most since July, after the Swedish defense firm boosted its full-year sales guidance as well as posted a sales and Ebit beat in the third quarter
- Safran shares fall as much as 2.1% as the engine manufacturer’s third guidance increase this year is already largely reflected in estimates, according to analysts. The stock remains close to all-time highs
- Sanofi shares rise as much as 5.2% to the highest since May 29 after the French drugmaker reported sales and profit for the third quarter that beat market expectations
- GSK shares drop as much as 3.3% in London. FDA approval of the British pharma company’s blood cancer drug for a later-than-expected treatment line raised concerns about the medicine’s sales potential
- Kering shares drop as much as 3.6%, pulling back from the highest since April 2024 as HSBC downgrades the luxury-goods company following a strong rally in the share price
- Sika shares fall as much as 2.8% after the specialty chemicals company reported results that were “worse than feared,” with sales declining 1.2% compared to last year — the first quarterly organic decline since 2020
- Schindler shares drop as much as 2.6%, after the elevator and escalator specialist posted a drop in order intake during the third quarter, which analysts at Bloomberg Intelligence said could drag on its recovery
- Bravida falls as much as 11%, the most since May, after the Swedish building installations group reported its latest earnings. DNB Carnegie says poor margins in its core Swedish market disappointed
Earlier in the session, Asian stocks advanced, as confirmation of a meeting next week between US President Donald Trump and his Chinese counterpart Xi Jinping bolstered investor mood. The MSCI Asia Pacific Index rose as much as 0.6%, on course to end a three-day losing streak. SK Hynix, Samsung Electronics and Alibaba were among the top contributors to the advance. Most markets were in the green, with notable gains in South Korea, Japan and China. Taiwan’s market was closed for a holiday. Hopes for a thaw in trade tensions are rising ahead of a planned meeting between Trump and Xi next Thursday on the sidelines of the Asia-Pacific Economic Cooperation summit. Chinese stocks got an extra lift from the nation’s renewed emphasis on technological self-reliance at a key political gathering this week. “The plenum confirms the market expectations of the next five years, and the recent signs of deescalation from both sides is supporting risk sentiment,” said Hao Hong, chief investment officer at Lotus Asset Management in Hong Kong. Elsewhere, South Korea’s Kospi rose 2.5% to touch a fresh high on gains in its big chipmakers. Japanese stocks also rose as Intel’s bullish sales outlook lifted semiconductor-related shares, including Advantest, and optimism increased over corporate earnings.
In FX, the Bloomberg Dollar Spot Index rose 0.1%, on track for a 0.5% gain this week. Overall, the dollar was bolstered as USD/JPY rose 0.3% to 153.06, after Japan’s finance minister signaled that it may be necessary to issue additional debt to fund Prime Minister Sanae Takaichi’s upcoming economic package. USD/CAD rose 0.3%, as the Canadian dollar took a hit after President Donald Trump said he would stop trade negotiations with Canada, citing a Canadian advertisement against US tariffs.
In rates, treasuries hold small losses following Thursday’s sharp selloff triggered by jump in oil prices. US yields remain within 1bp of Thursday’s closing levels, the 10-year just over 4%, with Germany’s lagging by almost 3bp and UK counterpart outperforming slightly. European bonds are falling after resilient euro-zone PMI readings, bolstered by German private sector activity at the strongest since 2023. That overshadowed a miss for French PMIs, hit by the recent political turmoil. German 10-year yields are up by three basis points, French yields by four basis points. UK retail sales also beat estimates. Focal point of US session is the delayed September CPI release at 8:30am New York time. Next week’s Treasury auctions are on an accelerated and compressed schedule before the Oct. 29 FOMC decision, beginning Monday with 2- and 5-year notes sales and concluding with 7-year notes Tuesday
In commodities, gold prices down by $56 to $4,070/oz. Oil prices stable following the surge in the previous session, with Brent holding around $66/barrel.
US economic calendar calendar includes September CPI (8:30am), October S&P Global US PMIs (9:45am), September new home sales and October final University of Michigan sentiment (10am) and October Kansas City Fed services activity (11am).
Market Snapshot
- S&P 500 mini +0.3%
- Nasdaq 100 mini +0.5%
- Russell 2000 mini +0.4%
- Stoxx Europe 600 -0.1%
- DAX little changed, CAC 40 -0.4%
- 10-year Treasury yield +1 basis point at 4.01%
- VIX -0.2 points at 17.12
- Bloomberg Dollar Index +0.1% at 1214
- euro little changed at $1.161
- WTI crude little changed at $61.8/barrel
Top Overnight News
- Trump says talks with Canada off after ad invokes Reagan as free-trader: RTRS
- Former Bundesbank chief Axel Weber has warned the coming disruption from artificial intelligence could usher in the rise of a new global elite that profits disproportionately from the adoption of the cutting-edge technology while leaving the rest worse off” BBG
- Hobbled by US tariffs, carpet weavers in India’s Kashmir struggle to stay afloat: RTRS
- After soaring as a global safe haven bet, the Swiss franc is wrapping up a volatile week against the euro with speculation the Swiss National Bank has intervened to curb the currency’s strength: BBG
- China’s New Strategy for Trump: Punch Hard, Concede Little: WSJ
- Investors Love Intel Again. That Still Doesn’t Solve Its Problems: WSJ
- Data-starved bond traders risk seeing the October rally in Treasuries spoiled by the key inflation figures they’ve been waiting for: BBG
- Strong Earnings Reassure Jittery, Data-Deprived Investors: WSJ
- White House Deputy Chief of Staff Blair made the case that, regarding the shutdown, US President Trump wants to spend time and political capital putting together a broader overhaul of healthcare. Blair says there will be a “number” of publicly traded pharmaceutical companies who’ll be “coming to the table” to “get the cost of prescription drugs down in the United States.”: Politico.
- A Turkish court dismissed a case that could topple the leader of the country’s main opposition party, offering relief to investors concerned about renewed political instability: BBG
- US states warn food aid benefits will halt if federal shutdown drags on: RTRS
- Fed has reportedly requested a formal consultation into a banking ruling around the treatment of cross-border loans for EZ banks: BBG
- JPMorgan to Allow Bitcoin, Ether as Collateral in Crypto Push: BBG
- Target to Eliminate 1,800 Roles, 8% of Headquarters Team: BBG
- Applied Materials to Cut 4% of Global Staff After Sales Slow: BBG
- Rivian Cuts About 600 Jobs in Latest Setback for EV Maker: BBG
- ConocoPhillips to Lay Off Canada Employees in November: Reuters
- Will India and China Be Able to Resist U.S. Sanctions on Russian Oil: WSJ
Trade/Tariffs
- US Trade Representative Greer is to travel to Malaysia, Japan and South Korea.
- South Korea’s Industry Minister said South Korea wants the US investment package to be smaller than USD 350bln as part of the tariff deal, while it was separately reported that South Korea and the US remain far apart on key sticking points in trade negotiations, although some progress has been made, according to a senior presidential aide.
- China’s Commerce Minister said regarding ties with the US, that dialogue and cooperation is the only right choice and can find a solution and correct way of coexistence. The minister also noted regarding FDI that they will not will not engage in zero-sum games in opening up and attracting investment, while they will further lower market access barriers to foreign investors.
- US President Trump posted “Canada has fraudulently used an advertisement, which is FAKE, featuring Ronald Reagan speaking negatively about Tariffs…They only did this to interfere with the decision of the U.S. Supreme Court, and other courts. TARIFFS ARE VERY IMPORTANT TO THE NATIONAL SECURITY, AND ECONOMY, OF THE U.S.A. Based on their egregious behaviour, ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATED.”
- Canada reportedly limits how many American vehicles Stellantis (STLAM IM) and GM (GM) can import tariff-free, while the move comes after companies dropped some Canadian production, according to CBC. Canada’s government later confirmed significant reductions to import quotas of General Motors (GM) and Stellantis (STLA IM), reducing the annual remissions quotas for General Motors by 24.2% and for Stellantis by 50%.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mostly higher as the region took impetus from the rebound on Wall St, where energy names were underpinned amid surging oil prices and with the improved risk sentiment also facilitated by confirmation of a Trump-Xi meeting for next Thursday. ASX 200 lagged as gains in tech were offset by weakness in defensives and the top-weighted financials sector. Nikkei 225 rallied at the open and reclaimed the 49,000 status alongside a weaker currency, while the latest CPI data from Japan printed mostly in line with forecasts but showed an acceleration in the headline and core figures. Hang Seng and Shanghai Comp conformed to the upbeat mood following confirmation of a Trump-Xi meeting next week, although gains were capped as it was also reported that the US is to probe China’s 2020 trade deal compliance, while an investigation could be announced on Friday.
Top Asian News
- Chinese President Xi said China’s development is facing both strategic opportunities and challenges, while he added that China should comprehensively promote the integrated development of education, science, and technology talent, as well as strive to break through key core technologies, according to Xinhua.
- China’s NDRC head said the economy relies on the real economy to move towards the future, and noted that strong domestic demand is strategic underpinning for China’s modernisation. NDRC head also stated that there is room and potential for China to expand domestic demand and they will implement some major investment projects, improve the structure of government investment and increase the proportion sent to people’s livelihoods. Furthermore, they will expand economic policy space during the next five years, will prevent improper government intervention in the economy and will increase coordination of macroeconomic policies.
- China’s Deputy Head of Office of Financial and Economic Affairs Commission said the external environment is uncertain and unstable, but noted the economy is on a solid foundation and fundamentals supporting long-term growth remain unchanged, while it was stated that they must move faster to implement a new development paradigm.
- China’s Science and Technology Minister said regarding AI, that they will accelerate development and seek breakthroughs, as well as step up efforts on the top-level design of artificial intelligence. China will also develop chips with high-level resources and will strengthen artificial intelligence governance, while it will step up efforts in quantum technology and biotechnology.
- Japan’s Finance Minister Katayama said they need to take into account various factors when asked regarding the possibility of raising financial income tax, while she added that monetary policy measures should be up to the BoJ and hopes the BoJ continues appropriate dialogue with markets. Furthermore, Katayama said she spoke with US Treasury Secretary Bessent for about 15 minutes via phone, while she told Bessent she wants to tackle various issues and will meet with Bessent next week.
- Japan’s Prime Minister Takaichi says ‘Economy first then fiscal policy’ will be the foundation of the government’s approach. Will not implement cash handout which was pledged during the upper House election due to lack of public understanding. Aims to pass legislation in the current diet session to abolish provisional gasoline tax rate. To provide assistance for electricity, gas bills during winter. Launching a Japanese growth strategy council to expand the economy.
European equities (STOXX 600 -0.2%) are softer after initially opening with upside. European market sentiment has failed to follow APAC and Wall Street where the tone was supported after confirmation of next weeks Xi and Trump meeting. There’s been no clear macro driver for the recent losses. European sectors have opened slightly negative this morning. Technology (+0.9%) takes the top spot, with sentiment boosted by post-earning strength in Intel (+8.3%). Financial Services is in second place driven by gains in LSEG (+4.3%) after a broker upgrade from JP Morgan. Real Estate is found at the bottom of the pack.
Top European news
- Turkish court ruling permits the opposition leader to stay.
FX
- USD is marginally firmer today, as traders digest a slew of trade-related updates and ahead of the much-awaited delayed US CPI report for September. DXY is currently in a 98.89-99.10 range. In brief, consensus looks for headline CPI to rise +0.4% M/M (prev. 0.4%), with the annual rate seen rising to 3.1% Y/Y (prev. 2.9%). On the trade front, the White House confirmed that the POTUS will meet a number of Asian leaders next week, namely Chinese President Xi on Thursday. It was also reported that Trump said he thinks he will come out well from the meeting with Xi.
- Up the northern border, Trump cancelled all trade negotiations with Canada, due to anti-tariff ads. In an immediate reaction, USD/CAD moved higher by 25 pips to 1.4030 from 1.4005 over two minutes; currently trading around 1.4028. ING suggests that the BoC would be more likely to deliver a 25bps cut at next week’s meeting, given how much trade uncertainty/existing tariffs are weighing on Canadian businesses.
- EUR is essentially flat/modestly lower vs the Dollar. Focus today has been on a slew of PMIs. Starting by way of release order; France was subdued, Germany upbeat and EZ-wide metrics also resilient. Delving into price action in detail, a slight tick lower in the Single-Currency on the downbeat French metrics, but then jumped higher and made fresh highs on the German figures, rising from 1.1607 to 1.1628. The pair has gradually cooled from those highs since.
- JPY is the marginal G10 underperformer today, continuing the pressure seen in the APAC session. USD/JPY is currently trading at the upper end of a 152.47-153.06 range; peak marks a fresh WTD high and now approaching last week’s best at 153.27. Focus for the region has been on inflation, whereby Japan’s National CPI Y/Y rose from the prior (in-line with expectations); the core figure also rose (as expected), whilst the super-core metric fell more-than-expected. From a policy perspective, the elevated inflation figures play in favour of a hike for the BoJ; ING opines that the ongoing US-China trade spat will keep the BoJ wary of hiking rates in October, and instead favour December.
- GBP is modestly lower vs the Dollar. Focus for the UK today was on Retail Sales, which topped analyst expectations; headline M/M +0.5% (exp. -0.2%), the Ex-Fuel figure cooled from the prior but not as much as expected. Thereafter, Cable slipped from those levels heading into the PMI metrics, which were overall resilient; Services ticked a little higher, whilst Manufacturing topped the most optimistic of analyst expectations. The accompanying report suggested that “Companies are clearly treading cautiously in terms of spending, investment and hiring ahead of the upcoming Budget”. Overall, Cable lifted from 1.3302 to 1.3321; the midpoint of the day’s range. On the Budget, it was reported that Chancellor Reeves is mulling raising income tax at next month’s budget, according to The Guardian.
- Antipodeans are modestly lower vs USD, after trading with modest gains overnight, which was facilitated by the generally positive risk tone. However, this has subsided a touch in recent trade. AUD/USD trades in a 0.6641-0.6707 range, and within the confines of this week’s range; NZD/USD trades in a 0.5743-0.5759 range, the high for the day just shy of the WTD best at 0.5761 and then the 21 DMA at 0.5763 thereafter.
Fixed Income
- USTs are contained overnight despite a handful of trade updates, with USTs very much waiting for the upcoming US September CPI report. A series that is being released, despite the shutdown, to facilitate social security adjustments. Consensus looks for headline CPI to rise +0.4% M/M (prev. 0.4%), with the annual rate seen rising to 3.1% Y/Y (prev. 2.9%). The core rate is expected to rise by +0.3% M/M (prev. 0.3%), with the annual rate of core inflation seen unchanged at 3.1%. Elsewhere, we await updates on the trade front. Firstly, a potential investigation into China’s adherence with Section 301 terms from Trump’s first term. Secondly, further details on Thursday’s upcoming Trump-Xi meeting. Finally, relations between the US and Canada have deteriorated significantly with Trump stopping discussions following the release of a Canadian tariff video.
- Bunds were contained early doors, holding just under the 130.00 mark. Thereafter, the softer-than-expected French PMIs pushed the benchmark to a 130.07 peak and also lifted OATs to a 123.06 high. However, this peak proved short-lived as the subsequent German measures came in firmer than expected across the board and eclipsed the forecast range. The German metrics sent Bunds down by c. 30 ticks at the time, a move that has since extended to a 129.50 base following the EZ figure.
- OATs underperforming vs peers. After-hours Moody’s will be reviewing France. Currently, Moody’s has France at Aa3 and is the last of the big-three to have a double-A rating on France; after S&P cut in an unscheduled move last Friday and Fitch earlier on. In politics, PS leader Faure spoke to BFM this morning and outlined that they are yet to see any signs of compromise from the government over an ultra-rich tax measure, and if there is no change by Monday then “it’s all over”; implying that they would submit a no-confidence motion, unless progress is made on taxing the wealthiest in society.
- A firmer start to the day for Gilts, but only by a few ticks. Thereafter, Gilts followed EGBs lower following the German and EZ figures before coming under more pressure and slipping to a 93.41 low in the wake of better-than-expected Flash UK PMIs. A series that confirms the relatively ok performance of the economy and corroborates the recent cooler-than-expected CPI report; furthermore, it chimes with the view of uncertainty ahead of the November Budget. On the point of data, this morning’s surprisingly strong retail sales figures spurred a slight hawkish reaction in November pricing, trimming the odds of a cut to c. 21% (pre-release c. 35%) but had no impact on December pricing; in sum, chiming with the above view on the BoE’s near-term trajectory. Elsewhere, we remain attentive to reports in UK press that Chancellor Reeves is said to be considering breaching a manifesto pledge and raising income taxes. However, a UK minister has since pushed back on this.
- China to issue up to USD 3bln of USD-denominated sovereign bonds in Hong Kong, during the first week of November.
Commodities
- Crude benchmarks are taking a pause following Thursday’s drive higher as the US placed sanctions on Russian oil companies. APAC trade was muted, with WTI and Brent trading in a tight USD 0.60/bbl range before slightly extending to a peak of USD 62.13/bbl and USD 66.30/bbl respectively as German and UK PMIs came in better-than-expected, but then pulling back modestly. Currently, benchmarks are off best and somewhat rangebound. Late in Thursday’s session, a White House official said a Trump-Putin meeting is not completely off the table and states that the US President has not seen enough action from Russia towards peace.
- Spot XAU is currently being weighed on as bond yields rise globally, reversing Thursday’s gains. XAU rose to USD 4144/oz early in the APAC session before gradually falling to a low of USD 4047/oz as the European session got underway.
- Base metals followed on Thursday’s rally as copper supply concerns come at a time of broad optimism over demand and a Trump-Xi meeting on the horizon. 3M LME Copper oscillated in a tight c. USD 65/t range during the APAC session, forming a low at USD 10.8k/t, before extending the prior week’s high and peaking at USD 10.97k/t as the red metal nears key USD 11k/t price point. Prices are currently off best levels, with 3M LME Copper pulling back to USD 10.89k/t.
