access market
GOLD $4194.80 (3:30 PM)
SILVER: 53.52 3;30 PM
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XGE: COMEX
099 H DEUTSCHE BANK AG 2
190 H BMO CAPITAL MARKETS 318
363 H WELLS FARGO SECURITI 126
435 H SCOTIA CAPITAL (USA) 44
661 C JP MORGAN SECURITIES 58
686 C STONEX FINANCIAL INC 1
880 H CITIGROUP 500
905 C ADM 47
GOLD: NUMBER OF NOTICES FILED FOR NOV/2025: 548 CONTRACTs NOTICES FOR 54,800 OZ or 1.7045 TONNES
total notices so far: 7832 contracts for 783,200 OR 24.340 tonnes)
SILVER NOTICES: 55 NOTICE(S) FILED FOR 275,000 OZ/
total number of notices filed so far this month : 3132 CONTRACTS (NOTICES) for 15.680 million oz
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 MONDAY’S 425,000 0Z
THEN TUESDAY: 275,000 OZ
THEN TODAY;S 295,000
EQUALS
15.975 MILLION OZ STANDING FOR SILVER.
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: 11.165 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 0.295 MILLION OZ WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 4.95 MILLION OZ//STANDING ADVANCES TO 15.975 MILLION OZ/
AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.637 TONNES EX FOR RISK//AUG 25: 9.107 TONNES , AUGUST 26: 9.1010 TONNES AND NOW AUGUST 27: 9.0699 TONNES//NEW STANDING ADVANCES TO 107.5117 TONNES OF GOLD NORMAL STANDING (INCLUDES ALL MONTHLY QUEUE JUMPS/EX FOR PHYSICAL TRANSFERS//) +44.696 TONNES EX.FOR RISK = 152.208 TONNES
SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
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 1.707 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 7.5511 TONNES//NEW STANDING ADVANCES TO 24.824 TONNES OF GOLD.
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STRONG THIS MONTH
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
NOV: 32.037 TONNES
SPREADING OPERATIONS
NOW SWITCHING TO GOLD FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF OCT. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A HUGE SIZED 954 CONTRACTS OI TO 160,603 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 374 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
DEC 374 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 1311 CONTRACTS AND ADD TO THE 374 E.FP. ISSUED
WE OBTAIN A MEGA HUGE SIZED GAIN OF 1328 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN OF $0.63 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 6.640 MILLION PAPER OZ
OCCURRED WITH OUR GAIN IN PRICE.OF $0.63
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENT
Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS
ASIAN MARKETS THIS WEDNESDAY MORNING:
SHANGHAI CLOSED DOWN 2.62 POINTS OR 0.07%
//Hang Seng CLOSED CLOSED UP 226.32 PTS OR 0.85%
// Nikkei CLOSED : UP 220.38 PTS OR 0.43% //Australia’s all ordinaries CLOSED DOWN 0.21%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.1175/ OFFSHORE CLOSED UP AT 7.1205/ Oil DOWN TO 60.43 dollars per barrel for WTI and BRENT DOWN TO 64.55 Stocks in Europe OPENED ALL MOSTLY GREEN
ONSHORE USA/ YUAN TRADING UP TO 7.1175 OFFSHORE YUAN TRADING UP TO 7.1205:/ONSHORE YUAN TRADING ABOVE OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
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A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED SIZED 6034 CONTRACTS TO 466,031 OI DESPITE THE SMALL LOSS IN PRICE OF $3.80 WITH RESPECT TO TUESDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST NO NET LONGS, WITH THAT PRICE LOSS FOR GOLD. AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (2065). WE HAD ZERO T.A.S. LIQUIDATION TUESDAY. HOWEVER IT WAS THE MAJOR SPECULATORS THAT CONTINUALLY WENT MASSIVELY LONG AGAIN AND THE BANKERS WHO TOOK THE SHORT SIDE SUPPLYING THE NECESSARY PAPER.
WE HAD A TOTAL GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 8049 CONTRACTS (OR 25.19TONNES).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 STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 8034 CONTRACTS DESPITE OUR LOSS IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY 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 20,344 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 DURING LAST WEEKS 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 3RD 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: TOTAL MONTH;: 92.7648 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 503,200 OZ (15.651 TONNES) FOLLOWED BY ITS TODAY’S QUEUE JUMP OF 1.707TONNES/ FOLLOWED BY ALL NOVEMBER QUEUE JUMPS OF 7.5511 TONNES/NEW STANDING ADVANCES TO 24.824 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 OTHER 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 24.824 TONNES
EXCHANGE FOR PHYSICAL ISSUANCE/NOV//BORROWINGS FROM THE FRBNY:
THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED EXCHANGE FOR PHYSICAL OF 2065 CONTRACTS.
THAT IS A FAIR SIZED 2065 EFP CONTRACT WAS ISSUED: : /DEC 725 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 2065 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//TUESDAY + GOVERNMENT LIQUIDATION AND CONSIDERABLE LIQUIDATION THIS EARLY WEDNESDAY MORNING!!!
- 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 TUESDAY NIGHT/WEDNESDAY MORNING WAS A HUGE SIZED SIZED 20,344 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 TUESDAY’S SMALL LOSS IN PRICE IN GOLD WITH A CORRESPONDING STRONG GAIN OF COMEX OI AND A FAIR 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.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 HUGE QUEUE JUMP OF1.707 TONNES AND FOLLOWED BY ALL OTHER NOV QUEUE JUMPS OF 7.5511 TONNES
/STANDING ADVANCES TO 24.824TONNES 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)
AN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
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COMEX GOLD TRADING BEGINNING NOVEMBER,. CONTRACT;
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $3.80/ /) BUT WERE UNUCCESSFUL IN KNOCKING OFF ANY NET SPECULATOR LONGS AS WE DID HAVE A MEGA MEGA HUGE GAIN IN OI FROM TWO EXCHANGES OF 24,862 CONTRACTS.. BUT AS EXPLAINED ABOVE WE HAD ZERO T.A.S. SPREADER LIQUIDATION TUESDAY COMEX TRADING BUT CONSIDERABLE LIQUIDATION THIS EARLY WEDNESDAY MORNING. HOWEVER WE DID HAVE AGAIN HUGE SPECULATOR SHORT COVERING TUESDAY AS THEY ARE THE ONES WHO WERE MASSIVELY SHORT ALL LAST WEEK AS OTHER CENTRAL BANKERS WENT MASSIVELY LONG . THOSE OTHER CENTRAL BANKERS TENDERED FOR PHYSICAL LAST NIGHT. THE COMEX IS ONE BIG MESS!! THIS WEEK, THE BANKERS (FRBNY) ARE ON THE SHORT SIDE AND SPECS ON THE LONG SIDE AND THEY WERE RINSED OUT QUITE NICELY BY THE FRBNY BANKERS USING THEIR NEWFOUND T.A.S. CONTRACTS LATE TUESDAY NIGHT EARLY WEDNESDAY MORNING.
WEDNESDAY MORNING//TUESDAY NIGHT
THE CROOKS HOWEVER COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL TUESDAY EVENING/ WEDNESDAY 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 OF 1.707 TONNES WHICH FOLLOWED ALL OTHER NOVEMBER QUEUE JUMPS OF 7.5511 TONNES
NEW STANDING ADVANCES TO 24.824 ONNES OF GOLD.
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $3.80
WE HAD A HUGE AND 2ND HIGHEST EVER RECORDED AT 16,763 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.
INITIAL GOLD COMEX
NOV 12
NOV CONTRACT MONTH
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 1 ENTRIES i) Out of Malca: 31,540.136 oz 981 tonnes total withdrawal: 31,540.136 oz .981 TONNES |
| Deposit to the Dealer Inventory in oz | 0 ENTRIES |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER 0 entries xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 548 notice(s) 54,800 OZ 1.7045TONNES OF GOLD |
| No of oz to be served (notices) | 149 contracts 14,900 OZ 0.4624 TONNES |
| Total monthly oz gold served (contracts) so far this month | 7832notices 783,200 0z 24.360 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
i) Out of Malca: 31,540.136 oz
981 tonnes
total withdrawal: 31,540.136 oz
.981 TONNES
they are draining the comex of gold
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ADJUSTMENTs 1
Dealer to customer
a) Brinks 283,376.724 oz
volume at the comex: TUESDAY: 326,838 oz ( strong)//
AMOUNT OF GOLD STANDING FOR NOVEMBER:
THE FRONT MONTH OF NOV STANDS AT 697 CONTRACTS FOR A GAIN OF 385 CONTRACTS.
WE HAD 165 CONTRACTS SERVED ON TUESDAY. SO WE GAINED A STRONG 550 CONTRACTS FOR 55,000 OZ OF GOLD (1.7107 TONNES).
DECEMBER LOST 13,785 CONTRACTS DOWN TO 278,065 CONTRACTS .
JANUARY GAINED 77 CONTRACTS UPTO 925
We had 548 contracts filed for today representing 54,800 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 00 notices issued from their client or customer account. The total of all issuance by all participants equate to 548 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer an 58 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 (7832 oz ) to which we add the difference between the open interest for the front month of NOV ( 697 CONTRACTS) minus the number of notices served upon today (548x 100 oz per contract) equals 798,100 OZ OR 24.824 ONNES OF GOLD
thus the INITIAL standings for gold for the NOV contract month: No of notices filed so far (7832x 100 oz +we add the difference for front month of NOV (697 OI} minus the number of notices served upon today (548)x 100 oz) which equals 798,100 OZ OR 24.824 TONNES
TOTAL COMEX GOLD STANDING FOR NOV..: 24.824 TONNES TONNES WHICH IS HUGE FOR THIS NORMALLY SMALL NON ACTIVE ACTIVE DELIVERY MONTH OF NOVEMBER
volumeMONIDAY confirmed 247,772 contracts ok
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COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 1,756,376.330 oz 54.63tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 37,543,598.451 oz
TOTAL REGISTERED GOLD 19,330,565.467 or 601.26onnes
TOTAL OF ALL ELIGIBLE GOLD 18,213,053.984 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON 17,574,189 oz ((REG GOLD- PLEDGED GOLD)=
546.63 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
SILVER/COMEX
SILVER/COMEX
THE NOV. 2025 SILVER CONTRACTS
NOV 12 2025
INITIAL/
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 4 entries i) Out CNT 598,605.607 oz ii) Out of Delaware 3938.890 oz iii) Out of JPMorgan: 305,481.300 oz iv) Out of Loomis 602,878.990 oz total withdrawal 1,510,905.267 oz |
| Deposits to the Dealer Inventory | 0 ENTRY |
| Deposits to the Customer Inventory | DEPOSIT ENTRIES/CUSTOMER ACCOUNT 2 entries i) Into CNT 547,419.960 oz ii) Into Loomis 597,298.780 oz total deposit 1,144,718.740 oz |
| No of oz served today (contracts) | 55 CONTRACT(S) ( 0.275 MILLION OZ |
| No of oz to be served (notices) | 59 contracts (0.295MILLION oz) |
| Total monthly oz silver served (contracts) | 3136Contracts (15.680 MILLION oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
DEPOSITS INTO DEALER ACCOUNTS
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DEPOSIT ENTRIES/CUSTOMER ACCOUNT
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
2 entries
i) Into CNT 547,419.960 oz
ii) Into Loomis 597,298.780 oz
total deposit 1,144,718.740 oz
`
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx)
withdrawals: customer side/eligible
4 entries
i) Out CNT 598,605.607 oz
ii) Out of Delaware 3938.890 oz
iii) Out of JPMorgan: 305,481.300 oz
iv) Out of Loomis 602,878.990 oz
total withdrawal 1,510,905.267 oz
adjustments: 1:
dealer to customer
a) Brinks 289,657.680 oz
comex is in turmoil
TOTAL REGISTERED SILVER: 156.106 MILLION OZ//.TOTAL REG + ELIGIBLE. 478.191 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: 114 OPEN INTEREST CONTRACTS FOR A GAIN OF 7 CONTRACTS. WE HAD 52 NOTICES SERVED ON TUESDAY SO WE GAINED 59 OR 0.295MILLION OZ QUEUE JUMP.
DECEMBER LOST 5753 CONTRACTS DOWN TO 88,600
JANUARY LOST 62 CONTRACTS UP TO 835 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 55 or 0.275 MILLION oz
CONFIRMED volume; ON TUESDAY 98,397 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 3136 X5,000 oz = 15.680MILLION oz
to which we add the difference between the open interest for the front month of NOV (114) AND the number of notices served upon today (55 )x (5000 oz)
Thus the standings for silver for the NOVEMBER 2025 contract month: (3136) Notices served so far) x 5000 oz + OI for the front month of NOV(114) minus number of notices served upon today (55)x 5000 oz equals silver standing for the NOV.contract month equating to 15.975 MILLION OZ
New total standing: 15.975million 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 156.106 million oz of registered silver
JPMorgan as a percentage of total silver: 204.056/478.191million. 42.67%
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 12/WITH GOLD UP $97.70.TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 4.30 TONNES OF GOLD INTO THE GLD /// ///INVENTORY RESTS AT 1046.36 TONNES
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: 1046.36 TONNES, TONIGHTS TOTAL
SILVER
NOV 12/WITH SILVER UP $2.59 TODAY/NO CHANGES IN SILVER AT THE SLV: . /// ///INVENTORY RESTS AT 485.110 TONNES
NOV 11/WITH SILVER UP $0.63 TODAY/NO CHANGES IN SILVER AT THE SLV: . /// ///INVENTORY RESTS AT 485.110 MILLION OZ
NOV 10/WITH SILVER UP $2.05 TODAY/NO CHANGES IN GOLD AT THE SLV: . /// ///INVENTORY RESTS AT 485.110 MILLION OZ
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
Recession Watch: Spooked For Good Reasons
| John RubinoNov 12 |
A widely-followed consumer sentiment index just hit its second-worst level on record:
Why are Americans so spooked? Perhaps it’s the prospect of being replaced by AI. So far in 2025, major layoff announcements include:
- Amazon: 14,000 job cuts
- UPS: 48,000
- Intel: 20,000
- Microsoft: 6,000
- Target: 1,800
- Meta: 600 (from its AI division!)
- Salesforce: 4,000
Or maybe it’s that student loan payments have resumed, and for some, it’s one bill too many. See the red line on the following chart:
Or maybe it’s those “car mortgages” that were so popular for a while:
Here Come The Stimmy Checks
With busts looming on multiple fronts, how far off can some form of bailout be? Not far at all, apparently:
Trump floats $2,000 tariff rebate checks: Here’s what you need to know
(CNBC) – Over the weekend, President Donald Trump suggested paying Americans directly for their health-care costs and sending tariff rebate checks to families, not unlike the stimulus payments issued during the Covid-19 pandemic.
In a Truth Social post on Saturday, Trump wrote, “Republicans should give money DIRECTLY to your personal HEALTH SAVINGS ACCOUNTS.”
The president also floated the idea that a tariff “dividend” was possible. “A dividend of at least $2000 a person (not including high income people!) will be paid to everyone,” he wrote in another post Sunday on Truth Social.
Panic Time
Stimmy checks are the most blatant and least effective tool for managing an overindebted economy. They are, however, a good way to telegraph panic in a way that smart investors can understand. Keep stacking:
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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
The Problem Of The Meatpackers
JEFFREY TUCKER…
Wednesday, Nov 12, 2025 – 11:05 AM
Authored by Jeffrey Tucker via The Epoch Times,
President Trump is boldly facing the problem of high meat prices but also dealing with the financial strains on farmers themselves.
The issue is reconciling the two.
Lower prices are great for consumers but also add to the financial problems of small farmers.
Gradually, Trump has come to the conclusion that the real bottleneck is with meatpackers themselves, which is one of the oldest corporate monopolies in U.S. history.
He has posted the following:
“I have asked the DOJ to immediately begin an investigation into the Meat Packing Companies who are driving up the price of Beef through Illicit Collusion, Price Fixing, and Price Manipulation. We will always protect our American Ranchers, and they are being blamed for what is being done by Majority Foreign Owned Meat Packers, who artificially inflate prices, and jeopardize the security of our Nation’s food supply. Action must be taken immediately to protect Consumers, combat Illegal Monopolies, and ensure these Corporations are not criminally profiting at the expense of the American People. I am asking the DOJ to act expeditiously. Thank you for your attention to this matter!”
With this posting, he has put his finger on the problem. Rep Thomas Massie (R-Ky.) points out that “Four meat packers control 85 percent of the meat processed in the U.S.”
Immediately, however, friends of mine in the free-market movement cried foul. He is blaming private enterprise whereas these corporations should be left alone by government to do whatever they want. They treated Trump’s call for intervention as some kind of imposition of government force on the freedom of commerce.
Who is correct here?
Once you understand the history, which goes very deep, you can see that Trump has hit an important point.
The meatpacking industry has been consolidating since the 1880s. This was codified with the Pure Food and Drug Act signed into law by President Theodore Roosevelt in 1906, alongside the Meat Inspection Act.
It was the first federal law to regulate food and pharmaceutical products. It not only prohibited the manufacture, sale, or transportation of adulterated or misbranded food, drugs, medicines, and liquors, it forced inspection on all U.S. meat processing and laid the foundation for the modern Food and Drug Administration, or FDA. It thereby created or really codified the meat cartel in America, something that has vexed small meat producers ever since.
Part of the reason for the lack of understanding here traces to a false historical understanding.
In the conventional historiography, Upton Sinclair wrote the novel called “The Jungle” that exposed the evils of the industry. As a result, Congress intervened to clean up the industry with new regulations. This became the headline legislation and event that set the agenda for the construction of the entire regulatory state in the United States.
The trouble is that this history is not true. It’s a fable.
The real story was told by Murray Rothbard and many other economic historians. Keep in mind that meatpacking as an industry separate from farming and ranching was a relatively new development. Traditionally, the industry was vertically integrated such that the people who raised the animals also slaughtered and processed them. The meatpackers and processors were attempting to replace these traditional practices. There is nothing wrong with that except that they used government power to unfairly tilt the scales in their favor.
The problems began in the 1880s when meatpackers sought to penetrate European markets. Imports were banned because the Europeans did not trust the quality. The industry then went to the government to certify the cleanliness and safety of their meat. The scheme worked and set forth a model for a different kind of competition. Industry would unite with government as a way of assuring consumers and also driving up the costs of entry into markets such that small processing could not afford them.
As Rothbard writes:
“In February 1906, Upton Sinclair’s The Jungle was published and revealed many alleged horrors of the meat packing industry. Shortly thereafter, Roosevelt sent two Washington bureaucrats, Commissioner of Labor Charles P. Neill and civil service lawyer James B. Reynolds, to investigate the Chicago industry. The famous ‘Neill-Reynolds’ report that apparently confirmed Sinclair’s findings, in fact, only revealed the ignorance of the officials, as later congressional hearings indicated that they poorly understood how slaughterhouses worked and confused their inherently foul nature with unsanitary conditions.”
After “The Jungle” came out, J. Ogden Armour, owner of one of the biggest packing firms, defended government inspection of meat and said that the large packers had always favored and pushed for inspection. Armour wrote:
“Attempt to evade it [government inspection] would be, from the purely commercial viewpoint, suicidal. No packer can do an interstate or export business without Government inspection. Self-interest forces him to make use of it. Self-interest likewise demands that he shall not receive meats or by-products from any small packer, either for export or other use, unless that small packer’s plant is also ‘official’—that is, under United States Government inspection.”
There you have it. The big players in the industry actually favored government intervention.
Thomas E. Wilson, representing the large Chicago packers, said the following during the Congressional debate: “We are now and have always been in favor of the extension of the inspection, also to the adoption of the sanitary regulations that will insure the very best possible conditions. … We have always felt that Government inspection, under proper regulations, was an advantage to the live stock and agricultural interests and to the consumer.”
Imagine, that was 120 years ago, and we are still dealing with the same problem. No meat can be sold to the consumer without being processed by a plant certified by the U.S. Department of Agriculture. Even the quality of meats on the shelves are named according to official processing: USDA Prime, USDA Choice, and so on.
This has gradually put enormous pressure on small farmers who have to pay exorbitant prices for processing, when cheaper alternatives are readily available. Most small farmers would love to process their own meat on site and sell it directly to the consumers. But federal law forbids them from doing so. This has been true since 1906 and remains true today. The devastating results are the crisis we see today.
What about the issue of safety? Federal regulation did nothing to improve it and much to degrade it. They used the “poke and sniff” method to investigate safety, and did so for decades after, even though this method was known to spread pathogens from one carcass to another. It would have been much safer without federal intervention.
I’m thrilled and surprised that we are finally getting some discussion of this important topic today. The meat cartel certainly needs to be broken up. But the best method of doing so is simply to dismantle the regulatory impediments to competition. Farmers should be allowed to process and sell meat in any way that is advantageous to them. You would think that this would be an easy sell in Congress.
Part of the reason this topic is so triggering is that people do not understand the real history of the U.S. meat industry. If people did understand, it would become much clearer how it is that so many federal agencies are captured by industry interests. Indeed, capture might be the wrong word. They were set up to help big business in the first place. Helping small business instead requires the real restoration of a genuine free market.
END
COFFEE BANANAS
Bessent: Major U.S. Moves Coming To Cut Coffee And Food Prices
Wednesday, Nov 12, 2025 – 03:20 PM
U.S. Treasury Secretary Scott Bessent said Americans can expect “substantial announcements” in the coming days aimed at cutting prices on imported products such as coffee, bananas, and other goods not produced in the United States. Speaking on Fox and Friends, he explained that these steps would bring prices down “very quickly” and predicted that “people would start feeling better about the economy in the first half of 2026.”
The comments followed a steep drop in U.S. coffee prices as markets reacted to reports that the government plans to reduce certain import tariffs, according to Reuters.
President Donald Trump recently told Fox News that the administration would lower tariffs on coffee imports, a position he first mentioned during his October trip to Asia. His remarks come as the White House faces voter frustration over the cost of living, which Democrats made a central theme in their recent election victories across New Jersey, New York, and Virginia. Economists have linked continuing inflation in part to the high import tariffs imposed by Trump earlier in his term.
Reuters reports that following those political setbacks, Trump has discussed giving households rebate checks funded by tariffs and has floated the idea of a 50-year mortgage. Bessent said the $2,000 rebate plan, targeted at individuals earning less than $100,000 annually, is “in discussion” but not yet approved. He did not address the long-term mortgage proposal, which has drawn criticism from some conservative lawmakers and business leaders.
When asked about potential tariff cuts for coffee suppliers such as Brazil and Vietnam, Bessent replied, “you’re going to see some specific announcements in coming days in terms of things we don’t grow here in the United States, coffee, coffee being one of them, bananas, other fruits, things like that.” The United States grows limited quantities of bananas in Hawaii and Florida, but most are imported due to cheaper labor and land abroad.
Bessent also pointed to other Trump administration policies expected to support household income, including lower taxes on overtime pay and tips, and efforts to attract foreign investment in domestic manufacturing. “Real wages are going to increase,” he said. “I would expect in the first quarter, second quarter of next year… Americans are going to start feeling better.”
He added that many families will receive larger tax refunds in 2026 thanks to new deductions for car loans and the elimination of taxes on some Social Security benefits. Parents of children born between the end of 2024 and the start of 2029 could receive a $1,000 initial deposit if they open a Trump account for their newborns.
