access market
GOLD $4238.50 (3:30 PM)
SILVER: 56.73 3;30 PM)
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XGE: COMEX
072 C GOLDMAN 159 91
072 H GOLDMAN 253 42
092 C DEUTSCHE BANK 1032
099 H DEUTSCHE BANK AG 70
104 C MIZUHO SECURITIES US 45
118 C MACQUARIE FUTURES US 390 356
118 H MACQUARIE FUTURES US 14
132 C SG AMERICAS 130
152 C DORMAN TRADING, LLC 2
167 C MAREX 25
167 H MAREX 2
190 H BMO CAPITAL MARKETS 679
323 C HSBC 234
363 C WELLS FARGO SECURITI 59
363 H WELLS FARGO SECURITI 2310
365 C MAREX CAPITAL MARKET 2
435 H SCOTIA CAPITAL (USA) 3691
555 H BNP PARIBAS SEC CORP 4200
657 C MORGAN STANLEY 1895 3
657 H MORGAN STANLEY 1327
661 C JP MORGAN SECURITIES 8148 8027
686 C STONEX FINANCIAL INC 36
690 C ABN AMRO CLR USA LLC 38
DLV615-T CME CLEARING
BUSINESS DATE: 11/26/2025 DAILY DELIVERY NOTICES RUN DATE: 11/26/2025
PRODUCT GROUP: METALS RUN TIME: 21:32:53
709 C BARCLAYS 835 308
730 C PTG DIVISION OF SGAS 7
732 C RBC CAP MARKETS 451
732 H RBC CAP MARKETS 248
800 C MAREX SPEC 1
880 H CITIGROUP 2649
905 C ADM 21 12
JPMORGAN STOPPED: 8087/18896
GOLD: NUMBER OF NOTICES FILED FOR DEC/2025: 18,895 CONTRACTs NOTICES FOR 1,889,600 OZ or 58.774 TONNES
total notices so far: 18,896 contracts for 1,889,600 OR 58.774 tonnes)
SILVER NOTICES: 7330 NOTICE(S) FILED FOR 36.650 MILLION OZ/
total number of notices filed so far this month : 7330 CONTRACTS (NOTICES) for 36.650 million oz
INITIAL STANDING FOR DEC: 49.33 MILLION OZ
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 82.020 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
NOV: 36.425 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
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/
DECEMBER: INITIAL AMOUNT STANDING FOR DELIVERY: 49.33 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.
8. DECEMBER BEGINS WITH INITIAL STANDING OF 83.813 TONNES OF GOLD.
NEW STANDING FOR GOLD, DEC CONTRACT AT 83.813 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: 124.74 TONNES//VERY SMALL THIS MONTH.
SPREADING OPERATION
NOW SWITCHING TO GOLD FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF OCT. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A MEGA HUGE SIZED 7255 CONTRACTS OI TO 151,796 AND CLOSER TO THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 7 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 670 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 670 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 7172 CONTRACTS AND ADD TO THE 670 E.FP. ISSUED
WE OBTAIN A MEGA HUGE SIZED GAIN OF 7925 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN OF $1.84 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 39.625 MILLION PAPER OZ
OCCURRED DESPITE OUR GAIN IN PRICE.OF $1.84
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 FRIDAY MORNING:
SHANGHAI CLOSED UP 13.34 POINTS OR 0.34%
//Hang Seng CLOSED DOWN 87.04 PTS OR 0.34%
// Nikkei CLOSED UP 86.81 PTS OR 0.17% //Australia’s all ordinaries CLOSED UP 0.07%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.0752/ OFFSHORE CLOSED UP AT 7.0720/ Oil UP TO 59.08 dollars per barrel for WTI and BRENT UP TO 62.94 Stocks in Europe OPENED ALL MIXED
ONSHORE USA/ YUAN TRADING UP TO 7.0752 OFFSHORE YUAN TRADING UP TO 7.0720:/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 FAIR SIZED 1243 CONTRACTS TO 431,603 OI DESPITE OUR STRONG GAIN IN PRICE OF $25.40 WITH RESPECT TO WEDNESDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST ZERO NET LONGS, WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A SMALL NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (340). WE HAD ZERO T.A.S. LIQUIDATION WEDNESDAY.. 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 18,896 NOTICES FOR 1,889,600 OZ (83.813 TONNES), THE EASTERN CENTRAL BANKERS ARE STANDING FOR CONSIDERABLE AMOUNT OF GOLD FOR DECEMBER DELIVERIES.
WE THUS HAD A TOTAL LOSS IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 903 CONTRACTS (OR 2.808 TONNES). THEN WE WERE NOTIFIED OF A HUGE 0 CONTRACT EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS ISSUED FOR 0 OZ OR NIL TONNES OF GOLD.
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
NOVEMBER:
NOVEMBER: 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.
AND NOW DECEMBER: SO FAR 0 NOTICES ISSUED:
DEC 0
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 DECEMBER COMEX CONTRACT MONTH//
IN TOTAL WE HAD A SMALL SIZED LOSS ON OUR TWO EXCHANGES OF 903 CONTRACTS DESPITE OUR STRONG GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY AND OUR SHORT SPECULATORS FOR THE THOUGHTFULNESS. LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO 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 SMALL T.A.S ISSUANCE CONTRACTS AS THE 5 CONSECUTIVE MEGA HUGE ISSUANCES HAS ENDED. THE CME NOTIFIES US THAT THEY HAVE ISSUED 900 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 $4,159.00 PER OZ.
HERE IS A SUMMARY OF GOLD STANDING FOR DELIVERY ON OUR LAST 9 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. 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
9. DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 83.813 TONNES OF GOLD.
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. DECEMBER: A HUGE INITIAL 83.813 TONNES STANDING THIS IS HUGE!!!//
EXCHANGE FOR PHYSICAL ISSUANCE/DEC.//BORROWINGS FROM THE FRBNY:
THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED EXCHANGE FOR PHYSICAL OF 340 CONTRACTS.
THAT IS A SMALL SIZED 340 EFP CONTRACT WAS ISSUED: : /DEC 340 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 340 CONTRACT. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS. THE REGULATORY BODY THAT IS SUPPOSE TO CONTROL THESE EFP’S IS THE O.C.C. HEADQUARTERED IN BOTH LONDON AND WASHINGTON. SEEMS NOW THAT THE OCC IS CLAMPING DOWN ON THIS EFP’S CIRCLING AROUND IN LONDON AS THEY ORDERED THE BULLION BANKS TO COVER MUCH OF THEIR DERIVATIVE BETS ON THESE CONTRACTS!! THUS THE FRBNY SAVED OUR BULLION BANKS FROM EXTINCTION WITH THIS BORROWED GOLD FROM THE BIS OF 54 TONNES
WE HAD :
- ZERO LIQUIDATION OF OUR T.A.S. SPREADERS//WEDNESDAY + BUT DID HAVE GOVERNMENT LIQUIDATION AND MASSIVE LIQUIDATION LATE TUESDAY/EARLY THIS WEDNESDAY MORNING/
- MONTH END SPREADERS HAVE NOW FINISHED AS IT WAS IN FULL FORCE THESE PAST THREE DAYS:COMEX OPTIONS EXPIRY WAS TUESDAY, //LONDON OTC// LBMA// OPTION EXPIRED TODAY
T.A.S.SPREADER ISSUANCE//DECEMBER
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 WEDNESDAY NIGHT//THURSDAY MORNING WAS A SMALL SIZED 340 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 WEDNESDAY’S GAIN IN PRICE IN GOLD BUT WITH A CORRESPONDING SMALL LOSS OF COMEX OI AND A SMALL 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
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.
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.
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DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY IN THIS ACTIVE MONTH IS 83.813 TONNES.
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
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COMEX GOLD TRADING BEGINNING DECEMBER,. CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $25.40/ /)
WE HAD LITTLE T.A.S. SPREADER LIQUIDATION WEDNESDAY WITH THE PRICE RISE BUT DID HAVE AND WE DID HAVE FINALIZATION OF MONTH END SPREADER LIQUIDATION// COMEX TRADING//.. OTHER EASTERN CENTRAL BANKS TENDERED FOR PHYSICAL WEDNESDAY NIGHT WHICH EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD STANDING FOR DECEMBER. THE COMEX IS ONE BIG MESS!! THIS WEEK,
FRIDAY MORNING//THURSDAY NIGHT
THE CROOKS HOWEVER COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL WEDNESDAY EVENING/ THURSDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING WEEKS TO DELIVER
STANDING FOR GOLD OCT AND NOVEMBER:
- ANALYSIS// OCT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// OCT COMEX CONTRACT TO FINALIZATION OCT 31:
OCT AT 90.164 TONNES TO BE FOLLOWED BY ALL PREVIOUS QUEUE JUMPS OF 75.696 TONNES WHICH WE ADD OUR 14.553 TONNES EX FOR RISK/6 OCCASIONS:
/ TOTAL STANDING 197.551 TONNE/OCTOBER FINAL//ABSOLUTELY A MONSTER DELIVERY FOR A NORMALLY QUIET OCT MONTH
2. AND NOW NOVEMBER:
NOVEMBER BEGINS WITH A HUGE 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY OUR TODAY’S QUEUE JUMP OF 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.
3. DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 83.813 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $25.40
WE HAD A FAIR 1134 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 28
DEC CONTRACT MONTH
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 4 entries i) Out of Asahi 123,959.218 oz ii) Out of Brinks 54,978.210 oz (1710 kilobars) iii) Out of HSBC 8179,278 oz iv) Out of Loomis: 22,473.544 oz total withdrawal 209,590.905 or 6.519 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 | 18,896 notice(s) 1,889,600 OZ 58.779 TONNES OF GOLD |
| No of oz to be served (notices) | 8050 contracts 805,000 OZ 25.132 TONNES |
| Total monthly oz gold served (contracts) so far this month | 18,896 notices 1,889,600 0z 58.779 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:
4 entries
i) Out of Asahi 123,959.218 oz
ii) Out of Brinks 54,978.210 oz (1710 kilobars)
iii) Out of HSBC 8179,278 oz
iv) Out of Loomis: 22,473.544 oz
total withdrawal 209,590.905
or 6.519 tonnnes
they are draining the comex of gold
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ADJUSTMENTs 5 all dealer to customer
a) Asahi: 17,018.925 oz
b) Brinks 1,104,669.477 oz
c) Malca 4436.838 oz
d) Loomis 3375.855 oz
total adjustments: equates to 35.13 tonnes
chaos inside the comex
AMOUNT OF GOLD STANDING FOR DECEMBER
THE FRONT MONTH OF DECEMBER STANDS AT 26,946 CONTRACTS FOR A STRONG LOSS OF 12,251 CONTRACTS.
THUS BY DEFINITION, THE INITIAL AMOUNT OF GOLD STANDING FOR DECEMBER IS AS FOLLOWS
26,946 NOTICES X 100 OZ PER NOTICE
EQUALS
2,694,600 OZ OR 83.813 TONNES OF GOLD
JANUARY GAINED 207 CONTRACTS UP TO 2936
FEB GAINED 8973 CONTRACTS UP TO 308,199 CONTRACTS
We had 18,896 contracts filed for today representing 1,889,600 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 8178 notices issued from their client or customer account. The total of all issuance by all participants equate to 18,896contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer an 8027 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for DEC /2025. contract month, we take the total number of notices filed so far for the month (1,889,600 oz ) to which we add the difference between the open interest for the front month of DEC ( 26,946 CONTRACTS) minus the number of notices served upon today (18,896 x 100 oz per contract) equals 2,694,600 OZ OR 83.813 Tonnes of gold
thus the INITIAL standings for gold for the DEC contract month: No of notices filed so far (18,896 x 100 oz +we add the difference for front month of DEC (26,946 OI} minus the number of notices served upon today (18,896)x 100 oz) which equals 2,694,600 OR 83.813 TONNES to which we add our 4.5596 tonnes of exchange for risk//new total of gold standing in DECEMBER is 83.813 tonnes
TOTAL COMEX GOLD STANDING FOR DEC ..: 83.813 TONNES TONNES WHICH IS STRONG FOR THIS NORMALLY VERY ACTIVE ACTIVE DELIVERY MONTH OF DECEMBER
volume WEDNESDAY confirmed 229,877 contracts ok
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 1,940,818.694 oz 60.367 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 36,359,102.943 oz
TOTAL REGISTERED GOLD 18,112,393.509 or 563.36 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 18,244,709.434 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON 16,171,575 oz ((REG GOLD- PLEDGED GOLD)=
503.00 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
SILVER/COMEX
THE DEC. 2025 SILVER CONTRACTS
NOV 28 2025
INITIAL/
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 2 entries i) Out of ASAHI 222,522.240 oz ii) Out of JPMorgan 434,727.290 oz total withdrawal: 659,249.530 oz |
| Deposits to the Dealer Inventory | 1 ENTRY i) Into Asahi 566,693.200 oz total dealer deposit 566,693.200 oz |
| Deposits to the Customer Inventory | 0 entries |
| No of oz served today (contracts) | 7330 CONTRACT(S) ( 36,650,000 OZ 36.650 MILLION OZ |
| No of oz to be served (notices) | 2536 contracts (12.680 MILLION oz) |
| Total monthly oz silver served (contracts) | 7330 Contracts (36.650 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
1 ENTRY
i) Into Asahi 566,693.200 oz
total dealer deposit 566,693.200 oz
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DEPOSIT ENTRIES/CUSTOMER ACCOUNT
0 entries
withdrawals: customer side/eligible
2 entries
i) Out of ASAHI 222,522.240 oz
ii) Out of JPMorgan 434,727.290 oz
total withdrawal: 659,249.530 oz
adjustments: 3
a)out of eligible//total removal:
Out of Brinks 1,214,094.700 oz
comex is in turmoil
b) Out of CNT dealer to customer account: 897,975.180 oz
c) Out of JPMorgan 13,412,156.350 oz//dealer to customer account//chaos!!
TOTAL REGISTERED SILVER: 138.281 MILLION OZ//.TOTAL REG + ELIGIBLE. 456.772 Million oz
registered silver dropping in numbers
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR DEC.
silver open interest data:
FRONT MONTH OF DECEMBER /2025 OI: 9866 OPEN INTEREST CONTRACTS FOR A LOSS OF 3353 CONTRACTS.
THUS BY DEFINITION THE INITIAL AMOUNT OF SILVER WILLING TO STAND FOR DELIVERY IN THIS EXTREMELY ACTIVE DELIVERY MONTH IS AS FOLLOWS
9866 NOTICES FILED X 5000 OZ PER NOTICE
EQUALS
49.33 MILLION OZ STANDING FOR DELIVERY.
JANUARY GAINED 314 CONTRACTS UP TO 3796 CONTRACTS
FEB GAINED 34 CONTRACTS UP TO 1023 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 7330 or 36.680 oz
CONFIRMED volume; ON WEDNESDAY 109,419 huge//
AND NOW NOVEMBER. DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in DEC. we take the total number of notices filed for the month so far at 7330 X5,000 oz = 36.650 MILLION oz
to which we add the difference between the open interest for the front month of DEC (9866) AND the number of notices served upon today (7330 )x (5000 oz)
Thus the standings for silver for the DECEMBER 2025 contract month: (7330) Notices served so far) x 5000 oz + OI for the front month of DEC(9866) minus number of notices served upon today (7330)x 5000 oz equals silver standing for the DEC.contract month equating to 49.33 MILLION OZ
New total standing: 49.33million 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 138 281. million oz of registered silver
JPMorgan as a percentage of total silver: 198.596/456.772million. 43.42%
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 28/WITH GOLD UP $51.85 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 1.14 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT XXX TONNES
NOV 26/WITH GOLD UP $25.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A FRAUDULENT PAPER DEPOSIT OF 4.57 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1045.43 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: 1045.43 TONNES, TONIGHTS TOTAL
SILVER
NOV28/WITH SILVER UP $3.28 TODAY/NO CHANGES IN SILVER AT THE SLV:/ :INVENTORY RESTS AT 500.983 MILLION OZ //
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
Alasdair Macleod….
Silver, gold becoming Giffen goods
New York futures out of action probably doesn’t help. But silver hits new highs in volatile conditions. In this report, we look at the factors driving gold and silver higher still.
| Alasdair MacleodNov 28∙Paid |
During Thanksgiving week (US markets closed on Thursday) the bullish running has been made in Asia. In European trade this morning, gold was $4,173, up $90 from last Friday’s close. Silver at $53.85, up $3.87 on the same time scale was making the running. Overnight in Shanghai, spot silver spiked as high as $55.13 surpassing previous highs, and the February future closed at $56.
The situation is complicated by Comex trading halted overnight, it is said due to cooling issues at a data centre. It may or may not have contributed to silver spiking higher. But the real problem in markets is an acute shortage of deliverable silver.