Geopolitics: Middle East
- US President Trump said regarding Israel, that it will not be doing anything with the West Bank.
Geopolitics: Ukraine
- EU leaders failed to back a EUR 140bn loan to Kyiv using frozen Russian state assets following opposition from Belgium, according to FT.
- EU’s Costa said discussions at the EU summit showed a reparation loan for Ukraine is feasible, while he added that discussions with the ECB and Eurogroup presidents showed the reparation loan proposal is in line with European and international law. It was also reported that Belgium’s Prime Minister said Belgium does not want one euro of money returned to Russia, and on the legality of the reparation loan idea, it is not clear and it is a matter that needs to be solved. Furthermore, German Chancellor Merz said regarding Russian frozen assets that he assumes all EU countries will take part and it is complicated because there is no blueprint for such a step, as well as stated regarding Russian jets violating Lithuania’s airspace, that it is a further provocation and they will react with a sense of proportion.
Geopolitics: Other
- US President Trump said reports that B-1 bombers flew near Venezuela are not accurate, while he added that China is using Venezuela for Fentanyl smuggling. Furthermore, he said they will be seeing land action in Venezuela soon and may go to Congress about targeting land drugs.
US Event Calendar
- 8:30 am: Sep CPI MoM, est. 0.4%, prior 0.4%
- 8:30 am: Sep Core CPI MoM, est. 0.3%, prior 0.3%
- 8:30 am: Sep CPI YoY, est. 3.1%, prior 2.9%
- 8:30 am: Sep Core CPI YoY, est. 3.1%, prior 3.1%
- 9:45 am: Oct P S&P Global U.S. Manufacturing PMI, est. 52, prior 52
- 9:45 am: Oct P S&P Global U.S. Services PMI, est. 53.5, prior 54.2
- 9:45 am: Oct P S&P Global U.S. Composite PMI, est. 53.45, prior 53.9
- 10:00 am: Sep New Home Sales, est. 708k, prior 800k
- 10:00 am: Sep New Home Sales MoM, est. -11.5%, prior 20.5%
- 10:00 am: Oct F U. of Mich. Sentiment, est. 54.5, prior 55
DB’s Jim Reid concludes the overnight wrap
Geopolitical news dominated markets over the past 24 hours. Concerns over the impact of new US sanctions on Russia oil saw Brent crude post its largest two-day jump since 2022, which drove a sell-off in government bonds with 10yr Treasury yields posting their biggest rise in over a month (+5.1bps) ahead of today’s delayed September CPI print. More positively, White House confirmation of a meeting between Trump and Xi next week helped ease recent trade fears. Combined with improved tech optimism, this boosted risk assets, as the S&P 500 rose +0.58% while in Europe the STOXX 600 (+0.37%) reached a new all-time high.
Starting with oil, markets wrestled with the impact of sanctions announced by the US against Russia’s two largest oil companies the previous evening, in particular how these will impact oil flows to China and India, which have been the main buyers of Russia’s crude exports. Reports yesterday pointed to initial disruption, with Bloomberg reporting that Chinese state oil majors have suspended seaborne Russian oil purchases due to concerns about Western sanctions, while Reuters reported that Indian refiners are poised to sharply cut imports of Russian oil. Also the EU yesterday approved its new Russia sanctions package, which targets some Chinese entities for buying Russian oil and tightens restrictions on transactions with Russia’s largest state-owned oil producers. Our view is that while the new US sanctions are likely to disrupt Russia’s oil exports in the near-term, especially to India, the medium-term impact will depend on ongoing enforcement and adaptation. Indeed, looking at previous restrictions on Russia’s oil exports, their impact typically faded after a few months. In response to the new US sanctions, Russia’s President Putin downplayed the impact on Russia’s economy and criticised the impact on global energy markets but suggested that his meeting with Trump was delayed rather than cancelled.
With all said and done, Brent crude prices spiked by +5.43% yesterday to $65.99/bbl. Following Wednesday’s +2.07% rise, this marks the largest two-day jump since April 2022, when oil markets were in turmoil following Russia’s February 2022 invasion of Ukraine. Meanwhile, the geopolitical noise helped gold prices find a firmer footing (+0.68%) after falling by nearly 6% over the previous two sessions.
The rise in oil prices led to a sizeable sell-off in government bonds. In the US, Treasury yields moved higher across the curve, with 10yr yields posting their largest rise in over a month (+5.1bps) back to 4.00%, while 2yr yields rose +4.6bps to 3.49%. That said, while breakevens rose, it was real yields that saw the larger increase, suggesting some broader correction of the recent Treasury rally ahead of today’s delayed CPI print. In Europe, 10yr bund (+2.0bps) and OAT (+2.7bps) yields saw a more moderate increase, while gilts (+0.6bps) outperformed.
The other major geopolitical news came with the White House saying that President Trump will meet with China’s President Xi next Thursday (October 30) on the sidelines of the APEC summit, which buoyed hopes of a détente between the world’s two largest economies. This would be the first in-person meeting between the two leaders since Trump returned to office in January and comes as the current 90-day US-China tariff truce is due to expire on November 10. Meanwhile, we’ve seen negative news on US-Canada trade overnight, with Trump posting that “ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATED”, in an apparent response to an advertisement against tariffs funded by the government of Ontario.
Easing US-China fears supported an overall risk-on mood, with the S&P 500 (+0.58%) yesterday closing less than a quarter of a percent from its all-time high. The NASDAQ (+0.89%) was helped by a rebound in chip stocks, as the Philadelphia Stock Exchange Semiconductor Index rose +2.54%. That advance was supported by a WSJ story Wednesday night that the Trump administration was considering taking equity stakes in domestic quantum-computing firms, with Rigetti Computing later saying that it is in ongoing talks with the US government on funding. Recovery for the Mag-7 (+0.88%) was led by Tesla (+2.28%), which saw a spectacular intra-day move after falling as much as -5.71% just after the open following its earnings release that we discussed yesterday. So a buy-the-dip mentality holding strong in the US. The positive mood also carried over to Europe, where the STOXX 600 (+0.37%) and the FTSE 100 (+0.67%) reached new record highs, while the DAX (+0.23%) and CAC (+0.23%) also advanced.
The positive equity market mood has continued in Asia this morning, with the Trump-Xi meeting announcement alleviating concerns on trade. The KOSPI (+2.22%) is leading the gains across the region, posting a new intraday record, while the Nikkei is also strongly higher (+1.50%). Amid Chinese equities, the Hang Seng (+0.59%), the CSI (+0.66%) and the Shanghai Composite (+0.42%) are all seeing decent gains as the CCP released more details on China’s new five-year economic plan focusing on advanced manufacturing, technological self-sufficiency, and enhanced domestic demand. US equity futures are also higher, with the NASDAQ 100 (+0.30%) futures outperforming the S&P 500 (+0.19%) following an upbeat revenue outlook from chipmaker Intel.
On the data front, in Japan core consumer prices rose by +2.9% year-on-year in September (vs +2.7% August), though the ‘core-core’ measure, which excludes both food and energy, was a touch below expectations at +3.0% (vs +3.1% expected; +3.3% in August). Meanwhile, the flash PMIs in Japan show manufacturing activity declining to its lowest level in 19 months in October (48.3 vs 48.5 previous). The services PMI also slowed, albeit to a still solid 52.4 (vs 53.3 previous). With this backdrop, 10yr JGB yields are -1.4bps lower this morning at 1.66%, while the Japanese yen (-0.21%) is extending its decline against the dollar to a sixth consecutive session. Elsewhere, the flash October PMIs in Australia show a decline in manufacturing activity for the first time in ten months (49.7 vs 51.4 previous) though the services PMI rose from 52.4 to 53.1.
Looking ahead to today, we will get the postponed US CPI release for September at 8.30am EST (13.30 LDN) ahead of next week’s FOMC meeting. Our US economists expect headline CPI to come in at +0.42% m/m, which would push up the year-on-year rate to +3.1%, and be the strongest monthly print since January. For core CPI, they project +0.32%, or +3.1% year-on-year. Within the data, they’re still looking for signs of tariff impacts in core goods, with a focus on categories like apparel and new vehicles that haven’t yet seen a meaningful pass-through. See their full preview here.
In terms of yesterday’s data releases, the shutdown-affected calendar saw US existing home sales post a slight uptick in September to their highest in 7 months (+1.5% m/m as expected). In Europe, France’s INSEE business confidence survey (97 vs 96 expected) and Euro area consumer confidence (-14.2 vs -15.0 expected) were both a touch stronger ahead of today’s flash PMI prints. So data also providing some support to the higher-rates higher-equities backdrop.
To the day ahead now, we’ll get data including the global October flash PMIs, US September CPI, final October University of Michigan survey, UK September retail sales and France October consumer confidence. Central bank speakers include ECB’s Nagel, Cipollone and Villeroy. Notable earnings include Procter & Gamble, Sanofi, NatWest and Porsche. We also have Moody’s review of France’s credit rating.
2b/ European opening report
2c) Asian opening report
Trump and Xi confirm meeting next week, supporting market sentiment – Newsquawk European Opening News
Friday, Oct 24, 2025 – 01:29 AM
- US to probe China’s 2020 trade compliance while Trump has “terminated” all trade talks with Canada
- Despite this, APAC bourses firmer as the region focuses on confirmation of a Trump-Xi meeting next week
- DXY firmer but rangebound, USD/JPY tested 153.00
- Fixed benchmarks remain subdued, USTs await CPI
- Crude pulled back from Thursday’s rally, XAU is indecisive
- Looking ahead, highlights include UK Retail Sales (Sep), EZ, UK & US Flash PMIs (Oct), US CPI (Sep), (Suspended Releases: US Build Permits & US New Home Sales), CBR Policy Announcement, European Council (23rd-24th), Moody’s Credit Review on France, Speakers including ECB’s Cipollone & Nagel, Earnings from NatWest, Porsche, Sanofi, Eni, Saab, Procter & Gamble
- Click for the Newsquawk Week Ahead.
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US TRADE
EQUITIES
- US stocks gained with the major indices rebounding from Wednesday’s downside, while there wasn’t a specific headline trigger for the advances, with further encouragement seen following confirmation of a Trump-Xi meeting for next Thursday. EV maker Tesla (TSLA) completely pared the losses incurred following its earnings report, which was received poorly by investors. Healthcare came under pressure after an update from Molina (MOH), which cut its profit guidance amid a rise in medical costs. Conversely, Quantum computing names were bid on suggestions that the US was mulling equity stakes, although Yahoo Finance reported that the administration is not necessarily considering taking equity stakes, with sources stating that companies have approached the White House with proposals, but any potential investment (possibly via warrants or loans) would aim for taxpayer returns and use leftover Chips Act funds. Meanwhile, Energy names were higher amid gains in crude benchmarks, which surged after the US sanctioned Russian oil majors Rosneft and Lukoil over the Ukraine war.
- SPX +0.58% at 6,738, NDX +0.88% at 25,097, DJI +0.31% at 46,735, RUT +1.27% at 2,483.
- Click here for a detailed summary.
TARIFFS/TRADE
- US is to probe China’s 2020 trade deal compliance, while an investigation could be announced on Friday, according to sources. The investigation could be announced as soon as Friday and would be filed by the USTR under Section 301 of the Trade Act, while NYT said the inquiry could pave the way for more tariffs on Chinese imports, although no such decision has yet been made.
- White House said regarding US President Trump’s trip to Asia, that he will meet with Chinese President Xi on Thursday, Japanese PM on Tuesday and South Korea’s Leader on Wednesday. It was also reported that Trump said he thinks he will come out well from the meeting with Xi.
- US Trade Representative Greer is to travel to Malaysia, Japan and South Korea.
- South Korea’s Industry Minister said South Korea wants the US investment package to be smaller than USD 350bln as part of the tariff deal, while it was separately reported that South Korea and the US remain far apart on key sticking points in trade negotiations, although some progress has been made, according to a senior presidential aide.
- French President Macron told the EU to consider using its strongest trade tool on China, while it was also reported that German Chancellor Merz said they did not make a decision on a coercion instrument and want a solution regarding China.
- China’s Commerce Minister said regarding ties with the US, that dialogue and cooperation is the only right choice and can find a solution and correct way of coexistence. The minister also noted regarding FDI that they will not will not engage in zero-sum games in opening up and attracting investment, while they will further lower market access barriers to foreign investors.
- US President Trump posted “Canada has fraudulently used an advertisement, which is FAKE, featuring Ronald Reagan speaking negatively about Tariffs…They only did this to interfere with the decision of the U.S. Supreme Court, and other courts. TARIFFS ARE VERY IMPORTANT TO THE NATIONAL SECURITY, AND ECONOMY, OF THE U.S.A. Based on their egregious behaviour, ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATED.”
- Canada reportedly limits how many American vehicles Stellantis (STLAM IM) and GM (GM) can import tariff-free, while the move comes after companies dropped some Canadian production, according to CBC. Canada’s government later confirmed significant reductions to import quotas of General Motors (GM) and Stellantis (STLA IM), reducing the annual remissions quotas for General Motors by 24.2% and for Stellantis by 50%.
NOTABLE HEADLINES
- A report that the administration is in talks for the government to take equity stakes in quantum computing companies is not necessarily something the Trump administration is considering, and what is under consideration could be warrants or loans and may not necessarily be with the companies mentioned in the article, according to Yahoo Finance citing sources. Furthermore, it was separately reported that the Trump administration is in early-stage conversations with quantum computing companies to discuss potential financial support, according to Bloomberg.
APAC TRADE
EQUITIES
- APAC stocks were mostly higher as the region took impetus from the rebound on Wall St, where energy names were underpinned amid surging oil prices and with the improved risk sentiment also facilitated by confirmation of a Trump-Xi meeting for next Thursday.
- ASX 200 lagged as gains in tech were offset by weakness in defensives and the top-weighted financials sector.
- Nikkei 225 rallied at the open and reclaimed the 49,000 status alongside a weaker currency, while the latest CPI data from Japan printed mostly in line with forecasts but showed an acceleration in the headline and core figures.
- Hang Seng and Shanghai Comp conformed to the upbeat mood following confirmation of a Trump-Xi meeting next week, although gains were capped as it was also reported that the US is to probe China’s 2020 trade deal compliance, while an investigation could be announced on Friday.
- US equity futures kept afloat after the prior day’s gains and as participants digested earnings, including from Intel, which beat on top and bottom lines.
- European equity futures indicate a higher cash market open with Euro Stoxx 50 futures up 0.2% after the cash market closed with gains of 0.5% on Thursday.
FX
- DXY kept afloat in rangebound trade following recent upside in yields and as participants braced for incoming CPI data.
- EUR/USD lacked demand after the prior day’s indecisive performance in which the single currency traded both sides of the 1.1600 level, but within relatively tight parameters, before reverting to flat territory.
- GBP/USD languished near this week’s post-CPI lows with the currency unaffected by recent BoE comments and a report that UK Chancellor Reeves is mulling raising income tax at next month’s Budget announcement.
- USD/JPY extended on gains and approached the 153.00 level following recent upside in US yields and the positive risk environment.
- USD/CAD was briefly underpinned and climbed above the 1.4000 level after US President Trump posted that all trade negotiations with Canada are terminated due to a fake ad featuring Ronald Reagan speaking negatively about tariffs.
- Antipodeans traded steadily overnight and held on to the prior day’s spoils after benefitting from the rise in oil prices and heightened risk appetite.
- PBoC set USD/CNY mid-point at 7.0928 vs exp. 7.1192 (Prev. 7.0918).
FIXED INCOME
- 10yr UST futures were subdued after retreating yesterday as yields climbed alongside the surge in oil prices, while all focus turns to the US CPI report.
- Bund futures remained lacklustre following the prior day’s retreat to a sub-130.00 territory.
- 10yr JGB futures attempted to nurse some of its recent losses with support seen around the 136.00 level, albeit with the rebound limited after Japanese CPI data printed mostly in line with estimates but showed an acceleration in the headline and core readings.
COMMODITIES
- Crude futures slightly pulled back following the prior day’s rally, which had been spurred by the US sanctioning Russian oil majors Rosneft and Lukoil over the Ukraine war, while Chinese state oil firms were also said to suspend seaborne Russian oil purchases due to worries related to Western sanctions.
- Spot gold traded indecisively with price action tentative ahead of the incoming US inflation data.
- Copper futures lingered around this week’s best levels after gradually advancing yesterday alongside the positive risk environment.
CRYPTO
- Bitcoin eked mild gains in choppy overnight trade above the USD 110k level.
NOTABLE ASIA-PAC HEADLINES
- Chinese President Xi said China’s development is facing both strategic opportunities and challenges, while he added that China should comprehensively promote the integrated development of education, science, and technology talent, as well as strive to break through key core technologies, according to Xinhua.
- China’s NDRC head said the economy relies on the real economy to move towards the future, and noted that strong domestic demand is strategic underpinning for China’s modernisation. NDRC head also stated that there is room and potential for China to expand domestic demand and they will implement some major investment projects, improve the structure of government investment and increase the proportion sent to people’s livelihoods. Furthermore, they will expand economic policy space during the next five years, will prevent improper government intervention in the economy and will increase coordination of macroeconomic policies.
- China’s Deputy Head of Office of Financial and Economic Affairs Commission said the external environment is uncertain and unstable, but noted the economy is on a solid foundation and fundamentals supporting long-term growth remain unchanged, while it was stated that they must move faster to implement a new development paradigm.
- China’s Science and Technology Minister said regarding AI, that they will accelerate development and seek breakthroughs, as well as step up efforts on the top-level design of artificial intelligence. China will also develop chips with high-level resources and will strengthen artificial intelligence governance, while it will step up efforts in quantum technology and biotechnology.
