NOV 11/RAID ATTEMPT ON OUR PRECIOUS METALS BASICALLY FAILS!: GOLD CLOSED DOWN BY ONLY $3.80 TO $4110.35 BUT SILVER CANNOT BE CONTAINED AS IT RISES BY A STRONG $0.63 TO $50.98/PLATINUM CLOSED DOWN BY A SMALL $2.05 TO $1589.40 BUT PALLADIUM CONTINUES TO SHINE CLOSING UP ANOTHER $25.95 TO $1455.95//COMMODITY REPORT TONIGHT ON ALUMINUM//JAPAN’S SOFTBANK DUMPS ALL OF ITS NVIDIA SHARES (BUBBLE?)//WILL POLAND STOP THE INTEGRATION OF UKRAINE INTO THE EU? //COMMENTARY/ISRAEL VS HAMAS UPDATES//TBN ISRAEL LAST 24 HRS//ISRAEL VS HEZBOLLAH UPDATES/ISRAEL VS IRAN UPDATES//COVID REPORTS/DR PAUL ALEXANDER//NEWS ADDICTS//OIL REPORT; LUKOIL UNDER FORCE MAJEURE RE THEIR DEPOSIT IN IRAQI //ELECTRICITY RISES HUGELY IN THE ATLANTIC REGION AND REPUBLICANS AND DEMOCRATS BLAME EACH OTHER//USA NEWS: ADP REPORTS SHARP DROP IN JOBS IN OCTOBER//LOOKS LIKE GOVERNMENT IMPASSE WILL BE OVER BY SATURDAY//SWAMP STORIES FOR YOU TONIGHT//
132 C SG AMERICAS 1 363 H WELLS FARGO SECURITI 11 435 H SCOTIA CAPITAL (USA) 63 657 H MORGAN STANLEY 10 661 C JP MORGAN SECURITIES 30 84 686 C STONEX FINANCIAL INC 1 880 H CITIGROUP 125 905 C ADM 5
TOTAL: 165 165 MONTH TO DATE: 7,284
JPMORGAN STOPPED 156/234
NOV.
GOLD: NUMBER OF NOTICES FILED FOR NOV/2025: 165 CONTRACTs NOTICES FOR 16,500OZ or 0.5132 TONNES
total notices so far: 7284 contracts for 728,400 OR 22.696 tonnes)
FOR NOV
XXXXXXXXXXXXXXXXXX
SILVER NOTICES: 52 NOTICE(S) FILED FOR 260,000 OZ/
total number of notices filed so far this month : 3081 CONTRACTS (NOTICES) for 15.405million oz
Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation
END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD DOWN $3.80 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD
NO CHANGES IN GOLD INVENTORY AT THE GLD:
INVENTORY RESTS AT 1042.06TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $0.63 AT THE SLV:
NO CHANGES IN SILVER INVENTORY AT THE SLV:/ //
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 485.110 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A ROSE BY A MEGA MEGA HUGE SIZED 4,609 CONTRACTS TO 159,649,AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR HUGE GAIN OF $2.05 IN SILVER PRICING AT THE COMEX WITH RESPECT TO MONDAY’S // TRADING.! LAST WEEK IT WAS THE SHORT SPECULATORS THAT WERE CONTINUALLY IN TROUBLE AS THE BANKERS TOOK THE LONG SIDE AND THEN TENDERED.
WE HAVE REVERTED BACK TO NORMAL WITH THE SPECS ON THE LONG SIDE AND THE BANKERS ON THE SHORT SIDE PROVIDING THE NECESSARY SHORT PAPER. WE FINALLY ARE MOVING TO A MUCH HIGHER BASE SURPASSING THE $34.40 SILVER PRICE BARRIER TO A HIGH DEGREE, AND NOW TRYING TO SURPASS OUR LAST MAJOR HURDLE OF $50.00 SILVER AGAIN. WE HAD A MEGA MEGA HUGE SIZED GAIN OF 4924 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A FAIR 315 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD ZERO LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO MONDAY’S TRADING / WITH AS YOU WILL WITNESS THEY DESPERATELY AGAIN TODAY TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $50.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED ON MONDAY WITH SILVER’S GAIN IN PRICE. THE PRICE FINISHED A BIT ABOVE THE MAGIC NUMBER OF $50.00 SILVER SPOT PRICE CLOSING AT $50.32 UP $2.05 . WE ARE NOW WITNESSING HAVING MANY HUGE T.A.S ISSUANCES // TODAY’S WAS AT A MEGA HUMONGOUS SIZED 5418 T.A.S. CONTRACTS. THE CROOKS ARE BECOMING MORE DESPERATE TO STOP SILVER BREAKING AGAIN THE 50.00 DOLLAR MARK!!. THERE IS NO NEXT LINE IN THE SAND ONCE THE 50.00 DOLLAR SILVER IS PIERCED AGAIN. WE HAD A FAIR 315 SIZED CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE SIZED 5418 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN FUTURE TRADING//RAIDS AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE GAINED A MEGA HUGE SIZED 4924 CONTRACTS ON OUR TWO EXCHANGES WITH OUR GAIN IN PRICE OF $2.05 WE HAD HUGE GOVERNMENT COMEX CONTRACTS TRADING MONDAY AND A MAJOR PORTION WILL BE REMOVED BY DAYS END. (I RECORD THIS FOR YOU ON A DAILY BASIS). THE SHORT SPECULATORS HAVE NOW BEEN BURIED AS OUR BANKER LONGS TENDERED FOR THE BADLY NEEDED SILVER. THE SHORT SILVER SPECS ARE IN TROUBLE. THIS IS THE FIRST TIME THAT WE HAVE MEGA HUGE ISSUANCE OF T.A.S. CONTRACTS ON BOTH GOLD AND SILVER.
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON MONDAY NIGHT//TUESDAY MORNING: A MEGA HUGE SIZED 5418 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS NOW ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1.1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES.
THE BANKERS HAVE BURIED OUR SHORT SPECULATORS LAST WEEK AS THEY TOOK THE LONG SIDE OF TRADING THIS PAST WEEK AND THEN THEY TENDERED FOR PHYSICAL SILVER. THE PROBLEM FOR THE SHORT SPECULATORS WILL BE TO FIND THE NECESSARY PHYSICAL SILVER. WE NOW HAVE SPECS LONG AND BANKERS ON THE SHORT SIDE.
THUS:
INITIAL STANDING FOR NOV: 11.575 MILLION OZ
PLUS INITIAL 1.245 MILLION OZ QUEUE JUMP
THEN ADD TUESDAY;S 1,93 MILLION OZ QUEUE JUMP
THEN WEDNESDAY;S 0.570 MILLION OZ QUEUE JUMP
THEN 0.080 MILLION OZ
THEN YESTERDAY’S 425,000 0Z
THEN TODAY;S 275,000 OZ
EQUALS
15.680 MILLION OZ STANDING FOR SILVER.
WE HAD:
/ MEGA HUGE COMEX OI GAIN+// A 315 EFP ISSUANCE CONTRACTS (/ VI) A HUMONGOUS NUMBER OF T.A.S. CONTRACT ISSUANCE 5418 CONTRACTS)
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED A SMALL 90 CONTRACTS!!!!!
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS NOV.. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF NOV.
TOTAL CONTRACTS for 7 DAY(S), total 1859 contracts: OR 9.295 MILLION OZ (265 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 9.295 MILLION OZ
LAST 24 MONTHS TOTAL EFP CONTRACTS ISSUED IN MILLIONS OF OZ:
MAY 137.83 MILLION
JUNE 149.91 MILLION OZ
JULY 129.445 MILLION OZ
AUGUST: MILLION OZ 140.120
SEPT. 28.230 MILLION OZ//
OCT: 94.595 MILLION OZ
NOV: 131.925 MILLION OZ
DEC: 100.615 MILLION OZ
YEAR 2022:
JAN 2022-DEC 2022
JAN 2022// 90.460 MILLION OZ
FEB 2022: 72.39 MILLION OZ//
MARCH 2022: 207.140 MILLION OZ//A NEW RECORD FOR EFP ISSUANCE
APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE
MAY: 105.635 MILLION OZ//
JUNE: 94.470 MILLION OZ
JULY : 87.110 MILLION OZ
AUGUST: 65.025 MILLION OZ
SEPT. 74.025 MILLION OZ///FINAL
OCT. 29.017 MILLION OZ FINAL
NOV: 134.290 MILLION OZ//FINAL
DEC, 61.395 MILLION OZ FINAL
TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)
JAN 2023/// 53.070 MILLION OZ //FINAL
FEB: 2023: 100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.
MARCH 2023: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 111.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH
JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)
AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD
SEPT: 72.705 MILLION OZ (SMALLER THIS MONTH)
OCT: 97.455 MILLION OZ
NOV. 50.050 MILLION OZ
DEC. 66.140 MILLION OZ//
TOTAL 2023: 1,104.10 MILLION OZ/
JAN ’24 : 78.655 MILLION OZ//
FEB /2024 : 66.135 MILLION OZ./FINAL
MARCH: 143.750 MILLION OZ// 4TH HIGHEST ON RECORD.
APRIL: 161.770 MILLION OZ (THIS MONTH WILL BE A WHOPPER OF ISSUANCE OF EFPS//3RD HIGHEST EVER RECORDED FOR A MONTH)
MAY: 135.995 MILLION OZ //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
JUNE 110.575 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
JULY: 108.870 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH/ A TOUCH OVER 100 MILLION OZ/)
AUGUST; 99.740 MILLION OZ//THIS MONTH WILL BE STRONG FOR ISSUANCE BUT LESS THAN JULY.
SEPT: 112.415 MILLION OZ//WILL BE A HUGE MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
OCT; 97.485 MILLION OZ (WILL BE SMALLER ISSUANCE THIS MONTH )
NOV. 115.970 MILLION OZ ( HUGE THIS MONTH)
DEC: 132.54 MILLION OZ (THIS MONTH WILL BE A HUMDINGER FOR ISSUANCE BUT ISSUANCE SLOWED DRAMATICALLY THESE PAST FIVE DAYS/// WILL NOT EXCEED MARCH 2022 RECORD OF 209 MILLION OZ
YEAR 2024 TOTAL: 1363.84 MILLION OR 1.363 BILLION OZ
JANUARY 2025: 67.230 MILLION OZ///(THIS MONTH’S ISSUANCE OF EXCHANGE FOR PHYSICAL WILL BE SMALL)
FEB. 58.260 MILLION OZ//EXCHANGE FOR PHYSICAL ISSUANCE/FINAL
MARCH: 67.020 MILLION OZ///QUITE SMALL AND BECOMING SMALLER EACH AND EVERY MONTH.
APRIL: 100.895 MILLION OZ///AVERAGE SIZE ISSUANCE
MAY: 28.975 MILLION OZ (ISSUANCE WILL BE QUITE SMALL THIS MONTH)
JUNE: 81.065 MILLION OZ
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 82.020 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
NOV:9.295 MILLION OZ
RESULT: WE HAD A MEGA MEGA HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 4609 CONTRACTS WITH OUR GAIN IN PRICE OF $2.05 IN SILVER PRICING AT THE COMEX// MONDAY.,. . THE CME NOTIFIED US THAT WE HAD A 315 SIZED CONTRACT EFP ISSUANCE : 315 ISSUED FOR DEC., AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS.
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
LAST 8 MONTHS OF SILVER DELIVERIES:
WE FINISHED APRIL WITH A STRONG SILVER OZ STANDING OF 16.050 MILLION OZ NORMAL DELIVERY , PLUS OUR 4.00 MILLION EX FOR RISK
FINAL STANDING APRIL: 19.965 MILLION OZ
AND MAY:
NEW STANDING FOR MAY FINISHES AT: 75.615 MILLION OZ. (INCLUDES 5,000 OZ EFP TRANSFER TO LONDON + 12.93 MILLION OZ EXCHANGE FOR RISK ISSUANCE/PRIOR.//NEW TOTAL STANDING 88.540 MILLION OZ
AND JUNE: FINAL 16.995 MILLION OZ
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 68.040 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING AND EXCHANGE FOR PHYSICAL TRANSFERS) PLUS 3.0 MILLION OZ EX FOR RISK = 71.040 MILLION OZ. (THIS IS THE FIRST AND ONLY ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.)
OCTOBER: 39.565 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
PLUS
2.110 MILLION OZ EXCHANGE FOR RISK//TOTAL OZ STANDING IN OCT ADVANCES TO 41.675 MILLION OZ
AND NOW NOVEMBER: INITIAL STANDING AT 11.575 MILLION OZ FOLLOWED BY TODAY;S QUEUE JUMP OF 0.275 MILLION OZ WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 4.775 MILLION OZ//STANDING ADVANCES TO 15.680MILLION OZ/
THE NEW TAS ISSUANCE MONDAY NIGHT (5418) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED NO DOUBT WITH FUTURE TRADING!!
WE HAD 52 NOTICE(S) FILED TODAY FOR 260,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL. IT IS NOW TIME FOR THE FBI TO ENTER THE COMEX AND ARREST THESE CROOKS EVEN THOUGH THE MAJORITY OF THE TRADING IS GOVERNMENT. THE BANKERS ARE COMPLICIT. THE SILVER COMEX IS NOW ON A MASSIVE SIEGE LOOKING FOR PHYSICAL SILVER!!
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A GOOD SIZED 4836 OI CONTRACTS TO 459,997 OI AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.) THUS WE HAVE STILL A RELATIVELY LOW OI IN COMEX WITH AN EXTREMELY HIGH PRICE OF GOLD. THE SHORT RATS ARE ABANDONING THE SHIP.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED A RECORD AND MEGA HUGE AND CRIMINAL 12,724 CONTRACTS //HUGE GOVERNMENT REMOVALS//AND SECOND HIGHEST IN COMEX RECORDED HISTORY AFTER YESTERDAY’S HUGE 17,000+ REMOVAL.
WE HAD A GOOD SIZED INCREASE IN COMEX OI (4836 CONTRACTS) . THIS OCCURRED WITH OUR GAIN OF $114.10 IN PRICE// MONDAY///.
LAST 7 MONTHS OF GOLD DELIVERIES:
MAY: SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
FINAL STANDING FOR MAY: 70.174 TONNES OF GOLD TO WHICH WE ADD 1. MONDAY’S (MAY 19) 6.221 TONNES EXCHANGE FOR RISK , 2. THEN WE ADD: 1.35 TONNES TO LAST WEEK”S. THEN WE ADD 3. 1.55 TONNES TO EQUAL 9.591 TONNES// NEW EXCHANGE FOR RISK = 9.591 TONNES WHICH MUST BE ADDED TO OUR NORMAL DELIVERY SCHEDULE OF 80.644 TONNES. THUS STANDING FOR MAY INCREASES TO 90.235 TONNES OF GOLD
JUNE CONTRACT MONTH: 93.085 TONNES OF GOLD (WHICH INCLUDES ALL QUEUE JUMPING AND 0 EX FOR RISK)
JULY INITIIAL STANDING FIRST DAY NOTICE: 17.847 TONNES. PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK + 2.195 TONNES EX FOR RISK TODAY = 41.106 TONNES STANDING
AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.637 TONNES EX FOR RISK//AUG 25: 9.107 TONNES , AUGUST 26: 9.1010 TONNES AND NOW AUGUST 27: 9.0699 TONNES//NEW STANDING ADVANCES TO 107.5117 TONNES OF GOLD NORMAL STANDING (INCLUDES ALL MONTHLY QUEUE JUMPS/EX FOR PHYSICAL TRANSFERS//) +44.696 TONNES EX.FOR RISK = 152.208 TONNES
SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 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 197.5141 TONNES OF GOLD.
NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 0.4075 TONNES/ FOLLOWED BT PREVIOUS QUEUE JUMPS IN OF OF 7.112 TONNES//NEW STANDING ADVANCES TO 23.113TONNES OF GOLD.
E.F.P. ISSUANCE/FOR OPENING NOV GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 725 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 459,997 AND WE NOW WITNESSING A STRONG COMEX OI WITH AN EXTREMELY HIGH PRICE OF GOLD
SILVER ALSO HAS A STRONG SIZED COMEX OI OF 159,649 CONTRACTS
IN ESSENCE WE HAVE A STRONG INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5561 CONTRACTS WITH 4836 CONTRACTS INCREASED AT THE COMEX// AND A SMALL SIZED 725 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 5561 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A HUGE SIZED AND CRIMINAL 12,724 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED
GOLD PRICE ON MONDAY ROSE BY $114.10
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(725) ACCOMPANYING THE GOOD GAIN IN COMEX OI OF 4836 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 5561 CONTRACTS..WE HAVE 1) NOW RETURNED TO OUR ORIGINAL FORMAT OF BANKERS GOING SHORT AND SPECULATORS GOING LONG ,2.) STRONG INITIAL STANDING FOR GOLD FOR NOV AT 15.651 TONNES OF NORMAL DELIVERY TO WHICH WE ADD OUR QUEUE JUMP OF 0.4075TONNES TO PREVIOUS QUEUE JUMPS IN NOV OF 7.122 TONNES
NEW STANDING ADVANCES TO 23.113 TONNES.
WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(725) ACCOMPANYING THE GOOD GAIN IN COMEX OI OF 4,836 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 18,285 CONTRACTS..WE HAVE 1) NOW RETURNED TO OUR NORMAL FORMAT OF BANKERS GOING SHORT AND SPECULATORS GOING LONG,2.) STRONG INITIAL STANDING FOR GOLD FOR NOV AT 15.575 TONNES PLUS TODAY’S 0.4075TONNES QUEUE JUMP FOLLOWED BY NOV QUEUE JUMPS OF 7.122 TONNES
AMT STANDING:= 23.113 TONNES.
NEW STANDING FOR GOLD, NOV CONTRACT AT 23.113 TONNES OF GOLD
3) ZERO T.A.S. LIQUIDATION (AND CONSIDERABLE GOVT LIQUIDATION AND ZERO LIQUIDATION OF EQUITY SHARES) AS WE HAD 1)A $114.10 COMEX PRICE GAIN WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED BUT A MASSIVE SPECS PILING INTO THE COMEX AS WE HAD A STRONG SIZED GAIN OF 5561 CONTRACTS ON OUR TWO EXCHANGES. WE HAD SOME SHORT SPECULATOR CONTRACTS BEING LIQUIDATED WITH THE HUGE RISE IN PRICE AS THE BANKERS TENDERED FOR PHYSICAL./ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED MONDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL
4) MEGA HUGE SIZED COMEX OI GAIN/ 5) V) SMALL SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD (725)
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF NOV. :
TOTAL EFP CONTRACTS ISSUED: 8235CONTRACTS OR 823,500 OZ OR 25.61 TONNES IN 7 TRADING DAY(S) AND THUS AVERAGING: 1792EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN7 TRADING DAY(S) IN TONNES: 25.61 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 25.61 TONNES DIVIDED BY 3550 x 100% TONNES = 0.72% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2023: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES VS 2578 TONNES LAST YEAR
2024 AND 2025:
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. 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. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
NOV: 25.61TONNES
SPREADING OPERATIONS
NOW SWITCHING TO GOLD FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF OCT. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A MEGA MEGA HUGE SIZED 4609 CONTRACTS OI TO 159,659 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 315 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
DEC 315 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 GAIN OF 4699 CONTRACTS AND ADD TO THE 315 E.FP. ISSUED
WE OBTAIN A MEGA MEGA HUGE SIZED GAIN OF 4924 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN OF $2.05 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 24.680 MILLION PAPER OZ
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS
ASIAN MARKETS THIS FRIDAY MORNING:
SHANGHAI CLOSED DOWN 15.84 POINTS OR 0.39%
//Hang Seng CLOSED CLOSED UP 47.35 PTS OR 0.18%
// Nikkei CLOSED : DOWN 68.83 PTS OR 0.14% //Australia’s all ordinaries CLOSED DOWN 0.12%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.1207/ OFFSHORE CLOSED DOWN AT 7.1231/ Oil DOWN TO 59.96 dollars per barrel for WTI and BRENT DOWN TO 63.81 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING DOWN TO 7.1207 OFFSHORE YUAN TRADING DOWN TO 7.1231:/ONSHORE YUAN TRADING ABOVE OFF SHORE AND DOWN ON THE DOLLAR// / AND THUS WEAKER//OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS WEAKER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A GOOD SIZED 4836 CONTRACTS TO 459,997 OI WITH THE HUGE GAIN IN PRICE OF $114.10 WITH RESPECT TO MONDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST NO NET LONGS, WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A SMALL NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (725). WE HAD ZERO T.A.S. LIQUIDATION FRIDAY. HOWEVER IT WAS THE MAJOR SPECULATORS THAT WENT LONG AGAIN AND THE BANKERS WHO TOOK THE SHORT SIDE. THE LONGS ON WEDNESDAY NIGHT TENDERED THEIR BOUGHT CONTRACTS FOR PHYSICAL.
WE HAD A TOTAL GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 5561 CONTRACTS (OR 17.29TONNES).THEN WE WERE NOTIFIED OF A 0 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//FINAL
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 130.3TONNES)//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 54 TONNES SHORTFALL. IT BOUGHT BACK ONLY 4 TONNES IN AUGUST AND THEN ADDED 24 TONNES IN SEPT. AND THUS THEIR SHORTFALL TO THE BIS IS 54 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 OUR NEW NOVEMBER COMEX MONTH//
IN TOTAL WE HAD A MEGA HUGE SIZED GAIN ON OUR TWO EXCHANGES OF 18,285 CONTRACTS WITH OUR STRONG GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY AND OUR SHORT SPECULATORS 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/EARLY NOVEMBER 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 ANOTHER MEGA HUGE SIZED T.A.S ISSUANCE CONTRACTS AS THE CME NOTIFIES US THAT THEY HAVE ISSUED 17,922 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 LAST 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. THIS IS THE 2ND DAY IN A ROW FOR A HUGE T.A.S. ISSUANCE!!
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 FINISHING OPTION EXPIRY WEEK, THE CROOKS GOADED OUR SPECULATORS TO CONTINUE ONTO THE SHORT SIDE WITH THE BANKERS ON THE LONG SIDE…THE RAIDS THROUGHT THIS WEEK WERE FREQUENT BUT FAILED TO CAUSE ANY DAMAGE TO THE PRICE WITH OPTIONS EXPIRY FINISHING OCT 31 AS WE NOW ENTER OUR MONTH OF NOVEMBER WITH FAILED RAID ATTEMPTS
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!!!
OCTOBER:
OCTOBER: INITIAL STANDING FOR GOLD: 90.164 TONNES TO WHICH WE ADD OUR LATEST OCT 30 QUEUE JUMP OF 0.00311 TONNES WHICH FOLLOWS OCT 29 QUEUE JUMP OF .4096 WHICH FOLLOWS; 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 197.511 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
X) OCT 29 QUEUE JUMP OF .4096 TONNES
Y) OCT 30 QUEUE JUMP OF 0.00311 TONNES
(ALL OF THESE QUEUE JUMPS ARE REPRESENTED BY CENTRAL BANKS DESPERATELY ADDING TO THEIR OFFICIAL RESERVES)
EQUALS
197.5141 TONNES OF GOLD!!
END
AND NOW NOVEMBER:
INITIAL GOLD STANDING AT THE COMEX IS 5032 CONTRACTS OR 503200 OZ (15.651 TONNES) FOLLOWED BY ITS TODAY’S QUEUE JUMP OF 0.4075TONNES/ FOLLOWED BY ALL NOVEMBER QUEUE JUMPS OF 7.122 TONNES/NEW STANDING ADVANCES TO 23.113 TONNES
THE FED IS THE OTHER MAJOR SHORT OF AROUND 54+ TONNES OF GOLD OWING TO THE B.I.S. THE OCC ORDERED THE BANKS TO COVER THEIR GOLD LOSSES FROM OCC BETS. THIS IS SUCH A SMALL FRACTION OF WHAT IS OWED!!! THE FRBNY BORROWED GOLD FROM THE BIS TO COVER THOSE HUGE LOSSES OF AROUND 24 TONNES OF GOLD.. THE FED IS VERY WORRIED ABOUT WHAT IS GOING TO HAPPEN TO GOLD PRICES IF THEY DO NOT BORROW THIS GOLD.
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 OF 54 TONNES REMAIN ON THE BOOKS OF THE BIS.
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 E.G. NOVEMBER: A HUGE INITIAL 15.651 TONNES STANDING IN AN OFF MONTH!! THIS IS HUGE!!!//WITH QUEUE JUMPS NOW AT 23.113 TONNES
EXCHANGE FOR PHYSICAL ISSUANCE/NOV//BORROWINGS FROM THE FRBNY:
THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED EXCHANGE FOR PHYSICAL OF 725 CONTRACTS.