So far this year, 12,834 tonnes have been stood for delivery. As a source of silver bullion, Comex exceeds the combined output of Mexica, China, Peru, and possibly Chile — the world’s four largest producers. We don’t know how much of this is no longer available in the form of market liquidity, but with liquidity clearly stretched it will require higher prices, probably far higher to find out.
The chart below, which shows the relationship between the silver price and open interest encapsulates the problem.
Particularly since the beginning of this year, while silver has been rising open interest has declined. In a reversal of normal supply and demand relationships as the price rises, selling dries up. Normally, we look at speculator activity on the buy side to drive prices. But instead, there is a growing reluctance of sellers to supply additional futures contracts to buyers. That is why speculator interest is declining presumably with quotes widening, despite an obvious bullish momentum which normally attracts hedge fund interest.
The problem is not confined to Comex, with persistent backwardations between London spot and Comex futures, which have only disappeared since the March contract has become active. An additional difficulty for New York and London is that demand is increasing in China, with silver on the Shanghai Futures Exchange (SHFE) closing at $56 for the February contract while bullion stocks in the SGE and SHFE have declined to dangerously low levels. SHFE open interest and volumes are telling the same story as western paper markets, both of which still appear relatively subdued despite a soaring silver price:
Normal supply and demand analysis inadequately explains the situation in silver. After years of price suppression, evidenced by global supply deficits relative to increasing industrial demand, there is a dawning of the consequences. Worse for industrial users long accustomed to cheap supplies, silver has the characteristics of a Giffen good, where a rising price creates further scarcity: the scarcity being the “investor category”, in the Silver Institute’s annual surveys no longer prepared to cover supply deficits from industrial demand.
There is a similar situation in gold, as the next chart of the price and Comex open interest demonstrates:
There have been three phases of the relationship. As the price rallied in the first quarter, speculative interest boomed. That was when it was thought that the newly elected President Trump would impose trade tariffs on US gold imports. Gold then consolidated for about five months while speculative interest declined, only picking up briefly when gold broke out above its consolidation phase. But in late-September, open interest began to decline despite a rising price.
Clearly, gold is not being driven by speculators, but by the paper gold establishment’s attempts not to get caught short.
Gold is a far larger market than silver, but like silver it looks like becoming a Giffen good, as a rising price deters selling and at the margin attracts buyers who are missing out. What it tells us about the relationship between metallic money and fiat currencies is ringing alarm bells. But that topic is beyond a precious metals market analysis.
end
The short squeeze in gold intensifies
The bullion banking establishment, the ultimate insiders, expect higher gold prices. They are positioning their books to avoid getting caught out when speculator demand returns.
| Alasdair MacleodNov 27 |
It is remarkable that speculative interest in Comex gold futures is minimal. We can judge this from open interest, which is the sum of all long positions — managed money, other reported, and non-reported categories, plus minor longs recorded in the producers and swaps.
As a rule of thumb, when open interest is high it reflects an increase in speculators expecting higher gold prices. It is typical of bull markets that open interest remains high tracking the price, and when it gets excessive prices are due to correct. But what of the condition currently in gold futures, where the price keeps going higher, while open interest declines?
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It is remarkable that gold is not being driven by increasing speculation. Speculator interest is clearly diminishing. Not even momentum traders seem to be taking part. The same is almost certainly true of London’s forward market, which tends to hedge long positions by going short in Comex futures. We can therefore conclude from Comex open interest that long positions in London are lower than normal.
It is clear that lack of physical liquidity is the common factor driving prices in both markets. Hidden from us is strong physical demand taking out free floats from mine and scrap production and absorbing the minor sales we see all the time in any market. And when it’s bought, it’s gone, hoarded until dishoarded.
It was also interesting that at the recent LBMA conference in Kyoto a straw poll of attendees reckoned gold would rise to an average of $5,000 in 2026. They see prices continuing to rise, which is bound to reflect their own positions. In other words, they are and will continue to be careful not to go short, maintaining balanced to long net positions.
It appears that hedge funds and other speculators are unaware of the consequences. For the first time in recent memory, the establishment is indicating by its collective actions that gold prices are going significantly higher, yet the signals are being ignored by speculators. Furthermore, when the speculators wake up and because the establishment will refuse to go short at anything like current levels, the gold price will be marked up rather than futures demand supplied.
Lots flow from an understanding of this extraordinary market position, which will wait for other days. But the focus of this brief article is to draw attention to a fascinating market position which is being ignored by the big speculative money.
The situation in silver is equally fascinating, which I will cover in my regular market update tomorrow. Meanwhile, feel free to forward this article to anyone who you think will benefit.
end
The gold story grows .. does the gold exist to cover Italy and Germany?
to |
Attachments area
3.CHRIS POWELL, Secretary/Treasurer//GATA DISPATCHES
Silver quietly outperforms gold for precious metal podium
Submitted by admin on Thu, 2025-11-27 09:31 Section: Daily Dispatches
By Clyde Russell
Reuters
Thursday, November 27, 2025
Silver may be viewed as something of a bridesmaid to gold in precious metal markets, seemingly overshadowed by its more talked-about rival.
But silver is quietly outperforming gold in generating returns to investors and perhaps has a more compelling long-term outlook given a structural supply deficit and surging demand from renewable technologies such as solar panels.
Spot silver has been in a sustained uptrend since October 2023, leaping by 163% from a low of $20.67 an ounce on October 3 of that year to a record high of $54.38 on November 13.
It has since retreated 5.6% to close at $51.33 an ounce on Wednesday.
Spot gold rose by 142% from a low of $1,813.90 an ounce on October 3, 2023 to a record of $4,381.21 on October 20, before retreating 5.0% to close at $4,163.51 on Wednesday.
While silver hasn’t massively outperformed gold, its stronger gains have come without the high media profile assigned to perhaps the more glamorous of the two precious metals. …
… For the remainder of the commentary:
end
It’s getting around: China is acquiring much more gold than it reports
Submitted by admin on Tue, 2025-11-25 18:29 Section: Daily Dispatches
China’s Secret Gold Purchases Boost Price by 40%
By Inma Bonet and Guillermo Abril
El Pais, Madrid
Monday, November 24, 2025
The price of gold is hitting record highs, and according to market experts, China is one of the main unseen players behind this unstoppable surge — for some, the most prominent.
The precious metal has appreciated by more than 40% in 2025, reaching $4,380 per ounce in October, an absolute record — although it has retreated in recent weeks — amid a growing appetite among central banks to bolster their reserves with assets that are considered safe.
Despite this being a global trend, several analysts point particularly strongly to Beijing. They agree that the Asian giant appears to be acquiring far greater volumes of gold than it publicly declares, and that this additional demand, which goes unreported, is acting as one of the determining factors in the biggest gold rally in decades.
Independent reports paint a very different picture than the one offered by the official statements of the People’s Bank of China, the central bank. The discrepancies in the figures, echoed by advisers at various international investment banks, fuel widespread suspicion that a significant portion of Chinese purchases goes unreported, part of a strategy to protect itself against geopolitical risks and reduce its dependence on the U.S. dollar and assets at a time of increasing international fragmentation. …
… For the remainder of the report:
end
Gold increasingly is becoming money in India, or at least collateral
Submitted by admin on Tue, 2025-11-25 09:45 Section: Daily Dispatches
Gold Loan Boom: 3,000 New Branches to Open in India in 12 Months
By Atmadip Ray
The Times of India, Mumbai
Tuesday, November 25, 2025
KOLKATA — India’s gold loan market is set for a big boost with non-bank lenders planning to add about 3,000 branches in the next 12 months or so exclusively for lending against jewelery.
The market, dominated by state-owned banks, swelled 36% year-on-year to Rs 14.5 lakh crore at the end of September.
The branch expansion, according to sectoral heads, is the biggest such annual exercise. Lenders are opening dedicated gold branches to tap the emerging opportunity as well as extending the secured loan product to their existing outlets.
“The demand for gold loans is rising like never before with many people failing to get unsecured micro loans are looking up to gold loan lenders to meet their fund requirement,” George Alexander Muthoot, managing director of India’s largest gold loan company Muthoot Finance, told The Times.
Microfinance companies have turned very selective following a severe asset quality stress in the sector.
This, along with higher gold loan prices, has made borrowing against jewelry a sought-after loan product for farmers and small traders looking for working capital. High prices translate into greater loan amounts. …
… For the remainder of the report:
end
Barrick will pay Mali $430 million to settle gold mine dispute
Submitted by admin on Tue, 2025-11-25 09:09 Section: Daily Dispatches
By Katarina Hoije and William Clowes
Bloomberg News
Tuesday, November 25, 2025
Barrick Mining Corp. has agreed to a 244 billion CFA francs ($430 million) settlement with Mali, as part of a deal to end a two-year dispute that shuttered one of the company’s most important gold operations, according to people familiar with the matter.
Under the settlement, Barrick is due to pay 144 billion CFA francs within six days of signing the agreement with Mali’s government, the people said, asking not to be identified because the matter is private. Another 50 billion CFA francs will come via VAT-credit offsets, while an installment of the same size was already paid last year, the people said
The Canadian company will regain operational control over the Loulo-Gounkoto complex and withdraw its arbitration claims against the West African country, Barrick said in a Monday statement. Mali, in turn, will drop its charges against Barrick and take legal steps to release four employees jailed during the dispute with the government. …
… For the remainder of the report:
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS /249 AND TODAY;S 250
SILVER
TJE REASON FOR THE CME FAILURE THIS MORNING;
͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Thursday, Nov 27, 2025 – 07:20 AM
Authored by Amin Haqshanas via CoinTelegraph.com,
Stablecoin issuer Tether holds 116 tons of physical gold, placing it on par with central banks such as those in South Korea, Hungary and Greece.
Tether is “the largest holder of gold outside central banks,” Jefferies wrote in a recent analysis, per a report by the Financial Times. The investment bank added that Tether’s growing appetite for gold may be playing a larger role in the metal’s recent surge than previously assumed.
According to Jefferies, Tether’s gold purchases last quarter accounted for nearly 2% of total global gold demand and almost 12% of central bank purchases. The company said that Tether’s aggressive accumulation over the past two months “is likely to have tightened supply in the short term and influenced sentiment,” potentially driving speculative inflows into gold markets.
Investors cited by Jefferies said Tether aims to acquire another 100 tons of gold in 2025. With the company reportedly on track for $15 billion in profit this year, the target appears well within reach, according to the report.
Tether doubles down on gold strategy
Tether has also spent more than $300 million this year buying stakes in precious-metal producers. In June, it acquired a 32% stake in Canada’s public gold royalty firm Elemental Altus Royalties.
In September, the FT reported that Tether is exploring investments across the gold supply chain, including mining, refining, trading and royalty companies, as part of a broader push to diversify its reserves.
Tether also issues Tether Gold (XAUt), its gold-backed token launched in 2020 and advertised as being supported by bullion stored in a Swiss vault. Blockchain data shows XAUt issuance has doubled over the past six months, with Tether adding 275,000 ounces (about $1.1 billion) since August.
Tether Gold has a market cap of $2.1 billion. Source: Tether Gold
Jefferies said Tether is betting that tokenized gold will finally find traction. Physical gold is cumbersome for retail investors, futures carry roll costs and gold ETFs charge relatively high fees. Tether argues that tokenization solves these frictions.
Tether increasingly resembles a central bank
As Cointelegraph reported, Tether’s day-to-day operations mirror several core functions traditionally associated with central banks. It mints and redeems USDt directly for verified customers, effectively expanding or contracting supply through its primary market pipeline.
It also manages a large reserve portfolio dominated by short-duration US Treasurys, along with gold and Bitcoin. The company generates central bank–like income by earning interest on those Treasurys while issuing a non-interest-bearing token.
CME
CME Futures Go Dark After Cooling Failure At Chicago Data Center; Traders Angered: “We’re Flying Dark”
Friday, Nov 28, 2025 – 06:40 AM
A major “cooling issue” at data centers operated by CyrusOne forced the Chicago Mercantile Exchange to halt futures and options trading early Friday morning, disrupting activity across equities, FX, Treasuries, energy, and agricultural markets.
“Due to a cooling issue at CyrusOne data centers, our markets are currently halted. Support is working to resolve the issue in the near term and will advise clients of Pre-Open details as soon as they are available,” CME wrote on X late Thursday night.
CME provided an update around 0500 ET, indicating, “BrokerTec EU markets are open and trading. All other CME Group markets remain halted due to a data center cooling issue at CyrusOne. We will provide updates as they are available.”
The disruption, now longer than a similar 2019 outage, paralyzed CME’s Globex platform, prompting traders to describe conditions as “flying dark” as liquidity, price discovery, and market signaling disappeared in seconds.
Exchanges connected to CME, including CBOT, NYMEX, COMEX, and even the Gulf Mercantile Exchange, also experienced disruptions. CME has not provided a reopening time.
Thomas Helaine, head of equity sales at TP ICAP Europe in Paris, told Bloomberg the outage is “a bit like flying dark,” adding, “When you’re trading cash equity like us, US futures give you an indication of where the market is going before the open. I can only imagine how complicated it must be for derivatives desks.”
UBS equity trader Ed Abraham told clients, “Liquidity has reduced even more after the CME halted trading of commodities futures and options due to a cooling issue at a data center, providing no timeline for when the issue would be fixed. APAC.”
“Traders sitting with a position are certainly quite angry,” said Gnanasekar Thiagarajan, head of trading and hedging strategies at Kaleesuwari Intercontinental.
Nick Twidale, chief analyst at AT Global Markets in Sydney, noted that traders “will be switching to alternative liquidity tools where they can. We’ve lost one of the market’s major liquidity sources. This heightens the risk of exacerbated moves if a big event occurs.”
The outage creates headaches for traders as they roll monthly contracts, leaving positions frozen. With US markets reopening for a shortened post-Thanksgiving session, broader equity markets in Europe and Asia were rather muted.
Also, the outage highlights the extent to which CME serves as a backbone of global markets, where one data center cooling issue can ripple across exchanges worldwide.
German analyst Marc Friedrich joked at CME’s X post, “Silver had to get cooled off.”
