access market
GOLD LEASE RATE RISES TO 3.90%
Gold Lease Rate
3.90%
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XGE: COMEX
118 C MACQUARIE FUTURES US 100
167 C MAREX 10
323 C HSBC 42
363 H WELLS FARGO SECURITI 16
661 C JP MORGAN SECURITIES 114
685 C RJ OBRIEN 10
686 C STONEX FINANCIAL INC 2
709 C BARCLAYS 55
905 C ADM 1
JPMORGAN STOPPED: 114/175
GOLD: NUMBER OF NOTICES FILED FOR NOV/2025: 175 CONTRACTs NOTICES FOR 17500 OZ or 0.5443 TONNES
total notices so far: 11,093 contracts for 1,109,300 OR 34.503 tonnes)
SILVER NOTICES: 14 NOTICE(S) FILED FOR 0.070 MILLION OZ/
total number of notices filed so far this month : 3866 CONTRACTS (NOTICES) for 19.330 million oz
INITIAL STANDING FOR NOV: 11.575 MILLION OZ
WEDNESDAY: 1.475 MILLION OZ
THURSDAY: 0.250 MILLION OZ
FRIDAY: AN EFP TRANSFER OF 20,000 OZ AND THIS WILL BE SUBTRACTED FROM OUR PREVIOUS TOTAL
MONDAY: ZERO GAIN.
THEN ALL PREVIOUS QUEUE JUMPS OF 8.155 MILLION OZ- 0.02 MILLION EFP TRANSFER.
EQUALS
19.495 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: 29.705 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 0 OZ QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 9.155 MILLION OZ//STANDING REMAINS AT 19.495 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 0.1772 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 19.6545 TONNES TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK ISSUANCE OF 1.3996 TONNES//NEW STANDING ADVANCES TO 36.7956 TONNES OF GOLD.
NEW STANDING FOR GOLD, NOV CONTRACT AT 36.7956 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: 111.13 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 FELL BY A MEGA HUGE SIZED 1458 CONTRACTS OI TO 154,236 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 425 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 LOSS OF 997 CONTRACTS AND ADD TO THE 425 E.FP. ISSUED
WE OBTAIN A HUGE SIZED LOSS OF 572 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR LOSS OF $0.34 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 2,860 MILLION PAPER OZ
OCCURRED WITH OUR LOSS IN PRICE.OF $0.34
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 MONDAY MORNING:
SHANGHAI CLOSED UP 1.87 POINTS OR 0.05%
//Hang Seng CLOSED UP 496.48 PTS OR 1.97%
// Nikkei CLOSED HOLIDAY //Australia’s all ordinaries CLOSED UP 1.34%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.1071/ OFFSHORE CLOSED UP AT 7.1079/ Oil UP TO 57.71 dollars per barrel for WTI and BRENT DOWN TO 62.21 Stocks in Europe OPENED ALL MIXED
ONSHORE USA/ YUAN TRADING UP TO 7.1071 OFFSHORE YUAN TRADING UP TO 7.1079:/ONSHORE YUAN TRADING ABOVE OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
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A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A TINY SIZED SIZED 236 CONTRACTS TO 470,349 OI WITH OUR GAIN IN PRICE OF $18.55 WITH RESPECT TO FRIDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST ZERO NET LONGS, WITH THAT PRICE LOSS FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A STRONG NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (2755). WE HAD ZERO T.A.S. LIQUIDATION FRIDAY.. IT SEEMS THAT THE SPECULATORS WENT AGAIN HUGELY TO THE LONG SIDE WITH OUR FRBNY MOVING TO THE SHORT SIDE AND OTHER CENTRAL BANKERS CONTINUING ON THE LONG SIDE . JUDGING BY THE NOTICES FOR DELIVERY FILED LAST NIGHT AT 175 NOTICES FOR 17,500 OZ (0.5443 TONNES), THE EASTERN CENTRAL BANKERS TOOK EVERYTHING THEY COULD ON OFFER. THE FRBY ENGINEERED ANOTHER SMALL RAID LATE FRIDAY TRYING TO RINSE THESE SPECS AGAIN
WE THUS HAD A TOTAL LOSS IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 2499 CONTRACTS (OR 7.72 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 GAIN ON OUR TWO EXCHANGES OF 2499 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 A FAIR T.A.S ISSUANCE CONTRACTS AS THE 5 CONSECUTIVE MEGA HUGE ISSUANCES HAS ENDED. THE CME NOTIFIES US THAT THEY HAVE ISSUED 1321 T.A.S CONTRACTS. THE 5 CONSECUTIVE MEGA HUGE T.A.S ISSUANCES IN NOVEMBER 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 LAST WEEK FINISHING OFF WITH A MASSIVE HUGE RAID ON GOLD AND SILVER 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 MAJOR RAIDS WHICH ARRIVED ON OUR DOORSTEP EARLY NOV. MONTH AND CARRIED ON IN FULL FORCE TO THIS DAY.
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 0.1772 TONNES/ FOLLOWED BY ALL NOVEMBER QUEUE JUMPS OF 19.6545 TONNES TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK ISSUANCE OF 1.3966 TONNES///NEW STANDING ADVANCES TO 36.7956 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 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 AND THE END OF THE YEAR IS APPROACHING. IT LOOKS LIKE THE FRBNY IS QUITE NERVOUS, MAYBE I AM WRONG. WE MUST WAIT TO SEE THE DATA FROM BIS SWAPS FROM ROBERT LAMBOURNE TO SEE IF THEY WILL BEGIN TO COVER!!
THE FRBNY IS STILL 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 36.7956 TONNES
EXCHANGE FOR PHYSICAL ISSUANCE/NOV//BORROWINGS FROM THE FRBNY:
THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED EXCHANGE FOR PHYSICAL OF 2735 CONTRACTS.
THAT IS A STRONG SIZED 2735 EFP CONTRACT WAS ISSUED: : /DEC 2735 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 2735 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 :
- LITTLE LIQUIDATION OF OUR T.A.S. SPREADERS//FRIDAY + GOVERNMENT LIQUIDATION AND MASSIVE LIQUIDATION LATE THURSDAY /EARLY FRIDAY/
- MONTH END SPREADERS HAVE NOW BEGUN AS IT IS IN FULL FORCE THESE PAST TWO DAYS:COMEX OPTIONS EXPIRY IS TODAY, MONDAY NOV 24//LONDON OTC// LBMA// OPTION EXPIRES NOV 28!!
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 FRIDAY NIGHT// SATURDAY MORNING WAS A LITTLE SMALLER SIZED THAN NORMAL 1321 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR T.A.S. DRIVEN, ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:
- STALLS THE ADVANCE IN PRICE
- LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
THAT SET UP FRIDAY’S GAIN IN PRICE IN GOLD WITH A CORRESPONDING STRONG 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//RECORD 33,000 CONTRACTS REMOVED FRIDAY NOV 21//
- 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 0.1772 TONNES AND FOLLOWED BY ALL OTHER NOV QUEUE JUMPS OF 19.6545 TONNES TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK ISSUANCE FOR 1.3966 TONNES.
/STANDING ADVANCES TO 36.7956 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
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COMEX GOLD TRADING BEGINNING NOVEMBER,. CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $18.55/ /) 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 13,079 CONTRACTS.. BUT AS EXPLAINED ABOVE WE HAD LITTLE T.A.S. SPREADER LIQUIDATION FRIDAY BUT DID HAVE INITIATION OF MONTH END SPREADER LIQUIDATION// COMEX TRADING//.. OTHER EASTERN CENTRAL BANKS TENDERED FOR PHYSICAL FRIDAY NIGHT WHICH EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD STANDING FOR DECEMBER. 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 WERE QUITE NICELY RINSED BY THE FRBNY BANKERS FRIDAY!!
SATURDAY MORNING//FRIDAY 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 FRIDAY EVENING/ SATURDAY 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 0.1772 TONNES WHICH FOLLOWED ALL OTHER NOVEMBER QUEUE JUMPS OF 19.6545 TONNES TO WHICH WE ADD OUR FIRST ISSUANCE OF EXCHANGE FOR RISK OF 1.3966 TONNES..
NEW STANDING ADVANCES TO 36.7956 ONNES OF GOLD.
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $18.55
WE HAD A HUGE 10,580 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 24
NOV CONTRACT MONTH
CME DID NOT PROVIDE INVENTORY CHANGES TONIGHT
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 1 entry i) One entry: out of Brinks 191,523.390 oz total withdrawal 191,523.390 oz or 5.95 tonnnes |
| Deposit to the Dealer Inventory in oz | 1 ENTRIES i) Into Brinks 999.990 oz total deposit 999.99 oz |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER 0 entries xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 175 notice(s) 17,500 OZ 0.5433 TONNES OF GOLD |
| No of oz to be served (notices) | 287 contracts 28,700 OZ 0.8926 TONNES |
| Total monthly oz gold served (contracts) so far this month | 11,093 notices 1,190,300 0z 34.503 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: 1
1 ENTRIES
i) Into Brinks 999.990 oz
total deposit 999.99 oz
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DEPOSITS/CUSTOMER
0 entries
customer withdrawals:
1 ENTRIES
i) One entry:
out of Brinks 191,523.390 oz
total withdrawal 191,523.390 oz
or 5.95 tonnnes
they are draining the comex of gold
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ADJUSTMENTs 2 all dealer to customer
a) HSBC 8179.228 oz
b) Loomis 22,473.549 oz
AMOUNT OF GOLD STANDING FOR NOVEMBER:
THE FRONT MONTH OF NOV STANDS AT 462 CONTRACTS FOR A GAIN OF 36 CONTRACTS.
WE HAD 21 CONTRACTS SERVED ON FRIDAY. SO WE GAINED A FAIR SIZED 57 CONTRACTS FOR 5700 OZ OF GOLD (0.1772 TONNES).
DECEMBER AGAIN LOST A SMALL 28,531 CONTRACTS TO 154,236 CONTRACTS . DECEMBER IS THE NEW FRONT MONTH AND WE ARE GOING TO HAVE A MEGA MEGA DILLY MONTH STANDING FOR DELIVERY FOR GOLD!! WE HAVE 3 MORE READING DAYS BEFORE FIRST DAY NOTICE: TUESDAY WEDNESDAY AND THEN FIRST DAY NOTICE FRIDAY NOV 28.
JANUARY GAINED 301 CONTRACTS UP TO 1758
We had 21 contracts filed for today representing 2100 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 175 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer an 114 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 (11,093 oz ) to which we add the difference between the open interest for the front month of NOV ( 462 CONTRACTS) minus the number of notices served upon today (175 x 100 oz per contract) equals 1,138,000 OZ OR 35.396 Tonnes of gold to which we add our first issuance of exchange for risk for 1.3996 tonnes//new standing advances to 36.7956 tonnes.
thus the INITIAL standings for gold for the NOV contract month: No of notices filed so far (11,093x 100 oz +we add the difference for front month of NOV (462 OI} minus the number of notices served upon today (175)x 100 oz) which equals 1,138,000 OZ OR 35.396 TONNES to which we add our 1.3996 tonnes of exchange for risk//new total of gold standing in November is 36.7956 tonnes
TOTAL COMEX GOLD STANDING FOR NOV..: 36.7956 TONNES TONNES WHICH IS HUGE FOR THIS NORMALLY SMALL NON ACTIVE ACTIVE DELIVERY MONTH OF NOVEMBER
volume FRIDAY confirmed 360,579 contracts EXCELLENT
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COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 1,965,092.854 oz 61.12 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 36,573,657.715 oz
TOTAL REGISTERED GOLD 19,275,531,306 or 598.05 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 17,298,409 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON 17,310,549 oz ((REG GOLD- PLEDGED GOLD)=
538.429 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
SILVER/COMEX
THE NOV. 2025 SILVER CONTRACTS
NOV 24 2025
INITIAL/
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 2 entries i) Out of ASAHI 589,634.400 OZ ii) Out of Delaware 3824.454 oz total withdrawal 593,458.559 oz |
| Deposits to the Dealer Inventory | 0 ENTRY |
| Deposits to the Customer Inventory | one entry i) Into HSBC: 601,090.540 oz total deposit 601,090.540 oz |
| No of oz served today (contracts) | 14 CONTRACT(S) ( 70,000 OZ 0.070 MILLION OZ |
| No of oz to be served (notices) | 47 contracts (0.235MILLION oz) |
| Total monthly oz silver served (contracts) | 3866 Contracts (19.330 MILLION oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
DEPOSITS INTO DEALER ACCOUNTS
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DEPOSIT ENTRIES/CUSTOMER ACCOUNT
1entries
one entry
i) Into HSBC: 601,090.540 oz
total deposit 601,090.540 oz
withdrawals: customer side/eligible
2 entries
i) Out of ASAHI 589,634.400 OZ
ii) Out of Delaware 3824.454 oz
total withdrawal 593,458.559 oz
adjustments: 2 dealer to customeer
a) Brinks 198,662.700 oz
Delaware 78,797.897 oz
comex is in turmoil
TOTAL REGISTERED SILVER: 151.347 MILLION OZ//.TOTAL REG + ELIGIBLE. 460.710 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: 47 OPEN INTEREST CONTRACTS FOR A LOSS OF 0 CONTRACTS. WE HAD 0 NOTICES SERVED ON FRIDAY SO WE GAINED 0 CONTRACTS OR NIL OZ
DECEMBER LOST 5755 CONTRACTS DOWN TO 42,744. THIS IS THE FRONT MONTH FOR SILVER DELIVERIES AND WE WILL HAVE A STRONG STANDING FOR OUR SILVER METAL PROBABLY CLOSE TO 60 MILLION OZ!!
JANUARY GAINED 115 CONTRACTS UP TO 2695 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 14 or 0.070 MILLION oz
CONFIRMED volume; ON FRIDAY 146,306 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 3866 X5,000 oz = 19.330MILLION oz
to which we add the difference between the open interest for the front month of NOV (47) AND the number of notices served upon today (14 )x (5000 oz)
Thus the standings for silver for the NOVEMBER 2025 contract month: (3866) Notices served so far) x 5000 oz + OI for the front month of NOV(47) minus number of notices served upon today (14)x 5000 oz equals silver standing for the NOV.contract month equating to 19.495 MILLION OZ
New total standing: 19.495million 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 151.627 million oz of registered silver
JPMorgan as a percentage of total silver: 199.628/460.710million. 43.26%
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 24/WITH GOLD UP $16.95 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 1.14 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1040.57 TONNES
NOV 21/WITH GOLD UP $18.55 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2.00 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1039.43 TONNES
NOV 20/WITH GOLD DOWN $20.45 TODAY/NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 1041.43 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: 1040.57 TONNES, TONIGHTS TOTAL
SILVER
NOV24/WITH SILVER UP $0.43 TODAY/SMALL CHANGES IN SILVER AT THE SLV: A WITHDRAWAL OF 277,000, OZ OUT OF THE SLV/ :INVENTORY RESTS AT 490.553 MILLION OZ MILLION OZ
NOV21/WITH SILVER DOWN $0.53 TODAY/SMALL CHANGES IN SILVER AT THE SLV: A DEPOSIT OF 635,000 OZ INTO THE SLV/ :INVENTORY RESTS AT 490.190 MILLION OZ MILLION OZ
NOV20/WITH SILVER DOWN $0.53 TODAY/NO CHANGES IN SILVER AT THE SLV: :INVENTORY RESTS AT 489.555 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 490.553 MILLION OZ OF SILVER
PHYSICAL GOLD/SILVER
1/PETER SCHIFF
Peter Schiff debates Michael Saylor on Bitcoin..
important..
Peter Schiff Goes Nuclear On Bitcoin, Saylor And CNBC
by quoth the raven
Saturday, Nov 22, 2025 – 23:07
Submitted by QTR’s Fringe Finance
When I sat down with Peter Schiff, the interview opened exactly the way our conversations always do—me giving him shit. After our last chat, he was upset he didn’t know it was video and he thought he was underdressed. This time, he asked in advance if it was video, I told him yes and he still rolled in straight from the pool. Meanwhile I was in a hoodie like a responsible adult.
Saylor vs. Schiff: The Holy Grail Debate
I told him I’d asked Michael Saylor last year if he’d debate him and Saylor flatly declined. I still think it’s the holy grail of Bitcoin debates and I’d host it tomorrow. Hell, I told Peter I’d donate ten grand to St. Jude’s if Saylor ever agreed.
Peter laughed: “At this point I don’t even want to debate Bitcoin with Saylor. I want to debate him on the premise that his entire company is a fraud.”
He’s challenged Saylor again because they’ll both be in Dubai for Blockchain Week, where Peter is already scheduled to spar with CZ about Bitcoin versus tokenized gold. But he doesn’t think Saylor will ever step on a stage with him.
Schiff Takes Aim At MicroStrategy
We dove into MicroStrategy. Peter could barely contain his contempt for Saylor’s recent claim on TV that the company could pay dividends for seventy years at current Bitcoin prices, or survive a ninety percent Bitcoin crash.
“That’s ridiculous. If Bitcoin goes down ninety percent, the company won’t exist anymore.”
He tore into the preferred stock structures, the paper “income” created by unrealized Bitcoin gains, and the idea of…(WATCH THE FULL 2 HOUR LONG DISCUSSION HERE).
Contributor posts published on Zero Hedge do not necessarily represent the views and opinions of Zero Hedge, and are not selected, edited or screened by Zero Hedge editors.
JOHN RUBINO
jAMES RICKARDS
2. MATHEW PIEPENBURG/VON GREYERZ
ALASDAIR MCLEOD
The UK budget
On Wednesday, UK taxpayers will learn how their government intends to pick their pockets in the next tax year. The economic and political consequences are likely to be brutal.
| Alasdair MacleodNov 23∙Paid |
The chart of the UK’s ultra-long gilt sums up the chancellor’s dilemma when she delivers her budget (officially the Autumn statement) on Wednesday. Not only is the cost of government borrowing remaining stubbornly high, but any competent chart analyst will tell you that it is set to go significantly higher. Already, the Office for Budget Responsibility (OBR) estimates that interest at £111.2bn and 8.3% of total public spending is one of the largest items in annual managed expenditure.
The chart says that will increase significantly, and that the cost of funding an expected gross financing requirement of £271bn in fiscal 2026/2027 (including replacing maturing debt) will be much higher than the OBR’s estimate. Furthermore, the Treasury underwrites the Bank of England’s losses on its QE, which is adding to the pain.
It doesn’t stop there. Elsewhere, we estimate far higher rates of CPI inflation for the US, and unless sterling rises against the dollar this will be replicated in the UK. This matters because one third of the £2.7 trillion government debt is index linked. An unexpected fall in the sterling exchange rate will compound the UK’s debt woes, not least because the foreign buying of gilts which will be necessary to fund total borrowing will be scared off, becoming sellers instead.
In short, unless the chancellor can pull a blinder of some sort and get away with it, a funding crisis is set to develop following the Autumn statement.
As the chart below shows, UK gilt yields are the highest of the major nations, indicating that on a relative basis UK finances are already in a weak position.
What will be required to stabilise borrowing costs are significant cuts in government spending rather than tax increases. But the parliamentary Labour Party has ruled that out, and the only growth area is in government spending at the private sector’s expense. The chancellor has no room for manoeuvre, and the result will almost certainly be a dog’s breakfast of compromises based on false assumptions.
She has a treasury ministry staffed by bean counters. But with the US and Japan suddenly signalling reflation, a balanced UK budget in the next fiscal year would appear to be out of kilter. By imposing higher taxes on taxpayers when the signals from elsewhere are shouting “global recession”, the outlook for the UK economy risks rapidly deteriorating and tax income fall short while welfare costs rise.
The only thing that hasn’t happened yet is a sterling crisis. But the pound appears to have topped out even against a weak dollar, which on the chart alone points to an initial drop to $1.20, ensuring that higher consumer price inflation for the UK compared with other nations will be the outcome.
The dangers to gilts are real, and sterling looks set to tumble as well. According to the Bank of England, fully one third of gilts are held by foreigners. They are likely to turn sellers once the budget detail is known, fuelling higher gilt yields and lower sterling.
Furthermore, there is a post-budget political dimension, with a prime minister clearly unable to manage a fractious cabinet and a chancellor out of her depth. Unless she is replaced as soon as decently possible, the prime minister himself is likely to face an attempted coup by his cabinet colleagues.
Normally, one would expect government incompetence to be replaced by something better. But it is likely that the Starmer/Reeve replacements will be more socialistic, more left wing. For the fact of the matter is that the parliamentary Labour Party is in charge of the government, not permitting any welfare or ministerial cuts.
Ahead of this budget, an anxious calm has prevailed. Afterwards, it looks like being a radically different story, with a funding and sterling crisis ready to be let loose.
END
BHP Scraps Anglo Takeover Attempt (Again) – UBS Raises Question: What’s Next?
Monday, Nov 24, 2025 – 06:55 AM
The world’s largest global diversified miner, BHP Group, has abandoned a renewed takeover approach for Anglo American, ending a brief effort to disrupt Anglo’s planned $60-billion merger with Canada’s Teck Resources.
BHP confirmed earlier that it had held preliminary discussions with Anglo, but said it was now “no longer considering a combination of the two companies” and would focus on its existing portfolio, according to a Bloomberg report.
On Sunday, the outlet reported:
The regulatory statement followed a Bloomberg News report on Sunday that BHP — which had already failed in a bid for Anglo last year — made a new overture in recent days. Anglo rejected that new approach, according to people familiar with the situation, having reviewed the proposal and decided that it was not superior to the combination with Teck. The people asked not to be named as the discussions were private.
BHP’s renewed interest in Anglo highlights mining-sector activity centered on copper, where supply is tightening and demand is set to surge amid global electrification and artificial intelligence trends.
The timing is notable: the takeover approach occurred just weeks before Anglo and Teck shareholders are set to vote on their $60-billion copper merger.
UBS Analyst Myles Allsop told clients earlier that BHP had exhibited discipline by walking away from Anglo for the second time after a cash and stock approach was rejected, even though “it would create significant value for all stakeholders.”
“BHP now can’t re-bid for 6 months, by which point the Anglo-Teck merger will likely be done,” UBS analyst Dominic Ellis noted, adding that “UBS Research still sees compelling upside for Anglo-Teck, and thinks it could trade at £33-49 per share on a copper price of $5-6/lb and an EV/EBITDAQ multiple of 8-9.5x, in line with copper pure plays.”
Ellis asked: “The key question from here will be whether BHP is now firmly focused on the organic opportunity, or whether it will be looking at Anglo alternatives.”
3.CHRIS POWELL, Secretary/Treasurer//GATA DISPATCHES
Barrick Mining and Mali agree in principle to resolve dispute over gold mine
Submitted by admin on Sat, 2025-11-22 10:04 Section: Daily Dispatches
By Divya Rajagopal and Portia Crowe
Reuters
Friday, November 21, 2025
Barrick Mining and Mali’s government have reached an oral agreement in principle to resolve their dispute over the Loulo-Gounkoto gold mining complex, two sources familiar with the situation told Reuters today.
No agreement has yet been signed, the sources said.
A spokesperson for Barrick Mining did not immediately respond to a request for comment. A spokesperson for Mali’s mines ministry said negotiations were progressing well but did not provide further details.
The two sides have been in a dispute since 2023 over the implementation of a new Mali mining code that raises taxes and gives the government a greater share of gold mines. …
… For the remainder of the report:
end
Mike Maharrey: Real money works everywhere, as Islamic silver did in the Viking world
Submitted by admin on Fri, 2025-11-21 16:31 Section: Daily Dispatches
By Mike Maharrey
Money Metals Exchange, Eagle, Idaho
Friday, November 21, 2025
If I travel to another country, I’ll generally need to make a currency exchange before I can go shopping. I’ll have to swap my dollars for euros if I’m in Europe, or for yuan if I’m in China, or perhaps for lira if I’m in Turkey.
However, in ancient times, a currency exchange wasn’t necessary because the money had intrinsic value that was recognized worldwide.
The amount of Islamic silver that found its way into Scandinavia attests to the portability of money in the ancient world.
In 1844 a farmer discovered a large trove of silver in a field. A Viking likely buried the treasure. It included jewelry along with a large number of silver coins with Arabic inscriptions. …
… For the remainder of the commentary:
end
Stuart Englert: Government secrecy prevails over gold transparency
Submitted by admin on Fri, 2025-11-21 09:59 Section: Daily Dispatches
By Stuart Englert
StuartEnglert.substack.com
Friday, November 21, 2025
When it comes to U.S. gold reserves, secrecy prevails over transparency.
Attempts to authorize a comprehensive, independent audit of the nation’s gold reserves have proven elusive and futile for decades.
The last two prominent audits, conducted 72 and 51 years ago, respectively, were far from thorough or free of government influence.
The 1953 gold audit was commissioned by Treasury Secretary George M. Humphrey shortly after President Dwight D. Eisenhower took office.
While often cited as an independent undertaking supervised by representatives of the presumably nonpartisan General Accounting Office, the audit’s Treasury-appointed advisory committee was composed of three bankers and a Federal Reserve board member, who undoubtedly had personal and political opinions about gold. …
… For the remainder of the commentary:
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS /249 AND TODAY;S 250
DAVE KRANZLER
ASIA RESULTS;
SHANGHAI CLOSED UP 1.87 POINTS OR 0.05%
//Hang Seng CLOSED UP 496.48 PTS OR 1.97%
// Nikkei CLOSED HOLIDAY //Australia’s all ordinaries CLOSED UP 1.34%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.1071/ OFFSHORE CLOSED UP AT 7.1079/ Oil UP TO 57.71 dollars per barrel for WTI and BRENT DOWN TO 62.21 Stocks in Europe OPENED ALL MIXED
ONSHORE USA/ YUAN TRADING UP TO 7.1071 OFFSHORE YUAN TRADING UP TO 7.1079:/ONSHORE YUAN TRADING ABOVE OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS MONDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP AT 7.1071
OFFSHORE YUAN: UP TO 7.1079
HANG SENG CLOSED UP 496.48 PTS OR 1.97%
2. Nikkei closed HOLIDAY
3. Europe stocks SO FAR: ALL MIXED
USA dollar INDEX UP TO 100.03 – EURO RISES TO 1.1579 UP 28 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +1.781 // 4 BASIS PTS//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 156.72…… 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: 3.323 UP 2 FULL BASIS PTS.
