access market
GOLD $3958.25 (3:30 PM)
SILVER: 47.09 (3:30 PM)
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EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: OCTOBER 2025 COMEX 100 GOLD FUTURES
SETTLEMENT: 4,001.900000000 USD
INTENT DATE: 10/27/2025 DELIVERY DATE: 10/29/2025
FIRM ORG FIRM NAME ISSUED STOPPED
099 H DEUTSCHE BANK AG 15
118 H MACQUARIE FUTURES US 50
363 H WELLS FARGO SECURITI 36
435 H SCOTIA CAPITAL (USA) 160
657 H MORGAN STANLEY 8
661 C JP MORGAN SECURITIES 63
685 C RJ OBRIEN 30
686 C STONEX FINANCIAL INC 1 10
686 H STONEX FINANCIAL INC 1
905 C ADM 3 8
991 H CME 21
TOTAL: 203 203
MONTH TO DATE: 58,639
GOLD: NUMBER OF NOTICES FILED FOR OCT/2025: 203 CONTRACTs NOTICES FOR 20,300 OZ or 0.6314 TONNES
total notices so far: 58,639 contracts for 5,863,900 OR 182.3919 tonnes)
SILVER NOTICES: 121 NOTICE(S) FILED FOR 0.605 MILLION OZ/
total number of notices filed so far this month : 7869 CONTRACTS (NOTICES) for 39.345 million oz
INITIAL STANDING FOR OCT: 39.370 MILLION OZ (WHICH INCLUDES ALL QUEUE JUMPING)
+ 2.110 MILLION OZ EXCHANGE FOR RISK
EQUALS
41.480 MILLION OZ..
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 80.020 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: 39.370 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
PLUS
2.110 MILLION OZ EXCHANGE FOR RISK//TOTAL OZ STANDING IN OCT ADVANCES TO 41.480 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 .3048 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 75.391 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 196.534 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. 219.520 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 HUGE SIZED 2945 CONTRACTS OI TO 161,322 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 684 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
DEC 684 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 2062 CONTRACTS AND ADD TO THE 684 E.FP. ISSUED
WE OBTAIN A HUGE SIZED LOSS OF 2261 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR LOSS OF $1.84 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 11.30 MILLION PAPER OZ
OCCURRED WITH OUR LOSS IN PRICE.OF $1.84
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 MONDAY MORNING:
SHANGHAI CLOSED DOWN 8.72 POINTS OR 0.22%
//Hang Seng CLOSED CLOSED DOWN 157.68 PTS OR 0.60%
// Nikkei CLOSED : DOWN 293.14 PTS OR 0.58% //Australia’s all ordinaries CLOSED DOWN 0.60%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.0998// OFFSHORE CLOSED UP AT 7.0997/ Oil DOWN TO 61.21 dollars per barrel for WTI and BRENT DOWN TO 65.46 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING UP TO 7.0998 // OFFSHORE YUAN TRADING UP TO 7.0997 :/ONSHORE YUAN TRADING BELOW 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 FELL BY A TINY 386 CONTRACTS TO 463,706 OI DESPITE OUR MAMMOTH LOSS IN PRICE OF $118.55 WITH RESPECT TO MONDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST NO NET LONGS, DESPITE THAT PRICE LOSS FOR GOLD. AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A STRONG NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (3151). WE HAD CONSIDERABLE T.A.S. LIQUIDATION MONDAY.
WE HAD A TOTAL GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 2805 CONTRACTS (OR 11.304 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 FAIR SIZED GAIN ON OUR TWO EXCHANGES OF 2805 CONTRACTS DESPITE OUR MAMMOTH LOSS IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY FOR THE THOUGHTFULNESS. LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. DELIVERY OF GOLD CONTRACTS ARE NOW TAKING SEVERAL WEEKS. NO DEFAULT HAS BEEN INITIATED AS DEALERS ARE AFRAID OF LOSS OF THEIR JOBS. SO THIS FRAUD CONTINUES. THE LEASE RATES IN LONDON HAVE NOW INCREASED TO 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 FAIR SIZED T.A.S ISSUANCE AS THE CME NOTIFIES US THAT THEY HAVE ISSUED 1710 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 LAST 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 28 QUEUE JUMP OF .5069 TONNES WHICH FOLLOWS OCT 27 OF 0.3048 TONNES WHICH FOLLOWS: 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 197.041 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
V) OCT 27 0.3048 TONNE QUEUE JUMP
W) OCT 28 QUEUE JUMP OF .5069
(ALL OF THESE QUEUE JUMPS ARE REPRESENTED BY CENTRAL BANKS DESPERATELY ADDING TO THEIR OFFICIAL RESERVES)
EQUALS
197.041 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 3151 CONTRACTS.
THAT IS A STRONG SIZED 3151 EFP CONTRACT WAS ISSUED: : /DEC 3151 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 3151 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//MONDAY + 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 MONDAY NIGHT/TUESDAY MORNING WAS A FAIR SIZED SIZED 1710 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 0.3048 TONNE QUEUE JUMP WHICH FOLLOWS ALL PREVIOUS QUEUE JUMPS OF 75.391 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 196.591 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)
AN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
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COMEX GOLD TRADING BEGINNING OCT,. CONTRACT;
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY A MAMMOTH $115.55./ /) BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SPECULATOR LONGS AS WE DID HAVE A FAIR GAIN IN OI FROM TWO EXCHANGES OF 2805 CONTRACTS.. BUT AS EXPLAINED ABOVE WE HAD HUGE T.A.S. SPREADER LIQUIDATION MONDAY .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 YESTERDAY, OCT 24.
TUESDAY MORNING//MONDAY NIGHT
THE CROOKS HOWEVER COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL MONDAY EVENING/ TUESDAY 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 FAIR SIZED GAIN OF A TOTAL OF 8.724 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR OCT AT 90.164 TONNES TO BE FOLLOWED BY TODAY’S 0.5069 TONNES QUEUE JUMP FOLLOWED BY ALL PREVIOUS QUEUE JUMPS OF 75.696 TONNES WHICH WE ADD OUR 14.553 TONNES EX FOR RISK/6 OCCASIONS:
/ NEW TOTAL STANDING 197.041 TONNES.
ALL OF THIS HUGE STANDING FOR OCTOBER WAS ACCOMPLISHED WITH OUR HUGE LOSS IN PRICE TO THE TUNE OF $115.55
WE HAD A HUGE 5,954 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 2805 CONTRACTS OR 280,500 0Z (8.724 TONNES)
speculators have left the gold arena
INITIAL GOLD COMEX
OCT CONTRACT MONTH
OCT 28
OCT CONTRACT MONTH
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 4 ENTRIES i) Out of Asahi: 59,639.857 oz (1857 kilobars) ii) Out of Brinks: 53,049.150 oz (1650 kilobars) iii) Out of HSBC 20,345.776 oz iv) Out of Manfra: 110,693.900 oz (3443 kilobars) total withdrawal 243,727.683 oz or 7.585 tonnes |
| Deposit to the Dealer Inventory in oz | 1 ENTRIES i) Into Asahi: 3000.470 oz total deposit: 300.470 oz |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER 1 entries i) Into Loomis: 8041.440 oz total customer deposit 8041.440 oz xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 203 notice(s) 20300 OZ 0.6314 TONNES OF GOLD |
| No of oz to be served (notices) | 31 contracts 3100 OZ 0.0964 TONNES |
| Total monthly oz gold served (contracts) so far this month | 58,639notices 5,863,900oz 182.3919 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
1 ENTRIES
i) Into Asahi: 3000.470 oz
total deposit: 300.470 oz
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DEPOSITS/CUSTOMER
1 entries
i) Into Loomis: 8041.440 oz
total customer deposit 8041.440 oz
customer withdrawals:
4 ENTRIES
i) Out of Asahi: 59,639.857 oz (1857 kilobars)
ii) Out of Brinks: 53,049.150 oz (1650 kilobars)
iii) Out of HSBC 20,345.776 oz
iv) Out of Manfra: 110,693.900 oz (3443 kilobars)
total withdrawal 243,727.683 oz
or 7.585 tonnes
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ADJUSTMENTs 2 all dealer to customer
i) out of Brinks 675.17 oz
ii) Out of JPMorgan; 49,557.670 oz
volume at the comex: MONDAY: 355,604oz (STRONG//
AMOUNT OF GOLD STANDING FOR OCTOBER
THE FRONT MONTH OF OCTOBER STANDS AT 234 CONTRACTS FOR A GAIN OF 66 CONTRACTS.
WE HAD 97 CONTRACTS FILED ON MONDAY SO WE GAINED A STRONG 163 CONTRACT QUEUE JUMP FOR 16,300 OZ OR 0.5069 TONNES OF GOLD, WHICH FOLLOWS BY ALL THE REST OF OCTOBER QUEUE JUMP OF 75.391 TONNES
THUS OUR NEW NORMAL DELIVERY RISES TO 182.488 TONNES WHICH INCLUDES ALL PREVIOUS QUEUE JUMPS) PLUS OUR 14.553 TONNES EX FOR RISK//NEW TOTAL STANDING FOR GOLD ADVANCES TO 197.041 TONNES
NOVEMBER GAINED 77 CONTRACTS UP TO 4706 CONTRACTS.
DECEMBER GAINED 4220 CONTRACTS UP TO 356,735 CONTRACTS.
We had 203 contracts filed for today representing 20,300 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 203 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer an 63 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 (58,639 oz ) to which we add the difference between the open interest for the front month of OCT ( 234 CONTRACTS) minus the number of notices served upon today (203x 100 oz per contract) equals 5,867,000 OZ OR 182.488 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 197.041 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 (58,639 x 100 oz +we add the difference for front month of OCT. (234 OI} minus the number of notices served upon today (121 x 100 oz) which equals 5,867,000 OZ OR 182.488 TONNES + 14.553 TONNES EXCHANGE FOR RISK//NEW TOTAL OF GOLD STANDING IN OCTOBER ADVANCES TO 197.041 TONNES
TOTAL COMEX GOLD STANDING FOR OCT..: 197.041 TONNES TONNES WHICH IS HUGE FOR THIS NORMALLY SMALL ACTIVE ACTIVE DELIVERY MONTH OF OCT.
volume MONDAY 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: 1,696,686.835 oz 52.77 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 38,454,789.620oz
TOTAL REGISTERED GOLD 19,806,314.97 or 616.05 tonnes
TOTAL OF ALL ELIGIBLE GOLD 18,648,474.650 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON 18,109,628 oz ((REG GOLD- PLEDGED GOLD)= 563.285tonnes // (declining rapidly)
total inventories in gold declining rapidly
SILVER/COMEX
SILVER/COMEX
THE OCT. 2025 SILVER CONTRACTS
OCT 28 2025
INITIAL/
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 8 entries i) Out of Asahi: 1710,848.910 oz ii) Out of Brinks 834,640.400 oz iii) Out of CNT 911,545.643 oz iv) Out of Delaware 29,515.786 oz v0 Out of HSBC 645,099.960 oz vi) Out of JPMorgan: 409,197.860 oz vii) Out of Manfra; 14,478.600 oz viii) Out of Stonex; 599,687.300 oz total withdrawal 5,155,014.459 oz 2nd day in a row for huge silver withdrawals |
| Deposits to the Dealer Inventory | 0 ENTRY |
| Deposits to the Customer Inventory | 2 entries i) Into CNT 599,637.800 oz ii) Into Loomis: 60,748.460 oz total deposit 660,386.300 oz |
| No of oz served today (contracts) | 121 CONTRACT(S) ( 0.605 MILLION OZ |
| No of oz to be served (notices) | 5 contracts (25,000 oz) |
| Total monthly oz silver served (contracts) | 7769 Contracts (39.345 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
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DEPOSIT ENTRIES/CUSTOMER ACCOUNT
2 entries
i) Into CNT 599,637.800 oz
ii) Into Loomis: 60,748.460 oz
total deposit 660,386.300 oz
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withdrawals: customer side/eligible
8 entries
i) Out of Asahi: 1710,848.910 oz
ii) Out of Brinks 834,640.400 oz
iii) Out of CNT 911,545.643 oz
iv) Out of Delaware 29,515.786 oz
v0 Out of HSBC 645,099.960 oz
vi) Out of JPMorgan: 409,197.860 oz
vii) Out of Manfra; 14,478.600 oz
viii) Out of Stonex; 599,687.300 oz
total withdrawal 5,155,014.459 oz
2nd day in a row for huge silver withdrawals
adjustments: 6
6 dealer to customer
a) Brinks 191,341,467 oz
b) CNT 124,334.410 oz
c) Delaware: 77,632.245 oz
d) HSBC 65,199.400 oz
e) JPMorgan 305,481.800 oz
f) Manfra 66,091.828 oz
total adjusted out of dealer 83,081.210 oz
comex is in turmoil
TOTAL REGISTERED SILVER: 166.310 MILLION OZ//.TOTAL REG + ELIGIBLE. 488.062 Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR OCT.
silver open interest data:
FRONT MONTH OF OCT /2025 OI: 126 OPEN INTEREST CONTRACTS FOR A LOSS OF 38 CONTRACTS.
WE HAD 120 CONTRACTS SERVED ON MONDAY, SO WE GAINED 82 CONTRACTS WHICH UNDERWENT A STRONG QUEUE JUMP FOR 0.410 MILLION 0Z
THUS
NORMAL STANDING FOR SILVER OCT ADVANCES TO 39.370 MILLION OZ WHICH INCLUDES TODAY’S STRONG 0.410 MILLION OZ QUEUE JUMP + 2,110 MILLION OZ EX. FOR RISK = 41.430 MILLION OZ WHICH IS MASSIVE FOR A NON ACTIVE DELIVERY MONTH!!
NOVEMBER LOST 45 CONTRACTS DOWN TO 2736
DECEMBER LOST 2648 CONTRACTS DOWN TO 111,208
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 121 or 0.605 MILLION oz
CONFIRMED volume; ON MONDAY 106,765 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 7869 X5,000 oz = 39.345 MILLION oz
to which we add the difference between the open interest for the front month of OCT (126) AND the number of notices served upon today (121 )x (5000 oz)
Thus the standings for silver for the OCTOBER 2025 contract month: (7869) Notices served so far) x 5000 oz + OI for the front month of OCTOBER(126) minus number of notices served upon today (121)x 5000 oz equals silver standing for the OCT.contract month equating to 39.370 MILLION OZ to which we must add our initial 2.110 million oz exchange for risk issuance//new standing advances to 41.480 which is mammoth for a non active delivery monthj.
New total standing: 41.480 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 166.310 million oz of registered silver
JPMorgan as a percentage of total silver: 205.744/488.162million. 42.20%
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 28 WITH GOLD DOWN $38.10 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A HUGE WITHDRAWAL OF 8.01 TONNES OF GOLD FROM THE GLD./// . /// ///INVENTORY RESTS AT 1038.92 TONNES
OCT 27 WITH GOLD DOWN $115.55 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A HUGE WITHDRAWAL OF 5.44 TONNES OF GOLD FROM THE GLD./// . /// ///INVENTORY RESTS AT 1046.93 TONNES
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 1052.37TONNES
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: 1038.92 TONNES, TONIGHTS TOTAL
SILVER
OCT 28 WITH SILVER UP $0.36 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 2.541 MILLION OZ OUT OF THE SLV /// ///INVENTORY RESTS AT 493.217 MILLION OZ
OCT 27 WITH SILVER DOWN $1.84 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 1.588 MILLION OZ OUT OF THE SLV /// ///INVENTORY RESTS AT 495.758 MILLION OZ
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 493.217 MILLION OZ OF SILVER
PHYSICAL GOLD/SILVE
1/PETER SCHIFF
JOHN RUBINO
jAMES RICKARDS
2. MATHEW PIEPENBURG/VON GREYERZ
The Hidden History Of Policy Theft & Skyrocketing Gold
Saturday, Oct 11, 2025 – 10:30 AM
Authored by Matthew Piepenburg via VonGreyerz.gold,
As gold continues to rocket north with continuous all-time highs, some investors are still wondering, well… why?
The answer has less to do with gold’s consistent physical and monetary properties, and more to do with historical human –and hence policy—weakness, which makes this metal almost too easy to understand.
Let’s dig in.
Lead to Temptation
Some crimes are harder to see than the classic patterns of masked men robbing citizens at gunpoint.
Here, we examine the ironic yet hard truth that unmasked policy makers are deliberately and quietly robbing their citizens with embarrassing impunity.
This temptation toward sovereign sins hiding in plain sight is done without black cowboy hats or stuffing cash into a burlap bag while scared bystanders hold their hands in the air.
Instead, politicos, in neckties and blue suits, commit identical theft with far greater subtlety and destruction—smiling the entire time for re-election.
How?
Currency De-Valuation as Policy: History 101
The answer, as always, lies in the history and math of deliberate currency devaluation to pay down unfathomable sovereign debts by robbing from the people.
To see this clearly, let’s start with a little history.
As far back as the 1500s, Sir Thomas Gresham (from which “Gresham’s Law” originated) explained that whenever trusted money (i.e., gold) circulates at the same time as bad currency (i.e., paper/fiat “money”), some folks eventually figure out that it is better to save in gold and spend in fiat.
From Ancient Rome Onwards
These patterns go as far back as ancient Rome, when leaders—over their ears in debt from too many promises, wars and drunken spending—began to chip away at the silver in their Denarius coins, debasing their currency to “pay” down debt.
Eventually (over a period of about 250 years), this resulted in a Denarius with zero silver content.
Medieval Europe later followed this desperate playbook by replacing its gold money with copper money.
The French did a similar debasement in the 1780s, and it ended with a lot of rolling heads…
This is because real money eventually drives out bad currencies whenever a fiat system approaches its breaking point.
This cycle became an economic rule which the 18th century French economist, Adolphe Thiers, spelled out clearly and which history subsequently confirmed from the wheelbarrow money of Weimar Germany to similar currency/debt debacles in Zimbabwe and Venezuela.
In such contexts of extreme debt and debased currencies, no one wants to hold worthless paper money.
The desire for real money-gold-becomes a desperate and historical thirst.
Gone With the Wind
During the US Civil War, for example, the Confederate States of 1865 were on their last leg, as its Army of Northern Virginia bled out during the Petersburg siege.
The army’s commander, Robert E. Lee, was obviously worried about saving his dwindling troops, but in the waning hours of the Confederacy, the primary theme of the letters to his most trusted general, James Longstreet, centred around gold rather than cannons, artillery or horses.
Why?
Because without real money, even his most devoted soldiers could not be supplied.
Unfortunately, their fiscally over-stretched Confederate President, Jefferson Davis, had already debased the Confederate currency to pay debts which their rebel economy could not sustain.
Wages, salaries and savings could not keep up with inflation rates (currency debasement), which not even the cleverest liars in Richmond could hide or deny.
After failed policies of familiar financial repression and capital controls, the jig was up on the rebel currency, and gold mattered more than bullets…
But there was not enough gold to go around.
Not long after, the Confederacy, like so many other paper-currency nations before and since, was gone with the wind…
But Not the USD!?
Some, of course, will rightly say: “The US today is nothing like ancient Rome, Weimar Germany or the Rebel South of 1865!”
Well, yes and no…
The USA (and USD) is certainly stronger than 19th 19th-century Confederate currency, a 3rd-century Roman Denarius or the German Mark of 20th 20th-century Weimar.
But debt is still debt, and US debt is embarrassing…
And global debt is no less so…
Unfortunately, Gresham’s law, like Thiers’ rules, still apply as much today as yesterday. The death just takes a little longer for a world reserve currency…
What we are seeing today with the USD’s open decline and mis-reported inflationary decay is, in fact, nothing new to man, history or economic rules.
Inflation Is Theft
Take another forgotten truth-teller of the forgotten science of honest economics, the 18th century Irish/Frenchman, Richard Cantillon, from which the “Cantillon Effect” got its name.
The Cantillon Effect, like history, teaches us that inflation is not only a deliberate theft by policy makers, but also a wealth transfer from the masses to the elites—something familiar to anyone paying attention to US history…
Cantillon shows how new money (i.e., printed or mouse-clicked money) is not accidental nor class-blind.
New money always goes to (and enriches) the top 10% first before it later shafts the bottom 90% second.
That is, the elites, who already own stocks and real estate (90% of US stocks are held by the top 10%), are the first to benefit from the obvious inflation in stocks and real estate, which always follows money creation in lock-step.
The TARP/QE-rescued Wall Street, for example, saw this first hand, when every new version of QE correlated 1:1 with a rise in a stock market drunk on the money printed post-GFC/2008.
In fact, commercial banks saw their greatest bonuses the very year that those same banks nearly broke the economy on a subprime mortgage scandal/scam.
But Main Street, temporarily quieted by stimmy checks, was slowly measuring their wages and savings accounts in dollars whose inherent purchasing power was melting by the day from the currency expansion which saved Wall Street while slowly gutting Main Street.
This inflation, of course, is an invisible theft, one which starts slowly and then comes all at once.
Dishonesty as Deliberate Policy
Average citizens feel themselves getting poorer while their leadership tells them inflation is only “transitory” or contained within “a 2-3% target range”—all of which is an open lie.
Actual (as opposed to “reported”) inflation is compounding at levels of at least 10% per year, which means the absolute purchasing power of the USD is dying at a similar rate.
US M2 money supply has expanded by 40% since 2020, which means the USD is effectively debasing at a similar rate.
This is precisely what policy makers in debt (from ancient Rome to modern DC) need to do in order to pay down debt with devalued money.
In other words, policy makers crush the currency—and hence the people—to sustain their debt and themselves.
But as clever thieves, policy-makers (central bankers, treasury secretaries and national leaders) do this slowly and with deliberate complexity, as well as with deliberate dishonesty, a fact which a more modern economist, Charles Goodhart, made clear in the 1970s.
That is, Goodhart was among the first to reveal that whenever sovereigns create inflation, growth or employment “targets” they are almost always, well: Lying.
And as we, and many others, have written with facts rather than drama, the tools, math, and tricks used to measure employment, inflation, growth, and even the definition of recession are all open lies to anyone willing to look under the hood of the creative math and writing coming out of DC, Brussels or London…
History Made Current
If we apply the admittedly simplified historical lessons and economic rules above to today’s current headlines, as to: 1) the decline of the dollar and 2) the undeniable rise in gold, we see our situation with almost eerie clarity: The more things change, the more they stay the same.
Just as Gresham and Thiers warned, central banks as well as informed investors have already begun to see the debasement of paper money.
They increasingly prefer real money – gold – over fiat toilet paper, even if that paper is the world’s reserve currency.
This explains the BRICS+ rise and open de-dollarization process away from the greenback and UST, which is no longer a slow-drip trend but a rapidly expanding direction.
This explains how the DXY has sunk below 100 since the US M2 expansion became desperate.
This explains why central banks have been net stacking gold and net selling USTs since 2014.
This explains why 20% of global oil sales are now occurring outside the US petrodollar.
This explains the open panic and disintegration on the COMEX and London exchanges, who are seeing net outflows of physical gold to satisfy counterparty thirst for the metal.
This explains why even the BIS has made gold a Tier-1 asset.
This explains why the IMF sees pure gold as fundamental to its otherwise impure CBDC initiatives.
This explains the three consecutive years of central bank gold stacking at record levels of above 1000 tons per annum since the USA weaponized the USD in 2022.
This explains why central banks now hold more gold than USTs on their balance sheets for the first time since 1996.
This explains why even Morgan Stanley must now openly confess/recommend a 20% gold allocation.
This explains why Judy Shelton wants to introduce a gold-backed UST.
This explains the desperation of the Genuis Act to create stablecoin demand for otherwise unloved USTs and USDs.
In short, and just as Gresham and Thiers warned centuries ago, the world is hoarding gold and turning away from bad money.
We’ve Seen this Movie/De-Valuation Before
But this, too, is nothing new for our clever thieves from above.
In 1933, FDR, by executive order, confiscated gold at $20/ounce and then, overnight, revalued it to $35/ounce, and in doing so, devalued the dollar by 69% in order to make its debt burden 69% less onerous.
In 1971, Nixon shamelessly welched on the USD and the world by removing its gold backing. Since then, the dollar has lost well over 90% of its purchasing power.
Honest vs. Dishonest Money
Such measures certainly made Uncle Sam’s appalling bar tab easier to repay, but only by gut-punching those trusting citizens who measure their wealth, savings, portfolio returns and retirement in USDs.
And that, ladies and gentlemen, is how policymakers attempt to stay in power– by quietly robbing their citizens of paper wealth, which in the end, is slowly no wealth at all.
And that too, fully explains the record highs and headlines in the current gold price, for gold is not rising due to speculative mania, it’s merely and honestly reflecting its relatively superior value over dishonest paper money—something gold has done throughout history.
As noted bluntly before, Gold is the lie detector for a broken financial system.
Or stated even more clearly: Gold is rising because corrupted fiat money is falling, yet again…
ALASDAIR MACLEOD..
The rocky road to ruin
We face the end of the fiat currency era, which involves credit and currency destruction. No one should think that it’s a slam dunk for gold and silver traders — but it is for stackers.
| Alasdair MacleodOct 28 |
We can be sure that some subscribers to MacleodFinance will have taken leveraged bets on gold and silver continuing to rise, despite our insistence that they should only be stacked and not traded. This brief article serves as a reminder in current markets why this is so, and to be content to just stack gold and silver.
Please feel free to forward to friends and colleagues.
MacleodFinance Substack is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
The loss of purchasing power for fiat currencies is not over, as the chart above illustrates. Since the year 2000, the dollar has lost 93.2% of its purchasing power measured in real money. In fact, since the abandonment of Bretton Woods 54-years ago, the dollar has lost 99.2% of its purchasing power, measured in gold which is legal money in common law. It is gold which is stable over time, and fiat currencies which are not.
Fiat currencies always die. And they are on the rocky road to ruin.
Uninformed commentary always describes gold as being in a bull market, little different from bitcoin being driven entirely by real or imagined monetary risks. Indeed, the entire fiat currency credit system depends on this myth and almost no one from governments to central banks to investors questions it. No one seems to realise that it’s fiat currencies in decline.
Consequently, ignorance of the consequences of the death of fiat currencies is almost total. It’s estimated that investors in aggregate have less than 0.5% of their wealth invested in gold, the rest being in credit. Implied voting against gold is therefore 99.5%, yet it has been right to get out of credit and stack it for the last 54 years. And for the last four years, central banks have been selling fiat currencies for gold. Logically, they are the first cohort to understand the difference between someone else’s credit and real money. Others will follow.
We should not bother ourselves as to whether gold is under or overvalued at any particular moment. That’s for the birds. What matters is that the current correction, undoubtedly being driven by the unconscious vested interests of the macroeconomic community is an opportunity for stackers to stack, stack, and stack again.
3. CHRIS POWELL AND HIS GATA DISPATCHES
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS /245 AND 246
5. COMMODITY REPORT/
ASIAN MARKETS THIS TUESDAY MORNING:
SHANGHAI CLOSED DOWN 8.72 POINTS OR 0.22%
//Hang Seng CLOSED CLOSED DOWN 157.68 PTS OR 0.60%
// Nikkei CLOSED : DOWN 293.14 PTS OR 0.58% //Australia’s all ordinaries CLOSED DOWN 0.60%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.0998// OFFSHORE CLOSED UP AT 7.0997/ Oil DOWN TO 61.21 dollars per barrel for WTI and BRENT DOWN TO 65.46 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING UP TO 7.0998 // OFFSHORE YUAN TRADING UP TO 7.0997 :/ONSHORE YUAN TRADING BELOW 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 TUESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP AT 7.0998
OFFSHORE YUAN: UP TO 7.0997
HANG SENG CLOSED DOWN 157.68 PTS OR 0.60%
2. Nikkei closed DOWN 293.14 PTS OR 0.58%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 98.48 EURO RISES TO 1.1655 UP 5 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +1.641//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 152.13…… 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: 3.058 DOWN 2 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 UP 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 DOWN for WTI and DOWN 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 +2.6306// Italian 10 Yr bond yield DOWN to 3.4060 SPAIN 10 YR BOND YIELD DOWN TO 3.152
3i Greek 10 year bond yield UP TO 3.2940
3j Gold at $3930.20Silver at: 46.40 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 56 /100 roubles/dollar; ROUBLE AT 79.71
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 152.15/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.641% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING.//JAPAN 30 YR: 3.058 DOWN 2 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7945 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9261 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: 3.988 DOWN 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.549 DOWN 2 BASIS PTS/
USA 2 YR BOND YIELD: 3.492 DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 41.95 UP 3 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.4030 DOWN 4 PTS
30 YR UK BOND YIELD: 5.184 DOWN 4 BASIS PTS
10 YR CANADA BOND YIELD: 3.050 DOWN 3 BASIS PTS
5 YR CANADA BOND YIELD: 2.628 DOWN 3 BASIS PTS.
a New York OPENING REPORT
Futures Flat Ahead Of Two Huge Days As Gold Slides
Tuesday, Oct 28, 2025 – 08:36 AM
The record-busting stock rally paused ahead of two huge days which include an avalanche of Mag7 earnings, central bank meetings, and the Trump-Xu summit summit. As of 8:00am ET, S&P 500 futures are flat with Nasdaq futures up 0.1% as Mag7 names are flat to up small premarket. Cyclicals underperform, dragged by commodity-related Equities. Europe’s Stoxx 600 falls 0.3% dragged by real estate, construction and poorly-received results from BNP Paribas and Novartis. The Trump admin and Westinghouse sign $80bn deal to build nuclear reactions with Brookfield / Cameco to construct facilities. Google / NextEra sign a deal to restart a nuclear plant to power Google’s AI needs. Treasuries edge higher while the Bloomberg Dollar Spot Index down, with yen outperforming following the Trump-Takaichi summit and supportive comments on the currency. The commodity complex is weaker as both Energy and Precious Metals are down 1.7% – 2% with Ags / Steel in positive territory. Oil prices slide, with WTI testing $60/barrel and Brent below $65. Gold extends declines, having fallen below $4,000/oz yesterday; it dropped as low as $3,900 before rebounding. Though the government remains shut we are likely to receive regional Fed activity indicators, though these prints have not proven to be market moving. Keep an eye on housing prices given the recent weakness in the CPI’s OER metric
In premarket trading, Magnificent 7 stocks are mostly higher (Amazon +0.8%, Tesla +0.7%, Alphabet +0.4%, Microsoft +0.2%, Meta +0.3%, Nvidia +0.2%, Apple -0.2%)
- Amkor Technology (AMKR) falls 4% after the semiconductor manufacturing company reported third-quarter results that beat expectations and gave an outlook.