END
THE REAL REASON FOR THE ABOVE:
CME’s “Cooling Failure”: When Zero Free Float Silver and 400 Million Ounces Standing for Delivery Blow the Fuse on…
How One Delivery Demand Exposed the Game. Show Me the Bars: The 400 Million Ounce CallThe Silver AcademyNov 28 
READ IN APP
Silver’s Moment of Truth: When the Screen Went Dark and 400 Million Ounces Knocked
The moment the screen went dark, every silver trader on the planet knew something had snapped. Silver futures had been grinding higher for months, each dip devoured faster than the last, but that night the tape stopped behaving like a market and started behaving like an escape attempt. Asian buying bled into London, London bled into New York pre-market, and the chart turned into a near-vertical line as bids chased price and offers simply stopped showing up. What was supposed to be a risk-management tool had become the eye of the storm. Then, at the precise tick where a new all-time high printed, the feed froze. No quotes. No trades. Just a bright, clean nothing where a liquidity inferno had been seconds before.“Glitch” Or Fire Alarm?In those first minutes, it felt less like a glitch and more like someone had walked into the global pricing room and slapped the master breaker. Traders who had sat up all night nursing positions were left staring at dead ladders and error messages, while broker chats filled with the same question: was this a technical problem, or did someone just pull the fire alarm on purpose? Whatever line the press releases would later sell, everyone understood what had actually been interrupted. A runaway breakout—one that threatened to trap deeply short players in a no-offer vacuum—had been cut off mid-stride. The possibility that tens of thousands of contracts would be forced to cover into air vanished the moment the screen went black.The 400 Million Ounce UltimatumThe backdrop made the timing even more radioactive. Behind that vertical candle sat the now-confirmed story: an Authorized Participant, tied into Chinese flows, had stood for delivery of roughly 400 million ounces of silver—about 12,441 metric tons—in a system that, in reality, did not have that kind of unencumbered metal to spare. The request was bigger than London’s true free float, bigger than what COMEX could comfortably shuffle from “registered” to “deliverable” with its usual games. This wasn’t some chatroom fantasy; it was a sophisticated player effectively calling the market’s bluff and asking, in size, “Show me the bars.” Faced with the hard arithmetic of inventory versus obligation, the bullion banks and their sponsors had two choices: admit a default, or “pull the plug” and buy time, absorbing enormous off-screen losses rather than letting the failure play out in the open.How The Halt Saved Them – For NowIn the very short term, the halt did exactly what it needed to do for the people most exposed. It stopped a textbook blow-off move that was seconds away from becoming a disorderly melt-up. It gave clearing members and large shorts a crucial window to triage margin calls, scramble for collateral, and quietly roll or reduce positions at prices that were merely ugly instead of career-ending. When the venue eventually flickered back to life, it did so under new “guardrails”: altered collars, heavier margins, and a re-framed narrative about “orderly markets” and “technical issues.” On the surface, it looked prudent. The vertical was capped, the reopened tape looked less hysterical, and mainstream headlines dutifully treated it as a temporary disruption in a modern, well-managed marketplace.The Promise COMEX Just BrokeBut underneath, something far more important had been broken. A futures exchange is not just a price feed; it is a promise—continuous trading when it matters, equal rules for both sides of the trade, and a rulebook that does not magically bend when the wrong players are in trouble. Halting trading at the precise moment of maximum upside stress made that promise look conditional. Retail traders and small funds had seen this movie before: when the wreckage is on the downside, it is “the market”; when the damage threatens systemically short institutions, it suddenly becomes a “stability event” that justifies pulling the plug. Fair or not, the perception hardened instantly: the system blinked when the pressure turned from the little guy to the house. That image of a frozen candle at the very top is the kind of scar that doesn’t fade with a few FAQs and a risk-management webinar.Paper Silence, Physical NoiseMost damning of all, paper stopped but physical didn’t. While the official benchmark went mute, dealers’ phones kept ringing. Bullion sites kept ratcheting premiums. Miners, refiners, and industrial buyers kept haggling in back channels over real ounces that still had to move, regardless of what some frozen contract said. The divide between “price” and “reality” stopped being an abstract internet argument and became something traders could feel in their gut: when the futures venue became too revealing, it was the mechanism that was shut down, not the underlying demand. The 400 million ounce AP demand was proof of concept. Somebody large enough and plugged-in enough had finally tested how far the paper tower could be pushed before something snapped, and the answer turned out to be: not nearly as far as the official narrative claimed.December 31, 2025: The Deadline No One Can Trade AroundThat is where December 31, 2025 looms like a silent deadline behind every tick. Year-end is when positions crystalize into audited reality, when derivative exposures and “temporary” workarounds stop being rumors and start becoming numbers on balance sheets, regulatory filings, and risk reports. Between now and that date, banks, exchanges, and regulators have to decide how much of this to bury and how much to reprice. Any off-book metal borrow, any emergency swap line, any side-letter solution used to muddle through a 400 million ounce call must either be normalized, refinanced, or confessed. For large players, year-end is also the last plausible moment to exit over-levered short structures before new capital rules, new scrutiny, and a new base price for silver close the door.You Can Halt The Screen, Not The SqueezeSo the story that emerges when you merge the trading halt with the AP’s 400 million ounce demand is not a glitch story at all. It is the story of a system that finally hit the limit of how far it could stretch the lie that “there is always metal.” The screen going dark at the high was not a random coincidence; it was the visual expression of that limit being reached. You can delay the public squeeze by halting the venue, by rewriting margin, by leaning on narratives about “technical issues.” You cannot halt a repricing driven by physical scarcity, sovereign and industrial demand, and a player base that now knows the bars are finite and the promises are not. The clock is now running toward December 31, 2025, and everyone who understands what just happened has to decide, before that date arrives, whether they want to be long contracts—or long metal.end of segment
ASIA RESULTS; FRIDAY NOV 28
SHANGHAI CLOSED UP 13.34 POINTS OR 0.34%
//Hang Seng CLOSED DOWN 87.04 PTS OR 0.34%
// Nikkei CLOSED UP 86.81 PTS OR 0.17% //Australia’s all ordinaries CLOSED UP 0.07%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.0752/ OFFSHORE CLOSED UP AT 7.0720/ Oil UP TO 59.08 dollars per barrel for WTI and BRENT UP TO 62.94 Stocks in Europe OPENED ALL MIXED
ONSHORE USA/ YUAN TRADING UP TO 7.0752 OFFSHORE YUAN TRADING UP TO 7.0720:/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 MONDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP AT 7.0756
OFFSHORE YUAN: UP TO 7.0720
HANG SENG CLOSED DOWN 87.04 PTS OR 0.34%
2. Nikkei closed UP 86.81 PTS OR 0.17%
3. Europe stocks SO FAR: ALL MIXED
USA dollar INDEX UP TO 99.71 /// EURO FALLS TO 1.1507 DOWN 32 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +1.802 // UP 1/4 FULL BASIS PTS//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 156.37…… 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: 3.344 UP 2 FULL BASIS PTS.
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP/JAPANESE Yen DOWN CHINESE ONSHORE YUAN: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR UP this morning
3h European bond buying continues to push yields HIGHER on all fronts in the EMU. German 10yr bund YIELD UP TO +2.6872/ Italian 10 Yr bond yield UP to 3.410 SPAIN 10 YR BOND YIELD UP TO 3.168
3i Greek 10 year bond yield UP TO 3.313
3j Gold at $4165.00 Silver at: 53.79 1 am est) SILVER NEXT RESISTANCE LEVEL AT $54.00//AFTER 50.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 21/100 roubles/dollar; ROUBLE AT 78.21
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 156.37 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.802% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.334 UP 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 0.8061 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: 4.010 UP 2 BASIS PTS…
USA 30 YR BOND YIELD: 4.658 UP 2 BASIS PTS/
USA 2 YR BOND YIELD: 3.548 UP 3 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 42.51 UP 8 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.4580 UP 1 PTS
30 YR UK BOND YIELD: 5.208 UP 0 BASIS PTS
10 YR CANADA BOND YIELD: 3.129 DOWN 2 BASIS PTS
5 YR CANADA BOND YIELD: 2.704 DOWN 3 BASIS PTS.
1a New York OPENING REPORT
Global Chaos As CME Outage Halts Futures Trading, Markets Set For Monthly Loss
Friday, Nov 28, 2025 – 08:21 AM
Normally, this is where we would tell you where US index futures are trading early in the morning, we can’t because at 9:45pm ET on Thursday, the CME experienced a catastrophic “glitch” and all equities, treasuries, FX and commodities futures went dark as a result of a what the Chicago Merc Exchange said was a cooling system malfunction at its Chicago data center operated by CyrusOne. While the CME since restarted its EBS market, a platform used in foreign exchange, at noon London time, its major global futures markets from equities to bonds and commodities are still down. When the cash market opens, both the S&P 500 and Nasdaq 100 will look to extend a four-day winning streak driven by growing confidence that the Fed will cut interest rates next month. Elsewhere, European bourses are mostly flat, with the FTSE 100 (+0.1%) the only major index posting gains. Overall market action is muted amid light news flow, reflecting both Thanksgiving and the CME issues. The Dollar is firmer within a 99.50–99.75 range, having found support at the half-round figure and pushed above Thursday’s 99.71 peak. European bonds are a little softer post-data; the EUR dipped during the releases but has since bounced off lows. Crude oil traded modestly higher, extending the prior session’s gains, although WTI trading was later halted due to the CME outage. Looking ahead, highlights Canadian GDP (Q3), German Nationwide HICP, Credit Review for France. Today is a shortened US session, with markets set to close just after noon ET.
Single stocks traded without incident in the premarket. Alphabet Inc. rose more than 1%, while Amazon.com Inc. also firmed as Black Friday shopping moved into full swing. Individual stocks are trading, and all Mag 7 names are in the green:Alphabet (GOOGL +0.9%, Amazon +0.9%, Microsoft +0.8%, Tesla +0.6%, Meta +0.5%, Nvidia +0.4%, Apple +0.3%). Here are some other notable premarket movers:
- CNH Industrial (CNH) is down 1.2% after JPMorgan analyst Tami Zakaria cut the recommendation on the agricultural equipment maker to underweight from neutral, citing an industry outlook from Deere.
- Tilray Brands (TLRY) is down 13% after the cannabis company announced that it will implement a one-for-ten reverse stock split of its common stock.
- Shares in CME Group Inc. (CME), NYSE owner Intercontinental Exchange Inc. (ICE) and Nasdaq Inc. (NDAQ) are in focus after the CME glitch
In corporate news, a fleet of planes that UPS grounded after a deadly crash isn’t expected to be back in service during the peak holiday season due to inspections and possible repairs.
After a volatile start to November, the S&P 500 narrowed its loss to about 0.4% before the Thanksgiving break. Expectations that the Federal Reserve will cut interest rates faster than first anticipated fueled a late-month rebound. The gauge had been down as much as 4.7% in November barely more than a week ago, as worries over stretched technology valuations rattled traders. Money markets were assigning roughly an 80% chance of a Fed cut in December before the CME disruption hit.
For markets still affected by the outage – which is most of them – the impact was significant. Trading of US Treasury futures remained halted, while cash bonds saw limited activity. European and UK bond markets that trade on a different exchange were unaffected.
“Some market participants will take advantage of possible differences in prices,” said Guillermo Hernandez Sampere, head of trading at asset manager MPPM. “The majority will pause trading for risk reasons until the issues are resolved, otherwise losses are possible.”
For some, the timing of the disruption on Friday could cause particular inconvenience if it lasts, due to the need to roll positions from one contract to another. Friday is the expiry day for gasoline and diesel futures that can be settled with delivery of the actual physical fuel, adding a further potential complication for some traders.
“The spillover from the Thanksgiving holiday and the fact there is no US data may on the face of it lessen the impact,” said Daniel Noorian, head of execution and quantitative services at Liquidnet. “Big concerns will be month-end flows and options expiry today in the weekly products.”
Gold saw erratic moves in early London trading, with the gap between bids and offers about 20 times wider than normal. US crude and palm oil on the Bursa Malaysia exchange were also affected.
According to an update, futures markets should reopen shortly…
- *CME GLOBEX FUTURES & OPTIONS MARKETS TO OPEN 7:30 CENTRAL TIME
Elsewhere, money markets are pricing in a more than 80% chance of a quarter-point rate cut in December, up substantially from about 30% before Williams’ speech last Friday, and leaning toward three more in 2026. That’s helping ease concerns about AI spending and stretched valuations, which sparked a selloff earlier this month. The theme of intensifying AI competition continues to play out. Nvidia has fallen nearly 13% in under a month, while SoftBank – a major investor in OpenAI – is down almost 40% from its October peak. Conversely, tie-ups and new software are helping Google catch up in the global AI race.
Turning to the sad state of the US consumer, this Black Friday, bargains may be tougher to find. Retailers are trying to rein in discounting to mitigate Trump’s tariffs. Stores may struggle to keep shelves stocked with children’s gifts still overwhelmingly made in China as tariff-hit imports fall.
In geopolitics, Putin signaled openness to talks about ending the war in Ukraine, saying Trump’s proposals could be the basis for future agreements. Efforts to end Russia’s war there are weighing on oil prices, set to fall for a fourth month running, the longest monthly losing streak in more than two years, ahead of a meeting of OPEC and its allies this weekend.
Europe Trading: European stocks were little-changed with steady with gains in the FTSE 100 and CAC 40. The Stoxx 600 is little changed as it heads for a 5th monthly gain. Delivery Hero shares rally as it’s said to be facing pressure from investors to sell at least parts of its business. Energy shares outperform, while the travel and leisure sector is among the laggards. Here are some of the biggest movers on Friday:
- Delivery Hero shares rally as much as 8.5% as it is said to be facing pressure from several large shareholders to conduct a strategic review amid increasing consolidation in the food-delivery industry.
- Mowi shares gain as much as 2.8%, the most in more than a month, after Berenberg raised its recommendation to buy from hold.
- Knorr-Bremse shares rise as much as 2.3%, the most since August, after Goldman Sachs initiated coverage with a recommendation of buy.
- EasyJet shares climb as much as 3.1% to a six-week high after Bernstein upgraded the stock to outperform from market-perform.
- Mitchells & Butlers shares gain as much as 8.2% on Friday, the most since May 2024, after the pub operator reported strong full-year results and robust current trading.
- Softwareone shares surge as much as 11% to their highest level in over a year on Friday, after Berenberg initiated coverage with a recommendation of buy.
- Whitbread shares slide as much as 9.2% to a seven-month low after Bernstein double-downgrades the stock following Wednesday’s UK budget.
- Sunrise Communications shares drop as much as 3.4% after JPMorgan cut its recommendation to underweight from neutral.
- Burberry shares fall as much as 4.6% after JPMorgan cut its recommendation to underweight from neutral.
Asian stocks fell for the first time this week, hampered by losses in high-flying South Korean tech names. The MSCI Asia Pacific Index dropped 0.3%, weighed down by the likes
In FX, the dollar is stronger versus major peers with the Bloomberg Dollar Spot Index up 0.2%. Kiwi lags but is on track for a 1.7% weekly gain versus the dollar following a hawkish RBNZ cut earlier in the week. The euro is lower after regional euro-zone inflation metrics.
In commodities, oil was on track for a fourth monthly decline as traders looked ahead to this weekend’s OPEC+ meeting and assessed how a possible Ukraine peace agreement might influence an already oversupplied market. Brent held above $63 a barrel after a modest rise on Thursday. Spot gold is higher but saw a $20 move lower in early European trade, which could be linked to the lack of CME trade.
Market Snapshot
- none as there are no futures actively traded
Top Overnight News
- CME Group (CME) says BrokerTec EU markets are open and trading, all other CME group markets remain halted amid the data center cooling issue at CyrusOne.
- CME announced that CME Globex futures and options markets were halted due to technical issues, and Cboe halted trading on C1 due to ongoing issues at CME. CME later announced that markets were halted due to a cooling issue at CyrusOne data centres, while it is working to resolve the outage issue and will advise clients of pre-open details as soon as available.
- US President Trump said that they may be cutting income tax almost completely because of tariff proceeds.
- US President Trump posted that he will permanently pause migration from all third-world countries to allow the US system to fully recover and will terminate all of the millions of Biden’s illegal admissions, while he will end all federal benefits and subsidies to non-citizens.
- US President Trump ordered a review of all green card holders from countries “of concern” after the attack on National Guards in Washington DC, according to Axios.
Trade/Tariffs
- Nexperia issued an open letter to the leadership of Nexperia’s entities in China and noted that it continues to seek constructive collaboration with its entities in China, and has been requesting an open dialogue to find a path forward. Furthermore, it urged the leadership of Co.’s entities in China to take immediate steps towards structured negotiations to address the restoration of the supply chain, but added that it did not receive any meaningful response.
- Indonesia is reportedly resisting attempts by US President Trump to force it to accept a so-called “poison pill” and other coercive clauses in its “reciprocal tariff” trade deal with the US, according to FT.
- India expects to have a deal with the US before year-end as most issues are resolved, according to the Indian Trade Secretary
- EU Commission receives notifications from Apple (AAPL) under the Digital Market Act: Notifications from Apple (AAPL) indicated that its core platform services like Apple ads and maps meets the digital market thresholds.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were rangebound in the absence of a lead from Wall Street due to Thanksgiving Day and as participants digest a deluge of data at month-end. ASX 200 lacked direction as strength in the tech, mining and the consumer sectors is counterbalanced by losses in financials, real estate and telecoms. Nikkei 225 traded indecisively amid a slew of data in which Industrial Production and Retail Sales topped forecasts, while Unemployment rose and Tokyo CPI printed mostly in line with estimates, aside from the firmer-than-expected core reading. Hang Seng and Shanghai Comp were mixed, albeit with trade confined to within relatively tight parameters, while China Vanke shares and bonds were volatile and initially continued to slump with its H shares hitting a record low amid the ongoing default concerns, before staging a notable recovery.
Top Asian News
- BoJ decided to increase the upper limit on the consecutive-day purchases of the same issue under the Securities Lending Facility (SLF) for 10-year JGBs from Dec 1st.
- Japan finalised JPY 18.3tln extra budget to fund stimulus package
- Samsung Electronics (005930 KS) appoints new CEO, Tae-Moon Roh.
- Meituan (3690 HK) Q3 (CNY): Revenue 95.5bln (exp. 97.5bln), Adj Net -16bln (exp. -13.96bln); sees operating loss trend to continue in Q4; market competition remained overheated recently.
European bourses are mostly flat, with the FTSE 100 (+0.1%) marginally higher this morning. Overall market action is muted amid light news flow, reflecting both Thanksgiving and the CME issues. European sectors are largely in the red. Basic Resources (+0.2%) and Energy (+0.3%) are marginal outperformers, supported by underlying moves in metals and energy. Laggards include Travel & Leisure (-0.7%), Autos (-0.4%) and Insurance (-0.4%). Ongoing Nexperia concerns continue to pressure Autos, as the company warns of imminent production halts.
Top European News
- S&P said UK public finances remain constrained and it expects fiscal pressures in the UK to persist over the medium term despite revenue-raising measures announced in the Autumn Budget, while it added that general government deficits are forecast to moderate through to 2028 and there are risks to the UK’s fiscal consolidation plan, especially toward the end of the forecast horizon.
- Moody’s says UK budget affirms commitment to fiscal consolidation however, they highlight execution risk.
- ECB Consumer Expectations Survey results (October 2025); 12-month inflation expectations raised, 3- and 5-year expectations unchanged.
FX
- DXY is firmer within a 99.50–99.76 range, having found support at the half-round figure and pushed above Thursday’s 99.71 peak. Fresh catalysts have been limited overnight and through the European morning, with FX futures on CME halted due to an exchange issue. Comments from US President Trump noted they may be cutting income tax almost completely using tariff proceeds.
