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XGE: COMEX
323 C HSBC 1
435 H SCOTIA CAPITAL (USA) 636
624 H BOFA SECURITIES 718
661 C JP MORGAN SECURITIES 117
732 C RBC CAP MARKETS 1
905 C ADM 37
JPMORGAN STOPPED: 117/755
GOLD: NUMBER OF NOTICES FILED FOR NOV/2025: 753 CONTRACTs NOTICES FOR 75,300 OZ or 2.348 TONNES
total notices so far: 12,671 contracts for 1,267,100 OR 39.412 tonnes)
SILVER NOTICES: 6 NOTICE(S) FILED FOR 30,000 OZ/
total number of notices filed so far this month : 3903 CONTRACTS (NOTICES) for 19.515 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.
TUESDAY: A SMALL 10,000 OZ EXCHANGE FOR PHYSICAL TRANSFER TO LONDON
WEDNESDAY A STRONG QUEUE JUMP OF 39 CONTRACTS OR 195,000 OZ
THEN ALL PREVIOUS QUEUE JUMPS OF 8.155 MILLION OZ- 0.03 MILLION EFP TRANSFER.
EQUALS
19.670 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: 33.075 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 195,000 OZ QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 9.155 MILLION OZ//STANDING ADVANCES TO 19.670 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 2.323 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 4.5596 TONNES//NEW STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
NEW STANDING FOR GOLD, NOV CONTRACT AT 43.9716 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: 123.68 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 4401 CONTRACTS OI TO 144,541 AND FURTHER FROM 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 474 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
DEC 474 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 OF5294 CONTRACTS AND ADD TO THE 474 E.FP. ISSUED
WE OBTAIN A HUGE SIZED LOSS OF 3927 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR GAIN OF $0.69 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 17.343 MILLION PAPER OZ
OCCURRED DESPITE OUR GAIN IN PRICE.OF $0.69
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENT
Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS
ASIAN MARKETS THIS WEDNESDAY MORNING:
SHANGHAI CLOSED DOWN 5.64 POINTS OR 0.15%
//Hang Seng CLOSED UP 33.53 PTS OR 0.13%
// Nikkei CLOSED UP 889.56 PTS OR 1.85% //Australia’s all ordinaries CLOSED UP 0.85%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.0792/ OFFSHORE CLOSED UP AT 7.0752/ Oil DOWN TO 58.01 dollars per barrel for WTI and BRENT DOWN TO 62.41 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING UP TO 7.0792 OFFSHORE YUAN TRADING UP TO 7.0759:/ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
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 STRONG SIZED 9324 CONTRACTS TO 432,946 OI DESPITE OUR GAIN IN PRICE OF $46.60 WITH RESPECT TO TUESDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST ZERO NET LONGS, WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (1635). WE HAD ZERO T.A.S. LIQUIDATION TUESDAY.. IT SEEMS THAT THE SPECULATORS WERE WIPED OUT FROM THE SHORT SIDE WITH OUR FRBNY MOVING TO THE LONG SIDE AND OTHER CENTRAL BANKERS CONTINUING ON THE LONG SIDE . JUDGING BY THE NOTICES FOR DELIVERY FILED LAST NIGHT AT 755 NOTICES FOR 75,500 OZ (2.348 TONNES), THE EASTERN CENTRAL BANKERS TOOK EVERYTHING THEY COULD ON OFFER.
WE THUS HAD A TOTAL LOSS IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 7689 CONTRACTS (OR 23.91 TONNES). THEN MUCH TO MY SURPRISE WE WERE NOTIFIED OF A HUGE 1016 CONTRACT EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS ISSUED FOR 101,600 OZ OR 3.165 TONNES OF GOLD. THUS I WAS WRONG: THE CENTRAL BANK OF ENGLAND HAS NOT BEEN FULLY SATISFIED WITH ALL OF THEIR EXCHANGE FOR RISK PURCHASES THESE PAST TWO YEARS!!!!
FIRST LETS DO A REVIEW OF EXCHANGE FOR RISK ISSUANCES THIS PAST YEAR
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 TWO ISSUANCES:
WHICH NOW BRINGS US TO NOVEMBER WHERE WE RECEIVED NOTICE OF OUR SECOND ISSUANCE OF 1016 CONTRACTS FOR 101,600 OZ OR 3.165 TONNES. WE MUST NOW ADD THIS TO OUR INITIAL ISSUANCE OF 450 NOTICES //45000 OZ OR 1.3996 TONNES. THUS THE NEW TOTAL EXCHANGE FOR RISK FOR NOVEMBER IS 1,466 NOTICES FOR 146,600 OZ OR 4.5598 TONNES OF GOLD.
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 134.8646 TONNES)//TOTAL RESERVES OF BOE EQUALS 310 TONNES) NO WONDER THE BANK OF ENGLAND THROUGH THE E.E.A. CANNOT SIGN OFF ON THEIR AUDIT
- 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 THIS YEAR !!…..(DEC THROUGH NOV//ONLY MISSING JUNE. TOTAL 10 MONTHS ISSUANCE 134.8646 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 STRONG SIZED LOSS ON OUR TWO EXCHANGES OF 7,689 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 OTHER 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 3.9% 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. GRASBERG WILL NOT BE READY TO RESUME NORMAL PRODUCTION UNTIL JULY 2026
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE THROUGH 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 STRONG T.A.S ISSUANCE CONTRACTS AS THE 5 CONSECUTIVE MEGA HUGE ISSUANCES HAS ENDED. THE CME NOTIFIES US THAT THEY HAVE ISSUED 2105 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 SAW GOLD//SILVER RISE HUGELY YESTERDAY.
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 ON 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. THE RAID ON GOLD LAST WEEK ENDED ON LAST FRIDAY NOV 21 WITH GOLD’S REVERSAL IN PRICE AS ITS PRICING SKYROCKETED AND GOLD NEVER LOOKED BACK AS IT STARTED ITS ASCENT TO WHERE IT IS TRADING NOW AT AROUND $4,163.00 PER OZ.
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 2.323 TONNES/ FOLLOWED BY ALL NOVEMBER QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR SECOND EXCHANGE FOR RISK OF 1016 CONTRACTS FOR 101600 OZ OR 3.165 TONNES TO OUR FIRST EXCHANGE FOR RISK ISSUANCE OF 1.3966 TONNES/// NEW EXCHANGE FOR RISK: 4.5595 TONNES//NEW TOTAL GOLD STANDING IN NOVEMBER ADVANCES TO 43.9716 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 NOW 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 43.9716 TONNES
EXCHANGE FOR PHYSICAL ISSUANCE/NOV//BORROWINGS FROM THE FRBNY:
THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED EXCHANGE FOR PHYSICAL OF 1655 CONTRACTS.
THAT IS A FAIR SIZED 1655 EFP CONTRACT WAS ISSUED: : /DEC 1655 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1655 CONTRACT. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS. THE REGULATORY BODY THAT IS SUPPOSE TO CONTROL THESE EFP’S IS THE O.C.C. HEADQUARTERED IN BOTH LONDON AND WASHINGTON. SEEMS NOW THAT THE OCC IS CLAMPING DOWN ON THIS EFP’S CIRCLING AROUND IN LONDON AS THEY ORDERED THE BULLION BANKS TO COVER MUCH OF THEIR DERIVATIVE BETS ON THESE CONTRACTS!! THUS THE FRBNY SAVED OUR BULLION BANKS FROM EXTINCTION WITH THIS BORROWED GOLD FROM THE BIS OF 54 TONNES
WE HAD :
- ZERO LIQUIDATION OF OUR T.A.S. SPREADERS//TUESDAY + BUT DID HAVE GOVERNMENT LIQUIDATION AND MASSIVE LIQUIDATION LATE TUESDAY/EARLY THIS WEDNESDAY MORNING/
- MONTH END SPREADERS HAVE NOW BEGUN AS IT IS IN FULL FORCE THESE PAST THREE DAYS:COMEX OPTIONS EXPIRY WAS TUESDAY, //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 TUESDAY NIGHT// WEDNESDAY MORNING WAS A STRONG SIZED 2105 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 TUESDAY’S GAIN IN PRICE IN GOLD BUT WITH A CORRESPONDING STRONG LOSS 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 TWO ISSUANCES FOR 4.5575 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 LAST WEEK
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 2.323 TONNES AND FOLLOWED BY ALL OTHER NOV QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE FOR 4.5596 TONNES.
/STANDING ADVANCES TO 43.9716 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
AN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
COMEX GOLD TRADING BEGINNING NOVEMBER,. CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $46.60/ /) BUT THE BANKING SYSTEM WERE QUITE SUCCESSFUL IN KNOCKING OFF HUGE NUMBERS OF SPECULATOR SHORTS WHO TRIED TO COVER WITH RECKLANCE ABANDON WITH THE PRICE RISE AS CENTRAL BANKS (FRBNY + OTHER CENTRAL BANKS) TOOK THE LONG SIDE. WE DID HAVE A STRONG LOSS IN OI FROM TWO EXCHANGES OF 7689 CONTRACTS WITH THE SPECULATOR SHORT LIQUIDATION.. BUT AS EXPLAINED ABOVE WE HAD LITTLE T.A.S. SPREADER LIQUIDATION TUESDAY AND WE DID HAVE CONTINUATION OF MONTH END SPREADER LIQUIDATION// COMEX TRADING//.. OTHER EASTERN CENTRAL BANKS TENDERED FOR PHYSICAL TUESDAY 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 LIQUIDATED ON THE SHORT SIDE SIDE. THE SPECS WERE QUITE NICELY RINSED BY THE FRBNY AND OTHER PHYSICAL LONDON TRADERS.
WEDNESDAY MORNING//TUESDAY NIGHT
THE CROOKS HOWEVER COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL TUESDAY EVENING/ WEDNESDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING WEEKS TO DELIVER
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 2.323 TONNES WHICH FOLLOWED ALL OTHER NOVEMBER QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO ISSUANCES OF EXCHANGE FOR RISK OF 4.5596 TONNES..
NEW STANDING ADVANCES TO 43.9716 ONNES OF GOLD.
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $46.60
WE HAD A SMALL 447 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 26
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 Manfra: 4449.410 oz total withdrawal 4449.410 or 0.1383 tonnnes |
| Deposit to the Dealer Inventory in oz | 0 ENTRIES |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER 0 entries xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 755 notice(s) 75,500 OZ 2.348 TONNES OF GOLD |
| No of oz to be served (notices) | 0 contracts 0 OZ 0.0000 TONNES |
| Total monthly oz gold served (contracts) so far this month | 12,371 notices 1,237,100 0z 39.412 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month |
dealer deposits: 0
xxxxxxxxxxxxxxxxxxxxx
DEPOSITS/CUSTOMER
0 entries
customer withdrawals:
1 ENTRIES
i) One entry:
out of Manfra: 4449.410 oz
total withdrawal 4449.410
or 0.1383 tonnnes
they are draining the comex of gold
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
ADJUSTMENTs 3 all dealer to customer
a) Asahi: 14,533.352 oz
b) Brinks 8778.613 oz
c) Manfra 7391.420 oz
d) Loomis 1639.301 oz
AMOUNT OF GOLD STANDING FOR NOVEMBER:
THE FRONT MONTH OF NOV STANDS AT 755 CONTRACTS FOR A LOSS OF 86 CONTRACTS.
WE HAD 823 CONTRACTS SERVED ON TUESDAY. SO WE GAINED A HUGE SIZED 747 CONTRACTS FOR 74,700 OZ OF GOLD (2.323 TONNES).
DECEMBER AGAIN LOST A HUGE NUMBER OF CONTRACTS TOTALLING 52,441 TO 40,460 CONTRACTS . DECEMBER IS THE NEW FRONT MONTH AND WE ARE GOING TO HAVE A DILLY MONTH STANDING FOR DELIVERY FOR GOLD!! WE HAVE 1 MORE READING DAY FRIDAY NOV 28 AND THEN FIRST DAY NOTICE FRIDAY NOV 28. THE OI FOR THIS FRIDAY SHOULD HAVE A TINY ROLLOVER OR MAYBE A SMALL GAIN. WE MUST WAIT AND SEE
JANUARY GAINED 568 CONTRACTS UP TO 2769
We had 755 contracts filed for today representing 75,500 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 755contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer an 117 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 (12,671 oz ) to which we add the difference between the open interest for the front month of NOV ( 755 CONTRACTS) minus the number of notices served upon today (755 x 100 oz per contract) equals 1,267100 OZ OR 39.412 Tonnes of gold to which we add our two issuances of exchange for risk for 4.5596 tonnes//new standing advances to 43.9716 tonnes.
thus the INITIAL standings for gold for the NOV contract month: No of notices filed so far (12,571x 100 oz +we add the difference for front month of NOV (755 OI} minus the number of notices served upon today (755)x 100 oz) which equals 1,267,100OZ OR 39.412 TONNES to which we add our 4.5596 tonnes of exchange for risk//new total of gold standing in November is 43.4716 tonnes
TOTAL COMEX GOLD STANDING FOR NOV..: 43.4716 TONNES TONNES WHICH IS HUGE FOR THIS NORMALLY SMALL NON ACTIVE ACTIVE DELIVERY MONTH OF NOVEMBER
volume TUESDAY confirmed 380,504 contracts EXCELLENT
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 1,974,722.922 oz 61.422 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 36,566,693.018 oz
TOTAL REGISTERED GOLD 19,241,894.564 or 598.50 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 17,324,798.584 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON 17,267,172 oz ((REG GOLD- PLEDGED GOLD)=
537.089 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
SILVER/COMEX
THE NOV. 2025 SILVER CONTRACTS
NOV 26 2025
INITIAL/
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 5 entries i) Out of ASAHI 593,788.200 OZ ii) Out of Delaware 1943.020 oz iii) Out of Manfra: 185,590.100 ooz iv0 Out of Stonex: 34,460.000 oz total withdrawal 815,781.300 oz |
| Deposits to the Dealer Inventory | 0 ENTRY |
| Deposits to the Customer Inventory | one entry 1entries one entry i) Into CNT: 422,616.650 oz total deposit 422,616.650 oz |
| No of oz served today (contracts) | 6 CONTRACT(S) ( 30,000 OZ 0.070 MILLION OZ |
| No of oz to be served (notices) | 31 contracts (0.155 MILLION oz) |
| Total monthly oz silver served (contracts) | 3903 Contracts (19.515 MILLION oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
DEPOSITS INTO DEALER ACCOUNTS
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
1entries
one entry
i) Into CNT: 422,616.650 oz
total deposit 422,616.650 oz
withdrawals: customer side/eligible
5 entries
i) Out of ASAHI 593,788.200 OZ
ii) Out of Delaware 1943.020 oz
iii) Out of Manfra: 185,590.100 ooz
iv0 Out of Stonex: 34,460.000 oz
total withdrawal 815,781.300 oz
adjustments: 1
out of eligible//total removal:
Out of Brinks 757,459.500 oz
comex is in turmoil
TOTAL REGISTERED SILVER: 150.238 MILLION OZ//.TOTAL REG + ELIGIBLE. 458.486 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: 39 OPEN INTEREST CONTRACTS FOR A GAIN OF 8 CONTRACTS. WE HAD 31 NOTICES SERVED ON TUESDAY SO WE GAIND 39 CONTRACTS OR 195,000 OZ AS THIS WAS A STRONG QUEUE JUMP
DECEMBER LOST 15,424 CONTRACTS DOWN TO 13,219. THIS IS THE FRONT MONTH FOR SILVER DELIVERIES AND WE WILL HAVE A STRONG STANDING FOR OUR SILVER METAL PROBABLY 55 TO 60 MILLION OZ!!
JANUARY GAINED 330 CONTRACTS UP TO 3482 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 6 or 30,000 oz
CONFIRMED volume; ON TUESDAY 159.399 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 3903 X5,000 oz = 19.515 MILLION oz
to which we add the difference between the open interest for the front month of NOV (39) AND the number of notices served upon today (6 )x (5000 oz)
Thus the standings for silver for the NOVEMBER 2025 contract month: (3903) Notices served so far) x 5000 oz + OI for the front month of NOV(39) minus number of notices served upon today (6)x 5000 oz equals silver standing for the NOV.contract month equating to 19.670 MILLION OZ
New total standing: 19.670million 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 150.238 million oz of registered silver
JPMorgan as a percentage of total silver: 199.031/458.086million. 43.35%
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 26/WITH GOLD UP $25.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 1.14 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1040.86 TONNES
NOV 25/WITH GOLD UP $46.60 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 24/WITH GOLD UP $16.95 TODAY/SMALL CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 0.29 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1040.86 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: 1040.86 TONNES, TONIGHTS TOTAL
SILVER
NOV26/WITH SILVER UP $1.86 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A MAMMOTH DEPOSIT OF 2.267 MILLION OZ INTO THE SLV/ :INVENTORY RESTS AT 500.983 MILLION OZ //
NOV25/WITH SILVER UP $0.69 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A MAMMOTH DEPOSIT OF 8.163 MILLION OZ INTO THE SLV/ :INVENTORY RESTS AT 498.716 MILLION OZ //THIS IS A FRAUDULENT TRANSACTION
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//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 500.983 MILLION OZ OF SILVER
PHYSICAL GOLD/SILVER
1/PETER SCHIFF
JOHN RUBINO
jAMES RICKARDS
2. MATHEW PIEPENBURG/VON GREYERZ
3.CHRIS POWELL, Secretary/Treasurer//GATA DISPATCHES
ROBERT LAMBOURNE: THIS IS BIG
| Robert Lambourne | 12:09 PM (33 minutes ago) | ||
to me, Chris | |||
Harvey,
Thanks for your recent extra update today.
If I’ve understood it correctly then it seems as if the Bank of England is probably still busy trying to get more gold. This fits with there still being no Annual Report published for the Exchange Equalisation Account for the year to 31 March 2025.
I’ve been doing a bit more digging and there are some obscure regulations affecting the EEA which could mean that they really have to acquire all of the gold they need by either 30 November or possibly 31 January 2026 if they want to convince the auditors that they have good title.
The first regulation is a requirement to pass the accounts of the EEA to the auditors by 30 November. The second regulation states that the latest date to publish the audited accounts is 31 January 2026.
In practice the auditors will already have a draft set of accounts and everything will be agreed apart from (the assumed) need to have unencumbered title to all the gold they claim to hold. Consequently, I expect that the first of these two regulations is easier to get round, but the second is a problem.
So it’s feasible that the Bank of England might still be using the Exchange for Risk mechanism until 31 January 2026.
Regards,
Bob
…
[Message clipped] View entire message
| Harvey Organ | 12:43 PM (0 minutes ago) | ||
| to Chris, Robert | |||
FANTASTIC
I WILL REPORT ON THIS
AND YES YOU ARE RIGHT THAT THE BANK OF ENGLAND IS BUSY TRYING TO OBTAIN ALL THE GOLD THAT IT LEASED OUT
THANKS FOR ALL YOUR WORK
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS /249 AND TODAY;S 250
DAVE KRANZLER
ASIA RESULTS; WEDNESDAY NOV 26
SHANGHAI CLOSED DOWN 5.64 POINTS OR 0.15%
//Hang Seng CLOSED UP 33.53 PTS OR 0.13%
// Nikkei CLOSED UP 889.56 PTS OR 1.85% //Australia’s all ordinaries CLOSED UP 0.85%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.0792/ OFFSHORE CLOSED UP AT 7.0752/ Oil DOWN TO 58.01 dollars per barrel for WTI and BRENT DOWN TO 62.41 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING UP TO 7.0792 OFFSHORE YUAN TRADING UP TO 7.0759:/ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP AT 7.0796
OFFSHORE YUAN: UP TO 7.0759
HANG SENG CLOSED UP 33.53 PTS OR 0.18%
2. Nikkei closed UP 889.56 PTS OR 1.59%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX DOWN TO 99.73 – EURO RISES TO 1.1571 UP 6 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +1.806 // UP 1/4 FULL BASIS PTS//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 156.43…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE ENDING OF THE YEN CARRY TRADE AGAIN AND THE REPATRIATION OF YEN DENOMINATED BONDS TRADING IN THE USA/EUROPE. JAPAN 30 YR BOND YIELD: 3.319 DOWN 2 FULL BASIS PTS.
