access market
GOLD LEASE RATE RISES TO 3.29%
Gold Lease Rate
3.29%
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
XGE: COMEX
JPMORGAN STOPPED: 310/457
GOLD: NUMBER OF NOTICES FILED FOR NOV/2025: 457 CONTRACTs NOTICES FOR 45,700 OZ or 1.4215 TONNES
total notices so far: 10,897 contracts for 1,089,700 OR 33.894 tonnes)
SILVER NOTICES: 50 NOTICE(S) FILED FOR 0.250 MILLION OZ/
total number of notices filed so far this month : 3852 CONTRACTS (NOTICES) for 18.260 million oz
INITIAL STANDING FOR NOV: 11.575 MILLION OZ
WEDNESDAY: 1.475 MILLION OZ
THURSDAY: 0.250 MILLION OZ
THEN ALL PREVIOUS QUEUE JUMPS OF 8.155 MILLION OZ
EQUALS
19.515 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: 26.905 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 0.2500 OZ WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 9.155 MILLION OZ//STANDING ADVANCES TO 19.515 MILLION OZ/
- MAY: SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
4. 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
5.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!!
6.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.
7.NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 0.4075 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 19.1068 TONNES TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK ISSUANCE OF 1.3996 TONNES//NEW STANDING ADVANCES TO 36.4786 TONNES OF GOLD.
NEW STANDING FOR GOLD, NOV CONTRACT AT 36.4786 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: 89.782 TONNES//VERY SMALL THIS MONTH.
SPREADING OPERATION
NOW SWITCHING TO GOLD FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF OCT. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A MEGA HUGE SIZED 1122 CONTRACTS OI TO 154,417 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 818 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
DEC 818 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 2309 CONTRACTS AND ADD TO THE 818 E.FP. ISSUED
WE OBTAIN A HUGE SIZED GAIN OF 1940 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN OF $0.36 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 9.7 MILLION PAPER OZ
OCCURRED WITH OUR GAIN IN PRICE.OF $0.36
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 THURSDAY MORNING:
SHANGHAI CLOSED DOWN 15.69 POINTS OR 0.40%
//Hang Seng CLOSED CLOSED UP 4.92 PTS OR 0.02%
// Nikkei CLOSED : UP 1286,24 PTS OR 2.65% //Australia’s all ordinaries CLOSED UP 1.24%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.1172/ OFFSHORE CLOSED DOWN AT 7.1182/ Oil DOWN TO 60.00 dollars per barrel for WTI and BRENT DOWN TO 64.06 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING DOWN TO 7.1172 OFFSHORE YUAN TRADING DOWN TO 7.1182:/ONSHORE YUAN TRADING ABOVE OFF SHORE AND DOWN ON THE DOLLAR// / AND THUS WEAKER//OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS WEAKER
XXXXXXXXXXXXXXXXXXXXXXXXXXXX
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
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A STRONG SIZED SIZED 4060 CONTRACTS TO 467,893 OI DESPITE OUR GAIN IN PRICE OF $14.55 WITH RESPECT TO WEDNESDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST ZERO NET LONGS, WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A STRONG NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (2360). WE HAD ZERO T.A.S. LIQUIDATION TUESDAY.. IT SEEMS THAT THE SPECULATORS WENT AGAIN TO THE LONG SIDE WITH OUR FRBNY ON THE SHORT SIDE AND OTHER CENTRAL BANKERS GOING ON THE LONG SIDE . JUDGING BY THE NOTICES FOR DELIVERY FILED LAST NIGHT AT 457 NOTICES FOR 45,700 OZ (1.4215 TONNES), THE EASTERN CENTRAL BANKERS TOOK EVERYTHING ON OFFER. IT TOOK ONLY 24 HOURS BEFORE THE FRBY ENGINEERED ANOTHER RAID TO RINSE THESE SPECS AGAIN AS ANOTHER RAID WAS CALLED UPON.
WE THUS HAD A TOTAL LOSS IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 1700 CONTRACTS (OR 5.287 TONNES).THEN WE WERE NOTIFIED OF A 0 CONTRACT EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS ISSUED FOR NIL OZ OR 0 TONNES OF GOLD.
FIRST LETS DO A REVIEW OF EXCHANGE FOR RISK ISSUANCES:
A LITTLE HISTORY ON OUR EXCHANGE FOR RISK ISSUANCES/ GOLD PRIOR MONTHS
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. THE RECIPIENT OF THESE EXCHANGE FOR RISK IS THE BANK OF ENGLAND. THIS CENTRAL BANK LOANED OUT ITS GOLD AND WANTS IT BACK. THEIR TOTAL RESERVES PRIOR TO THE LOANS IS LISTED AT 310 TONNES.
LET US LOOK AT 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!
NOW LET US LOOK AT THE MONTH OF AUGUST:
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.
NOW LET US LOOK AT SEPT.
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//FOR 14.553 TONNES
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
LET’S SUM UP EXCHANGE FOR RISK FOR THE LAST 8 MONTHS
HISTORY: LAST 8 MONTH’S EXCHANGE FOR RISK//TOTAL CONTRACT ISSUANCES //TONNES OF GOLD
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
AND NOW NOVEMBER:
NOVEMBER: SO FAR ONE ISSUANCE:
WHICH NOW BRINGS US TO NOVEMBER WHERE WE RECEIVED NOTICE OF OUR FIRST ISSUANCE OF 450 CONTRACTS FOR 45000 OZ OR 1.3996 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 10 MONTH TOTALS 131.6996 TONNES)//TOTAL RESERVES OF BOE EQUALS 310 TONNES)
- THE FEDERAL RESERVE BANK OF NEW YORK (NEED TO RETRIEVE THEIR LEASED/BORROWED GOLD FROM THE BIS).THE FED STILL REFUSES TO BRING BACK MUCH OF ITS 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 10TH MONTH FOR ISSUANCE OF EXCHANGE FOR RISK !!…..(DEC THROUGH NOV//ONLY MISSING JUNE. TOTAL 10 MONTHS ISSUANCE 131.6996 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 CONTRACT MONTH//
IN TOTAL WE HAD A FAIR SIZED LOSS ON OUR TWO EXCHANGES OF 1700 CONTRACTS DESPITE OUR GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY AND OUR SHORT SPECULATORS FOR THE THOUGHTFULNESS. LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. DELIVERY OF GOLD CONTRACTS ARE NOW TAKING SEVERAL WEEKS. NO DEFAULT HAS BEEN INITIATED AS DEALERS ARE AFRAID OF LOSS OF THEIR JOBS. SO THIS FRAUD CONTINUES. THE LEASE RATES IN LONDON HAVE NOW INCREASED TO 2.0% 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/ 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 FINALLY A LOWER T.A.S ISSUANCE CONTRACTS AS THE 5 CONSECUTIVE MEGA HUGE ISSUANCES HAS ENDED. THE CME NOTIFIES US THAT THEY HAVE ISSUED 1793 T.A.S CONTRACTS. THESE LAST 5 CONSECUTIVE MEGA HUGE T.A.S ISSUANCES WERE 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 THE WEEK FINISHING OFF WITH A MASSIVE HUGE RAID ON GOLD AND SILVER LAST THURSDAY AFTERNOON THROUGH TO MONDAY, DESPERATELY TRYING TO STOP GOLD’S ADVANCE. THIS ALWAYS ENDS IN FAILURE AS WE WE WILL NOW SEE GOLD//SILVER RISE HUGELY ON OUR UPCOMING DAYS.
A LITTLE HISTORY ON TAS ATTEMPTED RAIDS: SEPT THROUGH NOVEMBER;
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 EARLY MONTH FAILED RAID ATTEMPTS. SO THEY NOW ISSUED THESE MEGA T.A.S. CONTRACTS AND THAT ALWAYS SIGNALS A MAJOR RAID WHICH ARRIVED ON OUR DOORSTEP THURSDAY EARLY AFTERNOON AND CONTINUED RIGHT THROUGH MONDAY AND NOW TODAY , THURSDAY AS ANOTHER RAID WAS CALLED UPON.
HERE IS A SUMMARY OF GOLD STANDING FOR DELIVERY ON OUR LAST 8 MONTHS:
- FOR APRIL AT 209 TONNES
2. AND THIS CONTINUED INTO MAY WITH FINAL STANDING AT 90.23 TONNES.
3. 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.)
4. 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
5. 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!!!
6. 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!!!
7. 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
8. AND NOW NOVEMBER:TOTAL TONNES STANDING INCLUDING ALL QUEUE JUMPS AND EXCHANGE FOR RISK ISSUANCE:
INITIAL GOLD STANDING AT THE COMEX IS 5032 CONTRACTS OR 503,200 OZ (15.651 TONNES) FOLLOWED BY ITS TODAY’S QUEUE JUMP OF 0.4078 TONNES/ FOLLOWED BY ALL NOVEMBER QUEUE JUMPS OF 19.1068 TONNES TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK ISSUANCE OF 1.3966 TONNES///NEW STANDING ADVANCES TO 36.4786 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 54 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 AND EXCHANGE FOR RISK NEW STANDING FOR GOLD NOW AT 36.4786 TONNES
EXCHANGE FOR PHYSICAL ISSUANCE/NOV//BORROWINGS FROM THE FRBNY:
THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED EXCHANGE FOR PHYSICAL OF 2360 CONTRACTS.
THAT IS A STRONG SIZED 2360 EFP CONTRACT WAS ISSUED: : /DEC 2360 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 2360 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 :
- ZERO LIQUIDATION OF OUR T.A.S. SPREADERS//WEDNESDAY + GOVERNMENT LIQUIDATION AND MASSIVE LIQUIDATION LATE THURSDAY AND FRIDAY/VERY EARLY AFTERNOON CLOSE TO CLOSING TIME
- MONTH END SPREADERS HAVE NOW FINISHED AS IT WAS IN FULL FORCE ON FIRST DAY NOTICE OCT 31 WITH OUR ATTEMPTED FAILED RAID, WE WILL SEE THESE MONTHLY MONTH SPREADERS IN ACTION NEXT WEEK DURING OPTIONS EXIRY WEEK.
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 MUCH SMALLER SIZED 1229 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 WEDNEDAY’S GAIN IN PRICE IN GOLD WITH A CORRESPONDING HUMONGOUS GAIN OF COMEX OI AND A STRONG EXCHANGE FOR PHYSICAL ISSUANCE.. THE COMEX IS IN TOTAL TURMOIL ESPECIALLY THESE PAST 5 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
- TO BE FOLLOWED BY NOVEMBER’S FIRST ISSUANCE FOR 1.36996 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
- MASSIVE T.A.S. CONTRACTS ISSUED FOR 5 CONSECUTIVE DAYS/SIGNALLING A MASSIVE RAID TO BE!
- MASSIVE RAIDS AT THE COMEX CALLED UPON EVERY OTHER DAY!
GOLD STANDING AT THE COMEX FOR GOLD LAST 11 MONTHS OF 2025:
YEAR 2025:
JAN 2025:
113.30 TONNES (WHICH INCLUDES 43.408 TONNES EX FOR RISK)
FEB: 2025:
256.607 TONNES (WHICH INCLUDES 18.4567 TONNES OF EX FOR RISK)
MARCH:
STANDING FOR GOLD : 60.33 TONNES + 7.6179 TONNES EX FOR RISK = 67.9479 TONNES WHICH IS EXTREMELY HIGH FOR A NON DELIVERY MONTH.
APRIL:
FINAL STANDING FOR GOLD: 201.573 TONNES + 8.3571 TONNES EX FOR RISK = 209.953 TONNES
MAY: FINAL STANDING 90.235 TONNES WHICH INCLUDES QUEUE JUMPING AND 9.591 TONNES EX FOR RISK.
JUNE: FINAL STANDING 62.534 TONNES PLUS 0.1493TONNES OF QUEUE JUMP EQUALS 93.085 TONNES
JULY: 17.947 TONNES INITIAL STANDING FIRST DAY NOTICE PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK/PRIOR + 2.195 EX FOR RISK TODAY = = 41.106 TONNES
AUGUST:INITIAL AMOUNT OF GOLD STANDING: 60.547 TONNES TO WHICH WE ADD OUR 7 MONTHLY ISSUANCES OF: EXCHANGE FOR RISK TOTALLING 44.696 TONNES//NEW STANDING ADVANCES AS FOLLOWS:
107.5117 TONNES NORMAL DELIVERIES (INCLUDES ALL QUEUE JUMPS /EXCHANGE FOR PHYSICAL TRANSFERS) +
5.4432 TONNES EXCHANGE FOR RISK/PRIOR/AUGUST 7
2.413 TONNES EXCHANGE FOR RISK AUGUST 11
PLUS 2.637 TONNES EX FOR RISK AUGUST 12
PLUS: 9.107 TONNES EX FOR RISK AUGUST 25
PLUS 9.1010 TONNES EX FOR RISK AUGUST 26!!
PLUS 9.0699 TONNES EX FOR RISK AUGUST 27
PLUS 6.923 TONNES EX. FOR RISK/AUGUST 28
MONTHLY TOTAL 44.696 TONNES EXCHANGE FOR RISK!MONTH OF AUGUST.
EQUALS
152.208 TONNES TONNES OF GOLD.
SEPT:
SEPT: 25.878 TONNES OF GOLD INITIAL GOLD STANDING TO WHICH WE ADD OUR 22.923 TONNES OF EXCHANGE FOR RISK ISSUED 7 TIMES DURING THE MONTH:
TOTAL EX FOR RISK// FOR MONTH = 22.923//NEW TOTALS FOR GOLD STANDING SEPT ADVANCES TO 48.801 TONNES
THIS IS HUGE FOR A GENERALLY WEAK SEPTEMBER DELIVERY MONTH.
OCTOBER: INITIAL AMOUNT OF GOLD STANDING: 90.164 TONNES OF GOLD FOLLOWED BY TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL PREVIOUS QUEUE JUMPS OF 76.1656 TONNES WHICH MUST BE ADDED TO OUR 6 ISSUANCES OF 14.553 TONNES EXCHANGE FOR RISK//TOTAL NEW STANDING FOR GOLD IN THIS ACTIVE OCTOBER DELIVERY MONTH ADVANCES TO 197.5141 TONNNES.
AND NOW NOVEMBER WHERE INITIAL AMOUNT OF GOLD STANDING IS REGISTERED AT 15.651 TONNES OF GOLD FOLLOWED BY TODAY’S QUEUE JUMP OF 0.4078 TONNES AND FOLLOWED BY ALL OTHER NOV QUEUE JUMPS OF 19.1068 TONNES TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK ISSUANCE FOR 1.3966 TONNES.
/STANDING ADVANCES TO 36.4786 TONNES 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
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
COMEX GOLD TRADING BEGINNING NOVEMBER,. CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $14.55/ /) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SPECULATOR LONGS AS CENTRAL BANKS (FRBNY + OTHER CENTRAL BANKS) TOOK THE LONG SIDE AS WE DID HAVE A STRONG GAIN IN OI FROM TWO EXCHANGES OF 1700 CONTRACTS.. BUT AS EXPLAINED ABOVE WE HAD ZERO T.A.S. SPREADER LIQUIDATION WEDNESDAY// COMEX TRADING//.. OTHER EASTERN CENTRAL BANKS TENDERED FOR PHYSICAL WEDNESDAY NIGHT WHICH EXPLAINS THE HUGE NUMBER OF NOTICES FILED!!. THE COMEX IS ONE BIG MESS!! THIS WEEK, THE BANKER (FRBNY) WENT TO THE LONG SIDE ALONG WITH OTHER EASTERN CENTRAL BANKERS AND SPECS ON THE SHORT SIDE SIDE. THE SPECS WILL BE QUITE NICELY RINSED BY THE FRBNY BANKERS TODAY
THURSDAY MORNING//WEDNESDAY 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 WEDNESDAY EVENING/ THURSDAY 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
STANDING FOR GOLD OCT AND NOVEMBER:
- 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//ABSOLUTELY A MONSTER DELIVERY FOR A NORMALLY QUIET OCT MONTH
2. AND NOW NOVEMBER:
NOVEMBER BEGINS WITH A HUGE 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY OUR TODAY’S QUEUE JUMP OF 0.4074 TONNES WHICH FOLLOWED ALL OTHER NOVEMBER QUEUE JUMPS OF 19.1068 TONNES TO WHICH WE ADD OUR FIRST ISSUANCE OF EXCHANGE FOR RISK OF 1.3966 TONNES..
NEW STANDING ADVANCES TO 36.4786 ONNES OF GOLD.
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $14.55
WE HAD A HUGE 26,340 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL. ALL TIME RECORD REMOVAL
INITIAL GOLD COMEX
NOV 20
NOV CONTRACT MONTH
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | one entry i) Out of JPMorgan; 64,302.000 oz 2000 phony kilobars total withdrawal: 64,302.00 2 tonnes |
| Deposit to the Dealer Inventory in oz | 0 ENTRIES |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER 1 entries i) Into HSBC: 32,151.000 oz (1000 phony kilobars) xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 457 notice(s) 45,700 OZ 1.4215 TONNES OF GOLD |
| No of oz to be served (notices) | 381 contracts 38,100 OZ 1.186 TONNES |
| Total monthly oz gold served (contracts) so far this month | 10,897 notices 1,089,700 0z 33.894 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month |
dealer deposits: 0
0 ENTRIES
xxxxxxxxxxxxxxxxxxxxx
DEPOSITS/CUSTOMER
1 entries
i) Into HSBC: 32,151.000 oz
(1000 phony kilobars)
customer withdrawals:
1 ENTRIES
i) Out of JPMorgan; 64,302.000 oz
2000 phony kilobars
total withdrawal: 64,302.00
2 tonnes
they are draining the comex of gold
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
ADJUSTMENTs 3
first: customer to dealer
a) Brinks 999.90 oz
next 2 entries, dealer to customer;
b) Malca: 64,237.698 oz (1998 kilobars)
c) Manfra; 11,545.754 oz
AMOUNT OF GOLD STANDING FOR NOVEMBER:
THE FRONT MONTH OF NOV STANDS AT 838 CONTRACTS FOR A LOSS OF 746 CONTRACTS.
WE HAD 876 CONTRACTS SERVED ON WEDNESDAY. SO WE GAINED A GOOD SIZED 131 CONTRACTS FOR 13,100 OZ OF GOLD (0.4078 TONNES).
DECEMBER LOST 16,346 CONTRACTS DOWN TO 204,514 CONTRACTS . DECEMBER IS THE NEW FRONT MONTH AND WE ARE GOING TO HAVE A MEGA MEGA DILLY MONTH STANDING FOR DELIVERY FOR GOLD!!
JANUARY GAINED 24 CONTRACTS UP TO 1366
We had 457 contracts filed for today representing 45,700 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 457 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer an 316 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 (10,897 oz ) to which we add the difference between the open interest for the front month of NOV ( 838 CONTRACTS) minus the number of notices served upon today (457 x 100 oz per contract) equals 1,127,800 OZ OR 35.079 Tonnes of gold to which we add our first issuance of exchange for risk for 1.3996 tonnes//new standing advances to 36.4786 tonnes.
thus the INITIAL standings for gold for the NOV contract month: No of notices filed so far (10,897x 100 oz +we add the difference for front month of NOV (838 OI} minus the number of notices served upon today (457)x 100 oz) which equals 1,127,800 OZ OR 35.079 TONNES to which we add our 1.3996 tonnes of exchange for risk//new total of gold standing in November is 36.4786 tonnes
TOTAL COMEX GOLD STANDING FOR NOV..: 36.4786 TONNES TONNES WHICH IS HUGE FOR THIS NORMALLY SMALL NON ACTIVE ACTIVE DELIVERY MONTH OF NOVEMBER
volume WEDNESDAY confirmed 289,003 contracts GOOD
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 1,970,845.069 oz 61.30 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 36,937,024.891 oz
TOTAL REGISTERED GOLD 19,379,249.963 or 602.77 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 17,557,774.928 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON 17,408,404 oz ((REG GOLD- PLEDGED GOLD)=
541.474 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
SILVER/COMEX
SILVER/COMEX
THE NOV. 2025 SILVER CONTRACTS
NOV 20 2025
INITIAL/
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 3 entries i) Out of ASAHI 600,00.,000 OZ SUSPICIOUS ii) Out of Loomis 60,748.460 oz iii) Out of Stoneex: 19,621.320 oz total withdrawal 680,369.780 oz |
| Deposits to the Dealer Inventory | 0 ENTRY |
| Deposits to the Customer Inventory | DEPOSIT ENTRIES/CUSTOMER ACCOUNT DEPOSIT ENTRIES/CUSTOMER ACCOUNT 2 entries i) Into CNT 31,764.920 oz ii) Into Stonex 28,887.870 oz total deposit 60,652.700 oz |
| No of oz served today (contracts) | 50 CONTRACT(S) ( 250,000 OZ 0.250 MILLION OZ |
| No of oz to be served (notices) | 51 contracts (0.255MILLION oz) |
| Total monthly oz silver served (contracts) | 3852 Contracts (19.260 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
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
2 entries
i) Into CNT 31,764.920 oz
ii) Into Stonex 28,887.870 oz
total deposit 60,652.700 oz
withdrawals: customer side/eligible
3 entries
i) Out of ASAHI 600,00.,000 OZ SUSPICIOUS
ii) Out of Loomis 60,748.460 oz
iii) Out of Stoneex: 19,621.320 oz
total withdrawal 680,369.780 oz
adjustments: 2
first customer to dealer
a) Brinks 101l187.610 oz
next one: dealer to customer
b) stonex: 335,066.450 oz oz
comex is in turmoil
TOTAL REGISTERED SILVER: 152.343 MILLION OZ//.TOTAL REG + ELIGIBLE. 461.910 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: 101 OPEN INTEREST CONTRACTS FOR A LOSS OF 283 CONTRACTS. WE HAD 333 NOTICES SERVED ON WEDNESDAY SO WE GAINED 50 CONTRACTS FOR A 0.250 MILLION OZ QUEUE JUMP.
DECEMBER LOST 6222 CONTRACTS DOWN TO 53,208. THIS IS THE FRONT MONTH FOR SILVER DELIVERIES AND WE WILL HAVE A STRONG STANDING FOR OUR SILVER METAL.
JANUARY GAINED 187 CONTRACTS UP TO 2468 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 50 or 0.25 MILLION oz
CONFIRMED volume; ON WEDNESDAY 154,419 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 3852 X5,000 oz = 18.260MILLION oz
to which we add the difference between the open interest for the front month of NOV (101) AND the number of notices served upon today (50 )x (5000 oz)
Thus the standings for silver for the NOVEMBER 2025 contract month: (3852) Notices served so far) x 5000 oz + OI for the front month of NOV(101) minus number of notices served upon today (50)x 5000 oz equals silver standing for the NOV.contract month equating to 19.515 MILLION OZ
New total standing: 19.515million 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 1512.343 million oz of registered silver
JPMorgan as a percentage of total silver: 199.675/461.910million. 43.29%
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 20/WITH GOLD DOWN $20.45 TODAY/NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT XXXX TONNES
NOV 19/WITH GOLD UP $14.55 TODAY/NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 1041.43 TONNES
NOV 18/WITH GOLD DOWN $6.30 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2.57 TONNES OF GOLD INTO THE GLD /// ///INVENTORY RESTS AT 1041.43 TONNES
NOV 17/WITH GOLD DOWN $20.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 4.93 TONNES OF GOLD INTO THE GLD /// ///INVENTORY RESTS AT 1044.000 TONNES
NOV 14/WITH GOLD DOWN $97.55TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.29 TONNES OF GOLD INTO THE GLD /// ///INVENTORY RESTS AT 1048.93 TONNES
NOV 13/WITH GOLD DOWN $17.80.TODAY/SMALL CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 0.28 TONNES OF GOLD INTO THE GLD /// ///INVENTORY RESTS AT 1064.64 TONNES
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 XXX 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
GLD INVENTORY: 1041.43 TONNES, TONIGHTS TOTAL
SILVER
NOV20/WITH SILVER DOWN $0.53 TODAY/NO CHANGES IN SILVER AT THE SLV: :INVENTORY RESTS AT XXXX MILLION OZ MILLION OZ
NOV 19/WITH SILVER UP $0.36 TODAY/NO CHANGES IN SILVER AT THE SLV: :INVENTORY RESTS AT 489.283 MILLION OZ MILLION OZ
NOV 18/WITH SILVER DOWN $0.13 TODAY/NO CHANGES IN SILVER AT THE SLV: :INVENTORY RESTS AT 489..283 MILLION OZ MILLION OZ
NOV 17/WITH SILVER DOWN $0.07 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A DEPOSIT OF 1.451 MILLION OZ INTO THE SLV:INVENTORY RESTS AT 489.283 MILLION OZ MILLION OZ
NOV 14/WITH SILVER DOWN $2.08 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A DEPOSIT OF 2.722 MILLION OZ INTO THE SLV:
INVENTORY RESTS AT 487.832 MILLION OZ MILLION OZ
NOV 13/WITH SILVER DOWN $0.58 TODAY/NO CHANGES IN SILVER AT THE SLV: . /// ///INVENTORY RESTS AT 485.110 MILLION OZ
NOV 12/WITH SILVER UP $2.59 TODAY/NO CHANGES IN SILVER AT THE SLV: . /// ///INVENTORY RESTS AT 485.110 MILLION OZ
NOV 11/WITH SILVER UP $0.63 TODAY/NO CHANGES IN SILVER AT THE SLV: . /// ///INVENTORY RESTS AT 485.110 TONNES
NOV 10/WITH SILVER UP $2.05 TODAY/NO CHANGES IN GOLD AT THE SLV: . /// ///INVENTORY RESTS AT 485.110 TONNES
NOV 7 WITH SILVER UP $0.22 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 2.54 MILLION OZ FROM THE SLV / ///INVENTORY RESTS AT 485.110 MILLION OZ
NOV 6 WITH SILVER DOWN $0.12 TODAY/SMALL CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 713,000 OZ FROM THE SLV / ///INVENTORY RESTS AT 487,650 MILLION OZ
NOV 5 WITH SILVER UP $0.67TODAY/SMALL CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 713,000 OZ FROM THE SLV / ///INVENTORY RESTS AT 487,650 MILLION OZ
NOV 4 WITH SILVER DOWN $0.82 TODAY/NO CHANGES IN SILVER AT THE SLV: / ///INVENTORY RESTS AT 488.363 MILLION OZ
NOV 3 WITH SILVER $0.12 TODAY/NO CHANGES IN SILVER AT THE SLV: / ///INVENTORY RESTS AT 488.363 MILLION OZ
OCT 31 WITH SILVER DOWN $0.35 TODAY/SMALL CHANGES IN SILVER AT THE SLV: ///A WITHDRAWAL OF 636,000 OZ FROM THE SLV// ///INVENTORY RESTS AT 488.363 MILLION OZ
OCT 30 WITH SILVER UP $0.95 TODAY/NO CHANGES IN SILVER AT THE SLV: /// ///INVENTORY RESTS AT 488.999 MILLION OZ
OCT 29 WITH SILVER UP $0.68 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 4.218 MILLION OZ OUT OF THE SLV /// ///INVENTORY RESTS AT 488.999 MILLION OZ
OCT 28 WITH SILVER UP $0.36 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 2.541 MILLION OZ OUT OF THE SLV /// ///INVENTORY RESTS AT 493.217 MILLION OZ
OCT 27 WITH SILVER DOWN $1.84 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 1.588 MILLION OZ OUT OF THE SLV /// ///INVENTORY RESTS AT 495.758 MILLION OZ
OCT 24 WITH SILVER DOWN $0.25 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 2.541 MILLION OZ OUT OF THE SLV /// ///INVENTORY RESTS AT 497.346 MILLION OZ
OCT 23 WITH SILVER UP $0.87 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 2.541 MILLION OZ OUT OF THE SLV /// ///INVENTORY RESTS AT 501.474 MILLION OZ
OCT 22 WITH SILVER DOWN $0.33 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 2.995 MILLION OZ OUT OF THE SLV /// ///INVENTORY RESTS AT 504.015 MILLION OZ
OCT 21 WITH SILVER DOWN $3.73 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A DEPOSIT OF 8.757 MILLION OZ INTO THE SLV /// ///INVENTORY RESTS AT 507.010 MILLION OZ
OCT 20 WITH SILVER UP $0.94 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A DEPOSIT OF 2.405 MILLION OZ INTO THE SLV /// ///INVENTORY RESTS AT 498.253 MILLION OZ
OCT 17 WITH SILVER DOWN $2.85 TODAY/NO CHANGES IN SILVER AT THE SLV /// ///INVENTORY RESTS AT 495.848 MILLION OZ
OCT 16 WITH SILVER UP $1.63 TODAY/HUMONGOUS CHANGES IN SILVER AT THE SLV A HUGE WITHDRAWAL OF 9.982MILLION OZ OF SILVER OUT OF THE SLV/: /// ///INVENTORY RESTS AT 495.848 MILLION OZ
OCT 15 WITH SILVER UP $0.55 TODAY/SMALL CHANGES IN SILVER AT THE SLV A SMALL WITHDRAWAL OF 0.681 MILLION OZ OF SILVER OUT OF THE SLV/: /// ///INVENTORY RESTS AT 505.830 MILLION OZ
OCT 14 WITH SILVER DOWN $0.07 TODAY/MAMMOTH CHANGES IN SILVER AT THE SLV A HUGE DEPOSIT OF 9.983 MILLION OZ OF SILVER INTO THE SLV/: /// ///INVENTORY RESTS AT 506.511 MILLION OZ
OCT 11 WITH SILVER UP $1.78 TODAY/SMALL CHANGES IN SILVER AT THE SLV A WITHDRAWAL OF 0.272 MILLION OZ OF SILVER INTO THE SLV/: /// ///INVENTORY RESTS AT 496.528 MILLION OZ
OCT 10 WITH SILVER UP $1.27 TODAY/HUGE CHANGES IN SILVER AT THE SLV A DEPOSIT OF 1.180 MILLION OZ OF SILVER INTO THE SLV/: /// ///INVENTORY RESTS AT 496.800 MILLION OZ
OCT 9 WITH SILVER DOWN $0.54 TODAY/HUGE CHANGES IN SILVER AT THE SLV A DEPOSIT OF 0.635 MILLION OZ OF SILVER INTO THE SLV/: /// ///INVENTORY RESTS AT 495.620 MILLION OZ
OCT 8 WITH SILVER UP $1.75 TODAY/HUGE CHANGES IN SILVER AT THE SLV A HUGE DEPOSIT OF 2.723 MILLION OZ OF SILVER INTO THE SLV/: /// ///INVENTORY RESTS AT 494.985 MILLION OZ
OCT 7 WITH SILVER DOWN $0.89 TODAY/HUGE CHANGES IN SILVER AT THE SLV A HUGE DEPOSIT OF 4.538 MILLION OZ OF SILVER INTO THE SLV/: /// ///INVENTORY RESTS AT 492.262 MILLION OZ
OCT 6 WITH SILVER UP $0.63 TODAY/HUGE CHANGES IN SILVER AT THE SLV A HUGE WITHDRAWAL OF 7.67 MILLION OZ OF SILVER OUT OF THE SLV/: /// ///INVENTORY RESTS AT 487.724 MILLION OZ
OCT 3 WITH SILVER UP $1.43 TODAY/HUGE CHANGES IN SILVER AT THE SLV A HUGE WITHDRAWAL OF 8.893 MILLION OZ OF SILVER OUT OF THE SLV/: /// ///INVENTORY RESTS AT 495.394 MILLION OZ
CLOSING INVENTORY 489.283 MILLION OZ OF SILVER
PHYSICAL GOLD/SILVER
THIS IS IMPORTANT;
1/PETER SCHIFF
MOTLY FOOL ON AGNICO EAGLE
Written by Joey Frenette at The Motley Fool Canada
The Canadian mining stocks have been a real source of strength in recent quarters, thanks in part to the rally in various commodities, especially gold, which has seen prices really shoot up in the past year. Though the spot price of gold is now off its peak, I still think there’s ample opportunity to be had in the gold-mining scene, especially given their relatively low multiples. Undoubtedly, the operating leverage of the miners can cut both ways.