- Japan’s Finance Minister Katayama said they need to take into account various factors when asked regarding the possibility of raising financial income tax, while she added that monetary policy measures should be up to the BoJ and hopes the BoJ continues appropriate dialogue with markets. Furthermore, Katayama said she spoke with US Treasury Secretary Bessent for about 15 minutes via phone, while she told Bessent she wants to tackle various issues and will meet with Bessent next week.
- Japan’s Prime Minister Takaichi says ‘Economy first then fiscal policy’ will be the foundation of the government’s approach. Will not implement cash handout which was pledged during the upper House election due to lack of public understanding. Aims to pass legislation in the current diet session to abolish provisional gasoline tax rate. To provide assistance for electricity, gas bills during winter. Launching a Japanese growth strategy council to expand the economy.
DATA RECAP
- Japanese National CPI YY (Sep) 2.9% vs Exp. 2.9% (Prev. 2.7%)
- Japanese National CPI Ex. Fresh Food YY (Sep) 2.9% vs Exp. 2.9% (Prev. 2.7%)
- Japanese National CPI Ex. Fresh Food & Energy YY (Sep) 3.0% vs Exp. 3.1% (Prev. 3.3%)
GEOPOLITICS
MIDDLE EAST
- US President Trump said regarding Israel, that it will not be doing anything with the West Bank.
- US official said Israeli PM Netanyahu is walking a fine line with President Trump and that Trump will punish Netanyahu if he spoils the Gaza deal.
RUSSIA-UKRAINE
- Ukrainian President Zelensky said Ukraine will not recognise swaps on their territory, and noted it is not a swap when you exchange your territory with your territory, according to WSJ’s Norman.
- White House said a President Trump meeting with Russian President Putin is not completely off the table, while a meeting between Putin and Zelensky is also not off the table. Furthermore, it stated that Trump has not seen enough action from Russia toward peace, while he is increasingly frustrated and wants to see action, not just talk, to end the war.
- Russian President Putin said regarding a meeting with US President Trump, that Budapest was proposed by the US and the summit needs to be prepared, while he added that Russia wants to continue dialogue and it is most likely that Trump meant that the summit is postponed. Furthermore, he said new sanctions will not affect the Russian economy and that they are an attempt to put pressure on Russia.
- European Council invited the Commission to present options for financial support based on the assessment of Ukraine’s financing needs.
- EU leaders failed to back a EUR 140bn loan to Kyiv using frozen Russian state assets following opposition from Belgium, according to FT.
- EU’s Costa said discussions at the EU summit showed a reparation loan for Ukraine is feasible, while he added that discussions with the ECB and Eurogroup presidents showed the reparation loan proposal is in line with European and international law. It was also reported that Belgium’s Prime Minister said Belgium does not want one euro of money returned to Russia, and on the legality of the reparation loan idea, it is not clear and it is a matter that needs to be solved. Furthermore, German Chancellor Merz said regarding Russian frozen assets that he assumes all EU countries will take part and it is complicated because there is no blueprint for such a step, as well as stated regarding Russian jets violating Lithuania’s airspace, that it is a further provocation and they will react with a sense of proportion.
OTHER
- US President Trump said reports that B-1 bombers flew near Venezuela are not accurate, while he added that China is using Venezuela for Fentanyl smuggling. Furthermore, he said they will be seeing land action in Venezuela soon and may go to Congress about targeting land drugs.
EU/UK
NOTABLE HEADLINES
- UK Chancellor Reeves is mulling raising income tax at next month’s budget, according to The Guardian.
DATA RECAP
- UK GfK Consumer Confidence (Oct) -17.0 vs. Exp. -20.0 (Prev. -19.0)
1A NORTH KOREA/SOUTH KOREA
SOUTH KOREA//USA/
A GOOD READ
(zerohedge)
South Korea Risks Economic Self-Sabotage With $1 Trillion Crackdown On US Tech Giants
Thursday, Oct 23, 2025 – 07:40 PM
For those who don’t know, South Korea is big on extracting money from Big Tech firms in the United States – a protectionist tactic similar to China – aimed at curbing the dominance of global tech platforms when it comes to social media, search, e-commerce and app stores, while favoring domestic players such as Naver and Kakao.
The Korea Fair Trade Commission (KFTC), which enforces laws pertaining to antitrust and competition, has repeatedly targeted US firms. In 2021, it fined Google $177 million for anti-competitive practices in Android licensing, alleging it abused its dominance to restrict competitors. That same year, Korea became the first country to prohibit Apple/Google from requiring developers to use only their in-app payment systems; both firms adjusted policies, and regulators later warned/fined over compliance issues.
In 2023, Apple faced a $22 million fine for similar app store policies that limited developers’ access to alternative payment systems. More recently, in 2024, the KFTC launched probes into Amazon and Google over alleged preferential treatment in online advertising and search results, which could disadvantage Korean firms.
On top of this, they want US tech firms to disclose algorithms and prevent self-dealing, with penalties of up to 3% of global revenue for noncompliance.
In a Wednesday interview with CNN, South Korea’s President Lee Jae-myung tried to tamp down concerns over the trade rift – referring to Donald Trump as a “peacemaker” right before his scheduled trip to Asia.
“We have different ideologies and also a different system of government… (but) we cannot shut out China,” Lee said, adding that the “vital” US alliance has made managing their bromance with Beijing “a bit delicate.”
“When it comes to relationships between countries, you cannot cut it clean with a knife and say: ‘This country is our friend, and this country is not.’ It’s just not that simple – it’s much more complicated and complex,” said Lee.
Shooting Themselves In The Foot
A new report by the Competere Foundation contends that Korean competition and digital-market policies coming out of the KTFC could result in a combined $1 trillion in economic losses over the next decade, including $525 billion for the U.S. and $469 billion for South Korea. The group argues that tighter controls on global tech firms such as Apple, Google, Microsoft, and Coupang are “discriminatory” and risk chilling innovation and foreign investment
“Ironically, while Korean officials are working to prevent U.S. companies like Apple, Coupang, Google and Microsoft from operating freely, our research shows Korea itself will lose an estimated $469 billion over 10 years, including significant damage to the country’s small businesses,” said Shanker Singham (no relation to Roy) – president of the Competere Foundation, in a statement to Fox Business.
The foundation – whose research focuses on non-tariff barriers and competition policy – links the projected losses to reduced foreign direct investment, higher compliance costs, and lower digital productivity. It cites related studies by the Information Technology and Innovation Foundation (ITIF) and the Southeast Asia Public Policy Institute (SEAPPI) suggesting that heavier platform regulation across the Asia-Pacific could raise annual compliance costs by more than $3 billion, with roughly $512 million of that in South Korea alone.
“These actions by Korean officials are stalling the ability of U.S. companies to operate freely and disincentivizing them from investing in South Korea,” said Henry Haggard, former minister counselor for political affairs at the U.S. Embassy in Seoul, who agreed that Korea’s regulatory approach risks backfiring – and warned that some US firms may scale back operations in the country, halt future investments, or exit the country completely.
This year, the KTFC proposed interoperability regulations in February imposing data-sharing mandates on platforms, drawing U.S. concerns over disproportionate impacts on American firms like Google and Apple.
This year alone:
- In March, the Information Technology and Innovation Foundation (ITIF) slammed South Korea’s shift from “fast follower” to restrictive regulator – warning that it would stifle innovation amid US tariff threats.
- In May, US tech giants (Goole, Apple, Meta) ramped up lobbying against South Korea’s Monopoly Regulation and Fair Trade Act (MRFTA) – alleging it favors Chinese firms while targeting US players.
- In June, the United States Trade Representative raised the antitrust legislation in trade talks, urging Seoul to halt over a dozen platform regs. New President Lee Jae-myung, however doubled down on tech oversight.
- In July, US-Korea tariff negotiations stall over the matter.
- In August, bipartisan US lawmakers demand a briefing on Koreas’ anti-US-tech regulations, warning of economic and strategic risks from ‘EU-copycat’ laws.
- In September, President Donald Trump threatens tariffs over Korea’s “pro-China” regulations; exempting TikTok’s ByteDance while probing US firms.
As noted in the list above, the timing of the Competere report coincides with renewed negotiations between Washington and Seoul over tariffs and digital trade provisions. Yet according to Competere, “reforms to Korea’s regulatory culture” could become a bargaining chip in efforts to lower U.S. tariffs on Korean exports.
That said, South Korean regulators show no signs of backing down.
END
2B JAPAN
3. CHINA
CHINA/RUSSIA/OIL
Trump winning here: China sales back purchases of Russian oil following USA sanctions
China Scales Back Purchases Of Russian Oil Following New US Sanctions; Report
Thursday, Oct 23, 2025 – 09:45 PM
Chinese state oil firms have suspended purchases of seaborne Russian oil after the US imposed new sanctions on Russian energy giants, Rosneft and Lukoil, multiple trade sources told Reuters on Thursday.
Chinese national oil companies PetroChina, Sinopec, CNOOC, and Zhenhua Oil will “refrain from dealing in seaborne Russian oil at least in the short-term due to concern over sanctions,” the news agency wrote, citing the trade sources.
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed new sanctions on Rosneft and Lukoil on Wednesday, claiming Russia lacked a “serious commitment to a peace process to end the war in Ukraine.”
The Treasury said its actions would increase pressure on Russia’s energy sector and degrade the Kremlin’s ability to fight its war against Ukraine.
China imports roughly 1.4 million barrels of Russian oil per day (bpd). Beijing’s state oil firms import between 250,000 and 500,000 bpd, while the remainder is purchased by small refiners known as teapots.
Traders speaking with Reuters indicated that the small refiners will likely continue purchases of Russian oil after a brief pause to assess the impact of the sanctions. China also buys approximately 900,000 bpd of Russian oil by pipeline. These purchases will likely not be affected by sanctions, the traders added.
The other major purchaser of Russian oil, India, is also expected to drastically reduce its crude imports from Moscow as a result of the US sanctions.
“A sharp drop in oil demand from Russia’s two largest customers will put a strain on Moscow’s oil revenues and force the world’s top importers to seek alternative supplies and push up global prices,” Reuters wrote.
India and China will instead look to suppliers in West Asia, Africa, and Latin America to make up for the lost supply from Russia, traders said.
World oil prices jumped after the US Treasury announced the new sanctions on Russia’s two biggest oil producers. The sanctions froze all Rosneft and Lukoil assets in the US, while US companies and individuals will be barred from doing business with them.
Washington is also threatening secondary sanctions on foreign financial institutions that do business with the two Russian energy firms, including banks that facilitate sales of Russian oil in China, India, and Turkiye.
In a related development, several oil suppliers from West Asia and Canada have suspended oil sales to China’s Yulong Petrochemical after the UK imposed sanctions on the refiner.
Reuters reported that although the UK imposed sanctions on Yulong to curb Moscow’s oil revenues used to fund the Ukraine war, the move is likely to push it to buy more Russian crude.
Yulong Petrochemical has a capacity of 400,000 bpd and is one of the country’s largest single Russian oil customers.
4 EUROPEAN/NATO AFFAIRS
POLAND/EU
“We Will Not Agree!” – Polish President Rejects EU Migrant Relocation Plan
Saturday, Oct 11, 2025 – 08:10 AM
Authored by Thomas Brooke via Remix news,
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.”
END
GERMANY/ITS ECONOMY
KOLBE
German economy in trouble!!
German Economy Unravelling: Hospitality Crisis, Jobs Vanishing & Industrial Decline
Friday, Oct 24, 2025 – 03:30 AM
Submitted by Thomas Kolbe
While the federal government is desperately waiting for the start of the multi-billion euro debt package, the real economy is burrowing ever deeper into the ground. The numbers from the hospitality sector speak a clear language: things continue to go downhill.
On Monday, Chancellor Friedrich Merz visited the six-day congress of the trade union IG BCE (Industrial Union for Mining, Chemicals, Energy). There he emphasised the high importance of social partnership between workers, employers and politics and assured the union that he was well aware of the increasingly difficult situation of many people in the country.
In these days Merz would have done better to visit the German hospitality industry. There, without the glamorous distraction of a functionary congress, he could have seen first-hand the reality of the German economy: The interest in uplifting speeches by the Chancellor among restaurateurs, hoteliers and caterers is likely vanishingly small — business is simply too bad.
Cold shower in the holiday season
The Statistisches Bundesamt (Destatis) delivered catastrophic figures for August for the entire German hospitality industry, i.e., both gastronomy and hotels: Even in the most important vacation month, restaurants, hotels, caterers and snack bars lost a real turnover volume of 3.5 per cent compared with the previous year. Nominally there was still a minus of 0.6 per cent in the overall balance. Also compared with the previous month, July, the hospitality sector lost real turnover of 1.4 per cent.
Such a poor development, of all times in the high-volume holiday months, is a fatal proof that nothing seems to be running smoothly anymore in the German economy — exactly now you would have had to cash in. Here, the until now weak year with a minus of about 4 per cent at least should have offered a small glimmer of hope. Pfft. The summer months turned into a disaster.
Consumers are suffering under the political framework conditions, the high energy prices, inflation and the labour market, which has long since entered rough seas.
Those who take a look into the engine room of the German economy will quickly find the causes for this crisis. It is the expression of an economic disaster that remains insufficiently described in media and politics. The industrial core of the German economy could not permanently withstand the shockwaves of the Brussels eco-regulators and the gnawing attacks of interest-driven NGOs such as the Deutsche Umwelthilfe.
General decline
And so it came to pass, as it had to. Starting from its best year 2018, German industry across sectors lost a production volume of almost 25 per cent — an indescribable exodus of firms abroad, countless insolvencies: an economic knockout, delivered by a self-inflicted uppercut.
Large parts of the economy hang on this industrial foundation as if on an umbilical cord — once it is severed, the service providers, the suppliers, the hospitality industry, tourism plunge too. Roughly 1.3 million jobs in the private sector have disappeared to date.
The German economy is in a veritable clearance sale — in a spiral of deindustrialisation. From July 2024 to today, more than 270,000 jobs have been lost in the manufacturing industry, the metal, electrical and steel industries. At the same time, the public administration expanded by almost 50,000 new jobs this year.
The crash continues
A shrinking working-age population in the private sector must carry the burden for a growing army of welfare recipients and the grotesquely expanding public administration. That cannot work in the long run. Even Merz should be able to grasp that, who obviously did not use his excursion into the world of BlackRock breakfast directors to deepen his study of economic interrelations.
This glaring imbalance — of a growing state apparatus on one side and a rapidly shrinking private economy on the other — no economy in the world can offset. Especially not in the context that the German economy has been continuously losing productivity since 2018. A home-made disaster that is now supposed to be flooded with gigantic credit packages.
In total, it is therefore by no means surprising that going out for a meal, holiday travel, even the evening beer has become a luxury for many. Not inflation alone, but the structural collapse of employment and purchasing power, coupled with a crushing tax and levy burden, are driving people into consumption abstinence. Energy prices remain high, the middle class groans under bureaucracy and ancillary wage costs.
Insolvencies and no end in sight
The catastrophe year for the industry is also reflected in insolvency activity: As the industry association DEHOGA Bundesverband reported, the number of insolvencies in the sector rose by about 27 per cent by summer. Measured against the previous year, it is thus to be assumed that around 2,500 hospitality businesses will exit the market this year.
The situation in the hospitality industry is even more dramatic compared with other crisis sectors: 52.7 bankruptcies per 10,000 businesses — significantly more than in the also strongly shrunk construction or transport sectors. Expression of this misery is the employment restraint that has persisted for more than ten years. The precarious personnel situation, poor remuneration — all this mirrors the crisis in the industry.
Fundamentally, the Federal Republic is heading towards a record year for insolvencies. According to figures from Destatis, company insolvencies in the first half of the year were 12.2 per cent above the previous year’s figure, consumer insolvencies 7.5 per cent higher. This means that probably 25,000 companies will exit the German economy in the current year. The insolvency-related damage is likely to exceed the €60 billion mark.
VAT to be cut again
And what is politics doing? From 1 January 2026, the VAT on food served in the hospitality industry is to be reduced from the current 19 per cent to 7 per cent, as during the Corona period. But it is foreseeable that the industry, given rising energy and personnel costs, will use these margins to stabilise its own capital base. For customers little will then remain.
Guido Zöllig, President of the DEHOGA federal association, recently issued a clear warning of the dying off of gastronomic diversity. For him the VAT reduction is an essential measure to save the industry. With the numerous failures of restaurants and snack bars Germany — Germany’s cities — lose quality of life. Germany bleeds economically and in its urban structure — also this is an aspect of the general cityscape that politics should openly discuss.
Yet a real policy reversal, an end to regulation, the high fiscal burden, the migration chaos or the grotesque climate regulation — all of which influence consumer behaviour — is not in sight for now. Politics shows no willingness to change course.
* * *
About the author: Thomas Kolbe, born in 1978 in Neuss/ Germany, is a graduate economist. For over 25 years, he has worked 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
FRANCE//
IT IS ALL OVER!!
“In Reality, It’s All Over”: French Socialists Threaten To End PM Lecornu’s Term (Again) Over Budget Showdown
Friday, Oct 24, 2025 – 09:00 AM
The French blue-chip CAC 40 is lower on the session, and the spread between 10-year French and German yields has widened, signaling that the political turmoil is far from over.
On Friday, France’s Socialist Party threatened to sink Prime Minister Sébastien Lecornu’s minority government as soon as next week unless the 2026 budget includes 15-20 billion euros in additional taxes. Without Socialist support in parliament, no-confidence motions would likely pass, toppling the government.
“If in the coming hours, basically until next Monday, there is no clear change to the text, there would be no margin for maneuver on the budget bill or the social security bill, so it would in reality all be over,” Socialist leader Olivier Faure stated on the 24-hour French news television channel BFM television, earlier today.
Bloomberg noted, “The threats from the Socialist party chief come as the group treads a tricky line between getting more out of Lecornu on fiscal plans while avoiding fresh elections. The ouster of yet another premier would likely result in a snap legislative vote, in which polls suggest Socialists would fare poorly.”