- EUR and GBP are subdued against the USD but flat versus each other, leaving downside in the USD pairs driven by the Dollar rather than EZ- or UK-specific developments.
- JPY is flat and uneventful amid thin conditions and few catalysts, with USD/JPY holding a 155.65–157.18 range, comfortably inside Thursday’s 154.37–157.89 span.
- NZD is pulling back after recent post-RBNZ outperformance, while AUD/NZ D remains near weekly lows (1.1400) after sliding from a 1.1536 pre-RBNZ high.
Fixed Income
- EGBs are ultimately a little softer post-data; the EUR dipped during the releases but has since bounced off lows.
- Bunds briefly pushed above 129.00 on cooler French HICP before fading, slipping back below 129.00 and extending losses to ~128.84 despite broadly softer German state CPI prints.
- Gilts contained overall, but have traversed a relatively wide range of just under 40 ticks as traders digest what appears to be another manifesto U-turn, by PM Starmer; markets now await the verdict from Chancellor Reeves on the matter.
- UK DMO to sell GBP 1bln 4.25% 2039 Gilt via tender on Dec 4th.
Commodities
- WTI and Brent traded with a positive bias overnight, extending the prior session’s gains. WTI trading was later halted due to the CME outage. Since then, Brent Feb ’26 has slipped from its overnight highs and is now moving within a USD 62.72–63.26/bbl range.
- Precious metals are firmer, though with limited catalysts this morning. Spot gold is confined to a narrow USD 4,147.92/oz–4,193.20/oz range, with geopolitics remaining the main focus.
- Base metals retain a strong positive tone, with 3M LME Copper trading near the top of its USD 10,940.56–11,008.40/t range. The current upside looks mainly like a modest rebound from recent pressure.
- Ukraine’s military says it hit Russia’s Saratov oil refinery.
Geopolitics
- Ukrainian President Zelensky said Ukrainian and US delegations will meet this week to work out a formula for peace and security discussed in the Geneva talks.
- Russia’s Kremlin says Russia wants to try move towards peace in Ukraine despite its belief that Ukrainian President Zelensky is not legitimate.
- Ukrainian Presidential top aide said should not count on them giving up territory as long as Zelensky is President.
- Belgium warned that using frozen Russian assets to fund Ukraine will endanger a peace deal, according to FT.
- US President Trump said regarding Venezuela that they will begin to stop drug cartels on land soon.
- Russian President Putin to visit India between December 4th-5th, according to IFX.
- Chinese Foreign Minister Wang Yi to visit Russia between December 1st-2nd.
DB’s Jim Reid concludes the overnight wrap
Morning from Holland which was the last place I wanted to go yesterday after Liverpool were destroyed 4-1 at home to Dutch side PSV the previous evening. Staying with sport, today is the day where I been cleared to putt for 10 minutes a day maximum after recent back surgery. Tough to do that in a hotel room in Amsterdam as I type this so I’ll wait for the weekend where I’ll likely force my kids to spend 3 hours on the putting green with me tomorrow.
Whilst our 2026 outlook might be called “Anything but dull”, the last 24 hours have been “everything dull” with the US out for Thanksgiving, and few headlines elsewhere. Even an overnight outage at the CME, which means many futures contracts (including US equity futures) haven’t traded since around 2.45am London time, hasn’t really been noticed! The problem seems to be a “cooling issue” at a data centre. Given the exponential surge in data centres for other reasons in recent quarters that’s an interesting development!
When there was trading in the last 24 hours, you could just about squint your eyes and argue that the risk-on tone generally continued, with Europe’s STOXX 600 (+0.14%) just about posting a 4th consecutive gain. And to be fair, there were some other signs that sentiment was recovering, with Bitcoin (+1.35%) closing at a one-week high of $91,410. Today some life will be breathed into markets with CPI in Germany, France and Italy and later we’ll start hearing the first snippets of news around Black Friday sales – a key barometer of the health of the consumer and the companies that rely on them.
That pattern of modest equity advances played out across Europe, with little divergence across sectors or countries. Indeed, none of the big sector groups in the STOXX 600 posted any sharp moves yesterday, and the other major indices also posted small advances. So the DAX (+0.18%), the CAC 40 (+0.04%) and the FTSE MIB (+0.21%) each only rose slightly. Similarly for sovereign bonds, there was a modest uptick in yields across Europe, with those on 10yr bunds (+0.8bps), OATs (+1.3bps) and BTPs (+1.2bps) all a bit higher.
Yet despite that modest recovery in sentiment, UK markets struggled after Wednesday’s budget, paring back some of their outperformance immediately after the statement. That was driven by a sense that lots of the structural issues hadn’t gone away, particularly as most of the tax rises had been backloaded into the later years of the forecast. So the FTSE 100 (+0.02%) was one of the weaker performers among the big European indices, and gilt yields rose across the curve, with the 10yr yield (+2.6bps) up to 4.45%. Now admittedly, gilt yields are still beneath their pre-budget levels on Wednesday morning, but the partial reversal fed into wider concerns that the budget had only bought the UK time on its fiscal position, rather than putting things on a permanently sustainable path.
Otherwise, there were a few more headlines on the Ukraine peace talks, although nothing that was particularly market moving. The original Thanksgiving deadline for peace is now looking a touch optimistic with hindsight! However there is progress, but whether this can translate into a deal is a big question. For instance, President Putin commented on the US proposals, saying that “In general, we agree that this can form the basis for future agreements”. However, he also said that “it would be impolite of me to talk about any final versions now. There are none.” So there remains a general scepticism that we’re on the verge of an imminent breakthrough, and the Polymarket odds still only suggest a 27% chance that a Russia-Ukraine ceasefire will be reached by the end of March. Against that backdrop, both oil prices and European defence stocks rose a bit, with Brent crude (+0.33%) up to $63.34/bbl. However, the moves were in line with the broader risk-on tone, rather than obviously driven by any developments on the peace talks.
Meanwhile in the US, both equity and bond markets were closed for Thanksgiving, but the futures markets that were opened showed barely any movement either. So around the time of the European close, futures on the S&P 500 were completely flat, and Treasury futures indicated that yields would only rise by up to a basis point across the curve. On the topic of holidays, remember as well that today will have an earlier close than usual in the US, with the New York Stock Exchange closing at 1pm Eastern time.
Asian equity markets are mostly lower this morning as the rebound in technology shares has lost some momentum. Across the region, the KOSPI (-1.51%) stands out as the largest underperformer, with the index down nearly -4.0% for November, while the Nikkei is flat as a series of robust economic data drummed up expectations that the BOJ will have enough headroom to raise interest rates soon (details below). Elsewhere, Chinese stocks are a little mixed, with the Hang Seng (-0.28%) recording slight losses, whereas the Shanghai Composite (+0.10%) is slightly higher. US equity futures haven’t traded since around 2.45am London time due to the CME glitch discussed at the top. When they last did the S&P 500 (+0.11%) and NASDAQ 100 (+0.18%) were higher.
Turning back to Japan, the core CPI in Tokyo increased by +2.8% year-on-year in November. This figure was slightly above the anticipated 2.7% and remained consistent with the previous month’s reading. Moreover, the headline Tokyo CPI inflation held steady at 2.7% year-on-year. In a separate report, industrial production rose by 1.4% month-on-month in October, contrasting with expectations of a -0.6% decline, and a slowdown from a +2.6% increase in September, thus providing a tentative indication that manufacturing activity is stabilising after several months of inconsistent factory output. Meanwhile, retail sales surged by +1.6% month-on-month in October (compared to the +0.8% expected), rebounding on the anticipation of tax cuts and more expansionary policies under the new administration. 10yr JGBs are up another +2.2bps this morning.
Finally yesterday, the ECB published the account from their last meeting in October, where they kept their deposit rate at 2%. It said that keeping rates “at their current levels would allow for more information to become available to assess the risk factors that the Governing Council had discussed.” Later on however, there was an interesting discussion on “possible strategies for future monetary policy”. It said that one view was expressed “that the rate-cutting cycle had come to an end”, but another view argued “that it was important to remain entirely open-minded on the possible need for a further rate cut”.
To the day ahead now, and data releases include the November flash CPI prints from Germany, France and Italy, as well as German unemployment for November, and Canada’s Q3 GDP. Then from central banks, we’ll hear from Bundesbank President Nagel.
1 b) European opening report
Muted market action due to holiday lull and CME issues – Newsquawk US Market Open
Friday, Nov 28, 2025 – 05:39 AM
- European bourses are mostly flat, with the FTSE 100 (+0.1%) the only major index posting gains. Overall market action is muted amid light news flow, reflecting both Thanksgiving and the CME issues.
- An outage at CME Group has halted trade in FX, commodities, Treasuries and equities futures; “Due to a cooling issue at CyrusOne data centers, our markets are currently halted,” CME said.
- DXY is firmer within a 99.50–99.75 range, having found support at the half-round figure and pushed above Thursday’s 99.71 peak.
- EGBs are ultimately a little softer post-data; the EUR dipped during the releases but has since bounced off lows.
- WTI and Brent traded with a positive bias overnight, extending the prior session’s gains. WTI trading was later halted due to the CME outage.
- Looking ahead, highlights Canadian GDP (Q3), German Nationwide HICP, Credit Review for France.
- Desk Schedule: There is normal service on Friday, 28th November until 18:15GMT/13:15EST at which point the desk will close.
SNAPSHOT
Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
NOTABLE US HEADLINES
- CME Group (CME) says BrokerTec EU markets are open and trading, all other CME group markets remain halted amid the data center cooling issue at CyrusOne.
- CME announced that CME Globex futures and options markets were halted due to technical issues, and Cboe halted trading on C1 due to ongoing issues at CME. CME later announced that markets were halted due to a cooling issue at CyrusOne data centres, while it is working to resolve the outage issue and will advise clients of pre-open details as soon as available.
- US President Trump said that they may be cutting income tax almost completely because of tariff proceeds.
- US President Trump posted that he will permanently pause migration from all third-world countries to allow the US system to fully recover and will terminate all of the millions of Biden’s illegal admissions, while he will end all federal benefits and subsidies to non-citizens.
- US President Trump ordered a review of all green card holders from countries “of concern” after the attack on National Guards in Washington DC, according to Axios.
TARIFFS/TRADE
- Nexperia issued an open letter to the leadership of Nexperia’s entities in China and noted that it continues to seek constructive collaboration with its entities in China, and has been requesting an open dialogue to find a path forward. Furthermore, it urged the leadership of Co.’s entities in China to take immediate steps towards structured negotiations to address the restoration of the supply chain, but added that it did not receive any meaningful response.
- Indonesia is reportedly resisting attempts by US President Trump to force it to accept a so-called “poison pill” and other coercive clauses in its “reciprocal tariff” trade deal with the US, according to FT.
- India expects to have a deal with the US before year-end as most issues are resolved, according to the Indian Trade Secretary
- EU Commission receives notifications from Apple (AAPL) under the Digital Market Act: Notifications from Apple (AAPL) indicated that its core platform services like Apple ads and maps meets the digital market thresholds.
EUROPEAN TRADE
EQUITIES
- European bourses are mostly flat, with the FTSE 100 (+0.1%) marginally higher this morning. Overall market action is muted amid light news flow, reflecting both Thanksgiving and the CME issues.
- European sectors are largely in the red. Basic Resources (+0.2%) and Energy (+0.3%) are marginal outperformers, supported by underlying moves in metals and energy. Laggards include Travel & Leisure (-0.7%), Autos (-0.4%) and Insurance (-0.4%). Ongoing Nexperia concerns continue to pressure Autos, as the company warns of imminent production halts.
- A CME Group outage has halted trading in US equity futures, with no guidance yet on reopening. Prior to the halt, futures were modestly firmer, with ES +0.1% and NQ +0.2%.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
FX
- DXY is firmer within a 99.50–99.76 range, having found support at the half-round figure and pushed above Thursday’s 99.71 peak. Fresh catalysts have been limited overnight and through the European morning, with FX futures on CME halted due to an exchange issue. Comments from US President Trump noted they may be cutting income tax almost completely using tariff proceeds.
- EUR and GBP are subdued against the USD but flat versus each other, leaving downside in the USD pairs driven by the Dollar rather than EZ- or UK-specific developments.
- JPY is flat and uneventful amid thin conditions and few catalysts, with USD/JPY holding a 155.65–157.18 range, comfortably inside Thursday’s 154.37–157.89 span.
- NZD is pulling back after recent post-RBNZ outperformance, while AUD/NZ D remains near weekly lows (1.1400) after sliding from a 1.1536 pre-RBNZ high.
- PBoC set USD/CNY mid-point at 7.0789 vs exp. 7.0769 (Prev. 7.0779)
FIXED INCOME
- EGBs are ultimately a little softer post-data; the EUR dipped during the releases but has since bounced off lows.
- Bunds briefly pushed above 129.00 on cooler French HICP before fading, slipping back below 129.00 and extending losses to ~128.84 despite broadly softer German state CPI prints.
- Gilts contained overall, but have traversed a relatively wide range of just under 40 ticks as traders digest what appears to be another manifesto U-turn, by PM Starmer; markets now await the verdict from Chancellor Reeves on the matter.
- UK DMO to sell GBP 1bln 4.25% 2039 Gilt via tender on Dec 4th.
COMMODITIES
- WTI and Brent traded with a positive bias overnight, extending the prior session’s gains. WTI trading was later halted due to the CME outage. Since then, Brent Feb ’26 has slipped from its overnight highs and is now moving within a USD 62.72–63.26/bbl range.
- Precious metals are firmer, though with limited catalysts this morning. Spot gold is confined to a narrow USD 4,147.92/oz–4,193.20/oz range, with geopolitics remaining the main focus.
- Base metals retain a strong positive tone, with 3M LME Copper trading near the top of its USD 10,940.56–11,008.40/t range. The current upside looks mainly like a modest rebound from recent pressure.
- Ukraine’s military says it hit Russia’s Saratov oil refinery.
CRYPTO
- Bitcoin is rangebound, trading on both sides of the USD 91,000 level and within yesterday’s range.
NOTABLE EUROPEAN HEADLINES
- S&P said UK public finances remain constrained and it expects fiscal pressures in the UK to persist over the medium term despite revenue-raising measures announced in the Autumn Budget, while it added that general government deficits are forecast to moderate through to 2028 and there are risks to the UK’s fiscal consolidation plan, especially toward the end of the forecast horizon.
- Moody’s says UK budget affirms commitment to fiscal consolidation however, they highlight execution risk.
- ECB Consumer Expectations Survey results (October 2025); 12-month inflation expectations raised, 3- and 5-year expectations unchanged.
NOTABLE EUROPEAN DATA RECAP
Germany
- German State CPIs chimed with mainland consensus for the M/M, but the Y/Y figures defied the bias for a modest uptick.
- German Retail Sales MM Real (Oct) -0.3% vs. Exp. 0.2% (Prev. 0.2%)
- German Import Prices MM (Oct) 0.2% (Exp. 0.0%, Prev. 0.2%)
- German Retail Sales YY Real (Oct) 0.9% vs. Exp. 0.1% (Prev. 0.2%)
- German Import Prices YY (Oct) -1.4% vs. Exp. -1.6% (Prev. -1.0%)
- German Unemployment Rate SA (Nov) 6.3% vs. Exp. 6.3% (Prev. 6.3%)
- German Unemployment Change SA (Nov) 1.0k vs. Exp. 5.0k (Prev. -1.0k)
France
- French GDP QQ Final (Q3) 0.5% vs. Exp. 0.5% (Prev. 0.5%)
- French CPI Prelim MM NSA (Nov) -0.1% vs. Exp. -0.1% (Prev. 0.1%)
- French CPI Prelim YY NSA (Nov) 0.9% vs. Exp. 1.0% (Prev. 0.9%)
- French Producer Prices YY (Oct) -1.2% (Prev. 0.1%)
- French CPI (EU Norm) Prelim MM (Nov) -0.2% vs. Exp. 0.0% (Prev. 0.1%)
- French CPI (EU Norm) Prelim YY (Nov) 0.8% vs. Exp. 1.0% (Prev. 0.8%)
- French Consumer Spending MM (Oct) 0.4% vs. Exp. 0.2% (Prev. 0.3%
Spain
- Spanish HICP Flash YY (Nov) 3.1% vs. Exp. 2.9% (Prev. 3.2%)
- Spanish CPI YY Flash NSA (Nov) 3.0% vs. Exp. 2.9% (Prev. 3.1%); Core 2.6% (prev. 2.5%)
- Spanish CPI MM Flash NSA (Nov) 0.2% (Prev. 0.70%)
- Spanish HICP Flash MM (Nov) 0.0% (Prev. 0.5%)
- Spanish Retail Sales YY (Oct) 3.8% (Prev. 4.2%, Rev. 4.1%)
Italy
- Italian CPI (EU Norm) Prelim YY (Nov) 1.1% vs. Exp. 1.3% (Prev. 1.3%)
- Italian CPI (EU Norm) Prelim MM (Nov) -0.2% vs. Exp. -0.1% (Prev. -0.2%)
- Italian Consumer Price Prelim YY (Nov) 1.2% vs. Exp. 1.3% (Prev. 1.2%)
- Italian Consumer Price Prelim MM (Nov) -0.2% vs. Exp. -0.1% (Prev. -0.3%)
- Italian GDP Final YY (Q3) 0.6% vs. Exp. 0.4% (Prev. 0.4%)
- Italian GDP Final QQ (Q3) 0.1%
Others
- Swiss GDP YY (Q3) 0.5% (Prev. 1.2%, Rev. 1.3%)
- Swiss GDP QQ (Q3) -0.5% vs. Exp. -0.4% (Prev. 0.1%, Rev.