Watch Bessent’s full appearance here:
SHANGHAI CLOSED DOWN 2.62 POINTS OR 0.07%
//Hang Seng CLOSED CLOSED UP 226.32 PTS OR 0.85%
// Nikkei CLOSED : UP 220.38 PTS OR 0.43% //Australia’s all ordinaries CLOSED DOWN 0.21%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.1175/ OFFSHORE CLOSED UP AT 7.1205/ Oil DOWN TO 60.43 dollars per barrel for WTI and BRENT DOWN TO 64.55 Stocks in Europe OPENED ALL MOSTLY GREEN
ONSHORE USA/ YUAN TRADING UP TO 7.1175 OFFSHORE YUAN TRADING UP TO 7.1205:/ONSHORE YUAN TRADING ABOVE OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP AT 7.1175
OFFSHORE YUAN: UP TO 7.1205
HANG SENG CLOSED UP 226.82 PTS OR 0.85%
2. Nikkei closed UP 220.38 PTS OR 0.43%
3. Europe stocks SO FAR: ALL MOSTLY GREEN
USA dollar INDEX UP TO 99.81 EURO FALLS TO 1.1569 DOWN .0007 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 154.84…… 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: 3.183 UP 1 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: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and DOWN FOR BRENT this morning
3h European bond buying continues to push yields HIGHER on all fronts in the EMU. German 10yr bund YIELD UP TO +2.6664/ Italian 10 Yr bond yield DOWN to 3.409 SPAIN 10 YR BOND YIELD DOWN TO 3.167
3i Greek 10 year bond yield DOWN TO 3.308
3j Gold at $4124.30 Silver at: 51.79 1 am est) SILVER NEXT RESISTANCE LEVEL AT $54.00//AFTER 50.00
3k USA vs Russian rouble;// Russian rouble UP 0 AND 16/100 roubles/dollar; ROUBLE AT 81.11
3m oil (WTI) into the 60 dollar handle for WTI and 64 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 154.84 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: 3.183 UP 1 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7994 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9248 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: 4.083 UP 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.685 DOWN 2 BASIS PTS/
USA 2 YR BOND YIELD: 3.567 DOWN 3 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 42.24 UP 0 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.4180 UP 3 PTS
30 YR UK BOND YIELD: 5.211 UP 4 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 Rise With Government Set To Reopen Within Hours
Wednesday, Nov 12, 2025 – 08:36 AM
US futures are higher as the US takes another step to reopen with a House vote (expected to pass early evening on Wednesday, with Trump’s approval. As of 8:15am, S&P futures are 0.4% higher with the mood buoyed by expectations of an imminent end to the government shutdown and a Fed rate cut next month. Bullish datapoints in the AI story from AMD and FoxConn/Hon Hai Precision are also helping lift Nasdaq futures 0.7% as Nvidia led gains across the Magnificent Seven in premarket trading. Pre-market, Mag7 names are all higher and NVDA (+1.5%) and AVGO (+1.4%) boosting Semis while Nvidia partner Hon Hai Precision Industry Co. and Europe’s Infineon Technologies AG offered rosy forecasts. Cyclicals (ex-Energy) poised to outperform as the yield curve bull steepens with traders buying bonds to match yesterday’s rally in Treasury futures follower weaker than expected jobs data. USD is bid up pre-mkt; commodities are mixed with Energy and Ags weaker with Base higher, gold flat, and silver +1.2%. The macro focus today is on the House vote and mtge applications; XHB has outperformed the SPX by ~1% MTD; IYR and XLRE have outperformed by almost 2% MTD. On the calendar, there is no macro again, Trump is hosting Wall Street execs for dinner tonight. There is a firehose of Fed speaker: Williams (9:20am), Paulson (10am), Waller (10:20am), Bostic (12:15pm), Miran (12:30pm) and Collins (4pm)
In premarket trading, Mag 7 stocks are all higher (Nvidia +1.5%, Alphabet +0.7%, Apple +0.2%, Amazon +0.5%, Tesla +0.4%, Meta +0.3%, Microsoft +0.4%)
- Alcon (ALC) rises 5% after the eye-care company reported core earnings per share for the third quarter that beat the average analyst estimate.
- Advanced Micro Devices (AMD) gains 5% after the semiconductor company projected accelerating sales growth over the next five years.
- Bill Holdings Inc. (BILL) is exploring options including a potential sale, people familiar with the matter said. Shares are up 11%.
- Black Rock Coffee Bar (BRCB) declines 7% after the operator of drive-thru coffee bars announced its first earnings report since going public in September.
- Circle Internet (CRCL) falls 4% after the stablecoin issuer reported third-quarter reserve income hurt by a decline in the reserve return rate.
- Clearwater Analytics Holdings Inc. (CWAN) is considering a potential sale after receiving takeover interest, according to people familiar with the matter. Shares climb 9%.
- GlobalFoundries (GFS) gains 6% after the semiconductor-manufacturing company reported adjusted earnings per share for the third quarter that beat the average analyst estimate.
- Oklo shares (OKLO) rises 4% as analysts see the company’s US Department of Energy Nuclear Safety Design Agreement approval accelerating the licensing process.
- On Holding (ONON) climbs 9% after the Swiss sneaker brand boosted its sales forecast for the year after better-than-expected third-quarter results.
- RLJ Lodging (RLJ) gains 2.9% after Raymond James upgraded to strong buy following the stock’s significant underperformance this year.
In corporate news, Eli Lilly is dropping CVS’s drug benefit plan for its employees after CVS stopped covering its weight-loss drug in favor of a rival medication from Novo Nordisk. Visa is testing the ability for businesses to send stablecoins directly to consumers’ cryptocurrency wallets for global payouts. JPMorgan has started rolling out a deposit token JPM Coin.
Markets are anticipating an end to the 43-day US government shutdown, with House members set to return to Washington to vote on a spending deal. Traders are betting that the resumption of data releases could bolster the case for interest-rate cuts amid lingering uncertainty over policymakers’ next move. Soft ADP jobs data on Tuesday has already prompted traders to price in a higher chance of rate cut. However, it won’t all be smooth sailing, with the Wall Street Journal’s Nick Timiraos warning that the data blackout has fueled Fed divisions.
“What I see is a wind of optimism and momentum in the US,” said Roland Kaloyan, head of European equity strategy at Societe Generale SA. “Markets are currently buying 2026 amid a positive cocktail of resilient growth, AI investments, Fed cuts and a weaker dollar.”
AI remains front and center, with AMD predicting accelerating sales growth over the next five years, driven by strong demand for its data center products, and Nvidia partner Hon Hai Precision giving a rosy outlook. Meanwhile, a senior researcher at AI startup DeepSeek warned that a severe labor market crisis is coming as automation wipes out most jobs, according to the South China Morning Post. And Fed Governor Barr said there need to be clear guardrails to prevent risks as the financial sector looks to adopt AI.
In strategy, Citi’s Beata Manthey said that near-term choppiness won’t stop global equities from realizing modest gains through the middle of 2026. And Goldman strategists expect emerging markets to deliver higher returns than US stocks in the next decade, helped by a weaker dollar and higher growth
Trump said the US needed skilled workers from abroad even as his administration has taken steps to make it harder for businesses to use the H-1B visa system. Trump is also said to be hosting financial industry executives for dinner Wednesday at the White House. The FDA named Richard Pazdur, a 26-year veteran of the agency, as its lead drug regulator.
Looking at earnings, out of the 457 S&P 500 companies that have reported so far in the earnings season, 81% have topped analyst forecasts, while 15% have missed. Alcon is rising in premarket trading after the eye-care company reported core earnings that beat the average analyst estimate. TransDigm, GlobalFoundries and Circle Internet are among companies expected to report results before the market open. Earnings from Cisco, Flutter Entertainment and Tetra Tech follow later in the day.
Europe’s Stoxx 600 is up by 0.6%, with autos and banks outperforming. SSE shares rose to a record high on the electricity supplier’s new investment plan, lifting utilities shares. The autos sector also outperforms, while personal care products lag. Here are some of the biggest movers on Wednesday:
- SSE shares rise as much as 13%, hitting record high, after the utility company outlined its intention to spend £33 billion as part of a new investment plan.
- Alcon shares gain as much as 8.1%, the most since April, with the eyecare firm’s outlook confirmation coming as a relief to investors after two disappointing quarters.
- Azelis shares rise as much as 6.9% after EQT agreed to sell about 44 million shares of the Belgian chemical distributor to existing shareholders.
- ABN Amro gains as much as 4.9%, the most since Sept. 22, with a surprise announcement that the Dutch lender will buy NIBC for €960 million overshadowing a mixed-to-weak third quarter print.
- Bayer shares rise as much as 5% after the German company reported better-than-expected adjusted Ebitda for the third quarter, helped by the crop science division.
- Games Workshop shares rise as much as 6.3%, the most since late July, after Jefferies upgraded its price target by 54% to a street-high.
- Bidcorp rises as much as 4.7% in Johannesburg, the most since May after the food and beverage wholesaler reported 8.6% growth in trading profit for the four months to October.
- Edenred shares drop as much as 12% after Brazil’s president issues a decree regarding major regulatory changes to the country’s meal voucher and food voucher system.
- Taylor Wimpey shares fall as much as 4.1% after warning that uncertainty about potential tax changes in the upcoming UK budget is weakening the housing market.
- A2A shares fall as much as 7.6% after the firm reported Ebitda for the nine month period which declined year-on-year.
- FLSmidth’s shares fall as much as 9.8% after the firm lowered the range of its forecast for 2025 revenue below the average analyst estimate.
- Tesco shares slide as much as 3% after new data from NielsenIQ affirmed a weak October for food spend.
Earlier in the session, Asian stocks climbed, on track for a third-straight day of gains, as optimism grew over easier Federal Reserve policy and a likely end to the longest US government shutdown on record. The MSCI Asia Pacific Index jumped 0.6%, set for its longest daily win streak in over a month. TSMC, Mitsubishi UFJ Financial and Sony were among the top contributors to the gauge’s advance Wednesday. Major benchmarks rose in South Korea, Japan, Taiwan, Hong Kong, India, Vietnam and the Philippines. Japan’s Topix index jumped over 1% while the blue-chip gauge Nikkei 225 saw a 0.4% gain. The performance gap was driven by a rotation away from technology shares after SoftBank Group sold its entire stake in Nvidia Corp., reviving concerns that valuations in the sector have become overstretched.
In FX, the Bloomberg Dollar Spot Index is up 0.1%. Yen lags G-10 FX peers, despite a warning on the currency’s level from Japan’s finance minister.
In rates, treasury yields are lower by 1bp-4bp, with the curve steeper, after gapping when the cash market reopened after Tuesday’s US holiday. The move narrowed the gap with futures, which had a regular trading day and rallied on soft private-sector employment figures from ADP Research. US 10-year yields, richer by around 2bp on the day at 4.08%, opened below 4.07%; long-end tenors lag front-end and belly, steepening 2s10s spread slightly and 5s30s by more than 2bp. A curve-steepening selloff in gilts is a factor; UK 30-year yields are about 5bp cheaper on the day with politics in focus, after Health Secretary Wes Streeting denied plotting to oust Prime Minister Keir Starmer. Treasury auctions resume with $42 billion 10-year new issue at 1pm New York time notes, to be followed Thursday by $25 billion 30-year bond sale. Monday’s 3-year notes drew good demand. The WI 10-year yield at around 4.1% is about 2bp richer than last month’s, which tailed by 0.8bp. Wednesday’s session includes 10-year note auction and several Fed speakers.
In commodities, Oil prices are lower, with Brent futures below $65/barrel. Gold is sanguine, holding close to $4,125/oz.
The US economic calendar is blank, while Fed speaker slate includes Williams (9:20am), Paulson (10am), Waller (10:20am), Bostic (12:15pm), Miran (12:30pm) and Collins (4pm)
Market Snapshot
- S&P 500 mini +0.4%
- Nasdaq 100 mini +0.7%
- Russell 2000 mini +0.2%
- Stoxx Europe 600 +0.6%
- DAX +1.2%
- CAC 40 +1%
- 10-year Treasury yield -4 basis points at 4.08%
- VIX -0.1 points at 17.21
- Bloomberg Dollar Index +0.1% at 1219.38
- euro little changed at $1.1571
- WTI crude -0.9% at $60.51/barrel
Top Overnight News
- US House lawmakers are expected to vote today to end the 43-day government shutdown. It may still take days for air travel to return to normal and probably longer for SNAP recipients to receive delayed benefits. BBG
- GM asked thousands of its suppliers to eliminate parts sourced from China and shift to alternative supply chains to mitigate the risks of geopolitical disruptions. Some suppliers now have a 2027 deadline to completely end their China sourcing ties. RTRS
- The path for interest-rate cuts has been clouded by an emerging split within the central bank with little precedent during Federal Reserve Chair Jerome Powell’s nearly eight-year tenure. Officials are fractured over which poses the greater threat—persistent inflation or a sluggish labor market—and even a resumption of official economic data may not bridge the differences. WSJ
- President Donald Trump is expected to host a private dinner at the White House on Wednesday with several top business executives, including the chief executives of Nasdaq and JPMorgan Chase. The gathering underscores Trump’s effort to deepen ties with corporate leaders as his administration rolls out new initiatives aimed at strengthening U.S. capital markets and rebuilding critical domestic supply chains seen as vital to national security. RTRS
- Beijing is taking an aggressive approach to help its technology giants squeezed by America’s chip restrictions. Shortages of advanced semiconductors are so acute that the government has begun intervening in how the output of China’s largest contract chip maker, Semiconductor Manufacturing International, is distributed. Chinese authorities are trying to give priority to the needs of tech conglomerate Huawai. WSJ
- China’s purchases of American soybeans appear to have stalled, less than two weeks after the US touted a wide-ranging trade truce that signaled thawing relations between the world’s two biggest economies: BBG
- China is grappling with a glut of soybeans after months of record imports, curbing prospects for U.S. exports despite a recent trade truce that Washington said includes a pledge by Beijing to resume heavy purchases. Traders and analysts warn that vast stockpiles at ports and in state reserves, coupled with weak crush margins, limit Beijing’s appetite for further purchases. RTRS
- Economists are questioning the unexpected rise in UK unemployment to 5%, which rattled markets and sparked political criticism of Labour’s economic policies. BBG
- Venezuela has placed its entire military on alert as tensions ratchet higher with the US. WaPo
- Global oil and gas demand will rise for the next 25 years if the world does not change, the IEA has said, in a new scenario that reflects governments’ fading commitment to climate change. The IEA previously thought it would peak this decade, which was hotly contested by the oil and gas industry and the White House. FT
- Coming out of the government shutdown, -50K (new Goldman jobs call) would be worst NFP print since Dec 2020 (omicron surge). Jobs/Payroll data: Potential for Oct + Nov reports to be published in a concentrated 7 day window at the start of December, or even on the same day on 5th Dec. This is setting up the market for a highly consequential window of data just before the Dec FOMC. Goldman
- White House is exploring rules that would upend shareholder voting with the Trump admin examining new measures to curb the influence of proxy advisers and index-fund managers: WSJ.
Trade/Tariffs
- US President Trump said that they are going to lower some tariffs on coffee, according to a Fox News interview.
- Dutch Economy Minister Karremans said he spoke to EU Trade Commissioner Sefcovic about Nexperia and said they are both determined to ensure that supply chains are restored as quickly as possible, while they are committed to securing supply in the semiconductor space and are working closely with European and International partners.
- US and Saudi officials have held intense negotiations in recent weeks to finalise a number of agreements, including a defence pact, ahead of Saudi Crown Prince MBS meeting US President Trump in the US next week, via Axios citing sources.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded mixed with the region indecisive amid light fresh catalysts and as participants digested earnings. ASX 200 was rangebound with upside limited as strength in the commodity-related sectors was offset by weakness in tech, telecoms, consumer discretionary and financials, while the latest Home Loans data from Australia firmly topped estimates. Nikkei 225 swung between gains and losses and traded on both sides of the 51,000 level in the absence of any key data and following a slew of earnings, including from SoftBank, which is pressured despite reporting a 191% rise in 6-month net, as it also announced a 4-for-1 stock split and that it offloaded its entire stake in NVIDIA. Hang Seng and Shanghai Comp were mixed despite the PBoC’s Q3 monetary policy implementation report, in which it reiterated to implement an appropriately loose monetary policy and strengthen the transmission of policy, while an NDRC official recently noted private investment has slowed down this year, and there are challenges in private investment but also flagged a plan to support private investment to flow to high-value service sectors.
Top Asian News
- Chinese President Xi said in a meeting with Spain’s King that China is willing to work with Spain to build a comprehensive strategic partnership that is steadier, while he added that a relationship of trust has been forged between China and Spain.
- RBA Deputy Governor Hauser said their best guess is that monetary policy is still restrictive, and the committee is debating this, while he added that if it turns out they are no longer mildly restrictive, that has important implications for future policy. Hauser also stated that there are some ups and downs in consumption readings, with the central case being for a gradual, modest recovery and noted there are no levels of unemployment that will make the central bank happy.
- Japanese PM Takaichi says appropriate monetary policy is very important and they will be coordinating closely with the BoJ to attain economic growth.
- Two new members of Japan’s top government economic panel are calling for larger economic stimulus Y/Y.
European bourses (STOXX 600 +0.6%) have opened largely firmer, once again carrying on the positive momentum displayed over the last two days. The FTSE 100 underperforms with sentiment in the region hit amidst fears that PM Starmer’s leadership is “vulnerable”. European sectors are also primarily in the green. The biggest winners thus far today are Utilities (+1.1%), Banks (+1.1%) and Automobiles & Parts (+1.3%). The latter has been boosted by a broker upgrade for Ferrari (+2%). For the Tech sector, Infineon (+6.6%) soars after reporting strong Q3 metrics and providing solid AI-related commentary.
Top European News
- UK Health Secretary Wes Streeting announces his support for UK PM Starmer Any talk of a challenge against PM Starmer is self-defeating and not true. Have not had talks with anyone about getting rid of Starmer. Adds that the PM is not fighting for his job.
- UK Chancellor Reeves is reportedly considering an increase in taxes on alcohol in line with elevated inflation, via CityAM citing sources.
- ECB’s Kocher says that given recent data, a somewhat stronger growth outlook is not impossible. Would not be too surprising if ECB hold rates steady in 2026. If inflation and growth projections play out, rates may not change for a long time.
FX
- DXY is flat/modestly firmer and trades in a very busy 99.44 to 99.61 range, with newsflow exceptionally quiet today. Focus in the prior session was ultimately on the dire weekly ADP prelim estimate, which led to some pressure in the USD. Docket today thins out from a data perspective, but a slew of Fed speakers will take the spotlight; Fed’s Paulson, Bostic, Williams, Barr, Waller, Miran, Collins and Treasury Secretary Bessent are all on the docket. Markets remain focused on government shutdown developments. To recap briefly, the US passed a funding bill to end the longest-ever shutdown in the prior day – this was then voted 8-4 by the House Rules Committee to advance it to the House Floor for consideration. Expectations are for the bill to be passed (albeit subject to dissent); overall, this will keep the US government funded till at least January 30th.
- EUR is essentially flat vs the USD. Failed to breach 1.16 to the upside in overnight trade, making a peak at 1.1588, to then fall back towards session lows of 1.1571. It is worth highlighting that the EUR is mildly stronger vs the broadly weaker GBP (which is suffering from political related pressure). European-specific newsflow has been exceptionally light today. Featuring an unrevised German inflation report, whilst Italian Industrial Output topped the most optimistic of analyst expectations. Docket should pick up later in the day, in the form of ECB speak via Schnabel (Hawk) and de Guindos (Dove) – no text release is expected from either.
- JPY is the worst-performing G10 currency today, given the generally positive risk environment with other haven assets generally sold (ex-gold). ING opines that one reason to keep the USD/JPY higher, is Japan’s agreement to invest directly in the US. This pressure in the JPY has led to continued jawboning from the Japanese officials; overnight, Finance Minister Katayama said she has seen “one-sided and sharp foreign exchange moves” recently, adding that it is being watched with a “high sense of urgency”. Whilst in the past similar jawboning has helped strengthen the JPY, the comments overnight were unable to boost the currency today.
- GBP is pressured vs the USD today, with regional political uncertainty on the forefront of traders minds. On that, in the prior session, The Guardian reported that Downing Street was fearing that some of the PM’s closest viewed PM Starmer as “vulnerable” to leadership change in the wake of the Budget. More recently, Wes Streeting has come out to clarify his support for Starmer, adding that he has not had talks with anyone, regarding any attempts to oust his leader.
- Antipodeans are mixed today, with the Aussie sitting towards the top of the G10 pile whilst the Kiwi is essentially flat. Nothing really driving the modest outperformance in the Aussie today, but it is worth highlighting some massive option expiries in the Aussie; 0.6495-0.6505 (2.4bln), 0.6525-30 (1.2bln), 0.6550-60 (906mln).
Fixed Income
- USTs are pressured today, in-fitting with global bonds, as US paper scales back some of the ADP-related upside seen in the prior session and as risk sentiment today is boosted (equity futures firmer across the board). USTs currently trade at the bottom end of a 112-27 to 113-00+ range, and with price action relatively muted so far. Not really much on the data docket today, but a slew of Fed speakers will take the spotlight; Fed’s Paulson, Bostic, Williams, Barr, Waller, Miran, Collins and Treasury Secretary Bessent are all on the docket. Markets remain focused on government shutdown developments. To recap briefly, the US passed a funding bill to end the longest-ever shutdown in the prior day – this was then voted 8-4 by the House Rules Committee to advance it to the House Floor for consideration. Expectations are for the bill to be passed (albeit subject to dissent); overall, this will keep the US government funded till at least January 30th.
- Bunds lower at the start of the European day, opened at 129.19 with losses of a handful of ticks, briefly rebounded to a 129.24 peak with gains of a tick before getting dragged lower as the European risk tone continues to improve. Currently holding just off a 129.02 trough with downside of 21 ticks at most, if the move continues and the figure is breached then yesterday’s 128.97 base comes into view. Bunds also potentially lower in sympathy with Gilts (see below) given the speculation around UK PM Starmer and associated price action as we get ever closer to the November Budget. For Germany, no move to Final CPI, which was unrevised, as expected. More recently, remarks from ECB’s Kocher of note, as he said it would not be too surprising if the ECB holds rates steady in 2026, especially if inflation and growth projections play out as expected. A mixed Bund auction (2046 strong, but 2056 line garnered a 1.3x b/c), had little impact German paper at the time.
- This afternoon, the French National Assembly is to hold the first reading on the Social Security articles, with reference to the suspension of pension reform, set to occur around 14:00GMT. Politico writes that the articles should be adopted. Into this, OATS trade better than peers with the mood-music relatively constructive for PM Lecornu at this particular stage. Narrowing the OAT-Bund 10yr yield spread down to 74bps, the lowest since August.
- Gilts are underperforming vs peers, scaling back some of jobs-related upside seen in the prior session, which saw odds of a December BoE rate cut boosted. Moreover, political uncertainty in the region has crept back into the markets following a report in The Guardian. On that, in the prior session, The Guardian reported that Downing Street were fearing that some of the PM’s closest viewed PM Starmer as “vulnerable” to leadership change in the wake of the Budget. More recently, Wes Streeting has come out to clarify his support for Starmer, adding that he has not had talks with anyone, regarding any attempts to oust his leader. Obviously today’s PMQs from around 12:00GMT onward will draw significant attention and both GBP and Gilt trades will watch for any signs of a drop in support for Starmer as we count down to the Budget; equally, a particularly strong performance could offset some of the pressure seen in Gilts this morning.
Commodities
- Crude benchmarks grinded lower throughout the APAC session and have continued to move lower as the European session gets underway, despite the IEA releasing a report indicative of oil demand growth. After closing +1.6% in Tuesday’s session, WTI and Brent initially c. USD 0.50/bbl to a trough of USD 60.54/bbl and 64.71/bbl, respectively, as the market awaits reports from the EIA and OPEC. Most recently, Tass reported that Russia is prepared to continue talks with Ukraine in Istanbul. While there was no significant price action at the time, the complex has continued lower to USD 60.41/bbl and USD 64.30/bbl, respectively. Later today, the EIA and OPEC are expected to release their monthly oil reports. In its prior report, EIA raised its 2025 demand forecast and its view on global oil production, while OPEC maintained its 2025 and 2026 oil demand forecasts.
- Spot XAU continues to oscillate within Tuesday’s USD 4097-4149/oz band as the market awaits a flurry of Fed speakers that could hint of the direction of travel for rates. After peaking at USD 4145/oz, XAU fell lower as it was weighed on by a stronger dollar and the generally constructive risk tone. The yellow metal troughed just shy of Tuesday’s low before rebounding back higher and currently trading at USD 4125/oz.
- Base metals remain rangebound as the market waits for a fresh specific catalyst and having struggled to make any headway overnight amid an indecisive APAC session. Currently, 3M LME Copper is oscillating in a tight USD 10.79k-10.86k/t band despite the positive risk tone across Europe and stateside.
- ANZ sees gold prices peaking around USD 4,800/oz by mid-2026.
- IEA’s World Energy Outlook report stated that LNG supplies are to grow 50% or by 300bln cubic meters by 2030, while IEA sees no demand peak for oil before 2050 under the current policies scenario.
Geopolitics
- Russian defence units destroyed a Ukrainian drone heading towards Moscow.
- Russia is reportedly ready to resume talks with Ukraine in Istanbul, via Tass.
- Russia’s Kremlin says the reports of contact with London was true, adds that dialogue with the UK not continued as the UK showed no desire to listen to Russia’s position.
- Australian PM Albanese said Indonesia and Australia have concluded negotiations on a new bilateral treaty on common security, and if either or both countries’ security is threatened, the treaty commits them to consult and consider what measures may be taken, individually or jointly, to deal with those threats. Furthermore, the treaty commits Australia and Indonesia to consult at a leader and ministerial level on a regular basis on matters of security, while it represents a major extension of existing security and defence cooperation.
- US President Trump has sent a letter to the State of Israel President Herzog requesting that Israel PM Netanyau is pardoned, describing the trial as “unjustified”, via Jerusalem Post.