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP/JAPANESE Yen UP CHINESE ONSHORE YUAN: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR UP this morning
3h European bond buying continues to push yields LOWERER on all fronts in the EMU. German 10yr bund YIELD UP TO +2.6932/ Italian 10 Yr bond yield UP to 3.451 SPAIN 10 YR BOND YIELD UP TO 3.203
3i Greek 10 year bond yield UP TO 3.329
3j Gold at $4067.50 Silver at: 50.15 1 am est) SILVER NEXT RESISTANCE LEVEL AT $54.00//AFTER 50.00
3k USA vs Russian rouble;// Russian rouble UP 0 AND 33/100 roubles/dollar; ROUBLE AT 78.76
3m oil (WTI) into the 57 dollar handle for WTI and 62 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 156.73 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.781% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.3306 DOWN 4 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.8065 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9307 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: 4.047 DOWN 2 BASIS PTS…
USA 30 YR BOND YIELD: 4.691 DOWN 2 BASIS PTS/
USA 2 YR BOND YIELD: 3.510 DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 42.44 DOWN 1 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.5370 DOWN 1 PTS
30 YR UK BOND YIELD: 5.352 DOWN 2 BASIS PTS
10 YR CANADA BOND YIELD: 3.203 DOWN 2 BASIS PTS
5 YR CANADA BOND YIELD: 2.773 DOWN 2 BASIS PTS.
a New York OPENING REPORT
b) European opening report
Geopolitical progress weighs on energy, US equity futures are mixed & DXY modestly lower – Newsquawk US Market Open
Monday, Nov 24, 2025 – 06:18 AM
- US Secretary of State Rubio said good progress had been made re. Ukraine, and none of the outstanding issues are insurmountable.
- European bourses opened stronger, but sentiment has waned a touch in recent trade; US equity futures are mixed.
- DXY is marginally subdued, EUR gains a touch amidst geopolitical progress whilst the JPY lags.
- Lacklustre trade across fixed income with USTs flat whilst Bunds are firmer by a handful of ticks.
- Oil complex has been pressured by progress on Ukrainian peace talks, XAU trades rangebound.
- Looking ahead, highlights include US National Activity Index (Oct), Dallas Fed Manufacturing Index (Nov), Speakers including ECB’s Cipollone, Elderson & Lagarde, Supply from the US.
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TARIFFS/TRADE
- White House is reportedly preparing a tariff fallback ahead of the court ruling, according to Bloomberg.
- US President Trump’s team was reported on Friday to internally float selling NVIDIA (NVDA) H200 chips to China, according to sources cited by Bloomberg. Trump’s team held internal talks about H200 chip shipments to China in recent days, although the sources stressed no final decision has been made, and it’s entirely possible that the idea remains an internal debate and never results in actual license approvals, which are required under export controls that Washington first imposed in 2022.
- EU plans to tighten foreign investment rules to prevent Chinese firms benefiting from the open market without contributing to local workers or tech transfer, according to FT.
- China welcomed more Italian companies to enter the Chinese market and hopes Italy will provide a fair, transparent, and non-discriminatory business environment for Chinese investment in Italy, according to Xinhua.
- Canadian PM Carney and German Chancellor Merz discussed partnerships in critical minerals, clean energy, AI, aerospace, energy and defence, while Carney also met with French President Macron, and it was stated that the leaders remained focused on key global priorities such as critical minerals, clean energy and AI. Furthermore, Carney said that he and Indian PM Modi launched negotiations for a trade deal that could more than double their trade to USD 70bln and separately commented that they are intensifying free trade negotiations with Mercosur.
- UK abolished its “de minimis” rules, which exclude cheap imports below GBP 135 from paying tariffs, according to a report on Friday by Sky News.
- EU Trade Commissioner Sefcovic says there have been productive talks with US Commerce Secretary Lutnick and USTR Greer in the last two days, adds that there is more work to be done on steel talks with the US. Will discuss critical and raw materials with the US. On EU-India trade, he hopes to travel to India again soon.
EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 +0.2%) opened stronger across the board, following on from a mostly firmer APAC session and as markets digested the latest geopolitical progress between Ukraine and Russia, whereby US Sec of State Rubio suggested “tremendous progress” has been made. However, as the morning progressed, a hefty bout of pressure took indices to session lows to now display a mixed picture in Europe – a move which lacked catalysts.
- European sectors opened with a clear cyclical bias. Autos, Travel & Leisure and Basic Resources lead whilst Energy underperforms as the oil complex remains pressure amidst the constructive geopolitical environment; a factor which has led to downside across Defence names, with the likes of Rheinmetall (-2%) on the backfoot.
- US equity futures (ES +0.1% NQ +0.3% RTY U/C) are mixed, with the NQ leading after the Tech sector outperformed in Asia overnight. Quiet newsflow from a US perspective, and with only some Tier 2 datapoints scheduled for today.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
FX
- DXY is a little lower today and trades within a thin 100.08 to 100.29 range. Newsflow has been relatively quiet for the index this morning, but may pick-up later this week as Fed speak and the Fed’s Beige Book will give further insight on the health of the economy.
- EUR/USD has picked up a touch since the European cash open, and has recently made a peak of 1.1540 vs the session low of 1.1503. No clear catalyst for the move itself, but potentially as markets digest the latest bout of geopolitical updates between Russia and Ukraine. Elsewhere, no move after a subdued German Ifo set, which saw Expectations slip below the lower end of analyst expectations.
- Muted price action also in GBP/USD, currently within a narrow 1.3086-1.3111 range. Price action this morning has been sideways, with newsflow light and as traders count down their clocks to Wednesday’s UK Budget. Sky News recently outlined that the UK’s OBR will reportedly say that growth is lower in 2026 and every Parliament year in the Budget. Pertinently, the Treasury hopes to surprise with bigger than expected headroom, an outcome that would be welcome by markets; as a reminder, consensus is in a broad GBP 10-20bln+ range for headroom, vs the GBP 9.9bln Reeves had last time.
- JPY is the underperformer today, likely thanks to the broader risk-tone, but with Japanese participants also away on holiday. Currently towards the upper end of a 156.43 to 156.93 range. Weekend newsflow has been light aside from commentary via Japanese government panel member, who suggested that PM Takaichi is open to JPY intervention. A report which has seemingly been shrugged off by markets, as the JPY continues to weaken.
- Antipodeans are mildly lower vs the Dollar, with no real catalysts driving things for the moment; focus remains on the RBNZ announcement on Wednesday, where a 25bps cut is widely expected.
- Barclays FX month-end rebalancing: strong USD buying against all majors.
- Click for NY OpEx Details
FIXED INCOME
- Bond price action is lacklustre this morning. Overnight action was subdued as Japanese participants were away for holiday, and the European morning has lacked material newsflow to shift sentiment.
- USTs are trading rangebound in a tight 113-05+ to 113-09 range. Trade updates this morning have been non-incremental, with some focus on a Bloomberg piece suggesting that the White House is preparing a tariff fallback ahead of the court ruling. The rest of the day is fairly light, aside from some Tier 2 US data – more focus will be on the coming days, where markets will get more Fed speak, Retail Sales, Weekly Claims and the Beige Book.
- Bunds are firmer by a handful of ticks, but ultimately following the above and trades within a 128.81 to 129.00 range. This morning German paper saw a slight pick-up and attempted (but failed) to lift above the 129.00 mark, alongside pressure in WTI and Brent (spurred on by geopol progress). Thereafter, some sideways trade before then catching another slight bid, as the European risk tone slipped off best levels. Elsewhere, no move to a subdued German Ifo survey, which saw New Expectations slip below the most pessimistic of analyst expectations.
- Gilts opened higher by three ticks and now flat, echoing the bias in core peers. A lot of final weekend press reporting around the budget, the main developments focused on pensions. Earlier, Sky News reported that the OBR is set to lower the growth view for every parliamentary year, Chancellor Reeves reportedly to argue this is not due to the government (reminder, Reeves recently identified Brexit as the structural factor behind the challenging UK environment). Furthermore, the Treasury is said to be looking to surprise with bigger than expected headroom, an outcome that would be welcome by markets; as a reminder, consensus is in a broad GBP 10-20bln+ range for headroom, vs the GBP 9.9bln Reeves had last time.
- BTPs are firmer by 22 ticks at most, notching a 121.05 peak. Following Moody’s upgrading Italy to Baa3 (prev. Baa2), Outlook Stable (prev. Positive) on Friday.
- OATs are firmer, but only modestly so, awaiting fiscal updates. On Friday, the Revenue section of the budget bill failed in the National Assembly. As such, the text now goes to the Senate and Parliament has until the 23rd of December to deliberate it. Now, attention turns to the Social Security Financing Bill, a joint committee set to rule on it on Wednesday before it then (if it passes) goes to the National Assembly and then Senate for approval. Politico sources report a “one in three chance” that the joint committee would approve it. Unsurprisingly, pension reform is the sticking point.
- German Finance Agency’s Diemer says 2026 issuance is likely to exceed EUR 500bln, via Econostream. Adds: Same issuance structure in 2026 but with higher volumes. Higher term premia will be considered in determining the 2026 maturity profile. Confident that no mid-year revisions to issuance plans will be necessary. Will continue to use syndications in 2026 but will focus on longer maturities. Says that they see only very isolated structural demand for ultra long bonds, will not launch a strategic market presence there for the foreseeable future. Issuance in foreign currencies is not currently planned.
COMMODITIES
- WTI and Brent were initially rangebound, but saw negative downticks at the start of the European sessions, and then extended on that pressure taking the complex down to fresh session lows. Brent Feb’26 made a trough of US 61.34/bbl vs peak of USD 62.18/bbl. Downside today has been facilitated by the positive mood music via US Secretary of State Rubio, who suggested a meeting with Ukrainian officials had led to “tremendous progress”.
- Dutch TTF Dec’25 has taken a hit following the talks in Geneva, trading below EUR 30/MWh for the first time since May 2024. After opening at EUR 30.06/MWh, Dutch TTF has faltered and remains near session lows at EUR 29.20/MWh.
- Spot XAU fell to a trough of USD 4040/oz at the start of the APAC session following the positive risk tone from the Geneva talks. However, XAU has turned around and is currently trading just shy of session highs at USD 4078/oz, benefitting in part from the risk tone souring a touch after the European open. Note, XAU in a thin sub-40/oz band.
- 3M LME Copper oscillated in a tight USD 10.77k-10.81k/t band to start the European session but briefly dipped to a trough of USD 10.75k/t as global equities pulled back from best, despite a lack of specific newsflow.
- A majority Chinese-owned plant at Indonesia’s most important nickel site is cutting back production due to its tailing site being nearly full, according to Bloomberg citing sources
NOTABLE DATA RECAP
- German Ifo Expectations New (Nov) 90.6 vs. Exp. 91.5 (Prev. 91.6); Ifo Current Conditions New (Nov) 85.6 vs. Exp. 85.5 (Prev. 85.3); Ifo Business Climate New (Nov) 88.1 vs. Exp. 88.5 (Prev. 88.4)
NOTABLE EUROPEAN HEADLINES
NOTABLE HEADLINES
- UK Chancellor Reeves is expected to further protect those on the national minimum wage at the Budget, according to the UK Treasury. It was also reported that Reeves will freeze rail fares in a cost-of-living push and the US is to extend EV subsidies to blunt the tax increase in the Budget, according to Bloomberg.
- UK Budget’s pensions tax raid to raise over GBP 3bln, while the expected move by Chancellor Reeves in the week ahead faces strong pushback from businesses, while she is preparing to lift the two-child benefit cap in the Budget, according to FT.
- UK and Indonesia agreed on a GBP 4bln maritime deal securing 1,000 jobs in the UK.
- ECB President Lagarde warned against viewing monetary policy as a solution to debt problems, implicitly rejecting recent suggestions from France’s far-right party that the ECB should relaunch large-scale asset purchases, according to Bloomberg.
- Moody’s affirmed the UK at Aa3; Outlook Stable, while it raised Italy’s sovereign rating by one notch from Baa3 to Baa2; Outlook Revised to Stable from Positive.
- UK’s OBR will reportedly say that growth is lower in 2026 and every Parliament year in the Budget, via Sky News; Chancellor Reeves will argue that government decisions are not responsible. Treasury hopes to surprise with bigger than expected headroom.
NOTABLE US HEADLINES
- US President Trump is expected to announce as early as Monday a general framework to address healthcare costs, proposed legislation would eliminate zero premium subsidies currently offered under the ACA, according to MS NOW. It was later reported that US President Trump is to sign an executive order on Monday at 16:00EST/21:00GMT.
- US President Trump said there is massive crime and rioting in the Chicago loop area, following an incident where 7 people were shot on Friday.
- US Treasury Secretary Bessent said they are seeing prices get better and will see an announcement this week on healthcare costs, while he added that inflation is up because of services, not imported goods. Bessent said he expects some prices to come down in weeks and others in months. Furthermore, he said that Republicans should end the filibuster if Democrats close the government again, while he noted the government shutdown caused a USD 11bln permanent hit to US GDP.
- US President Trump’s Department of Government Efficiency has disbanded with eight months left to its mandate.
- US Appeals Court rejected the Trump administration’s bid to expand rapid deportations.
- Texas officials asked the US Supreme Court to allow a pro-Republican electoral map that a lower court blocked.
- JPMorgan Chase (JPM), Citi (C) and Morgan Stanley (MS) are among those that have been notified by SitusAMC that their client data may have been taken, according to NYT.
GEOPOLITICS
- Israel’s military said it killed a Hamas commander in Gaza City, while the Israeli military confirmed that Hezbollah military leader Ali Tabtabai was killed in an Israeli strike in southern Beirut.
- Canadian PM Carney and German Chancellor Merz discussed the situation in the Middle East and noted their support for the comprehensive peace plan to end the war in Gaza, while they reaffirmed support for Ukraine and underscored that any settlement must include Ukraine’s involvement.
RUSSIA-UKRAINE
- Ukrainian President Zelensky said they are grateful for all efforts by US President Trump and the US to end the war. Zelensky said they also thank Europe, the G7 and the G20 for helping them protect lives, while they are working on every point and every step to achieve peace. Zelensky also commented that there are signals that the US team is hearing them.
- US President Trump said ‘no’ when asked if his offer is the final one for Ukraine. Trump separately commented that the Ukrainian leadership has expressed zero gratitude for our efforts and that Europe continues to buy oil from Russia.
- US Secretary of State Rubio said we’ve had the most productive and meaningful meeting so far and made good progress. Rubio said there is still some work left to do, and their teams will revert on Sunday night with more updates, while Rubio added this will have to be signed off by their presidents, but he is comfortable about that. Rubio later commented that they made a tremendous amount of progress and have a foundational document, while they were able to narrow down the points of the plan, but added that work remains to be done. Furthermore, he said they are much further ahead than when they began on Sunday morning and noted there are some outstanding issues involving the role of the EU and NATO, but stated that none of the outstanding issues are insurmountable.
- US official said that talks between US and Ukrainian officials so far have been productive and even conclusive in some areas, while it was also reported that US and Ukrainian officials were discussing a possible trip by Ukrainian President Zelensky to Washington to discuss the peace plan, possibly this week, according to sources cited by Reuters.
- European leaders’ summit on Ukraine stated that they believe the US 28-point peace plan required additional work and they are concerned by proposed limitations on Ukraine’s armed forces, while they are clear on the principle that Ukraine’s borders must not be changed by force.
- European counterproposal to the US’s Ukraine peace plan proposes that the Ukrainian military be capped at 800,000 in peacetime and stated that Ukraine joining NATO depends on the consensus of NATO members, which does not exist, while NATO agrees not to permanently station troops under its command in Ukraine in peacetime. The counterproposal also stated that NATO jets will be stationed in Poland and Ukraine will receive a US guarantee that mirrors NATO’s Article 5, as well as noted that Ukraine will be compensated financially, including through Russian sovereign assets that will remain frozen until Russia compensates for damage to Ukraine. Furthermore, Ukraine commits not to recover its occupied sovereign territory through military means, while negotiations on territorial swaps will start from the line of contact, and Ukraine will hold elections as soon as possible after the signing of the peace agreement.
- White House readout stated there was an extensive and productive meeting with the Ukrainian delegation, while it added that the Ukrainian delegation affirmed all of their principal concerns and believes the current draft reflects their national interests. Furthermore, it stated Ukrainians underscored that the strengthened security guarantee architecture meaningfully addresses their core strategic requirements and they agreed to continue consultations as the agreements move toward final refinement.
- Nordic-Baltic Eight Leaders’ joint statement noted that they spoke with Ukrainian President Zelensky and stated that Russia has so far not committed to a ceasefire or any steps leading to peace, while they will continue to arm Ukraine and strengthen Europe’s defence to deter further Russian aggression.
- Russia’s Ryabkov said regarding chances of another Trump-Putin meeting that the issue is on the agenda and nothing can be ruled out, while he added that progress in building dialogue between Russia and the US is impressive and that contacts are yielding results.
- Russia’s Defence Ministry said Russian forces took control of Petrivske in Ukraine’s Donetsk and took control of the Tikhe and Odradne regions in eastern Ukraine, according to TASS. It was also reported that Russian forces captured Nove Zaporizhzhia and Zvanivka in eastern Ukraine, according to RIA.
- Ukrainian drones struck a heat and electricity station in Moscow region’s Shatura, which caused a fire.
RUSSIA/UKRAINE UPDATES THIS MORNING
- Ukraine’s Parliamentary speaker announces a series of Ukraine’s red lines in negotiations in regards to the peace agreement between Russia and Ukraine.
- Russia’s Kremlin says no official information has been received from the Geneva talks and no meeting has been planned between Russia and the US this week.
OTHER
- Chinese Foreign Minister Wang said China urges Japan to reflect on and correct mistakes as soon as possible and not become obsessed, while he added that Japan’s leader sent a wrong signal of trying to intervene in the Taiwan issue by force and crossed the red line that should not be touched. Wang also said that if Japan continues down this path, countries have the right to re-examine Japan’s historical crimes. It was separately reported that a senior Japanese government spokeswoman said China’s claim that Japan has altered its position is entirely baseless, while Japanese Defence Minister Koizumi said during a visit to the island of Yonaguni in Okinawa that Japan is on track to deploy missiles to the island, which is near Taiwan.
- US is poised to start a new phase of Venezuela-related operations and is weighing options, including to overthrow Venezuela’s government, while covert operations are expected to come first, according to officials cited by Reuters.- Armed bandits kidnapped more than 300 students from a Catholic school in Nigeria on Friday, while it was reported on Sunday that fifty of the kidnapped students have escaped.
- White House said South Africa is refusing to facilitate a smooth transition of the G20 presidency and has weaponised its G20 presidency to undermine the G20’s founding principles.
CRYPTO
- Bitcoin is a little lower and trades just shy of USD 86k whilst Ethereum holds around USD 2.8k.
APAC TRADE
- APAC stocks were mostly positive following last Friday’s advances on Wall St, where sentiment was lifted as dovish comments from Fed’s Williams rekindled December rate cut hopes, while ‘tremendous’ progress was said to have been made during Ukraine peace talks in Geneva on Sunday, although conditions were quiet amid a sparse overnight calendar and with Japanese markets closed for Labor Day.
- ASX 200 rallied at the open with outperformance in tech and industrials front running the advances, while there were also some M&A related headlines with Qube surging to a record high on Macquarie Asset Management’s fresh AUD 11.6bln takeover proposal. Conversely, BHP shares were indecisive and eventually trickled lower after it was reported to have made a renewed approach for Anglo American, which was rejected, prompting BHP to abandon its pursuit again.
- Hang Seng and Shanghai Comp Chinese markets are mixed with gains led by tech strength, although semiconductor names are pressured, including SMIC, following a report on Friday that US President Trump’s team was internally floating selling NVIDIA H200 chips to China.
NOTABLE ASIA-PAC HEADLINES
- BoJ board member Masu said on Friday that the BoJ is ‘close’ to the decision to raise rates but can’t say which month. Masu stated it is not good for real interest rates to be deeply negative and that Japan’s policy rate is lower than the neutral rate, which he strongly believes they need to change quickly, while he said they won’t wait until after the Spring wage talks to end in raising rates.
- Japan is said to be open to intervening in the currency market “to mitigate the side effects of a weak yen,” according to a government panel member.
- New Zealand PM Luxon vowed to increase the pension saving scheme, according to Bloomberg.
c) Asian opening report
Peace talks with Russia and Ukraine advances; European equity futures higher following Wall St and APAC performance – Newsquawk Europe Market Open
Monday, Nov 24, 2025 – 01:40 AM
- APAC stocks mostly firmer following the Wall St. handover, though China was mixed amid reports of Trump selling NVIDIA chips to China.
- Fed’s Collins says she has not made up her mind on December. Treasury Secretary Bessent said prices are getting better.
- DXY contained, EUR/USD bounced from 1.15, Cable rangebound, USD/JPY firmer but limited in holiday trade.
- USTs and Bunds contained after the moves seen on Friday; Crude is uneventful, XAU continues to fade.
- US’ Rubio said good progress had been made re. Ukraine, and none of the outstanding issues are insurmountable.
- Looking ahead, highlights include German Ifo (Nov), US National Activity Index (Oct), Dallas Fed Manufacturing Index (Nov), Speakers including ECB’s Cipollone, Elderson & Lagarde, Supply from the US.
- 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 rebounded on Friday and were largely supported by surprisingly dovish comments from Fed’s Williams, who said that in his view, the Fed can still cut rates in the near term given current policy is modestly restrictive. The comment helped lift stocks and bonds with a dovish repricing in Fed money markets which saw as much as a 62% chance of a 25bps cut, but pared back a couple of bps after the BLS announced the Oct. CPI is cancelled and November CPI will be released after the December FOMC meeting, meaning the Fed will not have access to inflation or labour market data until after the confab.
- SPX +0.98% at 6,603, NDX +0.77% at 24,240, DJI +1.08% at 46,245, RUT +2.80% at 2,370.
- Click here for a detailed summary.
TARIFFS/TRADE
- White House is reportedly preparing a tariff fallback ahead of the court ruling, according to Bloomberg.
- US President Trump’s team was reported on Friday to internally float selling NVIDIA (NVDA) H200 chips to China, according to sources cited by Bloomberg. Trump’s team held internal talks about H200 chip shipments to China in recent days, although the sources stressed no final decision has been made, and it’s entirely possible that the idea remains an internal debate and never results in actual license approvals, which are required under export controls that Washington first imposed in 2022.
- EU plans to tighten foreign investment rules to prevent Chinese firms benefiting from the open market without contributing to local workers or tech transfer, according to FT.
- China welcomed more Italian companies to enter the Chinese market and hopes Italy will provide a fair, transparent, and non-discriminatory business environment for Chinese investment in Italy, according to Xinhua.
- Canadian PM Carney and German Chancellor Merz discussed partnerships in critical minerals, clean energy, AI, aerospace, energy and defence, while Carney also met with French President Macron, and it was stated that the leaders remained focused on key global priorities such as critical minerals, clean energy and AI. Furthermore, Carney said that he and Indian PM Modi launched negotiations for a trade deal that could more than double their trade to USD 70bln and separately commented that they are intensifying free trade negotiations with Mercosur.
- UK abolished its “de minimis” rules, which exclude cheap imports below GBP 135 from paying tariffs, according to a report on Friday by Sky News.
NOTABLE HEADLINES
- Fed’s Collins (2025 voter) said she has not made up her mind about the December rate decision and still sees reasons to be hesitant about a cut, while she added that financial conditions are a tailwind for the economy and that the Fed’s mildly restrictive policy is appropriate.
- US President Trump is expected to announce as early as Monday a general framework to address healthcare costs, proposed legislation would eliminate zero premium subsidies currently offered under the ACA, according to MS NOW. It was later reported that US President Trump is to sign an executive order on Monday at 16:00EST/21:00GMT.
- US President Trump said there is massive crime and rioting in the Chicago loop area, following an incident where 7 people were shot on Friday.
- US Treasury Secretary Bessent said they are seeing prices get better and will see an announcement this week on healthcare costs, while he added that inflation is up because of services, not imported goods. Bessent said he expects some prices to come down in weeks and others in months. Furthermore, he said that Republicans should end the filibuster if Democrats close the government again, while he noted the government shutdown caused a USD 11bln permanent hit to US GDP.
- US President Trump’s Department of Government Efficiency has disbanded with eight months left to its mandate.
- US Appeals Court rejected the Trump administration’s bid to expand rapid deportations.
- Texas officials asked the US Supreme Court to allow a pro-Republican electoral map that a lower court blocked.
- JPMorgan Chase (JPM), Citi (C) and Morgan Stanley (MS) are among those that have been notified by SitusAMC that their client data may have been taken, according to NYT.
APAC TRADE
EQUITIES
- APAC stocks were mostly positive following last Friday’s advances on Wall St, where sentiment was lifted as dovish comments from Fed’s Williams rekindled December rate cut hopes, while ‘tremendous’ progress was said to have been made during Ukraine peace talks in Geneva on Sunday, although conditions were quiet amid a sparse overnight calendar and with Japanese markets closed for Labor Day.
- ASX 200 rallied at the open with outperformance in tech and industrials front running the advances, while there were also some M&A related headlines with Qube surging to a record high on Macquarie Asset Management’s fresh AUD 11.6bln takeover proposal. Conversely, BHP shares were indecisive and eventually trickled lower after it was reported to have made a renewed approach for Anglo American, which was rejected, prompting BHP to abandon its pursuit again.
- Hang Seng and Shanghai Comp Chinese markets are mixed with gains led by tech strength, although semiconductor names are pressured, including SMIC, following a report on Friday that US President Trump’s team was internally floating selling NVIDIA H200 chips to China.