GEOPOLITICS
RUSSIA-UKRAINE
- Ukrainian President Zelensky said Ukrainian and US delegations will meet this week to work out a formula for peace and security discussed in the Geneva talks.
- Russia’s Kremlin says Russia wants to try move towards peace in Ukraine despite its belief that Ukrainian President Zelensky is not legitimate.
- Ukrainian Presidential top aide said should not count on them giving up territory as long as Zelensky is President.
- Belgium warned that using frozen Russian assets to fund Ukraine will endanger a peace deal, according to FT.
OTHERS
- US President Trump said regarding Venezuela that they will begin to stop drug cartels on land soon.
- Russian President Putin to visit India between December 4th-5th, according to IFX.
- Chinese Foreign Minister Wang Yi to visit Russia between December 1st-2nd.
APAC TRADE
- APAC stocks were rangebound in the absence of a lead from Wall Street due to Thanksgiving Day and as participants digest a deluge of data at month-end.
- ASX 200 lacked direction as strength in the tech, mining and the consumer sectors is counterbalanced by losses in financials, real estate and telecoms.
- Nikkei 225 traded indecisively amid a slew of data in which Industrial Production and Retail Sales topped forecasts, while Unemployment rose and Tokyo CPI printed mostly in line with estimates, aside from the firmer-than-expected core reading.
- Hang Seng and Shanghai Comp were mixed, albeit with trade confined to within relatively tight parameters, while China Vanke shares and bonds were volatile and initially continued to slump with its H shares hitting a record low amid the ongoing default concerns, before staging a notable recovery.
NOTABLE ASIA-PAC HEADLINES
- BoJ decided to increase the upper limit on the consecutive-day purchases of the same issue under the Securities Lending Facility (SLF) for 10-year JGBs from Dec 1st.
- Japan finalised JPY 18.3tln extra budget to fund stimulus package
- Samsung Electronics (005930 KS) appoints new CEO, Tae-Moon Roh.
- Meituan (3690 HK) Q3 (CNY): Revenue 95.5bln (exp. 97.5bln), Adj Net -16bln (exp. -13.96bln); sees operating loss trend to continue in Q4; market competition remained overheated recently.
DATA RECAP
- Taiwan Q3 GDP 8.2% Y/Y (prelim. 7.64%). Guidance: 2025 7.37% (prev. 4.45%), 2026 3.54% (prev. 2.81%)
- Japanese Unemployment Rate (Oct) 2.6% vs. Exp. 2.5% (Prev. 2.6%)
- Japanese Jobs/Applicants Ratio (Oct) 1.18 vs. Exp. 1.2 (Prev. 1.2)
- Japanese Industrial Production MM SA (Oct P) 1.4% vs. Exp. -0.6% (Prev. 2.6%)
- Japanese Industrial Production YY SA (Oct P) 1.5% vs. Exp. -0.5% (Prev. 2.0%)
- Japanese Retail Sales YY (Oct) 1.7% vs. Exp. 0.8% (Prev. 0.5%, Rev. 0.2%)
- Tokyo CPI YY (Nov) 2.7% vs Exp. 2.7% (Prev. 2.8%)
- Tokyo CPI Ex. Fresh Food YY (Nov) 2.8% vs Exp. 2.7% (Prev. 2.8%)
- Tokyo CPI Ex. Fresh Food & Energy YY (Nov) 2.8% vs Exp. 2.8% (Prev. 2.8%)
1C Asian opening report
US futures halted amid CME issue heading into month end – Newsquawk European Opening News
Friday, Nov 28, 2025 – 01:26 AM
- APAC stocks were rangebound in the absence of a lead from Wall Street due to Thanksgiving Day and as participants digest a deluge of data at month-end.
- An outage at CME Group has halted trade in FX, commodities, Treasuries and equities futures; “Due to a cooling issue at CyrusOne data centres, our markets are currently halted,” CME said.
- US President Trump said regarding Venezuela that they will begin to stop drug cartels on land soon.
- S&P said UK public finances remain constrained and it expects fiscal pressures in the UK to persist over the medium term despite revenue-raising measures announced in the Autumn Budget.
- European equity futures indicate a quiet open with Euro Stoxx 50 futures flat after the cash market finished little changed on Thursday.
- Looking ahead, highlights include German Import Prices (Oct), Retail Sales (Oct), French GDP Final (Q3), Prelim. HICP (Nov), Spanish Flash HICP (Nov), German Prelim. HICP (Nov), Italian Prelim. HICP (Nov), Swiss KOF (Nov), GDP (Q3), German Unemployment (Nov), Canadian GDP (Q3), Credit Review for France, Comments from ECB’s Nagel.
- Desk Schedule: There is normal service on Friday, 28th November until 18:15GMT/13:15EST at which point the desk will close.
SNAPSHOT
Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
US TRADE
EQUITIES
- US markets were closed on Thursday for Thanksgiving Day.
TARIFFS/TRADE
- Nexperia issued an open letter to the leadership of Nexperia’s entities in China and noted that it continues to seek constructive collaboration with its entities in China, and has been requesting an open dialogue to find a path forward. Furthermore, it urged the leadership of Co.’s entities in China to take immediate steps towards structured negotiations to address the restoration of the supply chain, but added that it did not receive any meaningful response.
- Indonesia is reportedly resisting attempts by US President Trump to force it to accept a so-called “poison pill” and other coercive clauses in its “reciprocal tariff” trade deal with the US, according to FT.
NOTABLE HEADLINES
- US President Trump said that they may be cutting income tax almost completely because of tariff proceeds.
- US President Trump posted that he will permanently pause migration from all third-world countries to allow the US system to fully recover and will terminate all of the millions of Biden’s illegal admissions, while he will end all federal benefits and subsidies to non-citizens.
- US President Trump ordered a review of all green card holders from countries “of concern” after the attack on National Guards in Washington DC, according to Axios.
- CME announced that CME Globex futures and options markets were halted due to technical issues, and Cboe halted trading on C1 due to ongoing issues at CME. CME later announced that markets were halted due to a cooling issue at CyrusOne data centres, while it is working to resolve the outage issue and will advise clients of pre-open details as soon as available.
APAC TRADE
EQUITIES
- APAC stocks were rangebound in the absence of a lead from Wall Street due to Thanksgiving Day and as participants digest a deluge of data at month-end.
- ASX 200 lacked direction as strength in the tech, mining and the consumer sectors is counterbalanced by losses in financials, real estate and telecoms.
- Nikkei 225 traded indecisively amid a slew of data in which Industrial Production and Retail Sales topped forecasts, while Unemployment rose and Tokyo CPI printed mostly in line with estimates, aside from the firmer-than-expected core reading.
- Hang Seng and Shanghai Comp were mixed, albeit with trade confined to within relatively tight parameters, while China Vanke shares and bonds were volatile and initially continued to slump with its H shares hitting a record low amid the ongoing default concerns, before staging a notable recovery.
- US equity futures eked slight gains (before the CME halt) with price action muted following the Thanksgiving holiday lull and CME trading halt.
- European equity futures indicate a quiet open with Euro Stoxx 50 futures flat after the cash market finished little changed on Thursday.
FX
- DXY remained rangebound following the Thanksgiving Day holiday and with reduced volumes also anticipated on Black Friday, while there was a lack of fresh catalysts, although there were some comments from US President Trump that they may be cutting income tax almost completely because of tariff proceeds.
- EUR/USD was lacklustre after pulling back from the 1.1600 handle and with little impact seen following the latest ECB rhetoric, including from ECB’s Kazaks who said the time is not right to discuss a rate cut, while the ECB Minutes noted that all members agreed more information was needed before adjusting rates.
- GBP/USD proceeded sideways in quiet newsflow and after comments from BoE’s Greene provided very little incrementally, in which she noted encouragement regarding evidence of wage growth and that services inflation is coming down.
- USD/JPY saw two-way trade amid a slew of data releases from Japan, including better-than-expected Industrial Production and Retail Sales, while the Unemployment Rate rose and Tokyo CPI printed mostly in line with estimates aside from the core reading which topped forecasts.
- Antipodeans lacked conviction amid the mixed risk appetite, although they held on to the spoils from earlier in the week.
- PBoC set USD/CNY mid-point at 7.0789 vs exp. 7.0769 (Prev. 7.0779)
FIXED INCOME
- 10yr UST futures were lacklustre (before the CME halt) following the Thanksgiving holiday, with reduced trading hours stateside for Black Friday and amid CME issues.
- Bund futures lingered around the 129.00 level ahead of several German data releases, including Import Prices, Retail Sales, HICP and Unemployment.
- 10yr JGB futures declined, albeit in a choppy fashion, as participants digested a slew of data releases and a weaker 2-yr JGB auction.
COMMODITIES
- Crude futures marginally extended on the prior day’s gains following the holiday-thinned conditions and with reports noting that OPEC+ is expected to hold oil output steady for Q1 2026 at its meeting on Sunday, while trade in WTI was halted due to the CME outage issue.
- Canadian PM Carney said a new pipeline to ship oil to Asia is a priority, while Carney and the Alberta Premier agreed to eliminate the federal emissions cap on the oil and gas sector and strengthen industrial carbon pricing and carbon storage. It was later reported that the Canadian Identity and Culture Minister resigned from the Cabinet over the disagreement with the Carney government’s deal with Alberta.
- Spot gold resumed its advances alongside gains in silver and after breaking out of its mid-week range.
- Copper futures attempted to nurse some of the prior day’s losses, but with the recovery limited amid the tentative overnight risk tone and CME stoppage.
CRYPTO
- Bitcoin was rangebound and traded on both sides of the USD 91,000 level.
- South Korea suspects that North Korea hacked crypto exchange Upbit, according to Yonhap.
NOTABLE ASIA-PAC HEADLINES
DATA RECAP
- Japanese Unemployment Rate (Oct) 2.6% vs. Exp. 2.5% (Prev. 2.6%)
- Japanese Jobs/Applicants Ratio (Oct) 1.18 vs. Exp. 1.2 (Prev. 1.2)
- Japanese Industrial Production MM SA (Oct P) 1.4% vs. Exp. -0.6% (Prev. 2.6%)
- Japanese Industrial Production YY SA (Oct P) 1.5% vs. Exp. -0.5% (Prev. 2.0%)
- Japanese Retail Sales YY (Oct) 1.7% vs. Exp. 0.8% (Prev. 0.5%, Rev. 0.2%)
- Tokyo CPY YY (Nov) 2.7% vs Exp. 2.7% (Prev. 2.8%)
- Tokyo CPY Ex. Fresh Food YY (Nov) 2.8% vs Exp. 2.7% (Prev. 2.8%)
- Tokyo CPY Ex. Fresh Food & Energy YY (Nov) 2.8% vs Exp. 2.8% (Prev. 2.8%)
GEOPOLITICS
RUSSIA-UKRAINE
- Ukrainian President Zelensky said Ukrainian and US delegations will meet this week to work out a formula for peace and security discussed in the Geneva talks.
- Ukrainian Presidential top aide said should not count on them giving up territory as long as Zelensky is President.
- Belgium warned that using frozen Russian assets to fund Ukraine will endanger a peace deal, according to FT.
OTHER NEWS
- US President Trump said regarding Venezuela that they will begin to stop drug cartels on land soon.
EU/UK
NOTABLE HEADLINES
- BoE’s Greene said it’s encouraging that services inflation is coming down, and evidence on wage growth is encouraging. Greene said slack opened up in the labour market and the economy, while she expects slack to increase and said the BoE’s projection is benign. Furthermore, she said inflation has stabilised and her big concern is around second-round effects.
- S&P said UK public finances remain constrained and it expects fiscal pressures in the UK to persist over the medium term despite revenue-raising measures announced in the Autumn Budget, while it added that general government deficits are forecast to moderate through to 2028 and there are risks to the UK’s fiscal consolidation plan, especially toward the end of the forecast horizon.
DATA RECAP
- UK Lloyds Business Barometer (Nov) 42 vs Exp. 47 (Prev. 50)
2.a NORTH AND SOUTH KOREA
b. JAPAN
3. CHINA
CHINA/HONG KONG
wow!!
Hundreds Missing, Scores Dead In Massive Hong Kong Apartment Inferno
Thursday, Nov 27, 2025 – 09:05 AM
A terrible death toll is mounting after a cluster of high-rise Hong Kong apartment towers was engulfed in an inferno on Wednesday: At least 44 people are dead, but approximately 279 are still missing in what is already the deadliest Hong Kong building fire in more than 50 years. Accusations of gross negligence have been directed at a construction company that’s been renovating the mammoth complex, and authorities have already arrested three men associated with that firm.
The fire at the Wang Fuk Court apartment complex in northern Hong Kong’s Tai Po district broke out on Wednesday afternoon. The property boasts eight, 32-story towers comprising some 2,000 apartment units with approximately 4,800 residents. Built in the 1980s, much of the complex was clad in bamboo scaffolding and wrapped with netting, as a major exterior renovation was underway.
Even in 2025, bamboo is commonly used in Hong Kong construction work, with workers using zip ties to lash poles together, erecting latticeworks of the cheap, fast-growing, sturdy wood for even large-scale projects. The risk has already been acknowledged — indeed, in March, Hong Kong development authorities issued a directive mandating that at least 50% of government construction projects must employ metal scaffolding instead, in what was seen as a major step in finally weaning the industry from its centuries-long reliance on bamboo.
The fire is believed to have started on the scaffolding itself, and officials suspect that various noncompliant renovation materials facilitated the fire’s extraordinarily rapid spread from building to building. Windy conditions also played a part. More than 200 fire department vehicles and another 100 ambulances were deployed to the blaze. In a troubling dimension, the complex is home to a great many elderly people. Deputy Fire Service Director Derek Armstrong Chan described the daunting challenge facing first responders:
“Debris and scaffolding of the affected buildings (is) falling down. The temperature inside the buildings concerned is very high. It’s difficult for us to enter the building and go upstairs to conduct firefighting and rescue operations.”
Even as firefighters faced the herculean challenge of simultaneously extinguishing multiple high-rise fires, authorities quickly took note of troubling observations throughout the complex, with a tower that was spared from the blaze giving them a good look at materials and methods the construction company used in the renovation project. For example, investigators say they found highly combustible Styrofoam attached to the windows on every floor near the unaffected building’s elevator lobby.
“We have reason to believe that those in charge of the construction company were grossly negligent,” said Eileen Chung, a senior police official, with that negligence “leading to this accident and the rapid spread of the fire and such serious casualties.” Police arrested three men between the ages of 52 and 68; two are directors of the construction company, while the third is an engineering consultant hired by the firm. The arrests come as each is officially under suspicion of manslaughter.
Early Thursday morning, with the fires under a significant degree of control after 18 hours of dangerous work by firefighters, smoke continued to rise from the charred buildings, with fires still visible in various places. Several hundred people have been evacuated. In addition to the dead and missing, at least 62 were injured, with many enduring burns and smoke inhalation. Observers dread what will result from a search of the towers’ charred husks in the coming days and weeks.
According to an official statement from the Chinese government, President Xi Jinping “extended condolences” and “urged all-out efforts to extinguish the fire and minimize casualties and losses.” Beyond the human tragedy, the disaster is surely a humiliation for Xi and his government — and we wouldn’t be surprised to see more arrests, a crackdown on illegal construction materials and practices, and an accelerated elimination of Hong Kong’s omnipresent bamboo scaffolding.
4 EUROPEAN/NATO AFFAIRS/SCANDINAVIA
POLAND/ EU
Poland Resists EU Court Order To Recognize Same-Sex Marriage
Friday, Nov 28, 2025 – 05:00 AM
Authored by Thomas Brooke via Remix News,
Poland’s government and leading opposition figures have publicly pushed back against suggestions that the European Union can compel Warsaw to recognize same-sex marriages, despite a landmark ruling from the Court of Justice of the European Union (CJEU) requiring Poland to acknowledge a marriage legally concluded in another member state.