US Event Calendar
- 7:00 am: Nov 7 MBA Mortgage Applications 0.6%, prior -1.9%
- 9:20 am: Fed’s Williams Delivers Keynote Speech
- 10:00 am: Fed’s Paulson speaks on Fintech
- 10:20 am: Fed’s Waller Speaks on Payments
- 12:15 pm: Fed’s Bostic Speaks at Atlanta Economics Club
- 12:30 pm: Fed’s Miran Speaks in Fireside Chat
- 4:00 pm: Fed’s Collins Speaks at Community Banking Conference
DB’s Jim Reid concludes the overnight wrap
Could today finally be the day that we know that the longest US government shutdown in history might be coming to an end? Assuming all their members have made it back to Washington through all the air traffic delays, the House is expected to vote today on a bill to keep most of the government open until January 30th and some agencies until September 30th next year. At this stage who knows whether we’ll see a mini version of what we’ve been through over the last 43 days as the end of January approaches, but that’s a topic for another day.
US markets struggled for much of yesterday following the euphoria of the shutdown ending over the previous 36 hours, weighed down by weakness in Nvidia (-2.96%) and a soft weekly ADP report. However, the S&P 500 (+0.21%) managed to turn higher after Europe closed, on what was otherwise a quiet day due to the Veterans Day holiday, which kept the US bond market shut. US futures continue to edge higher this morning. Meanwhile, Europe surged ahead yesterday, with the STOXX 600 (+1.28%) hitting a record high and posting its strongest two-day performance since the Liberation Day turmoil in April.
In terms of those various drivers, matters originally weren’t helped in the US by the ADP’s report of private payrolls, which is still getting outsized attention given the government shutdown. That showed the US lost an average of 11,250 private-sector jobs over the four weeks ending on October 25, which added to fears that the labour market hadn’t held up into the shutdown. To be fair, this is a new high-frequency series, so it doesn’t have a long track record, but those fears were then compounded by the NFIB’s latest survey of small businesses. That showed a decline in the optimism index to a 6-month low of 98.2 in October (vs. 98.8 expected), and for the first since May, we also saw the share planning to increase employment fall slightly (to net +15% vs. net +16% previously).
That data backdrop initially led to a risk-off move in the US, which was compounded by a fresh tech selloff. That came as Softbank announced it had sold its entire stake in Nvidia for $5.83bn, as it plans to use the revenue to back further AI spending instead. So that led to a fall in Nvidia’s shares (-2.96%), which made it the worst performer in the Magnificent 7 (-0.21%), and dragged down US equities more broadly before the late rally. And even though US Treasury markets were closed for Veterans Day, bond futures pointed to lower yields across the curve, including at the 2yr and 10yr maturity. This morning they are -3.1bps and -3.3bps lower respectively. Fed funds futures dialled up the likelihood of another rate cut in December, which moved up to a 66% probability by last night’s close from around 63% the day before. So all this weighed on the dollar index (-0.15%) as well, which posted a 5th consecutive decline.
Over in Europe, there was a completely different tone for risk assets from the jump, as the STOXX 600 (+1.28%) hit an all-time high, whilst the FTSE MIB (+1.24%) finally surpassed its 2007 peak yesterday to reach its highest closing level since 2001. Interestingly, that came despite some underwhelming data across the continent. For instance, the UK unemployment rate for the three months to September came in higher than expected at +5.0% y/y (vs. +4.9% est), whilst the number of payrolled employees dropped by -32k in October after an already-sizable downward revision in September. So that led to a clear reaction among UK assets as investors dialled up the likelihood of a BoE rate cut in December. Indeed, the probability of a cut went up from 72% at Monday’s close to 86% yesterday. And in turn, gilts saw a big outperformance, with the 10yr yield (-7.4bps) closing at its lowest level since December, at 4.39%. But outside of rates, the impact was more limited, with the pound sterling only down -0.19% against the US Dollar (after a bigger fall post data), whilst the FTSE 100 still advanced +1.15%.
That negative data theme was clear elsewhere in Europe too. For instance, the German ZEW survey disappointed in November, with the economic sentiment indicator unexpectedly falling to 38.5 (vs. 41.0 expected), and the DAX (+0.53%) was the weakest performer among the major European indices. However, this survey is more second tier relative to the IFO. It was still an incredibly solid session, with most of the other big indices rising at least +1%, including the CAC 40 (+1.25%), and the IBEX 35 (+1.27%). Moreover, there was also a rally for sovereign bonds, with yields on 10yr bunds (-1.0bps), OATs (-1.5bps) and BTPs (-1.1bps) all falling back. In France, that comes ahead of an expected vote on the Social Security financial bill today, before the budget’s revenue vote on November 17. Our French economist has an update on both of those (link here), and he even points out that neither might actually happen given the amendments for each that are yet to be discussed.
Asian equity markets are mostly higher this morning outside of Mainland China. The Hang Seng (+0.52%) is climbing, led by technology stocks, and reaching a level not seen in over a month. The KOSPI (+1.08%) is also strong. The Nikkei index (+0.22%) has turned higher while I’ve been writing this, with Softbank recovering from -8% losses to around -3% as I type. Mainland Chinese stocks are lower, with the CSI index down by -0.40% and the Shanghai Composite decreasing by -0.25%, on reports suggesting that Beijing intends to limit US military access to rare earth materials. S&P 500 futures are up +0.17% and NASDAQ 100 futures +0.40%.
To the day ahead now, and data releases include Germany’s September current account balance, Italy’s September industrial production, and Canada’s September building permits. From central banks, we’ll also hear from the Fed’s Barr, Williams, Waller, Miran, Paulson and Bostic, the ECB’s Schnabel and de Guindos, and the BoE’s Pill. Finally, earnings include Cisco and TransDigm
b) European opening report
USD & US equity futures firmer ahead of a slew of Fed speakers; US House set to vote on ending shutdown – Newsquawk US Opening News
Wednesday, Nov 12, 2025 – 06:11 AM
- US House to vote on a bill which could end the shutdown and keep the government funded through January 2026.
- European bourses are broadly firmer and continue to make highs, US equity futures also gain with the RTY (+1%) outperforming.
- USD is firmer ahead of a slew of Fed speakers, GBP pressured on political uncertainty; JPY lags.
- Global bonds are softer given the risk tone, Gilts lag with PM Starmer pressured into PMQs.
- Crude benchmarks pull back after Tuesday’s gains, XAU remains rangebound.
- Looking ahead, highlights include BoC Minutes (Oct), EIA STEO, OPEC MOMR, Speakers including ECB’s de Guindos, Fed’s Paulson, Bostic, Williams, Waller, Miran, Collins; US Treasury Secretary Bessent. Supply from the US.
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TARIFFS/TRADE
- US President Trump said that they are going to lower some tariffs on coffee, according to a Fox News interview.
- Dutch Economy Minister Karremans said he spoke to EU Trade Commissioner Sefcovic about Nexperia and said they are both determined to ensure that supply chains are restored as quickly as possible, while they are committed to securing supply in the semiconductor space and are working closely with European and International partners.
- US and Saudi officials have held intense negotiations in recent weeks to finalise a number of agreements, including a defence pact, ahead of Saudi Crown Prince MBS meeting US President Trump in the US next week, via Axios citing sources.
EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 +0.6%) have opened largely firmer, once again carrying on the positive momentum displayed over the last two days. The FTSE 100 underperforms with sentiment in the region hit amidst fears that PM Starmer’s leadership is “vulnerable”.
- European sectors are also primarily in the green. The biggest winners thus far today are Utilities (+1.1%), Banks (+1.1%) and Automobiles & Parts (+1.3%). The latter has been boosted by a broker upgrade for Ferrari (+2%). For the Tech sector, Infineon (+6.6%) soars after reporting strong Q3 metrics and providing solid AI-related commentary.
- US equity futures (ES +0.3%, NQ +0.6%, RTY +0.1%) are trading on a firmer footing. The NQ is firmer today as Tech returns back to a firmer footing, with sentiment boosted by Infineon and Foxconn results; the latter said it was “very optimistic” about AI-driven demand.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
- Click for a detailed summary
FX
- DXY is flat/modestly firmer and trades in a very busy 99.44 to 99.61 range, with newsflow exceptionally quiet today. Focus in the prior session was ultimately on the dire weekly ADP prelim estimate, which led to some pressure in the USD. Docket today thins out from a data perspective, but a slew of Fed speakers will take the spotlight; Fed’s Paulson, Bostic, Williams, Barr, Waller, Miran, Collins and Treasury Secretary Bessent are all on the docket. Markets remain focused on government shutdown developments. To recap briefly, the US passed a funding bill to end the longest-ever shutdown in the prior day – this was then voted 8-4 by the House Rules Committee to advance it to the House Floor for consideration. Expectations are for the bill to be passed (albeit subject to dissent); overall, this will keep the US government funded till at least January 30th.
- EUR is essentially flat vs the USD. Failed to breach 1.16 to the upside in overnight trade, making a peak at 1.1588, to then fall back towards session lows of 1.1571. It is worth highlighting that the EUR is mildly stronger vs the broadly weaker GBP (which is suffering from political related pressure). European-specific newsflow has been exceptionally light today. Featuring an unrevised German inflation report, whilst Italian Industrial Output topped the most optimistic of analyst expectations. Docket should pick up later in the day, in the form of ECB speak via Schnabel (Hawk) and de Guindos (Dove) – no text release is expected from either.
- JPY is the worst-performing G10 currency today, given the generally positive risk environment with other haven assets generally sold (ex-gold). ING opines that one reason to keep the USD/JPY higher, is Japan’s agreement to invest directly in the US. This pressure in the JPY has led to continued jawboning from the Japanese officials; overnight, Finance Minister Katayama said she has seen “one-sided and sharp foreign exchange moves” recently, adding that it is being watched with a “high sense of urgency”. Whilst in the past similar jawboning has helped strengthen the JPY, the comments overnight were unable to boost the currency today.
- GBP is pressured vs the USD today, with regional political uncertainty on the forefront of traders minds. On that, in the prior session, The Guardian reported that Downing Street was fearing that some of the PM’s closest viewed PM Starmer as “vulnerable” to leadership change in the wake of the Budget. More recently, Wes Streeting has come out to clarify his support for Starmer, adding that he has not had talks with anyone, regarding any attempts to oust his leader.
- Antipodeans are mixed today, with the Aussie sitting towards the top of the G10 pile whilst the Kiwi is essentially flat. Nothing really driving the modest outperformance in the Aussie today, but it is worth highlighting some massive option expiries in the Aussie; 0.6495-0.6505 (2.4bln), 0.6525-30 (1.2bln), 0.6550-60 (906mln).
- PBoC set USD/CNY mid-point at 7.0833 vs exp. 7.1141 (Prev. 7.0866).
- Click for NY OpEx Details
- Click for a detailed summary
FIXED INCOME
- USTs are pressured today, in-fitting with global bonds, as US paper scales back some of the ADP-related upside seen in the prior session and as risk sentiment today is boosted (equity futures firmer across the board). USTs currently trade at the bottom end of a 112-27 to 113-00+ range, and with price action relatively muted so far. Not really much on the data docket today, but a slew of Fed speakers will take the spotlight; Fed’s Paulson, Bostic, Williams, Barr, Waller, Miran, Collins and Treasury Secretary Bessent are all on the docket. Markets remain focused on government shutdown developments. To recap briefly, the US passed a funding bill to end the longest-ever shutdown in the prior day – this was then voted 8-4 by the House Rules Committee to advance it to the House Floor for consideration. Expectations are for the bill to be passed (albeit subject to dissent); overall, this will keep the US government funded till at least January 30th.
- Bunds lower at the start of the European day, opened at 129.19 with losses of a handful of ticks, briefly rebounded to a 129.24 peak with gains of a tick before getting dragged lower as the European risk tone continues to improve. Currently holding just off a 129.02 trough with downside of 21 ticks at most, if the move continues and the figure is breached then yesterday’s 128.97 base comes into view. Bunds also potentially lower in sympathy with Gilts (see below) given the speculation around UK PM Starmer and associated price action as we get ever closer to the November Budget. For Germany, no move to Final CPI, which was unrevised, as expected. More recently, remarks from ECB’s Kocher of note, as he said it would not be too surprising if the ECB holds rates steady in 2026, especially if inflation and growth projections play out as expected. A mixed Bund auction (2046 strong, but 2056 line garnered a 1.3x b/c), had little impact German paper at the time.
- This afternoon, the French National Assembly is to hold the first reading on the Social Security articles, with reference to the suspension of pension reform, set to occur around 14:00GMT. Politico writes that the articles should be adopted. Into this, OATS trade better than peers with the mood-music relatively constructive for PM Lecornu at this particular stage. Narrowing the OAT-Bund 10yr yield spread down to 74bps, the lowest since August.
- Gilts are underperforming vs peers, scaling back some of jobs-related upside seen in the prior session, which saw odds of a December BoE rate cut boosted. Moreover, political uncertainty in the region has crept back into the markets following a report in The Guardian. On that, in the prior session, The Guardian reported that Downing Street were fearing that some of the PM’s closest viewed PM Starmer as “vulnerable” to leadership change in the wake of the Budget. More recently, Wes Streeting has come out to clarify his support for Starmer, adding that he has not had talks with anyone, regarding any attempts to oust his leader. Obviously today’s PMQs from around 12:00GMT onward will draw significant attention and both GBP and Gilt trades will watch for any signs of a drop in support for Starmer as we count down to the Budget; equally, a particularly strong performance could offset some of the pressure seen in Gilts this morning.
- Germany sells EUR 0.898bln vs exp. EUR 1.0bln 2.50% 2046 and EUR 1.14bln vs. exp. 1.5bln 2.90% 2056 Bund.
- Click for a detailed summary
COMMODITIES
- Crude benchmarks grinded lower throughout the APAC session and have continued to move lower as the European session gets underway, despite the IEA releasing a report indicative of oil demand growth. After closing +1.6% in Tuesday’s session, WTI and Brent initially c. USD 0.50/bbl to a trough of USD 60.54/bbl and 64.71/bbl, respectively, as the market awaits reports from the EIA and OPEC. Most recently, Tass reported that Russia is prepared to continue talks with Ukraine in Istanbul. While there was no significant price action at the time, the complex has continued lower to USD 60.41/bbl and USD 64.30/bbl, respectively. Later today, the EIA and OPEC are expected to release their monthly oil reports. In its prior report, EIA raised its 2025 demand forecast and its view on global oil production, while OPEC maintained its 2025 and 2026 oil demand forecasts.
- Spot XAU continues to oscillate within Tuesday’s USD 4097-4149/oz band as the market awaits a flurry of Fed speakers that could hint of the direction of travel for rates. After peaking at USD 4145/oz, XAU fell lower as it was weighed on by a stronger dollar and the generally constructive risk tone. The yellow metal troughed just shy of Tuesday’s low before rebounding back higher and currently trading at USD 4125/oz.
- Base metals remain rangebound as the market waits for a fresh specific catalyst and having struggled to make any headway overnight amid an indecisive APAC session. Currently, 3M LME Copper is oscillating in a tight USD 10.79k-10.86k/t band despite the positive risk tone across Europe and stateside.
- ANZ sees gold prices peaking around USD 4,800/oz by mid-2026.
- IEA’s World Energy Outlook report stated that LNG supplies are to grow 50% or by 300bln cubic meters by 2030, while IEA sees no demand peak for oil before 2050 under the current policies scenario.
- Click for a detailed summary
NOTABLE DATA RECAP
- German HICP Final YY (Oct) 2.3% vs. Exp. 2.3% (Prev. 2.3%); MM (Oct) 0.3% vs. Exp. 0.3% (Prev. 0.3%)
- Italian Industrial Output YY WDA (Sep) 1.5% vs. Exp. -0.5% (Prev. -2.7%, Rev. -3.0%); MM SA (Sep) 2.8% vs. Exp. 1.5% (Prev. -2.4%, Rev. -2.7%)
NOTABLE EUROPEAN HEADLINES
- UK Health Secretary Wes Streeting announces his support for UK PM Starmer Any talk of a challenge against PM Starmer is self-defeating and not true. Have not had talks with anyone about getting rid of Starmer. Adds that the PM is not fighting for his job.
- UK Chancellor Reeves is reportedly considering an increase in taxes on alcohol in line with elevated inflation, via CityAM citing sources.
- ECB’s Kocher says that given recent data, a somewhat stronger growth outlook is not impossible. Would not be too surprising if ECB hold rates steady in 2026. If inflation and growth projections play out, rates may not change for a long time.
NOTABLE US HEADLINES
- US Supreme Court extended the pause on a judge’s order that required the Trump administration to fully fund food aid for 42mln Americans this month amid the federal government shutdown.
- White House is exploring rules that would upend shareholder voting with the Trump admin examining new measures to curb the influence of proxy advisers and index-fund managers, according to WSJ.
GEOPOLITICS
RUSSIA-UKRAINE
- Russian defence units destroyed a Ukrainian drone heading towards Moscow.
- Russia is reportedly ready to resume talks with Ukraine in Istanbul, via Tass.
- Russia’s Kremlin says the reports of contact with London was true, adds that dialogue with the UK not continued as the UK showed no desire to listen to Russia’s position.
OTHER
- Australian PM Albanese said Indonesia and Australia have concluded negotiations on a new bilateral treaty on common security, and if either or both countries’ security is threatened, the treaty commits them to consult and consider what measures may be taken, individually or jointly, to deal with those threats. Furthermore, the treaty commits Australia and Indonesia to consult at a leader and ministerial level on a regular basis on matters of security, while it represents a major extension of existing security and defence cooperation.
- US President Trump has sent a letter to the State of Israel President Herzog requesting that Israel PM Netanyau is pardoned, describing the trial as “unjustified”, via Jerusalem Post.
CRYPTO
- Bitcoin is a little lower and slips below USD 105k whilst Ethereum underperforms and heads back below USD 3.5k.
APAC TRADE
- APAC stocks traded mixed with the region indecisive amid light fresh catalysts and as participants digested earnings.
- ASX 200 was rangebound with upside limited as strength in the commodity-related sectors was offset by weakness in tech, telecoms, consumer discretionary and financials, while the latest Home Loans data from Australia firmly topped estimates.
- Nikkei 225 swung between gains and losses and traded on both sides of the 51,000 level in the absence of any key data and following a slew of earnings, including from SoftBank, which is pressured despite reporting a 191% rise in 6-month net, as it also announced a 4-for-1 stock split and that it offloaded its entire stake in NVIDIA.
- Hang Seng and Shanghai Comp were mixed despite the PBoC’s Q3 monetary policy implementation report, in which it reiterated to implement an appropriately loose monetary policy and strengthen the transmission of policy, while an NDRC official recently noted private investment has slowed down this year, and there are challenges in private investment but also flagged a plan to support private investment to flow to high-value service sectors.
NOTABLE ASIA-PAC HEADLINES
- Chinese President Xi said in a meeting with Spain’s King that China is willing to work with Spain to build a comprehensive strategic partnership that is steadier, while he added that a relationship of trust has been forged between China and Spain.
- RBA Deputy Governor Hauser said their best guess is that monetary policy is still restrictive, and the committee is debating this, while he added that if it turns out they are no longer mildly restrictive, that has important implications for future policy. Hauser also stated that there are some ups and downs in consumption readings, with the central case being for a gradual, modest recovery and noted there are no levels of unemployment that will make the central bank happy.
- Japanese PM Takaichi says appropriate monetary policy is very important and they will be coordinating closely with the BoJ to attain economic growth.
- Two new members of Japan’s top government economic panel are calling for larger economic stimulus Y/Y.
DATA RECAP
- Australian Home Loans QQ (Q2) 9.6% vs Exp. 2.6% (Prev. 2.0%)
- Australian Owner-Occupied Loan Value QQ (Q2) 4.7% vs Exp. 2.5% (Prev. 2.4%)
- Australian Investor Housing Finance QQ (Q2) 17.6% vs Exp. 4.0% (Prev. 1.4%)
- South Korean Unemployment Rate (Oct) 2.6% (Prev. 2.5%)
c) Asian opening report
House Democratic to meet at noon today; Starmer vulnerable to leadership change and European equity futures positive – Newsquawk European Opening News
Wednesday, Nov 12, 2025 – 01:26 AM
- APAC stocks traded mixed with the region indecisive amid light fresh catalysts and as participants digested earnings.
- House Democratic caucus will meet at noon Wednesday in Washington, according to Punchbowl’s Sherman
- UK’s Downing Street has launched an extraordinary operation to protect UK PM Starmer amid fears among the PM’s closest allies that he is vulnerable to a leadership challenge in the wake of the Budget, according to The Guardian’s Crerar.
- European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.3% after the cash market closed with gains of 1.1% on Tuesday.
- Looking ahead, highlights include German CPI Final (Oct), Italian Industrial Output (Sep), BoC Minutes (Oct), EIA STEO, OPEC MOMR, Speakers including ECB’s Schnabel & de Guindos, Fed’s Paulson, Bostic, Williams, Barr, Waller, Miran, Collins; US Treasury Secretary Bessent. Supply from Germany & US, Earnings from E On, Bayer, Infineon, ABN AMRO, Cisco & On.
SNAPSHOT
Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
US TRADE
EQUITIES
- US stocks mostly 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.
- SPX +0.21% at 6,847, NDX -0.31% at 25,533, DJI +1.18% at 47,928, RUT +0.11% at 2,458.
- Click here for a detailed summary.
TARIFFS/TRADE
- US President Trump said that they are going to lower some tariffs on coffee, according to a Fox News interview.
- Dutch Economy Minister Karremans said he spoke to EU Trade Commissioner Sefcovic about Nexperia and said they are both determined to ensure that supply chains are restored as quickly as possible, while they are committed to securing supply in the semiconductor space and are working closely with European and International partners.
NOTABLE HEADLINES
- US President Trump said US Senate Majority Leader Thune got a big victory in the stopgap funding deal, and they are opening up the country, while Trump said regarding the US House vote to end the government shutdown, that he thinks they will vote positively.
- House Democratic caucus will meet at noon Wednesday in Washington, according to Punchbowl’s Sherman
- US Supreme Court extended the pause on a judge’s order that required the Trump administration to fully fund food aid for 42mln Americans this month amid the federal government shutdown.
- White House is exploring rules that would upend shareholder voting with the Trump admin examining new measures to curb the influence of proxy advisers and index-fund managers, according to WSJ.
APAC TRADE
EQUITIES
- APAC stocks traded mixed with the region indecisive amid light fresh catalysts and as participants digested earnings.
- ASX 200 was rangebound with upside limited as strength in the commodity-related sectors was offset by weakness in tech, telecoms, consumer discretionary and financials, while the latest Home Loans data from Australia firmly topped estimates.
- Nikkei 225 swung between gains and losses and traded on both sides of the 51,000 level in the absence of any key data and following a slew of earnings, including from SoftBank, which is pressured despite reporting a 191% rise in 6-month net, as it also announced a 4-for-1 stock split and that it offloaded its entire stake in NVIDIA.
- Hang Seng and Shanghai Comp were mixed despite the PBoC’s Q3 monetary policy implementation report, in which it reiterated to implement an appropriately loose monetary policy and strengthen the transmission of policy, while an NDRC official recently noted private investment has slowed down this year, and there are challenges in private investment but also flagged a plan to support private investment to flow to high-value service sectors.
- US equity futures held on to recent spoils after the prior day’s intraday rebound on Wall St, which resulted in the Dow posting a record close.
- European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.3% after the cash market closed with gains of 1.1% on Tuesday.
FX
- DXY nursed some of the prior day’s losses after suffering from the weekly ADP report, which unveiled an average loss of 11,250 jobs per week in private employment during the four weeks ending October 25th. Nonetheless, there were very few fresh developments for the US as participants await the House to vote on the funding bill to reopen the government, while there is also a slew of upcoming Fed speakers, with Paulson, Bostic, Williams, Barr, Waller, Miran & Collins all scheduled to give remarks today.
- EUR/USD continued to fade yesterday’s advances after failing to sustain a brief return to above the 1.1600 level.
- GBP/USD was lacklustre after the choppy performance so far this week, which was not helped by higher unemployment.
- USD/JPY eventually climbed to a 9-month high after re-emerging from a brief dip beneath the 154.00 handle.
- Antipodeans lacked direction given the tentative mood in risky assets and a catalyst-light environment.
- PBoC set USD/CNY mid-point at 7.0833 vs exp. 7.1141 (Prev. 7.0866).
FIXED INCOME
- 10yr UST futures pared some of their recent gains after climbing in the aftermath of the weak ADP jobs data.
- Bund futures were rangebound and held on to recent spoils heading into today’s Bund issuances.
- 10yr JGB futures kept afloat but lacked firm direction in the absence of any notable catalysts or tier-1 data releases.