- Cameco (CCJ) gains 13% on its involvement in a strategic partnership with the US government and other firms that will see at least $80b of new nuclear reactors constructed in the US.
- Confluent (CFLT) rises 10% after the software company reported third-quarter results that beat expectations and raised its full-year forecast for adjusted earnings.
- Custom Truck One Source (CTOS) falls 6% after the supplier of specialty trucks and equipment posted third quarter revenue that missed estimates.
- NXP Semiconductors (NXPI) is up 2% after the provider of chips for automakers and industrial customers gave a stronger-than-anticipated forecast for the current period.
- PayPal Holdings Inc. (PYPL) rises 15% after the company raised its full-year earnings guidance and announced a tie-up with OpenAI to embed its digital wallet into ChatGPT.
- Qorvo (QRVO) climbs 10% as the Information reported that Apple-supplier Skyworks Solutions held talks in recent months to buy its rival.
- Royal Caribbean (RCL) falls 7% after the cruise operator’s fourth quarter adjusted EPS forecast fell short of the consensus estimate. The company said recent adverse weather, and the unplanned extension of the temporary closure of one of its exclusive destinations in Haiti will impact results.
- SoFi Technologies (SOFI) rises 3% after the online lender boosted its adjusted net revenue forecast for the full year.
- UnitedHealth Group Inc. (UNH) gains 3% after the company beat Wall Street expectations for third-quarter earnings and raised its outlook for the year, a sign that the health conglomerate has stabilized after a major meltdown.
- United Parcel Service Inc. (UPS) jumps 8% after third-quarter profit topped Wall Street’s estimates as the courier’s plan to reshape its delivery network starts to show results. Peer FedEx (FDX) gains 3%.
- Waste Management (WM) is down 3% after the waste management services company said its 2025 revenue outlook is now expected to be approximately $25.275 billion, the low end of the prior guidance range. The reduced guidance trailed the average analyst estimate.
In corporate news, Amazon plans to cut its corporate workforce by about 14,000 roles. Goldman aims to significantly expand its presence in Saudi Arabia, while Jamie Dimon said he continues to cajole JPMorgan staffers into the office because junior bankers aren’t able to learn as much when working from home. Uber is said to be planning to invest in the Hong Kong listings of Pony AI and WeRide.
Easing trade tensions have helped fuel the stock rally, with US companies largely unscathed by tariffs so far. The S&P 500 is on course for the most sales beats in about four years. That optimism faces a reality check this week as investors look to the Fed meeting for clues on the path of rate cuts, while major technology firms including Meta Platforms Inc. and Microsoft Corp. may reveal whether the artificial intelligence-fueled earnings momentum can be sustained.
“My central scenario is that the upward trend holds: there’s lots of liquidity out there, the earnings season is good and a Fed rate cut is expected and priced in,” said Stephane Deo, a senior portfolio manager at Eleva Capital in Paris. “There’s one risk, however, that may lay in the tech sector if analysts keep on aggressively pricing double-digit growth for some mega stocks.”
Overnight, Trump continued his trade tour of Asia and praised Japan’s new PM; Trump hailed the alliance between the US and Japan while the two nations pledged cooperation on defense and shipbuilding. Separately, Goldman’s Solomon, speaking at an investment summit in Saudi Arabia, said he expects the “incredible” pickup in M&A and IPO activity to continue, while recent issues in credit markets have been one-offs. BlackRock CEO Larry Fink said at the same event that the US is the place to be overweight for at least the next 18 months.
Equity bulls seems to agree. According to BBG, they’re lining up to wager that the S&P 500 will surge past the 7,000 level now that it looks as if a bout of volatility has passed. And Nasdaq 100 positioning has increased significantly as investors add new long risk, reversing the fading momentum seen in recent weeks, according to Citigroup strategists.
The most crucial reports of the season are still to come, but so far things are looking good. Almost 70% of S&P 500 members to have reported so far have exceeded sales estimates, according to Bloomberg Intelligence — the highest proportion of positive surprises in about four years. And 85% of benchmark companies have managed to beat on earnings, while just 14% have missed.
In Europe, the Stoxx 600 falls 0.3% as underwhelming quarterly results from heavyweight Swiss drugmaker Novartis and French banking group BNP Paribas weigh on the Stoxx 600 index, while earnings boost Nordex, Capgemini and HSBC. Here are the biggest movers Tuesday:
- Nordex gains as much as 15% after the renewable-energy equipment firm lifted its Ebitda margin forecast for the full year, citing strong operational execution across its projects and service-business segment
- Capgemini shares jumped as much as 9.6%, the most in six months, after the IT services firm raised its full-year revenue guidance and reported a stronger-than-expected third quarter
- HSBC shares rise as much as 3.2% in London, most since May, after the banking firm raised its profitability outlook for 2025 while reporting what analysts say are good quarterly results
- Storytel gains as much as 19%, the most since January 2024, after the Swedish audiobook and publishing group reported earnings which blew past analysts expectations, with a full-year guidance upgrade providing further boost
- Airtel Africa shares surge as much as 11%, hitting an all-time high after the telecoms company posted results ahead of expectations in the first half
- Amundi shares rise as much as 1.5% as the investment management group reports net income ahead of analysts’ forecasts for its third quarter
- Symrise shares drop as much as 6.4%, the most since July, after the diversified chemicals manufacturer cut its organic sales forecast for the full year
- Bucher shares fall as much as 7.9%, hitting the lowest level since April, after the Swiss building materials firm changed the wording of guidance for 2025 operating profit margin to “lower” from “somewhat lower”
- Novartis shares drop as much as 4.1%, the most since April 9, after the Swiss drugmaker reported weaker-than-expected earnings for the third quarter and maintained its outlook for the year
- BNP Paribas shares fall as much 4.3% after the bank reported mixed 3Q figures, where overall revenues fell short, but the lender’s capital position impressed
- Wartsila falls as much as 9.3%, the most since April, before trimming losses. The Finnish marine and energy equipment maker reported its latest earnings, with analysts calling it a mixed report
- Truecaller falls as much as 16%, the most in two years, after the Swedish caller-ID platform reported disappointing third-quarter earnings. Analysts say the results were weighed down by poor advertising sales
Earlier in the session, a key Asian stock benchmark slipped, led by declines in South Korea and Japan, as investors positioned ahead of key interest rate decisions, global megacap earnings and a summit between the leaders of the world’s two largest economies. The MSCI Asia Pacific Index fell 0.5%, pressured by tech names including Samsung Electronics and Tencent. Australian drugmaker CSL was the biggest drag, plunging to a near seven-year low after delaying plans to spin off its vaccines business. Investor enthusiasm was on display Monday as the regional gauge hit a new record high. But with key developments ahead — including policy decisions from the Federal Reserve and Bank of Japan, earnings from five of the US Magnificent Seven, and a potential trade deal between Donald Trump and Xi Jinping — markets now face a moment of pause and reassessment. Shares also slumped in China, Australia and Indonesia. Stocks gained in Vietnam and Singapore.
In FX, Bloomberg Dollar Spot Index down, with yen outperforming following the Trump-Takaichi summit and supportive comments on the currency.
In rates, treasuries are narrowly mixed, keeping yields within a basis point of Monday’s closing levels. US 10-year is little changed at around 3.98% with Germany’s likewise steady and UK’s outperforming by about 1bp; curve spreads are also within a basis point of Monday’s close following muted price action during Asia session and London morning. Gilts outperform as UK borrowing costs approach lowest levels this year amid signs of cooling inflation. Focal points of Tuesday’s US session include 7-year note auction along with housing and consumer confidence data. This week’s Treasury coupon auctions conclude with $44 billion 7-year note sale at 1pm New York time, following good demand for Monday’s 2- and 5-year auctions.
In commodities, gold extends declines, having fallen below $4,000/oz yesterday; it’s currently trading down $77/oz to $3,904/oz.
Today’s US economic calendar calendar includes August FHFA house price index and S&P Case-Shiller home prices (9am), October Richmond Fed manufacturing index and Conference Board consumer confidence (10am) and Dallas Fed services activity (10:30am)
Market Snapshot
- S&P 500 mini little changed
- Nasdaq 100 mini little changed
- Russell 2000 mini -0.4%
- Stoxx Europe 600 -0.2%
- DAX -0.1%, CAC 40 little changed
- 10-year Treasury yield -1 basis point at 3.97%
- VIX +0.1 points at 15.88
- Bloomberg Dollar Index little changed at 1211.08
- euro little changed at $1.165
- WTI crude -1.9% at $60.15/barrel
Top Overnight News
- Japan revealed potential projects for its $550 billion US investment fund, including ventures by SoftBank, Toshiba, and Westinghouse in AI, energy and critical minerals. The US will decide which projects will make the cut. BBG
- Daily share price swings worth hundreds of billions of dollars are becoming commonplace on Wall Street, highlighting the risks to investors as the Big Tech companies powering the stock market’s relentless rally grow more volatile. Individual stocks shave gained or lost more than $100bn in market value in a single day 119 times so far this year, the highest annual total on record. FT
- The nation’s largest federal workers’ union called for Congress to end the shutdown, now in its fourth week, putting new pressure on Senate Democrats who have repeatedly blocked a Republican measure that would reopen the government. WSJ
- The Federal Reserve is expected to end a 3 year phase of quantitative tightening this week, easing pressures on banks amid concerns that funding is getting too tight in money markets: FT, after ZH
- US President Trump says he will send in “more than the National Guard” into US cities if required.
- The EU is in talks with anchor investors including Denmark’s EIFO and the Novo Nordisk Foundation for its €5 billion fund to support AI, quantum and other strategic technologies, people familiar said. About €3 billion has already been committed. BBG
- Japanese PM Sanae Takaichi has pledged to reinforce Japan’s defense capabilities as she and President Donald Trump vowed to bring the US-Japan security alliance into a “new golden age.” FT
- South Korea’s economy accelerated at a stronger-than-expected pace in the third quarter, driven by government stimulus and exports’ resilience despite tariff headwinds. South Korea’s Q3 GDP comes in ahead of expectations at +1.7% Y/Y (vs. the Street +1.5%). WSJ
- PYPL +11% pre mkt on news that PayPal and OpenAi have signed an agreement to embed the payments wallet into ChatGPT. Starting next year, PayPal buyer and sellers will be able to complete transactions through the AI tool. BBG
- U.S. air travel turmoil deepened as nearly 7,000 flights were delayed nationwide on Monday, with air traffic controller absences surging as the federal government shutdown reached its 27th day. RTRS
- While the recent short squeeze has been unusually sharp, the still-elevated magnitude of short interest signals more room to run. Data released by FINRA shows that, as of last Wednesday, the median S&P 500 stock carried short interest equal to 2.3% of market cap. This ranks in the 67th percentile of the past 30 years and far above the 1.5% share that marked the peaks of the squeezes in 2000 and 2021. Goldman
Corporate News
- US equity futures (ES U/C NQ U/C RTY -0.3%) are mixed with the ES and NQ trading around the unchanged mark whilst the RTY is subdued. The DJIA saw some modest upticks following strong Q3 results from UnitedHealth, after the Co. beat on headline metrics and upgraded FY guidance.
- UnitedHealth Group Inc (UNH) Q3 2025 (USD): Adj. EPS 2.92 (exp. 2.84), Revenue 113.2bln (exp. 113.05bln), raises FY Adj. EPS to 16.25 (prev. guided 16.00).
- United Parcel Service Inc (UPS) Q3 2025 (USD): Adj. EPS 1.74 (exp. 1.3), Revenue 21.40bln (exp. 20.79bln); sees Q4 revenue around 24bln (exp. 23.87bln).
- Amazon (AMZN) announces organisational changes across the Co. that will impact some teammates; reduction in corporate workforce of approx. 14k roles. “We expect to continue hiring in key strategic areas while also finding additional places we can remove layers, increase ownership, and realise efficiency gains”.
- PayPal (PYPL) signs deal with OpenAI to become the first payments wallet in ChatGPT, via CNBC
Trade/Tariffs
- US President Trump and Japanese PM Takaichi signed an agreement on the US-Japan alliance and framework for securing the supply of critical minerals and rare earths. White House said that the US and Japan plan to use economic policy tools and coordinated investment to accelerate the development of diversified, liquid, and fair markets for critical minerals and rare earths. Furthermore, within six months of the framework’s date, Japan and the US intend to take measures to support projects that generate end products for delivery to buyers in the US, Japan, and like-minded nations, while they will work to secure their critical minerals and rare earths supply chains by addressing non-market policies and unfair trade practices.
- Japanese senior government official said Japan and the US governments are preparing to release a fact sheet that includes potential investment projects in the US, while the fact sheet will include power generation and automobile-related products as potential investment projects and is expected to include company names such as Mitsubishi Heavy Industries.
- China and ASEAN signed a free trade area 3.0 upgrade protocol, according to Xinhua.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks failed to sustain the momentum from the record highs on Wall St and were mostly subdued amid some profit taking and positioning ahead of this week’s upcoming risk events. ASX 200 retreated in the absence of major catalysts and was dragged lower by weakness in healthcare, tech and miners. Nikkei 225 pulled back from all-time highs amid a firmer currency and despite US President Trump’s visit to Japan, where he met with PM Takaichi and signed an agreement on US-Japan alliance and securing supply of critical minerals and rare earths. Hang Seng and Shanghai Comp were choppy ahead of the major risk events later in the week including the central bank decisions and the Trump-Xi meeting, while participants also reflected on recent comments from PBoC Governor Pan that they will resume government bond purchases and sales in the open market, as well as continue to maintain a supportive monetary policy stance and implement a properly loose monetary policy.
Top Asian News
- China releases proposal for 15th five-year plan, according to Xinhua; says China faces difficult challenges in global trade order, economic growth potential to be fully released. Vows to strengthen national security barriers. To combine an efficient market with a proactive government. Tech self-reliance to be greatly improved. To deepen reform and continue high-quality development. Economic growth potential to be fully released. Domestic demand continues to play a stronger role. Economic growth remains within a reasonable range. Faces difficult challenges in the global trade order. To foster emerging sectors and future industries. To improve the level of tech self-reliance. To promote coordinated development of the economy, society. To drive reasonable economic growth in the next five years. Transformation to accelerate breakthroughs. To increase international influence significantly by 2035. To drive a significant consumption rate among residents. Vigorously boost consumption. To build a modernised infrastructure facilities system. Enhancing fiscal sustainability. Give full play to the role of proactive fiscal policy. To form growth model more driven by consumption and demand. To increase share of central government fiscal spending.
- Japanese PM Takaichi thanked US President Trump for his enduring friendship with late PM Shinzo Abe, while she added that President Trump contributed to Asia’s peace, including the Thai-Cambodia deal, and stated that the Middle East deal was an unprecedented historical achievement. Takaichi said she highly values Trump’s commitment to world peace and stability, as well as expressed readiness to promote further collaboration with the US to achieve a free and open Indo-Pacific. Furthermore, Takaichi said she will continue to strive as Japan’s leader to strengthen the nation’s power, including defence capabilities, and wants to realise a new golden age of the Japan-US alliance with President Trump.
- US President Trump said former PM Abe was a great friend of his and noted that the US has received Japan’s orders of military equipment, which Trump appreciates, while Trump said they are signing a deal and that the US-Japan trade deal is a very fair deal. Furthermore, Trump said this will be a relationship that will be stronger than ever before and that the US is Japan’s ally at the strongest level.
- US Treasury Secretary Bessent highlighted in a meeting with Japanese Finance Minister Katayama the important role of sound monetary policy formulation and communication in anchoring inflation expectations and preventing excessive exchange rate volatility. It was also stated that conditions are substantially different twelve years after the introduction of Abenomics, while Bessent was glad to hear Katayama’s perspective on Japanese fiscal measures under consideration and expressed eagerness to learn more as the full package is developed to better understand its potential impact.
- Japanese Economy Minister Kiuchi said foreign exchange moves are determined by various factors and it is important for foreign exchange moves to reflect fundamentals and remain stable, while he added it is important to avoid rapid, short-term fluctuations in foreign exchange moves.
- Japan and South Korea are coordinating to hold the first summit meeting between PM Takaichi and South Korean President Lee on October 30th on the sidelines of the APEC summit meeting in South Korea, according to Asahi.
- Japan’s Finance Minister Katayama says there’s been no direct talks about the direction of Japanese monetary policy when asked about US Treasury Secretary Bessent’s readout. There’s no change to US-Japan joint statement on Forex. Bessent wasn’t urging BoJ to raise interest rate.
European bourses opened mostly lower across the board, continuing the subdued mood seen in the APAC session. Price action today has been fairly choppy in a tight range, with traders ultimately awaiting this week’s key risk events. European sectors opened mixed but now display a clear negative bias; Utilities takes the top spot, joined by Banks, whilst Basic Resources lags given the losses across metals prices. In terms of key movers today, HSBC (+2.5%, solid Q3 figures and raised RoTE guidance), BNP Paribas (-2.3%, missed expectations on bad loans), Novartis (-3.9%, Core EPS missed some analyst expectations).
Top European News
- UK is to stop disclosing identity of stock market short sellers, with the FCA overhauling regulations in a break from EU rules to be more in line with the US, according to FT.
- UK Chancellor Reeves says too much cost trading with the EU is pushing inflation up; sees “huge benefits” in rebuilding some EU relationships.
- ECB Consumer Expectation Survey: 1-year CPI 2.7% (prev. 2.8%), 3-year 2.5% (prev. 2.5%), 5-year 2.2% (prev. 2.2%)
- ECB October 2025 euro area bank lending survey Small, unexpected net tightening of credit standards for loans to firms, Credit standards unchanged for housing loans and moderately tighter for consumer credit. Demand for loans to firms increased slightly, but still weak overall. Housing loan demand continued to increase strongly.
- Nexperia’s owner Wingtech says the Co. faces an “existential threat” after the Netherlands took control of management, via FT; hundreds of jobs potentially at risk.
FX
- DXY is essentially flat and trades towards the upper end of a 98.56 to 98.79 range. Initial European action saw mild pressure in the Dollar, hampered by strength in the JPY and as the USD/CNY was once again fixed lower. Most trade-related headlines have been focused on US-Japan (discussed below), and with traders now counting down the clock to the Fed policy announcement on Wednesday. Before that, focus will be on US Consumer Confidence and the S&P Case-Shiller house price index later today.
- JPY is the clear G10 outperformer today, for three main factors. 1) Haven allure, given the subdued risk tone (also reflected in modest CHF upside), 2) some jawboning from the Japanese Economy Minister who said it is important to avoid rapid, short-term fluctuations in foreign exchange moves, 3) positive US-Japan trade developments. On the latter, US President Trump and Japanese PM Takaichi signed an agreement on the US-Japan alliance and framework for securing the supply of critical minerals and rare earths. Trump appeared pleased with the meeting, offering Takaichi “anything you want”. USD/JPY trades towards the mid-point of a 151.77-152.87 range.
- EUR is flat vs the Dollar. Focus today has been on the latest ECB SCE; 1yr inflation expectation revised a touch lower whilst the 3yr and 5yr remained unchanged – little move on this release. The ECB BLS, at the same time, highlighted that “Demand for loans to firms increased slightly, but is still weak overall”. Overall, traders are now awaiting the ECB policy decision on Thursday, but will likely lack fireworks given that markets almost entirely price in no change to the current rate. EUR/USD in a 1.1645 to 1.1667 range.
- GBP is slightly softer vs the Dollar. Started the European session flat, but was subject to a bout of pressure soon after. Nothing really behind the downside, but perhaps as traders focused on the recent FT article, which highlighted that the OBR is expected to cut its trend productivity growth forecast by about 0.3%, which is said to threaten a GBP 20bln hit to UK public finances. The move could also be technical, with EUR/GBP making a breach just above the 0.8750 mark, to make a peak at 0.8764.
- Antipodeans are essentially flat, and ultimately little reactive to the subdued risk-tone and the pressure across the metals space.
Fixed Income
- A firmer start to the day, but only modestly so for USTs. USTs at a 113-18+ peak, taking out the 113-16 peak from Monday and now approach the cluster of highs from last week between 113-20+ to 113-29. Upside that comes as equities fail to sustain the momentum seen yesterday to the benefit of FX havens and fixed, though XAU continues to slide; note, JPY also influenced by overnight trade developments. For fixed, specific a little light since Monday’s auctions. Firstly, the 2yr sale passed without impact, featuring an in-line cover though it did see the first tail, 0.1bps, for a 2yr tap since April. Thereafter, the 5yr tap stopped through by 0.1bps vs when issued, improving from the last outing. Additionally, the b/c marginally surpassed the six-auction average. Ahead, USD 44bln of 7yr notes due.
- Bunds were firmer early doors, in-fitting with the above. A move that has since continued, as, despite European equity sentiment lifting off worst levels, the tone remains a tepid one for the region. Bunds to a 129.73 peak, as is the case in USTs, this takes us above Monday’s 129.64 peak and closer to but yet to test the cluster of highs from last week between 130.02 and 130.38. For EGBs generally, the latest ECB SCE passed without impact with the 3yr and 5yr inflation views maintained while the 1yr view eased to 2.7% (prev. 2.8%). Ahead, a German Bobl tap.
- Elsewhere, France remains in focus as the debate around potential wealth taxes opens up day. The results of this will likely determine whether Lecornu’s 2nd attempt at government lasts or not in the near-term, as the Socialist Party have made clear that a workable compromise on wealth taxes is a key condition for their support.
- Gilts gapped higher, acknowledging the modest bullish bias in EGBs that emerged into the European cash equity open. Opened higher by 18 ticks and then climbed another 13 to a 93.96 peak. UK newsflow remains focused almost exclusively on the budget. The FT reported that the OBR is expected to cut its trend productivity growth forecast by about 0.3pps, a cut which equates to around a GBP 21bln hit to the fiscal situation. As a reminder, reports in recent weeks had generally been looking for a 0.2pps cut to the productivity view, equating to a GBP 14bln hit. If correct, the Chancellor will need to find another GBP 7bln from tax rises and/or spending cuts in the Autumn Budget.
Commodities
- WTI and Brent are significantly lower today, but without a clear driver. The complex began the European session with very mild losses, but then extended lower as the morning progressed. Geopolitics have been a little more tense (oil positive), with Israeli PM Netanyahu reportedly to hold an emergency meeting related to Hamas’s “violations” of the Gaza ceasefire. Perhaps more focus on the recent Bloomberg report, which suggested that OPEC+ is leaning towards another small oil output increase. Brent Dec’25 is currently trading just off lows in a USD 64.08-65.76/bbl range.
- Spot gold is also posting hefty losses, down by around USD 90/oz thus far; the yellow metal has slipped below the USD 3.9k mark and trades at the bottom-end of a USD 3,894.86-4,019.72/oz range. Nothing fresh is really driving the pressure today, but very much a continuation of the pressure seen over the past few days for the metal.
- Base metals are entirely in the red, as the complex pares back some of its recent advances and given the subdued risk-tone overnight. 3M LME currently at the lower end of a USD 10,864.35-11,052.4/t confine.
- Indian companies will not buy oil from Rosneft and Lukoil supplied by traders, according to Reuters, citing Indian government sources.
- IEA chief Birol said a significant chapter for LNG is starting soon and that 300bcm of LNG is to hit markets in the next five years. Birol said that, absent major geopolitical tensions, oil and gas prices are expected to be lower, while he added that sanctions could push oil prices upward, but the effect is likely to be limited due to surplus capacity and slowing demand.
- Venezuela’s President Maduro announces immediate suspension of energy agreements with Trinidad and Tobago.
- Russia’s Kremlin, on US President Trump’s statements that countries should cease buying Russian oil, says many say they will figure it out for themselves, partners will make up their own mind about whether or not to buy top-quality Russian energy product.
Geopolitics: Middle East
- Palestinian TV reported that Israeli vehicles fired on the eastern areas of Gaza City, according to Sky News Arabia.
- Israeli PM Netanyahu is to hold an emergency meeting today to discuss Hamas’ “violations” of the Gaza ceasefire, via Sky News Arabia.
- “Channel 12 quoted an Israeli official: We will take steps against Hamas’ violation of the agreement to return the bodies”, via Al Jazeera.
Geopolitics: Other
- Russia’s Kremlin, on Ukraine peace negotiations, says Russia cannot assess the prospects and Kyiv caused the pause; says there are foreign fighters at the front line in Ukraine and “we shall destroy them”. Military overhears foreign languages spoken repeatedly at the front line in Ukraine.
- US State Department senior official said the US expects Thailand will work with Cambodia to begin the release of 18 soldiers immediately, while the official added that US policy towards North Korea remains aimed at denuclearisation, and that US policy on Taiwan has not changed.
- North Korea said Foreign Minister Choe met with Russian President Putin and discussed many businesses to strengthen bilateral relations, while Choe and Russia’s Foreign Minister Lavrov agreed on all points while holding strategic discussions on global issues. Furthermore, the North Korean side expressed support for Russian measures to remove the root of the Ukraine conflict, and the Russian side expressed support for North Korean efforts to protect its current position, security interests, and sovereign rights, according to KCNA.
- Ukrainian President Zelensky says Ukraine will ‘take no steps back’ on the battlefield to cede territory; Ukraine is ready for peace talks anywhere besides Russia and Belarus if it ends the war.
US Event Calendar
- 9:00 am: Aug FHFA House Price Index MoM, est. -0.05%, prior -0.1%
- 9:00 am: Aug S&P Cotality CS 20-City YoY NSA, est. 1.3%, prior 1.82%
- 9:00 am: Aug S&P Cotality CS U.S. HPI YoY NSA, prior 1.68%
- 10:00 am: Oct Richmond Fed Manufact. Index, est. -11.5, prior -17
- 10:00 am: Oct Conf. Board Consumer Confidence, est. 93.35, prior 94.2
DB’s Jim Reid concludes the overnight wrap
Back in the EMR hot seat, although I’m actually trying not to sit down for long after undergoing back fusion surgery 13 days ago. I spent last week quietly wrapping up the annual long-term study — more on that below. The surgery was a success, though at 4.5 hours long and with my insides squeezed to one side for most of it, I’ve been left feeling a bit like a washing machine after a particularly aggressive spin cycle. The silver lining? I’m now over a centimetre taller and edging back closer to the six-foot mark I claimed on my internet dating profile 15 years ago — the one that led me to my wife. She’s finally reconsidering her legal action for misrepresentation after weighing in at 5 foot 11 since the discs in my back collapsed.
Pain levels have actually increased this week, as my newly aligned spine is activating muscles that haven’t been used in years. My hip flexors are particularly sore at night, which isn’t ideal for sleep. I’m walking on the spot as I type this trying to distract myself from the pain. I’m not allowed to bend, lift or twist, so stretching is off the table. Now begins the slow process of waiting for the bone to fuse around the cage in my back. Best-case scenario: back to golf in five months and 18 days. Not that I’m counting.
If that sounds long-term, yesterday marked the release of the 20th anniversary edition of my long-term study — a report that draws on data going back, in some cases, to the 18th century. It analyses nominal and real returns across 56 economies to explore how different assets have performed under varying conditions, helping investors tilt the long-term odds in their favour. This year’s edition, titled “The Ultimate Guide to Long-Term Investing”, is the lead piece on the Deutsche Bank Research Institute site (link here). It’s open to all, so feel free to share it with clients, colleagues, family and friends. Hopefully it resonates, as almost everyone has a reason to invest for the long term — whether it’s building a pension, planning for early retirement, funding a child’s education, helping them onto the property ladder, outperforming peers in the financial world, or simply saving for a rainy day.