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold 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 DOWN for WTI and DOWN FOR UP this morning
3h European bond buying continues to push yields LOWERER on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.6756/ Italian 10 Yr bond yield DOWN to 3.405 SPAIN 10 YR BOND YIELD DOWN TO 3.165
3i Greek 10 year bond yield DOWN TO 3.303
3j Gold at $4161.80 Silver at: 52.30 1 am est) SILVER NEXT RESISTANCE LEVEL AT $54.00//AFTER 50.00
3k USA vs Russian rouble;// Russian rouble UP 0 AND 21/100 roubles/dollar; ROUBLE AT 78.66
3m oil (WTI) into the 58 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 156.27 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.806% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.313 DOWN 2 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.8063 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9325 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: 4.007 DOWN 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.660 DOWN 0 BASIS PTS/
USA 2 YR BOND YIELD: 3.467 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 42.45 UP 1 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.505 UP 1 PTS
30 YR UK BOND YIELD: 5.342 UP 2 BASIS PTS
10 YR CANADA BOND YIELD: 3.156 DOWN 3 BASIS PTS
5 YR CANADA BOND YIELD: 2.725 DOWN 3 BASIS PTS.
1a New York OPENING REPORT
1 b) European opening report
US equity futures trading with modest gains; UK Budget looms – Newsquawk US Market Open
Wednesday, Nov 26, 2025 – 06:13 AM
- US President Trump thinks they are getting very close to a deal on Ukraine, while he separately commented that they are making progress and Ukraine is happy.
- European bourses are entirely in the green, with the FTSE 100 (+0.2%) trading cautiously ahead of the UK Autumn Budget; US equity futures are modestly firmer.
- DXY is essentially flat, NZD outperforms after the RBNZ cut rates by 25bps (as expected), but projections suggest a pause throughout 2026.
- JPY initially strengthened on reports that the BoJ is preparing markets for a possible hike as soon as December, although one of the sources noted that the decision between hiking in December or January remained a close call; JPY is now lower vs USD.
- Bonds are on the backfoot, paring recent upside; Gilts initially lagged, but now trading in-line with peers as traders eye Chancellor Reeves.
- Crude is a little lower as focus remains on Russia/Ukraine peace talks, 3M LME Copper surges.
- Looking ahead, highlights include US Dallas Fed (Oct), Jobless Claims (w/e 22 Nov), UK Autumn Budget, Fed Beige Book, Speakers including ECB’s Lane & Lagarde, Supply from the US.
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TARIFFS/TRADE
- China bought at least 10 cargoes of US soybeans for January shipments, according to traders cited by Reuters.
EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 +0.3%) opened stronger across the board, continuing the strength seen in APAC overnight; indices slipped a touch off best levels soon after the cash open, before recently bouncing back towards earlier highs. The FTSE 100 (+0.2%) a little more subdued vs peers, ahead of the UK Autumn Budget.
- European sectors hold a slight positive bias; Healthcare tops the pile, buoyed after the US cuts prices Medicare spending on 15 high-priced medicines, by 36%. To the bottom resides Autos and Chemicals.
- US equity futures (ES +0.3%, NQ +0.4% RTY +0.2%) are trading modestly firmer across the board, continuing the gains seen in the prior session – upside today also partly thanks to continued geopolitical progress between Ukraine and Russia.
- Click for the European Equity News
- Click for the Additional European Equity News
FX
- DXY resides in a narrow 99.60-99.87 range at the time of writing after briefly dipping under Tuesday’s 99.65 trough heading into the European open. The index’s upside is limited by gains in EUR amid ongoing constructive headlines surrounding Russia-Ukraine, while it was also reported by Bloomberg that NEC Director Hassett, a close ally of Trump, is the frontrunner for the Fed Chair role, although Fox Business sources refuted the claim. Later today are Jobless Claims, Chicago PMIs and the Fed’s Beige Book.
- EUR is a little firmer/flat vs USD. The single currency found resistance near the 19th of Nov high (1.1597) to trade in a current 1.1563-1.1596 parameter. Focus for EUR traders resides on the Russia-Ukraine peace talks. US President Trump said he thinks that they are getting very close to a deal on Ukraine, while he separately commented that they are making progress and Ukraine is happy. Trump also said Europe will be largely involved in security guarantees. That being said, Russia is expected to reject the new 19-point cease-fire deal drafted by the US and Ukraine, according to NY Post.
- GBP/USD is among the better performers, within a 1.3157-1.3198 band ahead of Chancellor Reeve’s Autumn budget, slated for around 12:30GMT (full Newsquawk preview available on the Research Suite), where market reaction will be contingent on: adherence to fiscal rules, size of headroom, tax combination selected & confidence in the revenue generation, inflation implications of taxes, degree of fiscal tightening, DMO remit, OBR forecasts and finally the implications for the BoE.
- JPY trades on a softer footing, with USD/JPY testing 156.50 to the upside (vs 155.66 low) amid the risk appetite and despite the hawkish-leaning BoJ sources overnight. BoJ is reportedly preparing markets for a possible hike as soon as December, although one of the sources noted that the decision between hiking in December or January remained a close call. Furthermore, Japanese PM Takaichi said the stimulus package isn’t reckless spending and they will watch FX for any speculative moves, and will watch Yen and JGB yields closely.
- NZD/USD outperforms after the RBNZ policy announcement in which the central bank cut the OCR by 25bps to 2.25%, as expected, and kept its options open on future policy, although its projections suggested a pause in rates throughout 2026. The decision saw AUD/NZD slump from 1.1518 to a 1.1407 trough.
- PBoC set USD/CNY mid-point at 7.0796 vs exp. 7.0825 (Prev. 7.0826)
FIXED INCOME
- USTs are trading marginally lower by only a couple of ticks, in quiet and rangebound trade. Focus recently for benchmarks have been on Bloomberg reports that WH NEC Director Hasset is the “frontrunner” to become the next Fed Chair – although this was later refuted by other sources. The implication of such an appointment would be a dovish Fed in the near-term, but with concerns over long-term inflation control in the long-term; a point which has been reflected in yields recently, where a steepening was seen. But overnight that move has reversed a touch, with shorter-term yields outperforming vs longer-term.
- Bunds are also lower by around 10 ticks. Benchmarks saw some early morning pressure, before then reversing back above the 129.00 mark – a move which lacked catalysts; currently trading in a 128.93 to 129.10 range. Really not much from a European perspective, but with focus on geopolitical developments. US President Trump said he thinks that they are getting very close to a deal on Ukraine, while he separately commented that they are making progress and Ukraine is happy. Trump also said Europe will be largely involved in security guarantees. That being said, Russia is expected to reject the new 19-point cease-fire deal drafted by the US and Ukraine, according to NY Post. Thereafter, a better than prior German 2035 auction, spurred some upticks in the benchmark to make a fresh peak at 129.10.
- Gilts began in the red by 23 ticks, counting down to the budget. Since the benchmark has trimmed around half of that and is towards the upper-end of 92.49-79 parameters. Reaction to the budget could be prolonged, as markets need to digest the fiscal package (incl. OBR forecasts and DMO remit), monetary implications (BoE Dec. cut over 80% priced, focus on terminal implications) and the political ramifications. The latter point could take several days to fully emerge, with particular reference to the Labour Left after recent reports that they have the 80 MPs needed to start a leadership challenge, but crucially had not (as of last week, at least) coalesced on an alternate candidate.
- Germany sells EUR 2.344bln vs exp. EUR 3bln 2.60% 2035 Bund: b/c 2.0x (prev. 1.3x), average yield 2.67% (prev. 2.62%), retention 21.87% (prev. 24.93%)
COMMODITIES
- WTI and Brent oscillate in a USD 57.68-58.30/bbl and USD 61.54-62.17/bbl band, respectively, bouncing from a trough of USD 57.10/bbl and USD 60.96/bbl in Tuesday’s US cash session. Focus been on geopols, with early morning commentary via Russia’s Kremlin suggested that it is too early to say if a Ukraine peace deal is close.
- Spot XAU continues to trade beyond Tuesday’s high of USD 4159/oz, aided by the weaker dollar and as Bloomberg reported that White House NAC Director Hassett is the frontrunner for the Fed Chair role. XAU rose at the start of the APAC session from USD 4134/oz to a peak of USD 4169/oz. As the European session gets underway, the yellow metal continues to meander in a USD 4147-4169/oz band.
- 3M LME Copper continues to bid higher throughout the European session, following on from gains in the APAC session, as the global risk tone remains positive and a weaker dollar helps support the metal. After opening at USD 10.87k/t, 3M LME Copper is steadily moving higher and is currently trading at session highs at USD 10.92k/t.
- Deutsche Bank upgrades its 2026 gold forecast to USD 4450/oz (prev. USD 4000/oz). 2026 yearly range of USD 3950-4950/oz.
NOTABLE DATA RECAP
- Swiss Investor Sentiment (Nov) 12.2 (Prev. -7.7)
- Norwegian GDP Growth Mainland (Q3) 0.1% vs. Exp. 0.2% (Prev. 0.6%); GDP Growth (Q3) 1.1% (Prev. 0.8%)
NOTABLE EUROPEAN HEADLINES
- European Commission President von der Leyen will reference language around using frozen Russian assets for a reparations loan to Ukraine, but there won’t be any new announcement on this, via Politico citing sources; in a speech from 08:00BST
- ECB’s Vujcic says he currently sees no reason for a further interest rate cut; ” However, the situation could change if an AI bubble were to burst”, via Borsen Zeitung.
- ECB’s de Guindos says the issue of Fed Swap Lines has not been discussed, no new information.
NOTABLE US HEADLINES
- White House said President Trump is not considering a straight two-year subsidy extension and will make recommendations for healthcare policy improvements soon, while Trump later commented that he doesn’t want to extend subsidies regarding healthcare policy.
- US President Trump was reportedly weighing ousting FBI Director Kash Patel, although Trump later stated that Kash Patel is doing a great job.
GEOPOLITICS
RUSSIA-UKRAINE
- US President Trump thinks they are getting very close to a deal on Ukraine, while he separately commented that they are making progress and Ukraine is happy. Trump said Europe will be largely involved in security guarantees and that the initial 28-point plan was just a map, as well as noted that Special Envoy Witkoff will be meeting with Russian President Putin in Moscow next week. Trump also commented that the Russians are making concessions and there is no deadline for a deal.
- Ukrainian President Zelensky’s Chief of Staff Yermak spoke to US Army Secretary Driscoll and expects him to visit Kyiv this week, while Yermak thanked Driscoll for his objectivity and concrete approach. Furthermore, he said Ukraine is willing to work quickly to finalise steps to end the bloodshed and that Geneva talks on a peace accord provided a good base, with President Zelensky fully ready to work further.
- Russia’s Kremlin Aide Ushakov says Russia has received ‘latest versions’ of US peace plan on Ukraine via the RIA. Says he plans to talk about the leaked conversation during a phone call with US Special Envoy Witkoff, via TASS.
- “Russian presidential aide: Some points in the US plan on Ukraine are positive, but some items in it require discussion”, via Al Jazeera.
- Russia’s Kremlin Spokesperson Peskov urged not to make premature conclusions about the conflict in Ukraine nearing its end.
OTHER
- Taiwan’s President Lai said his government will introduce a historic USD 40bln supplementary defence budget and that the package will not only fund significant new arms acquisitions from the US, but also vastly enhance Taiwan’s asymmetrical capabilities. Lai said Beijing has been trying to turn democratic Taiwan into China’s Taiwan and that China’s threats to the Indo-Pacific are intensifying, while he added that Beijing continues to increase military drills and grey-zone harassment near Taiwan. Lai also stated that China’s infiltration and influence campaigns in Taiwan are intensifying, and China is speeding up military preparations to take Taiwan by force. Furthermore, he said mechanisms will be set up to counter China’s transnational repression and to protect Taiwan’s citizens, as well as noted that “one country, two systems” is a red line for Taiwan and Taiwan will adopt a strategy of self-defence to counter China’s threats.
- Taiwan’s Defence Minister said China has changed its patterns and is squeezing Taiwan’s response time, while he commented that the special defence budget runs from 2026 to 2033 and will cover items from missiles to drones to counter fast-rising Chinese threats.
- US de facto ambassador to Taiwan welcomes President Lai’s announcement of a new special defence budget and said the US supports Taiwan’s rapid acquisition of critical asymmetric capabilities needed to strengthen deterrence, while he stated that today’s announcement is a major step toward maintaining peace and stability across the Taiwan Strait by strengthening deterrence.
- China’s Taiwan Affairs Office said regarding Japan’s missile deployment plan near Taiwan, that they have firm will, strong determination and a powerful ability to crush all foreign interference schemes.
- Cuba’s Foreign Minister said US intervention in Venezuela would be a violation of international law and the UN Charter, while he added that the exaggerated and aggressive military presence of the US in the region constitutes a threat against Latin America and the Caribbean as a whole.
CRYPTO
- Bitcoin is a little lower and trades just under the USD 87k, whilst Ethereum climbs back above USD 2.9k.
APAC TRADE
- APAC stocks mostly followed suit to the gains on Wall Street, where stocks were underpinned amid Russia/Ukraine optimism and a softer yield environment.
- ASX 200 was led higher by outperformance in mining and materials, with most sectors in the green aside from utilities, tech and telecoms.
- Nikkei 225 rallied with SoftBank among the biggest gainers as it rebounded from the previous day’s OpenAI-related slump, and with participants shrugging off a source report that the BoJ is preparing markets for a possible hike as soon as December, although one of the sources noted that the decision between hiking in December or January remained a close call.
- Hang Seng and Shanghai Comp lagged amid a focus on earnings with mixed results from the likes of Alibaba and NIO.
- US equity futures marginally extended on the previous day’s advances heading into the Thanksgiving holiday weekend.
NOTABLE ASIA-PAC HEADLINES
- BoJ is said to be preparing markets for a possible interest rate hike as soon as December with a tweak to communication, according to Reuters sources, although one of the sources said the decision on whether to hike in December or hold off until January remains a close call.
- RBNZ cut the OCR by 25bps to 2.25%, as expected, and stated that future moves in the OCR will depend on the outlook for the medium-term. RBNZ said annual consumer inflation increased to 3% in the September quarter but added that with spare capacity in the economy, inflation is expected to fall to around 2% by mid-2026, while it commented that risks to the inflation outlook are balanced and economic activity was weak over mid-2025 but is picking up. Furthermore, it projected the Official Cash Rate at 2.25% in March 2026 (prev. 2.55%) and at 2.28% in December 2026 (prev. 2.62%). RBNZ Minutes revealed that the decision was made by a vote of 5-1 and that the committee discussed the options of holding the OCR at 2.50% or lowering it to 2.25% in which the case for a hold emphasised the considerable reduction in the OCR to date, while the case for a cut emphasised significant excess capacity in the economy.
- Japanese PM Takaichi said the stimulus package isn’t reckless spending, and added that a strengthening economy can help improve Japan’s fiscal health. She said JGB issuance for this fiscal year will be below last year’s size, including expected issuance for extra budget, and it is important to ensure fiscal sustainability. She noted they will strike to lower debt-to-GDP ratio with a close eye on interest rates, and the government will take appropriate steps by gauging whether FX rates reflect fundamentals. She said they will watch FX for any speculative moves, and will watch Yen and JGB yields closely.
- RBNZ Governor Hawkesby said he feels that risks are balanced and they are in a great position to mitigate risks, while he stated the central projection is based on the Cash Rate being on hold through 2026, as well as noted that economic indicators are picking up across all high-frequency measures and the current cash rate is supportive and stimulatory. Hawkesby also commented that they retain full optionality on the cash rate with every option on the table.
- Japan is to reportedly issue more than JPY 11tln in additional government bonds for FY25 extra budget, according to TV Asahi
- US and Taiwan target trade and investment deal which includes training for American workforce, according to Reuters citing sources
DATA RECAP
- Japanese Services PPI (Oct) 2.70% vs. Exp. 2.70% (Prev. 3.00%)
- Australian CPI YY (Oct) 3.80% vs. Exp. 3.60%
- Australian Weighted Median CPI YY SA (Oct) 3.40% vs. Exp. 2.95%
- Australian Trimmed Mean CPI YY SA (Oct) 3.3% vs. Exp. 3.0%
- Australian Construction Work Done (Q3) -0.7% vs. Exp. 0.4% (Prev. 3.0%)
1.c) Asian opening report
European equities set for a positive open; UK budget ahead – EU Market Open
Wednesday, Nov 26, 2025 – 02:01 AM
- APAC stocks mostly followed suit to the gains on Wall Street, where stocks were underpinned amid Russia/Ukraine optimism and a softer yield environment.
- US President Trump thinks they are getting very close to a deal on Ukraine, while he separately commented that they are making progress and Ukraine is happy.
- Nikkei 225 shrugged off a source report that the BoJ is preparing markets for a possible hike as soon as December, although one of the sources noted that the decision between hiking in December or January remained a close call; JPY strengthened, 10yr JGB futures trickled lower.
- NZD outperformed after the RBNZ cut the OCR by 25bps to 2.25%, as expected, and kept its options open on future policy, although its projections suggested a pause in rates throughout 2026.
- White House National Economic Council Director Kevin Hassett is reportedly seen as the frontrunner in the Fed Chair search, according to Bloomberg citing sources, although separate sources said “there is no frontrunner”.
- Looking ahead, highlights include US Dallas Fed (Oct), Jobless Claims (w/e 22 Nov), UK Autumn Budget, Fed Beige Book, Speakers including ECB’s Vujcic, Lane & Lagarde, Supply from Germany & US.
Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
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SNAPSHOT
US TRADE
EQUITIES
- US stocks were firmer on Tuesday, and while the tech-heavy Nasdaq 100 underperformed, it managed to pare all weakness initially seen, driven by NVIDIA, amid The Information reported that Meta is considering using Google’s TPUs in its data centres in 2027. NVIDIA (-2.6%) still ended the day with losses, but the wider index managed to recover. Sectors overall were predominantly in the green, with Health and Consumer Discretionary sitting at the top of the pile. Utilities and Energy were the only sectors in the red. The latter was hit by weakness in the crude complex amid positive Ukraine/Russia peace deal developments, with Trump most recently posting on Truth Social that there are only a few remaining points of disagreement, and as such, he is sending Witkoff to meet with Russian President Putin in Moscow, and Driscoll to meet with the Ukrainians. Meanwhile, the deluge of US data did little to move markets, as PPI and Retail Sales were dated (Sept), although Consumer Confidence (Nov) was dismal. On the Fed front, Miran was his usual dovish self, but the US yield curve steepened amid BBG reports that Hassett is seen as the frontrunner in Trump’s Fed Chair search.
- SPX +0.91% at 6,766, NDX +0.58% at 25,018, DJI +1.43% at 47,112, RUT +2.14% at 2,466.
- Click here for a detailed summary.
TARIFFS/TRADE
- China bought at least 10 cargoes of US soybeans for January shipments, according to traders cited by Reuters.
NOTABLE HEADLINES
- White House said President Trump is not considering a straight two-year subsidy extension and will make recommendations for healthcare policy improvements soon, while Trump later commented that he doesn’t want to extend subsidies regarding healthcare policy.