- US equity futures extended on Friday’s gains with the help of trade and geopolitical optimism, as well as rate cut hopes.
- European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.9% after the cash market closed with losses of 1.0% on Friday.
FX
- DXY traded little changed amid the lack of major catalysts stateside and as the dovish rhetoric last Friday from Fed’s Williams was offset by remarks from Fed’s Collins, who said she has not made up her mind about the December rate decision and still sees reasons to be hesitant about a cut, as well as noted that the Fed’s mildly restrictive policy is appropriate.
- EUR/USD returned to flat territory after bouncing off a floor near the 1.1500 level ahead of several ECB speakers.
- GBP/USD price action was kept within tight parameters as the pair eyed a retest of the 1.3100 level to the upside, while the focus in the UK this week is on Chancellor Reeves’s Budget announcement due on Wednesday.
- USD/JPY marginally edged higher alongside the mostly positive risk appetite in Asia-Pac, but with further upside contained amid the absence of Japanese participants for a holiday.
- Antipodeans were rangebound with NZD slightly lagging against its trans-Tasman counterpart ahead of a widely expected 25bps rate cut by the RBNZ at its meeting on Wednesday.
- PBoC set USD/CNY mid-point at 7.0847 vs exp. 7.1162 (Prev. 7.0875).
- SNB President Schlegel said uncertainty is poison for the economy and that 15% tariffs are better than 39% for Switzerland, while he added that Switzerland still has a lot of gold on an international basis.
FIXED INCOME
- 10yr UST futures took a breather and held onto last Friday’s gains after dovish comments by Fed’s Williams stoked Fed rate cut hopes, while price action was contained with overnight cash treasuries trade shut due to Labor Day in Japan.
- Bund futures traded little changed ahead of German Ifo data and several ECB speakers, while ECB’s Lagarde pushed back against recent suggestions that the ECB should relaunch large-scale asset purchases, in which she stated that monetary policy cannot solve debt problems.
COMMODITIES
- Crude futures were uneventful with price action contained amid a lack of major energy-related newsflow and following Ukraine peace talks in Geneva on Sunday, which US Secretary of State Rubio said made tremendous progress.
- World oil majors are returning to Libya as they hunt for new energy reserves and with Tripoli launching its first exploration auction in 18 years, according to FT.
- Spot gold continued its retreat from resistance at the USD 4,100/oz level with demand sapped amid the mostly positive risk appetite in the Asia-Pac region.
- Copper futures traded rangebound near the USD 5.00/lb level following last Friday’s risk-fuelled rebound.
CRYPTO
- Bitcoin was choppy overnight and traded on both sides of the USD 87k level.
NOTABLE ASIA-PAC HEADLINES
- BoJ board member Masu said on Friday that the BoJ is ‘close’ to the decision to raise rates but can’t say which month. Masu stated it is not good for real interest rates to be deeply negative and that Japan’s policy rate is lower than the neutral rate, which he strongly believes they need to change quickly, while he said they won’t wait until after the Spring wage talks to end in raising rates.
- Japan is said to be open to intervening in the currency market “to mitigate the side effects of a weak yen,” according to a government panel member.
- New Zealand PM Luxon vowed to increase the pension saving scheme, according to Bloomberg.
GEOPOLITICS
MIDDLE EAST
- Israel’s military said it killed a Hamas commander in Gaza City, while the Israeli military confirmed that Hezbollah military leader Ali Tabtabai was killed in an Israeli strike in southern Beirut.
- Canadian PM Carney and German Chancellor Merz discussed the situation in the Middle East and noted their support for the comprehensive peace plan to end the war in Gaza, while they reaffirmed support for Ukraine and underscored that any settlement must include Ukraine’s involvement.
RUSSIA-UKRAINE
- Ukrainian President Zelensky said they are grateful for all efforts by US President Trump and the US to end the war. Zelensky said they also thank Europe, the G7 and the G20 for helping them protect lives, while they are working on every point and every step to achieve peace. Zelensky also commented that there are signals that the US team is hearing them.
- US President Trump said ‘no’ when asked if his offer is the final one for Ukraine. Trump separately commented that the Ukrainian leadership has expressed zero gratitude for our efforts and that Europe continues to buy oil from Russia.
- US Secretary of State Rubio said we’ve had the most productive and meaningful meeting so far and made good progress. Rubio said there is still some work left to do, and their teams will revert on Sunday night with more updates, while Rubio added this will have to be signed off by their presidents, but he is comfortable about that. Rubio later commented that they made a tremendous amount of progress and have a foundational document, while they were able to narrow down the points of the plan, but added that work remains to be done. Furthermore, he said they are much further ahead than when they began on Sunday morning and noted there are some outstanding issues involving the role of the EU and NATO, but stated that none of the outstanding issues are insurmountable.
- US official said that talks between US and Ukrainian officials so far have been productive and even conclusive in some areas, while it was also reported that US and Ukrainian officials were discussing a possible trip by Ukrainian President Zelensky to Washington to discuss the peace plan, possibly this week, according to sources cited by Reuters.
- European leaders’ summit on Ukraine stated that they believe the US 28-point peace plan required additional work and they are concerned by proposed limitations on Ukraine’s armed forces, while they are clear on the principle that Ukraine’s borders must not be changed by force.
- European counterproposal to the US’s Ukraine peace plan proposes that the Ukrainian military be capped at 800,000 in peacetime and stated that Ukraine joining NATO depends on the consensus of NATO members, which does not exist, while NATO agrees not to permanently station troops under its command in Ukraine in peacetime. The counterproposal also stated that NATO jets will be stationed in Poland and Ukraine will receive a US guarantee that mirrors NATO’s Article 5, as well as noted that Ukraine will be compensated financially, including through Russian sovereign assets that will remain frozen until Russia compensates for damage to Ukraine. Furthermore, Ukraine commits not to recover its occupied sovereign territory through military means, while negotiations on territorial swaps will start from the line of contact, and Ukraine will hold elections as soon as possible after the signing of the peace agreement.
- White House readout stated there was an extensive and productive meeting with the Ukrainian delegation, while it added that the Ukrainian delegation affirmed all of their principal concerns and believes the current draft reflects their national interests. Furthermore, it stated Ukrainians underscored that the strengthened security guarantee architecture meaningfully addresses their core strategic requirements and they agreed to continue consultations as the agreements move toward final refinement.
- Nordic-Baltic Eight Leaders’ joint statement noted that they spoke with Ukrainian President Zelensky and stated that Russia has so far not committed to a ceasefire or any steps leading to peace, while they will continue to arm Ukraine and strengthen Europe’s defence to deter further Russian aggression.
- Russia’s Ryabkov said regarding chances of another Trump-Putin meeting that the issue is on the agenda and nothing can be ruled out, while he added that progress in building dialogue between Russia and the US is impressive and that contacts are yielding results.
- Russia’s Defence Ministry said Russian forces took control of Petrivske in Ukraine’s Donetsk and took control of the Tikhe and Odradne regions in eastern Ukraine, according to TASS. It was also reported that Russian forces captured Nove Zaporizhzhia and Zvanivka in eastern Ukraine, according to RIA.
- Ukrainian drones struck a heat and electricity station in Moscow region’s Shatura, which caused a fire.
OTHER
- Chinese Foreign Minister Wang said China urges Japan to reflect on and correct mistakes as soon as possible and not become obsessed, while he added that Japan’s leader sent a wrong signal of trying to intervene in the Taiwan issue by force and crossed the red line that should not be touched. Wang also said that if Japan continues down this path, countries have the right to re-examine Japan’s historical crimes. It was separately reported that a senior Japanese government spokeswoman said China’s claim that Japan has altered its position is entirely baseless, while Japanese Defence Minister Koizumi said during a visit to the island of Yonaguni in Okinawa that Japan is on track to deploy missiles to the island, which is near Taiwan.
- US is poised to start a new phase of Venezuela-related operations and is weighing options, including to overthrow Venezuela’s government, while covert operations are expected to come first, according to officials cited by Reuters.- Armed bandits kidnapped more than 300 students from a Catholic school in Nigeria on Friday, while it was reported on Sunday that fifty of the kidnapped students have escaped.
- White House said South Africa is refusing to facilitate a smooth transition of the G20 presidency and has weaponised its G20 presidency to undermine the G20’s founding principles.
GLOBAL NEWS
- Brazilian federal police took former president Bolsonaro into custody after being determined a flight risk, according to BBC.
EU/UK
NOTABLE HEADLINES
- UK Chancellor Reeves is expected to further protect those on the national minimum wage at the Budget, according to the UK Treasury. It was also reported that Reeves will freeze rail fares in a cost-of-living push and the US is to extend EV subsidies to blunt the tax increase in the Budget, according to Bloomberg.
- UK Budget’s pensions tax raid to raise over GBP 3bln, while the expected move by Chancellor Reeves in the week ahead faces strong pushback from businesses, while she is preparing to lift the two-child benefit cap in the Budget, according to FT.
- UK and Indonesia agreed on a GBP 4bln maritime deal securing 1,000 jobs in the UK.
- ECB President Lagarde warned against viewing monetary policy as a solution to debt problems, implicitly rejecting recent suggestions from France’s far-right party that the ECB should relaunch large-scale asset purchases, according to Bloomberg.
- Moody’s affirmed the UK at Aa3; Outlook Stable, while it raised Italy’s sovereign rating by one notch from Baa3 to Baa2; Outlook Revised to Stable from Positive.
2a North Korea /South Korea
end
2b Japan
As Japan Deploys Missiles Near Taiwan, China Blasts ‘Right Wing’ Forces Taking Tokyo To ‘Disaster’
Monday, Nov 24, 2025 – 11:40 AM
The ongoing China-Japan dispute and diplomatic flare-up has just gone from bad to worse, and has taken a turn toward potential military confrontation. Japan’s defense minister, Shinjiro Koizumi, visited a Japanese island which has a military outpost that lies close to Taiwan on Sunday. The optics were unmistakable, signaling Tokyo doesn’t plan on backing down after two weeks of Beijing demanding a retraction. It all started when earlier this month Japanese Prime Minister Sanae Takaichi made comments in a parliamentary meeting which made clear Japan could possibly intervene militarily in the scenario of China invading Taiwan.
“If there are battleships and the use of force, no matter how you think about it, it could constitute a survival-threatening situation,” Takaichi had said, becoming the first Japanese top official in decades to link the Taiwan crisis to a potential Japanese military response.
Beijing immediately embarked on punishing measures, including threatening trade relations alongside urging Chinese citizens to avoid all travel to Japan.
It was only last Friday that China again warned, “Prime Minister Takaichi’s openly erroneous remarks concerning Taiwan have fundamentally undermined the political foundation of China-Japan relations and severely damaged bilateral economic and trade exchanges,” according to the words of a foreign ministry spokesperson.
The following threat was emphasized, “Should the Japanese side persist on its course of action and continue down the wrong path, China will resolutely take the measures required and all consequences shall be borne by Japan.” The United States is standing by Tokyo’s side, even as the Trump admin appears to be sticking by the long-running Washington doctrine of ‘strategic ambiguity’ related to Taiwan’s defense.
But instead of heeding the warning and reversing course, Japanese Defense Minister Koizumi unveiled the deployment of placing medium-range surface-to-air missiles on Yonaguni island.
“The deployment can help lower the chance of an armed attack on our country,” Koizumi told reporters while sporting an military commander-style jacket. He also expressly rejected Beijing’s concerns, though without invoking China directly. “The view that it will heighten regional tensions is not accurate,” he said.
Importantly, the island in question – and thus the new highly provocative missiles deployment – lies just under 70 miles east of Taiwan. It looks to become part of a broader military build-up in Japan’s southern island chain.
China has in turn already reacted to the development, saying Sunday: “Right-wing forces in Japan are … leading Japan and the region toward disaster,” foreign ministry spokesperson Mao Ning told a regular news briefing. Beijing “is determined and capable of safeguarding its national territorial sovereignty,” she continued.
Various regional watchers are lining up on either side of the dispute, but nearly all of expressed surprise at Japan’s new ‘boldness’…
“The move is extremely dangerous and should raise serious concerns among nearby countries and the international community,” Mao added, also relating the whole spat back to PM Takaichi’s earlier remarks.
China has earlier warned Japan will suffer a “crushing” defeat if it ever decided to directly intervene in the Taiwan dispute. Recent years have also seen Beijing’s anger grow after NATO briefly talked about opening an official office in Tokyo, but these plans were soon abandoned for the time being.
3. CHINA
CHINA/JAPAN
KORYBKO
4 EUROPEAN/NATO AFFAIRS
NATO//RUSSIA
NATO Countries Blame Russia As Mystery Drones Keep Buzzing Key European Military Installations
Saturday, Nov 22, 2025 – 08:45 AM
A string of unexplained drone incursions over military, industrial and transportation hubs across Europe is raising fresh concerns about the vulnerability of NATO territory to covert surveillance and sabotage.
In the French border town of Mulhouse, authorities are probing a Nov. 11 incident in which a police officer reported a drone hovering above a police station courtyard shortly before midnight. Moments later, the aircraft maneuvered over a nearby rail depot and filmed a military convoy transporting Leclerc main battle tanks before disappearing. Investigators have yet to track down the device or its operator.
Local prosecutors said there is “no evidence to suggest whether this was a deliberate flight…or simply an accidental overflight.” But the episode followed closely on the heels of a far more targeted intrusion at the Eurenco plant in Bergerac, where defense officials say drones twice breached the airspace above one of Europe’s most sensitive ammunition and explosives facilities. The plant supplies propellants used in the artillery shells shipped to Ukraine.
French investigators called those flights “deliberate” and “clearly targeted,” intensifying fears that unmanned aircraft are scouting the continent’s military infrastructure and industrial supply lines, the Washington Times reports.
A Continent-Wide Pattern Emerges
The French incidents are part of a broader uptick in mysterious drone activity. German officials have logged repeated breaches over Ramstein Air Base, Rheinmetall arms factories and energy infrastructure. And of course, the chief suspect in all of this among Western sources is Russia – who western analysts warn may be waging a “hybrid” campaign.
Denmark faced its own wave of disruptions starting Sept. 22, when large drones forced Copenhagen’s airport to shut down for hours. Within days, similar UAVs appeared over other strategic points, including three regional airports and Skrydstrup air base, home to Denmark’s F-16 fleet and incoming F-35s. Media reports described drones circling the base for hours without interception, prompting political fallout over the failure to neutralize small off-the-shelf aircraft.
Prime Minister Mette Frederiksen said Denmark had “been the victim of hybrid attacks” and warned that such flights “could multiply.” The country’s Defense Intelligence Service later declared that “Russia is conducting hybrid warfare against Denmark and the broader West,” citing drone incursions and GPS jamming.
Norwegian authorities, meanwhile, have detained several Russian nationals at airports and border posts for flying drones or possessing drone footage, adding to suspicions that some activity is linked to Russian intelligence.
Germany has faced similar activity. In December, security services confirmed sightings of “mystery drones” over the U.S. Air Force’s Ramstein hub for Ukraine operations and over Rheinmetall facilities. Officials have not named suspects, but the flights add to concerns about Russian espionage and sabotage since the full-scale invasion of Ukraine. By October, Germany had recorded 172 drone-related air-traffic disruptions this year, prompting draft legislation to empower police to shoot down dangerous drones and establish a federal drone-defense center by mid-December.
Belgium’s Nuclear-Adjoining Base Exposed
Belgium has experienced some of the most alarming events. Over two weekends in late October and early November, multiple drones were spotted near Kleine Brogel air base, widely believed to store U.S. tactical nuclear weapons. Defense Minister Theo Francken labeled the pattern a “spying operation,” saying small drones appeared to probe security radio frequencies before larger systems attempted to “destabilize” the area while evading jamming systems.
“They come to spy, to see where the F-16s are, where the ammunition is, and other highly strategic information,” Francken said.
Around the same time, unidentified drones forced temporary closures at Brussels and Liege airports, disrupting dozens of flights and stranding passengers.
Belgium has since accelerated national air-security plans, established new surveillance measures and convened its National Security Council. With NATO and EU headquarters located in Brussels, the government considers the incidents a top-tier security concern.
Across the continent, the pattern is consistent: small, commercially available drones operating at night or in poor visibility, repeatedly probing the seams of NATO’s defenses around air bases, logistics corridors, energy infrastructure and even nuclear-adjacent sites.
For now, investigators in multiple countries are scrambling to match technology, tactics and flight signatures across borders. The growing consensus: Europe’s drone problem is no longer sporadic. It is systemic – and increasingly strategic.
END
MANCHESTER/ENGLAND
Horrendous the second city is in flames. Starmer and the Illegals must go!
Subject: Horrendous our second city is in flames. Starmer and the Illegals must
Attachments area
FRANCE// RUSSIA
he is nuts to fight a war with Russia over Ukraine
French General: We Must Be Ready To ‘Lose Our Children’ In War With Russia
Saturday, Nov 22, 2025 – 07:00 AM
The head of the French armed forces said his country must be prepared to send its children to die in a war with Russia. “Russia is convinced that the Europeans are weak. However, we are strong, fundamentally stronger than Russia,” Chief of the French Defense Staff General Fabien Mandon said. “We have all the knowledge, all the economic and demographic strength to dissuade Moscow’s regime. What we are lacking, and that is where you have a major role, is the strength of soul to accept pain to protect what we are.”
He added, “If our country is weak because it is not ready to accept losing its children — because it’s better to say things clearly — [and] to suffer economically because the priority will be the defense sector, then we are at risk.”
He made the remarks earlier this week at the congress of the Association of Mayors of France. He urged the local leaders in attendance to inform their constituents of his assessment. It has resulted in widespread pushback, including the following:
Voicing his “total disagreement” with Mandon’s remarks, Jean-Luc Melenchon, leader of the left-wing La France Insoumise (LFI), said that it was “not his place” to urge anyone toward war preparations “decided by no one.”
“Nor is it his place to forecast sacrifices that would be the consequence of our diplomatic failures, on which his public opinion was not sought! Where is President Macron? Why is he allowing this?” Melenchon wrote on the US social media company X on Wednesday.
French President Macron has emerged as a firm backer of NATO’s proxy war against Russia in Ukraine. European leaders have warned that Moscow is planning to reconstitute the Soviet Union and invade NATO countries.
However, Russian forces only control about 20% of Ukraine, and President Vladimir Putin has offered to end the war with Ukraine only ceding the Donbas and parts of two southern provinces.
Ukrainian President Zelensky met with European leaders in France earlier this week. A significant issue that was discussed is the bloc’s attempt to cover a massive budget deficit in Ukraine.
The President of the European Commission said that the EU would need to provide Kiev with $150 billion over the next two years.
Zelensky also signed an agreement to buy 100 Rafael fighter jets from France over the next two years. Paris said it would take at least three years to train Ukrainian pilots.
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
TBN ISRAEL/LAST 24 HR
ISRAEL VS HAMAS
Hamas warns Witkoff, threatens ‘ceasefire is over’ after IDF thwarts Yellow Line breaches – report
“The agreement is over and [Hamas] is ready to fight,” sources told Saudi state-owned Al Arabiya, adding that the ceasefire must be mutual and that “Gaza will not become another Lebanon.”
Hamas terrorists escort Red Cross members towards an area within the Yellow Line to which Israeli troops withdrew under the ceasefire. Gaza City November 20, 2025.(photo credit: REUTERS/DAWOUD ABU ALKAS)ByGOLDIE KATZ, SAM HALPERNNOVEMBER 22, 2025 15:38Updated: NOVEMBER 22, 2025 17:28
This article contains graphic footage that some readers may find distressing
Amid Hamas attempts to breach Gaza’s Yellow Line and subsequent IDF activities to thwart the terrorists, Hamas informed US Middle East envoy Steve Witkoff that the ceasefire had ended, the Saudi state-owned Al Arabiya reported on Saturday.
“The agreement is over and [Hamas] is ready to fight,” sources told the Saudi outlet, adding that the ceasefire must be mutual and that “Gaza will not become another Lebanon.”
Shortly thereafter, Hani al-Dali, an analyst for the Hezbollah-affiliated Lebanese outlet Al Mayadeen, reported that Hamas leader Khalil al-Hayya was heading a Hamas delegation that would arrive in Cairo, Egypt, in the coming hours.
According to Dali, the delegation aims to coordinate with Arab states to bolster the Palestinian position against Israel. The analyst did not mention whether the delegation would address the reported ending of the ceasefire.
Earlier, Al Arabiya reported that an IDF strike on Saturday killed Abu Abdullah Al-Hudaydi, the Operations Staff Commander of the Izzadin al-Qassam Brigades, in Gaza.
The Qassam Brigades are the so-called “military” wing of Hamas. While the IDF has not yet confirmed the report, Gaza’s Hamas-run health ministry reported that four people were killed and others were wounded in an IDF strike in Gaza City.
Witnesses and medics told Reuters the strike occured in the Rimal neighborhood and set a vehicle ablaze. It was not immediately clear whether the four dead were passengers of the car or included passersby.
Hamas terrorist breaches Gaza’s Yellow Line
Separately, the IDF reported on Saturday afternoon that an armed terrorist crossed the Yellow Line and began firing at Israeli soldiers.
According to the military, the incident occured on a road “through which humanitarian aid enters southern Gaza,” and the individual was “exploiting” the avenue.
As shown in footage provided by the IDF, the military fired back, killing the terrorist. No IDF injuries were reported.
https://player.jpost.com/public/player.html?player=jpost&media=3977139&url=www.jpost.comIDF identifies and kills terrorist who crossed Yellow Line to fire at Israeli soldiers on November 22, 2025. (credit: IDF Spokesperson’s Unit)A graphic published by the IDF depicting the incident shows an IDF position adjacent to the humanitarian road. The image shows another spot on the road where the terrorists opened fire.
In response to the incident, the IDF began striking Hamas terror targets in the Gaza Strip, with the guidance of Shin Bet, according to the IDF statement.
The IDF emphasized that “troops in the Southern Command remain deployed in accordance with the ceasefire agreement and will continue to operate to remove any immediate threat.”
Reuters contributed to this report.
END
ISRAEL VS HAMAS
Beirut airstrike could be warning message from Israel to Iran, Hamas – analysis
As Israel’s ceasefires face tension on all fronts, the IDF faces massive manpower shortages.
People inspect a damaged building, after Israeli military said on Sunday that it struck a militant from the Lebanese Iran-aligned Hezbollah group, in Beirut’s southern suburbs, Lebanon November 23, 2025.(photo credit: REUTERS/MOHAMED AZAKIR)BySETH J. FRANTZMANNOVEMBER 23, 2025 16:03Updated: NOVEMBER 23, 2025 17:18
Israel sent a clear message to its neighbors with the IDF’s airstrike on a key Hezbollah terrorist in Beirut on Sunday.This came a day after clashes in Gaza, where the IDF also carried out targeted strikes after Israel accused Hamas of violating the ceasefire.
There are rising tensions on all of Israel’s fronts. For instance, in Gaza, the IDF confirmed on Saturday that “following the violation of the ceasefire agreement, the IDF and the ISA [Shin Bet] targeted Hamas terrorists in precise strikes across the Gaza Strip.”
In one of the strikes, the terrorist Alaa’ Haddadeh, who served as the head of supply in Hamas’s production headquarters, was eliminated. He was a central source of knowledge in the organization’s supply and production systems, and, during the war, he operated to transfer weapons from Hamas’s headquarters to battalion and field commanders for use against IDF troops, the army said.
The IDF also struck Lebanon on Saturday, eliminating the terrorist Kamel Reza Karnabsh in the Mayfadoun area in southern Lebanon. The terrorist took part in Hezbollah’s reestablishment attempts in the area, according to the IDF.
People inspect a damaged building, after Israeli military said on Sunday that it struck a militant from the Lebanese Iran-aligned Hezbollah group, in Beirut’s southern suburbs, Lebanon November 23, 2025. (credit: REUTERS/MOHAMED AZAKIR)
Israel could see breakdown of ceasefires with Hamas, Hezbollah, Iran
The pattern is clear. Israel is carrying out increased strikes on fronts where ceasefires are in place. Israel’s leadership wants to have a policy of having ceasefires and freedom of action on these fronts.
This was also evident after Prime Minister Benjamin Netanyahu led a large group to the Syrian border last week to see the buffer zone. The goal was to send a message to Damascus. Jerusalem believes that Syria’s leader was energized by meeting US President Donald Trump earlier this week, and the goal is to send a message to him that Israel can do what it wants in Syria. In essence, this is the same message in Gaza and Lebanon. It’s also a message to Iran.
Striking Beirut shows that Israel can do what it wants. In theory, this might prod Lebanon’s leadership to disarm Hezbollah. It could also alienate them and cause them to do less. They want to secure Lebanon and not have daily Israeli strikes. Reports in Arabic on X/Twitter after the Beirut strike on Sunday claimed Israel targeted Ali Al-Tabatabai, Hezbollah’s chief of staff, who replaced Fuad Shukr after his assassination last year.
Israel has used precision strikes as a kind of combination with diplomacy in the past. During the “war between the wars” campaign in Syria, Israel carried out thousands of strikes on Iranian targets to prevent Iranian entrenchment there between 2012 and 2024.
Was the campaign successful? It is unclear. The Assad regime collapsed in December 2024 in part because Israel weakened Hezbollah. However, Jerusalem has been more vocal in rhetorical attacks on the new leaders in Damascus than Jerusalem was regarding Assad’s regime.
After the fall of Bashar al-Assad, Israel increased attacks on Syria, ostensibly to back the Druze. Israeli officials call the interim Syrian president a “jihadist,” which has alienated the new government in Syria, even though it might have had reason to ally with Israel against Iran and Hezbollah. As such, Israel now has tensions with Syria, as well as Lebanon, and in Gaza, the West Bank, and on other fronts. The Beirut strike may send a message to Iran.