COMMODITIES
- Crude futures took a breather after rallying yesterday amid the turnaround in risk sentiment and Russian refinery attacks, while participants will have to wait an extra day for the latest weekly inventory data owing to Veterans Day.
- IEA’s World Energy Outlook report stated that LNG supplies are to grow 50% or by 300bln cubic meters by 2030, while IEA sees no demand peak for oil before 2050 under the current policies scenario.
- Spot gold trickled following the prior day’s fluctuations as recent weak ADP data spurred some dovish Fed bets.
- Copper futures gradually retreated alongside the indecisive risk tone across the Asia-Pac region.
CRYPTO
- Bitcoin was choppy overnight around the USD 103k level in rangebound trade.
NOTABLE ASIA-PAC HEADLINES
- Chinese President Xi said in a meeting with Spain’s King that China is willing to work with Spain to build a comprehensive strategic partnership that is steadier, while he added that a relationship of trust has been forged between China and Spain.
- RBA Deputy Governor Hauser said their best guess is that monetary policy is still restrictive, and the committee is debating this, while he added that if it turns out they are no longer mildly restrictive, that has important implications for future policy. Hauser also stated that there are some ups and downs in consumption readings, with the central case being for a gradual, modest recovery and noted there are no levels of unemployment that will make the central bank happy.
DATA RECAP
- Australian Home Loans QQ (Q2) 9.6% vs Exp. 2.6% (Prev. 2.0%)
- Australian Owner-Occupied Loan Value QQ (Q2) 4.7% vs Exp. 2.5% (Prev. 2.4%)
- Australian Investor Housing Finance QQ (Q2) 17.6% vs Exp. 4.0% (Prev. 1.4%)
- South Korean Unemployment Rate (Oct) 2.6% (Prev. 2.5%)
GEOPOLITICS
RUSSIA-UKRAINE
- Russian defence units destroyed a Ukrainian drone heading towards Moscow.
- Ukrainian forces have been forced to withdraw from several positions in the Zaporizhzhia region and southeastern front, due to intense Russian assaults, according to a Ukrainian army spokesperson.
OTHER
- Australian PM Albanese said Indonesia and Australia have concluded negotiations on a new bilateral treaty on common security, and if either or both countries’ security is threatened, the treaty commits them to consult and consider what measures may be taken, individually or jointly, to deal with those threats. Furthermore, the treaty commits Australia and Indonesia to consult at a leader and ministerial level on a regular basis on matters of security, while it represents a major extension of existing security and defence cooperation.
EU/UK
NOTABLE HEADLINES
- Downing Street has launched an extraordinary operation to protect UK PM Starmer amid fears among the PM’s closest allies that he is vulnerable to a leadership challenge in the wake of the Budget, according to The Guardian’s Crerar.
1A NORTH KOREA/SOUTH KOREA
NORTH KOREA//USA/
2B JAPAN
3. CHINA
CHINA/USA
This ends detente.Trump angry
(zerohedge)
China Bars U.S. Military From Access To Rare Earths, Increasing Risk Of “Derailing” Trade Truce
Tuesday, Nov 11, 2025 – 06:00 PM
China plans to ease exports of rare earths and other restricted materials to the U.S. through a “validated end-user” (VEU) system that would bar firms linked to the U.S. military while fast-tracking approvals for others, according to a new report from the Wall Street Journal.
The VEU would let Xi Jinping honor his pledge to President Trump to facilitate exports while ensuring materials don’t reach military suppliers. If enforced strictly, the system could complicate imports for U.S. automotive and aerospace companies with both civilian and defense contracts. The plan remains subject to change, sources said.
WSJ writes that rare-earth magnets and similar materials are used in both civilian products—like electric vehicles and jets—and military hardware such as fighters and drones. The proposed VEU mirrors the U.S. version, active since 2007, which allows pre-approved firms to import sensitive goods without individual licenses but requires compliance inspections.
Since April, China has limited rare-earth exports to gain leverage in the trade war. After the Oct. 30 Trump–Xi truce, Beijing pledged to issue general licenses to “ease the flow of controlled materials,” though it appears to be maintaining some restrictions.
Beijing has not specified which companies will qualify or how long VEU approvals will last. Under the U.S. model, similar clearances have been revoked—an issue that has unsettled Beijing. As uncertainty persists, many firms continue to seek non-Chinese sources.
U.S. and European companies have reported reduced access to rare-earth magnets; Chinese exports to the U.S. fell 29% in September despite Beijing’s promises to relax curbs.
Elsewhere, Bloomberg noted that while the U.S. may resume receiving rare earths, added limits on military access “may increase the risk of derailing the current ‘trade truce,’” said Vey-Sern Ling, senior equity adviser at Union Bancaire Privée.
Recall just days ago we noted that China’s deal with the U.S. on rare earths may have “hit a snag”, writing that China was developing a new rare earth licensing system that could speed up exports, though it’s unlikely to fully reverse restrictions as hoped by Washington, according to industry sources cited by Reuters.
Reuters wrote last week that the new regime would simplify approvals compared to the rules introduced in April and expanded in October, which require a license for each shipment and have caused significant delays and shortages. Beijing’s curbs—covering over 90% of the world’s processed rare earths and magnets—have become a key point of leverage in its trade dispute with Washington.
Despite a recent U.S.-China agreement pausing some restrictions for a year, insiders say broader export controls remain in place. General licenses are expected to be harder to obtain for buyers linked to defense or sensitive sectors. Since April, EU firms have filed roughly 2,000 applications, with just over half approved.
We had speculated about how close the deal could be to collapse as recently as last week, and we said that it felt like “‘the cracks in this latest trade deal are already starting to show…”
We concluded that “the game of export whack-a-mole in the second World Trade War continues: today the US is getting rare earths (at least until Trump has another Truth Social meltdown), but just got stopped out on other, just as important materials. This export control rotation will continue until the day the US is self-sufficient, which however due to the abovementioned environmental limitations, will take a very long time…”
end
CHINA/USA
so does this!! Trump will respond by increasing their tariffs hugely
(zerohedge)
China’s Purchases Of US Soybeans Abruptly Stops
Wednesday, Nov 12, 2025 – 08:20 AM
The Trump-Xi trade agreement cooled the tit-for-tat trade war between Washington and Beijing, paving the way for a more stable phase of negotiations. Both sides have made notable concessions: China curbed exports of fentanyl precursor chemicals, and the two countries agreed to suspend reciprocal port fees.
Beijing also launched a flurry of “goodwill” soybean purchases following the summit, but those imports have since stalled, Bloomberg reported. This development casts uncertainty over the trade deal and raises questions about whether it will hold through the end of the year.
Following an initial surge of Chinese buying late last month, agricultural traders told Bloomberg that new orders have abruptly stopped, raising doubts about Beijing’s commitment to the 12 million-ton target set by the Trump administration for the end of the year and the 25 million tons annually thereafter.
“Within the industry, many view the reported commitment by China to purchase 12 million tons of US soybeans to be more of a diplomatic gesture than a firm trade deal,” said Kang Wei Cheang, an agricultural broker at StoneX Group in Singapore.
Rabobank grains and oilseeds analyst Vitor Pistoia believes that China’s aggressive soybean purchases from South American countries earlier this year may suggest it has already met much of its demand, reducing the need for U.S. beans.
Chinese crushers may import only a few million tons through early 2026 to bridge the gap before Brazil’s new crop arrives, far short of U.S. Treasury Secretary Scott Bessent’s projections…
One issue for Chinese buyers is that American beans are subject to a 13% tariff and priced above Brazilian spot prices. This would mean yield losses for processors.
State-owned Chinese firms made the latest U.S. soybean purchases, likely intended to build strategic reserves rather than supply the commercial market. The next challenge is enforcement: how can the Trump administration ensure that China follows through on its commitments to buy U.S. agricultural goods, especially as the Supreme Court is soon set to rule on the fate of Trump’s tariffs?
The likely answer is sanctions.
end
CHINA
very suspicious!!
Chinese-Owned Trailer Park Near US Stealth Bomber Base Linked To Suspicious Vancouver Activity
Tuesday, Nov 11, 2025 – 08:55 PM
Submitted by The Bureau’s Sam Cooper,
A sprawling U.S. investigative report has placed a Richmond, B.C., couple already identified in a high-profile Chinese-diaspora repression case at the center of an even more explosive national-security controversy south of the border: they are linked to a web of shell companies that own a trailer park beside Whiteman Air Force Base in Missouri — home to the B-2 Spirit stealth bomber and launch point for the June 2025 strike on Iran’s nuclear facilities.
The same couple are named in B.C. court filings and appear in video evidence from a saga outside Vancouver journalist Bingchen Gao’s home, where activists aligned with Miles Guo — a New York–based tycoon with reported Chinese intelligence ties — staged repeated demonstrations in a siege-like campaign.
Taken together, the property records unearthed by the Daily Caller News Foundation, along with court and corporate documents reviewed by The Bureau to verify the American reporting, outline a cross-border pattern of potential Chinese state activity, echoing past cases of high-profile actors using Vancouver as a base for operations into the United States.
Raising the stakes, The Bureau has also identified a former Vancouver business entity tied to the couple, involved in hard-rock lithium exploration in Canada’s Northwest Territories — an alarming detail suggesting their network could intersect with China’s drive for critical minerals supply chains in North America.
The real estate thread south of the border is clear. Missouri business and environmental filings assembled by investigative reporter Philip Lenczycki show the Knob Noster Trailer Park is registered to Property Solutions 3603 LP, with a state operating permit locating the property directly north of Whiteman — roughly a mile from the runway. Companion filings in Utah and Georgia connect similarly named entities to the Richmond residents, Esther Mei and Cheng Hu. The couple, who share a Richmond home according to court documents, did not respond to repeated requests for comment, Lenczycki reported.
A former CIA operations officer said such thinly veiled ownership structures are typical of state-linked activity, including the use of foreign nationals to place assets near critical infrastructure. Bryan Dean Wright, a former CIA officer, told the Daily Caller there was “zero chance a Chinese couple from Canada rolled into Knob Noster and saw a strictly financial investment in a dumpy plot of land,” arguing that the trailer park “would hypothetically give Xi Jinping a range of options to wreak havoc.”
Wright’s assessment is not proof of wrongdoing, but his conclusion aligns with patterns previously reported by The Bureau.
At a recent hearing in Washington, D.C., Oklahoma Bureau of Narcotics Director Donnie Anderson told lawmakers that investigations into PRC-linked cannabis operations have uncovered claims of Chinese government interests strategically purchasing property near sensitive U.S. infrastructure — including a munitions plant in Oklahoma supplying a large share of the Pentagon’s heavy weapons.
Across North America, cases of PRC-linked farmland acquisitions are moving from headlines to court filings and prompting calls for official investigations. The Bureau has reported on major land purchases in Prince Edward Island allegedly tied to Beijing’s United Front network, and on the premier’s subsequent call for RCMP and FINTRAC investigations.
What brings the Richmond couple’s story into sharper focus for Canadian readers is the series of incidents outside Bingchen Gao’s home in 2020 and 2023.
Reporting on charges against Miles Guo in 2024, Global News in British Columbia wrote that demonstrators clad in New Federal State of China clothing protested outside Gao’s home for 77 days in 2020 and returned in January 2023. The outlet noted the group “would say little… save calling Gao’ very dangerous’ and calling for his expulsion from Canada.”
In an earlier case, the Chinese journalist Gao fought a high-profile defamation battle with Vancouver developer Miaofei Pan, a leader of the Canadian Alliance of Chinese Associations (CACA) — which former PRC diplomat Chen Yonglin has publicly described as operating at a “controlling level” of the United Front Work Department in B.C. Pan and another CACA leader dispute that characterization, but they have also been questioned by the RCMP in probes into alleged PRC “police station” activity in Richmond, where no charges have been laid.
Pan, a prominent Liberal donor, was featured in The Globe and Mail’s reporting on wealthy Chinese immigrants hosting fundraisers attended by Prime Minister Justin Trudeau. In his defamation case against Gao, Pan was awarded $1 in damages after B.C. Supreme Court Justice Neena Sharma rebuked his conduct, writing that she had “serious concerns” about his credibility.
In the subsequent Surrey neighborhood-siege case, civil pleadings and video evidence show Gao alleging an extended campaign by New Federal State of China demonstrators, including Esther Mei and Cheng Hu, outside his residence, followed by online amplification.
Gao’s claim states that from September 15, 2020, to December 3, 2020, and from January 20 to 25, 2023, the defendants appeared in front of his home, holding signs declaring “Gao Bingchen is a spy of the Chinese Communist Party.” The filing names several individuals, including the Richmond couple linked to the Missouri trailer park.
With this network’s legal connections to Miles Guo — also established in B.C. court records reviewed by the Daily Caller — the rabbit hole deepens. The NFSC formally launched in 2020, and Guo was convicted in New York in 2024 in a billion-dollar fraud case. A U.S. bankruptcy adversary filing lists Vancouver Sailing Farm Ltd. among defendants, a documented Canadian arm within the Guo-linked network. Guo has publicly described intelligence “affiliations” and proximity to senior Chinese security figures.
As I reported in Wilful Blindness (pp. 72–78), fugitive smuggling tycoon Lai Changxing — who migrated to Vancouver and was long alleged by police to have Big Circle Boys ties — operated within a PLA military-intelligence milieu overseen by Maj. Gen. Ji Shengde, later purged amid the Yuanhua scandal. U.S. fundraiser Johnny Chung testified that Ji directed $300,000 toward the 1996 Clinton campaign, and Miles Guo has claimed close ties to both Lai and Ji, saying he was asked by Ji to assist the PLA’s 2nd Department — a characterization he later repeated in interviews describing himself as an “affiliate” of Chinese state security.
If the Missouri trailer-park findings ultimately confirm Chinese-state adjacency through direct links to Vancouver-based property owners, they would fit a well-established Canadian pattern.
Historian Dennis Molinaro’s Under Assault traces how Beijing has repeatedly used Canada as a staging ground to reach its true strategic target — the United States. He charts a progression from political influence and industrial theft to targeted scientific infiltration, often leveraging patriotic sentiment and financial inducements within the overseas Chinese diaspora.
The book revisits Su Bin’s Boeing-theft case from Vancouver and a Toronto conduit for U.S. Tesla battery IP — both examples where Canadian enforcement followed only after U.S. intervention.
Su Bin — arrested in Richmond, B.C., in 2014 and later extradited — admitted conspiring with China-based accomplices tied to the People’s Liberation Army to hack major U.S. defense contractors for export-controlled data on flagship air programs, including Boeing’s C-17 Globemaster III and, by tasking, the F-22 and F-35 stealth fighters. He pleaded guilty in March 2016 and was sentenced to 46 months that July, with the plea acknowledging a years-long operation to steal sensitive military information and transmit it to China in violation of computer-intrusion and Arms Export Control statutes.
As former FBI agent Justin Vallese — cited by Molinaro — said after Su Bin’s conviction, he “didn’t know how many Su Bins there are.”
END
CHINA
this is deadly
China May Have Just Cracked The Code On An Outer Space Particle Beam
Tuesday, Nov 11, 2025 – 11:00 PM
As if nuclear armageddon down here on Earth wasn’t enough to worry about…China could soon be readying particle beams from outer space.
Particle beams — streams of high-speed atoms or subatomic particles — have long been the holy grail of space warfare. The concept sounds simple: zap an enemy satellite with a beam so intense it melts or fries the target. Reality, however, has been less cooperative — mainly because of power, according to the South China Morning Post.
Building such a weapon means delivering megawatts of energy with microsecond precision, a combo engineers usually describe as “pick one.” Systems that are powerful are clumsy; systems that are precise can’t handle the juice.
But Chinese scientists now claim they’ve solved this decades-old physics headache. In a study published in Advanced Small Satellite Technology, a team led by Su Zhenhua of DFH Satellite Co. unveiled a prototype power system that reportedly hits both marks — high power and pinpoint control.
Their device pushed out 2.6 megawatts of pulsed power while keeping synchronization accuracy to 0.63 microseconds. “Existing pulsed power supplies typically have an output power of less than 1 megawatt and synchronisation control accuracy worse than 1 millisecond,” Su’s team wrote.
SCMP writes that the researchers said more juice was needed because “devices like electromagnetic jamming warfare simulators and particle beam systems demand extremely high instantaneous power.” The prototype, they added, “solves the problems of insufficient power supply and degraded control accuracy.”
Instead of relying on miracle materials, the team redesigned the entire system — from solar-fed capacitors to ultra-precise discharge control — ensuring all 36 power modules fire within 630 nanoseconds of each other. The result: 2.59 MW of clean, square-wave pulses, perfect for particle accelerators, lasers, or any other “definitely not weapon” applications.
While the paper highlights peaceful uses — laser comms, ion thrusters, radar — the timing is hard to miss. With the U.S. expanding its Starlink and Starshield constellations, China’s interest in space-based power systems seems less about better weather forecasting and more about keeping pace in the orbital arms race.
Whether the system can survive space’s brutal environment — radiation, vacuum, temperature swings — is still unclear. At least for now, China’s latest power breakthrough may be less “Death Star ready” and more “promising PowerPoint slide.”
END
CHINA
he is probably correct: AI will wipe out most jobs in 20 to 30 years
(zerohedge)
China’s DeepSeek Issues Rare Warning Of An Incoming AI-Fueled Jobpocalypse
Wednesday, Nov 12, 2025 – 07:45 AM
At the World Internet Conference in Wuzhen, DeepSeek senior researcher Chen Deli made a rare public appearance late last week, warning that artificial intelligence could wipe out most jobs within the next 10 to 20 years. For our readers, this warning sounds very familiar; we’ve been highlighting the same “jobpocalypse” scenario for years, including in our March 2023 report, “AI Will Lead to 300 Million Layoffs in the U.S. and Europe.”
“This will shake society to its core,” Deli told the audience at the state-backed industry conference last Friday.
He urged AI companies to act as “whistleblowers,” warning the public about the massive labor disruptions ahead.
Deli described the current period as a “honeymoon phase“, a brief window where AI enhances productivity without replacing too many workers, but cautioned that once it ends, mass job losses will begin to accelerate.
He added, “Tech companies should play the role of guardians of humanity, at the very least, protecting human safety, then helping to reshape societal order.”
DeepSeek’s labor market warning comes amid worsening youth unemployment and a lackluster post-pandemic economic recovery in China. Official figures show youth unemployment peaked at 21.3% in mid-2023 before authorities halted publication of the data.
Founded in 2023, DeepSeek jolted the stock market earlier this year, especially AI US stocks, after unveiling a low-cost model that is at a fraction of the cost of ChatGPT’s o1.
In the U.S., the latest Challenger, Gray & Christmas jobs data showed that AI-related job losses have already begun.
Here’s a snippet from the report:
- In October alone, Cost-Cutting was the top reason employers cited for job reductions, responsible for 50,437 announced layoffs. Artificial Intelligence (AI) was the second-most cited factor, leading to 31,039 job cuts as companies continue to restructure and automate. AI has been cited for 48,414 job cuts this year.
In mid-October, UBS analyst Nana Antiedu cited Richmond Fed President Thomas Barkin’s remarks at the Aiken Chamber of Commerce in South Carolina, which revealed that AI’s impact on the labor market is already underway.
Circling back to our March 2023 report outlining the incoming jobpocalypse…
What’s critical in the U.S. is that Gen Z and millennials are not only financially strained but also stand to be hit hardest by the coming wave of AI-driven job losses. The Trump administration must recognize this and, to counter the disruption, focus on creating real opportunities and restoring affordability for these generations. If it fails, there’s a growing risk that these cohorts will be sucked into socialist and Marxist movements within the Democratic Party, which promise voters “free stuff” while squandering the nation’s inheritance toward collapse.
Affordability and opportunity, particularly for the youth, will be major political themes in the year ahead.
4 EUROPEAN/NATO AFFAIRS
GERMANY
BROOKE/REMIX
Most Germans correctly oppose the combusion engine ban
(Brooke/ReMix)
Most Germans Oppose Combustion Engine Bans And Meat Reduction Measures To Save The Planet
Wednesday, Nov 12, 2025 – 05:00 AM
Authored by Thomas Brooke via Remix News,
A majority of Germans oppose key government climate protection proposals such as banning combustion engines, restricting meat consumption, or imposing flat-rate taxes on air travel, according to a YouGov poll conducted shortly before the 30th UN Climate Change Conference in Belém, Brazil.
The survey suggests that citizens are more likely to back environmental measures that either benefit them directly or avoid placing major financial burdens on households.
As reported by Stern, 69 percent of respondents said they opposed a ban on diesel and petrol vehicles, while 68 percent were against limiting weekly purchases of meat and dairy products, while 56 percent rejected the idea of higher air travel costs through a flat-rate ticket tax.
Conversely, strong majorities supported subsidies for energy-efficient housing (69 percent), measures to strengthen domestic production (71 percent), bans on single-use plastics (69 percent), and higher taxes on high-emission companies (66 percent).
The German government has pledged to reach climate neutrality by 2045 — sooner than many industrialized nations—but its progress in reducing emissions has slowed, particularly in the transport and housing sectors.
According to the survey, while most Germans agree that climate change is a serious issue and largely caused by human activity, the willingness to change personal behavior remains limited.
Only around a quarter of those surveyed said they would voluntarily reduce air travel or meat consumption, or switch to an electric car.
Even fewer expressed willingness to stop eating animal products altogether or to buy only second-hand clothing. Measures that are convenient or low-cost — such as avoiding single-use plastics or adding greenery to balconies — were far more popular.
Despite a reluctance to alter lifestyles, 46 percent of Germans believe the worst effects of climate change can still be prevented if drastic changes are implemented, while 16 percent think the status quo is sufficient, and 15 percent believe it is already too late to avert the crisis.
Concern about global warming has nonetheless declined: 63 percent say they are worried about the issue, the lowest figure for two years, as global conflicts, inflation, and energy prices take center stage.
END
UK/EU
THEY SHOULD STAY AWAY FROM THEM JUST MAKE UP YOUR OWN MINDS ON DEFENSE.
(zerohedge)
UK Balks At EU Demand Of Nearly $8BN To Join European Joint Defense Fund
Wednesday, Nov 12, 2025 – 09:05 AM
Early this week the UK government rejected a request from the European Commission for up to €6.75 billion ($7.8 billion) to join the EU’s flagship defense program, which marks a significant setback for post-Brexit relations under Prime Minister Keir Starmer and seen as another blow to European unity in efforts to counter Russia.
The European Commission reportedly proposed that the UK contribute between €4 billion and €6.5 billion to take part in the Security Action for Europe (SAFE) initiative, and pay in an additional €150 million to €250 million in administrative fees.
“We will only agree to deals that deliver value for the UK and its industry,” the UK government said in a statement of ongoing, secretive discussions. “Nothing has been finalized, and we will not provide a running commentary on ongoing discussions.”
British defense companies could gain access to the €150 billion SAFE program if an agreement is reached, which is seen as a vital part of the EU strengthening collective defense readiness. A few select non-EU countries including the UK and Canada, and even Turkey, are invited to participate.
Confirmation of Britain’s stance, which sees the European Commission’s proposed fees as far too high, also came in recent Financial Times reporting, which described:
European Commission president Ursula von der Leyen dodged a meeting with the UK prime minister at COP30 in Brazil about Brussels’ demand that London pay billions of euros to secure improved ties.
Sir Keir Starmer sought the meeting to complain about EU demands that the UK pay up to €6.5bn to participate in a loans-for-weapons program and make separate contributions to the EU budget, according to two people briefed on the situation.
A UK official in follow-up said, “We weren’t trying to pin her down to talk about this specific issue. In the end they didn’t end up meeting. He hasn’t spoken to her for a while.”
A mere six months there was a high-profile summit (in May) which was widely seen as a formal “reset” in EU-UK relations. One top EU diplomat was quoted in FT as saying, “Europe’s defense naturally includes the UK.”
Bids for projects under the SAFE program are due by November 30, with intense discussions expected between the UK and EU sides to be ongoing until that point.
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
TBN ISRAEL/LAST 24 HR
ISRAEL VS HAMAS/USA
US Mulls Major New Base Near Gaza For ‘Stabilization Operations’
Tuesday, Nov 11, 2025 – 04:40 PM
The United States is reportedly planning to establish a major military base near Israel’s border with Gaza, Israeli sources as well as Bloomberg are reporting.
Israeli officials familiar with initial discussions said the facility would serve international forces stationed in Gaza to help uphold the current Trump-brokered ceasefire and could accommodate several thousand troops. The site would be big enough to host a significant American military presence and support future international stabilization operations, and would be a significant extension of Civil-Military Coordination Center (CMCC) in Kiryat Gat.
But unlike the current coordination center, this would support many thousands of international forces and not just the few hundred staffing the CMCC currently.