At the beginning of the week, UBS analyst Simon Penn told clients that Lecornu “might not make it until year-end.” With how things are going this week, he might not make it until the end of next week.
Here is what Penn told UBS clients:
French PM Lecornu Might Not Make It Until Year-End
Political advisory group Forefront isn’t convinced French Prime Minister Lecornu will remain in office until the end of the year.
His basic problem is the same one that each of his predecessors has faced – he is going to struggle to pass a budget.
The Socialists were clear last week: they were willing to lend their support to get Lecornu through confidence votes, but that didn’t mean they supported his budget proposals. Forefront noted that the first thing Lecornu will need to do is enact the suspension of pension reform. He might be able to get that through the National Assembly, but the right-leaning Senate is opposed. If it fails in the Senate, it will go to a joint committee, and since that has a center-right bias, a decision to suspend pension reform will likely hinge on a raft of other requirements. This brings it full circle – the National Assembly is unlikely to accept those.
Odds on the cryptocurrency-based prediction market Polymarket show 13% that Lecornu is out by the end of next week. About 12 hours ago, these odds were 4%. Odds for Lecornu’s ouster by the end of the year jumped from 37% to as high as 51% on Friday.
In regional bond markets, France’s 10-year yield premium over Germany widened to 81 basis points on Friday, the highest in 10 days, according to Bloomberg data. This remains below the 89 basis point peak during Lecornu’s resignation, but it indicates that markets are beginning to price in greater uncertainty ahead of next week.
Modest selling pressure on CAC 40…
And next week may bring fireworks in French politics.
SWITZERLAND/FREE SPEECH
Switzerland Goes To War Against Free Speech: Man Jailed For Claiming That Skeletons Reflect Gender
Friday, Oct 24, 2025 – 02:00 AM
Switzerland was famous (or infamous) for staying neutral in World War II. It simply would not take a side between the Nazis and the rest of the world.
However, when it comes to free speech, Switzerland has declared war on anyone who challenges certain orthodox positions, including gender policies.
Just ask Emanuel Brünisholz.
Brünisholz is reportedly about to start a 10-day prison stint due to his voicing skepticism about claims that skeletons are transgender.
There is very little coverage of this story. Free speech cases are often downplayed by European media. So, we have only limited information coming from conservative sites.
In 2022, he responded to a Facebook post by Swiss National Council member Andreas Glarner on the controversy. Some, including academics in the United States, are now claiming that you really cannot gauge the sex of individuals from their skeletons.
The wind-instrument repairman thought that such claims were unfounded and posted a comment that said, “If you dig up LGBTQI people after 200 years, you’ll only find men and women based on their skeletons. Everything else is a mental illness promoted through the curriculum.”
Brünisholz then received a knock on his door from the Burgdorf police and then a prosecution letter for engaging in “hate speech” and “publicly belittling” comments based on sexual orientation under the Swiss Criminal Code. He was convicted and fined 500 Swiss Francs.
If true, this sounds like just another absurd use of a criminal charge to silence those with opposing views. However, a court actually convicted him and then another court upheld the conviction. He was ordered to pay a fine or go to jail. He is now going to jail for simply expressing his view, a view supported by many scientists and citizens.
The court adopted an exceptionally broad definition of the protected class under Swiss law:
“LGBTQI means lesbian, gay, bi, transgender, queer and intersex, and denotes therefore different sexual orientations. It’s a loose group of people who consider themselves a part of the aforementioned sexual orientations. Therefore, LGBTQI is a group of people with specific sexual orientations.”
The case is only the latest example of how free speech is in a free fall in Europe. I spoke in Berlin at the World Forum, where European leaders gathered in one of the most strikingly anti-free speech conferences I have attended. This year’s forum embraced the slogan “A New World Order with European Values.” That “new world order” is based on an aggressive anti-free speech platform that has been enforced for years by the European Union.
Many Americans are allied with the EU and attempting to introduce such anti-free speech laws in the United States.
Others are speaking in Europe and inviting the EU to hit U.S. companies with sanctions for failing to censor Americans.
Yet, there remain brave free speech advocates and groups still struggling to restore this indispensable right to their countries. By going to jail, Brünisholz is bringing needed attention to the crackdown on free speech in that country.
Despite the disgraceful role of the courts in this effort, citizens like Brünisholz show that the cause of free speech is alive in Europe.
END
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
TBN ISRAEL/LAST 24 HR
ISRAEL VS HAMAS
Hamas terrorists breached southern border, stole IDF reservist’s ATV, victim tells Maariv
The ATV was later identified by the owners in a video showing armed, masked men riding the vehicle in Gaza next to a UN vehicle.
Masked, armed men riding the stolen ATV in Gaza.(photo credit: Screenshot/Section 27a of the Copyright Act via Maariv)ByDAN EZRAOCTOBER 24, 2025 02:57
Residents of Gaza border communities are grappling with a renewed sense of insecurity after an all-terrain vehicle (ATV) was stolen from a family home before being identified in footage as being used by Hamas terrorists in the heart of Gaza.
The incident, which occurred on the October 1, the day before Yom Kippur, has sparked anger and frustration among residents, who point to ongoing failures in border security in the area.
Aviv Moaziz, a resident of Moshav Klahim and a reservist in the IDF’s 226th Paratroopers Brigade, told Maariv about the incident: “In the middle of the war, I received the difficult news that my father was ill with cancer. I was released from the reserves to help at home.”
“On Yom Kippur, I returned from synagogue and discovered that the ATV had been stolen. After a long and arduous search, we received TikTok videos of the stolen tractor with all the identification marks that helped us verify that it was really ours,” he added.
“We realized that the ATV was taken into the Gaza Strip, supposedly while our army was ‘in Gaza.’ It is known that there is a crime and theft problem in the south. Where is the army and where are the police now that we have reached a situation where an ATV can cross over to Gaza? I am shocked by the frightening ease with which the thieves crossed our most sensitive border. Two years have passed, and it feels as if we have learned nothing. Frustrating, sad, and scary. I am already out of words,” he added.
‘Thieves simply entered the house’
Moaziz’s sister, who was at home at the time of the theft, added: “Our ATV was stolen when my family was at synagogue and I was at home with a high fever, sleeping. The thieves simply entered the house, took the keys, and dragged the ATV until they drove it around the area.”
“After about two weeks, we found the thief on TikTok and sent the police pictures and videos of him. We did most of the work for them, but the ATV never came back to us. Today, we understood why: our tractor was smuggled into Gaza. It turns out there are still gaps in the fences. During this ceasefire, Hamas is collecting powerful vehicles and tools, and we all know what it is for. We don’t even want the ATV back now,” he added.
“We just want the army and all of our security services to wake up and not wait for another October 7 to happen to us. An ATV that powerful is no joke. So to the police who didn’t do anything and to the IDF who doesn’t guard our fences; thank you for letting them prepare for the next security blunder,” he continued.
A source familiar with the details told Maariv that the ATVs are often used to steal weapons from IDF bases and ammunition trucks en route to the south, providing a means of quick escape from sparse guard forces at the bases.
In a video recently circulated on TikTok, Hamas terrorists are seen riding a stolen ATV while carrying rifles near a mob of Gazans while a truck tows the vehicle. The footage illustrates the ease with which thieves were able to smuggle the ATV across the border.
Armed terrorists drive stolen ATV past UN vehicle
The footage also shows the ATV being driven past what appear to be United Nations vehicles.
The case raises serious concerns among residents of the surrounding area, who fear that the lessons of October 7 have not yet been internalized.
Residents expressed frustration with the lack of police enforcement regarding crime in the area, and the IDF’s failure to prevent vehicles from being smuggled into the hands of terrorist organizations.
The Israel Police released a statement regarding the incident: “Upon receiving the complaint, an investigation was opened. Extensive operations are being carried out to locate the stolen vehicle and return it to its owner. The Israel Police is resolutely against the theft of off-road vehicles, which are often used to commit criminal offenses, including the theft of weapons from the IDF. Allegations arising regarding breaches in the fence that allowed the vehicle to pass into the Gaza Strip should be referred to the security agency responsible for the fence.”
END
Trump says ‘Israel not going to do anything with the West Bank’ as US fumes over annexation vote
‘The Israelis can’t treat us like Joe Biden,’ administration official tells ToI, day after Knesset advanced preliminary legislation to annex parts of West Bank while Vance was visiting
By Jacob Magid, Follow
Ariela Karmel Follow
and ToI StaffToday, 1:21 am
US President Donald Trump answers questions from reporters during a roundtable on criminal cartels in the State Dining Room of the White House, October 23, 2025, in Washington. (AP Photo/Evan Vucci)
US President Donald Trump on Thursday declared “Israel is not going to do anything with the West Bank,” as officials from his administration leveled harsh criticism against Prime Minister Benjamin Netanyahu’s government after lawmakers advanced legislation to annex parts of the West Bank while Vice President JD Vance was visiting the country.
“Don’t worry about the West Bank,” Trump told reporters at the White House, in his first comments on the matter since the Knesset voted on the two bills Wednesday. “Don’t worry about it,” he repeated. “Israel’s doing very well. They’re not going to do anything with it.”
The measures were passed despite opposition from Netanyahu, in light of Trump’s vow last month that he would not allow Israel to make the controversial move.
“The Israelis can’t treat us like we’re Joe Biden,” a Trump administration official told The Times of Israel late Thursday, speaking on condition of anonymity. Netanyahu regularly sparred with Biden during the Democratic president’s administration and was accused at times of seeking rifts with him for domestic political gain.
The decision by the senior US official, speaking on condition of anonymity, to draw a comparison to Biden also harkened back to another US-Israeli rift in 2010, under the Obama administration, when the Interior Ministry announced that 1,600 housing units would be built in a Jewish neighborhood of East Jerusalem while then-vice president Biden was in town.
END
ISRAEL/HEZBOLLAH
Lebanese health ministry says 4 killed in Israeli strikes
By AFP and Emanuel Fabian
Four people were killed in Israeli airstrikes in eastern and southern Lebanon, the country’s health ministry says.
The ministry reported that strikes in mountainous areas in the east resulted in an initial death toll of two people.
It later stated that two others were killed in a separate strike in the south around Nabatieh, with the official National News Agency (NNA) reporting an elderly woman was one of the dead.
The NNA had earlier said that “Israeli warplanes launched a series of violent strikes on the eastern mountain range” in the Beqaa region near the border with Syria.
It also reported that two Israeli strikes targeted the Hermel range in the country’s northeast.
The IDF had confirmed carrying out an airstrike in Nabatieh, saying it was targeting a Hezbollah weapons depot. It also said it carried out airstrikes in Lebanon’s eastern Beqaa Valley, saying it targeted a Hezbollah training camp where operatives were gathered and a precision missile manufacturing site, among other targets.
According to the military, the training camp was used by Hezbollah to plan attacks against Israel. The missile manufacturing site in the Beqaa Valley has been struck by the IDF numerous times before. The IDF says it also struck a Hezbollah military site in northern Lebanon.
END
RUSSIA VS UKRAINE
Drums beat louder
While I can write and predict it is pointless. Because November beckons as does a broader conflict. And knowing this much earlier is not relevant the drums simply beat away.
War is coming on a larger scale. You might recall I wrote and gave timing. No one needs this or wants this; however there are those people who relish what they do not understand. We will all be caught up in the currents as they come forth.
Sanctions against Russia may work in part, however they also are a double edged sword. Because sanctions that have been made also attack the integrity of existence of a STATE. Thus, while perhaps well intentioned, they had the opposite affect. Russia is a nuclear power that is not going to bent to either NATO or the US. Because to do so is to allow breakup of their nation and they will fight to the last Russian first. And as China has already told NATO and the EU they will not allow Russia to fall because they know they are next. This fight is about whether there will be a Unipolar or Multipolar world. One is naive to think that Russia and China and others will not fight. This will be a wide global fight.
Russia as of yesterday has begun active calling up of their Reserves, in the neighborhood of 1.5 million troops. Yes, they have uniforms and guns and boots and tanks etc. People laughed and mocked while they used older equipment while factories turned out new equipment built with an economy on a war footing working 24/7. Never paying attention that battlefield experience was being incorporated in factory production.
You may have noted that the other day Russia tested fired a YARS rocket amongst others. Yes, they will have enough to deal with what comes to test and demonstrate in warning that they are ready.
Soon, Russia will move to finish off the Ukraine and complete the SMO. And the Russian resolve grew much stronger simply because the US showed their hand with the new sanctions for all to see. As it was, the goodwill in Alaska was gone. Just like the rejection the other day of US acceptance of new Russian planes was rejected by Russia. Simply because they have developed new commercial aircraft with their engines entirely within their supply chain. Supply chain control is one way to exhibit hegemony. Trust simply is gone to accept US acceptance. This was a telltale sign of where things are going.
Earlier in the week the Ukrainians were utilizing targeting data from and authorized by U.S. European Command (EUCOM), and carried out a strike using several “Storm Shadow/SCALP-EG” Air-Launched Cruise Missiles against the Bryansk Chemical Plant in Western Russia. It is one of the largest producers of gunpowder, explosives, and rocket fuel components for the Russian Armed Forces. The attack hurt but did not cripple. Rather it drove home who the fight is with. There is no doubt. Even the public there has figured it out.
Monday’s strike against Russia, is one of the, if not the, first carried out by Ukraine since authority for supporting such attacks was recently transferred from Defense Secretary Pete Hegseth at the Pentagon to Gen. Alexus G. Grynkewich, Supreme NATO Allied Commander Europe, in early October.
There is no doubt in Russia who is to blame and what to do. Thus as we watch the call up of Reserves have no doubt about what is coming. Because soon over 3 million troops will be deployed. And this will not be show. Nor will the dozens of Oreshnik’s gather dust for much longer. Russia will not surrender its sovereignty. Illusions are about this is foolishness that will come with a price.
As as German factories close running of Nexperia chips as a result of the Netherlands seizing the company using the courts and and laws from the 50’s one should not be surprised that China acted by cutting off chip supply. All these actions build upon each other causing uncertainty and economic problems and damage.
Even North Korea recently tested a new hypersonic technology not seen before.
Sadly the world is prepping for war which will come forth on several fronts from Europe to the Middle East to South America. Our whole world will change in 2026.
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
GLOBAL ISSUES
MARK CRISPIN MILLER
DR PAUL ALEXANDER
Maduro’s days are numbered? the US has already decided he must & will go & so too will all the Syrian et al. drug lords and financiers in Caribbean islands like Trinidad, you are on a list to be taken
to US to stand trial, rendered if need be; you made lots of money & live large but there is no place you can hide! Trump knows where each of you are, it is booked, went on too long, too many Americans
| Dr. Paul AlexanderOct 24 |
died due to you, and Trump wants his justice; Trump signals he will turn to land strikes in Venezuela ONLY after he consults congress after the boat strikes…he signals he is determined to end the flow of illicit drugs into USA. This is a troubling complex period.
U.S. Sends B-1 Bombers Near Venezuela, Ramping Up Military Pressure
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.
The flights signal possible widening of U.S. campaign against cartels and alleged drug traffickers
The U.S. flew Air Force B-1 bombers near Venezuela on Thursday, stepping up pressure on President Nicolás Maduro only days after other American warplanes carried out an “attack demonstration” near the South American country.
Two B-1 Lancers took off from Dyess Air Force Base in Texas on Thursday and flew near Venezuela, though they remained in international airspace, according to a U.S. official and flight tracking data.
President Donald Trump said “the land is going to be next” in his campaign to halt the flow of drugs into the US from Venezuela, the clearest indication yet that he’s preparing to broaden strikes that have so far been limited to targets at sea.
Speaking to reporters at the White House on Thursday, Trump directed Defense Secretary Pete Hegseth to notify Congress of the administration’s upcoming plans. He didn’t discuss targets, though, he has repeatedly suggested he could order the US military to escalate attacks by hitting cartel infrastructure on land.
“The land is going to be next,” Trump said. Turning to Hegseth, he added, “Pete, you go to Congress, you tell them about it. What are they going to do? Say, ‘gee, we don’t want to stop drugs pouring in’?”
“The land drugs are much more dangerous for them,” Trump said. “It’s going to be much more dangerous. You’ll be seeing that soon. So that’s the way it is.”
Striking targets on land would be a major escalation in tensions with Venezuela. In September, Venezuelan President Nicolás Maduro ordered indefinite deployments of troops and assets across five states, expanding on his original mobilization of 15,000 soldiers, following the first of the US boat strikes.
Asked if he’d declare war against the cartels, Trump said he didn’t necessarily see any reason to do so. “I think we’re just going to kill people that are bringing drugs into our country — okay?” he said. “We’re going to kill them, you know they’re going to be like dead.”
The Trump administration has already hit about a half dozen boats in the southern Caribbean since the start of September, saying the vessels were transporting drugs to the US. The strikes have added to tensions with Maduro and prompted speculation that Washington may be preparing to attack targets on land.
At the same event, Trump denied a report in the Wall Street Journal that B-1 bombers flew near Venezuela — while remaining in international airspace — to ramp up pressure on Maduro’s regime.
On Tuesday, the US struck a suspected drug-trafficking boat in the eastern Pacific Ocean, expanding airstrikes that so far had been limited to the Caribbean. Last week, Trump confirmed he had greenlit CIA activity in Venezuela, claiming the country’s leaders had “emptied their prisons into the United States” and were allowing drug shipments northward.
NEWSWIZE
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
HUNGARY/POLAND NORDSTEAM…
Hungary Has Good Reason To Be Enraged About Poland’s Ruling On The Nord Stream Suspect
Friday, Oct 24, 2025 – 11:45 AM
Authored by Andrew Korybko via Substack,
Polish Judge Dariusz Lubowski ruled against extraditing a suspect in the Nord Stream attack to Germany on the grounds that this act of sabotage occurred in the context of a “just, defensive war”, Germany doesn’t have jurisdiction over the international waters in which it occurred, and the Ukrainian state would be responsible if it really orchestrated this attack, not the conspirators who carried it out. That enraged Hungarian Foreign Minister Peter Szijjarto despite his country having no direct stake in this.