That said, if you really are a fan of where gold prices head from here, I think that we could be in for a magnitude of multiple expansion, the likes of which we may not have witnessed in more than a decade. It’s not just the gold and silver miners, either.
Either way, I think the mining boom in the precious metals (gold and silver primarily), uranium, and other critical metals could help keep the TSX index’s strong momentum. Though it’s hard to tell how the TSX index will do against the S&P in 2026, I do think that Canadians should seek to expose their TFSA (Tax-Free Savings Account) portfolios to both sides of the border, given the unique strengths they possess. Of course, the S&P provides ample tech exposure while Canada has a lot to offer on the front of mining and, of course, energy.
Either way, here are two mining stocks that I think are worth watching closely going into the new year.
Agnico Eagle Mines
I’m a fan of just about any gold miner right now, especially after the recent dip in spot prices as well as a correction in the miners. Of the batch, though, I prefer Agnico Eagle Mines (TSX:AEM), which is a miner that continues to operate efficiently.
In many ways, it’s the gold miner that other players in the space should aspire to be more like. With stellar management and a production ramp-up that’s allowed it to really boom amid the last two years of gold gains, I continue to view the name as severely undervalued and overdue for further multiple expansion.
Still down just over 13% from its peak, I think dip-buyers have an opportunity to get in at a relatively fair price of admission as the firm continues to power earnings growth, thanks to a bit of help from soaring demand for gold. Earnings have rocketed higher in the past year, and I don’t think the shares have rallied by enough to make up for the favourable climate for the shiny yellow metal, especially if we end the year with gold at new highs.
As gold stays in the US$4,000–5,000 range, as many industry experts expect for the year ahead, AEM stock is a name I suspect will shine even brighter. And with earnings powering higher at an astounding rate, I see room for more generous dividend hikes. Could we be entering a new dividend-focused era for the top gold miners? I certainly think so.
Either way, the 1%-yielder is too cheap at less than nine times price-to-sales (P/S) and around 20 times forward price-to-earnings (P/E). I think it’s time to buy if you don’t have enough gold in your TFSA.
The post Gold Miners Are Booming: The 1 Stock You Need to Know About appeared first on The Motley Fool Canada.
END
JOHN RUBINO
jAMES RICKARDS
2. MATHEW PIEPENBURG/VON GREYERZ
ALASDAIR MCLEOD….
Gold and the reflation trade
Trump is planning massive reflation in 2026, and other G7 countries will follow. It will undermine the fiat dollar, leading to higher bond yields and higher gold prices.
| Alasdair MacleodNov 20∙Paid |
At the US-Saudi Investment forum, President Trump publicly told his treasury secretary that he must fire Jay Powell, accusing him of being incompetent. He was only half joking, the other half being deadly serious. Trump is a spendthrift, a property developer to whom cheap finance is his lifeblood. And his advisors see a stalling economy, demanding stimulus. Trump’s response is to pay $2,000 to every US citizen labelled as tariff dividends.
We can expect other G7 countries to follow suit, leading to a global reflation move, undermining the value of their currencies
At the same time, a deteriorating budget deficit is forecast by the IMF to hit 7.9% of GDP in 2026. But there is a perfect storm brewing in bond markets. Not only is the yen carry trade being undermined by their bond yields soaring higher, but Trump’s money-printing is bound to undermine the outlook for the dollar’s purchasing power. What this means for US bonds — and therefore for bonds in other currencies — is higher yields, most notably for long maturities.
The chart below is of the Japanese (JGB) 40-year bond yield, which from an habitually low level now yields more than its eurozone equivalents.
If you bought this bond in August 2019, you would have lost 74.5% of its capital value. Next is the UK ultra-long gilt:
This gilt’s yield has yet to fully escape its consolidation phase, which it is set to do. This is very bad news for the UK Government because it has enough momentum under it to point to far higher yields, dragging the entire yield curve higher. Germany’s 30-year bund tells a similar story.
While lagging the others perhaps, the US long bond is heading in the same direction:
To put the last chart in perspective, there follows the 45-year history of the 10-year Treasury note yield:
Gold is the ultimate hedge
Even before the credit bubble bursts, we can see how the expansion of government debt, and therefore credit is becoming limitless. It is increasingly difficult to argue that we are not in the last chapter of the fiat currency era, and that political policy has no option but to debauch them entirely.
Ironically, it is the money-printers themselves who understand the final outcome, which is why central banks have been selling fiat currencies for gold for the last five years or so. And shortages of bullion against a background of new mine supply and scrap recycling totalling perhaps 4,500 tonnes suggest that central banks and their governments are hoarding gold at a faster rate than officially admitted. China has gone as far as laying plans for its version of a new Bretton Woods agreement for trade settlement purposes, not securing the dollar’s purchasing power but that of its yuan.
The Chinese understand the role of true money without counterparty risk, and the message is spreading to other governments and their central banks in the entire SCO/BRICS community, along with others wishing to join.
The message to us ordinary plebians: follow the money and get out of credit, whose value is condemned to track that of the 1920’s German reichsmark!
END
ROBERT LAMBOURNE TO CHRIS AND MYSELF:
a very important discussion;
Some thoughts on a gold price reset
Chris and Harvey,
Apologies, I have spent much of today up a ladder and on a frozen roof which has caused some leaks at my house. I had hoped to get more done on a gold price reset, but here in a very rough form are my thoughts on the points and consequences that need to be considered. This is intended for you two to trigger your own thoughts. It’s in no shape to be published.
Before going through this, I wanted to remind you that the authorities in the USA have been on notice since 2022 that they had effectively borrowed all they could via normal channels in US Treasuries other than short term bills. Chris will recall that GATA issued a report in 2023, if memory serves me well, about hedge funds accounting for essentially all of the purchases of Treasuries sold by the Fed as part of QT. I’m sure Chris can dig out the report if it’s of use, but effectively the hedge funds must have been invited in and offered a basis trade to hold Treasuries and a short derivate position in Treasuries too. In theory such a trade should not have happened and so must have been seeded by the US monetary authorities and Treasury dealers (e.g. JP Morgan). The point of referring to this here is to remind us that the authorities knew then that they were struggling to find regular buyers of Treasuries which is a long time ago.
Hence it seems reasonable to conclude that they should have developed a detailed plan of what to do next, as effectively they knew that to keep on borrowing at the then rate of interest with the same maturity profile was not possible. Recently the average maturity of Treasuries outstanding has fallen and more of the debt owed by the Federal government is very short term.
I certainly don’t know what their plans were as at the beginning of 2025 and whether the Trump administration has bought into these plans or wants to do something else. But it should be clear at senior levels in the government and in the financial markets that something different is needed and that funding the Federal government would become more reliant on the Fed.
I read that Trump has been talking about sending cheques to citizens to share the proceeds of tariffs and that makes me wonder if there have been some sort of discussions about a debt jubilee in front of him. One could be funded by a formal gold price reset, as long as the gold price went to a much higher level than generally mentioned.
It also seems that some sort of refinancing might be tried using cryptocurrencies. Coincidentally, Carstens, the former head of the BIS has just been interviewed by the FT talking about this area and especially stable coins which are cryptos backed by some form of collateral, for example gold. I have doubt about this for all sorts of reasons, but maybe it will be tried. Il’l forward a link to part of the interview.
From now on I shall simply try to set out some thoughts on how a reset might be designed. I feel in the end there is no getting away from a gold price reset requiring formally reintroducing gold into the US monetary system. It’s why I feel that simple gold price rises by themselves are probably not enough. But I accept that this view is entirely open to challenge.
I did some calculations for Chris several months ago to demonstrate how a large gold price reset (to $130k, I believe) would work and that might be a useful document to refer to in addition to this. Whilst I have not checked this, I imagine that the reset needs to even higher now to achieve the object of having the total non financial debt to GDP ratio.
To my mind for a gold price reset to work for the USA a number of things need to be achieved. These are summarised below.
1. Primarily a reset needs to deliver a reduced real debt burden across the economy, not just for the Federal government. This means having the legalities right for the increase in gold prices to allow the government to repay a substantial proportion of its own debt, recapitalise the banking system and probably offer debt forgiveness to enough over-leveraged businesses and people to keep the economic disruption to a minimum. It sees inevitable to me that a reset will ignite inflation and that the economic management of the economy after doing one will need to be baed on much more prudent government finances with probably both real tax increases and real expenditure reductions in total. Investment rather than consumption will need to be prioritised. the goal will be to increase growth whilst slowly pulling price increases down.
My understanding is that for a gold revaluation to generate more cash for the Federal government then this can only happen (gold price increase creating dollars for the Federal government to spend) if gold is formally returned to the monetary system. I imagine that appropriate legislation can be enacted rapidly to allow this to be done.
If there is also a priority for the country is to have sufficient capital to invest in AI, sustaining its military and investment for re-shoring of more traditional manufacturing then there is almost certainly a requirement for a deeper reset than might be generally understood to create more cash.
On top of this the USA will almost certainly require capital controls to be introduced. This is not the place to debate US politics, but this is likely to require a large degree of cooperation between the USA and its traditional allies as well as China. Can Trump remain focused on this task without threatening countries?
Such a reset is almost certainly increase the rate of inflation as noted above so after a one off period of fiscal generosity it’s probably necessary to opt for forcing interest rates down. Perhaps this time it might be best not to keep the gold price under pressure as away of achieving this.
2. Nearly everyone who has followed GATA believes that there is a large amount of double counted gold. Do the authorities ever own up to this? To do so would presumably lead to claims for damages versus the Federal government as well as undermining the credibility of economic policy makers. So such an admission seems unlikely to me, but maybe this is wrong.
If there is no such admission, then the authorities need to confiscate that part of double counted gold held in private hands to avoid the double counting becoming widely known. Hence it seems to me that the US financial authorities need to declare a formal reset plus a return of gold to a monetary role to justify the confiscation. (KEY ARGUMENT FOR A FORMAL RESET)
3. As you know, I’m convinced the ETF’s, especially the ones with US domicile, are likely candidates to hold double counted gold. Hence for a reset to work it probably has to involve the confiscation of ETF gold. Presumably compensation is required and it’s tough to see how it can be less than the new gold price.
4. This leads to the possibility that confiscation of ETF gold could create a two stage gold price reset. Stage one is to announce a new official price of say $10,000 and confiscate at this price and then reset again a period of time after the confiscation has occurred to a much higher price. (THIS SEEMS A NEW POINT TO ME)
5. Gold and other precious metals derivatives need to be resolved and presumably cash settlement at the first reset price would be needed because many of those on the short side of the derivative trade will not have access to gold or other precious metal. Presumably many of the shorts will have government guarantees or at least a commitment to cover all losses. Hence the Federal government should be expecting to be required to recapitalise these traders and banks. Points 4 and 5 if carried out are likely to be expensive. Effectively the government is buying out people who have claim to gold or other precious metals which don’t exist.
6. On top of the consequences of having to cover losses on derivative contracts the financial authorities will probably face a speeding up of any issues in the banking sector of failing loans secured on commercial property. So whilst not a direct consequence of a gold price reset it’s likely that the banking sector will require more new capital than needed simply to cover derivative losses. Other problem areas for loans are also likely to surface if there is a reset.
I apologise for the very draft nature this note, but I wanted to get it done roughly and more quickly rather than refine it.
Regards,
Bob
3.CHRIS POWELL, Secretary/Treasurer//GATA DISPATCHES
Sen. Mike Lee introduces bill to audit U.S. gold reserves
Submitted by admin on Wed, 2025-11-19 13:41 Section: Daily Dispatches
By Bradley Jaye
Breitbart News, Los Angeles
Wednesday, November 19, 2025
Sen. Mike Lee, R-Utah, is introducing the Gold Reserve Transparency Act to institute the first audit of the United States government’s gold holdings in over half a century.
The bill would open Fort Knox to an audit of everything held by the Federal Reserve, making the results public to the American people — a proposal made by Trump in February.
“We’re actually going to Fort Knox to see if the gold is there, because maybe somebody stole the gold,” Trump said. “Tons of gold.”
Lee’s bill delivers on Trump’s promise by instituting a long-needed audit.
“For over half a century, there has not been a comprehensive audit of America’s gold reserves,” Lee said. “Americans should know whether their literal national treasure is safe and accurately accounted for. That means passing the Gold Reserve Transparency Act, opening Fort Knox, U.S. Mint Facilities, and the Federal Reserve Bank of New York to an audit, and then making the results public.”
Auditing the Fed became a popular battle cry for former congressman and presidential candidate Ron Paul, who was “delighted” to see Lee’s bill introduced. …
… For the remainder of the report:
END
A MUST MUST READ
Shanaka Anselm Perera: Japan’s bond market just ended the era of free money and triggered capital repatriation
Submitted by admin on Wed, 2025-11-19 09:47 Section: Daily Dispatches
By Shanaka Anslem Perera
Sunday, November 16, 2025
Shanakaanslemperera.substack.com
On a seemingly ordinary Monday in November, Japan’s 10-year government bond yield touched 1.71%. For most observers, this was a technical footnote buried in the daily market data. For those who understand the intricate plumbing of global finance, it was the sound of the Jenga tower’s critical block sliding free.
That 1.71% figure represents the highest yield on Japanese government bonds since June 2008, when Lehman Brothers still existed and the global financial system stood weeks away from systemic collapse. But unlike 2008, when external crisis drove yields higher, this move originates from deliberate policy choices within Japan itself. The implications are far more profound than any single market dislocation.
What happened on November 10 was not merely a bond market adjustment. It was the beginning of the end of a three-decade arrangement that quietly underpinned the entire post-Cold War financial order. Japan, the world’s largest net creditor nation with over $3 trillion in net foreign assets, has begun the long process of bringing that capital home. …
… For the remainder of the analysis:
END
After deadly accident, Freeport aims to restart Grasberg copper production by July
Submitted by admin on Wed, 2025-11-19 09:32 Section: Daily Dispatches
By Ernest Scheyder and Arunima Kumar
Reuters
Tuesday, November 18, 2025
Freeport-McMoRan said Tuesday it plans to restore production at Indonesia’s Grasberg copper and gold mine by July after a fatal incident forced operations to halt two months ago.
Seven workers were killed when roughly 800,000 metric tons of wet mud flooded the Grasberg Block Cave, one of the mines at the complex, on September 8
Grasberg is the world’s second-largest copper mine and largest gold mine, a key asset for Freeport as demand for the red metal rises with the expansion of electric grids, renewable power, and electric vehicles. The prolonged disruption has been closely watched by metals markets concerned about tightening supplies. …
… For the remainder of the report:
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS /249
SHANGHAI CLOSED DOWN 15.69 POINTS OR 0.40%
//Hang Seng CLOSED CLOSED UP 4.92 PTS OR 0.02%
// Nikkei CLOSED : UP 1286,24 PTS OR 2.65% //Australia’s all ordinaries CLOSED UP 1.24%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.1172/ OFFSHORE CLOSED DOWN AT 7.1182/ Oil DOWN TO 60.00 dollars per barrel for WTI and BRENT DOWN TO 64.06 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING DOWN TO 7.1172 OFFSHORE YUAN TRADING DOWN TO 7.1182:/ONSHORE YUAN TRADING ABOVE OFF SHORE AND DOWN ON THE DOLLAR// / AND THUS WEAKER//OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS WEAKER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS THURSDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 7.1142
OFFSHORE YUAN: DOWN TO 7.1182
HANG SENG CLOSED UP 4.92 PTS OR 0.02%
2. Nikkei closed UP 1286.24 PTS OR 2.65%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 100.19 – EURO FALLS TO 1.1518 DOWN 21 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +1.819 ANOTHER 5 BASIS PTS//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 157.43…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE ENDING OF THE YEN CARRY TRADE AGAIN AND THE REPATRIATION OF YEN DENOMINATED BONDS TRADING IN THE USA/EUROPE. JAPAN 30 YR BOND YIELD: 3.378 UP 4 FULL BASIS PTS.
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN/JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and DOWN FOR UP this morning
3h European bond buying continues to push yields HIGHER on all fronts in the EMU. German 10yr bund YIELD UP TO +2.7311/ Italian 10 Yr bond yield UP to 3.483 SPAIN 10 YR BOND YIELD UP TO 3.230
3i Greek 10 year bond yield YO TO 3.369
3j Gold at $4061.60 Silver at: 50.80 1 am est) SILVER NEXT RESISTANCE LEVEL AT $54.00//AFTER 50.00
3k USA vs Russian rouble;// Russian rouble UP 2 AND 12/100 roubles/dollar; ROUBLE AT 78.43
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 157.43 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.819% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.378 UP 4 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.8068 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9293 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: 4.147 UP 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.760 UP 1 BASIS PTS/
USA 2 YR BOND YIELD: 3.6151 UP 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 42.37 UP 3 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.6110 UP 1 PTS
30 YR UK BOND YIELD: 5.448 UP 1 BASIS PTS
10 YR CANADA BOND YIELD: 3.267 UP 1 BASIS PTS
5 YR CANADA BOND YIELD: 2.838 UP 1 BASIS PTS.
a New York OPENING REPORT
Futures Jump After Nvidia’s Blowout Earnings Calm Nerves; All Eyes On Delayed Payrolls
Thursday, Nov 20, 2025 – 08:29 AM
The AI euphoria, which defined markets for much of 2025 but went AWOL a month ago, is back if only for the time being as Nvidia’s blowout earnings and strong forecast, coupled with cautious positioning before the results, is spurring a relief rally. The results won’t erase all the concerns about AI circularity, but Jensen Huang’s view of the AI economy is taking precedence today. Focus later will turn back to macro data (or lack of it) and the Fed. Until then, US equity futures are sharply higher following the biggest wall of worry into year-end: as of 8:00am ET, S&P futures are up 1.3%, and Nasdaq futures surge 1.6%. If those gains hold, both gauges will move back above their key 50-day moving averages. In the premarket, NVDA (+5%) leading all stocks higher and Mag7, Semis, and AI Themes including recent laggards all rallying (ORCL +3%, CRWV +8%). Cyclicals are rallying ex-Materials and Defensives (ex-HC) poised to have a down day. Bond yields are mixed, from +1 to -1bp and the USD indicated a touch higher. Commodities are mixed with Ags rallying, WTI above $60, and Metals coming for sale. The macro data focus today is on the delayed release of the Sept payrolls (the only jobs data until the Dec 10 FOMC meeting), as well as new jobless data (our NFP preview is here). JPM’s “TL/DR” is that the investment hypothesis remains intact and that a Fed cut is unnecessary to making new ATHs.
In premarket trading, Nvidia (NVDA) gains 4.8%, outperforming fellow Magnificent Seven stocks after delivering a strong revenue forecast. All other Mag 7s are also green (Tesla +2%, Alphabet +1.9%, Amazon +1.4%, Meta Platforms +1.3%, Microsoft +1%, Apple +0.4%).
- AI-related stocks rally after Nvidia’s quarterly update eased concerns that had spread across the sector.
- Atkore (ATKR) falls 11% after the maker of electrical products gave a forecast for 2026 adjusted earnings per share with a midpoint below analysts’ expectations. The company also reported gross margin and adjusted EPS below expectations in the fourth quarter.
- Bath & Body Works Inc. (BBWI) drops 13% after cutting its full-year outlook, saying weak consumer sentiment is hurting shoppers’ willingness to spend and the expected impact of tariffs imposed by the US and other countries.
- NetEase US-listed shares (NTES) decline 3% after the Chinese internet giant reported adjusted net income from continuing operations per ADS for the third quarter that missed the average analyst estimate.
- PACS Group (PACS) soars 40% after the nursing home operator said its restatements and audit committee investigation are now complete. The company also posted third-quarter revenue that grew 31% from the year-ago period.
- Palo Alto Networks (PANW) falls 3.6% after the network security software company reported its first-quarter results and gave an outlook. It also announced that it is acquiring Chronosphere Inc. for $3.35 billion.
- Regeneron Pharmaceuticals (REGN) rises 3.2% after the FDA approved EYLEA HD, an injectable drug to treat patients with macular edema following retinal vein occlusion.
- Walmart (WMT) slips 1% even though the retailer increased its sales outlook for the full year. The CFO said consumer spending has been largely consistent, though there’s “some slight moderation” within lower-income households. Middle- and higher-income shoppers aren’t pulling back.
- ZIM Integrated Shipping Services Ltd. (ZIM) rises 2% after the company narrowed its adjusted Ebitda forecast for the full year.
In corporate news, a Chinese investment firm bought a block of shares in TikTok parent ByteDance at a valuation of $480 billion, far above recent levels. Netflix is said to have told the management of Warner Bros. Discovery that it will keep releasing the studio’s films in theaters if it’s successful in buying the company. Bayer won US approval for its new medicine Hyrnuo to treat a common form of lung cancer.
Bulls have Nvidia to thank for today’s solid green screens. Nvidia surged more than 4% in premarket trading, spurring gains in other AI shares including AMD and Broadcom. Strong results from the AI bellwether helped restore a sense of calm after weeks of heavy selling in technology stocks. Wall Street had grown uneasy about stretched valuations and the vast sums being spent on AI infrastructure after the sector powered a nearly 40% rally in the S&P 500 since its April low.
In his discussion of earnings, Nvidia’s CEO addressed the debate over an AI bubble, saying that “we see something very different.” Noted short seller, Muddy Waters’ Carson Block, meanwhile, warned that betting against the biggest US tech names won’t end well, while “AI-adjacent companies, AI pretenders” may be the place to be short, although that could still be a dangerous trade.
Following a retreat of as much as 10% since the start of the month, Nvidia’s latest results rewarded shareholders’ faith and drew a warning from short-seller Carson Block, who said that “you’re not going to be in business very long” betting against the biggest technology stock.
“Nothing stands in the way of a Christmas rally now,” said Amundi SA Chief Investment Officer Vincent Mortier. “Everything is lining up for the cycle to continue in the short term.”
Outside of tech, things aren’t quite so cheerful. The much-delayed September payrolls report is due to be published later, and it’ll be the only official major jobs data published before Fed policymakers meet in December. Odds of a rate cut have steadily slipped in recent weeks, with the market now seeing about a 25% probability of a reduction.
Cracks in the bullish narrative are appearing elsewhere. A portfolio of private credit loans managed by BlackRock has performed so poorly that the money manager has waived some management fees. Bitcoin’s latest rout has led to a wipeout of more than $1 trillion across the digital‑asset world. And Amundi CIO Vincent Mortier warned of the possibility of “too much hype” around Nvidia.
With the first of the week’s key events spurring a comeback for equities, attention is now turning to the path for interest rates as markets await the release of the September jobs report. The figures will be the only major labor market data published before the Federal Reserve’s next policy meeting. Forecasts are largely unchanged from those held before the original release date and may be stale. September payrolls are expected to rise by 51,000, up from Augustʼs 22,000, with a huge gap in estimates, ranging from a decline of 20,000 to a gain of 105,000 (Goldman is above consensus (80K), while JPM is just below the consensus print (50K) – our preview is here).