The proposed base would have the aim of strengthening American influence on the ground, allowing Washington to manage developments in Gaza more independently, the Israeli reports say.
However, the Israel Defense Forces (IDF) have not acknowledged any such planning, suggesting these ideas are just at the conception phase, amid speculative reports.
Bloomberg says it would host 10,000 people and would be established “near Gaza”, while Responsible Statecraft says it would be a half-billion dollar endeavor:
The proposed base, which would reportedly cost $500 million and be capable of housing thousands of U.S. troops, would dramatically expand the American military’s presence in Israel. The plan also bolsters speculation that the Trump administration hopes to play a hands-on role in the stabilization and reconstruction of Gaza following reports about Washington’s growing contributions to aid provision and even housing development in the war-torn region.
The local Palestinian population would without doubt see this as another act of US hegemony in the Middle East, and as a way the bolster Israel’s occupation of Palestinian lands. They would also be wary of Trump’s so-called Gaza Riviera plans floated early in the administration.
Annelle Sheline of the Quincy Institute has weighed in following the reports, point out that “Trump ran successfully on ending the forever wars in the Middle East.“
Stark images of Gaza lying in rubble after two years of Hamas-Israel war…
However, “Building a U.S. military base in historic Palestine is antithetical to the America First foreign policy he was elected to implement,” Sheline said. She noted too this could endanger American troops and increase “the possibility that the US will take over Israel’s illegal occupation of Palestine, potentially bogging us down in the region indefinitely.”
The Trump White House has consistently pledged ‘no boots on the ground’ in Gaza amid the peace deal, but a large US base would certainly be a big step closer to violating that promise. Such mission and scope creep is an unfortunate pattern of US actions in the Mideast, spanning decades.
end
ISRAEL VS HAMAS
no country wants them!!
Israel, US reach deal to deport 200 terrorists from beyond Yellow Line in Gaza
Notably, no country has agreed to take the Hamas terrorists in after they are deported.
A Hamas terrorist gestures as people gather around an ambulance carrying a body retrieved from a tunnel in an area north of Khan Yunis in the southern Gaza Strip, October 28, 2025(photo credit: BASHAR TALEB/AFP VIA GETTY IMAGES)ByAMICHAI STEIN, JERUSALEM POST STAFFNOVEMBER 11, 2025 18:43Updated: NOVEMBER 12, 2025 12:20
Israel and the United States on Tuesday reached a significant compromise, agreeing on the deportation of some 200 Hamas terrorists, currently hiding in tunnels within an IDF-controlled Yellow Line in Rafah, The Jerusalem Post has learned.
This agreement comes as part of ongoing efforts to eliminate Hamas’s presence in the region.
However, despite the arrangement, no country has yet agreed to accept the deported individuals, leaving a key aspect of the deal unresolved.
Netanyahu met with Kushner in Jerusalem to discuss Gaza, Hamas disarmament
This decision follows Prime Minister Benjamin Netanyahu’s meeting with special envoy and son-in-law of US President Donald Trump, Jared Kushner, at his Jerusalem office.
They also discussed disarming Hamas, demilitarizing Gaza, and ensuring Hamas has no role in Gaza ever again.
Kushner had arrived in Israel on Sunday for talks with Netanyahu on implementing the US plan to end the Gaza war, a source familiar with the matter said. Envoy Steve Witkoff is expected to arrive and join the talks as well.
Netanyahu met with Witkoff and Kushner just last month to discuss developments and updates in the region.
US officials also made it clear in recent days that they want to resolve the issue of Hamas terrorists in the tunnels, saying that they “think [the terrorists] should get free passage, after Goldin’s release.”
The Israeli government spokesperson told Reuters that any decision on trapped Hamas fighters will be made in collaboration with the Trump administration.
Maariv and Reuters contributed to this report.
ISRAEL VS HEZBOLLAH
RUSSIA VS UKRAINE
UKRAINE
FIGURES!!
$100 Million Corruption Scandal Rocks Ukraine; Zelensky Associate Flees Country Before Police Raids
Wednesday, Nov 12, 2025 – 07:20 AM
In yet another sign of the rampant corruption in Ukraine, Ukrainian security forces raided the apartment of Timur Mindich, a businessman associated with President Volodymyr Zelensky. However, the oligarch had already left the country just hours before, likely after being tipped off by an insider.
Ukraine’s National Anti-Corruption Bureau (NABU) says that $100 million is believed to have been siphoned off due to a “money laundering operation,” and other associates were involved.
The 15-month investigation featured 1,000 hours of wiretapping and resulted in 70 raids, according to NABU.
There are numerous reports speculating that Mindich, who has close connections to Israel and just celebrated his birthday there, fled to Israel, but so far, most media reports do not disclose his destination country.
In a statement, NABU indicated that several individuals had formed a criminal gang and built “a large-scale corruption scheme to influence strategic enterprises in the public sector, in particular Energoatom.”
The scheme involved forcing Energoatom’s counterparties to pay kickbacks of approximately 10 to 15 percent of contract values in order to avoid having payments for services or goods blocked, or possibly losing their status as suppliers, the bureau reported.
NABU indicated that the raids and arrests were a part of an operation code-named “Midas,” with the initial investigations already launched in 2024.
“Particular attention was paid to cryptocurrencies. Most operations, including cash withdrawals, took place outside Ukraine. For example, during foreign delegations of representatives of state bodies and the management of state-owned energy sector enterprises,” NABU notes.
Zelensky’s deep ties with potential fugitive
In a sign that Ukraine’s love affair with Zelensky may be over, the Kyiv Independent is detailing how deeply entwined Zelensky is with Mindlich, writing:
Mindich, 46, is from the city of Dnipro in central Ukraine. He is a film producer and former business partner of Ukrainian oligarch Ihor Kolomoisky.
He reportedly has links to Israel. Mindich celebrated his birthday in Israel in September, returned to Ukraine in mid-October and then went to Israel again, according to Ukrainska Pravda’s sources.
Mindich is also a long-time friend of Zelensky, with whom he co-owned production company Kvartal 95 until Zelensky transferred his stake to partners after being elected president in 2019.
Mindich also co-owns Green Family Ltd, a Cypriot firm that co-founded film production companies in Russia, according to Radio Free Europe/Radio Liberty (RFE/RL).
Kolomoisky told Ukrainska Pravda in 2022 that Mindich had introduced him to Zelensky before he became president.
In 2019, Zelensky drove an armored car provided by Mindich, RFE/RL reported.
Notably, Zelensky ran into serious hot water with the entire European Union when he attempted to eliminate NABU’s independence, which sparked outrage in Brussels. At the time, it sparked the first large-scale protests in the city since the war broke out. Zelensky was forced to backtrack, but the investigation into his associate may have played a vital role in Zelensky’s efforts to neuter NABU.
As part of the investigation, NABU and the Special Anti-Corruption Prosecutor’s Office (SAP) released excerpts from audio recordings featuring conversations between individuals using the pseudonyms “Rakieta,” “Tenor,” and “Karlson.” They discussed investments in the energy sector, the distribution of bribes, and potential personnel changes within the Ministry of Energy and Enerhoatom itself.
According to reports from the website “Ukrainska Pravda,” the suspects include Mindich as well as Justice Minister Herman Halushchenko, whose home was also searched. He previously served as energy minister.
“This morning, an extraordinary session of the government was held. A decision was made to suspend Herman Halushchenko from performing the duties of the minister of justice,” Svyrydenko said in a statement.
President Volodymyr Zelenskyy addressed the matter in his evening address, emphasizing the need to hold those responsible accountable.
“All effective measures against corruption are crucial. The certainty of punishment is essential.
Enerhoatom currently provides the largest share of energy production in Ukraine. Cleanliness at this company is a priority,” Zelenskyy said.
Already, three in four Ukrainians believe Zelensky is at fault for corruption in the country. This latest case is sure to ramp up pressure on his regime, which refuses to hold elections.
According to a survey conducted by the Foundation for Democratic Initiatives and the Kyiv International Sociological Institute, with the support of the Prague Center for Civil Society, 77.6 percent of Ukrainian respondents blame the Ukrainian leader for endemic corruption.
Notably, Hungarian Prime Minister Viktor Orbán is coming under fire from the EU for refusing to move forward with Ukraine’s EU membership, despite the fact that it is rife with corruption, is currently engaged in a war with Russia, and has abandoned democracy long ago, including canceling opposition parties, refusing to hold elections, and shutting down numerous media outlets.
Russia gleeful after mass raids
Russia recognizes how embarrassing the raids on Zelensky’s associate are and how potentially dangerous they are for his continued rule.
Vladimir Rogov, chairman of the Commission of the Civic Chamber of the Russian Federation, stated that “Mindich is one of Zelensky’s main wallets, but not the only one. Now there is a surge of panic and fear in Zelensky’s entourage. And troubled times are coming for Zelensky himself.”
He described “panic” inside Zelensky’s regime, and he said that his entourage is now accusing NABU of working with Russia.
“It will look doubly ridiculous. NABU is a purely American tool for controlling funds and combating Zelensky’s exorbitant thievish appetites,” Rogov said.
END
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE
An alliance of murderers
(RealClear politics)
New Alliance, Old Scandal: The COVID Failure Haunting Hochul
Tuesday, Nov 11, 2025 – 05:00 PM
Authored by J.T. Young via RealClearPolitics,
Recently Gov. Kathy Hochul announced that New York was joining 14 other states in a “nonpartisan initiative” (though all 15 states have Democratic governors) called the Governors Public Health Alliance, a “coordinating hub for governors and their public health leaders and a unified, cross-state liaison with the global health community. The Alliance also provides a platform for governors to exchange best practices, align policies, and coordinate on issues like vaccine access, emergency response and health security.”
Despite claiming the GPHA is “nonpartisan,” Hochul’s press release is anything but: “From undermining vaccine access and abortion rights to slashing billions in Medicaid funding from those in need, the federal government is wreaking havoc on public health and the institutions we rely on.”
Hochul’s announcement also states: “This new Alliance builds on New York’s ongoing work to protect access to public health and scientific information amidst ongoing attacks from the federal government.”
Finally, the press release burnishes GPHA’s credentials by stating: “The Alliance is advised by leading public health experts, including former CDC Director Dr. Mandy Cohen,” as well as others.
All these platitudes of partisanship and self-promotion are par-for-the-course for a governor seeking reelection. However, for New York in general, and Hochul in particular, they are the height of hypocrisy.
By harping on being above politics, adhering to best health care practices, promoting vaccines, protecting public health, relying on scientific information, and following CDC expertise, Hochul’s announcement resurrects the ignominious role New York played during the pandemic: specifically, the Cuomo-Hochul administration’s decision to admit potentially COVID-positive patients into the state’s nursing homes – among the worst decisions made by any state during the pandemic.
In doing what it unconscionably did, the Cuomo-Hochul administration violated everything its press release on the GPHA is now touting. It did so in March 2020. Over the following months, it sought to cover up the number of deaths its horrendous policy caused. Then after Hochul became governor, following Cuomo’s resignation in disgrace (and looming conviction on sexual harassment), the Hochul administration stonewalled an investigation by the U.S. House of Representatives’ Select Subcommittee on the Coronavirus Pandemic – doing so for months. Even after the Hochul administration delivered documents, it used every means to ensure it failed to deliver the real information the subcommittee sought.
For those who may have forgotten exactly how bad New York’s actions were regarding nursing homes during the pandemic, the Select Subcommittee summed it up in its Dec. 2, 2024, final report: “Age and comorbidities were the most important risk factor for predicting hospitalization and death from COVID-19. This fact was known by then-Gov. Andrew Cuomo in the earliest days of the pandemic. Despite knowing the threat COVID-19 posed to the elderly, the Cuomo administration issued the March 25 directive that ordered potentially COVID-positive nursing home residents be admitted or readmitted to a nursing home and prohibited testing.”
Sadly, the predictable results from such a disastrous policy occurred: Well over 15,000 nursing home patients died in and out facilities. Of course, the Cuomo administration attempted to count far fewer. The Foundation for Research on Equal Opportunity found “A comprehensive new analysis indicates that the Cuomo administration undercounted nursing home deaths by 68%.”
The FREOPP report stated: “While New York was not counting the number of long-term care residents who died of COVID-19 in hospitals, the state appeared to be outperforming other states along the Acela Corridor. But after accounting for such residents who died in hospitals, New York experienced nursing home and assisted living fatalities comparable to states such as Massachusetts, New Jersey, and Rhode Island, who were among the hardest hit. This is in part due to policy decisions by those states that discharged seniors with active COVID-19 infections from hospitals to LTC facilities.”
Amazingly, Cuomo was touting New York’s low death rate in its nursing homes: “You look at the nursing home deaths in this state,” Cuomo said. “Do you know what number we are by percentage before you made that statement? We’re No. 46 out of 50 states, and we had the worst problem, and we’re 46th in terms of percentage of deaths in nursing homes.”
Bad as cause and outcome were, the Cuomo-Hochul administration compounded it, trying to hide the excessive deaths by fudging the numbers. Said the Select Committee report: “The Cuomo Administration sought to cover-up the impact of the March 25 Directive by continually altering the methodology of how nursing home fatalities were counted and by repeatedly asserting the March 25 Directive followed federal guidance …” Needless to say, the March 25 directive did not follow either CMS or CDC guidance.
Apologists wishing to sweep these actions to the past or to Cuomo alone should be aware that the story did not stop there.
After Hochul became governor following Cuomo’s August 2021 resignation, her administration was repeatedly asked for information regarding the March 25 Directive and its “cover-up.” According to the Select Subcommittee report, “Kathy Hochul promised to be ‘fully transparent’ regarding COVID-19 in nursing homes.”
In understatement, the Select Subcommittee’s report stated that Hochul’s administration “was not fully transparent regarding the former-Cuomo Administration’s failures.” Instead, it took three letters, eight months, and a subpoena before any information was delivered. Even then, the documents were “incomplete and substantially redacted – often, without apparent legal basis. Further, there are responsive documents the Select Subcommittee knows exist – through public reporting and witness testimony – that were not included…”
Hochul’s role in the initial New York nursing home directive and “cover-up” is unknown. Perhaps without the “substantial” redactions and with the “withheld thousands of pages of responsive documents pursuant to tenuous legal privileges,” things would be more clear. But her role since taking office is quite clear: to bury the past.
All of this is supremely hypocritical now that Hochul is using COVID, vaccines, and following federal guidance in her announcement for a transparently political stunt. For five years, two New York administrations have tried to hide what occurred in that state’s nursing homes – one of the pandemic’s worst scandals. And as a capper, “two other states … had orders similar to New York’s March 25 Directive.” Those states were New Jersey and Pennsylvania; both are also in the new GPHA.
In their haste to play politics, these governors should have taken a closer look at history – their own pandemic histories. Gov. Hochul should also be hoping New York voters do not take close look at a scandal that has still not been fully revealed.
GLOBAL ISSUES
MARK CRISPIN MILLER
Three Dog Night delays 2 shows; CA: Canadiens’ Roger Grillo has cancer; UK: Davina MacCall has breast cancer; DE: Fotog Jan Grarup has big brain hemorrhage; biker Simon Dalby has blood clots in brain
Elaine Hendrix (“Dancing with the Stars”) rushed to hospital during rehearsals; TN state official Lizzette Reynolds has cancer; PA: Former PM Shahid Khaqan Abbasi in hospital after heart attack; more
| Mark Crispin MillerNov 11 |
Cancelations:
UNITED STATES
Three Dog Night postpones two shows
November 5, 2025
News from Underground by Mark Crispin Miller is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Hello Three Dog Night Fans. It is with deep regret that we announce that Three Dog Night has postponed their Saturday, November 8, performance [in Tiffin, Ohio]. The new date is January 17, 2026. Your tickets will be honored at that performance. You will not need new tickets. At 2:00 PM Wednesday afternoon, The Ritz Theatre was contacted by the band’s management notifying us of the decision to postpone the performance. Here is a message from the band’s founder and lead singer, Danny Hutton: “Three Dog Night is postponing their shows this weekend in Tiffin, OH, (November 8) and Jackson, MI (November 9). We have a brand new show that we’ve put together over the past couple months and, unfortunately, a musician in a critical role can’t travel due to an unexpected health situation,” explains Danny Hutton, the band’s founder and lead singer.
No URL (sent in by a reader)
Celebs:
UNITED STATES
‘Dancing with the Stars’ contestant Elaine Hendrix rushed to hospital on stretcher during rehearsals
October 29, 2025
Elaine Hendrix [54] was rushed out of the “Dancing with the Stars” ballroom on a stretcher after suffering a rib injury just hours before her live performance. During Tuesday’s episode of the dance competition show, Hendrix’s pro partner, Alan Bersten, revealed that the “Parent Trap” star was taken to the hospital during rehearsals after suffering an injury that left her unable to move. During their opening package, Hendrix — who was set to perform an Argentine tango to “Bad to the Bone” by 2WEI and Bri Bryant — said in her confessional that she was “feeling bad to the bone.”
Tennessee Education Commissioner Lizzette Reynolds undergoing cancer treatment
November 8, 2025
Tennessee Education Commissioner Lizzette Reynolds has been diagnosed with cancer and is undergoing treatment, the Department of Education confirmed Nov. 6. “Commissioner Reynolds is receiving excellent care from her team of doctors after an early cancer diagnosis and is responding well to treatment,” said TDOE spokesperson Ricki Collins. “She remains engaged with her work and appreciates the continued support and respect for her privacy at this time.” Gov. Bill Lee appointed Reynolds to lead the department in 2023.
No age reported.
CANADA
Canadiens coaching consultant Roger Grillo battling cancer
November 8, 2025
The Canadiens announced Saturday morning coaching consultant Roger Grillo [61] has cancer. “The Canadiens organization learned in the past weeks that coach consultant Roger Grillo is battling cancer,” the team said in a statement. “Our thoughts and prayers are with our colleague and our friend. We stand with him and his loved ones during his fight. We fight for Roger.” The Canadiens hired Grillo last September ahead of the 2024-25 season. Grillo was an assistant coach under head coach Mike Gilligan at the University of Vermont when Canadiens head coach Martin St. Louis was a player there for four seasons, starting in 1993-94.
UNITED KINGDOM
Davina McCall reveals breast cancer surgery
November 8, 2025
Television presenter Davina McCall has revealed she underwent surgery for breast cancer nearly three weeks ago. In a video posted to her Instagram account, the Comic Relief host said she was “very angry” by the discovery but feels in a “much more positive place”. McCall, 58, said she found a lump in her breast after checking herself and got it examined, adding: “It was very, very small, so I got it very, very early which is incredibly lucky. But I am so relieved to have had it removed and to know that it hasn’t spread.” It comes a year after McCall underwent surgery to remove a rare brain tumour. A colloid cyst was found during a health check-up as part of her menopause advocacy work and McCall later said she was given the all clear after MRI scans.
DENMARK
Photographer Jan Grarup suffered a major brain hemorrhage
October 30, 2025
The brain hemorrhage hits Jan Grarup after a time when he has been the center of a highly controversial podcast. This is what his children Elias, Viola, Marikka and Olivia Sekjær Grarup say in a post on Facebook. “On behalf of our father, Jan Grarup: A few weeks ago, our father suffered a major brain hemorrhage, which he fortunately survived,” reads a post on Jan Grarup’s Facebook page. The children thank the doctors who have helped Jan Grarup and write that he will now undergo a longer “hospital and rehabilitation course.” 56-year-old Jan Grarup is a war photographer and has won many Danish and international awards for his coverage of the world’s hot spots.
Link
Serious situation in Uno X: Danish rider Simon Dalby hit by 2 blood clots in the brain
October 28, 2025
A serious incident has hit the Norwegian cycling team Uno X. The team reports that one of its riders suffered two minor blood clots in the brain last week. The 22-year-old Dane, Simon Dalby, has been part of Uno X since 2022 and was promoted from the development team to the Pro Tour squad before this season. The episode comes as a shock to the team, which has had several Danish profiles in the stable in recent years. Although Dalby must stay off the bike for the time being, everything indicates that he has escaped unharmed. The coming period will be one of rest, rehabilitation and thorough examinations – with the hope that he will soon be able to continue his promising career again. The team also emphasizes that the young Dane will undergo further medical examinations that will hopefully determine why the blood clots occurred. The results will form the basis for a plan to prevent it from happening again.
ITALY
Alarm in the Under-19 championship: a young player is hospitalized at the “Molinette” hospital
November 2, 2025
There were moments of great apprehension yesterday, Saturday, November 1, 2025, before the start of the match between Lascaris and Cenisia, valid for the Under-19 youth championship, when a visiting player was struck by a sudden illness and collapsed to the ground. The incident, which occurred pre-match, left everyone on tenterhooks, but the promptness and professionalism of those present averted the worst. As soon as he fell to the ground, the young man was unresponsive and was found to have no pulse. It was at that point that the speed of reaction was crucial: the Cenisia manager (a general practitioner) immediately assisted the young man, assessing the seriousness of the situation and immediately performing cardiac massage. Meanwhile, his teammates rushed to retrieve the defibrillator, demonstrating exemplary organization and clarity in a moment of panic. The resuscitation maneuver, combined with subsequent assistance, allowed the young man to gradually regain consciousness, regaining his composure, albeit severely frightened by what had happened. Immediately after being stabilized, the boy was urgently transported by helicopter to the CTO Hospital in Turin. He is currently hospitalized at Le Molinette, where he is awaiting a neurological examination. It is believed that the serious illness may have been triggered by an epileptic seizure, but investigations and all relevant analyses will now be carried out to shed full light on the origin of the incident.
No age reported.
PAKISTAN
Former PM Shahid Khaqan Abbasi hospitalised after heart attack
November 2, 2025
Former prime minister Shahid Khaqan Abbasi [67] was hospitalised after suffering a heart attack and is currently receiving treatment at a private medical facility in the federal capital. According to Express News, Abbasi was shifted to Al-Shifa Hospital on Saturday after he complained of severe chest pain at his residence in Islamabad. Doctors later confirmed that the former premier had suffered a cardiac episode. Medical examinations revealed blockages in two of his coronary arteries, hospital sources said. Cardiologists subsequently inserted two stents to restore proper blood flow.
In memory of those who “died suddenly” in the United States and worldwide, November 4-10, 2025
Socialite Sharon Haymes; soccer player Mia Hamant (21, C); footballers Marshawn Kneeland (24), Keith Browner, Alex Byers; hoopster Jason Roberts; TikToker Michael Heard; saxophonist Lynn Klock; & more
| Mark Crispin MillerNov 12 |
A survey of the likely global toll of COVID “vaccination,” based on the reports collected by our worldwide team of researchers this past week.
To help support our work, consider subscribing or making a donation.
UNITED STATES (115)
Sharon Haymes
November 10, 2025
Formerly of New York City and Palm Beach, Sharon Stevens Haymes died suddenly on October 28. She was the daughter of Stephanie Bobst Vanden Heuvel of Newport and the late Dick Haymes Jr. of New Mexico. She was the great-granddaughter of pharmaceutical pioneer Elmer Holmes Bobst, known as “President Nixon’s Godfather.” Sharon was also the granddaughter of Mary Elizabeth Stevens Bobst of Palm Beach and E. Walton Bobst of Geneva, Switzerland, as well as of Western movie star Joanne Dru and crooner Dick Haymes. She was the niece of Peter Marshall of Hollywood Squares, all of whom predeceased her. A third-generation student of The Hewitt School in New York City, Sharon also attended The Palm Beach Day School. Her fondest childhood memories were of “playing Eloise” at Palm Beach’s Colony Hotel with then-owner David McConnell’s daughters, Julie and Garrett—a friendship she cherished throughout her life. She loved visiting her “Hollywood family” in Beverly Hills and fondly recalled the year her uncle Peter Marshall served as Grand Marshal of the Macy’s Thanksgiving Day Parade, when she joined him atop the parade float.
No age or cause of death reported.
Inspirational Washington soccer player Mia Hamant passes away at 21
November 7, 2025
The University of Washington is in mourning on Friday, following the tragic news that inspiring Huskies soccer player Mia Hamant has passed away after a battle with a rare form of kidney cancer. Hamant was just 21 years old. Hamant was diagnosed with stage 4 SMARCB1-deficient kidney cancer back in April as she was preparing for her senior year. Last season, Hamant started 15 games and earned All-Big Ten Tournament team honors.