- US President Trump was reportedly weighing ousting FBI Director Kash Patel, although Trump later stated that Kash Patel is doing a great job.
- White House National Economic Council Director Kevin Hassett is reportedly seen as the frontrunner in the Fed Chair search, according to Bloomberg citing sources. Hassett is seen as someone who would bring the president’s approach to interest rate cutting to the Fed, which Trump has long wanted to control, some of the sources said.
- Fox’s Lawrence said, regarding the search for the next Fed Chair, that “There is no frontrunner: Senior US official confirmed a final list of candidates has not yet been sent to the White House. A final list will be sent to Trump after interviews have concluded”. Lawrence added that “The Treasury Secretary says he has not yet finished the interviews for the possible next Federal Reserve Chairman”.
- US October Budget (USD): -248bln (exp. -235.05bln, prev. -257bln in Oct 2024), budget outlays 689bln (prev. 584bln); receipts 404bln (prev. 327bln); net customs receipts 31.4bln (prev. 7.3bln)
- Fed Discount Rates Minutes stated that Board members discussed economic and financial developments and issues related to possible policy actions, while no sentiment was expressed by the Board at the meeting for changing the primary credit rate at this time, and the Board approved the establishment of the primary credit rate at the existing level of 4.25%.
APAC TRADE
EQUITIES
- APAC stocks mostly followed suit to the gains on Wall Street, where stocks were underpinned amid Russia/Ukraine optimism and a softer yield environment.
- ASX 200 was led higher by outperformance in mining and materials, with most sectors in the green aside from utilities, tech and telecoms.
- Nikkei 225 rallied with SoftBank among the biggest gainers as it rebounded from the previous day’s OpenAI-related slump, and with participants shrugging off a source report that the BoJ is preparing markets for a possible hike as soon as December, although one of the sources noted that the decision between hiking in December or January remained a close call.
- Hang Seng and Shanghai Comp lagged amid a focus on earnings with mixed results from the likes of Alibaba and NIO.
- US equity futures marginally extended on the previous day’s advances heading into the Thanksgiving holiday weekend.
- European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.7% after the cash market closed with gains of 0.8% on Tuesday.
FX
- DXY remained subdued following the recent deluge of data, including softer-than-expected Retail Sales, Consumer Confidence and Core PPI figures, in combination with optimistic headlines on Ukraine-Russia, while it was also reported by Bloomberg that NEC Director Hassett, a close ally of Trump, is the frontrunner for the Fed Chair role, although Fox Business sources refuted the claim.
- EUR/USD held on to recent gains with a firm footing above the 1.1500 level after benefitting from the weaker dollar, while there were previous comments from ECB’s Makhlouf, who noted concern about service and food inflation.
- GBP/USD was firmer ahead of today’s Budget announcement with further leaks reported, including an increase to the minimum wage and no cuts on VAT applied to energy bills.
- USD/JPY saw two-way price action with initial upside reversed after a source report that BoJ messaging is preparing markets for possible interest rate hike as soon as December, with a tweak to communication, although one of the sources noted the decision on whether to hike in December or hold off until January remains a close call.
- Antipodeans strengthened with AUD supported following firmer-than-expected inflation data, while NZD outperformed after the RBNZ policy announcement in which the central bank cut the OCR by 25bps to 2.25%, as expected, and kept its options open on future policy, although its projections suggested a pause in rates throughout 2026.
- PBoC set USD/CNY mid-point at 7.0796 vs exp. 7.0825 (Prev. 7.0826)
FIXED INCOME
- 10yr UST futures mildly pulled back after bull steepening on soft data and reports that NEC Director Hassett is the frontrunner for the Fed Chair role.
- Bund futures faded some of their recent gains ahead of several ECB speakers and today’s Bund issuance.
- 10yr JGB futures trickled lower amid mild gains in yields after a somewhat hawkish BoJ source report, while the latest 40-year JGB auction results showed a relatively in line b/c but lower accepted prices.
COMMODITIES
- Crude futures were rangebound and took a breather after fluctuating yesterday amid the positive risk environment and Russia/Ukraine peace deal updates, while the latest private sector inventory data was mixed and did little to spur price action.
- US Private Inventory Data (bbls): Crude -1.9mln (exp. +0.1mln), Distillate +0.8mln (exp. +0.6mln), Gasoline +0.5mln (exp. +0.7mln), Cushing -0.3mln.
- Spot gold remained underpinned amid a weaker dollar and recent softening of yields.
- Copper futures continued its gradual rebound from yesterday’s trough with futures back above the USD 5.10/lb level.
CRYPTO
- Bitcoin was relatively flat after oscillating through the USD 87,500 level.
NOTABLE ASIA-PAC HEADLINES
- BoJ is said to be preparing markets for a possible interest rate hike as soon as December with a tweak to communication, according to Reuters sources, although one of the sources said the decision on whether to hike in December or hold off until January remains a close call.
- RBNZ cut the OCR by 25bps to 2.25%, as expected, and stated that future moves in the OCR will depend on the outlook for the medium-term. RBNZ said annual consumer inflation increased to 3% in the September quarter but added that with spare capacity in the economy, inflation is expected to fall to around 2% by mid-2026, while it commented that risks to the inflation outlook are balanced and economic activity was weak over mid-2025 but is picking up. Furthermore, it projected the Official Cash Rate at 2.25% in March 2026 (prev. 2.55%) and at 2.28% in December 2026 (prev. 2.62%). RBNZ Minutes revealed that the decision was made by a vote of 5-1 and that the committee discussed the options of holding the OCR at 2.50% or lowering it to 2.25% in which the case for a hold emphasised the considerable reduction in the OCR to date, while the case for a cut emphasised significant excess capacity in the economy.
- Japanese PM Takaichi said the stimulus package isn’t reckless spending, and added that a strengthening economy can help improve Japan’s fiscal health. She said JGB issuance for this fiscal year will be below last year’s size, including expected issuance for extra budget, and it is important to ensure fiscal sustainability. She noted they will strike to lower debt-to-GDP ratio with a close eye on interest rates, and the government will take appropriate steps by gauging whether FX rates reflect fundamentals. She said they will watch FX for any speculative moves, and will watch Yen and JGB yields closely.
- RBNZ Governor Hawkesby said he feels that risks are balanced and they are in a great position to mitigate risks, while he stated the central projection is based on the Cash Rate being on hold through 2026, as well as noted that economic indicators are picking up across all high-frequency measures and the current cash rate is supportive and stimulatory. Hawkesby also commented that they retain full optionality on the cash rate with every option on the table.
DATA RECAP
- Japanese Services PPI (Oct) 2.70% vs. Exp. 2.70% (Prev. 3.00%)
- Australian CPI YY (Oct) 3.80% vs. Exp. 3.60%
- Australian Weighted Median CPI YY SA (Oct) 3.40% vs. Exp. 2.95%
- Australian Trimmed Mean CPI YY SA (Oct) 3.3% vs. Exp. 3.0%
- Australian Construction Work Done (Q3) -0.7% vs. Exp. 0.4% (Prev. 3.0%)
GEOPOLITICS
RUSSIA-UKRAINE
- US President Trump thinks they are getting very close to a deal on Ukraine, while he separately commented that they are making progress and Ukraine is happy. Trump said Europe will be largely involved in security guarantees and that the initial 28-point plan was just a map, as well as noted that Special Envoy Witkoff will be meeting with Russian President Putin in Moscow next week. Trump also commented that the Russians are making concessions and there is no deadline for a deal.
- US President Trump posted that his team has made tremendous progress with respect to ending the war between Russia and Ukraine, and he directed Special Envoy Steve Witkoff to meet with Russian President Putin in Moscow in the hope of finalising the peace plan.
- US Special Envoy Witkoff advised Russia on how to pitch the Ukraine plan to US President Trump, according to Bloomberg.
- Ukrainian President Zelensky said Ukraine is ready to move forward with the peace deal framework with US President Trump and Europe, while Zelensky said Europe should continue to support Ukraine as long as Russia shows no willingness to end the war, and he called on European leaders to work out a doable framework to deploy a reassurance force in Ukraine.
- Ukrainian President Zelensky’s Chief of Staff Yermak spoke to US Army Secretary Driscoll and expects him to visit Kyiv this week, while Yermak thanked Driscoll for his objectivity and concrete approach. Furthermore, he said Ukraine is willing to work quickly to finalise steps to end the bloodshed and that Geneva talks on a peace accord provided a good base, with President Zelensky fully ready to work further.
- Latest Ukraine peace draft ‘significantly better for Kyiv’ and allows Kyiv to keep 800k strong army, according to AFP citing a senior official.
- Russia is expected to reject the new 19-point cease-fire deal drafted by the US and Ukraine, suggesting the war will last at least through Christmas, sources told NY Post.
OTHER
- Taiwan’s President Lai said his government will introduce a historic USD 40bln supplementary defence budget and that the package will not only fund significant new arms acquisitions from the US, but also vastly enhance Taiwan’s asymmetrical capabilities. Lai said Beijing has been trying to turn democratic Taiwan into China’s Taiwan and that China’s threats to the Indo-Pacific are intensifying, while he added that Beijing continues to increase military drills and grey-zone harassment near Taiwan. Lai also stated that China’s infiltration and influence campaigns in Taiwan are intensifying, and China is speeding up military preparations to take Taiwan by force. Furthermore, he said mechanisms will be set up to counter China’s transnational repression and to protect Taiwan’s citizens, as well as noted that “one country, two systems” is a red line for Taiwan and Taiwan will adopt a strategy of self-defence to counter China’s threats.
- Taiwan’s Defence Minister said China has changed its patterns and is squeezing Taiwan’s response time, while he commented that the special defence budget runs from 2026 to 2033 and will cover items from missiles to drones to counter fast-rising Chinese threats.
- US de facto ambassador to Taiwan welcomes President Lai’s announcement of a new special defence budget and said the US supports Taiwan’s rapid acquisition of critical asymmetric capabilities needed to strengthen deterrence, while he stated that today’s announcement is a major step toward maintaining peace and stability across the Taiwan Strait by strengthening deterrence.
- China’s Taiwan Affairs Office said regarding Japan’s missile deployment plan near Taiwan, that they have firm will, strong determination and a powerful ability to crush all foreign interference schemes.
- Cuba’s Foreign Minister said US intervention in Venezuela would be a violation of international law and the UN Charter, while he added that the exaggerated and aggressive military presence of the US in the region constitutes a threat against Latin America and the Caribbean as a whole.
EU/UK
NOTABLE HEADLINES
- UK government approved a 4.1% increase in the main minimum wage rate to GBP 12.71 an hour from April 2026.
2.a NORTH AND SOUTH KOREA
b. JAPAN
A little to late!!
Japan Launches DOGE-Like Initiative To Cut Government Waste
Tuesday, Nov 25, 2025 – 09:45 PM
Authored by Victoria Friedman via The Epoch Times,
Japan’s finance minister on Nov. 25 unveiled a plan to cut wasteful government spending, drawing parallels to the United States’ Department of Government Efficiency (DOGE).
Japanese Finance Minister Satsuki Katayama arrives at the prime minister’s official residence in Tokyo, on Oct. 21, 2025. Kim Kyung Hoon/Reuters
Finance Minister Satsuki Katayama launched the “Office for Administrative Reform and Promotion of Efficiency,” which she said will work with the finance and internal affairs ministries to review measures such as government subsidies and special tax treatments for companies, according to The Japan Times.
“The public requires the government to show a constant commitment to maintain fiscal sustainability. It is crucial that this commitment is always present in Kasumigaseki and Nagatacho,” Katayama said during a press conference, referring, respectively, to Japan’s government district and where its parliament—the Diet—is located.
Katayama sought to distinguish Japan’s office for reform from the U.S.’s efficiency agency, saying, “Unlike DOGE, we’re not aiming to overhaul government organizations,” but rather on reviewing how taxpayers’ money is spent.
“To maintain trust in the sustainability of Japan’s finances, it’s very important to show the public how we are always looking into how we spend,” she said.
DOGE’s $214 Billion in Savings
U.S. President Donald Trump established DOGE in January as a task force designed to root out fraud, waste, and abuse from the federal government. It is due to expire on July 4, 2026.
In its latest contracts update from Nov. 23, DOGE wrote in a post on X that Federal government agencies terminated and reduced 78 “wasteful” contracts over the previous nine days, with a ceiling value of $1.9 billion, generating $335 million in savings.
Among the terminated contracts was a $4.3 million IT services contract for “Inflation Reduction Act transformation project management support” at the IRS, a $661,000 Department of Health & Human Services (HHS) IT services contract for “social media monitoring platform subscription,” and a $191,000 U.S. Agency for Global Media contract for “broadcast operations and maintenance in Ethiopia, Africa.”
The HHS ranked at the top of agencies with the most savings under DOGE, followed by the General Services Administration, the Social Security Administration, the Office of Personnel Management, and the Small Business Administration, according to DOGE’s Agency Efficiency Leaderboard.
Tesla CEO Elon Musk shakes hands with President Donald Trump as they speak to reporters in the Oval Office of the White House in Washington on May 30, 2025. Kevin Dietsch/Getty Images
According to the DOGE website, the initiative has generated total savings of $214 billion as of Oct. 4, which amounts to more than $1,329 per taxpayer.
The savings were achieved through measures such as asset sales, interest savings, workforce reductions, regulatory savings, deletion of fraud and improper payments, and cancellation or renegotiation of contracts/leases, according to the website.
Musk’s Departure
DOGE was headed by Elon Musk until he left the department earlier this year when his 130-day tenure as a special government employee expired.
Musk and Trump appeared in the Oval Office on May 30 to answer questions before his departure, during which the president credited the tech entrepreneur with “a colossal change in the old ways of doing business in Washington.”
After accepting a ceremonial key from the president, Musk said: “I think the DOGE team is doing an incredible job. They’re going to continue to be doing an incredible job.”
Trump praised Musk’s work, saying he led the “most sweeping and consequential government reform effort in generations.”
end
Japan
Japan Just Pulled the Pin as Global Debt Bomb is About to Explode
by ITM Trading
Tuesday, Nov 25, 2025 – 14:54
Japan holds $1.2 trillion in U.S. Treasuries. But that anchor may be slipping.
With a 250% debt-to-GDP ratio, Japan has long defied gravity by keeping yields near zero. That era just ended. Yields on 20- and 30-year Japanese bonds are breaking records. Inflation is rising. The yen is falling. And Tokyo is about to flood the market with more debt.
The result? A no-win scenario for the Bank of Japan: print more yen and crash the currency, or step back and let rates spiral. Either choice risks triggering a global debt shock.
Japan’s capital is already moving home. U.S. debt markets could lose their largest foreign buyer just as Washington is paying over $1 trillion annually in interest.
Worse, the yen carry trade… a multi-trillion-dollar global liquidity engine is breaking down. One false move, and the unwind could hammer treasuries, stocks, even real estate.
This is not theoretical. It almost broke in August 2024. The next shock may not pass so quietly.
Watch the full breakdown to understand how this could hit your savings, your mortgage, and your retirement. The signs are flashing red—you need to see this.
About ITM Trading: ITM Trading has spent nearly 30 years helping clients prepare for monetary resets, inflation, and systemic risk using physical gold and silver. We focus on education, historical context, and strategies designed to protect wealth when trust in the system breaks down.
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.
3. CHINA
CHINA/JAPAN
4 EUROPEAN/NATO AFFAIRS/SCANDINAVIA
SCANDINAVIA
A very messy affair!!
Dead Cows Don’t Fart? Countries Raise Concerns Over Methane-Reducing Additive For Bovines
Tuesday, Nov 25, 2025 – 08:55 PM
Scandinavian countries are moving to suspend the mandated use of Bovaer, a methane-reducing additive designed to reduce bovine flatulence. A contributor to methane pollution, cow farts were supposed to be reduced by the additive to reduce climate-harming pollutant. However, there are widespread reports of collapse, lethargy, reduced feed intake, fever, diarrhea, and significant drops in milk production.
There are also reports of cow miscarriages and deaths, though most involve discomfort and farmers reported that the cows improved after cessation of the supplement. What could follow is a colossal product liability lawsuit.
Various countries, like Denmark, made the additive mandatory for the inclusion in feed only to have widespread reports of serious harm to cows. Norway and other countries have suspended the use of Bovaer. It is also used in the United States, but it is not required.
Most reports involve sickness and reduced production in dairy herds.
The question is whether the manufacturer is liable. Elanco US is still advertising the benefits of the supplement:
“Every dairy could use additional, diversified income. That’s where Bovaer® from Elanco comes in. Bovaer is one of the most scientifically researched and recognized methane-reduction feed ingredients globally. Bovaer provides an access point for dairy producers to be financially rewarded for reducing their dairy’s carbon footprint by decreasing their herd’s enteric methane emissions.”
There is also the question of the liability of countries that forced dairy farmers to use the product.
If these reports are accurate, the manufacturer could be sued for a design defect and, in light of the statements above, possible warning defects.
Given the widespread complaints, there is a legitimate question of whether the drug was adequately tested. Alternatively, the company could argue that these reports are condition-related and reflect other causes, where correlation is not causation. The company could also claim that the problems are due to incorrect use of the supplement, such as incorrect dosage or delivery.
What is interesting about this case is the possible increase in damages in countries where the supplement was mandated. It is not clear if there are added protections or waivers granted to the company in these countries.
This could be a warning, manufacturing, or design defect. We do not have enough facts. A manufacturing defect is the least likely unless it is shown that the company failed to properly monitor the concentration of the active ingredients during production or allowed them to be altered by environmental conditions.
It could prove both a warning and a design defect. The company states that “Bovaer has no negative impact on the quantity or quality of milk produced.” It cites a 2022 study to support that claim: Hristov AN, Melgar A, Wasson D, Arndt C. Symposium review: Effective nutritional strategies to mitigate enteric methane in dairy cattle. J Dairy Sci. 2022:105(10):8543–57. However, that study also adds a caveat about the use of certain ingredients in some of these methane-reducing products. For example:
“The red macroalga Asparagopsis taxiformis has a strong CH4 mitigation effect, but studies are needed to determine its feasibility, long-term efficacy, and effects on animal production and health. We concluded that widespread adoption of mitigation strategies with proven effectiveness by the livestock industries will depend on cost, government policies and incentives, and willingness of consumers to pay a higher price for animal products with decreased carbon footprint.”
Again, we need to know more about the composition of the supplement used in these countries.
Under the Restatement Second of Torts, the consumer expectations test asks whether the product is more dangerous than the expectations of the ordinary consumer. Under the more demanding test of the Restatement Third, the question is whether there is a reasonable alternative design. Both would appear viable for plaintiffs if these accounts are proven correct.
The most obvious approach in the United States would be a class action lawsuit against the manufacturer. Indeed, we could see filings in various states and the need for the Judicial Panel on Multidistrict Litigation (JPML) to intervene and consolidate the cases in a single district.
END
GERMANY
KOLBE
Economists’ Warning: Germany’s Costly Pension Package Must Be Scrapped Immediately
Wednesday, Nov 26, 2025 – 04:15 AM
Submitted By Thomas Kolbe
Germany’s public pension system is under mounting pressure. Amid a deepening economic crisis, uncontrolled poverty migration, and a rapidly aging population, a shrinking workforce is being forced to shoulder an ever-growing burden. Meanwhile, the number of pension recipients continues to rise and has now smashed through the 21-million mark.
The widening deficit in the pension fund — and the surging federal subsidies needed to stabilize it — shows the system is slipping out of control. Political pressure for reform is intensifying, yet Berlin offers nothing but costly giveaways, ignoring the structural rot turning the pension system into a fiscal nightmare.