From 200+ years of data to the last 24 hours, and markets delivered another ebullient performance yesterday. Optimism around a potential US-China trade truce and tech-positive developments helped push multiple indices to record highs globally. That said, we’re heading into a pivotal week with four major central bank meetings, earnings from five large tech firms still to come, starting with Microsoft, Meta and Alphabet tomorrow, and a potential Trump/Xi meeting. Ahead of this, the S&P 500 (+1.23%) and STOXX 600 (+0.22%) began the week on a positive note. However, in Asia this morning, the Nikkei (-0.75%) and KOSPI (-1.48%) in particular are giving some of their gains back from yesterday as we await a week of heavy newsflow.
Investor anticipation of a constructive outcome from President Trump’s expected meeting with President Xi on Thursday was reinforced by Trump’s remarks to reporters: “I have a lot of respect for Xi. I think we’re going to come away with a deal.” He also hinted that a resolution on TikTok might be reached during their discussions. As a reminder, Treasury Secretary Bessent first mentioned a “framework of a deal” back in September, before October’s move on rare earth exports by Beijing drove an escalation in rhetoric. Yesterday’s renewed optimism helped push the S&P 500 (+1.23%) and Nasdaq Composite (+1.86%) to new highs, with the S&P seeing its best three-day (+2.62%) run since May. US futures overnight are pretty flat. Trade-sensitive indices like the Nasdaq Golden Dragon Index (+1.59%) and the Philadelphia Semiconductor Index (+2.74%) outperformed yesterday. Front-end US Treasuries sold off amid the risk-on mood, with the 2yr yield rising (+1.0bps), but 10yr (-2.2bps) and 30yr (-4.1bps) bonds rallied.
Equities also benefited from a series of tech-positive headlines. Qualcomm shares jumped +11.09% after unveiling a new semiconductor chip expected to rival Nvidia’s — though Nvidia itself didn’t miss a beat (+2.81%). Reuters reported that the US Department of Energy is forming a $1bn AI partnership with AMD (+2.67%) to build two supercomputers. These developments contributed to the Philadelphia Semiconductor Index’s outperformance, while the Mag-7 (+2.60%) saw their best day since May.
Staying in the US, Bessent confirmed the final five candidates for Fed Chair: Kevin Hassett, Kevin Warsh, Christopher Waller, Michelle Bowman and Rick Rieder. He plans to submit the shortlist to Trump after Thanksgiving. However, Trump responded that he was thinking about Bessent himself for the Fed Chair job, as well as Secretary of State Marco Rubio and US Trade Representative Jamieson Greer. While those Trump comments may not have been entirely serious, it’s also not clear how much weight investors should place on Bessent’s shortlist. Our economists continue to expect a 25bps rate cut this Wednesday, alongside an announcement to end QT in response to tightening financial conditions. (See their preview here).
On the data front, in the US the Dallas Fed Manufacturing Activity Index came in at -5.0, better than expectations of -6.2. Germany’s IFO Business Climate survey also beat expectations slightly (88.4 vs 88.0). That was driven by business expectations (91.6 from 89.7) improving to their highest level since February 2022, though the current situation assessment deteriorated (85.3 vs 86.0) to an 8-month low. So the recent pattern of greater optimism about the future, but little improvement in the present continued. Encouragingly it is IFO expectations that tend to have the better predictive power for growth. Still, headwinds remain, including the impact of the second “China shock” on German manufacturing. In a note yesterday (link here), our Germany economists discuss Germany’s evolving relationship with China and the potential policy response.
With IFO expectations rising, German bunds underperformed their European peers, with the 10-year yield falling -1.1bps, compared to -2.4bps and -1.7bps for Italian and French equivalents. UK Gilts (-3.0bps) continued their strong run, now at their lowest yield since December 2024.
Gold prices fell another -3.18%, dropping below the $4,000/oz threshold — the second steepest daily decline since November last year. Last Tuesday’s -5.20% drop was the largest in five years. Gold is now down -8.59% from its peak just a week ago. Brent crude oil (-0.49%) retreated slightly after last week’s rally, despite positive US-China trade signals and comments from Ukrainian President Zelenskiy that Ukraine will expand strikes on Russian refineries.
Elsewhere, Mexico’s President Claudia Sheinbaum announced that the US will extend its trade deadline by several weeks, allowing more time to resolve non-trade barriers. The Mexican peso rose +0.28% in response, while the Argentine peso surged as much as +9.9% before settling at +4.15%, fuelled by investor enthusiasm following President Milei’s party victory over the weekend.
Returning to Asia, most equity markets are experiencing declines, as hinted at the top. Other than the bigger falls for the Nikkei and KOSPI already mentioned, most Asian markets are down a few tenths of a percent. Data revealed that South Korea’s GDP increased by +1.7% y/y (compared to the +1.5% anticipated), marking its fastest growth in over a year during the third quarter, propelled by government stimulus and resilient exports despite challenges from tariffs. The economy had expanded by 0.6% in the second quarter.
In other areas of the market, the yuan appreciated by +0.13%, reaching 7.0995 against the dollar, its strongest position in nearly a year, fueled by optimism regarding a potential trade agreement between China and the US. Furthermore, the Japanese yen (+0.65%) is also gaining strength, rising to approximately 151.89 against the dollar, recovering from near eight-month lows as the meeting between Prime Minister Sanae Takaichi and President Trump seemed to go well with lots of positive headlines on trade and defence.
Looking ahead today, we’ll get Germany’s November GfK consumer confidence, Italy’s October consumer confidence and economic sentiment, manufacturing confidence, and EU27 September new car registrations. Central bank events include the ECB’s bank lending survey and a speech from ECB’s Panetta. Earnings releases include Visa, UnitedHealth, Novartis, HSBC and PayPal. The US will also auction $44bn in 7-year notes.
b) European Opening report
US equity futures flat, JPY bid on US-Japan trade agreement; Amazon to lay off 14k, Paypal signs deal with OpenAII – Newsquawk US Opening News
Tuesday, Oct 28, 2025 – 06:48 AM
- US President Trump and Japanese PM Takaichi signed an agreement on the US-Japan alliance and framework for securing the supply of critical minerals and rare earths.
- European bourses are mostly lower; ES/NQ are flat, whilst the RTY is marginally lower ahead of a slew of earnings.
- USD flat/lower, JPY boosted on US-Japan trade developments and mild haven allure; GBP lags a touch.
- Bonds are firmer given the risk tone; USTs await supply.
- XAU briefly dipped under USD 3.9k/oz with base metals also broadly in the red; crude complex lower with some focus on reports that OPEC+ is looking at another oil production hike.
- Looking ahead, US Richmond Fed (Oct), US CaseShiller Home Prices (Aug), US Consumer Confidence (Oct), Supply from the US.
- Earnings from Visa, Electronic Arts, PPG Industries, SoFi, PayPal.
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TARIFFS/TRADE
- US President Trump and Japanese PM Takaichi signed an agreement on the US-Japan alliance and framework for securing the supply of critical minerals and rare earths. White House said that the US and Japan plan to use economic policy tools and coordinated investment to accelerate the development of diversified, liquid, and fair markets for critical minerals and rare earths. Furthermore, within six months of the framework’s date, Japan and the US intend to take measures to support projects that generate end products for delivery to buyers in the US, Japan, and like-minded nations, while they will work to secure their critical minerals and rare earths supply chains by addressing non-market policies and unfair trade practices.
- Japanese senior government official said Japan and the US governments are preparing to release a fact sheet that includes potential investment projects in the US, while the fact sheet will include power generation and automobile-related products as potential investment projects and is expected to include company names such as Mitsubishi Heavy Industries.
- China and ASEAN signed a free trade area 3.0 upgrade protocol, according to Xinhua.
EUROPEAN TRADE
EQUITIES
- European bourses opened mostly lower across the board, continuing the subdued mood seen in the APAC session. Price action today has been fairly choppy in a tight range, with traders ultimately awaiting this week’s key risk events.
- European sectors opened mixed but now display a clear negative bias; Utilities takes the top spot, joined by Banks, whilst Basic Resources lags given the losses across metals prices. In terms of key movers today, HSBC (+2.5%, solid Q3 figures and raised RoTE guidance), BNP Paribas (-2.3%, missed expectations on bad loans), Novartis (-3.9%, Core EPS missed some analyst expectations).
- US equity futures (ES U/C NQ U/C RTY -0.3%) are mixed with the ES and NQ trading around the unchanged mark whilst the RTY is subdued. The DJIA saw some modest upticks following strong Q3 results from UnitedHealth, after the Co. beat on headline metrics and upgraded FY guidance.
- UnitedHealth Group Inc (UNH) Q3 2025 (USD): Adj. EPS 2.92 (exp. 2.84), Revenue 113.2bln (exp. 113.05bln), raises FY Adj. EPS to 16.25 (prev. guided 16.00).
- United Parcel Service Inc (UPS) Q3 2025 (USD): Adj. EPS 1.74 (exp. 1.3), Revenue 21.40bln (exp. 20.79bln); sees Q4 revenue around 24bln (exp. 23.87bln).
- Amazon (AMZN) announces organisational changes across the Co. that will impact some teammates; reduction in corporate workforce of approx. 14k roles. “We expect to continue hiring in key strategic areas while also finding additional places we can remove layers, increase ownership, and realise efficiency gains”.
- PayPal (PYPL) signs deal with OpenAI to become the first payments wallet in ChatGPT, via CNBC.
- Axios suggests the spotlight is on three AI firms, Oracle (ORCL), Broadcom (AVGO) and Palantir (PLTR), as Wall Street moves attention away from the Mag 7.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
- Click for a detailed summary
FX
- DXY is essentially flat and trades towards the upper end of a 98.56 to 98.79 range. Initial European action saw mild pressure in the Dollar, hampered by strength in the JPY and as the USD/CNY was once again fixed lower. Most trade-related headlines have been focused on US-Japan (discussed below), and with traders now counting down the clock to the Fed policy announcement on Wednesday. Before that, focus will be on US Consumer Confidence and the S&P Case-Shiller house price index later today.
- JPY is the clear G10 outperformer today, for three main factors. 1) Haven allure, given the subdued risk tone (also reflected in modest CHF upside), 2) some jawboning from the Japanese Economy Minister who said it is important to avoid rapid, short-term fluctuations in foreign exchange moves, 3) positive US-Japan trade developments. On the latter, US President Trump and Japanese PM Takaichi signed an agreement on the US-Japan alliance and framework for securing the supply of critical minerals and rare earths. Trump appeared pleased with the meeting, offering Takaichi “anything you want”. USD/JPY trades towards the mid-point of a 151.77-152.87 range.
- EUR is flat vs the Dollar. Focus today has been on the latest ECB SCE; 1yr inflation expectation revised a touch lower whilst the 3yr and 5yr remained unchanged – little move on this release. The ECB BLS, at the same time, highlighted that “Demand for loans to firms increased slightly, but is still weak overall”. Overall, traders are now awaiting the ECB policy decision on Thursday, but will likely lack fireworks given that markets almost entirely price in no change to the current rate. EUR/USD in a 1.1645 to 1.1667 range.
- GBP is slightly softer vs the Dollar. Started the European session flat, but was subject to a bout of pressure soon after. Nothing really behind the downside, but perhaps as traders focused on the recent FT article, which highlighted that the OBR is expected to cut its trend productivity growth forecast by about 0.3%, which is said to threaten a GBP 20bln hit to UK public finances. The move could also be technical, with EUR/GBP making a breach just above the 0.8750 mark, to make a peak at 0.8764.
- Antipodeans are essentially flat, and ultimately little reactive to the subdued risk-tone and the pressure across the metals space.
- PBoC set USD/CNY mid-point at 7.0856 vs exp. 7.1029 (Prev. 7.0881)
- Click for a detailed summary
- Click for NY OpEx Details
FIXED INCOME
- A firmer start to the day, but only modestly so for USTs. USTs at a 113-18+ peak, taking out the 113-16 peak from Monday and now approach the cluster of highs from last week between 113-20+ to 113-29. Upside that comes as equities fail to sustain the momentum seen yesterday to the benefit of FX havens and fixed, though XAU continues to slide; note, JPY also influenced by overnight trade developments. For fixed, specific a little light since Monday’s auctions. Firstly, the 2yr sale passed without impact, featuring an in-line cover though it did see the first tail, 0.1bps, for a 2yr tap since April. Thereafter, the 5yr tap stopped through by 0.1bps vs when issued, improving from the last outing. Additionally, the b/c marginally surpassed the six-auction average. Ahead, USD 44bln of 7yr notes due.
- Bunds were firmer early doors, in-fitting with the above. A move that has since continued, as, despite European equity sentiment lifting off worst levels, the tone remains a tepid one for the region. Bunds to a 129.73 peak, as is the case in USTs, this takes us above Monday’s 129.64 peak and closer to but yet to test the cluster of highs from last week between 130.02 and 130.38. For EGBs generally, the latest ECB SCE passed without impact with the 3yr and 5yr inflation views maintained while the 1yr view eased to 2.7% (prev. 2.8%). Ahead, a German Bobl tap.
- Elsewhere, France remains in focus as the debate around potential wealth taxes opens up day. The results of this will likely determine whether Lecornu’s 2nd attempt at government lasts or not in the near-term, as the Socialist Party have made clear that a workable compromise on wealth taxes is a key condition for their support.
- Gilts gapped higher, acknowledging the modest bullish bias in EGBs that emerged into the European cash equity open. Opened higher by 18 ticks and then climbed another 13 to a 93.96 peak. UK newsflow remains focused almost exclusively on the budget. The FT reported that the OBR is expected to cut its trend productivity growth forecast by about 0.3pps, a cut which equates to around a GBP 21bln hit to the fiscal situation. As a reminder, reports in recent weeks had generally been looking for a 0.2pps cut to the productivity view, equating to a GBP 14bln hit. If correct, the Chancellor will need to find another GBP 7bln from tax rises and/or spending cuts in the Autumn Budget.
- UK sells GBP 1.5bln 1.125% 2035 I/L Gilt: b/c 2.94x (prev. 3.09x) & real yield 1.571% (prev. 1.673%).
- Italy sells EUR 2.0bln vs exp. EUR 1.75-2bln 2.10% 2027 BTP Short Term & EUR 1.5bln vs exp. EUR 1-1.5bln 1.80% 2036 BTPei.
- Click for a detailed summary
COMMODITIES
- WTI and Brent are significantly lower today, but without a clear driver. The complex began the European session with very mild losses, but then extended lower as the morning progressed. Geopolitics have been a little more tense (oil positive), with Israeli PM Netanyahu reportedly to hold an emergency meeting related to Hamas’s “violations” of the Gaza ceasefire. Perhaps more focus on the recent Bloomberg report, which suggested that OPEC+ is leaning towards another small oil output increase. Brent Dec’25 is currently trading just off lows in a USD 64.08-65.76/bbl range.
- Spot gold is also posting hefty losses, down by around USD 90/oz thus far; the yellow metal has slipped below the USD 3.9k mark and trades at the bottom-end of a USD 3,894.86-4,019.72/oz range. Nothing fresh is really driving the pressure today, but very much a continuation of the pressure seen over the past few days for the metal.
- Base metals are entirely in the red, as the complex pares back some of its recent advances and given the subdued risk-tone overnight. 3M LME currently at the lower end of a USD 10,864.35-11,052.4/t confine.
- Indian companies will not buy oil from Rosneft and Lukoil supplied by traders, according to Reuters, citing Indian government sources.
- IEA chief Birol said a significant chapter for LNG is starting soon and that 300bcm of LNG is to hit markets in the next five years. Birol said that, absent major geopolitical tensions, oil and gas prices are expected to be lower, while he added that sanctions could push oil prices upward, but the effect is likely to be limited due to surplus capacity and slowing demand.
- Venezuela’s President Maduro announces immediate suspension of energy agreements with Trinidad and Tobago.
- Russia’s Kremlin, on US President Trump’s statements that countries should cease buying Russian oil, says many say they will figure it out for themselves, partners will make up their own mind about whether or not to buy top-quality Russian energy product.
- Click for a detailed summary
NOTABLE DATA RECAP
- UK BRC Shop Price Index YY (Sep) 1.0% vs Exp. 1.6% (Prev. 1.4%)
- German GfK Consumer Sentiment (Nov) -24.1 vs. Exp. -22.0 (Prev. -22.3, Rev. -22.5)
- Italian Consumer Confidence (Oct) 97.6 vs. Exp. 97.0 (Prev. 96.8); Mfg Business Confidence (Oct) 88.3 vs. Exp. 87.5 (Prev. 87.3, Rev. 87.4)
NOTABLE EUROPEAN HEADLINES
- UK is to stop disclosing identity of stock market short sellers, with the FCA overhauling regulations in a break from EU rules to be more in line with the US, according to FT.
- UK Chancellor Reeves says too much cost trading with the EU is pushing inflation up; sees “huge benefits” in rebuilding some EU relationships.
- ECB Consumer Expectation Survey: 1-year CPI 2.7% (prev. 2.8%), 3-year 2.5% (prev. 2.5%), 5-year 2.2% (prev. 2.2%)
- ECB October 2025 euro area bank lending survey Small, unexpected net tightening of credit standards for loans to firms, Credit standards unchanged for housing loans and moderately tighter for consumer credit. Demand for loans to firms increased slightly, but still weak overall. Housing loan demand continued to increase strongly.
- Nexperia’s owner Wingtech says the Co. faces an “existential threat” after the Netherlands took control of management, via FT; hundreds of jobs potentially at risk.
NOTABLE US HEADLINES
- US President Trump says he will send in “more than the National Guard” into US cities if required.
GEOPOLITICS
MIDDLE EAST
- Palestinian TV reported that Israeli vehicles fired on the eastern areas of Gaza City, according to Sky News Arabia.
- Israeli PM Netanyahu is to hold an emergency meeting today to discuss Hamas’ “violations” of the Gaza ceasefire, via Sky News Arabia.
- “Channel 12 quoted an Israeli official: We will take steps against Hamas’ violation of the agreement to return the bodies”, via Al Jazeera.
OTHER
- Russia’s Kremlin, on Ukraine peace negotiations, says Russia cannot assess the prospects and Kyiv caused the pause; says there are foreign fighters at the front line in Ukraine and “we shall destroy them”. Military overhears foreign languages spoken repeatedly at the front line in Ukraine.
- US State Department senior official said the US expects Thailand will work with Cambodia to begin the release of 18 soldiers immediately, while the official added that US policy towards North Korea remains aimed at denuclearisation, and that US policy on Taiwan has not changed.
- North Korea said Foreign Minister Choe met with Russian President Putin and discussed many businesses to strengthen bilateral relations, while Choe and Russia’s Foreign Minister Lavrov agreed on all points while holding strategic discussions on global issues. Furthermore, the North Korean side expressed support for Russian measures to remove the root of the Ukraine conflict, and the Russian side expressed support for North Korean efforts to protect its current position, security interests, and sovereign rights, according to KCNA.
- Ukrainian President Zelensky says Ukraine will ‘take no steps back’ on the battlefield to cede territory; Ukraine is ready for peace talks anywhere besides Russia and Belarus if it ends the war.
CRYPTO
- Bitcoin is a little lower and trades around USD 114.5k, with Ethereum also on the backfoot and trades just above USD 4.1k.
- JPMorgan (JPM) CEO Dimon says crypto is real, and will be used by “all of us”.
APAC TRADE
- APAC stocks failed to sustain the momentum from the record highs on Wall St and were mostly subdued amid some profit taking and positioning ahead of this week’s upcoming risk events.
- ASX 200 retreated in the absence of major catalysts and was dragged lower by weakness in healthcare, tech and miners.
- Nikkei 225 pulled back from all-time highs amid a firmer currency and despite US President Trump’s visit to Japan, where he met with PM Takaichi and signed an agreement on US-Japan alliance and securing supply of critical minerals and rare earths.
- Hang Seng and Shanghai Comp were choppy ahead of the major risk events later in the week including the central bank decisions and the Trump-Xi meeting, while participants also reflected on recent comments from PBoC Governor Pan that they will resume government bond purchases and sales in the open market, as well as continue to maintain a supportive monetary policy stance and implement a properly loose monetary policy.
NOTABLE ASIA-PAC HEADLINES
- China releases proposal for 15th five-year plan, according to Xinhua; says China faces difficult challenges in global trade order, economic growth potential to be fully released. Vows to strengthen national security barriers. To combine an efficient market with a proactive government. Tech self-reliance to be greatly improved. To deepen reform and continue high-quality development. Economic growth potential to be fully released. Domestic demand continues to play a stronger role. Economic growth remains within a reasonable range. Faces difficult challenges in the global trade order. To foster emerging sectors and future industries. To improve the level of tech self-reliance. To promote coordinated development of the economy, society. To drive reasonable economic growth in the next five years. Transformation to accelerate breakthroughs. To increase international influence significantly by 2035. To drive a significant consumption rate among residents. Vigorously boost consumption. To build a modernised infrastructure facilities system. Enhancing fiscal sustainability. Give full play to the role of proactive fiscal policy. To form growth model more driven by consumption and demand. To increase share of central government fiscal spending.
- Japanese PM Takaichi thanked US President Trump for his enduring friendship with late PM Shinzo Abe, while she added that President Trump contributed to Asia’s peace, including the Thai-Cambodia deal, and stated that the Middle East deal was an unprecedented historical achievement. Takaichi said she highly values Trump’s commitment to world peace and stability, as well as expressed readiness to promote further collaboration with the US to achieve a free and open Indo-Pacific. Furthermore, Takaichi said she will continue to strive as Japan’s leader to strengthen the nation’s power, including defence capabilities, and wants to realise a new golden age of the Japan-US alliance with President Trump.
- US President Trump said former PM Abe was a great friend of his and noted that the US has received Japan’s orders of military equipment, which Trump appreciates, while Trump said they are signing a deal and that the US-Japan trade deal is a very fair deal. Furthermore, Trump said this will be a relationship that will be stronger than ever before and that the US is Japan’s ally at the strongest level.
- US Treasury Secretary Bessent highlighted in a meeting with Japanese Finance Minister Katayama the important role of sound monetary policy formulation and communication in anchoring inflation expectations and preventing excessive exchange rate volatility. It was also stated that conditions are substantially different twelve years after the introduction of Abenomics, while Bessent was glad to hear Katayama’s perspective on Japanese fiscal measures under consideration and expressed eagerness to learn more as the full package is developed to better understand its potential impact.
- Japanese Economy Minister Kiuchi said foreign exchange moves are determined by various factors and it is important for foreign exchange moves to reflect fundamentals and remain stable, while he added it is important to avoid rapid, short-term fluctuations in foreign exchange moves.
- Japan and South Korea are coordinating to hold the first summit meeting between PM Takaichi and South Korean President Lee on October 30th on the sidelines of the APEC summit meeting in South Korea, according to Asahi.
- Japan’s Finance Minister Katayama says there’s been no direct talks about the direction of Japanese monetary policy when asked about US Treasury Secretary Bessent’s readout. There’s no change to US-Japan joint statement on Forex. Bessent wasn’t urging BoJ to raise interest rate.
- Ping An Insurance (2318 HK) 9M (CNY) Net Income 132.9bln (prev. 119.2bln Y/Y), Revenue 901.7bln (prev. 861.8bln Y/Y).
- Bank of China (3988 HK) Q3 2025 (CNY): Net 60.1bln (prev. 57.2bln Y/Y), NII 111.0bln (prev. 109.2bln Y/Y).
DATA RECAP
- South Korean GDP QQ (Q3 A) 1.2% vs. Exp. 0.9% (Prev. 0.7%); YY (Q3 A) 1.7% vs. Exp. 1.5% (Prev. 0.6%)
c) Asian Opening report
US-Japan sign agreement for minerals and rare earths; European futures lower following tailwind from APAC – Newsquawk European Opening News
Tuesday, Oct 28, 2025 – 02:29 AM
- APAC stocks failed to sustain the momentum from the record highs on Wall St and were mostly subdued.
- US President Trump and Japanese PM Takaichi signed an agreement on the US-Japan alliance and framework for securing the supply of critical minerals and rare earths.
- European equity futures indicate a lower cash market open with Euro Stoxx 50 future down 0.2% after the cash market closed with gains of 0.6% on Monday.
- DXY is net negative amid gains in the JPY with USD/JPY slipping below the 152 mark post-Trump and Takaichi meeting.
- Global fixed income markets are broadly firmer. Crude has struggled for direction following the prior day’s choppy performance.
- Looking ahead, highlights include German GfK (Nov), Richmond Fed (Oct), CaseShiller Home Prices (Aug), Consumer Confidence (Oct), ECB SCE (Sept), RBNZ’s Richardson, Supply from Italy, UK, Germany & US.
- Earnings from Visa, Electronic Arts, PPG Industries, UnitedHealth, SoFi, PayPal, UPS, DR Horton, VF Corp, HSBC, BNP Paribas, Novartis, Logitech, Iberdrola & ASM International.
SNAPSHOT
Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
US TRADE
EQUITIES
- US stocks were firmer and buoyed by the risk-on sentiment to start the week amid reports that the US and China agreed on a framework for a trade deal ahead of the Trump/Xi meeting later this week. Sectors were predominantly green with Communications leading the gains, followed by Tech and Discretionary, while Consumer Staples and Materials were the only sectors in the red. The stock-specific highlight was arguably Qualcomm (QCOM), which surged after announcing the launch of Qualcomm AI200 and AI250 chip-based accelerator cards and racks for data centres. As a result of the heightened risk appetite, spot gold was pressured and fell beneath USD 4k/oz, while the crude complex was initially bid, but later sold off to settle in the red.
- SPX +1.23% at 6,875, NDX +1.83% at 25,822, DJI +0.71% at 47,545, RUT +0.28% at 2,520.
- Click here for a detailed summary.
TARIFFS/TRADE
- US President Trump and Japanese PM Takaichi signed an agreement on the US-Japan alliance and framework for securing the supply of critical minerals and rare earths. White House said that the US and Japan plan to use economic policy tools and coordinated investment to accelerate the development of diversified, liquid, and fair markets for critical minerals and rare earths. Furthermore, within six months of the framework’s date, Japan and the US intend to take measures to support projects that generate end products for delivery to buyers in the US, Japan, and like-minded nations, while they will work to secure their critical minerals and rare earths supply chains by addressing non-market policies and unfair trade practices.
- Japanese senior government official said Japan and the US governments are preparing to release a fact sheet that includes potential investment projects in the US, while the fact sheet will include power generation and automobile-related products as potential investment projects and is expected to include company names such as Mitsubishi Heavy Industries.
- Japan is “very close” to opening its market to Brazilian beef, according to Brazil’s agriculture minister, in a move that would be a further blow to US exports, according to Bloomberg.
- China and ASEAN signed a free trade area 3.0 upgrade protocol, according to Xinhua.
- Ontario Premier Ford declined to apologise for sponsoring an anti-tariff television commercial that US President Trump used as a reason to terminate high-stakes trade talks with Canada, according to Bloomberg.
- UK is seeking a ‘steel club’ with the US and the EU to tackle Chinese oversupply, according to FT, while Britain’s Trade Minister said an alliance is a natural response to the global glut of metal, although talks had not yet reached a stage of a written proposal.
APAC TRADE
EQUITIES
- APAC stocks failed to sustain the momentum from the record highs on Wall St and were mostly subdued amid some profit taking and positioning ahead of this week’s upcoming risk events.
- ASX 200 retreated in the absence of major catalysts and was dragged lower by weakness in healthcare, tech and miners.
- Nikkei 225 pulled back from all-time highs amid a firmer currency and despite US President Trump’s visit to Japan, where he met with PM Takaichi and signed an agreement on US-Japan alliance and securing supply of critical minerals and rare earths.
- Hang Seng and Shanghai Comp were choppy ahead of the major risk events later in the week including the central bank decisions and the Trump-Xi meeting, while participants also reflected on recent comments from PBoC Governor Pan that they will resume government bond purchases and sales in the open market, as well as continue to maintain a supportive monetary policy stance and implement a properly loose monetary policy.
- US equity futures (ES U/C, NQ U/C) traded rangebound and took a breather following the prior day’s record highs on Wall St.
- European equity futures indicate a lower cash market open with Euro Stoxx 50 future down 0.2% after the cash market closed with gains of 0.6% on Monday.
FX
- DXY mildly softened in rangebound trade with little fresh catalysts for the dollar ahead of central bank rate decisions later this week, including from the FOMC on Wednesday, while newsflow stateside remained sparse with President Trump currently in Asia, although Treasury Secretary Bessent recently named the five candidates in the running to be the next Fed chair.