The challenge for Israel is that if all the ceasefires break down – with Hamas, Hezbollah, and Iran – then Israel’s reserve army system will be stretched again. After sending so many soldiers to war for two years, Israelis want to spend time at work and at home. Calling them up again, while 50,000 haredi (ultra-Orthodox) men avoid the draft, will continue to strain the system.
It was for this reason that Israel’s early leaders sought to wage short wars, not open-ended wars that went on for years with call-ups. Israel nevertheless faced border chaos and wars before, in the 1950s, for instance. However, the threats have changed and become more complex than the “infiltrators” of the 1950s, when Israel could use a small commando unit like 101 to enact revenge raids.
Beirut is a warning. However, it could become another norm, like “mowing the grass” of threats in the West Bank. It will come down to how Beirut responds and also what Washington may say. Netanyahu said on Sunday, before the Beirut strike, that “we will continue to do everything necessary to prevent Hezbollah from re-establishing its threat capability against us. This is also what we are doing in Gaza – Hamas continues to violate the ceasefire, and we are acting accordingly, independently of anyone.”
He also said that Israel doesn’t ask for approvals for these attacks, a reference apparently to claims Israel has been asking the US for approval.
“All the talk that ‘We must receive approvals for this’ from one source or another is simply an absolute lie. We operate independently of anyone. Immediate actions to thwart attacks are taken by the IDF automatically. As for the responses, that goes through the defense minister and eventually reaches me, and we decide independently of any factor, and that is how it should be. Israel is responsible for its own security.”
The Beirut strike seems to reflect this characterization of Israel’s policy.
“All the talk that ‘We must receive approvals for this’ from one source or another is simply an absolute lie. We operate independently of anyone. Immediate actions to thwart attacks are taken by the IDF automatically. As for the responses, that goes through the Minister of Defense and eventually reaches me, and we decide independently of any factor, and that is how it should be. Israel is responsible for its own security.” The Beirut strike seems to reflect this characterization of Israel’s policy.
END
ISRAEL VS HAMAS
Hams continually tries to attack Israel penetrating the yellow line
(zerohedge)
Hamas Threatens ‘Ceasefire Is Over’ Amid Rising Israeli Airstrikes
Sunday, Nov 23, 2025 – 10:45 PM
Hamas is threatening the collapse the US-backed ceasefire after a series of Israeli airstrikes and a rising death toll in Gaza over much of the past week. However, Israel’s military in fresh Sunday statements has said it is Hamas terrorists repeatedly violating the truce.
“The agreement is over and [Hamas] is ready to fight,” Hamas sources have been cited in regional outlets as saying. Hamas has reportedly communicated its stance to US Middle East envoy Steve Witkoff, that it is ready to end the ceasefire.
But Israeli media in follow-up stated, “Hamas later that evening stated that Israeli reports that it had told Witkoff that the ceasefire was over were not true. Senior Hamas official Mousa Abu Marzook also confirmed to the Qatari outlet Al Jazeera Mubasher that the terror group had not ended the ceasefire.”
The ceasefire is clearly as fragile as it has ever been since taking effect on October 10:
An American source told Walla that “Hamas has not given up yet, but has made it clear that it will not be able to accept any more Israeli attacks. Gaza will not be Lebanon for them, and I hope we can contain the situation.” —Jerusalem Post
Israel’s military has accused terrorists of breaching the so-called Yellow Line which demarcates a truce ‘do not cross’ zone; but meanwhile Hamas has asserted Israeli occupation is committing a flagrant breach by steadily moving the ‘Yellow Line’ westward.
Gaza officials have said that the significant and rising death toll since the ceasefire took effect shows it is Israel doing the violating:
Israel has violated the United States-brokered Gaza ceasefire at least 497 times in 44 days, killing hundreds of Palestinians since the ceasefire came into effect on 10 October, according to the Gaza Government Media Office.
Some 342 civilians have been killed in the attacks, with children, women and the elderly accounting for the majority of the victims.
But Israeli officials and media have rejected this narrative, and have instead said that “On Saturday, a Palestinian gunman crossed the ceasefire line and opened fire on Israeli troops in Gaza’s south, leading to IDF strikes in the Strip.”
Saturday alone saw some 24 Palestinians killed in a series of renewed Israeli airstrikes across the Strip. Washington has urged restraint and for both sides to observe the ceasefire, but Trump officials have also conceded that Israel has the right to act in specific instances where its troops in Gaza come under attack.
ISRAEL VS HEZBOLLAH
IDF conducts strikes on Hezbollah targets in southern, central Lebanon
Residents of northern Israel were informed on Saturday afternoon that the sounds of explosions they may hear are the result of the IDF carrying out a wave of strikes on southern Lebanon.
Flames and smoke errupt from the site of an Israeli airstrike that targeted a house in the southern Lebanese village of Tair Filsay on November 19, 2025.(photo credit: COURTNEY BONNEAU/Middle East Images/AFP via Getty Images)BySAM HALPERNNOVEMBER 22, 2025 14:56Updated: NOVEMBER 22, 2025 16:08
The IDF struck a number of Hezbollah launchers and military sites in central and southern Lebanon on Saturday afternoon, the military announced.
“The IDF struck several Hezbollah launchers that were recently identified and placed in military sites in southern Lebanon,” the military stated. “In an additional strike in the Bekaa area, the IDF struck two Hezbollah military sites in which activity of terrorists was identified, including weapons storage facilities and additional military structures.”
The IDF continued, noting that the Hezbollah military assets and activities were in violation of the understandings between Israel and Lebanon and that the military would continue to act to eliminate threats to the country.
The announcement follows weeks of IDF strikes on Hezbollah and Hamas terrorist infrastructure in southern Lebanon.
Earlier, the Upper Galilee Regional Council and the Kiryat Shmona Spokesperson informed the public that the military had begun conducting a wave of strikes on targets in southern Lebanon and, as a result, residents of northern Israel may hear the sounds of explosions from across the border.
‘Explosive sounds may be heard’ from southern Lebanon, northern council warns
“At this time, the IDF has begun a wave of attacks in the southern Lebanon area. Explosive sounds may be heard,” the Upper Galilee Regional Council’s statement noted.
The governmental bodies noted that, as of this time, no change has been made to the situation assessment, and civilians have not been given any special instructions.
The Hezbollah-affiliated Lebanese outlet Al Mayadeen reported that Israel had struck 16 times across several areas, including in central Lebanon’s Bekaa Valley.
This is a developing story.
end
AND THEN THIS
IAF kills Hezbollah military chief in most aggressive strike since 2024 ceasefire
“Netanyahu ordered the strike on the recommendation of the Defense Minister and the IDF Chief of Staff,” the Prime Minister’s Office confirmed.
https://player.jpost.com/public/player.html?player=jpost&media=3977770&url=https://www.jpost.com/IDF kills Hezbollah second-in-command and military commander Ali Tabatabai in Beirut on Sunday, November 23, 2025. (CREDIT: IDF SPOKESPERSON’S UNIT)ByYONAH JEREMY BOB, AMICHAI STEIN, MIRIAM SELA-EITAMNOVEMBER 23, 2025 15:01Updated: NOVEMBER 23, 2025 22:39
In the most aggressive strike by Israel against Hezbollah since the November 2024 ceasefire, an IDF airstrike on Sunday killed Hezbollah military commander Ali Tabatabai in the heart of Beirut.
Hezbollah confirmed Tabatabai’s death in a statement on Sunday, saying that “they [the Mujahideen] will advance with strength and courage to overthrow all the projects of the Zionist enemy and its patron, America.”
Four other Hezbollah terrorists were also killed in the strike, the terror group announced on Sunday evening.
Throughout the last year, the air force has targeted multiple rank-and-file Hezbollah operatives each week who tried to sneak into southern Lebanon or otherwise were acting to rebuild its rocket threat against Israel.
However, those attacks were almost always against lower-ranked terrorists who were “in the act,” not the top military commander who was nowhere near the front but was more indirectly responsible as Hezbollah’s military mastermind.
Also, the IDF has rarely attacked in Beirut since the ceasefire and not in months.
At press time, there was no sign that Hezbollah would launch an immediate major counterattack on Israel.
However, Israel is concerned that Hezbollah may counterattack in the near or medium term, and the Lebanese terror group retains tens of thousands of rockets and mortars from its pre-war 150,000-rocket arsenal. This means that Hezbollah could still likely shoot anywhere from dozens to several hundred rockets per day on Israel, especially the northern third of the country, including Haifa, if it chooses to.
IDF sources, Prime Minister Benjamin Netanyahu, and Defense Minister Israel Katz explained that they targeted Tabatabai because less aggressive measures over the last year had failed to prevent Hezbollah from continuing its process of rearming to threaten Israel.
In addition, though IDF officials gave the Lebanese army significant credit for rolling back Hezbollah in southern Lebanon in early 2025, as the year drew out, they found that the army failed to achieve any significant disarmament of the terror organization beyond Lebanon’s south.
Top IDF officials are concerned that if they do not draw a line in the sand now against Hezbollah rearmament, the Lebanese terror group will achieve the same massive rocket arsenal it had pre-war – which was exactly what happened after the 2006 Second Lebanon War when Hezbollah violated rules by rearming, and Israel did not intervene.
Israeli officials indicated they were not planning to escalate further against Hezbollah any more than they already have, provided that Hezbollah does not respond. Yet, given Tabatabai’s high rank, it is hard to see Hezbollah not responding at all, as opposed to them waiting for a more opportune moment.
Though Tabatabai was Hezbollah’s military chief, he had only held that rank since late 2024.
Until July 2024, for many years, the Hezbollah military chief had been Fuad Shukr.
The Israel Air Force killed him in July 2024 in response to Hezbollah rockets killing around a dozen Israeli Druze in Majdal Shams.
In September 2024, the IAF also killed Ibrahim Aqil, who was the next highest-ranked Hezbollah military official.
After his removal and after Hezbollah’s leader for decades, Hassan Nasrallah, was also killed by the air force in the same time period, Tabatabai emerged as the next military chief.
Naim Qassem remains Hezbollah’s leader, having replaced Nasrallah (after Hashem Saffiedine was also killed within days of Nasrallah), but is considered to have less military experience than his predecessor.
IDF strikes Hezbollah sites in southern Lebanon, kills two
The IDF had earlier confirmed that it had struck “a key Hezbollah terrorist” in the Lebanese capital.
“Prime Minister [Benjamin] Netanyahu ordered the strike on the recommendation of the defense minister and the IDF chief of staff,” the Prime Minister’s Office confirmed in a post to X/Twitter on Sunday afternoon.
The strike targeted a hidden apartment belonging to Tabatabai in Beirut.
At least 25 have been reportedly wounded and three reportedly killed in the strike, according to Hezbollah-affiliated Lebanese outlet Al-Mayadeen.
The IDF also allegedly struck in the Bekaa Valley in southern Lebanon, Qatari state-funded broadcaster Al Jazeera reported on Sunday.
US sources claim they were not notified of the strikes until they were happening, despite earlier Israeli officials saying that the US had been told in advance. “All the talk that ‘we must receive approvals for this’ from one source or another is simply an absolute lie,” Netanyahu said in a statement to the security cabinet on Sunday morning.
“We operate independently of anyone. Immediate actions to thwart attacks are taken by the IDF automatically,” he said. “As for the responses, that goes through the defense minister and eventually reaches me, and we decide independently of any factor, and that is how it should be.”
“Israel is responsible for its own security,” he added.
Despite Netanyahu’s statement of independence, throughout the war, he refrained from various military moves against Hamas, Hezbollah, and Iran under pressure from either the Biden administration or the Trump administration.
Further, each of the three ceasefires with Hamas, including the one in October, which appears to have ended the war, was at least partially imposed by Washington.
The IDF’s strike on Tabatabai followed a number of Saturday strikes on Hezbollah launchers and military sites in southern Lebanon.
“The IDF struck several Hezbollah launchers that were recently identified and placed in military sites in southern Lebanon,” the military said on Saturday. “In an additional strike in the Bekaa area, the IDF struck two Hezbollah military sites in which activity of terrorists was identified, including weapons storage facilities and additional military structures.”
END
(LT. SHOSHAINI)
Haytham Ali Tabatabai’s Reign of Terror is Over
The top Hezbollah terrorist can no longer threaten Israel while hiding behind civilians
| LTC Nadav ShoshaniNov 24 |
Yesterday, the IDF conducted a precise strike, eliminating the most senior commander in the Hezbollah terrorist organization, Haytham Ali Tabatabai. The message behind the strike is crystal clear: we will not allow Hezbollah to rebuild their terrorist infrastructure within kilometers of our civilians and communities.
Tabatabai was an enemy of Israel, but not just of Israel. I find it important to note that the threat of Tabatabai’s terror extended beyond the region. In fact, he was considered a dangerous threat to the entire Western world. In October of 2016, the U.S. The Department of State designated Tabatabai as a “Specially Designated Global Terrorist,” and by 2020 had issued a bounty for 5 million dollars for information about his whereabouts.
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U.S Department of State placed a bounty on the top Hezbollah terrorist, emphasizing his terror threat.
With Tabatabai on the loose, Israeli civilians—particularly those living in the north—were in real and immediate danger. He commanded Hezbollah’s Radwan Force, the elite unit of the terrorist organization, a force that wakes up each day planning an invasion into Israel. The IDF exposed detailed plans outlining an assault on Israel’s northern communities—an attack modeled after the horrors of October 7th. Tabatabai and Hezbollah intended to murder soldiers and civilians, burn entire communities, and take innocent people hostage, just as Hamas did two years ago.
The agreement itself is a strong and responsible one. It meets Israel’s security requirements while offering Lebanon a real opportunity to break free from Hezbollah’s grip—a grip that continues to drag the Lebanese people into unnecessary conflict. The challenge is not the agreement, but its implementation.
The IDF remains committed to the agreement, at the same time the IDF will not hesitate to eliminate threats as they develop. A deal is one that needs to be upheld by all sides.
The State of Israel does not have the luxury of time or to simply “sit back and see what happens”. We learnt from the past the hard way. For years, Hezbollah built up military strongholds in southern Lebanon near the border with Israel, a stone’s throw away from the Israeli homes. They did this in violation of the previous deal signed – the United Nations Security Council Resolution 1701.
How it began and where we are today:
Let us not forget how this all began. On October 8th, 2023, Hezbollah attacked Israel, firing over 22,000 rockets, missiles and UAVs into Israel, killing dozens of civilians, and forcing over 60,000 Israelis out of their homes for over a year.
In recent weeks and in the past few days, Hezbollah continued to commit numerous violations of the recent understandings between Israel and Lebanon. These violations have included rebuilding terror infrastructure.
All targeted strikes by the IDF are carried out in response to these blatant violations of the understandings and agreements. Our responses help to maintain livelihood and civilian life in the area, while Hezbollah works to destabilize it.
In no circumstances will we stand idly by when terrorists like Tabatabai are operating to entrench their terror on our doorstep, especially despite an ongoing ceasefire.
Our targeted elimination operation yesterday made one message very apparent. We will not allow Hezbollah to re-arm or rebuild the kind of threat it posed on October 7th. Tabatabai was the main driving force in Hezbollah’s aspirations to regroup and carry attacks against us. He hoped to secretly rebuild a threat and lead attacks against Israel. Thankfully, he will no longer be doing that.
EGYPT/ISRAEL
In the shadow of hate: Egyptian activist on fleeing home after defending Israel post-October 7
The personal narrative of an Egyptian woman forced to leave her homeland after speaking out against Hamas on October 7.
An Egyptian protester burns the Israeli and American flags during a protest against Israel on April 8, 2025, in Cairo.(photo credit: Ahmad Hasaballah/Getty Images
)ByDALIA ZIADANOVEMBER 18, 2025 22:00Updated: NOVEMBER 21, 2025 21:44
On November 2, 2023, with a broken heart, I was forced to leave my home country, Egypt, and run for my life after facing an intense backlash for speaking out against Hamas’s terrorism and for supporting Israel’s right to defend itself in the aftermath of the October 7 attack.
Sharing the truth about the horrors Hamas committed on that dark day with my fellow Egyptians and Arabs instantly made me a target of the radical Islamists who control the streets and the Nasserists (socialists) who control the media.
The Salafists targeted me physically after labeling me “blasphemous.” The state-supervised media carried out a merciless character assassination campaign after calling me a “Zionist spy.”
The attorney-general referred me to the notorious Supreme State Security Prosecution to investigate the many claims filed against me by state-supporting lawyers who unjustly accused me of “committing high treason” and “threatening Egypt’s national security.”
They even requested that the prime minister strip me of my Egyptian citizenship, alleging I was a Mossad spy.
Ingrained hatred
I still cannot understand how a helpless woman like myself, with nothing more than my voice and a pen, can be seen as a threat to national security – while all the radicals who pushed me out of my home and have been wreaking havoc in the Egyptian streets remain unchallenged.
In Egypt, I left behind more than just loved ones and material possessions.
I left a piece of my soul as I watched fellow Egyptians, including those who claim to be secular and open-minded, degrade themselves enough to praise Hamas’s brutal massacre of Israeli civilians.
The persecution I faced in Egypt reflects a deeper issue in the Arab world: the ingrained hatred toward Israel and, by extension, anyone who challenges that narrative.
Since arriving in America, I have spent time visiting university campuses, talking to students from diverse backgrounds about the realities in the Middle East.
It has made me realize that this hate is not just local; it is transnational.
Its ideological roots are deep. Radical Islamist groups such as the Muslim Brotherhood see antisemitism not as a side effect but as a fundamental part of their worldview.
Islamist networks in the West have exploited the Israel-Palestinian conflict to influence Jewish-Muslim relations, campus activism, and far-left alliances.
Studies also show that Islamist antisemitism in the US is partly hidden by the “red-green” alliance of radical Islamists and progressive activists, a dynamic that weakens public debate.
Carrying the truth
In the months after leaving Cairo, I carried more than a suitcase.
I carried a truth long suppressed about the deep, often disregarded, hostility toward Israel that shapes public life across the Arab world, and the price paid by any Arab who dares to challenge it.
In Egypt, this hatred has appeared in schoolbooks, mosque sermons, talk shows, and everyday jokes, long before hashtags and campus protests.
As a teenager during the Second Intifada, I watched crowds in Cairo burn not only Israeli flags but also Egyptian and American ones. It became clear to me early on that this hostility was not only about Israel. It was also about crushing independent thought and the yearning for Western democracy and liberalism.
When I began visiting university campuses – 59 in one academic year through Hillel International’s “Teach-In Tour” – I saw the same patterns reappear in a different language.
Some students recycled conspiracy theories and accusations that mirrored what I had heard in Cairo. To them, supporting Israel meant betrayal. Speaking about Hamas atrocities meant being complicit in oppression.
At one lecture, organizers quietly warned me, “Expect resistance.”
I walked in, remembering what it felt like to be chased by extremists in Egypt. In America, the hostility came not as mobs on the street but as digital vitriol, whispers of intimidation, and righteous slogans disguised as activism.
Red-green alliance
Yet, amid the hostility, there were moments of courage. After one event, a young man who had participated in pro-Hamas encampments approached me.
“Something is wrong in my movement,” he admitted. “I want to support Gazans, but I do not want to support terrorism.”
His honesty stayed with me. It confirmed what I had begun to understand: The ecosystem of hate is global, but so is the possibility of transformation. In the Arab world, radical Islamist groups and state-aligned media label dissenters as traitors.
On Western campuses, some progressive students unknowingly echo the same ideas, confusing moral outrage with moral clarity. Many mean well, but they are fed narratives that erase history and reward emotional certainty over critical thinking.
My years in Egypt taught me how these narratives operate. I was branded “blasphemous” and accused of high treason simply because I refused to praise Hamas.
State-aligned lawyers and Salafist mobs used the same vocabulary deployed across the region: Israel is evil; anyone who humanizes Israelis is a traitor.
When I arrived in the US, the tactics changed, but the logic did not. Here, it appeared as academic ostracism, social media attacks, and students shouting down conversations they were too afraid to engage in.
Scholars call this the “red-green alliance” – that is, a coalition between far-left activists and Islamist ideologues who share an antagonism toward Israel.
On campuses, this alliance has turned complex geopolitics into moral theater. Words like “colonizer” and “apartheid,” detached from context, are deployed to silence debate rather than inspire understanding.
Unlike the Middle East, where the political roots of anti-Israel sentiment are visible, many young Westerners absorb this narrative without realizing its origin.
After the October 7 attacks, the illusion was shattered for many. For me, it confirmed what I already knew: The hatred I fled in Cairo had traveled far beyond Arab borders.
Witnessing hate
My role shifted. I was no longer only a survivor. I became a witness and an educator.
I often told students that I know what it means when your people turn against you, and I know how quickly free societies can lose their way when they let ideology silence empathy. Despite the pain, I found moments of profound humanity. Losing my country shattered me. But living in exile rebuilt me.
In Egypt, I lost my home, career, and community in one night.
In the United States, I found a purpose larger than myself. I speak not only to defend Israel but also to defend the Western liberal democratic values that extremists seek to erase – the same values for which they hate Israel.
The hatred toward Israel in the Arab world is not only due to geopolitical conflicts. It is emotional and ideological. It thrives on fear and punishes curiosity.
And today, through social media and student activism, it crosses borders faster than truth can catch up. Our response online, in classrooms, and in public debate will determine whether free societies stay free.
On my way out of Egypt, I walked over the footsteps of pain and agony previously felt by the Jews who accompanied Moses crossing the Red Sea, and later by those forced to leave their homelands in Egypt and other Arab countries in the 1950s-’60s.
Like them, I did not want to leave my homeland. Like them, I suffered the devastating loss of my house, my job, my friends, and my family in just a few hours.
I will miss watching my favorite nephew grow up, and seeing the beautiful sunset over Cairo from my hilltop condo again. But like the Jews, I value life deeply, and I believe I can help make the world a better place.■
Dalia Ziada is a Middle East scholar and Washington, DC, coordinator at the Institute for the Study of Global Antisemitism and Policy (ISGAP).
end
IRAN
US Will Likely Reach New Nuclear Deal With Iran, Trump Says
Friday, Nov 21, 2025 – 09:20 PM
In a Friday interview with Fox, President Trump said Iran’s nuclear program has been significantly set back and claimed that Tehran is now seeking an agreement with Washington.
He indicated in a somewhat surprising remark that a deal is likely, emphasizing that the situation has changed drastically in recent months, since the June US bombings of three key Iranian nuclear facilities. “They want to make a deal, and we will probably reach one,” he said.
Trump went on to describe what he views as broader regional shifts in the Middle East, commenting that the list of those interested in signing onto the historic Abraham Accords normalization program with Israel “keeps growing”.
He hailed the unprecedented opportunity for peace, also nothing that the crisis with Hezbollah in Lebanon is now abating as well.
Trump actually said something similar during a Wednesday US-Saudi business forum in Washington DC, during Saudi Crown Prince Mohammed bin Salman’s visit this week.
Speaking of strikes on Tehran, Trump told the audience, “We took the Dark Cloud away from your country, it was called Iran and its nuclear capability, and we obliterated that very quickly and strongly and powerfully. But that was a real cloud over the whole Middle East,” he said.
“Now they want to make a deal. They want to make a deal. They want to see if they can work out a deal with us, and we’ll be doing that probably. But that was a terrible cloud that you had to live with for a long time,” he added.
But the reality remains that Iranian leaders see little incentive in making another deal (after the collapsed JCPOA) which the US could just pull out of at any time.
This is also as prior to the June war with the Israel, Tehran had been actively engaged in good faith nuclear negotiations with Washington. But that was just a ruse, and the Islamic Republic suffered a major surprise assault from Israel and the US. There will be a perpetual ‘trust’ problem, to say the least.
Despite constantly proclaiming that it only has a peaceful nuclear energy program, the Iranians now have every incentive to possibly develop nuclear weapons in secret. This could eventually prove the major ‘blowback’ to the US decisions to mount unprovoked attacks on the country’s nuclear centers.
WEST BANK
RUSSIA VS UKRAINE
Putin Issues Response To Trump Peace Plan After Zelensky, Europe Balk
Saturday, Nov 22, 2025 – 06:58 AM
Update(1300ET): Russia’s President Putin has responded to the Trump peace plan for the first time, after Zelensky and Europe had earlier issued either mixed or negative statements,
Speaking at a Russian Security Council meeting Friday, Putin began by alluding to the August Alaska summit, “During the discussions, the American side asked us to make certain compromises,” he said. According to more via state media translation:
According to the Russian president, Moscow confirmed during the talks that it agreed with the peace proposals. However, he added that after the Alaska meeting there was a pause from the US side, which he attributed to Ukraine’s rejection of Trump’s draft. This is why the “modernized plan” containing 28 points appeared later, Putin said, adding that Moscow has the document.
“I believe it could also form the basis of a final peace settlement. But this text is not being discussed with us in substance,” Putin said.
So generally this is a positive signal to Washington from Putin. However, given the negative reactions simultaneously coming from European leaders, who are busy talking on Zelensky on coming up with a counter-plan, the Kremlin has also made clear it will not be involved in “megaphone diplomacy.”
Putin is issuing a bit of an ultimatum and warning of his own:
Meanwhile the pressure is rising from various sectors concerning Zelensky’s decision-making…
Update(1058ET): This morning, Zelensky and Vice President JD Vance discussed the Trump administration’s new Ukraine peace plan, marking the highest-level talk on 28-point plan so far, and soon on the heels of this Zelensky issued the following video statement which states in part…
“This is one of the most difficult moments in our history […] Currently, the pressure on Ukraine is one of the hardest. Ukraine may now face a very difficult choice, either losing its dignity or the risk of losing a key partner.”
He also said: “I will present arguments, persuade, and propose alternatives, but we will not give the enemy grounds to say that it is Ukraine that does not want peace. That will not happen.” And: “We did not betray Ukraine then (on February 24), and we will not betray it now. I know that the people are with me.”
The statement is tinged with defiant rhetoric aimed at Washington, especially given he talks of the “risk” of losing a key partner – in reference to the US, which has already sunk tens of billions into the war effort. But the Ukrainian leader also seems somewhat defeated, admitting the “most difficult” moment in the history of the war.