THAT IS A SMALL SIZED 725 EFP CONTRACT WAS ISSUED: : /DEC 725 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 725 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 AS THEY ORDERED THE BULLION BANKS TO COVER MUCH OF THEIR DERIVATIVE BETS ON THESE CONTRACTS!! THUS THE FRBNY SAVED OUR BULLION BANKS FROM EXTINCTION WITH THIS BORROWED GOLD FROM THE BIS OF 54 TONNES
WE HAD :
ZER0 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 OCT 31 WITH OUR ATTEMPTED FAILED RAID,
T.A.S.SPREADER ISSUANCE//NOV
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 HUGE SIZED SIZED 17,922 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR OTHERWISE LIKE THIS MONTH ON OPTIONS EXPIRY WEEK ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:
STALLS THE ADVANCE IN PRICE
LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
THAT SET UP MONDAY’S HUGE GAIN IN PRICE IN GOLD WITH A CORRESPONDING STRONG GAIN OF COMEX OI AND A SMALL EXCHANGE FOR PHYSICAL ISSUANCE.. THE COMEX IS IN TOTAL TURMOIL ESPECIALLY THESE PAST 3 MONTHS 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/
FRBNY BORROWS ANOTHER 24 TONNES OF GOLD FROM THE BIS IN OCT TO SAVE THE BULLION BANKS FROM EXTINCTION AFTER THE O.C.. ORDERED THE BULLION BANKS TO BE ONSIDE WITH THEIR DERIVATIVES. THE FRBNY IS NOW SHORT 54+ TONNES OF GOLD.
MASSIVE REMOVAL OF COMEX CONTRACTS FROM PRELIMINARY OI TO FINAL OI
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.
OCTOBER: INITIAL AMOUNT OF GOLD STANDING: 90.164 TONNES OF GOLD FOLLOWED BY TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL PREVIOUS QUEUE JUMPS OF 76.1656 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 197.5141 TONNNES.
AND NOW NOVEMBER WHERE INITIAL AMOUNT OF GOLD STANDING IS REGISTERED AT 15.651 TONNES OF GOLD FOLLOWED BY TODAY’S QUEUE JUMP OF 0.4075 TONNES AND FOLLOWED BY ALL OTHER NOV QUEUE JUMPS OF 7.1436 TONNES
/STANDING ADVANCES TO 23.113TONNES OF GOLD.
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS OF 2021-2024:
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:STANDING FOR GOLD/COMEX
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
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
COMEX GOLD TRADING BEGINNING NOVEMBER,. CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $114.10/ /) AND WERE UNUCCESSFUL IN KNOCKING OFF ANY NET SPECULATOR LONGS AS WE DID HAVE A STRONG GAIN IN OI FROM TWO EXCHANGES OF 5561 CONTRACTS.. BUT AS EXPLAINED ABOVE WE HAD ZERO T.A.S. SPREADER LIQUIDATION FRIDAY HOWEVER WE DID HAVE AGAIN HUGE SPECULATOR SHORT COVERING AS THEY ARE THE ONES WHO ARE MASSIVELY SHORT ALL LAST WEEK AS THE BANKERS WENT LONG . THE BANKERS TENDERED FOR PHYSICAL LAST NIGHT MUCH TO THE HORROR OF OUR SHORT SPECS WHO MUST NOW FIND THE NECESSARY PHYSICAL GOLD TO SATISFY THEM. THE COMEX IS ONE BIG MESS!! THIS WEEK THE BANKERS ARE ON THE SHORT SIDE AND SPECS ON THE LONG SIDE AND WILL BE RINSED NICELY BY THE BANKERS USING THEIR NEWFOUND T.A.S. CONTRACTS.
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 TO FINALIZATION OCT 31:
OCT AT 90.164 TONNES TO BE FOLLOWED BY ALL PREVIOUS QUEUE JUMPS OF 75.696 TONNES WHICH WE ADD OUR 14.553 TONNES EX FOR RISK/6 OCCASIONS:
/ TOTAL STANDING 197.551 TONNE/OCTOBER FINAL
AND NOW NOVEMBER:
NOVEMBER BEGINS WITH A HUGE 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY OUR TODAY’S QUEUE JUMP OF0.4460 TONNES WHICH FOLLOWS YESTERDAY;S 0.8460 TONNES WHICH FOLLOWS 1,542 TONNES,, WHICH FOLLOWS YESTERDAY;S 0.6656 WHICH FOLLOWS 1.2566 TONNES NOV 3// AND NOV 4 QUEUE JUMP OF 1.368 TONNES//NOV 5 QUEUE JUMP /NEW STANDING ADVANCES TO 23.113ONNES OF GOLD.
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $114.10
WE HAD A HUGE AND 2ND HIGHEST EVER RECORDED AT 12,724 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 : 5561 CONTRACTS OR 556,100 OZ OR 17.29 TONNES
Total monthly oz gold served (contracts) so far this month
7284notices 728,400 0z 22.696 ONNES
Total accumulative withdrawals of gold from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month
dealer deposits: 0
0 ENTRIES
xxxxxxxxxxxxxxxxxxxxx
DEPOSITS/CUSTOMER
0 entries
customer withdrawals:
1 ENTRIES
1 ENTRIES
i) Out of Malca: 154,315.858 oz 4.7998 tonnes
total withdrawal: 154,315.858 oz
they are draining the comex of gold
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
ADJUSTMENTs 2
Dealer to customer
a) Loomis: 2126.966 oz
customer to dealer acct
b) Brinks 1,961.425 oz
volume at the comex: MONDAY: 316,099 oz ( strong)//
AMOUNT OF GOLD STANDING FOR NOVEMBER:
THE FRONT MONTH OF NOV STANDS AT 312 CONTRACTS FOR A LOSS OF 103 CONTRACTS.
WE HAD 234 CONTRACTS SERVED ON MONDAY. SO WE GAINED A STRONG 131 CONTRACTS FOR 13100 OZ OF GOLD (0.4075 TONNES).
DECEMBER LOST 8601 CONTRACTS DOWN TO 291,850 CONTRACTS .
JANUARY GAINED 18 CONTRACTS UPTO 848
We had 165 contracts filed for today representing 16500 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 30 notices issued from their client or customer account. The total of all issuance by all participants equate to 165 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer an 84 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for NOV /2025. contract month, we take the total number of notices filed so far for the month (7284 oz ) to which we add the difference between the open interest for the front month of NOV ( 312 CONTRACTS) minus the number of notices served upon today (165x 100 oz per contract) equals 743,100 OZ OR 23.113 ONNES OF GOLD
thus the INITIAL standings for gold for the NOV contract month: No of notices filed so far (7284x 100 oz +we add the difference for front month of NOV (312 OI} minus the number of notices served upon today (165)x 100 oz) which equals 743,100 OZ OR 23.113 TONNES
TOTAL COMEX GOLD STANDING FOR NOV..: 23.113 TONNES TONNES WHICH IS HUGE FOR THIS NORMALLY SMALL NON ACTIVE ACTIVE DELIVERY MONTH OF NOVEMBER
volumeMONIDAY confirmed 247,772 contracts ok
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
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: 1,756,376.330 oz 54.63tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 37,575,139.582 oz
TOTAL REGISTERED GOLD 19,613,942.19 or 610.07onnes
TOTAL OF ALL ELIGIBLE GOLD 17,961,197.391 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON 17,857.566 oz ((REG GOLD- PLEDGED GOLD)=
555.44onnes // (declining rapidly)
total inventories in gold declining rapidly
SILVER/COMEX
SILVER/COMEX
THE NOV. 2025 SILVER CONTRACTS
NOV 10 2025
INITIAL/
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
1 entries
i) Out CNT 546,636.45 oz
total withdrawal 546,636.45 oz
Deposits to the Dealer Inventory
0 ENTRY
Deposits to the Customer Inventory
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
0 entries
No of oz served today (contracts)
52 CONTRACT(S) ( 0.260 MILLION OZ
No of oz to be served (notices)
55 contracts (0.250MILLION oz)
Total monthly oz silver served (contracts)
3081Contracts (15.405 MILLION oz)
Total accumulative withdrawal of silver from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
TOTAL REGISTERED SILVER: 156.345 MILLION OZ//.TOTAL REG + ELIGIBLE. 478.558 Million oz
registered silver dropping in numbers
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR OCT.
silver open interest data:
FRONT MONTH OF NOVEMBER /2025 OI: 107 OPEN INTEREST CONTRACTS FOR A GAIN OF 42 CONTRACTS. WE HAD 13 NOTICES SERVED ON MONDAY SO WE GAINED 55 OR 0.275MILLION OZ QUEUE JUMP.
DECEMBER LOST 2001 CONTRACTS DOWN TO 94,353
JANUARY GAINED 14 CONTRACTS UP TO 897 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 52 or 0.260MILLION oz
CONFIRMED volume; ON MONDAY 103,994 huge//
AND NOW NOVEMBER. DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in NOV. we take the total number of notices filed for the month so far at 3081 X5,000 oz = 15.405MILLION oz
to which we add the difference between the open interest for the front month of NOV (107) AND the number of notices served upon today (52 )x (5000 oz)
Thus the standings for silver for the NOVEMBER 2025 contract month: (3081) Notices served so far) x 5000 oz + OI for the front month of NOV(107) minus number of notices served upon today (52)x 5000 oz equals silver standing for the NOV.contract month equating to 15.660 MILLION OZ
New total standing: 15.680million 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 156.395 million oz of registered silver
JPMorgan as a percentage of total silver: 204.361/478.558million. 42.69%
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
NOV 11/WITH GOLD DOWN $3.80TODAY/NO CHANGES IN GOLD AT THE GLD: . /// ///INVENTORY RESTS AT 1042.06 TONNES
NOV 10/WITH GOLD UP $114.40TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT 0F 3.43 TONNES OF GOLD INTO THE GLD . /// ///INVENTORY RESTS AT 1042.06 TONNES
NOV 7/WITH GOLD UP $18.55 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 3.43 TONNES OF GOLD INTO THE GLD . /// ///INVENTORY RESTS AT1042.06TONNES
NOV 6//WITH GOLD UP $0.30TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL 0F 3.15 TONNES OF GOLD OUT OF THE GLD . /// ///INVENTORY RESTS AT1038,63TONNES
NOV 5//WITH GOLD UP $32.50TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL 0F 3.15 TONNES OF GOLD OUT OF THE GLD . /// ///INVENTORY RESTS AT1038,63TONNES
NOV 4 WITH GOLD DOWN $50.00 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT 0F 2.58 TONNES OF GOLD OUT OF THE GLD . /// ///INVENTORY RESTS AT 1041.78TONNES
NOV 3 WITH GOLD UP $17.20 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL 0F 1.15 TONNES OF GOLD OUT OF THE GLD . /// ///INVENTORY RESTS AT 1039,20 TONNES
OCT 31 WITH GOLD DOWN $17.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A MASSIVE DEPOSIT OF 4.30 TONNES OF GOLD INTO THE GLD . /// ///INVENTORY RESTS AT 1040.35 TONNES
OCT 30 WITH GOLD UP $15.20 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2.87 TONNES OF GOLD FROM THE GLD . /// ///INVENTORY RESTS AT 1036.05 TONNES
OCT 29 WITH GOLD UP $18.60 TODAY/NO CHANGES IN GOLD AT THE GLD: . /// ///INVENTORY RESTS AT 1038.92 TONNES
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
GLD INVENTORY: 1042.06 TONNES, TONIGHTS TOTAL
SILVER
NOV 11/WITH SILVER UP $0.63 TODAY/NO CHANGES IN SILVER AT THE SLV: . /// ///INVENTORY RESTS AT 485.110 TONNES
NOV 10/WITH SILVER UP $2.05 TODAY/NO CHANGES IN GOLD AT THE SLV: . /// ///INVENTORY RESTS AT 485.110 TONNES
NOV 7 WITH SILVER UP $0.22 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 2.54 MILLION OZ FROM THE SLV / ///INVENTORY RESTS AT 485.110 MILLION OZ
NOV 6 WITH SILVER DOWN $0.12 TODAY/SMALL CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 713,000 OZ FROM THE SLV / ///INVENTORY RESTS AT 487,650 MILLION OZ
NOV 5 WITH SILVER UP $0.67TODAY/SMALL CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 713,000 OZ FROM THE SLV / ///INVENTORY RESTS AT 487,650 MILLION OZ
NOV 4 WITH SILVER DOWN $0.82 TODAY/NO CHANGES IN SILVER AT THE SLV: / ///INVENTORY RESTS AT 488.363 MILLION OZ
NOV 3 WITH SILVER $0.12 TODAY/NO CHANGES IN SILVER AT THE SLV: / ///INVENTORY RESTS AT 488.363 MILLION OZ
OCT 31 WITH SILVER DOWN $0.35 TODAY/SMALL CHANGES IN SILVER AT THE SLV: ///A WITHDRAWAL OF 636,000 OZ FROM THE SLV// ///INVENTORY RESTS AT 488.363 MILLION OZ
OCT 30 WITH SILVER UP $0.95 TODAY/NO CHANGES IN SILVER AT THE SLV: /// ///INVENTORY RESTS AT 488.999 MILLION OZ
OCT 29 WITH SILVER UP $0.68 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 4.218 MILLION OZ OUT OF THE SLV /// ///INVENTORY RESTS AT 488.999 MILLION OZ
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//
CLOSING INVENTORY 485.110 MILLION OZ OF SILVER
PHYSICAL GOLD/SILVER
1/PETER SCHIFF
JOHN RUBINO
jAMES RICKARDS
2. MATHEW PIEPENBURG/VON GREYERZ
ALASDAIR MACLEOD
CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. CPowell@GATA.org
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS /248 AND 247
5. COMMODITY REPORT/aluminum
record prices of aluminum!
(zerohedge)
U.S. Aluminum Prices Surge To Record Highs As Tariffs Squeeze Supply
Tuesday, Nov 11, 2025 – 07:45 AM
Aluminum prices in the U.S. climbed to new record highs on Monday as domestic inventories tightened sharply, driven by the Trump administration’s steel and aluminum tariffs designed to bolster and revitalize America’s industrial base.
According to Bloomberg, the all-in U.S. aluminum price, combining the London Metal Exchange (LME) benchmark and the U.S. Midwest delivery premium, hit a record high of $4,816 per ton, nearly double the level from the December 2023 lows.
The U.S. remains heavily dependent on foreign aluminum imports, lacking any robust domestic production capacity to satisfy domestic demand. Canada, its largest supplier, has seen shipments fall sharply since President Trump imposed aluminum tariffs in March and later doubled them to 50% in June.
From April to July, U.S. aluminum imports averaged 64,000 tons per month below the 2024 baseline, partially offset by an 18,000-ton increase in scrap imports, according to Morgan Stanley analysts led by Amy Gower.
Gower noted that the U.S. aluminum inventory has been shrinking by about 46,000 tons per month due to tariff uncertainty, particularly around the U.S.-Canada trade spat.
“However, the destocking likely cannot continue indefinitely, and the recent rise in the Midwest premium suggests that some buying is returning,” she said.
“The steel and aluminum tariffs shut down avenues for circumvention — supporting the continued revitalization of the American steel and aluminum industries,” Jeffrey Kessler, the Commerce Department’s under secretary for industry and security, wrote in a statement shortly after the Trump administration unveiled 50% steel and aluminum tariffs to include 407 additional product types over the summer.
Meanwhile, aluminum moved higher by .3% to $2,878 a ton on the London Metal Exchange, extending gains after reaching a three-year high last week.
On the Shanghai Futures Exchange, open interest in aluminum contracts hit a new record of 745,000 lots. Futures are at their highest since last November, driven by supply constraints and elevated demand.
BofA Securities analyst Matty Zhao noted that Chinese aluminum shares are undervalued, as construction of data centers and artificial-intelligence power equipment has fueled demand for the industrial metal.
“We have seen some long-term funds diverted from Chinese stocks to aluminum futures,” Shuohe Asset Management Co. Domestic analyst Gao Yin said, adding that futures will likely move higher.
Rounding back to the U.S., one can only imagine that rising industrial metal prices will add more inflationary cost-push pressures.
end
SHANGHAI CLOSED DOWN 15.84 POINTS OR 0.39%
//Hang Seng CLOSED CLOSED UP 47.35 PTS OR 0.18%
// Nikkei CLOSED : DOWN 68.83 PTS OR 0.14% //Australia’s all ordinaries CLOSED DOWN 0.12%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.1207/ OFFSHORE CLOSED DOWN AT 7.1231/ Oil DOWN TO 59.96 dollars per barrel for WTI and BRENT DOWN TO 63.81 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING DOWN TO 7.1207 OFFSHORE YUAN TRADING DOWN TO 7.1231:/ONSHORE YUAN TRADING ABOVE OFF SHORE AND DOWN ON THE DOLLAR// / AND THUS WEAKER//OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS WEAKER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS TUESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 7.1207
OFFSHORE YUAN: UP TO 7.1231
HANG SENG CLOSED UP 47.35 PTS OR 0.18%
2. Nikkei closed DOWN 68.83 PTS OR 0.14%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 99.53 EURO RISES TO 1.1563 UP .0006 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +1.691//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 154.30…… 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: 3.175 UP 4 FULL BASIS PTS.
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP/JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil 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 DOWN TO +2.6714/ Italian 10 Yr bond yield DOWN to 3.415 SPAIN 10 YR BOND YIELD DOWN TO 3.176
3i Greek 10 year bond yield DOWN TO 3.310
3j Gold at $4135.60 Silver at: 50.71 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 35/100 roubles/dollar; ROUBLE AT 81.60
3m oil (WTI) into the 59 dollar handle for WTI and 63 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 154.18 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.691% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING.//JAPAN 30 YR: 3.175 UP 4 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.8036 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9292 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.
USA 10 YR BOND YIELD: 4.118 UP 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.713 UP 1 BASIS PTS/
USA 2 YR BOND YIELD: 3.593 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 42.24 UP 1 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.4170 DOWN 5 PTS
30 YR UK BOND YIELD: 5.195 DOWN 5 BASIS PTS
10 YR CANADA BOND YIELD: 3.174 UP 0 BASIS PTS
5 YR CANADA BOND YIELD: 2.754 UP 0 BASIS PTS.
a New York OPENING REPORT
Futures Slide As AI Jitters Return After SoftBank Liquidates Nvidia Stake
Tuesday, Nov 11, 2025 – 08:44 AM
US futures are weaker following the best day for the S&P500 in almost a month and the Nasdaq’s best day since late May. The market frontran the catalyst: late on Monday the Senate passed its funding bill, and the House is expected to vote on Weds, as it always eventually does, especially since it has Trump’s full support. The government reopening will give us September data over the next few weeks, but Oct data may skipped as the government moves on to November. As of 8:00am S&P futures were down 0.2%, while Nasdaq futures slide 0.5%, with Mag7/Semis/AI themes all are under pressure as NVDA (-1.5%) saw major shareholder SoftBank exit its entire stake to play other AI themes and CRWV (-8.9%) cut is forecast which it blamed on AI supply chain bottlenecks that triggered customer fulfilment delays. USD is flat as the bond market is closed for Veterans Day. Commodities are higher led by Energy and Metals. Today’s macro data focus is on NFIB Small Business Survey, ADP’s new weekly job report, and AMD’s analyst day.
In premarket trading, Mag 7 stocks are all lower as Nvidia falls 1.6% after SoftBank Group sold its stake in the chip giant (Apple 0.0%, Microsoft -0.3%, Amazon -0.1%, Alphabet -0.5%, Meta Platforms -1.2%, Tesla -0.7%)
BigBear.ai (BBAI) jumps 18% after the software firm reported revenue for the third quarter that beat Wall Street estimates.
CoreWeave (CRWV) is down 10% after the cloud-computing provider reported its third-quarter results and said a data-center delay would impact fourth-quarter expectations.
Gemini Space Station (GEMI) shares fall 7% as the crypto exchange founded by Tyler and Cameron Winklevoss reported a steeper loss than analysts anticipated in its first earnings release since going public.
Paramount Skydance (PSKY) is up 4% after the recently merged media company raised its target for job cuts and cost-saving measures.
RealReal (REAL) rises 15% after the online marketplace for luxury goods boosted its revenue guidance for the full year to beat the average analyst estimate.
Rigetti Computing (RGTI) falls 3% after the quantum-computing firm reported revenue for the third quarter that missed the average analyst estimate.
Rocket Lab (RKLB) gains 9% after the space-transportation company reported revenue for the third quarter that beat the average analyst estimate.
Surmodics (SRDX) rises 48% after saying a federal court rejected a request by the FTC and some state regulators for a preliminary injunction blocking the company’s acquisition by GTCR.
In other corporate news, First Brands’ new CEO testified that within weeks of arriving, he uncovered evidence of massive financial fraud at the auto-parts company. Intel’s Chief Technology and AI Officer has left the company to take a role at OpenAI, where he’ll work on the startup’s infrastructure efforts. Paramount Skydance raised its post-merger savings target to $3 billion and will invest $1.5 billion in additional 2026 spend for Paramount+ streaming services and other initiatives.
The record-setting 41-day shutdown may end as soon as Wednesday, when the House is expected to vote on a funding measure passed by the Senate. For context, the S&P 500 has posted an average 2.3% gain in the month following the resolution of prior shutdowns, according to data crunched by CFRA’s chief market strategist Sam Stovall. JPMorgan’s Market Intelligence team repeats verbatim what we said two weeks ago, and reckons that a reopening of the government could release more liquidity into the market, supporting stocks. The recent rebound has seen bullish option activity pick up while spikes in volatility and hedging cost gauges have been modest.
“The valuations don’t look crazy but they do if there’s nervousness on the growth story,” Helen Jewell, chief investment officer of EMEA fundamental equities at BlackRock Inc., told Bloomberg TV. “That’s why I think the AI story, of which we do remain bullish, we do think while there is a lot further to go, it is likely to be a volatile ride.”
Additionally, Goldman yesterday noted that corporate buybacks are also providing a tailwind to equities now that the earnings season is over. US companies had authorized over $1.2 trillion of buybacks this year through October, an increase of 15% from last year, according to Goldman Sachs research — and November is typically one of the strongest months for buybacks.
Traders have other reasons to feel more optimistic than last week, with the government shutdown looking close to being resolved, corporate buybacks ramping up and positive technicals. Another reason to be bullish is the latest short squeeze: derivatives strategists at Barclays say put open interest increased dramatically last week, causing the put-to-call open interest ratio to spike to near the highest level in two years. This likely reflects increased demand for downside protection, and any time the market jerks higher, all those downside hedges get monetized pushing risk even higher, and/or starting a short squeeze.
Still, doubts over the AI narrative are a fly in the ointment. CoreWeave sank about 9% in premarket trading after the company slashed its revenue forecast. The setback at CoreWeave, which rents out access to powerful artificial intelligence chips, gives investors another reason to worry about the strength of the tech industry at a time when there’s widespread anxiety over valuations.
Another glitch in the positive mood is news that Softbank sold its entire stake in Nvidia, pocketing $5.8 billion, to help bankroll envisioned AI investments. Softbank said the sale had nothing to do with Nvidia itself but was a necessary financing measure, while CFO Yoshimitsu Goto said that he “can’t say if we’re in an AI bubble or not.” Nvidia shares are slipping in premarket trading.
With earnings season now mostly over, out of the 457 S&P 500 companies that have reported so far in the earnings season, 81% have managed to beat analyst forecasts, while 15% have missed.
European stocks gained for a second day with the Stoxx 600 rising 0.67% as sentiment was boosted by signs that the US government shutdown is nearing an end. UK stocks got a boost after the unemployment rate came in stronger than expected, sending the FTSE 100 up 0.8% and outperforming its regional counterparts. Vodafone shares rise as the telecommunications operator reported upbeat earnings. Consumer products and healthcare shares outperform, while insurance shares lag, with Munich Re a drag after cutting its insurance revenue guidance for the full year. to 576.65 with 152 members down, 430 up, and 18 unchanged. Here are some of the biggest movers on Tuesday:
Vodafone shares rise as much as 7% after reporting positive organic service revenue growth in Germany after five consecutive quarters of decline.
Adyen shares rise as much as 4.6% as the payments company set long-term guidance for about 20% net sales growth in years after 2026.
Mandatum gains as much as 7.5% to hit a fresh record high, after third-quarter earnings beat estimates.
Premier Group advances as much as 7.9%, to its highest intraday level on record, after the company reported first-half 2026 revenue that increased about 6% from the previous comparable period.
Munich Re shares decline as much as 3.3%, among the worst performers on the Stoxx 600 Insurance Index, after the German reinsurer cut its insurance revenue guidance for the full year.
Inwit drops as much as 11%, the most since April 2020, after the tower operator said intense competition and limited cash generation are likely to continue impacting the Italian telecommunications market in the short term.
Hensoldt shares fall as much as 9.3% as analysts find the German defense firm’s guidance for next year and for 2030 disappointing and say the company’s valuation is demanding.
EDP shares fall as much as 5% after the Canada Pension Plan Investment Board sold its stake in the Portugese energy company.
SKF shares drop as much as 7.7%, pulling back from a record high, after the world’s biggest maker of ball bearings outlined new financial targets that analysts at Jefferies described as “underwhelming.
Lundbeck declines as much as 8.4% after Jefferies downgraded the Danish pharmaceutical firm to underperform from hold to account for its “upcoming patent cliff.”
Hilton Food shares fall as much as 25%, hitting their lowest level in a decade, after the group cut its full-year guidance and warned profit progression in the next financial year may be “difficult.”