Interior Minister Marcin Kierwiński insisted on Wednesday that this week’s judgment does not equate to Brussels overruling Polish sovereignty.
“Since yesterday, many untruths have accumulated in this matter. Interpretations are already emerging that say: the EU is imposing its legislation on us. So no – it cannot impose its legislation on us,” he said, adding that the judgment alone “cannot force a change in Polish law in this regard.”
He stated that the government will outline how the ruling will be handled only “after thorough analyses by the Ministry of Foreign Affairs, the Ministry of the Interior and the Ministry of Justice.”
The ruling — issued on Tuesday by the EU’s top court — found that Poland acted incompatibly with EU law when it refused to recognize the marriage of two Polish men who married in Berlin in 2018 and sought legal recognition upon returning home.
The CJEU held that while marriage legislation remains a national competency, a member state cannot obstruct EU citizens’ freedom to move and maintain family life across borders.
The judges concluded that denying recognition “may cause serious inconvenience at administrative, professional, and private levels” and would breach both free movement rights and the right to family life, enshrined in the European treaties and human rights legislation.
The judgment stopped short of requiring Poland to legalize same-sex marriage domestically, but it does obligate Warsaw to treat foreign same-sex marriages the same way it treats opposite-sex marriages for the purpose of recognition.
Under current law, transcription of foreign marriage certificates is the sole method for acknowledgment — a system the court said must now apply equally to same-sex couples. The move opens the door to same-sex couples in Poland, knowing they can return and insist upon the same rights as heterosexual couples.
Political fallout was immediate. President Karol Nawrocki, who has repeatedly taken a hard line against perceived EU overreach and is framed as a Eurosceptic within the Polish political landscape, was publicly defended by Przemysław Czarnek, deputy chairman of the opposition Law and Justice (PiS) party, who said Poland should not be expected to accept every directive from the EU.
“When they ask us to reduce CO₂ emissions by 90 percent, we really have to say: Down with it,” Czarnek said.
He argued the same stance should apply to “rulings of the Court of Justice of the EU on same-sex marriage,” adding: “We are not condemned to be in the European Union, the Union is not our homeland, Brussels is not our capital.”
Czarnek, a former education minister, said the EU was originally a peace project but has drifted toward unification that “goes beyond the original plans.” Membership still offers value, he said, but “if it destroys our Christian worldview, then we have to say NO. We have to weigh the costs and benefits.” He stressed that EU membership should last only so long as Poland can safeguard its interests.
END
UK/COVID
Britain’s Official COVID Handling Inquiry Blames “Toxic Culture” For A Late Lockdown
Friday, Nov 28, 2025 – 03:30 AM
Authored by Bruce Oliver Newsome via American Greatness,
Last week, Britain’s official inquiry into the government’s handling of COVID released its second report.
Despite spending £192 million, interviewing 166 witnesses, and publishing more than 1,000 pages already, the most expensive public inquiry in British history (£160,000 per day) cherry-picks four persons to blame, blames these four persons for a “toxic and chaotic culture,” and cherry-picks evidence in support of earlier preventive measures and lockdown.
Note 1 to Britain’s elite: Four people don’t make a “culture” in a government of more than half a million full-time servants and politicians!
Note 2 to Britain’s elite: Groups have processes and structures too, not just cultures.
Procedurally, why was the government making decisions about lockdown without a cost-benefit analysis, even in the Treasury, according to the then Chancellor (Rishi Sunak)?
The report quotes Dominic Cummings making the same complaint, but leaves it hanging.
Structurally, should the Scientific Advisory Group for Emergencies have led policy-making, gone public with information in opposition to the administration it advised, and even briefed against ministers who don’t “follow the science?”
The inquiry doesn’t ask these questions.
The report betrays an annoying ignorance of risk management. It uses the word “could” 151 times, “might” 70 times, and “possibly” or “possible” 69 times. These are the words that lawyers and politicians love (for their open-endedness). These are the same words that consumers of risk estimates hate (for their open-endedness). An asteroid “could” and “might” destroy the earth. Now what?
The word “unlikely” is used just twice. The word “likely” is used 79 times, but, as we shall see, some of the report’s estimates of “likely” are based on already-discredited models.
The COVID inquiry is typical of British official inquiries.
For decades, British official inquiries into healthcare have identified a “toxic culture,” associated this culture with a few scapegoats or political enemies, and ignored structure and process.
- In 2013, Julie Mellor, then the Parliamentary Health Service Ombudsman (PHSO), criticized the NHS for a “toxic cocktail” of a “culture of defensiveness” and “a failure to listen to feedback.”
- Later that year, a clinical professor completed an inquiry into safety within the wider NHS, which recommends a “zero harm” culture, a legal duty for all healthcare workers to admit their mistakes, and “minimum staffing levels.”
- In 2014, Health Secretary Jeremy Hunt promised an “open culture that learns from errors and corrects them,” following the example of the airline industry (a false analogy, incidentally).
- In 2015, Parliament’s Public Administration Select Committee (PASC) “commend[ed] the Secretary of State’s determination to tackle the culture of blame and defensiveness.”
Criticizing “culture” is a way of avoiding accountability for the people and institutions you like. Culture is an attribute of a group, so it is no one person’s fault, except anyone you want to scapegoat.
The people who run official inquiries are politicians, lawyers, and public servants who know nothing of organizational design but know a lot about smearing political enemies. Moreover, while they cherry-pick a few to throw under the bus, they avoid the unfitness of the wider elite they represent.
Baroness Heather Hallett’s inquiry into Britain’s handling of COVID falls into the same pattern. She’s a lawyer and a politician. She never called any witnesses who could have educated her in organizational design or political science.
Nevertheless, she brought all sorts of bad assumptions, myths, and habits of thinking about organizations and politics. Hallett’s assumptions, myths, and habits are typical of the progressive-socialist consensus.
Hallett’s report blames a “toxic and chaotic culture” on four people: the Prime Minister Boris Johnson, his special adviser Dominic Cummings, the Health Secretary Matt Hancock, and the Permanent Secretary for Health—now Keir Starmer’s Cabinet Secretary—Sir Chris Wormald.
The inquiry criticizes Wormald for a “failure to rein in” Hancock’s tendency to over-promise, which suggests that Hallett wishes that unelected government servants were as bold as Aristotle’s unelected philosopher-kings.
Hallett wishes Wormald had been bold enough to drive earlier restrictions on British freedoms.
Outside of Britain’s government, the inquiry criticizes Nicola Sturgeon for over-promising, in June 2020, that Scotland could drive COVID “as far as we can towards total elimination” (despite an open border with England).
Yet beyond these convenient scapegoats, the inquiry doesn’t help us avoid similar missteps in the future—apart from:
- Don’t employ Johnson, Cummings, Hancock, Wormald, or Sturgeon.
- Don’t allow a “toxic and chaotic culture.”
- Impose restrictions earlier, even though the restrictions didn’t work.
The report “rejects the criticism” of the imposition of lockdown in 2020. Moreover, the report criticizes the government’s decision against lockdown in 2021 (when the Omicron variant appeared), because “the UK government’s approach in this period was, once again, overly optimistic.”
Yet the same report hypocritically claims not to be advocating for lockdowns and to be mindful of the economic losses, social costs, missed education, and loss of liberties.
Hallett criticizes the government’s failure to predict all the losses and costs but also claims that lockdowns could have been “avoided entirely” had “stringent restrictions” been imposed earlier than 16 March 2020.
The inquiry ignores the possibility that voluntary behavioral adjustment would have produced the same outcomes in Britain. Google mobility data shows that Britons had reduced movement before the lockdown was announced.
Instead, the report claims that earlier contact tracing, self-isolation, face coverings, and respiratory hygiene could have stopped the need for a lockdown if introduced earlier.
The report does not admit that
- The contact tracing app took too long to develop and never worked properly.
- Home tests of infection were unreliable.
- Compliance with self-isolation tended to extremes of either partying in Number 10 or deadly loneliness.
- Cloth masks didn’t work as promised.
- Respiratory hygiene is a moral hazard (you might cover your cough, but plenty of people sitting next to you do not).
Moreover, Hallett does not admit any issue linkage or ulterior motive behind these restrictions. Lord Frost (then Johnson’s chief adviser on Europe) writes that “a turning point for me was being in a meeting in mid-2020 in which we were told that masks had no meaningful effect but should be required anyway ‘to remind everyone we were in a pandemic.’”
Hallett claims that once these “stringent restrictions” failed, lockdown was inevitable.
Moreover, Hallett claims that 23,000 lives could have been saved if lockdown had been imposed a week earlier—a conclusion derived solely from a model that had always overestimated casualties.
Hallett dismisses Sweden’s choice against lockdown, as if Sweden’s choice was for freedom over safety. Hallett never called to witness the academics who had already found that Sweden experienced fewer deaths and lower costs per capita, even adjusting for demographics.
The Telegraph reported Hallett’s product as a £200 million “I told you so.” Oliver Johnson, a mathematician, tweeted: “I see that if you give lawyers £200m and ask them to focus solely on the first wave, they decide we should have made the first wave as small as possible.”
The problem with British governance is that we are ruled by unaccountable non-experts. These same people are both unqualified and disincentivized to reveal the unaccountability and non-expertise within the class they inhabit.
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
TBN ISRAEL/LAST 24 HR
WEDNESDAY NIGHT
THURSDAY NIGHT
ISRAEL VS HAMAS/WEST BANK
Israeli forces kill two wanted Palestinian terrorists after apparent surrender in West Bank
The IDF and Israeli Police announced that the incident, which occured during ongoing counterterrorism operations in the West Bank, is under investigation.
Israeli soldiers detain two Palestinians during an operation in Jenin in the West Bank, November 27, 2025(photo credit: REUTERS/MOHAMAD TOROKMAN)ByGOLDIE KATZNOVEMBER 27, 2025 15:34Updated: NOVEMBER 27, 2025 22:35
The IDF and the Israeli police said that they will investigate an incident in which Israeli forces shot at two wanted Palestinian terrorists after they appeared to surrender during operations in Jenin on Thursday.
Israeli Border Police stated that they identified the building in which the terrorists were hiding and initiated an hours-long attempt to convince the two men to exit the building. When the terrorists refused to exit, Israeli forces used a backhoe to partially open the building’s garage door.
Video footage released by a Ramallah-based Quds Network shows two Palestinian men emerging from the dark, half-opened garage entrance in front of a number of Israeli Border Police officers.
The Palestinian men raised their hands and lifted their shirts to reveal that they were unarmed while kneeling on the ground before attempting to re-enter the building.
The video then shows the two men being shot by officers.
The soldiers involved in the incident explained that when IDF soldiers attempted to check the men to see if they presented a security threat, they acted contrary to instructions, according to Army Radio.
“One of the terrorists decided to enter the building contrary to the instructions, and the other terrorist entered after him, and therefore both were shot,” the soldier was quoted as saying.
However, the video appears to clearly show that the terrorists were not running or walking away, but slowly crawling.
Based on the slow speed at which the terrorists were moving and the close range, it would have been easy for the soldiers to shoot them in their legs to prevent them from crawling away, and there seemed to be no basis for killing them.
Moreover, the video appears to show the sides communicating, and it is possible that the crawling away was part of a miscommunication, which also did not need to result in being killed.
This incident occurred as Israeli Border Police personnel were operating in the Jenin area of the northern West Bank, with Israeli Air Force combat helicopters providing support to Commando Brigade forces on the ground, on Thursday afternoon.
The military noted that the Border Police activities, under the command of the Menashe Brigade, are part of ongoing West Bank counterterrorism efforts.
National Security Minister Itamar Ben-Gvir endorsed the soldiers’ actions, announcing that he extends “full support to Border Guard and IDF fighters who fired at wanted terrorists who emerged from a building in Jenin,” in a statement on X/Twitter.
IDF announces new broad counterterrorism operation in the West Bank
The commencement of the “broad counterterrorism operation” in the northern West Bank was announced by the military and the Shin Bet on Wednesday.
Since the commencement of the operation, the IDF had reportedly searched over 220 locations, conducted dozens of field interrogations, and detained several individuals who were wanted for arrest.
The IDF also reported that they had destroyed terrorist hideouts, located weapons stores, and confiscated large sums of shekels intended for terrorist purposes.
Earlier on Thursday, The Jerusalem Post verified a report from N12 News Chief Political Analyst Amit Segal that, after the killing of the terrorist who murdered Gideon Perry earlier this week, there were no more Palestinian fugitives who murdered Israelis left walking free in the West Bank.
Yonah Jeremy Bob contributed to this story.
ISRAEL VS HAMAS
ISRAEL VS HEZBOLLAH
Hezbollah has the ‘right to respond,’ terror group’s secretary-general says after Beirut strike
“We have the right to respond, and we will determine the timing,” Qassem claimed. “The assassination of Tabatabai was a blatant act of aggression.”
Hezbollah supporters hold images of late former Hezbollah leader Hassan Nasrallah and current leader Naim Qassem at a ceremony held by Hezbollah to commemorate the first anniversary of Hassan Nasrallah’s killing by Israel, on the outskirts of Beirut, Lebanon, September 27, 2025.(photo credit: REUTERS/MOHAMED AZAKIR)ByDANIELLE GREYMAN-KENNARDNOVEMBER 28, 2025 19:04Updated: NOVEMBER 28, 2025 19:17
Hezbollah has “the right to respond” to Israel’s assassination of Hezbollah military chief Ali Tabatabai, Hezbollah’s Secretary-General Naim Qassem asserted in a speech on Friday night.
“We have the right to respond, and we will determine the timing,” Qassem claimed. “The assassination of Tabatabai was a blatant act of aggression.”
The Israeli military killed Hezbollah’s top military official, Tabatabai, last Sunday in a strike on the outskirts of the Beirut that came despite a year-long ceasefire.
Qassem also claimed that Hezbollah had faced a number of infiltrations and that this was organized by enemies in the United States and from the Arab world.
“The enemy did everything in its power to end the resistance, but it failed. It faced a humble group that was able to confront the tyrannical Israeli-American aggression,” he claimed.
The Islamist official also claimed that Hezbollah was hopeful that Pope Leo’s visit would help bring calm to the region.
“We welcome the Pope’s visit to Lebanon, and we have tasked members of the Political Council with visiting the Papal Embassy and fulfilling our duty. We hope that his visit will contribute to establishing peace and ending the aggression,” Qassem said during the address. “The ceasefire is a day of victory for the resistance, Hezbollah, the people, and Lebanon, because we succeeded in preventing the enemy from achieving its goals, foremost among them ending and eliminating the resistance, and this has not been achieved. This in itself is a victory.
Hezbollah Secretary-General says Lebanon’s army will lead fight against Israeli ‘occupation’
“The agreement represents a new phase in which the state has decided to assume the responsibility of expelling the occupation and deploying the Lebanese army. Therefore, there is an aggression that must stop, and the prisoners must be released,” he continued. “The ceasefire came as a result of our steadfastness, thanks to the legendary performance of our resistance fighters on the front lines, the resilience of our generous people, and the support of the Amal Movement and the army for this front. We are strong because of the blood of our martyrs, our attachment to our land, our honorable families, and our patriotism.”
The comments on the Lebanese military come as part of an international push to see Lebanon disarm extremist groups, including Palestinian factions and Hezbollah. While Lebanon’s President Aoun has seen the army disarm Palestinian camps across the country, he has been subject to international criticism for failing to take meaningful action against Hezbollah.
Criticizing Lebanon for not confronting Israel, Qassem continued, “The government said it wants to confront and defend, and I say to it: Rights cannot be obtained without fulfilling the most important duty, which is protecting the citizens. Let the government show us how it will deter the enemy. – The first responsibility for deterrence lies with the state, with its army and its people… So what forms of deterrence has it taken?
“It has not liberated, it has not protected, and it has not prevented the enemy from establishing political stability. As for the resistance, what did it do in terms of deterrence? It drove the enemy out in 2000, and from then until 2023 it deterred them and protected Lebanon.”
This is a developing story.
END
IRAQ
Drone Strike Hits Major Iraqi Kurdistan Gas Field, Plunging Region Into Darkness
Thursday, Nov 27, 2025 – 02:00 PM
A drone attack targeted a major natural gas field in Iraqi Kurdistan on Thursday, causing injuries to workers and major power cuts across the region.
“A drone struck a key gas storage facility at the field, causing extensive damage, and a fire is still burning,” a worker told Reuters in the aftermath of the attack.
All gas supplies to power stations in the Kurdistan region were halted following the attack on the Khor Mor gas field, causing widespread power outages, including in Erbil.
Firefighting teams were still working to contain the blaze that injured several workers. A field engineer speaking with Reuters estimated the damage to the main liquid-gas storage depot would take several days to repair.
The Khor Mor field is operated by the Pearl Consortium, which includes UAE-based Dana Gas and its affiliate Crescent Petroleum.
The Iraqi central government’s Security Media Cell said the field was hit in a “treacherous terrorist” attack and vowed to pursue those responsible. No group has claimed responsibility for the attack.