President Trump has said that next Thursday, Thanksgiving Day in the US, is a suitable deadline for the sides to sign the peace agreement. As for the immense pressure from the US Zelensky is talking about, Reuters reports:
The United States has threatened to cut intelligence sharing and weapons supplies for Ukraine to press it into agreeing to the framework of a U.S.-brokered peace deal, two people familiar with the matter said.
“The sources, speaking on condition of anonymity, said that Kyiv was under greater pressure from Washington than during any previous peace discussions, and that the U.S. wanted Ukraine to sign a framework of the deal by next Thursday,” the report adds. Trump has also again admitted that Ukraine forces are fast losing ground on the battlefield.
In the meantime, Ukraine is reportedly in discussions with its more hawkish backers in Europe – France, Germany, and the UK – on a counter-proposal which would supplant the US peace plan.
* * *
Russia says it has yet to receive anything official from the United States regarding the new draft Trump-backed plan for ending the war in Ukraine. And already several media headlines say Ukraine and European leaders are signaling their rejection of it, as it presents too much of a compromise.
We’ve examined the widely leaked US plan for peace and its 28 points here, but one particular part of it which really stands out as objectionable from the Zelensky government’s point of view is the demand for Kiev to hold elections within 100 days of the truce being signed.
Point number 25 of the 28 stipulates as follows: Ukraine will hold elections in 100 days. This is of course something Zelensky has resisted for years, arguing that martial law under the Ukrainian constitutions allows for the indefinite suspension of national elections.
His term expired in May 2024, but earlier this year he responded to allegations of simply wanting to hold on to power by asserting, “I’m focusing on the survival of our country, and I am doing it really all my term.”
“I’m ready to speak about elections if you want,” he had said, claiming that “Ukrainians don’t want, totally don’t want, because they are afraid, because otherwise we will lose the military loan, the war loan, our soldiers will come back home, and Putin will occupy all our territory.”
However, public confidence in his government has been waning, especially as top leaders have been embroiled in an embarrassing corruption scandal, leading to the dismissal of several ministers and aides.
Last February, Zelensky actually floated the possibility of stepping down if it would lead to peace, but appeared to attach it to NATO membership. “I am ready to leave my post if it brings peace. Or exchange it for NATO,” Zelensky had said in response to journalists’ questions at security summit.
Interestingly, the draft peace document does provide ‘Article 5-style’ security guarantees for Ukraine, but also requires the country pledge to never join NATO. Below are a few of the points taken from the document which relate to no more NATO expansion – something which Moscow has long demanded as a precondition to ending the conflict:
- It is expected that Russia will not invade neighboring countries and NATO will not expand further.
- Ukraine agrees to enshrine in its constitution that it will not join NATO, and NATO agrees to include in its statutes a provision that Ukraine will not be admitted in the future.
- NATO agrees not to station troops in Ukraine.
The above points are also interesting as they represent a tacit admission that NATO expansion was indeed a key cause of the war. This is something which prior Biden officials, as well as an array of mainstream pundits, have long sought to deny, calling it a ‘pro-Russian’ talking point.
As for the call for quick elections after the document’s signing, one geopolitical analysts notes this would be in keeping with Putin’s aims in the ‘special military operation’ – and that it would constitute the “regime change” the Kremlin has been seeking in Kiev.
The analyst writes:
Russia’s unstated goal of regime change in Ukraine would likely be fulfilled through these means since Zelensky’s popularity was already plummeting even before the latest corruption scandal dealt a deathblow to it. Given the knowledge of this point in the Russian-Ukrainian peace deal that Russia and the US have reportedly been working on in secret, the timing of this latest scandal initiated by the US-backed “National Anti-Corruption Bureau” can be seen in retrospect as a de facto coup against Zelensky.
While Europe too might agree to a ‘new face’ in Kiev, especially given the embarrassing levels of graft still ongoing in Ukraine’s government, others in the EU and NATO are likely to rally behind Zelensky.
Meanwhile Ukrainians are already chafing under the immense pressure being brought to bear on Zelensky to accept the deal, with US military leaders (unusually) in Kiev discussing the plan with the president and his top aides.
end
RUSSIA/UKRAINE./USA/EUROPE
the faster this is resolved, the better
Vance Blasts Critics Of Trump’s Ukraine Peace Plan As “Living In A Fantasy Land”
Saturday, Nov 22, 2025 – 01:25 PM
As expected, President Trump’s 28-point peace plan has quickly seen plenty of pushback in Europe, given it is the first ever such US proposal to focus on Ukraine giving up land. Specifically Crimea, and most of Luhansk and Donetsk would be placed under “de facto” Russian control.
While Moscow would be made to direct $100 billion in frozen assets to Ukrainian reconstruction, sanctions on Russia would be dropped and it would be welcomed back into the global economy. But hawks want to see Russia ‘punished’ and are pressing to give Ukraine military support for as long as it takes to push Russian forces out of the east.
Vice President J.D. Vance is calling on these hawks to come back to reality. In a social media post he began by outlining that the plan contains the following elements for a successful peace agreement: “1) Stop the killing while preserving Ukrainian sovereignty. 2) Be acceptable to both Russia and Ukraine. 3) Maximize the chances the war doesn’t restart.”
“Every criticism of the peace framework the administration is working on either misunderstands the framework or misstates some critical reality on the ground,” he continued on X.
He then called out fanatical anti-Russia hawks for living in fantasy land…
“There is a fantasy that if we just give more money, more weapons, or more sanctions, victory is at hand,” the vice president continued. “Peace won’t be made by failed diplomats or politicians living in a fantasy land. It might be made by smart people living in the real world.”
The sharp rebuke to some European leaders as well as critics in the United States came just ahead of expected talks in Geneva on Sunday.
Axios is reporting the talks to be held on Sunday, with the Europeans and Ukrainians will be led by Secretary of State Marco Rubio, and will include White House envoy Steve Witkoff and Army Secretary Dan Driscoll.
Driscoll was in Kiev as the first to sit down with President Zelensky and pitch it. Zelensky’s response was to describe a heavy situation where Ukraine may have to either keep its dignity or risk losing an important ally. The US is calling for a deadline to sign the deal of next Thursday, or Thanksgiving Day in the United States.
A US official has told Axios, “We’re continuing to work with the Ukrainians to make this the best deal for them. We can’t speak to … their position, but the deal has — and always has been — a collaboration between the U.S., Ukrainians and the Russians.”
Zelensky himself spoke truth back March 2022: “There are those in the West who don’t mind a long war because it would mean exhausting Russia, even if this means the demise of Ukraine & comes at the cost of Ukrainian lives.”
And another anonymous source said, “The talks in Geneva show how much the Trump administration is engaging with all parties on the peace plan for Ukraine and the doubters claiming otherwise are flat out wrong.”
President Trump appears ready to ‘cut off’ intelligence-sharing and weapons for Ukraine, saying Saturday that “Zelensky can keep fighting his heart out if he rejects the plan.”
Meanwhile EU leaders preparing for a fight with the Trump White House over Ukraine’s future path…
Trump’s message to Europe, and the skeptics and critics of the plan on Saturday: “I would like to get to peace… We’re trying to get it ended. One way or the other, we have to get it ended,” he said from the White House lawn.
END
THEN
Rubio Confirms Ukraine Peace Plan Authored By US As Leaders Meet In Geneva
Sunday, Nov 23, 2025 – 01:25 PM
Officials from the United States, Europe, and Ukraine met in Geneva on Nov. 23 to discuss Washington’s draft plan to end Russia’s war in Ukraine.
President Trump said on Nov. 21 that Ukrainian President Volodymyr Zelenskyy had until Thursday to approve the 28-point plan, which would compel Ukraine to renounce ambitions to join NATO, accept limits on its military, and cede territory.
European allies said they were not consulted while Washington was drafting the plan, leading to some confusion as to which parties were involved in formulating it.
Rep. Eugene Vindman (D-Va.) told MSNBC that he believed the plan was “basically drafted by Putin.”
As Ryan Morgan reports for The Epoch Times, Secretary of State Marco Rubio, on Nov. 22, disputed claims that President Donald Trump’s latest plan to end the fighting in Ukraine amounts to a wish list for Russia.
“The peace proposal was authored by the U.S.,” Rubio wrote in a post on X on Saturday evening.
Rubio added that the proposal incorporated input from both the Russian and Ukrainian sides in the conflict, but his choice of words was careful:
“It is based on input from the Russian side. But it is also based on previous and ongoing input from Ukraine.”
Earlier on Saturday, PBS NewsHour correspondent Nick Schifrin reported that Rubio had made indications to Sens. Mike Rounds (R-S.D.) and Angus King (I-Maine) that a leaked version of the 28-point proposal was not produced by the Trump administration.
“MORE from [King]: ‘The leaked 28-point plan, which, according to [Rubio], is not of the administration’s position–it is essentially the wish list of the Russians,” Schifrin wrote in a post on X on Saturday night.
Even before Rubio responded, State Department deputy spokesman Tommy Pigott said the allegations Schifrin was raising were “blatantly false.”
“As Secretary Rubio and the entire Administration has consistently maintained, this plan was authored by the United States, with input from both the Russians and Ukrainians,” Pigott wrote in an X post.
While the White House has yet to formally release the proposal, The Associated Press and other publications have published draft versions of the 28-point plan.
As we detailed previously, among other items, the published draft points indicated the United States would recognize Crimea, Luhansk, and Donetsk as de facto territories of Russia, and freeze the conflict along the current battle lines in Kherson and Zaporizhzhia, effectively locking in Russian territorial gains throughout the course of the nearly four-year conflict.
The plan also appears to rule out Ukrainian entry into the North Atlantic Treaty Organization (NATO), and NATO will agree not to expand any further, while Russia will agree not to invade any more countries. Further, the plan states Ukraine will receive security guarantees, but will also have to cap the size of its military force.
Zelenskyy celebrated Sunday’s meeting in Geneva and said, “It is good that diplomacy has been reinvigorated and that the conversation can be constructive.”
“The Ukrainian and American teams, as well as the teams of our European partners, are in close contact, and I do hope that there will be a result. The bloodshed must be stopped, and we must ensure that the war is never reignited,” he wrote on social media.
“I am awaiting the results of today’s talks and hope that all participants will be constructive. We all need a positive outcome.”
The Ukrainian president had individually thanked all of Kyiv’s allies present at the meeting in Geneva in various posts on X late Saturday and early on Sunday.
Turkish President Tayyip Erdogan said he would have a phone call with Putin on Monday to discuss efforts to end the war in Ukraine, adding that he would also request the resumption of a deal for safe passage of grains in the Black Sea. Turkey, a NATO member, has kept up cordial relations with both Ukraine and Russia during the nearly four-year-long war, offering military assistance to Ukraine but not joining the West in sanctioning Moscow. Turkey has hosted three rounds of peace negotiations between Moscow and Kyiv in Istanbul and has offered to also host a leaders meeting. During a press conference at the G20 summit in South Africa on Sunday, Erdogan said the 2022 Black Sea grain deal that was negotiated between Turkey and the United Nations could demonstrate a path forward for a peaceful end to the war in Ukraine.
“We were able to succeed in this up to a certain point and it did not continue after. Now, during the discussions we will have tomorrow, I will again ask Mr. Putin about this. I think it would be very beneficial if we can start this process,” he said.
Faced with a Thanksgiving holiday deadline, European officials are racing to buy Ukrainian President Volodymyr Zelenskiy more time with their own counter-proposal.
@DD_Geopolitics has posted the full text of Europe’s 24-point counter-proposal for a “peace plan.”
1. End the war and create arrangements meant to prevent any repeat, establishing a permanent framework for “lasting peace and security.”
2. Both sides commit to a full, unconditional ceasefire — in the air, on land, and at sea.
3. Immediate talks begin on the technical setup for monitoring the ceasefire, with U.S. and European participation.
4. A U.S.-led international monitoring mission is introduced, relying mainly on satellites, drones, and remote tools, with an on-the-ground component to investigate alleged violations.
5. A mechanism is created for filing and investigating ceasefire violations and discussing “corrective measures.”
6. Russia must “unconditionally” return all deported or “illegally displaced” Ukrainian children, under international supervision.
7. Full prisoner exchange under the “all for all” principle. Russia must also release all civilian detainees.
8. After the ceasefire stabilizes, both sides take humanitarian steps, including allowing family visits across the line of contact.
9. Ukraine’s sovereignty is reaffirmed; Ukraine cannot be forced into neutrality.
10. Ukraine receives legally binding security guarantees from the U.S. and others — effectively an Article 5-style arrangement.
11. No restrictions are placed on Ukraine’s armed forces or its defense industry, including foreign military cooperation.
12. Security guarantors form an ad-hoc group of European and willing non-European states. Ukraine decides which foreign forces, weapons, and missions it allows on its territory.
13. Ukraine’s NATO membership depends only on internal Alliance consensus.
14. Ukraine becomes an EU member.
15. Ukraine remains a non-nuclear state under the NPT.
16. Territorial issues are addressed only after a full unconditional ceasefire.
17. Territorial negotiations start from the current line of control.
18. Once agreed, neither Russia nor Ukraine may alter territorial arrangements by force.
19. Ukraine regains control of the Zaporozhye Nuclear Power Plant (with U.S. involvement) and the Kakhovka Dam, under a special transfer mechanism.
20. Ukraine receives unhindered access on the Dnieper River and control of the Kinburn Spit.
21. Ukraine and its partners conduct unrestricted economic cooperation.
22. Ukraine is fully rebuilt and financially compensated — including through frozen Russian sovereign assets, which remain blocked until Russia pays compensation.
23. Sanctions imposed on Russia since 2014 may be partially and gradually eased only after a “sustainable peace,” with automatic snap-back if the deal is violated.
24. Separate talks begin on European security architecture with all OSCE states.
@DD_Geopolitics editorial seemed to sum thinsg up well:
“As delusional as you’d expect from Delulu Land. They still haven’t grasped that the side losing the war isn’t the one that gets to make demands.”
Meanwhile, Zelenskiy is battling a corruption scandal that threatens to engulf his powerful chief of staff, Andriy Yermak. So he’s feeling the heat, too, back home.
Finally, while speaking with reporters earlier in the day, Trump said the current plan doesn’t represent his final offer.
END
KAZAKHSTAN/ISRAEL/ABRAHAM ACCORDS
(KORYBKO)
Why’d Kazakhstan Join The Abraham Accords When It Already Recognizes Israel?
Monday, Nov 24, 2025 – 02:00 AM
Authored by Andrew Korybko via Substack,
Many observers were surprised after Kazakhstan joined the Abraham Accords during President Kassym-Jomart Tokayev’s trip to DC to attend the latest C5+1 Summit since it’s already recognized Israel since 1992.
The Presidential and Foreign Ministry websites shed more light on this decision.
The first wrote that “By joining the Abraham Accords, Kazakhstan seeks to contribute to overcoming confrontation, promoting dialogue, and supporting international law based on the principles of the UN Charter.”
It added that “The decision of Kazakhstan does not affect the country’s bilateral commitments with any state and represents a natural continuation and manifestation of its multilateral diplomacy aimed at promoting peace and security.”
The second echoed this message: “This important decision was made solely in the interests of Kazakhstan and is fully consistent with the nature of republic’s balanced, constructive, and peaceful foreign policy.”
Their statement then concluded as follows: “Joining the Abraham Accords will contribute to strengthening our country’s cooperation with all interested states and, therefore, is fully in line with Kazakhstan’s strategic goals. Kazakhstan will continue to firmly advocate for a just, comprehensive, and sustainable settlement of the Middle East conflict based on international law, relevant UN resolutions, and the principle of ‘two states for two peoples.’”
Accordingly, the official explanation is that this purely symbolic move was meant to signal support for a “two-state solution” and bolster Kazakhstan’s multi-alignment policy, but there’s actually more to it. This was indisputably intended to appeal to Trump, thus raising Tokayev’s profile in his eyes, and coincided with the raft of deals that they agreed to. This importantly includes a MoU on critical minerals that was assessed here as putting pressure, unintended by Kazakhstan but deliberate by the US, on Russia.
The above preceded Tokayev’s trip to Moscow to meet with Putin, the purpose of which was to reassure Russia that Kazakhstan isn’t siding with the US against it, but it’s now clear that Kazakhstan is more actively relying on the US for balancing Russia. It’s this trend, which isn’t new but is now taking on a qualitatively different form due to how the new TRIPP Corridor is expected to intensify US-Kazakh ties and Tokayev doing a personal favor for Trump by joining the Abraham Accords, that’s most newsworthy.
It was earlier warned that “The West Is Posing New Challenges To Russia Along Its Entire Southern Periphery”, which Russia is aware of as proven by Foreign Minister Sergey Lavrov’s recent remarks to this effect, and that “A US Think Tank Considers Kazakhstan To Be A Key Player For Containing Russia”. Nevertheless, Kazakhstan is still a member of the Russian-led CSTO military bloc and the EAEU economic one, but it’s understandable if Putin might soon begin to wonder about Tokayev’s long-term intentions.
Azerbaijan just announced that its armed forces now conform with NATO standards, and if Kazakhstan one day tries to follow suit, then Russia’s threat assessment would spike. Tokayev hasn’t signaled any such plans, but by doing a personal favor for Trump by joining the Abraham Accords, he likely expects him and the US to have his back if he ever decides to do so and this leads to a crisis with Russia. Therein lies the real significance of what he just did, which lends credence to concerns about his intentions.
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE
CDC Says Vaccines May Cause Autism
7:15 PM
Authored by Zachary Stieber via The Epoch Times (emphasis ours),
The Centers for Disease Control and Prevention now says that it’s possible vaccines cause autism, in a reversal of its previous stance.
“The claim ‘vaccines do not cause autism’ is not an evidence-based claim because studies have not ruled out the possibility that infant vaccines cause autism,” the CDC said in a Nov. 19 update to its website. “Studies supporting a link have been ignored by health authorities.”
The CDC cited a 2006 paper that analyzed surveys of parents with children who have autism and found many parents believed vaccines caused the disorder, which has symptoms including difficulty communicating.
It also said that the rise in the prevalence of autism in the United States correlates with an increase in the number of vaccines given to young children.
“Though the cause of autism is likely to be multi-factorial, the scientific foundation to rule out one potential contributor entirely has not been established,” the CDC said. “For example, one study found that aluminum adjuvants in vaccines had the highest statistical correlation with the rise in autism prevalence among numerous suspected environmental causes. Correlation does not prove causation, but it does merit further study.”
A small number of studies have found an association between certain vaccines and autism. Others have identified no increased risk in autism following receipt of the measles, mumps, and rubella vaccine, including two papers that cited the Department of Health and Human Services (HHS), the CDC’s parent agency, in a 2021 report, which said there is no evidence that the vaccine causes autism.
An earlier report from the agency said evidence was insufficient to rule on an association between vaccines against diphtheria, tetanus, pertussis, and hepatitis B and autism.
“In fact, there are still no studies that support the claim that any of the 20 doses of the seven infant vaccines recommended for American children before the first year of life do not cause autism,” the CDC said in the update to its site.
It said that there are issues with the studies on autism and the measles vaccine, including that they are retrospective rather than prospective.
HHS Secretary Robert F. Kennedy Jr. said at a Nov. 17 event, responding to a college student who said that vaccines do not cause autism, that “the people who told you that have been lying to you.” He said the studies on the matter should, but do not, compare health outcomes in a vaccinated group and an unvaccinated group, and that HHS is conducting those studies.
HHS is currently engaged in an investigation into the causes of autism, which includes evaluating “plausible biologic mechanisms between early childhood vaccinations and autism,” the CDC said on Nov. 19. The evaluation will include aluminum salts, which are used as adjuvants in many childhood vaccines.
The CDC had previously said on the site that “studies have shown that there is no link between receiving vaccines and developing autism spectrum disorder” and that no links have been found between any vaccine ingredients and the disorder.
The updated page maintains the sentence “vaccines do not cause autism” under an agreement between health officials and Sen. Bill Cassidy (R-La.), chairman of the Senate Health Committee. A spokesperson for Cassidy, who said during Kennedy’s confirmation hearing that vaccines do not cause autism, did not return a request for comment.
A separate CDC page, last updated in 2024, says that studies show vaccines are not associated with autism.
Children’s Health Defense, a nonprofit that says it wants to end childhood health epidemics by eliminating exposure to toxins and which was previously chaired by Kennedy, welcomed the CDC update.
“Finally, the CDC is beginning to acknowledge the truth about this condition that affects millions, disavowing the bold, long-running lie that ‘vaccines do not cause autism,’” Mary Holland, CEO and president of the group, told The Epoch Times in an email. “No studies have ever proved this irresponsible claim; on the contrary, many studies point to vaccines as the plausible primary cause of autism.”
Katelyn Jetelina, an epidemiologist, wrote on BlueSky that “for the first time in my career, I can’t tell people to trust what the CDC website says.”
Dr. Jake Scott, an infectious disease physician at Stanford University, said on her blog that the updated page “contradicts what we’ve learned from tracking millions of children over decades” and expressed concern that the new language would lead to parents delaying or skipping recommended vaccines for children.
end
SUCCESS STORIES: Inoperable Prostate Cancer & Multiple Myeloma 
In this Substack’s ongoing anecdotal repurposed drug crowdsourcing series comes a pair of absolutely incredible healing experiences courtesy of Dr. Makis.This Substack had previously shared many prostrate cancer cases that went into full remission using this inexpensive repurposed drug combination therapy (which will be featured at the end of this article), but this following case is particularly difficult given it was diagnosed as inoperable:IVERMECTIN and FENBENDAZOLE Testimonial – 69 year old man diagnosed with Inoperable Prostate Cancer reports after 1.5 years (18 months) – no conventional therapy and cancer is gone!
I know how much Big Pharma and their bots LOVE my testimonials!STORY:
69 year old man diagnosed with Inoperable Prostate Cancer reports after 1.5 years (18 months)
In May 2024 he started:
Ivermectin 48mg/day
Fenbendazole 444mg/day
“After 30 days my PSA went from 90 to 2.6”
“At 90 days PSA went to 0!”
“PSA has been 0 on every subsequent test”
This is where Big Pharma assets will yell that I need to share failure stories, not just success stories…
Of course I will. Right after Mayo Clinic and MD Anderson share every single failure story they have ever had. Fair is Fair.
Considering mainstream Oncology has a failure rate that is almost 100%, that will take several thousand years!
Imagine how simple this approach is.
18 months later, no surgery, no chemo, no radiation, no cancer.SourceThere is no need for surgery, chemo, radiation, or any expensive BigPharma drugs that will all quite literally kill you.And speaking of avoiding deadly drugs that do not work, the next case involves what is essentially an especially terminal form of cancer, and yet it too went into full remission using this very same synergistic protocol:NEW ARTICLE: IVERMECTIN and MEBENDAZOLE Testimonial – 60 year old Chicago, Illinois woman with Multiple Myeloma reports after 1 year!
60 year old Chicago, Illinois woman with Multiple Myeloma
One of my earliest clients, in November 2024 she started:
Ivermectin 66mg/day
Mebendazole 1500mg/day
“It has been one year since I have been on your protocol for treating my multiple myeloma”
“My M protein has remained constant and my Kappa/Lambda Light chain numbers have once again improved”
Mainstream Oncology and $25 billion in Cancer Research tells us the above is IMPOSSIBLE.
Can you imagine! National Cancer Institute invested over $25 billion into Cancer Research between 2015-2024 and they couldn’t even stumble upon THIS?
All that wasted Cancer Research money for nothing…SourceThe success rate of legacy cancer “treatment” after five years is around 0%, or 15% survival within the first five years, whereas the remission rate of the following ‘holy grail’ cancer cure in plain sight is well over 85%, and it also heals asthma, prion-based diseases like Alzheimer’s, mood disorders, Parkinson’s, Lyme Disease, Lupus, skin conditions, and various other “incurable” ailments:
GLOBAL ISSUES
Study Shows ALL C19 Vaccinated Have Amyloid Microclots-Confirming 2022 Live Blood Study. Dissolution Of Amyloid Clots With EDTA, Vitamin C, Methylene Blue & DMSO – Successfully Done For Past 3 YearsAna Maria Mihalcea, MD, PhD
Nov 22 READ IN APP
Rubbery Clot formed drawing 30cc of blood from Covid19 unvaccinated individual with history of blood clots, deep vein thrombosis, pulmonary embolus on conventional blood thinners. Polymer hydrogel rubbery clot formation, Darkfield Microscopy COVID19 unvaccinated blood affected by shedding. Magnification 4000x © Dr Ana MihalceaA recent new study shows chronic amyloid microclots in human blood with 100% of COVID19 vaccinated individuals affected.