Researcher’s Note – UW’s “vaccination” policy: The University’s COVID-19 Vaccination Policy is no longer in effect as of June 12, 2023. Being up-to-date on COVID-19 vaccination is strongly encouraged for all UW personnel and students: Link
Dallas Cowboys Player Marshawn Kneeland Dead At 24
November 6, 2025
The Dallas Cowboys announced on Thursday morning the death of 24-year-old football player Marshawn Kneeland. Kneeland, a second round NFL Draft pick in 2024, died on Thursday morning, his agent confirmed. The Dallas Cowboys released a full statement on his death on Thursday morning. The Cowboys, 3-5-1 on the season, are currently on a bye week. Dallas is coming off a Monday Night Football loss to the Arizona Cardinals. Kneeland, who played collegiately at Western Michigan, recovered a blocked punt for a touchdown in the loss to the Cardinals. Days later, he has tragically passed away. The team and the rest of the league are mourning his sudden loss.
Researcher’s Note – Kneeland committed suicide: Link
No cause of death reported.
Former NFL Star Tragically Passes Away, Questions Surface
November 5, 2025
SAN LEANDRO, Calif. — Former NFL linebacker Keith Browner Sr. died unexpectedly on Tuesday morning in his home in San Leandro, California. He was 63 years old. According to his son, Keith Browner Jr., Browner had experienced stomach issues and vomiting the night before his passing, and collapsed at his residence the next morning. The exact cause of death has not been officially confirmed, but a heart-attack is being considered by family and reporting outlets. Browner belonged to a remarkable football family — his brothers, including Ross Browner and Joey Browner, also played at high levels of the sport, and his son Keith Jr. followed in his footsteps.
No cause of death reported.
Tributes pour in as former Marauder football player passes away
November 10, 2025
Alex Byers, a former student-athlete, was an alumnus of Antelope Valley College and Utah State University. He was a wide receiver who represented the Marauders and the Aggies from 2015 to 2017.
No age or cause of death reported.
Former Saint Francis Men’s Basketball Player Jason Roberts Passed Away
November 9, 2025
Former Saint Francis men’s basketball player Jason Roberts passed away at age 52 last week. A Jim Baron recruit, Roberts played all four years under Tom McConnell and finished his career with 1,035 career points, 427 rebounds, 248 assists, and 196 steals. The steals are the second most in program history, while he was the 34th player in program history to eclipse the 1,000-point mark, which now includes 43 players.
No cause of death reported.
Correction
Last week, our item on the sudden death of Texas TV news anchor Kris Radcliffe’s 51 was a year late. He died in October 2024.
‘Yes King’ TikToker dies suddenly, fans pay tribute online
November 10, 2025
Michael Willis Heard, the TikTok creator known for the viral “Yes King” meme and his uplifting videos about self-love and positivity, has passed away. His daughter confirmed the news on social media, though the cause of death has not been revealed. Michael Willis Heard, believed to be from Elyria, Ohio, rose to popularity on TikTok for his upbeat affirmations and lifestyle advice, often focusing on themes of self-love and empowerment. His signature phrases — “Yes King” and “Love yourself” — became viral mantras across platforms, inspiring countless memes and positive comment threads.
No age reported.
A classical saxophonist “died suddenly”:
Lynn E. Klock, 75
November 8, 2025
Amherst, MA – Lynn E. Klock, age 75, of Amherst, MA, died unexpectedly in August of heart failure. He was Professor of Saxophone at the University of Massachusetts from 1980 until his retirement in 2014. He was also the saxophonist and former bass clarinetist with the Springfield Symphony Orchestra. He gave his Carnegie Recital Hall debut in 1978 and was a frequent guest artist and clinician across the US and abroad. His recordings include both standard works for the classical saxophone and some of the nearly 100 compositions written for him.
No cause of death reported.
An astrologist “died suddenly”:
Lilly Roddy, 73
November 7, 2025
Houston, Texas – Lilly Roddy, longtime Houstonian, astrologer, teacher, and contributor to OutSmart magazine, died suddenly of a heart attack on October 14, 2025. Born on June 29, 1952, Lilly was well known to OutSmart readers for her monthly astrological column, published since 1989. She was regarded as the preeminent astrologer in Texas, recognized nationally and internationally for her astrological interpretations and for instructing hundreds of students in the science and art of astrological interpretation.
A labor leader “died suddenly”:
David Eugene Coleman, 52
November 7, 2025
David Eugene Coleman, 52, of Garden City, MO, passed away unexpectedly September 11, 2025. David graduated from Marshall High School and later became a distinguished leader in the world of organized labor in the construction industry over the last 25 years. He joined Iron Workers Local 10, Kansas City, Missouri in 1993 as an Apprentice. By 2001, Brother Coleman was appointed to serve as Sergeant at Arms. By 2004, the Executive Committee of Local 10 appointed him as a full-time Organizer. Over the next 6 years he successfully organized several contractors and numerous iron workers. Brother Coleman was elected to serve on the Executive Board in 2006 and in 2009 was appointed Vice-President of Local 10. He served in that role for 1 year before becoming the President and Business Agent in 2010. By 2015, Brother Coleman was successfully elected as the Financial Secretary-Treasurer and Business Manager.
No cause of death reported.
Michigan official dies hours before winning election as he pursued lifelong political dream
November 7, 2025
A longtime Michigan politician pursuing his lifelong dream of becoming a city councilor died hours before he won his election on Tuesday. Auburn Hills Councilor-elect Greg Ouellette, 69, suffered a fatal heart attack and was pronounced dead shortly after polls closed, the city announced. “I believe that somehow Greg was able to know that he won that election on Tuesday,” Ouellette’s widow said, according to a press release from the city on Thursday. The 69-year-old, who spent 28 years serving on the planning commission of the suburban city 26 miles north of Detroit, was pursuing his second attempt at a seat on the city council after his unsuccessful run in 2023, according to the outlet.
Two infants “died suddenly”:
Dodgers Pitcher Alex Vesia and Wife Kayla Announce Stillbirth of Their First Baby Together
November 7, 2025
Los Angeles, CA – Alex Vesia and his wife Kayla are mourning the loss of their baby The Los Angeles Dodgers pitcher, 29, and his wife shared a joint statement on Friday, Nov. 7, announcing that their daughter, Sterling Sol Vesia, was stillborn. “There are no words to describe the pain we’re going through but we hold her in our hearts and cherish every second we had with her,” the post said. “Our beautiful daughter went to heaven Sunday, Oct. 26. There are no words to describe the pain we’re going through but we hold her in our hearts and cherish every second we had with her,” the post continued.
Infant passes away after being found not breathing during nap at West Valley City daycare
November 7, 2025
WEST VALLEY CITY, Utah — An infant passed away after a daycare operator discovered they were not breathing during a nap, police say. According to the West Valley Police Department, around 1:30 p.m., police responded to an emergency call regarding a 3-month-old infant. The caller was the operator of an in-home daycare near 2800 South Saris Circle in West Valley City. Officers performed CPR on scene until medical responders arrived. The 3-month-old was transported to the hospital. Life-saving efforts at the hospital were unsuccessful, and the infant unfortunately passed away. Police say there were “no visible indications of trauma,” and an investigation into the death is underway. Makaylee, who lives in a home near the in-home daycare, said that she was sleeping when her mom came inside in a panic and told her that there was “a baby dead on the floor.” She went outside and witnessed the baby receiving CPR with a machine. “I was here the whole time… and in the last like, 20 minutes, I just saw the baby turning blue purple,” Makaylee recalled. “And it really, like, it hurt me a lot… I never even knew this was a daycare.” She said that responders got roughly four breaths out of the infant before the child was rushed to the hospital. Ambulance crews returned
DR PAUL ALEXANDER
HORROR: Crazed Black Man Stabs Woman in the Chest in Unprovoked Attack at Chicago Train Station; I say put him down, if you come across this man in photo, put him down if you think life
is at risk, put him down, kill him, then call the police, once you feel threatened by him, exercise full brutal force on him, use your 2nd, it is time we become the animal to handle the animal
| Dr. Paul AlexanderNov 12 |
Our dark sides are draped in heavy chains, deep inside each of us, chained down, never to roam…yet from time to time we must allow our dark side to roam, to deal with animals like this, this feral above…he must be put down. He has lost his chance to live in a civil society. Period.
‘The suspect, described as a Black male who stands about 6 feet tall and weighs between 160 and 180 pounds, left on foot, headed northbound on South Morgan Street, according to city police.’
‘Saturday night’s stabbing in Chicago comes just months after Ukrainian refugee Iryna Zarutska was fatally stabbed on the light rail in North Carolina.
Alexander News Network (ANN): Trump’s War 2.0 for America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
34-year-old Decarlos Brown Jr. murdered Iryna Zarutska over the summer by stabbing her multiple times on the Charlotte, North Carolina, light rail as bystanders did nothing.’
‘Chicago police are on the hunt for a man who they say stabbed a woman in the chest without provocation on a train platform near the University of Illinois Chicago Saturday night.
The victim, a 27-year-old woman, was sitting on a bench at the train station when he allegedly approached her and plunged the knife into her chest at the UIC-Halsted Blue Line platform.
The woman suffered a minor injury and was taken to Stroger Hospital in good condition, a police spokesperson told Fox News Digital.’
END
NEWS ADDICTS
NEWSWIZE
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
Oil Prices Slide As OPEC Glut Fears Trump IEA’s Demand Optimism
Wednesday, Nov 12, 2025 – 09:25 AM
Oil prices are tumbling this morning, erasing yesterday’s gain as OPEC and IEA unveiled their latest global supply/demand outlooks…
OPEC flipped estimates for global oil markets in the third quarter from a deficit to a surplus, as US production exceeded expectations while the group itself ramped up supplies.
Demand:
- The global oil demand growth forecast for 2025 remains at about 1.3mln BPD unchanged from last month’s assessment.
- In the OECD, oil demand s forecast to grow by about 0.1mln BPD in 2025 while the non-OECD is forecast to grow by about 1.2mln BPD.
- In 2026. global oil demand is forecast to grow by about 1.4mln BPD Y/Y, unchanged from last month’s assessment.
- The OECD is forecast to grow by about 01mln BPD Y/Y. while the non-OECD is forecast to grow by about 1.2mln Y/Y.
Supply:
- Non-DoC liquids product on (i.e. liquids production from countries net participating in the Declaration of Cooperation) is forecast to grow by about 0.9mln BPD Y/Y in 2025 revised up slightly by around 0.1mln BPD from last month s assessment, mainly due to received historical data n 2025.
- The main growth drivers are expected to be the US. Brazil. Canada, and Argentina
- The non-DoC liquids product on growth forecast for 2025 remains at 0 6mln BPD Y/Y. with Brazil. Canada. US and Argentina as the main growth drivers.
The report published this morning also indicated that the OPEC+ alliance pumped more crude than it estimated was needed last quarter.
Saudi Arabia has steered the coalition to fast-track the revival of halted supply this year in a bid to reclaim global market share.
This month, key members showed their first signs of slowing that strategy, agreeing to pause further production increases during the first quarter of 2026.
The organization cited a seasonal demand slowdown, though many analysts warn of a significant oversupply in global markets.
Heading into 2026, OPEC’s data does indicate a surplus, though on a more moderate scale than other forecasters. The alliance would need to produce 42.6 million barrels a day during the first quarter to balance global demand, less than the 43 million it pumped in October.
But, the International Energy Agency (IEA) leaned in hard in the demand side, stating that global demand for oil and gas will keep rising for the next 25 years unless governments change course, according to the Irish Times. In its latest World Energy Outlook, the Paris-based IEA warns that on the world’s current trajectory, fossil fuel use will continue to climb with “no meaningful fall in CO2 emissions.”
The new Current Policies scenario reflects a shift in governments’ priorities toward energy security and affordability, a slowdown in electric vehicle growth, and a “declining” focus on climate action. “Climate change is declining – and declining rapidly – in the international energy policy agenda,” said IEA head Fatih Birol.
Until this year, the IEA had assumed fossil fuel demand would peak this decade — a position fiercely opposed by the oil and gas industry and the White House. The agency denied that U.S. pressure prompted the change, noting that it consulted all member governments.
In July, U.S. energy secretary Chris Wright called the IEA’s previous “peak oil” modelling “total nonsense,” adding that Washington might “reform the IEA or withdraw its support.” The U.S. provides 14 per cent of the agency’s budget.
The Irish Times writes that major producers such as the U.S., Saudi Arabia, and the UAE argue the world still needs oil and gas to meet rising power demand from artificial intelligence and improving living standards.
The Current Policies scenario assumes existing laws remain unchanged for 25 years. Oil demand grows from 100 million barrels a day in 2024 to 113 million by 2050, while EV sales plateau at about 40 per cent by 2035. The Stated Policies case — reflecting announced but not enacted measures — sees oil peaking at 102 million b/d by 2030, with half of all cars sold in 2035 being electric.
Both scenarios show strong gas demand and a peak in coal use this decade. Electricity demand rises roughly 40 per cent by 2035, or 50 per cent under a more ambitious Net Zero path, with 80 per cent of growth in solar-rich regions.
“For some people it is very optimistic, for some people it is very pessimistic,” Birol said. “We just put the scenarios on the table.”
Clean energy advocates note that renewables dominate future power generation in every case. “Nearly all new electricity demand – driven by manufacturing growth, AI, cooling needs, and the shift to electric cars – will be supplied by renewable energy,” said Bruce Douglas of the Global Renewables Alliance.
Finally, we thought it noteworthy that OPEC’s secretariat hailed this shift by its counterparts at the IEA, which before today had in recent years has predicted consumption will stop growing this decade
The IEA, has had a “rendezvous with reality,” OPEC said.
END
Trump Admin Expands Oil & Gas Drilling In Gulf Of America, Eyes Alaska Next
Wednesday, Nov 12, 2025 – 05:45 AM
The Department of the Interior announced on Nov. 7 two major steps to expand offshore oil and gas leasing under President Donald Trump’s One Big Beautiful Bill Act, unveiling plans for the first lease sale in the Gulf of America and another proposed auction in Alaska’s Cook Inlet.
The measures are the first in a schedule of 30 offshore sales in the Gulf of America and six in Alaska, part of what the Interior Department’s Bureau of Ocean Energy Management (BOEM) described as the Trump administration’s effort to “unleash American energy dominance” and cement the United States’ position as a global energy powerhouse.
“President Trump’s signing of the One Big Beautiful Bill Act marked the beginning of a new chapter for oil and gas development in the Gulf of America and Alaska’s Cook Inlet,” acting BOEM Director Matt Giacona said in the statement.
“BOEM is now moving forward with a predictable, congressionally mandated leasing schedule that will support offshore oil and gas development for decades to come.”
As Tom Ozimek reports for The Epoch Times, the first sale – officially titled Big Beautiful Gulf 1 – will open roughly 80 million acres across the Gulf of America for leasing. The area spans approximately 160 million acres, containing an estimated 29.6 billion barrels of undiscovered, technically recoverable oil and 54.8 trillion cubic feet of natural gas.
The Interior Department said the sale advances the president’s goal of boosting domestic energy output and reducing reliance on foreign suppliers, while fulfilling the directives outlined in Trump’s executive order “Unleashing American Energy.”
To attract participation, BOEM set a 12.5 percent royalty rate—the lowest permitted by statute—for both shallow- and deep-water leases. Certain environmentally sensitive or legally restricted zones, including the Flower Garden Banks National Marine Sanctuary and blocks beyond the U.S. Exclusive Economic Zone, will remain off-limits.
Alongside the Gulf of America sale, BOEM released a proposed notice of sale for Big Beautiful Cook Inlet 1, which would make about 1 million acres available for leasing in Alaska’s Cook Inlet. The sale is the first of six required by the One Big Beautiful Bill, scheduled annually from 2026 to 2028 and again from 2030 to 2032.
The proposed sale has similar terms to those of the Gulf sale, including the 12.5 percent royalty rate.
The offshore leases will help support high-paying jobs, coastal infrastructure, and state-level revenue sharing while bolstering federal finances, according to BOEM.
Proceeds from lease sales, rental fees, and royalties flow primarily into the Treasury’s General Fund, helping fund government operations, and portions go to Gulf Coast states for restoration and hurricane protection.
Oil Permits Continue Through Shutdown
The twin announcements come as the administration continues to prioritize conventional energy development during the ongoing federal government shutdown, which started on Oct. 1. According to contingency plans, the Interior Department will keep processing oil and gas permits—deemed essential to national energy security—while halting nearly all renewable energy activities, which Trump has criticized as costly and inefficient.
During his first term, Trump kept oil and gas permitting active throughout the 34-day government shutdown in 2018–2019.
President Barack Obama’s administration halted drilling permits and canceled at least one lease sale during the 2013 shutdown.
Some environmental groups have criticized the current administration’s decision to prioritize oil and gas permitting during the shutdown, saying it reflects a bias toward fossil fuel interests.
Meanwhile, Energy Secretary Chris Wright blamed Democrats for refusing to back the Republican stopgap spending measure to keep the government open, writing on social media that his department remains committed to “delivering affordable, reliable and secure energy to the American people.”
END
US Sanctions Push Indian Refiners Away From Russian Crude
Wednesday, Nov 12, 2025 – 02:20 PM
By Charles Kennedy of OilPrice.com
All but two Indian refiners have skipped placing orders for Russian crude for December after the U.S. sanctioned Russia’s top oil producers, Rosneft and Lukoil, sources with knowledge of the purchases told Bloomberg on Tuesday.
India’s refiners, which have come to rely on cheap Russian crude in the past three years, have withdrawn from the December purchasing window which typically closes by November 10.
Five large refiners, including state-owned Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL), and Mangalore Refinery and Petrochemicals Limited (MRPL), and private firms Reliance Industries Ltd and HPCL-Mittal Energy Ltd, have not requested any Russian crude for December.
Combined, these five firms have imported two-thirds of all Russian crude oil into India year to date, according to Kpler data cited by Bloomberg.
Only India’s biggest state-held refiner, Indian Oil Corporation (IOC), and Nayara Energy, in which Rosneft holds 49%, have purchased crude from Russia for December, per Bloomberg’s sources.
At the end of October, following the U.S. sanctions on Russia, IOC acquired five December-arriving cargoes of Russian crude from non-sanctioned sellers.
IOC has bought about 3.5 million barrels of Russia’s ESPO crude at about the same price as the Dubai quotes for delivery at an eastern Indian port in December, a trade sources told Reuters, without naming the sellers of the Russian oil.
IOC has vowed that it would fully comply with international sanctions related to crude oil imports from Russia.
IOC is also looking to buy 24 million barrels of crude oil from the Americas in the first quarter of next year to replace lost Russian supply.
Indian refiners are pivoting away from Russian crude and are buying additional barrels from the Middle East and the Americas to offset what is expected to be a steep decline in Russian loadings in December and January.
END
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
VENEZUELA/USA
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1569 DOWN 0.0007 PTS OR 7 BASIS POINTS/WITH STOCKS HIGHER
USA/ YEN 154.84 UP 0.784 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 1.3114 DOWN .0038 OR 38 BASIS PTS
USA/CAN DOLLAR: 1.4018 UP 0.0002 CDN DOLLAR DOWN 2 BASIS PTS//CDN DOLLAR GETTING KILLED)
Last night Shanghai COMPOSITE CLOSED DOWN 2.62 PTS OR 0.07%
Hang Seng CLOSED UP 226.32PTS OR 0.85%
AUSTRALIA CLOSED DOWN 0.21%
// EUROPEAN BOURSE: ALL MOSTLY GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL MOSTLY GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 226.32PTS OR 0.85%
/SHANGHAI CLOSED DOWN 2.62POINTS OR 0.07%
AUSTRALIA BOURSE CLOSED DOWN 0.21 %
(Nikkei (Japan) CLOSED DOWN 220.38 PTS OR 0.43%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 4127.00
silver:$50.93
USA dollar index early WEDNESDAY morning: 99.81 UP 20 BASIS POINTS FROM TUESDAY’s CLOSE
WEDNESDAY MORNING NUMBERS ENDS
And now your closing WEDNESDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.002 % DOWN 1 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +1.693% UP 0 FULL POINTS AND 10/100 BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.187 UP 2/10 BASIS PTS//DEADLY
SPANISH 10 YR BOND YIELD: 3.153 DOWN 1 in basis points yield
ITALIAN 10 YR BOND YIELD 3.388 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: 2.6536 DOWN 0 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY WEDNESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1568 DOWN 0.0019 OR 19 basis points
USA/Japan: 154.94 UP 0.878 OR YEN IS DOWN 88 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.4130 UP 3 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.206 UP 5 BASIS POINTS.
Canadian dollar DOWN 0.0005 OR 5 BASIS pts to 1.4021
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY UP AT 7.1158 ON SHORE ..
THE USA/YUAN OFFSHORE UPTO 7.1182
TURKISH LIRA: 42.24 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.593 UP 1/10 FULL basis pts
THE 30 YR JAPANESE BOND YIELD: 3.187 UP 4/10 basis pts
Your closing 10 yr US bond yield UP 1 in basis points from TUESDAY at 4.077% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.677 DOWN 3 basis points /11:00 AM
USA 2 YR BOND YIELD: 3.564 DOWN 3 BASIS PTS.
GOLD AT 10;00 AM 4139.95
SILVER AT 10;00: 51.86
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: WEDNESDAY CLOSING TIME 11:00 AM//
London: CLOSED UP 11.82 PTS OR 0.12%
GERMAN DAX: UP 293.40 pts or 1.22%
FRANCE: CLOSED UP 85.01 pts or 1.04%
Spain IBEX CLOSED UP 227.00 pts or 1.39%
Italian MIB: CLOSED UP 353.76or 0.80%
WTI Oil price 59.96 0.00 EST/
Brent Oil: 63.82 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 81.11 ROUBLE DOWN 0 AND 26 100
CDN 10 YEAR RATE: 3.148 DOWN 3 BASIS PTS.
CDN 5 YEAR RATE: 2.737 DOWN 2 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1587 UP 0.0000 OR 00 BASIS POINTS//
British Pound: 1.3129 DOWN .0023 OR 23 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.399 up 1 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.218 up 2 IN BASIS PTS.
JAPAN 10 YR YIELD: 1.691 DOWN 0 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.197 UP 2 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 154.73 UP 0.649 BASIS PTS EXTREMELY DANGEROUS/YEN FALLING IN VALUE
USA dollar vs Canadian dollar: 1.3999 DOWN 0.0016 PTS// CDN DOLLAR UP 16 BASIS PTS CDN DOLLAR
West Texas intermediate oil: 58.41
Brent OIL: 62.68
USA 10 yr bond yield DOWN 1 BASIS pts to 4.072
USA 30 yr bond yield DOWN 4 PTS to 4.667%
USA 2 YR BOND 3.568 DOWN 3 PTS
CDN 10 YR RATE 3.148 DOWN 3 BASIS PTS
CDN 5 YEAR RATE: 2.743 DOWN 1 BASIS PTS
USA dollar index: 99.38 UP 6 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 42.24 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 81,28 DOWN 0 AND 33/100 roubles //
GOLD $4194.80 (3:30 PM)
SILVER: 53.52 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 326.86 OR 0.68%
NASDAQ 100 DOWN 16.16PTS OR 0.31%
VOLATILITY INDEX 17.26 DOWN 0.34 PTS OR 0.0633%
GLD: $ 385.99 UP 6.12 PTS OR 1.61%
SLV/ $48.32 UP 1.87PTS OR OR 4.03%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 445.80 PTS OR 1.87%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
Bitcoin & Black Gold Battered; Bonds & Bullion Bid As AI Angst Accelerates
WRAPUP;
Stocks mixed ahead of House vote on government shutdown – Newsquawk US Market Wrap
Wednesday, Nov 12, 2025 – 04:15 PM
- SNAPSHOT: Equities mixed, Treasuries up, Crude down, Dollar flat, Gold up.
- REAR VIEW: Fed’s Williams says ‘it will not be long’ before Fed needs to expand holdings again; Fed’s Bostic notes price stability is the clear and urgent risk & favours keeping FFR unchanged; WH Press Sec says Oct. CPI & NFP ‘likely never to be released’; OPEC MOMR fuels oversupply concerns; Russia reportedly ready to resume talks with Ukraine; AMD predicts sales growth on data center demand; IBM announces IBM Quantum Nighthawk; Anthropic to spend USD 50bln on US data centers; Weak US 10yr auction.
- COMING UP: Data: Australian Jobs, UK GDP (Sep/Q3), EZ Industrial Production (Sep), US Cleveland Fed (Oct), New Zealand Manufacturing PMI (Nov). Events: IEA OMR, BoE Minutes of the Market Participants Group Meeting. Speakers: BoE’s Greene; Fed’s Daly, Kashkari, Musalem, Hammack; ECB’s Elderson; SNB’s Tschudin, Moser. Supply: Japan, Italy, US. Earnings: Zealand Pharma, Burberry, Siemens, Applied Materials, Disney, JD.com.