- EUR/USD eked slight gains, albeit with upside limited amid a lack of drivers and with the ECB widely anticipated to stand pat at its meeting on Thursday.
- GBP/USD breached through yesterday’s resistance, although gains were capped amid a report that the UK OBR is expected to cut its trend productivity growth forecast by about 0.3%, which is said to threaten a GBP 20bln hit to UK public finances.
- USD/JPY continued its pullback and dipped beneath the 153.00 level amid the cautious mood across the Asia-Pac region and the readout from the Trump-Takaichi meeting.
- Antipodeans remained afloat and held on to the prior marginal gains in uneventful trade amid a light calendar.
- PBoC set USD/CNY mid-point at 7.0856 vs exp. 7.1029 (Prev. 7.0881)
FIXED INCOME
- 10yr UST futures marginally edged higher as sentiment in Asia turned cautious, but with upside capped by supply.
- Bund futures rebounded from Monday’s trough but remained beneath the 130.00 level with the recovery limited ahead of German GfK data and issuances including EUR 4.0bln of Bobls later, followed by EUR 4.5bln of Bunds tomorrow.
- 10yr JGB futures gradually edged higher alongside the subdued risk appetite and in the absence of any data, while participants also await the BoJ policy decision later in the week, in which the central bank is expected to refrain from any adjustments, although focus will also be on any clues for when the central bank will resume hiking rates.
COMMODITIES
- Crude futures struggled for direction following the prior day’s choppy performance, while reports noted that OPEC+ is leaning towards another modest production increase at its meeting later this week.
- OPEC+ base case scenario is a small hike for now, according to Bloomberg citing delegates, while the group is so far expected to focus on a third monthly increase of 137k BPD.
- IEA chief Birol said a significant chapter for LNG is starting soon and that 300bcm of LNG is to hit markets in the next five years. Birol said that, absent major geopolitical tensions, oil and gas prices are expected to be lower, while he added that sanctions could push oil prices upward, but the effect is likely to be limited due to surplus capacity and slowing demand.
- Venezuela’s President Maduro announces immediate suspension of energy agreements with Trinidad and Tobago.
- Spot gold attempted to nurse some of the prior day’s losses but ultimately failed to sustain the USD 4,000/oz status.
- Copper futures ultimately declined amid the cautious mood in Asia ahead of this week’s major risk events.
CRYPTO
- Bitcoin traded indecisively on both sides of the USD 114k level and within relatively contained parameters.
NOTABLE ASIA-PAC HEADLINES
- Japanese PM Takaichi thanked US President Trump for his enduring friendship with late PM Shinzo Abe, while she added that President Trump contributed to Asia’s peace, including the Thai-Cambodia deal, and stated that the Middle East deal was an unprecedented historical achievement. Takaichi said she highly values Trump’s commitment to world peace and stability, as well as expressed readiness to promote further collaboration with the US to achieve a free and open Indo-Pacific. Furthermore, Takaichi said she will continue to strive as Japan’s leader to strengthen the nation’s power, including defence capabilities, and wants to realise a new golden age of the Japan-US alliance with President Trump.
- US President Trump said former PM Abe was a great friend of his and noted that the US has received Japan’s orders of military equipment, which Trump appreciates, while Trump said they are signing a deal and that the US-Japan trade deal is a very fair deal. Furthermore, Trump said this will be a relationship that will be stronger than ever before and that the US is Japan’s ally at the strongest level.
- US Treasury Secretary Bessent highlighted in a meeting with Japanese Finance Minister Katayama the important role of sound monetary policy formulation and communication in anchoring inflation expectations and preventing excessive exchange rate volatility. It was also stated that conditions are substantially different twelve years after the introduction of Abenomics, while Bessent was glad to hear Katayama’s perspective on Japanese fiscal measures under consideration and expressed eagerness to learn more as the full package is developed to better understand its potential impact.
- Japanese Economy Minister Kiuchi said foreign exchange moves are determined by various factors and it is important for foreign exchange moves to reflect fundamentals and remain stable, while he added it is important to avoid rapid, short-term fluctuations in foreign exchange moves.
- Japan and South Korea are coordinating to hold the first summit meeting between PM Takaichi and South Korean President Lee on October 30th on the sidelines of the APEC summit meeting in South Korea, according to Asahi.
DATA RECAP
- South Korean GDP QQ (Q3 A) 1.2% vs. Exp. 0.9% (Prev. 0.7%)
- South Korean GDP YY (Q3 A) 1.7% vs. Exp. 1.5% (Prev. 0.6%)
GEOPOLITICS
MIDDLE EAST
- Palestinian TV reported that Israeli vehicles fired on the eastern areas of Gaza City, according to Sky News Arabia.
RUSSIA-UKRAINE
- Lukoil reportedly intends to sell its foreign assets after sanctions were imposed against the company, according to Interfax.
- US reportedly floated a six-month deadline for Berlin to sort out the ownership limbo affecting the German assets of Russian oil major Rosneft PJSC, allowing them to be temporarily exempted from US sanctions, according to Bloomberg sources.
OTHER
- US State Department senior official said the US expects Thailand will work with Cambodia to begin the release of 18 soldiers immediately, while the official added that US policy towards North Korea remains aimed at denuclearisation, and that US policy on Taiwan has not changed.
- North Korea said Foreign Minister Choe met with Russian President Putin and discussed many businesses to strengthen bilateral relations, while Choe and Russia’s Foreign Minister Lavrov agreed on all points while holding strategic discussions on global issues. Furthermore, the North Korean side expressed support for Russian measures to remove the root of the Ukraine conflict, and the Russian side expressed support for North Korean efforts to protect its current position, security interests, and sovereign rights, according to KCNA.
EU/UK
NOTABLE HEADLINES
- UK OBR is expected to cut its trend productivity growth forecast by about 0.3%, according to FT citing sources, increasing the prospect of big tax rises, including income tax. It was noted that Chancellor Reeves faces a GBP 20bln hit to UK public finances from the productivity growth downgrade.
- UK is to stop disclosing identity of stock market short sellers, with the FCA overhauling regulations in a break from EU rules to be more in line with the US, according to FT.
DATA RECAP
- UK BRC Shop Price Index YY (Sep) 1.0% vs Exp. 1.6% (Prev. 1.4%)
1A NORTH KOREA/SOUTH KOREA
SOUTH KOREA//USA/
2B JAPAN
Trump Praises Japan As Key Ally, Signs Rare-Earths Deal And U.S. Investment Boost
Tuesday, Oct 28, 2025 – 07:05 AM
President Trump’s second stop on his three-country Asia tour was Japan, where he met overnight with newly elected conservative Prime Minister Sanae Takaichi and reaffirmed the U.S.-Japan alliance. He praised Takaichi’s plans to boost defense spending to 2% of GDP and pledged unwavering U.S. support, calling the partnership “an ally at the strongest level.”
“I want to just let you know anytime you have any question, any doubt, anything you want, any favors you need, anything I can do to help Japan, we will be there,” Trump said. “We are an ally at the strongest level.”
“We’re going to do tremendous trade together, I think, more than ever before,” Trump said, adding that he expected the U.S.-Japan relationship would be “stronger than ever before.”
Trump and Takaichi signed deals on trade and critical minerals, largely formalizing and extending prior agreements. At the center of the deals was a $550 billion Japanese investment pledge for U.S. projects.
The first agreement, which was very brief, called for a “new golden age” in the U.S.-Japan alliance and referred to the “GREAT DEAL” on trade that Trump announced in July, which imposes a 15% tariff on Japanese goods in exchange for $550 billion in Japanese investment in the United States.-NBC
Trump framed the fund as one the U.S. could “invest as we like,” while Japan described it as loans and guarantees backing Japanese firms’ U.S. operations. Both sides emphasized coordination on permitting, financing, and resource mapping, but the White House acknowledged that the agreements remain ill-defined.
Headlines from the White House:
Additional headlines from earlier:
- Trump thanked Japan for its massive investment commitments and highlighted Toyota’s ongoing expansion in the U.S., noting the automaker is “putting auto plants all over the United States to the tune of over $10 billion.”
- The U.S. president also highlighted America’s renewed push to rebuild its shipbuilding industry, remarking, “We used to be No. 1 at making ships, and then we lost our way. But now we’re starting to make ships again, and we’ll do it very soon.” Trump cited last year’s $100 million acquisition of the Philly Shipyard by South Korea’s Hanwha Group as a key step toward modernizing U.S. shipbuilding capacity.
U.S. Treasury Secretary Scott Bessent and Japanese Finance Minister Satsuki Katayama also met. Here’s a summary of that via UBS analyst Simon Penn:
U.S. Treasury Secretary Scott Bessent seemed to be more diplomatic towards the BoJ in his face-to-face meetings in Tokyo than he’s previously been when at home. The U.S. Treasury Department reported that during his meeting with Japanese finance minister Katayama he said there was a need for “sound monetary policy formulation and communication in anchoring inflation expectations.” In the past Bessent had complained that the BoJ was getting behind the curve with policy relative to inflation. In his Tokyo meetings, he still made his point, but was careful in approach. The Treasury Department said he had told Katayama that economic conditions were very different today compared to a twelve years ago and the introduction of Abenomics when the BoJ’s ultra easy policy was the third arrow of economic support.
Even with these high-level trade meetings, Asian markets traded more softly this morning, led by weakness in technology stocks. South Korea and Taiwan underperformed, while Chinese equities remained rangebound. Japan’s market consolidated, with the Nikkei closing down a little more than half a percent.
World equity stock indexes
Tomorrow, Trump heads to South Korea, where he will meet with Chinese President Xi Jinping later this week.
3. CHINA
CHINA/USA
US To Roll Back Some China Tariffs If Beijing Cracks Down On Export Of Fentanyl Precursor Chemicals
Tuesday, Oct 28, 2025 – 12:50 PM
The US is prepared to roll back some tariffs on China if Beijing cracks down on the export of chemicals that produce fentanyl, under a trade framework that President Trump and Chinese leader Xi Jinping are set to discuss Thursday, the WSJ reported citing people familiar.
According to the report, China is expected to commit to more controls on the export of precursor chemicals used to make fentanyl. In return, the U.S. could cut its 20% fentanyl-related tariff on Chinese goods by as much as 10%, the people said.
If Trump lowers the fentanyl-tariff on Chinese goods to 10%, it would bring the average tariff on most Chinese imports, currently around 55%, to about 45%. That would put China’s average tariff rate closer to those of other trading partners, potentially reducing the price competitiveness of goods manufactured outside of China. Indicatively, goods from India and Brazil face 50% tariffs, and the Trump administration has said Chinese goods transshipped through Southeast Asian nations would face 40% tariffs, much higher than the 19%-20% rate for other goods from the region.
Bringing the total tariffs on China closer to the 40% levies threatened on Southeast Asian nations would reduce the incentive for Chinese firms to transship goods through those economies to the U.S., while potentially motivating more direct trade between China and the U.S.
The administration reached two trade agreements and two frameworks with Southeast Asian nations this week that included provisions to prevent China from exporting goods through their economies at below-market prices.
The U.S. and China are also expected to reduce port fees on each other’s ships, the report goes on.
Separately, China is also expected to commit to significant purchases of American soybeans, Bessent said in a CBS News interview on Sunday, potentially bringing relief to U.Sp. farmers hit hard by the loss of Chinese buyers this year.
If Beijing agrees, the framework would ease market-rattling tensions between the world’s two biggest economies. Earlier this month, China tightened controls on rare earths, a sector it dominates, potentially jolting global supply chains that rely on them to manufacture everything from electric vehicles to jet fighters. In turn Trump threatened another 100% tariffs on China. Now, under the new framework, the U.S. expects China to delay the new rare-earths rules.
“I believe that they are going to delay that for a year while they re-examine it,” Bessent said in an interview with ABC News on Sunday.
The expected deferral of China’s latest rare-earth controls means Trump’s threat to impose a 100% tariff on all Chinese goods by Nov. 1 is now “effectively off the table,” Bessent told CBS News.
There’s more: Chinese negotiators are also expecting the U.S. to freeze potential new policy actions deemed as harmful to China, such as controls on exports of products made with U.S. software. Bessent told CBS News on Sunday there have been no changes to U.S. export controls.
It is unclear how the framework would affect a different set of rare-earths restrictions that Beijing announced in April. The established licensing system suggests authorities could ramp up rare-earth restrictions again if the U.S. were to impose new trade policies deemed harmful to China.
Chinese Vice Commerce Minister Li Chenggang, a senior member of China’s trade delegation, said the two sides have reached “preliminary consensus” on issues including export controls, reciprocal tariffs, fentanyl-related tariffs, cooperation on fentanyl, an expansion of bilateral trade and port fees. Both sides will then go through domestic approval processes, he said.
“The current turbulences and twists and turns are the ones that we do not wish to see,” Li said.
Federal Bureau of Investigation Director Kash Patel is set to travel to Beijing to discuss the fentanyl issue with Chinese authorities, said people familiar with the matter.
The expected agreements are subject to change and dependent on the meeting of the two leaders. Details are expected to be hammered out in subsequent negotiations.
4 EUROPEAN/NATO AFFAIRS
HUNGARY.USA/RUSSIA
US Steps Up Pressure On Hungary To Cut Off Russian Oil
Tuesday, Oct 28, 2025 – 05:00 AM
Authored by Tsvetana Paraskova via Oilprice.com,
The U.S. is increasing pressure on Hungary to cut off its reliance on Russian oil imports and vows to work with Hungarian authorities and neighboring countries to help Budapest wean off Russian supply, a senior U.S. diplomat says.
Matthew Whitaker, the U.S. Ambassador to NATO, rejected in a Fox News interview suggestions from Hungarian politicians that the U.S. is giving Hungary a pass to continue importing Russian oil.
“Hungary, unlike many of their neighbors, has not made any plans or made any active steps,” Whitaker told Fox News in an interview.
“So we’re going to continue to work with them and we’re going to work with their neighbors like Croatia, and other countries that can help them wean themselves off,” the Ambassador added.
The U.S. official made clear that the United States expects Hungary to cut off Russian oil imports in the future and come up with a plan to do so.
“There’s a lot of planning that our friends in Hungary should do and we’re going to help them obviously, as a good ally, to make those plans and execute them to get them off of Russian oil and gas,” Whitaker told Fox News.
Hungary, whose top officials have remained in contact with Russia’s leadership including Putin, has continuously clashed with its fellow EU member states over plans to ditch Russian gas by 2027 and cut off oil supply from Moscow as soon as possible.
However, Hungarian Prime Minister Viktor Orban suffered diplomatic setbacks last week after the U.S. called off a Trump-Putin meeting in Hungary’s capital city Budapest and sanctioned the two biggest Russian oil firms, Rosneft and Lukoil.
Orban suggested that “The battle is not over yet” over Hungary’s choice of oil supply.
But the U.S. appears unfazed by the Hungarian pledges to find a way to work around the American sanctions and Whitaker told Fox News in no unclear terms that the United States expects Hungary to prepare a plan to wean itself off of Russia’s energy supply.
END
GERMANY/KOLBE
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
TBN ISRAEL/LAST 24 HR
ISRAEL VS HAMAS
Hostage remains arrive at forensic institute for identification procedures
Forensic scientists are conducting tests on the remains to ascertain an official identification.
Red Cross vehicles transport the bodies of deceased hostages who had been held in Gaza since the deadly October 7, 2023 attack, after they were handed over by Hamas militants as part of a ceasefire and a hostages-prisoners swap deal between Hamas and Israel, in Gaza City, October 14, 2025.(photo credit: REUTERS/DAWOUD ABU ALKAS)ByAMICHAI STEIN, JERUSALEM POST STAFFOCTOBER 27, 2025 16:17Updated: OCTOBER 28, 2025 01:46
The remains of a slain hostage were transferred into Israeli territory by the IDF on Monday evening, and arrived at the National Institute for Forensic Medicine in Abu Kabir at approximately midnight.
Military representatives accompanied the families to the institute where forensic scientists have begun the identification process.
“The IDF requests that the public act with sensitivity and wait for the official identification, which will first be provided to the families,” a statement from the IDF and Shin Bet (Israel Security Agency) read.
Earlier, Hamas announced that the handover would occur at 9 p.m. The actual handover happened at around 10 p.m.
A member of Hamas’s Izzadin al-Qassam Brigades told Al Jazeera earlier in the day that the remains had been discovered during excavation efforts in the Tuffah neighborhood in Gaza City. The Gaza City area is currently on the Hamas side of the Yellow Line as dictated by the ceasefire deal.
Separately, Hamas told Arab mediators that it is working to excavate between seven and nine bodies of slain hostages from the Gaza Strip, Saudi network Asharq News reported on Monday.
The Palestinian terror organization confirmed the locations of the bodies in different areas in the Gaza Strip, a source familiar with the search told Asharq.
No specific date for the handover has been set.
The source added that as soon as the remains are excavated, Hamas will hand them over to the Red Cross. However, the source did not say if all of the remains will be released in one handover.
Asharq reported that several days ago, Hamas requested through mediators that the IDF withdraw from “certain areas outside the so-called yellow line” in southern Gaza in order to finish looking for the hostages’ remains.
Trump gives Hamas 48-hour deadline to speed up hostage body return process
The Asharq report comes after US President Donald Trump warned Hamas on Saturday that the terror group needed to work more quickly to return the hostages’ remains.
“Hamas is going to have to start returning the bodies of the deceased hostages, including two Americans, quickly,” he wrote.
Trump gave Hamas a 48-hour deadline to return more hostage bodies.
“Let’s see what they do over the next 48 hours. I am watching this very closely,” he affirmed.
END
THEN;
ISRAEL/HAMAS
ceasefire ends!
Ceasefire Unraveling? Netanyahu Orders ‘Powerful’ Strikes On Gaza
Tuesday, Oct 28, 2025 – 12:30 PM
“Prime Minister Netanyahu instructed the military echelon to carry out immediate and powerful strikes in the Gaza Strip,” a statement issued moments ago by the Prime Minister’s office indicates.
“Following security consultations, Prime Minister Netanyahu instructed the military to immediately carry out powerful strikes in the Gaza Strip,” a statement from his office says. Netanyahu has accused Hamas of committing a “clear violation” of the ceasefire deal.
Though the past over 2-weeks in which the Hamas ceasefire has held has witnessed intermittent flare-ups in fighting, this could be the big one which unravels the whole thing.
Less than an hour before the new strikes were ordered by Netanyahu, Fox News’ Trey Yingst reported, “Hamas violated the ceasefire by attacking IDF soldiers in Rafah, I’m told by an Israeli military official.”
And Al Jazeera says, “In a sign of the fragility of the ceasefire, Israeli troops were shot at in the southern city of Rafah on Tuesday and returned fire, an unnamed Israeli military official told The Associated Press.”
- SHEKEL HITS SESSION LOW AS NETANYAHU INSTRUCTS ON GAZA STRIKES
- HAMAS SAYS POSTPONES TODAY’S HANDOVER OF ISRAELI HOSTAGE BODY
Expect the blame-game to begin, as IDF strikes resume in the Gaza Strip once again. Since the ceasefire has been on, however, some 100 Palestinians have died. Thirteen bodes of hostages remain in Gaza.
Axios reviews of the latest developments:
- The Trump administration has been focusing over the last several weeks on stabilizing the ceasefire and pressing both parties to avoid steps that could detonate it.
- As part of that mission, the White House sent several top officials to Israel and established a U.S. command center in Israel to oversee it and monitor the situation on the ground.
- But a deepening dispute over the return of deceased hostages by Hamas, and a firefight on Tuesday in the city of Rafah, intensified calls in Israel for military action. The strikes Netanyahu ordered could rupture the ceasefire altogether.
The question over the remaining deceased hostage bodies has renewed put pressure on the Netanyahu government to not move on to the second phase of ceasefire:
The families of Israeli hostages on Monday demanded that the next steps in the US-brokered Gaza peace plan be put on hold until Hamas returns the remaining bodies of dead captives.
“Hamas knows exactly where every one of the deceased hostages is held. Two weeks have passed since the deadline set in the agreement for the return of all 48 hostages, yet 13 remain in Hamas captivity,” the Hostages and Missing Families Forum said.
Further, the Israeli military has accused Hamas of staging a propaganda campaign which lies about efforts to recover slain hostages:
developing…
update:
US Insists Ceasefire Will Hold As Israel Launches Heavy Strikes On Gaza City
Tuesday, Oct 28, 2025 – 02:57 PM
Update(1457ET): Israel’s Defence Minister Israel Katz has alleged Hamas fighters attacked IDF troops despite an ongoing ceasefire. “Hamas will pay a heavy price for attacking soldiers in Gaza and for violating the agreement to return the bodies of the hostages,” Katz said as heavy bombardments in the Strip have been reported. He declared Hamas’ actions are “crossing of a bright red line, to which the [military] will respond with great force.”
Gaza’s civil defense agency has confirmed several airstrikes in a statement to Al Jazeera. Hamas is denying the accusations, in a statement saying “Israel must realize we are committed to the agreement, and they must stop falsely accusing us of violating it.” This as Al Jazeera writes, “For the past 30 minutes, there has been major activity in the air over Gaza’s skies, with drones hovering above.” A series of airstrikes have hit Gaza City in particular.
In response to these developments the US is insisting it believes the ceasefire will hold. “Despite the clashes today, the ceasefire agreement in Gaza will continue,” Vice President J.D. Vance said Tuesday afternoon.
ISRAEL VS HEZBOLLAH
As Gaza Ceasefire Surpasses Two Weeks, Israel Ramps Up Strikes In Lebanon
by Tyler Durden
Monday, Oct 27, 2025 – 11:00 PM
Despite a US-backed ceasefire having officially been in place for over a year in Lebanon, Israel has been steadily ratcheting its aerial attacks in southern Lebanon, against what it says are Hezbollah and terror targets, resulting in scores of casualties.
The latest attack came on Monday, with the Israel Defense Forces (IDF) having confirmed an airstrike in the al-Biyad area of southern Lebanon, which killed two Hezbollah operatives.
One of the operatives has been named by the IDF and in regional media as Hussein Ibrahim Suleiman, a member of Hezbollah’s elite Radwan Force. The IDF announced, “The terrorists were involved in advancing terror attacks toward the territory of the State of Israel and were eliminated while working to rebuild a terror infrastructure.”
“The actions of the terrorists constituted a threat to the State of Israel and its citizens, and a violation of the understandings between Israel and Lebanon,” the military added.
Several days of reporting and documentation in Beirut-based outlet The Cradle has indicated Israel’s assaults have been happening for five consecutive days, also at a moment the United States has kept up steady pressure on the Lebanese government to disarm Hezbollah. At least two Lebanese were also killed in attacks out of Israel on Sunday.
The total death toll is now at least 12 killed since last Thursday, with some of the attacks being drone strikes on single vehicles. Israel is apparently seeking to assassinate elite Hezbollah commanders in some cases.
There’s been an official status of ceasefire going back to November of 2024. But that’s been interrupted by intermittent Israel attacks, including a huge wave of airstrikes last June.
Prompted by military losses and shifting regional geopolitics, Hezbollah has reportedly been considering a major strategic shift that would see the group undertake a major disarmament, according to earlier reporting in Reuters.
Pursuant to the November ceasefire that ended its recent war with Israel, Hezbollah has turned over security responsibilities south of the Litani River to the Lebanese Armed Forces. Alongside that shift, the group has also handed over weapons depots in that part of the country.
The past several days has seen the IDF proclaim that various Hezbollah commanders have been taken out in ‘targeted strikes’:
In September 2024, Israel unleashed a massive attack on Hezbollah members, detonating thousands of pagers that Israeli intelligence had loaded with the explosive PETN. Nearly 3,000 people were wounded and at least a dozen killed, including two children. That same month, an Israeli airstrike killed the group’s leader for 32 years, Hassan Nasrallah.
Hezbollah’s position has also been weakened by the December fall of Syria’s Assad regime, as a years-long US-led regime-change effort finally culminated in the secular, Iran-friendly Bashar al-Assad being replaced by the former leader of Jabhat al-Nusra.
END
RUSSIA VS UKRAINE
RUSSIA UKRAINE/USA
TRUMP RESPONDS:
‘Not Playing Games’: Trump Responds To Putin Testing ‘Invincible’ Nuclear Cruise Missile
Monday, Oct 27, 2025 – 10:45 AM
Russian President Vladimir Putin on Sunday touted a successful test of his military’s new “invincible” nuclear-capable cruise missile, which means a next step of actually deploying the doomsday weapon as part of Russia’s strategic arsenal.
Putin oversaw the test in a video released by the Kremlin while dressed in military fatigues, which included him ordering his top general to start preparing the Burevestnik missile for integration into active forces. “We need to determine the possible uses and begin preparing the infrastructure for deploying these weapons to our armed forces,” Putin sated.
President Donald Trump has reacted to the announcement in an early Monday statement, saying it is “not appropriate” amid ratcheting tensions between Moscow and Washington and as peace talks have stalled.
Trump described that Putin should focus on ending the war with Ukraine rather than testing missiles. He was pressed on the issue by reporters on Air Force One regarding the nuclear test.
“They know we have a nuclear submarine, the greatest in the world, right off their shores,” Trump posited in response. “We don’t need to go 8,000 miles. Putin ought to end the war — a war that should’ve taken one week is now in its fourth year,” he continued. “That’s what he ought to do instead of testing missiles.”
But he also noted of the US military, “We test missiles all the time.” He said this to perhaps downplay the seriousness of the event in the exchange with reporters:
“They are not playing games with us. We are not playing games with them either. We test missiles all the time,” he said.
While Russia first disclosed the test on Sunday, it actually took place on October 21 according to the Kremlin announcement.
Citing Chief of the General Staff Valery Gerasimov, Russian media describes:
The missile completed a multi-hour flight that covered 14,000km, though he stressed that this is not the range limit for the Burevestnik.
“The technical characteristics of the Burevestnik missile make it capable of striking highly protected targets at any distance with guaranteed accuracy,” Chief of the General Staff Valery Gerasimov stated.
“During the test flight, the missile successfully performed all designated vertical and horizontal maneuvers, demonstrating its strong ability to evade anti-missile and air defense systems.”
Below: audio of the Trump exchange with reporters…
Gen. Gerasimov additionally described that no other nation in the world has such a ‘unique’ weapon which is practically invincible. “It is undetectable by conventional radar and can only be tracked by specialized spacecraft during the launch and acceleration phases,” Russian media has additionally claimed.
The Burevestnik project was first publicly disclosed during initial development by President Putin in 2018, when he said that a one-of-a-kind weapon with unlimited range and extreme maneuverability was being worked on.
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
MAHA’s Moment To Prove Itself: The 2026 Midterms
Monday, Oct 27, 2025 – 05:40 PM
Authored by Philip Wegmann via RealClearPolitics,
President Trump leafed through the MAHA report moments before its public release, scanning the document that laid the blame for chronic disease in children on everything from ultra-processed foods and a lack of exercise to toxic chemicals and overprescription of medicines.
He asked only one thing when he looked up from his reading: How many of its recommendations could be implemented and how quickly?
Cabinet members replied that they were prepared to move quickly. Trump signaled his satisfaction but, according to sources in the East Room that day last May, delivered a warning. Before staff opened the roundtable discussion to the press, the president told his people, “If you don’t get it done, you’re fired.”
The celebrity president often recycles his famous catchphrase from his era in reality television, but while he became famous for rather unceremoniously firing members of his first administration, he has not given anyone the boot during his second White House season. Whether it was a quip or a threat, the message was received. Trump is serious about cementing the MAHA movement into the greater MAGA coalition, especially before the coming midterms.
Between 4 and 6% of non-Trump voters backed him for the first time last November precisely because he adopted the vow of Robert F. Kennedy Jr. to “make America healthy again.” As Republicans now look down ballot, they hope to bottle that “MAHA bounce” to save their congressional majorities. Sources inside the administration and allies outside of it believe that embracing the movement would not only deliver new voters but also give the GOP a ready answer on how to talk about health care.
“It is just an incredible gift to the Republican Party,” Tony Lyons who now leads MAHA PAC – the political action committee most associated with the movement – told RealClearPolitics. Trump doesn’t believe it came with a gift receipt. He has already embraced, and personally advanced, much of the movement’s agenda.
Trump brought the Presidential Fitness Test back to public schools and advertised the gym exam as “a wonderful thing.” His administration has pressured corporations to ditch artificial food dyes, taken steps to make sugary drinks and soda ineligible for food stamps, and banned the prescription of ingestible fluoride for children. He floated a disputed theory about the connection between the painkiller acetaminophen and childhood autism, telling pregnant women to “tough it out” rather than take Tylenol.
Some of the moves have been more controversial than others. Kenvue, the manufacturer of Tylenol, for instance, disputed Trump’s claim, citing “independent, sound science.” But a senior administration official heralded Trump all the same for “embracing messy conversations around agriculture, vaccines, and pharmaceutical product.” It was evidence, the official told RCP, that the administration is willing to “touch the hot stove” if it means fostering a debate about the health of the nation.