“I’d wager that the ‘Goldilocks’ zone for the payrolls print is probably 30,000 to 70,000, which would keep a cut on the cards, but also point to the labor market remaining resilient enough not to trigger undue concern,” according to Pepperstone.
“The September jobs data is clearly dated,” said Wolf von Rotberg, equity strategist at Bank J Safra Sarasin. “They would thus need to show a substantial surprise to the upside or the downside. A significant downside surprise would likely have more of an impact on markets.”
The Bureau of Labor Statistics said it won’t publish an October jobs report, but will incorporate those payroll figures in the November data due after the Fed’s final meeting of the year. Meanwhile, minutes from the Fed’s October meeting showed many officials considered it appropriate to keep rates steady for the remainder of 2025. As a result, traders have steadily dialed back bets on a December rate cut amid hawkish remarks from policymakers and a lack of data, with money markets now pricing in about a 25% chance of easing
A rally into year-end is in sight if the market holds on to its early gains through the rest of the day, said Guy Miller, chief strategist at Zurich Insurance Group. “I want to see it closing today on strength,” Miller said. “That will be indicative of investors buying the dip and on board with the tech story. Where we close today will be telling whether the risk-on trade is back or not.”
European stocks join the global equity rally and are set to snap a five-day losing streak after Nvidia’s surprisingly strong revenue forecast. The Stoxx 600 is up 0.9% with technology, industrial and bank shares leading gains. Here are the biggest movers Thursday:
- European defense stocks gain on Thursday after JPMorgan analysts said Wednesday’s steep declines were a “significant over-reaction” and provide a “compelling entry point into the sector.”
- BNP Paribas shares advance 6%, the best performer on the Stoxx 600 Banks Index, after the French lender announced a new €1.15 billion buyback and plans to reach a target for capital strength early
- Games Workshop shares rise as much as 11%, after the maker of the Warhammer tabletop game released a 1H trading update that Jefferies described as “outstanding”
- Halma climbs as much as 11%, hitting a record high, after increasing guidance for the full year and delivering first-half results above expectations
- Wartsila gains as much as 8.9%, after the company announced it will deliver 27 engines to provide continuous primary power for a new data center under construction in the US
- Elior surge as much as 20%, the biggest rise since May 2024, after the French catering and food services company said it would reinstate dividend payments
- Allegro drops as much as 6.3% as weaker sales in November clouded 3Q earnings beat. Poland’s biggest ecommerce platform trimmed its gross merchandise value guidance for the full year, triggering negative market reaction
- Renk shares fall as much as 8.4% to the lowest since May as the German defense name hosts an investor day. Jefferies points out that the 2027 and 2028 outlooks might be a bit underwhelming
- JD Sports shares drop as much as 2.4% this morning after the apparel retailer warned annual profit before tax and adjusting items will be at the lower end of market expectations
- Soitec slumps as much as 14%, dropping to the lowest since January 2017, after the French chip material company revealed guidance for third-quarter revenue growth which is significantly below expectations
Earlier in the session, Asian stocks climbed the most in three weeks, boosted by gains in technology shares after a stellar earnings forecast from Nvidia Corp. alleviated fears of an artificial intelligence spending bubble. The MSCI Asia Pacific Index rose as much as 1.7%, the biggest jump since Oct. 27. Most markets in the region were in the green, with tech-heavy benchmarks in Japan, Taiwan and South Korea leading gains. India’s NSE Nifty 50 Index is set for a new record high. Mainland Chinese shares closed lower, though property stocks got a lift after policymakers are said to be considering new measures to turn around the struggling market.
In FX, the Bloomberg Dollar Spot Index is little changed. The pound and kiwi are in top spots among the G-10 currencies, rising 0.2% each. The yen pared an earlier fall.
In rates, treasuries are steady after Thursday’s fall, with US 10-year yields flat at 4.14%. Two-year borrowing costs add 1 bp to 3.60%. Bunds and gilts also tread water. Yields on Japan’s five- and 10-year government bonds rose to their highest levels since 2008, while 20 and 40-year yields soared to record highs, as markets brace for Prime Minister Sanae Takaichi’s stimulus package, which is set to be unveiled on Friday. Treasury sells $19 billion of 10-year TIPS in a reopening at 1pm; 20-year new-issue auction drew solid demand Wednesday. Focal points of Thursday’s session include the delayed release of September employment data and several speeches by Fed officials.
In commodities, spot gold falls $15 to around $4,063/oz. Oil prices extend gains after the Kremlin said they are not holding consultations with the US about ending the war in Ukraine. WTI January crude futures rise 0.8% to $59.75 a barrel. Bitcoin is up 1.5% near $92,000.
The US economic calendar also includes weekly jobless claims, November Philadelphia Fed business outlook (8:30am), October existing home sales (10am) and November Kansas City Fed manufacturing activity (11am). Fed speaker slate includes Hammack (8:45am), Barr (9:30am), Cook (11am), Goolsbee (12:40pm and 6pm), Miran (6:15pm) and Paulson (6:45pm)
Market Snapshot
- S&P 500 mini +1.3%,
- Nasdaq 100 mini +1.6%,
- Russell 2000 mini +0.8%
- Stoxx Europe 600 +0.8%,
- DAX +0.9%,
- CAC 40 +0.8%
- 10-year Treasury yield little changed at 4.13%
- VIX -2.7 points at 20.99
- Bloomberg Dollar Index little changed at 1225.22,
- euro little changed at $1.1527
- WTI crude +1% at $60.04/barrel
Top Overnight News
- Trump posted that he signed the bill approving the release of the Epstein files: Truth Social.
- Trump is set to meet New York City Mayor Mamdani on Friday at the Oval Office: Truth Social.
- Trump is reportedly considering an executive order to pre-empt state AI laws: Reuters
- Trump plans to roll out a “Genesis Mission” to boost US AI development, giving it the same importance as the Manhattan Project or the space race. BBG
- President Trump has repeatedly floated the idea of $2,000 payments to low- and middle-income households, funded by revenue from his tariffs. GOP lawmakers are lukewarm at best about approving any $2,000 checks, calling into question whether Trump can secure the congressional approval needed to get the cash to Americans as he has promised. WSJ
- The US approved the export of tens of thousands of advanced AI chips to Saudi Arabia’s Humain and the UAE’s G42. BBG
- Canada and the US still have a chance to reach an agreement to reduce tariffs despite last month’s diplomatic blowup, Trump’s envoy in Ottawa said. BBG
- China is considering new measures to support its struggling property market, including providing mortgage subsidies for new homebuyers and raising income tax rebates for mortgage borrowers. The plan aims to stabilize the housing market, which has seen a slump in sales and prices, and to prevent a further weakening of the sector from threatening the country’s financial system. BBG
- Japan’s government is in the final stages of assembling a stimulus package worth 21.3 trillion yen ($135.38 billion) to help households cope with persistent inflation, a draft seen by Reuters showed, in what would be the largest stimulus since the COVID pandemic. RTRS
- BOJ board member Junko Koeda signaled a rate hike is possible as soon as December. Separately, Japan’s chief cabinet secretary warned that the yen is experiencing sudden and one-sided moves. BBG
- The U.S. has signaled to President Volodymyr Zelenskiy that Ukraine must accept a U.S.-drafted framework to end the war with Russia that proposes Kyiv giving up territory and some weapons, two people familiar with the matter said on Wednesday. RTRS
- Cash flows and balance sheet capacity are unlikely to constrain large public AI hyperscaler capex spending in 2026, according to Goldman. The hyperscalers spent $107 billion in capex in 3Q 2025, including AI and non-AI expenditures, representing a year/year growth rate of 76%. Analysts expect this growth rate will slow sharply to 53% in 4Q 2025 and further to 25% by the end of 2026. However, analysts have been consistently too conservative with their estimates during the past two years. The magnitude of spending in historical technology investment cycles suggests upside to spending estimates today. The recently demonstrated willingness of the large public hyperscalers to employ the strength of their balance sheets in funding capex also indicates upside to consensus estimates: GS
- UBS executive says US inflation is quite sticky, upcoming quarters is probably going to be a little bit challenging from a macro standpoint.
- BofA Total Card Spending (w/e 15th Nov) +1.5% (prev. +4.2%, Oct avg. +2.4%); notes that “as we approach the holiday seasons, spending per household on holiday items is tracking significantly ahead of 2023 and 2024 levels”.
NVDA Commentary Highlights:
- CEO on AI bubble: CEO Huang says there has been a lot of talk about an AI bubble but “we see something different.”
- CFO on China: Will continue to cooperate on China. Sizeable purchase orders for H20 AI chip never materialised in the quarter due to geopolitical issues and the increasingly competitive market in China. Not expecting data-centre-compute revenue from China in Q4.
- CEO Comments: NVIDIA has done a really good job in terms of planning and supply chains. NVIDIA will continue to do stock buybacks. More successful this year vs last year.
- CFO Comments: Still in early innings. Reiterates visibility into USD 500bn Blackwell and Rubin revenue. Cloud services are sold out. Demand continues to exceed expectations.
Trade/Tariffs
- US lawmakers are reportedly considering a new bill to codify China AI chip export curbs, according to Bloomberg sources; the White House has reportedly asked Congress to reject the bill curbing NVIDIA (NVDA) exports.
- US Commerce Department plans to approve export of 70,000 advanced AI chips to UAE and Saudi Arabia, according to WSJ sources; Export deal includes approval for NVIDIA’s (NVDA) GB300 or equivalent chips.
- China’s October rare earth magnet exports to the US rose 56.1% from September, according to customs data.
- European Commission will, on Monday, present a list of sectors it wishes to be exempt from US tariffs to US Commerce Secretary Lutnick and USTR Greer, via Politico citing sources; includes medical devices, wines, spirits, beers & pasta
A more detailed look at global markets courtesy of Newsquawk
APAC stocks surged across the board, buoyed by a strong performance in the tech sector following NVIDIA’s solid earnings and guidance, while CEO Huang dismissed concerns of an AI bubble, stating, “We see something different.” ASX 200 held near highs, supported by strength in tech and gold sectors. Nikkei 225 surged at the open and reclaimed 50,000+ levels as NVIDIA boosted tech stocks, though it pulled back from highs amid ongoing US-China tensions and fiscal concerns and as JGB yields continued climbing. Hang Seng and Shanghai Comp both opened firmer but lagged peers, with China struggling to capitalise on NVIDIA’s performance amid the US/China AI race. Some modest upside was seen on reports that China is reportedly mulling new property stimulus with mortgage subsidies, according to Bloomberg sources. Meanwhile, the PBoC held LPRs steady as expected.
Top Asian News
- China is reportedly mulling new property stimulus measures, including mortgage subsidies, according to Bloomberg sources.
- Japan’s economic stimulus package is expected to be around JPY 21.3tln, according to NHK. The Japanese government is in the final stages of compiling its economic stimulus package worth JPY 21.3tln, according to a draft seen by Reuters; the package will total JPY 42.8tln, including private-sector investments.
- BoJ Board Member Koeda said the BoJ is ready to step into market via increase in bond buying and emergency market operations when long-term yields make rapid moves; want to closely watch how FX volatility could affect prices; no comment on specific long-term rate level; should be set by markets reflecting fundamentals
- BoJ Board Member Koeda said the bank must normalise interest rates to avoid causing distortion in the future, adding that she believes underlying inflation is about 2%. She reinforced a data-dependent approach.
- Japanese Chief Cabinet Secretary Kihara said the government is watching market moves, including the bond market, closely and expressed concern about recent sharp, one-sided FX moves. He emphasised that the FX market needs to move stably, reflecting fundamentals, and that the government is watching FX with a high sense of urgency.
- Japanese Finance Minister Katayama said she won’t comment directly on JGB yield levels, which are determined by various factors, and reaffirmed with BoJ Governor Ueda yesterday that authorities will watch market moves with a strong sense of urgency.
- RBA’s Hunter said monthly inflation data can be volatile and that the bank will not react to just one month of data; he also noted that the response in the housing market to rate cuts has been a little stronger than expected.
- Chinese Loan Prime Rate 1Y (Nov) 3.00% vs. Exp. 3.00% (Prev. 3.00%); 5Y 3.50% vs. Exp. 3.50% (Prev. 3.50%)
- BoJ Governor Ueda is to set to attend a lower house Finance Committee on Friday 21st November, via Reuters citing parliamentary sources.
- Chinese Commerce Ministry on Japanese Trade ties says if Japan insists on going down the wrong path then China will take the necessary measures. Says Japan’s PM Takaichi remarks have a great impact on bilateral trade cooperation. Tokyo should create favourable environment for economic trade cooperation.
- BoJ Ueda to appear at a Financial Times event on the December 9th.
European bourses (STOXX 600 +0.7%) opened entirely in the green, with sentiment boosted following strong earnings from NVIDIA. Price action today has been fairly sideways at elevated levels as markets await US NFP later. European sectors hold a strong positive bias. It is no surprise that Tech is at the top of the pile, in tandem with pre-market gains in NVIDIA (+5%). The likes of ASML (+1.4%) and Infineon (+1.5%) both move higher.
Top European News
- ECB’s Makhlouf says he is comfortable with where policy is and needs further evidence to change his view; outcomes in line with projections, and new projections are unlikely to change. Should be very cautious about reacting to small deviations in projections. Risks around inflation outlook are balanced. Completely relaxed about undershooting next year, inflation will come back.
FX
- DXY is a little firmer today and currently trading towards the upper end of a 100.10 to 100.32 range. From a technical standpoint, the index topped its 200 DMA at 99.91 in the prior session and has continued to rise to a multi-month high – levels not seen since late-May’25. Upside today facilitated by a hawkish leaning FOMC Minutes, and the BLS announcing that the October and November NFP reports will be till December 16th – notably leaving the Fed with only today’s (Sept) NFP report. As it stands money markets currently price in a near-25% chance of a cut at the December meeting.
- EUR is a little weaker vs the Dollar, and as has been the case in recent weeks, a real lack of European specific data to help guide the Single-Currency in any direction. As such, much of the price action has been dictated by the Dollar side of the pair, and will ultimately await the NFP report today. Worth highlighting German Producer Prices data which printed more-or-less in-line, and ultimately had limited impact on the pair.
- USD/JPY has continued its ascent beyond the 157.00 mark in overnight trade, to top the 157.50 mark and make a fresh session high of 157.77. Worth noting that the pair has been subject to moves on both sides, with USD gaining amidst a hawkish repricing into the December meeting, whilst JPY has had domestic factors to digest. Overnight, Katayama was back on the wires where she once again attempted some verbal intervention, but to no effect – the pair continued to edge higher. As the European morning progressed, the pair has cooled from best levels, to currently trade at 157.20, but still very much at the upper end of Wednesday’s confines.
- A quiet session for the GBP this morning, with little fresh newsflow from a Budget perspective. Cable currently resides in a 1.3039 to 1.3076 range. The GBP has been subject to some selling pressure over the course of the past month, with losses totalling roughly 3% – this comes amidst Budget related jitters as Chancellor Reeves chops and changes her thoughts on the best approach. Moreover, the recent political uncertainty within the Labour party has added to the risk premium. Scheduled speakers today include Dhingra and Mann.
- Antipodeans trade mixed, with the Kiwi benefiting from the risk-tone whilst the Aussie is flat and essentially conforms to the subdued risk tone in China overnight, hit by their status in the AI race post-NVIDIA; moreover, base metals are generally softer across the board. For China specifically, no major move was seen on reports that China is reportedly mulling new property stimulus. AUD/USD trades within a 0.6472 to 0.6491 range whilst NZD/USD trades in a 0.5596 to 0.5614 confine.
Fixed Income
- JGBs are pressured overnight as Japanese yields continue to climb. JGBs themselves to a 134.56 trough, marking a new contract low. As such, the 10yr yield has risen to a 1.85% peak, taking us back to levels from early 2008. Action that has been driven by ongoing speculation and reporting around the upcoming stimulus. The latest reporting suggests an outlay of around JPY 17tln, far exceeding the JPY 13.9tln figure from the last package. Updates that have pressured JGBs given an expectation for it to necessitate greater issuance than the JPY 6.7tln figure outlined last time.
- USTs are under pressure, but only modestly so. Downside comes given the upbeat risk tone after NVIDIA numbers (see Equities). Additionally, the latest FOMC minutes showed a somewhat divided board but the undertones were hawkish. Potentially more pertinently, the BLS has confirmed the October payrolls release will not print in full (no unemployment rate) while the November series has been delayed until after the December meeting. Factors that are both hawkish/bearish. As the lack of data visibility gives the Fed theoretical scope to wait-and-see how the economy is faring before easing further; reminder, in October, Powell remarked, “when there is fog, you could slow down”. Given all this, USTs are in the red and down to a 112-18 base. Support comes into play at 112-17 from Tuesday before Monday’s 112-15+ WTD low.
- Bunds are softer, following the risk tone lower and posting downside of just under 20 ticks at most. Holding around a 128.48 low, if the move continues, we look to 128.25 from early October before the figure and then touted support at 127.88. Specifics for the bloc are somewhat light thus far. No move to ECB’s Makhlouf this morning, remarks that chimed with the market view that the ECB is at a terminal. Interestingly, Makhlouf said he does not think the new projections are likely to change; a remark in reference to the December forecast round which will include the first look at 2028, a period in focus and of particular note for those looking for further ECB easing. Supply from Spain passed without incident, whilst France was a little more mixed. Overall though, no move seen and OATs trade in-line with Bunds as we approach the tail-end of the week where attention returns back to French budget deliberations.
- Gilts are marginally outperforming after the underperformance on Wednesday. Underperformance that was seemingly due to concerns around the stability of Labour leadership amid mounting challenges to PM Starmer in the background. A challenge that would be a knock to the relatively, market-favourable pairing of Starmer and Reeves. This morning, Gilts are holding in the green by a handful of ticks. Initially opened lower acknowledging the bearish bias seen in peers but then swiftly pared to post gains of 15 ticks at best. Overall though, the benchmark has settled just above the unchanged mark in a 91.51-85 band. Scheduled speakers today include Dhingra and Mann.
Commodities
- Crude benchmarks have traded subdued to start the European session despite the positive risk tone following NVIDIA earnings and further reporting about the proposed 28-point plan to end the war in Ukraine. After grinding higher throughout Wednesday’s US session, WTI and Brent pulled back to a trough of USD 59.27/bbl and USD 63.52/bbl respectively before extending to session highs of USD 59.80/bbl and USD 64.08/bbl as European traders stepped into the market. Despite the muted trade, benchmarks currently remain near session highs as the European session continues. Some further upside seen following comments via Russia’s Kremlin which said that consultations with the US on peace are not taking place, but contacts are.
- Spot XAU sold off at the start of the APAC session and has continued to drift lower following the hawkish FOMC minutes and the bid seen across global equities as NVIDIA posted positive earnings. After a slight bid to a peak of USD 4110/oz at the start of APAC trade, XAU sold off to a trough of USD 4042/oz before consolidating in a USD 4042-4085/oz band. As the European session got underway, the yellow metal briefly extended to a new session low of USD 4039/oz before bouncing back into the earlier band.
- Base metals have traded rangebound to start the European session despite the positive global risk tone, outside of China, following NVIDIA earnings. 3M LME Copper started positive and bid higher to a peak of USD 10.83k/t at the start of APAC trade. However, the red metal fell lower and as the European session got underway, copper extended losses to a trough of USD 10.72k/t. Thus far, 3M LME Copper has managed to bounce off worst levels and is currently trading at USD 10.80k/t.
- Offshore Alliance Union applied to the Australian tribunal for permission to go on strike at Woodside’s (WDS AT) Pluto 2 LNG project.
Geopolitics
- Russia said it is ready for dialogue with the United States on nuclear arms reduction, via Al Arabiya.
- US President Trump reportedly quietly approved a peace plan between Russia and Ukraine earlier this week, according to NBC.
- Russia’s Kremlin says consultations or negotiations with the US on peace in Ukraine are not talking place but contacts are, adds that there is nothing to say on if President Putin has been briefed on the peace plan.
US Event Calendar
- 8:30 am: Nov 15 Initial Jobless Claims, est. 227k
- 8:30 am: Nov 8 Continuing Claims, est. 1950k
- 8:30 am: Sep Change in Nonfarm Payrolls, est. 51k, prior 22k
- 8:30 am: Sep Change in Private Payrolls, est. 65k, prior 38k
- 8:30 am: Sep Change in Manufact. Payrolls, est. -7k, prior -12k
- 8:30 am: Sep Unemployment Rate, est. 4.3%, prior 4.3%
- 8:30 am: Sep Average Hourly Earnings MoM, est. 0.3%, prior 0.3%
- 8:30 am: Sep Average Hourly Earnings YoY, est. 3.7%, prior 3.7%
- 8:30 am: Nov Philadelphia Fed Business Outlook, est. 1, prior -12.8
- 10:00 am: Oct Existing Home Sales, est. 4.08m, prior 4.06m
- 10:00 am: Oct Existing Home Sales MoM, est. 0.49%, prior 1.5%
Central Bank speakers
- 8:45 am: Fed’s Hammack Delivers Opening Remarks
- 9:30 am: Fed’s Barr in Discussion on Artificial Intelligence
- 11:00 am: Fed’s Cook Speaks on Financial Stability at Georgetown Univers
- 12:40 pm: Fed’s Goolsbee Speaks in Moderated Discussion in Indianapolis
- 6:00 pm: Fed’s Goolsbee Speaks on PBS NewsHour
- 6:15 pm: Fed’s Miran Speaks at American Investment Council
- 6:45 pm: Fed’s Paulson Speaks on Economic Outlook
DB’s Jim Reid concludes the overnight wrap
In a market baying desperately for information, today’s US payrolls follows rapidly on the back of Nvidia’s earnings last night and the start of the return to business as usual for US data. It’s fair to say that Nvidia’s results have completely changed the market mood and pushed out any bubble fears for another day. The chipmaker delivered a decent revenue beat ($57.0bn vs $55.2bn est.) and gave strong revenue guidance for the current quarter ($65bn vs $61.9bn est.). The company’s CFO suggested that Nvidia could even exceed its recent target of $500bn of revenue for the next few quarters. Its shares rose by about 5% in post-market trading last night, driving futures on the S&P 500 (+1.32%) and NASDAQ (+1.88%) markedly higher overnight. Tech stocks that have recently been weak also climbed in after hours with CoreWeave around +9% higher for example. If this Nvidia move fully materializes in the regular session today, it would go against the recent pattern I noted in the CoTD yesterday of Nvidia’s shares actually seeing pretty muted post-earnings moves since ChatGPT was launched nearly three years ago. Perhaps the difference this earnings season is that this was one of the weakest months before earnings Nvidia has had in the last three years. Normally their earnings get built up but recent bubble fears probably set a much lower bar than normal, one they comfortably cleared.
Asian equity markets are also soaring with the tech heavy KOSPI (+2.47%) and the Nikkei (+2.94%) having a strong session so far. Elsewhere, the S&P/ASX 200 (+1.20%) is also seeing noticeable gain, supported by mining stocks. Conversely, Chinese stocks are underperforming, with the CSI (+0.14%) and the Shanghai Composite (+0.08%) only edging higher but with the Hang Seng (-0.09%) lower.
Ahead of Nvidia’s results, the market selloff finally began to stabilise yesterday, with the S&P 500 (+0.38%) advancing after 4 consecutive declines. The Magnificent 7 (+0.83%) and Nasdaq (+0.59%) slightly outperformed helped by Nvidia itself being up +2.85% before its earnings announcement as well as a strong gain for Alphabet (+3.00%) amid positive reviews for the new version of its Gemini AI model. Other signs of financial stress from earlier in the week also began to ease, with the VIX index (-1.03pts) falling back to 23.66pts, whilst US HY spreads tightened by -4bps. One obvious point of ongoing weakness was in crypto, where Bitcoin (-2.10%) closed at a 6-month low of $90,506, though it’s back up above $92k this morning amid the post-Nvidia rally. Also noteworthy was that Oracle 5yr CDS edged up another +2.9bps to 111bps. That may rally back a bit today though.
Yesterday’s equity gains were relatively narrow, with more than 60% of the S&P 500 constituents losing ground. Despite the S&P trading up just over a percent in the first hour of trading, we saw the index briefly dip into negative territory after news broke just after Europe closed that there now wouldn’t be an October payrolls report and that the November report wouldn’t be released until December 16th which is 9 days after the FOMC decision. So this reduces the data availability for the Fed before the meeting and thus makes a hold more likely. Indeed futures contracts showed that the probability of a December cut spiked lower from 47% to 27% within minutes of the BLS announcement, a huge move outside of data or speeches. It closed at 29%.
That repricing was solidified as the minutes of the October FOMC meeting showed “many” officials leaning against a December rate cut. While “several participants” said that a December rate cut “could well be appropriate”, “many participants suggested that… it would likely be appropriate to keep” rates steady into year-end. “Several” policymakers were even against the October rate cut itself, although in the end only Kansas Fed President Schmid dissented in favour of keeping rates on hold. US Treasuries had traded little changed before the minutes’ release but then lost ground, with the 2yr yield rising +1.9bps to 3.59%, whilst the 10yr yield (+2.4bps) closed at 4.14%. Yields are fairly steady overnight but with the front-end a bit higher.
The Fed minutes also confirmed that “almost all participants” supported the impending end to QT announced at the October meeting following recent tightening in money market conditions, but showed little discussion on the future path of reserve management. A more differentiated direction of central bank balance sheet policies going into 2026 is one of the themes Peter Sidorov highlights in his new global money & credit chartbook published this morning.
With Nvidia’s result out the way, attention is now quickly turning to the delayed US jobs report for September, which we were meant to have nearly 7 weeks ago. Normally, a data release for a couple of months ago wouldn’t be too impactful, but a December cut likely relies on a weak print, which is clearly possible, especially optically when the breakeven rate of payrolls is as low as it is in 2025. Remember the jobs report back on August 1, when huge downward revisions undercut the story of labour market resilience after Liberation Day, which paved the way for the Fed to resume cutting in September. In terms of this report, our US economists expect both headline and private payrolls to come in at +75k in September (consensus at +50k and +65k respectively), with the unemployment rate steady at 4.3%. So a relatively firm report if they are correct. For more info and the subsequent DB Research webinar details, click here. The Labour Department is also expected to release backfilled weekly US jobless claims data today.
Over in Europe, the main news yesterday came from the UK CPI print, which showed inflation fell a bit less than the consensus expected in October. So headline inflation was down to +3.6% (vs. +3.5% expected), whilst core CPI was at +3.4% as expected. That said, some of the details were more promising, with services CPI down to +4.5% (vs. +4.6% expected), and investors dialled up the likelihood of a Bank of England rate cut next month to 87%, up from 79% the day before. So that supported front-end gilts, but there was still a big curve steepening as doubts persisted about the fiscal situation ahead of next Wednesday’s budget. So the 10yr yield actually rose +4.9bps on the day to 4.60%, underperforming their European counterparts. Indeed the 30yr yield was up +6.3bps.
Otherwise in Europe, markets put in a steady performance across the board. So the STOXX 600 (-0.03%) barely budged, although it did mark a 5th consecutive decline for the index for the first time since June. UK equities were the main driver behind the losses, with the FTSE 100 (-0.47%) also posting a 5th consecutive decline for the first time since March. Then on the fixed income side, the major sovereign bonds saw little change, with yields on 10yr bunds (+0.5bps), OATs (+0.3bps) and BTPs (-0.4bps) barely moving.