Earlier in the session, Asian equities fluctuated, as investors weighed progress from ending the US government shutdown against lingering risks including stretched tech valuations and the prospect of renewed trade frictions. The MSCI Asia Pacific Index gave up early gains of as much as 0.5% to trade little changed. Korean chip stocks, including Samsung Electronics and SK Hynix, were among the biggest contributors to the gauge’s advance. TSMC fell after posting its slowest monthly revenue growth in over a year, stoking concerns that the AI-driven stock rally has outpaced fundamentals. Sentiment weakened after the Wall Street Journal reported that China will fast-track rare earth export approvals for most firms but exclude those linked to the US military. In China, shares traded in narrow band, with the onshore benchmark dropping 0.9% amid concerns around the rare earth export controls. While the US will start to receive rare earths, the additional mechanisms to restrict access by the US military “may increase the risk of derailing the current ‘trade truce’ between the two countries,” said Vey-Sern Ling, senior equity adviser for Asia technology at Union Bancaire Privee.
In Fx, the dollar slumped after ADP showed a 11K drop in jobs in the past week, while the pound is down 0.3% and is the weakest of the G-10 currencies.
In rates, Treasury futures slightly lower across the long-end of the strip. There is no cash trading in Treasuries due to Veterans Day holiday. Small weakness seen in the long-end implies some bear steepening pressure on the curve, with long-bond and ultra-long bond futures lower by 6 to 7 ticks on the day. UK government bonds have rallied after the unemployment rate rose more than expected and separate tax-based data showed the number of employees on payroll fell more than forecast. Short-end gilts lead the advance, with UK 2-year yields falling 7 bps to 3.74% as traders boosted bets on an interest-rate cut by the Bank of England next month. Treasury auctions resume Wednesday with $42 billion 10-year note sale. IG dollar issuance slate empty, but expected to pick up again Wednesday. Verizon’s $11bn five-part deal headlined a nine-deal $19.25bn US investment-grade primary docket Monday. Issuers paid about 6bps in new issue concessions on deals that were 4.6 times covered,Treasury auctions resume Wednesday with $42 billion 10-year notes, followed by $25 billion 30-year bonds Thursday. Monday’s 3-year note auction achieved solid results
In commodities, spot gold rises $23 to around $4,139/oz. WTI crude futures rise 0.4% to near $60.40 a barrel. Bitcoin falls 0.5%.
The US economic calendar empty for the session. Fed speaker slate includes Barr on AI and innovation at 10:25pm
Market Snapshot
S&P 500 mini -0.2%
Nasdaq 100 mini -0.3%
Russell 2000 mini -0.2%
Stoxx Europe 600 +0.6%
DAX +0.1%
CAC 40 +0.7%
10-year Treasury yield unchanged at 4.12%
VIX +0.4 points at 17.95
Bloomberg Dollar Index little changed at 1219.53
euro +0.1% at $1.1572
WTI crude +0.3% at $60.3/barrel
Top Overnight News
The Senate passed legislation on Monday night (vote was 60-40) to end the nation’s longest government shutdown, after a critical splinter group of Democrats joined with Republicans and backed a spending package that omitted the chief concession their party had spent weeks demanding. The measure goes next to the House, which is expected to take it up no sooner than Wednesday. NYT
SoftBank has sold its entire stake in Nvidia for $5.8 billion, as the global tech investor shakes its pockets for cash to plow into its massive bet on OpenAI: WSJ
Obamacare subsidies face an uncertain future as Democrats scramble to find Republican support for an extension before they expire at the end of 2025. BBG
China plans to ease the flow of rare earths and other restricted materials to the U.S. by designing a system that will exclude companies with ties to the U.S. military while fast-tracking export approvals for other firms. WSJ
India’s top refiners haven’t placed any orders for Russian oil for next month, people familiar said, signaling that Western sanctions and trade talks with the US are having a major impact on buying patterns. BBG
Trump said the US is getting “pretty close” to a trade deal with India. BBG
The U.K.’s jobs market continued to creak in the third quarter, making it more likely that the Bank of England will cut borrowing costs in December after it narrowly chose to keep rates on hold last week. UK saw a 20bp M/M uptick in the unemployment rate to 5% (vs. 4.8% in Aug and ahead of the Street’s 4.9% forecast) while wage growth cooled. WSJ
US flight cuts are set to increase even as Congress works to end the shutdown. The FAA has ordered airlines to scale back national operations by 6% today, a number to rise to 10% from Friday. BBG
AI data centers draw political scrutiny as some accuse the infrastructure building boom of driving up electricity prices. WSJ
CoreWeave shares fell premarket (CRWV -10% premkt) after the company cut its forecast due to a data center delay. BBG
Trade/Tariffs
China is reportedly devising a plan to keep the US military from getting its rare earth magnets and is considering a ‘validated end-user’ system to fast-track certain export licenses, according to WSJ.
China’s Foreign Minister Wang held a phone call with Canada’s Foreign Minister on Tuesday and said China is willing to strengthen communication with Canada and willing to accelerate the resumption of exchanges and cooperation in various fields, while he added that diplomatic, commercial and other departments of their countries can properly resolve concerns.
Switzerland is close to sealing a 15% tariff deal with the US and could be completed as early as Thursday or Friday, via Reuters citing sources. Deal is not certain until US President Trump has given his approval.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mostly subdued with the region failing to sustain the positive global risk momentum that had been spurred by US-China trade optimism and US government reopening hopes, while there were few fresh catalysts overnight to fuel the recent rally. ASX 200 faded its early advances as the outperformance in gold stocks and miners was negated by weakness in tech and the top-weighted financial sector following CBA’s modest earnings growth, while the improvement in Consumer Sentiment to a 7-year high did little to spur risk appetite. Nikkei 225 initially rallied amid currency weakness and as participants digested earnings results, but eventually wiped out all of its gains as sentiment soured. Hang Seng and Shanghai Comp were pressured amid losses in tech, including Chinese e-commerce giants Alibaba and JD.com, which failed to benefit, despite it being China’s Singles’ Day, which is the world’s largest shopping event, as sales had begun weeks earlier in an effort to boost sluggish spending.
Top Asian News
Japanese Economy Minister Kiuchi said they are aware that high inflation is weighing on private consumption, and that a weak yen pushes up prices through higher import costs. Kiuchi added they will expand and implement measures to cushion the impacts of higher prices, as well as continue to aim for wage growth exceeding inflation.
China State Planner Official says private investment has slowed down this year. Adds that there’s challenges in private investment. Energy official says it will increase policy supply for attracting private investment in energy. There’s plan to support Private Investment to flow to high value service sectors. Aims to encourage private firms to enter the tech sector. Some of the new policy-based financial tool allowed to support private investment in key areas.
PBoC issues its Q3 monetary policy implementation report:. Policy: To implement appropriately loose monetary policy and strengthen transmission of policy. To keep liquidity ample. To maintain FX flexibility and prevent overshooting risks. Will maintain reasonable relative relationships among various types of interest rates. Global Situation: External situation unstable and uncertain Economy: Economy faces may risks and challenges. To increase efforts to support consumption and tech innovation. To stabilise growth, jobs, and market expectations. Foundation for economic recovery needs to be enhanced. To maintain reasonable growth in total amount of finance. Need to consolidate economic recovery. Inflation: To maintain prices at reasonable level Banks: To reduce cost of bank’s liability. To fend off financial systemic risks.
European bourses (STOXX 600 +0.6%) opened stronger across the board and have held towards best levels throughout the European morning. The FTSE 100 outperforms today, following a weaker-than-expected jobs report, which has pressured the GBP and slightly increased odds of a December rate cut at the BoE. European sectors hold a positive bias, with notable strength in Consumer Products & Services, Health Care, and Construction. Gains in Consumer Products & Services are led by LVMH (+1.7%), after reports the company plans to open several flagship stores across China in December, amidst early indications of a regional recovery.
Top European News
European Commission has begun setting up a new intelligence body under President Ursula von der Leyen, in an attempt to improve the use of information gathered by national spy agencies, according to FT.
ECB’s Elderson says “current [rate] level is appropriate, but we will continue to be data-dependent and will decide one meeting at a time”. “Our monetary policy is in a good place. It’s true that the economic environment remains uncertain, so we cannot commit to a pre-determined interest rate path”. Elderson cites risks of higher inflation from supply fragmentation and defence spending. “Among the risks of lower inflation, I would include the appreciation of the euro, which could reduce demand for euro area exports; and a re-routing to the euro area of products previously shipped to the United States”. “We do, of course, monitor the euro’s exchange rate against other currencies because it could affect inflation”. Elderson says policy should not undermine banking mergers. Elderson argues mergers must be judged on technical and prudential criteria.
ECB’s Vujcic says the risks are balanced around inflation and that recent growth and inflation are higher than forecast. Economically in a good place. Frontloading of tariffs is still unwinding. Consumers are still very cautious in Europe. Market valuations are stretched. A bit concerned that retail participation in stock markets are growing faster than hedge funds.
BoE’s Greene says risk management around inflation needs to influence policy views. Policy: Policy needs to be more restrictive than otherwise. Not convinced that policy is meaningfully restrictive. Labour Market: Latest unemployment report is not great. Problems with the labour force survey make it hard to know what is happening. Inflation: Household inflation expectations are at the very top of expectations. Worried about inflation persistence. Wages: The weaker wage data is good news. Wage settlements data for next year from surveys is higher than we would like to see. Latest data suggests that the disinflationary process is on track. Wages are still “way too high” given weak growth. Says the market pricing of 3.25-3.50% for the neutral rate is reasonable.
FX
The DXY holds steady through the European session, mirroring the subdued tone from APAC trade, after a mild softening earlier in the week. Market reaction was muted to the Senate’s approval of the government funding bill—largely in line with expectations—with attention now turning to the House, where Speaker Johnson aims for a Wednesday vote on the stopgap measure. The DXY trades within a tight 99.60–99.74 band, comfortably inside Monday’s 99.46–99.74 range, with resistance seen at the November 7th high of 99.87. No move seen on lower-than-prior US NFIB; inner report suggested “many firms are still navigating a labor shortage and want to hire but are having difficulty doing so”.
EUR/USD remains directionless, confined to a narrow range amid a lack of fresh drivers from the Eurozone and with no move seen to the ZEW survey or to ECB commentary. Germany’s ZEW survey disappointed, with commentary noting that while government investment plans may offer short-term support, “structural problems continue to exist”. ECB commentary offered little new insight: Vujčić said inflation risks are now broadly balanced, while Elderson reiterated that the current rate level is “appropriate,” stressing continued data dependence and a meeting-by-meeting approach. The pair trades comfortably within Monday’s 1.1541–1.1583 range
GBP/USD slipped lower in early trade after a lacklustre overnight session, weighed by weaker-than-expected UK labour data. Employment contracted, the jobless rate ticked higher than expectations, while earnings ex-bonus matched forecasts. The release prompted a swift GBP/USD drop from 1.3153 to 1.3121, while EUR/GBP climbed from 0.8781 to 0.8804 within eight minutes. BoE rate expectations turned slightly more dovish, with a full 25bps cut now fully priced for February (vs. 98.8% pre-data). Post-data, BoE’s Greene noted the unemployment report was “not great” and cautioned that survey issues cloud the labour market picture. She added that policy “needs to be more restrictive than otherwise,” but remains unconvinced that current settings are “meaningfully restrictive”. GBP/USD trades near the lower end of a 1.3116–1.3178 band
USD/JPY ticked higher overnight, briefly reclaiming the 154.00 handle before paring gains as broader risk sentiment softened. The session has offered little in the way of fresh domestic catalysts, with price action largely dictated by cautious risk tone and subdued cross-asset moves. The pair continues to consolidate within a 154.03–154.49 range.
The Antipodeans drifted lower through the APAC session, giving back a portion of yesterday’s gains that were driven by improved risk sentiment. AUD/USD eased further from its 100DMA (0.6539) after encountering resistance at that level yesterday, with the pair trading within a 0.6515–0.6537 band.
Fixed Income
US Treasury futures are essentially flat, after being pressured overnight; price action today is exceptionally thin, with volumes light as the US observes Veterans’ Day, where cash bond trading will be shut. Currently in a narrow 112-20 to 112-22+ range, with catalysts seemingly light for the remainder of the day, aside from the US NFIB Business Optimism Index and Weekly Prelim Estimate ADP. On the trade front, some progress between US-India with the POTUS suggesting they “are getting close”. Elsewhere, Bloomberg reported that Switzerland is near a deal to cut the US tariff on its exports to 15% from 39%, with an agreement possible within two weeks.
Bunds are incrementally lower/flat and trade in a 129.97-129.11 range. Specifics are incredibly light heading into the ZEW survey, aside from a few ECB speakers’ comments, which ultimately lacked surprises. To recap, Elderson said current rates are appropriate and will continue to take a data-dependent approach. Elsewhere, Vujcic said risks are balanced around inflation and that recent growth and inflation are higher than forecast. Price action today has been lacklustre. Initially bid on the release of the UK jobs report (discussed below), before being capped at and trading sideways for the remainder of the morning, awaiting ZEW data. That failed to budge Bunds – German ZEW Current/Economic Conditions were both weaker than expected.
Gilts are the clear outperformers today, boosted following a poor regional jobs report, which has raised the odds of a December rate cut (-18bps vs -15.5bps pre-release). UK paper is currently trading in a 93.53 to 93.69 range, and with price action fairly lacklustre since the open. To recap the latest data, the figures were very poor; Employment Chance contracted by 22k (exp. 0k), whilst the unemployment rate ticked a little higher to 5% – interestingly, the 3M Avg. Earnings printed at 4.8% (exp. 5%). Overall, metrics are conducive to a cut in December, but the focus ultimately remains firmly on inflation developments, highlighted by Governor Bailey at the most recent confab. Following the report, Greene suggested that the “latest unemployment report is not great”, but described the wage data as “good news”. She also highlighted that policy needs to be more restrictive than otherwise, citing worries re. inflation persistence.
Commodities
Crude benchmarks traded choppy throughout the APAC session but saw some strength as the European session got underway, as the risk sentiment remains high and attacks on Russian refineries continue. Just as reports that Ukraine’s military hit Russia’s Saratov oil refinery, crude benchmarks surged c. USD 0.60/bbl higher and are currently trading near session highs at USD 60.43/bbl and USD 64.43/bbl.
Spot XAU has continued to bid higher as the European session got underway as participants hope for further Fed easing. XAU followed on from Monday’s trend day to a peak of USD 4149/oz during the APAC session before pulling back to a low of USD 4125/oz. As the session switched over, European traders haven’t yet managed to extend the day’s parameters but are currently trading near session highs at USD 4144/oz.
Base metals remain rangebound amid a lack of market catalysts. 3M LME Copper gapped higher to open at USD 10.84k/t before oscillating in a tight USD 10.8k-10.86k/t band as the European session continued.
Five big Indian refiners haven’t placed any orders for Russia oil for December, according to Bloomberg citing sources.
UBS expects global gold demand this year and next to reach its strongest level since 2011.
US President Trump posted “It was an Honor to spend time with Ahmed Hussein al-Sharaa, the new President of Syria, where we discussed all the intricacies of PEACE in the Middle East, of which he is a major advocate. I look forward to meeting and speaking again. Everyone is talking about the Great Miracle that is taking place in the Middle East. Having a stable and successful Syria is very important to all countries in the Region.”
Turkish Foreign Minister said they discussed Syria and Gaza in talks with US and Syrian counterparts, US VP Vance, Trump aide Witkoff, and special envoy Barrack. He added that US officials understand that Syria needs to be united, and that problems in south and north Syria risk dividing the country.
US is reportedly planning to build a large military base in Israel’s Gaza border region, according to Israeli press citing Israeli sources; the facility would be used by international forces operating in Gaza to help maintain the ceasefire. Facility could accommodate several thousand soldiers. They estimated the project’s budget at roughly USD 500mln.
Geopolitics: Russia-Ukraine
Ukrainian drone attack damaged civilian infrastructure in Russia’s Saratov, according to the regional governor.
Russian security services reportedly foiled a joint Ukrainian-British operation to hijack a Russian MiG-31 equipped with a hypersonic missile, according to RIA.
Geopolitics: Other
Thai Defence Minister announced the halting of ceasefire implementation steps and return of Cambodian prisoner of war, while he said they will explain to Malaysia and the US regarding the Thai decision on the ceasefire.
US Event Calendar
end
b) European opening report
NVIDIA slips -1.5% after Softbank sells stake and following poor CoreWeave result; US equity futures lower – Newsquawk US Opening News
Tuesday, Nov 11, 2025 – 06:06 AM
China is reportedly devising a plan to keep the US military from getting its rare earth magnets and is considering a ‘validated end-user’ system to fast-track certain export licenses, according to WSJ.
European bourses firmer across the board, with outperformance in the FTSE 100; US equity futures are modestly lower.
NVIDIA slips -1.5% after Softbank sells stake and following poor CoreWeave results.
GBP slides on dismal UK jobs, EUR unreactive to ZEW; DXY treads water.
Gilts soar post-jobs data which raises the odds of a December BoE cut; USTs cash bond trade shut on account of Veterans’ Day.
XAU peaks just shy of USD 4150/oz as continued attacks on Russian refineries drive crude benchmarks higher.
Highlights include Weekly Prelim Estimate ADP, Speakers including BoE’s Dhingra, RBA’s Jones.
Holidays: US Veterans’ Day; Canadian Remembrance Day.
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
TARIFFS/TRADE
China is reportedly devising a plan to keep the US military from getting its rare earth magnets and is considering a ‘validated end-user’ system to fast-track certain export licenses, according to WSJ.
China’s Foreign Minister Wang held a phone call with Canada’s Foreign Minister on Tuesday and said China is willing to strengthen communication with Canada and willing to accelerate the resumption of exchanges and cooperation in various fields, while he added that diplomatic, commercial and other departments of their countries can properly resolve concerns.
Switzerland is close to sealing a 15% tariff deal with the US and could be completed as early as Thursday or Friday, via Reuters citing sources. Deal is not certain until US President Trump has given his approval.
EUROPEAN TRADE
EQUITIES
European bourses (STOXX 600 +0.6%) opened stronger across the board and have held towards best levels throughout the European morning. The FTSE 100 outperforms today, following a weaker-than-expected jobs report, which has pressured the GBP and slightly increased odds of a December rate cut at the BoE.
European sectors hold a positive bias, with notable strength in Consumer Products & Services, Health Care, and Construction. Gains in Consumer Products & Services are led by LVMH (+1.7%), after reports the company plans to open several flagship stores across China in December, amidst early indications of a regional recovery.
US equity futures trade lower (ES -0.2% NQ -0.4% RTY -0.2%). The tone is cautious amid a light macro backdrop, with participants awaiting the Prelim Estimate ADP release for further directional cues. NVIDIA (NVDA) shares slip pre-market (-1.4%) following CoreWeave (-9%) earnings in which they provided weak guidance, whilst Japan’s Softbank said it sold its NVIDIA (NVDA) stake for USD 5.83bln in October.
Apple (AAPL) reportedly pulled the next-gen iPhone Air off its release schedule next fall, while manufacturing partners have already stopped or cut production of the first iPhone Air, according to The Information.
Apple (AAPL) is reportedly looking at adding a second camera to next iPhone Air to increase sales, via The Information,
The DXY holds steady through the European session, mirroring the subdued tone from APAC trade, after a mild softening earlier in the week. Market reaction was muted to the Senate’s approval of the government funding bill—largely in line with expectations—with attention now turning to the House, where Speaker Johnson aims for a Wednesday vote on the stopgap measure. The DXY trades within a tight 99.60–99.74 band, comfortably inside Monday’s 99.46–99.74 range, with resistance seen at the November 7th high of 99.87. No move seen on lower-than-prior US NFIB; inner report suggested “many firms are still navigating a labor shortage and want to hire but are having difficulty doing so”.
EUR/USD remains directionless, confined to a narrow range amid a lack of fresh drivers from the Eurozone and with no move seen to the ZEW survey or to ECB commentary. Germany’s ZEW survey disappointed, with commentary noting that while government investment plans may offer short-term support, “structural problems continue to exist”. ECB commentary offered little new insight: Vujčić said inflation risks are now broadly balanced, while Elderson reiterated that the current rate level is “appropriate,” stressing continued data dependence and a meeting-by-meeting approach. The pair trades comfortably within Monday’s 1.1541–1.1583 range
GBP/USD slipped lower in early trade after a lacklustre overnight session, weighed by weaker-than-expected UK labour data. Employment contracted, the jobless rate ticked higher than expectations, while earnings ex-bonus matched forecasts. The release prompted a swift GBP/USD drop from 1.3153 to 1.3121, while EUR/GBP climbed from 0.8781 to 0.8804 within eight minutes. BoE rate expectations turned slightly more dovish, with a full 25bps cut now fully priced for February (vs. 98.8% pre-data). Post-data, BoE’s Greene noted the unemployment report was “not great” and cautioned that survey issues cloud the labour market picture. She added that policy “needs to be more restrictive than otherwise,” but remains unconvinced that current settings are “meaningfully restrictive”. GBP/USD trades near the lower end of a 1.3116–1.3178 band
USD/JPY ticked higher overnight, briefly reclaiming the 154.00 handle before paring gains as broader risk sentiment softened. The session has offered little in the way of fresh domestic catalysts, with price action largely dictated by cautious risk tone and subdued cross-asset moves. The pair continues to consolidate within a 154.03–154.49 range.
The Antipodeans drifted lower through the APAC session, giving back a portion of yesterday’s gains that were driven by improved risk sentiment. AUD/USD eased further from its 100DMA (0.6539) after encountering resistance at that level yesterday, with the pair trading within a 0.6515–0.6537 band.
PBoC set USD/CNY mid-point at 7.0866 vs exp. 7.1204 (Prev. 7.0856)
US Treasury futures are essentially flat, after being pressured overnight; price action today is exceptionally thin, with volumes light as the US observes Veterans’ Day, where cash bond trading will be shut. Currently in a narrow 112-20 to 112-22+ range, with catalysts seemingly light for the remainder of the day, aside from the US NFIB Business Optimism Index and Weekly Prelim Estimate ADP. On the trade front, some progress between US-India with the POTUS suggesting they “are getting close”. Elsewhere, Bloomberg reported that Switzerland is near a deal to cut the US tariff on its exports to 15% from 39%, with an agreement possible within two weeks.
Bunds are incrementally lower/flat and trade in a 129.97-129.11 range. Specifics are incredibly light heading into the ZEW survey, aside from a few ECB speakers’ comments, which ultimately lacked surprises. To recap, Elderson said current rates are appropriate and will continue to take a data-dependent approach. Elsewhere, Vujcic said risks are balanced around inflation and that recent growth and inflation are higher than forecast. Price action today has been lacklustre. Initially bid on the release of the UK jobs report (discussed below), before being capped at and trading sideways for the remainder of the morning, awaiting ZEW data. That failed to budge Bunds – German ZEW Current/Economic Conditions were both weaker than expected.
Gilts are the clear outperformers today, boosted following a poor regional jobs report, which has raised the odds of a December rate cut (-18bps vs -15.5bps pre-release). UK paper is currently trading in a 93.53 to 93.69 range, and with price action fairly lacklustre since the open. To recap the latest data, the figures were very poor; Employment Chance contracted by 22k (exp. 0k), whilst the unemployment rate ticked a little higher to 5% – interestingly, the 3M Avg. Earnings printed at 4.8% (exp. 5%). Overall, metrics are conducive to a cut in December, but the focus ultimately remains firmly on inflation developments, highlighted by Governor Bailey at the most recent confab. Following the report, Greene suggested that the “latest unemployment report is not great”, but described the wage data as “good news”. She also highlighted that policy needs to be more restrictive than otherwise, citing worries re. inflation persistence.
Crude benchmarks traded choppy throughout the APAC session but saw some strength as the European session got underway, as the risk sentiment remains high and attacks on Russian refineries continue. Just as reports that Ukraine’s military hit Russia’s Saratov oil refinery, crude benchmarks surged c. USD 0.60/bbl higher and are currently trading near session highs at USD 60.43/bbl and USD 64.43/bbl.
Spot XAU has continued to bid higher as the European session got underway as participants hope for further Fed easing. XAU followed on from Monday’s trend day to a peak of USD 4149/oz during the APAC session before pulling back to a low of USD 4125/oz. As the session switched over, European traders haven’t yet managed to extend the day’s parameters but are currently trading near session highs at USD 4144/oz.
Base metals remain rangebound amid a lack of market catalysts. 3M LME Copper gapped higher to open at USD 10.84k/t before oscillating in a tight USD 10.8k-10.86k/t band as the European session continued.
Five big Indian refiners haven’t placed any orders for Russia oil for December, according to Bloomberg citing sources.
UBS expects global gold demand this year and next to reach its strongest level since 2011.
UK Avg Earnings (Ex-Bonus) (Sep) 4.6% vs. Exp. 4.6% (Prev. 4.7%)
UK Avg Wk Earnings 3M YY (Sep) 4.8% vs. Exp. 5.0% (Prev. 5.0%)
Barclays UK October Consumer Spending fell 0.8% Y/Y (prev. -0.7% Y/Y in September)
UK BRC Retail Sales YY (Oct) 1.5% (Prev. 2.0%)
UK BRC Total Sales YY (Oct) 1.6% (Prev. 2.3%)
UK Grocery Inflation +4.7%, Sales +3.2% in the 4 weeks to November 2, via Worldpanel.