He then wrote on X: “Scandalous: according to Poland, if you don’t like an infrastructure in Europe, you can blow it up. With this, they gave advance permission for terrorist attacks in Europe. Poland has not only released but is celebrating a terrorist—this is what European rule of law has come to.”
These are compelling points and show that Hungary cares about the principles involved in this case. It also has indirect stakes in all of this that casual observers might not be aware of and which will now be explained.
Many probably forgot given how much has gone on over the past 3.5 years, but Hungary receives a significant share of its oil from Russia’s Druzhba pipeline that transits through Ukraine. Szijjarto previously accused Kiev of attacking this critical infrastructure as implied punishment for Budapest’s pragmatic approach towards the conflict, and his government even sanctioned the commander involved, Robert “Magyar” Brovdi. Lubowski’s ruling, however, challenges the legitimacy of Hungary’s policy.
The precedent of declaring Ukraine’s fight against Russia to be a “just, defensive war” could be exploited by judges across the EU to absolve Kiev of responsibility for undermining Hungary’s energy security. They could also argue that Hungary has no jurisdiction over Russia where the Druzhba pipeline was bombed just like Lubowski argued that Germany has no jurisdiction over the international waters in which Nord Stream was bombed. Any such move, even if only symbolic, would further isolate Hungary within the EU.
In practice, some members might welcome “Magyar” despite Hungary banning him from entering the EU, while others might promise Ukraine that it can continue undermining its energy security without fear of punishment from the EU. Poland might lead the way after Foreign Minister Radek Sikorski tweeted to Szijjarto that “I hope your brave compatriot, Major Magyar, finally succeeds in knocking out the oil pipeline that feeds Putin’s war machine”. It thus wouldn’t be surprising of “Magyar” soon visits Warsaw.
Just like the Nord Stream bombing was an attack against NATO and EU member Germany, so too have the Druzhba bombings been attacks against NATO and EU member Hungary. If Germany can’t advance its interests vis-à-vis Nord Stream despite hosting more US military troops than any NATO member and being the EU’s de facto leader, then comparatively less important Hungary stands no chance of advancing its own vis-à-vis Druzhba. The same goes for Slovakia and non-NATO and -EU member Serbia.
Poland’s ruling on the Nord Stream suspect therefore enraged Hungary because the precedent that was established could soon be weaponized against it.
Another significant point is that this amounts to one NATO and EU member legally justifying an attack against another. The implications are far-reaching and could further divide both blocs.
Poland’s gradual revival of its lost Great Power status is thus shaking up the European order and creating even more uncertainty in a continent that’s already bedeviled by it.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
VENEZUELA/USA
Pair Of US Bombers Again Fly Close To Venezuela, Sparks Speculation Of Imminent Attack
Thursday, Oct 23, 2025 – 04:40 PM
It appears that the US Air Force has for the second time in under a week conducted a bomber flight very near to Venezuela’s coast as a show of force.
It comes after days ago the US Southern Command confirmed what it called a “bomber attack demonstration mission” in skies over the southern Caribbean last week. Presumably this is what just happened again Thursday, according to open-source flight tracking data.
The Wall Street Journal has subsequently confirmed Thursday afternoon, “Two B-1 Lancers took off from Dyess Air Force Base in Texas on Thursday and flew near Venezuela, though they remained in international airspace, according to a U.S. official and flight tracking data.“
The Pentagon has stressed that the aircraft remained in international airspace the whole time, before turning around – based on flight trackers.
Given this comes amid an unprecedented military build-up in the Caribbean, the fresh bomber flights set off an avalanche of speculation that President Trump is preparing to launch imminent military action against the Maduro government, per the WSJ:
The U.S. has seldom flown bombers near South America in recent decades, usually carrying out just one planned training mission a year. But more missions involving bombers could be carried out soon, according to two defense officials.
Thursday’s flights signal “seriousness and intent,” said David Deptula, a retired Air Force general and Dean of the Mitchell Institute for Aerospace Studies, an aerospace think tank. “You’re bringing an enormous set of capabilities…endurance, payload, range and precision,” he said.
Various flight path observers noted it appeared to be precisely a “strike simulation” – which may have involved aerial refueling tankers as well.
As for the question of tonight could be the night, or even next 24 or 48 hours – for some kind of US military action over Venezuela – it remains very unlikely, given the presence in the general area of Tropical Storm Melissa, which looks to become a hurricane is currently barreling down on the Caribbean.
It would not at all be an optimal time for the Pentagon to launch any kind of military action in these waters, but looks to in fact be time to get US naval assets out of the path of the monster storm:
Tropical Storm Melissa continues to meander in the central Caribbean Sea on Oct. 23, its future path and strength still confounding meteorologists, who are now raising alarms about how strong the storm could become.
“It goes without saying, this is a very challenging track forecast,” the National Hurricane Center said in an Oct. 22 forecast discussion. In addition, “the intensity forecast is also more uncertain than usual, in large part related to the track uncertainty.”
And with the chances of a monstrous Category 5 storm still in play, the potential is there for Melissa to be “the most impactful storm of the 2025 season,” said Houston-based meteorologist Matt Lanza in a Substack post on Oct. 22.
These bomber flights could be yet more of the Trump White House seeking to scare Caracas by flexing and carry a ‘big stick’ – hoping for total political compliance. There are reports that Maduro has already offered Washington unprecedented concessions related to crude oil and favored status to American companies, but apparently to no avail.
CANADA
awful for us Canadians/stupid move by the Ontario Government to provoke Trump
Trump “Terminates” All Trade Negotiations With Canada After Ontario Launches Information War Targeting Americans
Friday, Oct 24, 2025 – 07:20 AM
President Trump has terminated all trade talks with Canada amid an information war waged by the Ontario provincial government, which has criticized U.S. tariffs. Canada’s propaganda ad campaign has appeared on Newsmax and Bloomberg, with additional placements scheduled for Fox News, Fox Sports, NBC, CBS, CNBC, ESPN, ABC, and local channels.
The advertisement uses audio from former President Ronald Reagan to remind Americans of the negative consequences of tariffs.
“High tariffs inevitably lead to retaliation by foreign countries and the triggering of fierce trade wars,” Reagan said, adding, “Then the worst happens: Markets shrink and collapse, businesses and industries shut down, and millions of people lose their jobs.”
Late Thursday night, President Trump wrote on Truth Social, “The Ronald Reagan Foundation has just announced that Canada has fraudulently used an advertisement, which is FAKE, featuring Ronald Reagan speaking negatively about Tariffs.”
“The ad was for $75,000,000. They only did this to interfere with the decision of the U.S. Supreme Court, and other courts. TARIFFS ARE VERY IMPORTANT TO THE NATIONAL SECURITY, AND ECONOMY, OF THE U.S.A. Based on their egregious behavior, ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATED,” Trump emphasized.
Before Trump’s Truth Social post, on X, the Ronald Reagan Foundation blasted the “ad campaign using selective audio and video of President Ronald Reagan delivering his “Radio Address to the Nation on Free and Fair Trade,” dated April 25, 1987,” adding, “The ad misrepresents the Presidential Radio Address, and the Government of Ontario did not seek nor receive permission to use and edit the remarks.”
In markets, UBS analyst Jason Poh told clients that “USDCAD has a knee-jerk jump, 30+ pips” after Trump announced all trade talks were terminated.
Foreign governments attempting to shape U.S. trade policy or U.S. politics is not new, but this was certainly a bold move by Canada during trade talks.
end
Canada’s Economy Will Not Survive A Prolonged Trade War With The US
Friday, Oct 24, 2025 – 01:25 PM
The ongoing trade war between the US and Canada barely registers on the radar for most of the American public, largely because it doesn’t affect their wallets in any significant way. However, on the Canadian side of the border, the economic conflict dominates headlines and discussion. Average Canadians face significant uncertainty and Canada’s export markets are teetering on the brink of crisis.
The lesson here? Perhaps it’s a bad idea to engage in brinkmanship with the US when the US buys 76% of your exports? Canada’s exports represent 33% of their total annual GDP, while US exports are only 10% of GDP. That is to say, Canada needs the US far more than the US needs Canada. The numbers are clear as day.
The Trump Administration’s recent announcement that all trade negotiations with Canada have been shut down requires some analysis of future consequences. The trigger for the cancellation was a Canadian ad aimed at US conservatives featuring excerpts of a Ronald Reagan speech with criticisms on tariffs.
According to the Ronald Reagan Foundation, the ad uses selective editing to present a false picture of Reagan’s position on trade protections. It is true that Reagan was generally a proponent of globalization, but he also instituted a number of protectionist policies during his two terms as US President. Reagan pressured Japanese car makers to adopt import restraints on automobiles, which remained in effect until 1985. Japan was told that if they did not accept the restraints, Congress would pass harsher measures.
Additionally, Reagan imposed protectionist measures on textiles, specialty steel, Canadian wood products, Italian pasta, motorcycles, and even mushrooms during his two terms. In 1986, Reagan threatened to impose a 200 percent tariff on Spain for its restrictions on U.S. grain imports.
That said, Reagan’s affinity for globalism also helped to accelerate the eventual collapse of US manufacturing jobs, which were ultimately outsourced to third world countries with cheap labor sources. The American middle class has been in steep decline ever since globalist policies were instituted.
Canada’s political advertisement is an attempt to exploit conservative nostalgia for the Reagan era while deliberately ignoring the nuances of his trade views. Not to mention, it shows that the Canadian government has no intention of addressing the parasitic relationship imposed on Americans through NAFTA and the USMCA. Numerous American industries have been crushed in the wake of these trade agreements.
Trump’s fury over Canada’s propaganda efforts is understandable, because it shows they would rather try to manipulate the American electorate rather than engage in sincere negotiations. This is a mistake on their part; manufacturing is now fleeing Canada.
Approximately 185,000 jobs have vanished in Canada since the beginning of the trade war. The majority of these jobs have come from the manufacturing sector. Companies shifting jobs away from Canada and to the US include: Stellantis, General Motors, and multiple steel producers. If tariffs continue, the country is projected to lose another 140,000 jobs by the end of 2025.
Canada’s GDP for 2025 is estimated to decline 2.6% to rest at 0.4%, equating to $78 billion in lost economic output. Prices also continue to skyrocket on basic necessities including food and housing.
Prime Minister Mark Carney has announced a plan to shift reliance on US markets and expand exports to other trading partners, but this plan is naive. The US represents 30% of all global consumer markets, and Canada has enjoyed the good fortune of sharing a border with the biggest single buyer of exports in the world. Meaning, the cost of moving goods is minimal, which maximizes profits for companies based in Canada. Trying to recreate these conditions with alternative buyers overseas is impossible.
Long term option for Canada include moving away from manufacturing and focusing on natural resources, which they have in abundance. Again, this still requires access to the US for any substantial exports, not to mention investments for exploration. As of 2023, the U.S. had a total FDI position of $452 billion in Canada across all sectors. This represents a significant portion of all foreign investment in the country.
Carney’s apparent arrogance on trade is perhaps driven by his progressive and globalist ideology, and as we have seen time and time again with the far-left, they don’t know how to admit they’re in over their heads. They only double down. Therefore, it’s likely that Carney will continue to blunder through negotiations with the US and lead Canada into economic disaster.
ROBERT H
Dan Scavino Jr.
on X: ““….Based on their egregious behavior, ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATED. Thank you for your attention to this matter! President DJT” Thank you for bringing to our attention, @RonaldReagan Presidential Foundation—We’ve got your back too! https://t.co/lR2IyROehm” / X
Is Doug Ford putting his foot in his mouth again?
With job losses in August of 26,000 people and unemployment just shy of 9% deflection looks like a mistake.
https://x.com/DanScavino/status/1981567247542792203
. . . END
VENEZUELA/USA
Hegseth Announces Another ‘Narco-Boat’ Attack After Trump Insists No Declaration Of War Needed
Friday, Oct 24, 2025 – 02:45 PM
The US military’s strikes on alleged drug boats near Venezuela are growing, and War Secretary Pete Hegseth has just announced another one Friday morning, which marks the third such attack this week, after two boats were destroyed on the Pacific side of Latin America earlier this week.
“Overnight, at the direction of President Trump, the Department of War carried out a lethal kinetic strike on a vessel operated by Tren de Aragua (TdA), a Designated Terrorist Organization (DTO), trafficking narcotics in the Caribbean Sea,” Hegseth announced on social media. He said that “all six terrorists” were killed and no American forces were harmed in the new operation. This appears to be at least the ninth such attack – and at least third in less than a week.
Big questions have persisted over just how the US knows it is attacking drug smuggling boats, and not mere fishing vessels. Journalists have been turning up the pressure on the White House to provide evidence.
Hegseth tried to preempt such inquiries in his Friday statement, which continued, “The vessel was known by our intelligence to be involved in illicit narcotics smuggling, was transiting along a known narco-trafficking route, and carrying narcotics.”
Interestingly, the Pentagon chief noted it was the first strike conducted at night since the anti-Venezuela and anti-drug operations started.
He then reiterated the following message: “If you are a narco-terrorist smuggling drugs in our hemisphere, we will treat you like we treat Al-Qaeda. Day or NIGHT, we will map your networks, track your people, hunt you down, and kill you.”
President Trump in fielding questions from reporters the day before talked about just ‘killing’ drug smugglers and that no declaration of war or any kind of legal process for that matter is needed…
“I’m not going to necessarily ask for a declaration of war,” he said. “I think we’re just doing to kill people that are bringing drugs into our country. Okay? We’re going to kill them, you know, they’re going to be like, dead.”
Geopolitical commentator Arnaud Bertrand has pointed out that Trump just honestly and openly reveals the face of US Empire:
People are in shock over this but Trump, as per his habit, is only putting in blunt terms what all US presidents have been doing for decades. “Nobel Peace Prize Obama” is the one who industrialized extrajudicial killings, officially ordering 540 drone strikes during his presidency (https://cfr.org/blog/obamas-final-drone-strike-data), so 1 to 2 a week on average, killing thousands of people with no due process whatsoever.
Indeed, Obama even one time killed a 16-year old American citizen and resident of Colorado by drone strike in Yemen, and he and his press secretary merely shrugged it off.
Still, Trump has some serious questions to answer, and a handful of Congressmen including Sen. Rand Paul try to reel in these latest foreign adventures off Latin America.
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS FRIDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1609 DOWN 0.0008 PTS OR 8 BASIS POINTS
USA/ YEN 152.96 UP 0.356 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 1.3318 DOWN .0008 OR 8 BASIS PTS
USA/CAN DOLLAR: 1.4023 UP 0.0036 (CDN DOLLAR DOWN 36 BASIS PTS//CDN DOLLAR GETTING KILLED)
Last night Shanghai COMPOSITE CLOSED UP 27.90 PTS OR 0.71%
Hang Seng CLOSED UP 192.17 PTS OR 0.74%
AUSTRALIA CLOSED DOWN 0.13%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 192.17 PTS OR 0.74%
/SHANGHAI CLOSED UP 21.90 POINTS OR 0.71%
AUSTRALIA BOURSE CLOSED DOWN 0.13 %
(Nikkei (Japan) CLOSED UP 658.09 PTS OR 1.35%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 4067.90
silver:$48.14
USA dollar index early FRIDAY morning: 98.85 UP 12 BASIS POINTS FROM THURSDAY’s CLOSE
FRIDAY MORNING NUMBERS ENDS
And now your closing FRIDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.009% UP 4 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +1.659% DOWN 1 FULL POINTS AND 0/100 BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.052 DOWN 3 BASIS PTS//DEADLY
SPANISH 10 YR BOND YIELD: 3.153 UP 4 in basis points yield
ITALIAN 10 YR BOND YIELD 3.411 UP 5 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.6182 UP 4 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY FRIDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1630 UP 0.0014 OR 14 basis points
USA/Japan: 152.76 UP 0.144 OR YEN IS DOWN 14 BASIS PTS//
Great Britain 10 YR RATE 4.4240 DOWN 0 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.210 DOWN 1 BASIS POINTS.
Canadian dollar DOWN 0.0030 OR 30 BASIS pts to 1.4019
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY DOWN AT 7.1228 ON SHORE ..
THE USA/YUAN OFFSHORE DOWN TO 7.1240
TURKISH LIRA: 41.95 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.659 DOWN 1 FULL basis pts
THE 30 YR JAPANESE BOND YIELD: 3.052 DOWN 3 basis pts
Your closing 10 yr US bond yield UP 1/2 in basis points from THURSDAY at 3.992% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.576 UP 1/2 in basis points /11:00 AM
USA 2 YR BOND YIELD: 3.469 DOWN 1/2 BASIS PTS.
GOLD AT 10;00 AM 4120.25
SILVER AT 10;00: 48.71
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: FRIDAY CLOSING TIME 11:00 AM//
London: CLOSED UP 69.05 PTS OR 0.20%
GERMAN DAX: UP 32.10 pts or 0.13%
FRANCE: CLOSED UP 0.15pts or 0.00%
Spain IBEX CLOSED UP 69.30 pts or 0.44%
Italian MIB: CLOSED UP 104.74or 0.25%
WTI Oil price 61.93 10.00 EST/
Brent Oil: 66.21 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 80.12 ROUBLE UP 1 AND 5/ 100
CDN 10 YEAR RATE: 3.060 DOWN 4 BASIS PTS.
CDN 5 YEAR RATE: 2.623 DOWN 4 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1628 UP 0.0011 OR 11 BASIS POINTS//
British Pound: 1.3305 DOWN .0032 OR 32 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.440 UP 1 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.2200 DOWN 1 IN BASIS PTS.
JAPAN 10 YR YIELD: 1.655 DOWN 1/2 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.054 DOWN 4 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 152.86 UP 0.256 BASIS PTS EXTREMELY DANGEROUS/YEN FALLING IN VALUE
USA dollar vs Canadian dollar: 1.3999 UP 0.0013 PTS// CDN DOLLAR DOWN 13 BASIS PTS CDN DOLLAR FALLING OUT OF BED!