Circulating Microclots Are Structurally Associated With Neutrophil Extracellular Traps and Their Amounts Are Elevated in Long COVID Patients
The persistence of vasculo‐thrombotic complications has been put forward as a possible contributing factor in the Long COVID (LC) syndrome. Given the recently reported separate demonstration of the association of LC with elevated levels of heterogenous fibrin(ogen) amyloidogenic particles (microclots) and with those neutrophil extracellular traps (NETs), markers that are linked to thromboinflammation, this study considers the association of microclots with NETs. The results show that NETs markers (Myeloperoxydase, Neutrophil Elastase, and circulating DNA) are quantitatively and structurally associated with the size and number of microclots in patients with LC. These markers showed a strong diagnostic performance, both independently and when combined.Of course this is not a new finding, as a study doing live blood analysis had shown in 2022 these same microclots in all vaccinated individuals:
Dark -Field Microscopic Analysis on the Blood of 1,006 Symptomatic Persons After Anti-COVID mRNA Injections from Pfizer/BioNtech or Moderna“
In conclusion, such abrupt changes as we have documented in the peripheral blood profile of 948 patients have never been observed after inoculation by any vaccines in the past according to our clinical experience.The sudden transition, usually at the time of a second mRNA injection, from a state of perfect normalcy to a pathological one, with accompanying hemolysis, visible packing and stacking of red blood cells in conjunction with the formation of gigantic conglomerate foreign structures, some of them appearing as graphene-family super-structures, is unprecedented.*Such phenomena have never been seen before after any “vaccination” of the past.*In our collective experience, and in our shared professional opinion, the large quantity of particles in the blood of mRNA injection recipients is incompatible with normal blood flow especially at the level of the capillaries.” “In conclusion, such abrupt changes as we have documented in the peripheral blood profile of 948 patients have never been observed after inoculation by any vaccines in the past according to our clinical experience.The sudden transition, usually at the time of a second mRNA injection, from a state of perfect normalcy to a pathological one, with accompanying hemolysis, visible packing and stacking of red blood cells in conjunction with the formation of gigantic conglomerate foreign structures, some of them appearing as graphene-family super-structures, is unprecedented.*Such phenomena have never been seen before after any “vaccination” of the past.*In our collective experience, and in our shared professional opinion, the large quantity of particles in the blood of mRNA injection recipients is incompatible with normal blood flow especially at the level of the capillaries.”The researchers described:New large published study from Italy confirms extreme blood abnormalities and self-assembly nanostructures“In conclusion, such abrupt changes as we have documented in the peripheral blood profile of 948 patients have never been observed after inoculation by any vaccines in the past according to our clinical experience.The sudden transition, usually at the time of a second mRNA injection, from a state of perfect normalcy to a pathological one, with accompanying hemolysis, visible packing and stacking of red blood cells in conjunction with the formation of gigantic conglomerate foreign structures, some of them appearing as graphene-family super-structures, is unprecedented.*Such phenomena have never been seen before after any “vaccination” of the past.*In our collective experience, and in our shared professional opinion, the large quantity of particles in the blood of mRNA injection recipients is incompatible with normal blood flow especially at the level of the capillaries.”I have discussed in multiple historic substacks that Amyloid is used in nanotechnology for its programmable abilities:
Rational Biological Interface Engineering: Amyloidal Supramolecular Microstructure-Inspired Hydrogel
Amyloidal proteins are a category of programmable self-assembled macromolecules, and their assembly and consequent nanostructure can be manipulated rationally. The above advantages motivate researchers to investigate the potential of amyloidal proteins as a novel type of hydrogel material.Here are many other studies and substacks regarding evidence of this finding:
Everybody Talks About Amyloid Or Prions In Relation To C19 Bioweapons. Review Of How Self Assembly Amyloid Hydrogels & Prion Peptides Are Used For Nanotechnology Devices & Biosensor Applications.Russian Study Finds Self Assembly Nanoparticles and Nanofibers: “Self-assembling amyloid-like nanostructures from SARS-CoV-2 S1, S2, RBD and N recombinant proteins”
It has been clearly shown that the spike protein gene sequence encodes hydrogel (Amyloid) – published in 2022.
Amyloid and Hydrogel Formation of a Peptide Sequence from a Coronavirus Spike Protein Its’ Hydrogel manufactured in the C19 injected, not Amyloid!
MARK CRISPIN MILLER
DR PAUL ALEXANDER
THIS IS HUGE!!
Breaking, Rasmussen report, Millions Experienced COVID-19 Vaccine Side Effects – Demographics; ‘More than a third of Americans who were vaccinated against COVID-19 say they had side effects from the
shot, and nearly half suspect the vaccines killed many patients,’; so when will Malone, Bourla, Sahin, Bancel, Weissman, Moncef, Perna, Kariko, Tureci, Pfizer officials, Maderna officials face OATHS
| Dr. Paul AlexanderNov 22 |
and proper courts, juries, judges? If courts find these people and others guilty of brining an unsafe vaccine, mRNA, remaining silent, and it killed people, and the judges and juries and courts say DEATH penalty, would you hang? Them? I say yes, hang them high! all named here if courts, judges, juries find them criminally negligent and causing mRNA vaccine deaths!
‘More than a third of Americans who were vaccinated against COVID-19 say they had side effects from the shot, and nearly half suspect the vaccines killed many patients,
The latest Rasmussen Reports national telephone and online survey finds that 68% of American Adults say they got a COVID-19 vaccination, and a majority (60%) of vaccinated adults report no side effects from the vaccine. However, 26% say they had minor side effects and 10% reported major side effects from the vaccine. Based on a U.S. adult population of 258 million, this would mean 63 million had at least some side effects from the COVID-19 vaccine, including more than 17 million who experienced major side effects. (To see survey question wording, click here.)’
NEWSWIZE
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
VENEZUELA
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS MONDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1539 UP 0.0028 PTS OR 28 BASIS POINTS/WITH STOCKS IN EUROPE AND ASIA MIXED
USA/ YEN 156.73 UP 0.382 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 1.3092 DOWN .0001 OR 1 BASIS PTS
USA/CAN DOLLAR: 1.4108 UP 0.0008 CDN DOLLAR DOWN 1 BASIS PTS//CDN DOLLAR STILL GETTING KILLED)
Last night Shanghai COMPOSITE CLOSED UP 1.87 PTS OR 0.05%
Hang Seng CLOSED DOWN 196.48 PTS OR 1.97%
AUSTRALIA CLOSED UP 1.34%
// EUROPEAN BOURSE: ALL XIXED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL MIXED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 496.48PTS OR 1.97%
/SHANGHAI CLOSED UP 1..87 POINTS OR 0.05%
AUSTRALIA BOURSE CLOSED UP 1.31 %
(Nikkei (Japan) CLOSED HOLIDAY
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 4070.30
silver:$50.20
USA dollar index early MONDAY morning: 100.03 DOWN 9 BASIS POINTS FROM FRIDAY’s CLOSE
MONDAY MORNING NUMBERS ENDS
And now your closing MONDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.047 % UP 1/ 2 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +1.781% DOWN 0 FULL POINTS AND 10/100 BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.323 UP 1 BASIS PTS//DEADLY
SPANISH 10 YR BOND YIELD: 3.205 DOWN 0 in basis points yield
ITALIAN 10 YR BOND YIELD 3.452 DOWN 0 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.7011 UP 0 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY MONDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1539 UP 0.0028 OR 28 basis points
USA/Japan: 156.92 UP 0.572 OR YEN IS DOWN 57 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.536 DOWN 1 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.352 DOWN 2 BASIS POINTS.
Canadian dollar DOWN 0.0003 OR 3 BASIS pts to 1.4102
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY UP AT 7.1040 ON SHORE ..
THE USA/YUAN OFFSHORE UP TO 7.1054
TURKISH LIRA: 42.43 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.781 DOWN 0 FULL basis pts
THE 30 YR JAPANESE BOND YIELD: 3.323 UP 1 basis pts
Your closing 10 yr US bond yield DOWN 1 in basis points from FRIDAY at 4.045% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.687 DOWN 2 basis points /11:00 AM
USA 2 YR BOND YIELD: 3.514 DOWN 0 BASIS PTS.
GOLD AT 10;00 AM 4081.00
SILVER AT 10;00: 50.21
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: MONDAY CLOSING TIME 11:00 AM//
London: CLOSED DOWN 480 PTS OR 0.05%
GERMAN DAX: UP 147 pts or 0.69%
FRANCE: CLOSED DOWN 22.98 pts or 0.29%
Spain IBEX CLOSED UP 148.90 pts or 0.92%
Italian MIB: CLOSED DOWN 363.50. or 0.85%
WTI Oil price 58.14 0.00 EST/
Brent Oil: 62.59 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 78.63 ROUBLE UP 0 AND 43/ 100
CDN 10 YEAR RATE: 3.176 DOWN 2 BASIS PTS.
CDN 5 YEAR RATE: 2.766 DOWN 2 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1526 UP 0.0015 OR 15 BASIS POINTS//
British Pound: 1.3110 UP .0017 OR 17 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.5400 DOWN 1 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.3610 DOWN 1 IN BASIS PTS.
JAPAN 10 YR YIELD: 1.781 DOWN 1 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.323 DOWN 2 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 156.817 UP 0.473 OR YEN DOWN 47 BASIS PTS EXTREMELY DANGEROUS/YEN FALLING DEEPLY IN VALUE
USA dollar vs Canadian dollar: 1.4103 UP 0.0006 PTS// CDN DOLLAR DOWN 6 BASIS PTS CDN DOLLAR
West Texas intermediate oil: 58.90
Brent OIL: 63.45
USA 10 yr bond yield DOWN 3 BASIS pts to 4.036
USA 30 yr bond yield DOWN 4 PTS to 4.662%
USA 2 YR BOND 3.503 DOWN 2 PTS
CDN 10 YR RATE 3.181 DOWN 2 BASIS PTS
CDN 5 YEAR RATE: 2.761- DOWN 2 BASIS PTS
USA dollar index: 100.08 DOWN 2 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 42.41 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 78.73 UP 0 AND 36/100 roubles //
GOLD $4124.00 (3:30 PM)
SILVER: 51.28 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 202.46 OR 0.44 %
NASDAQ 100 UP 634.28 PTS OR 2.62%
VOLATILITY INDEX 20.50 DOWN 2.93 PTS OR 12.51%
GLD: $ 380.19 UP 5.92 PTS OR 1.58%
SLV/ $46.63 UP 1.33 PTS OR OR 1.96%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 443.70 PTS OR 1.47%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
‘Buy All The Things’: There’s Dip-Buyers Galore As Rate-Cut Odds Soar
WRAP UP;
Stocks rally while traders boost Dec rate cut bets – Newsquawk US Market Wrap
Monday, Nov 24, 2025 – 04:10 PM
- SNAPSHOT: Equities up, Treasuries up, Crude up, Dollar flat/down, Gold up
- REAR VIEW: Fed’s Waller reiterates case for December cut, Daly also backs December cut; Trump & Xi hold phone call, Trump to visit Beijing in April, Xi to visit US later in 2026; US 2yr note auction met with average demand; US officials say talks with Ukraine went well; Kremlin aide rejects EU counter proposals; White House reportedly set to delay healthcare proposal; Germany’s Ifo sends mixed signals; AAPL cuts dozens of jobs across sales division; NVO drug trials disappoint.
- COMING UP: Data: German GDP (Q3), US Weekly Prelim Estimate ADP, US PPI (Sep), Retail Sales (Sep), Consumer Confidence (Nov), Richmond Fed (Nov). Events: PBoC MLF. Speakers: ECB’s Cipollone, Makhlouf. Supply: Australia, UK, Italy, Germany, US. Earnings: Dell.
- WEEK AHEAD: Highlights include US Retail Sales, RBNZ, UK Budget, Australian CPI, Tokyo CPI. Click here for the full report.
- CENTRAL BANK WEEKLY: Previewing RBNZ, PBoC MLF, ECB Minutes, BoK; Reviewing FOMC Minutes, RBA Minutes, PBoC LPR. Click here for the full report.
- WEEKLY US EARNINGS ESTIMATES: Earnings wind down with highlights including ADI, DELL, BABA. Click here for the full report.
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
Stocks rose sharply on Monday, with the SPX reclaiming 6,700, posting broad-based gains, though the Nasdaq outperformed as AI names clawed back some recent losses. Communications jumped 4%, led by Alphabet after more upbeat commentary on its latest AI updates, while tech and consumer discretionary gained about 2.5% (led by Broadcom, AVGO +11%) and 2.0%, respectively. Support also came from firmer expectations of a December rate cut after Governor Waller reaffirmed backing for a 25bps move, and Daly (a 2027 voter) also endorsed such a reduction. Markets priced a December cut at a 76% probability, up from 56% on Friday after dovish remarks from Williams. The Dollar eased slightly, but the DXY stayed above 100, with the AUD outperforming while the yen shed part of Friday’s gains. Focus turns to US PPI and retail sales on Tuesday ahead of the Thanksgiving holiday on Thursday. Oil prices were bid despite reports of further progress on Ukraine-Russia peace talks, though details remain scarce and traders appear sceptical of meaningful advances. Gold gained through the session, tracking equities higher, while Bitcoin recovered some of last week’s losses but failed to break above USD 90k, holding at session highs into APAC trade. Separately, US President Trump and China’s President Xi held a call in which Trump accepted Xi’s invitation to visit Beijing in April and extended a reciprocal invitation for later in the year.
FED
WALLER (voter, dove): The Fed Governor reiterated his case for a rate cut at the December meeting, saying data since the last FOMC shows not much change, with weakness seen in the labour market while inflation is not a big problem. While inflation has ticked up slightly, he expects it to start falling, estimating ex-tariff inflation at 2.4–2.5%. Waller described the September jobs number as likely to be revised down and noted its concentrated nature is not a good sign. He emphasised a meeting-by-meeting approach going forward, with January posing challenges due to a flood of new data. Stated tariff effects on inflation are modest and one-off, and reiterated that if the data rebounds, the Fed can be more cautious.
DALY (2027 voter): The San Francisco Fed President said in a WSJ interview that she backs a December rate cut, because she sees a sudden deterioration in the job market as both more likely and harder to manage than an inflation flare-up. “On the labour market, I don’t feel as confident we can get ahead of it.” “It’s vulnerable enough now that the risk is it’ll have a nonlinear change.” Concerning an inflation breakout, she noted that it’s a lower risk given how tariff-driven cost increases have been more muted than anticipated earlier this year. Daly still believes the Fed can bring inflation back to its 2% target without an increase in unemployment. While the economy has settled in a “low-hiring, low-firing” equilibrium for some time, the 2027 voter sees greater risks that the balance ultimately would break in a negative direction. She added, “I’m not willing to assume our hands are tied next year” in a way that either forecloses the option to cut rates further if the economy weakens more abruptly or to raise rates “if that’s what’s needed.” Regarding the divergence amongst the FOMC, she said it reflects genuine uncertainty, not dysfunction. On the December meeting, Daly said the decision requires a judgment call about where the risks of not moving are, and where the risks of moving are. As such, Daly puts the risks of moving [rates down] a little bit lower than others, and the risk of not moving a little bit higher than others.
FIXED INCOME
T-NOTE FUTURES (Z5) SETTLED 4 TICKS HIGHER AT 113-12
T-notes add to recent gains on more dovish Fed speak. At settlement, 2-year -1.1bps at 3.503%, 3-year -1.1bps at 3.490%, 5-year -1.3bps at 3.605%, 7-year -1.9bps at 3.794%, 10-year -2.5bps at 4.038%, 20-year -3.5bps at 4.643%, 30-year -3.4bps at 4.682%.
INFLATION BREAKEVENS: 1-year BEI -3.2bps at 2.622%, 3-year BEI -1.7bps at 2.390%, 5-year BEI -2.4bps at 2.228%, 10-year BEI -1.8bps at 2.215%, 30-year BEI -1.3bps at 2.189%.
THE DAY: T-notes bull flattened on Monday with markets still pricing in a December rate cut after the dovish Fed’s Williams on Friday. Waller also spoke today, reiterating his preference for a 25bps cut, while Fed’s Daly (2027 voter) also revealed she would back a cut in December. Money markets now price a December cut with a 76% probability vs 56% probability on Friday, albeit views on the Fed are still very much split, likely seeing the December vote as a very close call. Among voting members, WSJ’s Timiraos has three participants (Powell, Jefferson and Cook) as an unclear vote, with Barr, Collins, Goolsbee, Musalem and Schmid favouring a pause in December, while he expects Bowman, Miran, Waller and Williams to vote for a cut. Elsewhere, the US Treasury sold USD 69bln of 2-year notes, which saw an average reception ahead of the 5- and 7-year on Tuesday and Wednesday, respectively.
SUPPLY:
Notes
- The US sold USD 69bln of 2-year notes at a high yield of 3.489%, matching the when-issued. This compares to the prior tail of 0.1bps and the six auction average for a 0.5bps stop through. The bid-to-cover was better than the prior and average, while the breakdown saw direct demand ease, but remained in line with recent averages, while indirect demand rose, also in line with recent averages. This left dealers with 11.2% of the auction, in line with the prior and average. There was little reaction to the largely in-line auction.
US Treasury to sell: USD 70bln of 5-year notes on November 25th, USD 44bln of 7yr notes on November 26th; all to settle December 1st.
Bills
- US sold USD 90bln of 3-month bills at high-rate 3.745%, B/C 2.85x; sold USD 80bln of 6-month bills at a high-rate 3.670%, B/C 2.77x
- US Treasury to sell USD 85bln 6-week bills on Nov 25th
STIRS/OPERATIONS
- Market Implied Fed Rate Cut Pricing: Dec 19bps (prev. 14bps), January 27bps (prev. 25bps), March 33bps (prev. 31bps).
- NY Fed RRP op demand at USD 1.1bln (prev. 2.5bln), across 7 counterparties (prev. 12)
- NY Fed Repo Op demand at USD 0.001bln across two operations today (prev. 0.000bln).
- EFFR at 3.88% (prev. 3.88%), volumes at USD 81bln (prev. 75bln) on November 21st.
- SOFR at 3.93% (prev. 3.91%), volumes at USD 3.203tln (prev. 3.17tln) on November 21st.
CRUDE
WTI (F6) SETTLED USD 0.78 HIGHER AT 58.84/BBL; BRENT (F6) SETTLED USD 0.81 HIGHER AT USD 63.37/BBL
The crude complex saw strength, albeit in choppy trade, as Ukraine/Russia peace talks dominate the tape. Benchmarks were initially subdued on seemingly positive geopolitical developments, but later turned around and edged higher through the US session, with a lack of details around said progress leaving traders sceptical. At the tail end of last week, Trump issued a Thanksgiving deadline for Ukraine to accept the peace agreement, and while Zelensky welcomed “important steps” made during peace talks with the US in Geneva, warned one of the key issues surrounds Ukraine ceding land to Russia. In latest reports, WaPo citing sources, said the US peace plan on Ukraine now contains 19 points but is not yet finalised. As such, while an agreement appears closely, there is still a long way to go. In addition, some oil downside coincided with Chinese state media reports that Xi and Trump held a call. Separately, and on the supply side, ING, citing reports suggested that the Kuwait Al-Zour refinery (615k BPD) is poised to begin raising output through December, after facing issues since October that kept it operating at only around a third of capacity. For the record, WTI traded between USD 57.42-58.90/bbl and Brent USD 61.34-62.76/bbl. As a reminder, it is a holiday-shortened week due to Thanksgiving, so volume may be a bit thinner than usual.
EQUITIES
CLOSES: SPX +1.55% at 6,705, NDX +2.62% at 24,874, DJI +0.44% at 46,448, RUT +1.89% at 2,414.
SECTORS: Consumer Staples -1.32%, Energy -0.32%, Real Estate +0.18%, Industrials +0.28%, Materials +0.28%, Financials +0.47%, Health +0.47%, Utilities +1.12%, Consumer Discretionary +1.86%, Technology +2.49%, Communication Services +3.94%.
EUROPEAN CLOSES: Euro Stoxx 50 +1.17% at 5,793, Dax 40 +1.22% at 24,381, FTSE 100 +0.12% at 9,911, CAC 40 +1.04% at 8,241, FTSE MIB +0.80% at 44,793, IBEX 35 +1.39% at 16,616, PSI +1.21% at 8,294, SMI +0.80% at 12,803, AEX -0.21% at 969
STOCK SPECIFICS:
- Alibaba (BABA) relaunched Qwen AI app surpassed 10mln downloads in its first week, supporting the stock.
- Alphabet (GOOGL) continuing to extend gains post Gemini 3 release; over the weekend, Salesforce (CRM) Benioff said, “I’ve used ChatGPT every day for 3 years. Just spent 2 hours on Gemini 3. I’m not going back”.
- Anglo American (NGLOY) rejected BHP’s latest takeover proposal, deciding it was not superior to its planned combination with TECK.
- Baidu (BIDU) upgraded at JPM.
- Grindr (GRND) said the special committee unanimously determined that further discussions with proposing shareholders with respect to the proposal are not in the best interests.
- Micron (MU) denied reports it is redesigning its HBM4 following claims it failed to meet Nvidia’s data-transfer demands.
- Novo Nordisk (NVO) Evoke Phase III trials did not demonstrate a statistically significant reduction in Alzheimer’s disease progressions.
- US reviewing whether NVIDIA (NVDA) can sell its H200 AI chips to China as bilateral ties warm.
- White House will include a 2yr extension of the Affordable Care Act subsidies due to expire next month, according to Politico; admin will also set new limits on eligibility. Of note for Oscar Health (OSCR), Centene (CNC), and Molina Healthcare (MOH). In the US afternoon, it was reported that the White House is to delay its healthcare proposal, according to MS Now.
- Amazon (AMZN) to invest up to USD 50bln to expand AI and supercomputing infrastructure for US government agencies. Meanwhile, Amazon plans to invest USD 15bln in Northern Indiana to build new data centre campuses and advance AI innovation
FX
The Dollar Index was lower to start the week as strength in the Euro offset weakness in the Japanese Yen. The main topic over the weekend and into Monday has been the Ukraine peace plan, proposed by the US, to which the Washington Post reported it is now a 19-point plan, down from 28. Talks are expected to continue; meanwhile, a Kremlin aide rejected the EU’s counter-proposals. Domestic updates in the US were light, with the US reportedly set to delay the healthcare proposal, which included an extension of the Obamacare subsidies. With the recently passed bill extending support for most federal agencies until January 30th, discussions on healthcare are likely to remain at the forefront of US politics. From the Fed, Governor Waller (voter) reiterated the case for a cut in December, which lent a hand to dovish expectations, resulting in an uptick in rate cut bets and some modest downward pressure on the USD. 2027 voter Daly accelerated the move in dovish Fed expectations after WSJ reported that she’d back a rate cut as she sees a sudden deterioration in the job market as both more likely and harder to manage than an inflation flare-up. Tuesday will see the release of US PPI (Sep) and Retail Sales (Sep), with the latter expected to ease to 0.4% from 0.6%.
EUR, AUD, and GBP outperformed in the G10 space while JPY lagged in the red. EUR led gains perhaps on growing optimism on the conflict between Russia and Ukraine, while JPY underperformance came amid the increased risk appetite across markets as US equities extended on their Friday rebound. EUR/USD moved higher to ~ 1.1530 from 1.1503 lows (a mixed German Ifo report had little bearing on price action), while USD/JPY trades around 156.80 off earlier 157.18 highs.
Ahead of UK Chancellor Reeves’ budget on Wednesday, more updates arrived, with the latest reporting indicating that Reeves told her peers that the budget will include cutting three priorities: The cost of living, NHS waiting lists and the cost of debt. Meanwhile, Sky News reported that the OBR said lower in 2026 and every Parliament year in the budget. Cable now trades higher at ~1.3110 within the 1.3081-1.3117 intraday range.
ILS: The Israeli Shekel was firmer against the dollar in the aftermath of the Israel Central Bank decision to cut rates by 25bps, as expected to 4.25%. Governor Yaron cited moderating inflation on reduced supply constraints, a stronger Shekel and a lower risk premium behind the cut. Ahead, he added, that rate cuts will be very gradual, two more cuts by September 2026 seem reasonable; not going back to zero interest rates.
END
DATA RELEASES
Dallas Fed Manufacturing Survey Sees Production Soaring As Tariff Terrors Fade
Monday, Nov 24, 2025 – 01:15 PM
“Signs indicate business activity is improving,” according to one respondent from The Dallas Fed’s Manufacturing survey in November. However, the comments and the mixed data could leave readers confused…
Texas factory activity expanded at a markedly faster pace in November, according to business executives responding to the Texas Manufacturing Outlook Survey.
The production index, a key measure of state manufacturing conditions, rose 15 points to 20.5, indicating a notable pickup in output growth. Expectations for manufacturing activity six months from now remained positive. The future production index increased notably, to 33.7 from 21.0, while the future general business activity index edged up to 11.
Other measures of manufacturing activity also pointed to faster growth this month. The new orders index increased to 4.8 from -1.7. The capacity utilization index jumped 21 points to 19.4, and the shipments index increased nine points to 15.1. Price pressures remained flat as tariff talk in the survey’s respondents reduced significantly.
However, perceptions of broader business conditions worsened this month. The general business activity index fell further into negative territory to -10.4 from -5.0. Outlooks also worsened, with the company outlook index falling six points to -6.3 in November.
In pictures, it looks like this: Texas manufacturers are pumping production higher (and expect more in the future) but their headline sentiment above business activity is tumbling to its lowest since June…
Choose your own adventure…
The respondents comments continue the dissonance. Bear in mind that data were collected Nov. 10–18 (right as the shutdown ended), and 70 of the 115 Texas manufacturers surveyed submitted responses.
Bad news (but hopeful)
- We don’t know if it’s the shutdown or just that demand has dropped, but our orders have dropped in half.
- We continue to see soft incoming orders, with poor general activity in our industry. It’s as if all the chaos in Washington is creating a lot of wait-and-see attitude among our customers’ customers. We are very hopeful that things will improve in the next 6 months.
- Business is as delicate today as it was under the previous administration. Small, established businesses have nowhere to turn for help when suddenly paying new tariffs.
- We’re currently facing challenging business conditions on several fronts…
- There is a continued weakness in the retail consumer market.
Good News:
- November was our most profitable month this year. We are seeing increased business activity and many new projects.
- Looking forward to a tax rebate for the month of government shutdown.
- It seems even the modest decrease in interest rates has assuaged fears of inflation and provided comfort that we are indeed headed in the right direction. Tariff revenue has not dramatically impacted opportunity to grow in our industry, and it has seemingly improved our overall economy. We remain hopeful of continued progress through 2026.
- Signs indicate business activity is improving, i.e. lowering of interest rate, improving economy and consumer confidence for major purchases.
And finally, we have a simple question that raises our own doubts about how ‘real’ these responses are:
A ‘Beverage and Tobacco product manufacturer’ is worried about Fed Independence and is unsure about uncertainty?
Concerns about the economy, the independence of the Fed and tariffs continue to cause uncertainty. We are not certain that [uncertainty] has actually increased as much as it has remained at an uncomfortably elevated level.
Perhaps they’d be better off just worrying about ‘beverages’?