Overnight, Junko Koeda, a board member of the BOJ, has provided one of the most explicit hawkish indications from the central bank in recent months, suggesting the potential for a rate increase as early as next month. This is in response to the yen reaching its lowest value in 10 months. However the Yen hasn’t moved much and JGBs continue their recent yield march higher ahead of the arrival of the details of PM Takaichi’s stimulus package on Friday. 30-year JGBs have increased by +3.7bps, trading at a record high this morning. Similarly, 20-year JGBs have risen by +4.0bps, and at the highest level since 1999, while 10-year JGBs have climbed by +4.8bps to 1.81%, the highest level since 2008. So interesting times for Japan.
To the day ahead now, and the main highlight will be the US jobs report for September, with jobless claims also due. Otherwise, we’ll get US existing home sales for October, the Kansas City Fed’s manufacturing index for November, and the Philadelphia Fed’s manufacturing business outlook for November. In Europe, there’s also the German PPI for October, and the European Commission’s preliminary consumer confidence reading for the Euro Area in November.
b) European opening report
c) Asian opening report
Higher market sentiment with European equity futures firmer following positive Nvidia’s earnings – Newsquawk European Opening News
Thursday, Nov 20, 2025 – 01:25 AM
- APAC stocks surged across the board, buoyed by a strong performance in the tech sector following NVIDIA’s solid earnings and guidance, while CEO Huang dismissed concerns of an AI bubble, stating, “We see something different.”
- FOMC Minutes added little new but emphasised divisions on the December decision, with “many” members expecting no change.
- Hawkish Fed repricing was seen as the new BLS data schedule shows that the FOMC won’t see the October or November jobs reports before the December 10th meeting.
- China is reportedly mulling new property stimulus measures, including mortgage subsidies, according to Bloomberg sources; Japanese JGB yields continued climbing despite continued verbal intervention.
- Looking ahead, highlights include German Producer Prices (Oct), EZ Consumer Confidence Flash (Nov), US NFP (Sep), US Jobless Claims (w/e 15 Nov), New Zealand Trade Balance (Oct), Australian Flash PMIs (Nov), Japanese Nationwide CPI (Oct), SARB Policy Announcement, Fed’s Cook, Barr, Hammack, Paulson, Miran, Goolsbee; BoE’s Dhingra, Mann. Supply from Spain, France, US. Earnings from Gap, Walmart; ThyssenKrupp; Investec, Halma.
- Click for the Newsquawk Week Ahead.
Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
US TRADE
EQUITIES
- US stocks were choppy, but ultimately settled in the green as participants awaited NVIDIA earnings.
- SPX +0.38% at 6,642, NDX +0.56% at 24,641, DJI +0.10% at 46,139, RUT -0.04% at 2,348
- Click here for a detailed summary.
NVIDIA
Earnings Release
- NVIDIA Corp (NVDA) Q3 2026 (USD): Adj. EPS 1.30 (exp. 1.24), Revenue 57.00bln (exp. 54.41bln), Q4 Revenue view 63.7-66.3bln (exp. 62.2bln). Data centre revenue 51.2bln (exp. 48.3bln). Gaming revenue 4.3bln (exp. 4.4bln). Gross margin 73.4% (exp. 73.5%, prev. guided 73-74%).
- Commentary: “Blackwell sales are off the charts, and cloud GPUs are sold out”.
- Guidance: Q4 Revenue view 63.7-66.3bln (exp. 62.2bln). GAAP and non-GAAP gross margins are expected to be 74.8% and 75.0%, respectively, plus or minus 50bps. GAAP and non-GAAP operating expenses are expected to be approximately USD 6.7bln and USD 5.0bln, respectively. GAAP and non-GAAP other income and expense are expected to be an income of approximately USD 500mln, excluding gains and losses from non-marketable and publicly-held equity securities.
Earnings Call Highlights:
- CEO on AI bubble: CEO Huang says there has been a lot of talk about an AI bubble but “we see something different.”
- CFO on China: Will continue to cooperate on China. Sizeable purchase orders for H20 AI chip never materialised in the quarter due to geopolitical issues and the increasingly competitive market in China. Not expecting data-center-compute revenue from China in Q4.
- CEO Comments: NVIDIA has done a really good job in terms of planning and supply chains. NVIDIA will continue to do stock buybacks. More successful this year vs last year.
- CFO Comments: Still in early innings. Reiterates visibility into USD 500bn Blackwell and Rubin revenue. Cloud services are sold out. Demand continues to exceed expectations.
Overnight trade: Shares +5.6%
Note: CEO Huang’s full interview on Fox Business to be released on Thursday at 15:00 EST/ 20:00 GMT.
FOMC MINUTES
- FOMC minutes revealed a divided committee on the appropriate pace of easing, with many favouring a 25bp cut, several preferring to hold rates, and one advocating a more forceful 50bp reduction. Supporters of a cut pointed to rising downside risks in employment and limited signs of renewed inflation pressures, while those opposed emphasized stalled progress toward the 2% target and insufficient confidence that inflation is on a sustainable path. Despite broad agreement that policy is moving gradually toward neutral, views diverged on how restrictive current settings remained.
- Most participants judged that further cuts are appropriate, but several did not see a December cut as likely, while some thought it could be appropriate if the economy evolves as expected. Concerns about inflation remained persistent, particularly in core non-housing services, expected tariff pass-through, and the risk that prolonged inflation overshoots could lift expectations. However, some noted that inflation excluding tariffs was close to target, and productivity gains or a softer labour market could help curb price pressures. Labour market conditions were seen as softening gradually, with structural factors such as AI-driven investment at play, and activity was moderate with strength concentrated in higher-income households.
- Most members supported concluding the balance-sheet runoff by December 1st and favoured a larger Treasury bill share for flexibility. Several members warned that elevated asset valuations, especially in AI-related equities, left markets vulnerable to corrections. The minutes also touched on asset prices, highlighting the possibility of a disorderly fall in stock prices, especially if AI-related prospects are reassessed abruptly.
- The release, while it largely added little new, did have a hawkish skew and continued to highlight the division in the Committee ahead of the December confab. After the minutes, money market pricing saw further rate cut bets pared, with just 6bps of easing priced, implying a 24% probability of a rate cut in December versus 7bps before the minutes.
DELAYED DATA UPDATE
- The US November jobs report has been rescheduled for December 16th at 08:30 EST/13:30 GMT, with the October NFP to be released alongside November but without an unemployment rate. The BLS said the October 2025 Employment Situation Report has been cancelled, noting the Establishment Survey (NFP) data will be published with November’s release on December 16th, while Household Survey data (unemployment rate) could not be collected, via BLS.
NOTABLE HEADLINES
- US President Trump reiterated his criticisms of Fed Chair Powell, saying rates are too high, according to Reuters.
- US President Trump is reportedly considering an executive order to pre-empt state AI laws, according to Reuters, citing a draft.
- US President Trump is considering signing an executive order as soon as Friday, according to The Verge.
- US President Trump posted that he signed the bill approving the release of the Epstein files, according to Truth Social.
- US President Trump is set to meet New York City Mayor Mamdani on Friday at the Oval Office, according to Truth Social.
Other North American News
- BoC Deputy Governor Vincent said Canada’s weak productivity problem has become more urgent and is a systemic issue requiring a coordinated, economy-wide approach; he said the country is stuck in a vicious cycle where weak productivity makes it harder to meet challenges, shocks to the economy have become more frequent, and Canada is too vulnerable to their impacts. He added that when assessing inflation, the Bank places particular importance on the relationship between rising labour costs and productivity, according to Reuters.
TRADE/TARIFFS
- Key White House officials are pressing lawmakers on Capitol Hill to keep AI chip export restrictions to China out of the annual defense policy bill, according to four sources familiar with the matter, via Axios.
- US lawmakers are reportedly considering a new bill to codify China AI chip export curbs, according to Bloomberg sources; the White House has reportedly asked Congress to reject the bill curbing NVIDIA (NVDA) exports.
- US Commerce Department plans to approve export of 70,000 advanced AI chips to UAE and Saudi Arabia, according to WSJ sources; Export deal includes approval for NVIDIA’s (NVDA) GB300 or equivalent chips.
- China’s October rare earth magnet exports to the US rose 56.1% from September, according to customs data.
APAC TRADE
EQUITIES
- APAC stocks surged across the board, buoyed by a strong performance in the tech sector following NVIDIA’s solid earnings and guidance, while CEO Huang dismissed concerns of an AI bubble, stating, “We see something different.”
- ASX 200 held near highs, supported by strength in tech and gold sectors.
- Nikkei 225 surged at the open and reclaimed 50,000+ levels as NVIDIA boosted tech stocks, though it pulled back from highs amid ongoing US-China tensions and fiscal concerns and as JGB yields continued climbing.
- Hang Seng and Shanghai Comp both opened firmer but lagged peers, with China struggling to capitalise on NVIDIA’s performance amid the US/China AI race. Some modest upside was seen on reports that China is reportedly mulling new property stimulus with mortgage subsidies, according to Bloomberg sources. Meanwhile, the PBoC held LPRs steady as expected.
- US equity futures traded firmer across the board, with the NQ leading the way after NVIDIA’s performance, rising and holding above 25,000, while the ES reclaimed 6,700+ status.
- European equity futures are indicative of a firmer cash open with the Euro Stoxx 50 future +0.9% after cash closed +0.1% on Wednesday.
FX
- DXY held onto prior gains, benefiting from a hawkish repricing in Fed money markets, which now assigns a sub-25% chance of a 25bps cut in December (down from 48%). This follows the new BLS data schedule showing that the FOMC won’t see the October or November jobs reports before the December 10th meeting. The FOMC Minutes added little new but emphasised divisions on the December decision, with “many” members expecting no change. The DXY was also unaffected by NVIDIA’s earnings, as attention shifts to the delayed US NFP for September. The index traded in a 100.13–100.32 range, just above yesterday’s high of 100.24.
- EUR/USD moved in line with the stronger USD, with light Eurozone newsflow and focus on US developments, particularly the hawkish repricing ahead of the delayed September US jobs report.
- GBP/USD was capped by the firmer Dollar, briefly dipping below 1.3050 after tumbling from above 1.3150 yesterday following weak UK CPI data and broader USD strength.
- USD/JPY weakened against the rising Dollar, with little impact from BoJ’s Koeda comments alongside jawboning from several Japanese officials. Focus remains on Japan’s economic stimulus package, now valued at JPY 21.3tln (up from previous guidance of “more than JPY 20tln”).
- Antipodeans traded on either side of the flat mark, unable to capitalise on risk appetite, with the stronger USD capping upside potential.
- PBoC set USD/CNY mid-point at 7.0905 vs exp. 7.1201 (Prev. 7.0872)
FIXED INCOME
- 10yr UST futures weakened as risk appetite rose and the hawkish Fed repricing continued after the BLS postponed October and November NFP job reports, meaning the FOMC will not see them before the December meeting. FOMC minutes also leaned hawkish, adding to the pressure.
- Bund futures were subdued, weighed down by broader risk sentiment and a lack of fresh Eurozone updates, leaving traders focused on macroeconomic drivers.
- 10yr JGB futures fell as yields continued to climb in Japan, with risk appetite not helping the bond market after the Nikkei 225 surged at the open. Focus remains on Japan’s economic stimulus package, now valued at JPY 21.3tln (up from previous guidance of “more than JPY 20tln”). Jawboning from officials did little to shift prices.
- US sold USD 16bln of 20-year bonds; High Yield: 4.706% (prev. 4.506%, six-auction avg. 4.820%); WI: 4.704%. Tail: 0.2bps (prev. -1.2bps, six-auction avg. -0.3bps). Bid-to-Cover: 2.41x (prev. 2.73x, six-auction avg. 2.66x). Dealers: 11.4% (prev. 10.0%, six-auction avg. 11.9%). Directs: 29.2% (prev. 26.3%, six-auction avg. 22.7%). Indirects: 59.5% (prev. 63.6%, six-auction avg. 65.3%)
COMMODITIES
- Crude futures firmed, retracing some of yesterday’s losses despite the stronger Dollar. Crude prices reacted to broader risk sentiment post-NVIDIA earnings, where discussions on power demand amid AI growth also surfaced during the call.
- Spot gold came under pressure, dipping back below USD 4,100/oz as the Dollar gained ground following the hawkish Fed repricing.
- Copper futures saw modest gains, though upside was capped by a less optimistic mood in China and the firmer USD, whilst no major move was seen on reports that China is reportedly mulling new property stimulus.
- Offshore Alliance Union applied to the Australian tribunal for permission to go on strike at Woodside’s (WDS AT) Pluto 2 LNG project.
- BP (BP/ LN) shut the Olympic Pipeline system after Washington leak.
- “As the busy period for Chinese manufacturing draws to a close, copper consumption has largely disappointed, with run rates at fabricators plumbing multiyear lows for the season,” according to Bloomberg.
CRYPTO
- Bitcoin gained overnight, bolstered by the NVIDIA-induced risk appetite, with Bitcoin rising towards USD 93k overnight.
- BlackRock (BLK) is preparing to file for an “iShares Staked Ethereum Trust ETF”, according to CoinDesk
NOTABLE ASIA-PAC HEADLINES
- China is reportedly mulling new property stimulus measures, including mortgage subsidies, according to Bloomberg sources.
- Japan’s economic stimulus package is expected to be around JPY 21.3tln, according to NHK. The Japanese government is in the final stages of compiling its economic stimulus package worth JPY 21.3tln, according to a draft seen by Reuters; the package will total JPY 42.8tln, including private-sector investments.
- BoJ Board Member Koeda said the BoJ is ready to step into market via increase in bond buying and emergency market operations when long-term yields make rapid moves; want to closely watch how FX volatility could affect prices; no comment on specific long-term rate level; should be set by markets reflecting fundamentals
- BoJ Board Member Koeda said the bank must normalise interest rates to avoid causing distortion in the future, adding that she believes underlying inflation is about 2%. She reinforced a data-dependent approach.
- Japanese Chief Cabinet Secretary Kihara said the government is watching market moves, including the bond market, closely and expressed concern about recent sharp, one-sided FX moves. He emphasised that the FX market needs to move stably, reflecting fundamentals, and that the government is watching FX with a high sense of urgency.
- Japanese Finance Minister Katayama said she won’t comment directly on JGB yield levels, which are determined by various factors, and reaffirmed with BoJ Governor Ueda yesterday that authorities will watch market moves with a strong sense of urgency.
- RBA’s Hunter said monthly inflation data can be volatile and that the bank will not react to just one month of data; he also noted that the response in the housing market to rate cuts has been a little stronger than expected.
DATA RECAP
- Chinese Loan Prime Rate 1Y (Nov) 3.00% vs. Exp. 3.00% (Prev. 3.00%); 5Y 3.50% vs. Exp. 3.50% (Prev. 3.50%)
GEOPOLITICS
RUSSIA-UKRAINE
- US and Russian officials have drafted a new peace plan for Ukraine, with a sweeping 28-point proposal that would include territorial concessions and a rollback of American military assistance, according to FT.
- US proposals to end the war reportedly include Ukraine ceding territory and some weapons and reducing the size of its armed forces, with the US signalling to President Zelensky that he must accept the framework and its main points, according to Reuters, citing sources.
- US President Trump’s aides reportedly see no rush to levy the promised semiconductor tariffs, with the administration taking a more cautious approach to avoid tensions with China; no final decision has been made, though a White House and Commerce Department official disputed that the administration had adjusted its posture, according to Reuters, citing sources.
- Russia said it is ready for dialogue with the United States on nuclear arms reduction, via Al Arabiya.
- US President Trump reportedly quietly approved a peace plan between Russia and Ukraine earlier this week, according to NBC.
A NORTH KOREA/SOUTH KOREA
NORTH KOREA//USA/
2B JAPAN
JAPAN//HEADLINE
Tokyo Bondquake – Bond Volatility Screams “This Isn’t Contained”
GROK AI
Understanding the “Tokyo Bondquake”: A Surge in Japanese Bond VolatilityThe phrase “Tokyo Bondquake” has emerged in financial circles as a shorthand for the dramatic spike in Japanese Government Bond (JGB) yields observed in mid-November 2025. This isn’t a literal earthquake—Japan’s seismic activity has been routine, with minor tremors like a 3.6 magnitude event near Tokyo on November 18—but a metaphorical “quake” in the bond market. Yields on super-long JGBs (30- and 40-year maturities) have shattered historical records, signaling investor panic over Japan’s fiscal health, the end of ultra-low interest rates, and potential global spillover. The subtitle “Bond Volatility Screams ‘This Isn’t Contained'” captures the fear that this turmoil could unravel the yen carry trade and trigger forced selling worldwide.What Happened: The Yield ExplosionJapan’s bond market, long anchored by the Bank of Japan’s (BOJ) yield curve control and massive purchases, has entered uncharted territory. Key milestones from the past week:
- November 17: 30-year JGB yield hits 3.26%, up sharply from sub-1% levels earlier in 2025.
- November 18: 40-year yield surges to 3.668%, the highest since issuance in 2007—a 6.5 basis point jump in one day.
- November 19: Yields stabilize slightly but remain elevated, with the 10-year at ~1.75% (from 0.25% in early November) and 20-year at 2.75%.
This “quake” was triggered by Prime Minister Sanae Takaichi’s announcement of a ¥16 trillion ($110 billion) stimulus package on November 17, aimed at boosting growth amid sluggish recovery. Counterintuitively, markets interpreted it as fiscal recklessness: Japan’s debt-to-GDP ratio stands at 263%, the world’s highest. At current yields, 23% of tax revenue already goes to interest payments; a 1% yield rise adds ¥2.8 trillion ($18 billion) annually in costs. Investors dumped bonds, fearing a “doom loop” where higher yields force more borrowing, eroding confidence further.The BOJ has responded with routine operations—e.g., ¥900 billion in purchases on November 6 and scheduled buys on November 19, 21, and 26—but these are seen as bandaids. Deputy Governor Shinichi Uchida signaled potential tightening resumption if the economy rebounds, but the central bank is caught: scaling back purchases risks more volatility, while intervening undermines its exit from ultra-loose policy.
| Bond Maturity | Yield on Nov 1, 2025 | Yield on Nov 18, 2025 | Change (bps) |
|---|---|---|---|
| 10-Year | 0.25% | 1.75% | +150 |
| 20-Year | ~1.0% | 2.75% | +175 |
| 30-Year | ~2.0% | 3.26% | +126 |
| 40-Year | ~2.8% | 3.668% | +87 |
Sources: Reuters, Bloomberg data aggregated from market reports.Why It Feels Uncontained: The Global Leverage WebThe real alarm bells are ringing beyond Tokyo. For decades, Japan’s near-zero rates fueled the yen carry trade: Borrow cheap yen, invest in higher-yield assets like U.S. Treasuries, stocks, or emerging markets. Estimated size: $1.2–$20 trillion (wide range due to opaque derivatives). This “funding engine” inflated global asset prices—e.g., contributing to Nvidia’s market cap eclipsing Japan’s GDP twice in 2025.Now, rising yields are killing the trade:
- Cost Spike: Borrowing yen at 3%+ erodes profits; positions turn red.
- Repatriation Rush: Japanese institutions hold $1.13 trillion in U.S. assets and $3.2 trillion abroad. Higher home yields could pull $200–500 billion back, dumping foreign bonds and strengthening the yen by 4–8% in months.
- Deleveraging Cascade: Margin calls force sales in stocks/crypto (correlation with S&P 500 drops: 0.55 historically). SoftBank’s -14.3% plunge on November 5 was an early casualty, tied to yen exposure.
Social media echoes the dread: Traders warn of “Godzilla mode” yields “stomping” leverage, with “derivative desks chain-smoking” and “global liquidation risk” looming until the BOJ’s December 18 meeting. One analyst quipped: “The monster isn’t in the stock market. The monster just woke up in Tokyo.”This mirrors past shocks—like the August 2024 BOJ hike that shaved 6% off the S&P 500—but at scale, it could be “Armageddon,” per Société Générale’s Albert Edwards. Emerging markets and tech (reliant on cheap funding) are most vulnerable; Bitcoin and gold may hedge as “liquidity sensitivity” plays.Is It Really Uncontained? Assessing the RisksVolatility metrics scream yes—for now. The MOVE Index (bond vol gauge) spiked 20% in a week, and Nikkei futures dipped 2% on November 19 amid “tech jitters and bond yields.” But containment isn’t impossible:
- BOJ Backstop: Interventions have totaled ¥112 trillion since July; more could cap yields at 4%.
- Gradual Unwind: Not all $20 trillion in carry trades will liquidate overnight—experts peg crisis risk at 10–15%, with 45% chance of stabilization.
- Global Offsets: Fed rate cuts and China/Japan stimulus coordination could flood liquidity elsewhere.
That said, the math is unforgiving: If 40-year yields breach 4%, Japan’s finances “become mathematically unsustainable,” per market commentary. The December 18 BOJ decision is the flashpoint—watch for yield caps or purchase hikes.What to Watch and Do
- Key Dates: BOJ buys (Nov 19–26); December 18 policy meet.
- Indicators: Yen vs. USD (USD/JPY below 140 signals unwind); U.S. Treasury yields (rising on Japanese selling); SOFR spreads (liquidity stress).
- Strategies: De-lever now—trim risk assets in tranches. Favor yen-hedged plays, gold/Bitcoin for volatility, or short-duration bonds. As one post noted: “Survive turbulence first, optimize second.”
This “bondquake” isn’t just noise; it’s a regime shift from “free money” Japan to a higher-rate world. Volatility will extract a toll, but liquidity expansions historically follow—position for the flood, not the choke.
END
JAPAN
Japan Carry Trade Imploding
For years, I have said that Japan would sink the global economy. Now it happens in real time. Japan was the firehose to US equity markets. This started with the success of the Japanese export machine; think Sony annd Toyota etc. And this has taken place over decades. The Japanese debt model always had a due date governed by cost exceeding debt. It was only a matter of time. And it has been assisted by the rise of Chinese exports at the expense of Japanese ones lessening the cash positions in Yen.
Over $500B in carry positions must unwind.
Not a panic just legal fiduciary requirement in Japan. The question remains whether there is some way to amend the requirement.
But the second wave that comes is worse, if the unwinding takes place. What is that? Japan Pulls Capital Home to meet the requirements.
Japanese institutions hold $3.2T in foreign assets. Think they will continue? They cannot ! And so it comes to those parties for years borrowed in Yen cheaply, bought USD and invested. Now they are upside down on the currency cost. As yen costs are now really causing loss.
This is what is being predicted out of sight. ….US equity multiples compress 21x → 16x .. good bye bubbles
• Nikkei drops 12% as a stronger yen crushes exporters.. Japanese cars go up in price.
• Emerging markets lose ~30% of external funding
• Credit spreads blow out 100 bps
Liquidity disappears.
Not because of recession — because the firehose of cheap yen is shutting off.
The Yen Carry Trade is gone! And with this multiple unwinding of positions will cause stocks and bonds to be sold. When a herd moves you hear the hoof beats. In the markets it is losses.
In the US it leaves the Fed as the buyer of last resort of Treasuries. There are reasons beyond moral suasion why Cambodia has parked its gold in Chinese vaults.
The real question is how companies and nations adjust to this ? And the impact it has on consumer confidence and spending. The losses on bonds and stocks are already being made.
END
3. CHINA
CHINA/USA
4 EUROPEAN/NATO AFFAIRS
GERMANY
“Increasingly Becoming No-Go Areas” – Violent Crime Explodes At German Train Stations
Thursday, Nov 20, 2025 – 05:00 AM
Exploding violence in Germany has long been tied to mass immigration, as the statistics clearly show, and German train stations are becoming another perfect illustration of this worrying trend.
The number of violent crimes at Berlin central station in 2024 has tripled compared to 2019, which was the last year before the coronavirus crisis. In Cologne, violent crime has grown 70 percent in the same timeframe, according to Welt newspaper.
Those are just two cities, but the same trend is seen everywhere.
“Look at a main train station, in Duisburg, in Hamburg, in Frankfurt. Neglect, drug dealers, young men, mostly with a migrant background, mostly from Eastern Europe or Arab-Muslim cultural areas. This also has to do with irregular migration, as it looks in our inner cities, in the marketplaces“, said Jens Spahn, the CDU parliamentary group leader, in a BILD interview. Remarkably, his own party is massively responsible for Germany’s incredible demographic transformation and crime crisis.
As the left promotes public transport as a big part of the solution to climate change, the reality is that taking public transport is becoming more and more dangerous.
According to police data, the total number of violent crimes at train stations rose from 25,640 in 2023 to 27,160 last year. Meanwhile, women are more and more at risk. Sexual crimes increased from 1,898 to 2,262 within a year, while property damage jumped from 30,961 to 32,671.
This follows data from earlier in the year that showed foreigners commit 59 percent of all sexual crimes on German trains and at train stations, with serious sexual crimes doubling since 2019.
According to a statement, Alternative for Germany (AfD) MP Martin Hess warned: “Train stations, once places of mobility and peaceful encounters, are increasingly becoming no-go areas.“
“In many areas of crime, foreigners are disproportionately represented among the suspects,” he added.
Saxony, which has far fewer foreigners, sees huge crime increase
Even in German states with far fewer migrants, foreigners are contributing to a massive rise in crime and sexual assaults. In Saxony, for instance, crime has jumped massively in just one year at German train stations.
Citing the new data, just released a few days ago, AfD MP Matthias Rentzsch states:
“The sharp rise in crime (total offenses: 11,065 in the first half of 2025) at Saxon train stations is alarming. Whether property crimes, vandalism, or violent offenses: virtually all forms of crime show massive increases. Violent offenses at Saxon train stations rose by a good 42 percent, sexual offenses by over 15 percent, and weapons offenses by almost 87 percent. At some individual Saxon train stations, there were enormous increases in crime. For example, the number of offenses at Dresden Central Station rose by 24.6 percent, at Leipzig Central Station by 57.2 percent, and at Bischofswerda Station by 100 percent,” he said.
Rentzsch points out an especially shocking statistic in one German city: “The Chemnitz Central Station is the unfortunate leader, with an increase of 212.5 percent.”
As with every single German state, migration is the biggest driver of this crime surge.
“The uncontrolled mass immigration, largely driven by the CDU/CSU and SPD, is clearly having an effect: almost Foreign nationals account for 50 percent of all crimes committed at Saxon train stations, and there is a significantly above-average proportion of foreign suspects in violent, property, sexual, and drug-related offenses,” he said.
Notably, in Saxony, only 8 percent of the population is made up of foreigners, yet they are responsible for 50 percent of all crimes in train stations. Another 5 percent or so of the population are German citizens with a migration background.
Government avoids talk of mass deportation, focuses on mass surveillance
Due to the drastic increase in acts of violence around the train stations, Federal Interior Minister Dobrindt (CSU) says he wants to take action, even as the police union speaks of “intolerable“ conditions.
Knives also play an increasingly large role in train stations. During just one year, the number of weapons offenses rose from 589 to 808, and property damage from 16,786 to 17,595. As Welt notes, “Foreign nationals are overrepresented across all crime groups.”
Meanwhile, German police unions are calling train stations across the country “crime hotspots.”
The fact that public space is closing to Germans is becoming more and more apparent, as young men from foreign lands, along with Germans with a migration background, increasingly dominate these vital areas. As with the case of swimming pools and Christmas markets, the solution is more surveillance that increasingly relies on artificial intelligence and a large police state presence.