West Texas intermediate oil: 61.43
Brent OIL: 65.86
USA 10 yr bond yield UP 0 BASIS pts to 3.996
USA 30 yr bond yield UP 0 PTS to 4.584%
USA 2 YR BOND 3.480: DOWN 1 PTS
CDN 10 YR RATE 3.084 DOWN 2 BASIS PTS
CDN 5 YEAR RATE: 2.656 DOWN 2 BASIS PTS
USA dollar index: 98.73 UP 6 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 41.96GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 81.26 UP 0 AND 24/100 roubles //
GOLD $4,113.00(3:30 PM)
SILVER: 48.56 (3:30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 472.51 OR 1.01%
NASDAQ 100 UP 260.00 PTS OR 1.04%
VOLATILITY INDEX 16.44 DOWN 0.94 PTS OR 4.97%
GLD: $ 377.52 DOWN 1.27 PTS OR 0.34%
SLV/ $43.99 DOWN 0.19 PTS OR OR 0.43%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 164.99 PTS OR 0.55%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
‘
Stocks Surge To New Record High After Cool CPI; Bullion Battered, Black Gold Bid
WRAP UP
Stocks rally on soft CPI ahead of Fed next week – Newsquawk US Market Wrap
Friday, Oct 24, 2025 – 04:11 PM
- SNAPSHOT: Equities up, Treasuries flat, Crude down, Dollar flat, Gold down
- REAR VIEW: Soft US CPI, US Flash PMIs beat; UoM misses, 5yr infl expectations rise; Trump terminates trade talks with Canada; Trump to sign economic agreements in Asia next week; Trump-Xi meeting to go ahead; USTR investigates China implementation of 2020 trade deal; Witkoff to meet with Russian counterpart; Strong INTC report, but stock fades; Strong F earnings; UK retail sales impress.
- WEEK AHEAD: Highlights include US-China trade talks, FOMC, BoC, BoJ, ECB and Aussie CPI. To download the report, please click here.
- CENTRAL BANK WEEKLY: Previewing FOMC, BoJ, ECB; Reviewing BoK, PBoC LPR, and CBRT. To download the report, please click here.
- WEEKLY US EARNINGS: Abundance of earnings with highlights including AAPL, AMZN, MSFT, META, GOOGL. To download the report, please click here.
More Newsquawk in 2 steps:
- 1. Subscribe to the free premarket movers reports
- 2. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
MARKET WRAP
US indices closed the final trading session of the week in the green and were buoyed by a soft US CPI report, which did little to alter money market pricing into the Fed next week, whereby a 25-bps cut is a near certainty. Sectors were predominantly firmer, with Technology and Communications outperforming, while Energy lagged ahead of a deluge of earnings next week, with 5 out of the Mag-7 reporting. The Dollar was eventually flat, but saw weakness after the aforementioned CPI report, while the Pound was boosted following a much stronger than expected set of UK retail sales, and the CAD was initially hit after Trump ended all trade talks with Canada after they put out anti-tariff adverts, albeit Canada is set to pull the ad. The crude complex was choppy, but ended the week with sizeable gains as US/Russia relations worsened, with focus on US-China talks next week. T-Notes settled little changed despite surging higher following the softer inflation metrics. Elsewhere on the data footing, US S&P Global PMIs impressed with both Mfg. and Services printing above consensus, but UoM missed expectations with a fall in current conditions and expectations, with the 1-year inflation expectation unchanged at 4.6%, but the 5-year rising to 3.9% from 3.7%. Next week, the PCE and GDP data will likely be cancelled, but focus will be on 2, 5 and 7-year supply as well as US/China trade talks, and of course, the Fed meeting.
US
CPI: Headline CPI rose 0.3% M/M in September, cooler than the 0.4% expected and prior, with the Y/Y rising 3.0%, up from the prior 2.9% but below the 3.1% forecast. Core measures rose 0.2% (exp. 0.3%, prev 0.3%), with the Y/Y with the Y/Y rising 3.0%, beneath the 3.1% forecast and prior. The report will be welcome but likely changes little for the Fed, with inflation still above target at 3.0%. However, given that there was no acceleration M/M, it shows inflationary pressures remain contained. Expectations at the Fed are building that tariffs will not result in persistent inflation, but price pressures are expected to remain into 2026, before cooling in H2 ’26 and returning to target in 2027 – providing the situation stays similar to the current picture. ING summarises the data as giving the green light to rate cuts. The desk notes that softer than expected, with tariff effects remaining limited. Says that should gradually change, but gives more time for disinflationary forces such as energy, housing and softer wages to mitigate the tariff impact. “In any case, the Fed’s more pressing concern is the cooling jobs market as it looks to optimise policy for its dual mandate”.
FLASH PMI: The S&P Global Flash PMI data in the US was better than expected. The Composite rose to 54.8 from 53.9, with the manufacturing component rising to 52.2 from 52, and services lifting to 55.2 from 54.2. Within the report, it noted that the data is consistent with the economy growing at a 2.5% annualised rate in October after a similar rise was signalled for Q3. It highlighted that business activity growth in October was the second-fastest so far this year, and was accompanied by the largest rise in new business seen in 2025 to date. “Improvements in output and new work were recorded in manufacturing and services, though both sectors signalled falling exports. Factories also reported falling input buying amid a steep drop in backlogs of work and an unprecedented build-up of unsold stock.” On employment, growth picked up, but the pace was modest, and it weakened in manufacturing. Prices charged for goods and services rose at the slowest rate since April, but firms’ costs continued to increase sharply due to the impact of tariffs alongside upward wage pressures.
FIXED INCOME
T-NOTE FUTURES (Z5) SETTLE 1+ TICK LOWER AT 113-14
T-Notes settle little changed despite soft CPI. At settlement, 2-year 0.0bps at 3.482%, 3-year +0.3bps at 3.487%, 5-year +0.5bps at 3.602%, 7-year +0.7bps at 3.784%, 10-year +1.0bps at 3.999%, 20-year +1.6bps at 4.558%, 30-year +1.6bps at 4.587%.
INFLATION BREAKEVENS: 1-year BEI -10.6bps at 3.118%, 3-year BEI -3.4bps at 2.590%, 5-year BEI -2.5bps at 2.334%, 10-year BEI -1.0bps at 2.277%, 30-year BEI -0.3bps at 2.223%.
THE DAY: T-Notes had rallied in response to the softer than expected CPI data, but the moves then started to pare with T-Notes meandering into settlement to settle little changed. The report helps keep rate cuts on the table as although inflation remains above target, it is not accelerating away, and the Fed can take out another risk management cut next week. A lot of the focus has been shifting towards the labour side of the mandate, although the Fed is relying on private data at the moment, given the government shutdown. Shortly after the CPI report, the flash S&P Global PMI data was released, which weighed on T-Notes following a better-than-expected report. It also noted “The survey data are consistent with the economy expanding at a 2.5% annualised rate in October after a similar rise was signalled for the third quarter.” Meanwhile, the UoM data missed expectations with a fall in current conditions and expectations, with the 1-year inflation expectation unchanged at 4.6%, but the 5-year rising to 3.9% from 3.7%. Next week, the PCE and GDP data will likely be cancelled, but focus will be on 2, 5 and 7-year supply as well as US/China trade talks, and of course, the Fed meeting.
SUPPLY
Notes
- US Treasury to sell USD 69bln of 2-year notes on October 27th, USD 70bln 5-year notes on October 27th and USD 44bln of 7-year notes on October 28th; all to settle October 31st.
- US to sell USD30bln in 2-year FRN’s on October 29th, to settle October 31st.
Bills
- US to sell USD 86bln in 13-week bills and USD 77bln in 26-week bills on October 27th.
- To sell USD 95bln in 6-week bills and USD 50bln in 52-week bills on October 28th.
STIRS/OPERATIONS
- Market Implied Fed Rate Cut Pricing: Oct 24bps (prev. 24bps), Dec 50bps (prev. 49bps), January 64bps (prev. 65bps).
- NY Fed RRP op demand at USD 2.435bln (prev. USD 6.9bln) across 4 counterparties (prev. 15)
- NY Fed Repo op demand at USD 0bln (prev. 0bln)
- EFFR at 4.11% (prev. 4.11%), volumes at USD 93bln (prev. 91bln) on October 23rd.
- SOFR at 4.24% (prev. 4.21%), volumes at USD 3.002tln (prev. 2.956tln) on October 23rd.
CRUDE
WTI (Z5) SETTLES USD 0.29 LOWER AT 61.50/BBL; BRENT (Z5) SETTLES USD 0.05 LOWER AT 65.94/BBL
The crude complex was choppy, but ended the week with sizeable gains as US/Russia relations worsened. Earlier in the session, benchmarks came under pressure as Axios reported that White House envoy Witkoff is to meet Russian counterpart this weekend, which comes despite the Putin/Trump meeting “on hold” and the US slapping more sanctions on Russia. Away from this, energy-specific newsflow was fairly sparse with cooler-than-expected US CPI the highlight, albeit little move was seen in energy. Elsewhere, in the weekly Baker Hughes rig count, oil rose 2 to 420, nat gas was unchanged at 121, leaving the total rising 2 to 550. WTI traded between USD 61.21-62.56/bbl and Brent USD 65.41-66.78/bbl, against the weekly range of USD 55.96-62.59/bbl and USD 60.07-66.78/bbl.
EQUITIES
- CLOSES: SPX +0.79% at 6,792, NDX +1.04% at 25,358, DJI +1.01% at 47,207, RUT +1.24% at 2,513
- SECTORS: Technology +1.58%, Communication Services +1.27%, Utilities +1.18%, Financials +1.09%, Real Estate +0.37%, Industrials +0.06%, Health -0.02%, Consumer Discretionary -0.12%, Consumer Staples -0.39%, Materials -0.61%, Energy -1.01%
- EUROPEAN CLOSES: Euro Stoxx 50 +0.09% at 5,674, Dax 40 +0.15% at 24,244, FTSE 100 +0.70% at 9,646, CAC 40 +0.00% at 8,226, FTSE MIB +0.25% at 42,487, IBEX 35 +0.44% at 15,862, PSI +0.19% at 8,370, SMI +0.04% at 12,562, AEX +0.52% at 979.
STOCK SPECIFICS:
- Intel (INTC): EPS & rev. beat w/ solid guidance, stock initially rallied, but failed to hold.
- Ford (F): EPS & rev. topped but lowered FY adj. EBIT & FCF view based on a supplier fire.
- Deckers (DECK): FY rev. outlook light & flagged signs of waning demand in its core US market
- Booz Allen (BAH): Top & bottom line short alongside cutting FY outlook.
- Newmont (NEM): Warned higher costs will hit Q4 FCF. Later reported via bbg that Newmont (NEM) is said to be considering a deal for Barrick Gold’s (B) Nevada gold assets; NEM could weigh options including a bid for JV stake or a takeover.
- Applied Materials (AMAT): Will cut ~4% of its workforce.
- Tesla (TSLA): US Auto Safety Agency questions Tesla (TSLA) regarding “Mad Max” FSD driver assistance mode.
- Jacob’s (J) has reportedly been approached by WSP Global about a takeover approach, according to Street Insider.
US FX WRAP
The Dollar was flat on Friday, despite seeing immediate weakness in the wake of the cooler-than-expected US CPI report. There was little move in money market pricing with a 25bps reduction priced in with almost 100% certainty at the FOMC next Wednesday. Elsewhere on the data footing, US S&P Global was strong, with Mfg. rising to 52.2 (prev. & exp. 52), and Services to 55.2 (exp. 53.5, prev. 54.2), and above the top end of the forecast range. Lastly, the final UoM for October saw sentiment revised lower to 53.6 from 55.0, with both conditions and expectations revised down to 58.6 (prev. 61.0) and 50.3 (prev. 51.2), respectively. 1yr inflation expectations was unchanged at 4.6%, with the longer-term 5yr revised higher to 3.9% from 3.7%.
G10 FX was pretty contained, although the EUR was the relative outperformer, albeit only seeing marginal gains, as the single-currency saw strength after better-than-anticipated German HCOB PMIs, but no extended move was seen on strong EU-wide figures. EUR/USD traded between 1.1601-47.
CAD ended the day flat but was the talk of the town on Friday as the Loonie was pressured overnight after US President Trump ended trade talks with Canada, in the wake of Ontario Premier Ford putting out anti-tariff adverts. In more recent trade, the Ontario government reportedly will take down anti-tariff ads after Trump ended trade talks, according to the Globe and Mail, citing sources. USD/CAD printed a high of 1.4039 against a low of 1.3975 and trades around 1.40 at the time of writing.
JPY was the relative G10 laggard, albeit on limited newsflow, as USD/JPY reached a high of 153.06. On the data footing, Japanese CPI and ex-food was in line, but ex-food & energy was slightly cooler than expected. The Pound was boosted early doors by a much stronger than expected set of UK retail sales, spurring an initial intra-day 1.3321 peak. However, this then pared modestly into the morning’s PMIs, which were broadly better than anticipated, though no further move was spurred. Cable then hit a later high of 1.3359, given the Greenback move after US CPI.
Little move was seen in the RUB as CBR cut rates to 16.5% from 17%, as expected. CBR to maintain monetary conditions as tight as necessary to return inflation to the target, and added that underlying inflation will reach 4% in 2026 H2. In 2027 and beyond, annual inflation will stay on target. According to CBR’s forecast, given the monetary policy stance, annual inflation will decline to 4.0–5.0% in 2026.
END
USA DATA RELEASES FOR TODAY
expect 1/2 % cut on Wednesday
‘Cooler’ Than Expected CPI Data Leaves Fed On Track For Rate-C
Friday, Oct 24, 2025 – 08:39 AM
With vol markets fully clenched, this morning’s much-anticipated CPI print (no matter how full of guesstimated data) is sure to prompt an initial flurry of trading activity but as we detailed in our preview, absent some major outlier, is likely to be mostly irrelevant with rate-cut expectations now fully pricing in 2 x 25bps cuts for the rest of the year.
As a reminder, this data was supposed to originally be revealed on Oct 15 and would have been indefinitely delayed had the White House not intervened with a demand that the BLS recall staff and figure out what the number is and report it today at 8:30amET.
Just as we suggested, the headline data was a miss (cooler than expected)…
…rising 0.3% Mom (vs +0.4% exp), with the YoY print at 3.0% (below expectations of +3.1% but higher than the 2.9% YoY print in August).
Source: Bloomberg
That is the hottest YoY headline CPI since January.
Energy costs rose but Services slowed…
Source: Bloomberg
Headline CPI highlights:
- The index for gasoline rose 4.1% in September and was the largest factor in the all items monthly increase, as the index for energy rose 1.5% over the month.
- The gasoline index increased 4.1 percent over the month.
- The index for electricity decreased 0.5 percent over the month and the index for natural gas decreased 1.2 percent over the same period.
- The food index increased 0.2% over the month as the food at home index rose 0.3% and the food away from home index increased 0.1%
- Four of the six major grocery store food group indexes increased in September.
- The index for other food at home rose 0.5 percent over the month after rising 0.1 percent in August.
- The cereals and bakery products index and the nonalcoholic beverages index both increased 0.7 percent in September
- The dairy and related products index declined 0.5 percent in September as the cheese and related products index decreased 0.7 percent. The index for fruits and vegetables was unchanged over the month
- The index for limited service meals rose 0.2 percent over the month while the index for full service meals was unchanged
- Other indexes with notable increases over the last year include medical care (+3.3%), household furnishings and operations (+4.1%), recreation (+3.0%), and used cars and trucks (+5.1%).
Energy Services costs and Used Car prices fell MoM (along with electricity costs – which is odd given the massive increase in demand via AI Data Center build outs) but Gasoline costs rose notably…
…something that will be erased next month as oil prices tumbled…
On an annual basis, the shelter index increased 3.6% over the last year (but continues to slow dramatically).
- Rent inflation rose 3.40% YoY in Sept, down from 3.49% in Aug and the lowest YoY increase since Dec. 2021; it was also up 0.17% MoM, the smallest monthly increase since August 2021
- Shelter inflation rose 3.58% in Sept, down from 3.63% in Aug and the lowest annual increase since Oct 2021; it was also up 0.28% MoM, down from 0.34% in Aug.
A similar pattern was seen in Core CPI data with the print rising 0.2% MoM (below expectations of +0.3%), but pulled the YoY print down to 3.0% (down from 3.1% in August), the lowest since June…
Source: Bloomberg
Core CPI highlights:
- Indexes that increased over the month include shelter, airline fares, recreation, household furnishings and operations, and apparel
- The indexes for motor vehicle insurance, used cars and trucks, and communication were among the few major indexes that decreased in September.
Core CPI details:
- The shelter index increased 0.2 percent over the month.
- The index for owners’ equivalent rent rose 0.1 percent in September, the smallest 1-month increase in that index since January 2021.
- The rent index increased 0.2 percent over the month.
- The index for lodging away from home rose 1.3 percent in September.
- The index for airline fares increased 2.7 percent over the month, after rising 5.9 percent in August.
- The recreation index rose 0.4 percent in September as did the household furnishings and operations index.
- The index for apparel rose 0.7 percent over the month and the index for personal care increased 0.4 percent.
- The new vehicles index rose 0.2 percent in September.
- The index for used cars and trucks also decreased 0.4 percent over the month and the index for communication declined 0.2 percent.
- The motor vehicle insurance index declined 0.4 percent in September, after being unchanged in August.
- The medical care index increased 0.2 percent over the month, after declining 0.2 percent in August.
- The index for hospital services increased 0.3 percent over the month, as did the index for prescription drugs.
- The dental services index decreased 0.6 percent in September and the physicians’ services index declined 0.1 percent.