Germany’s statutory pension scheme is revealing its true nature: a Ponzi structure drained by politically motivated “non-insurance” payouts and kept alive by constant cross-subsidies — a political shell game at its finest.
The Economists’ Appeal
Into this crisis step 22 leading economists and pension specialists. In a joint statement, they urge the government to take the pension package “off the table immediately.”
“For stability, reliability, and trust, we need long-term pension policy that is predictable and fiscally sustainable,” the document reads. The experts argue the government’s current proposal fails on every count and should therefore be abandoned.
Released Monday morning and obtained by Handelsblatt, the paper is a long overdue wake-up call in a debate trapped in coalition infighting.
High-Profile Critics
The list of critics — including pension experts like Bert Rürup, ifo chief Clemens Fuest, and Michael Eilfort of the Stiftung Marktwirtschaft — is long. Their main targets include the fiscally reckless “active pension,” which would allow retirees to earn additional tax-free income; a further expansion of the mothers’ pension; and a political fix that would lock in the current pension level at any cost.
According to the economists, these measures would raise the federal subsidy to the pension system by €10–15 billion annually — a burden Germany’s recession-ridden public finances can no longer tolerate.
The economists also condemn the political choice to shift the costs onto the young: higher payroll taxes, higher income taxes, all to sustain benefits for an older generation. In doing so, they side with young CDU/CSU lawmakers who have recently ramped up pressure on Chancellor Friedrich Merz.
Short-Term Political Bribery
The experts don’t mince words: The pension package is not a reform but a short-term political bribe. With sinking poll numbers for both CDU/CSU and SPD and the steady rise of the AfD, the strategy is obvious: stabilize the voter base with last-minute giveaways.
What’s missing is a long-term, demographically sound strategy that addresses retirement age, private savings, and company pensions. The economists are particularly blunt about the minimum pension level: preserving a 48% benchmark through 2031 is unrealistic and likely untenable.
They highlight a deeper issue: years of economic decline have eroded Germany’s productive base. As prosperity shrinks, all groups — workers and retirees — will lose purchasing power. Political shell games no longer work in a shrinking economy.
“Non-Insurance” Burdens
The debate exposes another long-ignored truth: Germany’s pension system has been hollowed out for decades by political giveaways and ideological trench warfare. “Non-insurance” payouts — including benefits for illegal immigrants — have drained a fund intended solely to manage contributors’ money.
The pension system posted a €2 billion deficit last year. This year, losses may hit €7 billion. If current trends continue, the Bundesbank expects the deficit to exceed €10 billion by 2030 — assuming the economy doesn’t deteriorate further, which is far from guaranteed.
The contributor-to-retiree ratio is collapsing: from 5-to-1 in 1965 to 2-to-1 in 2022. The imbalance will worsen. The pension system is heading into severe turbulence. A looming loss of purchasing power will hit the working population through skyrocketing contributions while retirees see their real pensions erode.
A Moral and Economic Breaking Point
Germany now faces an ethical and economic impasse: How does a shrinking economy deal with rising old-age poverty? Politics offers no answers — this question has never been seriously
confronted.
That the country has reached this point is the result of decades of politicians living off the postwar system’s accumulated substance — while acting as a global welfare provider absorbing external crises into domestic social systems.
Now that the crisis can no longer be ignored, German society must fundamentally reassess. Without statist ideologues and welfare-state engineers, a new intergenerational contract is needed — one that acknowledges the growth needs of the young, the necessity of market-driven reforms, and the dignity of a minimum living standard for the old.
The 22 economists provide an important first step: Germany faces one of the most complex socio-economic challenges of the coming years — a balancing act between responsibility, realism, and morality. And economically, it means one thing: both young and old will have to make concessions.
* * *
About the author: Thomas Kolbe, born in 1978 in Neuss/ Germany, is a graduate economist. For over 25 years, he has worked as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
TBN ISRAEL/LAST 24 HR
ISRAEL VS HAMAS
IDF kills five terrorists who evaded troops for hours after emerging from Rafah tunnel
The terrorists were killed after a five-hour-long manhunt that began in the early morning hours. The incident occurred near the Yellow Line marking IDF-controlled territory.
Israeli soldiers stand at the entrance of a tunnel in Rafah in the Gaza Strip on September 13, 2024.(photo credit: Sharon Aronowicz/AFP via Getty Images)ByDARCIE GRUNBLATTNOVEMBER 25, 2025 19:48Updated: NOVEMBER 26, 2025 02:33
Soldiers from the IDF’s Nahal Brigade killed five terrorists who had emerged from tunnels and initially evaded them in eastern Rafah, the military said Tuesday.
The terrorists were killed after a five-hour-long manhunt that began in the early morning hours. The incident occurred near the Yellow Line marking IDF-controlled territory.
When IDF observers and Golani Brigade soldiers initially spotted the terror cell and opened air and ground fire, the suspects managed to escape. Israeli forces carried out a manhunt in the area of Rafah, which ultimately concluded with the deaths of the five terrorists.
https://player.jpost.com/public/player.html?player=jpost&media=3978643&url=www.jpost.comThe commander of the Nahal Brigade’s Reconnaissance Battalion, following the elimination of the five armed terrorists in eastern Rafah, November 25, 2025. (credit: IDF)The incident occurred while the troops were conducting searches in the area.
Dozens of Hamas terrorists still remain in tunnels in eastern Rafah, trapped behind the Yellow Line.
On Friday, approximately 17 terrorists emerged from the tunnels in the same area in two different locations. After a 24-hour manhunt, in total, 11 were killed, and six were arrested alive after they surrendered, according to the military.
The six arrested terrorists were transferred to Shin Bet (Israel Security Agency) for further investigations.
The IDF has been operating in the area to destroy such tunnels over the past month.
In northern Gaza, soldiers killed a terrorist they saw crossing the Yellow Line and approaching troops. There have been several such incidents across Gaza, where terrorists have attempted to breach IDF-controlled Gaza territory.
There have been several instances as well, in which terrorists have emerged from the tunnels and were killed by Israeli forces in the area.
US-brokered ceasefire holding despite incidents
Despite these incidents, the US-brokered ceasefire has managed to hold.
Turkey’s spy chief met with his Egyptian counterpart and Qatar’s foreign minister in Cairo on Tuesday to discuss transitioning to the second phase of the Gaza ceasefire deal and increasing joint efforts in coordination with the US.
Egypt’s General Intelligence Service Director, Hassan Rashad, was present as well.
“During the meeting, (they) also agreed to continue strengthening coordination and cooperation with the Civil Military Coordination Center (CMCC) to eliminate all obstacles to ensure the continuity of the ceasefire and to prevent further violations,” a Turkish source told Reuters, adding that the three officials also discussed countering Israeli violations of the accord.
Yonah Jeremy Bob contributed to this report.
END
ISRAEL VS HAMAS
WATCH: IDF kills Hamas terrorist who ‘planned to carryout a sniper attack’
The IDF killed a Hamas terrorist in the northern Gaza Strip, assuring that it was attempting a sniper attack against soldiers stationed in the area.
https://player.jpost.com/public/player.html?player=jpost&media=3979114&url=https://www.jpost.com/The IDF killed a Hamas terrorist in the northern Gaza Strip. (Credit: IDF)ByJERUSALEM POST STAFFNOVEMBER 26, 2025 16:44Updated: NOVEMBER 26, 2025 17:42
The IDF killed a Hamas terrorist in the northern Gaza Strip, after troops identified him planning a sniper attack against them stationed in the area, the military said on Wednesday.
“The terrorist was struck in order to remove the threat to the troops deployed in the northern Gaza Strip,” the IDF said.
The IDF also announced it killed a Palestinian Islamic Jihad terrorist near the Yellow Line, which marks the border between Israeli-controlled Gaza and the rest of the territory.
The terrorist was killed after being spotted approaching IDF troops deployed in the southern Gaza Strip.
In a separate event, IDF troops identified another terrorist crossing the Yellow Line and approaching IDF soldiers, and he was killed.
Terrorists killed, apprehended in Rafah
Earlier on Wednesday, the IDF identified six terrorists in Rafah, the southern Gaza Strip, and subsequently struck them. Following an air strike, troops from the IDF’s Nahal Brigade searched the struck building.
“Inside the structure, a terrorist who was eliminated in the strike was identified, along with three additional armed terrorists, who were subsequently eliminated by the troops in a close-quarters encounter,” the IDF said.
Two other terrorists were arrested while inside the building.
Fraidy Moser contributed to this report.
ISRAEL VS HAMAS
Father, cheesemaker, yoga instructor: Who was Gaza hostage Dror Or? – explainer
“He had this inner peace ever since he was a child… there was always a feeling with him that everything would be okay,” his parents eulogized.
A poster of Dror Or seen at Hostages’ Square, in Tel Aviv, central Israel, November 12, 2025(photo credit: MIRIAM ALSTER/FLASH90)ByESTHER DAVISNOVEMBER 26, 2025 08:43Updated: NOVEMBER 26, 2025 11:13
Gaza hostage Dror Or’s remains were returned to Israel on Tuesday and identified by authorities on Wednesday morning, bringing closure to his family after more than two years of captivity.
Or, 48, was murdered on October 7 and taken captive from Kibbutz Be’eri alongside two of his children, Noam, 17, and Alma, 13. His wife, Yonat Or, was also murdered during the massacre, but her remains were not taken hostage.
The Or family was forced to exit their safe room after terrorists set the house on fire. Or and his wife decided to send the children out the window first in the hopes that if they could split up, they might be able to escape. A neighbor saw the terrorists intercept the family and take them hostage.
Their eldest son, Yahli Or, was in northern Israel at the time of the attack, volunteering in a year of national service. Noam and Alma Or were released in November 2023 in a temporary ceasefire agreement.
In May 2024, a committee of experts from the Health Ministry, intelligence services, Israel Police, the Religious Services Ministry, and the Chief Rabbinate of Israel determined that Or was murdered on October 7.
After the confirmation of his death, the Hostages and Missing Families Forum said that “the Israeli government must do everything, so that Dror and the other (then) 37 murdered hostages receive their last respects and burial in Israel.”
Who was Dror Or?
Born in Kibbutz Re’im, Or moved to Tel Aviv to pursue his culinary studies as a young adult. He met his wife, who was from Be’eri, and the family initially lived in Tel Aviv before returning to Yonat Or’s hometown.
Or initially worked in the kibbutz’s printing house before turning back to the culinary arts. He was a chef and cheesemaker in Kibbutz Be’eri, at Be’eri Dairy – an award-winning artisanal cheesemaking operation. He attended Tadmor Culinary, Hotelier, and Tourism School before studying cheesemaking in France and Italy.
Or enjoyed world travel, basketball, and yoga. He was a certified yoga instructor and practiced for 20 years.
Or was “loved and wonderful, at the peak of his life, as a father, a family man, as a culinary producer, as an excellent friend,” his brother eulogized to Army Radio.
“When Or arrived somewhere, any friction would disappear,” his parents said, describing how “he had this inner peace ever since he was a child… there was always a feeling with him that everything would be okay.”
Or’s family has not been able to hold a preliminary funeral.
END
ISRAEL VS HAMAS/PIJ/SYRIA
Palestinian Islamic Jihad building growing armed presence in Syria with regime’s approval – report
PIJ has reportedly expanded the capabilities of its military wing within Syria in recent weeks, particularly in the Palestinian refugee camps near Damascus.
A masked gunman from the Palestinian Islamic Jihad movement keeps watch as others search for bodies in Nuseirat in the central Gaza Strip on November 21, 2025.(photo credit: EYAD BABA/AFP via Getty Images)ByJERUSALEM POST STAFFNOVEMBER 26, 2025 12:51Updated: NOVEMBER 26, 2025 12:52
The Palestinian Islamic Jihad (PIJ) terror organization has started to build a growing military presence in Syria, according to a Wednesday report from Israeli public broadcaster KAN News.
This reportedly occurs with Syria’s full awareness of the PIJ’s efforts and comes as Hamas bolsters its strength in Lebanon through increased cooperation with Hezbollah.
KAN reported that the PIJ has expanded the capabilities of its military wing, the al-Quds Brigades, within Syria in recent weeks, noting a particular uptick in activity in the Palestinian refugee camps near Damascus.
Syria is considered a particularly convenient base for the PIJ due to the United States’ recent informal ban on Israeli airstrikes against Syrian targets.
KAN also reported that the regime of Ahmed al-Shara has even appointed an envoy whose sole task is to facilitate communications between PIJ leadership and the Syrian government.
Creating an additional front against Israel
Almost a year ago, Foreign Minister Gideon Sa’ar had told senior European officials in Brussels that Hamas and the PIJ are operating in Syria to create an additional front against Israel.
“Hamas and PIJ are acting in Syria to create another front against Israel there,” Sa’ar noted.
He further addressed the new Syrian government led by President Ahmed al-Sharaa, dubbing it “a Jihadist Islamist terror group.”
end
ISRAEL/WEST BANK
Four Israelis wounded, one badly, as rioting Palestinians attack shepherds in Gush Etzion
Responding police and soldiers used riot-dispersal measures but made no arrests as the crowd swelled.
Palestinian demonstrators clash with Israeli soldiers in the village of Azmut near the Jewish settlement of Elon Moreh in the West Bank, March 06, 2020.(photo credit: NASSER ISHTAYEH/FLASH90)ByTPSNOVEMBER 26, 2025 14:28
Four Israelis were wounded when dozens of rioting Palestinians attacked shepherds in the Gush Etzion region south of Jerusalem on Wednesday.
Palestinians from the village of Rasheida attacked the shepherds from Givat Makana Avraham at a grazing area near Maale Amos, throwing stones and beating the shepherds with clubs. Israelis who rushed to assist were also assaulted. Two vehicles were damaged during the melee.
No arrests made as crowd swells
Responding police and soldiers used riot-dispersal measures but made no arrests as the crowd swelled.
One flock of sheep was stolen during the riot and has not been returned.
One shepherd was hospitalized with serious wounds.
END
SYRIA
Terrorists or Isis people live in this area!!
Huge Explosion Kills 5 At Arms Depot In Idlib, Syria
Wednesday, Nov 26, 2025 – 01:20 PM
On Wednesday a huge explosion rocked the town of Kafr Takharim in Idlib province in northwestern Syria, killing five people and injuring nine others, according to regional sources.
The blast and resulting large plume of smoke over the town unleashed immediate speculation that it could have been a US or coalition airstrike targeting terrorist entities. Israel has also frequently bombed Syria of late, so there is that possibility as well, though the Israelis don’t typically bomb that far north near the Turkish border.
However, AFP is citing government security forces who say the deadly explosion was the result of an accidental detonation of a weapons depot.
All of the deceased were workers at or near the weapons storage site, and it was “caused by a warehouse containing missiles and ammunition, and occurred due to work underway” – according to a Syrian official.
The AFP detailed, “Images circulating online showed widespread destruction, fire and damage to farmland, while videos showed shrapnel reaching shops and residential buildings.”
The report reviewed further that “In August, four people were killed in an explosion at a weapons depot on the outskirts of Idlib, authorities said.”
And the New Arab explains that the post-war situation has resulted in dangerous storage situations when it comes to arms and bombs:
Arms and ammunition depot explosions are common in Syria, which has been the scene of brutal conflict for 14 years and where weapons are often not properly secured, while bombs have also detonated as they are stripped down for scrap metal.
During the Obama years and first Trump administration, some US officials admitted that Idlib became the biggest al-Qaeda and terror safe-haven in the world. This is even after a US covert program helped jihadists take Idlib from Assad government forces in 2015.
Currently, Syrians in the region are returning to their homes only to find them occupied by foreign fighters, as even mainstream media has belatedly begun to acknowledge.
NPR this week has documented that Christians have often had their homes confiscated by Sunni jihadists, who are often foreigners. As Syrians attempt to return to their homes in the north after years of war, the following is a common scene:
He found foreign fighters living in the house. Someone had also ripped out most of his fruit trees – he never figured out who — and the harvests from his large olive groves, at the foot of the village, had been taken over by foreign fighters as well.
There were women living in his home, too. He couldn’t tell who they were because he wasn’t allowed to speak to them. He says they wore full black niqabs, leaving only their eyes uncovered. “The male fighters largely did not speak Arabic, so I could not communicate with them,” he says.
Absurdly, the mainstream media is only now – after Assad was overthrown nearly a year ago – coming to admit and document the huge role that international jihadist terrorists played in accomplishing regime change in Damascus.
SAUDI ARABIA/ISRAEL USA
Strains emerge in US–Saudi talks on Israel normalization, Axios reports
In public, Trump and bin Salman flattered one another; however, part of their closed-door discussions were reportedly tense.
US President Donald Trump and Crown Prince and Prime Minister Mohammed bin Salman of Saudi Arabia interact during the US-Saudi Investment Forum in Washington, US, November 19, 2025.(photo credit: REUTERS/EVELYN HOCKSTEIN)ByJERUSALEM POST STAFFNOVEMBER 25, 2025 21:36Updated: NOVEMBER 25, 2025 22:08
US President Donald Trump and Saudi Crown Prince Mohammed bin Salman held a “civil but difficult” meeting at the White House last week in which talks grew tense over Saudi–Israel normalization, Axios reported on Tuesday, citing US officials.
In public, Trump and bin Salman flattered one another; however, part of their closed-door discussions were tense, according to Axios. Trump was disappointed to hear the pushback from the Saudi crown prince, the report stated, citing officials.
During a public meeting at the White House with bin Salman, Trump said he received a positive response from the Saudi crown prince on Saudi-Israeli normalization during their conversations.
Bin Salman said he wants his country to be part of the Abraham Accords, but also make sure to secure a path to a two-state solution.”
In private, when Trump pushed for the Muslim nation to join the Abraham Accords, bin Salman pushed back, arguing that Saudi public opinion is overwhelmingly anti-Israel following the Israel-Hamas War. He claimed that Saudi Arabian society is not ready for normalization, Axios said, citing three sources.
“The best way to say it is disappointment and irritation. The president really wants them to join the Abraham Accords. He tried very hard to talk to him. It was an honest discussion. But MBS is a strong man. He stood his ground,” Axios quoted one source as saying.
According to the report, in exchange for Israeli normalization, bin Salman posited that Israel should agree to an irreversible path to a Palestinian state with a hard deadline. “The two-state solution is an issue,” a US official told Axios, though he “never said no to normalization. The door is open for doing it later.”
The White House told Axios that it is essential for Trump that all Middle Eastern countries join the Abraham Accords since the war in Gaza has ended and Iran’s nuclear program has been set back.
Weapons sales, defense ties
Normalization, defense ties, and advanced weapons sales were top of the agenda during bin Salman’s US visit.
In their meeting last week, the US president said that the US would sell F-35 stealth fighter jets to Saudi Arabia in a similar arrangement it has with Israel. “As far as I’m concerned, I think they are both at a level where they should get top of the line (F-35s),” Trump declared, referring to Saudi Arabia and Israel as great allies.
Trump also disclosed a possible civil nuclear deal with the Saudis, saying he can see one happening with the kingdom.
He also announced that MBS had agreed to invest $600 billion in the United States, with the Saudi Crown Prince promising to increase that to $1 trillion
RUSSIA VS UKRAINE
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE
GLOBAL ISSUES
MARK CRISPIN MILLER
IN memory of those who “died suddenly” in the United States and worldwide, November 17-24, 2025
Reality star Chuck Potthast (C); TV exec Robert Pietranton; stuntman Carl Ciarfalio; drummer Jellybean Johnson; singer Tymara Walker (47); songwriter Walt Aldridge; fighter Isaac Johnson (31); & more
| Mark Crispin MillerNov 26 |
A survey of the likely global toll of COVID “vaccination,” based on the reports collected by our worldwide team of researchers this past week.