German ZEW Current Conditions (Nov) -78.7 vs. Exp. -78.0 (Prev. -80.0); says, although the investment programme is likely to provide economic stimulus, the structural problems continue to exist; German ZEW Economic Sentiment (Nov) 38.5 vs. Exp. 41.0 (Prev. 39.3)
EU ZEW Survey Expectations (Nov) 25.0 (Prev. 22.7)
US NFIB Business Optimism Idx (Oct) 98.2 (Prev. 98.8)
NOTABLE EUROPEAN HEADLINES
European Commission has begun setting up a new intelligence body under President Ursula von der Leyen, in an attempt to improve the use of information gathered by national spy agencies, according to FT.
ECB’s Elderson says “current [rate] level is appropriate, but we will continue to be data-dependent and will decide one meeting at a time”. “Our monetary policy is in a good place. It’s true that the economic environment remains uncertain, so we cannot commit to a pre-determined interest rate path”. Elderson cites risks of higher inflation from supply fragmentation and defence spending. “Among the risks of lower inflation, I would include the appreciation of the euro, which could reduce demand for euro area exports; and a re-routing to the euro area of products previously shipped to the United States”. “We do, of course, monitor the euro’s exchange rate against other currencies because it could affect inflation”. Elderson says policy should not undermine banking mergers. Elderson argues mergers must be judged on technical and prudential criteria.
ECB’s Vujcic says the risks are balanced around inflation and that recent growth and inflation are higher than forecast. Economically in a good place. Frontloading of tariffs is still unwinding. Consumers are still very cautious in Europe. Market valuations are stretched. A bit concerned that retail participation in stock markets are growing faster than hedge funds.
BoE’s Greene says risk management around inflation needs to influence policy views. Policy: Policy needs to be more restrictive than otherwise. Not convinced that policy is meaningfully restrictive. Labour Market: Latest unemployment report is not great. Problems with the labour force survey make it hard to know what is happening. Inflation: Household inflation expectations are at the very top of expectations. Worried about inflation persistence. Wages: The weaker wage data is good news. Wage settlements data for next year from surveys is higher than we would like to see. Latest data suggests that the disinflationary process is on track. Wages are still “way too high” given weak growth. Says the market pricing of 3.25-3.50% for the neutral rate is reasonable.
NOTABLE US HEADLINES
US Senate voted 60 vs. 40 to pass legislation to fund the federal government and end the shutdown, while the bill now goes to the House.
GEOPOLITICS
MIDDLE EAST
US President Trump posted “It was an Honor to spend time with Ahmed Hussein al-Sharaa, the new President of Syria, where we discussed all the intricacies of PEACE in the Middle East, of which he is a major advocate. I look forward to meeting and speaking again. Everyone is talking about the Great Miracle that is taking place in the Middle East. Having a stable and successful Syria is very important to all countries in the Region.”
Turkish Foreign Minister said they discussed Syria and Gaza in talks with US and Syrian counterparts, US VP Vance, Trump aide Witkoff, and special envoy Barrack. He added that US officials understand that Syria needs to be united, and that problems in south and north Syria risk dividing the country.
US is reportedly planning to build a large military base in Israel’s Gaza border region, according to Israeli press citing Israeli sources; the facility would be used by international forces operating in Gaza to help maintain the ceasefire. Facility could accommodate several thousand soldiers. They estimated the project’s budget at roughly USD 500mln.
RUSSIA-UKRAINE
Ukrainian drone attack damaged civilian infrastructure in Russia’s Saratov, according to the regional governor.
Russian security services reportedly foiled a joint Ukrainian-British operation to hijack a Russian MiG-31 equipped with a hypersonic missile, according to RIA.
OTHER NEWS
Thai Defence Minister announced the halting of ceasefire implementation steps and return of Cambodian prisoner of war, while he said they will explain to Malaysia and the US regarding the Thai decision on the ceasefire.
CRYPTO
Bitcoin is a little lower and trades just shy of USD 105k, whilst Ethereum underperforms and holds just above USD 3.5k.
APAC TRADE
APAC stocks were mostly subdued with the region failing to sustain the positive global risk momentum that had been spurred by US-China trade optimism and US government reopening hopes, while there were few fresh catalysts overnight to fuel the recent rally.
ASX 200 faded its early advances as the outperformance in gold stocks and miners was negated by weakness in tech and the top-weighted financial sector following CBA’s modest earnings growth, while the improvement in Consumer Sentiment to a 7-year high did little to spur risk appetite.
Nikkei 225 initially rallied amid currency weakness and as participants digested earnings results, but eventually wiped out all of its gains as sentiment soured.
Hang Seng and Shanghai Comp were pressured amid losses in tech, including Chinese e-commerce giants Alibaba and JD.com, which failed to benefit, despite it being China’s Singles’ Day, which is the world’s largest shopping event, as sales had begun weeks earlier in an effort to boost sluggish spending.
NOTABLE ASIA-PAC HEADLINES
Japanese Economy Minister Kiuchi said they are aware that high inflation is weighing on private consumption, and that a weak yen pushes up prices through higher import costs. Kiuchi added they will expand and implement measures to cushion the impacts of higher prices, as well as continue to aim for wage growth exceeding inflation.
China State Planner Official says private investment has slowed down this year. Adds that there’s challenges in private investment. Energy official says it will increase policy supply for attracting private investment in energy. There’s plan to support Private Investment to flow to high value service sectors. Aims to encourage private firms to enter the tech sector. Some of the new policy-based financial tool allowed to support private investment in key areas.
PBoC issues its Q3 monetary policy implementation report:. Policy: To implement appropriately loose monetary policy and strengthen transmission of policy. To keep liquidity ample. To maintain FX flexibility and prevent overshooting risks. Will maintain reasonable relative relationships among various types of interest rates. Global Situation: External situation unstable and uncertain Economy: Economy faces may risks and challenges. To increase efforts to support consumption and tech innovation. To stabilise growth, jobs, and market expectations. Foundation for economic recovery needs to be enhanced. To maintain reasonable growth in total amount of finance. Need to consolidate economic recovery. Inflation: To maintain prices at reasonable level Banks: To reduce cost of bank’s liability. To fend off financial systemic risks.
DATA RECAP
Australian Westpac Consumer Sentiment MM (Nov) 12.8% (Prev. -3.5%)
Australian Westpac Consumer Sentiment Index (Nov) 103.8 (Prev. 92.1)
Australian NAB Business Confidence (Oct) 6.0 (Prev. 7.0)
Australian NAB Business Conditions (Oct) 9.0 (Prev. 8.0)
New Zealand 1yr Inflation Expectation (Q4) 2.4% (Prev. 2.4%)
New Zealand 2yr Inflation Expectation (Q4) 2.3% (Prev. 2.3%)
c) Asian opening report
APAC stocks subdued following recent gains; European equity futures marginally higher – Newsquawk European Opening News
Tuesday, Nov 11, 2025 – 01:09 AM
APAC stocks were mostly subdued with the region failing to sustain the positive global risk momentum that had been spurred by US-China trade optimism and US government reopening hopes, while there were few fresh catalysts overnight to fuel the recent rally.
US Senate voted 60 vs. 40 to pass legislation to fund the federal government and end the shutdown, while the bill now goes to the House.
US House Speaker Johnson is seeking a Wednesday vote on the stopgap bill, and won’t commit to an ACA subsidy vote.
China is reportedly devising a plan to keep the US military from getting its rare earth magnets and is considering a ‘validated end-user’ system to fast-track certain export licenses, according to WSJ.
European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.4% after the cash market finished with gains of 1.8% on Monday.
Looking ahead, highlights include UK Unemployment/Wages (Sep), EZ & German ZEW (Nov), US NFIB (Oct), Weekly Prelim Estimate ADP, Riksbank Minutes, Speakers including ECB’s Lagarde, BoE’s Greene & Dhingra, RBA’s Jones, Supply from Netherlands, Earnings from Porsche SE, RWE & Alcon.
Holidays: US Veterans’ Day; Canadian Remembrance Day
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 closed the first trading session of the week in the green amid risk-on sentiment as the US Senate took the first steps over the weekend to end the US government shutdown, alongside continued positive US/China trade developments. Sectors were predominantly firmer with mega-cap sectors Technology, Communications, and Discretionary outperforming with all Mag-7 names in positive territory, while Consumer Staples was one of the few industries in the red.
SPX +1.54% at 6,832, NDX +2.20% at 25,612, DJI +0.81% at 47,369, RUT +0.97% at 2,456.
US President Trump said they are making a deal with India, which is different to the one in the past, and are getting close.
US President Trump posted on Truth “The “Pay Back” Number on tariffs… are much higher than those being stated by our Fake Opposition…would be in excess of $2 Trillion Dollars”.
China is reportedly devising a plan to keep the US military from getting its rare earth magnets and is considering a ‘validated end-user’ system to fast-track certain export licenses, according to WSJ.
China’s Foreign Minister Wang held a phone call with Canada’s Foreign Minister on Tuesday and said China is willing to strengthen communication with Canada and willing to accelerate the resumption of exchanges and cooperation in various fields, while he added that diplomatic, commercial and other departments of their countries can properly resolve concerns.
EU reportedly eyes banning Huawei from mobile networks of member countries, with the European Commission exploring making its 2020 guidance on excluding high-risk telecom vendors legally binding, according to Bloomberg.
Switzerland is nearing a deal to cut the US tariff on its exports to 15% from 39%, with an agreement possible within two weeks. Negotiations accelerated after Swiss executives met with US President Trump, who directed USTR Greer to intensify talks, while Switzerland seeks relief as the initial levy hurt growth and pushed unemployment to a four-year high, according to Bloomberg.
NOTABLE HEADLINES
US Senate voted 60 vs. 40 to pass legislation to fund the federal government and end the shutdown, while the bill now goes to the House.
US House Speaker Johnson is seeking a Wednesday vote on the stopgap bill, and won’t commit to an ACA subsidy vote.
Apple (AAPL) reportedly pulled the next-gen iPhone Air off its release schedule next fall, while manufacturing partners have already stopped or cut production of the first iPhone Air, according to The Information.
APAC TRADE
EQUITIES
APAC stocks were mostly subdued with the region failing to sustain the positive global risk momentum that had been spurred by US-China trade optimism and US government reopening hopes, while there were few fresh catalysts overnight to fuel the recent rally.
ASX 200 faded its early advances as the outperformance in gold stocks and miners was negated by weakness in tech and the top-weighted financial sector following CBA’s modest earnings growth, while the improvement in Consumer Sentiment to a 7-year high did little to spur risk appetite.
Nikkei 225 initially rallied amid currency weakness and as participants digested earnings results, but eventually wiped out all of its gains as sentiment soured.
Hang Seng and Shanghai Comp were pressured amid losses in tech, including Chinese e-commerce giants Alibaba and JD.com, which failed to benefit, despite it being China’s Singles’ Day, which is the world’s largest shopping event, as sales had begun weeks earlier in an effort to boost sluggish spending.
US equity futures were uneventful and held on to most of yesterday’s spoils in the absence of any fresh major drivers.
European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.4% after the cash market finished with gains of 1.8% on Monday.
FX
DXY traded flat after marginally softening at the start of the week, with little reaction seen following the Senate’s passage of the government funding bill, which was as expected, and now goes to the House for approval with House Speaker Johnson seeking a Wednesday vote on the stopgap bill. Elsewhere, newsflow was relatively sparse, although there were recent comments from Fed officials, including Miran, Musalem and Daly, but did little to spur price action.
EUR/USD lacked conviction and kept within tight parameters in the absence of any notable catalysts from the bloc.
GBP/USD struggled for direction after its recent choppy performance and as UK unemployment and wages data loom.
USD/JPY edged higher after returning to 154.00 territory but then gave back some of the gains as risk appetite soured.
Antipodeans gradually trickled lower after having outperformed yesterday on the back of the risk environment.
PBoC set USD/CNY mid-point at 7.0866 vs exp. 7.1204 (Prev. 7.0856)
FIXED INCOME
10yr UST futures remained subdued after demand was dampened yesterday alongside the broad risk-on environment, owing to US government reopening optimism and with price action also contained owing to the closure of the US bond market on Tuesday for Veterans Day.
Bund futures faded the prior day’s rebound and retested the 129.00 level to the downside heading into German ZEW data.
10yr JGB futures remained afloat and continued to nurse recent losses with some curve steepening seen following mixed results in the latest 30yr JGB auction.
COMMODITIES
Crude futures lacked direction following the prior day’s choppy performance in the absence of energy-specific catalysts.
Spot gold extended on yesterday’s rally with the precious metal back above the USD 4,100/oz level.
Copper futures gradually pulled back from a weekly high amid the fleeting risk appetite overnight.
Codelco copper production fell 7.2% Y/Y in September to 115.6k tons and Escondida copper production rose 16.8% to 118.6k tons, while Collahuasi copper production fell 26% Y/Y to 38k tons.
CRYPTO
Bitcoin swung between gains and losses after failing to sustain a brief return to above the USD 107k level.
US Treasury Secretary Bessent said the Treasury and the IRS have issued new guidance giving crypto ETPs a clear path to stake digital assets and share staking rewards with their retail investors.
NOTABLE ASIA-PAC HEADLINES
Japanese Economy Minister Kiuchi said they are aware that high inflation is weighing on private consumption, and that a weak yen pushes up prices through higher import costs. Kiuchi added they will expand and implement measures to cushion the impacts of higher prices, as well as continue to aim for wage growth exceeding inflation.
DATA RECAP
Australian Westpac Consumer Sentiment MM (Nov) 12.8% (Prev. -3.5%)
Australian Westpac Consumer Sentiment Index (Nov) 103.8 (Prev. 92.1)
Australian NAB Business Confidence (Oct) 6.0 (Prev. 7.0)
Australian NAB Business Conditions (Oct) 9.0 (Prev. 8.0)
New Zealand 1yr Inflation Expectation (Q4) 2.4% (Prev. 2.4%)
New Zealand 2yr Inflation Expectation (Q4) 2.3% (Prev. 2.3%)
GEOPOLITICS
MIDDLE EAST
US President Trump posted “It was an Honor to spend time with Ahmed Hussein al-Sharaa, the new President of Syria, where we discussed all the intricacies of PEACE in the Middle East, of which he is a major advocate. I look forward to meeting and speaking again. Everyone is talking about the Great Miracle that is taking place in the Middle East. Having a stable and successful Syria is very important to all countries in the Region.”
Turkish Foreign Minister said they discussed Syria and Gaza in talks with US and Syrian counterparts, US VP Vance, Trump aide Witkoff, and special envoy Barrack. He added that US officials understand that Syria needs to be united, and that problems in south and north Syria risk dividing the country.
RUSSIA-UKRAINE
Ukrainian drone attack damaged civilian infrastructure in Russia’s Saratov, according to the regional governor.
Russian security services reportedly foiled a joint Ukrainian-British operation to hijack a Russian MiG-31 equipped with a hypersonic missile, according to RIA.
OTHER NEWS
Thai Defence Minister announced the halting of ceasefire implementation steps and return of Cambodian prisoner of war, while he said they will explain to Malaysia and the US regarding the Thai decision on the ceasefire.
EU/UK
NOTABLE HEADLINES
European Commission has begun setting up a new intelligence body under President Ursula von der Leyen, in an attempt to improve the use of information gathered by national spy agencies, according to FT.
DATA RECAP
Barclays UK October Consumer Spending fell 0.8% Y/Y (prev. -0.7% Y/Y in September)
UK BRC Retail Sales YY (Oct) 1.5% (Prev. 2.0%)
UK BRC Total Sales YY (Oct) 1.6% (Prev. 2.3%)
1A NORTH KOREA/SOUTH KOREA
NORTH KOREA//USA/
2B JAPAN
Soft Bank/Nividia
have we reached bubble heights yet in Nvidia?
SoftBank Dumps Entire Nvidia Stake To Double-Down On ‘Core AI Enablers’
Tuesday, Nov 11, 2025 – 08:05 AM
In another warning sign for the AI bubble, one we’ve been tracking closely, from the accelerating AI-linked debt binge and widening Oracle CDS spreads to repeated cautions from BofA’s Michael Hartnett and others – yet another red flag emerged Tuesday morning.
Masayoshi Son’s SoftBank Group cashed out its $5.83 billion stake in Nvidia in October and is now raising capital for new AI investments across data centers, robotics, and chip manufacturing. The sale underscores Son’s core strategy – buy low, sell high – while positioning SoftBank as a major funder across the global AI ecosystem.
CFO Yoshimitsu Goto told reporters earlier that the sale of its Nvidia stake was part of SoftBank’s cycle of “divesting and reinvesting,” describing it as the company’s “fate” to continually reallocate capital.
“Our investment in OpenAI is significant, so we plan to use some existing assets to help fund it,” Goto said. He declined to comment on whether the timing of the sale had any significance.
“I can’t say if we’re in an AI bubble or not,” Goto continued, adding that the sale is for “capital can be utilized for our financing.”
Despite our concerns about an AI bubble, outlined in four must-read reports here:
… SoftBank’s timing of the sale was very strategic: the Japanese conglomerate had exited Nvidia once before in 2019 but began rebuilding its position in 2020, about two years before the advent of ChatGPT sparked the AI investment boom.
Bloomberg Intelligence analyst Kirk Boodry noted that SoftBank is on track to report its highest annual profit since 2020. “The sale of $5.8 billion in Nvidia shares highlights the company’s access to liquidity as it continues its AI investment program.”
Increased liquidity access allows Son to pursue broader investment plans, including the “Stargate” data center network and a $1 trillion AI manufacturing hub in Arizona.
SoftBank has also lined up $20 billion in new loans backed by Arm Holdings and bridge loans to fund OpenAI and Ampere deals.
As a reminder, SoftBank bought a 2% stake in Intel for $2 billion to align with the Trump administration’s semiconductor expansion efforts. Goto reminded investors and reporters earlier that the current industry view is healthy enthusiasm and that greater risk lies in underinvesting.
Shares of SoftBank in Tokyo have tripled this year, peaking at 27,695 yen.
Goldman analyst Francois Theis reminded clients of SoftBank’s 11% stake in Sam Altman’s OpenAI, along with its publicly listed holdings and pipeline of upcoming listings.
Softbank has traded as an OpenAI proxy over the summer (similarly to how it traded pre BABA listing) with a discount to NAV sharply shrinking (-14% using the company’s assumption post close marking to market their Open AI stake at latest round of valuations at $500B vs the $260B they participated in at earlier this year – model available on request). Post its recapitalisation, Softbank via its SVF2 has now a 11% stake in OpenAI Group PBC ($34.7B investment). They have completed their first tranche and set to proceed with the second and large tranche ($22.5B in Dec. this year)
Impact on listed investments
Pipeline for listing (filed)
Besides selling Nvidia, SoftBank also sold $9.17 billion worth of T-Mobile shares between June and September. Its Vision Fund is also preparing to list more Asian portfolio companies.
3. CHINA
CHINA/USA
4 EUROPEAN/NATO AFFAIRS
POLAND/EU
(KORYBKO)
Poland Might Impede The EU’s Push To Speedily Grant Ukraine Membership
Poland has more to lose from this than Hungary does, but it’s happy to let Hungary feel the heat for impeding Ukraine’s plans, unless Orban is ousted next spring and Poland is then compelled to replace its role.
The EU is making a renewed push to speedily grant Ukraine membership as suggested by two recent news items.
The first relates to Politico’s report about a proposal for granting countries membership without veto rights till after the bloc overhauls its functions, which Ukraine hopes will be agreed to by December, while the second involves Bloomberg’s report about the bloc’s plans to include a rapid path to membership for Ukraine a part of its 12-point peace proposal. Poland might impede all of this though.
Observers should remember that Poland and Ukraine were embroiled in a fierce grain dispute throughout most of 2023. It was caused by the bloc temporarily removing tariffs on a number of Ukrainian exports after the start of the specialoperation. The influx of cheap grain into the Polish market threatened to ruin the livelihoods of Polish farmers, who began blocking the border in protest. The state then imposed an embargo on Ukrainian grain in defiance of the EU that still remains in place to this day.
The dispute has abated since then, with the latest EU-Ukrainian trade agreement imposing a tariff-rate quota on the latter’s wheat exports that’s 80% lower than what the former imported last year (1.3 million metric tons vs. 6.4 million metric tons), with tariffs beyond that being prohibitively expensive. Nevertheless, just as the influx of cheap grain from Ukraine ended, there’s now an influx of cheap steel into the Polish market that Warsaw recently declared that it also wants to ban or severely regulate.
The abovementioned concerns would reach crisis proportions with far-reaching socio-economic and political consequences for Poland if Ukraine were to speedily join the EU’s single market even without veto rights. It’s due in large part to growing public awareness of the aforesaid that only 35% of Poles support Ukrainian membership in the bloc as of a credible poll conducted in their country over the summer, which is less than the 85% who were in favor of this shortly after the special operation began.
Hungary has hitherto been portrayed by Western media as the main stumbling block to Ukraine’s plans, a role that Poland’s ruling duopoly has been all too happy to let it play for self-serving political reasons even though their country is arguably a much greater stumbling block for the reasons explained above. Moreover, there’s a chance that the EU– and Ukrainian-backed efforts to meddle in Hungary’s next elections in April could finally oust Prime Minister Viktor Orban, thus removing him from the equation.
In that scenario, all eyes would then be on Poland, but neither half of its ruling duopoly wants to be blamed for the domestic consequences of Ukraine joining the EU, especially not ahead of fall 2027’s next parliamentary elections. Prime Minister Donald Tusk’s ruling liberal-globalist coalition is already facing an uphill battle and would torpedo any hope of keeping control if they supported this, while President Karol Nawrocki from the conservative-nationalist opposition would betray his base if he went along with them.
Unlike Hungary, Poland hasn’t been smeared as a Russian puppet, the claim of which would fall flat anyhow since it spent 4.9% of its GDP on Ukraine (mostly for its refugees), donated its entire stockpile to it, and spends more of its GDP on defense than any NATO member. It’s happy to let Hungary feel the heat for now when it comes to impeding Ukraine’s speedy membership in the EU, but if Orban is ousted next spring, then Poland will likely step up and replace its role since failing to do so would be disastrous.
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
TBN ISRAEL/LAST 24 HR
ISRAEL VS HAMAS
Knesset advances death penalty for terrorists bill in first reading
The Knesset has advanced the death penalty for terrorists bill, proposed by Itamar Ben-Gvir, in a 39-16 vote. The bill will now return to committees for further discussion before becoming law,
Israeli Prime Minister Benjamin Netanyahu with National Security Minister Itamar Ben Gvir during a 40 signatures debate, at the plenum hall of the Knesset, the Israeli parliament in Jerusalem, on November 10, 2025.(photo credit: MARC ISRAEL SELLEM)ByKESHET NEEVNOVEMBER 11, 2025 00:04Updated: NOVEMBER 11, 2025 00:30
The Knesset plenum advanced the death penalty for terrorists bill in its first reading on Monday evening.
The bill was proposed by the Otzma Yehudit Party, led by National Security Minister Itamar Ben-Gvir. It passed its first reading by a margin of 39-16.
It will now return to the Knesset’s committees for further discussion and will still need to pass a second and third reading in the plenum to become a law.
The bill’s explanatory notes say that since imprisonment does not serve as a sufficient deterrence for terrorists, it is proposed that death will be the punishment for terrorists who commit murder.
“This punishment is expected to deter and thus prevent additional acts of terrorism,” the explanatory notes add.
Israeli Prime Minister Benjamin Netanyahu and Yair Lapid during a 40 signatures debate, at the plenum hall of the Knesset, the Israeli parliament in Jerusalem, on November 10, 2025. (credit: MARC ISRAEL SELLEM)
‘The most important law in the history of the State of Israel’
Ben-Gvir called the bill “the most important law in the history of the State of Israel. Every terrorist should know, this law will deter them. It will make them afraid. It will make them think a thousand times before carrying out another October 7.”
“Whoever goes against this bill is actively working against the Jewish state,” Ben-Gvir said at an earlier press conference at the Knesset on Monday, ahead of the vote.
He slammed Arab MKs Ahmad Tibi (Hadash-Tal), Ayman Odeh (Hadash-Tal), and Mansour Abbas (Ra’am), saying “they will, of course, squawk about how the law will lead to the execution of the monsters they are fighting for in the Knesset. Let them keep squawking.”
Tibi was removed from the plenum during the discussion of the bill.
Ben-Gvir said that if the bill was passed in its first reading, it would “enter a marathon of discussions to complete the legislation as quickly as possible, so that we can bring it to a vote in the plenum for its second and third readings soon.”
“The goal is not to say we’re passing the law, but to actually pass it. There will be absolutely no compromises on our part,” he added.
Opposition leader Yair Lapid (Yesh Atid) said on Monday he would not be voting in favor of the bill because “We don’t play games with the bill proposals that Oztma Yehudit presents.”