As Welt notes, “Cameras are now running in many train stations, which are also intended to detect abnormalities at an early stage with AI support and can help emergency services assess the situation. According to Dobrindt, 200 cameras are now in use in Munich alone, which ‘contributes to de-escalation.’ The interior minister announced an expansion of video surveillance – technology has tripled the number of suspects identified in recent years.”
Remarkably, even as these technologies increase more suspects, crime keeps rising. In part, suspects are likely given light or no criminal sentence at all, and many of those who are caught are never deported.
The government admits itself it is not partaking in a mass deportation drive, but instead more “control” and “surveillance” to police the imported population.
“Control, surveillance, motivated emergency services. This is our model against crime and our model for an increasing sense of security in Germany,“ said Dobrindt to describe his campaign.
END
UK RUSSIA
Russian Spy Ship Breached UK Waters, Aimed Lasers At Military Pilots, Britain Says
Thursday, Nov 20, 2025 – 04:15 AM
The British government issued a warning to Moscow on Wednesday, putting the Kremlin on notice over a Russian naval vessel allegedly having entered British territorial waters and aiming lasers at UK pilots.
Defense Secretary John Healey accused the Yantar, a special purpose intelligence collection ship, of its second intrusion into UK waters this year, following a similar incident last January. “At the moment, the Yantar is positioned just off U.K. waters north of Scotland, after moving through the wider surrounding area over recent weeks,” Healey told a press briefing held at at Downing Street.
The UK military scrambled aerial assets in response, including Royal Air Force jets as well as a naval frigate, in order to “track and monitor the vessel,” during which time “the Yantar directed lasers at our pilots.“
He condemned the use of the lasers against UK aircraft as “extremely dangerous” and then said he was addressing a warning Russian President Vladimir Putin directly: “We see what you’re doing. We are fully aware. And if the Yantar continues south this week, we are prepared,” he said.
Further according to the BBC:
Healey said the laser incident took place whilst the Yantar was being followed by a Royal Navy frigate and RAF Poseidon P-8 planes deployed to “track the vessel’s every move”. It is understood the episode occurred within the last two weeks.
Speaking at a news conference in Downing Street, the defense secretary added he had changed the Royal Navy’s rules of engagement so that it could follow the Yantar more closely “when it is in our wider waters”.
Western allies believe Russian naval ‘research vessels’ like the Yantar are assisting with Moscow-backed ‘sabotage campaigns’ in northern European waters. For example the last couple years have seen allegations of Russian vessels cutting telecoms cables under the North Sea and elsewhere.
Healey’s warning of being ‘prepared’ to act could be the closest London has recently come to threatening direct military action against a Russian naval asset.
Such action could start with an attempt to intercept or chase the vessel away from British waters, or even fire warning shots or more if things should escalate.
A response to the accusations was issued by the Russian Embassy in London. It said Russia isn’t interested in sabotaging anything in regional waters. “London, with its Russophobic path and increasing militaristic hysteria leads to further degradation European security, providing the premise for new dangerous situations,” it said.
“We call on the British side to hold off taking any destructive steps which might aggravate the crisis situation on the European continent,” the embassy added. Russian officials and institutions have been under intense scrutiny in the UK ever since the Ukraine war began, and relations are steadily worsening.
END
LONDON
London Luxury Home Prices Plunge As Wealthiest Flee Ahead Of Tax-Hikes
Thursday, Nov 20, 2025 – 02:45 AM
Asking prices for UK homes declined more steeply than expected in November, down 1.8% on a monthly basis – the biggest fall in prices for this time of year since 2012.
Interestingly, alongside UK government budget anxiety, Rightmove pointed to “the decade-high number of homes available for sale” and resulting downward price pressure, mostly affecting the higher end of the property ladder.
“Months of pre-Budget speculation has taken its toll on house prices as it has with other parts of the economy,” said Tom Bill, head of UK residential research at Knight Frank.
Colleen Babcock, Rightmove’s property expert, commented:
“It appears that the usual lull we’d see around Christmas time has arrived early this year, and sellers who are keen to move are having to work especially hard to entice buyers with competitive pricing…This is a buyers’ market.”
But the weakness was far from nationwide, with London dominating the drop (especially at the high-end).
Excluding London, all regions in England registered an annual increase in house prices in the year to September. In Scotland they rose by 5.3 per cent, while prices in Wales grew by 2.7 per cent, according to the ONS.
Rumored property tax changes include introducing a new tax on the sale of homes worth more than £500,000, abolishing stamp duty, and introducing a mansion tax on homes valued above £2 million, have dramatically impacted the ultra-high-end luxury home markets with Bloomberg reporting that house prices in the largely-affluent borough of Kensington & Chelsea (K&C) plunging 11.3% YoY, alongside a 14.4% plunge in Westminster.
House prices in the two boroughs combined are above £1 million on average.
Chancellor Reeves is under pressure to fill a whole in the public finances without increasing taxes on what Labour calls “working people.”
A series of policy reversals and rising borrowing costs have already left her billions short of her fiscal targets.
New property taxes would disproportionately affect London properties. A recent report by estate agent Knight Frank found that the capital is home to nearly 60% of all the properties worth more than £2 million.
And forget about any move-up buyers filling that gap…
“In the capital it now takes a couple on an average income around 13 years to save for a deposit, not by accident, but because successive governments have failed to build enough homes,” said Sam Richards, CEO of Britain Remade, a group that campaigns for more development.
The imbalance between supply and demand is giving buyers the twin luxuries of time and choice, and emboldening them to ask for – and get – price reductions.
Simon Gerrard, chair of Martyn Gerrard Estate Agents, blamed the government for the drop in London house prices and warned that a Budget tax on high-value properties would “overwhelmingly hit families” living there.
“It’s nigh on impossible to start a family in the capital and this will ensure that remains the case for many years to come,” he added.
Housing market experts including the TV presenter Kirstie Allsopp saying “people are in a panic” about potential stamp duty changes, and “sitting tight” before the budget.
But, it’s hard to argue that these kind of dramatic price declines in the ultra-high-end luxury market are not a very big canary in the coalmine for capital fleeing the repression of the Labour government.
END
HUNGARY/EU
EU’s Ukraine Funding Scheme Will Trigger Lawsuits, Collapse Of Euro & Be On Grandchildren’s Shoulders: Orban
Thursday, Nov 20, 2025 – 09:20 AM
Hungarian Prime Minister Viktor Orbán has issued a new warning that the European Commission (EC)-proposed new loan amount to Ukraine of 135 billion euros will end up being paid for by the grandchildren of EU country populations.
“An astronomical sum that does not exist today. It simply does not exist,” he began by saying. “The Brussels ‘magic trick’ would again be a joint European loan, a step that would guarantee that even our grandchildren would have to pay for the costs of the Russian-Ukrainian conflict,” he said.
This was his further response to a letter recently issued to EC President Ursula von der Leyen, seeking to desperately raise more funds for Kiev in order for it to close a some $150 billion budget gap.
“It will now be key to rapidly reach a clear commitment on how to ensure that the necessary funding for Ukraine will be agreed at the next European Council meeting in December,” she wrote.
But Orban chaffed and pointed out that this whopping amount is at least 65% of the annual volume of the Hungarian economy and almost 75% of the annual EU budget, an “absurd” ask. He quipped:
“This is more than impossible. This is absolutely ridiculous. Hungary’s response will follow immediately,” the Hungarian Prime Minister stressed.
He has also warned that if Brussels decides to use frozen Russian assets, it will trigger lawsuits and potentially the collapse of the Euro.
“Turning to frozen Russian assets. A convenient solution, but the consequences are unpredictable. Lengthy legal proceedings, numerous lawsuits, and the collapse of the euro. This is what awaits us if we choose this path,” Orban wrote on social media.
We earlier featured some of his initial reaction, as previously this week he flatly rejected the call for sending more support to Ukraine:
“I received a letter today from President von der Leyen. She writes that Ukraine’s financing gap is significant and asks member states to send more money,” he wrote on X. “It’s astonishing.”
“At a time when it has become clear that a war mafia is siphoning off European taxpayers’ money, instead of demanding real oversight or suspending payments, the Commission President suggests we send even more.”
Given Ukraine’s corruption, and there’s a raging scandal currently in the headlines which has resulted in the dismissal of several top officials and ministers, Orban likened the scheme to giving a drunk person more vodka.
But he vowed that Hungary has not lost its common sense and described, “This whole matter is a bit like trying to help an alcoholic by sending them another crate of vodka.” Budapest won’t go along with it.
* * *
More of PM Orban’s scathing critique on Thursday:
The [EC] President has one problem: she doesn’t have this money. What she does have are 3 proposals on the table:
1. That the member states should chip in. Willingly and cheerfully, from their own budgets. As if they had nothing better to do.
2. A well known Brusselian “magic trick”: joint borrowing. There’s no money for the war today, so our grandchildren will pay the bill. Absurd.
3. A proposal to seize the frozen Russian assets. A convenient solution, but its consequences are impossible to foresee. Lengthy legal wrangling, a flood of lawsuits and the collapse of the euro. This is what awaits us if we choose this path.
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
TBN ISRAEL/LAST 24 HR
end
ISRAEL VS HAMAS
ISRAEL VS HAMAD
IRAN
SAUDI ARABIA/USA
Trump Names Saudi Arabia A ‘Major Non-NATO Ally’ During MbS Candlelight Dinner Attended By Tech Moguls
Wednesday, Nov 19, 2025 – 05:40 PM
Aside from a couple of hiccups involving exchanges with the press, Crown Prince Mohammed bin Salman’s (MbS) visit to the White House went well, after he came bearing massive gifts, especially a pledge for a whopping $1 trillion in US investment.
During the Tuesday night candlelight dinner in his honor, which was attended by Elon Musk, Tim Cook, Jensen Huang, Cristiano Ronaldo, the head of FIFA Gianni Infantino – and many other tech moguls and notable figures – President Trump took the opportunity to proclaim for the first time Saudi Arabia as a “major non-NATO ally” (MNNA).
This was based on the signing of a new security pact with MbS, called the US-Saudi Strategic Defense Agreement (SDA), during the earlier Oval Office visit.
“At tonight’s dinner, I’m happy to share that we are elevating our military partnership by officially naming Saudi Arabia a major non-NATO ally,” Trump said.
This newly designated status will give the kingdom preferential access to US military hardware, which as Trump also unveiled will include sales of F-35 fighter jets and 300 US-manufactured tanks.
To some degree the US-Saudi oil for weapons relationship has been cemented institutionally going all the way back to the 1970s, but talk of nuclear energy – and even the US providing a potential nuclear nuclear security umbrella – represents an escalation in strategic closeness and relations.
As part of this, the White House is further describing this as the “legal foundation for a decades-long, multi-billion-dollar nuclear energy partnership.”
But what else does the United States (and Israel) get out of this? MbS appears to now be ‘cooperating’ on a years-long effort for normalization of ties with Israel, after diplomacy was stalled for two years amid the Gaza War.
The crown prince told reporters, “We want to join the Abraham Accords, but we also need a clear pathway to a two-state solution.”
“We had a constructive discussion with the president, and we’re going to work together to create the right conditions as soon as possible,” he added.
As expected, all is well again despite years of Saudi Arabia being under a limited (and in reality somewhat mild) human rights spotlight:
The red carpet welcome for Prince Mohammed is an extraordinary moment in diplomatic relations with Saudi Arabia. It is his first visit to the United States since the 2018 killing of the Washington Post columnist Jamal Khashoggi, which U.S. intelligence determined the prince ordered. Prince Mohammed has denied involvement.
After Mr. Khashoggi’s murder, some Western business executives and government officials backed out of Saudi Arabia’s global investment conference, including leaders of major American financial institutions. But by the following year, top deal makers were back at the event in Riyadh, the Saudi capital.
But apparently there’s nothing that Saudi petro-billions (or now Trillion) can’t fix – it covers a multitude of sins, and elites had already been flocking back to doing business with Riyadh over the last years.
Families of the victims of the 9/11 terror attacks aren’t happy either, given the mounting evidence of Saudi Arabia’s role in that as well. But America has a short memory and attention-span, apparently.
end
ISRAEL VS HAMAS//CANADA
deeply disturbing to me:
Hundreds of Hamas-linked operatives had ties to Canada on Oct. 7 – report
Multiple Canadian residents were discovered to be funding or active within Hamas.
Supporters of a ceasefire in Gaza pray as they gather to protest outside the venue of a Liberal Party fundraising rally featuring Canada’s Prime Minister Justin Trudeau, amid the ongoing conflict between Israel and the Palestinian Islamist group Hamas, in Toronto, Ontario, Canada, March 15, 2024.(photo credit: REUTERS/CARLOS OSORIO)ByDANYA SAPERSTEINNOVEMBER 20, 2025 05:17Updated: NOVEMBER 20, 2025 09:06
At the time of the October 7 massacre, about 450 Hamas terrorists had ties to Canada, and some of them were residents, Global News reported on Wednesday, citing a source familiar with the intelligence.
This number included Usama Ali, also known as Radwan and Rizwan, who the US Treasury Department claimed was appointed as head of the Hamas Investment Office. Ali holds both Lebanese and Canadian citizenships, and his location is currently unknown.
According to the Treasury Department’s release, the Hamas Investment Office held assets valued at more than $500 million, including stakes in various international companies. The office handled daily portfolio management to fund the terrorist organization.
“It’s a strategic long-term investment,” said former US Treasury official Matthew Levitt in an interview with Global News. “You are living off the income that the companies are generating.”
The Treasury Department also alleged that Ali served on Hamas’s Executive Committee and was a member of Hamas’s Shura Council, which elects Hamas executives and decides on Hamas strategies and laws. He was in contact with Hamas leaders, including Political Bureau Chief Ismail Haniyeh and Political Bureau Deputy Chief Salih al-Aruri.
Haniyeh and al-Aruri have both been killed, but Ali’s current status is unknown.
Ali’s deputy, Hisham Younis Yahia Qafisheh, was involved in several companies controlled by Hamas, serving on the Boards of Directors of companies in various countries.
In October of 2023, the US Treasury expanded its sanctions on Hamas terrorists, claiming to target a “secret Hamas investment portfolio.”
Canadian residents with ties to Hamas
Many Canadian residents may not have served as members of Hamas’s leadership, but were in other positions or provided funding.
For example, Omar Alkassab, a Canadian resident and Syrian refugee, allegedly owned a digital wallet associated with the Dubai Money exchange, a business that was designated as a Terrorist Organization by the Israeli Defense Ministry in 2022
The Dubai Money Exchange, a business unaffiliated with the Emirate of Dubai and the UAE, had “been a significant part of Hamas’ economic infrastructure for laundering and transferring capital from sources of funding abroad to Hamas in the West Bank and Gaza Strip,” according to the Defense Ministry’s official designation.
Alkassab originally worked as a delivery driver in Syria and moved with his family to Turkey and later Canada when the Syrian Civil War broke out. He now works as a house painter in Winnipeg and has applied for Canadian citizenship.
According to Canadian federal records released to Global News, Alkassab’s application was suspended in May 2022 as part of an investigation, a month after his crypto wallet was discovered.
The Canadian Security Intelligence Service sent its assessment report on Alkassab to immigration officials in January of 2025. The assessment flagged his Hamas association, citing publicly available information from the Israeli government indicating that Alkassab owned a crypto wallet believed to belong to the Dubai Company.
Alkassab claimed not to know why his citizenship application was delayed or whether there were any investigations against him.
The delay has “affected my confidence, self-esteem and overall outlook on the future,” Alkassab wrote in a court statement.
“The uncertainty and instability caused by my lack of citizenship have taken a great toll on both my mental and emotional well-being.”
SYRIA
Israel’s dilemma; do not know which side these guys are on!
SDF accuses Damascus of cooperating with ISIS after Kurdish force shoots down terror drones
Drone wreckage analysis points to ISIS operatives operating near Syrian government-affiliated sites, the Syrian Democratic Forces alleges, while calling for coalition intervention.
Armed members of the Syrian Democratic Forces’ (SDF) military police take part in a demonstration under the banner “With our will, we will protect our revolution”, in Qamishli, Syria, September 17, 2025.(photo credit: REUTERS/Orhan Qereman)ByJAMES GENNNOVEMBER 20, 2025 14:29Updated: NOVEMBER 20, 2025 14:42
The Syrian Democratic Forces accused elements of the Damascus government of collaborating with ISIS terrorists, after the largely Kurdish militia shot down two ISIS drones launched from “positions held by Damascus government-affiliated factions” east of Raqqa on Wednesday.
One of the drones was identified as a Matrice M30, while the other was “an offensive First Person View (FPW) type,” SDF’s official social media clarified.
Soldiers analyzed the wreckage of the drones, finding a memory card within the M30, which they analyzed and were able to link with ISIS terrorists from the data retrieved.
The data also showed that the terrorists were “stationed at positions held by Damascus government-affiliated factions, directly opposite the defensive lines of the Syrian Democratic Forces,” the announcement continued.
SDF alleges that this “conclusively confirms” that “several factions of the Damascus government are involved in cooperating with foreign ISIS-affiliated elements, allowing them to use their locations and positions to conduct reconnaissance and drone attacks.”
Damascus’s alleged cooperation would be allowing ISIS terrorists to “rebuild its capabilities in an even more dangerous manner,” the SDF accused.
SDF called on partners in the US-led coalition against ISIS to “closely examine these alarming findings and launch an investigation into the involvement of foreign fighters affiliated with ISIS in operating drones from within front-line areas.”
SDF also urged coalition partners to pursue anyone who is complicit in aiding ISIS by providing technical and logistical assistance, and affirmed that “ignoring violations undermines regional security,” and would allow ISIS to regroup.
SDF launches counterterror operation against ISIS drone operatives
A later SDF statement confirmed that the group’s forces “are engaging” a number of sites that ISIS terrorists used in the recent drone launches.
from Kurdish forces:
“Our Forces Engage Sites Used by ISIS to Launch Drones East of Raqqa Our forces within the Syrian Democratic Forces are engaging a number of sites that ISIS terrorists directly used to launch unmanned aerial vehicles (drones) toward our positions in the Ghanem al-Ali desert east of Raqqa. During the current week, the area has been subjected to a series of attacks by factions affiliated with the Damascus Government, coinciding with ISIS activity, as the organization effectively used those same locations to carry out its terrorist assaults. Our forces have released documented footage clearly showing ISIS’s use of these points as drone-launch bases, confirming direct coordination between several Damascus-Government factions and ISIS terrorists in targeting our military positions and endangering the security of the region. Our forces continue field operations to disrupt the sources of these attacks and to reinforce the protection of our lines and military positions, reaffirming our full commitment to the legitimate defense of the regions of North and East Syria and to countering any terrorist threat against civilians or our forces. SDF – Media Center 20 November 2025”
This follow-up statement also reaffirmed the group’s accusation of ties between ISIS and elements of the Damascus government, with the SDF alleging that the latter is providing logistical and technical support to terrorist elements.
Sharaa announces Damascus to join anti-ISIS coalition
Syrian President Ahmed al-Sharaa announced on November 11 that Damascus would join the anti-ISIS coalition.
The previous day, two senior officials said that Syria foiled two separate ISIS plots to assassinate Sharaa. The Damascus leader has long battled against ISIS, including while he was a leader of al-Qaeda affiliates in the region, as well as Hay’at Tahrir al-Sham.
Since deposing Bashar al-Assad and seizing power last December, Sharaa has attempted to reunify Syria, which had been shattered into various autonomous regions during the 10-year civil war.
One such step is seeking to integrate the SDF into Syria’s Damascus-led security forces, but he has yet to reach an agreement with SDF leadership, including SDF chief Mazloum Abdi, on whether and how the largely Kurdish group would be integrated.
The US-backed, largely ethnically-Kurdish SDF is the military wing of the Democratic Autonomous Administration of North and East Syria (DAANES), and has played a key frontline counterterrorism role in the US-led coalition against ISIS in Syria.
ISIS remains a threat across Syria
ISIS, despite being heavily weakened over recent years, including through intense US-backed SDF operations, remains a lethal threat in parts of Syria, including the eastern and northern Kurdish regions, where the DAANES holds some autonomous control.
On November 1, the SDF confirmed that it conducted counterterror raids on ISIS cells near Raqqa, arresting five, including three who had been involved in “planning and carrying out terrorist attacks against SDF military points,” as well as institutions belonging to the DAANES.
The United States is preparing to establish a military presence at an airbase in Damascus to help enable a security pact that Washington is brokering between Syria and Israel, six sources familiar with the matter told Reuters on November 6.
A US administration official said the US was “constantly evaluating our necessary posture in Syria to effectively combat ISIS (Islamic State) and (we) do not comment on locations or possible locations of (where) forces operate.”
US Central Command (CENTCOM) said on November 12 its forces assisted and enabled more than 22 operations against ISIS in which five members of the group were killed and 19 captured.
The operations took place from October 1 to November 6, CENTCOM said.
Seth J. Frantzman and Reuters contributed to this report.
end
IRAN/HEZBOLLAH/HAMAS
Iran coordinating with Hamas, Hezbollah to rebuild ‘Axis of Resistance,’ Israeli officials warn
Israeli defense officials say Hamas is rebuilding and coordinating with Hezbollah and Iran to challenge the ceasefire across multiple fronts.
An Iranian cleric visits the Islamic Revolutionary Guard Corps (IRGC) Aerospace Force Museum in Tehran, Iran, November 12, 2025(photo credit: MAJID ASGARIPOUR/WANA (WEST ASIA NEWS AGENCY) VIA REUTERS)ByAMIR BOHBOTNOVEMBER 20, 2025 07:56Updated: NOVEMBER 20, 2025 15:17Israeli defense officials assess that Hamas is closely coordinating with Hezbollah and Iran to revive and rebuild the so-called “axis of resistance,” while the IDF expands strikes in Gaza and southern Lebanon, officials said on Thursday.
The assessments follow an IDF operation that killed the Zeitoun Battalion commander in Gaza and a series of recent airstrikes in Lebanon, raising questions over potential rocket fire from Gaza and Israel’s next steps on the northern front.
According to the officials, US pressure is, for now, restraining a sharper Israeli response to Hezbollah’s ceasefire violations.
According to Southern Command sources, Hamas’s military wing has been rebuilding its force since the ceasefire took hold, gathering intelligence, recruiting and training operatives, and preparing for escalation.
The group is reportedly searching for operational opportunities to launch a surprise, limited attack against IDF units inside Palestinian territory, in violation of the deal, the sources said.
The sources added that Southern Command chief Maj. Gen. Yaniv Asor, backed by division commanders, favors more aggressive action against Hamas’s military activity in the Strip.
Northern front: Quiet on the surface, pressure building
In parallel, Hamas and Hezbollah in Lebanon, with Iranian funding and encouragement, are working to restore terror infrastructure, smuggle and move weapons into southern Lebanon and the Bekaa, recruit new operatives, and intensify training for a future round against Israel.
Military sources say Hezbollah is acting in clear violation of the ceasefire understandings and is moving in the opposite direction of demilitarizing southern Lebanon and disarming. Recent IDF strikes have targeted Hezbollah infrastructure and operatives involved in rebuilding capabilities, according to the military.
The military sources add that the Northern Command commander would like to respond in a far more aggressive manner to Hezbollah’s violations. Still, at this stage, the United States is tying Israel’s hands behind its back.
Prime Minister Benjamin Netanyahu’s visit to Syria, accompanied by the defense minister, the foreign minister, and the Shin Bet director, was intended to send a message to the United States and to Syrian President Ahmad al-Sharaa that Israel will not give up the security belt on the Syrian Golan Heights.
This comes amid the Syrian president’s recent statements about normalizing relations with Israel in exchange for an IDF withdrawal from the Syrian Golan.
Security officials are not impressed by the rapprochement between the White House and Damascus, mediated by Turkey, and argue that al-Sharaa’s jihadist past cannot be erased so quickly, even if the United States has lifted the bounty on his head. They add that he does not necessarily control his own country.
Jerusalem Post Staff contributed to this report.
END
RUSSIA VS UKRAINE
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE
Heart Attack Risk Halved In Survivors Taking Tailored Vitamin D Doses, Researchers Say
Wednesday, Nov 19, 2025 – 06:25 PM
Authored by Jack Phillips via The Epoch Times (emphasis ours),
Researchers found that adult heart attack survivors who took specific vitamin D doses reduced their risk of developing another heart attack by more than half, compared with people who did not take the vitamin D dose.
Research done by Utah-based Intermountain Health found that there was a 52 percent lower risk of suffering another heart attack in people who already survived one and who received “personalized dosing of vitamin D supplements” to reach vitamin D levels of 40 nanograms per milliliter for around four years, said a news release from the American Heart Association (AHA).
That was compared to those who did not receive management of their vitamin D levels, the AHA said.
Over 85 percent of the people who enrolled in the study had vitamin D levels below that threshold, while nearly 52 percent in the study group had to take more than 5,000 international units (IU) of vitamin D per day to reach the blood target levels, the Nov. 9 release said. The 5,000 IU dose is around six times the 800 IU that is recommended by the Food and Drug Administration (FDA) per day.
* * *
Yes, we sell Vitamin D which we’d be grateful if you’d try – though whether or not you buy from us, please absorb the information in this article.
* * *
“Previous clinical trial research on vitamin D tested the potential impact of the same vitamin D dose for all participants without checking their blood levels first,” Heidi T. May of Intermountain Health said in an AHA statement.
The researchers also checked the study participants’ vitamin D levels when they started the study, followed up, adjusting the dose as needed to reach a range of between 40 and 80 nanograms per milliliter, the statement said.
The authors of the paper suggested that their findings could allow health care providers to focus more on blood testing for people who had experienced heart attacks and to provide tailored doses for them.
While the AHA did not say what form of vitamin D was administered in the study, a separate news release issued by Intermountain Health said that the researchers used vitamin D3, the most common form used in dietary supplements.
In the statement, May said the researchers “observed no adverse outcomes when giving patients higher doses of vitamin D3 supplementation, and to significantly reduce the risk of another heart attack, which are exciting results.”
The study was presented at the American Heart Association Scientific Sessions 2025 in New Orleans earlier this month. It enrolled 630 adults with acute coronary syndrome who were treated at the Intermountain Medical Center in Salt Lake City from April 2017 to May 2023 and who had an average follow-up of 4.2 years for their condition.
The AHA said that around 107 major cardiac events, such as a heart attack, stroke, heart failure that required hospitalization, or death, occurred in the study period.
The paper released this month adds to a growing body of research around vitamin D supplementation and heart disease. Last year, a study found that taking vitamin D supplements doesn’t reduce the risk of cardiac arrest in older adults, while one published in the British Medical Journal showed there was an association between the supplements and major cardiac events among people over the age of 60.
Aside from supplements, foods that are considered rich in vitamin D include egg yolks, fatty fish, fish liver oil, and cheese, while some foods like cereal, orange juice, milk, and others are fortified with the vitamin. Vitamin D is also activated in the body when the skin is exposed to sunlight.
May added that her organization is encouraging those who have heart disease to speak to health care providers about targeted vitamin D dosing.