To help support our work, consider subscribing or making a donation.
UNITED STATES (80)
‘90 Day Fiancé’ Cast Member Chuck Potthast Passes Away at 64
November 24, 2025
The news of the passing of Chuck Potthast, a beloved cast member of the reality TV series ‘90 Day Fiancé’, was shared by his family on November 23 (local time). His daughter Elizabeth Potthast revealed on Instagram that her father passed away two weeks ago on September 26. At 64, Chuck had been fighting a tough battle against an aggressive form of brain cancer known as glioblastoma. Chuck first revealed his cancer battle in 2022 on ‘90 Day Diaries’, and it was recently reported that he underwent over eight hours of surgery due to complications from consecutive cancer surgeries in September, resulting in a hernia.
Robert Pietranton, Warner Bros. TV publicity executive, passes away
November 21, 2025
Robert Pietranton, a widely respected and long-serving publicity executive at Warner Bros. Television, passes away at his home in Los Angeles at the age of 56. Pietranton spent more than two decades at Warner Bros. TV, where he rose through the ranks to become Senior Vice President of publicity and communications in 2021. Known throughout the industry for his steady leadership, strategic instincts and unwavering support of colleagues, he helped guide the studio through countless campaigns and crises.
No cause of death reported.
Carl Ciarfalio Dies: Stuntman & Actor With Hundred Of Film & TV Credits Was 72
November 21, 2025
Carl Ciarfalio, a longtime stuntman, stunt coordinator and actor who worked with such top names as Martin Scorsese, Clint Eastwood, Tom Cruise, Denzel Washington, Ron Howard, Quentin Tarantino, Steven Soderbergh and many others, has died. He was 72. His wife, Teri Ryan, announced the news on his Facebook page this week but did not provide details, including a cause of death.
Jellybean Johnson Dies: The Time Drummer Was 69
November 22, 2025
Jellybean Johnson, the drummer of The Time and music producer for artists like Janet Jackson, has died. He was 69. The musician, whose real name was Garry George Johnson, died suddenly on Friday night, his family revealed to TMZ. His cause of death was not immediately disclosed.
‘We lost a special woman’: Las Vegas singer dies suddenly at 47
November 20, 2025
One of Las Vegas’s most gifted singers died suddenly Thursday morning while on cross-country road trip. Tymara Walker, a backing vocalist for Gladys Knight and Chaka Khan and a popular performer on and off the Strip, died after suffering a medical episode while traveling with her son, singer and musician Breyon Walker. She was 47.
No cause of death reported.
Country Music Legend Dies at 70 After Remarkable Six-Decade Career
November 20, 2025
Legendary country songwriter Walt Aldridge, whose work shaped famed recording studio Muscle Shoals and country music for more than 40 years, has died. He was 70. FAME Recording Studios & Publishing Co. Confirmed the news in an emotional post shared on Facebook, writing, “We are deeply saddened to say that our dear friend and colleague Walt Aldridge has passed away. We cannot possibly put into words how much Walt meant to the the FAME family!”
No cause of death reported.
Tributes pour in for beloved influencer and singer who died suddenly aged 38
November 18, 2025
Dorado, Puerto Rico – Popular influencer and singer Xiomara Calderón Santiago has tragically died at the age of 38. Santiago, who had over 80,000 followers on Instagram, died suddenly on November 15, her heartbroken team announced. Her cause of death has not been revealed. The plus-sized model’s media producer Jorge Pabon Ocasio shared a heartbreaking tribute post on Instagram Saturday announcing Santiago’s sudden death.
No cause of death reported.
Update to our October report:
What led to Ben Bader’s death? TikTok star’s cause of death revealed in autopsy report following his passing at 25
November 22, 2025
Palm Beach County, FL – Influencer Ben Bader’s cause of death has been revealed in the autopsy report. The Palm Beach County Medical Examiner’s report stated that Ben’s death was “natural” and was caused by coronary atherosclerosis due to arteriosclerotic cardiovascular disease. According to the American Heart Association, the condition causes a person’s arteries to develop a buildup of plaque, leading to a heart attack or stroke. The content creator was found unconscious at the private Florida community, Admiral’s Cove’s community gymnasium, by other residents on October 23. The first responders and medical personnel performed “lifesaving measures” before taking Ben to a hospital, where he was pronounced dead. Bader was 25 years old at the time of his death. Per the Palm Beach County Medical Examiner’s report, security footage showed that he was running on a treadmill minutes before his unresponsive body was discovered. Ben did not appear to be in any physical “distress” in the footage.
Link
MMA fighter Isaac Johnson, 31, dies just hours after collapsing during fight
November 24, 2025
A 31-year-old MMA fighter has tragically died just hours after collapsing suddenly during a match in Chicago. City native Isaac Johnson fell after being injured towards the end of a bout in the Matador Fighter Challenge competition, held at Cicero Stadium, prompting an ambulance to be dispatched at 8.38pm, Friday, November 21. Just a few hours later at 12.01am, the MMA fighter was pronounced dead at Loyola University Medical Center, NBC reports. An autopsy has been scheduled for the upcoming fighter, with the Cook County medical examiner and local police also investigating the sudden death.
Jayne McHugh Gibson, Pacific volleyball legend and Olympian, dies at 65 after cancer fight
November 18, 2025
Jayne McHugh Gibson, a legendary Stockton volleyball athlete and coach, died Saturday night, Nov. 15, after a brief fight against an aggressive form of cancer. She was 65. “Pacific is saddened to announce the loss of three-time All-American Jayne Gibson-McHugh, who passed away over the weekend,” the university said in a statement on Instagram. “Gibson-McHugh was a four-year letterwinner, an assistant coach and head coach of the Tigers. She was inducted into the Pacific Hall of Fame in 1992.”
NASCAR Team Member Dead ‘Suddenly’ Thursday At 60
November 20, 2025
Front Row Motorsports announced tragic news this afternoon. Performance director Johnny Roten is dead. He was 60 years old. The prominent NASCAR team member had been a popular figure in the sports world for several decades. The NASCAR team announced the tragic news on social media.
No cause of death reported.
Paterson Powerlifter, Trainer Antonio Vazquez Dominguez Dies Suddenly, 31
November 20, 2025
A Paterson [NJ] personal trainer known for his strength, humor, and loyalty to his family died suddenly on Thursday, Nov. 13, according to his obituary and a GoFundMe launched for his loved ones. Antonio A. Vazquez Dominguez was 31 years old. Vazquez Dominguez was born in Mexico City and lived in Paterson for many years, according to his obituary. He worked at Lifetime Fitness in Florham Park. A GoFundMe created by Tracy Rivera says his death was unexpected and that his family is grieving the loss of a young man remembered as a devoted son, brother, uncle, and friend.
No cause of death reported.
An artist “died suddenly”:
Cotter R. Luppi, 58
November 21, 2025
Cotter R. Luppi, age 58, an artist known for his distinctive embossed drawings, died unexpectedly on Wednesday of cardiac arrhythmia at his home in Ghent, NY. Luppi’s work, centered on richly textured color-pencil and graphite drawings, has been shown in solo and group exhibitions in New York and nationally, and was included in Works from The Judith Rothschild Foundation Contemporary Drawings Collection at the Museum of Modern Art.
A journalist “died suddenly”:
Reporter Howe Passes Away
November 19, 2025
A freelance reporter for the Journal & Topics who also co-hosted a podcast died suddenly last Thursday. George Howe passed away in his sleep, according to family. He was 67. Howe was a resident of Oregon, IL, in the northwest part of the state, but still had ties to the Chicago-area. For the Journal & Topics, Howe wrote feature stories and covered sports. His most recent work included an article on a local Veteran that appeared in the Journal’s Veterans Day special section, and an article on the Leyden boys soccer team’s great season.
No cause of death reported.
Three local politicians “died suddenly”:
State Rep. Kevin Ryan passed away Sunday
November 24, 2025
MONTVILLE, Conn. — State Rep. Kevin Ryan (D) passed away on Sunday. The New London Democratic Town Committee announced Ryan’s passing on Facebook early Monday morning. His cause of death has not yet been released. Ryan served the 139th district, which includes Ledyard, Montville, and Norwich. During his time, he served as the Assistant Deputy Speaker and was a member of several committees, including environment, appropriations, public health, and regulations review.
No age reported.
Lockport 2nd Ward Alderman Patrick McDonald Passes Away
November 19, 2025
The City of Lockport [IL] is deeply saddened to announce the passing of Alderman Patrick “Pat” McDonald of the 2nd Ward. Pat fought a courageous 18-month battle with cancer and passed away last night surrounded by his loving family. In recognition of his life and service, the City will lower flags to half-staff. Pat’s story is one rooted in hard work, family, community, and faith.
No age or cause of death reported.
…
DR PAUL ALEXANDER\
The MAHA movement has no better friend in Washington than @SusieWiles, who has supported every effort to end the chronic disease epidemic and restore health freedom to every American,” Kennedy wrote
come on Bobby Jr., come on, as I grab my barf bag, what a load of rubbish you wrote there, & until you remove mRNA from US market that you fooled supporters into thinking, until you remove the clowns
| Dr. Paul AlexanderNov 26 |
you have in the health agencies like Makary, a bunch of inept clowns, then that X post adds to the drivel spouted at Americans as if we were fools.
There is some chatter now that POTUS Trump may fire Wiles? hhhmmm, how true? I would not deny that…would be a ballsy move by daddy T….yet she has to go along with all leaders of all health agencies. a bunch of buffoons.
Alexander News Network (ANN): Trump’s War 2.0 for America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Susie Wiles, the outlaw Josie Susie Wales? The big pharma vaccine insider? That one? The former big pharma lobbyist? That Wiles oh I mean Wales?
Trump considers removing chief of staff Susie Wiles
“Breaking: President Trump considers removing chief of staff Susie Wiles amid shifting political dynamics. Discover the implications for his administration now.”
___
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MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
WTI Steady Near One-Month Lows Amid Peace Deal Talk, Record Crude Production
Wednesday, Nov 26, 2025 – 10:38 AM
Oil prices are steady this morning near one month lows, after a tempestuous few days swinging around Russia peace deal headlines.
US President Donald Trump said “there are only a few remaining points of disagreement,” as he sent negotiators to more meetings, while the Ukrainian leader’s chief of staff said talks in Geneva had laid a “good foundation.”
Goldman said a peace deal may shave off about $5 a barrel from its base-case forecast of $56 next year.
“That would put Brent in 2026 in the low $50s,” analyst Daan Struyven told Bloomberg TV.
API reported a lackluster set of inventory data that calmed the market too…
API
- Crude -1.86mm
- Cushing
- Gasoline +539k
- Distillates +753k
DOE
- Crude +2.774mm
- Cushing -68k
- Gasoline +2.513mm
- Distillates +1.147mm
US Crude stocks rose for the 3rd time in the last four weeks as did product inventories…
Source: Bloomberg
… while Cushing stocks continue to test ‘tank bottoms’…
Source: Bloomberg
US Crude production continues to hover near record highs…
Source: Bloomberg
WTI is hovering around $58, near one month lows…
Source: Bloomberg
Much of Russia’s oil and fuel is subject to heavy Western sanctions, with US restrictions on the two biggest producers kicking in last week. However, China, India and Turkey have been eager buyers of the discounted crude, so the impact on global prices from any lifting of curbs is hard to gauge.
“Minute adjustments between the US, Russia, Ukraine and the EU on proposed peace deals have been carefully digested by the market,” Standard Chartered analysts including Emily Ashford wrote in a note.
“Any positive signs of collaboration or agreement have resulted in short-term sell-offs, while the dialing-back of enthusiasm has bolstered prices.”
Oil has retreated by more than a fifth since the middle of June as the Organization of the Petroleum Exporting Countries and its allies restored barrels, while producers outside of the group also pumped more. Worldwide crude supply is expected to exceed demand by a record 4 million barrels a day next year, the International Energy Agency forecast this month.
END
ROBERT H TO US:
BULGARIA/OIL, GAS// DIESEL
Bulgaria
“Bulgaria has only one month’s worth of gasoline reserves due to US sanctions against Lukoil, Reuters reports.
According to the state reserves agency, diesel will last for 50 days, while gasoline will last for 35 days.”
So much for joining the EU in 2026 I believe.
END
JPMORGAN PREDICTION ON OIL PRICES:
(OIL PRICE.COM)
JP Morgan Says Oil Prices Could Plunge Into $30s By 2027
Wednesday, Nov 26, 2025 – 01:00 PM
Authored by Michael Kern via OilPrice.com,
- JP Morgan predicts the international crude benchmark, Brent, could drop into the $30s per barrel by 2027 due to an overwhelming market oversupply.
- Goldman Sachs forecasts the U.S. benchmark WTI Crude will average $53 per barrel in 2026 amid a 2 million bpd surplus and advises investors to short oil right now.
- The oil market is expected to rebalance in 2027 after the current large supply wave, including output from OPEC+ and non-OPEC producers in the Americas, works through the system.
The international crude benchmark, Brent, could dip to the $30s per barrel handle by 2027 as oversupply could overwhelm the market, according to a JP Morgan forecast posted by users on X.
Brent Crude prices have dropped by 14% year to date, and traded relatively stable at $62.59 per barrel early on Monday, as the oil market awaits news from the renewed negotiations on peace in Ukraine.
The U.S. and Ukraine held on Sunday in Geneva what the two sides described as “highly productive” talks and agreed to continue intensive work on a “refined” peace plan, which the U.S. first proposed last week.
Despite the fears of a glut, analysts and investment banks don’t see oil prices moving down to $40 or below, even as oil is set to decline in the near term with strong supply from OPEC+ and the non-OPEC producers in the Americas.
Peace in Ukraine could also weigh on energy prices as some sanctions and restrictions on Russia could be eased, analysts say.
Oil prices are set to further drop into next year from current levels amid a large surplus on the market, with the U.S. benchmark WTI Crude expected to average $53 per barrel in 2026, according to Goldman Sachs.
The investment bank’s call for next year is that oil prices are on track for further declines and investors should short oil right now, Daan Struyven, co-head of global commodities research at Goldman Sachs, told CNBC last week.
The surplus next year will be 2 million bpd on average, Goldman reckons, but notes that 2026 will be the last year of the current big supply wave hitting the market.
The oil market is set to rebalance in 2027 as 2026 will see “the last big oil supply wave the market has to work through,” Goldman’s Struyven added.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
BRAZIL
COULD THIS BE THE START OF A CIVIL WAR IN BRAZIL?
Brazilian Ex-President Bolsonaro Placed In 12-sq Meter Jail Cell To Begin Sentence
Tuesday, Nov 25, 2025 – 10:25 PM
Brazil’s former president, Jair Bolsonaro, has been ordered by the country’s supreme court to start serving his 27-year sentence, even as what could be a very lengthy further appeals effort carries on.
He was convicted in September for plotting a coup, based on allegations he also cooperated with foreign influence, for not accepting the election results which brough President Luiz Inacio Lula da Silva to power.
Bolsonaro, who only somewhat recently was living in Florida after which he returned to his home country to face and attempt to fight the charges, will reportedly begin this jail sentence in a 12 square meter room at a police base in the capital Brasilia.
Supreme court justice Alexandre de Moraes ordered him directly to jail after over the weekend police raided his home, where he was on house arrest, when it was learned he attempted to remove his ankle monitor, which showed signs of damage from a soldering iron.
Others among his top officials and supporters are also expected to begin serving out their sentences, reports The Guardian:
Bolsonaro’s six co-conspirators were also ordered to start their sentences.
The former defense minister Gen Paulo Sérgio Nogueira de Oliveira, and the former minister for institutional security Gen Augusto Heleno were arrested and imprisoned in the Planalto Military Command in Brasília. They received sentences of 19 and 21 years respectively.
The former navy commander Adm Almir Garnier Santos, who received a 24-year sentence, was reportedly arrested by navy officials and held on a navy base.
Bolsonaro’s former defence minister, Gen Walter Braga Netto, who received a 26-year sentence, was already in custody having been arrested last December.
The former justice minister, Anderson Torres, who received a 24-year sentence, was expected to be sent to a penitentiary for police officers and other “special” prisoners in Brasília called Papudinha.
Still, the start of these jail terms could result in large-scale protests among what is still a significant pro-Bolsonaro base:
“He’s been kidnapped,” complained Ronny de Souza, a 43-year-old Bolsonaro activist, as he stood outside the federal police base where the politician was taken last weekend after being arrested amid suspicions he was about to abscond to a foreign embassy.
We detailed Saturday that federal police rushed to his residence to take him out of house arrest, and initiated what’s being called a ‘preventative arrest’ – and he was whisked away to police headquarters in Brasilia. The arrest order issued from the country’s top court came hours after his ankle monitor was shown to be violated at 12:08am on Saturday. From there, authorities considered Bolsonaro a flight risk, explaining he is in close proximity to foreign embassies where he might try and gain asylum.
Photos released by the court show the ankle monitor’s cap heavily damaged, after he reportedly at one point took a soldering iron to it. According to The New York Times:
At first, Mr. Bolsonaro told the police that he had banged his ankle monitor causing it to malfunction, according to a report from the capital region’s prison authority.
But when an agent on the scene asked about the burn marks on the device, Mr. Bolsonaro admitted using a soldering iron to try to melt it. In a video of the exchange released by the authorities, Mr. Bolsonaro can be heard apparently telling the agent that he had started torching the monitor hours earlier.
His legal team has since claimed that “Bolsonaro would have no way of escaping” as he is “an elderly man who suffers from serious health problems.
Trump reacts, but merely says “that’s too bad”…
However, Justice Alexandre de Moraes, who has long been a political enemy (the US has even sanctioned him personally) as well as chief overseer of the case, described over the weekend, “He is located about 13 kilometers (8 miles) away from where the United States of America embassy lies, in a distance that can be covered in a 15-minute drive.”
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1571 UP 0.0006 PTS OR 6 BASIS POINTS/WITH STOCKS IN EUROPE IN THE GREEN
USA/ YEN 156.43 UP 0.264 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 1.3172 UP .0014 OR 14 BASIS PTS
USA/CAN DOLLAR: 1.4080 DOWN 0.0023 CDN DOLLAR UP 23 BASIS PTS//CDN DOLLAR STILL GETTING KILLED)
Last night Shanghai COMPOSITE CLOSED DOWN 5.64 PTS OR 0.15%
Hang Seng CLOSED UP 33,53 PTS OR 0.13%
AUSTRALIA CLOSED UP 0.35%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 33.53 PTS OR 0.13%
/SHANGHAI CLOSED DOWN 5.64 POINTS OR 0.15%
AUSTRALIA BOURSE CLOSED UP 0.35 %
(Nikkei (Japan) CLOSED UP 889.56 PTS OR 1.85%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 4160.00
silver:$52.26
USA dollar index early WEDNESDAY morning: 99.73 UP 14 BASIS POINTS FROM TUESDAY’s CLOSE
WEDNESDAY MORNING NUMBERS ENDS
And now your closing WEDNESDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.010 % DOWN 1/2 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +1.816% UP 1 FULL POINTS AND 10/100 BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.323 DOWN 1 BASIS PTS//DEADLY
SPANISH 10 YR BOND YIELD: 3.165 DOWN 1/2 in basis points yield
ITALIAN 10 YR BOND YIELD 3.405 DOWN 1/2 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.6803 UP 1 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY WEDNESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1559 DOWN 0.0054 OR 54 basis points
USA/Japan: 156.72 UP 0.517 OR YEN IS DOWN 52 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.444 DOWN 4 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.236 DOWN 9 BASIS POINTS.
Canadian dollar UP 0.0003 OR 3 BASIS pts to 1.4095
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY UP AT 7.0783 ON SHORE ..