It is also a signal to some health-conscious voters, many of whom voted Democratic prior to 2024, that they have a home in the Republican party. “Right now, these Trump voters – the GOP is just renting them,” Trump pollster John McLaughlin told RCP. Speaking of the coalition Trump cobbled together consisting of disaffected Democrats and traditionally liberal constituencies, he added that Republicans “need to make a decision if they’re going to make them permanent.”
After Trump brought MAHA voters into the fold, according to a senior administration official, the question now is whether “it is a credible statement to say that MAHA is an important tool to broaden the Republican coalition and win future elections.” The GOP will have to swim alone in populist waters someday, the official added, while explaining the urgency on the right to solidify the realignment that Trump achieved in 2024: “There’s a growing sense that we need to have MAGA outlast Trump.” Hence, the efforts to keep MAHA onboard ahead of the midterms.
Republicans are still trying to figure out MAHA. The sentiment is simple enough. The movement is new as a political force and hardly a monolith. It is a patchwork of factions worried about everything from food safety to the pharmaceutical industry. One corner obsesses over the use of pesticides in agriculture. Another focuses entirely on the alleged link between autism and childhood vaccines. To critics, it is a collection of cranks, kooks, and online hustlers looking to earn a quick buck.
But the problems that the movement identifies have been undeniable for some time, even if the MAHA prognosis is not accepted.
“This is about the future of America. We’ve become the sickest, fattest, most disease-ridden nation in the world,” said Gary Brecka, host of “The Ultimate Human” podcast with a following in the millions. “We shouldn’t be proud of the fact that we spend $5 trillion a year on health care, and yet, we lead the world in things like morbid obesity, Type 2 diabetes, and multiple chronic diseases in a single biome.”
That is, not coincidentally, the same conclusion that the MAHA presidential coalition reached in a report authored by Secretary Kennedy. The kids are not all right, the HHS secretary concluded, calling them “the sickest generation in American history.”
“The pandemic rattled the cage of the world and certainly of America,” Brecka told RCP as he explained how the health focus that used to be predominantly a mainstay of blue enclaves like Brooklyn crossed over into red, and often rural, America. As far as the criticism goes, he replied, “The basic premise of science is a hypothesis, which is a question, right? And it’s very fascinating to me, that by asking questions about ‘the science’ that is somehow anti-science, when, in fact, it’s actually the very foundation of science itself.”
Credentialed experts will quibble with, and have already criticized, that sentiment. Those focused on the business of political science, namely winning elections, report that MAHA will be potent in the midterms.
The movement remains popular across the political spectrum, including among Hispanic and black voters, according to a survey conducted over the summer by the Republican polling firm co/efficient. New polling released earlier this month by KFF (formerly Kaiser Family Foundation), meanwhile, found that nearly four in 10 parents, 38%, identify as MAHA supporters. Whether skeptics or disciples of the movement, parents overwhelmingly identified the same set of issues facing children’s health from social media to the prevalence of highly processed foods and the rise of obesity.
Those numbers point to an opening, said Ryan Munce, president of co/efficient. Health care remains a perennial political issue. Republicans are historically very good at articulating what they oppose, namely Obamacare. Opposition to the Affordable Care Act helped sweep GOP majorities into Congress in 2010 and 2014 and Trump into the White House in 2016. Now Munce is encouraging candidates “top to bottom” to embrace MAHA as a positive platform.
“If we don’t have those mid- to long-term solutions to what’s truly not a health care crisis, but a health crisis, in this country, the rest of the conversation about ‘is my premium going to be 10% higher or lower,’ while very important in the everyday,” he said, will obscure “the overall story.” In a word, Munce and other MAHA political operatives told RCP they are stressing something holistic.
Vani Hari agrees. “It is the answer,” she said, “because it’s the preventative answer, the answer to how you get out of a health care system that’s killing you, that’s killing all of us.” A former Democrat who served as an Obama delegate at the 2012 Democratic National Convention, she built a brand as “the Food Babe,” attracting a social media following in the millions with her warnings about ingredients in food she considers toxic. But now it is Republicans, not Democrats, who are scrutinizing the food industry and setting themselves up for political gain, said the woman the New York Times dubbed “the Taylor Swift of the MAHA moms.” Hari describes the current moment, and next November, as “for sure a reckoning.”
The GOP should not take that coalition as a given. While Trump and RFK Jr. have earned their support, Hari said that Republicans down-ballot still need to prove that they are on board. “We are going to do the side-by-side comparison for the candidates,” she told RCP, likening political analysis to the “side-by-side of ingredients” parents do in the grocery store when choosing between brands.
Her question will be, “How MAHA are they?”
The closest thing the movement has to a political nutritionist may be MAHA PAC, a super PAC founded by former RFK Jr. campaign staffers. Lyons, the leader of that organization, insists that the same voters who buoyed Kennedy in the Democratic primary, and later Trump in the general election, are about to prove themselves in the midterms. He believes the administration has delivered “dramatic wins” and made “incredible progress” acting unilaterally from the executive branch.
“But the fight is far from over,” he said. “We need the support of lawmakers to complete the mission, and we can offer our support, backed by millions of voters for whom health is an existential issue and millions of dollars that we’re raising from passionate donors.”
Among the MAHA faithful still waiting for more from Congress is activist Kelly Ryerson, who goes by “the Glyphosate Girl” on social media. The moniker is a reference to a key ingredient in some Roundup weed killers and a chemical culprit in certain cancers. Trump promised to crack down on pesticides. His administration has yet to rein in that industry, a fact that has disappointed some activists. First, the MAHA report seemed to go easy on the issue. Then, House Republicans advanced a spending bill that includes what critics call “a liability shield” for pesticide companies.
More than 200 MAHA activists, including Ryerson, penned an open letter to Trump warning that if Republicans do not crack down, “they risk losing both moral ground and political support.”
They were not subtle. “Mr. President, creating broad liability protections for pesticides is a losing issue for your party and your coalition,” the undersigned added, “and may well cost you the House majority in the midterms.”
Ryerson clarifies that she is thrilled with the president. She met with the EPA, FDA, and USDA during the Biden administration but never saw the same kind of results. She described Trump 2.0 to RCP as “a completely different ballgame” and insisted she still had “confidence that the goal is still to basically detoxify our food system.” Her frustration is with Congress.
And it could boil over.
Ryerson reports that there have been early conversations among some in the MAHA movement about backing primary challengers “to challenge the Republicans who just are not coming along.”
On Capitol Hill, Republicans have played nice with Kennedy. They have mostly welcomed the former Democrat into their ranks. He is, after all, the most popular member of the president’s cabinet at the moment. But the HHS secretary drew the ire of lawmakers with his plan to remake the Centers for Disease Control and Prevention, specifically its vaccine advisory panel.
The MAHA crowd has consistently called for more oversight of vaccines. Some draw a direct link between an increase in childhood autism diagnosis and a vaccine schedule they deem too aggressive, though medical experts widely dismiss that allegation. A clash came in committee last month.
Louisiana Sen. Bill Cassidy, a physician before politics, asked Kennedy if Trump deserved the Nobel Prize for Operation Warp Speed, the pandemic-era project that developed a COVID-19 vaccine in record time and has been credited with saving millions of lives. The HHS secretary said yes. Why then, alleged Cassidy, had he consistently opposed mRNA technology both as a private attorney and a public servant?
“As lead attorney for the Children’s Health Defense, you engaged in multiple lawsuits attempting to restrict access to the COVID vaccine,” Cassidy said. “It surprises me that you think so highly of Operation Warp Speed when as an attorney, you attempted to restrict access to the COVID vaccine.”
Kennedy countered that the COVID vaccine was effective against a particular mutation of the virus at a particular moment in time and noted that Trump had never supported a mandate. Cassidy then read from a letter from a medical colleague detailing confusion over which patients ought to receive the COVID shot. The FDA had just approved an updated vaccine for anyone age 65 and older, and any child six months or older with an underlying health condition that places them at increased risk of the virus.
“I would say effectively we are denying people vaccine,” the senator said.
“You’re wrong,” the secretary replied.
Cassidy was not the only Republican to voice displeasure. Wyoming Sen. John Barrasso, a physician and the second-ranking Republican in the upper chamber, reminded Kennedy that “in your confirmation hearings, you promised to uphold the highest standards for vaccines.” The changes Kennedy had made at HHS and CDC, he concluded, had left him “deeply concerned.”
It was a rare flashpoint between the administration and a generally accommodating Congress. But it isn’t likely to inspire Republican-on-Republican violence. Republican incumbents can breathe a sigh of relief as far as MAHA PAC is concerned. Lyons told RCP his organization isn’t looking to help mount a challenge from their flanks. He said that it wouldn’t be “the right move” for MAHA to tell lawmakers that “we’re going to primary them if they don’t do this or that.”
The political message of MAHA, according to Lyons, is that the coalition wants “to educate people and we want them to see the enormous potential for winning in the midterms based on this issue.”
Tension still lingers under the surface as the realignment continues. Asked about the criticism from Barrasso and Cassidy, a senior administration bristled to RCP that the pair “have been accepting pharmaceutical donations all their life.”
A Barrasso spokeswoman flatly dismissed that criticism, noting that the majority whip helped rally Republican support for Kennedy’s nomination both in committee and on the floor. They added that the senator-physician “has always been pro-vaccine but anti-mandate,” a position “no different” than that of Trump. Cassidy similarly voted for Kennedy and has also publicly praised several MAHA initiatives from getting petroleum-based dyes out of foods to demanding additional accountability from the pharmaceutical industry.
Cassidy and Barrasso introduced a resolution earlier this week to nominate Trump for the Nobel Peace Prize for launching Operation Warp Speed. The MAGA crowd would love to see Trump win, but they have largely soured on the product of that initiative.
Recent polling from the president’s own pollster, Tony Fabrizio, found that just 22% of Trump voters now believe it is currently “important” to receive the COVID jab. They are, however, overwhelmingly supportive of vaccines in general. A clear majority of Trump supporters, 73%, agree with the sentiment that “vaccines save lives.”
Trump still brags about Operation Warp Speed. He recently called it “one of the greatest things a president has ever done for this country, and you could say the world.” According to a report by the White House physician when Trump underwent a physical at Walter Reed Medical Center this month, he received the flu shot and a COVID-19 booster shot.
Democrats are already looking forward to the midterms and probing for fractures in the MAHA-MAGA alliance. Many of those voters, after all, once called the Democratic Party home.
“Trump and RFK Jr. are actively putting Americans at risk. They’ve alienated huge swaths of Americans by making it harder to get popular and safe vaccines, shamed pregnant women for using Tylenol, and disregarded the advice of doctors and medical experts,” said DNC spokeswoman Kendall Witmer. “Meanwhile, Trump and RFK Jr. have broken key promises they made to the MAHA movement on everything from pesticides to pollution to childhood diseases,” she added. “With the midterms approaching, the coalition that put Trump in office is falling apart, as Trump and RFK Jr. become a liability to Republicans down ballot.”
Some friction is to be expected between the GOP and the various MAHA sects. Ryerson chalked up the disconnect to a generational and ideological divide. Younger, health-forward voters recently brought into the Republican fold will have their differences with the old guard. But they aren’t likely to break with the right so long as Kennedy is at Trump’s side.
“Each time there is a hearing, and you see Democrats just tear RFK Jr. apart,” Ryerson said, “it is a good thing for Republicans.” This provides an opportunity for the GOP to reprise their role, she said, as “the MAHA component.”
And in this way Trump hopes to cement that part of his winning 2024 coalition into the fabric of his newly realigned party. White House spokesman Kush Desai reiterated that Trump has “full confidence” in Kennedy and endorses the overall mission of MAHA.
“The MAHA Agenda isn’t just a set of federal policy proposals, but a grassroots movement that’s revolutionizing the health decision-making of food companies, restaurant chains, and everyday Americans,” Desai said. “The administration is committed to building on this movement and uniting the Americans who want to restore American Greatness in every sense.”
Ahead of the midterms, if some get their way, this means adopting the MAHA message as the GOP answer on health care.
END
on with unlimited range and extreme maneuverability was being worked on.
GLOBAL ISSUES
Shock New Report Lays Out The Full Scale Of Environmental Damage Caused by Onshore Wind Turbines
5 – 03:30 AM
Authored by Chris Morrison via The Daily Sceptic,
Fresh insights into the ecological devastation caused by onshore wind turbines around the world are contained in a shocking new paper published last month by a group of ecologists in Nature. The paper is paywalled and has attracted little mainstream media interest, but it highlights research that illustrates that the effect of utility-scale wind energy production “can be far reaching and sometimes have large and unexpected consequences for biodiversity”.
An annual figure of around one million bats are killed in the countries with the highest number of turbines, but harmful effects are seen in many other parts of the ecosystem. The number of top predators such as jaguars, jungle cats and golden jackals can be changed by turbines in tropical forest gaps leading to the “possibility for cascading effects” along similar latitudinal levels.
In short, the science team notes that turbines can kill birds, bats and insects, change animal behaviour, physiology and demography and alter ecosystems. The installation of wind turbines invariably results in habitat degradation, but it is regions rich in biodiversity with minimal existing infrastructure that suffer the most.
The authors state that wind facilities “are recognised as an important driver for losses and degradation of irreplaceable habitats that are important for conservation.” Such areas, of course, can be found in the windy highlands of Scotland. For City-dwelling eco zealots, it is a case of out of sight, out of mind. Net Zero is all about money and power – bats and eagles have neither.
The Nature paper is a wake-up call about the increasing damage that is being inflicted on natural habitats by wind turbines that are steadily increasing in size and destructive potential. It is a summary of the latest findings about the effect of turbines and it is not sanguine about the future.
“Perhaps the greatest unknown in predicting future effects of wind power on biodiversity lies in the scope of the potential expansion of the technology and the cumulative consequences of this expansion for species and ecosystems”. A 2021 USA report on the potential pathways to Net Zero emissions is noted and this suggests using up to 13% of the land area for wind farms. The new Trump Administration is likely to put a stop to this madness which the scientists observe could have “dramatic consequences for biodiversity”.
The BP Deepwater Horizon accident is generally considered the worse US offshore oil spill. Estimates vary but it is thought to have led to the deaths of around 600,000 sea birds and the incident led to widespread condemnation by environmentalists that continues to this day. Slightly less publicity is given to the 500,000 bats killed onshore in the US by wind turbines every single year. In the UK, 30,000 is the estimated annual kill number, with Canada at 50,000 and 200,000 in Germany.
Many bird species are also at risk, with large raptors a conspicuous example. It is admitted that limited information is available on population-level consequences, but available evidence suggests the turbines could threaten certain species with local extinction, particularly those at risk with low reproduction rates. Possible population collapse has been predicted for cinereous and griffon vultures in Europe and the Eurasian skylark in Portugal. Other predictions suggest population declines for hoary bats in North America, lesser kestrel in France and black harriers in South Africa.
Population declines have been reported in central Europe for animals with high-collision risk such as the noctule bat, while nearly 50% of bird species evaluated in one study in California were said to be subject to turbine-induced population decline. Meanwhile, the mortality of golden eagles at Altamont Pass Wind Resource in California is said to be so frequent that local populations are sustained by immigrants. Finally, the authors report that the globally endangered Egyptian vulture in Spain has a lower survival rate, population growth rate and size in the presence of wind facilities.
Who really cares? The UK Bat Conservation Trust states that climate change poses a “significant threat” to UK bat populations. “We need energy-efficient housing and renewable energy to help mitigate for climate change for the benefit of bats, people and the wider environment”, it adds. It is fair to say that similar understanding is not extended to developers encountering the presence of bats other than ‘Green’ entrepreneurs.
The giant turbines regularly sweep the countryside of insects, and the report notes that fatalities can be great enough to contribute substantially to the build-up of debris on blades. In fact, one of the report’s authors, Professor Christian Voigt, has stated in earlier work that it was necessary to evaluate if fatalities added to the decline of insect populations “and potentially the extinction of species”.
In a 2022 paper, Voigt reported that turbines can change the nearby microclimate, while vibrational noise may reduce earthworm abundance with likely cascading effects on soil quality and vegetation.
Mass slaughter of bats and raptors is already known, but this new report casts fresh light on the cascading effects on the natural world of increasing numbers of giant wind turbines. That said, the report admits that biodiversity impacts have been documented for only a few small taxa, but the impacts are “not negligible”. Proponents of wind power often claim that wind energy’s impacts on biodiversity will be less than climate change, it is noted. The authors find this “plausible”, but the assumption is said to be “untested”.
Yet another untested assumption driving the destructive madness of Net Zero, others may conclude.
MARK CRISPIN MILLER
DR PAUL ALEXANDER
How Vaccines Cause Autism: Breaking Down the Data in 3 Simple Points The Week That Could Have Changed Everything’; Franklin O’Kanu’s excellent stack that could inform RFK Jr. and Makary to refocus on
deadliness of vaccines and impact on infants, children, adults & stop this bullshit about Tylenol and circumcised etc., thank you Franklin for seminal top work (support Franklin) and please RFK.Jr
| Dr. Paul AlexanderOct 27 |
please Sir, refocus on vaccines and ask Cassidy to let go of your testicles and please tell The Outlaw Josie Susie Wales that your stones are off limits to her from now on…
I have nothing to say about Makary for IMO he is a waste of time.
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.
But please focus on Franklin’s great work RFK Jr. for we support you and stand with you as we await you doing the right thing in removing the Malone Albert Bourla Bancel Weissman Sahin Moncef Kariko Perna Tureci etc. Pfizer Moderna BioNTech et al. mRNA deadly technology vaccine from US market…thank you RFK Jr., huge praise to you!
Read O’Kanu’s excellent work here and support please:
Start here:
‘Over the past three weeks, information has emerged that could have fundamentally alter society’s understanding of health—particularly when it comes to our children.
Two weeks ago, congressional testimony revealed data from the Henry Ford Health System showing a stark pattern: vaccinated children demonstrated significantly higher rates of autism and autoimmune diseases compared to their unvaccinated peers.
This was groundbreaking news that I analyzed in depth in my recent article—one of my most-read pieces this week.
(Note: I’ll be locking that analysis for paid members within 24 hours due to the extensive research involved, so please access and share it while it’s still publicly available.)
But here’s what’s troubling: instead of a national conversation about this data, we’ve witnessed a strategic shift toward Tylenol. The Tylenol narrative has completely overshadowed what should have been a watershed moment in understanding childhood health outcomes.
Even more concerning, I’m now seeing people attempt to justify Tylenol as the primary cause of the autism epidemic—a convenient distraction from the real culprit.
What’s getting lost in this noise is the fundamental truth: vaccines cause autism and other autoimmune diseases.
I’ve written extensively on this topic across multiple articles, but I recognize it can be overwhelming. So, in this piece, I’m going to break it down into three clear, straightforward points that explain exactly how vaccines cause autism.
Let’s dive in.
A Note on Replication
Before we begin, I want to address what researchers like Aaron Siri and others should do with this Henry Ford data: replicate it.
And here’s the thing—this data has already been replicated. Florida conducted their own study using their Medicaid health system and found a nine-fold increase in certain conditions among vaccinated children. Individual medical practices have shown the same pattern, as I documented both scenarios in my article comparing unvaccinated versus vaccinated children across multiple clinical studies. Read that article here.
Florida Health Care System
One argument you’ll hear is that “unvaccinated people live different lives” or concerns about “confounding variables.” This is rationalization masquerading as science. These children live the same lives—same communities, same socioeconomic backgrounds, often the same households. The only significant difference is vaccination status.
I addressed this thoroughly in my article “Weaponized Logic,” where I demonstrate how these statistical objections are deployed to dismiss inconvenient truths. Don’t let these arguments distract from what the data clearly shows: the Henry Ford Health System, Florida’s Medicaid system, and independent clinical practices all reveal the same pattern.
Now, let’s examine how vaccines actually cause autism.
Unorthodoxy is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber
end
Newswize
| LATEST REPORTS FOR NEWS JUNKIES |
| US Fighter Jet, Military Chopper Crash in South China SeaIn tragic news for the U.S., a fighter jet and military chopper crashed in the South China Sea.Both the jet and the chopper belonged to the U.S. Navy and crashed in separate incidents.Both aircraft were conducting “routing operations” before they crashed, according to the Daily Mail.The U.S. Pacific Fleet released a statement on X indicating that the MH-60R Sea Hawk …READ THE FULL REPORT |
| FBI Arrests Minnesota Man for Allegedly Releasing a $45,000 ‘Hit’ on Pam BondiIn a shocking announcement, the FBI has arrested a 29-year-old Minnesota Man for allegedly putting out a $45,000 “hit” on Attorney General Pam Bondi.The hit was put on TikTok by an account named “Wacko.” A user who came across the post flagged it.“WANTED: Pam Bondi / REWARD: 45,000 / DEAD OR ALIVE / (PREFERABLY DEAD),” the post read.The “A” in …READ THE FULL REPORT |
| Trump Warns Pregnant Woman Against Using TyleonPresident Donald Trump has issued a shocking new warning about the popular medication Tylenol, urging children and pregnant women to stay away from the drug. The president, alongside Secretary of Health and Human Services Robert F. Kennedy Jr., first announced the risks of Tylenol last month. Trump and Kennedy revealed that the over-the-counter drug could increase the chances of autism …READ THE FULL REPORT |
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
CHILE/ARGENTINA/
Latin American Political Earthquake: Milei’s Midterm Victory In Argentina Puts Chile In Focus Ahead Of Elections
Monday, Oct 27, 2025 – 05:20 PM
After Javier Milei’s surprise midterm victory in Argentina (documented here), along with the market reaction (see the Goldman note here), attention now shifts across the Andes to Chile’s first-round presidential election next month.
Cryptocurrency-based prediction market Polymarket shows a potential victory for conservative free-market candidate Jose Antonio Kast, who is politically aligned with Jair Bolsonaro in Brazil and Milei in Argentina. The trend suggests that socialist power in Latin America may be weakening.
Chile Presidential Election:
- Kast: Social conservative, focuses his campaign on crime and immigration. Promises spending cuts, but would need congressional alliances to govern, limiting drastic policy moves.
- Johannes Kaiser: Anti-establishment libertarian, similar to Milei, but with limited support.
- Jeannette Jara (leftist, Communist Party affiliation): Seen as market-negative. If she outperforms in the first round, Chilean assets could fall. However, like Boric, she would likely face institutional constraints.
- Evelyn Matthei (center-right): Viewed as the most investor-friendly but has struggled to differentiate herself. Could outperform polls as a moderate alternative.
Polymarket: Chile Presidential Election
Bloomberg noted that investors are pricing in a Kast win, expecting market-friendly governance. Chilean equities just set another intraday record, while the peso’s implied volatility is ultra-low.
However, a Jara surprise would likely unleash peso weakness and equity underperformance, given her communist allegiance.
Meanwhile…
X.com/eliant_capital/status/1980319783242633529?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1980319783242633529%7Ctwgr%5Eb9483d724cd21354d64fe5c9a1510de36db0906e%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.zerohedge.com%2Fgeopolitical%2Flatin-american-political-earthquake-mileis-midterm-victory-argentina-puts-chile-focus
UBS analyst Roque Montero told clients, “And while a shift to the right seems possible in the Dec runoff with Kast (Republicanos, right-wing party) still ahead in the polls, we are uncertain if they will represent a structural turning point for the economy and markets.”
It appears Latin America is ditching socialism in real time…
However, back in the U.S. … Socialists and Communists are planning their takeover of NYC.
h
END
VENEZUELA/USA
Hegseth Announces 14 Killed In New, Largest Single Attack On ‘Narco-Terrorist’ Boats
Tuesday, Oct 28, 2025 – 01:25 PM
Pentagon Chief Pete Hegseth has announced yet more strikes on alleged drug vessels operating off South America, in what’s becoming a weekly thing. This latest strike involved four total boats – in what looks to be the largest single set of strikes yet.
Unlike most of the some nine strikes recorded thus far, these fresh attacks were on the Pacific side of Latin America, and not directly off Venezuela’s coast. There’s been only one other prior instance, announced earlier this month, of such operations on the Pacific side.
The attacks against several vessels occurred Monday. Hegseth disclosed on Tuesday, “Yesterday, at the direction of President Trump, the Department of War carried out three lethal kinetic strikes on four vessels operated by Designated Terrorist Organizations (DTO) trafficking narcotics in the Eastern Pacific.”
“The four vessels were known by our intelligence apparatus, transiting along known narco-trafficking routes, and carrying narcotics,” Hegseth continued.
The death toll was high in comparison with other attacks which stretch back several weeks. Hegseth continues in his statement on X:
Eight male narco-terrorists were aboard the vessels during the first strike. Four male narco-terrorists were aboard the vessel during the second strike. Three male narco-terrorists were aboard the vessel during the third strike. A total of 14 narco-terrorists were killed during the three strikes, with one survivor.
All strikes were in international waters with no U.S. forces harmed. Regarding the survivor, USSOUTHCOM immediately initiated Search and Rescue (SAR) standard protocols; Mexican SAR authorities accepted the case and assumed responsibility for coordinating the rescue.
This note about cooperation from Mexican authorities is interesting, and shows that not all regional governments are against the heightened Pentagon action off their shores – or else they are simply too scared of the Trump administration to say ‘no’.
The new footage of Monday’s strikes released by the Pentagon…
This latest incident also reveals the individual operations are growing in scale, and presumably involved more missiles launched by drones operating in regional waters.
Venezuelan President Nicolás Maduro has meanwhile accused President Trump of essentially ‘inventing a war’ after the US has embarked on an unprecedented military build-up in the Caribbean, which has included diverting an aircraft carrier group from the Mediterranean.
The Trump-ordered build-up is facing valid criticism, given it’s all happening without a declaration of war, or without any oversight from Congress for that matter…
BRAZIL/RIO
Rio De Janeiro’s Outskirts Erupt Into Chaos: Major Narcoterrorism Crackdown Turns Area Into Warzone
Tuesday, Oct 28, 2025 – 03:50 PM
Dozens are dead, including four police officers, following a major narcoterrorism operation targeting organized crime in Rio de Janeiro. The government operation comes less than two weeks before globalists gather for the COP30 global warming conference in Belem, Brazil.
“We stand firm confronting narcoterrorism,” Governor Claudio Castro wrote on X. He said 2,500 security personnel and 32 armored trucks were a part of the operation across the Alemao and Penha favela regions.
Broadcasters GloboNews and CNN Brasil reported that at least 60 people have died, including police officers, during the raids against drug cartels.
Rio de Janeiro appears to be in a state of chaos.
Castro outlined the operation:
- SECURITY: The Government of the State of Rio launches, this Tuesday (10/28), the “Operation Containment”. The joint action of the state security forces mobilizes 2,500 civil and military police in the Complexes of Alemão and Penha
- OBJECTIVE: The operation aims to combat the territorial expansion of the Comando Vermelho and to capture criminal leaderships from Rio de Janeiro and other states. The action also involves the participation of prosecutors from the State Public Prosecutor’s Office.
- INVESTIGATION: The “Operation Containment” was launched after more than a year of investigation conducted by the Narcotics Repression Police Station (DRE). Throughout the day, arrest warrants and search and seizure warrants obtained from the Judiciary will be served.
- MOBILIZED FORCES: @PMERJ participates with the Special Operations Command (COE) and operational units from the capital and Metropolitan Region. @PCERJ mobilized agents from CORE, specialized police stations, district stations, Money Laundering Combat Dept., and Intelligence Subsecretariat.
- STRUCTURE: The operation features a strong technological and logistical apparatus, including drones, 2 helicopters, 32 armored land vehicles, and 12 demolition vehicles from the PM’s Special Operations Support Unit, in addition to ambulances from the Rescue and Salvage Group.
Timing of the raids comes one week before the C40 summit of global mayors and Prince William’s global environmental Earthshot Prize, which will feature celebrities, according to Reuters. Also, globalists are holding their COP30 global warming summit in Belem, northern Brazil, from Nov. 10 to Nov. 21.
Such large-scale operations in favelas to combat drug cartels have been seen ahead of previous international events in Rio, including the 2016 Olympics, the 2024 G20 summit, and the recent BRICS summit.