Core Services costs declined significantly…
Source: Bloomberg
Finally, SuperCore CPI (Services Ex-Shelter) also saw its YoY print slow to +3.30% (the slowest since May)…
Source: Bloomberg
Transportation Costs slowed dramatically in September…
Source: Bloomberg
On a 3m and 6m annualized basis there is no sign of the hyped-up tariff-driven inflation that the left and their establishment puppets have been screaming about for months…
Source: Bloomberg
Summing up September’s (delayed) data, Services inflation slowed to its weakest since Nov 2021 and Goods inflation was flat at +1.5% YoY…
Source: Bloomberg
There’s certainly nothing here to stop The Fed cutting rates again next week.
But we do note that given the surge in money supply, once could argue, re-inflation is coming…
By which time Trump will have a new Fed head to bully.
end
USA ECONOMIC COMMENTARIES
GM/ CUTS IN LABOUR
GM Cuts 200 Jobs At Michigan Tech Center Days After Stronger Than Expected Earnings Report
Friday, Oct 24, 2025 – 09:25 AM
General Motors Co. laid off more than 200 salaried employees on Friday, mostly at its Tech Center in Warren, Michigan, according to Bloomberg.
The cuts, announced around 7 a.m. via a Slack message, were attributed to “business conditions” rather than performance, according to people familiar with the meeting.
A GM spokesperson said the move targeted overlapping roles in design engineering, explaining, “We’re restructuring our design engineering team to strengthen our core architectural design engineering capabilities. As a result, a number of CAD execution roles have been eliminated. We recognize the efforts and accomplishments of the impacted team members, and we thank them for their contributions.”
Bloomberg writes that the job reductions are part of a broader effort to streamline operations and boost profitability amid tariffs and slower electric-vehicle sales. Earlier in the week, GM reported stronger-than-expected third-quarter earnings, driven by robust sales of high-margin trucks and SUVs.
Recall, just days ago, the automaker delivered stronger-than-expected third-quarter results and raised its 2025 outlook. The company reported adjusted EPS of $2.80 versus $2.31 expected and revenue of $48.59 billion versus $45.27 billion.
CEO Mary Barra said at the time: “Thanks to the collective efforts of our team, and our compelling vehicle portfolio, GM delivered another very good quarter of earnings and free cash flow… we are raising our full-year guidance, underscoring our confidence in the company’s trajectory.”
GM now expects $12–$13 billion in adjusted EBIT and $9.75–$10.50 in adjusted EPS for the year, both above prior forecasts. The company also lowered its expected tariff impact to between $3.5 billion and $4.5 billion, down from $4–$5 billion previously.
Barra thanked President Trump for “the important tariff updates” announced last week, which included new levies on imported trucks and parts as well as an offset for U.S.-made vehicles.
Despite EV-related headwinds—only about 40% of GM’s electric models are profitable on a production basis—CFO Paul Jacobson reaffirmed the company’s long-term commitment to electrification, saying, “We continue to believe there is a strong future for electric vehicles.” Gains in China, international markets, and GM Financial helped offset weaker North American margins, as GM focuses on restoring its regional profitability to the 8–10% range.
GM’s stronger outlook also reflects booming demand for its high-margin pickups and SUVs, which delivered the company’s best year-to-date truck and Escalade sales since 2018 and 2007, respectively, and record results for the GMC brand, according to Bloomberg. CEO Mary Barra highlighted that GM is “very well positioned as we invest to increase our already significant domestic sourcing and manufacturing footprint,” thanking President Trump for extending tariff discounts through 2030.
END
This angers the Democrats to no end!
White House Stands Firm Against Obamacare As Shutdown Drags Into Fourth Week
Friday, Oct 24, 2025 – 11:05 AM
As the government shutdown enters its 24th day with no end in sight, White House Deputy Chief of Staff James Blair says the Trump administration has no intention of backing down on the dispute at the heart of the impasse: the expiring enhanced Obamacare premium tax credits.
In an interview with Punchbowl News on Thursday, Blair – who oversees legislative, political and public affairs for President Trump – framed the credits as “subsidies to insurance companies,” signaling that the administration is unwilling to negotiate on their extension.
“These insurance subsidies, and to be clear, these are subsidies to insurance companies,” Blair said. “They don’t actually go to people. They’ve been artificially masking the cost of premiums. OK? They put these in during the Covid era.… [Democrats] voted not once, but twice, to make this program temporary that we’re now discussing and for them to expire.”
Blair accused Democrats of creating “a sideshow” around the subsidies “because they don’t want to admit there’s bigger issues that they’re not focused on,” and said it was Democrats who “set up this ticking time bomb to begin with.”
Republicans in Congress have long struggled to come up with an alternative to Obamacare for 15 years – however Blair suggested Trump intends to reopen that debate, saying the administration will push for a “broader overhaul” of health policy once the government reopens.
“We’re not just talking about Obamacare,” Blair said. “We’re not even talking about the repeal of Obamacare. We’re talking about making health care more affordable.… The president wants to make life affordable for people, he wants to make health care affordable for people. He’s been talking about this for years.… [O]pen the government. Let’s find a solution. Let’s figure out what we’re going to do together, but you have to open the government.”
According to Blair, the White House also plans to enlist pharmaceutical companies to “come to the table” to help reduce prescription-drug costs. Some Republicans are urging their leadership to use the party-line budget reconciliation process as the vehicle for such a health-care package, though Senate GOP leaders have shown little enthusiasm for what they call a “Reconciliation 2.0” effort.
Trump’s Political Operation Gears Up for 2026
Blair also discussed the president’s plans for the 2026 midterm cycle. He said Trump will draw from his own political war chest – hundreds of millions of dollars in available funds – to bolster Republican candidates and has already begun covertly spending in races across the country.
“It’s very important for the president that Republicans keep control of the House and Senate,” Blair said, pointing to what he called favorable “macro markers of the political environment,” including voter registration and polling trends.
Blair cited improvement in Sen. John Cornyn’s (R-TX) numbers ahead of a competitive primary and called Rep. Wesley Hunt’s entry into the Senate race a “wild card.” Trump, he said, would spend his own money “if it’s absolutely necessary” to keep the seat in Republican hands.
He also rejected skepticism from Indiana GOP leaders who doubt the legislature can pass a redistricting plan, saying, “I think we’ll see how Indiana continues to evolve, but I don’t think that’s a correct assessment.”
Shutdown Stalemate Deepens
Meanwhile, Congress remains at a standstill as the shutdown enters its fourth week. The Senate adjourned until Monday, virtually guaranteeing another lost weekend of negotiations.
Senate Majority Leader John Thune (R-SD) is considering votes next week on narrow measures to fund military pay and air-traffic-control operations in an effort to pressure Democrats. Speaker Mike Johnson (R-LA) has refused to bring the House back until Democrats agree to broader government-funding terms.
On Thursday, Senate Democrats blocked a bill from Sen. Ron Johnson (R-WI) that would have paid federal employees working without pay, arguing it would give the White House too much discretion. A Democratic alternative from Sen. Chris Van Hollen (D-MD) also failed.
Thune said he was open to combining the proposals but blamed Democrats for prolonging the impasse. “I can’t explain the level of dysfunction on their side right now,” he said. “But they’re consistently shifting their messaging, which, to me, suggests they really don’t know how to get out of this right now.”
A Johnson spokesperson said the senator “will work diligently and in good faith to find agreement between the two sides in order to pay federal workers during the shutdown.”
Political Fallout and the 2026 Landscape
The standoff is already reshaping political calculations heading into 2026. Sens. Jon Ossoff and Raphael Warnock of Georgia joined Sen. John Fetterman (D-PA) in voting for Johnson’s bill – making them the only Democrats to back it.
Ossoff, viewed as one of the most vulnerable Democrats facing reelection, cited the impact on Georgia’s large federal workforce and major installations, including Hartsfield-Jackson Atlanta International Airport and the Centers for Disease Control and Prevention.
Republicans seized on his record. “Jon Ossoff could’ve easily voted to reopen the government and pay Georgia workers any of the 12 times he voted to keep it closed,” said NRSC spokesperson Nick Puglia.
Warnock defended the Democratic position, arguing Republicans are “holding federal workers hostage.”
VICTOR DAVIS HANSON
KING NEWS
| The King Report for October 24, 2025 Issue 7605 | Independent View of the News |
| ESZs traded modestly lower when the Nikkei opened on Thursday, but an-A-B-C rally turned them modestly positive. After topping out at 6740.50 at 19:10 ET, ESZs sank to 6717.50 at 20:02 ET. ESZs then jumped to 6748.25 at 21:33 ET. The move became an A-B-C rally that ended 9 minutes after the 3 ET European opening with ESZs at 6751.75. ESZs stair-stepped down to 6719.50 at 8:31 ET. The rally for the NYSE opening commenced; ESZs soared to a daily high of 6766.00 at 9:48. Pump & dump traders then sold; ESZs sank to 6739.00 at 10:19 ET. Traders bought for the 2nd Hour rebound. ESZs rebounded into volatile range trading until they trekked higher on this: Trump to Meet with XI Jinping Next Thursday – BBG 13:35 ET. Now we know why someone kept buying ESZs on Wednesday and Thursday. Market action clearly shows that entities are buying or selling stuff accurately before Trump’s moves. Qui bono? ESZs slowly but persistently trekked higher, hitting a daily high of 6785.75 at 15:00 ET. ESZs then did a super slomo rollover until they broke lower near 15:25 ET. ESZs fell to 6771.50 at 15:50 ET but ambled up to 6775.00 at 16:00 ET. @sentdefender: Trump announced Thursday that he had pardon Changpeng Zhao, a Chinese-born Canadian billionaire who is best known for being the co-founder and CEO of Binance. Zhao resigned as CEO in November 2023 after pleading guilty to a money laundering charge in the United States and was sentenced to four months in prison in April 2024, which he completed that same September. Binance and cryptos soared after Trump pardoned ‘CZ.’ DJT is really pimping crypto! Or are crypto billionaires pimping Trump? How powerful is the crypto lobby? How big are DJT family’s crypto bets? NYT: To seek the pardon, Mr. Zhao hired lawyers and lobbyists with ties to the Trump administration, while Binance struck a business deal with World Liberty Financial, the Trump family’s crypto start-up. That deal alone is poised to generate tens of millions of dollars a year for the Trumps and the family of Steve Witkoff, the president’s top Middle East adviser… Mr. Trump has granted clemency to several other prominent crypto executives… And since Mr. Trump took office, regulators have dropped lawsuits against Coinbase and other large crypto firms… Long considered the crypto industry’s richest man, Mr. Zhao… admitted that he had violated the law by failing to install rigorous compliance systems at Binance. That allowed people in sanctioned countries and terrorist groups like Hamas, Al Qaeda and the Islamic State to move money on his platform… https://www.nytimes.com/live/2025/10/23/us/trump-news#trump-pardons-cz-binance Dem Senator Warren alleges that ‘CZ’ “boosted one of Donald Trump’s crypto ventures.” https://x.com/BrendanPedersen/status/1981401763958681667/photo/1 We have regularly averred that crypto is patently unconstitutional. But the US has not shut it down because it is probably used by US intel to discern illicit activities, including terrorist acts and bribes. The Powers of Congress: Article I, Section 8 – Article I, Section 8 of the Constitution enumerates Congress’s powers. The powers regarding currency include the following: “The Congress shall have the power to . . . [5] To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures; [6] To provide for the Punishment of counterfeiting the Securities and current Coin of the United States;” Article I, Section 8, Clause 5 is known as the coinage clause. It gives Congress the exclusive power to coin money. The Supreme Court has also interpreted clause 5 as giving Congress the sole authority to regulate every aspect of United States currency… https://constitution.findlaw.com/article1/annotation37.html Someday an enterprising investor might take a massive short position in Bitcoin and other cryptos and then file a lawsuit against The Genius Act. The suit would eventually go to the SCOTUS. If the SCOTUS rules against the issuance clause in The Genius Act, a global financial crisis would result. Can States Coin Their Own Money Under the Constitution? States are prohibited from coining their own money. This restriction is found in Article I, Section 10, Clause 1 of the U.S. Constitution: “No State shall… coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts.”… https://legalclarity.org/can-states-coin-their-own-money-under-the-constitution/ Google AI: The GENIUS Act, or Guiding and Establishing National Innovation for U.S. Stablecoins Act, is a landmark legislation aimed at regulating stablecoins in the United States, ensuring consumer protection and establishing a clear framework for the digital currency market. The GENIUS Act: New Rules for Stablecoins (Digital Dollars) – Who Can Issue Stablecoins The GENIUS Act makes it illegal for anyone except specially licensed companies to create stablecoins in the United States. Two Paths to Get Licensed: Smaller Companies (Under $10 Billion in Stablecoins Outstanding): Can get licensed by individual states (Violates Constitution, see above) (like getting a state business license) States must follow federal standards, but the process may be simpler and faster. Good option for startups and smaller operations Larger Companies (Over $10 Billion in Stablecoins Outstanding): Must get federal licenses from either the Federal Reserve or the Office of the Comptroller of the Currency… https://complyfactor.com/clarity-and-genius-acts-2025-complete-compliance-guide-for-crypto-businesses/ @FoxNews: Senate blocks Republican bill to pay federal workers during shutdown, with only 3 Democrats (PA’s Fetterman and the 2 Georgia senators – purple state Sens.) voting yes @TheTonus: It will likely be Sen’s Ossoff & Warnock (GA Sens) who start to split away to join Fetterman, Cortez-Masto, and King in the bipartisan bid to reopen the govt. Dem. support is plummeting in more “purple” states. That’ll (eventually) make 56. 4 to go. Trump calls for cheaper cattle, more grazing lands in effort to trim beef prices https://t.co/RNFxFzd8PW @business: KKR co-founder Henry Kravis tells @flacqua he’s not worried about systemic risk in private credit, against warnings that the collapse of Tricolor and First Brands in the US could signal wider trouble. (“We don’t take deposits…”) https://x.com/business/status/1981369807321645181 Positive aspects of previous session Fangs rallied sharply on buying for coming results. Negative aspects of previous session The DJTA declined sharply due to Ryder (-12.5% near 15:00 ET) lowering is FY EPS guidance USZs declined as much as 25/32. Percious metals, Oil, and gasoline soared. Ambiguous aspects of previous session Why are Dems bashing Trump for his crypto actions and conflicts of interest? 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]: 6729.37 Previous session S&P 500 Index High/Low: 6749.53; 6700.14 @FoxNews: ‘UTTERLY SHAMEFUL’: Speaker Johnson blasts the House Democratic Whip Katherine Clark for saying American families are being used as “leverage” in the shutdown battle. “Only a Democrat could get away with saying such a poor thing without the media batting an eye…” https://x.com/FoxNews/status/1981365984012185647 @foxnewspolitics: Democrats under fire as food stamp funds run dry: 42 million Americans caught in shutdown fight In 1950, 16 workers supported each Social Security recipient. In 2010, it was 2.8 workers/retiree. By 2030, it’s projected to be 1.9 workers/retiree. https://x.com/ChrisMartzWX/status/1981109274311905754/photo/1 Social Security is a Ponzi Scheme – and so is socialism! Yale Just Proved COVID Vaccine Injury Exists and Spike Production Persists for Years Inside the Body – the vaccine spike protein can persist in the body for at least 709 days and cause at least two years of chronic immunological suppression and autoimmunity that directly correlate to the presence of chronic illnesses… https://www.midwesterndoctor.com/p/yale-proved-covid-vax-injury-exists Trump claims he was quietly pulling the strings with Israel under Biden: ‘They let me know everything’ (Except for being a megalomaniac, why reveal this? Qui bono?) https://trib.al/ODLnGF3 Bloomberg Law @BLaw: Two federal judges who issued rulings containing made-up elements said their staff employed AI tools in the drafting process. @ChuckGrassley: Just received this doc frm DOJ Proof that Biden Atty General Merrick Garland+ Deputy Atty General Lisa Monaco+ FBI Dir Chris Wray all PERSONALLY APPROVED opening Arctic Frost. This investigation unleashed unchecked govt power at the highest levels My oversight will continue… https://x.com/ChuckGrassley/status/1981426515284721848 Intel Q3 EPS: 0.23, 0.01 exp; Rev: $13.65B, $13.14B exp; +6.3% at peak in after-hour trading. Fed Balance Sheet: -$6.921B on Repos -$6.75B; Reserves -$85.991B Today – September CPI and Core CPI are expected to be 3.1% y/y with CPI 0.4% m/m and Core 0.3% m/m. This is far above the Fed’s 2% threshold and another data point that shows increasing inflation. CPI was 2.3% y/y in May, and 2.9% in August. Core CPI was 2.8% in March, April, and May. If stocks decline on the CPI Report, the usual suspects will buy the dip for the expected Friday Rally coming Fang results (and the DJT rig?). PS ESZs are -4.50; NQZs are +39.50; Dec AU is -3.80; and USZs are -8/32 at 20:07 ET. Expected impact earnings: PG 1.89, HCA 5.71, GD 3.71, ITW 2.71 Expected economic data: Oct S&P Global US Mfg 51.9, Services 53.5, Composite 53.1; Sept New Home Sales 708k; Oct UM Sentiment 54.6, Current Conditions 61, Expectations 51, 1-year Inflation 4.6%, 5-10-year Inflation 3.7% (Why post this crap? Cuz many people still trade off it!) S&P Index 50-day MA: 6589; 100-day MA: 6398; 150-day MA: 6136; 200-day MA: 6082 DJIA 50-day MA: 45,914; 100-day MA: 44,850; 150-day MA: 43,596; 200-day MA: 43,552 (Green is positive slope; Red is negative slope) S&P 500 Index (6738.44 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 6834.79 triggers a buy signal Hourly: Trender and MACD are positive – a close below 6701.01 triggers a sell signal @realDonaldTrump: The Federal Government was preparing to “surge” San Francisco, California, on Saturday, but friends of mine who live