THE USA/YUAN OFFSHORE UP TO 7.0751
TURKISH LIRA: 42.45 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.816 UP 1 FULL basis pts
THE 30 YR JAPANESE BOND YIELD: 3.323 DOWN 1 basis pts
Your closing 10 yr US bond yield UP 1 in basis points from TUESDAY at 4.024% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.671 UP 1 basis points /11:00 AM
USA 2 YR BOND YIELD: 3.487 UP 1 BASIS PTS.
GOLD AT 10;00 AM 4144.40
SILVER AT 10;00: 52.30
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: WEDNESDAY CLOSING TIME 11:00 AM//
London: CLOSED UP 82.05 PTS OR 0.78%
GERMAN DAX: UP 201.59 pts or 0.47%
FRANCE: CLOSED UP 70.63 pts or 0.88%
Spain IBEX CLOSED UP 220.20 pts or 1.36%
Italian MIB: CLOSED UP 431.66. or 1.01%
WTI Oil price 57.90 0.00 EST/
Brent Oil: 62.18 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 78.57 ROUBLE UP 0 AND 28/ 100
CDN 10 YEAR RATE: 3.165 DOWN 1 BASIS PTS.
CDN 5 YEAR RATE: 2.743 DOWN 2 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1596 UP 0.0032 OR 32 BASIS POINTS//
British Pound: 1.3238 UP .0089 OR 89 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.420 DOWN 7 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.210 DOWN 12 IN BASIS PTS.
JAPAN 10 YR YIELD: 1.802 UP 0 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.315 DOWN 2 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 156.43 UP 0.257 OR YEN UP 80 BASIS PTS EXTREMELY DANGEROUS/YEN FALLING DEEPLY IN VALUE
USA dollar vs Canadian dollar: 1.4038 DOWN 0.0065 PTS// CDN DOLLAR UP 65 BASIS PTS CDN DOLLAR
West Texas intermediate oil: 58.71
Brent OIL: 63.10
USA 10 yr bond yield DOWN 1 BASIS pts to 3.996
USA 30 yr bond yield DOWN 2 PTS to 4.642%
USA 2 YR BOND 3.479 UP 1 PTS
CDN 10 YR RATE 3.136 DOWN 2 BASIS PTS
CDN 5 YEAR RATE: 2.717- DOWN 1 BASIS PTS
USA dollar index: 99.50 DOWN 9 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 42.41 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 78.61 UP 0 AND 26/100 roubles //
GOLD $4166.30 (3:30 PM)
SILVER: 53.31 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 314.67 OR 0.69 %
NASDAQ 100 UP 218.58 PTS OR 0.37%
VOLATILITY INDEX 17.18 DOWN 1.38 PTS OR 8.09%
GLD: $ 383.12 UP 3.04 PTS OR 0.80%
SLV/ $48.40 UP 1.73 PTS OR OR 3.71%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 283.96 PTS OR 0.92%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
Bulls Thankful For Bitcoin, Big-Tech, & Bullion Bounce Ahead Of Turkey Day
WRAP UP;
Stocks rally into Thanksgiving while Dollar is sold – Newsquawk US Market Wrap
Wednesday, Nov 26, 2025 – 04:09 PM
- SNAPSHOT: Equities up, Treasuries steepen, Crude up, Dollar down, Gold up.
- REAR VIEW: US initial claims drop to April low, continued claims remain sticky; Durable Goods beat; Latest UK budget gives Chancellor Reeves more headroom than expected; RBNZ cuts OCR by 25bps, projects rates on hold through 2026; Hotter-than-expected Australian CPI; BoJ sources say a hike in Dec or Jan remains a close call; EIA crude stocks show bigger-than-expected build; Chinese regulators reportedly blocked Bytedance from using NVDA chips for data centres; Deutsche Bank says ORCL selloff is an attractive entry point; Trump says US will stop all payments and subsidies to South Africa.
- COMING UP: Holiday: US Thanksgiving. Data: Chinese Industrial Profit (Oct), German GfK (Dec), EZ M3 (Oct), Consumer Confidence Final (Nov), Japanese Tokyo CPI (Nov), Industrial Profit (Oct), Retail Sales (Oct). Events: ECB Minutes (Oct), BoK Announcement. Speakers: BoJ’s Noguchi; ECB’s Cipollone, de Guindos; BoE’s Greene. Supply: Italy.
- DESK SCHEDULE: Please click here
More Newsquawk in 2 steps:
- 1. Subscribe to the free premarket movers reports
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MARKET WRAP
Risk on trade on Wednesday heading into Thanksgiving with outperformance in the Russell and the Nasdaq, alongside broad-based gains. Technology was one of the clear outperformers, but Communications lagged with AI names trading higher after recent pressure, although Alphabet (GOOGL) gave up some of its recent rally, weighing on the comms sector. There were several macro highlights on Wednesday, US data was mixed with low initial jobless claims easing labour market concerns, and durable goods beat expectations, but the Chicago PMI saw a notable slump. The jobless claims and durable goods data weighed on T-Notes, but the move had pared into the settlement, perhaps supported by the weak Chicago PMI or simply profit taking heading into Thanksgiving. In the UK, the budget resulted in choppy trade within UK assets, but ultimately the rise in fiscal headroom eased concerns with Gilts and GBP ultimately moving higher. Meanwhile, oil prices were bid with focus remaining on Russia/Ukraine peace efforts. There was optimism overnight after Trump said they are making progress and Ukraine is happy, but that optimism faded after Russian officials urged not to make premature conclusions on the matter, and that there are no concessions from Russia on key issues on Ukraine settlement. Within FX, the Dollar was lower in risk on trade while NZD outperformed after the RBNZ cut rates by 25bps as expected but OCR projections saw rates unchanged throughout the next year, supporting the NZD. AUD was also buoyed by hot Australian CPI, with the strong risk tone also aiding the strength. GBP was firmer vs the Buck and Euro after the budget, while Yen ultimately lagged despite overnight strength following source reports from Reuters. It was said that the BoJ is preparing markets for a possible hike as soon as December with a tweak to communication, although it is a close call on whether to hold off until January. Note, US markets are closed on Thursday for Thanksgiving, with an early close on Friday, with trade expected to be quiet.
US
JOBLESS CLAIMS: Initial Jobless Claims fell further in the week ending 22nd November to 216k from 220k, despite expectations of a rise to 225k. This was the joint lowest claims print since the 215k on the February 8th week (matched the 216k on the April 12th week). Meanwhile, the four-week average dipped to 223.75k from 224.75k. The continued claims, for the week ending November 15th, rose to 1.96mln from 1.953mln, showing that those out of work are struggling to find jobs. The four-week average is at 1,956k, the highest since 5th July 2025. Oxford Economics are watching the data closely for signs recent layoffs are translating into significant job losses, but it notes the evidence is not there yet. It also notes that “There are some signs of softening in various private sector metrics, but that’s not the signal coming from the jobless claims data”.
DURABLE GOODS: September Durable Goods rose 0.5%, slowing from the prior 2.9% increase but still above the 0.3% forecast. Ex-transport rose 0.6%, above the 0.2% forecast and accelerating from the prior 0.3%. Ex-defense rose 0.1% vs. prior 1.9%. The Nondefense capital goods ex aircraft orders rose 0.9%, up from the 0.4% prior and 0.2% forecasts. Summarising the data, Pantheon Macroeconomics notes that the numbers are stale given the delayed release on account of the government shutdown, but notes it hints a slight improvement vs the earlier trend. After the data, the Atlanta Fed GDPNow estimate was lowered to 3.9% from 4.0% for Q3 25. Q3 25 GDP data has been delayed to December 23rd.
FIXED INCOME
T-NOTE FUTURES (H6) SETTLED HALF A TICK LOWER AT 113-18+
T-Notes ultimately steepen after strong jobless claims and Durable Goods beat, while Chicago PMI misses. At settlement, 2-year +2.2bps at 3.481%, 3-year +2.0bps at 3.472%, 5-year +0.7bps at 3.572%, 7-year +0.1bps at 3.755%, 10-year -0.4bps at 3.998%, 20-year -1.1bps at 4.604%, 30-year -1.4bps at 4.644%.
INFLATION BREAKEVENS: 1-year BEI +9.1bps at 2.680%, 3-year BEI +2.4bps at 2.399%, 5-year BEI +1.5bps at 2.238%, 10-year BEI +0.6bps at 2.219%, 30-year BEI +0.6bps at 2.199%.
THE DAY: T-Notes ultimately settled with the curve flattening in wake of US data and the UK budget. In the morning, T-Notes tracked Gilts higher in the early OBR leak to the UK budget, which saw fiscal headroom of GBP 22bln, wider than the 9.9bln in March – helping support UK assets. However, Gilts – and US Treasuries – pared the move ahead of the actual budget. Nonetheless, the Chancellor eased any concerns, and Gilts moved higher again, bringing USTs with them to match the post OBR leak highs of 113-19+ in the 10-year T-Note futures (Mar 2026). The peak hit just before the US data, which ultimately helped ease some labour market concerns after Jobless Claims fell by more than expected, while growth prospects were buoyed after Retail Sales beat expectations. T-Notes continued to push lower thereafter to bottom out at 113-08+. In the wake of the Chicago PMI, T-Notes had started to gradually pare the move after the Chicago PMI tumbled to 36.3 from 44.3. Thereafter, a lot of the downside had pared with T-Notes settling ultimately little changed ahead of Thanksgiving in quiet trade, but the curve remained flatter.
SUPPLY:
Notes
- The US Treasury sold USD 44bln of 7-year notes at a high yield of 3.781%, a touch above the prior 3.79%. This tailed the when issued by 6bps, albeit not as large as the prior 0.8bps tail, but not as strong as the six auction average regarding a stop through of 0.6bps. The bid-to-cover was unchanged vs October at 2.46x, below the 2.56x average. Direct demand rose to 30.3% from 27.8%, above the 23.5% average, while indirect demand slipped to 56.7% from 59%, below the 67.2% average. This left dealers with 13.1% of the auction, unchanged from the prior but worse than the average. Overall, a soft auction, but an improvement from October’s offering.
Bills
- US sold USD 100bln of 4-week bills at a high rate of 3.905%, B/C 2.77x
- US sold USD 85bln of 8-week bills at a high rate of 3.840%, B/C 2.87x.
- US sold USD 69bln of 17-wk bills at a high rate of 3.740%, B/C 2.84x
- US to sell USD 86bln of 13-week bills (prev. 86bln) and USD 77bln of 26-week bills (prev. 77bln) on December 1st; to sell USD 75bln of 6-week bills on December 2nd (prev. 85bln); all to settle on December 4th.
STIRS/OPERATIONS
- Market Implied Fed Rate Cut Pricing: Dec 19bps (prev. 19bps), January 27bps (prev. 28bps), March 35bps (prev. 36bps).
- NY Fed RRP op demand at USD 2.2bln (prev. 2.3bln) across 6 counterparties (prev. 8)
- NY Fed Repo Op demand at USD 14bln across two operations today (prev. 10.6bln).
- EFFR at 3.88% (prev. 3.88%), volumes at USD 78bln (prev. 73bln) on November 25th
- SOFR at 4.01% (prev. 3.96%), volumes at USD 3.317tln (prev. 3.232tln) on November 25th.
CRUDE
WTI (F6) SETTLED USD 0.70 HIGHER AT 58.65/BBL; BRENT (F6) SETTLED USD 0.65 HIGHER AT 63.13/BBL
The crude complex was firmer as attention, unsurprisingly, continues to centre around Russia/Ukraine peace talk negotiations. While updates were on the lighter side today, fleeting upside in benchmarks was seen after Russia’s Deputy Foreign Minister Ryabkov stated there are no concessions from Russia on key issues on Ukraine settlement. In the weekly EIA data, albeit garnering little reaction, crude saw a larger-than-expected build, contradicting the surprise draw in the private metrics on Tuesday night. Gasoline and Distillates both built more than St. consensus, with overall crude production falling 20k W/W to 13.814mln. On account of the upcoming Thanksgiving holiday and US market closures, the Baker Hughes Rig Count was also released today: Oil rigs tumbled by 12 to 407, nat gas rigs rose 3 to 130, leaving the total down 10 at 544. WTI traded between USD 57.66-58.67/bbl and Brent USD 61.53-62.53/bbl, and as oil “rallied” into settlement, albeit on no headline driver, benchmarks settled at peaks.
EQUITIES
CLOSES: SPX +0.65% at 6,810, NDX +0.87% at 25,237, DJI +0.67% at 47,427, RUT +0.91% at 2,489.
SECTORS: Utilities +1.32%, Technology +1.27%, Materials +1.21%, Consumer Staples +0.97%, Financials +0.79%, Energy +0.68%, Industrials +0.58%, Consumer Discretionary +0.54%, Real Estate +0.52%, Health -0.25%, Communication Services -0.49%.
EUROPEAN CLOSES: Euro Stoxx 50 +1.48% at 5,656, Dax 40 +0.98% at 23,695, FTSE 100 +0.85% at 9,692, CAC 40 +0.88% at 8,096, FTSE MIB +1.01% at 43,130, IBEX 35 +1.36% at 16,361, PSI +0.95% at 8,126, SMI +0.48% at 12,834, AEX +1.17% at 944.
STOCK SPECIFICS:
- Chinese regulators blocked ByteDance from using NVIDIA (NVDA) chips in new data centres, with a move part of Beijing’s strategy to force adoption of domestic chips.
- Deutsche Bank believes the recent pullback in Oracle (ORCL) shares brings an attractive entry point and reiterates its ‘Buy’ with a USD 375 PT.
- Amazon (AMZN) faces FAA probe after an MK30 drone downed an internet cable in Waco, Texas.
- Apple (AAPL) challenges India’s antitrust penalty law, according to Reuters citing a court filing; AAPL could face up to USD 38bln in potential penalties in antitrust case under new law.
- Pentagon reportedly says Alibaba (BABA) should be on list for China military ties, via Bloomberg; adds that Baidu (BIDU) and BYD should be added to the list.
EARNINGS:
- Autodesk (ADSK): EPS & revenue beat with strong guidance.
- Deere & Co (DE): Guides initial FY net income view notably below expected.
- Dell (DELL): Upbeat earnings & guidance coupled with accelerating AI-server demand outweighed slightly softer sales.
- HP (HPQ): Issued weak guidance, reflecting added costs from US trade-related regulations despite announcing large layoffs; note, EPS, revenue topped & lifted the quarterly dividend.
- NetApp (NTAP): Top & bottom-line surpassed expectations.
- Nutanix (NTNX): Quarterly revenue and guidance disappointed investors.
- Urban Outfitters (URBN): Profit & revenue impressed.
FX
The Dollar was weaker and comes ahead of US Thanksgiving holiday on Thursday, where newsflow and volatility will likely be thinner, the same applies to Friday. Back to Wednesday, where headline drivers out of the US were driven by data. Initial jobless claims fell to 216k from 220k, and beneath the expected 225k, which saw DXY rise to initial intra-day highs. Durable goods also beat, albeit later the Chicago PMI disappointed. Meanwhile, on the Beige Book, it said economic activity was little changed since the previous report, according to most of the twelve Federal Reserve Districts, though two Districts noted a modest decline and one reported modest growth. On the labour market, employment declined slightly over the current period with around half of the Districts noting weaker labour demand, while prices rose moderately during the reporting period.
G10 FX, ex-JPY, was exclusively firmer against the Greenback with NZD the clear outperformer as it was buoyed in wake of the RBNZ decision overnight; the central bank cut rates by 25bps to 2.25%, as expected, but kept its options open on future policy, although its projections suggested a pause in rates throughout 2026. NZD/USD hit a peak of 0.5697, and just ran out of momentum ahead of the round 0.5700. AUD was the next best performer, and was aided by Kiwi tailwinds, but also by hotter-than-expected Australian CPI; AUD/USD topped out at 0.621 – risk sentiment was also strong on Wednesday.
GBP was in focus today with Cable ultimately on a slightly firmer footing in a 1.3125-3241 range, following an unprecedented UK Budget in which the OBR front-ran the Chancellor. Nonetheless, investors are taking comfort in the higher headroom (GBP 21.7bln in 2029-30 vs GBP 9.9bln in March), although UK journalists also suggest scepticism over how credible Chancellor Reeves’ package is. Overall, the OBR forecasts do nothing to knock the narrative that the BoE is likely to cut in December; if anything, the growth downgrades and tax rises favour a cut. The initial response saw UK assets bid, before selling off, and then recovering throughout the budget presentation from Reeves, with GBP/USD heading into APAC trade at highs and EUR/GBP at lows.
JPY lagged amid the broader risk appetite, despite the hawkish leaning BoJ sources overnight, which provided the Yen with a boost at the time. Source reports noted that BoJ messaging is said to be preparing markets for a possible interest rate hike as soon as December, with a tweak to communication, although the decision on whether to hike in December or hold off until January remains a close call.
Scandis were both firmer, although the NOK saw modest downside in wake of Q3 Norwegian GDP Growth, which disappointed at 0.1% (exp. 0.2%, prev. 0.6%).
In EMFX, ZAR saw weakness as US President Trump posted on Truth that the US will stop all payments and subsidies to South Africa. This comes as Trump said US did not attend G20 in South Africa because the government refuses to acknowledge or address human rights abuses endured by Afrikaners, and other descendants of Dutch, French and German settlers. Lastly, in the latest Banxico QIR, it lowered near-term headline inflation forecasts and near-term growth forecasts, but 2026 forecasts were maintained.
DATA RELEASES
ohoh!!
Game Over DOGE: US Starts Fiscal 2025 With Record Budget Deficit, Shocking Interest Expense
Tuesday, Nov 25, 2025 – 09:25 PM
It was back in February, when we explained to Elon Musk why his strategy to shock the US government into spending “efficiency” through DOGE, while noble, is ultimately doomed to wit: “What Musk is doing in trying to streamline the govt is admirable but ultimately it will be Congress that decides the endgame. And there things are as status quo as always.”
Status quo it was indeed, and it took the world’s richest man several months to realize it, and while there has been a heated fight in the press whether DOGE is still technically active inside the Trump admin, we have some bad news: after a valiant start to 2025, the US has regressed to its old drunken-sailor spending ways… and has seemingly done so on steroids.
Earlier today, the Treasury published the October budget data, and it was ugly. Not all of it, mind you: tax receipts were actually quite solid: at $404 billion, consisting of $217 billion in income taxes and $128 billion in social security receipts…
… government revenues were actually a solid 23.7% improvement to the $326.8 billion collected in October 2024. Of course, that includes the now solid monthly contribution from Trump’s tariffs which in October added $31 billion to the tally.
As usual, it was government spending that was the problem again, and at $688.7 billion, or over $22 billion per day, the October total was a 17.9% jump compared to the $584.2 billion spent a year prior. And just when the US was making some modest progress on merging the red (spending) and green (revenue) lines.
The combination of these two numbers resulted in a $284.4 billion deficit for the month of October, which was not only higher than the $257.5 billion deficit last October, but also higher than the record covid budget buster of $284.1 billion in October 2020!
And since we are now (only) one month in fiscal 2026, we now have the worst budget-deficit start to a fiscal year in US history.
In other words, no matter what the official line is, DOGE has left the building.
Taking a closer look at the causes of the October budget-busting deficit reveals the same usual suspects: spending across all major categories increased in October, but the most dramatic one was once again the relentless surge in the gross US interest, which is now a record $1.24 trillion in the last twelve months, and is rapidly approaching social security ($1.589 trillion LTM) as the largest source of government spending.
And here is the punchline: October gross interest was a record $104.4 billion, the highest for the month on record…
… and at $1.24 trillion in LTM interest expense, it means that 24 cents of every dollar in collected taxes goes to pay interest on the debt.