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS TUESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1655 UP 0.0005 PTS OR 5 BASIS POINTS
USA/ YEN 152.13 DOWN 0.570 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 1.3352 UP .0012 OR 12 BASIS PTS
USA/CAN DOLLAR: 1.4000 UP 0.0009 (CDN DOLLAR DOWN 9 BASIS PTS//CDN DOLLAR GETTING KILLED)
Last night Shanghai COMPOSITE CLOSED DOWN 8.72 PTS OR 0.22%
Hang Seng CLOSED DOWN 157.68 PTS OR 0.60%
AUSTRALIA CLOSED DOWN 0.60%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 157.68 PTS OR 0.60%
/SHANGHAI CLOSED DOWN 8.72 POINTS OR 0.22%
AUSTRALIA BOURSE CLOSED DOWN 0.60 %
(Nikkei (Japan) CLOSED DOWN 293.14 PTS OR 0.58%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 3935.20
silver:$46.38
USA dollar index early TUESDAY morning: 98.48 DOWN 9 BASIS POINTS FROM MONDAY’s CLOSE
TUESDAY MORNING NUMBERS ENDS
And now your closing TUESDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.000% DOWN 1 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +1.644% DOWN 2 FULL POINTS AND 0/100 BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.063 DOWN 1 BASIS PTS//DEADLY
SPANISH 10 YR BOND YIELD: 3.144 DOWN 1 in basis points yield
ITALIAN 10 YR BOND YIELD 3.406 UP 1 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.6176 DOWN 1 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY TUESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1631 DOWN 0.0021 OR 21 basis points
USA/Japan: 152.29 DOWN 0.404 OR YEN IS UP 40 BASIS PTS//
Great Britain 10 YR RATE 4.3890 DOWN 1 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.160 DOWN 2 BASIS POINTS.
Canadian dollar DOWN 0.0012 OR 12 BASIS pts to 1.3996
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY UP AT 7.1015 ON SHORE ..
THE USA/YUAN OFFSHORE UP TO 7.1011
TURKISH LIRA: 41.96 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.644 DOWN 2 FULL basis pts
THE 30 YR JAPANESE BOND YIELD: 3.063 DOWN 1 basis pts
Your closing 10 yr US bond yield DOWN 4 in basis points from MONDAY at 3.997% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.559 DOWN 1 in basis points /11:00 AM
USA 2 YR BOND YIELD: 3.510 DOWN 1 BASIS PTS.
GOLD AT 10;00 AM 3930.50
SILVER AT 10;00: 46.77
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: TUESDAY CLOSING TIME 11:00 AM//
London: CLOSED UP 47.94 PTS OR 0.50%
GERMAN DAX: UP 1.62 pts or 0.01%
FRANCE: CLOSED DOWN 30.59pts or 0.37%
Spain IBEX CLOSED UP 98.30 pts or 0.61%
Italian MIB: CLOSED UP 141.68 or 0.31%
WTI Oil price 60.61 10.00 EST/
Brent Oil: 64.69 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 79.73 ROUBLE DOWN 0 AND 48/ 100
CDN 10 YEAR RATE: 3.061 UP 1 BASIS PTS.
CDN 5 YEAR RATE: 2.630 DOWN 0 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1663 UP 0.0012 OR 12 BASIS POINTS//
British Pound: 1.3281 DOWN .0059 OR 59 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.398 DOWN 1 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.1810 DOWN 1 IN BASIS PTS.
JAPAN 10 YR YIELD: 1.630 DOWN 3 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.054 DOWN 2 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 151.98 DOWN 0.741 BASIS PTS EXTREMELY DANGEROUS/YEN FALLING IN VALUE
USA dollar vs Canadian dollar: 1.3937 DOWN 0.0053 PTS// CDN DOLLAR UP 53 BASIS PTS CDN DOLLAR
West Texas intermediate oil: 59.93
Brent OIL: 64.17
USA 10 yr bond yield DOWN 2 BASIS pts to 3.980
USA 30 yr bond yield DOWN 2 PTS to 4.547%
USA 2 YR BOND 3.488 DOWN 1 PTS
CDN 10 YR RATE 3.040 DOWN 2 BASIS PTS
CDN 5 YEAR RATE: 2.623 DOWN 2 BASIS PTS
USA dollar index: 98.61 DOWN 14 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 41.92 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 79.24 UP 1 AND 50/100 roubles //
GOLD $3958.25 (3:30 PM)
SILVER: 47.09 (3:30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 161.78 OR 0.34%
NASDAQ 100 UP 192.46 PTS OR 0.75%
VOLATILITY INDEX 16.48 UP 0.69 PTS OR 4.37%
GLD: $ 364.38 DOWN 2.62 PTS OR 0.72%
SLV/ $42.70 UP 0.30 PTS OR OR 0.71%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 154..16 PTS OR 0.51%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
‘Jensen, Japan, Jobs, & Jawboning With China Lift Big-Tech Ahead Of Fed
WRAP UP;
NVDA supports stock rally as Fed & Mag-7 earnings await – Newsquawk US Market Wrap
Tuesday, Oct 28, 2025 – 04:13 PM
- SNAPSHOT: Equities mixed, Treasuries up, Crude down, Dollar down, Gold down.
- REAR VIEW: US consumer confidence beat; ADP debuted new weekly report; US and Japan signed a rare earth agreement and released an investment fact sheet; PYPL signs deal with OpenAI; Trump thinks meeting with Xi will work out well & to discuss lowering China tariffs for fentanyl crackdown; MSFT & OpenAI sign new pact; Israel carries out Gaza attacks as says Hamas breaks ceasefire; Soft 7yr auction; NVDA GTC 2025 brings slew of announcements.
- COMING UP: Data: Australian CPI (Sep & Q3), UK Mortgage Approval/Lending (Sep), US Pending Homes (Sep). Events: FOMC & BoC Policy Announcements; US President Trump to meet South Korea’s Leader. Speakers: Fed Chair Powell, BoC’s Macklem. Supply: UK, Germany, US. Earnings: Meta, Microsoft, Alphabet, Google, ServiceNow, Starbucks, eBay, Verizon, Boeing, CVS, Caterpillar, Etsy, Centene, Phillips 66, UBS, BASF, Mercedes-Benz, Deutsche Bank, Equinor, Santander, GSK, Airbus.
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MARKET WRAP
SPX and NDX closed higher on Tuesday, with NVIDIA largely responsible for the move as breadth across sectors was poor. NVIDIA’s (NVDA, +5%) gains came amid CEO Huang’s keynote address at GTC, where new lines of products and roadmaps were unveiled, including NVIDIA Arc, 17 quantum builders, and 7 new AI supercomputers. The Co. sees USD 500bln of business in the next five quarters. Also supporting Tech was Microsoft (MSFT, +2%), gaining after signing a new pact with OpenAI, which includes OpenAI being contracted to purchase USD 25bln of Azure services as well as removing fundraising constraints for OpenAI. On the flip side, Real Estate was the biggest loser with poor guidance from Alexandria Real Estate (ARE, -19.2%) weighing. In FX, the Dollar was broadly weaker against peers. AUD outperformed as optimism over US-China trade relations improved, with the latest WSJ reports suggesting that US President Trump and China’s President Xi to discuss lowering China tariffs in exchange for a crackdown on fentanyl. Details/outcome on an agreement will be dependent on the meeting between the two leaders this week. GBP underperformed as fiscal concerns remain, and easing in BRC food inflation adds to recent dovish BoE bets. Separately, Treasuries were slightly bid across the curve, showing little reaction towards US data and supply. The US 7yr note auction was met with soft direct demand, leaving a higher dealer take-down and a larger-than-average tail. Data saw ADP’s first preliminary estimate of an average increase of 14,250 jobs in the four weeks ending on October 11th. Meanwhile, Consumer Confidence fell one point as concerns remain over tariffs/inflation, but topped expectations, while the Richmond Fed improved in September, driven by increases in shipments, new orders, and employment. Regarding commodities, crude prices were weighed by continued concerns over OPEC+ supply increases outweighing the Gaza ceasefire coming to a halt as Israel strikes Gaza in response to Hamas violations earlier in the day. Gold fell for the third consecutive day as profit-taking persists.
US
CONSUMER CONFIDENCE: US Consumer Confidence fell to 94.6 from an upwardly revised 95.6. Originally, expectations were for a decline to 93.2 from 94.2. The Present Situation Index rose 129.3 from 127.5, and the Expectations Index declined 2.9 points to 71.5. Consumers’ average 12-month inflation expectations inched up to 5.9% from 5.8%. Consumers indicated that they will likely buy fewer goods in the upcoming holidays if tariffs inflate the price of imported items. 27.8% of consumers said jobs were “plentiful” (prev. 26.9% in September), while 18.4% said jobs were “hard to get” (prev. 18.2%). Ahead six months: 15.8% of consumers expected more jobs to be available (prev. 16.6%), 27.8% anticipated fewer jobs (prev. 25.7%), 12.5% expected their incomes to decrease (prev. 11.7%); Consumers’ perceived likelihood of a US recession over the next 12 months declined in October, but more consumers thought a recession had already started. Stephanie Guichard, Senior Economist, Global Indicators at The Conference Board, writes, “Consumers’ write-in responses were led by references to prices and inflation, which continued to be the main topic influencing consumers’ views of the economy. References to tariffs declined further this month but remained elevated. References to US politics were up notably, with the ongoing government shutdown mentioned multiple times as a key concern.”
RICHMOND FED: In October, the Composite index rose to -4 from -17 in September. All three of the component indices lifted – shipments notably rose to 4 from -20, while new orders and employment remain negative but printed -6 (prev. -15) and -10 (prev. -15), respectively. Local business conditions improved to -1 from -12, while the index for future business conditions fell to -5 from -1. Elsewhere ahead, shipments lifted to 13 (prev. 0), new orders to 12 (prev. 8), while employment was nearly unchanged at 2. On the inflationary gauges, prices paid and received notably fell in October, while looking ahead, they also saw a chunky decline. Backlog of orders lifted, but remains firmly below 0, while lead time decreased to 6 from 10.
FED PREVIEW: The Federal Reserve is widely expected to cut rates by 25bps to 3.75-4.00% at the October confab, and within the rate decision, participants will be eyeing any dissenters, with Governor Miran expected to vote for a 50bps reduction. In recent remarks, he noted that a 25bps pace is too slow, but he does not think moving by more than 50bps increments is necessary. There will also be a focus on any balance sheet adjustments. Rabo Bank notes that the FOMC will likely end the balance sheet runoff, but that is not necessarily the consensus view. While some analysts now expect the Fed to end its balance sheet runoff, citing recent money market turbulence that could threaten interest rate control, some see a gradual wrap-up; others anticipate a full halt, with mortgage bonds likely to continue running off slowly due to housing market conditions. In the following press conference, Chair Powell may not give much forward guidance for December, given the limited data availability. Given the ongoing US government shutdown, there has been a lack of data for the Fed to see, although the recent CPI data was cooler-than-expected, which will be welcomed. In FX, ING wouldnʼt expect any FOMC-day USD rally to be particularly long-lasting unless the Fed delivers clear hawkish signals, and they expect the broader information flow to point to renewed dollar softness, especially heading into a seasonally weak year-end, with their EUR/USD target for December remaining at 1.20. Click here for the full Newsquawk Preview.
FIXED INCOME
T-NOTE FUTURES (Z5) SETTLED 1+ TICKS HIGHER AT 113-15
T-Notes saw marginal gains ahead of FOMC. At settlement, 2-year -0.1bps at 3.494%, 3-year -0.4bps at 3.500%, 5-year -0.5bps at 3.613%, 7-year -0.9bps at 3.778%, 10-year -1.6bps at 3.981%, 20-year -1.9bps at 4.523%, 30-year -2.1bps at 4.548%.
INFLATION BREAKEVENS: 1-year BEI -10.1bps at 3.020%, 3-year BEI -2.4bps at 2.549%, 5-year BEI -1.1bps at 2.308%, 10-year BEI +0.1bps at 2.270%, 30-year BEI +0.4bps at 2.222%.
THE DAY: T-Notes traded sideways overnight before selling off in the US morning with weakness seen ahead of the 7yr supply. Some of the downside also followed in wake of an update from the ADP, which released its first estimate of the ADP National Employment report, which is set to be released weekly until the release of the monthly data. The estimate today saw an increase of 14,250 jobs, down from the 32.5k reported in September – the full ADP data will be released on November 5th. There was a lot of focus on trade amid Trump’s visit to Asia and ahead of his meeting with Xi on Thursday, but WSJ reported that Trump and Xi will be discussing lowering tariffs related to fentanyl, albeit T-Notes were not phased by the positive development. Meanwhile, the 7yr auction was soft (more below). Attention also turns to the FOMC rate decision on Wednesday, and any alterations to the balance sheet will be eyed too. Participants are expecting the Fed to announce the end of its balance sheet run-off of Treasury security holdings, and return to reinvesting full maturing amounts, but it will likely continue to allow mortgage-backed securities to roll off the balance sheet to get to a Treasury-only composition.
SUPPLY
Notes
- The US sold USD 44bln of 7-year notes at a high yield of 3.790%, a lower yield than the September offering of 3.953%. This tailed the When Issued by 0.8bps, a larger tail than the prior 0.6bps and average of 0.2bps. The bid-to-cover saw an improvement at 2.46x vs the prior 2.40x, but not as strong as the six-auction average of 2.58x. Looking at the breakdown, direct demand fell to 27.9% from 31.6%, but remained above the 23.1% average. Indirect demand rose to 59.01% from 56.4%, below the 67.3% average. Overall, a soft auction due to the tail, soft direct demand and high dealer takedown. US to sell USD 30bln in 2-year FRN’s on October 29th, to settle October 31st.
Bills
- US sold USD 100bln of 6-week bills at a high rate of 3.880%, B/C 2.87x; sold USD 52.8bln of 12-month bills at a high rate of 3.445%, B/C 3.21x
- US to sell USD 68bln of 17-week bills on October 29th; to sell USD 95bln of 8-week bills and USD 110bln of 4-week bills on October 30th; all to settle on November 4th
STIRS/OPERATIONS
- Market Implied Fed Rate Cut Pricing: Oct 25bps (prev. 24bps), Dec 48bps (prev. 49bps), January 61bps (prev. 61bps).
- NY Fed RRP Op demand at USD 14.1bln (prev. 10.6bln) across 13 counterparties (prev. 13).
- NY Fed Repo Op demand at USD 7.7bln (prev. 8.4bln).
- EFFR at 4.12% (prev. 4.11%), volumes at USD 88bln (prev. 90bln) on October 27th.
- SOFR at 4.27% (prev. 4.24%), volumes at USD 2.019tln (prev. 3.002tln) on October 27th. Rose above top-end of Fed Funds target range.
CRUDE
WTI (Z5) SETTLED USD 1.16 LOWER AT USD 60.15/BBL; BRENT (Z5) SETTLED USD 1.22 LOWER AT USD 64.40/BBL
The crude complex was lower, as reports of OPEC+ hiking supply on Sunday and participants digesting Russia sanctions seemingly weighed. On Tuesday, energy-specific newsflow was fairly sparse as traders largely await FOMC and Mag-7 earnings on Wednesday, but the Israel/Hamas ceasefire has come to a halt. Israeli PM Netanyahu instructed the military to immediately carry out “powerful” strikes on Gaza, as Israel accused Hamas of a “clear violation” of the ceasefire deal – Hamas said Israel is seeking “to fabricate false pretexts in preparation for taking new aggressive steps” in Gaza. WTI and Brent saw modest upside on the headlines, but have remained in the red for the duration of the session. Highlighting this, WTI traded between USD 59.76-61.50/bbl and Brent USD 64.00-65.76/bbl.
EQUITIES
CLOSES: SPX +0.23% at 6,891, NDX +0.74% at 26,012, DJI +0.34% at 47,706, RUT -0.60% at 2.507
SECTORS: Real Estate -2.22%, Utilities -1.66%, Energy -1.05%, Consumer Staples -0.95%, Industrials -0.73%, Health -0.68%, Financials -0.64%, Communication Services -0.26%, Materials +0.14%, Consumer Discretionary +0.31%, Technology +1.64%.
EUROPEAN CLOSES: Euro Stoxx 50 -0.14% at 5,703, Dax 40 -0.10% at 24,284, FTSE 100 +0.44% at 9,697, CAC 40 -0.27% at 8,217, FTSE MIB +0.51% at 43,129, IBEX 35 +0.53% at 16,085, PSI -0.04% at 8,349, SMI -1.43% at 12,348, AEX -0.75% at 975.
STOCK SPECIFICS:
- NVIDIA (NVDA) GTC: CEO Huang unveiled new line of products called Nvidia Arc. CEO said Nokia to make Nvidia Arc its future base station. Introduces NVQLink, connecting quantum and GPU computing for 17 quantum builders and nine scientific labs. US DoE partnering with NVDA to build seven new AI supercomputers. NVIDIA sees USD 500bln of business in the next five quarters; 20mln Blackwell Ruben GPUs to be shipped and Blackwell projections do not include China; hasn’t sought a license to ship Blackwell to China and assumes the Chinese market to remain at zero for NVIDIA. NVDA also announced a slew of new partnerships, including MSFT, SMCI, HPE, JNJ, amongst others.
- NVIDIA (NVDA) to make USD 1.0bln equity investment in Nokia (NOK) in addition to a new strategic partnership. Nokia to issue 166,389,351 new shares.
NVDA will subscribe for shares at a subscription price of USD 6.01/shr. - Microsoft (MSFT) signed new pact with OpenAI; MSFT supports OpenAI board moving forward with formation of a public benefit corporation and recapitalization; MSFT now hold USD 135bln investment in Open AI Group PBC. OpenAI is contracted to purchase incremental USD 25bln of Azure services.
- Tesla (TSLA) eyes internal CEO candidate if Musk leaves over pay vote, Bloomberg reports.
- Paypal (PYPL) signed a deal with OpenAI to become the first payments wallet in ChatGPT; Strong earnings, guidance & initiates quarter dividend.
- Qorvo (QRVO) and Skyworks Solutions (SWKS) agreed to combine in a cash-and-stock deal that creates a c. USD 22bln Co.
- Amazon (AMZN) to cut it corporate workforce by 14k; Rtrs sources said on Mon. it could be as many as 30k.
- Eastman Chemical Company (EMN) to be replaced in the S&P 500, effective November 4th.
EARNINGS:
- United Parcel Services (UPS): Stellar report; EPS, revenue beat with better than expected next quarter revenue outlook.
- Regeneron Pharmaceuticals (REGN): EPS & revenue surpassed Wall St. expectations.
- VF Corp (VFC): Strong Q metrics with solid next Q top line guidance.
- UnitedHealth Group (UNH): Top & bottom line beat alongside raising FY profit view.
- NXP Semiconductors (NXPI): EPS & revenue topped.
- Corning (GLW): Revenue light.
- Royal Caribbean Cruises (RCL): Revenue marginally missed with weak guidance.
- D.R Horton (DHI): Revenue light.
- Alexandria Real Estate (ARE): AFFO missed with weak FY AFFO outlook.
FX
The Dollar Index edged lower on Tuesday, advancing on Monday’s modest decline. Updates for the buck concerned US data and trade relations with China. The ADP’s first weekly Prelim US Estimate saw an increase of 14,250 jobs in the four weeks ending on October 11th 2025. Meanwhile, US Consumer Confidence fell one point in October to 94.6, as consumers’ write-in responses were led by references to prices and inflation, which continued to be the main topic influencing consumers’ views of the economy. On trade, WSJ reported that US President Trump and China’s President Xi are to discuss lowering China tariffs in exchange for a crackdown on the export of chemicals that produce fentanyl. Details of an agreement are expected to be found in upcoming negotiations, but will be contingent on the outcome of the meeting between the two leaders this week. Both parties are expected to reduce port fees on each other’s ships. DXY now trades around 98.65 from earlier 98.95 highs.
AUD continues to extend on US-China trade optimism, with AUD/USD set for a fourth consecutive day of gains, reaching ~0.6590. In Japan, the meeting between Trump and Japan’s PM Takaichi offered support for the Yen, with both sides signing an agreement on a framework for securing the supply of critical minerals and rare earths. Briefly, the Yen faced slight pressure after the Finance Minister Katayama noted that they didn’t think the remarks from US Treasury Secretary Bessent encouraged a rate hike from the BoJ.
GBP was the notable underperformer in the G10 space as fiscal woes continue to cloud an optimistic narrative on the currency. The weakness continued in the aftermath of the FT report on Monday that the OBR is expected to cut its trend productivity growth forecast by about 0.3%, which would threaten a GBP 20bln hit to UK public finances. Today’s updates included data from the BRC that food inflation in October fell to 3.7% (prev. 4.2%), adding to recent expectations of a more dovish BoE policy path. ING writes that given that sterling is quite an expensive sell with one-week rates above 4.00%, interest may emerge to explore the downside in GBP/NOK and GBP/AUD, because of both the high yields available in Norway and Australia and the supportive environment for commodity prices. Currently, Cable resides at ~1.3280 from earlier 1.3369 highs.
EMFX: ZAR, BRL, HUF, and CNH capitalised on the broad US weakness, with the latter also benefiting from the aforementioned trade updates, while the COP was the laggard as lower crude prices weighed. For the INR, traders said the RBI is likely selling USD to support the INR; USD/INR was flat. Elsewhere, the BoK is said to consider buying gold for the first time since 2013.
USA DATA RELEASES
now down weekly; ADP report signals a rebound in the labour market
(ADP)
New ADP Employment Report Signals Rebound In Labor Market
Tuesday, Oct 28, 2025 – 08:33 AM
In the wake of the vacuum of macro data caused by the government shutdown, ADP has launched a new weekly release of its preliminary US employment estimate, released every Tuesday.
This weekly report will provide the change in private sector employment, offering the most current view of the labor market based on ADP’s fine-grained, high-frequency data. This timely and orderly weekly release of the preliminary U.S. estimate will be made available to all, simultaneously and will provide a directional indicator of the labor market.
“For nearly two decades we have provided our valuable labor market data to the public at no cost through the ADP National Employment Report. ADP’s near real-time employment data, released weekly, will now provide an even clearer picture of the labor market at this critical time for the economy,” said Dr. Nela Richardson, chief economist, ADP.
“This high-frequency employment pulse, like the monthly National Employment Report, is based on ADP’s anonymized and aggregated administrative data on private-sector payrolls, providing a dynamic view of job creation and loss at an unprecedented level of weekly detail.”
The latest data shows an average gain of 14,250 private-sector jobs in the four weeks ending Oct. 11, 2025…
Source: Bloomberg
Signaling a bounce back in the labor market after two straight months of jobs losses.
The October 2025 ADP National Employment Report will be released on November 5, 2025, at 8:15 a.m. ET
end
USA home prices rebound in August
(zerohedge)
US Home Prices Rebounded In August; Tampa Still Seeing Declines
Tuesday, Oct 28, 2025 – 09:10 AM
After five straight months of MoM declines, S&P Case-Shiller reports that home prices in America’s 20 largest cities surged 0.19% MoM (far better than then -0.10% MoM expected)…
Source: Bloomberg
On a YoY basis, price gains slowed to +1.58% (from +1.81%) – the slowest since July 2023 – the seventh straight month of deceleration in overall price gains.
As Bloomberg’s Prashant Gopal notes, the easing of price growth is good news for buyers after a prolonged affordability squeeze caused by soaring prices and high mortgage rates.
“August’s data shows U.S. home prices continuing to slow, with the National Index up just 1.5% year-over-year,” said Nicholas Godec, CFA, CAIA, CIPM, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices.
“This marks the weakest annual gain in over two years and falls well below the 3% inflation rate. For the fourth straight month, home values have lost ground to inflation, meaning homeowners are seeing their real wealth decline even as nominal prices inch higher.
The index measures a three-month period ending in August, when mortgage rates were beginning to drop from near 7% and available listings were growing.
Mortgage rates suggest prices will re-accelerate, but:
“Mortgage rates remaining above 6.5% continue to weigh on buyer demand, even during what should be the busy summer season. The combination of high financing costs and prices that remain near record highs has limited transaction activity. Markets that experienced the sharpest pandemic-era gains are now seeing the largest corrections, while more affordable metros with stable local economies are holding up better. Looking ahead, the housing market appears to be finding a new equilibrium after the pandemic boom,” Godec concluded.
“With price growth running at half the rate of inflation and several major markets in decline, the rapid appreciation of recent years has clearly ended. This adjustment may ultimately lead to a more sustainable market, but for now, homeowners are watching their real equity erode while buyers face the dual challenge of elevated prices and high borrowing costs.”
Source: Bloomberg
Among 20 cities, New York again led the S&P Cotality Case-Shiller index, with a 6.1% annual gain in prices. Following were Chicago and Cleveland with increases of 5.9% and 4.7%, respectively.
Prices in Tampa fell 3.3%, the lowest of the 20 cities measured.
“Looking ahead, the housing market appears to be finding a new equilibrium after the pandemic boom,” Nicholas Godec, head of fixed income tradables and commodities at S&P Dow Jones Indices, said in a statement.
“With price growth running at half the rate of inflation and several major markets in decline, the rapid appreciation of recent years has clearly ended.”
However, home-price changes do seem to track very closely with bank reserves at The Fed (6mo lag)…
…which implies home prices could rapidly decelerate in the new year (after a brief rebound).
end
US Consumer Sentiment Slips For 3rd Straight Month In October But Tariff-Fears Fade
Tuesday, Oct 28, 2025 – 10:10 AM
American Consumers’ confidence dipped to 94.6 in October (but beat expectations of 93.4) from an upwardly revised September print of 95.6.
A measure of expectations for the next six months fell in October to 71.5, the lowest since June, while a metric of present conditions increased.
Source: Bloomberg
This is the third straight monthly decline in confidence
“Consumer confidence moved sideways in October, only declining slightly from its upwardly revised September level,” said Stephanie Guichard, Senior Economist, Global Indicators at The Conference Board.
“Changes to the individual subcomponents were also limited and largely cancelled each other out. The Present Situation Index regained some strength after September’s drop. Consumers’ view of current business conditions inched upward, while their appraisal of current job availability improved for the first time since December 2024. On the other hand, all three components of the Expectations Index weakened somewhat. Consumers were a bit more pessimistic about future job availability and future business conditions while optimism about future income retreated slightly.”
Under the hood, The Conference Board survey shows the trend of a weaker labor market continues…
Source: Bloomberg
Among demographic groups, confidence declined for consumers under 35 years old and, to a lesser extent, among consumers over 55. Confidence improved for consumers aged 35 to 54.
By income, confidence fell for consumers making less than $75K a year, but improved for most of the income groups making more than $75K, with the largest increase among those earning over $200K.
Younger consumers and consumers earning over $75K have been the most optimistic overall.
By partisan affiliation, confidence improved among Independents, declined among Democrats, and was also slightly down among Republicans.
Finally, Guichard concluded:
“Consumers’ write-in responses were led by references to prices and inflation, which continued to be the main topic influencing consumers’ views of the economy. References to tariffs declined further this month but remained elevated.”
However, Consumer assessments of their Family’s Current Financial Situation improved in October after dropping in September.
END
DALLAS FED: SERVICE SECTOR
This is big; Dallas Fed service sector reports huge slump in Oct
(zerohedge)
“Our Business Has Died”: Texas Services Sector Sentiment Slumps Further In October
Tuesday, Oct 28, 2025 – 02:05 PM
Texas service sector activity contracted further in October, according to business executives responding to The Dallas Fed’s survey…
Source: Bloomberg
The revenue index, a key measure of state service sector conditions, fell four points to -6.4, its lowest reading since July 2020…
Labor market measures suggested further declines in employment, though hours worked were largely unchanged this month. The employment index fell slightly to -5.8 from -3.6 in September…
Source: Bloomberg
Perceptions of broader business conditions worsened in October, but respondents’ expectations regarding future service sector activity remained positive, though October readings were below average.
However, it’s the responses that give us a glimpse into the harsh reality on the ground as the locals are hardly delighted with either tariffs, high interest rates, falling demand or general economic malaise, which is to be expected from a regional Fed that is largely dependent on the US energy industry (read Texas shale) which in turn has been crippled by Trump’s demands to keep oil prices as low as possible if not lower, and has hammered the US oil E&P industry.
Selected comments below (read the full set here)
Accommodation
The government shutdown and economic malaise are taking a toll on hotel and travel demand.
Administrative and support services
It feels impossible to predict what the hiring and employment market will be in six months. This year has been the most challenging in 15 years of search and staffing. Candidates have failed background checks. Employers have delayed hiring, candidates have accepted counter offers, others have continued interviewing after accepting a new role. These events used to be uncommon and rare. Now they’re happening on a regular basis. Revenue swings month to month are drastic. We are trying to budget and forecast, but it is impossible, and I’m on the edge of laying off an employee now.
Business has felt recessionary for over a year—no wonder we knew the jobs numbers were off and kept saying there was no way they were as good as reported, and we were correct. These are very tough times for small and midsized businesses.
The level of uncertainty has increased in the face of higher interest rates and borrowing costs. Layoffs in the energy sector are just now being felt, and the federal shutdown will have a compounding impact.
The government shutdown [is an issue impacting our business].
Most of our customers are federal agencies. If there is a shutdown, our business suffers.
Ambulatory health care services
We are seeing major price escalation resistance.
Credit intermediation and related activities
Some of our long-term clients are beginning to show interest in buying and selling properties again, and others are asking about their ability to replace short-term, bank-type loans with long-term, fixed-rate debt capital.