A separate drone targeted the field on Sunday but was shot down by Iraqi Kurdish security forces before it struck. The Kurdistan Region’s Deputy Prime Minister, Qubad Talabani, blamed the attack on “outlaw groups” and urged partners from the US-led Global Coalition to Defeat the Islamic State (ISIS) to provide the Kurdistan Region with “defense systems against such terrorist attacks.”
Aziz Ahmad, deputy chief of staff to the Kurdistan Region’s prime minister, claimed that “terrorists on the federal government’s payroll” were responsible for the drone strike, in an apparent reference to Shia armed groups known as the Popular Mobilization Units (PMU).
The PMU is part of the Iraqi resistance that fired drones and missiles at Israel in response to the genocide in Gaza that began in October 2023.
On November 4, a massive explosion at the PMU headquarters south of Baghdad killed one person amid reports of Israel preparing a new front with the country to target Iran-backed resistance groups.
ISRAEL /WEST BANK/TURKEY
Israel thwarts Turkish-led terror network funneling weapons to West Bank on behalf of Hamas
The suspects were arrested in joint operations with Israel Police, and indictments are expected to be filed in the coming days, the agency said.
Turkish charities operating in the southern Gaza Strip, October 23, 2025(photo credit: ABED RAHIM KHATIB/FLASH90)BySHIR PERETSNOVEMBER 27, 2025 12:52Updated: NOVEMBER 27, 2025 14:38
The Shin Bet on Thursday uncovered a network of Israeli citizens from Kafr Kassem and Rahat who, allegedly, acting on behalf of Hamas, moved weapons and funds into the West Bank in recent weeks.
The network operated under the direction of Ahmed Tzarzur, an Israeli citizen living in Turkey, the Shin Bet noted.
The suspects were arrested in joint operations with the Israel Police, and indictments are expected to be filed in the coming days, the agency said.
According to the investigation, Tzarzur, originally from Kafr Kassem and now based in Turkey, leveraged family and social ties to recruit locals and build a clandestine transfer route for arms and money into the West Bank.
The Shin Bet said the funds, totaling hundreds of thousands of shekels, were intended to reach terrorist operatives to facilitate attacks.
The agency said the money was sent from Turkey to Israel in cryptocurrencies, then converted by Israeli money changers into cash used to purchase weapons from dealers in the Negev. The weapons were then smuggled to the West Bank.
Several Israeli citizens have been detained for questioning in recent weeks, the Shin Bet said, adding that it views Israeli involvement in terror activity with the utmost severity and will act to thwart threats and prosecute all those involved.
This news came shortly after the reveal that there are no Palestinian fugitives who murdered Israelis left walking free in the West Bank.
END
IRAN/ISRAEL
Elbit’s Hermes drones located dozens of concealed Iranian ballistic missile launchers
Orbit Communications CEO Daniel Eshchar explained that future wars may feature sci-fi-style machines vs. machines. Air wars will be fought almost without human resources, increasing flight hours.
Elbit Systems’ Hermes 900 over Iran(photo credit: ELBIT SYSTEMS)ByYONAH JEREMY BOBNOVEMBER 26, 2025 17:37Updated: NOVEMBER 27, 2025 08:14
Elbit’s Hermes 900 drones collectively helped locate dozens of Iran’s concealed ballistic missile launchers during the June war between Israel and the Islamic Republic, the vice president of Marketing and Business Development for Unmanned Aircraft Systems at Elbit Systems, Amir Bettesh, revealed on Wednesday.
Speaking at the UVID Drone Tech conference in Tel Aviv, Bettesh said that the success of the Hermes 900 during the war with Tehran showed that, despite trends in much of the West where mid-size drones are losing market share, they are still a critical aspect of Israeli national security.
Besides locating Iran‘s ballistic missile launchers, he said that the Hermes 900, also called the Kochav, helped strike Iran’s mobile air defense systems, radar installations, and ammunition facilities.
Previously, the IDF and Defense Ministry had revealed the significant role of drones in Israel’s air war against Tehran. Still, Bettesh’s statement marked the first time precise details were given, matching a particular line of drones to specific achievements.
Besides the Hermes 900, Elbit also sells the Hermes 450, one of its most commonly used drones, known in the IDF as the Zik. In 2024, it unveiled the Hermes 650, which sought to combine the 450’s affordability with some of the 900’s enhanced avionics, satellite, and other technological capabilities.
IDF air war: 70% drone flight hours, pilots retain F-35 role
According to Bettesh, 70% of Israel’s flight hours during the Iran war were drones, as opposed to piloted aircraft.
Also at the conference, Orbit Communications CEO Daniel Eshchar said that in the future, the percentage of flight hours for air forces like the IDF would jump to 90-95%.
He said that the world is getting closer and closer to a point where wars, certainly in the air, may be fought mostly by drones versus machines.
Despite that broader trend, Eshchar also said he was confident that human pilots would always be a part of the air force’s arsenal to handle highly complex missions.
For example, Israel destroyed Iran’s advanced Russian-made S-300 anti-aircraft missile systems, the crown jewel of its air defense, using its F-35 piloted aircraft.
Saudi Arabia and the US made mega headlines recently, talking about a multi-billion-dollar deal for purchasing new squadrons of F-35s. Israel is also purchasing new F-35 squadrons in the future – not something it would do if pilots were disappearing overnight.
Multiple speakers predicted that in the not-so-distant future, drones would go from being used to transport logistical items internally for the IDF only on special occasions to being one of the primary means of transporting military hardware between bases.
This will cut costs tremendously, increase speed, and have a wide range of ripple effects on the future shape of the IDF.
XTEND CXO and co-founder Matteo Shapira told the conference that his company has divided drones into five categories, ranging from total human control to mixed human-drone control to totally autonomous drones.
He said that total human control and assisted autonomous drones have been around for a long time. Still, that task-based autonomy is relatively new, and the most cutting-edge work is being done to develop mission-based autonomous drones.
For example, task-based autonomous drones will track and follow a target, making independent decisions on how best to maintain the target’s position and avoid losing track of it.
Such drones may also work as part of a team, with one’s task to perform surveillance, another’s to force open a door or window, and another’s to eliminate resistance if encountered. A mission-based autonomous drone, such as the XOS model, could theoretically carry out multiple tasks as part of certain complex missions on its own.
Shapira said that in a potential future round of war with Iran, it was possible that swarms of such mission-based autonomous drones could be let loose against the Islamic Republic. However, this would still be short of full autonomy, as the missions would still have a limited number of well-defined and time-bound tasks.
In contrast, pilots (and a futuristic, fully autonomous drone) sometimes have missions with much more open mission goals, where they need to make decisions creatively and quickly and are given significant discretion about how much time to invest in a given mission.
A major message from the conference was that the drone market has expanded so dramatically that you can now purchase a drone of almost any size and weight with many different ways of being launched, landing, and being controlled in the field in order to carry out a vast number of tasks.
Following the wars against Hezbollah and Iran, Elbit Systems understood that it must also defend its platform from hostile threats, Bettesh told The Jerusalem Post’s Defense & Tech section. Bettesh explained this meant placing defensive systems on the platform itself.
Hezbollah downed several Elbit drones during the war.
Anna Ahronheim contributed to this report
END
SYRIA
Clashes in Syria: IDF exchanges gunfire with locals – report
The clashes broke out in Beit Jen at the foot of Mount Hermon between an IDF patrol and residents of the town.
The gate on the border from the Golan Heights into Syria at Majdal Shams, May 3, 2025.(photo credit: REUTERS/Avi Ohayon)ByAVI ASHKENAZINOVEMBER 28, 2025 05:29
The IDF clashed with locals in Syria in the early hours of Friday morning, resulting in the death of at least one Syrian, according to local media reports.
The clashes broke out in Beit Jen at the foot of Mount Hermon between an IDF patrol and residents of the town.
It was reported that the force tried to stop one of the residents, which led to clashes. It was also reported that the IDF was conducting artillery fire, and the heavy exchange of fire began at 3:15 a.m. without interruption.
The town of Beit Jen is located about 11 kilometers east of the border with Israel, and about 40 kilometers southwest of Damascus.
This is a developing story.
END
RUSSIA VS UKRAINE
NATO Chief Rules Out Russian Veto On Ukraine Joining Alliance, Erecting Barrier Toward Peace
Thursday, Nov 27, 2025 – 04:15 PM
As Americans celebrate Thanksgiving Day, the Russians and Ukrainians keep growing further apart regarding their respective positions on Trump’s peace plan. Trump’s tentative Thursday deadline to get the deal signed has come and gone.
This trend of division over the plan even among the Western allies is being aided in no small part by the hawkish statements of some European leaders, as well as NATO Secretary-Mark Rutte, the latter to who has just made clear that Russia has no veto over Kyiv’s bid to join NATO.
His words this week appear aimed at rebuffing the US deal, or at least giving the Ukrainians a better negotiating position. “Russia has neither a vote nor a veto over who can be a member of NATO,” Rutte said in an interview with El País and German outlet RND.
NATO’s founding Washington Treaty “allows any country in the Euro-Atlantic area to join,” he added, also as quoted in Politico.
The US-led proposal has a key condition placed on Kyiv, namely that “it will not accept Ukraine at any moment in the future.” However, the leaked European counter-proposal deletes this point, instead leaving future NATO accession wide open.
The European draft states that Ukraine’s potential NATO membership “depends on the consensus of NATO members, which does not exist.”
Strangely some Western leaders keep talking about the possibility of accession, dangling it in front of the Ukrainians, and yet Washington and others behind closed doors know that it would never happen, as it would mean certain direct war with Russia…
On giving up land, the European document says that any discussions on territorial exchanges would start from the current Line of Contact. Freezing the front lines is something President Zelensky has wanted to do all along. Moscow has seen in this a way of allowing Ukrainian forces to regroup and rearm.
Zelensky is already not happy with the US version of the peace plan, as Ukraine would surrender the areas of Donbas it still controls, and the front lines would be frozen in Kherson and Zaporizhzhia – where Russian forces also holds territory. Meanwhile President Putin has just reiterated his view that the Zelensky government is illegitimate, thus bringing into question whether it can legally sign a final deal. Needless to say, this presents yet another major barrier.
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE
GLOBAL ISSUES
MARK CRISPIN MILLER
Donald Glover canceled tour because of stroke; Ritchie Blackmore cancels tour; Marshall Tucker Band cancels show; UK: Yungblud cancels rest of 2025 tour; IT: Angelo Branduardi cancels show
SK: TWICE’s Chaeyoung cancels all activities; NZ: Phoenix footie Macey Fraser “takes break to address mental health”
| Mark Crispin MillerNov 27 |
Let us all give thanks today for our good health, or our recovery, or our survival; for our loves and friendships; and for whatever other blessings we enjoy in these dark times.
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.
Cancelations:
UNITED STATES
Donald Glover Reveals He Canceled Last Tour Due to Stroke, Doctors Finding Hole in His Heart
November 23, 2025
Donald Glover is detailing the severe health scares that forced him to cancel the remainder of his New World Tour last year. While performing at Tyler, the Creator’s Camp Flog Gnaw on Saturday, Glover, who performs under his Childish Gambino moniker, opened up about learning he had a stroke. The 42-year-old went on to explain other issues he had endured including a broken foot and a hole in his heart being discovered. “I broke my foot… They found a hole in my heart… so I had this surgery, and then I had to have another surgery,” he added. After sharing his secret health battles, Glover encouraged the audience to live their lives to the fullest.
News from Underground by Mark Crispin Miller is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Ritchie Blackmore issues health update after tour cancellation
Nov. 24, 2025
Ritchie Blackmore has issued an update regarding his health issues that forced his tour with Blackmore’s Night to be cancelled last week.
A total of five shows were postponed. The news came in light of Blackmore’s recent health struggles, which have included recovering from a heart attack, gout, and back pain. In a new statement on Instagram, the guitar legend opened up on his most recent medical issues.
Upstate band cancels Anderson show due to illness
Nov. 24, 2025
ANDERSON, S.C. (WSPA) – A local band is having to cancel its Sunday night show after they said one of their band members fell ill.
The Marshall Tucker Band has canceled their show for Sunday November 23, at the civic center in Anderson.
“We sincerely apologize for the inconvenience, and the band hopes to return to Anderson soon,” the band said in a Facebook post.
UNITED KINGDOM
Yungblud Cancels Remainder of 2025 Tour Due to Medical Concerns:
“My voice and blood tests have raised some concerns”
November 16, 2025
Yungblud has canceled the remainder of his tour dates scheduled in 2025 due to medical concerns. In a statement posted to Instagram over the weekend, the young rocker shared that, “This week when I got home off the road, and went to have some tests done (like I usually do) and my voice and blood tests have raised some concerns. I have been ordered by my doctor to take a break from touring until the end of the year.” As a result, Yungblud has canceled upcoming dates scheduled in Philadelphia, Cleveland, Washington, Mexico City, and Latin America.
Researcher’s Note – In 2021, Yungblud required proof of vaccination or negative COVID test to attend his shows: Link
No age reported.
ITALY
Angelo Branduardi suffers a sudden illness: he is hospitalized, the concert in Rome has been postponed
November 9, 2025
Angelo Branduardi [75] has suffered a sudden illness, forcing him to postpone today’s concert, November 9th, at the Auditorium Parco della Musica in Rome. The singer-songwriter was hospitalized for medical tests, and the performance, part of his “Il Cantico” tour, has therefore been postponed. The family is reportedly awaiting the results of the tests performed on the artist, who in recent days has been experiencing symptoms of asthenia, namely general weakness and fatigue. Branduardi is currently being cared for in a facility near Varese, the province where he lives in Bedero Valcuvia. The new date for the Rome concert has already been set for December 26th, Boxing Day, again at the Auditorium Parco della Musica. The next stop on the tour, scheduled for Saturday, November 15th at the Teatro Goldoni in Venice, remains confirmed.
SOUTH KOREA
TWICE’s Chaeyoung To Halt All Activities Through End Of The Year + Sit Out Tour Stops Due To Health
Nov. 20, 2025
TWICE’s Chaeyoung will be temporarily halting all activities through the end of the year due to her health.
On November 20, JYP Entertainment announced that Chaeyoung had recently been diagnosed with vasovagal syncope and had been “advised to take a period of rest.” The agency also stated that Chaeyoung will “temporarily pause her activities through the end of the year in order to prioritize her health and rest.”
As a result, Chaeyoung will be unable to perform at TWICE’s upcoming “THIS IS FOR” world tour stops in Kaohsiung, Hong Kong, and Bangkok.
NEW ZEALAND
Phoenix player Macey Fraser takes break to address mental health
November 14, 2025
Auckland – Wellington Phoenix coach Bev Priestman says it will be up to Macey Fraser to return to football when she is ready. The club announced on Thursday that the 23-year-old midfielder would be stepping away from the A-League Women squad to address her mental health. Fraser rejoined the Phoenix ahead of the 2025-26 season, returning to the club that launched her career 16 months after being sold to the Utah Royals for a six-figure fee.
DR PAUL ALEXANDERS
It’s the SAME Operation, same OP; it ain’t over! Too much money to grift still, too much power to seize, too much liberty to strip! “Nothing is over, nothing”! Operation Northwoods told us that the OP
continues; with deadly consequences; Operation Northwoods showed us what US government or any government is capable of, willing to KILL its own citizens & others for its political strategic objectives
| Dr. Paul AlexanderNov 28 |
MKUltra? CIA?
‘Operation Northwoods was a proposed false flag operation which originated within the Department of Defense of the US government in 1962. The proposals called for Central Intelligence Agency (CIA) operatives to both stage and commit acts of terrorism against US military and civilian targets, blame them on the Cuban government, and use them to justify a war against Cuba. The possibilities detailed in the document included the remote control of civilian aircraft which would be secretly repainted as US Air Force planes,[2] a fabricated ‘shoot down’ of a US Air Force fighter aircraft off the coast of Cuba,’
NEWSWIZE
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
“Oh!…K”
Friday, Nov 28, 2025 – 11:20 AM
By Michael Every of Rabobank
As Bloomberg puts it, the latest Fed Beige Book underlined a ‘deepening K-shaped split’. The very wealthy are still spending; everyone else is struggling. That split is now evident all over. AI firms are booming; most aren’t. Moreover, a day after the Financial Times spoke of people looking for “crumbs” in parts of the US, it happily reports ‘Megadeals hit new record as Wall Street’s animal spirits roar back.’ That will please the crumb-seekers.
It’s there in budgets too. Brussels just rebuked Finland for breaching EU budget rules: if even the Scandies are naughty, as they rearm aggressively, then who isn’t? The UK saw what the Telegraph calls ‘A Budget of chaos, contradiction and falsehoods’, as the Guardian noted “Rachel Reeves targets UK’s wealthiest in £26bn tax-raising budget”, and the FT said it ”raises the UK tax take to an all-time high.” Our Stefan Koopman argues it has little aimed at boosting growth, encouraging investment, restoring confidence, or reforming the tax system, and is instead “a Survival Budget instead of a Growth Budget, crafted to appease both backbench MPs and financial markets.” Yet fiddling with CPI may be enough for a divided BOE to cut a little more.