Bottom line: after a brief period of irrational hope in early 2025 when Musk’s obsession with DOGE and cutting spending gave the US some hope that there just may some – very painful – way out of this Minsky Moment, we are not only back at square zero one and back on the fast-track to the debt-death of the United States, but the US fiscal picture has never been worse!
No wonder why in a recent public commentary, Musk fully agrees with us: the government is unfixable.
end
Chicago Manufacturing area activity plummets;
(zerohedge)
Chicago Manufacturing PMI Plunges In November
Wednesday, Nov 26, 2025 – 09:55 AM
MNI’s Chicago Business Barometer Report came in dramatically worse than expected for November, printing 36.3 (the lowest since May 2024), well below expectations of 43.6 and the prior print of 43.8
Under the hood, it was all ugly:
- Prices paid rose at a faster pace; signaling expansion
- New orders fell at a faster pace; signaling contraction
- Employment fell at a faster pace; signaling contraction
- Inventories fell at a faster pace; signaling contraction
- Supplier deliveries rose at a faster pace; signaling expansion
- Production fell at a faster pace; signaling contraction
- Order backlogs fell at a faster pace; signaling contraction
And this confirms the plummet that we have seen in ‘soft’ data in aggregate since the shutdown was lifted…
Does it really feel like the worst of COVID currently in Chicago?
end
Initial Jobless Claims Tumble To 7 Month Lows
Wednesday, Nov 26, 2025 – 08:36 AM
The number of Americans filing for jobless benefits for the first time tumbled to just 216k last week – the lowest since April
Source: Bloomberg
Since the shutdown was lifted, jobless claims among workers in the ‘Deep Tristate’ have tumbled…
Source: Bloomberg
Continuing jobless claims ticked higher – remaining above the 1.9 million level, near its highest since Nov 2021
Source: Bloomberg
…so much for the struggling labor market?
USA ECONOMIC COMMENTARIES
Foreigners Commit 44% Of Sexual Violence Cases In Italy, Half Of Gang-Rapes, While Only Representing 9% Of Population
Wednesday, Nov 26, 2025 – 03:30 AM
Data from Italy’s Interior Ministry for 2024 shows that foreigners commit nearly half of all rapes, while only representing 9 percent of the country’s resident population.
Specifically, the graph shows they are arrested in 44 percent of cases.
Sexual Violence cases, Italy, 2024
The troubling data, which was cited by Italian journalist Francesca Totolo, also shows that when it comes to gang rapes, “50 percent of perpetrators were foreigners.”
The situation is reportedly “even more of an emergency” when analyzing data concerning minors. In 2023, 56 percent of the arrests and reports for the crime of sexual violence concerned minor foreigners.
A report titled “Young People and Gender-Based Violence” by the Ministry of the Interior’s Department of Public Security analyzed data from 2020 to 2023 for the 14-34 age group. It documented the following:
- 59 percent of known perpetrators of “sexual violence” were “foreigners.” This is highly disproportionate, as foreigners in that age group represented only 12 percent of all residents aged 14 to 34 in Italy.
- In cases of “forced or forced marriage,” which rose from eight cases in 2020 to 28 in 2023, “One hundred percent of the perpetrators of this crime are foreigners.”
- For “abuse against family members and partners” between 2020 and 2023, 36 percent of perpetrators aged 14 to 34 were foreigners.
Totolo then goes into a range of cases, from just the beginning of November to Nov. 19, to illustrate the crisis in the country. For all sources, please consult Totolo’s piece, where she links to the local news stories covering each incident. It is important to remember this is only a selection that Totolo compiled and is likely omitting many incidents.
- In Parma in early November, writing that a girl was followed, harassed, and groped by a group of young foreigners in the city center. She escaped into an apartment building, saying later about the incident: “They told me to stop. And then they made advances, harsh words. They were a group, they smelled of alcohol and smoke. They were touching me. I was just inches away from them, and speeding up was no use. They followed me for meters, I had them glued to my neck. Yes, I was scared.”
- In Borgo Panigale in early November, a 50-year-old woman was threatened, beaten, and choked by a young foreigner who held a knife to her throat while demanding money on a bike path. The victim stated: “I couldn’t breathe. I had to free myself with all my strength.”
- Prato (Nov. 1): A 48-year-old Chinese man attacked his Chinese wife with a cleaver, nearly amputating her hand.
- Bitonto (Nov. 1): A woman was followed and harassed by a foreigner, described as “mulatto, tall and thin,” who exposed himself to her. The victim lamented: “I love my Bitonto and I want to feel safe being able to return home without feeling violated by the sight of a horrid and vulgar spectacle.”
- Padua (Nov. 2): A woman was surrounded by three young North Africans who attempted to steal her dog and spat on her. She said: “I no longer go out alone, and if there’s no one to accompany me, I put absorbent mats on the floor at home.”
- Arcore (Nov. 2): Brazilian model Stephanie Amaral was attacked and beaten on a regional train by Balde Abdulaye, a 26-year-old Gambian illegal immigrant with a deportation order and a criminal record. After seeing his photo, another woman, 25-year-old Ilaria Fancellu, said she was subjected to persecution by the same man, stating: “In a year, I filed four or five complaints, not counting those of my family members, and I always found myself faced with him. I wonder if things can only be resolved when a case becomes media news.”
- Milan (Nov. 2): A young woman was attacked by an African man she had reprimanded for urinating on a church wall.
- San Fermo della Battaglia (Nov. 4): A 49-year-old Iraqi illegal immigrant groped two nurses’ private parts and harassed them with explicit gestures and words at the hospital. He locked one victim in an office before she escaped.
- Terranuova Bracciolini (Nov. 4): A 42-year-old Tunisian man with a criminal record attacked, beat, and stabbed a female acquaintance in the face after breaking into her home. He then attempted to stab responding Carabinieri officers.
- Cremona (Nov. 5): A foreigner beat and threatened his partner with a knife.
- Lucca (Nov. 5): A female driver was threatened, attacked, and spat on by a gang of North African minors who tried to board her bus with alcohol bottles. One gang member yelled: “Bitch, if you were in Tunisia, I would have already slit your throat.”
- Cremona (Nov. 5): A 28-year-old Salvadoran illegal immigrant was arrested on suspicion of domestic abuse against his partner and children, as well as sexual assault against the woman.
- Perugia (Nov. 6): An African man harassed passengers on a bus with sexually oriented behavior, including touching his genitals and approaching young girls. After being confronted by university students, he displayed a knife and later stalked one of the harassed girls, who was forced to take refuge in the minimetrò as the man could not pass the turnstiles without a ticket.
- Rome (Nov. 7): A 37-year-old woman was groped by a 42-year-old Albanian man while having breakfast at a café.
- Florence (Between Nov. 7 and 8): A 35-year-old Panamanian tourist was raped by a 26-year-old Egyptian man and a 32-year-old Moroccan man, both with criminal records.
- Cantù (Nov. 9): A 23-year-old sales assistant was attacked by a foreigner who attempted to undress and rape her as she arrived to open her store; colleagues intervened and saved her.
- Bressanone (Nov 10): An illegal immigrant previously reported for attempting to solicit 10-year-old children was discovered during a check and ordered to be expelled to a repatriation center.
- Turin (Nov. 12): A 23-year-old student was sexually assaulted and groped by a 30-year-old Bangladeshi man while walking downtown. He attempted to kiss her and pulled her hair.
- On a Bus (Nov. 14): A 22-year-old Pakistani asylum seeker, who landed illegally in Lampedusa in 2024, harassed and groped a minor student.
- Milan (Nov. 16): At the San Siro stadium during the Italy-Norway match, a 24-year-old Norwegian woman was harassed and groped in the restrooms by a 20-year-old Egyptian cleaner.
- Lecce (Nov. 18): A 24-year-old Moroccan man was arrested, accused of stalking, solicitation, and aggravated sexual assault against a 16-year-old girl in Anzio over a month.
- Rieti (Nov. 19): A 34-year-old Nigerian serial molester was arrested after allegedly harassing a woman and then a student.
The piece concludes by stating that Italy “is a country that is sacrificing thousands of women on the altar of open ports and a multicultural society.”
end
John Deere calls the bottom for USA agriculture:
(zerohedge)
John Deere Calls “Large Ag Cycle” Bottom Next Year – Just As China Ramps Up U.S. Soybean Buying
Wednesday, Nov 26, 2025 – 08:40 AM
Economic conditions for American farmers have been brutal this year, as China shifted much of its soybean and other commodity purchases to South America. But the new Trump-Xi trade deal has sparked hope, with Beijing ramping up U.S. crop purchases once again. If sustained, this could signal that the worst of the farm-sector downturn is finally behind us.
American farmers finally received some clarity from equipment-maker John Deere, which said Wednesday morning in an earnings update that the bottom of the large agricultural cycle may materialize in 2026.
“Looking ahead, we believe 2026 will mark the bottom of the large ag cycle,” John May, chairman and CEO of John Deere, wrote in a statement.
Deere’s fiscal fourth-quarter outlook for 2026 highlights just how fragile the U.S. farm economy remains. It estimated fiscal-year net income between $4 and $4.75 billion, well below the $5.31 billion Bloomberg Consensus, sending shares down about 2% in premarket trading in New York. Deere shares are up 17% on the year, as of Tuesday’s closing.
Here’s a snapshot of Deere’s mixed quarter, beating estimates on several key lines while showing continued margin pressure across major segments (courtsey of Bloomberg):
Headline Results
- EPS: $3.93 (vs. $4.55 y/y), topping the $3.88 estimate
- Net income: $1.07B, down 14% y/y but slightly above expectations
- Total net sales & revenue: $12.39B, up 11% y/y
Production & Precision
- Ag: Sales: $4.74B, up 10% y/y and ahead of estimates
- Operating profit: $604M, down 8% y/y
- Margin compression continues (12.7% vs. 15.3% y/y)
Small Ag & Turf:
- Sales: $2.46B, up 6.5% y/y and stronger than expected
- Operating profit collapsed to $25M (-89% y/y)
- Margin plunged to 1% (vs. 10.1% y/y)
Construction & Forestry:
- Sales: $3.38B, up a strong 27% y/y
- Operating profit: $348M, up 6% y/y
- Margins slipped to 10.3% from 12.3% y/y
Deere’s call that the agricultural cycle will bottom next year comes as the Trump-Xi trade agreement aims to boost U.S. crop shipments. Rising export demand should help improve farmer sentiment and incomes, laying the groundwork for a more meaningful farm-sector recovery.
The latest word from Reuters is that China has purchased at least 10 cargoes of U.S. soybeans worth around $300 million in contracts signed on Tuesday. The purchases were confirmed by two traders with direct knowledge of the deals. This comes just two days after Trump and Xi spoke by phone, during which Trump touted a “great deal for U.S. farmers.”
end
Meet Kevin Hassett who will probably be the new Fed Governor. He wants massive Fed cuts
(QTR Fringe)
Kevin Hassett’s Rate Cut Inflation Inferno
by quoth the raven
Tuesday, Nov 25, 2025 – 17:22
Submitted by QTR’s Fringe Finance
News broke today that Kevin Hassett has suddenly emerged as the leading contender to replace Jerome Powell as Fed Chair, according to Bloomberg reporting and a sharp move in betting markets. His odds on Polymarket jumped to fifty percent, and administration officials have begun signaling that President Trump may announce his choice before Christmas.
In my view, this development is more than just another personnel rumor drifting through Washington. It looks and feels like a deliberate test balloon to gauge how investors and the public react to the idea of a Fed Chair explicitly aligned with the White House’s push for rapid rate cuts. And based on the initial market reaction, I believe investors are responding with the usual reflexive enthusiasm for easier policy, without fully absorbing what this shift might actually signal.
Hassett’s rise is not coming out of nowhere. He is head of the National Economic Council, a trusted Trump ally, and someone who has repeatedly said the Fed should already be cutting rates. He told Fox News on November 20 that he would “be cutting rates right now,” and Bloomberg’s reporting says outright that he is viewed as a candidate who would bring “the president’s approach to interest rate cutting to the Fed.” If accurate, this is not normal central bank succession chatter; this is the White House probing how far it can push the line on Fed independence.
Context matters. Trump has spent years publicly attacking Powell, complaining that the Fed was too slow to cut, musing about firing him, and treating the central bank as a political arm that simply refuses to follow instructions. The White House is even pursuing litigation over Trump’s attempted firing of Governor Lisa Cook. Against that backdrop, I believe the elevation of Hassett should be read as…(READ THIS FULL COLUMN 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.
end
Two National Guard Members Shot Near White House, Suspect In Custody
Wednesday, Nov 26, 2025 – 03:20 AM
Watch Live:
* * *
AP News reports that two National Guard soldiers were shot point-blank just outside the White House perimeter at 17th & H NW.
President Trump has responded, saying both soldiers have been critically wounded by the “animal that shot the two National Guardsmen” and said the attacker “will pay a very steep price.” The president’s words at this point imply a lone shooter in custody.
The conditions of the soldiers are not yet known.
Dramatic image from the scene:
“The White House is aware and actively monitoring this tragic situation. The President has been briefed,” White House Press Secretary Karoline Leavitt told NewsNation’s Libbey Dean.
The suspect is reportedly in custody, according to an X post by DC Police.
This incident is likely to further inflame Trump’s anger over lawlessness in Democrat-run cities. Expect a Truth Social post shortly.
“Just a few days ago, six Democrats claimed President Trump was issuing “unlawful” orders to the military and that troops must resist,” Benny Johnson noted on X.
* * *
A dramatic scene is unfolding near the White House on Wednesday afternoon, with reporters saying a National Guard member has been shot.
ABC News reports:
Two uniformed military personnel, appearing to be National Guardsmen, have been shot in downtown Washington just blocks from the White House, according to two sources familiar with the ongoing situation.
Mike Carter, White House Correspondent for NEWSMAX, wrote on X that “Secret Service tells me 2 National Guard members have just been shot near the White House.”
Here’s more…
Just wait. Trump is about to go nuclear on Truth Social.