END
USA ECONOMIC COMMENTARIES
‘I Refuse To Be A Battered Wife’ – Marjorie Taylor Green Abandoning House Seat
Saturday, Nov 22, 2025 – 07:35 AM
One week after President Trump withdrew his “support and endorsement” of Marjorie Taylor Greene, the establishment-bucking Georgia congresswoman stunned supporters and foes alike by announcing she will resign from Congress. The move also comes shortly after Greene helped push Trump into a major political reversal that saw him suddenly encouraging Congress to pass legislation requiring the release of Jeffrey Epstein investigation files.
In a video shot in her Georgia living room and posted to X, Green said her last day in office will be Jan 5, and lamented that “no matter which way the political pendulum swings, Republican or Democrat, nothing ever gets better for the common American man or woman.” As examples, she cited the ongoing replacement of American jobs with foreign labor’; the use of tax collars to “fund foreign wars, foreign aid, and foreign interests”; mounting debt; and the erosion of the dollar.” She also complained that various bills she introduced to advance the MAGA agenda “just sit collecting dust” as House leadership ignores them.
Elsewhere in her 10-minute announcement (full transcript here), Greene said:
“Loyalty should be a two-way street and we should be able to vote our conscience and represent our district’s interest…
[My work] has brought years of nonstop never ending personal attacks, death threats, lawfare, ridiculous slander and lies…I have too much self-respect and dignity. I love my family way too much. And I do not want my sweet district to have to endure a hurtful and hateful primary against me by the president that we all fought for, only to fight and win my election while Republicans will likely lose the midterms. And in turn, be expected to defend the President against impeachment after he hatefully dumped tens of millions of dollars against me and tried to destroy me. It’s all so absurd and completely unserious. I refuse to be a ‘battered wife’ hoping it all goes away and gets better.”
If I am cast aside by MAGA Inc and replaced by Neocons, Big Pharma, Big Tech, Military Industrial War Complex, foreign leaders, and the elite donor class that can’t even relate to real Americans, then many common Americans have been cast aside and replaced as well. There is no ‘plan to save the world’ or insane 4D chess game being played.”
As part of a Friday night meltdown that also focused on Republican Rep. Thomas Massie, Trump last week dropped a nearly-300-word rant assailing “Wacky Marjorie,” and announcing he was withdrawing his “support and endorsement” of her. Trump said he stood ready to give the “right” Republican primary challenger his “Complete and Unyielding Support.” Following Greene’s resignation announcement, Trump told ABC News that her pending departure from the House is “great news for the country…I think it’s great. I think she should be happy.”
First elected in 2020 to represent northwest Georgia’s 14th Congressional District, Greene has been considered a central figure in the Make America Great Again movement — even after Trump’s attempt last week to excommunicate her, vilifying her as a “ranting lunatic” who’s “gone far left.”
Particularly over the past year, Greene has increasingly been a gadfly for the Republican establishment. In addition to being one of just four House Republicans to vote for the Massie-written discharge petition that ultimately compelled Trump’s reversal on the Epstein files, Greene has resisted Trump’s support for Ukraine and condemned GOP Congressional leadership for the expiration of Obamacare subsidies without offsetting initiatives to make health insurance more affordable.
Of particular note, Greene has become Congress’s most outspoken Republican critic of US support of Israel, repeatedly opposing additional aid to what she calls the “secular government of Israel,” accusing Israel of genocide in Gaza, and demanding that the American Israel Public Affairs Committee (AIPAC) register as a foreign agent. While not mentioning Israel by name in her resignation announcement, Greene appeared to take aim at those who put undue emphasis on Israel’s interests: “America First should mean America First and only America First, with no other foreign country ever being attached to America First in our halls of government.”
Massie, who is himself the target of a Trump-led primary challenge financed by three Israel-supporting billionaires, expressed disappointment at the sudden news that he was losing an important ally, writing:
“I’m very sad for our country but so happy for my friend Marjorie. I’ll miss her tremendously. She embodies what a true Representative should be. Everyone should read her statement; there’s more honesty expressed in these four pages than most politicians will speak in a lifetime.”
Greene’s resignation will at least temporarily trim the GOP’s already-slim House majority — they currently have 219 seats to the Democrats’ 213, with three seats vacant. Under Georgia law, Governor Brian Kemp will have 10 days after Greene’s seat goes vacant in January to call a special election, and that special election must happen within 30 days of that gubernatorial directive. Greene’s district is reliably Republican — she was reelected last year by a 64% to 36% margin.
Early Saturday morning, President Trump weighed in on MTG’s resignation on Truth Social, writing in a post:
Marjorie “Traitor” Brown, because of PLUMMETING Poll Numbers, and not wanting to face a Primary Challenger with a strong Trump Endorsement (where she would have no chance of winning!), has decided to call it “quits.” Her relationship with the WORST Republican Congressman in decades, Tom Massie of Kentucky, also known as Rand Paul Jr. because he votes against the Republican Party (and really good legislation!), did not help her. For some reason, primarily that I refused to return her never ending barrage of phone calls, Marjorie went BAD. Nevertheless, I will always appreciate Marjorie, and thank her for her service to our Country! President DJT
“The House is not big enough for her ambitions or personality,” Steve Bannon, the Trump confidant and War Room podcast host, told the New York Times after Greene’s announcement. “She had her committee assignments pulled by Pelosi in her first term — and rose to be a national figure. We haven’t seen or heard the last of MTG.”
Given Bannon’s comments, we turn to Polymarket, where MTG currently sits at just 4% odds of becoming the Republican presidential nominee in 2028. J.D. Vance leads with 55%, followed by Marco Rubio at 8%. Interesting to note, Tucker Carlson has 3% odds.
Certainly a lot of posturing in the Republican Party ahead of midterms. Meanwhile, Democrats recently had to pull a $15 million loan just to stay afloat, as the rudderless party shows its true colors by embracing far-left toxic ideology.
end
Two Investing Titans Issue The Same Warning
Monday, Nov 24, 2025 – 08:05 AM
Authored by Peter Reagan,
When Ray Dalio and Jeff Gundlach – two legendary investors with wildly different worldviews – start warning about the same thing, it’s worth paying attention. Both say today’s economy is distorted, and warn that “illusory wealth” may vanish when reality hits…
A question for you: In what world would billionaire investing legends Ray Dalio and Jeffrey Gundlach come to the same conclusion about the economy?
Answer: This one.
Now, if you’re not familiar with either of these financial giants, a little background may be useful.
Ray Dalio is the billionaire founder of Bridgewater Associates, the world’s most successful hedge fund.
Jeffrey Gundlach has been trading government debt so successfully for so long he’s called the “Bond King.”
Which means that these two men amassed their fortunes with wildly different philosophies and methods about how to do it.
And that makes it especially surprising that they’ve come to the same conclusions.
Two very different billionaires, one warning
First, there are two principles that they’re both talking about now that have a massive impact once you understand them.
Principle #1 is price signals can lie.
To put it simply, the information that you can normally glean from the prices and valuations may be distorted in the economy (and almost certainly are right now), and you need to know that and understand it.
Principle #2 is unrealized profits are NOT the same as real wealth.
In other words, just because the value goes up on paper doesn’t mean that you can actually get that amount when you convert to actual money.
Now, I need to be clear here: I’m going to be talking about these men and these principles to help you to understand the current investing environment. I am not giving investment advice, and you should do your own due diligence before making any investment decision to ensure that you are making the right decisions for you and your desired goals and outcomes.
Dalio: “Net worth isn’t wealth”
In a recent post over at Linkedin, Dalio gave his views on the current situation.
He said, essentially, that wealth, in terms of net worth, in our world today is measured by numbers on a screen. Those aren’t fixed numbers. Wealth is measured by asset prices, but prices go up and down. When debt is used to buy assets, Dalio says, you can get unreasonable prices.
This a huge problem because debt has to be paid back.
And to pay debt, you have to convert an asset into actual cash.
But selling an asset pushes prices down. It’s supply and demand. The more of something in the market, the less demand for each unit of that thing, and, thus, the price goes down.
Except that the borrowed funds have to be paid back with the proceeds from the sale, which is typically at a lower price. And that means that debt-fueled buyers end up with much lower profits than they expected (maybe even losing money).
Dalio says this price drop that’s necessary to pay off debt is often what causes economic crashes.
All that to say, the prices that we’re seeing in many areas are artificially propped up by debt – not by cash. That’s why those prices don’t have much of a relationship with the purchasing power the price represents.
Dalio wants to remind us:
A price isn’t a profit (not until you sell).
But, because there’s a limited amount of cash underlying the entire economy, the more people to convert assets to cash, the more prices drop. When people see prices drop, they rush to sell – putting more downward pressure on prices.
Gundlach has similar concerns…
Gundlach: “No argument against the fact that we’re in a mania”
Gundlach, for his part, isn’t using the term “bubble,” but he is talking about mania, which is a well documented quirk of human nature.
Specifically, he said that there is “no argument against the fact that we’re in a mania.”
What does he mean, exactly?
Gundlach is pointing out the same craziness that we’re seeing in the economy that Dalio talked about, just pointing it out in different ways.
A mania, as defined by Merriam-Webster, is an “excessive or unreasonable enthusiasm,” and that’s exactly what we’re seeing with prices of financial assets compared to what those assets are really worth.
People are speculating and making buying decisions based on their hope that a higher than normal market valuation will continue to increase. So, one speculator buys at an elevated price, then another even more enthusiastic speculator buys at that even higher price with the expectation that the price will go even higher. (It’s called the “greater fool” trade.)
What we’re seeing is something that we’ve seen before:
- Asset prices disconnect from reality
- Stories about assets become more important than facts about them
- People make decisions based on the story instead of logic
And that always causes problems.
Always.
Because economies, like any other naturally occurring system, eventually correct themselves.
At this point, you may be asking…
Where do Dalio and Gundlach agree?
Besides agreeing that prices are all out of whack and can’t be trusted to reflect actual value, they both agree on a defense.
They agree that physical gold ownership is important.
It’s important to understand why they both say that, though.
Gold’s price is tied to its inherent worth based both on its real-world scarcity and its usefulness in the real world. It’s more than a number on a screen. Precious metals prices stay relatively consistent in terms of purchasing power over long time horizons.
So, while currencies like the dollar will continue to devalue, while irrational exuberance eventually turns into depression and cynicism, and while debt repayment pushes asset prices down, precious metals will retain their real-world purchasing power. Regardless of what else is going on in the world.
Precious metals are a hedge against inflation and against irrationally inflated prices. Their store of value role has lasted over 5,000 years of human history.
And when other asset prices plunge, precious metals tend to shine brightest.
end
How Andrew Jackson Freed America From Central Bank Control… And Why It Matters Now
Saturday, Nov 22, 2025 – 11:40 AM
Authored by Nick Giambruno via InternationalMan.com,
It’s hard to believe the United States government was ever debt-free.
But it happened once—in 1835—thanks to President Andrew Jackson. He was the first and only president to pay off the national debt completely.
One biographer says the former president viewed debt as a “moral failing,” a sort of “black magic.”
When he became president, Jackson was determined to rid the US of its national debt. After all, debt enslaves you to your creditors.
Jackson knew that being debt-free was essential to independence. This outlook resonated with many Americans back then.
With that in mind, Jackson attacked the institutions and powerful people who promoted and enabled the federal debt. This included the banking elites and the Second Bank of the United States, the country’s central bank at the time and precursor to today’s insidious Federal Reserve system.
While campaigning against the evils of national debt and central banking, Jackson miraculously survived an assassination attempt when an assassin’s two pistols both misfired. Shadowy interests tied to the central bank were almost certainly behind the effort.
However, Jackson survived and went on to “End the Fed” of his days. He successfully bested the central bank—and the powerful interests behind it—and shut down the Second Bank of the United States.
He also repaid the federal debt in full, which was no easy task.
Jackson couldn’t squeeze the American people with a federal income tax to repay the debt. It didn’t exist at the time and would have been unconstitutional.
He also couldn’t simply print currency to pay off the debt. Perpetuating such an insane fraud—which the Fed does on a massive scale today—likely never entered his mind.
Instead, Jackson had to rely on tax revenue from other sources, mainly import tariffs and excise taxes, to pay down the debt. He also drastically cut federal spending and frequently vetoed spending bills.
Jackson’s determination worked. By January 1835, the US was debt-free for the first time.
Unfortunately, it didn’t last much more than a year. After that, the US would never again be debt-free—not even close.
Revenge of the Central Bankers
After Jackson succeeded in ending the Second Bank of the United States, anything associated with a central bank became deeply unpopular with the American public. So, central bank advocates tried a new branding strategy.
Rather than call their new central bank the “Third Bank of the United States,” they went for a vague and boring name. They called it “the Federal Reserve” and managed to hide it from the average person in plain sight. As a result, over 100 years since its founding, most Americans have no idea what the Federal Reserve is or what it actually does.
Ironically, Jackson’s face has been on the $20 “Federal Reserve Note” since 1928. So in a sense, this symbolic move is central banking advocates giving the middle finger to one of their most steadfast opponents.
After all, the Fed is really the “Third Bank of the United States.” No doubt, Jackson would have been disturbed at having his face on its fake confetti money.
In any case, most Americans today have no idea who Jackson is, what he did, or why he did it.
To the extent he is ever mentioned, the media, academia, and the rest of the establishment unjustly besmirch him as—you guessed it—a “racist.”
That’s exactly what the Deep State—the permanently entrenched bureaucracy—wants. It doesn’t want the average citizen to understand why Jackson shut down the central bank and (temporarily) freed Americans from national debt bondage. Doing the same thing today would be a mortal threat to their power.
This is one of the reasons the establishment will try in the coming years to replace Jackson on the $20 bill with the more politically-correct Harriet Tubman… pushing Jackson further down the memory hole.
Trillions and Trillions
You often hear the media, politicians, and financial analysts casually toss around the word “trillion” without appreciating what it means.
A trillion is a massive, almost unfathomable number.
The human brain has trouble understanding something so huge. So let me try to put it into perspective.
Suppose you had a job that paid you $1 per second, or $3,600 per hour.
That amounts to $86,400 per day and about $32 million per year.
With that job, it would take you 31.5 years to earn a billion dollars.
With that job, it would take you over 31,688 YEARS to earn a trillion dollars.
So that’s how enormous a trillion is.
When politicians carelessly spend and print money measured in the trillions, you are in dangerous territory.
And that is precisely what the Federal Reserve and the central banking system has enabled the US government to do.
It took 146 years after Jackson fully paid off the debt in 1835—or until 1981—for the US government to rack up its first trillion in debt. The second trillion only took four years. After that, the next trillions came in increasingly shorter intervals.
Today, Congress has normalized multi-trillion dollar federal spending deficits. It’s politically impossible to even slow the federal spending growth rate, let alone cut it.
As a result, the US federal debt has gone parabolic.
The US federal government has the largest debt in the history of the world. And it’s continuing to grow at a rapid, unstoppable pace.
The debt will keep piling up as the US government continues to pay for political promises regardless of who sits in the White House. It’s virtually inevitable.
The federal debt also represents an outrageous crime inflicted on the next generation. They are the ones who will be stuck with this massive unpaid bill from today’s spending, and it will turn them into indentured serfs.
It’s doubtful Congress considers this even for a second. They are always eager to send billions to faraway foreign lands or the latest boondoggle.
Of course, this is not a groundbreaking revelation. People like Ron Paul have warned Americans about the dangers of the federal debt for a long time.
It’s just that nobody has heeded these warnings. And no one has taken serious political action to address the problem. Nor is anyone likely to.
The interest expense on the federal debt is now larger than defense spending and is about to exceed Social Security to become the BIGGEST expenditure in the federal budget. And it won’t stop there.
In short, the US government is approaching the financial endgame and can no longer disguise its bankruptcy.
If we step back and zoom out, the Big Picture is clear.
We are likely on the cusp of a historic shift… and what’s coming next could change everything.
That’s precisely why I just released an urgent report on where this is all headed and what you can do about it… including three strategies everyone needs today. Click here to download the PDF it now.
END
the failure of Obamacare:
Spiraling Costs And A Broken Insurance Market – What Went Wrong With Obamacare
Monday, Nov 24, 2025 – 08:45 AM
Authored by Lawrence Wilson via The Epoch Times,
The government shutdown might be over, but the political and financial problems that dog Obamacare haven’t gone away.
Congress is now debating a second extension of the temporary tax credits that have shielded Obamacare users from rising costs for five years. Without the subsidies, Democrats say millions of Americans will be priced out of the health insurance market at the stroke of midnight on New Year’s Eve.
President Donald Trump and other Republicans don’t want an extension; they want a transformational change that eliminates what they say are the unworkable policies and perverse incentives that have plagued the program from the beginning.
It isn’t just Republicans who say Obamacare went awry. Many experts and even some Democrats recognize that while the program did make health coverage more affordable for 24 million Americans at one point, it has essentially backfired.
Here’s how they think Obamacare went off course, how it might be overhauled, and how it upended the wider health insurance market.
Failed Aims
The Affordable Care Act aimed to make health insurance affordable for everyone and lower health care costs across the board.
“The reality of the [Affordable Care Act] could not be more different,” Douglas Holtz-Eakin, president of the think tank American Action Forum, said in written comments to a Senate committee on Nov. 19.
Republicans have said the system was poorly designed from its beginning in 2014. Now, some Democrats agree it has not been successful.
Sen. Peter Welch (D-Vt.) said as much in a Nov. 6 speech imploring colleagues to extend the temporary tax credits, which expire in December.
“I owe you an answer on why it is I am standing here today asking to extend something that was temporary,” Welch said. “Here is the reason: We did fail to bring down the cost of health care.”
Sen. Bill Cassidy (R-La.) said on Nov. 19: “I think there’s remarkable agreement between Democrats and Republicans. Obamacare failed to give access to all Americans to health care, and Obamacare failed to control health care costs.”
Sen. Peter Welch (D-Vt.) speaks with reporters after a Democratic luncheon at the U.S. Capitol on Nov. 6, 2025. Welch said the temporary tax credits should be extended because the Affordable Care Act has not reduced health care costs. Eric Lee/Getty Images
Rising Costs
When Obamacare was proposed, the Congressional Budget Office projected that enrollment would reach 29 million by 2019 and that the percentage of uninsured adults would drop from 17 percent to 6 percent.
That didn’t happen. By 2019, enrollment had plateaued at around 11.4 million, and about 11 percent of adults remained uninsured.
A year later, Congress altered the program in 2020 to help Americans cope with the economic downturn caused by the COVID-19 state of emergency.
The key change was the addition of “enhanced” tax credits that made middle-income households eligible for subsidized health care and allowed some low-income households to get coverage with a zero-dollar premium.
The enhanced credits were offered for two years, beginning in 2021, then extended through 2025.
Enrollment skyrocketed, doubling in five years.
But the cost was climbing rapidly, too.
Even before the enhanced tax credits came online, premiums had more than doubled since 2013, the year before Obamacare began. By 2025, the increase reached nearly 133 percent, about four times the rate of inflation.
Health care costs generally rose dramatically in that decade, partly because of rising wages, consolidation within the industry, an aging population, and the popularity of new and expensive medications, according to the Committee for a Responsible Federal Budget.
Meanwhile, some analysts say Obamacare is the key driver of higher premiums.
An Obamacare sign is displayed outside an insurance agency in Miami on Nov. 12, 2025. Data show enrollment has surged since enhanced tax credits began in 2021, roughly doubling over five years. Joe Raedle/Getty Images
Market Disruption
With traditional health insurance (and other forms of insurance), the price to the customer is based on the risk to the insurer and the type of coverage they choose.
Obamacare is different, however.
A key selling point of Obamacare was that it largely ended the practice of excluding people from health coverage due to preexisting conditions.
No one would be denied coverage due to illness, and all plans were required to offer the same set of minimum benefits.
As this one-size-fits-all system treats high- and low-risk customers the same, many younger, healthier people left the market, leading to higher premiums.
And because preexisting conditions are not a barrier to coverage, those consumers enter the market only when they become ill, raising costs even higher, Sen. Ron Johnson (R-Wis.) told The Epoch Times.
Those increases spread across the industry because the Affordable Care Act requires insurers to offer Obamacare compliant policies to individuals and small groups in the commercial market.
The solution, Johnson said, is to cover those with existing illnesses in high-risk pools, which allow groups of people within Obamacare to be priced and subsidized separately.
“You have to reestablish those,” Johnson said. “You have to start by covering people with preexisting conditions.
“You bring as much free market back into health care as possible, so people are actually competing for customers with price, customer service, and quality.”
A Spiral Masked by Subsidies
Gross federal subsidies of Obamacare now stand at an estimated $138 billion per year, according to the Committee for a Responsible Federal Budget.
Those subsidies have masked the rise in premiums, allowing them to rise virtually unchecked, according to Brian Blase, founder of think tank Paragon Health Institute.
“When enrollees pay only a small slice of the premium or no premium at all, insurers face almost no price discipline,” Blase told Senators on Nov. 19.
By 2024, 80 percent of Obamacare customers qualified for plans costing them no more than $10 per month, according to the Treasury Department.
That created a spiral that kept pushing the cost up, Blase said. “Higher premiums created pressure for still more subsidies. More subsidies lock in a high-cost system and permit large insurers and hospital systems to remain inefficient.”
That rising premiums also drove out general market consumers who did not qualify for a subsidy, causing even further increases, said Dr. Mehmet Oz, administrator of the Centers for Medicare and Medicaid Services.
The Obamacare market was designed for a 50/50 mix of private-sector customers and those who need financial help, Oz said in a Nov. 16 interview with CNN.
“We have priced the systems now so heavily with government subsidies that it crowds out the private shopper,” Oz said.
Medicare and Medicaid Administrator Dr. Mehmet Oz speaks at the White House on Nov. 6, 2025. Oz said rising insurance premiums pushed out consumers who did not qualify for subsidies, driving prices even higher. Andrew Caballero-Reynolds/AFP via Getty Images
Perverse Incentives in the Workplace
Large employers, those with more than 50 employees, face a $2,900 fine for each full-time worker who receives an Obamacare subsidy. That’s to encourage companies to offer employer-sponsored health insurance.
In reality, it may have the opposite effect for employees earning below a certain level, according to Holtz-Eakin.
“You could do the math and figure out that … it made a lot of sense for employers to just stop being in the insurance business, put their workers in the exchanges, and both the worker and the employer could come out ahead,” Holtz-Eakin said.
That appears to have happened in many smaller companies, which have no threat of a fine to induce them to buy insurance for employees.
The year before Obamacare began, 85 percent of companies with 25 to 49 workers offered health insurance for their employees. By 2025, that had fallen to 64 percent.
American Action Forum President Douglas Holtz-Eakin speaks during a Senate Budget Committee hearing on Capitol Hill in Washington on Feb. 25, 2021. Susan Walsh-Pool/Getty Images
Ripe for Fraud
When the enhanced tax credits were introduced in 2021, 42 percent of the uninsured population qualified for a policy with a zero-dollar premium. To boost and maintain enrollment during the health emergency, eligibility checks were relaxed, and reenrollment was automated.
Also, insurance brokers receive a commission for each person they enroll.
Those factors made the program ripe for fraud and abuse, Blase said.
“Many enrollees were signed up without their knowledge or consent,” Blase said. He noted that some unscrupulous vendors promised enrollees cash benefits, and others were moved from one plan to another without their consent.
Approximately 2.8 million people were dually enrolled in Medicaid or the Children’s Health Insurance Program in multiple states in 2024, or simultaneously enrolled in one of those programs and an Obamacare plan, according to federal data.
Also, 40 percent of those enrolled in a zero-premium plan in 2024, more than 4 million people, filed no medical claims.
The national average for zero-claim health insurance customers is 15 percent, according to Paragon Health Institute, which estimates that taxpayers spent $35 billion in 2024 to insure people who were unaware they had coverage.
A patient receives care at a health clinic in Asheville, N.C., on June 27, 2025. Critics say the Affordable Care Act’s one-size-fits-all rules led young, healthy people to pay more, prompting them to leave the market and driving premiums higher. Allison Joyce/AFP via Getty Images
Government Versus Market Solutions
While Democrats acknowledge that rising health care costs are a problem, they say it’s not related to Obamacare. Proposed solutions generally involve increasing corporate taxes and cracking down on corporate abuses.
“Insurance premiums are skyrocketing,” Rep. Jonathan Jackson (D-Ill.) told The Epoch Times on Nov. 20. He named government negotiations on drug prices and higher corporate taxes as partial solutions.
Sen. Ron Wyden (D-Ore.) said on Nov. 19 that reducing health care costs “means reining in insurance company abuses across the health care system.”
Republicans generally favor market-based reforms that give consumers more control over their health care spending.
“The free market guarantees three things,” Johnson said. “The lowest possible price and cost, the best possible quality, and the best level of customer service.”
Sen. Ron Johnson (R-Wis.) arrives for a hearing in Washington on Jan. 15, 2025. Republicans, including Johnson, generally favor market-based reforms that give consumers more control over their health care spending. Madalina Vasiliu/The Epoch Times
“The free market guarantees three things,” Johnson said. “The lowest possible price and cost, the best possible quality, and the best level of customer service.”
Trump has proposed a direct cash payment to low- and middle-income Americans to be used for health care expenses. Cassidy and Sen. Rick Scott (R-Fla.) have proposed similar ideas.
Rep. Chip Roy (R-Texas) named direct primary care, health sharing ministries, and expanded Health Savings Accounts as ways to empower patients to make their own health decisions.
“I want to free up individuals to have better options,” Roy told The Epoch Times. “If you’re starting there, then you’re going to be transformative, and that will drive prices down,” Roy said.
Congress is expected to vote in mid-December on an extension of enhanced subsidies and possibly other health care reforms.
end
tarrifs this fiscal year will bring in around 250 billion dollars. To give a rebate of 2,000 dollars per low income USA person will cost just about 250 million dollars
makes no sense to do this;
Bessent Says Americans To See ‘Substantial Refunds’ Next Year, No Risk Of Recession
Monday, Nov 24, 2025 – 10:20 AM
Authored by Jack Phillips via The Epoch Times,
Treasury Secretary Scott Bessent on Nov. 23 said the government shutdown that ended earlier this month will not create a recession risk for the broader U.S. economy and that American families would see “substantial refunds” next year.