GLOBAL ISSUES
MARK CRISPIN MILLER
DR PAUL ALEXANDER
Cui bono? it’s devastating! We are being deceived, damaged AGAIN! OWS 2.0! ‘Stargate? Trump Partners with Technocrats to Promote mRNA Injections, AI, and Transhumanism;
The Last American Vagabond; well written! I found this news conference to be devastating and a real slap in the face of Americans, a betrayal as we were waiting on a STOPPAGE of mRNA shots by 47
| Dr. Paul AlexanderNov 20 |
Cui bono? Do you think any one of those punks on that stage save POTUS Trump who I do believe really cares and seeks to do good, do you think any of those bitches care one moment about saving human life? This is money, money, money to them! They worship at the altar of theft, criminality, deception.
My view:
The presence of Sam Altman, Larry Ellison, Elon Musk, and other technocrats like Peter Thiel should be a signal to those who value liberty that MAGA has become the home for the faux populist branch of Big Tech.’
Is Trump moving on this STARGATE a betrayal to the American people? Hooking deadly mRNA vaccines to AI touting it as a cure to cancer. Do any of these 4 people, several of them ignorant and arrogant (and IMO pure idiots) to the mRNA vaccine issues we have faced and the fact that this CANNOT work. These morons seek to use a mRNA technology that is shown to actually CAUSE cancer, to tell us it will now CURE cancer? It is a grifter’s pipe dream. Cui Bono? Who really pays for this? Meme coins too? Is this all about fleecing the public?
Is this a Golden Shower? and not a Golden Era? Is this all theatre? Kabuki? Is this OWS 2.0? Are we being conned again? I think 100% so!
Written by Derrick Broze’
Start the vagabond here:
‘On Tuesday President Donald Trump stood with the heads of SoftBank, OpenAI, and Oracle to announce investments of $500 billion for a new artificial intelligence company called the Stargate Project.
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.
“Stargate will be building the physical and virtual infrastructure to power the next generation of advancements in AI,” Trump stated at the press conference.
Oracle co-founder Larry Ellison, OpenAI CEO Sam Altman, and SoftBank chief Masayoshi Son said their companies will invest $100 billion to kick the project off, with up to $500 billion expected in the near future. The investments will go towards building out artificial intelligence infrastructure in the United States.
Trump said the companies are already building new data centers to provide energy to power artificial intelligence tools. The first data center being built by Softbank, OpenAI, and Oracle is in Abilene, Texas. Microsoft, NVIDIA and OpenAI have named as tech partners.
“The data centers are actually under construction. The first of them are under construction in Texas,” Ellison said at the announcement. “Each building is a half a million square feet. There are 10 buildings currently being built, but that will expand to 20 and other locations beyond the Abilene location, which is our first location.”
The creation of first data center for the Stargate Project in Texas continues the practice of numerous Silicon Valley Big Tech companies relocating their business to the Lone Star State. In the last several years, Google, Tesla, and most recently, Meta have moved operations to Texas as cities like Austin, Dallas, and Houston attempt to brand themselves as the new home for Silicon Valley.
The official OpenAI announcement of the Stargate Project states that the “AI infrastructure” will “secure American leadership” while creating hundreds of thousands of American jobs. OpenAI says the project will “re-industrialize” the U.S. and provide a “strategic capability to protect the national security of America and its allies.”
OpenAI says they will work with Oracle and NVIDIA to collaborate on building and operating the computing system which will power the project.
“All of us look forward to continuing to build and develop AI—and in particular AGI—for the benefit of all of humanity. We believe that this new step is critical on the path, and will enable creative people to figure out how to use AI to elevate humanity.”
Despite the grandiose promises of using AI to save the world, there was also discussion of using AI to power mRNA injections. The controversial technology was at the center of the opposition to the COVID-19 injections, with many Trump supporters refusing to receive them.
Oracle’s Ellison mentioned that Altman and Masa were working on a “cancer vaccine”, and described the apparent potential to use AI for early cancer detection with a blood test.
“Using AI to look at the blood test, you can find the cancers that are actually seriously threatening the person,” Ellison claimed.
He said that after the AI provides a cancer diagnosis the tech companies could gene-sequence a cancer tumor and “design a vaccine for every individual person to vaccinate them against that cancer”. He said such a “vaccine” could be created within 48 hours.
The announcement of the Stargate Project has been met by resistance and shock by some Trump supporters, while others remain committed to Trump and are searching for reasons to explain away the concerning initiative.
Besides the obvious concerns about the expanding use of mRNA technology and the concerns for hazards to human health, there are also disturbing implications relating to the people involved in the Stargate Project.
Larry Ellison
Ellison is the second richest person in the world behind Elon Musk. His company is known for having deep ties to the U.S. government, including the CIA. In fact, the CIA was Oracle’s first customer, and the company even takes their name from a CIA-project code-named “Oracle”.
“Oracle wouldn’t exist if it weren’t for government contracts,” Mike Wilson, author of the book, The Difference Between God and Larry Ellison, told the San Francisco Gate in 2002.
Oracle also has a history of lobbying both Democrats and Republicans, as well as employing ex-CIA agents in their lobbying efforts.
“Oracle has 1,000 sales and consulting workers focused exclusively on government work. And in the wake of Sept. 11, Oracle is counting on the heightened interest in staving off terrorism to boost its government ties even more,” the SFGate reported only 8 months after the 9/11 attacks.
The report notes that after the attacks Oracle began pitching the idea of a national ID card to thwart terrorists, and called for local governments to create “detailed digital maps”. In January 2002, Ellison published an op-ed in the NY Times calling for a digital ID to prevent terrorism.
“A national security database combined with biometrics, thumb prints, hand prints, iris scans or whatever is best can be used to detect people with false identities,” he wrote.
More recently, Ellison has generated controversy with his statements regarding using AI to keep the populace on their “best behavior”. In September, during an hour-long Q&A at Oracle’s 2024 Financial Analyst Meeting, Ellison starts out by describing how AI could be used to potentially prevent school shootings.
Unfortunately, what he describes sounds eerily like a technocratic tyranny where privacy (and liberty) are a relic of the past.
“ Securing schools, we think we can absolutely lock down schools so that.. dramatically reduce the case of anyone being on campus that doesn’t belong on campus. And immediately alert, second someone pulls out a gun, immediately alert. Use AI cameras to immediately recognize that,” Ellison claims.
He then explains how Oracle’s body cameras could be used by police to monitor visitors to campuses.
“And we actually take the video that the police officer is, by the way, and the camera’s always on,” Ellison stated. “You don’t turn it on and off. And by the way, the way you turn it on, you can’t turn it off, I’m going to the bathroom. Oracle, um, I, I need, I need, I need two minutes to take a bathroom break. And we’ll, we’ll turn it off. The truth is, we don’t really turn it off. What we do is, we record it so no one can see it.”
Ellison says the recordings will remain private and only accessible with a court order. He believes this constant recording and transmission of data will lead to police being on their “best behavior”.
“The police will be on their best behavior, because we’re constantly recording, watching and recording everything that’s going on. Citizens will be on their best behavior, because we’re constantly recording and reporting everything that’s going on,” Ellison stated with no hint of awareness of the techno-dystopia he outlined.
“Citizens will be on their best behavior, because we’re constantly recording and reporting everything that is going on”
Back in September 2024 during an Oracle Q&A, Larry Ellison spoke about how AI and cameras will be surveilling our EVERY MOVE, recording at ALL TIMES
Listen: pic.twitter.com/UGmwVXgPte
— Noor Bin Ladin (@NoorBinLadin) January 22, 2025
Ellison has also maintained a cozy relationship with Peter Thiel, the co-founder of Palantir, a steering committee member of the Bilderberg Group, and mentor of numerous nominees to Trump’s incoming cabinet. Oracle and Palantir partnered together for cloud and AI infrastructure in 2024, and Ellison and Thiel have been in Trump’s inner circle since at least 2018.
Sam Altman
As TLAV recently reported, Sam Altman’s company OpenAI is currently embroiled in a scandal regarding the death of whistleblower Suchir Balaji. There is currently no evidence that anyone at OpenAI or Altman himself are involved in the coverup of Balaji’s death. However, if something was discovered which could derail this rapid rise to industry dominance and financial gain, it is possible that leadership at OpenAI would seek to suppress such information.
Altman has been a controversial figure in Silicon Valley and in the world of artificial intelligence for years. In May 2023 he testified in front of the U.S. Senate calling for regulation of his industry.
Only days after his testimony, Sam Altman participated in the secretive Bilderberg Group meeting in Lisbon, Portugal. Altman was joined by fellow AI proponents and CEO’s, including Microsoft’s Satya Nadella, Deepmind’s Demis Hassabis, and former Google CEO and Bilderberg Steering Committee Member Eric Schmidt.
Altman has also been involved in the privacy threatening, universal basic income promoting project known as Worldcoin.
Altman has promoted the project as a way to prepare for the disruption AI is anticipated to cause to a number of industries. Worldcoin executives have stated that their work is focused on helping distinguish between humans and bots by providing a unique ID and providing a universal basic income to offset job losses caused by AI.
Altman and team have called Worldcoin an “inclusive” global cryptocurrency that will be available to anyone who verifies their “unique personhood” with the “Orb,” a device that scans an individuals unique iris pattern.
“The Orb checks that an individual is real and is unique or has not previously signed up for Worldcoin. It does this by capturing and processing images of an individual and their unique iris pattern,” Worldcoin explains on its website.
Once a user submits to biometric iris scans they are assigned a “World ID” that allows them to receive 25 free Worldcoin tokens at launch of the token. The company claims once the unique identity is created the iris scans are deleted.
Elon Pushes Back?
Sam Altman and fellow technocrat Elon Musk have a tumultous history of collaboration at OpenAI. While the two men originally co-founded OpenAI, their relationship soured after Musk left the company. Musk has often publicly criticized Altman for taking OpenAI away from its original open source vision.
Following the announcement of Stargate he did just that, tweeting that the companies “don’t actually have the money”.
Despite the public feud, both men continue to fund projects which have the potential to contribute to the rise of the Technocratic State, including AI, biometric digital identities, traceable digital currencies, and the Internet of Things/Bodies.
Additionally, while Musk is being critical of the Stargate Project, he has spoken favorably of mRNA technology in the past. In fact, during the COVID-19 panic Musk’s company Tesla worked with the German company CureVac to building “mobile molecule printers” for mRNA injections. Musk called the printers “RNA microfactories“.
In 2020, while accepting the Axel Springer Award, Musk also mentioned his excitement about the potential for synthetic mRNA to lead to medical breakthroughs.
“You can basically do anything with the synthetic RNA DNA. It’s really, it’s like a computer program so I mean, I think with enough, with effort… you could probably stop aging reverse it if you want,” Musk stated. “You can basically… you can turn someone into a freakin butterfly if you want with the right DNA sequence.”
What Musk describes — using technology “like a computer program” to alter the human genome and potentially turn someone into a butterfly — has been a long term goal of the advocates of transhumanism. Musk and other Technocratic-Transhumanists believe with AI and gene-editing technologies they can effectively “play God” and eliminate aging, or change what it means to be human altogether.
The presence of Sam Altman, Larry Ellison, Elon Musk, and other technocrats like Peter Thiel should be a signal to those who value liberty that MAGA has become the home for the faux populist branch of Big Tech.’
___
NEWSWIZE
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
VENEZUELA
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS THURSDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1518 DOWN 0.0021 PTS OR 21 BASIS POINTS/WITH STOCKS IN EUROPE STRONG
USA/ YEN 157.43 UP 0.437 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..TAKAICHI NEW PM AS YIELDS RISE//JAPAN DEEPLY IN TROUBLE WITH RISING RATES
GBP/USA 1.3069 UP .0010 OR 10 BASIS PTS
USA/CAN DOLLAR: 1.4060 UP 0.0016 CDN DOLLAR DOWN 16 BASIS PTS//CDN DOLLAR STILL GETTING KILLED)
Last night Shanghai COMPOSITE CLOSED DOWN 15.60 PTS OR 0.40%
Hang Seng CLOSED UP 4.92 PTS OR 0.02%
AUSTRALIA CLOSED UP 1.24%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 4.92PTS OR 0.02%
/SHANGHAI CLOSED DOWN 15.69 POINTS OR 0.40%
AUSTRALIA BOURSE CLOSED UP 1.34 %
(Nikkei (Japan) CLOSED UP 1286.34 PTS OR 2.65%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 4061.60
silver:$50.80
USA dollar index early THURSDAY morning: 100.19 UP 4 BASIS POINTS FROM WEDNESDAY’s CLOSE
THURSDAY MORNING NUMBERS ENDS
And now your closing THURDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.060 % UP 1 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +1.815% UP 4 FULL POINTS AND 10/100 BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.366 UP 2 BASIS PTS//DEADLY
JAPAN 40 YEAR 3.741 UP 4 BASIS PTS AND DEADLY
SPANISH 10 YR BOND YIELD: 3.221 UP 2 in basis points yield
ITALIAN 10 YR BOND YIELD 3.473 UP 2 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.7250 UP 1 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY THURSDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1543 UP 0.0004 OR 4 basis points
USA/Japan: 157.62 UP 0.614 OR YEN IS DOWN 62 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.5920 DOWN 1 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.428 DOWN 2 BASIS POINTS.
Canadian dollar DOWN 0.0003 OR 3 BASIS pts to 1.4047
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY DOWN AT 7.1118 ON SHORE ..
THE USA/YUAN OFFSHORE DOWN TO 7.1137
TURKISH LIRA: 42.37 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.815 UP 4 FULL basis pts
THE 30 YR JAPANESE BOND YIELD: 3.366 UP 2 basis pts
Your closing 10 yr US bond yield DOWN 3 in basis points from WEDNESDAY at 4.110% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.745 DOWN 1 basis points /11:00 AM
USA 2 YR BOND YIELD: 3.565 DOWN 2 BASIS PTS.
GOLD AT 10;00 AM 4085.00
SILVER AT 10;00: 51.02
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: THURSDAY CLOSING TIME 11:00 AM//
London: CLOSED UP 20.24 PTS OR 0.21%
GERMAN DAX: UP 115.93 pts or 0.50%
FRANCE: CLOSED UP 27.30 pts or 0.34%
Spain IBEX CLOSED UP 98.60 pts or 0.63%
Italian MIB: CLOSED UP 293.41. or 0.65%
WTI Oil price 59.88 0.00 EST/
Brent Oil: 63.96 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 78.37 ROUBLE UP 2 AND 17/ 100
CDN 10 YEAR RATE: 3.238 DOWN 2 BASIS PTS.
CDN 5 YEAR RATE: 2.804 DOWN 3 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1528 DOWN 0.0011 OR 11 BASIS POINTS//
British Pound: 1.3078 UP .0016 OR 16 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.5890 DOWN 1 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.425 DOWN 3 IN BASIS PTS.
JAPAN 10 YR YIELD: 1.816 UP 4 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.363 UP 3 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 157.68 UP 0.636 OR YEN DOWN 64 BASIS PTS EXTREMELY DANGEROUS/YEN FALLING DEEPLY IN VALUE
USA dollar vs Canadian dollar: 1.4098 UP 0.0055 PTS// CDN DOLLAR DOWN 55 BASIS PTS CDN DOLLAR
West Texas intermediate oil: 59.27
Brent OIL: 63.16
USA 10 yr bond yield DOWN 4 BASIS pts to 4.099
USA 30 yr bond yield DOWN 2 PTS to 4.729%
USA 2 YR BOND 3.558 DOWN 4 PTS
CDN 10 YR RATE 3.231 DOWN 3 BASIS PTS
CDN 5 YEAR RATE: 2.804 DOWN 3 BASIS PTS
USA dollar index: 100.19 UP UP 1 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 42.37 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 80.05 UP 0 AND 49/100 roubles //
GOLD $4073.55 (3:30 PM)
SILVER: 50.56 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: DOWN 386.51 OR 0.84 %
NASDAQ 100 DOWN 586.14 PTS OR 2.38%
VOLATILITY INDEX 26.27 UP 2.78 PTS OR 11.75%
GLD: $ 374.85 DOWN 0.11 PTS OR 0.03%
SLV/ $45.75 DOWN 0.67 PTS OR OR 1.44%
TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 372.04 PTS OR 1.23%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
Mega-Caps & Crypto Pumped & Dumped Ahead Of The Largest Nov OpEx In History
TRADING TODAY;: RAID ON EVERYTHING:
Stocks & Crypto Slammed As NVDA Erases Post-Earnings Gains
Thursday, Nov 20, 2025 – 11:44 AM
Who could have seen that coming?
Sure enough – as has been the pattern – NVDA’s overnight gains have been erased…
That has dragged all the majors back to day-session lows, with Nasdaq now unchanged (from up 2.4% at the highs)…
The plunge was exacerbated by all the majors breaking below key technical support…
Bitcoin is puking…
And it appears crypto was leading the majors lower…
As we detailed earlier with regard to whether the rally would stick, Goldman’s Rich Privorotsky lays out the tactical bull and bear case:
- The dream today is NVDA up 10%…GOOG powering on…useful-life comments killing the worst fears around CoreWeave and the debt-fueled AI buildout…sentiment snapping back as crypto, retail and systematic flows all rip and we grind back to the highs. Cherry on top would be a 20k-type NFP that puts cut pricing back near 75%.
- Worst case is NVDA pops at the open then slides as forward constraints cap the 2nd derivative of growth…crypto pukes, CTAs are still sellers, NFP is hot, and Dec drops to 25% while credit refuses to tighten to match the equity rally and remains the lead indicator.
It appears the ‘worst case’ is looming as rate-cut odds are fading lower again now too…
Tomorrow brings the largest November OpEx in history – which will likely not help.
Fractured Fed Feeds Hawkish Flows; Bitcoin, Bullion, & Big-Tech Pump’n’Dump
WRAPUP;
Stocks see aggressive selling, fading post-NVDA upside and more – Newsquawk US Market Wrap
Thursday, Nov 20, 2025 – 04:22 PM
- SNAPSHOT: Equities down, Treasuries up, Crude down, Dollar up, Gold flat.
- REAR VIEW: Strong NVDA earnings and guidance, but stocks fail to hold gains; US NFP beats, unemployment rate rises; IJC falls to 220k, Continued Claims rise to four-year high; Philly Fed misses; Existing home sales beat; Ukraine to look at US peace proposal; Fed’s Cook sees increased likelihood of outsized asset price declines; Goolsbee warns of possible AI bubble; ABT to buy EXAS; WMT earnings and guidance beat
- COMING UP: Data: UK PSNB (Oct), Retail Sales (Oct), EZ, UK & US Flash PMIs (Nov), US Real Weekly Earnings (Sep), Canadian Retail Sales (Sep), US Uni. of Michigan (Nov). Events: Euro Area Indicator of Negotiated Wage Rates (Q3). Ratings: Moody’s on the UK & Italy. Speakers: ECB’s de Guindos, Lagarde, Nagel; Fed’s Williams, Barr, Jefferson, Logan; SNB’s Schlegel.
More Newsquawk in 2 steps:
- 1. Subscribe to the free premarket movers reports
- 2. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
MARKET WRAP
US indices, and markets for that matter, saw a day of two halves (to put it lightly), but ended with heavy selling. Initially, markets saw notable risk on sentiment, with US indices seeing extensive gains, high beta FX outperforming, and the crude complex strengthening, which came after a stellar NVIDIA (NVDA) report and guidance. As such, this helped quell some of the AI over-valuation fears, and set in risk-on sentiment. Before the change in sentiment, there was the US labour market data, which saw s strong headline NFP beat, but a dovish reaction was seen with attention on the downward revisions and rising unemployment rate. Briefly recapping, September NFP beat expectations, but was accompanied by downward revisions and a tick up in the unemployment rate and participation rate. Meanwhile, jobless claims data were released, with the latest week falling to 220k, while the missed data hovered around 230k each week during the government shutdown. Continued claims hit a four-year high. However, as the US session continued, there was a marked turnaround in risk, with US indices seeing heavy selling pressure, to settle at troughs, with NVDA seeing losses of c. 3% after being up around 6% at peaks. Bitcoin seemed to lead the selling and bottomed out at USD 86.04k, which saw other risk assets sold, alongside high-beta FX, with the Yen clawing back some of its recent extensive losses. The risk-off trade had no fresh driver, but AI valuations remain a concern, even after the strong NVDA report, while Goldman Sachs warned Wednesday of USD 39bln in equity sales from trend-following hedge funds after the SPX fell to sub 6,725 on Monday. There had also been commentary in yesterday’s FOMC minutes about risks of equity downside, while Fed’s Cook echoed the same concern today. Ahead of November’s OpEx tomorrow, desks highlight that it is the largest expiry in November’s history. Treasuries bull steepened on US jobs data and risk-off tone, despite initial two-way moves on said data.
US DATA
SEPTEMBER NFP: The September nonfarm payrolls report saw headline NFP rise to 119k, well above the 50k forecast and towards the top end of analyst forecast ranges (-20 to +120k). 97k of these jobs were private payrolls too, which was above the 62k forecast. However, the prior NFP headline was revised down to -4k from +22k, with the two-month net revisions at -33k, continuing to show the tendency that NFP is revised lower. Within the household survey, the unemployment rate ticked up to 4.4% from 4.3%, above forecasts, but it was accompanied by an uptick in the participation rate to 62.4% from 62.3%. Meanwhile, earnings rose 0.2% M/M (exp. 0.3%, prev 0.4%), with Y/Y at 3.8% (exp. 3.7%, prev. 3.8%). Regarding NFP, as a basis of comparison, the September ADP saw -32k jobs, while Revelio Labs’ early September NFP estimate of 60.1k was later revised to 33k. Regarding the unemployment rate, the 4.4% compares to the Chicago Fed Sept. estimate of 4.34%. This is the last NFP report the Fed will see before the December FOMC, which puts the Fed in a tricky position, as they are still flying somewhat blind. Although on the face of it, it seems like a solid report, markets took a dovish response amid the rising unemployment rate and lower revisions. WSJ’s Timiraos highlights that it is difficult to tell how the jobs report will resolve divisions on a fractured Federal Reserve. Reminder, the October FOMC meeting minutes revealed “many” suggested it would be appropriate to keep rates on hold through year-end, but most judged further cuts would be appropriate, and several said a cut could be warranted.
CLAIMS: The DoL resumed weekly claims data today, and also filled in the blanks for the missed weeks during the government shutdown. The latest Initial Jobless Claims (w/e 15th Nov) fell to 220k from 232k, despite expectations for a 230k print. The data missing had been from the week of the 27th September, up until now, which largely hovered around 230k, before dropping to 220k in the latest print. The continued claims meanwhile (w/e 8th Nov), rose to 1.974mln from 1.946mln, above the 1.951mln forecast. This is the highest level in four years and has been creeping up throughout the government shutdown from 1.93-1.974mln in the latest update. Oxford Economics highlight that “These claims should fall sharply now that the shutdown is over, and furloughed employees are returning to work.” OxEco notes the latest claims data does not change their call for the Fed to keep rates on hold in December, noting the Fed would need to see a significant deterioration in the labour market to cut. It warns there are some signs of softening in various private sector metrics, but that is not the signal coming from the jobless claims data.
PHILLY FED: The Philly Fed Business Index printed -1.7, worse than the expected +2.0, albeit improving on October’s -12.8. In the breakdown, new orders tumbled to -8.6 from 18.2, while the inflationary gauge of prices paid rose to 56.1 from 49.2. Employment and capex came in at 6.0 (prev. 4.6) and 26.7 (prev. 25.2), respectively. Ahead, the 6-month index notably improved to 49.6 from 36.2, and future indicators suggest that firms continue to expect growth over the next six months.
EXISTING HOME SALES: Existing home sales rose 1.2% in October to 4.1mln, above the expected 4.08mln and the prior 4.05mln. Within the report, the inventory of homes for sale was 1.52mln units, 4.4 months’ worth, against September’s 4.6 months’ worth. Median home prices rose 2.1% Y/Y to USD 415.2k. NAR Chief Economist Yun notes, “Home sales increased even with the government shutdown due to homebuyers taking advantage of lower mortgage rates.” Yun added, “rents are decelerating, which will reduce inflation and encourage the Fed to continue cutting rates and pulling back their QT”. Overall, Yun notes this will help bring more homebuyers into the market since the Fed rate has an indirect impact on mortgage rates.
FED
COOK (Voter): The Fed Governor said that the US financial system is resilient and sees an increased likelihood of outsized asset price declines, though added it is not a risk to the financial system. The Governor doesn’t see private credit posing a current threat to financial stability, but says it is worth keeping a close eye on it. Cook added that hedge fund trading strategies in Treasuries are a potential risk to market liquidity.
GOOLSBEE (2025 voter): The Chicago Fed President reiterated the Fed’s sacred promise of 2% inflation, stressing that 3% is too high and expressing unease that inflation appears to have stalled. He said he’s uneasy with frontloading rate cuts or assuming inflation will prove transitory, particularly given the current data disruptions, which have left the Fed more paranoid about the inflation side. He acknowledged a notable slowdown in job creation but remains doubtful it signals a recession, describing the current low hiring and firing as a sign of uncertainty. Goolsbee noted that AI-related investment and data centre growth complicates the assessment of where they are in the cycle, and he warned of possible AI bubble risk.
HAMMACK (2026 voter): The Cleveland Fed President warned that easing monetary policy now could encourage financial risk-taking and potentially increase financial stability risks, adding that cutting rates too soon risks prolonging high inflation. She stressed that financial conditions remain quite accommodative, with the financial system and banks in good shape, and household finances holding up. She said the September jobs report was mixed but in line with expectations, highlighting the policy challenge in a low-hire, low-fire environment. She emphasised that inflation remains too high, particularly in services, with significant pressure reported by district contacts and households increasingly squeezed. She noted that inflation expectations are contained—“a really good thing”—but just one piece of the puzzle. She described the current policy as barely restrictive, if at all, and stated that policy should stay somewhat restrictive given ongoing inflation concerns. Hammack said she will approach the December meeting with an open mind, and added she would like to see more consistent SRF usage, accepting that money market fluctuations are to be expected.
FIXED INCOME
T-NOTE FUTURES (Z5) SETTLE 6 TICKS HIGHER AT 112-28
T-Notes bull steepen on US jobs data and risk-off tone. At settlement, 2-year -3.8bps at 3.560%, 3-year -4.1bps at 3.551%, 5-year -3.5bps at 3.673%, 7-year -3.1bps at 3.865%, 10-year -2.7bps at 4.104%, 20-year -2.6bps at 4.697%, 30-year -2.2bps at 4.730%.
INFLATION BREAKEVENS: 1-year BEI +3.0bps at 2.662%, 3-year BEI -2.4bps at 2.421%, 5-year BEI -2.4bps at 2.266%, 10-year BEI -2.4bps at 2.238%, 30-year BEI -2.2bps at 2.205%.
THE DAY: T-Notes meanders overnight before selling off on the positive risk tone seen overnight and in Europe following the strong NVIDIA (NVDA) results after the close on Wednesday. However, a turnaround was seen with the curve bull steepening after the September US jobs report and jobless claims releases. The NFP headline was strong at 119k, well above the 50k forecast, but the prior was revised down to -4k with two-month net revisions of -33k – reminding us of the tendencies NFP has to be revised lower. The unemployment rate rose to 4.4% from 4.3%, albeit this was accompanied by an uptake in participation too. Meanwhile, the jobless claims data was released, with the missing weeks also announced – seemingly hovering around/just under the 230k level, until the latest release, which fell to 220k – showing no signs of stress in the labour market. However, continued claims surged to a four-year high at 1.974mln, albeit analysts at Oxford Economics expect this to fall in the weeks ahead as furloughed public workers return to work following the government shutdown. Nonetheless, T-Notes moved higher across the curve in a steeper fashion as rate cut bets for December were added on again. Markets are now pricing a 33% probability of a 25bps cut in December, vs 20% pre-data. T-Notes continued to push higher after the data, with upside supported by extreme equity selling pressures (SPX fell from 6,770 to 6,553 at extremes). The risk-off trade had no fresh driver, but AI valuations remain a concern, even after the strong NVDA report, while Goldman Sachs warned Wednesday of USD 39bln in equity sales from trend-following hedge funds after the SPX fell to sub 6,725 on Monday. There had also been commentary in yesterday’s FOMC minutes about risks of equity downside, while Fed’s Cook echoed the same concern today.