*Developing…
VICTOR DAVIS HANSON
KING NEWS
| The King Report November 26, 2025 – Issue 7627 | Independent View of the News |
| Trump launches ‘Genesis Mission’ to supercharge US scientific AI innovation – Department of Energy and national labs are directed to partner with private companies on AI development The “Genesis Mission” will direct the Department of Energy (DOE) and the Office of Science and Technology Policy (OSTP) and their national labs to work with private companies to share federal data sets, advanced supercomputing capabilities, and scientific facilities… https://www.foxnews.com/politics/trump-launches-genesis-mission-supercharge-us-scientific-ai-innovation Oil and gasoline sank on reports that Ukraine has agreed with key parts of the DJT Peace Plan. Zelensky said he is ready to meet with Trump on November 27 to finalize the peace agreement. Fangs declined sharply early on Tuesday. We warned that the aborted rally of ESZs and NQZs on Monday night to the news that Meta would buy Google’s TPUs was a negative for Fangs Nvidia tumbled 7.12% to 169.55 as of 10:05 ET and was -19.9% from its November high of 211.35! Nvidia-Google AI Chip Rivalry Escalates on Report of Meta Talks – BBG 7:59 ET Meta… is in talks to spend billions on Google’s AI chips… US Consumer Confidence Falls by Most Since April on Economy – BBG 10:31 ET The Conference Board’s gauge decreased 6.8 points to 88.7… (93.3 exp.) Nov Present Situation 126.9, October 131.2 revised from 129. Nov Expectations 63.2, October 71.8 revised from 71.8 Private payroll losses accelerated in the past four weeks, ADP reports Private companies lost an average of 13,500 jobs a week over the past four weeks… https://www.cnbc.com/2025/11/25/private-payroll-losses-accelerated-in-the-past-four-weeks-adp-reports-.html US Homesellers Pull Stale Listings Off Market as Interest Fades Nearly 85,000 sellers removed their properties in September, the highest number for that month in eight years, according to Redfin. The number of stale listings — those sitting on the market for 60 days or more — jumped to the highest level for any September since 2019… https://www.msn.com/en-us/money/economy/us-homesellers-pull-stale-listings-off-market-as-interest-fades/ar-AA1R7Zlm BBG’s @lisaabramowicz1: The Atlanta Fed estimates that the median home price has risen by more than a third since 2021 to almost $400,000. For that to be considered affordable, a household would need to earn more than $120,000. The median household income in the US is $85,000. @GlobalMktObserv: Global central bank rate cuts are running ABOVE the Great Financial Crisis response: World central banks have cut rates 316 times over the last 2 years, the most THIS CENTURY. By comparison, they cut 313 times over 2 years following the Financial Crisis response. https://x.com/GlobalMktObserv/status/1993356508503957617 Hassett (WH Econ Council Director) Emerges as Frontrunner in Trump Fed Chair Audition With Hassett, Trump would have a close ally whom the president knows well and trusts… Including that interest rates need to be lowered… https://finance.yahoo.com/news/hassett-emerges-frontrunner-trump-fed-170026754.html Stocks and precious metals rallied sharply on Tuesday on Fed rate cut euphoria. Fangs sank early but turned positive by late morning on ‘cash is trash’ due to coming Fed rate cuts buying. Bitcoin and other cryptos declined sharply on a rotation into a gold. ESZs traded modestly higher during the first hour of Nikkei trading but eased lower and traded sideways in mostly negative territory until they broke lower at the 3 ET European opening. After hitting 6701.75 at 4:37 ET, ESZs rallied to 6732.50 at 7:42 ET. After forming an effective triple top, ESZs broke down at 9:38 ET and fell to the daily low of 6674.50 at 9:48 ET. Conditioned early dip buyers aggressively bought ESZs, AI stocks, and trading sardines. ESZs zoomed to a daily high of 6774.50 at 13:53 ET. ESZs traded sideways, in a modest range, until they created a double top at 13:46 ET. ESZs fell to 6756.50 at 14:40 ET. The last-hour rally and late manipulation forced ESZs to 6792.50 at 15:48 ET. Positive aspects of previous session Fed rate cut fever and extreme exuberance for stocks created a robust equity rally. Fnags rebounded sharply after an early tumble. USZs rallied moderately and were +15/32 at the NYSE close. Negative aspects of previous session Precious metals rallied sharply. Nvidia closed -2.59% despite the robust stock market rally. “Bubble, bubble toil and trouble; Fire burn and stocks bubble” Ambiguous aspects of previous session Is the Santa Rally already occurring or is it just resumed stock mania? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6734.09 Previous session S&P 500 Index High/Low: 6776.40; 6659.98 @KobeissiLetter: Unemployed Americans with 4-year college degrees now make up a record 25.3% of total unemployment. The percentage has doubled since the 2008 Financial Crisis. This comes as over 1.9 million workers aged 25+ with at least a bachelor’s degree are now unemployed. Meanwhile, the unemployment rate for Americans aged 20–24 is up to 9.2%, the highest since May 2021. This rate has risen +2.2 points YoY, an increase not seen outside recessions. The US labor market is weakening across all education levels. https://x.com/KobeissiLetter/status/1993024064944738452 @AwakenedOutlaw: Under Obama, the government oddly took over all student loans while the left simultaneously promoted the idea that everyone should go to college. At the same time, while continuously (and intentionally) raising tuition costs since Uncle Sam was footing the bill, colleges & universities significantly ramped up the offering of garbage degrees that provide little to no career opportunities to those who graduate. Now, laden with excessive debt and no job opportunities, the conveyor belt of these now indoctrinated and poorly educated ne’er-do-wells, convinced that the US is a terrible country and everything wrong in the world was our fault, were ripe to then stand as an army of foaming at the mouth woketardians that we see today. What they were unaware of was that this whole operation was about manipulating them to serve as angry/petulant foot soldiers against their own best interests, used to assist the deep state in destroying our Republic from the inside. The term ‘useful idiots’ applies here. Financial History time: The current AI euphoria is like the late ’60 electronic mania/boom. Google AI: The “sixties stock market electronics boom,” often referred to as the “Tronics” boom, was a period of intense investor interest and speculation in electronics, aerospace, and technology companies. Fueled by the Space Race, a growing economy, and technological optimism, stock valuations for companies with “tron” or “onics” in their names soared… Investors eagerly bought shares in just about any company that sounded “electronic,” regardless of their actual products or profitability. This led to high price-to-earnings (P/E) ratios, with even established tech firms like Texas Instruments and Polaroid trading at P/E ratios well over 100… Rising inflation, the Vietnam War’s economic strain, and an oversupply of speculative companies contributed to the end of the “go-go” years in the late 1960s and early 1970s. Many of the speculative “tronic” companies from the early 1960s eventually failed or disappeared. Today – Absenteeism will be high and increase as the session progresses. Traders are over-the-moon bullish. Tis why ESZs are +15.50; NQZs are +71.50; Dec AU is +0.70; and USZs are +3/32 at 20:20 ET. Expected econ data: Initial Jobless Claims 225k, Continuing Claims 1.964m; Sept Durable Goods 0.5% m/m, Ex-Trans 0.2%, Nondef Ex-Air 0.2%, Shipments 0.2%; Nov Chicago PMI 43.8; Fed Beige Book S&P Index 50-day MA: 6716; 100-day MA: 6558; 150-day MA: 6340; 200-day MA: 6170 DJIA 50-day MA: 46,693; 100-day MA: 45,774; 150-day MA: 44,610; 200-day MA: 43,919 (Green is positive slope; Red is negative slope) S&P 500 Index (6765.88 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 6723.17 triggers a sell signal Is DJT after the Maduro regime in Venezuela due to its participation in rigging US elections? @EmeraldRobinson: Trump is taking down the Maduro regime in Venezuela because a small group of patriots stopped the 2024 election fraud. And they figured out how the 2020 election was rigged by voting machines owned by the Maduro regime. Venezuela = America’s rigged elections. It’s time to tell you the story about how the 2024 election fraud was stopped. Are you ready? 1. A few weeks before the 2024 election, @SenMullin and former Senator David Perdue finally arranged a meeting between Trump advisor Susie Wiles and the one man who could explain exactly how America’s election systems are rigged. The meeting took place at Mar-a-Lago. 2. Susie Wiles had publicly said that election fraud was not real and that people who thought so were “crazy.” After the briefing, she didn’t know what to think… 3. The man stayed at Mar-a-Lago for 3 days to brief everyone. There was only man who Wiles trusted to confirm it all: @elonmusk. A call was made: the man found himself in a room with Musk. Musk declined to sit through a full briefing. “Just give me your data.” 4. So @elonmusk read the AI summary of the technical data. And then he picked up his phone and made a call. “We have a problem. It’s true.” Then Musk got on a plane to host a Trump rally in Pennsy. It was October 17, 2024. Musk got on stage & attacked: Dominion… 6. How could the 2024 steal be stopped a few weeks before the election? The man who briefed Musk had a team: @PatrickByrne & Gary Bernsten. This team had recruited a dozen people who knew how the rigged system was built in Venezuela. They had worked for Smartmatic & Maduro… 8. The whistleblowers from Venezuela had video meetings with Musk’s team & Trump’s team to explain the technical details of the election fraud. The most important detail: the Dominion IP addresses had been located. All it cost: $15 in bitcoin from an anonymous Japanese account. 9. The relevant data & IP addresses were now verified. That’s when @SenMullin came to the rescue again. A cybersecurity team got the data. Three days before the 2024 election, the Dominion office in Serbia was hit. Their computers were useless… 12. Trump was upset with his own staff after @elonmusk verified the fraud was real. He’d been gaslit for 4 years by his team to drop the topic… 13. But that’s the thing about Trump: he always hired the wrong people. His own advisors had tried to keep Trump from meeting with the team that saved the 2024 election. People like @BorisEP & @ChrisLaCivita had blocked the truth at every turn… 16. So Trump had good intel about the fraud TWO DAYS after 2020 election. But then Trump called in Kushner to “gather a legal team” to handle it all. Kushner’s team was briefed next but they DISMISSED the intel & did NOTHING. Rudy & Sidney were hung out to dry with no help… 18. It’s February 2025. Time is now up. With their visas expired, the whistleblowers would be sent back to Venezuela & killed. So @PatrickByrne got a catamaran out of Florida & sailed in the worst storm possible to the Bahamas in order to smuggle them all illegally into USA. 19. Why is this happening? After all, Trump’s now BACK IN OFFICE. The most important whistleblowers in American history are stranded! Because Team Trump does not have its act together. Again. Finally, Tom Homan saves the day & sends 2 guys from DC to bring them all into USA. 20. It’s April: Trump authorizes task force on election fraud. DOJ/CIA/DHS/DNI guys meet the whistleblowers. Then the agencies start a fight over who has CONTROL of investigation. NONE of those guys return for interviews or case-work. They disappear. Team Trump fails again. 21. What’s going on exactly? Our intel agencies are so compromised that NONE of them really want to investigate election fraud. Because they’re involved in rigging the elections too. And Trump didn’t bother to fire all these people. 22. It’s June. Two whistleblowers are so upset with handling of the investigation, they leave the USA in secret. It’s all about to fall apart. Tulsi has to bring new guys from the 3-letter agencies to start all over. Those guys are shocked beyond belief after the interviews. 23. It’s July. The investigation report is done. Tulsi prepares to bring the full report on 2020 & 2024 to Trump. Trump’s own WH advisors tell Tulsi to NOT INCLUDE the 2020 evidence. So she gives Trump a partial report. Trump is now angry with Tulsi. 24. So Trump gets tired of waiting for these reports since he wants to know if Venezuela really runs America’s elections. Who does he finally call to brief him? Well, the Three Musketeers of course. Not the CIA or DNI. That’s when Trump decides it’s time to overthrow Maduro. 25. How did the Three Musketeers do all of this? Well @PatrickByrne spent $80 million to protect America. Houses, cars, bitcoin: all gone now. Gary Berntsen mortgaged his house. They’re all broke now. No one has been PAID BACK by Trump or Trump Admin at all. Not one cent. https://x.com/EmeraldRobinson @PatrickByrne: History is being broken over on this thread by @EmeraldRobinson. She is deliberately not threading her account so that the whole thread might be suppressed. Now that it’s all coming out: remember how after election ‘2022 I turned the American Project over to Carlito and went overseas? Some said I ran away? Actually, this guy GARY and I and one more were living on top of each other in various s**t holes around the world doing this. Bombshell report alleges Biden team forced airports to house migrants, risking safety https://www.foxnews.com/us/bombshell-report-alleges-biden-team-pushed-airports-house-migrants-risking-safety Reuters: DOGE ‘doesn’t exist’ with eight months left on its charter https://www.reuters.com/world/us/doge-doesnt-exist-with-eight-months-left-its-charter-2025-11-23/ Department of Government Efficiency @DOGE: As usual, this is fake news from @Reuters. President Trump was given a mandate by the American people to modernize the federal government and reduce waste, fraud, and abuse. Just last week, DOGE terminated 78 wasteful contracts and saved taxpayers $335M. We’ll be back in a few days with our regularly scheduled Friday update. @AFpost: Studies show that only the top 10% of legal immigrants become net tax contributors. (Ergo 90% are on US taxpayer funded freebies) https://t.co/6278wU0IJS Street ‘Takeovers’ Hit New York – Daily Mail NYC neighborhood becomes fiery Mad Max hellscape as ‘street takeover’ trend spreads from West Coast – A quiet New York City neighborhood was terrorized by a mob of out-of-control motorists who stormed a residential block, beat local residents and torched a car as part of a ‘street takeover.’ Distressed residents in Malba, Queens, watched on in horror as their usually secluded neighborhood was transformed into a crazed scene akin to the Mad Max films early on Sunday morning… Paladino was furious about both the violence and the city’s response. She published a blistering statement saying residents who called 911 were told that a ‘quality of life team and 311’ should handle the situation… ‘These incidents are happening citywide,’ Paladino warned. ‘And they’re happening because there are no longer any real consequences to this kind of criminality.’… https://www.dailymail.co.uk/news/article-15322115/NYC-street-takeover-Mad-Max-hellscape-Malba-Queens.html Growing fury at Chicago judge who freed career criminal with 72 arrests and is now accused of setting devout Christian woman, 26, alight on train https://t.co/azAJyYHuOw @nicksortor: Trump GOES OFF on JB Pritzker and Chicago’s mayor for allowing 26 y/o Bethany MaGee to be SET ON FIRE on the subway. “The mayor is incompetent, and the governor is a big, fat SLOB.” “They burned this beautiful woman riding in a train. A man was arrested 72 TIMES … It’s HORRIBLE what’s happening in Chicago.” https://t.co/jqKJUy8x7c @CWBChicago: Two boys, ages 14 and 16, are charged with murdering a homeless man outside a Loop restaurant over the weekend. Another boy, also 14, is charged with robbery. https://t.co/PA9MDbnKm4 @KimKatieUSA: Anne Kirkpatrick, the New Orleans police superintendent, says that “being in the country illegally is a civil issue and we will not enforce civil law”. Crossing the border illegally is a crime under 8 U.S.C. § 1325. It is NOT a civil issue. Democrats do not know the law! https://x.com/KimKatieUSA/status/1993338222425088377 @WallStreetApes: Minnesota judge overturns guilty verdict of Abdi Fatah Yusuf He is a Somalian man in Minnesota who stole $7.2 million dollars in taxpayer money from fake Medicaid billing. A jury swiftly convicted him and now a judge has acquittal on all charges and he walks free “Jurors in the case can’t believe the decision.” Juror: “The evidence that was presented to us and the obvious guilt that we saw based off of the said evidence, it was not a difficult decision whatsoever. The deliberation took probably four hours at most based off of the state’s evidence that was presented. I was beyond a reasonable doubt.” “Abdi Fatah Yusuf, the jury heard evidence that he ran his home health care company, Promise Health, out of a mailbox at a Central Avenue address where multiple other home health care companies were supposedly located. Yusuf and his wife, Lol Ahmed, were charged with stealing $7.2 million of taxpayer money through Medicaid over billing in a personal care assistant or PCA scam. The couple allegedly spent tens of thousands of the fraud money on luxury items for themselves.” https://x.com/WallStreetApes/status/1993288561030746470 Sec of War Pete Hegseth @PeteHegseth: The despicable video urging @DeptofWar troops to “refuse illegal orders” may seem harmless to civilians — but it carries a different weight inside the military. This was a politically-motivated influence operation: It never named a specific “illegal order.” It created ambiguity rather than clarity. It used carefully scripted, legal-sounding language. It subtly reframed military obedience around partisan distrust instead of established legal processes. In the military, vague rhetoric and ambiguity undermines trust, creates hesitation in the chain of command, and erodes cohesion. The military already has clear procedures for handling unlawful orders. It does not need political actors injecting doubt into an already clear chain of command. As veterans of various sorts, the Seditious Six knew exactly what they were doing — sowing doubt through a politically-motivated influence operation. The @DeptofWar won’t fall for it or stand for it. @ThePatriotOasis: Jesse Waters says that he talked with Two CIA agents who CONFIRMED that Democrats’ calling for Military personnel to disobey orders is part of an Operation to implant MASSIVE Distrust. “It’s straight out of the CIA playbook. It’s a destabilization operation where you get people to mistrust each other.” “They’re trying to condition the country to prepare for something bad that’s about to happen at the hands of Donald Trump.” “You establish authority. ‘I’m CIA, I’m military, trust us…’ then say the threat is Donald Trump. Then the solution—resist.” https://x.com/ThePatriotOasis/status/1993104653836595401 Social media teemed with rumors that Trump will soon replace Pam Bondi as AG and Kash Patel as FBI Director. Their bungling of investigations and woeful but ubiquitous media appearances are appalling. We hope you and yours have wonderful and reflective Thanksgivings! | |
SWAMP STORIES FOR YOU TONIGHT
FBI To Interview Lawmakers In “Illegal Orders” Video
Tuesday, Nov 25, 2025 – 07:40 PM
FBI agents are seeking to interview lawmakers who appeared in a video telling members of the military not to obey illegal orders, the lawmakers said on Nov. 25.
The FBI contacted the sergeants at arms for the House of Representatives and Senate, requesting interviews with the lawmakers, Reps. Jason Crow (D-Colo.), Chris Deluzio (D-Pa.), Maggie Goodlander (D-N.H.), and Chrissy Houlahan (D-Pa.) said in a joint statement.
“No amount of intimidation or harassment will ever stop us from doing our jobs and honoring our Constitution,” they stated.
“We swore an oath to support and defend the Constitution of the United States. That oath lasts a lifetime and we intend to keep it. We will not be bullied. We will never give up the ship.”
Sen. Elissa Slotkin (D-Mich.), who also participated in the video, said on X that the FBI has “appeared to open an inquiry into” her over the video.
“This isn’t just about a video. This is not the America I know, and I’m not going to let this next step from the FBI stop me from speaking up for my country and our Constitution,” she wrote.
As Zachary Stieber reports for The Epoch Times, The FBI did not respond to a request for comment by publication time.
In the video, released on Nov. 18, members said they wanted to speak to service members and people who work in the Intelligence Community. They said that the audience should disobey orders that are illegal. Deluzio said that “you must refuse illegal orders.”
“Your vigilance is critical,” Sen. Mark Kelly (D-Ariz.) added later. “And know that we have your back,” Slotkin said.
No allegedly illegal orders were specified in the video, and after posting the video, lawmakers have largely declined to list specific examples during television appearances beyond referring to how President Donald Trump has been accused of telling officials in 2020 that they should shoot protesters in the legs.
“If we wait until the moment that he gives a manifestly unlawful order to a young soldier, then we have failed them,” Crow said on CBS over the weekend.
“We have to start that conversation now and get people thinking about the distinction, which is exactly what we did.”
Trump has accused the Democrats of seditious behavior and suggested they should be arrested and charged.
Military officials announced Monday that Kelly, a retired U.S. Navy officer, is under investigation for allegedly violating the Uniform Code of Military Justice and federal law, including one law that bars actions intended to interfere with the “loyalty, morale, or discipline of the military or naval forces of the United States.”
“The video made by the ‘Seditious Six’ was despicable, reckless, and false,” War Secretary Pete Hegseth said in a statement.
“Encouraging our warriors to ignore the orders of their Commanders undermines every aspect of ‘good order and discipline.’ Their foolish screed sows doubt and confusion—which only puts our warriors in danger.”
White House press secretary Karoline Leavitt told reporters in Washington that the White House supports the investigation.
“You can’t have a functioning military if there’s disorder and chaos within the ranks—and that’s what these Democrat members were encouraging,” she said.
In an interview that aired on X on Monday, FBI Director Kash Patel said career analysts and agents will make any determination on the Democratic lawmakers who urged members of the military to disobey illegal orders, when asked what his reaction to it was.
“Is there a lawful predicate to open up an inquiry and investigation or is there not? And that decision will be made by the career agents and analysts here at the FBI,” Patel said in the interview.
When asked if the FBI was involved, Patel said, “based on the fact that it’s an ongoing matter, there’s not much I can say.”
END
Simple: all of Biden’s moves were to destroy America!
(zerohedge)
Biden’s Airport Betrayal Bombshell…
Wednesday, Nov 26, 2025 – 08:55 AM
Authored by Steve Watson via Modernity.news,
A scathing Senate report has unmasked the Biden administration’s deliberate push to repurpose at least 11 U.S. airports as shelters and processing hubs for illegal immigrants—ignoring dire warnings of risks to American travellers and aviation security.
The exposé reveals federal agencies were “directed to find airport facilities that could be used as shelters or migrant processing centers,” branding it a “betrayal of historic proportion” that turned terminals into migrant camps.
The policy has now, of course, completely vanished under Trump, begging the question: How did they ever deem this sustainable amid endless border surges?
The findings stem from a Senate Commerce Committee investigation led by Chairman Ted Cruz (R-TX), launched in August 2024 to scrutinize Biden-Harris “security lapses in vetting and screening illegal aliens at airports.”
As detailed in Cruz’s August 28, 2024, probe announcement, the inquiry targeted DHS Secretary Alejandro Mayorkas for documents on “airport security or threats to security from illegal aliens, sheltering, vetting, or screening of illegal aliens.”
By March 2025, Cruz blasted the administration’s non-compliance, noting in a March 5, 2025, statement: “The Biden administration’s practice of housing illegal immigrants at domestic airports, including Boston’s Logan Airport,” with agencies like Massport refusing subpoenas.
Another key source: A September 2024 House Homeland Security Committee report, outlined in a PDF summary, which flagged how “airports have been repurposed for use as shelters for illegal aliens” amid Biden’s “open-borders policies.”
Under Trump, such spectacles are relics—borders tightened, deportations ramped, and airports reclaimed for travelers, not transients.
How did Biden’s regime ever view this as viable? Amid 10 million+ encounters, repurposing hubs like O’Hare, where “throngs of families” lined baggage claims, or Logan, housing hundreds despite “no help” claims, strained security, sparked vetting failures, and fueled terror fears—yet they forged ahead, directing agencies to scout facilities despite warnings.
As Cruz probed, one illegal alien, vetted laxly at an airport, was later arrested for aggravated rape in Massachusetts.
Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.
END
Schweizer Exposes DEI Fraud Machine Inside Federal Contracting Complex
Wednesday, Nov 26, 2025 – 11:25 AM
Peter Schweizer, president of the Government Accountability Institute and the investigative journalist who broke the Clinton Cash corruption story, has uncovered what may be one of the most brazen grifts operating inside the Capital Beltway. His new reporting exposes deep cronyism and corruption inside the Small Business Administration’s 8(a) Business Development Program, where DEI-driven preferences opened the door for fraudsters to siphon off lucrative no-bid federal contracts.
Instead of supporting legitimate small business development, the 8(a) program has been a massive pipeline for pass-through entities that collect bidless contracts on silver platters while quietly outsourcing the real work to major consulting firms.
The result: Merit-based competition gets sidelined, and tens of billions in taxpayer dollars flow through shell operators, allowing the corrupt Beltway economy of parasites to loot taxpayers. The looting went into hyperdrive during the Biden-Harris regime years.
Remember the ‘Gold Bars‘ corruption story with the EPA? – Well, this 8(a) corruption turns out to be very similar: loot taxpayers as much as possible with Biden in the White House, who had no idea what was happening.
Schweizer has built a career exposing this kind of institutional rot, and the developments in the news cycle so far suggest the Trump administration is preparing to slam down the accountability hammer and smash parasites across the District of Columbia, Maryland, and Virginia.
“For years, DC insiders have exploited a federal DEI contracting program that provides windfalls to beltway elites. This open secret isn’t about helping the downtrodden; it’s about bagging no-bid paydays. The SBA’s 8(a) program is long overdue for reform,” Schweizer began the X thread post on Tuesday night, as well as publishing a report on The Drill Down.
Here’s how the scam works: A small company gets special status by becoming “8(a) Certified” by the SBA. Then it turns around and hands the work to a major consulting firm. Taxpayers pay the premium, insiders pocket the difference, and Washington calls it “equity.”
SEE ZERO HEDGE FOR THE COMPLETE COMMENTARY OF PETER SCHWEIZER
GREG HUNTER…/
SEE YOU ON FRIDAY WHICH WILL BE FIRST DAY NOTICE
H
harveyorganblog.com 