MK Gilad Kariv (The Democrats) warned that the law could lead to an increase in terror attacks.
Last week, Brig.-Gen. (res.) Gal Hirsch, the coordinator for the hostages in the Prime Minister’s Office, said that the bill had received backing from Prime Minister Benjamin Netanyahu.
Hirsch strongly opposed advancing the bill during the law’s discussion in September. He had said that the legislation could harm negotiations with Hamas to reach a deal to return the living hostages held in captivity in Gaza at the time.
However, Hirsch said last week that the reality has now changed after the living hostages were returned.
According to the proposed bill, “Whoever murdered an Israeli civilian out of racism or hostility toward the public, to harm the State of Israel and the restoration of the Jewish people in their land, shall be sentenced to no other punishment but death.”
The bill also proposes that in military courts in the West Bank, the death sentence may be imposed by a majority of the judges, and the punishment may not be commuted once imposed.
END
ISRAEL VS HEZBOLLAH
Alarmed by Hezbollah rearming, Israel presses Beirut to act before the IDF has to
Increasingly intense strikes are signaling Jerusalem’s impatience with Lebanon’s efforts to disarm the terror group, but pressure may not be enough to stave off a fresh military op
Hezbollah fighters and supporters raise their fists and chant slogans as they march in the funeral procession of five comrades killed in Israeli strikes in recent days, in the southern town of Nabatieh, Lebanon, November 2, 2025. (AP Photo/Mohammad Zaatari)
A year after Israel halted its invasion of Lebanon with a highly favorable ceasefire, another IDF operation against Hezbollah looks increasingly inevitable.
Under the year-old deal, brokered by the US and France, the Iran-backed terror group was to be relieved of its arms and prevented from rebuilding its fighting forces.
Instead, as Prime Minister Benjamin Netanyahu warned in public comments during last week’s cabinet meeting, Hezbollah has continued trying to rearm. Israel would do whatever is necessary to prevent that from happening, he threatened.
The IDF has stepped up its airstrikes against Hezbollah in recent weeks, carrying out dozens of attacks and sometimes launching wide sorties. On Monday, it deployed another wave of strikes, targeting southern Lebanon and the Beqaa Valley, deep inside the country.
A senior IDF official told Channel 12 news last week that the strikes were “just a preview” of what would come if Hezbollah is not disarmed.
“If the Lebanese army does not disarm Hezbollah and fails to meet the demands of the ceasefire,” said the IDF officer, “Israel, with US backing, will attack Hezbollah targets across Lebanon, including in Beirut.”
Israel has given Beirut an ultimatum that it will carry out a broad operation if the Lebanese Armed Forces do not step up their efforts, according to the outlet.
Smoke rises following an Israeli airstrike in the village of Tayr Debba, southern Lebanon, November 6, 2025. (AP Photo/Mohammad Zaatari)
The warnings have not come only from Jerusalem. US Ambassador Tom Barrack wrote on X that if Lebanon’s Western-backed government fails to disarm Hezbollah, the Shiite terror group “will inevitably face major confrontation with Israel at a moment of Israel’s strength and Iran-backed Hizballah’s weakest point.”
Last week, he warned publicly that Lebanon is unlikely to meet its obligations in disarming Hezbollah.
The timing of the exhortations is not coincidental. Both Israel and the US recognize that the deterrent effects of Hezbollah’s military defeat last year are starting to wear off, and that Lebanon’s government and the terror group need to take the possibility of a significant Israeli military operation seriously if another war is to be avoided.
Revolving armory
Israel has been striking Hezbollah targets since the November 2024 ceasefire in an attempt to stop imminent threats and to further degrade the group’s weapons stocks.
But Israeli officials say the current escalation stems from frustration over the pace of the Lebanese Armed Forces’ campaign to disarm Hezbollah.
IDF troops operate in southern Lebanon between September and November 2024, in an image released by the IDF on September 21, 2025. (Israel Defense Forces)
Under the terms of the 2024 ceasefire deal, which followed fighting that broke out on October 8, 2023, and escalated into all-out war a year later, Hezbollah was required to vacate southern Lebanon and be replaced by the Lebanese military. Israel was also required to withdraw, but reserved the right to respond to threats and has declined to vacate troops from five strategic locations inside of Lebanon.
Lebanon’s president, Joseph Aoun, has made it clear that he wants to see Hezbollah disarmed — using the euphemism “a state monopoly on weapons” — but is also determined to avoid pushing Hezbollah too hard and sparking a civil war. In August, his government instructed the army to come up with a plan to ensure the state had that monopoly by the year’s end.
In September, LAF Commander Rodolphe Haykal presented a five-stage plan to disarm Hezbollah, starting with a three-month effort south of the Litani River, the part of the country along the Israeli frontier.
Lebanese President Joseph Aoun addresses the United Nations General Assembly at UN headquarters, in New York City, on September 23, 2025. (Ludovic MARIN / AFP)
And the army has indeed been working on that mission. According to the US Central Command, the LAF has successfully removed nearly 10,000 rockets, almost 400 missiles, and over 205,000 unexploded ordnance fragments during the past year. Lebanon’s army has blown up so many Hezbollah arms caches that it has run out of explosives, sources told Reuters.
Despite the ostensibly encouraging statistics, there is ample reason for Israeli concern.
First of all, the LAF does not appear to be pursuing its disarmament mission with any particular zeal.
“The fact that the Lebanese Army is deployed doesn’t mean that the Lebanese Army is neutralizing Hezbollah’s rehabilitation,” said Sarit Zehavi, CEO of Alma, a think tank that focuses on security challenges on Israel’s northern border.
For more on this topic, listen to this Friday Focus podcast:
So far, the focus has been entirely on the first stage, south of the Litani, and is unlikely to get to the subsequent stages.
“Hezbollah prioritizes north of the Litani, and is deploying there,” said Zehavi.
Even south of the river, the LAF is tiptoeing around Hezbollah, Zehavi contends.
Illustrative: Fighters from the Iran-backed Lebanese terrorist group Hezbollah train in southern Lebanon, May 21, 2023. (AP Photo/Hassan Ammar, File)
“We understand it’s not going into villages,” she explained. “It’s not going into homes. It’s not going into private areas. And Hezbollah hides its weapons in those areas.”
While the LAF is eagerly publishing photographs of weapons it has confiscated in raids against drug dealers and Palestinian refugee camps, it has not released images of its operations against Hezbollah. The type and quality of weapons the Lebanese army is destroying are not at all clear.
“There are more photos from the Syrian government about what they’ve caught than photos from the Lebanese army,” Zehavi charged.
Amid a languid LAF campaign, Hezbollah itself says it will not disarm. Secretary-General Naim Qassem accused the Aoun government of “serving the Israeli project” and issued not especially subtle threats about a civil war, a potent threat for a country still recovering from its last internecine conflict.
Hezbollah chief Naim Qassem addresses supporters through a screen in a televised address during a ceremony marking the first anniversary of Israel’s assassination of the group’s longtime leader Hassan Nasrallah in southern Lebanon on September 27, 2025. (Mahmoud Zayyat/AFP)
On Thursday, Hezbollah sent a letter to Aoun, Prime Minister Nawaf Salaf, and Speaker of the Parliament Nabih Berri decrying potential negotiations with Israel and arguing that disarmament north of the Litani “was neither stipulated in the ceasefire declaration, nor can ever be accepted or imposed.”
But it is not only a question of refusing to give up the weapons Hezbollah already possesses. After suffering serious losses to its once-vaunted arsenal during Israel’s military campaign last year, the group seems to be actively restocking its supplies.
Hezbollah is “rebuilding its armaments and battered ranks,” including replenishing its rocket, antitank missile, and artillery supply, The Wall Street Journal reported recently.
“Israel sees that Hezbollah is doing exactly what it tried to do in 2006,” said Orna Mizrahi, senior researcher at the Institute for National Security Studies, referring to the group’s massive rebuilding project following the previous war with Israel. “From day one, to return and start to operate beneath the surface, to start to build a physical presence and to preserve and build military capabilities, to continue smuggling.”
“When you look at it over the past year, you see a difference compared to the weak and confused organization in November 2024,” she said.
Hezbollah’s determination to disarm stands in stark contrast to its passive response to a year of Israeli strikes. The organization has not retaliated, saying instead it is the Lebanese state’s responsibility to counter Israeli operations.
Nor did Hezbollah respond to Israel’s devastating strikes on Iran’s nuclear and missile programs in June.
“Hezbollah appears to be guided by a long-term strategic calculus—waiting for conditions to improve before considering a more active role,” according to Reichman University’s International Institute for Counter-Terrorism. “For now, survival is Hezbollah’s top priority.”
A loaded Hezbollah multiple rocket launcher found by troops of the 769th Brigade in southern Lebanon, in a handout photo issued on November 9, 2024. (Israel Defense Forces)
It may also be playing for time, with a critical election approaching that could help ease pressure from Beirut for it to disarm.
A Lebanese official who is close to Hezbollah and two security sources told Reuters that the Lebanese army wants to give the country’s political leaders time to reach a consensus about Hezbollah weapons north of the Litani before operating there.
A parliamentary election is scheduled for May 2026. If Hezbollah can hold on to its weapons until then, it can both bully its way to success at the ballot box and have a better shot at ensuring the government abandon its campaign to take away its weapons going forward.
Newly elected Lebanese President Joseph Aoun, standing at background center, delivers his first speech at the Lebanese Parliament, after being sworn in as a new president, in Beirut, Lebanon, January 9, 2025. (AP Photo/ Hussein Malla)
“Their goal today is now to keep their arms until the elections,” said Hanin Ghaddar, senior fellow at the Washington Institute for Near East Policy.
The group is determined to ensure that the 27 seats set aside for Shiites remain in its hands and those of its ally Amal.
The next speaker, who by convention is always a Shiite, has to come from one of those 27 seats. If Hezbollah and its allies lose control of the Shiite seats, the anti-Hezbollah bloc can vote in a speaker hostile to the movement, and the next government could be packed with ministers eager to break Hezbollah’s hold on the country.
“They need their arms in order to intimidate everybody because the candidates (who) are running against them are plenty,” Ghaddar said. “So they need their arms to intimidate everybody into voting for them. And once they win the 27 seats, then they can dictate the next speaker of the House.”
Pressure cooking
With Israel stepping up airstrikes and issuing bellicose threats, the question has now become whether it will embark on another widescale military campaign, including a ground invasion.
Thus far, it seems to be hoping that the mere threat of such action will be enough to make Lebanon’s government understand that they need to step up their disarmament campaign.
“What we’re seeing is a pressure campaign,” argued Will Todman, senior fellow in the Middle East Program at the Center for Strategic and International Studies.
Tom Barrack, US ambassador to Turkey and special envoy to Syria, speaks at a conference in Bahrain on November 1, 2025. (Screenshot from YouTube)
The Trump administration seems to be helping put the squeeze on Beirut as well.
“Clearly, the US is increasing pressure as well on Lebanon to speed up the disarmament, to take it more seriously, to try to prompt action,” Todman continued.
It is not only on disarming Hezbollah where Washington is pressing Beirut. It also wants to see direct talks between the sides on establishing an agreed-upon land border.
Barrack reportedly warned Lebanese officials it was their “last chance” to reach an agreement with Israel: “Either they learn the lesson and decide to enter into direct negotiations with Israel under the auspices of the United States, to set a timetable and mechanism for disarming Hezbollah, or Lebanon will be left to its fate.”
Speaking in Bahrain last week, Barrack publicly called for Lebanese leaders to negotiate with Israel.
“You have Israel, who is sitting ready to make border and boundary agreements with all its neighbors, and it owes America a favor,” he said. “You can’t say the word ‘Israel’ in Lebanon… It’s illegal to have a conversation with Israel. What era are we living in?”
At the same event, Barrack also supported Israel’s right to carry out strikes, saying that the US would support its ally “if Israel becomes more aggressive toward Lebanon.”
Lebanese army soldiers sit on their parked tanks along a road in the southern Lebanese coastal town of Naqoura, on the border with Israel on January 7, 2025, after Israel’s withdrawal from the area as part of the ceasefire agreement between the two countries. (AFP)
Aoun actually wants to talk to Israel, seeing negotiations as a pathway toward ending the strikes.
“Lebanon has no choice but negotiation, for in politics there are three tools for action: diplomacy, economics, and military,” his office wrote last week. “So when war does not lead us to any result, what is to be done? For the end of every war in various countries of the world has been negotiation, and negotiation is not with a friend or ally, but with an enemy.”
Lebanese officials have proposed adding civilian “technical experts” to the preexisting five-way ceasefire monitoring mechanism, instead of arranging a meeting between Israeli and Lebanese diplomats, in order to minimize the domestic backlash. Once the sides are talking, they can quietly expand the representation.
Hezbollah could well back such talks as a ploy to relieve US and Israeli pressure, while ensuring they drag on and don’t actually lead to it giving up weapons, according to Hussain Abdul-Hussain from the Foundation for the Defense of Democracies.
A Lebanese soldier sits on top of a military vehicle outside the municipality building of the southern Lebanese border village of Blida in the aftermath of an Israeli army raid on the village, on October 30, 2025. (Mahmoud ZAYYAT / AFP)
It is unlikely that Israel would go to war in Lebanon while talks are ongoing, especially if they are being sponsored by the US.
Eventually, though, Israel may determine that even with all the pressure, the LAF either cannot or will not disarm Hezbollah, which will not simply fold.
At that point, Israel will see few options other than a military operation.
The pope factor
The coming war will not necessarily involve sending ground troops back into Lebanon. Rather, it will more likely come in the form of several days of bombing, taking out high-value targets that Israel’s intelligence has been tracking.
Ensuring that Trump is on board with such an operation well ahead of time will be a priority for Israel, meaning Netanyahu will likely need to limit the campaign for the famously war-averse president.
“If the Israeli leaders can articulate to the Americans — we have specific aims, this is a time-bound operation, this is what we want to achieve, and then we will return to the ceasefire or the status quo ante,” said Todman, “then maybe they get Trump’s buy-in for that if he thinks that this can sufficiently raise pressure on Hezbollah even more. But I really don’t think that Trump wants a more open-ended conflict in Lebanon again.”
Even if the US is unable to keep Israel from embarking on an expanded operation against Hezbollah, an unlikely world leader will inadvertently keep it from happening for at least a few weeks.
Pope Leo XIV delivers his blessing, next to Cardinal Mario Grech (L) and Bishop Luis Marin de San Martin (R) after participating in the Synod Teams and Participatory Bodies in Paul VI Hall at the Vatican on October 24, 2025. (Filippo MONTEFORTE / AFP)
Pope Leo XIV is planning on visiting Lebanon from November 30 – December 2, in his first trip abroad as pontiff.
It would be utter folly for Israel to bomb Hezbollah sites across Lebanon, which inevitably will cause destruction in the populated areas in which the terror group embeds, just before the pope’s visit.
Such a campaign would shift the focus of his visit from Hezbollah and Iran holding Beirut hostage — harming the interests of Lebanon’s Christians — to the damage caused by Israel’s military machine.
It would be utter folly for Israel to bomb Hezbollah sites across Lebanon just before the pope’s visit.
Pope Leo would be pressed by his hosts to visit burnt-out homes, especially if any Christian sites are damaged, provided a backdrop for global media to energize criticism of Israel and its military operations.
But once the pontiff is back in Rome, all bets are off.
Officially, Beirut’s deadline for clearing southern Lebanon of Hezbollah weapons is the end of the year, though there is no saying if Israel would wait that long.
If the LAF fails to complete its task, or makes it clear that it is not about to get to work on Hezbollah’s arms caches elsewhere in the country, Israel will likely find a short, intense air operation against the terror group irresistibly attractive and utterly necessary.
END
ISRAEL VS IRAN
Senior official: Israel should move to topple Iranian regime before Trump’s term ends – KAN
A senior Israeli official suggests the need to act before Trump’s presidency concludes, as tensions rise over Iran’s nuclear and missile programs.
An illustration of Israel Air Force F-35s conducting airstrikes on Iran.(photo credit: Khanchangezi/Shutterstock)ByJERUSALEM POST STAFFNOVEMBER 10, 2025 21:59
Israel should seek to overthrow the Iranian regime before the end of US President Donald Trump’s administration, a senior official told Israeli public broadcaster KAN News on Monday.
Trump’s second term as US president is due to end in January 2029.
Iran has been seeking to reproduce its stockpile of advanced missiles, and Israel is closely monitoring Tehran’s efforts, a senior security source told KAN.
The New York Times, on Sunday, cited regional officials and analysts who view another outbreak of war between Israel and Iran as “only a matter of time.”
Iran’s new Pickaxe Mountain enrichment site, located approximately one kilometer south of the Natanz enrichment facility, is underway, and inspectors have not been permitted to access it, the NYT noted.
A satellite image shows airstrike craters covered with dirt at the Natanz Enrichment Facility, following US airstrikes, in Natanz County, Iran, June 24, 2025 (credit: MAXAR TECHNOLOGIES/HANDOUT VIA REUTERS)
However, inspectors of the UN nuclear watchdog IAEA visited Iranian nuclear sites last week, Iran’s foreign ministry spokesperson said on Monday, according to state media, a week after the IAEA urged Iran to “seriously improve” cooperation.
The IAEA has carried out about a dozen inspections in Iran since hostilities with Israel in June, but last week highlighted it had not been given access to nuclear facilities such as Fordow, Natanz, and Isfahan, which the United States bombed.
“As long as we are a member of the NPT (Treaty on the Non-Proliferation of Nuclear Weapons), we will abide by our commitments, and just last week, IAEA inspectors visited several nuclear facilities, including the Tehran Research Reactor,” Esmaeil Baghaei said, without naming the facilities.
Iran’s Pezeshkian says Tehran seeks peace, but will not bow to coercion
Iranian President Masoud Pezeshkian claimed on Friday that Iran seeks peace, but will not be coerced into abandoning its nuclear and missile programs, state media reported.
Trump said on Thursday that Iran had been asking if US sanctions against the country could be lifted.
“We are willing to hold talks under international frameworks, but not if they say you can’t have a (nuclear) science, or the right to defend yourself (with missiles), or else we will bomb you,” Pezeshkian said.
Last month, Pezeshkian warned that Iran may have no choice but to relocate its capital from Tehran to the south, possibly to a city in Hormozgan province, due to ongoing droughts.
Trump says Iran has been asking if US sanctions can be lifted
Trump said on Thursday that Iran has been asking if Washington’s sanctions against the country can be lifted.
“Iran has been asking if the sanctions could be lifted. Iran has got very heavy US sanctions, and it makes it really hard for them to do what they’d like to be able to do. And I’m open to hearing that, and we’ll see what happens, but I would be open to it,” Trump told reporters late on Thursday at the White House.
Iran’s mission to the United Nations in New York did not immediately respond to a request for comment
END
Gaza partition into areas controlled by Israel, Hamas becoming more likely, sources say
A de facto partition of Gaza is likely as Trump’s peace plan falters. With Hamas refusing to disarm and Israel opposing PA involvement, the Yellow Line might become the permanent border.
A Palestinian man rides on a cart pulled by a donkey near a concrete block (back) marking the “Yellow Line” drawn by the Israeli military in Bureij, central Gaza Strip, on November 4, 2025.(photo credit: BASHAR TALEB/AFP VIA GETTY IMAGES)ByREUTERSNOVEMBER 11, 2025 09:30Updated: NOVEMBER 11, 2025 19:01
A de facto partition of Gaza between an area controlled by Israel and another ruled by Hamas is increasingly likely, multiple sources said, with efforts to advance US President Donald Trump’s plan to end the war beyond a ceasefire faltering.
Six European officials with direct knowledge of the efforts to implement the next phase of the plan told Reuters it was effectively stalled. That reconstruction now appeared likely to be limited to the Israel-controlled area.
That could lead to years of separation, they warned.
Under the first stage of the plan, which took effect on October 10, the Israeli military currently controls 53% of the Mediterranean territory, including much of its farmland, along with Rafah in the south, parts of Gaza City, and other urban areas.
Nearly all of Gaza’s two million people are crammed into tent camps and the rubble of shattered cities across the rest of Gaza, which is under Hamas control.
Palestinian Hamas terrorists stand guard on the day of the handover of hostages held in Gaza since the deadly October 7 2023 attack, as part of a ceasefire and a hostages-prisoners swap deal between Hamas and Israel, in Rafah in the southern Gaza Strip, February 22, 2025. (credit: REUTERS/Hatem Khaled)
Reuters drone footage shot in November shows cataclysmic destruction in the northeast of Gaza City after Israel’s final assault before the ceasefire, following months of prior bombardments. The area is now split between Israeli and Hamas control.
The next stage of the plan foresees Israel withdrawing further from the Yellow Line agreed under Trump’s plan, alongside the establishment of a transitional authority to govern Gaza, the deployment of a multinational security force meant to take over from the Israeli military, the disarmament of Hamas, and the start of reconstruction.
But the plan provides no timelines or implementation mechanisms. Meanwhile, Hamas refuses to disarm, Israel rejects any involvement by the Western-backed Palestinian Authority, and uncertainty persists over the multinational force.
“We’re still working out ideas,” Jordanian foreign minister Ayman Safadi said at a Manama security conference this month. “Everybody wants this conflict over; all of us want the same endgame here. Question is, how do we make it work?”
Without a major push by the United States to break the impasse, the Yellow Line looks set to become the de facto border indefinitely dividing Gaza, according to 18 sources, including six European officials and a former US official familiar with the talks.
The United States has drafted a UN Security Council resolution that would grant the multinational force and a transitional governing body a two-year mandate. But ten diplomats said governments remain hesitant to commit troops.
European and Arab nations, in particular, were unlikely to participate if responsibilities extended beyond peacekeeping and meant direct confrontation with Hamas or other Palestinian groups, they said.
US Vice President JD Vance and Trump’s influential son-in-law Jared Kushner both said last month reconstruction funds could quickly begin to flow to the Israel-controlled area even without moving to the next stage of the plan, with the idea of creating model zones for some Gazans to live in.
Such US proposals suggest the fragmented reality on the ground risks becoming “locked into something much more longer term,” said Michael Wahid Hanna, US program director of think-tank International Crisis Group.
A State Department spokesperson said that while “tremendous progress” had been made in advancing Trump’s plan, there was more work to do, without responding to questions about whether reconstruction would be limited to the Israeli-controlled area.
Netanyahu: Israel has no intention of occupying, governing Gaza
Prime Minister Benjamin Netanyahu has said Israel has no intention of re-occupying or governing Gaza, even though far Right ministers in his cabinet have urged the revival of settlements dismantled in 2005.
The military, too, has resisted such demands for a permanent seizure of the territory or direct oversight of Gaza’s civilians. Netanyahu has instead pledged to maintain a buffer zone within Gaza, along the border, to block any repeat of Hamas’s October 2023 attack that ignited the war.
Israeli forces have placed large yellow cement blocks to demarcate the withdrawal line and are building infrastructure on the side of Gaza that their troops control. In the Shejaia neighborhood of Gaza City, the military took journalists last week to an outpost fortified since the ceasefire.
There, satellite images show, earth and building rubble have been bulldozed into steep mounds, forming a protected vantage point for soldiers. Fresh asphalt has been laid.
IDF International spokesperson Lt.-Col. Nadav Shoshani said the soldiers were there to prevent terrorists from crossing into the Israel-controlled zone, saying Israel would move further from the line once Hamas met conditions, including disarming. Once an international security force was in place.
As soon as “Hamas holds their part of the agreement, we are ready to move forward,” Shoshani said. An Israeli government official, responding to written questions for this article, said Israel adhered to the agreement and accused Hamas of stalling.
Hamas has released the last 20 living hostages held in Gaza and the remains of 24 deceased hostages as part of the first stage of the plan. The remains of four other hostages are still in Gaza.
Nearby, in Palestinian areas of the city, Hamas has reasserted itself in recent weeks, killing rivals. It has provided police for security and civil workers who guard food stalls and clear paths through the broken landscape using battered excavators, as the Reuters video shows.
“We really need to fill the vacuum within the Gaza Strip for security,” German Foreign Minister Johann Wadephul said at the Manama conference, urging speed and warning a Hamas resurgence could trigger renewed Israeli military operations in Gaza.
Hazem Qassem, a Hamas spokesperson in Gaza City, said that the group was ready to hand over power to a Palestinian technocrat entity so that reconstruction could begin.
“All the regions of Gaza deserve reconstruction equally,” he said.
One idea under discussion, according to two European officials and a Western diplomat, was whether Hamas could decommission weapons under international supervision rather than turn them over to Israel or another foreign force.
European and Arab states want the West Bank-based Palestinian Authority and its police to return to Gaza alongside the multinational force to take over from Hamas. Thousands of its officers trained in Egypt and Jordan are ready for deployment, but Israel opposes any involvement by the Palestinian Authority.
The six European officials said that absent a major shift in Hamas’ or Israel’s positions, or US pressure on Israel to accept a role for the Palestinian Authority and a path to statehood, they did not see Trump’s plan advancing beyond the ceasefire.
“Gaza must not get stuck in a no man’s land between peace and war,” Britain’s Foreign Secretary Yvette Cooper said at the Manama conference.