SUPPLY:
Notes
The US sold USD 19bln of 10-year TIPS at a high yield of 1.843%, tailing the when issued by 1.9bps. The tail was not as large as the prior 5.0bps, but it was larger than the 1.4bps six-auction average. The bid-to-cover of 2.41x was above the prior 2.20x and the average 2.36x. Meanwhile, the breakdown saw direct demand slip to 23.7% from 26.1%, but marginally above the 23.0% average. Indirect demand offset the slip, rising to 61.5% to 56.1%, but below the 65.5% average. This left dealers with an above-average share of 14.8%, below the prior 17.8%.
US Treasury to sell (all to settle December 1st):
- USD 69bln of 2-year notes on November 24th
- USD 70bln of 5-year notes on November 25th
- USD 44bln of 7yr notes on November 26th
Bills
US Treasury to sell (all to settle Nov 28th):
- USD 86bln 13-week bills on Nov 24th
- USD 77bln 26-week bills on Nov 24th
- USD 85bln 6-week bills on Nov 25th
STIRS/OPERATIONS
- Market Implied Fed Rate Cut Pricing: Dec 8bps (prev. 7bps), January 22bps (prev. 21bps), March 32bps (prev. 31bps).
- NY Fed RRP op demand at USD 1.1bln (prev. 0.905bln) across 8 counterparties (prev. 8)
- NY Fed Repo Op demand at USD 0.001bln across two operations today (prev. 0.006bln).
- EFFR at 3.88% (prev. 3.88%), volumes at USD 76bln (prev. 78bln) on November 19th.
- SOFR at 3.91% (prev. 3.94%), volumes at USD 3.179tln (prev. 3.220tln) on November 19th.
CRUDE
WTI (F6) SETTLES USD 0.25 LOWER AT 59.00/BBL; BRENT (F6) SETTLES USD 0.13 LOWER AT 63.38/BBL
The crude complex was hit on positive Ukraine/Russia developments and broader risk-off sentiment. In the European morning, benchmarks saw modest upside as the Kremlin said that consultations or negotiations with the US on peace in Ukraine are not taking place, but contacts are. However, as Europeans left for the day, benchmarks saw a bearish catalyst as Ukraine’s President Zelensky said he agreed to work on the US draft plan to end the war, and was ready to work with the US and Europe for peace. That started the move lower, but as risk sentiment got dramatically hit, albeit on no particular driver, WTI and Brent saw heavy selling to hit troughs of USD 58.59/bbl and 62.94/bbl, respectively. Notable risk off was seen, with US equity futures and Bitcoin tumbling lower, with NVIDIA wiping out all post-earnings gains and sitting with losses of c. 2.5%, at the time of writing, despite strong earnings and guidance.
EQUITIES
- CLOSES: SPX -1.56% at 6,539, NDX -2.38% at 24,054, DJI -0.84% at 45,752, RUT -1.82% at 2,305.
- SECTORS: Consumer Staples +1.11%, Real Estate -0.37%, Utilities -0.52%, Health -0.62%, Financials -0.90%, Energy -1.07%, Communication Services -1.07%, Materials -1.62%, Industrials -1.70%, Consumer Discretionary -1.73%, Technology -2.66%
- EUROPEAN CLOSES: Euro Stoxx 50 +0.33% at 5,560, Dax 40 +0.63% at 23,308, FTSE 100 +0.21% at 9,528, CAC 40 +0.34% at 7,981, FTSE MIB +0.62% at 42,918, IBEX 35 +0.63% at 15,989, PSI +0.98% at 8,152, SMI +0.16% at 12,550, AEX +0.17% at 935.
STOCK SPECIFICS:
- NVIDIA (NVDA) had a stellar report; EPS and revenue beat with upbeat guidance; data centre sales rose 66% driven by Blackwell and GB300 demand; added cloud GPUs are sold out.
- Abbott (ABT) confirmed it is to acquire Exact Sciences (EXAS) for USD 105/shr; source reports emerged yesterday and EXAS closed at USD 86.18/shr with gains of 23.7%
- Bath & Body Works (BBWI) had dismal results; EPS and revenue light, weak next-quarter guidance and slashed FY view.
- Jacobs Solutions (J) reported solid quarterly metrics with midpoint of FY profit view above Street expectations.
- Marsh & McLennan (MMC) authorises renewal of USD 6bln buyback programme.
- Moderna (MRNA) secures 1.5bln 5yr credit agreement from Ares Management.
- Palo Alto Networks (PANW) results and outlook failed to excite investors, and after it unveiled a new AI-focused deal, as it will acquire Chronosphere for 3.35bln in cash; note, EPS and revenue beat.
- Walmart (WMT) saw EPS, revenue and comparable sales beat with solid guidance
- Warner Music Group (WMG) revenue topped.
US FX WRAP
The Dollar saw marginal gains amid the broad risk-off trade, although the moves in FX were somewhat contained in comparison to other asset classes, particularly US equities and crypto. The Dollar Index rose to highs of 100.35, from an earlier trough of 100.02, with the low hit in the wake of the US labour data. Recapping, the headline jumped to 119k in Sept. (exp. 50k), from a revised -4k in August. Highlighting the strong number, Chair Powell previously said the break-even rate could be estimated between 0-50k. Elsewhere, u/e rate ticked higher to 4.4% (exp. & prev. 4.3%), but the participation rate also rose to 62.4% from 62.3%. Note, Fed September SEP sees the median u/e at 4.5% at year-end, which are set to be updated in December. As a reminder, this is the last NFP report we get before the December FOMC meeting (10th), as both Oct. & Nov. are released on December 16th. Initial jobless claims (w/e 15th Nov) printed 220k (exp. 230k, prev. 232k). However, as the session progressed, risk sentiment noticeably soured, with US equities tumbling into the red, and NVDA paring all gains, and more, amid no particular headline driver, but the moves favoured the Dollar.
G10 FX was broadly hit on the aforementioned risk environment, with AUD, CAD, and NZD lower, with the pairs trading at respective weakest levels, at the time of writing. The Pound still managed to eke out gains, albeit well off earlier highs, while the Yen was lower but reclaimed a lot of its earlier losses. Prior to the drastic change in sentiment, which benefited haven FX, the Kiwi was the clear outperformer, due to the initial positive risk tone, spurred on by strong NVIDIA results. However, even before the turnaround, the Aussie was lagging, largely conforming to the subdued Chinese risk tone, with metals underperforming.
EUR ultimately moved at the whim of the USD and traded within a 1.1508-1.1549 range; German Producer Prices data printed more-or-less in line, and had limited impact, while newsflow for the GBP was light, as markets count down to next week’s budget.
USD/JPY hit a peak of 157.89, but came off such levels on the change in risk sentiment, likely to the relief of some Japanese officials, as the verbal intervention is likely to continue in the coming days. Recapping overnight commentary, Japan’s Chief Cabinet secretary said he is watching market moves, including the bond market, noting he is concerned about FX moves. He called the recent moves sharp and one-sided. Finance Minister Katayama did not comment directly on JGB yield levels and reaffirmed with BoJ’s Ueda that they will watch market moves with a strong sense of urgency. BoJ’s Koeda wants to closely watch how FX vol could affect prices, but gave no comment on specific long-term rate levels. Koeda added BoJ is ready to step into the market via an increase in bond buying and emergency ops. when long-term yields make rapid move
XXXXXXXXXXXXXXXXXXXXXXXXXXXXX
DATA RELEASES
Jobs Shocker: Sept Payrolls Print Above All Forecasts, But Unemployment Rate Hits 4 Year High
Thursday, Nov 20, 2025 – 08:53 AM
The US economy added a better than expected 119k jobs in September (following downwardly-revised 4k job loss in August)…
Manufacturing jobs fell for the sixth straight month…
After August’s surge in part-time jobs (decline in full-time), September flipped the script with a surge in full-time jobs as part-tiume jobs tumbled…
BUT… The US unemployment rate jumped to 4.4% in September – its highest in four years…
Led by Black unemployment…
The participation rate rose for the second month in a row…
But earnings growth slowed in September…
Rate-cut odds are higher following the jump in the unemployment rate…
Now, what will FedSpeak do now?
end
this is good!!
Native-Born Workers Rise By 2 Million Under Trump To A New Record High, As Foreign-Born Plunge By 1.6 Million
Thursday, Nov 20, 2025 – 12:25 PM
One can debate how effective Trump has been in following up on his various campaign promises, but one place where he has been steadfast is reversing the Biden admin’s disastrous labor policies which favored foreign-born workers (mostly illegal aliens) over native-born workers.
Today’s jobs report, which had something for everyone, including forecast-busting payrolls offset by the highest unemployment rate in 4 years at 4.4% (driven by another jump in black unemployment), was indisputably strong when it comes to one thing: the rotation from foreign born workers to domestic ones.
To wit: in September, the number of native-born workers surged by 676K (after the August drop of 561K), while foreign-born workers dropped by 70K.
Now since the month-to-month changes are largely driven by seasonal factors, they don’t convey the full picture. What does, is a longer-term study such as the one below, which shows that since Trump entered the White House and his policies started impacting the economy, the number of foreign born workers has slumped from a record 33.7 million in March 2025 to 32.1 million, a drop of $1.6 million. This has been offset by a slow but consistent increase in native-born workers which had been unchanged for six years since 2019 until the start of 2025, at which point it started to rise again, and has increased from 131.2 million in March 2025 to a new record high of 133.2 million in September.
As a reminder, right before the covid crash the number of foreign-born workers was about 28.7 million, and increased by a whopping 4.5 million under Biden, while the number of native-born workers was actually down, a decline which serious “economists” blamed on demographics, a lack of willingness to work, and anything else.
It turns out, the number of native-borns could have very easily gone up if only someone remove the massive overhang of millions of illegals flooding through the border and taking away jobs (at a massive paycut) which perfectly capable native-born Americans would have taken.
END
then jobless claims; still high!
Continuing Jobless Claims Highest In 4 Years But…
Thursday, Nov 20, 2025 – 08:44 AM
Finally, the spice is flowing again…
Initial jobless claims dropped back near 2025 lows (220k, below expected)…
However, while initial claims remain solid, continuing jobless claims drifted higher to 1.974 million Americans – the highest level since October 2021…
Likely thanks to the shutdown, we note that initial jobless claims for the ‘Deep Tristate’ fell significantly…
Now that Washington is back to work, we suspect those workers will be getting more pink slips once again.
Finally, it appears jobless claims data is shrugging off the layoff announcements that have surged in recent weeks…
Who do you believe?
USA ECONOMIC COMMENTARIES
Trump Derangement Syndrome Is Real And It’s Driving Therapists Crazy
Wednesday, Nov 19, 2025 – 11:00 PM
The strange psychological anomaly first appeared in 2016 – Psychotherapists across the US and even Europe began reporting a sharp rise in patients with “anxiety” about the US elections and, specifically, a potential win by Donald Trump. This “Trump Anxiety” was greatly exacerbated by the establishment media, which was relentless in their propaganda narrative painting Trump as the next “Hitler”; a racist, misogynist monster who was hellbent on “destroying democracy.”
Another group that was feeding the national hysteria over a Trump presidency was psychotherapists. At the time, Politico asserted that Trump’s “crude” behavior could give “new fuel to the charge that his candidacy might be normalizing aggressive, disparaging talk and behavior.” They cited a manifesto published by 3000 therapists declaring “Trump’s proclivity for scapegoating, intolerance and blatant sexism a threat to the well-being of the people we care for…”
The same therapists urged others in the profession to speak out against Trump, enumerating a variety of effects therapists reported seeing in their patients:
“That Trump’s combative and chaotic campaign has stoked feelings of anxiety, fear, shame and helplessness, especially in women, gay people, minority groups and nonwhite immigrants, who feel not just alienated but personally targeted by the candidate’s message…”
The manifesto also made a subtler point: that all the attention heaped on Trump is actually making it harder for therapists to do their jobs. Why? Ironically, they claimed that Trump’s campaign “legitimized the tendency of people to blame others for their fears and anxieties instead of taking responsibility…”
That’s right, far-left therapists were accusing Trump of promoting projection and scapegoating – While those same therapists were projecting onto Trump and scapegoating him for the unhinged mental illnesses of their patients.
This mindless and obsessive rage over Trump, MAGA and conservative culture in general has become so prominent and so easily identifiable that it now has a common name: Trump Derangement Syndrome (TDS). After Trump’s return in 2025, therapists once again report an uptick in Trump anxiety. They have also revealed that the surge in Trump related fears is overwhelming many of them and causing “burnout.”
One therapist writing for US News in April noted:
“In just the last few months, we have exchanged COVID-19 tests for litmus tests on political beliefs. People are scrubbing their social media pages instead of scrubbing their hands to feel safe. I understand that my patients want to recoil from the chaos. The combination of depression and anxiety is palpable as people try to move forward but have no road map. And as law firms and universities capitulate to the demands of the administration, individuals feel increasingly powerless and helpless. But we must find ways to fight this despair lest we become paralyzed…”
You might think therapists would be more inclined to question their own hysteria and find a more balanced view, but clearly this is not the case. In spring of this year, the National Association of Scholars admitted that therapists were “in crisis” over Trump’s election win and that they had lost their objectivity.
“…Our field is gripped by a collective complex triggered by Trump’s win—a fixation so overwhelming it risks overshadowing the real, immediate concerns of our clients’ lives.”
“…What the post-election reaction exposes is that political bias among psychiatrists, therapists, counselors, and social workers is reaching a critical point. Many in the general public remain unaware of these tensions, but they could have a profound effect on the therapeutic process, potentially skewing the focus away from clients’ individual needs and toward a broader, politically charged narrative.”
At least one psychotherapist is finally acknowledging that Trump Derangement Syndrome exists and that it is the fault of patients, not the fault of Trump. He says that at least 75% of his patients are obsessed with Trump and project their life problems onto the President.
Jonathan Alpert, whose office is out of Manhattan, also argues that psychotherapists are actually encouraging TDS and irritating the condition by politicizing their therapy sessions.
“This is a profound pathology, and I would even go so far to call it the defining pathology of our time,” Alpert said.
It’s important to understand that 2016 was perhaps the height of the liberal order. Coming off of 8 years of Barack Obama and the rapid spread of third-wave feminism, the woke left believed themselves invincible. Like a spoiled child that has throws a tantrum because she knows the parents will relent and give her whatever she wants, Zennial feminists and progressives grew up in an America where their ideology was rarely is ever questioned.
Their delusions led them to believe that they were the overt majority of the population. They thought that their movement was absolute and that political power was theirs to claim without substantial opposition.
It’s not that Trump has any uniquely dark or evil effect on people, this idea is absurd. Instead, Trump has come to symbolize an uncomfortable wake-up call for leftists: They are not the majority. The world does not belong to them. Their power is not guaranteed. They don’t get to do whatever they want whenever they want, and, in fact, they are going to have to obey certain historical (conservative) boundaries if they want to function in society.
This realization has driven them to madness. An eternal temper tantrum. A mental breakdown that compels their every feeling and action.
Trump, like him or not, represents a social and political reckoning that is absolutely necessary. Children need to wake up from their fantasies and delusions. Children need to grow up. TDS is the political left’s struggle to avoid growing up; to avoid accepting the reality that they do not run the world.
END
Democratic Lawmakers Call On Military Members, Intelligence Community To “Refuse Illegal Orders”
Thursday, Nov 20, 2025 – 09:00 AM
Authored by Jackson Richman & Joseph Lord via The Epoch Times,
Six Democratic lawmakers have called on members of the military and the intelligence community to disobey “illegal orders” from the top command.
A video was released on X on Nov. 18 featuring Sen. Elissa Slotkin (D-Mich.), Sen. Mark Kelly (D-Ariz.), Rep. Chrissy Houlahan (D-Pa.), Rep. Maggie Goodlander (D-N.H.), Rep. Chris Deluzio (D-Pa.), and Rep. Jason Crow (D-Colo.). Each of these lawmakers served in the military or the intelligence community.
“We want to speak directly to members of the military—and the Intelligence Community—who take risks each day to keep Americans safe,” said Kelly, Slotkin, Crow, and Deluzio, one by one, each speaking different sections of the sentence in the video.
Slotkin said service members are “under enormous stress and pressure right now” amid national disputes over the limits of executive authority and military operations.
Kelly, Slotkin, and Crow accused the Trump administration of “pitting our uniformed military and Intelligence Community professionals against American citizens.”
The Democratic lawmakers didn’t specify in their short video any specific orders from the administration they are targeting. Meanwhile, a handful of issues related to military and intelligence operations have flared up recently, including the Trump administration’s National Guard deployment to several major cities in recent months, including Los Angeles, Chicago, and Portland, Oregon.
Some local officials and Democratic governors opposed these deployments, which the administration said were intended to reduce crime and protect federal agents and property during federal law enforcement operations. The use of the National Guard for protection of federal property and other interests is permitted under federal statutes. Other functions, such as law enforcement, are more restricted.
The administration’s airstrikes on alleged drug boats—now numbering more than 20 strikes that have killed more than 80 alleged traffickers—have also come under scrutiny.
Critics, including Rep. Thomas Massie (R-Ky.) and Sen. Rand Paul (R-Ky.), have argued that these strikes constitute the military carrying out law enforcement functions and are contrary to American legal traditions and norms. In law enforcement matters, officials must follow the legal process, including obtaining warrants on suspects and receiving permission to make arrests or use lethal force.
The administration has stated that drug traffickers are foreign terrorists and that the airstrikes constitute self-defense amid an opioid crisis in America. The Department of Justice has said military service members who take part in the strikes will not be subject to prosecution.
Rep. Mike Rogers (R-Ala.), who has received classified briefings on the strikes, has called for the administration to share more information with the public on the strikes. Rogers said that the evidence presented to him showed that the strikes are “completely legal.”
“They should be more transparent about it, in my view,” he said of administration officials.
In the video, Kelly and Goodlander noted that members of the military and the intelligence community swore an oath to defend the Constitution.
“The threats to our Constitution aren’t just coming from abroad—but from right here at home,” Deluzio, then Crow said.
“Our laws are clear,” said Kelly, who added with Slotkin, “You can refuse illegal orders.”
“You must refuse illegal orders,” Deluzio continued.
“No one has to carry out orders that violate the law—or our Constitution,” said Slotkin, then Houlahan.
Under U.S. military law, members of the military are obligated to refuse “manifestly unlawful” orders, including orders to commit a crime or violate the Constitution. Federal law prohibits members of the intelligence community from taking part in unlawful or unconstitutional activities, even when ordered to do so by superiors.
The Trump administration criticized the video.
“Stage 4 [Trump Derangement Syndrome],” posted Defense Secretary Pete Hegseth.
White House Homeland Security adviser Stephen Miller in a post on X: “Democrat lawmakers are now openly calling for insurrection.”
Speaking later on Fox News, Miller described the video as a “rebellion” by Democrats.
“It is insurrection, plainly, directly, without question,” Miller said.
“It’s a general call for rebellion from the CIA and the armed services of the United States by Democrat lawmakers, saying that you have not only the right, but the duty and the obligation to defy orders of the commander-in-chief that those who carry weapons in America’s name should defy their chain of command and engage in open acts of insurrection.”
The Epoch Times reached out to the Office of the Director of National Intelligence for comment on the video and did not receive a response by publication time.
end
USA/SAUDI ARABIA
by Tyler Durden
Wednesday, Nov 19, 2025 – 05:40 PM
Aside from a couple of hiccups involving exchanges with the press, Crown Prince Mohammed bin Salman’s (MbS) visit to the White House went well, after he came bearing massive gifts, especially a pledge for a whopping $1 trillion in US investment.
During the Tuesday night candlelight dinner in his honor, which was attended by Elon Musk, Tim Cook, Jensen Huang, Cristiano Ronaldo, the head of FIFA Gianni Infantino – and many other tech moguls and notable figures – President Trump took the opportunity to proclaim for the first time Saudi Arabia as a “major non-NATO ally” (MNNA).
This was based on the signing of a new security pact with MbS, called the US-Saudi Strategic Defense Agreement (SDA), during the earlier Oval Office visit.
“At tonight’s dinner, I’m happy to share that we are elevating our military partnership by officially naming Saudi Arabia a major non-NATO ally,” Trump said.
This newly designated status will give the kingdom preferential access to US military hardware, which as Trump also unveiled will include sales of F-35 fighter jets and 300 US-manufactured tanks.
To some degree the US-Saudi oil for weapons relationship has been cemented institutionally going all the way back to the 1970s, but talk of nuclear energy – and even the US providing a potential nuclear nuclear security umbrella – represents an escalation in strategic closeness and relations.
As part of this, the White House is further describing this as the “legal foundation for a decades-long, multi-billion-dollar nuclear energy partnership.”
But what else does the United States (and Israel) get out of this? MbS appears to now be ‘cooperating’ on a years-long effort for normalization of ties with Israel, after diplomacy was stalled for two years amid the Gaza War.
The crown prince told reporters, “We want to join the Abraham Accords, but we also need a clear pathway to a two-state solution.”
“We had a constructive discussion with the president, and we’re going to work together to create the right conditions as soon as possible,” he added.
As expected, all is well again despite years of Saudi Arabia being under a limited (and in reality somewhat mild) human rights spotlight:
The red carpet welcome for Prince Mohammed is an extraordinary moment in diplomatic relations with Saudi Arabia. It is his first visit to the United States since the 2018 killing of the Washington Post columnist Jamal Khashoggi, which U.S. intelligence determined the prince ordered. Prince Mohammed has denied involvement.
After Mr. Khashoggi’s murder, some Western business executives and government officials backed out of Saudi Arabia’s global investment conference, including leaders of major American financial institutions. But by the following year, top deal makers were back at the event in Riyadh, the Saudi capital.
But apparently there’s nothing that Saudi petro-billions (or now Trillion) can’t fix – it covers a multitude of sins, and elites had already been flocking back to doing business with Riyadh over the last years.
PUBLIC ENEMY NO 1/CANADIAN SNOWBOARDER RYAN WEDDING:
Treasury Sanctions Former Olympian Snowboarder Turned ‘Cocaine Kingpin’
Wednesday, Nov 19, 2025 – 10:35 PM
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Ryan Wedding, the former Canadian Olympic snowboarder turned cocaine kingpin, now on the FBI’s Ten Most Wanted list, along with nine associates and nine front companies spanning Mexico, Canada, Italy, and the UK.
Wedding sits on the FBI’s Ten Most Wanted list and is accused of operating a multi-ton cocaine trafficking operation that spanned worldwide and left a trail of murders with hired hits across the Americas.
Treasury, the FBI, the DOJ, and Mexico’s financial intelligence unit coordinated sanctions targeting his criminal organization.
According to the FBI, Wedding’s organization uses cryptocurrency to move and launder the proceeds of drug trafficking.
OFAC claims:
- Wedding operates a Colombia-to-Mexico-to-U.S./Canada cocaine pipeline
- Launder millions using crypto, jewelry fronts, and luxury-vehicle holdings.
- Ordered numerous assassinations, including of U.S. citizens and a federal witness.
- Employs ex-law-enforcement operatives, high-end escorts, and corrupt professionals to locate targets, clean money, and hide assets.
Besides Wedding, OFAC also sanctioned:
- Edgar Aaron Vazquez Alvarado (“the General”) – ex-Mexican law enforcement, provides armed protection, intel, and owns three Mexico-based fuel companies used as fronts.
- Miryam Andrea Castillo Moreno – Wedding’s wife; money laundering and violence facilitator.
- Carmen Yelinet Valoyes Florez – runs a Mexico prostitution ring; assisted in a federal witness murder.
- Daniela Alejandra Acuna Macias – Wedding’s Colombian girlfriend; collected money and gathered intel on rivals.
- Deepak Balwant Paradkar – Canadian attorney who arranged drug connections, bribery, and murder plans while violating attorney-client privilege.
Money-Laundering Network:
- Rolan Sokolovski – Canadian jeweler who moved millions through crypto and his “Diamond Tsar” storefront.
- Gianluca Tiepolo – ex-Italian special forces; managed luxury-vehicle assets, operated tactical-training camps used for hitmen, and ran multiple auto/motorcycle firms.
- Cristian Diana and John Anthony Fallon – executives involved in Tiepolo’s companies and linked to laundering entities.
All U.S.-linked assets belonging to Wedding and his associates have been frozen, and U.S. persons are prohibited from doing business with any of them, including any entities they own 50% or more of.
The Bureau’s Sam Cooper brought Wedding to our attention in early September, highlighting the “missed opportunities” Canada had to capture the former Olympian snowboarder turned cocaine kingpin.