There are many moving parts to the economic environment, and the disruptions are resulting in an increase of destabilizing factors: the government shutdown, political instability, the anticipated impact of tariffs and the interest rate markets. Cybersecurity is still a priority, especially with the accelerating expansion of artificial intelligence. The cattle market is extremely elevated, and the price of beef over the counter and on the plate continues to be high. The race to expand the electrical grid is heating up. Nuclear-powered sources are back in the news as an alternative source of electrical power generation.
Educational services
Uncertainty about visa approval rates and H1-B visa fees will have a potentially significant negative impact.
Pipeline transportation
Lower oil prices impact producer activity and uncertainty.
Professional, scientific and technical services
We’re seeing significant uncertainty among our oil and gas service company clients. Commodity prices are down, and there is no real cause to anticipate an upturn in drilling activities.
The residential market has continued its decline due to the uncertainty of the economy. Homebuilders are having a difficult time selling homes, even with the incentives they are offering, and existing homes are just sitting. The commercial market is a little better but is being held up by energy and data center transactions. We need a major adjustment in the pricing of homes or a significant reduction in the interest rate to get this market moving again.
Interest rates are still too high. Reduction in regulations is improving optimism. The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act will open new opportunities.
We have seen an upturn in work flowing from clients in October in consulting engineering.
All of our customers are scaling back on technology spending.
I feel like our clients are more apprehensive. We are writing a lot of proposals, but they are just sitting. Projects are still being planned, but the execution is being delayed.
I work globally with international companies, so uncertainty is inherently high, and it will likely increase in the coming months. Four new governments in Latin America will be decided within the next six months, and such political transitions always contribute to greater economic and business uncertainty.
Commodity prices adversely affecting upstream oil and gas companies coupled with potential increased costs from renewed China tariffs creates an uncertain or negative outlook.
We are pitching to more small businesses and nonprofits on our marketing and advertising services than we have since founding the company 14 years ago. More than 80 percent of responses from business owners indicate they are not spending money on marketing and additional items until 2026 because of economic uncertainty.
Trump administration volatility causes clients to stall new purchases.
The industrial sector appears to be gaining momentum.
Tariffs [are an issue impacting our business].
We aren’t getting the larger requests that we saw at the end of fourth quarter 2024. That makes me nervous as we work on our 2026 pipeline and prospects.
Publishing industries (except internet)
There is significant inflation in regular goods prices.
We continue to be concerned about compounding effects of tariffs, government shutdown, reduced federal spending, wavering consumer confidence and the levels of credit card usage and delinquency (which we expect to increase), as well as the generally antibusiness policies being championed by Republican lawmakers and the Trump administration.
Real estate
The sentiment we see from apartment residents, owners, vendors, employees and others is neither optimism nor excessive worry. Folks are getting by OK, reallocating spending to compensate for high food prices, and they seem resigned to their fate. Immigration and Customs Enforcement (ICE) continues to terrify immigrants, and they are keeping their heads down. Few people are moving, changing jobs or expecting more. The economy feels like it’s in the doldrums, and all the outrageous politics just feels like noise. Our company is doing well enough to throw a couple of big events and make improvements to properties we own. Being conservative, focusing on fundamentals and conserving cash have paid off for us. Others see us doing well, so more prospects are coming our way.
We are always hopeful things are going to move forward and upward. Our goal is to survive the next six months.
Repair and maintenance
We are a naturally seasonal business. Our outlook for the future is bright.
Securities, commodity contracts and other financial investments and related activities
Uncertainty remains uncertain.
I wish we would get clarity on tariffs. We have been slow to sign new clients.
Government shutdown, federal employee firings, tariffs, ICE raids, international turmoil and higher cost of living are creating general business uncertainty and increasing downside risks to our businesses.
Specialty trade contractors
Volatility—including interest rates, stock market fluctuations, geopolitical issues and the government shutdown—is creating poor confidence.
Support activities for transportation
With the current administration taking meaningful action to address foreign labor issues, the outlook for the trucking and logistics industry has improved considerably. The decline faced in recent years has been attributable to violations of federal laws, most notably allowing those not legally authorized and without English proficiency to saturate the market and to violate cabotage restrictions. We are encouraged by the renewed emphasis on enforcement and compliance. As these measures take effect and below-market labor practices are curtailed, American motor carriers will once again be able to begin breaking even and then to profit.
Truck transportation
Our business has died.
And finally, one respondent waxed poetic:
With continued angst over secured overnight financing rate, federal funds rate and prime
Pundits are debating whether “it is different this time.”
Federal Reserve keeps tracking,
but economic data’s still lacking.
Historians will laugh or cry at this rhyme!
So, with President Trump doing everything in his powers to bring down the price of oil (and therefore gas), it appears the locals can’t take it anymore.
USA ECONOMIC COMMENTARIES
Task Forces Launched To Eliminate Violent Crime By Foreign Gangs, Cartels
Monday, Oct 27, 2025 – 05:00 PM
Authored by Naveen Athrappully via The Epoch Times (emphasis ours),
The FBI and Homeland Security Investigations (HSI) have introduced new task forces cracking down on foreign gangs operating in the United States, the FBI said in a statement released on Oct. 24.
“These new teams, known as Homeland Security Task Forces, bring together FBI and HSI personnel—as well as task force officers from local, state, and federal partner agencies—to investigate transnational organized crime activity such as drug trafficking and human trafficking that occurs across all 50 states, the nation’s capital, and Puerto Rico,” the agency said.
According to the FBI, the task force is focused on “rooting out violent crime committed by foreign gangs, cartels, and other transnational criminal organizations impacting the United States.”
In an Aug. 8 statement, Immigration and Customs Enforcement (ICE) said it had arrested 356 gang members in the first six months of the Trump administration, who combined had been convicted of nearly 1,700 criminal offenses and had entered the United States illegally more than 1,400 times.
Arrested individuals included convicted murderers, thieves, child predators, and arsonists, the agency said. One individual was found to have illegally entered the country 40 times.
In total, members from 40 different gangs were arrested, including 39 individuals from the Salvadoran gang MS-13 and 25 from Venezuela’s Tren de Aragua gang.
On Oct. 16, ICE announced it had arrested more than 1,400 illegal immigrants in Massachusetts, including those related to transnational criminal gangs. Six of the arrested individuals were documented members of these gangs, and several more were associates.
In its recent statement, the FBI said the Homeland Security Task Forces will target criminal acts such as drug trafficking, homicide, extortion, money laundering, weapons trafficking, alien smuggling, kidnapping, and human trafficking.
Targeted groups will include those recently designated as foreign terrorist organizations by the federal government.
In February, the State Department designated multiple Mexican drug cartels and transnational criminal gangs as global terrorist organizations, including Tren de Aragua, MS-13, and the Sinaloa cartel.
The FBI said that although immigration investigations are not the focus of the task forces, investigators may examine immigration-related aspects as part of their probes.
In addition to the FBI and the HSI—an arm of the Department of Homeland Security (DHS)—task forces will include personnel from more than 15 federal agencies, such as Customs and Border Protection (CBP), the Department of War (officially the Department of Defense), Internal Revenue Service Criminal Investigation, and the Drug Enforcement Administration.
The task forces have been formed in response to a Jan. 20 presidential action signed by President Donald Trump, “Protecting the American People Against Invasion.” The order highlighted the dangers posed by the influx of millions of illegal immigrants into the country who present “significant threats to national security and public safety, committing vile and heinous acts against innocent Americans.”
It directed the attorney general and the secretary of Homeland Security to jointly set up Homeland Security Task Forces in all 50 states.
Threat of Transnational Gangs
According to ICE, transnational gangs take advantage of differences in law enforcement capabilities and legal jurisdictions to avoid detection and prosecution.
These groups focus on taking over the power and reach of other gangs, and competition between them leads to violence that affects the communities they operate in.
The violence and intimidation unleashed by the gangs create an environment of insecurity and fear in communities, and people refuse to cooperate with law enforcement because of concerns about their personal safety, ICE said.
On Sept. 2, Trump announced that U.S. forces in the Caribbean fired on what officials said was a drug boat from Venezuela, which ended up killing 11 Tren de Aragua members.
Talking about the incident during a Sept. 3 press conference, Secretary of State Marco Rubio said losing a small amount of drugs via seizures by U.S. forces was already factored into the economics of Mexican cartels and that stronger action is necessary to thwart such threats.
“Interdiction doesn’t work,” he said. “What will stop them is when you blow them up, when you get rid of them. So they were designated as what they are—they are narco-terrorist organizations.
“[Trump is] going to wage war on narco-terrorist organizations.
“This one was operating in international waters, headed towards the United States to flood our country with poison, and under President Trump, those days are over.”
ICE deported several Tren de Aragua gang members, sexual predators, and other violent illegal immigrants from the United States back to Venezuela on Oct. 15, the DHS said in a statement.
“These public safety threats are out of the country and no longer pose a threat to Americans,” DHS Assistant Secretary for Public Affairs Tricia McLaughlin said.
Under the Trump administration, “more than 2 million illegal aliens have left the U.S.,” she said.
Meanwhile, CBP reported that illegal border crossings are now at historically low levels and that those who do cross are prosecuted swiftly.
According to the agency, there have been zero parole releases in September, “compared to 9,144 released by the Border Patrol under the Biden administration along the southwest border in September 2024.”
END
“A National Disgrace”: Largest Federal Worker Union Sides With GOP Plan To End Shutdown
Monday, Oct 27, 2025 – 04:40 PM
The nation’s largest union of federal workers has called on Congress to pass a ‘clean’ short-term funding bill to immediately end the government shutdown which is now in its fourth week.
Representing over 800,000 federal and Washington government workers, the American Federation of Government Employees argued that the shutdown was an “avoidable crisis” that harms American families and workers nationwide.
“Both political parties have made their point, and still there is no clear end in sight,” said AFGE President Everett Kelly. “It’s time to pass a clean continuing resolution and end this shutdown today. No half measures, and no gamesmanship.”
Notably, Republicans have repeatedly pushed for exactly this – a ‘clean’ continuing resolution that keeps the government open. Speaker Mike Johnson (R-LA) has urged Senate Democrats to support it with no success, while many other House Republicans support the clean CR that the House already passed which would keep funding at current levels.
Senate Democrats have repeatedly voted down these ‘clean’ CRs.
“When the folks who serve this country are standing in line for food banks after missing a second paycheck because of this shutdown, they aren’t looking for partisan spin,” Kelly said on Monday. “They’re looking for the wages they earned. The fact that they’re being cheated out of it is a national disgrace.“
While federal workers are guaranteed back pay once the government reopens, the Senate last week rejected a GOP-led effort to pay active-duty members of the military and certain federal workers during the shutdown – with Democrats insisting that they would back a proposal to pay all federal workers and prevent the Trump administration from firing anyone during the shutdown.
“It’s time for our leaders to start focusing on how to solve problems for the American people, rather than on who is going to get the blame for a shutdown that Americans dislike,” said Kelly.
END
Hollywoods’ slow demise:
(zeorhedge)
Hollywood’s Slow Death Continues: Chick-Fil-A Billionaire Turns Movie Studio Into Creator Hub
Monday, Oct 27, 2025 – 10:10 PM
When Hollywood productions packed up and left Georgia, Trilith Studios — the sprawling, $2.6 billion complex built by Chick-fil-A chairman Dan Cathy — suddenly went quiet. Once the home of Black Panther, Captain America, and Spider-Man, its soundstages now sit largely empty as major studios shift overseas in search of cheaper labor and new incentives, according to Bloomberg.
Film spending in Georgia has dropped sharply, from a record $4.4 billion in 2022 to $2.6 billion last year. “The movie business is slow in Georgia right now,” said Atlanta attorney Tom Harrold, who helped craft the state’s film tax credits.
To adapt, Trilith is betting on a new kind of star. The studio plans to dedicate about 35% of its space and resources to influencers, YouTubers, and other digital creators. “We have to skate where the puck is,” said CEO Frank Patterson. “We have to wrap our arms around this next generation of storytellers.”
Bloomberg writes that the pivot began in August, when filmmaker and influencer Jeremy Garelick, whose American High videos have more than 10 billion social views, struck a deal to base his operations at Trilith. “Buildings don’t build an industry,” Garelick said. “People do. And ideas do.”
It’s a major shift for Cathy, Georgia’s richest man, who envisioned Trilith as an entertainment utopia — complete with luxury homes, restaurants, and training programs for writers and filmmakers. Backed by his family’s trust, Cathy continues to expand the campus, adding a $400 million performing-arts center and investing in media startups tied to the creator economy.
Executives say the move reflects a broader reality: the cultural center of gravity is shifting from Hollywood to online platforms, where creators like MrBeast and Dhar Mann command global audiences. As Patterson put it, the future of storytelling may not belong to movie studios at all — but to the people who built their own from scratch on social media.
end
investments in artificial intelligence causes Amazon to cust 14,000 corporate jobs in their restructuring
(zerohedge)
“Need To Be Lean”: Amazon Cuts 14,000 Corporate Jobs In Major AI-Era Restructuring
Tuesday, Oct 28, 2025 – 08:00 AM
Update (0800ET):
Amazon announced major “organizational changes” across its corporate workforce that will result in the elimination of 14,000 jobs, as the company accelerates investments in artificial intelligence and automation.
The restructuring at the corporate level comes less than a day after a Reuters report suggested Amazon was preparing to cut as many as 30,000 corporate roles. While the final number is lower, the 14,000-job reduction still marks one of the company’s largest layoffs in years, underscoring its push to reduce pandemic hiring and streamline operations with chatbots and other next-generation technologies.
The incoming layoffs were outlined in a letter signed by Beth Galetti, Amazon’s senior vice president of People Experience and Technology. She said:
While this will include reducing in some areas and hiring in others, it will mean an overall reduction in our corporate workforce of approximately 14,000 roles. We’re working hard to support everyone whose role is impacted, including offering most employees 90 days to look for a new role internally (the timing will vary some based on local laws), and our recruiting teams will prioritize internal candidates to help as many people as possible find new roles within Amazon. For our teammates who are unable to find a new role at Amazon or who choose not to look for one, we’ll offer them transition support including severance pay, outplacement services, health insurance benefits, and more.
…
Some may ask why we’re reducing roles when the company is performing well. Across our businesses, we’re delivering great customer experiences every day, innovating at a rapid rate, and producing strong business results. What we need to remember is that the world is changing quickly. This generation of AI is the most transformative technology we’ve seen since the Internet, and it’s enabling companies to innovate much faster than ever before (in existing market segments and altogether new ones). We’re convinced that we need to be organized more leanly, with fewer layers and more ownership, to move as quickly as possible for our customers and business.
At 14,000 corporate job cuts, that’s roughly 4% of Amazon’s corporate workforce of about 350,000 employees. Amazon’s total workforce is 1.55 million, including warehouse and delivery workers, making the corporate-level restructuring peanuts compared to the overall workforce.
We believe Amazon’s hiring spree during the pandemic era will be reversed at some point, given Galetti’s comments.
Related:
* * *
Late in the U.S. cash session, Reuters dropped a startling headline: Amazon is preparing to take a Javier Milei-style axe to its corporate workforce, planning to slash upwards of 30,000 jobs as soon as tomorrow.
Reuters, citing three people familiar with the matter, said the 30,000 corporate job cuts set to begin tomorrow will amount to approximately 10% of Amazon’s corporate workforce of about 350,000 employees. However, the cuts represent a relatively small share of the company’s total workforce, which includes about 1.55 million warehouse and delivery workers.
The planned layoffs are aimed at reducing costs and reversing pandemic-era overhiring.
If confirmed, this would be Amazon’s largest round of layoffs since it cut about 27,000 jobs beginning in late 2022.
Shares of Amazon fell after the report, reversing some gains in the cash session.
Just wait until AI-related job losses begin to pick up for the e-commerce giant…
end
CORPORATE LAYOFFIS ARE NMOW SPIKING!
(zerohedge)
Corporate Layoffs Spike As Companies Prepare For Tariff Shocks
Tuesday, Oct 28, 2025 – 02:40 PM
At the beginning of this year corporate layoffs accelerated with thousands of DEI program employees (dead weight) thrown to the curb, but the streamlining isn’t stopping there. The cuts are not stopping despite solid growth in overall sales and volume (amount of goods sold) in the US. This might seem counter-intuitive, unless the layoffs are in preparation for a perceived incoming downturn.
The primary factors influencing job cuts are, of course, tariff uncertainty and inflation.
Target’s latest announcement of 1000 layoffs and 800 positions eliminated focuses on it’s global corporate workforce. Leftists claim these cuts are a consequence of their supposed “boycott” of Target after the company rolled back DEI initiatives, but there is no evidence to support this. Target did take a heavy hit from conservative boycotts in 2024 after the company tried to introduce LGBT apparel for children, but again, the white collar cuts are global and are more likely related to tariff uncertainty and inflation.
And Target is not alone.
Nestle has announced over 16,000 layoffs over the next two years with 12,000 coming from the white collar workforce.
UPS cut over 12,0000 white collar jobs in 2024 and in July they began shuttering 73 sites and eliminating 20,000 blue collar positions. The most recent layoffs are efficiency related in expectation of plunging global shipments due to tariffs as well as the loss of 50% of Amazon’s volume.
Rivian has eliminated 600 corporate jobs as electric vehicles suffer another year of decreasing consumer interest.
Nike is instituting 2000 white collar layoffs in a restructuring bid. Nike is in fact suffering from revenue losses, plunging 9.8% year-over-year. Furthermore, their business model relies heavily on China (24% of manufacturing), which is a primary target of Trump’s tariffs.
Starbucks is dropping 900 corporate employees this month following 1,100 cuts in February.
Chip company Applied Materials is laying off 1400 white collar workers.
Morgan Stanley is cutting 2400 employees from its wealth management and admin roles.
Cable giant Charter is eliminating 1200 management jobs.
GM is downsizing approximately 3500 workers total in 2025, citing slowing EV sales and tariff headwinds.
Amazon plans to cut up to 30,000 corporate jobs (represent nearly 10% of the company’s roughly 350,000 corporate employees) as the company works to pare expenses and compensate for overhiring during the peak pandemic demand
From a cost perspective, HQ employees are far more of a burden on a company’s bottom line. Target, for example, stands to save up to $171 million on employees salaries and benefits in a single year by removing 1800 positions. However, this is only a portion of the $846 million the company has lost in sales from 2024 to 2025. Meaning, more Target layoffs are probably coming soon.
Streamlining job cuts tend to act as the beginning of a greater avalanche of terminations rather than a fine tuning of labor as they’re often portrayed. Meaning, this trend is going to continue well beyond the next year.
Inflation has slowed dramatically since the Biden Administration but prices remain high on most necessities including food, energy and housing. To be fair to Trump, it takes a lot more than 10 months to reverse a stagflationary crisis once it has started. A deflationary event is needed to bring prices down (or a massive production increase to create oversupply) and higher interest rates have not produced the proper drag on demand.
In fact, Americans are spending more than ever and taking on more debt than ever. This is a bad thing if we’re talking about finally reducing prices on goods and services.
As for tariffs, a tax on corporate outsourcing is a good thing and long overdue. The problem is that the positive effects are slow. Manufacturing is being shifted from other countries back to the US, but not at a scale that’s going to revitalize the middle class in the near term. In other words, the public should expect multiple years of economic pain to produce significant gains. Anyone who believes there’s an easy way out of stagflation is living in a fantasy land.
A number of companies are clearly coming to this realization and reducing costs (and jobs) to protect themselves from future pitfalls.
Musk’s Anti-Woke Grokipedia Has Landed – Hosts 900,000 Articles On Day 1
Tuesday, Oct 28, 2025 – 09:00 AM
Elon Musk’s anti-woke alternative to Wikipedia — an aspiration he announced less than a month ago — went live on Monday, with “Grokipedia” already boasting nearly 900,000 articles by the end of its first day. “The goal of Grok and Grokipedia.com is the truth, the whole truth and nothing but the truth. We will never be perfect, but we shall nonetheless strive towards that goal,” Musk wrote on X, referring to the launch-day Grokipedia as Version 0.1, and promising that “Version 1.0 will be 10X better.”
Grokipedia is powered by xAI, Musk’s artificial intelligence company that also drives the generative AI “Grok” chatbot. Many of the pages we sampled are extremely comprehensive, detailed and lengthy. Journalists and social media users quickly set out to compare how the two sites differ in covering controversial topics. For example, regarding gender transition, the New York Times reported that “[Grokipedia] said medical treatment for transgender people was based on evidence that was ‘limited and of low quality’ [while] Wikipedia’s corresponding page said scientific understanding of the subject had existed for decades.” We also observed that Grokipedia’s page covers theories that the huge spike in trans identification since the early 2010s may be driven by “social influence or contagion.”
Wikipedia, launched in 2001, has grown into the seventh most-visited website globally, boasting over 7 million articles across 329 languages and attracting more than 4 billion visits each month. Officially, Wikipedia operates under the policies of “verifiability” and “neutrality,” but in practice, the world’s largest online encyclopedia is routinely manipulated by activists ranging from progressive leftists seeking to dominate the culture war to West Bank settlers working to mold opinions about the State of Israel.
The brainwashing risk is no longer confined to everyday human users, as today’s leading AI models draw heavily on the supposed facts found on Wikipedia pages. Having said that, many Grokipedia 0.1 entries on uncontroversial topics have passages that are word-for-word identical to their Wikipedia counterparts. In September, responding to a question posed by an X user about Grok’s use of Wikipedia, Musk said, “We should have this fixed by end of year.”
While Grokipedia content is being created by AI, Wikipedia content is written by millions of volunteer contributors, whose sourcing is limited by an official color-coded list of sites given grades such as “generally reliable” (green) or “generally unreliable” (red). Hardcore leftist outlets Mother Jones and the SPLC get the top green rating, as do MSNBC and CNN. Fox News gets a middling yellow “marginally reliable” rating, while ZeroHedge is red due to “propagation of conspiracy theories.” Antiwar.com, which we’ve found to be exceedingly well-sourced while observing high journalistic standards, is also off-limits.
In January, Musk lashed out at Wikipedia over content on his biographical page saying his gesture at a 2024 Trump inauguration event “was compared to a Nazi salute or fascist salute.” Urging donors to stop financing Wikipedia, Musk said, “Since legacy media propaganda is considered a ‘valid’ source by Wikipedia, it naturally simply becomes an extension of legacy media propaganda!”
So far, Grokipedia has about one-seventh the number of pages as Wikipedia, so some of your favorite spicy topics may not be covered yet. Take it for a spin at Grokipedia.com.
VICTOR DAVIS HANSON
Victor Hanson: The Left Is ‘Bleeding Kansas’
Monday, Oct 27, 2025 – 06:25 PM
Authored by Victor Davis Hanson via American Greatness,
In the late 1850s, “Bleeding Kansas” was the term used to describe the escalating cycle of violence, when surrogates for the Union and soon-to-be Confederacy fought each other over whether Kansas would be admitted as a free or slave-owning state.
As the assaults and killings increased, radicals set the agenda.
The logical next step was the nightmares of Fort Sumter and Bull Run.
Those calling for restraint and peaceful resolutions were considered weak and traitorous. The thuggish and violent, instead, were praised as the true idealists and patriots, the real “base” of their respective parties.
We have witnessed a growing wave of left-wing assassins and would-be assassins in the last few years: James Hodgkinson, Luigi Mangione, James Crooks, Ryan Routh, Elias Rodriguez, and Tyler Robinson, who have targeted Republican House leaders, CEOs, Donald Trump, Jews, and Charlie Kirk. For months, leftists vandalized or torched anything to do with the Tesla brand, and with virtual impunity, they sometimes went after individual Tesla owners. Jews walked in the shadows on campuses, where mobs cheered Hamas killers.
From June through October 2020, Antifa- and BLM-led rioting led to 35 deaths, $2 billion in damage, 14,000 arrests, and 1,500 injured police. On January 6, violence left five dead, four from the protesting side.
But whereas the federal government immediately and often excessively jailed both violent and peaceful 2021 protesters, almost all of the 14,000 protesters and rioters of 2020 were released by left-wing blue-city and federal prosecutors and judges.
ICE officers and facilities remain under siege in a number of major cities. In this current left-wing legitimization of violence, the Democrat Party is now embracing an eerie channeling of an earlier, pre- and post-Confederate ethos. Nonstop Democrat grandees call for their resistance to hit the street, if need be, to go lower than the “gutter,” and to “let your rage fuel you.”
The demagogic, anti-ICE bluster of Illinois Governor J.B. Pritzker, Chicago Mayor Brandon Johnson, California Governor Gavin Newsom, Los Angeles Mayor Karen Bass, Oregon Governor Tina Kotek, and Portland Mayor Keith Wilson is nullificationist and state-rights supremacy to the core.
New York mayoral candidate Zoran Mamdani, in the spirit of Jefferson Davis, recently summed up the left’s resistance best, bragging that he hoped to disconnect New York local governance from federal government authority entirely—at least in the obligatory rather than beneficiary sense.
But do not left-wing states’ righters also applaud rogue lower-court federal judges who create and apply all sorts of edicts to stop the enforcement of federal law?
The Democrat-appointed judges confidently and accurately assume:
1) that they will certainly be reversed but can successfully continue to fabricate laws and make up jurisdictions and rules to delay and obstruct the administration;
2) that unlike their Democrat supporters who opportunistically ignore federal authority, the targeted Trump administration will abide by their federal rulings until they are reversed;
3) that any loss of judicial reputation by their biased and unsound rulings is more than made up by their new folk status among Democrats as fanatic Never Trumper activists.
Blue-state elected officials, both local and statewide, believe not only that the federal government has no jurisdiction to enforce the laws of the land in their locales, but that they themselves have the right, and indeed the duty, to use their own resources to impede them.
But blue states and cities have a peculiar notion of “states’ rights.” Under the Obama administration, Democrats once cheered on the federal government’s blockage of former Arizona governor Jan Brewer’s efforts to use state resources to enforce federal immigration law, which an open-borders Obama White House had refused to fully do.
How odd, then, that the left supports federal supremacy when it chooses not to enforce its own laws but opposes it when it follows and enforces federal statutes.
Of course, should any red city, county, or state declare itself immune from a Democrat-run federal government—for example, local authorities ignoring federal gun registration laws or endangered species mandates—then the left would use the full force of the federal law to crush such “state-righters.”
This new one-sided, left-wing, states’-rights movement also took off during the first Trump administration. Then, some 600 state and local “sanctuary city” jurisdictions declared that they would not hand over arrested criminal foreign aliens residing unlawfully in the U.S. to federal authorities.
Currently, local Democrat officials from Chicago to Los Angeles unabashedly boast that not only will their own police forces not aid in the deportation of apprehended or criminal illegal aliens, but they will also often actively oppose federal law enforcement—whether by offering street sanctuary to violent anti-ICE protesters in Portland or ordering Chicago-area police not to come to the aid of embattled and blockaded ICE officers.
An unhinged Rep. Nancy Pelosi (D-CA) now brags she wants local California officials to arrest federal ICE officers. But the former Speaker of the House does not elaborate on what sort of “encounter” will follow when the latter federal, armed officers are lawfully enforcing the law, and the former armed state officers are breaking the law in trying to stop them. Bleeding Kansas? A mini-Fort Sumter?
The last time we saw such brazen state efforts to nullify federal law took place in 1957 at Little Rock, Arkansas (President Eisenhower versus Governor Orval Faubus); in 1962 at Oxford, Mississippi (President Kennedy versus Governor Ross Barnett); and in 1963 at Tuscaloosa, Alabama (President Kennedy versus George Wallace).
Like their current counterparts, all such governors pleaded states’ rights, damned federal intrusion into their own affairs, and counted on their own state residents to protest and intervene for their shared anti-federalist and nullificationist agendas.
Social media is now ablaze, as are street protests, with attacks on federal officials and with defiant calls from state and local residents to use any means necessary to stop federal enforcement. State officials smear federal officers as “Nazis” and “Gestapo”—and then up the ante by creating electronic “ICE trackers” so that illegal aliens and their supporters can evade federal officers, dox them, and put them in physical jeopardy. The logical end to the violent designs of California nullificationist officials will be either wounded or dead ICE officers.
That 80-90% of currently arrested cohorts of illegal aliens either have prior criminal records or past-due deportation orders seems irrelevant. The cause of the current nullificationists is not so much illegal immigrants per se but rather using state resources to defy the Trump federal administration, as it acts lawfully as representatives of the U.S. government.
No wonder the antebellum firebrand and killer John Brown has become a popular blue-state rights icon—precisely because he was willing to kill his opponents. The violent left-wing “John Brown Gun Club” is now mainstream. Howard University professor Stacey Patton recently urged white liberals to “be like John Brown. Ask yourself, what am I willing to burn so somebody else can breathe?”
She apparently was advocating the sort of violence that characterized Brown’s armed raid on Harpers Ferry that helped ignite the Civil War, or his earlier 1856 Pottawatomie Massacre, where he oversaw the execution of five pro-South settlers.