In an interview with NBC’s “Meet the Press,” Bessent said that while portions of the U.S. economy, such as housing, were in a recession because of elevated interest rates, he did not expect the broader U.S. economy to plunge into a recession in the coming months.
“I am very, very optimistic on 2026. We have set the table for a very strong, non-inflationary growth economy,” the secretary said.
Bessent then cited provisions under the Republican-backed One Big Beautiful Bill Act signed earlier this year that he said would spur economic growth.
“So under the One Big Beautiful Bill, especially for working Americans, no tax on tips, no tax on overtime, no tax on Social Security, auto deductibility on loans for American cars, that’s all kicking in,” he said.
“Americans have not changed their withholdings. So we are going to see substantial, substantial refunds to working families in the first quarter of 2026. Americans will change their withholding. And they will get an increase in real income.”
A rash of trade deals would also help boost the economy, Bessent said, predicting new plant openings across the country.
“The trade deals that we’ve done, I was just at [my] hometown, Charleston, South Carolina. Boeing is expanding their Dreamliner plant, 1,000 new jobs,” he said.
President Donald Trump earlier this month signed legislation ending the longest government shutdown in U.S. history, extending funding through Jan. 30 and setting the stage for another potential showdown between Democrats and Republicans next year. Democrats had wanted a stopgap measure to end the shutdown to include an extension on health care subsidies that are due to expire at the end of the year.
The Trump administration is also planning an announcement this week aimed at lowering health care costs, Bessent said, echoing similar remarks from a senior White House official last week but giving no details.
Also on Nov. 23, National Economic Council Director Kevin Hassett told Fox News’s “Sunday Morning Futures” that he expected 2026 to be “an absolute blockbuster year,” although there would be a “hiccup” in the fourth quarter of this year because of the government shutdown.
The comments from Bessent and Hassett come as Federal Reserve Bank of Boston President Susan Collins said in an interview on Nov. 22 that she’s still leaning against the central bank cutting its benchmark interest rates. The current target range for the federal funds rate is between 3.75 percent and 4 percent, and the Fed cut rates by a quarter of a point at its most recent meeting in late October.
“My own view is that policy is currently in the kind of mildly restrictive range after the 50-basis-point easing that we did in September and October, and that’s appropriate” due to the current state of the U.S. economy, Collins told reporters at a press conference.
Members of the Trump administration, including Bessent, have wanted the Fed to lower interest rates as they have said that inflation has leveled off.
VICTOR DAVIS HANSON
KING NEWS
| The King Report November 24, 2025 Issue 7626 | Independent View of the News |
| Japan’s cabinet approves lavish stimulus as markets fret over Takaichi’s fiscal policy Japanese Prime Minister Sanae Takaichi’s cabinet approved a 21.3 trillion yen ($135.40 billion) economic stimulus package on Friday… The package includes general account outlays of 17.7 trillion yen, far exceeding the previous year’s 13.9 trillion yen and representing the largest stimulus since the COVID pandemic. It will also include 2.7 trillion yen in tax cuts… https://www.msn.com/en-us/news/world/japans-cabinet-approves-lavish-stimulus-as-markets-fret-over-takaichis-fiscal-policy/ar-AA1QT2vm?ocid=BingNewsSerp The yen/$ rallied to 156.51 on the passage of Takaichi’s package because the uncertainty was relieved. @GlobalMktObserv: The CRASH in Japanese Government Bonds has been absolutely MASSIVE. The 30-year Japanese Government Bond has lost -48.5% from peak levels over the last few years. Investors holding these bonds have seen nearly HALF of their holdings WIPED OUT. https://x.com/GlobalMktObserv/status/1991891883274944829 NY Fed President Williams speaking from Santiago, Chile: “I view monetary policy as being modestly restrictive, although somewhat less so than before our recent actions. Therefore, I still see room for a further adjustment in the near term to the target range for the federal funds rate to move the stance of policy closer to the range of neutral…. Underlying inflation continues to trend downward, absent any evidence of second-round effects emanating from tariffs.” NY Fed president floats chance of a rate cut in ‘near term’ – sparking bets on December cut https://trib.al/DrGdme4 New York Fed Presidents are almost always dovish because they represent Wall Street & Big Banks. That’s why he sees underlying inflation trending downward while virtually every other Fed official over the past week or so voiced concern that inflation was sticky and trending upward. Despite Williams’ genuflection to Wall Street and Big Banks, cryptocurrencies got eviscerated on Friday. Bitcoin tumbled as much as 7.6% to a low of 80,553.56 (7:29 ET). The DJIA and DJTA rallied sharply while Fangs sank on the valuation rotation. ESZs and stocks rallied sharply on Williams and manipulation for the November option expiration on Friday. However, after opening 2 handles higher, Nvidia quickly commenced a tumble that took NVDA to a low of 172.93 (-4.26%) at 10:39 ET. This marked a 2-month low. ESZs traded moderately lower after the Nikkei opening but quickly commenced a rally that took them to 6594.00 (+36.50) at 22:36 ET. The joy for the passage of Takaichi’s stimulus package then dissipated. ESZs sank to a daily low of 6525.00 at 5:26 ET. ESZs then had a steep A-B-C rally, with a nearly vertical ‘C’ wave on Williams’ dovish remarks, which hit a peak of 6599.00 at 8:21 ET. After vacillating in a moderate, ESZs broke lower after 10:00 ET and fell to 6539.00 at 10:34 ET. After a rebound for the 2nd-hour reversal, ESZs retrenched to 6541.75 at 11:06 ET. A determined manipulation, for the expiry and the European close, forced ESZs to 6605.00 at 11:38 ET. After a brief pause, ESZs zoomed to 6643.50 at 12:10 ET. Behold the power and the glory of the expiry manipulation! After a modest respite, ESZs meandered to a new high of 6647.00 at 12:37 ET. After a 20+ minute slow rollover, ESZs broke down and fell to 6600.25 at 13:16 ET. The Friday Afternoon Rally for expiration commenced; ESZs zoomed to 6677.50 at 14:25 ET. Alas, the big expiration rally was the product of illegal manipulation and there were not enough organic buyers or retail patsies in the market. ESZs sank to 6614.00 at 15:57 ET and were manipulated up to 6626.00 at 16:00 ET. Nearly 70% of millennials say they can’t buy a house or retire without being left an inheritance https://trib.al/3kfrqD8 @Peoples_Pundit: Roughly half of the Democratic Party identifies as Socialist. 41% identifies as a Democratic Socialist. 8% identifies as a straight up Socialist. That’s where we are, folks. US Consumer Sentiment Falls to Near Lowest on Record (50 is lowest) – BBG The final November sentiment index dropped to 51 from 53.6 in October… [per U of Michigan] The current conditions gauge slid 7.5 points to a record low of 51.1. Views of personal finances were the dimmest since 2009… (1-year inflation 4.5% expectation) The report showed the probability of personal job loss climbed to the highest since July 2020 AI angst?)… “The wealthiest consumers appear equipped to continue spending, while the financial positions of non-stockholders are deteriorating.”… https://www.msn.com/en-us/money/economy/us-consumer-sentiment-falls-to-near-lowest-on-record/ar-AA1QTRc9?ocid=BingNewsSerp UM Sentiment shows why Biden was so unpopular and why DJT’s ratings are circling the drain. The Middle Class Is Buckling Under Almost Five Years of Persistent Inflation – WSJ Costs for goods and services are 25% above where they were in 2020. Even though the inflation rate is below its recent 2022 high, certain essentials like coffee, ground beef and car repairs are up markedly this year… The University of Michigan’s consumer sentiment survey showed that 44% of middle-income respondents said their financial situation was worse than it was a year ago, while 23% said it was better… https://www.msn.com/en-us/money/markets/the-middle-class-is-buckling-under-almost-five-years-of-persistent-inflation/ar-AA1QQSkY BLS Says There Will Be No October CPI Report – BBG 11:10 ET BLS Say Nov. CPI Report Will Be Released Dec.18 – BBG 11:12 ET (After 12/10 FOMC) BBG: Goldman left with $75 million in Chicago debt after muni sale ($454 million) Even after boosting yields on the sales-tax bonds that hold higher ratings than the city … https://x.com/StuLoren/status/1991646981530566934 @StuLoren: I can’t begin to explain how horrible this is. Again, this was for AA/AAA-rated secured debt. When the city sells its unsecured general obligation bonds it’s going to be paying a 175-225 bp premium to benchmark in terms of interest costs. That means 6% debt for 20-30 year bonds. Positive aspects of previous session NY Fed Pres Williams aided & abetted an expiration manipulation that created a huge rally. USZs rallied 9/32. The yen/$ rallied sharply. Negative aspects of previous session NVDA declined sharply early and pulled Fangs with it. Cryptos got hammered again; Bitcoin fell to a low of 80,553.56. Ambiguous aspects of previous session How will Team Trump intervene in the stock market and cryptos? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6594.99 Previous session S&P 500 Index High/Low: 6660.05; 6521.92 @shanaka86 on Friday: THE GLOBAL FINANCIAL SYSTEM JUST BROKE IN TOKYO Japan’s 30-year bond yield hit 3.41% today. That number means nothing to you. Here’s why it should terrify you. Japan owes 230% of everything it produces. It’s the most indebted nation in human history. For 35 years, they kept the lights on by borrowing at near-zero rates. That era ended this morning. Here’s What Just Happened: Core inflation is running at 3.0%. Government bond yields are spiking to levels not seen since 1999. China just conducted its 25th military incursion near Japanese waters this year. Japan is now forced to spend 2% of GDP on defense … nearly 9 trillion yen annually. The Bank of Japan is trapped between two impossible choices: raise rates and trigger a debt collapse, or keep rates low and watch inflation destroy savings. They chose door number two. Why You Should Care: Every major bank, hedge fund, and institution on Earth has borrowed yen at cheap rates and invested it elsewhere for 30 years. This “carry trade” could be worth anywhere from $350 billion to $4 trillion. Nobody knows the real number because it’s hidden in derivatives. When Japan’s system breaks, this money unwinds. Fast. … https://x.com/shanaka86/status/1991667987217277172 Today – The usual suspects will play for the Monday Rally and the propensity for stocks to rally after expiration if expiration week was soft. Plus, it’s Thanksgiving Week, which usually has an upward bias. Plus, absenteeism will be high and increase as the week unfolds. This means that a determined few can more easily manipulate ESZs and trading sardines higher. ESAs are +29.50; NQZs are +149.00; Dec AU is -25.40; and USZs are +1/32 at 20:10 ET. Expected econ data: Sep Housing Starts 1.329m, Permits 1.74m; Oct Budget -$230.0B S&P Index 50-day MA: 6711; 100-day MA: 6548; 150-day MA: 6321; 200-day MA: 6163 DJIA 50-day MA: 46,655; 100-day MA: 45,731; 150-day MA: 44,511; 200-day MA: 43,894 (Green is positive slope; Red is negative slope) S&P 500 Index (6602.99 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 is positive; MACD is negative – 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 6562.27 triggers a sell signal Biden DOJ subpoenaed Jim Jordan’s phone records covering more than two years The subpoena for the House Judiciary chairman’s records reached back to Jan 1, 2020 https://www.foxnews.com/politics/biden-doj-subpoenaed-jim-jordans-phone-records-covering-more-than-two-years Fox: The House passes a resolution condemning socialism after a number (86) of high-profile Democrats vote in support of the measure. (Only the GOP can screw up this advantage!) @JonathanTurley: Rosie O’Donnell just claimed to her 2.9 million TikTok followers that the President is an “adjudicated rapist” and previously settled child abuse cases. In so doing, she may have handed Trump a golden opportunity for a defamation action. https://t.co/gtHMqAbifr Ralph Meczyk, Cook County judge who let CTA “burn bitch” attacker free, is himself a convicted felon – Meczyk, appointed to the Cook County bench last year, pled guilty to income tax fraud– cashing bond refund checks sent out by the Cook County Circuit Clerk’s office, but not reporting the income– in 1987… Meczyk’s crime was uncovered as part of the Operation Greylord investigation, which resulted in 103 criminal convictions of Cook County lawyers, judges and court staff. Illinois Supreme Court Chief Justice Mary Jane Theis appointed Meczyk to the Cook County Circuit Court in Jan. 2024, to fill a vacancy created by the retirement of Judge Samuel J. Betar, III… In 1995, Meczyk was one of ten Illinoisans who donated to President Bill Clinton’s legal defense fund, to help pay lawyers defending him against sexual harrassment lawsuits and the Whitewater investigation. Meczyk gave Clinton $500. Clinton pardoned Meczyk in Dec. 2000. https://chicagocitywire.com/stories/676396723-ralph-meczyk-cook-county-judge-who-let-cta-burn-bitch-attacker-free-is-himself-a-convicted-felon Trump runs cover for Mamdani after mayor-elect asked to explain if he still thinks president is a ‘fascist’: ‘You can just say yes’ https://trib.al/rSb3lgr Zohran Mamdani says Trump is still a ‘fascist, despot’ — but claims they agree on most important issue facing NYC https://trib.al/0Fy5lA8 Bill O’Reilly: Trump wants approval of people who hate him https://www.newsnationnow.com/cuomo-show/bill-oreilly-donald-trump-wants-approval/ A Seinfeld episode, “The Masseuse,” highlighted George Costanza’s pathetic desire to curry favor with people that despise him. While on a double date, he enraged his date by groveling over and pandering to Jerry’s date that displayed open hostility and enmity for George. Just saying. Fox’s @AlexisMcAdamsTV: Trump says he always wanted to be the Mayor of NYC…after his meeting with @ZohranKMamdani GOP @RepScottPerry: Democrats in Congress and DC make a video calling on Service Members and the Intel community to disobey orders from their chains of command. Let’s unpack that. 1. This is THE textbook definition of “Sedition.” 2. If Republicans did this, the Nation would come to a screeching halt, and there’d be calls for violent protest or imprisonment – for starters. 3. Stephen Miller is 100% correct: Democrat lawmakers are openly calling for Insurrection. 4. I wasn’t wrong. I was vilified in the media a few weeks ago for a comment that many of my Democrat colleagues serve(d) in uniform merely to get the credential on their resumes and did not honor their Oaths (I have myriad examples). Because you know what? When you value and honor your Oath to support and defend the United States, you don’t disrespect and insult her Service Members and those on the front lines of the Intel community by putting them in harm’s way – not to mention imperiling our Nation in the eyes of our enemies. 5. What they’re not saying is that they’re not going to protect same Service Members from UCMJ and other legal action for disobeying lawful orders (COVID, anyone?). Funny how that works. These individuals are hypocrites, their actions are seditious, and disgusting, and they need to be held accountable. https://x.com/RepScottPerry/status/1992035738083356920 Massive fraud by Somali immigrants in Minnesota hands GOP political hammer against liberal programs – Officials say some money siphoned away by Somali immigrants made its way to Kenya and Somalia to the Al-Qaeda linked terrorist group Al Shabab…/ https://justthenews.com/accountability/waste-fraud-and-abuse/stunning-fraud-involving-somalis-minnesota-hand-gop-political @CollinRugg: At least 5 people shot after 300 teens started “rioting” following Chicago’s Christmas tree lighting ceremony. “300 juveniles rioting in the Loop now, at least 5 victims shot, one critical with life threatening gunshot wound to torso,” said @AldermanHopkins. “Multiple police officers attacked and injured with mace and stun guns, at least one PO hospitalized.” https://x.com/CollinRugg/status/1992107711656538420 How a City Dies: Woman Burned Alive on CTA by a Violent Career Criminal Who Was Enabled by Democrat Judges – John Kass The liberal politically correct Democrats who have followed the Daleys now refuse to punish repeat violent lawbreakers… all the while playing race politics to isolate the good and the lawful, and so guarantee a surplus of lawlessness and anarchy… “Burn alive B****!” That is what a career violent predator with more than 50 arrests–at least 10 of them for violent felonies–is alleged to have shouted the other night in Chicago after dousing a female Chicago Transit Authority with gasoline on the Blue Line CTA train and setting her on fire… And this comes as a violent riot among hundreds of teenager broke out in downtown Chicago at a celebration of the Christmas shopping season called the “Festival of Lights”, with at least eight shot and one dead. How many families will dare spend their money downtown now? Merry Christmas, Chicago… I can’t trust the Chicago papers to report facts that would threaten the hard leftists who run the Democrat Party. The leftists took control of the papers years ago as I left the business and let George Soros control the prosecutor’s office without a peep of outrage…\ Cook County Board President Toni Preckwinkle is to blame for this. But she won’t say a thing because she’ll seek protection. She’s the boss, the picker of judges who emptied out the Cook County Jail and bragged about how she saved money via “decarceration,”… https://johnkassnews.com/woman-burned-alive-on-cta-democrats-brush-it-off-as-isolated/ Pritzker Facing Federal Criminal Probe on Thornley Matter As first reported Friday by the Daily Mail, a federal criminal investigation is now underway over the Jenny Thornley matter that Wirepoints covered in detail in 2022 and 2023. The case revolves around Pritzker’s alleged links to his wife’s friend, Jenny Thornley, who volunteered on his first gubernatorial campaign in 2018 and was convicted of forgery in 2023, as the Daily Mail put it… [Whistleblower Emily Fox] provided both the Office of the Executive Inspector General (the “OEIG”) and the Attorney General evidence documenting how Thornley, a former political operative of Illinois Governor J.B. Pritzker and a personal friend of the Governor’s wife, M.K. Pritzker, committed her scheme. This included evidence that high-ranking members of the Governor’s administration participated to facilitate the fraud, including Ann Spillane, the Governor’s General Counsel. Thornley texted with M.K. Pritzker seeking the Governor’s help. Thornley, who never worked in the Governor’s office, listed the Governor as her personal supervisor and provided his personal phone number in support of her fraudulent worker’s compensation claim. And Spillane became personally involved, accepting the facially false and fraudulent claim directly and then assuring through intervention with Central Management Services (“CMS”) that the claim was paid…. https://wirepoints.org/pritzker-facing-federal-probe-on-thornley-matter-we-have-all-the-background-wirepoints/ | |
SWAMP STORIES FOR YOU TONIGHT
this is good news
(zerohedge)
Trump Ends TPS For Somalis In Minnesota After Explosive Report Reveals Welfare Fraud Network Funding Overseas Terror
Saturday, Nov 22, 2025 – 11:05 AM
President Trump announced Friday night that he is ending Temporary Protected Status for Somalis in Democrat-run Minnesota, following a bombshell report published in the City Journal that revealed large-scale welfare fraud tied to parts of Minnesota’s Somali community that funneled money overseas, including to a terrorist organization.
“Minnesota, under Governor Waltz, is a hub of fraudulent money laundering activity,” Trump wrote on Truth Social.
He continued, “I am, as President of the United States, hereby terminating, effective immediately, the Temporary Protected Status (TPS Program) for Somalis in Minnesota. Somali gangs are terrorizing the people of that great State, and BILLIONS of Dollars are missing. Send them back to where they came from. It’s OVER! President DJT.”
Investigative journalists Ryan Thorpe and Christopher F. Rufo’s report in the City Journal revealed that billions in taxpayer funds were stolen through Medicaid programs, childcare-meal reimbursements, and autism-services schemes by Minnesota’s Somali community. These funds then ultimately ended up in the hands of the terror group Al-Shabaab.
“This is a third-rail conversation, but the largest funder of Al-Shabaab is the Minnesota taxpayer,” a source told the journalists, adding, “There is an issue here that is real, and if there is ever an event that is traceable back to these funds, or to people from this area, then this situation will take on a whole new set of optics.”
Just shocking.
Rufo’s report has unleashed a massive burst of nationwide media attention on the corruption over the last several days. This suggests that much greater reforms are coming, likely in the name of national security (cc Rubio). It’s also possible that the Manhattan Institute already has an executive-order framework queued up for the White House.
Meanwhile, the anti-American, anti-capitalist Rep. Ilhan Omar of Minnesota is furious with the Trump administration. She wrote on X:
I am a citizen and so are majority of Somalis in America. Good luck celebrating a policy change that really doesn’t have much impact on the Somalis you love to hate. We are here to stay
“It’s not surprising that the President has chosen to broadly target an entire community. This is what he does to change the subject,” Gov. Tim Walz wrote on X. Like many Democrats pushing back on Trump, leftist Walz notably failed to mention Rufo’s report.
Rufo’s report created the outage in the news cycle. What comes next is usually reforms. The Democratic Party’s suicidal empathy has resulted in Minnesota taxpayers becoming the largest funders of the Al-Shabaab terror group. This is insane and also nation-killing.
end
WILL BE APPEALED TO A HIGHER COURT
Judge Dismisses Cases Against Comey, Letitia James
Monday, Nov 24, 2025 – 12:48 PM
A federal judge has dismissed cases against former FBI Director James Comey and NY Attorney General Letitia James, after finding that US Attorney Lindsey Halligan was unlawfully appointed to the role, and that AG Pam Bondi cannot ratify her actions.
Judge Cameron McGowan Currie, a Clinton appointee, dismissed the case without prejudice over Halligan’s appointment, meaning the DOJ can try again when they get their act together.
“I conclude that all actions flowing from Ms. Halligan’s defective appointment, including securing and signing Ms. James’s indictment, constitute unlawful exercises of executive power and must be set aside,” the judge wrote in an order in James’ case.
Comey pleaded not guilty to charges that he lied to Congress during a 2020 hearing and obstructed their proceeding.
As Axios notes;
- The indictment against Comey came as the statute of limitations was set to expire. Trump ousted U.S. attorney Erik Siebert, who had reportedly believed there was not enough evidence to bring a case against Comey or New York Attorney General Letitia James.
- Trump replaced Siebert with Lindsey Halligan, who had previously worked for him. She is now serving as the interim U.S. attorney for the Eastern District of Virginia despite having no prosecutorial experience.
- Judge William Fitzpatrick warned in a November opinion that “a disturbing pattern of profound investigative missteps” could have undermined the proceedings, leaving the indictment in jeopardy.
Developing…
GREG HUNTER interviewing Joe Sansone:
Lawsuit to Stop the CV19 Bioweapon Shots – Dr. Joe Sansone
By Greg Hunter On November 22, 2025 In Market Analysis, Political AnalysisNo Comments
By Greg Hunter’s USAWatchdog.com (Saturday Post)
Dr. Joe Sansone is a Florida psychotherapist and has been one of the only people to sue his state to stop the CV19 mRNA bioweapon vaccines. His case was thrown out of court last December, but an appeal allowed his case to continue. Dr. Sansone plans to put on a court case to prove the shots should be pulled off the market. This should not be hard to do in light of a recent CDC decision that says the “CV19 vaccines are not safe and effective.” Sansone explains, “I am not asking for money. What I am asking for is for the court to issue an injunction prohibiting the governor and attorney general to allow the continued distribution of the mRNA nanoparticle injections and products because they are biological and technological weapons of mass destruction. I am saying it violates our basic rights in the Florida Constitution, which gives us the basic right to life. . .. I am also suing because I have a reasonable expectation of safety in public spaces and because of the shedding people have with the CV19 mRNA vax–it is a problem. All I am arguing is to stop the shots.”
There are now dozens of peer-reviewed studies that confirm the death and disabilities caused by the CV19 mRNA injections. There are zero studies that say the CV19 shots are safe and effective. Just the opposite. Dr. Sansone goes on to say, “I actually argued that keeping the shots on the market shows criminal intent from the federal government. I also filed a study called “COVID-19 Injections: Harms and Damages, a Non-Exhaustive Conclusion.” This study goes through all the different harms, but it clearly states both the virus and the CV19 ‘vaccine’ violated the biological weapons convention. I think this is an important study, and it is published in the Journal of American Physicians and Surgeons. That is an important study that needs more attention.”
There are 270 million people who took the CV19 mRNA injections in the US alone. Not a single person got a CV19 “Vaccine” that was safe and effective—period. So far, at least hundreds of thousands have died from the CV19 shots with 6 million permanently disabled, according to government data.
Also, Florida State Surgeon General Dr. Joe Ladapo is on record saying the shots are “poison,” and “no one should be injected with them.” Dr. Ladapo is going to be subpoenaed to testify in Dr. Sansone’s upcoming case.
So, with all the evidence that the CV19 mRNA shots are a disaster and should be pulled off the market, why are they still injecting people with them? Dr. Sansone says, “So many people are afraid to tell the truth. They are afraid of being cancelled or other stuff. I just have no use for cowards at this point. If you can’t stand up and fight right now while they are doing this to your friends and family, then I don’t know what to tell you. . .. I think Governor DeSantis wants to run for President, and I don’t think you can do that if you are looking the other way when mass murders are occurring in Florida.”
In closing, Dr. Sansone says, “My feeling is if we get the CV19 shots off the market in Florida, what would probably happen is governors and attorneys general in other red states would follow suit. It’s like when Florida lifted their Covid lockdowns, other states followed. . .. People think they can’t do anything, and a lot of people are afraid to say this is a weapon, which is insane. To me, the only way to win is to tell the truth here.”
There is much more in the 41-minute interview.
To help fund Dr. Sansone’s fight to pull the evil CV19 injections off the market, click here.
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Dr. Joe Sansone, whose one mission in life is to stop all death and disease-causing mRNA products, which include, first and foremost, the CV19 bioweapon vax for 11.22.25.
(To Donate to USAWatchdog Click Here)
After the Interview:
There is lots of free information at josephsansone.com.
For Dr. Sansone’s psychotherapist business, go to sansonehypnosis.com
You can get more CV19 mRNA bioweapon news by subscribing here.
If you want to donate to Dr. Sansone to keep fighting the CV19 vax, click here or click here.
You and also contribute by snail mail below:
Dr. Joe Sansone
SEE YOU TOMORROW NIGHT
harveyorganblog.com 