END
VICTOR DAVIS HANSON
KING NEWS
| The King Report November 20, 2024 Issue 7624 | Independent View of the News |
| WSJ’s @NickTimiraos: After the September jobs report (out Thursday), there won’t be another jobs report until after the Dec. 9-10 FOMC meeting. BLS: The October jobs report is cancelled. The November report won’t land until Dec. 16. Sept JOLTS is also cancelled. Oct JOLTS will be published Dec. 9. Fed officials have insisted they can still do their job forecasting the economy without the top-tier data everyone uses to calibrate their analysis of the second- and third-tier data, but market probabilities of a Dec cut —which has been shaping up to be a close call—have fallen on this news. The odds of a Dec cut hadn’t fallen more amid recent hawkish commentary from Fed officials due to the potential for data decay in those higher-fidelity reports. @Kalshi: Bureau of Labor Statistics cancels jobs report December rate cut odds drop from 50% to 29% https://kalshi.com/markets/kxfeddecision/fed-meeting/kxfeddecision-25dec https://x.com/StockMKTNewz/status/1991226275516543249/photo/1 Alphabet Shares Soar on ‘Rave Reviews’ for New Gemini AI Model – BB Soared as much as 6.9%… in contrast to Open AI’s GPT-5 model, which was met with mixed reactions… Google (Alphabet) peaked at 10:15 ET (304.25) and then did a 45-degree decline to 293.41 at 12:41 ET. While Google was zigging, Meta was zagging. META was -2.6% at midday on a Cantor Fitz downgrade. Nvidia traded in concert with Google. It hit a peak of 187.855 at 10:30 ET and then fell to a daily low of 182.83 (+1.47 points) at 12:37 ET. The rally to get long for NVDA’s results then began. Minutes of the Federal Open Market Committee, October 28-29, 2025 Market participants left their macroeconomic outlooks little changed, and they appeared to continue to interpret data made available over the period as consistent with a resilient economy… Participants agreed that the recent tightening in money market conditions indicated that it would soon be appropriate to end balance sheet runoff and that reinvestments of principal payments received on agency securities holdings should be directed into Treasury bills… Information on the labor market was limited by the federal government shutdown; however, available indicators were consistent with a continued gradual cooling in the labor market without any evidence of a sharp deterioration. Consumer price inflation had moved up since earlier in the year and remained somewhat elevated… Conditions in U.S. short-term funding markets tightened materially over the intermeeting period but remained orderly… Credit remained generally available but relatively tight for small businesses. Issuance of corporate bonds, leveraged loans, and private credit was robust in recent months… In their discussion of inflation, participants observed that overall inflation had moved up since earlier in the year and remained somewhat above the Committee’s 2 percent longer-run goal. Participants generally noted that core inflation had remained elevated, as disinflation in housing services had been more than offset by higher goods inflation, reflecting in part the effects of tariff increases implemented earlier in the year. Several participants observed that, setting aside their estimates of tariff effects, inflation was close to the Committee’s target. Many participants, however, remarked that overall inflation had been above target for some time and had shown little sign of returning sustainably to the 2 percent objective in a timely manner… https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20251029.pdf ESZs vacillated between modest gains and moderate losses from the Nikkei opening on Wednesday until they broke higher after 5 ET. After double topping at 6668.75 at 6:08 ET & 6:50 ET, ESZs slid to 6635.75 at 9:31 ET. Conditioned buying for the NYSE opening appeared; ESZs went nearly vertical, abetted by Alphabet AI euphoria, to a daily high of 6709.00 at 10:16 ET. Aggressive selling appeared in Fangs and equity futures. ESZs sank to 6622.00 at 12:40 ET. ESZs rebounded to 6668.25 at 13:36 ET on buying for the possibility of dovish Fed Minutes, due at 14:00 ET. The FOMC Minutes emphasized ‘elevated inflation’ more than expected. ESZs slid to 6628.75 at 414:39 ET. The last hour rally was enhanced by buying for Nvidia’s results. ESZs soared to 6679.50 at 15:17 ET. After a modest retreat, ESZs jumped to 6683.75 at 15:38 ET. Nvidia rallied in concert with ESZs, or vice versa. ESZ then slid to 6658.25 at 16:00 ET. @Callum_Thomas: Private Equity stocks are imploding. Starting to look like a bit of a canary in the coalmine moment… https://x.com/Callum_Thomas/status/1990950872470167629 S&P Listed Private Equity Index – Listed PE companies that meet specific size… requirements Positive aspects of previous session Google and Nvidia led Fangs higher, which boosted other stocks during the 1st 45 minutes of trading. Negative aspects of previous session Cryptos got hammered; the wealth destruction should induce selling of other assets. Stocks peaked during the first hour of NYSE trading. Precious metals rallied moderately. The yen/$ hit 157.21. Ambiguous aspects of previous session How big of a problem is burst cryptocurrency bubble? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6645.15 Previous session S&P 500 Index High/Low: 6689.75; 6603.50 Bitcoin (-4% at low) & cryptocurrencies got hammered on Wednesday. Bad news for the Trump family. Trump Media stock crashes to all-time lows, wiping out $5B in First Family wealth during crypto slide (Sucked in the ‘Trump uber alles’ cultists) https://t.co/LnqU7x7rI8 Trump: “Investment in AI is helping to make the U.S. Economy the ‘HOTTEST’ in the World.’ But overregulation by the States is threatening to undermine this Major Growth Engine. Some States are even trying to embed DEI ideology into AI models, producing ‘Woke AI’ (Remember Black George Washington?). We MUST have one Federal Standard instead of a patchwork of 50 State Regulatory Regimes.” (Multiple gaslightings in this post: ‘US economy hottest in the world’ and ‘Woke AI’ etc.) @BrianHJacobson: The Trump administration has taken the villains of Covid, Google, Meta, Amazon (to a lesser extent) and because they donated to Trump, red washed them into the Republican fold. Without any overt changes in behavior or business practices we have just accepted that they are now on our side. This becomes so much worse when you view it through the lens of this post by Trump. He is pitting these red washed and still very woke companies against local governments and their citizens. Now YOU are woke if you oppose their agenda. That determination is made by Trump simply because they can and did donate millions of dollars to him and you cannot. The virtue imparted to them by their donations supersedes your lifetime of conservative activism.… https://t.co/GETMpe2dmb US, Saudi Arabia Announce Strategic AI Partnership – BBG 12:41 ET TRUMP: “America is back.” “America is open for business.” “America is actually stronger than it’s ever been before — ever.” (Why does Trump keep hyping the economy? The nature of the economy is evident to consumers and their checkbooks – and NO amount of DJT gaslighting will change that!) https://x.com/FoxBusiness/status/1991206309178593584 @sentdefender: Speaking in favor of H-1B Visas at today’s U.S-Saudi Investment Forum in Washington, President Donald J. Trump said: “You can’t come in, open a massive computer chip factory for billions and billions of dollars like is being done in Arizona, and think you’re gonna hire people off an unemployment line to run it. They’re gonna have to bring thousands of people with them and I’m gonna welcome those people. I love my conservative friends, I love MAGA, but this is MAGA.” https://x.com/sentdefender/status/1991200941358387463 Trump spent most of Wednesday creating photo ops of him and Saudi boss MBS. DJT incessantly bragged about the $1T that Saudi Arabia has pledge to invest in the US. When reporters quizzed Trump (Tuesday & Wednesday) about the Saudis massive investments in his family’s projects, he went postal. The more Trump touts AI, the lower his approval rating drops among under-50 voting segments that fear the negative consequences of AI on jobs, income, privacy, etc. The more DJT gaslights about the US economy, the more followers he loses. @joshdcaplan: Elon Musk: AI and humanoid robots will “eliminate poverty” and “make everyone wealthy.” https://x.com/joshdcaplan/status/1991182247521653198 Musk’s AI/robot statement is absurd. There is no way that AI or robots will replace plumbers, electricians, and other service workers, which is where inflation is worst these days. Plus, who pays for the AI and robots; and who receives the profits from them? Who pays for the food, medical, tuition, etc? While AI can replace most of Hollywood, it cannot replace college and professional sports. @Rainmaker1973: Google’s new quantum chip is so powerful it might be tapping into parallel universes… Willow, has achieved the seemingly impossible: solving an extraordinarily complex computational problem in under five minutes—a feat that would require the world’s most advanced supercomputer approximately 10 septillion years to complete (10²⁵)… Could quantum computers like Willow be performing calculations across vast numbers of parallel universes?… It has pushed quantum technology into a regime so extreme that it compels us to re-examine the deepest foundations of reality itself. Whether or not Willow is quietly borrowing power from alternate universes, one thing is clear: practical, large-scale quantum computing is no longer science fiction—and it is forcing us to confront profound questions about the nature of the cosmos, computation, and existence. https://x.com/Rainmaker1973/status/1991186630133125405 President Trump on Jerome Powell: “This guy has got some real mental problems. He has something wrong with him…I would love to fire his ass!” (Powell should sue Trump. Case law is clear on labeling someone without professional examination.) https://x.com/townhallcom/status/1991203216306888758 CNN’s @alaynatreene: Trump, for the first time, says Treasury Secretary Scott Bessent has been the person advising him against firing Fed Chair Jerome Powell: “The only thing Scott’s blowing it on is the Fed,” Trump says, adding “if you don’t get it fixed fast, I’m gonna fire your ass.” If Bessent is ‘the adult in the room’ on Team Trump, do NOT be surprised if Bessent announces an exit from the team in 2026 IF DJT continues to act and speak crassly & selfishly. DeSantis senses DJT could be persona non grata in coming months. Trump says will start ‘working’ on Sudan, at Saudi prince’s request BlackRock Private Credit CLO Fails Key Tests as Bad Loans Mount – BBG Performed so poorly the money manager has waived some management fees – a rarity in credit… Nvidia reported Q3 Adj EPS+ 1.30, 1.26 exp; EPS GAAP 1.24, 1.2 exp; Rev $57.01B, $55.13B exp. Data Center Rev $51.2B, 49.34 B exp; Sees Q4 Rev $65B plus or minus 2%, $62.2B exp. Nvidia jumped 5% on the better-than-expected Q4 Revenue PROJECTION! Today – After the market adjusts to a massive rally on Nvidia, astute traders will seek clues as to the sustainability of what should be a monster early rally. If the rally holds today and tomorrow, it could allay fears that the NY Fang+ Index and the S&P 500 Index are trending downward. However, if the recent lows for those indices are violated in coming weeks, look out below! NVDA hit 195.63 at 16:22 ET and then sank to 186.52 at 16:30 ET, 16:33 ET, and 16:42 ET. A downward breach of 186.52, which was NVDA’s close on Wednesday, should be horrible for NVDA and AI stocks. NVDA hit a high of 198.60 at 17:11 ET on CEO Huang’s usual euphoric forecast. Huang said he ‘sees no AI bubble.’ ESAs are +73.75; NQZs are +408.75; Dec AU is +19.90; and USZs are -5/32 at 20:10 ET. Fed Speakers: Cleveland Pres Hammack 8:45 ET, Gov Barr 9:30 ET, Chicago Pres Goolsbee 12:40 ET Expected economic data: Sept NFP 54k, Private NFP 65k, Mfg. -5k, Unemployment Rate 4,3%, Labor Force Participation Rate 62.3%, Wages 0.3% m/m & 3.7% y/y, Workweek 4.2; Initial Jobless Claims 226k, Continuing Claims 1.945m; Nov Phil Fed Business Outlook 1.0; Oct New Home Sales 4.08m; Nov KXC Fed Mfg Activity 3; Sept Housing Starts 1.329m, Permits 1.374m S&P Index 50-day MA: 6712; 100-day MA: 6541; 150-day MA: 6303; 200-day MA: 6158 DJIA 50-day MA: 46,654; 100-day MA: 45,701; 150-day MA: 44,413; 200-day MA: 43,883 (Green is positive slope; Red is negative slope) S&P 500 Index (6642.16 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 and MACD are negative – a close above 6770.69 triggers a buy signal Hourly: Trender and MACD are positive – a close below 6607.49 triggers a sell signal James Comer vows to give Clintons Bannon (incarceration) treatment if they defy subpoenas Comer said the Clintons are two Democrats that his committee has not heard back from regarding subpoenas for their testimony on their ties to Epstein, and that continued silence will be met with criminal referrals… “So we expect the Clintons to come in, or I expect the Clintons to be met with the same fate that Bannon and [Peter] Navarro were met with when the Democrats were in control,” he concluded… https://justthenews.com/government/congress/james-comer-vows-give-clintons-bannon-treatment-if-they-defy-subpoenas Epstein Files Backfire: Epstein Was Asked to Donate on Behalf of JB Pritzker’s Campaign – Years After His 2008 Conviction for Crimes Against a Minor https://www.illinoisreview.com/illinoisreview/2025/11/epstein-files-backfire-epstein-was-asked-to-donate-on-behalf-of-jb-pritzkers-campaign-years-after-his-2008-conviction-for-crimes-against-a-minor.html Leading fundraising group for Democrats solicited Epstein years after he pleaded guilty in Florida “So the evidence, the new evidence that came out from the estate, was that Democrats were working with Epstein, that many journalists were working with Epstein, all for one purpose, to try to embarrass Donald Trump,” Comer told the Just the News, No Noise TV show on Tuesday. “And we also learned that Hakeem Jeffries, the main Democrat in the House—now the new Nancy Pelosi—that he was actually soliciting Epstein for money,” he continued. “So nothing bad about Trump, only bad stuff about the Democrats.” https://justthenews.com/accountability/political-ethics/leading-dems-fundraisers-solicited-jeffrey-epstein-years-after-he @BreannaMorello: Republican leadership wanted to save Congressman Cory Mills tonight, so they blocked (Dem Rep) Stacey Plaskett from being removed from the House Intelligence Committee (for consorting with Epstein). If Plaskett was removed, Dems were expected to immediately bring a retaliatory resolution to censure Mills. One Congressional member telling me, “Republican leadership sent three republicans on a kamakazee mission to save Cory mills.” Dems were going to target Mills because of the restraining order that was granted by a judge last month for one of his ex-girlfriends. @libsoftiktok: Rep Sheila Cherfilus-McCormick (D-FL) INDICTED for allegedly stealing and laundering $5 million in FEMA funds. She faces up to 53 years in prison if convicted. @bhweingarten: The judge who wrote for the majority of the three-person panel challenging Texas’ redistricted map didn’t give the dissenting judge time to review the opinion, nor did he take the time to review the dissent before issuing said opinion. Judge Smith, dissenting, calls this “the most outrageous conduct by a judge that I have ever encountered in a case in which I have been involved” in his 37 years on the federal bench. https://x.com/bhweingarten/status/1991256207500407126 “The main winners from Judge Brown’s opinion are George Soros and Gavin Newsom. The obvious losers are the People of Texas and the Rule of Law,” Judge Smith writes. “In 37 years as a federal judge, I’ve served on hundreds of three-judge panels. This is the most blatant exercise of judicial activism that I have ever witnessed,” he adds. https://x.com/bhweingarten/status/1991256886713385346 @CourtSpinelliTV: Lawrence Reed, 50, is charged with terrorist attack against a mass transportation system. He’s the suspect accused of dousing a 26-year-old woman with a suspected ignitable liquid and lighting her on fire as she tried to get away on a CTA Blue Line train According to police sources, Reed has been arrested 71 times in Cook County and convicted in 13 of those cases. He was on pretrial release in a case where he’s accused of aggravated battery on an employee at MacNeal Hospital in Berwyn. His arrests date back to the mid-90s. | |
SWAMP STORIES FOR YOU TONIGHT
Network Of California Democrat Party Insiders Under Investigation For Fraud
Wednesday, Nov 19, 2025 – 08:30 PM
Initial reports of an ongoing fraud investigation in Sacramento by the US Department of Justice revealed that Gavin Newsom’s former Chief of Staff, Dana Williamson, was being indicted on 23 felony counts. Crimes include conspiracy to commit bank and wire fraud, bank fraud, wire fraud, filing false tax returns, and making false statements to the IRS.
The charges allege she orchestrated a scheme to siphon approximately $225,000 from a dormant campaign account belonging to former Attorney General Xavier Becerra (referred to as “Public Official 1” in the indictment), using it for personal gain through fake consulting fees, shell companies, and laundered payments. However, new information shows that Williamson may not have acted alone.
At least three other California Democrat insiders and two unnamed suspects are potentially implicated in the investigation. Charges against two of them have been formally filed so far, and the investigation continues to grow as authorities sift through evidence involving “The Collaborative”, a prominent alliance of Democratic-leaning political consulting firms in California headed by Williamson.
A longtime Democratic power broker in California’s Capitol, Williamson worked as an adviser to former Gov. Gray Davis and as a Cabinet secretary for former Gov. Jerry Brown before opening her own political affairs firm. She served as Xavier Becerra’s campaign manager when he ran for state attorney general in 2018. Becerra most recently served as President Biden’s Health and Human Services Secretary and is running for California governor.
She was named Newsom’s chief of staff in late 2022, a job she held for about two years. Gov. Newsom’s office said Wednesday they put her on leave in November of 2024 after she informed them that she was under criminal investigation.
Other suspects include Sean McCluskie, the former Chief of Staff for Xavier Becerra. He also served with Becerra when he was California Attorney General.
Then there is Greg Campbell, a close associate of Williamson and a well-connected lobbyist and consultant who rakes in campaign finance from massive corporate clients. He has worked as senior staff for the last five Assembly Speakers including in the role of chief of staff to Speakers Toni G. Atkins and John A. Perez.
And Alexis Podesta (no relation to John Podesta). She has not yet been charged with any crimes, and her attorney said she is cooperating with the investigation. Podesta is a Sacramento-based political consultant who served as a secretary under Gov. Jerry Brown. She is also a member of the board of the state compensation fund. She has worked for PG&E and Disney, and is listed as a managing director and member of The Collaborative, the group led by Campbell and Williamson.
California’s capital is reportedly in shock as the corruption charges net party elites and power brokers. The Williamson investigation was launched three years ago under the Biden Administration and has nothing to do with Trump, meaning no political bias is being applied against Democrats.
The investigation also exposes the elaborate web of bureaucrats and funding networks festering in state politics. So much cash flows through these political groups and organizations it is likely that we are only seeing a surface glimpse of the rampant theft taking place.
If you have ever wondered how it is possible for hundreds of billions of dollars to flood into states like California and yet none of their fundamental problems, (including their homeless problem) never seem to get fixed, this is one of the reasons why. Democrats are charged with similar crimes nearly three times more often than Republicans. Politics has become a racket, and the Democrats are particularly adept at it.
END
JOKE OF THE DAY!!
Jasmine Crockett Shares List Of Republicans Who Took Money From Epstein – Only Problem – It Was A Different Epstein!
Thursday, Nov 20, 2025 – 12:40 PM
Authored by Debra Heine via American Greatness,
Rep. Jasmine Crockett (D-Texas) has publicly beclowned herself for the second time in a week by falsely accusing several Republican politicians of taking money from “somebody named Jeffrey Epstein.”
“Folks who also took money from somebody named Jeffrey Epstein, as I had my team dig in very quickly—Mitt Romney, the NRCC, Lee Zeldin, George Bush, McCain-Palin,” Crocket declared on the House floor on Tuesday.
Federal campaign finance records show that Epstein donated primarily to Democrats, including two current sitting members of Congress, Delegate Stacy Plaskett (D-V.I) and Senator Chuck Schumer (D-N.Y.), both of whom have retained the donations, despite scrutiny.
Even worse, newly released documents from Epstein’s estate include text messages between Plaskett and Epstein that show he advised her on what questions to ask President Trump’s former attorney Michael Cohen during a 2019 congressional hearing.
The Republican-led House Oversight Committee also recently released documents revealing that a fundraising firm representing Minority Leader Hakeem Jeffries ( D-N.Y.) solicited donations from Epstein in 2013, shortly after Jeffries’ first election to the House and well after Epstein’s 2008 conviction for soliciting prostitution from a minor.
“I just want to be clear, if this is the standard that we gonna make, just know we’re gonna expose it all. And know that the FEC filings, they are available for everyone to review,” Crockett said, hoping to deflect from these Democrat embarrassments.
Public records however indicate that most of the donations highlighted by Crockett came from an entirely different person, a Republican physician named Jeffrey Epstein.
Zeldin, currently Trump’s Environmental Protection Agency (EPA) Administrator, blasted the congresswoman on X: “Yes Crockett, a physician named Dr. Jeffrey Epstein (who is a totally different person than the other Jeffrey Epstein) donated to a prior campaign of mine. NO FREAKIN RELATION YOU GENIUS!!!”
Records also showed that Dr. Epstein made two $250 donations to former Republican Utah Sen. Mitt Romney during his presidential run in 2012,” the Daily Caller reported.
All of the donations mentioned by Crockett reportedly came from other people named Jeffrey Epstein, and came in some cases, came after the convicted sex trafficker had died.
The emails released by the House Oversight Committee on Wednesday show Rep. Hakeem Jeffries’ campaign soliciting money from Epstein in 2013 and inviting him to a Democrat fundraising dinner with then-President Barack Obama.
The fundraising firm Dynamic SRG refers to Jeffries in the email as “Brooklyn’s Barack” and a “progressive voice,” and encourages him to “get involved with the dinner” or “get an opportunity to get to know Hakeem better.”
Jeffries stated he has “no recollection” of the outreach and emphasized he “certainly” never met Epstein or accepted any money from him.
Plaskett, meanwhile, has dismissed accusations that she colluded with the sex offender in an effort to get Trump.
“I believe that Jeffrey Epstein had information and I was going to get information to get at the truth,” she said during an interview on CNN, Wednesday.
“There are a lot of people who have done a lot of crimes and as a prosecutor, you get information from people where you can.”
Republicans in the House on Tuesday attempted to censure Plaskett and remove her from the House Intelligence Committee, but failed in a 209-214 vote, with three Republicans joining Democrats in opposition, allegedly to protect Rep. Cory Mills (R-Fla.) from being censured himself, and referred to the House Ethics Committee for investigation.
Crockett, last week, was brutally called out by CNN when she tried to claim that Republicans had redacted a name in an email released by Democrats to smear Trump.
When the CNN host pointed out that Democrats had redacted the exonerating information, Crockett immediately flipflopped, claiming that Democrats redacted the name because their “biggest concern” was to “actually make sure” they were “protecting victims.”
end
JEFFRY EPSTEIN…
$1.2 Billion Suspicious Epstein Transactions? Wyden Demands Investigation After JP Morgan Failed To Report For Years
by Tyler Durden
Thursday, Nov 20, 2025 – 02:25 PM
Now that we’re making progress on Epstein – after President Trump and Mike Johnson were forced to cave under overwhelming pressure for DOJ disclosure – a logical next step is to look into who was funding the notorious sex-trafficker.
On Thursday morning, Sen. Ron Wyden (D-OR) called for an investigation into whether JPMorgan Chase deliberately concealed suspicious transactions by Epstein.
You really just need to look at Exhibit A in Wyden’s memo (dated Wednesday) based on unsealed court records: the number of transactions flagged as suspicious between 2002 – 2016, vs. a flurry of almost $1.3 billion in suspicious transactions that the bank scrambled to file right after Epstein died in jail awaiting trial.
Wyden writes:
The unsealed court records include copies of SARs that JPMC filed on Epstein’s accounts between 2002 and 2019. Between 2002 and 2016, JPMC filed 7 SARs flagging only $4.3 million in suspicious transactions from Epstein’s accounts.¹ Only after Epstein was arrested on federal sex trafficking charges did JPMC report the full extent of Epstein’s suspicious financial activity. In August and September of 2019, JPMC filed two SARs flagging more than 5,000 suspicious wire transfers moving approximately $1.3 billion in and out of Epstein’s accounts.² This is the strongest evidence yet that JPMC should face an investigation for failure to appropriately monitor and report Epstein’s financial activity.
According to internal bank emails, JPMorgan may have held off on filing the SARs (suspicious activity reports) because it wanted “to continue working with Epstein,” who was a great source of referrals despite firing him as a client in 2013, the report found.
The bank said in late October that “it was flagging about 4,700 transactions, totaling more than $1 billion, because they were potentially related to reports of human trafficking involving Mr. Epstein. It also mentioned Mr. Epstein’s wire transfers to Russian banks and sensitivities around “his relationships with two U.S. presidents.” Mr. Epstein at times was close with President Trump and former President Bill Clinton,” according to the NYT.
Wyden said in a statement that it was “clear that JPMorgan Chase ought to face criminal investigation for the way it enabled Epstein’s horrific crimes,” and that both Congress and the DOJ should investigate the bank – which has repeatedly issued statements of regret for working with Epstein, and claims it did all it could with the information it had at the time.
“The second the government finally made public the sex trafficking details in 2019 — information they clearly had for years — we identified for law enforcement a range of Epstein’s past transactions intended to assist with the investigation,” said bank spokeswoman Patricia Wexler on Thursday.
Will Wyden actually follow the money?
Related:
The Overlooked Shell Company Operated By Epstein’s Accomplices
Epstein’s Inbox Lays Out Gift Networks, PR Tactics, And Strange Habits
Revelation Of Epstein Investment Tied To Peter Thiel Adds To Growing Concerns About Palantir
Victoria’s Secret Boss Wexner Swears He Didn’t Know About Epstein Penchant For Pedophilia
GREG HUNTER INTERVIEWING BO POLNY
Wicked Wealth Transfer Coming – Bo Polny
By Greg Hunter On November 19, 2025 In Market Analysis, Political Analysis8 Comments
By Greg Hunter’s USAWatchdog.com
About a month ago on USAWatchdog, Biblical cycle timing expert, geopolitical and financial analyst Bo Polny said, “Silver and gold would hit record highs.” Two days later, they did. He also said there would be no global war, and so far, he’s right on that point, too. Last year, Polny predicted Bitcoin would top at the end of September, and it did. Now, Polny says, “If you study the market movement of Bitcoin, it moves with the stock market. This is important. So, it moves greater than the stock market . . .. In general, if the stock market is up, so is Bitcoin. If the stock market is crashing, so is Bitcoin. Bitcoin has not finished out its down cycle yet. There is an important date coming up where we are still expecting to see a very big crash including the stock market and Bitcoin. . .. We are at a crucial time where something Biblical is expected to manifest. When I say Biblical, I mean Biblical. In the scriptures, Joel 2:31, and that is the “great and terrible day of the Lord.” In the same sentence, it’s ‘great’ and it’s ‘terrible.’ It’s in the same sentence. How can it be both? . . .. If you have been working for the devil when God intervenes on the ‘great and terrible’ day, you are going to reap evil on your own head.”
Polny thinks the scriptures point to a wealth transfer coming. Polny says, “Scripture says the wealth of the sinner is stored up for the righteous. So, the globalists are going to give the church the money? Are you kidding me? There is no way that the globalists are going to give anybody any money. They want us to be serfs. They want us to be broke. They created trillions of dollars, and who has it all? They do. We have taxes and now 50-year mortgages, student loans and cars that are $100,000. They have enslaved all of humanity. The money created out of thin air is a fiction. . .. There is no way there is going to be a wealth transfer without an act of God. . .. you are never going to see silver to explode over $50 to $70, $80, $100, $200, $600 (an ounce) without an act of God. If that would happen, it would mean the globalists have lost control. It means the globalists are losing their money. Without a move of God, the globalists’ only agenda is to go on a one world system. . .. their whole agenda is to bring on a one world system and enslave humanity.”
Polny thinks there is going to be “a wild downside in the markets.” Polny goes on to say, “My charts are telling me this Thanksgiving is going to be incredibly good for the church. There is a huge probability that silver should explode and be at least $68 to $70 an ounce. . .. I think we are going to see a Black Friday in the markets then potentially into a Black Monday, December 1st. Friday through Monday after Thanksgiving, expect extreme volatility in the markets to the downside with them plunging.”
Polny says evil dark demonic powers have been lying to humanity for centuries. One of the latest truths uncovered is the story in Exodus where God destroyed the Pharaoh of Egypt and his massive army for trying to kill the fleeing Jews. They were trapped at the Red Sea, and the wave parted and the Jews walked to safety through dry land at the bottom of the Red Sea. When Pharoah tried to follow, the sea closed and killed his entire army. We have been told for centuries that this was a myth, and there was no way this could have happened. That is a lie. The Red Sea Miracle Bible story is now proven to be 100% true because of a recent new discovery of a mile and a half huge debris field of an ancient Egyptian army. It was found in a straight line at the bottom of the Red Sea. Let this sink in. Polny says, “God the Father showed up then, and he will be showing up and showing off again to punish the wicked.” Polny explains, “This is not a shipwreck. This is more than a mile of ancient Egyptian chariots. The only possibility is there is a God, and Exodus did happen. The Red Sea Miracle is a real thing. Therefore, God is real and so is the devil.”
Polny contends a new Red Sea Miracle is coming onto the Earth. Polny also says, “China will suffer the same fate as Pharoah at the Red Sea.”
In closing, Polny says good things are going to be happening during Revelation. Yes, there will be tough times, but it is not all gloom and doom. There is much good coming, especially for believers in our Lord and Savior, Jesus Christ.
There is much more in the 71-minute interview.
Join Greg Hunter of USAWatchdog as he goes One-on-One with Biblical cycle expert and financial analyst Bo Polny. He talks about why gold and silver will continue to set records. Polny also explains events and signs coming that he documents in his new book called “Revelation: The Good News, Jubilee Edition, End of Days Timeline Revealed,” for 11.19.25.
For The Wellness Company’s new “Ivermectin (18 mg) Compounded Capsules,” click here. Don’t forget you get 15% off and free shipping if you use the promo code USAWATCHDOG.
(To Donate to USAWatchdog, click here)
After the Interview:
https://usawatchdog.com/wicked-wealth-transfer-coming-bo-polny/
SEE YOU TOMORROW
harveyorganblog.com 