The escalating violence in Chicago, Los Angeles, and Portland bears an eerie resemblance to the precursors to the “Bleeding Kansas” madness of the late 1850s, in which, eventually, local law enforcement often ignored or joined in the violence of ad hoc thugs, sometimes in opposition to the federal government.
As in the bloodletting of 19th-century Kansas, the current activist left, in the street and on social media, makes no effort to hide their glee over Charlie Kirk’s death, to mask their disappointment that Trump survived two assassination attempts, or to deny that assassin Luigi Mangione is now a popular left-wing icon.
L.A. Mayor Karen Bass, whose incompetence and left-wing blinders ensured the L.A. fire, seems unconcerned with her failed city, as she daily poses on the barricades as a resistor of federal law.
Governor Gavin Newsom has no answers for his multibillion-dollar high-speed rail catastrophe. He remains indifferent to the state government’s responsibility for dozens of horrific forest and brush fires.
Perennial candidate Newsom is unconcerned with the state’s crippling costs of insurance, gas, and electricity, or California’s record high gas and income taxes, or its now chronic multibillion-dollar budget deficit, or its $1.6 trillion in unfunded liabilities.
Instead, Newsom only comes to life to post that the federal Homeland Security Secretary will soon have a “bad day” (“Kristi Noem is going to have a bad day today. You’re welcome, America”), or that he is willing to smack the mouth of the President (“We are going to fight back and we’re going to punch this bully in the mouth.”) or to strike his Republican opponents (“We are going to punch these sons of bitches in the mouth.”).
In sum, officials both threaten and sanction violence against ICE.
When challenged by federal officers, violent street thugs run to the protection of sympathetic local police.
If an ICE officer is besieged, he has no assurance that local or state officers will come to his aid and confront his attackers.
Assassins are praised; their victims are slandered.
So we are Bleeding Kansas.
Democrats and the left nevertheless press ahead—even as they know where their madness ultimately leads.
END
KING NEWS
| The King Report October 28, 2025 Issue 7607 | Independent View of the News |
| @neilksethi: Goldman notes that despite the rip in the most shorted names, Fundamental long/short Hedge Funds have ramped up shorts taking gross leverage (longs + shorts) to a 5-year high while net leverage has fallen to the 30th 1-yr % tile… “suggesting a more cautious posture.” https://x.com/neilksethi/status/1982137582013296813 Gold tanked and fell below $4000. Stocks soared on persistent buying, but The NY Fang+ Index and major equity indices peaked near the NYSE opening and then chopped lower until they soared on the manic ESZs manipulation during the final 25 minutes. Mag 7 stocks led the manic and persistent buying because 5 of the stocks report results on Wednesday & Thursday. ESZs soared on the Sunday night open but quickly fell 25-handles. ESZs rebounded modestly and eased lower until a rabid rally took ESZs to 6889.00 at 3:27 ET. The pro dump pushed ESZs down to 6876.50 at 4:28 ET. ESZs then commenced a persistent rally that hit a daily high of 6912.00 at 16:00 ET on manic manipulation/buying of ESZs during the final 25 minutes of NYSE trading. Amazon targets as many as 30,000 corporate job cuts: Reuters A small percentage of Amazon’s 1.55 million total employees, but nearly 10% of the company’s roughly 350,000 employees… the largest job cut at Amazon since around 27,000 jobs were eliminated starting in late 2022… https://www.cnbc.com/2025/10/27/amazon-targets-as-many-as-30000-corporate-job-cuts.html With the AI/robo boom eradicating beaucoup white & blue collar jobs, Americans will become day traders to survive on trickle down from the Fed or hope for more freebies from socialists and Marxists. @Stocktwits: Nancy Pelosi sold $250,000 of AAPL stock on October 22nd… earnings… this Thursday. Chicago Fed Labor Market Indicators The October 2025 reference week (October 12th through October 18th) for the BLS survey used to estimate the unemployment rate overlapped with the federal government shutdown that began in early October. This special factor is likely to be only partially reflected in the available data for the October 2025 Advance release of the Chicago Fed Labor Market Indicators. The Congressional Budget Office expects that as many as 750,000 federal government workers have been furloughed during the government shutdown, representing up to 0.4 percent of the civilian labor force (as of August 2025 data). Here are the latest estimates for October 2025 (reference week ending on October 18, 2025): Latest Release (Oct 2025 Advance)Previous Month (Sep 2025)Year-Ago Month (Oct 2024)Layoffs and Other Separations Rate2.09%2.08%2.06%Hiring Rate for Unemployed Workers45.18%45.38%47.10%Real-Time Unemployment Rate Forecast4.35%4.34%4.14%**BLS actualhttps://www.chicagofed.org/research/data/chicago-fed-labor-market-indicators/latest-release @FedGuy12: It’s well understood the growth in repo borrowing is from the basis traders. As they are marginal holders of cash Treasuries, the demand for repo financing is in proportion to the level of new net issuance. GDP is not the right reference. https://x.com/FedGuy12/status/1982804603780415616 Largest federal workers union urges Congress to pass ‘clean’ stopgap, end government shutdown — a big blow to Dems https://trib.al/vfVUdUx Democrat (Rep.) Jared Golden accuses party of lying about government shutdown strategy https://justthenews.com/government/congress/democrat-jared-golden-accuses-party-lying-about-government-shutdown-strategy Qualcomm shares jump 11% as chip giant unveils new AI chips to rival Nvidia’s https://trib.al/YJzNFO3 @Mr_Derivatives: IBM last 3 days trough to peak +20%. This is IBM… trading like a meme coin. Positive aspects of previous session Fangs rallied sharply on manic buying for coming results. The DJIA closed +472.51. Negative aspects of previous session The major equity indices had muted rallies until the late manic manipulation of ESZs. The Mag 7 Bubble is inflating further. Trump & Bessent should prepare for the coming carnage. Ambiguous aspects of previous session How far will gold retrench? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6865.46 Previous session S&P 500 Index High/Low: 6877.28 6843.94 Trump says he’d be willing to extend Asia trip to meet with North Korea’s Kim Jong Un https://www.foxnews.com/politics/trump-indicates-hed-willing-extend-his-asia-trip-meet-north-koreas-kim-jong-un Minnesota man arrested for posting TikTok video offering $45,000 reward for the death of AG Pam Bondi. https://t.co/qvm6Is3Wrq Trump: “…The 2020 Presidential Election, being Rigged and Stolen, is a far bigger SCANDAL. Look what happened… when a Crooked Moron became our ‘President!’ We now know everything. I hope the DOJ pursues this with as much ‘gusto’ as befitting the biggest SCANDAL in American history!”… @paulsperry_: Trump-appointed US Attorney Quinones for Southern District of Florida has impaneled a new grand jury in conservative Fort Pierce to start hearing conspiracy evidence … Jurors begin deliberating Jan. 12 … The court order … https://www.flsd.uscourts.gov/sites/flsd/files/adminorders/2025-74.pdf Stolen Elections: The Takedown of Democracies Worldwide (book) In 2019, two U.S. government whistleblowers investigating the Venezuelan government’s involvement in drug trafficking and money laundering, inadvertently discovered an international conspiracy to influence elections in the United States and in over 70 countries around the world… https://www.amazon.com/Stolen-Elections-Takedown-Democracies-Worldwide/dp/B0FP5J7CS7 @Rasmussen_Poll: Page 185: “The engineer who actually built the algorithm stealing the election for Biden looked at me like I was an idiot and asked, “Do you think we stole the election here in the blue counties? We’re smarter than that. No, we shaved off votes in the red counties in the countryside where Trump was strong, and we left the blue counties untouched….” https://x.com/Rasmussen_Poll/status/1976292682713506110 Democratic Leaders Ramp Up Resistance Rhetoric – Jon Turley Despite calls for many Democratic politicians and pundits to temper their inflammatory rhetoric, this week has proven a further escalation in this dangerous form of rage rhetoric. DNC Chair Ken Martin just told MSNBC’s “The Beat” that “we may be nearing” the moment when “elections don’t matter and then the resistance looks completely different.” Senate Minority Leader Chuck Schumer called on people to “forcefully rise up.” With political violence on the rise, these leaders are clearly fueling the mob in hopes that they and their party can ride the wave of rage back into power. History suggests that it is a foolish delusion. Today’s revolutionaries quickly become tomorrow’s reactionaries. House Minority Leader Hakeem Jeffries, D-N.Y., who pictures himself brandishing a baseball bat has previously called upon people to “fight in the streets.” California Governor Gavin Newsom previously declared, “I’m going to punch these sons of bitches in the mouth.”… In his podcast with co-host Al Hunt, James Carville was again spewing unhinged hate. He returned to treating Trump and others as Nazis and their supporters as “collaborators.”.;.. In the end, today’s pseudo-revolutionaries are likely to find themselves tomorrow’s reactionaries. Leading mobs is rarely a safe place to be as more radical elements take hold of a movement. The result is an inexorable pattern that runs throughout history as revolution devours its own. https://jonathanturley.org/2025/10/24/we-may-be-nearing-when-the-resistance-looks-completely-different-democrat-leaders-ramp-up-resistance-rhetoric/ Turley: Wrecking Ball Politics: Swalwell Calls for Destructive Pledge from Democratic Presidential Candidates – Rep. Eric Swalwell, D-Calif… calls for potential presidents to pledge to demolish the Trump ballroom as a litmus test for office. According to Swalwell, Democrats will only consider politicians who promise to destroy a $300 million building to appease the lowest common denominator of their party. Swalwell went on X to declare: “Don’t even think of seeking the Democratic nomination for president unless you pledge to take a wrecking ball to the Trump Ballroom on DAY ONE.”… Even the Wash Post has come out in favor of the ballroom and said that future presidents will value the addition… Swalwell wants the next president to commit to destroying it as a political statement… https://jonathanturley.org/2025/10/27/wrecking-ball-politics-swalwell-calls-for-destructive-pledge-from-democratic-presidential-candidates/ Today – Though US stocks are absurdly overbought, and sentiment is exponentially beyond irrational exuberance, ‘they’ will continue to buy dips and others will be reluctant to sell because, to reiterate: The world expects a 25bp rate cut but bulls want a 50bp rate cut. The crest of Fang results appears on Wednesday (META, MSFT. GOOGL) and Thursday (APPL & AMZN). This week could produce some type of equity peak on a Fed rate cut, the end of Fang reporting season, Trump-Xi meeting on Thursday, and October performance gaming. ESAs are +2.50; NQZs are +23.00; Dec AU is -22.40; and USZs are +9/32 at 20:26 ET. Expected economic data: Aug FHFA House Price Index 0.0% m/m; Aug S&P Cotality 20-City house prices -0.1% m/m & 1.4% y/y; Oct Conf. Board Consumer Confidence 93.4; FOMC Meeting begins S&P Index 50-day MA: 6595; 100-day MA: 6407; 150-day MA: 6143; 200-day MA: 6087 DJIA 50-day MA: 45,960; 100-day MA: 44,897; 150-day MA: 43,631; 200-day MA: 43,576 (Green is positive slope; Red is negative slope) S&P 500 Index (6875.16 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 663.52 triggers a sell signal Daily: Trender and MACD are positive – a close below 6663.05 triggers a sell signal Hourly: Trender and MACD are positive – a close below 6835.88 triggers a sell signal The Mirror US edition: New Yorkers… roughly 44% supported Mamdani for his socialist policies, while a majority — 56% — voted against New York elites… According to the Democracy Institute, the poll results were weighted for “key demographic and socio-economic variables, including gender, age, education, income, borough residency, party identification, religion, and cell phone-only households.” https://www.themirror.com/news/politics/zohran-mamdani-poll-donald-trump-1464388 FL Gov @RonDeSantis: (If elected) Mamdani will be the most prominent Democrat in America the day he takes office. Voters across the country will be able to watch his leftist agenda in action and know that his path is the Democrat path nationally. Will be good for Republicans, bad for New York City @elonmusk: Zohran is the future of the Democratic Party. @Rightanglenews: The “aunt” Zohran Mamdani shed fake tears over, claiming she stopped riding the subway after 9/11 because she didn’t feel safe wearing her hijab, neither wore a hijab nor lived in New York City at the time; she lived in Tanzania. https://t.co/xloRCG49rD @greg_price11: Zohran Mamdani says that his “aunt” that he claimed on Friday was too afraid to wear her hijab on the subway after 9/11 was actually his father’s cousin named “Zehra Fuhi” who he says passed away a few years ago. https://x.com/greg_price11/status/1982924458731192673 Inside the Mamdani Machine: Soros cash, socialists and radical imams engineered Zohran Mamdani’s path to power https://www.foxnews.com/politics/inside-mamdani-machine-soros-cash-socialists-radical-imams-engineered-zohran-mamdanis-path-power Axelrod Defends Mamdani: “If You’re Going to Be a Big Tent Party, Then You Got to Be a Big Tent Party” https://www.msn.com/en-us/news/politics/axelrod-defends-mamdani-if-you-re-going-to-be-a-big-tent-party-then-you-got-to-be-a-big-tent-party/ar-AA1IJGsp Zohran, the NYC mayor-in-waiting, appears to be Obama’s heir as the Great Marxist Hope & Hoax. IBD: FBI files confirm what we feared in 2008 — that the president and his closest advisor come from a long line of Communists. Not liberals or socialists, but Reds… Both the Jarrett and Obama clans are tied to Frank Marshall Davis. A card-carrying member of the Communist Party USA, Davis worked in Chicago in the same Soviet fronts with Jarrett’s father-in-law, as well as her grandfather Taylor, the first African-American head of the Chicago Housing Authority. Davis also worked with Harry and David Canter, Soviet agents who took Obama political advisor David Axelrod, another Red diaper baby (his mother worked for a Communist newspaper), under their wing… That Obama would end up working as an agitator in Chicago — the birthplace of the Communist Party USA — is no coincidence. Eventually, (Valerie) Jarrett would plug him into her Hyde Park neighbors — Communist terrorists Bill Ayers and Bernardine Dohrn — who launched his political career in a fundraiser held in their living room… https://www.investors.com/politics/editorials/obama-and-top-advisor-jarrett-come-from-long-line-of-communists/ The Left is ‘Bleeding Kansas’ —… The escalating violence in Chicago, Los Angeles, and Portland bears an eerie resemblance to the precursors to the “Bleeding Kansas” madness of the late 1850s, in which, eventually, local law enforcement often ignored or joined in the violence of ad hoc thugs, sometimes in opposition to the federal government… When challenged by federal officers, violent street thugs run to the protection of sympathetic local police… Democrats and the left nevertheless press ahead—even as they know where their madness ultimately leads. https://amgreatness.com/2025/10/27/the-left-is-bleeding-kansas/ The Great Leftist Ignorance Scam (We’ve mentioned this historical precedent more than once) The new left movement in America is taking off mostly with the very wealthy, which isn’t an accident In post-9/11 America, every terrorist is portrayed as evil. We seem to have forgotten the old adage: “One man’s terrorist is another man’s freedom fighter.” (Maine Dem Gov candidate Platner) Understanding the motives of terrorists is one thing, but the really concerning theme in Platner’s writing, and in the rhetoric of lefty superstar and New York Mayoral candidate Zohran Mamdani, zooms past trying to understand certain violent movements into something like sympathy for their underlying goals and mores. The ideas currently fashionable among upper-class lefties are suicidal lunacies that will force actual working-class Americans to vote against them out of self-preservation… Only people who can afford the kinds of schools Platner and I attended can afford to be as detached from reality as the new progressives have become… https://www.racket.news/p/the-great-leftist-ignorance-scam “It was always the women, and above all the young ones, who were the most bigoted adherents of the Party, the swallowers of slogans, the amateur spies & nosers-out of unorthodoxy.” – George Orwell, 1984 Fox’s @BillMelugin_: Per four senior DHS & Trump admin sources, a mass removal of ICE leadership around the country is underway, with up to 12 ICE field office chiefs being removed & reassigned in an effort to increase deportation numbers… https://x.com/BillMelugin_/status/1982959806173581456 Judge’s son Gavin Newsom mocked for claiming his well-connected family had to ‘hustle to pay the bills’ https://www.dailymail.co.uk/news/article-15230719/California-Gavin-Newsom-family-hustle-mocked.html Newsom’s story about ‘hustling’ to pay the bills raises eyebrows, given his family’s ties to billionaire heir https://trib.al/EpLBq2o @susancrabtree: Downright sociopathic. Gavin Newsom was Growing up Getty. Here’s a list of Getty largesse Gavin Newsom received: -Vacations to Africa and Hudson Bay (as a child) -PlumpJack wine business shortly after college -Great Gatsby-themed Roaring ’20s 30th birthday party at the Getty’s SF estate -$233,000 lavish wedding to Kim Guilfoyle – At least $500,000 for his gubernatorial run -$1 million to purchase a Pacific Heights home, and more millions in joint real estate ventures READ ALL ABOUT IT: We have an entire chapter about Gavin’s early years “Growing Up Getty” in our book Fool’s Gold: The Radicals, Con-Artists and Traitors Who Killed the California Dream and Now Threaten Us All – available on Amazon. @akafaceUS: People are digging up a 2010 CNN clip showing Obama’s $376M White House makeover — all paid for by taxpayers. Meanwhile President Trump’s $250M ballroom is coming out of his own pocket. https://t.co/PSS2K8SJRJ ‘American Justice’ offers unfiltered look at how Chicago’s justice system really works The state’s juvenile system operates in near secrecy, with a mandate of focusing on rehabilitation rather than punishment. Moyer’s firsthand accounts reveal a system so lenient at times that it seems to embolden violent offenders rather than reform them. “In cases where a kid acts in shocking, violent ways, causing great harm to victims, it can feel like this system designed to handle them so tenderly is simply inviting them to continue on the same violent path,” he writes… One case begins as a straightforward robbery investigation but soon winds into something stranger: a scam in which people paid cash to have themselves targeted in phony robberies so they would qualify for U.S. immigration visas intended for legitimate crime victims… https://cwbchicago.com/2025/10/american-justice-offers-unfiltered-look-at-how-chicagos-justice-system-really-works.html The NFL is becoming unwatchable due to worsening officiating and a tsunami of injuries that is depleting rosters of front line and even 2nd line players. The owners must respond because the commish is a dud. We must add that too many commentators spew hyperbolic praise on a few select players while ignoring most players during telecasts. Who irritatingly says this virtually every game about a QB: “He’s the only QB that can make that throw!”? PSS – Some ex-NFL stars turned commentators seem ill prepared or palpably biased too often. And let’s not omit the ex-QB who giggles incessantly for some reason. | |
SWAMP STORIES FOR YOU TONIGHT
ROBERT H TO US;
this is huge!!
BREAKING: House Oversight Committee Deems ALL Biden Autopen Actions NULL AND VOID – Demands Investigation by AG Pam Bondi | The Gateway Pundit | by Cullen Linebarger
Now this may get interesting. If all actions are null and void; then all orders are null and void and illegal. This would include all agreements made. Quite the rollback if followed through on.
The real question is DOJ up to the job?
Trump has said those who ran Biden’s autopen committed treason.
BREAKING: House Oversight Committee Deems ALL Biden Autopen Actions NULL AND VOID – Demands Investigation by AG Pam Bondi
by Cullen Linebarger Oct. 28, 2025 8:40 am
The Biden autopen scandal has taken a new turn, and the Department of Justice may soon get involved.
The House Oversight Committee, led by Rep. James Comer (R-KY), released a 100-page report today declaring all of Biden’s autopen executive actions “null and void.”
These include pardons performed by White House staff and signed by an autopen.
From Comer:
@GOPoversight has exposed the Biden Autopen Presidency, revealing how top aides misled Americans and worked to maintain the illusion of presidential control as Biden’s capacity declined.
Executive actions taken by White House Biden staff & signed by autopen are NULL AND VOID.
@GOPoversight has exposed the Biden Autopen Presidency, revealing how top aides misled Americans and worked to maintain the illusion of presidential control as Biden’s capacity declined.
Executive actions taken by White House Biden staff & signed by autopen are NULL AND VOID. https://t.co/QckrLlarSp
— Rep. James Comer (@RepJamesComer) October 28, 2025
Here is the link to the full report:
We are deeming Biden’s executive actions NULL and VOID.
Read the full report on our investigation of ‘The Biden Autopen Presidency”: https://t.co/JYSXv3oEpu
— Oversight Committee (@GOPoversight) October 28, 2025
The report calls on the Department of Justice and Attorney General Pam Bondi to conduct an investigation, including of Biden aides responsible for the cover-up.
“We are calling on the U.S. Department of Justice to conduct a thorough review of these executive actions and scrutinize key Biden aides who took the Fifth to hide their participation in the cover-up,” the report reads.
“The D.C. Board of Medicine must also review the actions taken by President Biden’s physician to hide his true condition. We have provided Americans with transparency about the Biden Autopen Presidency, and now there must be accountability,” it continues.
BREAKING: U.S. House Oversight Committee deems ALL President Biden executive actions “NULL AND VOID,” including pardons, performed by White House staff and signed by an autopen
The Committee demands an IMMEDIATE investigation by AG Pam Bondi
“We are calling on the U.S.… pic.twitter.com/iiWUStSyZQ
— Eric Daugherty (@EricLDaugh) October 28, 2025
As previously reported, The Oversight Project broke the story about the Biden autopen scandal wide open after they discovered thousands of acts of clemency and executive actions were signed with an autopen rather than a wet signature.
Earlier this year, the Oversight Project revealed six criminals were pardoned by Biden’s autopen on December 30, 2022, while Joe Biden was vacationing and golfing in St. Croix.
The White House Counsel’s Office is investigating the autopen scandal and is expected to review over 1 million documents.
DALLAS
Dallas Doctor Surrenders License After Texas AG Sues For Prescribing Gender Transition Drugs To Minors
Monday, Oct 27, 2025 – 08:05 PM
Authored by Aldgra Fredly via The Epoch Times (emphasis ours),
A Dallas-based doctor has surrendered her medical license following a lawsuit filed by Texas Attorney General Ken Paxton in 2024, accusing her of illegally prescribing gender transition drugs to minors.
Paxton announced on Oct. 24 that Dr. May C. Lau has given up her state medical license but that the legal case over her alleged violation of Texas’s ban on gender transition treatment for minors is still ongoing.
“May Lau has done untold damage to children, both physically and psychologically, and the surrendering of her Texas medical license is a major victory for our state,” Paxton said in a statement.
“My case against her for breaking the law will continue, and we will not relent in holding anyone who tries to ‘transition’ kids accountable.”
Records from the Texas Medical Board indicate that Lau’s medical license was “canceled by request” earlier this month.
Her attorney did not respond by publication time to a request for comment.
The lawsuit, filed by the state of Texas in October 2024, alleged that Lau prescribed high-dose cross-sex hormones to 21 minors for the purpose of gender transitioning.
The case falls under Senate Bill 14, a law that took effect in September 2023 and was upheld by the Texas Supreme Court in June 2024. The legislation prohibits gender transition medical procedures for minors, including surgeries, puberty blockers, and cross-sex hormones.
The law also mandates that the Texas Medical Board shall revoke the medical license or other authorization to practice medicine of a physician who violates its provisions.
According to the lawsuit, Lau allegedly prescribed testosterone, which is a controlled substance, to female minors as part of treatments intended to alter their gender or affirm a gender identity different from their biological sex.
The lawsuit further alleged that Lau falsified medical and billing records “to mislead pharmacies, insurance providers, and/or patients” into believing the testosterone prescriptions were for other medical reasons.
Lau entered into a Rule 11 agreement with the state of Texas earlier this year, which prohibits her from practicing medicine on patients entirely while the case is still ongoing.
Under the agreement, Lau is prohibited from prescribing or billing for treatments “that are for the purposes of transitioning a minor’s biological sex” and from using false diagnoses or billing codes to affirm a gender identity inconsistent with a minor’s sex.
Paxton brought similar charges against two other doctors—El Paso-based Dr. Hector Granados and Dallas-based Dr. Brett Cooper—under the same legislation in 2024. Cooper has signed a Rule 11 agreement with Texas, and Granados was subjected to a court-ordered temporary injunction, according to the attorney general’s office.
Chase Smith contributed to this report.
END
Thune Throws Cold Water On GOP ‘Rifle-Shot’ Shutdown Strategy As SNAP Recipients Plan ‘Shopping’ Sprees
Tuesday, Oct 28, 2025 – 11:25 AM
The government shutdown is now in its 28th day, and the Capitol is as paralyzed as the agencies it funds. The House has been out of town for 39 days, while the Senate is in session – but with no clear endgame in sight.
On Monday, the largest federal worker’s union sided with the Republicans in calling for a ‘clean’ continuing resolution (CR) – which would immediately reopen the government while various pork is debated for subsequent bills.
Inside Monday night’s closed-door GOP leadership meeting, Senate Majority Leader John Thune poured cold water on a plan that many Republicans once thought could turn the political tide: passing so-called “rifle-shot” bills to pay specific groups of federal workers such as the military, or air traffic controllers – while the broader standoff drags on, Punchbowl News reports.
According to two people familiar with the meeting, Thune warned colleagues that these piecemeal funding bills could actually ease the pressure on Democrats to cut a deal to reopen the government. “My view is what it has been from the very beginning, and that is to pay SNAP recipients by reopening the government. It’s not complicated,” Thune said.
White House Pushback
The Trump administration agrees with Thune – and has been privately telling Republican senators that the “rifle-shot” approach would let Democrats ‘bail themselves out of a crisis they created,’ according to Punchbowl, citing a person briefed on the conversation.
GOP leaders fear that once one narrow bill advances – to fund air traffic controllers, for example – others will follow: food assistance, small business loans, veterans’ programs. Each would remove another source of pressure to end the standoff altogether.
Union Pressure Tests Democrats
As we noted earlier, the American Federation of Government Employees (AFGE) – the largest federal workers’ union – broke ranks Monday, urging Democrats to end the shutdown immediately.
That statement, plus an upcoming campaign by the air traffic controllers’ union to hand out anti-shutdown flyers at major airports, gave GOP leaders fresh hope that organized labor could crack Democratic resolve.
But so far, the impact has been minimal. Senate Democratic leaders largely shrugged off AFGE’s move, with only Minority Whip Dick Durbin signaling interest in discussing it at Tuesday’s caucus lunch.
Even Virginia Democrats Mark Warner and Tim Kaine, whose states are home to thousands of unpaid federal workers, doubled down on health-care messaging rather than showing signs of compromise.
“If we voted for the CR and Trump then fired a bunch of people next week – I know these guys very well. I know what they’d say: ‘Why did you agree to a deal?’” Kaine said, while Warner says that the shutdown “has been a real challenge,” but reiterated that Democrats are still focused on defending Affordable Care Act subsidies.
SNAP and the Search for a Workaround
While the larger stalemate drags on, lawmakers in both parties are exploring ways to prevent food-assistance programs from running dry.
Meanwhile, ever-grateful, often overweight SNAP recipients have major ‘tude right now and are taking matters into dey own hands.
Senate Appropriations Chair Susan Collins (R-ME) said she has written to Agriculture Secretary Brooke Rollins, urging the department to tap a $5 billion contingency fund to keep SNAP benefits flowing.
Or what? Oh.
Lovely.
Meanwhile USDA lawyers, and Speaker Mike Johnson, argue the administration lacks the legal authority to spend that money without new appropriations.
Tariffs & Farming Take Center Stage
Meanwhile, the Senate could vote as soon as Tuesday night on three Democratic resolutions to block President Trump’s tariffs on Canada and Brazil, along with his broader global tariff regime.
Four Republicans have already defected on the issue, suggesting the measures could pass with full attendance. GOP leaders are working to stem further defections, aware that each “yes” vote would signal diminishing confidence in Trump’s trade strategy.
Vice President JD Vance will attend Tuesday’s Senate GOP lunch to make the case for party unity. But resistance is already bubbling up.
“The farm industry is really suffering right now,” said Sen. Rand Paul (R-KY), who is co-sponsoring the resolutions. “I’m hoping some of the farm-state senators will reconsider the issue.”
Among those being closely watched: Sen. Thom Tillis (R-NC), who’s not running for reelection and has publicly questioned Trump’s tariffs.
Others, like Thune and Sen. Ron Johnson (R-WI), remain reluctant to break ranks – for now. “I just want the trade agreements concluded as quickly as possible,” Johnson told reporters. “I don’t see how undermining whatever Trump’s trying to do helps those negotiations get completed.”
And that’s the rest of the story… (RIP Paul Harvey) until further notice.
END
This is good!
ROBERT H
Jim Ferguson on X: “
TULSI GABBARD DROPS A POLITICAL NUCLEAR BOMB Director of National Intelligence Tulsi Gabbard just confirmed what the deep state never wanted you to know. Russia wasn’t the only one sitting on explosive secrets — Barack Obama knew Hillary Clinton was mentally unfit for office https://t.co/ijBkTtCI0C” / X
Wow!
https://x.com/JimFergusonUK/status/1983103196403794194
GREG HUNTER
SEE YOU TOMORROW
harveyorganblog.com 