Gaza City resident Salah Abu Amr, 62, said that if no progress were made on disarming Hamas and on redevelopment across the Yellow Line, people might consider moving there. But the realities of a divided Gaza were hard to contemplate, he said.
“Are we all going to be able to move into that area? Or Israel will have a veto over the entry of some of us,” he said. “Are they also going to divide the families between good people, bad people?”
It remains unclear who would finance rebuilding parts of Gaza under Israeli control, with Gulf nations loath to step in without involvement of the Palestinian Authority and a path to statehood, resisted by Israel. Reconstruction costs are estimated at $70 billion.
Any de facto territorial breakup of Gaza would further set back Palestinian aspirations for an independent nation, including the West Bank, and worsen the humanitarian catastrophe for a people without adequate shelter and almost entirely dependent on aid for sustenance.
“We cannot have a fragmentation of Gaza,” Jordan’s Safadi said. “Gaza is one, and Gaza is part of the occupied Palestinian territory.”
Palestinian Foreign Minister Varsen Aghabekian Shahin also rejected the territorial division of Gaza, and said the Palestinian Authority was ready to assume “full national responsibility.”
“There can be no genuine reconstruction or lasting stability without full Palestinian sovereignty over the territory,” she said in a statement in response to Reuters questions.
Yasser Abu Shabab, leader of anti-Hamas militia, meets Jared Kushner in Israel – report
END
The meeting reportedly centered around the evolving role of Abu Shabab’s forces in Gaza, where Hamas is set to withdraw from.
Image of militia leader Yasser Abu Shabab.(photo credit: SECTION 27A COPYRIGHT ACT)ByJERUSALEM POST STAFFNOVEMBER 11, 2025 17:40Updated: NOVEMBER 11, 2025 18:42
Yasser Abu Shabab, leader of Hamas opposition “Popular Forces” militia, met with key Trump adviser Jared Kushner at a US military base located south of Israel, Saudi news outlet Al Hadath reported on Tuesday.
The meeting reportedly centered around the evolving role of Abu Shabab’s forces in the territories, where Hamas is set to withdraw from in accordance with the US-brokered Gaza deal.
Sources close to the event stated that the discussion primarily focused on the strategic positioning of Abu Shabab’s forces in areas vacated by Hamas as the militant group retreats from key positions in Gaza.
The sources added that one of the primary concerns of the talks was securing the safe exit of Hamas fighters from the Rafah tunnels, which have long served as a critical logistical route for the group.
Israeli military personnel operate after a series of strikes across the Gaza Strip, in southern Israel, October 29, 2025 (credit: REUTERS/AMMAR AWAD)
Abu Shabab reportedly met with Kushner amid Gaza ceasefire
It is believed that Abu Shabab’s forces could play a pivotal role in facilitating the movement of Hamas fighters from these underground routes, potentially directing them to areas still under Hamas control. This move could have significant implications for the ongoing military operations in Gaza and the broader regional dynamics.
The meeting marks a rare direct engagement between key local figures and US officials, signaling potential shifts in the alliances and strategic positioning in the region. While the details of the discussion remain closely guarded, the meeting underscores the continuing complexity of the situation in Gaza and the involvement of various international actors.
END
SYRIA
Syria Signs Declaration To Join US-Led Coalition To Defeat ISIS Terrorist Group
Syria has agreed to join the U.S.-led coalition to tackle the ISIS terrorist group following a meeting between President Ahmed al-Sharaa and U.S. President Donald Trump on Nov. 10, according to a Syrian official.
Syrian Information Minister Hamza al-Mustafa said on Nov. 10 that Syria has signed “a political cooperation declaration” with the Global Coalition to Defeat ISIS—a coalition signed by 89 other partners to combat ISIS in Iraq, Syria, and globally—confirming its commitment to efforts to combat terrorism and support regional stability.
“The agreement is political and until now contains no military components,” al-Mustafa said in a statement posted to X.
A senior U.S. administration official also confirmed to The Epoch Times that Syria will join the international coalition.
Al-Sharaa’s meeting with Trump at the White House on Nov. 10 was the first visit by a Syrian leader since the country gained independence from France in 1946.
Al-Mustafa said the talks centered on expanding economic cooperation between the two nations, U.S. investments, and easing sanctions imposed under the Caesar Act—which bars the sale of U.S. goods and technology to Syria and blocks the country from the international banking system.
The two leaders also discussed plans to integrate the Syrian Democratic Forces into the Syrian Army, al-Mustafa stated, noting that the move aims to “unify institutions and ensure lasting stability” in the region.
The meeting resulted in Trump granting a 180-day extension of his waiver of sanctions against Syria. Trump told reporters Nov. 10 that he wants to see Syria “become a country that’s very successful.”
In an interview with Fox News that aired Nov. 10, al-Sharaa said Syria has entered “a new era” in its relations with the United States after the fall of the Assad regime, emphasizing Damascus’s intention to establish itself as a geopolitical partner.
“The goal is for Syria to no longer be seen as a security threat but as a geopolitical ally and a country where the U.S. can invest significantly, especially in gas extraction,” he said, according to a translation from Syria’s state media.
When asked about Syria’s participation in the coalition against ISIS, al-Sharaa acknowledged the reasons for the U.S. military presence in Syria but said that it should now be coordinated with the Syrian government.
“We need to discuss these issues and reach an agreement regarding ISIS,” he stated.
Al-Sharaa took office in December 2024 after former leader Bashar al-Assad fled to Moscow, ending his family’s 53-year rule in Syria. Al-Sharaa led the Islamist group Hayat Tahrir al-Sham (HTS), which claimed victory in the country’s 13-year civil war.
HTS, which has roots in the Islamist terrorist group al-Qaeda, was designated a foreign terrorist organization by the State Department in 2018 but was removed from the list this year.
END
RUSSIA VS UKRAINE
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE
GLOBAL ISSUES
MARK CRISPIN MILLER
DR PAUL ALEXANDER
I don’t know who is advising congressional Republicans on strategy right now, but it is whoever it is has an IQ barely approaching room temperature. Republicans right now have no accomplishments, no plans, and no vision. Why on earth would anyone be excited to go vote for them 12 months right now? Trump needs to ditch the foreign policy crap and focus all his attention on the domestic economy, which is still not working for the majority of people. Right now he looks weak and rudderless. Be mad all you want, but it’s the truth. Newly minted college grads can’t find work and are saddled with debt. Where is their path to the American dream right now? Who is giving them a vision of a future worth fighting for? You cannot have a viable country or future when half your country and all its young people are locked out of the economy and locked out of ever owning a home or much of anything beyond next month’s streaming subscription. Does anyone in Washington care about this? Anyone at all? Republicans had better wake up, because right now their nightmare is only beginning if they don’t start making massive changes.
I’m guessing it came from the same place Bathhouse Barry’s suspicious-looking birth certificate came from.
To those of you who still look up to Malone as a health freedom ‘hero’, at what point do you intend to pull your heads from your posteriors and face up to reality?’
___
You must not wait for another catastrophic crisis (at times manufactured but we are prevented from making our own basic personal decisions or accessing needed drugs and response tools) to catch you off-guard. We must take charge and be prepared today so that we can enjoy peace of mind tomorrow.
Enter the Wellness Company as a solution and a willing participant in the health care conversation. The Wellness Company, launched in 2022, offers health care, prescriptions, and supplements, all backed by research
The Wellness Company isn’t chasing profits — it’s trying to help people recover. While the government continues pushing vaccines, The Wellness Company is focusing on real solutions.
From telemedicine, prescriptions, memberships, and supplements, TWC is leading America with alternative choices to the traditional health care model.
If you wish to give a donation to help me, you can at:
Zelle:
NEWS ADDICTS
LATEST REPORTS FOR NEWS JUNKIES
Top Democrat lawmakers and pundits rage over the Shutdown dealOn Sunday, several prominent politicians on the left — and even some presidential candidates — broke down after Senate Democrats said they reached an agreement to reopen the federal government in the coming week. This ended the longest U.S. shutdown history while not achieving their main demands. Axios reported that at least 10 Senate Democrats will support a motion for …READ THE FULL REPORT
Top Democrat lawmakers and pundits rage over the Shutdown dealOn Sunday, several prominent politicians on the left — and even some presidential candidates — broke down after Senate Democrats said they reached an agreement to reopen the federal government in the coming week. This ended the longest U.S. shutdown history while not achieving their main demands. Axios reported that at least 10 Senate Democrats will support a motion for …READ THE FULL REPORT
A Deal is Reached to End the Government ShutdownThe U.S. Senate reached a deal bipartisan to reopen federal government after more than a week of gridlock. After days of intense negotiations, the agreement appears to be supported by both Senate Democrats as well as Republicans. This will allow the government shutdown to end. Angus King, Jeanne Shaheen and Maggie Hassan were the driving forces behind this deal. They …READ THE FULL REPORT
Report: Multiple Democrats will vote to reopen government as early as SundayMultiple sources with knowledge of the situation told Axios that a handful of Senate Democrats said on Sunday they were willing to move forward a bill package that would end the current government shutdown in 24 hours. Multiple sources told the outlet that at least 10 Senate Democrats will support a motion for a procedure to move forward a set …READ THE FULL REPORT
Trump calls for $2,000 tariff dividends to working class AmericansOn Sunday, President Donald Trump announced that his administration was exploring the option of giving a $2,000 check to each American in response to the record increase in tariff revenues. People who are against tariffs are FOOLS!” “We are the richest, most respected country in the world, with almost no inflation, and a record stock market price,” posted the president …READ THE FULL REPORT
NEWSWIZE
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
this should propel oil higher!!
(the cradle)
Lukoil Declares Force Majeure At Major Iraqi Oil Field Due To New US Sanctions
Russian energy corporation Lukoil has declared force majeure at Iraq’s West Qurna-2 oil field as a result of US sanctions on the firm, four sources toldReuters on Monday.
“Iraq has halted all cash and crude payments to Lukoil,” the sources said. The Russian energy firm operated Iraq’s West Qurna-2 oil field, which produces 480,000 barrels per day (bpd).
Lukoil holds a 75 percent stake in the field, one of the largest in the world. It also holds a 50 percent stake in Egypt’s West Esh El-Mallaha (WEEM) oil fields and a 10 percent stake in the UAE offshore Ghasha project, while maintaining a network across Europe and Central Asia.
The report comes as the energy firm has been suffering significant disruptions in its operations due to recent US sanctions.
Romania and Bulgaria have been scrambling to protect Russian-owned oil refineries from shutdowns before the US sanctions take effect.
Bulgaria has proposed a bill that would allow its government to appoint a manager of the Lukoil-owned Burgas refinery, granting them powers to take operational control of the facility, approve its sale, and potentially nationalize it.
The US Treasury Department announced the sanctions last month, targeting Lukoil and another major Russian oil company, Rosneft. The sanctions were imposed as part of a US bid to pressure Russia in Ukraine talks, which reached a stalemate earlier this year.
This coincided with an announcement by Swiss commodity trader Gunvor that it has withdrawn a proposal to buy Lukoil’s foreign assets. The US Treasury had accused Gunvor of being a Russian “puppet,” and expressed Washington’s opposition to the deal.
“We believe that all legitimate interests of a major international company, including a Russian one, like Lukoil, in terms of international trade and economic relations, must be respected,” Kremlin spokesman Dmitry Peskov said in response to the move.
Lukoil was forced to sell many of its foreign assets after the US sanctions last month, which caused a surge in global oil prices. The sanctions froze all Rosneft and Lukoil assets in the US, while US companies and individuals will be barred from doing business with them.
Washington is also threatening secondary sanctions against foreign financial institutions that do business with the two Russian energy firms, including banks that facilitate sales of Russian oil in China, India, and Turkiye.
END
this is good; India to replace Russian oil with a combo of USA Iraqi and uAE crude
(zerohedge)
India Races To Replace Russian Oil With US, Iraqi, & UAE Crude
Two Indian refiners bought a total of 5 million barrels of crude oil from the United States, Iraq, and the UAE on the spot market as they seek alternatives to Russian crude.
Reuters reported, citing unnamed industry sources, that Hindustan Petroleum Corp. had bought 2 million barrels of West Texas Intermediate and 2 million barrels of Murban crude for delivery in January.
The other refiner, Mangalore Refinery and Petrochemicals, bought 1 million barrels of Basra Medium, also to be delivered in January, the Reuters sources said.
The search for alternative oil supplies follows the Trump administration’s decision last month to sanction Rosneft and Lukoil, which together account for half of Russia’s oil exports and a significant portion of Indian imports from the country.
The sanctions ignited a rush to secure supplies ahead of the entry into effect of the sanctions, on November 21, while oil buyers look for loopholes to keep their access to discounted Russian crude.
Meanwhile, Bloomberg reported an unusual move by two tankers, both sanctioned by the European Union and the UK, which performed a ship-to-ship transfer off the Indian coast last week.
One of the tankers, the Ailana, had been idling for a couple of weeks prior to the transfer, Bloomberg wrote, noting that after the transfer, the receiving tanker, Fortis, continued to the Indian port of Kochi, while the Ailana set off for Russia.
In separate but related news, India’s president, Droupadi Murmu, said Indian oil and gas companies were seeking long-term relationships with Angolan energy entities, interested in investing both in energy commodities and in critical minerals.
“Angola’s role in India’s energy security is very important. India is a major buyer of Angola’s oil and gas. Our oil and gas companies are desirous of entering into a long-term purchase contract with Angola,” Murmu said during a state visit to the West African country.
END
ELECTRICITY//USA/ATLANTIC REGION:
Electric Bill Crisis Blame-Game Begins: Democrats Slam Data Centers, GOP Faults “Climate-Cult Ideology”
Tuesday, Nov 11, 2025 – 10:05 AM
It only took politicians a little over a year to catch up to our Mid-Atlantic power bill crisis theme (read here), as the battle to control the narrative over surging electricity costs intensifies.
Democrats are pointing the finger at the explosion of data center buildouts and power-hungry server racks, while conservative politicians blame disastrous green-energy policies, specifically, the early retirement of fossil-fuel power generation plants and the rapid rollout of unreliable solar and wind generation.
On Monday, Sen. Bernie Sanders and several Democratic senators, including Sens. Blumenthal, Van Hollen, Markey, and Wyden, penned a joint letter to the Trump administration and Commerce Secretary Howard Lutnick about the adminstration’s fast-tracking of AI infrastructure is creating “bidding wars” between households and trillion-dollar companies such as Meta, OpenAI, Alphabet, and Oracle for limited electricity supplies.
“As American families face soaring electricity bills caused by the Trump Administration’s sweetheart deals with Big Tech companies, we write to demand information about the failure of the Administration to prevent consumers from being forced to subsidize the cost of data centers — costs compounded by the Administration’s reckless abandonment and assault on new, clean energy sources,” the senators wrote in the letter.
Democrats are correct that data centers are certainly fueling the power bill crisis across the Mid-Atlantic states. However, they are never able to tell the whole truth, conveniently leaving out that their climate crisis hoax led to the early retirement of fossil fuel generation plants, which in turn stripped the grids of now much-needed spare capacity. Goldman warned this past summer of “Price-Spikes & Blackouts.”
In fact, these Democrats doubled down and blamed this mess on Trump’s “assault on clean energy sources.” Democrats need a major wake-up call: intermittent green power sources do not provide stable power for data centers. In fact, Spain’s nationwide blackout last summer was centered on unreliable renewable energy.
On the opposite side of the political spectrum, the Maryland Freedom Caucus, a coalition of conservative Republican members of the Maryland House of Delegates, joined forces with lawmakers in surrounding states to address skyrocketing power bills.
“Politicians and special interest groups have traded energy independence for a delusional climate cultist ideology, and every Maryland family is paying the price with skyrocketing bills and a rapidly dwindling energy supply,” Maryland Delegate Brian Chisholm recently told local outlet Fox Baltimore.
Chisholm continued, “We stand firmly united with our colleagues in neighboring states to deliver real, adult solutions and finally put an end to the childish nonsense impacting our state.”
In a recent note, we cited a Goldman Sachs report by analyst Carly Davenport that found “higher power bill inflation has been the most pronounced in the Northeast, Mid-Atlantic, and California in the past three years.” Please do note, these regions and states are governed by leftist politicians wearing climate crisis blinders, ones that even Bill Gates had to take off last month after he acknowledged the whole climate crisis narrative was fake news.
Residential utility bill inflation has accelerated in certain regions, raising concerns about customer affordability. A few states in the Northeast/Mid-Atlantic such as MD, CT, DE and DC, as well as California, have seen accumulated bill inflation of 29% in the past three years (20pp above CPI), while other states such as MI, ND, AR, SD and LA had bill growth of only 5% in the same period (Exhibit 2). Interestingly, the states with higher bill inflation during this period have deregulated or competitive power markets, and those with lower inflation are in traditional regulated markets. We provide more details on power market fundamentals and utility bills within.
Northeast/Mid-Atlantic States Hit Hardest by Power Bill Crisis
While Democrats are busy pushing their affordability narrative ahead of the 2026 midterms and blaming data centers for the power bill crisis, they’re conveniently ignoring one key fact: their so-called “climate crisis” agenda has gutted America’s power grid. By forcing the early retirement of fossil-fuel plants and replacing them with unreliable solar and wind, they’ve stripped the grid of critical spare capacity, a policy failure now colliding head-on with the data center power surge.
What’s clear is that political parties will be ramping up their own narratives about why power bills are exploding in the Mid-Atlantic and Northeast.
This is happening much sooner than we anticipated.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
VENEZUELA/USA
Latest US Attacks On Drug Boats Brings Total To 19, As Conservatives Urge Trump Stop Foreign Distractions
Monday, Nov 10, 2025 – 11:00 PM
At a moment that more and more conservative voices are calling on President Trump to drop the distraction of entangling foreign policy issues and instead work on setting domestic issues in order after a lengthy government shutdown, the Pentagon has announced yet more strikes on alleged drug boats off the coast of South America.
It’s hard to keep track at this point, but the latest action takes the number of boats blown up near Venezuela to 19, resulting in over 70 suspected traffickers killed.
Pentagon chief Pete Hegseth announced two more strikes which happened Sunday. He wrote on X Monday, “Yesterday, at the direction of President Trump, two lethal kinetic strikes were conducted on two vessels operated by Designated Terrorist Organizations.”
He added, “Both strikes were conducted in international waters and 3 male narco-terrorists were aboard each vessel. All 6 were killed. No US forces were harmed. Under President Trump, we are protecting the homeland and killing these cartel terrorists who wish to harm our country and its people.”
Still, Washington has yet to provide specific evidence that those targeted were involved in drug smuggling or posed any direct threat to the United States, and some critics have questioned why these boast aren’t subject to conventional interdicts by agencies like the Coast Guard or DEA.
Instead, the boast are without warning just blown out of the water, typically via drone strike.
Venezuelan President Nicolás Maduro has meanwhile accused Donald Trump of trying to overthrow his government. One driving motive of US action might be the fact that the Venezuela sits on the world’s largest proven crude reserves, but getting it out of the ground utilizing the socialist country’s derelict and broken infrastructure is another problem.
Meanwhile, The Federalist’s Sean Davis recently sounded off…
Trump needs to ditch the foreign policy crap and focus all his attention on the domestic economy, which is still not working for the majority of people. Right now he looks weak and rudderless. Be mad all you want, but it’s the truth.
Newly minted college grads can’t find work and are saddled with debt. Where is their path to the American dream right now? Who is giving them a vision of a future worth fighting for?
I don’t know who is advising congressional Republicans on strategy right now, but it is whoever it is has an IQ barely approaching room temperature. Republicans right now have no accomplishments, no plans, and no vision. Why on earth would anyone be excited to go vote for them 12 months right now? Trump needs to ditch the foreign policy crap and focus all his attention on the domestic economy, which is still not working for the majority of people. Right now he looks weak and rudderless. Be mad all you want, but it’s the truth. Newly minted college grads can’t find work and are saddled with debt. Where is their path to the American dream right now? Who is giving them a vision of a future worth fighting for? You cannot have a viable country or future when half your country and all its young people are locked out of the economy and locked out of ever owning a home or much of anything beyond next month’s streaming subscription. Does anyone in Washington care about this? Anyone at all? Republicans had better wake up, because right now their nightmare is only beginning if they don’t start making massive changes.
Davis continued, “You cannot have a viable country or future when half your country and all its young people are locked out of the economy and locked out of ever owning a home or much of anything beyond next month’s streaming subscription. Does anyone in Washington care about this? Anyone at all?“
END
VENEZUELA/UK/USA
UK Cuts Intelligence Sharing With US Related To ‘Illegal’ Venezuela Action
Tuesday, Nov 11, 2025 – 02:40 PM
Just as the USS Gerald R. Ford carrier strike group entered Caribbean waters on Tuesday, it’s been revealed that the United Kingdom has made the unprecedented and provocative move of cutting off intelligence-sharing with the United States related to suspected drug trafficking vessels off Venezuela.
CNN reports Tuesday that Britain cited that it does not want to be complicit in ongoing US military strikes against alleged drug-trafficking boats, as it believes the action is illegal, amounting to extrajudicial killings, also after recent criticisms from United Nations officials. However, it is said to be a cut-off in only “some” intel-sharing.
This is of immense importance from one of America’s closest allies – and part of the ‘Five Eyes’ intelligence sharing nations – which has time and again enthusiastically joined in Washington’s military adventurism abroad, from Afghanistan to Iraq to Libya and Syria.
The fresh report details the UK’s prior role in assisting US agencies in the Caribbean, where Britain has small overseas territories:
For years, the UK, which controls a number of territories in the Caribbean where it bases intelligence assets, has helped the US locate vessels suspected of carrying drugs so that the US Coast Guard could interdict them, the sources said. That meant the ships would be stopped, boarded, its crew detained, and drugs seized.
The intelligence was typically sent to Joint Interagency Task Force South, a task force stationed in Florida that includes representatives from a number of partner nations and works to reduce the illicit drug trade.
The report confirms that the intelligence has actually been paused for over a month, which would have been soon after the Pentagon began attacking small boats off Latin America in September.
There is an irony in London suddenly discovering the moral high ground on the issue of Venezuela, given that for years the government has frozen more than $1.8bn worth of Venezuelan gold stored at the Bank of England. The Maduro government has sued to get it back, denouncing the move as brazen theft.
It could be that UK leaders sense that Trump is serious about pressing regime change in Caracas, and doesn’t want to be a direct part of it. Indeed the unprecedented numbers of US warships currently parked in SOUTHCOM waters does strongly point to imminent military action.
But clearly London is now saying it will sit on the sidelines on this particular military adventure in America’s backyard. At this point some 76 alleged drug-smugglers have been killed, and 19 boats destroyed, in the Trump-ordered Pentagon action.
END
INDIA/USA
this should be good for silver!!
(EpochTimes)
Trump Says US Close To Securing ‘Fair Trade Deal’ With India
President Donald Trump said on Nov. 10 that the United States was “pretty close” to reaching a trade deal with India that would be fair to both sides and indicated that he may lower tariffs on Indian goods.
“We’re making a deal with India, a much different deal than we had in the past,” he told reporters at the Oval Office. “We’re getting a fair deal, just a fair trade deal.”
Trump did not provide further details about the potential trade deal with India but said it would be “good for everybody.”
When asked whether the U.S. government would lower tariffs on imports from India, Trump suggested it is possible “at some point,” noting that India has recently reduced its purchases of Russian oil.
“Well, right now the tariffs are very high on India because of the Russian oil, and they’ve stopped doing the Russian oil,” he said. “It’s been reduced very substantially. Yeah, we’re going to be bringing the tariffs down.”
India currently faces a total U.S. tariff rate of 50 percent, including a 25 percent tariff that Trump imposed in August over the country’s purchases of Russian crude.
Trump made the comments during the swearing-in ceremony of his envoy to India, Sergio Gor, whose role will focus on strengthening U.S.–India ties, promoting investment in key U.S. industries and technology, increasing U.S. energy exports, and expanding security cooperation, the president said.
During a White House press conference last week, Trump hinted that he could visit India next year at the invitation of Indian Prime Minister Narendra Modi.
“[Modi] largely stopped buying oil from Russia, and he’s a friend of mine, and we speak, and he wants me to go there. We’ll figure that out, I’ll go,” he said. “Prime Minister Modi is a great man, and I’ll be going.”
The U.S. president has previously warned that his administration would maintain its massive tariffs on imports from India if it continued to buy Russian oil amid Russia’s ongoing invasion of Ukraine.
While Trump had repeatedly said that India has largely reduced its imports of Russian oil, the Indian government has not publicly confirmed any such cutback.
India has become a major market for Russian oil as Russia faces sanctions and export controls from Western nations aimed at pressuring Moscow to end its war in Ukraine, which has been ongoing since 2022.
Before Russia invaded Ukraine, India’s annual crude oil imports from Russia hovered at about $1 billion. Since the war began, imports have skyrocketed, reaching $25.5 billion in 2022, $48.6 billion in 2023, and $52.7 billion in 2024, according to the U.N. Comtrade database.