in the area called last night to ask me not to go forward with the surge in that the Mayor, Daniel Lurie, was making substantial progress. I spoke to Mayor Lurie last night and he asked, very nicely, that I give him a chance to see if he can turn it around. I told him I think he is making a mistake, because we can do it much faster… I told him, “It’s an easier process if we do it, faster, stronger, and safer but, let’s see how you do?” The people of San Francisco have come together on fighting Crime, especially since we began to take charge of that very nasty subject. Great people like Jensen Huang (NVDA CEO), Marc Benioff (Salesforce CEO), and others have called saying that the future of San Francisco is great. They want to give it a “shot.” Therefore, we will not surge San Francisco on Saturday. Stay tuned! @tomselliott: Morning Joe: The reason Abigail Spanberger is struggling is because Americans are sexist; “other countries have no problem electing women” https://t.co/3CmMLhQKKD Spanberger’s opponent for Virginia Governor is a black WOMAN! Yet ‘they’ accuse Americans of being sexist because their female candidate is struggling. Because leftist media has gotten away with spewing lies, hate, disinformation for decades, they continue to deceive and say stupid Schiff. @AndrewKolvet: Democrat Texas State Rep Joland Jones says she’s going to come for the “necks” and “wipe out” every Republican: “So if you hit me in my face, I’m not going to punch you back in your face, I’m going to go across your neck (makes slit throat gesture) … we need to wipe out every Republican…” https://x.com/AndrewKolvet/status/1981147937687425350 Illegal Immigrant Accused of Ramming ICE Vehicle in LA Was Previously Awarded by City Parías is a well-known TikToker documenting ICE operations across LA to his more than 132,000 followers. https://www.dailywire.com/news/illegal-immigrant-accused-of-ramming-ice-vehicle-in-la-was-previously-awarded-by-city @MrAndyNgo: A @PortlandPolice liaison officer outside the ICE facility says it is a First Amendment right for the rioters to shut down traffic on the road. He says officers will not remove rioters on the street. Video by @OregonFeminist: https://t.co/p4nlumsgXs @libsoftiktok: IL Gov JB Pritzker signed an executive order creating a special commission to track ICE agents. Democrats are creating policies to PROTECT criminal illegals that have invaded their cities and put agents in harm’s way. Interfering with immigration operations is a CRIME. https://x.com/libsoftiktok/status/1981398559774900397 Deputy AG @DAGToddBlanche: California politicians want to arrest federal agents for enforcing federal law. We just sent them a letter: Stand down or face prosecution. No one threatens our agents. No one will stop us from Making America Safe Again. https://x.com/DAGToddBlanche/status/1981495700450893894 @USAttyEssayli: A preservation demand was just issued by @TheJusticeDept to California elected officials. We will not tolerate threats to arrest federal agents engaged in enforcing immigration laws enacted by Congress. If you touch our agents, you’ll be arrested. @FoxNews: New York Attorney General Letitia James launches a public portal for residents to upload footage of ICE operations across the state after a raid in New York City’s Chinatown. Most people do not or will not recognize that insurrection against the federal government is occurring daily. Yes, Virginia; this is civil war stuff. Media outlets that rejected Trump Pentagon guidelines acceded to Obama-era censorship at Gitmo Was it worse? The Pentagon press corps was up in arms about new media guidelines proposed by Hegseth, but for years the very same outlets agreed to significantly greater restrictions on their reporting at Gitmo when under Obama, Biden’s administrations. https://justthenews.com/government/security/media-outlets-refused-sign-pentagon-guidelines-agreed-restrictions-censorship @ABC: Portland Trail Blazers head coach Chauncey Billups has been charged in an illegal poker operation tied to the Mafia, law enforcement sources have told @ABC News. Miami Heat guard Terry Rozier was arrested in a separate but related betting case. More: https://abcnews.link/qmak9Hv @FoxNews: FBI Director Kash Patel on the sweeping NBA gambling bust: “The charges and the arrests that were taken down across this country range from wire fraud, money laundering, extortion, robbery, illegal gambling.” “The fraud is mind-boggling… we’re talking about tens of millions of dollars in fraud and theft and robbery across a multi-year investigation.” https://x.com/FoxNews/status/1981368800898351437 Kash Patel names multiple high-profile NBA arrests in an alleged illegal gambling ring that spanned years. More than 30 people were arrested in the case — including current and former NBA stars and suspected members of the American branch of the Sicilian Mafia, La Cosa Nostra. Patel says the FBI “entered and executed justice” against the crime families including the Bonanno crime family, Gambino crime family, Genovese crime family and Lucchese crime family. https://x.com/FoxNews/status/1981372908921385302 LeBron James dragged into NBA gambling scandal after friend sold injury details: feds https://trib.al/O1q5vW8 SI: According to investigators, games played by the Charlotte Hornets, Los Angeles Lakers, Toronto Raptors and Portland Trail Blazers were impacted by the scheme… https://www.si.com/nba/four-nba-teams-mentioned-in-illegal-sports-gambling-investigation @greg_price11: New York FBI Assistant Director Christopher Raia says that Trail Blazers head coach and NBA Hall of Famer Chauncey Billups was used by the Italian mafia to attract poker players who would then play rigged games with x-ray technology. https://x.com/greg_price11/status/1981369131141058809 @FoxNews: New York DA says the widespread sports gambling investigation uncovered “one of the most brazen sports corruption schemes since online sports betting became widely legalized in the United States.” https://x.com/FoxNews/status/1981369903014658301 From the son of a legendary Mafia capo named “Quack Quack” to a wiseguy poker pro— these are the mobsters charged in the NBA gambling scandal https://nypost.com/2025/10/23/us-news/from-the-son-of-a-legendary-mafia-capo-to-a-wiseguy-poker-pro-these-are-the-mobsters-charged-in-the-nba-gambling-scandal/ Ex-NBA referee Tim Donaghy wrote a book that alleged that NBA fixed outcomes by their directives to referees before games on what fouls to call. He then would place bets on the games. Wikipedia: On June 10, 2008, Donaghy’s attorney filed a court document alleging, among other things, that Game 6 of the 2002 Western Conference Finals between the Los Angeles Lakers and Sacramento Kings had been fixed by two referees. The letter states that Donaghy “learned from Referee A that Referees A and F wanted to extend the series to seven games. Tim knew Referees A and F to be ‘company men’, always acting in the interest of the NBA, and that night, it was in the NBA’s interest to add another game to the series.”[54] The Lakers won Game 6, attempting 18 more free throws than the Kings in the fourth quarter, and went on to win the 2002 NBA Finals… As a result of the betting scandal, Stern revised the guidelines on the behavior of NBA referees during the Board of Governors’ meeting in 2007. Despite the labor agreement for referees, which restricted them from participating in almost all forms of gambling, it was revealed that about half of the NBA’s officials had made bets in casinos, albeit not with sportsbooks… https://en.wikipedia.org/wiki/Tim_Donaghy#:~:text=Timothy%20Francis%20Donaghy%20%28%2F%20%CB%88d%C9%92n%C9%99%C9%A1i%20%2F%20DON-%C9%99-ghee%3B%20born,was%20caught%20in%20a%20gambling%20scandal.%20%5B3%5D%20 We are old enough to remember how the NBA handled the Michael Jordan-Slim Bouler situation. @Reflog_18: The way the league used to handle gambling issues (Pic of MJ playing baseball) https://x.com/Reflog_18/status/1981354934240006502 The NFL better make sure its players, coaches, and referees are righteous. For the past several years NFL fans have inveighed against palpably poor NFL officiating. The suspicions will escalate. Would the mob restrict the betting scheme to only NBA players when the big money is NFL bets? When professional athletes started making huge money, it seemed that the risk/reward to shave points or fix a game was skewed to honesty. However, over the past decade or so, large betting pools, which are effectively PE or hedge funds that specialize in gambling, are placing monstrously large bets. So, the incentive to fix games or point spreads has increased greatly – especially among non-players. NBA signs new TV deal: Details on 11-year, $76 billion deal with ESPN (Disney), NBC, Amazon… https://www.cbssports.com/nba/news/nba-signs-new-tv-deal-details-on-11-year-76-billion-deal-with-espn-nbc-amazon-as-tnt-gets-left-out/ Outrage as Donald Trump is blamed for NBA mafia gambling scandal… and Stephen A Smith warns more stars are in the crosshairs (Investigation began under Biden. Smith’s shtick is the NBA) ‘In his eyes, folks tried to throw him in jail. In his eyes, he’s innocent and ‘they tried to put me behind bars. I’m getting everybody.’ He’s not playing. And so this, in a lot of people’s eyes… talk to people in the NBA, talk to people in the NFL, talk to people in the world of sports. They think this is just the tip of the iceberg…. https://www.dailymail.co.uk/sport/nba/article-15221089/Stephen-Smith-Trump-FBI-NBA-investigation.html Trump has regularly expressed animosity toward the NFL for allegedly keeping him from buying the Buffalo Bills in 2014. Court documents show investment bankers felt the NFL did not want Trump in the NFL. Terry Pegula outbid ($1.4B) Trump ($1B) for the Bills. DJT remains friendly with Pegula. Trump’s Failed 2014 Buffalo Bills Bid Is Tied to His Controversial NFL History and the USFL Antitrust Lawsuit https://playersbio.com/donald-trumps-failed-2014-buffalo-bid-is-tied-to-his-controversial-nfl-history/ As Trump tried to buy Buffalo Bills, bankers doubted he’d get NFL’s OK, emails show at fraud trial – Trump told the AP in 2016 that had he been able to buy the Bills, it’s unlikely that he would’ve run for president… https://apnews.com/article/donald-trump-bankers-fraud-trial-buffalo-bills-nfl-c4cfa0af0247cf70f436341a2fa64dd0 Ergo, Dems, the MSM, and leftists should blame the NFL for DJT’s presidencies! The Hill warns Dem,s: Why men are leaving the left — and not coming back The Democratic Party is hemorrhaging men. Across the U.S., they are leaving in waves… A party that has spent years pathologizing masculinity can’t expect gratitude from the men it has spent so long diagnosing… https://thehill.com/opinion/campaign/5561387-democratic-party-losing-men/ | |
SWAMP STORIES FOR YOU TONIGHT
New York AG Urges Public To Send Footage Of ICE Raids
by Tyler Durden
Thursday, Oct 23, 2025 – 03:25 PM
Authored by Kimberley Hayek via The Epoch Times,
New York State’s attorney general on Wednesday called on the public to send her office photos, videos, and other documentation of federal immigration operations for review, just a day after an enforcement operation targeted street vendors in Manhattan’s Chinatown turned to chaos as protestors confronted agents.
Attorney General Letitia James said her office would comb over footage and further documentation of federal immigration operations via a “Federal Action Reporting Form,” stating that “every New Yorker has the right to live without fear or intimidation.”
James has also requested that New Yorkers submit photos or videos of Tuesday’s enforcement operation in Chinatown to her office, so that her office can determine if any laws were broken.
U.S. Department of Homeland Security (DHS) spokesperson Tricia McLaughlin said James’s call for videos and photos “looks like obstruction of justice.”
The immigration enforcement operation took place on New York City’s Canal Street, a well-known area with a reputation for street vendors selling imitation goods, sparking resistance from city residents, many of whom were seemingly on their way home from work.
Shortly after 4 p.m. on Tuesday, federal agents began the operation, with an Associated Press reporter saying they saw dozens of agents detain a street vendor.
Protestors encircled the officers and tried to prevent their vehicles from leaving while shouting “ICE out of New York” and calling on other pedestrians to join in the protest.
Agents from Immigration and Customs Enforcement (ICE), Border Patrol, and other federal agencies then attempted to disperse the crowd. The confrontation grew, and an unknown number of federal agents retreated on foot, which was cheered on by protestors and honking cars. Federal reinforcements with long guns and tactical gear then arrived on scene.
“During this law enforcement operation, rioters who were shouting obscenities became violent and obstructed law enforcement duties, including blocking vehicles and assaulting law enforcement,” McLaughlin said.
Altogether, federal authorities said 14 people—illegal immigrants and demonstrators—were arrested in Tuesday’s operation, including illegal immigrants from Mali, Senegal, Mauritania, and Guinea. Some had prior criminal arrest histories.
Four people were arrested for allegedly assaulting law enforcement, and another for obstruction of justice, according to DHS.
McLaughlin said some of the people arrested had previously been accused of crimes, including robbery, domestic violence, assaulting law enforcement, counterfeiting, and drug offenses.
DHS said the operation was targeting the alleged sale of counterfeit goods, and ICE acting Director Todd Lyons called the action “definitely intelligence-driven.”
“It’s not random. We’re just not pulling people off the street,” he told Fox News on Wednesday.
The new movement to keep track of possible abuses by ICE officers and other federal agents is part of a broader strategy by Democrats.
Rep. Robert Garcia (D-Calif.) said on Monday that he and other Democratic colleagues would create a website to keep track of the agency’s operations, asking the public to record ICE activity.
END
the left are sick animals
how could they do such a horrible act of tracking ICE people
(zerohedge)
“Like Giving A Map To A Hitman”: Democrats To Launch ICE Tracker
Friday, Oct 24, 2025 – 09:10 AM
Authored by Steve Watson via Modernity.news.
In a move clearly designed to help illegal aliens avoid the authorities, the Democratic Party has proposed adding an ICE tracker to its website to allow anyone to track the movements of agents.
Labelling it a “master” ICE tracker, Rep. Robert Garcia announced the plan alongside Los Angeles Mayor Karen Bass.
NEW: Democrats are planning to launch a “master” ICE-tracker on their website. pic.twitter.com/aYbtH36kJF— Fox News (@FoxNews) October 22, 2025
Less than a month ago, Apple removed an app called ICEBlock from its App Store because it allowed users to report the locations of ICE agents ahead of raids, both putting them in danger and helping illegal aliens evade justice.
Apple acquiesced following pressure from the Justice Department after a demented leftist carried out a shooting at an ICE detention facility in Dallas.
Attorney General Pam Bondi declared “ICEBlock is designed to put ICE agents at risk just for doing their jobs, and violence against law enforcement is an intolerable red line that cannot be crossed.”
🚨 BREAKING: Apple has finally TAKEN DOWN the ICEBlock app, which was used by leftists like the Dallas ICE shooter, to dox the location of ICE agents
Good, but this took WAY too long.
The Trump DOJ intervened, pushing Apple to make the move.
“We reached out to Apple today… pic.twitter.com/A18vZGjvkH— Nick Sortor (@nicksortor) October 3, 2025
Now Democrats want to directly enable the exact same thing on their own website.
Acting ICE director Todd Lyons urged that the move would be akin to “giving a map to a hitman.”
🚨”LIKE GIVING A MAP TO A HITMAN.”
Acting @ICEgov Director Todd Lyons responds to Democrats’ plan to create a public tool to track I.C.E. agents.@FoxNews | @DHSgov pic.twitter.com/wu1dRg3CG7— America’s Newsroom (@AmericaNewsroom) October 22, 2025
The Department of Homeland Security described the development as dangerous, further noting “Anyone who actively obstructs law enforcement in the performance of their sworn duties or assaults law enforcement, including U.S. citizens, will face consequences.”
ICE tracking apps and websites directly put the lives of ICE law enforcement and their families in danger.
Less than a month after a deranged gunman — who used an ICE tracking app to plan his attack — opened fire at the Dallas ICE facility, California politicians are pushing to… pic.twitter.com/a1JUWo2JuT— Homeland Security (@DHSgov) October 22, 2025
ICE agents have repeatedly come under sustained attacks from lunatic leftists.
Of course the Democrats want this.
776716&width=550px
Seems unlawful and un-American, so of course Democrats concocted this evil scheme.— JWF (@JammieWF) October 22, 2025
There is one way of countering it:
Well, I expect everyone to submit false ICE sightings and overload their network.— Emerson Miller (@e_millertyme) October 22, 2025
Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.
end
Garland Personally Ordered Anti-Trump Arctic Frost Probe
by Tyler Durden
Friday, Oct 24, 2025 – 12:25 PM
Authored by Luis Cornelio via Headline USA,
A newly declassified memorandum confirms that the FBI’s anti-Trump Arctic Frost probe was requested by FBI Director Chris Wray and personally approved in 2022 by Attorney General Merrick Garland, the two top officials in the Biden DOJ.
The memorandum—written by Wray and addressed to Garland on April 4, 2022—explicitly requested authorization to launch the probe.
“Your approval is requested as soon as possible,” Wray wrote in the memo for the “Approval to Open a Certain Sensitive Investigative Matter Investigation.”
In its summary, Wray said the probe would center around President Donald Trump’s challenge to the certification of the 2020 election and the alleged submission of alternate electors to the federal government.
“Open source reporting and public statements made by individuals closely associated with Donald J. Trump, Inc. (Trump Campaign) present an articulate factual basis indicating the existence of a federal crime, and thus the FBI seeks to open a full investigation,” Wray proclaimed.
Wray noted Garland’s personal approval was needed due to the sensitive nature of the probe.
The file also shows Deputy Attorney General Lisa Monaco left a hand-written note to Garland reading, “Merrick – I recommend you approve. LM 4/5/22.”
Signatures on the memo confirm Garland approved the probe that same day.
The controversial memo was released by the Trump administration after Senate Judiciary Committee Chairman Chuck Grassley, R-Iowa, requested its declassification.
In an X post, Grassley decried that the memorandum ultimately unleashed “unchecked” government power at the highest levels.
Grassley’s criticisms are not unfounded.
Declassified documents confirm that the FBI probe expanded to include extensive surveillance of multiple conservative organizations, including Turning Point USA, the Conservative Partnership Institute and several pro-Trump super PACs.
The probe also targeted the phone records of at least eight lawmakers, seven Republicans and one congressman.
This probe also paved the way for Garland’s appointment of Special Counsel Jack Smith, who went on to criminally indict Trump twice, the first time in U.S. history a former president faced such charges.
GREG HUNTER
SEE YOU ON MONDAY.
harveyorganblog.com 