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MARKET WRAP
The risk tone was mixed on Wednesday, with European indices rallying across the board, but US indices were mixed. The SPX, NDX, and RUT closed little changed, but the DJI saw strong outperformance thanks to upside in heavyweights UnitedHealth (UNH) and Goldman Sachs (GS). Cisco (CSCO) also saw upside ahead of earnings. Breadth was more positive with the RSP rising while sectors were mixed – Health Care, Financials and Materials outperformed, but Energy, Communication and Consumer Discretionary lagged. Tech was flat despite the upside in AMD (AMD) after its analyst day. Crude prices plummeted on Wednesday, with pressure seen in the wake of Tass reporting that Russia is open to speaking to Ukraine, while the latest OPEC MOMR raised oversupply concerns after 2025 and 2026 world oil demand forecasts were left unchanged, but the 2025 supply forecast was raised. Meanwhile, in the STEO, the EIA marginally revised up world oil production and demand forecasts for 2025 and 2026, all by 0.1mln BPD, aside from the 2026 production forecast, which was revised up by 0.2mln BPD. In FX, the Dollar was flat, while CHF added to recent and the Yen underperformed. Gold and Silver rallied while T-Notes bull flattened with cash trade resuming from Veterans Day, which saw the soft weekly ADP report on Tuesday. Fed speak had little impact, but Bostic was hawkish, Miran was dovish, while Williams and NY Fed’s Perli spoke on the need for a technical expansion of the Fed’s balance sheet soon.
FED
WILLIAMS (voter): The NY Fed President believes that it will not be long before they reach ample reserves, and when they do, they will resume gradual bond buying. Williams described it as an ‘inexact science’ to determine whether the reserves are ample. Williams called the renewed balance sheet expansion technical, not monpol. He is closely watching markets for liquidity signals and said the standing repo facility is effective and should be used when needed, even without stigma.
BOSTIC (2027 voter): The Atlanta Fed announced that Bostic will be retiring as President from the end of February 2026, when his term expires. He issued a speech thereafter where he emphasised that price stability remains the clearer and more urgent risk, favouring keeping the Fed funds rate steady until there is clear evidence that inflation is moving toward the 2% target. He described policy as marginally restrictive, and signalled openness to changing stance if conditions shift. While the labour market is shifting rather than weakening, and real-time indicators show a curious state of balance, he sees no unambiguous signs of a cyclical downturn that would justify easing policy while inflation remains elevated. The Atlanta Fed President noted that core services and core goods prices remain high, and that inflation pressures—particularly from services ex-housing and firms’ pricing intentions—are expected to persist well into 2026. He warned against assuming a quick fade in inflation pressures, especially with tariff impacts and upward-drifting inflation expectations. Bostic also cautioned that surveys and other forward-looking indicators suggest inflation is unlikely to decline substantially for some time. That raises the concern that inflation expectations could drift upward and trigger behaviours which produce higher actual inflation.
FIXED INCOME
T-NOTE FUTURES (Z5) SETTLED 1 TICK LOWER AT 113-00
T-Notes bull flatten as cash trade resumes following Veterans Day. At settlement, 2-year -2.5bps at 3.566%, 3-year -3.2bps at 3.561%, 5-year -4.0bps at 3.670%, 7-year -4.4bps at 3.853%, 10-year -4.1bps at 4.069%, 20-year -4.0bps at 4.639%, 30-year -3.6bps at 4.666%.
INFLATION BREAKEVENS: 1-year BEI -0.9bps at 2.793%, 3-year BEI -2.0bps at 2.484%, 5-year BEI -3.0bps at 2.304%, 10-year BEI -1.8bps at 2.268%, 30-year BEI -1.0bps at 2.228%.
THE DAY: T-Notes traded within a tight range on Wednesday on the return from Veterans Day, with 10-year T-Note futures trading between 112-27 to 113-02+. There was little data today, but we appear to be nearing the reopening of the government, where missed data points will start to be released in drips and drabs. However, WH Press Secretary Leavitt suggested the October NFP and CPI reports may never be released, although reports suggested there has been no official word from the BLS on this. There were plenty of Fed Speakers, though, Williams suggested that when reserves reach an ample level, gradual bond-buying will begin again, but noted that renewed balance sheet expansion is technical and not monetary policy related. Bostic leaned hawkish, noting that despite shifts in the labour market, the clearer and urgent risk is still price stability. He also favours keeping rates steady until they see clear evidence of inflation moving towards target. Miran remained dovish, saying policy is too restrictive. Collins is set to speak on the closing bell, while Paulson and Waller did not speak on policy. Meanwhile, the 10-year auction saw soft demand, but only slight, fleeting pressure was seen in T-Note futures. Attention turns to the 30-year bond auction on Thursday.
SUPPLY:
Notes
- The Treasury will be selling USD 25bln of 30-year bonds on Thursday.
- The US Treasury sold USD 42bln of 10-year notes at a high yield of 4.074%, tailing the when issued by 0.6bps. This is a larger tail than the 0.3bps tail previously, and much softer than the six-auction average of a 0.3bps stop through. The bid-to-cover was also soft at 2.43x, beneath the prior 2.48x and 2.54x average. Within the breakdown of demand, Direct bidders fell to 22.6% from 24.1%, but remained above the 20.1% average. Indirect demand was little changed at 67%, but still below the 70.2% average. This left dealers with an above-average 10.5% of the auction, rising from 9.1% previously. Overall, a soft reception to the 10-year auction. Note, the high yield was lower than the prior and average (4.074% vs 4.117%, 4.255%, respectively).
Bills
- US to sell USD 110bln of 4-wk bills and USD 95bln of 8-wk bills on November 13th; all to settle on November 18th.
- US sold 17-week bills at high rate 3.75%, B/C 3.18x
STIRS/OPERATIONS
- Market Implied Fed Rate Cut Pricing: Dec 16bps (prev. 17bps), January 26bps (prev. 27bps), March 37bps (prev. 39bps).
- NY Fed RRP Op demand at USD 5.9bln (prev. 7.2bln) across 18 counterparties (prev. 11)
- NY Fed Repo Op demand at USD 6.05bln across two operations today (prev. 0.003bln).
- EFFR at 3.87% (prev. 3.87%), volumes at USD 77bln (prev. 83bln) on November 10th.
- SOFR at 3.95% (prev. 3.93%), volumes at USD 3.135tln (prev. 3.069tln) on November 10th.
- Treasury Buyback (10- to 30-year TIPS, max USD 500mln): Accepts USD 142mln of USD 1.392bln offers, accepts 5 out of 15 eligible issues. Offer-to-cover 9.80x.
CRUDE
WTI (Z5) SETTLED USD 2.55 LOWER AT 58.49/BBL; BRENT (F6) SETTLED USD 2.45 LOWER AT 62.71/BBL
The crude complex tumbled amid oversupply concerns and positive Ukraine/Russia rhetoric. All in all, WTI and Brent sold off through the duration of the day to settle at lows. In terms of catalysts, in the European morning, Tass reported that Russia is ready to resume talks with Ukraine in Istanbul, and while no immediate pressure was seen, benchmarks soon sold off to print initial intra-day troughs. Thereafter, the OPEC MOMR, which indicated oversupply, was the next bearish catalyst; 2025 and 2026 global oil demand forecasts were maintained, although the 2025 supply forecast was revised slightly higher. In the monthly EIA STEO release, world oil production and demand were revised marginally up for both 2025 and 2026; 2025 production and demand were lifted by 0.1mln BPD, while 2026 production rose by 0.2mln BPD, but demand by “only” 0.1mln BPD. After-hours traders will be awaiting the weekly private inventory data, which was delayed a day on account of US Veterans Day, whereby current expectations are (bbls): Crude +2mln, Distillate -2mln, Gasoline -1.9mln.
EQUITIES
CLOSES: SPX +0.08% at 6,852, NDX -0.06% at 25,517, DJI +0.68% at 48,255, RUT -0.26% at 2,452.
SECTORS: Health +1.36%, Financials +0.91%, Materials +0.76%, Technology +0.25%, Utilities +0.24%, Industrials +0.09%, Consumer Staples -0.22%, Real Estate -0.77%, Consumer Discretionary -1.05%, Communication Services -1.18%, Energy -1.42%.
EUROPEAN CLOSES: Euro Stoxx 50 +1.17% at 5,793, Dax 40 +1.22% at 24,381, FTSE 100 +0.12% at 9,911, CAC 40 +1.04% at 8,241, FTSE MIB +0.80% at 44,793, IBEX 35 +1.39% at 16,616, PSI +1.21% at 8,294, SMI +0.80% at 12,803, AEX -0.21% at 969.
STOCK SPECIFICS:
- AMD (AMD) sees FY25 GM between 55-58% (exp. 54%); Expects annual data centre chip rev. to reach USD 100bln within 5yrs & earnings to more than triple by 2030.
- BILL Holdings (BILL) is exploring strategic options, incl. a potential sale.
- Chevron (CVX) outlines plan for sustained cash flow growth; reduces capex guidance range to $18-21bln/yr.
- Clearwater Analytics (CWAN) is considering a potential sale after receiving takeover interest, Bloomberg reports.
- GlobalFoundries (GFS): Beat on EPS, rev. & net income.
- IBM (IBM) announced IBM Quantum Nighthawk, its most advanced quantum processor yet.
- On Holding (ONON): EPS & revenue topped with better than expected FY sales outlook.
- TransDigm (TDG): Top and bottom-line surpassed exp.; FY profit guide was light.
- United Microelectronics (UMC) double downgraded at BofA to ‘Underperform’ from ‘Buy’.
- Waymo (GOOGL) to roll out driverless taxis on highways in three US cities, according to FT.
- Anthropic intends to spend USD 50bln on data centres for AI networks within the US; it intends to create 800 permanent and 2.4k construction jobs at the sites.
- EU reportedly readies fresh investigation into Google (GOOGL) over news publisher rankings, according to FT.
- Spruce Point short on IperionX (IPX).
FX
The Dollar Index was flat after Tuesday’s ADP weakness, as JPY weakness failed to offset EUR and CHF strength. Markets will now be awaiting data from the inflation side of the Fed’s mandate to gain a balanced view on the dollar’s next move. The House is expected to pass the recently approved Senate bill in the US evening ahead to end the government shutdown. Updates for the day that concerned the dollar were contained to the Fed. Williams believes it won’t be long before they resume gradual bond buying. Meanwhile, Fed’s Bostic, who is now set to retire in February 2026, kept to his hawkish stance, arguing that the labour market signals are not strong enough to warrant an aggressive monetary policy response vs. the risk of ongoing inflation pressures. The latest Reuters poll on the Fed unveiled 36/52 economists believe that US job growth has remained about the same since the government shutdown started, while the meaning 16 said it has gotten worse. The majority expect a rate cut in December.
JPY and GBP were the G10 laggards, with USD/JPY briefly reclaiming the 155 handle. Overnight, more verbal intervention from Japanese officials came. Finance Minister Katayam highlighted “one-sided and sharp” FX moves and stressed close monitoring with a “high sense of urgency. Meanwhile, political uncertainty in the UK left Sterling offered, before later recovering the majority of the move. The UK Health Secretary pushed back on reports of a plot to oust the PM, affirming his support for the PM. Cable now trades at 1.3130 within the intraday range of 1.3085-1.3157. CityAM reported that Chancellor Reeves is weighing potential tax increases on alcohol in line with inflation, though no formal proposals have been announced.
The CHF rally persisted on Wednesday as we near the reported time (Thursday/Friday) of Switzerland and the US reaching a deal to slash tariffs on Switzerland to 15% from 39%. The Euro was flat with German CPI and HICP was unrevised, while at the ECB, Kocher said it would not be too surprising if the ECB holds rates steady in 2026, while Schnabel still sees stickiness in services inflation.
PLN: In Poland, NBP’s Wnorowski said they need to see new forecasts in March before deciding on the next move. The Polish Monetary Policy Council gave its opinion on the budget, arguing persistently high deficit of the public finance sector limits room for monetary policy easing.
ZAR: USD/ZAR saw weakness following the South African Mid-Year budget. The release finalised the prior agreement for the government to endorse a new inflation target of 3% (prev. 3-6%), with growth forecasts for 2025 & 26 raised.
USA DATA RELEASES
October Inflation Unexpectedly Crumbles Amid Biggest Drop In Rents In 15 Years
USA ECONOMIC COMMENTARIES
Florida AG Targets JPMorgan Over Trump Debanking, Jack Smith Collusion
Tuesday, Nov 11, 2025 – 06:25 PM
Authored by Luis Cornelio via Headline USA,
Florida Attorney General James Uthmeier launched a state investigation Monday into JP Morgan after the bank abruptly closed the accounts of President Donald Trump’s media company in 2024.
Uthmeier announced the probe in a video statement on X and in a letter to JP Morgan CEO Jamie Dimon, affirming the financial institution may have violated multiple criminal and civil anti-fraud laws as well as prohibitions against de-banking.
“Rest assured, this office will be investigating to ascertain the nature of these secret and suspicious circumstances,” Uthmeier wrote in the letter, confirming that the Office of Statewide Prosecution and Enforcement Division would handle the matter “immediately.”
The state investigation follows revelations from declassified FBI documents revealing that JP Morgan began scrutinizing Trump Media & Technology Group Corp, a Florida corporation, in 2023.
The timing coincided with subpoenas from then-Special Counsel Jack Smith, who had been directed by Attorney General Merrick Garland to investigate Trump after the 2020 election.
JPMorgan then reportedly pressed TMTG for transaction details dating back years, raising concerns that the bank’s inquiries were “pretextual,” Uthmeier wrote.
JPMorgan “insisted this fact-gathering was merely ‘due diligence,’” the Florida attorney general added. “These inquiries, however, appear to be pretextual and unrelated to their stated purpose.”
Shortly after TMTG closed a merger in March 2024, JPMorgan terminated the corporation’s bank accounts.
“The timing of this activity and JPMC’s termination of its business relationships with TMTG raise obvious, troubling questions,” Uthmeier stated.
He also ordered JPMorgan to “initiate a litigation hold to preserve all documents and records (in all formats) that may be relevant to this matter.”
Debanking became a common tactic for major financial institutions targeting Republicans, particularly those tied to Trump after the 2020 election.
These actions followed widespread Big Tech censorship, including efforts aimed at shutting down Trump, some of which later resulted in multi-million-dollar settlements.
end
TEXAS/FERMI LARGEST AI DATA AND ENERGY CENTRE
Bubble anyone????
Fermi’s Massive Texas Data Center Struggles To Sign Its First Major Tenant
Tuesday, Nov 11, 2025 – 08:30 PM
More storms clouds are gathering over the torrid, and in some cases chaotic, rollout of US data centers.
Fermi’s massive 11 GW energy and data center project in Texas, called Project Matador, which the company has envisioned to be the world’s largest AI data center and energy campus in the Texas Panhandle, near Amarillo, is struggling to close the deal with its first major data center tenant. And since Fermi is set up as REIT that allocates income from tenants to shareholders, the delay may raise doubts about attracting other potential money-generating tenants, in a toxic feedback loop.
Fermi’s Donald J. Trump campus is an array of solar, natural gas and nuclear power generation, as well as storage and 2.6 million square feet of data-center capacity. With 11 gigawatts of power, including 6 gigawatts of nuclear power and 5 gigawatts of gas-powered generation, Project Matador ranks as the “largest advanced energy and data campus in the world” to deliver next-generation AI at scale, Fermi said.
Besides the name of the plant, the company has ties to Trump through Rick Perry, a co-founder and board member. The latest filings show that Perry owned a little more than 16.5 million Fermi shares, which represented 2.5% of the shares outstanding.
Fermi CEO Toby Neugebauer said Fermi’s goal is to catch up in November and regain the roughly 21-day delay in signing its first tenant with “intense” face-to-face meetings. It expects the lease to be signed in the current fourth quarter.
“I wouldn’t take anything as a sign of weakness with that delay,” Neugebauer told Wall Street analysts. “I would just say, you know, these are very large corporations who have multiple different stakeholders who have to sign off on everything that’s agreed to. And sometimes that takes longer than the commercial guys would prefer.”
It’s not all bad news. The company which went public on Oct 1, said it is still on track to start generating power next year; it has also already reached some major milestones with respect to regulatory progress with the NRC, as well as securing the permitting for the initial 6 GW of gas turbine power.
Progress with the NRC has included acceptance of their initial portion of a combined license application (COLA) for four Westinghouse AP1000 reactors, achieved back in early September. Fermi has since submitted additional portions of the application, and will continue to submit the remainder of the required portions over the next year. This process could be sped up considerably if required environmental pre-work is reduced due to NEPA regulation revisions. The NRC has also agreed to an 18-month review timeline after the application is fully submitted. Fermi signed a Front-End Engineering Design contract with Hyundai E&C in October, with forging of long-lead nuclear components by Doosan Enerbility now in production
Last month, Fermi also scored a major win that has stifled the development of an endless number of data centers in the US. They were able to secure over 2.5 million gallons of water per day from the city of Amarillo, and agreed to pay twice the rate typically charged. Their location near one of the largest aquifers in the world has proven to be a huge benefit.
For gas power, earlier this month, the Texas Commission on Environmental Quality granted preliminary approval for 6 GW of natural gas-based power generation, marking over half the project’s capacity and positioning it as one of the world’s largest such facilities. This approval, subject to additional discussions and close out administrative proceedings, integrates combined-cycle gas turbines with the first gigawatt targeted for coming online by late 2026.
While the regulatory rollout for the Trump-linked Fermi is going according to plan, the company’s latest headache appears to be with bringing potential tenants to the table for signing formal lease agreements.
While Fermi did not name the prospective tenant, it described it as an investment grade-rated corporation with power needs, and which has signed a letter of intent for a 20-year term, plus four additional five year blocks, in addition to advancing $150 million for the purpose of beginning some construction.
Investors are concerned with the 21-day delay in signing on the tenant, but management argues that the delay is not a sign of cold feet, and instead point to the $150 million construction advance as a sign of good faith, claiming investors should not be concerned with continued progress across multiple fronts.
It is also hard to imagine a data center would not see the benefit of signing with Project Matador due to the massive delays experienced at other locations with regards to securing permits or power, such as the recent headaches seen in California.
Project Matador is in many ways the embodiment of the Trump administration’s goals of building AI data center infrastructure in the United States as fast as possible, along with ensuring the majority of that is powered by nuclear energy. With constant reference to the AI race being the new “Manhattan Project”, it is hard to imagine the administration will not do everything within its power to ensure the success of America in the new global arms race.
That said Fermi’s stock fell Tuesday as investors brushed aside some positive developments announced in the company’s first release of quarterly results, such as beating an internal estimate for the amount of gas-fired generation it expects to bring online in 2026; following the news of the delay, FRMI is almost back to its post IPO lows.
The company reported a net loss for the first nine months of 2025 of $332 million, including $173.8 million in “charitable contributions”, $111.6 million of losses related to convertible notes and other securities. Fermi also said it expects to have about 2.2 gigawatts of gas-fired generation secured or under letter of intent in 2026, up from its initial target for 1 gigawatt from earlier this year.
end
more evidence of a huge bubble forming in Ai?
Land In “Data Center Alley” Sets New Price Record
Tuesday, Nov 11, 2025 – 06:50 PM
Loudoun County, Virginia, known by some as “Data Center Alley,” is home to the world’s largest concentration of data centers, mostly clustered around Ashburn. Roughly 70% of global internet traffic passes through its fiber backbone at some point, attracting hyperscalers such as Amazon Web Services, Google, Microsoft, and Meta, and making any remaining land zoned for massive data-center development among some of the most valuable real estate on Earth.
Local media outlet Loudon Now has put a price tag on a 97-acre parcel east of Leesburg that sold earlier this month for a whopping $615 million, setting a new per-acre record in the county at over $6 million.
The seller, JK Land Holdings, had purchased the Twin Creeks site for $57 million four years ago and secured approval for five two-story data centers. The buyer, an affiliate of SDC Capital Partners, recently acquired a separate portion of the property, previously sold to Dominion Energy for $45 million, to build a substation.
JK Land Holdings manager Chuck Kuhn declined to comment about the transaction but noted, “This transaction brought $4 million of transfer taxes alone into Loudoun County—right this week.”
“This one project alone will create between 150 and 200 full-time jobs in the county. It’s going to create hundreds of construction jobs for years in the county. … When you think about the construction workers utilizing hotel rooms, restaurants, gas stations, stores, etc., it’s really going to be a financial shot in the arm to the county and the town,” Kuhn said.
Kuhn said that limited industrial-zoned parcels in the county and new zoning curbs are fueling record land values, and warned that Loudoun is “getting to the end of data in the county as we know it.”
“It’s supply and demand. We’re getting into very, very limited supply in the Northern Virginia area. You’re seeing sizable transactions,” he said. “With the new zoning regulations, we’re getting to the end of data in Loudoun County as we know it, and it’s driving up values. And that’s unfortunate to see. I don’t think data is right everywhere, but areas away from residential, away from schools, away from parks, certainly areas zoned for heavy industrial and quarry operations can be perfect locations.”
Beyond driving up data center-zoned land values across the county, the AI infrastructure boom across the Mid-Atlantic has strained grids, sending electricity prices soaring.
Years of misguided green energy policies by Democrats led to premature retirements of fossil-fuel plants, stripping grids of much-needed spare capacity. Instead of focusing on producing new stable power generation, Democrats went all-in on unreliable solar and wind.
Price-Spikes & Blackouts”: America’s Power Crisis Is Just Getting Started
“Price-Spikes & Blackouts”: America’s Power Crisis Is Just Getting Started
“We find that 9 out of 13 US regional power markets have already reached critical tightness…”
What’s needed now is competent governance and common-sense energy policies after a decade of failed far-left climate crusades that produce nothing but a power bill inflation crisis. Nuclear is a 2030s story.
end
special thanks to Robert H to getting this to us:
A partner with Marriott, Sonder Hotel Corp goes belly up
(zerohedge)
Billion-Dollar Hotel Company Collapses Overnight – Guests Wake up Homeless With Belongings in Trash Bags After Marriott-Branded Hotels File for Bankruptcy: Report
by Jordyn M.
Hotel guests around the globe found themselves suddenly homeless this week after Marriott International’s partner company Sonder abruptly collapsed into bankruptcy, forcing immediate evacuations mid-stay.
Travelers from Boston to Dubai returned to their accommodations only to discover their personal belongings hastily packed into plastic bags or abandoned in hallways. The sudden shutdown left countless guests scrambling to find alternative lodging with little to no warning, per reports.
Sonder filed for Chapter 7 liquidation on Monday following Marriott International’s termination of its licensing agreement. The company, once valued at over $1 billion and positioned as a competitor to Airbnb, was forced to cease operations immediately.
The bankruptcy filing came less than one year after Sonder rebranded itself as Sonder by Marriott Bonvoy. The 2024 partnership had allowed the company to list its properties on Marriott’s booking platform and website.
Reports indicate the two companies encountered significant difficulties integrating their booking systems. Company executives described the technical challenges as contributing to a “sharp decline in revenue,” according to the Daily Mail.
Interim CEO Janice Sears released a statement expressing regret over the situation. “We are devastated to reach a point where liquidation is the only viable path forward,” Sears said.
The evacuation orders caught guests completely off guard when Marriott and Sonder jointly instructed them to vacate their rooms on Sunday. Many travelers were only halfway through their planned stays when they received the notice.
A TikTok user named Avery from Edmonton documented her experience in Montreal. She posted footage of herself pulling her suitcase through snow-covered streets with the caption: “POV, Trying to maintain my composure while dragging my luggage down the street after Marriott Hotels & Sonder Hotels broke up with each other on a random Sunday and told us to get the f*** out of the hotel room we had booked for another three nights in Montreal.”
Another couple, Minjun and Kevin, shared their ordeal on TikTok after being displaced from their New York City reservation. They wrote in a follow-up video: “Our experience getting kicked out of our Sonder hotel in New York City that we had booked through Marriott with less than 24 hours notice while we were in the middle of our reservation.”
The couple added: “Apparently Sonder defaulted and Marriott terminated their partnership all of a sudden…”
Social media user Katelyn Caralle posted on X about receiving evacuation notice. “Received a message from Sonder giving me less than 24 hours notice to vacate the property because its partnership with Marriott was terminated,” Caralle wrote.
She continued: “I’m lucky because my trip ended today… but what are others doing who already paid and had their stays cut short?”
Retired technology executive Steve McGraw and his wife faced eviction during a 17-day New York visit booked through Marriott. McGraw maintains Elite status with Marriott Bonvoy and has completed hundreds of hotel stays with the company over the years.
McGraw expected his reservation at the Marriott-partnered Sonder Battery Park Apartments in New York City’s financial district would proceed like his previous bookings. Instead, approximately one week into their stay, he received evacuation emails from both Marriott and Sonder on Sunday, requiring departure by 9am the following morning.