Trump signaled on Sept. 7 that his administration is ready to move forward with a second phase of sanctions against Russia, as negotiations to end Russia’s war in Ukraine stalled and Moscow intensified its attacks on Kyiv.
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: 1.1563 UP 0.0006 PTS OR 6 BASIS POINTS/WITH STOCKS HIGHER
USA/ YEN 154.30 UP 0.147 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 1.3127 DOWN .0045 OR 45 BASIS PTS
USA/CAN DOLLAR: 1.4032 UP 0.0006 CDN DOLLAR DOWN 6 BASIS PTS//CDN DOLLAR GETTING KILLED)
Last night Shanghai COMPOSITE CLOSED DOWN 15.84 PTS OR 0.39%
Hang Seng CLOSED UP 47.35PTS OR 0.18%
AUSTRALIA CLOSED DOWN 0.12%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 47.35PTS OR 0.18%
/SHANGHAI CLOSED DOWN 15.84POINTS OR 0.39%
AUSTRALIA BOURSE CLOSED DOWN 0.12 %
(Nikkei (Japan) CLOSED DOWN 68.83 PTS OR 0.14%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 4132.60
silver:$50.72
USA dollar index early TUESDAY morning: 99.53 UP 8 BASIS POINTS FROM MONDAY’s CLOSE
TUESDAY MORNING NUMBERS ENDS
And now your closing TUESDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.01 % DOWN 1 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +1.692% DOWN 1 FULL POINTS AND 0/100 BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.185 UP 5 BASIS PTS//DEADLY
SPANISH 10 YR BOND YIELD: 3.159 DOWN 1 in basis points yield
ITALIAN 10 YR BOND YIELD 3.401 DOWN 1 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.6545 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 1.1598 UP 0.0041 OR 41 basis points
USA/Japan: 153.86 DOWN 0.284 OR YEN IS UP 29 BASIS PTS//
Great Britain 10 YR RATE 4.381 DOWN 8 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.160 DOWN 8 BASIS POINTS.
Canadian dollar UP 0.0016 OR 16 BASIS pts to 1.4009
U.S. nonfarm payrolls likely shrunk by 50,000 roles in October, economists at Goldman Sachs said.
The calculation incorporates the bank’s job-growth tracker, which slowed to 50,000 new jobs in October from 85,000 in September, and the government’s deferred-resignation program, which will likely cut payrolls by about 100,000 positions.
WRAPUP;
Dollar sold on poor ADP report while stocks see two-way trade – Newsquawk US Market Wrap
REAR VIEW: Weekly ADP report sees private employers shed jobs in 4wks ending 25th Oct.; Softbank sells all NVDA stake; CRWV cuts FY revenue guide; US Senate successfully pass legislation to fund Federal govt and end shutdown, will go to House; Switzerland and US close to securing a 15% tariff deal; China devising a plan to keep US military from getting rare earth magnets; Ukraine military struck Russia’s Saratov oil refinery; Poor UK jobs report.
COMING UP: Data: German CPI Final (Oct), Italian Industrial Output (Sep). Events: BoC Minutes (Oct), EIA STEO, OPEC MOMR. Speakers: ECB’s Schnabel, de Guindos; Fed’s Paulson, Bostic, Williams, Barr, Waller, Miran, Collins; US Treasury Secretary Bessent. Supply: Australia, Germany, US. Earnings: Bayer, Infineon, Cisco, On.
2. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
MARKET WRAP
US indices turned around initial losses seen in what was a day of two halves. At the cash open, and US equity futures prior to it, weakness was seen, which was led by CoreWeave cutting revenue guidance, and Softbank selling its whole stake in NVIDIA. While both those names still notched notable losses, with the former down in excess of 11%, and Technology the only sector in the red, broader indices pared losses. S&P 500 and Russell 2000 settled with gains, while Nasdaq 100 had marginal losses as risk sentiment turned around after European players left for the day, albeit on no specific newsflow. Prior to this, T-Notes saw gains, while the Dollar was sold after a dismal weekly ADP employment change metric – the four weeks, ending 25th October 2025, private employers shed an average of 11,250 jobs a week, suggesting that the labour market struggled to produce jobs consistently during the second half of the month. In FX, the Dollar was sold, while the Pound pared its initial weakness seen on a terrible UK labour figure, which showed employment surprisingly contracting in October and unemployment moving higher. CHF was the clear outperformer and supported by positive US/Switzerland trade talks, as reports continue to suggest the US will lower the tariff rate to 15%. The crude complex was firmer and buoyed by the turnaround in risk sentiment alongside continued Russian refinery attacks. As mentioned above, T-Note futures were bid after soft preliminary weekly ADP figures, but note cash bonds were closed due to Veterans Day.
US
ADP: The preliminary weekly ADP report for the four weeks ending 25th October saw private employers cut an average of 11,250 jobs per week. This suggests the labour market struggled to produce jobs consistently during the second half of October. Amid the current lack of government data, the ADP reports are highly watched to gauge the health of the labour market. This report has bolstered labour market concerns and saw traders boost Fed rate cut bets, despite Powell’s pushback against a December cut being a foregone conclusion at the October FOMC meeting. Markets are currently pricing in c. 17bps of easing, implying a 68% probability of a 25bps rate cut. With prospects improving of the government reopening, we may be in a position where the September and October NFP reports, as well as the October inflation reports, will be seen before the Fed meeting on December 10th.
FIXED INCOME
T-NOTE FUTURES (Z5) SETTLED 11 TICKS HIGHER AT 113-01
T-Note futures bid after soft preliminary weekly ADP figures. Cash bonds closed due to Veterans Day.
INFLATION BREAKEVENS: 1-year BEI +2.3bps at 2.791%, 3-year BEI +1.0bps at 2.503%, 5-year BEI +1.9bps at 2.334%, 10-year BEI +1.3bps at 2.286%, 30-year BEI +1.2bps at 2.238%.
THE DAY: T-note futures meandered throughout the European morning with little follow-through impact seen after the weak UK labour market report. However, T-note futures rallied in the wake of the Weekly ADP Employment report. The preliminary report saw employers shed jobs on average by 11.25k jobs per week in the four weeks to October 25th. The average weekly job losses added to concerns surrounding the labour market, and saw money market pricing move more dovishly vs Monday. Given that cash treasuries were closed for Veterans Day, it was a quiet session in the US aside from the ADP report, with no other data, Fed speakers, or auctions. Auctions resume on Wednesday with the 10-year offering ahead of the 30-year on Thursday. Fed’s Williams, Paulson, Waller, Bostic, Miran and Collins are set to speak on Wednesday. There is also the Treasury Market Conference, with a speech from Treasury Secretary Bessent also expected.
SUPPLY:
Notes
The Treasury will be selling USD 42bln of 10-year notes on Wednesday and USD 25bln of 30-year bonds on Thursday.
Bills
US to sell USD 69bln of 17-wk bills on November 12th; to sell USD 110bln of 4-wk bills and USD 95bln of 8-wk bills on November 13th; all to settle on November 18th.
STIRS/OPERATIONS
Market Implied Fed Rate Cut Pricing: Dec 17bps (prev. 15bps), January 27bps (prev. 25bps), March 39bps (prev. 35bps).
No Fed operations today due to Veterans Day.
CRUDE
WTI (Z5) SETTLED USD 0.91 HIGHER AT 61.04/BBL; BRENT (F6) SETTLED USD 1.10 HIGHER AT 65.16/BBL
The crude complex was firmer and buoyed by the turnaround in risk sentiment alongside continued Russian refinery attacks. WTI and Brent saw mild weakness in the European morning to hit troughs of USD 59.66/bbl and 63.39, respectively, before rising after Ukraine’s military said it struck Russia’s Saratov oil refinery. Thereafter, benchmarks ground higher for the duration of the European session, and through the US afternoon, and were largely supported by the risk-averse environment abating. US indices initially saw notable weakness on CRWV & NVDA induced losses, but as Europe left for the day, so did the souring sentiment, which saw WTI and Brent reverse to peaks of USD 61.28/bbl and 64.98/bbl, respectively. According to Reuters, Russian oil exports have held steady so far in November despite the latest set of sanctions. Otherwise, energy-specific newsflow was sparse on Tuesday, and the weekly private inventory data is delayed a day due to the US Veterans Day.
EQUITIES
CLOSES: SPX +0.21% at 6,847, NDX -0.31% at 25,533, DJI +1.18% at 47,928, RUT +0.11% at 2,458
SECTORS: Technology -0.72%, Industrials +0.01%, Utilities +0.05%, Consumer Discretionary +0.19%, Financials +0.42%, Communication Services +0.45%, Materials +1.07%, Real Estate +1.08%, Consumer Staples +1.20%, Energy +1.29%, Health +2.33%.
EUROPEAN CLOSES: Euro Stoxx 50 -0.15% at 5,697, Dax 40 +0.06% at 24,139, FTSE 100 +0.04% at 9,760, CAC 40 -0.53% at 8,157, FTSE MIB -0.09% at 43,202, IBEX 35 -0.72% at 16,034, PSI +0.73% at 8,446, SMI -0.10% at 12,301, AEX +0.64% at 982
STOCK SPECIFICS:
Centene (CNC) and Elevance Health (ELV) reiterated FY guidance ahead of UBS healthcare conference.
Google (GOOGL) will invest c. USD 5.8bln in Germany.
Meta (META) Chief AI scientist Yann LeCun plans to leave to start his own start-up, via FT.
Mosaic (MOS) downgraded at JPMorgan to ‘Neutral’ from ‘Overweight’.
Paramount Skydance (PSKY) further cost cuts & plans to invest USD 1.5bln in ’26 reassured investors despite ongoing industry headwinds.
Rocket Lab (RKLB): Shallower loss per shr. than expected, revenue topped with strong guidance.
Softbank sold its entire stake in NVIDIA (NVDA) for USD 5.83bln
ViaSat (VSAT) upgraded at JPM to ‘Overweight’ from ‘Neutral’.
Vertex (VRTX) in ‘advanced’ talks with large PBM on journavx coverage and conversations are advanced, positive, and productive, according to Bloomberg; Co. has secured 18 States for journavx medicaid coverage, and the goal is all 50 states.
Boeing (BA) October deliveries: 53 (prev. 55), YTD gross orders 836 (prev. 821).
AMD (AMD) CEO said data centre segment accounts for 47% of total business, growing significantly faster than other divisions; Sees tens of billions of data centre revenue in 2027, data centre revenue growth of more than 80% CAGR, PC market CPU share of more than 40%, and 3-5yr annual revenue growth of 35% CAGR.
FX
The Dollar was sold in Tuesday trade as the weekly ADP report unveiled an average loss of 11,250 jobs a week in private employment in the four weeks ending 25th October, 2025. Immediate USD weakness and upside in T-Note futures followed. Dovish repricing was seen in Fed pricing, with a 67% chance of a 25bps December rate cut from 60%. Elsewhere, the Nfib Business Optimism Index hit its lowest level in six months as small business owners reported lower sales and reduced profits. Attention will be on the government in the next couple of weeks as the House will return to vote on the bill passed by the Senate on Monday to end the government shutdown.
CHF outperformed in the G10 space as reports continued to point towards Switzerland and the US closing in on a tariff deal that would secure a 15% tariff rate. Reuters report that a deal could be finished as soon as Thursday or Friday, albeit finalisation remains uncertain and is contingent on Trump’s approval. USD/CHF traded between 0.7987-8061, and currently sits around 0.8000.
Sterling managed to recover initial weakness seen in response to a poor UK jobs report, which saw the unemployment rate rise more than expected to 5.0% (exp. 4.9%, prev. 4.8%). Job growth was negative at -32k following a downward revision to the September figure, -32k (was -10k), while Average Earnings (Ex bonus) eased as expected to 4.6% from 4.7%. BoE’s Greene described the report as not great, believing the market pricing of 3.25-3.50% for the neutral rate is reasonable. BoE pricing increased bets for a 25bps rate cut at the December meeting with a 75% chance (prev. 60%). Cable resides at 1.3160 from earlier 1.3117 lows.
In Germany, the ZEW Economic Sentiment Index unexpectedly fell to 38.5 (exp. 41.0, prev. 39.3), as structural problems persist, said the ZEW President. Current Conditions rose to -78.7 (prev. -80.0), albeit short of the expected -78.0. EUR/USD was muted towards the release as USD weakness on the ADP report was the main driver of the intraday move to 1.1605 from overnight lows of 1.1548.
USA DATA RELEASES
ADP shows big job losses in Oct
(zerohedge)
Dollar Dumps As ADP Report Shows Big Job Losses In October, Small Biz Optimism Hits 6 Month Lows
Tuesday, Nov 11, 2025 – 08:42 AM
Recent announcements of large layoffs at a few prominent companies have raised concerns that the labor market could be weakening further, and today’s new weekly ADP employment report confirms that fear.
The ADP weekly jobless report pointed to a deterioration in US labor momentum, stating that “for the four weeks ending Oct. 25, 2025, private employers shed an average of 11,250 jobs a week, suggesting that the labor market struggled to produce jobs consistently during the second half of the month.”
Added together that is 45,000 job losses in the month (not including government workers), which would be the largest monthly drop in jobs since March 2023…
ADP started issuing more-frequent readouts on the labor market last month, to complement its long-running monthly report.
They are published with a two-week time lag and are based on a four-week moving average.
A sustained increase in layoffs would be particularly concerning now because the hiring rate is low and it is harder than usual for unemployed workers to find jobs.
So far, Goldman does not find clear evidence that most of the increase in these layoff measures is directly motivated by AI, although tech industries saw meaningful increases in layoffs in October across both measures.
At the same time, initial jobless claims – which are less noisy and more representative but could lag layoff announcements and WARN notices – remain low.
Goldman complements these data with a new tool to track layoff discussions among publicly listed companies based on earnings call transcripts.
Their tool suggests that layoff-focused discussions have increased recently, particularly in the ongoing 2025Q3 earnings calls. We find that layoff discussions increase after companies discuss AI in earnings calls at least a few times, although this pattern has only recently started to emerge for non-tech companies.
We combine Challenger announcements, WARN notices, initial claims, and earnings call mentions into a layoff tracker.
Goldman’s tracker has increased in October and is now higher than before the pandemic.
Our quantile regressions based on the level of our layoff tracker, the level of our job growth tracker net of the breakeven pace of job growth, and changes in our slack tracker indicate that the risk of labor market deterioration has increased recently, with the probability of a 0.5pp or higher increase in the unemployment rate over the next six months at 20-25% (vs. 10% six months ago).
Finally, sentiment among US small businesses eased in October to a six-month low on a deterioration in earnings and less optimism about the economy.
The National Federation of Independent Business optimism index declined 0.6 point to 98.2, according to figures released Tuesday. Five of the 10 components that make up the gauge decreased while four improved.
The net share of owners reporting stronger earnings in the last three months fell 9 percentage points, the most since the pandemic and restrained by weaker sales and higher materials costs.
The result of all this is a rise in rate-cut odds and a drop in the dollar…
Cash bonds are closed for Veterans Day but futs signal a drop of about 4bps for the 10Y yield…
Stocks are largely unmoved.
USA ECONOMIC COMMENTARIES
Senate Passes Bill To End Shutdown – Now On To The House
Monday, Nov 10, 2025 – 09:33 PM
Update (2135ET): The Senate has finally approved a long-sought funding package to end the government shutdown, after eight Democrats crossed the aisle to back the bill – which will keep the lights on until Jan. 30 when we get to do this all over again.The legislation now heads to the House for approval.
The final version also includes three year-long funding bills for several federal agencies and programs that don’t have to do this dance in January, and reinstates federal workers who were laid off during the shutdown.
In exchange for the Democrats’ support, Republicans promised to hold a vote by mid-December on extending enhanced Obamacare tax credits which were central to Democrats’ demands.
House Speaker Mike Johnson thinks they can push it through to Trump’s desk tomorrow.
* * *
Update (1840ET): The Senate has passed the first of several consecutive votes of the evening to reopen the government by a vote of 60-40.
🚨BREAKING: The Senate passes its first in a series of consecutive votes to open the government 60 to 40 pic.twitter.com/Pt2LozZeFo
— Commentary Donald J. Trump Posts From Truth Social (@TrumpDailyPosts) November 10, 2025
Stay tuned…
END
Trump Admin To Lend “Hundreds Of Billions” To Build Nuclear Power Plants
Monday, Nov 10, 2025 – 10:46 PM
While the market is finally starting to grapple with the most unpleasant question of who will plug the funding gap needed to build out all the data centers required to make the AI dream a reality, a gap which Morgan Stanley recently calculated would be as large as $2.9 trillion in capex funding needs, of which at least $1 trillion will come in the form of debt (and mostly private debt)…
… there is another, just as critical question: who will fund the energy buildout that powers these data centers?
Recall, last December Morgan Stanley calculated that the US would need at least 36GW in new power to be brought online by 2028 to energize all the (yet to be built) data centers, a number which one year later is surely far higher.
And at a cost of $50-60BN per GW of power, we can quickly add several more trillion dollar that will be needed in the next several years: money, which as this Bloomberg article makes painfully clear, are simply not available right now.
So where will this money come from?
Why the US government of course.
By now it should be clear to all but the most purple-haired libs that the US will need nuclear power plants – both conventional and modular – and lots of them, to have even a remote chance of ever catching up to the ever growing energy needs… and as we said recently, one can print money, but one can’t print energy.
But they sure can try…. and according to Secretary Chris Wright, nuclear power will receive most of the money from the Energy Department’s Loan Programs Office (LPO) as the Trump administration pushes to quickly break ground on new reactors. According to Reuters, The LPO has hundreds of billions of dollars in financing aid, including loan guarantees for projects that struggle to get bank loans.
“We have significant lending authority at the loan program office,” the Secretary of Energy said at a conference hosted by the American Nuclear Society in Washington D.C. “By far the biggest use of those dollars will be for nuclear power plants, to get those first plants built. The U.S. currently has no commercial nuclear reactors being built, though several intend to reverse their permanent shutdown status and open again, and there are other plans to build new large and small reactors.”
During Trump’s first term in the White House, the only use he made of the LPO was for financing reactors at the Vogtle nuclear power plant in Georgia. Expect a flood of debt deals in the coming weeks and months as the clock is ticking for the US to catch up to China, which currently has 29 reactors under construction to America’s zero.
As we reported at the time, President Trump signed an executive order in May that called for the US to break ground on 10 large nuclear reactors by 2030, while Alphabet, Amazon, Meta Platforms and Microsoft have been investing billions of dollars to restart old nuclear plants, upgrade existing ones, and deploy new reactor technology to meet the electricity demand from artificial intelligence data centers. Others are also joining the fray, but as Sam Altman made clear, everyone is expecting the US government to the be the “insurer of last resort.”
Wright said he expects electricity demand from AI to attract billions of dollars in equity capital to build new nuclear capacity from “very creditworthy providers.” The Energy Department could match those private dollars by as much as four to one with low cost debt financing from the loan office, he said.
“When we leave office three years and three months from now, I want to see hopefully dozens of nuclear plants under construction,” Wright said. Make that all hyperscaler CEOs too because without those dozens of nuclear plants, guess what: the AI bubble is going to burst in the most spectacular fashion.
The Trump administration tipped its cards last month when it struck a deal with the owners of Westinghouse to invest $80 billion to build nuclear plants across the US. Westinghouse is owned by uranium miner Cameco and Brookfield Asset Management (both Canadian companies).
Westinghouse has designed a modern reactor called the AP1000 that can power more than 750,000 homes. CEO Dan Sumner said in July that Westinghouse would meet Trump’s call to build large new plants with the AP1000 design. But Westinghouse has struggled in the past to build the AP1000 on time and on budget. And as a stark indication of just how capital intensive building NPPs can be, Westinghouse went bankrupt in 2017 from cost overruns at big nuclear projects in Georgia and South Carolina.
Which, naturally, opens the door wide open to far cheaper projects from small modular reactor developers such as Oklo and Nano Nuclear.
Cameco Chief Operating Officer Grant Isaac said last week that the U.S. government has a number of options available to facilitate the financing of Westinghouse reactors, including the Energy Department’s loan office.
“We’re assured that there is a lot of interest in investing this minimum $80 billion in order to begin the process,” Isaac told investors on Cameco’s third-quarter earnings call.
Under the terms of the October deal, Westinghouse could spin out as a separate, publicly-traded company with the U.S. government as a shareholder.
END
protesters at a Tuning point USA rally!! How stupid can these idiots get?
(zerohedge)
‘War Zone’: Violent Protest Erupts At UC Berkeley TPUSA Event
The lead up to a Turning Point USA event on Monday night at UC Berkeley was filled with violence and mayhem, as aggressive protesters banged against barriers, set off a smoke grenade, and screamed at attendees waiting in line as law enforcement worked to keep things from spiraling into uncontrolled chaos.
The event, featuring Christian apologist Frank Turek and conservative actor Rob Schneider, was able to take place despite the raucous Antifa-led protest, which included a fight that turned bloody.
“Aerial footage captured a violent confrontation in which a person dressed in dark clothing pummeled someone wearing a red T-shirt on the sidewalk outside the event. Dozens of people remained in line as tensions flared, creating what [was] described as a rowdy scene,” Fox News reported.
Savanah Hernandez, a TPUSA contributor, posted a series of videos on X depicting the chaos.
“UC Berkeley is currently a war zone and ANTIFA has tried to rush the barriers into tonight’s TPUSA event multiple times. The crowd is getting more and more rowdy,” she posted Monday evening.
UC Berkeley is currently a war zone and ANTIFA has tried to rush the barriers into tonight’s TPUSA event multiple times.
“Here are the two main agitators who continued to try to break down the event barriers tonight. One is covered in trans flag patches reading ‘fags against fascism’ and the other is an Asian protester who kept his face covered throughout the night,” she added.
UC BERKELEY- Here are the two main agitators who continued to try to break down the event barriers tonight.
One is covered in trans flag patches reading “fags against fascism” and the other is an Asian protester who kept his face covered throughout the night. @TPUSA |… pic.twitter.com/8kOy24rlfO
Hernandez also noted protesters tried to storm the barriers, posting videos showing cops seeking to push back aggressive demonstrators.
“Protesters are trying to break through the barriers set up outside of the TPUSA event at UC Berkeley. A smoke grenade was lit off by an ANTIFA protester resulting in TPUSA attendees being rushed inside. Police are struggle to contain the protest,” she posted on X.
BREAKING: Protesters are trying to break through the barriers set up outside of the TPUSA event at UC Berkeley
A smoke grenade was lit off by an ANTIFA protester resulting in TPUSA attendees being rushed inside
The event kicked off with TPUSA contributor Jobob Taeleifi, who congratulated the audience for making it into the auditorium.
“Despite all the craziness, despite all the liberal policies, we believe the Bay Area can be saved,” he said. “We need more spaces of courage — not more safe spaces — and all you showed great courage showing up here tonight.”
Schneider posted on X: “Thank YOU, Antifa for welcoming us tonight at UC Berkeley. We Look forward to our thoughtful, teargas free discussion and debate.”
During his speech, the actor decried UC Berkeley administrators, saying they set up stringent roadblocks that kept people from attending the event: “Shame on the assholes at this university for making it so difficult to get in … shame on you.”
According to a post by TPUSA, attendees were threatened by Antifa and called Nazis and fascists, and Charlie Kirk’s death was celebrated.
Protests began prior to the event, according to Fox News: “Prior to the protest, four students were arrested overnight for vandalism related to the event. Flyers opposing Turning Point USA’s visit were also posted around campus leading up to the tour stop.”
END
‘Mark It Zero’: BlackRock Hit With Sudden Total Loss On $150 Million Private Loan
by Tyler Durden
Tuesday, Nov 11, 2025 – 03:20 PM
Another cockroach crawls out of the woodwork…
In the grand tradition of Wall Street’s endless parade of “resilient” investments that evaporate faster than a hedge fund’s excuses, BlackRock – that $10 trillion behemoth masquerading as a fiduciary – has just discovered the hard way that private debt isn’t quite the “uncorrelated” panacea it’s been hawking to pension funds and the terminally optimistic.
Bloomberg reports that a mere month ago, the iShares overlords were marking Renovo Home Partners’ IOUs at a pristine 100 cents on the dollar, as if the Dallas-based kitchen-and-bathroom flipper was churning out profits like an OnlyFans ‘influencer’.
Fast-forward to last week, and poof: valuation revised to a resounding zero.
Because nothing says “diversification” like watching your balance sheet get torched in a single earnings call.
Renovo, a Frankenstein’s monster of a roll-up stitched together by private equity players at Audax Group back in 2022, didn’t just stumble – it plunged into Chapter 7 oblivion, signaling a full liquidation shutdown.
Bloomberg notes that while BlackRock, ever the glutton for yield, gobbled up the lion’s share of Renovo’s $150 million private debt buffet, it was not alone.
Apollo Global’s MidCap Financial and Oaktree Capital nibbled at the scraps, per whispers from those in the know who wouldn’t dare attach their names to this private equity horror show.
No one with a Bloomberg terminal needed a crystal ball to see the dumpster fire brewing.
Back in April, the lenders – those paragons of patience – took haircuts, swapped loans for equity confetti, and prayed a recap would resurrect the zombie.
By Q3, they even greenlit “payment-in-kind” interest deferrals.
Regulatory filings paint the picture: a desperate bid to keep the lights on while pretending the emperor had clothes.
Yet, as September wrapped, BlackRock and MidCap funds were still polishing their Renovo turds to a par-value shine, signaling to the world (or at least their NAV reports) that full repayment was as inevitable as the Fed’s next pivot.
Ah, the magic of private debt mark-to-model – where liquidity is whatever you say it is, until it’s not.
Enter Q4: the quarter where illusions go to die.
“Early in the fourth quarter, company-specific performance and liquidity issues led the Renovo board to determine that the best available path forward was a liquidation process,” Philip Tseng, chief executive officer of BlackRock TCP Capital Corp., said during an earnings call.
Tseng, in a tone-deaf earnings confessional, admitted the inevitable:
“We expect to fully write down this position in the fourth quarter of 2025.”
Because nothing screams confidence like pre-announcing a wipeout.
While the Renovo debt represents a mere sliver of total assets for the three lenders, Bloomberg concludes poignantly that its sudden collapse strikes at the heart of what critics see as a major vulnerability in the private credit market: the disconnect between the valuation of illiquid loans and the performance of the underlying companies.
Remember Zips Car Wash? Lenders marked it near-par for months before it imploded earlier this year. Or Tricolor Holdings and First Brands Group, those subprime auto and auto-parts cadavers that blindsided the Street, igniting a blame-game cage match over who peddled the shoddiest underwriting standards.
In private credit’s shadow banking circus, where yields are chased like molly at a rave, Renovo’s vaporization is less anomaly than canary in the coal mine… and to mix metaphors, we suspect more cockroaches are on their way, and the next one may not be a mere ‘fleshwound’
VICTOR DAVIS HANSON
KING NEWS
The King Report November 11, 2025 Issue 7617
Independent View of the News
ESZs traded sharply higher when they opened on Sunday night on buying for the Monday Rally and the end of the government shutdown. After an A-B-C correction down to 67762.00 at 19:03 ET, ESZs rallied to 6907.25 at 1:49 ET. After another, but smaller, A-B-C correction, ESZs soared from 6796.25 at 3:16 ET to 6823.50 at 4:19 ET on European buying. ESZs then traded sideways until they soared when the NYSE opened. ESZs jumped to 6825.50 at 9:45 ET.
Unfortunately for late-buying day traders, ESZs triple topped: 6835.25 at 10:09 ET and a minor new high of 6835.75 (+82.00) at 10:27 ET. Aware traders then dumped, ESZs sank to 6792.75 at 11:40 ET.
The post-European close (11:30 ET) rally went nearly vertical and propelled ESZs to 6839.25 at 12:56 E. ESZs then plodded to a daily high of 6865.75 at 15:54 ET. ESZs were 6855.00 at 16:00 ET.
USZs hit a low of 117 6/32 (-23/32) at 2:55 ET but rallied to 117 6/32 on a solid 3-year auction ($58B): 3.579% vs 3.589% WI. Of course, dealers marked up bonds to sell their merchandise to patsies.
A largely ignored big theme on Monday: Gold and precious metals soared.
The FT: The unsettling message for investors from the financial cycle The next bailout is likely to involve inflationary financing of fiscal deficits by central banks In an ever more populist climate where central bank independence is under increasing attack, that there will be resort to inflationary monetary financing of fiscal deficits by central banks. Also to financial repression, which entails financial institutions accepting below-market rates on enforced holdings of public debt. The unsettling message for investors is that all bar the shortest-dated nominal fixed interest paper is now potentially treacherous… https://www.ft.com/content/f48ffe98-acdf-4bb9-8c16-8037715c022e
@GlobalMktObserv: Broad Money in Emerging Markets Hits Record $68 Trillion in Q3 2025: Broad money in emerging markets and developing economies surged $64 TRILLION since 2000, a compound annual growth rate of 12.1%. This is far above the global 7.0% pace and 4.9% in advanced economies. https://x.com/GlobalMktObserv/status/1987981086706532771
Positive aspects of previous session ESZs and stocks soared on the end of the government shutdown and the Monday Rally. Fangs and related trading sardines led the rally.
Negative aspects of previous session Gold (Dec AU +114.10 at peak) and precious metals soared. USZs declined modestly. Gasoline rallied sharply again. The DJTA declined 51.64.
Ambiguous aspects of previous session Is the gold correction over?
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Down
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6814.77 Previous session S&P 500 Index High/Low: 6841.32; 6770.56
Popular Midwest-based burger chain (Wendy’s) shuttering hundreds of locations The announcement comes as fast-food chains struggle to attract customers who have cut back amid price increases and inflation…roughly 300 locations of the Ohio-based chain’s around 6,000 U.S. restaurants. Closures are expected to begin next year and continue through 2026… https://www.nbcchicago.com/news/local/wendys-closing-hundreds-of-locations/3849789/
@MaryMargOlohan: This was in response to a question about Congresswoman MTG, who said earlier today: “I would really like to see nonstop meetings at the WH on domestic policy not foreign policy and foreign country’s leaders.” POTUS: “I don’t know what happened to Marjorie. She’s a nice woman, but I don’t know what happened, she’s lost her way, I think. I have to view the presidency as a worldwide situation, not locally. We could have a world that’s on fire, where wars come to our shores very easily if you had a bad president…when you’re president, you really have to watch over the world because you’re going to be dragged into it otherwise. You’re going to be dragged into a world war.” https://x.com/MaryMargOlohan/status/1987991495958310971
Lefty Dems go scorched earth over ending government shutdown — take aim at embattled Schumerhttps://trib.al/qTowlBx
Dem Congressman Ro Khanna says, “ChuckSchumer isno longer effective and should be replaced.”
Today –The manic buying on Monday, particularly in Fangs and trading sardines, smells like panic short covering. If so, stocks should retrench on Tuesday, especially if traders get too jiggy early. The 1st-hour Indicator could be useful: If stocks sink below their 1st-hour lows, stocks should stage a spirited retreat.
Is the equity surge on Friday afternoon and Monday afternoon due to something besides the government reopening? The Democratic Party is not only in disarray, but it is also in a civil war. The young whacko left is going scorched earth on the Dem Establishment. If this persists, the GOP wins in 2026!
ESAs are +5.50; NQZs are +35.50; Dec AU is +15.60; and USZs are -5/32 at 20:10 ET.
Expected economic data: Oct NFIB Small Business Optimism 98.5
S&P Index 50-day MA: 6678; 100-day MA: 6497; 150-day MA: 6237; 200-day MA: 6134 DJIA 50-day MA: 46,428; 100-day MA: 45,426; 150-day MA: 44,073; 200-day MA: 43,798 (Green is positive slope; Red is negative slope)
Two week or so ago, GOP Sen. Kennedy (LA) predicted that the shutdown would end when Schumer would allow some moderate Dem senators to vote with the GOP. This is precisely what occurred.
It’s highly probable that Schumer/Dem senators voted to end the shutdown because Trump was whipping the GOP base into demanding the end of the filibuster. We would NOT be surprised if Schumer made a backroom deal with Thune to reopen the government and keep the filibuster.
@FoxNews: REPORTER: “Do you wish that you would have started looking for this off-ramp sooner?” Dem SENATOR KAINE: “I was so focused on the Virginia elections I wasn’t in this discussion on the healthcare to see how dug in they were. (A rare moment of truth!) https://x.com/FoxNews/status/1987746177152897158
Scott Bessent confronts George Stephanopoulos for labeling GOP ‘terrorists’ during 1995 government shutdownhttps://trib.al/LFHwIVY
Michelle Obama tries so hard to play the victim that she instead provides comedy gold It’s no coincidence that multimillionaire Michelle Obama is on a self-pity jag… You see it everywhere. Democratic Marie Antoinettes moaning about their plight and the ingratitude of the serfs as the revolution devours their dominion… She is rewriting history to claim bitterly that, as the first black first couple, “we didn’t get the grace that I think some other families have gotten.”… it’s hard to remember another presidential couple so swooned over by the media as the Obamas, even by the standards of Democrat privilege. They were treated like Camelot Redux… Michelle’s complaints are so absurd, you have to wonder what’s really behind it, and it doesn’t take too long to realize that whining and being gloomy is a fad for entitled leftist women so that nobody notices how privileged they are… They’re all petrified that the revolution in their party will eventually eat them… https://nypost.com/2025/11/09/opinion/michelle-obama-tries-so-hard-to-play-the-victim-that-she-instead-provides-comedy-gold/
Remember, it’s Veterans Day!
SWAMP STORIES FOR YOU TONIGHT
The Flood Of Stunning New Evidence That J6 Was A Fedsurrection Can’t Be Ignored
Like many of you, after the initial shock wore off, it became quite clear that something nefarious was behind the Jan. 6, 2021, breach of the Capitol Complex. Things were too pat. Narratives were set and eagerly parroted by the media within hours. Buses filled with non-MAGA people were reported and verified by congressional reps. And there were “bombs” found at the Democratic National Committee and later at a club near the RNC. Impeachment talk was openly discussed.
Suddenly, questioning the obviously hinky 2020 election was a criminal act against democracy. Trump must go to jail, the left said. And then they went about making that happen. A Hollywood producer soon was under contract to produce Congress’s January 6, The Movie! where no exculpatory information was allowed.
The word “insurrection” became quickly affixed to all news stories, though no one knew what really happened. President Donald Trump’s slow response in urging people to go home was seen as an admission of something nefarious. And his words spoken at the Ellipse were clipped, taken out of context, and all exculpatory words he spoke were mysteriously left out of the discussion.
And the fix is still in. On Sunday, two executives at the BBC resigned in disgrace after the popular British news program Panorama was caught making egregious edits in Trump’s speech to make him sound like he was encouraging a run on the Capitol Building.
🚨HOLY SHlT! It's being reported that according to a whistleblower memo that the BBC had DOCTORED Trump's Jan. 6 speech.
This is how they started the "Trump incited a riot" narrative.
Someone, many someones, flooded the zone with quickly buttoned-up narratives that didn’t fit with anything that had happened on the right before. It looked like an Antifa free-for-all, which we’d seen hundreds of times before. This time, however, we were led to believe that Antifa had miraculously missed its first riot in D.C. in years.
I just reviewed footage from Jan 6th. There was Antifa in the crowd, just like I and many others, always said. Eye witnesses in the crowd were literally calling them out. The
should match it with known Antifa members through arrest records from the BLM “summer of love”, Portland, and other riots. If they could track down MAGA grandmas, they can track down Antifa members who incited the violence.
Four people, all MAGA supporters, died that day. Ashli Babbitt was shot to death, and Rosanne Boyland was overcome by chemical spray and, according to witnesses, was beaten by a female police officer as she lay unconscious on the ground. Two other men were overcome by the chemicals and pepper spray eagerly shot into the crowd by police and suffered a stroke and a heart attack.
Capitol Police Officer Brian Sicknick died the next day of a stroke.
The media and congressional leaders lied about all of it.
And if all that wasn’t your red pill moment, sit down because you may go from red to black pill by the end of this story.
A flood of new information has come out in the last few days, thanks in large part to The Blaze, but also another source who has been parsing video evidence from January 6 for years. Both have taken their findings to DOJ officials but have not made this information public. Catherine gave us a brief overview when the story broke, but now we have more information.
It’s now believed that the person who planted the apparent dummy pipe bombs outside the DNC and a club near the RNC is a former Capitol Police officer.
Gee, why would a Capitol Police officer be planting dummy bombs that were miraculously found moments before the timer “would go off” at the time Congress was set to confirm the Electoral College votes? The effort waylaid an audit that Sen. Ted Cruz was set to request.
The publication reported that the former officer, Shauni Kerkhoff, produced a 94% match with a gait computer program used by federal investigators. The former Capitol Police officer is also a former professional soccer player who suffered a career-ending injury and had surgery that left her with a permanent, mild limp, which shows up in the J6 bomber video released by the FBI. The publication said that Kerkhoff’s gait matches the video obtained of her at work at the Capitol.
Kerkhoff served as a training officer in less lethal weapons and had access to training objects, which included dummy pipe bombs.
On January 6, Kerkhoff is seen at the Capitol Building firing volleys of less-than-lethal ordnance at protesters. She testified in federal court against people at the Capitol on January 6. Six months later, she left to take a job at… the CIA, in campus security.
Kerkhoff appeared to be a suspect early on, but for whatever reason, the investigation into the J6 pipe bomber case went cold for years until the Trump 47 administration dug into it.
The Blaze reported that former FBI whistleblower, Kyle Seraphin, “realized Friday that he was doing surveillance next door to the woman now suspected of being the Jan. 6 pipe bomber.” [emphasis added]
“The FBI put us one door away from the pipe bomber within days of January 6, and we were deliberately pulled away for no logical or logically investigative reason,” Seraphin told Blaze News Friday. “And everything about that tells me that they were involved in a cover-up and have been since day one.
[…] “There’s a personal reaction to it, which is the complete vindication that the things I’ve been saying and my recollection of being briefed on this stuff has been accurate for years and I’ve never changed my tune,” he said.
On January 6, Nancy Pelosi, who admitted to her daughter, the documentary filmmaker, who was following her mother around that day, that she should have had more security at the Capitol. She turned down the National Guard that Donald Trump requested.
Pelosi’s friend, Aaron Black, who worked with Lisa Fithian to create Occupy Wall Street, yet another leftist information operation, is alleged to have been photographed at the Capitol melee on January 6.
After the protesters and rioters were chased out of the Capitol, Pelosi called for Capitol Police Chief Stephen Sund’s resignation, claiming he had never spoken with her about the issues that day. He claims to have spoken with her three times during the breach.
It could be that Pelosi was setting him and everyone else up for her infamous wrap-up smear.
The objective was to imprison Donald Trump and to make him and MAGA radioactive forever.
When Trump announced for the 2024 election, within weeks, the Get Trump lawfare pogrom began.
The details we’re learning about this case make you shudder. Calling it “worse than Watergate” doesn’t quite capture the treachery.
end
this is interesting!!
Trump Threatens Legal Action Against BBC Over Editing Of His Jan. 6 Speech
President Donald Trump has threatened legal action against the British Broadcasting Corporation (BBC) for its editing of the president’s speech on Jan. 6, 2021, which was presented in a documentary aired one week before the 2024 presidential election.
The documentary for “Panorama,” the BBC’s flagship news program, spliced together quotations from different sections of a 2021 speech delivered nearly an hour apart, making it appear to be one continuous quotation in which Trump urged supporters to march with him and “fight like hell.”
Among the parts cut out was a section in which Trump said he wanted supporters to demonstrate peacefully.
A letter from Trump’s attorney, Alejandro Brito, demands that the BBC immediately retract “the false, defamatory, disparaging, and inflammatory statements,” apologize, and “appropriately compensate President Trump for the harm caused,” or face legal action for $1 billion in damages.
“If the BBC does not comply with the above by November 14, 2025, at 5:00 p.m. EST, President Trump will be left with no alternative but to enforce his legal and equitable rights, all of which are expressly reserved and are not waived, including by filing legal action for no less than $1,000,000,000 (One Billion Dollars) in damages,” the letter, obtained by The Epoch Times, states.
A spokesman for Trump’s legal team told The Epoch Times by email: “The BBC defamed President Trump by intentionally and deceitfully editing its documentary in order to try and interfere in the Presidential Election. President Trump will continue to hold accountable those who traffic in lies, deception, and fake news.”
A BBC spokesperson told The Epoch Times by email, “We will review the letter and respond directly in due course.”
Concerns over the editing of the footage were raised in a leaked memo, initially reviewed by the UK newspaper the Daily Telegraph and published last week. The memo was written by Michael Prescott, a former journalist who is now on a committee giving editorial advice to the BBC.
Earlier on Nov. 10, BBC Chairman Samir Shah sent a letter to the UK’s Culture, Media, and Sport Committee (CMSC) apologizing for an “error of judgement” regarding the editing of the speech.
In his letter to CMSC Committee Chairwoman Dame Caroline Dinenage, Shah wrote: “We accept that the way the speech was edited did give the impression of a direct call for violent action. The BBC would like to apologise for that error of judgement.”
Shah said that the issue of the way the footage was edited was discussed at the BBC’s Editorial Guidelines and Standards Committee in January 2025 and in May 2025.
He said the issue was discussed as part of a wider review of the BBC’s U.S. election coverage commissioned by the committee, not because of a specific program complaint.
“The points raised in the review were relayed to the Panorama team, including the decision-making on this edit. With hindsight, it would have been better to take more formal action,” he said.
BBC Resignations
The apology came after the BBC’s director-general, Tim Davie, and the broadcaster’s CEO of news, Deborah Turness, resigned on Nov. 9.
Trump reacted to the resignations in a Truth Social post on the afternoon of Nov. 9.
“The TOP people in the BBC, including TIM DAVIE, the BOSS, are all quitting/FIRED, because they were caught ‘doctoring’ my very good (PERFECT!) speech of January 6th,” he wrote.
“Thank you to The Telegraph for exposing these Corrupt ‘Journalists.’ These are very dishonest people who tried to step on the scales of a Presidential Election. On top of everything else, they are from a Foreign Country, one that many consider our Number One Ally. What a terrible thing for Democracy!”
Editing Controversy
The episode under scrutiny, broadcast on Oct. 28, 2024, titled “Trump: A Second Chance?” is not currently available to view on BBC iPlayer, but the excerpts demonstrating the cutting and splicing can be viewed on YouTube.
“Panorama” spliced together two clips from different sections of Trump’s speech on Jan. 6, 2021, to make it seem as though he told supporters he was going to walk to the Capitol Building with them to “fight like hell.”
The spliced together version is: “We’re going to walk down to the Capitol, and I’ll be with you, and we fight. We fight like hell, and if you don’t fight like hell, you’re not going to have a country anymore.”
In the original remarks, the first part of the spliced footage, “We’re going to walk down to the Capitol and I’ll be with you,” came 15 minutes into the speech, and the “We fight like hell” line came 54 minutes later.
The program also made it appear that members of the group known as the Proud Boys were spurred to march on the Capitol by the president’s words.
The Associated Press, Rachel Roberts, and Jacki Thrapp contributed to this report.
end
Florida Attorney General Probes JPMorgan Over Cooperation With “Arctic Frost” While Debanking Trumpworld
by Tyler Durden
Monday, Nov 10, 2025 – 07:40 PM
While JPMorgan didn’t debank Jeffrey Epstein despite a mountain of evidence he was engaged in sex-trafficking, the bank is now under fire from Florida officials over its cooperation with the Biden DOJ’s anti-Trump investigation known as “Arctic Frost,” – providing sensitive banking informationto Biden prosecutor Jack Smith.
On Monday, Florida Attorney General James Uthmeier notified JPMorgan Chase that his office has opened an inquiry into the bank’s actions involving Trump Media & Technology Group, the Florida-based operator of Truth Social. The Daily Wire first reported the development.
In a letter sent to JPMorgan Chief Executive Jamie Dimon, Uthmeier said the state has “grave concerns” about the bank’s conduct and its handling of sensitive customer information. The move follows disclosures from the Senate Judiciary Committee indicating that Special Counsel Jack Smith’s Arctic Frost probe issued subpoenas to hundreds of Republican individuals and entities.
“I write to express grave concerns about the explosive revelations regarding the Biden Administration’s pursuit of its political adversaries, and [JPMorgan Chase’s] ensuing actions in the shadow of this operation, codenamed ‘Arctic Frost,’” Uthmeier said in the letter.
According to Uthmeier, the Biden Justice Department subpoenaed JPMorgan on March 28, 2023, requesting any and all records involving Trump Media – including documents predating the company’s existence. The letter alleges the administration sought sensitive banking information from Florida-based individuals and entities, including Trump Media & Technology Group Corp.
Uthmeier told The Daily Wire he suspects JPMorgan provided the Justice Department with information connected to what he described as “malicious prosecutions,” and also questioned whether the bank had asked Trump Media for information unrelated to normal business practices.
JPMorgan told shareholders last week it was responding to requests from “government authorities and other external parties regarding, among other things, the firm’s policies and processes and the provision of services to customers and potential customers,” language Uthmeier views as an apparent reference to debanking. Former President Donald Trump signed an executive order in August directing regulators to examine whether financial institutions have engaged in “politicized or unlawful debanking.”
Uthmeier’s letter says that after the Justice Department’s actions began, JPMorgan pressed Trump Media for details on years-old transactions, claiming the requests were part of due diligence. The attorney general said those inquiries “appear to be pretextual and unrelated to their stated purpose.”
The attorney general also noted that immediately after Trump Media completed a merger in March 2024, JPMorgan notified the company that its accounts were being closed. Uthmeier said the timing raises “obvious, troubling questions.”
“This activity may implicate numerous Florida criminal and civil anti-fraud laws and de-banking prohibitions, as well as a breach of the basic, fundamental duties owed to your banking customers,” he wrote. The attorney general ordered the Office of Statewide Prosecution and Enforcement Division to begin investigating and directed JPMorgan to initiate a litigation hold to preserve documents.
Uthmeier told The Daily Wire he views the matter as part of a broader pattern. “We think it’s wrong that companies were just coughing things up to the Department of Justice when there was not real probable cause, and we think it’s wrong that companies are debanked, especially at such important times,” he said. “We protect Florida-based companies like Trump Media Group. We protect our consumers and where there’s discriminatory banking practices taking place, especially those with intent to harm, we will fight back and hold wrongdoers accountable.”
He also suggested the matter may intersect with Smith’s January 6 investigation. Truth Social launched in February 2022, more than a year after the events of January 6, 2021. “Any notion that this company was somehow involved in whatever criminal activity that the Department of Justice alleged, wrongfully alleged, surrounded the J6 events,” he said. “Clearly, Truth Social would not have been a part of that.”
“It shows the full scope of the weaponization and the efforts to go after anybody related to Trump or the conservative cause.”
Devin Nunes, CEO of Trump Media and a former congressman, raised similar concerns on Fox News on Sunday. “One would think that Trump Media would not have been caught up into Arctic Frost at all, largely because…we just became a public company in 2024 and we were nowhere around in 2021,” he said. “So why would Trump Media be subpoenaed at that time during this investigation? It doesn’t make any sense.”
Nunes also questioned the bank’s cooperation. “Should [JPMorgan Chase] have complied with this, knowing that we weren’t around? They had to know that our company wasn’t around on January 6. We were never notified…did this break laws in the state of Florida?”
He argued the bank “inexplicably” closed Trump Media’s accounts “right at the time we were going public,” and “right at the height of the campaign,” calling the move political and increasingly suspicious in light of the Arctic Frost revelations.
President Donald Trump has asked the Supreme Court to wade into his defamation dispute with author E. Jean Carroll, alleging that an appeals court failed to recognize multiple evidentiary flaws that led to an adverse verdict for him.
Trump’s legal team told The Epoch Times it filed a petition for writ of certiorari to the Supreme Court on Nov. 10. The justices have not yet decided whether to take up the case.
“The American People stand with President Trump as they demand an immediate end to all of the Witch Hunts, including the Democrat-funded travesty of the Carroll Hoaxes,” a spokesman for Trump’s legal team told The Epoch Times.
“President Trump will keep winning against Liberal Lawfare, as he continues to focus on his mission to Make America Great Again.”
The petition, which has been reviewed by The Epoch Times, is the latest development in a years-long saga surrounding Carroll’s allegation that Trump sexually assaulted her in a department store at some point during the 1990s. Trump has repeatedly denied the allegations.
Carroll sued him for defamation and won more than $80 million in two trials. Trump’s petition to the Supreme Court concerns a December 2024 decision by the U.S. Court of Appeals for the Second Circuit that upheld the verdict in one of the trials. That trial resulted in a $5 million award for Carroll.
The purported evidentiary errors in that trial prevented Trump from fully contesting Carroll’s case in another trial that resulted in an award of $83 million, Trump’s attorneys argued. The Second Circuit later upheld that larger verdict in a decision from September.
According to Trump’s attorneys, the Second Circuit’s 2024 opinion misinterpreted the Federal Rules of Evidence and wrongly allowed Carroll to rely on propensity evidence, or evidence that purported to show Trump had a propensity to act in a particular way.
One of those pieces of evidence was the Access Hollywood Tape released during the 2016 presidential election. Trump’s attorneys also took issue with allowing testimony from two women who accused Trump of unwanted touching and kissing.
In its 2024 decision, the Second Circuit rejected Trump’s criticisms of the lower court’s handling of the evidence.
“On review for abuse of discretion, we conclude that Mr. Trump has not demonstrated that the district court erred in any of the challenged rulings,” an unsigned opinion read.
“Further, he has not carried his burden to show that any claimed error or combination of claimed errors affected his substantial rights as required to warrant a new trial.”
An attorney who represented Carroll in the Second Circuit did not respond to The Epoch Times’ request for comment before publishing time. In a briefing to the court, Carroll’s attorneys called Trump’s evidentiary arguments “empty.”
“There was no error here, let alone a violation of Trump’s substantial rights.”
Trump attempted to have the whole circuit rehear the case, but was denied in June, with two judges dissenting from that decision.
harveyorganblog.com 