“We ended up spending several thousand dollars more to find a new place,” McGraw told Business Insider. “It was very, very disruptive. They treated us so poorly.”
Paul Strack, a 63-year-old business owner from Arkansas, discovered an even more disturbing situation upon returning to his Sonder apartment in Boston on Sunday. All his luggage had been packed up and placed in the hallway without his knowledge or consent, per the Daily Mail.
“They handled all our personal belongings, toiletries, clothing, computers, electronics,” Strack said. “Some they packed into suitcases, and some they put in plastic bags. It was quite shocking and very impersonal.”
VICTOR DAVIS HANSON
KING NEWS
| The King Report November 12, 2025 Issue 7618 | Independent View of the News |
| Softbank (Japanese investment firm that specializes in tech) sold its entire ($5.8B) Nvidia stake to fund new AI investments, specifically with OpenAI and Oracle. NVDA fell as much as 3.4%. CoreWeave, an AI darling, lowered its annual sales forecast to $5.05B to $5.15B from $5.35B due to a delay in fulfilling a customer contract. The stock tanked as much as 15.04% (10:29 ET). @GordonJohnson19: Did CRWV cut 2025E CAPEX due to its customers materially reducing the amount of pre-payment cash they extend to the company when placing new orders (i.e. meaning CRWV doesn’t have the $ to spend on CAPEX)?… https://x.com/GordonJohnson19/status/1988275895866716240 ‘Big Short’ investor Michael Burry accuses AI hyperscalers of artificially boosting earnings “Understating depreciation by extending useful life of assets artificially boosts earnings – one of the more common frauds of the modern era,” Burry wrote. “Massively ramping capex through purchase of Nvidia chips/servers on a 2-3 yr product cycle should not result in the extension of useful lives of compute equipment. Yet this is exactly what all the hyperscalers have done.” Burry estimated that from 2026 through 2028, the accounting maneuver would understate depreciation by about $176 billion, inflating reported earnings across the industry. He singled out Oracle and Meta Platforms, saying their profits could be overstated by roughly 27% and 21%, respectively, by 2028… https://t.co/Rk71pvHFph @shanaka86: SILICON VALLEY’S $170 BILLION LIE: THE ACCOUNTING FRAUD HIDING IN PLAIN SIGHT – META, Microsoft, Google, Amazon, Oracle: five titans quietly extended server depreciation from 3 years to 6 years between 2022-2024. Audited. Legal. Disclosed in footnotes nobody reads… Here’s what that means in English: $400 billion spent annually on Nvidia GPUs that become obsolete every 12 months, depreciated as if they’ll generate cash for six years. The math is simple. The implications are catastrophic. By 2028, this accounting maneuver will have inflated reported earnings by $170 billion. Not revenue. Pure phantom profit. META alone books $2.9 billion in “savings” by pretending AI servers last 5.5 years. Oracle’s earnings are overstated 26.9% by fiscal 2028… https://x.com/shanaka86/status/1988107106235675016 The Great AI Earnings Illusion: How Silicon Valley Engineered $170 Billion in Phantom Profits https://substack.com/inbox/post/178568795?r=6p7b5o&triedRedirect=true @zerohedge: Oracle Is First AI Domino to Drop After Barclays Downgrades Its Debt to Sell “ORCL would run out of cash by the November 2026 quarter, implying substantial funding needs.” https://x.com/zerohedge/status/1988284110461186527 ORCL sank as much as 4.98% (10:55 ET). @HedgieMarkets: Meta’s chief AI scientist Yann LeCun, a Turing Award winner who headed Meta’s AI Research Lab since 2013, is leaving to found his own start-up focused on “world models.” LeCun has long argued that large language models will never reason like humans, putting him at odds with Zuckerberg’s AI vision… Meta’s Turing Award-winning AI pioneer is leaving after Zuckerberg pays $14.3 billion for a 28-year-old’s company and restructures so LeCun reports to him. That’s a vote of no confidence in the strategy. Meta paying $100 million packages to lure outside talent while losing its own chief scientist shows desperation… This is the pattern where companies spend massively chasing AI while fundamental talent questions the approach… https://x.com/HedgieMarkets/status/1988318558989025448 The FT: Investor angst over Big Tech’s AI spending spills into bond market Debt issued by groups building data centres has been hit in recent weeks (Stocks always get it last!) Microsoft announced that it would spend $10B on and AI data center along the Portuguese coast. MSFT fell as much as 0.7% but rallied to a 0.53% gain. Due to the above news, investors and traders sold Fangs and related AI stocks. The valuation rotation out of Fangs and into DJIA stocks also appeared. Given the carnage in CoreWeave and Nvidia, the NY Fang+ Index decline was moderate early because ‘they’ rotated into other AI darlings and CoreWeave is NOT in the NY Fang+ Index. Apple was +1.97% at 10:28 ET and Netflix was +1.0% at 9:50 ET. DJIA leaders at 11:15 ET: Merck +3.39%, Nike +3.37%, Amgen 2.15%, Verizon + 1.67% Though the cash bond market was closed for Veterans’ Day, USZs rallied moderately on an ADP forecast of -45k jobs in October and a Goldman forecast of -50k NFP for October due to large government job layoffs and 100k jobs lost to Trump’s deferred-resignation program. Last week ADP said its Employment Change for October was +42k! What gives? On Monday night, the Senate passed a bill that would fund the US government through January. The House will vote on the Senate bill today near 4 ET. Bank of England sees wider QE benefits cushioning big losses https://t.co/NdRGLADcG9 The BoE updated its standard estimate of the net lifetime loss stemming directly from QE to between 60 billion pounds ($80.5 billion) and 120 billion pounds, depending on the future path of interest rates… had delivered extra benefits by allowing Britain’s government to issue debt more cheaply… (‘Inflate or die’ from the dreaded debt deflation death spiral) ESZs traded sideways but mostly moderately higher from the Nikkei opening on Tuesday until they broke lower at 23:50 ET. ESZs then plodded lower until they hit a low of 6830.50 (-26.25) at 10:55 ET. After a rebound and manipulation for the 11:30 ET European close that took ESZs to 6851.00 at 11:24 ET, ESZs slid to 6830.75 at 11:30 ET on liquidation for the European close. The post-European close move lifted ESZs. But ESZs and stocks zoomed to the moon in the afternoon because traders perceived the Softbank selling of NVDA to fund AI investments as a signal to buy AI-related stocks. @ycharts: What a swing! 11:00 AM ET: Nasdaq: -0.80%; &P 500: -0.32%; Dow Jones: +0.35% 2:00 PM: Dow Jones: +1.09%; S&P 500: +0.22%; Nasdaq: -0.28% ESZs hit 6876.50 at 13:21 ET and crawled higher with a series of de minis new highs. ESZs hit a daily high of 6879.25 at 15:13 ET. After a retreat to 6868.50 at 15:30 ET, the late manipulation pushed ESZs to the daily high of 6879.75 at 15:53 ET. ESZs then slid to 6866.75 at 16:00 ET. @GlobalMktObserv: Americans are ALL-IN on US stocks: US households now hold a record 52% of their capital in equities. This share is now ~5 percentage points HIGHER than the 2000 Dot-Com Bubble peak. Equity allocation has DOUBLED since the Great Financial Crisis… The median value of US households’ stock market holdings has exceeded $300,000 for the first time ever. The combined value of single stocks, mutual funds, and retirement accounts DOUBLED in less than 2 years. https://x.com/GlobalMktObserv/status/1988308650990198910 https://x.com/GlobalMktObserv/status/1988315616143700327 @MenthorQpro: The S&P 500 breadth chart shows fewer stocks are trading above their long-term (200-day) moving average even as the index stays near highs… the rally is being driven by fewer big names a sign of narrowing market strength and possible short-term fatigue. https://t.co/8Fv4YOr2aH Positive aspects of previous session The DJIA rallied sharply and the DJIA moderately on a valuation rotation out of AI-related stocks. Fangs rebounded robustly after the early decline. USZs were +16/32 at the NYSE close. Negative aspects of previous session AI-related stocks dragged Nasdaq and the Naz 100 lower Ambiguous aspects of previous session Is the AI Bubble deflating? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6836.20 Previous session S&P 500 Index High/Low: 6855.13; 6806.87 @disclosetv: Trump says 600,000 Chinese students coming to the U.S. is a pro-MAGA stance because “you would have half the colleges in the United States go out of business… I know what MAGA wants better than anybody else.” https://x.com/disclosetv/status/1988040274132824454 @nataliegwinters: Insulting to MAGA’s intelligence. Zero upside to this… Being at hybrid/unrestricted war with the Chinese Communist Party applies to all domains – even the classroom. Politico: White House officials are furious with Bill Pulte, the Federal Housing Finance Agency director, who talked the president into suggesting a 50-year mortgage plan. (It is an obvious ploy.) @barnes_law: The housing issue is a classic example of the problem when you choose the donors over voters. The admin wants to increase affordability without reducing the price, b/c the latter would hurt donor class boomers & bankers. Hence, the idiotic 50-yr mortgage plan. Remember, Trump got rich by shmoozing the wealthy and selling his brand to them. His campaign for president, and it was smart, was based on economic populism issues favored in polls and surveys. @1776General_: The immigrants were using taxpayer money to purchase homes. We don’t need 50-year mortgages. We need 50 million deportations. https://x.com/1776General_/status/1987579932139225396 Dem Sen. John Fetterman revealed Tuesday that “no one really knows” who’s in charge of Democrats on Capitol Hill. https://trib.al/gbfMsWM Trump Plans Dinner with Jamie Dimon, Wall Street Executives President Trump will host a dinner at the White House on Wednesday with financial industry executives, according to two officials familiar with the plans. One official said JP Morgan Chase & Co. CEO Jamie Dimon will attend, while CBS News reported that Nasdaq Inc. Chair and CEO Adena Friedman was also invited. (mktnews.com) https://mktnews.com/flashDetail.html?id=019a7583-cdb8-7cc6-9bcc-5b1665ce7b52 Today –Some of the buying on Tuesday was on anticipation that patsies would buy stuff after the House votes to pass the Senate bill that will fund the government through January. The final vote total will probably not appear until after the NYSE close. Nevertheless, traders want to be bullish until the rally for the US Government Grand Reopening appears. ESAs are +9.50; NQZs are +64.50; Dec AU is +27.10; and USZs are -3/32 at 20:07 ET. Fed Speakers: NY Pres Williams 9:20 ET, Phil Pres Paulson 10:00 ET, Gov Waller 10:20 ET, Atlanta Pres Bostic 12:15 ET, Gov Miran 12:30 ET, Boston Pres Collins 16:00 ET S&P Index 50-day MA: 6686; 100-day MA: 6506; 150-day MA: 6249; 200-day MA: 6138 DJIA 50-day MA: 46,481; 100-day MA: 45,483; 150-day MA: 44,142; 200-day MA: 43,814 (Green is positive slope; Red is negative slope) S&P 500 Index (6728.80 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 5687.33 triggers a sell signal Weekly: Trender and MACD are positive – a close below 6420.50 triggers a sell signal Daily: Trender is positive; MACD is negative – a close below 6718.00 triggers a sell signal Hourly: Trender and MACD are positive – a close below 6816.65 triggers a sell signal The Obamacare secret at the heart of the shutdown: insurers made billions at taxpayer expense Subsidies were greatly expanded by the Biden administration during the COVID-19 pandemic as an emergency measure, but Democrats have fought to keep them permanent. Those subsidies went mostly to Democratic donors. (Large health care insurers) The Obamacare insurance exchanges also have another major flaw that fuels corporate profits. About a third of all subsidized Obamacare health plans go unused by the insured, meaning these plans translate into pure profits for the health insurance companies… at the expense of the American taxpayer… https://justthenews.com/government/congress/obamacare-secret-heart-shutdown-insurers-got-rich-taxpayer-expense @TVNewsNow: CNN’s SCOTT JENNINGS: “One thing that came out of this entire fight is that Obamacare has been exposed as a complete and utter failure. We all know it. Everybody admits it.” “The other thing that came out is that Democrats are willing to make people suffer. We heard Democrat after Democrat say ‘we just couldn’t prolong the suffering’. So they admit their political tactics were designed to inflict suffering on American people. We learned about cynical politics.” “The overall system of healthcare is going to have to be dealt with because the system has failed. I think it is bipartisan. Everyone admits it,” adds @ScottJenningsKY https://x.com/TVNewsNow/status/1988118341848797489 We are old enough to remember when Obama and his adoring media told us that Obamacare (ACA) would lower healthcare costs, allow Americans to keep their current insurance plans as well as their docs. Kansas Senator Dr. Rodger Marshall has announced that Republicans will have a healthcare bill by December @rodgermarshall said: “Put the American patient first again. And we will not be sending $150 billion subsidies to insurance companies anymore.” https://t.co/vQVHY9M3EP This Trump official (Dr. Oz) swears Republicans have a secret health care plan: ‘I don’t want to show our cards’ https://www.yahoo.com/news/articles/trump-official-swears-republicans-secret-215252861.html ‘Clinton Corruption Files’: Bondi, Patel unleash new evidence about former first family foundation Officials say evidence sent to Congress raises fresh concerns that government officials kept evidence from prosecutor https://justthenews.com/accountability/political-ethics/clinton-corruption-files-bondi-patel-unleash-new-evidence-about @ThePatriotOasis: (House Dem Leader) Hakeem Jeffries says the Supreme Court is CORRUPT and some Justices have no “Ethical Code” JEFFRIES: “Clean up the corruption that exists in Washington, D.C., in Congress, at the Supreme Court.” CNN: “I just want to be precise, you say the Supreme Court has been corrupt. Is that what you’re saying?” JEFFRIES: “Yeah. What I’m saying is that the outrageous behavior by individual justices like Clarence Thomas and Justice Alito, and the failure to have an ethical code of conduct, is corrupt.” https://x.com/ThePatriotOasis/status/1988274240475320754 Dems are feverishly trying to delegitimize the SCOTUS so they can distort it to do their dirty work. @susancrabtree: SECRET SERVICE CORRUPTION UNDER BIDEN GETS MORE CONGRESSIONAL SCRUTINY – THIS TIME ON THE J6 DNC PIPE BOMB. USSS leadership under Biden demanded that all agents/officers who worked on J6 turn in their phones to headquarters for what they said was a software migration. But agents knew it was to wipe their texts/phones of any J6 communications, as I have previously reported based on several sources in the @SecretService community… https://x.com/susancrabtree/status/1988325795690148208 @paulsperry_: In presenting evidence in a motion to the court as part of its perjury defense, James Comey’s legal team altered two words in a transcript of his 2020 Senate testimony to make it seem as if Sen. Ted Cruz asked Comey a key question he didn’t actually ask him during the hearing @BarronTNews_: Chicago Mayor Brandon Johnson just asked the UNITED NATIONS to intervene and stop ICE. You can’t make this up — a U.S. mayor begging foreign bureaucrats to block federal immigration enforcement… https://t.co/Ap96ewqdUQ Illegal Mexican immigrant with rap sheet arrested for shooting at Border Patrol agents during Chicago raid (Chicago gangs ‘own’ too many pols!) https://t.co/NOoWcGMsX7 @townhallcom: UNWELL: Liberal white woman storms into Sen. Kaine’s (D-VA) office and demands to see him after he “sold out 55,000 people to die.” The fear mongering and brainwashing from Democrat leaders made “Lime Accordion” lose her marbles. https://t.co/Iz9j2ZzABW Daily, social media teems with videos of people with apparent mental and emotional ‘issues’ spewing political venom. They seem to be the product of suggestion and brainwashing. Most people realize there is a mental health crisis in the US; but social media posts prove the scope and depth is astounding! Since FDR instituted socialism into the US, politicians, mostly Dems, have increasingly bestowed freebies on the populace. This has created a dependency epidemic and killed motivation on an increasing basis. Plus, the populace keeps demanding even more freebies because, as history and psychology show once dependency is established, ‘it (freebies) is never enough’ to satisfy the masses. “A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world’s greatest civilizations has been 200 years. These nations have progressed through this sequence: From bondage to spiritual faith; From spiritual faith to great courage; From courage to liberty; From liberty to abundance; From abundance to selfishness; From selfishness to apathy; From apathy to dependence; From dependence back into bondage.” – Alexander Fraser Tytler @nicksortor: The DOJ has formally notified UC Berkeley they’re launching a full investigation into the university after they FAILED to protect conservatives attending TPUSA’s event last night. Per @AAGDhillon, “mob assault and thuggish intimidation of attendees exercising their First Amendment rights are unacceptable.” https://x.com/nicksortor/status/1988362738247360877 Protester named ‘Jihad’ charged with assault and robbery after brawl at Berkeley Turning Point USA rally (No joke, some media outlets descripted it as ‘a mostly peaceful protest) https://trib.al/XojQetX | |
SWAMP STORIES FOR YOU TONIGHT
Rep. Massie Still Investigating Jan. 6 Provocateur Ray Epps
Tuesday, Nov 11, 2025 – 07:15 PM
Authored by Ken Silva via HeadlineUSA,
Remember Ray Epps, the J6er who encouraged others to go into the Capitol and committed violence against police officers, only to receive a year of probation for his crimes?
Rep. Thomas Massie, R-Ky., hasn’t forgotten. Massie announced on Friday that he wrote a letter to the FBI about Epps last month, seeking answers about its investigation into him.
Massie asked why the FBI initially closed its investigation into Epps by July 2021, despite having an abundance of evidence about him.
According to FBI records, agents had “photographic/and or video evidence that James Ray Epps conspired to and/or recruited others to storm the United States Capitol Building.”
However, a July 29, 2021, FBI report said that its “investigation did not reveal sufficient evidence that Epps … engaged in acts of violence or committed any other criminal violations.” That’s despite the fact that video had already surfaced showing him pushing a sign into a group of police officers, and that Epps had admitted to trespassing on Capitol grounds.
The Justice Department apparently reopened the Epps case after Massie, Revolver News and other conservatives began to question whether he was being protected by government. The DOJ eventually slapped him with a lone misdemeanor count of disorderly conduct, and he received one year of probation in January 2024.
“This disparate treatment is particularly troubling when contrasted with the cases of most January 6 defendants,” Massie said in his recent letter to FBI Director Kashyap Patel. “Moreover, it raises the broader question of whether other defendants were similarly spared prosecution under comparable circumstances.”
Massie seeks all internal communications between FBI Headquarters and its Phoenix field office, which initially investigated Epps. He also seeks all communications between the FBI and DOJ about him.
Additionally, Massie wants to know whether the DOJ or any of its components, including the FBI, had any communication with Epps prior to the Jan. 6, 2021, Capitol Hill protest. Such communications might indicate whether Epps was working for the government at the time.
Massie sought answers by Oct. 10. It’s unclear whether the FBI ever responded to the congressman’s letter, which is dated Oct. 3.
Ken Silva is the editor of Headline USA. Follow him at x.com/jd_cashless.
END
Trump Says He Has Obligation To Sue BBC For ‘Defrauding The Public’ With Jan. 6 Speech Edits
Wednesday, Nov 12, 2025 – 01:05 PM
Authored by Aldgra Fredly via The Epoch Times,
President Donald Trump said Nov. 10 that he has an obligation to pursue legal action against the BBC over edits made to his speech on Jan. 6, 2021, that was shown in the UK broadcaster’s documentary.
In a Fox News interview that aired on Nov. 10, Trump said he may sue the BBC for editing his speech in a way that “defrauded the public” and made him “sound radical.”
“They defrauded the public, and they’ve admitted it,” the president said. “This is within one of our great allies, you know, this is supposedly our great ally.”
The BBC’s “Panorama” documentary spliced together quotations from different parts of Trump’s Jan. 6, 2021, speech, making it seem as though he delivered a continuous statement encouraging supporters to march with him to the U.S. Capitol and “fight like hell.” The documentary was aired one week before the 2024 presidential election.
“That’s a pretty sad event. They actually changed my January 6 speech, which was a beautiful speech, which was a very calming speech, and they made it sound radical,” Trump said in the interview.
“They showed me the results later on, the results of what they did, how they butchered it up, but it was very dishonest, and the head man quit and a lot of other people quit.”
When asked whether he would file a defamation lawsuit against the British broadcaster, Trump replied, “Well, I think I have an obligation to do it, because you can’t allow people to do that.”
The Epoch Times has reached out to the BBC for comment.
A letter from Trump’s attorney Alejandro Brito has demanded 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.
President Donald Trump speaks to supporters from The Ellipse near the White House in Washington on Jan. 6, 2021. Brendan Smialowski/AFP via Getty Images
“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 BBC spokesperson told The Epoch Times by email on Nov. 11 that it will review the letter and “respond directly in due course.”
The broadcaster issued an apology after the resignations of its director-general, Tim Davie, and its CEO of news, Deborah Turness, on Nov. 9.
(Left) BBC News CEO Deborah Turness at an event in London on Oct. 13, 2022. (Right) BBC Director-General Tim Davie at the BBC World Service in London on April 28, 2022. Leon Neal/Getty Images, Hannah McKay/AFP via Getty Images
Established by a Royal Charter, the BBC is a public service broadcaster principally funded through an annual license fee paid by UK households, according to its website.
The news corporation was accused of selectively editing the speech Trump made on the day of the 2021 U.S. Capitol breach in its broadcast on Oct. 28, 2024, titled “Trump: A Second Chance?”
The “Panorama” episode spliced together clips from the speech, creating the impression that Trump said, “We’re gonna 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 gonna have a country anymore.”
In the original remark, the first part of the spliced footage, when he said, “We’re gonna 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 a full 54 minutes later.
Supporters of President Donald Trump protest at the U.S. Capitol in Washington on Jan. 6, 2021. AP Photo/Jose Luis Magana, File
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.
BBC Chairman Samir Shah sent a letter to the UK’s Culture, Media, and Sport Committee on Nov. 10 apologizing for an “error of judgement” regarding the editing of the speech.
GREG HUNTER INTERVIEWING SILVER SPECIALIST DAVID MORGAN
End of American Empire Nears – David Morgan
By Greg Hunter On November 12, 2025 In Market Analysis, Political Analysis1 Comment
By Greg Hunter’s USAWatchdog.com
More than a year ago, economic analyst and financial writer David Morgan predicted we were entering a global Great Depression. With massive AI layoffs, sky rocketing silver and gold prices, exploding debt and civil unrest increasing, it looks like Morgan was right—again. On the money side, demand is so shaky for US Treasuries that former Trump Federal Reserve nominee, Judy Shelton, was pitching a gold-backed US Treasury Bond on CNBC. Was Shelton running a flag up the pole to gauge the reaction for the White House? Morgan says, “You are not getting on CNBC and talking about a gold-backed bond unless it’s been, let’s say, approved by the powers that be. This is something that will help restore a sound monetary system with possible gold convertibility. Shelton argues that the US monetary system is unstable, inflationary and it erodes purchasing power. Shelton says a new bond with a link to gold would restore trust.” Morgan also contends this would add greatly to the already bullish environment for gold and silver.
Morgan sees the big picture and says, “When you study the end of the Roman Empire, one of the primary reasons it fell was everybody was pouring into Rome to get free bread and circus. Does that remind you of something that is going on now? . . .. We are at point where we are seeing the last phase before the end of the empire. The end does not mean it collapses and there is nothing left. When so many people come flooding in, and they want free bread and circus like the end of the Roman Empire . . . we know the end is near.”
End of empire has negative consequences for the currency of the empire. In this case, it’s the US dollar. Morgan contends central banks all the way down to the man on the street are losing faith in paper and want the real thing. No where is that more evident than in the silver market that is featuring record high prices. Morgan says, “It’s a paper driven market. You are given a contract where it says you can act on this contract, for this price, for this much silver. People like never before are saying, ‘Okay, put up or shut up. I want the silver. I don’t want the cash’ . . . because there is more demand for the monetary side as well as an insatiable appetite that keeps growing for industrial uses.”
On gold and silver, Morgan predicts at least another 20% rise in 2026, which would put the yellow metal over the $5,000 per ounce range. Morgan says the same goes for silver, which would put it at around $65 an ounce. War, a new round of QE (money printing) and massive interest rate cuts could drive the prices for both metals much, much higher.
In closing, Morgan says, “The run to gold goes like this. It starts as a very light walk, then a normal walk, a brisk walk, a light jog, a full jog, a fast jog, a light run, a run and then an all-out sprint to the finish line. Now, we are at a brisk walk to a light jog. What has taken place over the last few years is central banks are buying gold hand-over-fist in quantities never ever reached before. Why is that? Because the bankers know gold is the money of last resort. Gold is money and everything else is credit. They know what’s coming.”
There is much more in the 57-minute interview.
Join Greg Hunter of USAWatchdog as he goes One on One with David Morgan, founder of “The Morgan Report” and producer of the popular documentary film called “Silver Sunrise” for 11.12.25.
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