A K-shape is evident in the Fed as well. Miran makes clear he wants to do things very differently. So does Bessent. Cook’s fate is in the balance. Powell’s Miran-esque replacement may be named in weeks. This goes beyond Fed Funds. Potentially, it’s also about US (geo)political economy.
Even the FT just had to admit global trade is also now a ‘K’. Its op-ed , ‘China is making trade impossible’, argues, “There is nothing that China wants to import, nothing it does not believe it can make better and cheaper, nothing for which it wants to rely on foreigners a single day longer than it has to.” It adds what China imports, because it must, it also intends to make soon and dominate global supply of. In short, Ricardian comparative advantage is gone; China makes ‘port’ and ‘cloth’, and China will eventually dominate all key global industries. Those who read Ricardo, Chinese history, Marxism-Leninism, and neomercantilism warned about this years ago, and how it would lead to the collapse of the (neo)liberal world order – as a US commission warns China seeks an “alternative world order.” Yet ‘because markets’ types were all ‘O’-shaped: mouths agape, intellectually in a closed loop. So, here we are.
The FT op-ed concludes the EU must embrace protectionism if it wants to retain any industry as, “Europe has nothing to offer and difficult decisions to make”. It’s already heading in that direction slowly, grudgingly, blaming Trump, and still thinking it will be able to remain a net exporter as it happens, which it likely won’t. It goes without saying that Europe is K-shaped on that key front, within lobby groups in each member state, and between them – and Brussels.
In other geoeconomics, Nikkei Asia reports ‘Japan Inc.’ is trying to reduce reliance on China; the US is negotiating a trade deal with Taiwan that could help train US workers; pro-‘free-trade’ Canada announced further limits on steel imports and promised more money for its lumber mills; the Israeli army is moving away from Chinese cars to avoid tech spying; and Trump won’t invite South Africa to the Miami G-20 – maybe that global institution is at a fork in the road too.
The ECB also has a plan ‘to boost Europe’s global influence’ – making the Euro available for those worried about access to dollars. Yet the Euro’s global role is small, commodities are priced in dollars, Russia’s pushing for barter, China for CNY-invoicing, and US stablecoins about to be unleashed: so, some worry about the ECB’s access to dollars more than others’ access to Euros.
In the political realm things are always K-shaped – but now it’s a huge capital letter. The Georgia election interference case against Trump was just dropped, as was the court case against its instigator, Letitia James, on a legal technicality; but Axios notes, ‘Supreme Court poised to reshape next 3 election cycles.’ That may matter more than what it says on tariffs ahead.
It’s not just courts: every US institution is K-shaped, even the army. The White House is floating sedition charges against six Democratic politicians, including Senator Kelly, for calling for the armed forces not to obey illegal orders –without stating which ones are– as social media shows billboards encouraging troops to do so. It’s also floated on MSNBC that anyone helping that legal process would face Nuremberg-style charges if Republicans lose the 2028 election. That’s the backdrop to two US national guard soldiers being shot near the White House, following two assassination attempts against President Trump and the murder of Charlie Kirk.
Naturally, international relations are not OK, just ‘K’. China is demanding clarity from Japan on its one-China principle as the Wall Street Journal’s Ling Ling Wei reports following the Trump-Xi call, the White House told Japan to “lower the volume” on Taiwan, which Tokyo “found worrying.” Yet media are always K-shaped, so in no (Ling Ling) way does that mean this is gospel, just a view. Meanwhile, Taiwan pledged to boost defence spending by $40bn to “defend democracy” – and whom will it buying those arms from?
Regarding Russia-Ukraine, on one hand Moscow is pursuing a deal on its terms and called the leak of a Witkoff call with its team “hybrid warfare”: true, but it takes one to know one. Moreover, the US is reportedly demanding Kyiv signs a peace deal before it underlines the details of its security guarantees for it – talk about caveat emptor! On the other hand, Europe is trying to find a plan B for Kyiv if they can’t agree on using Moscow’s frozen state assets – which could blow up any peace deal; France and the UK are LARPing the 1950s, forgetting in 1956 the US was already showing them who did and didn’t have ‘strategic autonomy’ in the Suez Crisis; and the EU’s top diplomat, Kallas, is saying a peace deal should insist the Russian military’s size is capped – worryingly, there seems a K-shaped divergence between that idea and a nuclear-armed reality.
In the Middle East, ‘Scions of Iran’s revolution call for reset with the world’, claims the FT, as a “New generation of political elites seek overhaul of ties with west and Arab states.” Then again, there also intel reports that Iran is considering a major strike against Israel, which runs the other way.
And in Africa, Nigeria’s President has declared a security emergency and ordered the mass recruitment of police and army, having been warned by Trump about the need to protect the country’s Christian communities. So, over to a US military focus on Venezuela then? Newsweek has it that ‘Defiant Maduro rallies Venezuela for US war.’
The important point here is that the average of any K-shape looks like Ͱ rather than a letter of the alphabet: it has no meaning. In the same way, there is no useful mean to the conflating developments above, just uncomfortable up- or -down-legs. Nor is there a comfortable median to assume some kind of return to.
“Oh!…K” indeed.
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
Sanctioned Russia-Bound Oil Tanker At Risk Of Sinking After Mine Strike
Friday, Nov 28, 2025 – 03:00 PM
Two tankers which were traversing waters north of Turkey’s Black Sea coast are believed to have suffered damaged from sea mines placed in regional waters related to the Ukraine war.
A suezmax and an aframax tanker sanctioned by the West for trading in Russia both caught fire nearly simultaneously on Friday, according to Bloomberg and regional outlets.
At least one of the tankers is on fire after the apparent blasts occurred about 30 nautical miles north of Turkey’s Black Sea coast.
Crewmembers have been cited in maritime reports saying an “external impact” was observed, as related by Turkish authorities.
Specifically a fire was observed aboard the Kairos tanker in the Black Sea near the Turkish coast. The vessel was reportedly en route to the Black Sea port of Novorssiysk when the incident occurred.
Turkey’s Daily Sabah said the blaze triggered a large-scale recue response, and all crew members are safe:
A fire broke out Thursday aboard a Russian-bound tanker off the coast of Kandıra district in Türkiye’s Kocaeli province, prompting an emergency rescue operation for the vessel’s 25 crew members, authorities said.
The tanker KAIROS, sailing empty toward Russia’s Novorossiysk port, reported a fire about 28 miles off Türkiye’s Black Sea shores, the Directorate General of Maritime Affairs said in a statement. Officials noted the blaze was believed to have been triggered by an “external impact,” though the cause has not yet been confirmed.
“All 25 personnel onboard are in good condition,” the agency said, adding that rescue units were dispatched to evacuate the crew and monitor the situation.
The Kairos , which was sailing under the Gambian flag, is reportedly in danger of sinking – with Turkish coast guard vessels and tugboats currently assisting at the scene.
While all initial reports have pointed to a sea mine explosion, there remains the possibility that a drone could have caused the explosion and damage. A rapid plume of smoke just after the strike could be observed all the way from eyewitnesses on the Turkish coast.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
BRAZIL
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS FRIDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1567 DOWN 0.0032 PTS OR 32 BASIS POINTS/WITH STOCKS IN EUROPE MIXED
USA/ YEN 156.34 UP 0.052 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 1.3207 DOWN .0033 OR 33 BASIS PTS
USA/CAN DOLLAR: 1.4041 UP 0.0014 CDN DOLLAR DOWN 14 BASIS PTS//CDN DOLLAR STILL GETTING KILLED)
Last night Shanghai COMPOSITE CLOSED UP 13.34 PTS OR 0.34%
Hang Seng CLOSED DOWN 37.04 PTS OR 0.34%
AUSTRALIA CLOSED UP 0.07%
// EUROPEAN BOURSE: ALL MIXED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL MIXED
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 37.04 PTS OR 0.34%
/SHANGHAI CLOSED UP 13.34 POINTS OR 0.34%
AUSTRALIA BOURSE CLOSED UP 0.07 %
(Nikkei (Japan) CLOSED UP 86.81 PTS OR 0.17%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 4175.30
silver:$53.60
USA dollar index early FRIDAY morning: 99.71 UP 8 BASIS POINTS FROM WEDNESDAY’s CLOSE
FRIDAY MORNING NUMBERS ENDS
And now your closing FRIDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.012 % UP 1 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +1.808% DOWN 1 FULL POINTS AND 10/100 BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.344 UP 2 BASIS PTS//DEADLY
SPANISH 10 YR BOND YIELD: 3.167 DOWN 0 in basis points yield
ITALIAN 10 YR BOND YIELD 3.405 DOWN 0 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.6882 UP 1 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY FRIDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1574 DOWN 0.0025 OR 25 basis points
USA/Japan: 156.36 UP 0.073 OR YEN IS DOWN 52 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.4510 UP 1 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.198 DOWN 4 BASIS POINTS.
Canadian dollar UP 0.0003 OR 3 BASIS pts to 1.4095
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY UP AT 7.0749 ON SHORE ..
THE USA/YUAN OFFSHORE UP TO 7.0690
TURKISH LIRA: 42.49 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.808 DOWN 1 FULL basis pts
THE 30 YR JAPANESE BOND YIELD: 3.344 UP 2 basis pts
Your closing 10 yr US bond yield UP 1 in basis points from WEDNESDAY at 4.008% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.642 UP 1 basis points /11:00 AM
USA 2 YR BOND YIELD: 3.479 DOWN 1 BASIS PTS.
GOLD AT 10;00 AM 4200.20
SILVER AT 10;00: 54.95
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: FRIDAY CLOSING TIME 11:00 AM//
London: CLOSED UP 26.58 PTS OR 0.27%
GERMAN DAX: UP 68.82 pts or 0.29%
FRANCE: CLOSED UP 28.24 pts or 0.29%
Spain IBEX CLOSED UP 9.80 pts or 0.06%
Italian MIB: CLOSED UP 137.10. or 0.32%
WTI Oil price 59.09 0.00 EST/
Brent Oil: 62.92 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 77.89 ROUBLE UP 0 AND 5/ 100
CDN 10 YEAR RATE: 3.147 UP 1 BASIS PTS.
CDN 5 YEAR RATE: 2.729 DOWN 3 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1643 UP 0.0003 OR 3 BASIS POINTS//
British Pound: 1.3244 UP .0004 OR 4 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.442 UP 2 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.190 DOWN 2 IN BASIS PTS.
JAPAN 10 YR YIELD: 1.814 UP 1 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.344 UP 2 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 156.08 DOWN 0.200 OR YEN UP 20 BASIS PTS EXTREMELY DANGEROUS/YEN FALLING DEEPLY IN VALUE
USA dollar vs Canadian dollar: 1.3973 DOWN 0.0054 PTS// CDN DOLLAR UP 54 BASIS PTS CDN DOLLAR
West Texas intermediate oil: 58.48
Brent OIL: 62.29
USA 10 yr bond yield UP 2 BASIS pts to 4.024
USA 30 yr bond yield UP 2 PTS to 4.665%
USA 2 YR BOND 3.438 DOWN 2 PTS
CDN 10 YR RATE 3.144 UP 1 BASIS PTS
CDN 5 YEAR RATE: 2.723 UP 1 BASIS PTS
USA dollar index: 99.43 DOWN 9 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 42.50 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 77.60 UP 0 AND 24/100 roubles //
GOLD $4238.50 (3:30 PM)
SILVER: 56.73 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 289.30 OR 0.61 %
NASDAQ 100 UP 197.95 PTS OR 0.78%
VOLATILITY INDEX 16.35 DOWN 0.86 PTS OR 5.00%
GLD: $ 387.95 UP 4.76 PTS OR 1.24%
SLV/ $51.21 UP 2.81 PTS OR OR 5.81%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 202.10 PTS OR 0.24%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
Silver Soars To Record High As November Ends With S&P’s Best Tnxgiving Week Since Lehman
WRAP UP;
DATA RELEASES
USA ECONOMIC COMMENTARIES
THE LEFT BROUGHT THIS ON!!
Ex-CIA-Linked Afghan Who Shot D.C. Troops Entered U.S. As Biden-Era Asylee
Thursday, Nov 27, 2025 – 07:55 AM
The nation was horrified Wednesday afternoon – just as millions were hitting the roads, crowding TSA lines at airports, or grabbing last-minute groceries at supermarkets or the local butcher shop for today’s Thanksgiving feast – by news that an Afghan national opened fire on two West Virginia National Guard members, leaving both critically wounded just outside the White House complex.
The suspected attacker, identified as Afghan national Rahmanullah Lakanwal, who entered the U.S. in 2021 under the Biden-Harris regime’s “Operation Allies Welcome,” was also shot and taken into custody.
Jeffery Carroll, executive assistant chief with D.C. police, told reporters that Lakanwal “ambushed” the Guardsmen; investigators have not disclosed a motive, yet there is mounting speculation of terrorism.
President Trump called the incident a “crime against humanity,” announced a full review of all Afghan nationals admitted under the Biden-era resettlement program, and ordered an immediate halt to Afghan immigration processing pending new security vetting protocols.
“Earlier today, on the eve of the Thanksgiving holiday, two members of the National Guard serving in Washington, D.C., were shot at point-blank range in a monstrous ambush-style attack just steps away from the White House,” Trump addressed the nation in a video late Wednesday night.
The president continued, “This heinous assault was an act of evil and active hatred, an act of terror. It was a crime against our entire nation. It was a crime against humanity. The hearts of all Americans tonight are with those two members, and we are lifting them up in our prayers. As we are filled with anguish and grief for those who were shot, we were also filled with righteous anger and ferocious resolve.”
“I can report tonight that, based on the best available information, the Department of Homeland Security is confident that the suspect in custody is a foreigner who entered our country from Afghanistan—a hellhole on earth. He was flown in by the Biden administration in September 2021 on those infamous flights that everybody was talking about. Nobody knew who was coming in; nobody knew anything about it. His status was extended under legislation signed by President Biden—a disastrous president, the worst in the history of our country,” he said.
Trump added, “This attack underscores a number of injustices that you don’t want to even know about. No country can tolerate such a risk to our very survival. An example is Minnesota, where hundreds of thousands are ripping off our country and ripping apart that once-great state. Billions of dollars are lost, and gangs of Somalis come from a country that doesn’t even have a government, no laws, no water, no military. As their representatives in our country preach to us about our Constitution and how we’re not going to put up with these kinds of laws by people who shouldn’t even be in our country.”
During the Biden-Harris regime years, among the tens of millions of migrants who flooded into the country, roughly 90,000 Afghans were admitted through the administration’s Operation Allies Refuge (OAR) and Operation Allies Welcome (OAW) programs.
Intelligence sources revealed to Fox News that Lakanwal worked with U.S. government entities in Afghanistan, including the CIA, as a member of a partner force in Kandahar.
“In the wake of the disastrous Biden withdrawal from Afghanistan, the Biden administration justified bringing the alleged shooter to the United States in September 2021 due to his prior work with the U.S. government, including CIA, as a member of a partner force in Kandahar, which ended shortly following the chaotic evacuation,” CIA Director John Ratcliffe told Fox News.
Recall that throughout the Biden-Harris regime years, the America First movement warned that many of the Afghans and other “refugees” brought into the country had not been adequately vetted and were allowed to enter with little to no screening.
Anyone who questioned how damaging these open-border policies would be to national security was immediately branded a racist by the left-leaning corporate media, the Democratic Party’s dark-money NGO and activist network, and the Biden White House.
“The individual—and so many others—should have never been allowed to come here,” Ratcliffe continued. “Our citizens and service members deserve far better than to endure the ongoing fallout from the Biden administration’s catastrophic failures.”
Nation-killing open borders is what former CIA targeting officer Sarah Adams recently warned on the Shawn Ryan Show about “1,000-plus Al-Qaeda–trained fighters within U.S. borders.”
Shortly after the attack, Trump requested an additional 500 National Guard troops for the Washington, D.C. area. This made clear that the deployment was never just about clearing homeless encampments or deterring street crime. The fact that military forces are now being positioned on the ground points to a broader security threat, one that unfolded in full view for the nation yesterday.
NGO expert Mike Benz expands that thought…
The point I keep driving at here, which somehow very few people seem to grasp, is that there is a whole other dimension to the immigration crisis pretty much no one in MAGA is paying attention to. The Somali immigrant crisis in Minneapolis happened because of Pentagon ops, assisted by the CIA, in Somalia. The Haitian immigrant crisis in Ohio last year happened because of Pentagon ops, assisted by the CIA, in Haiti. The Venezuelan immigrant crisis happened because of Pentagon ops, assisted by the CIA, in Venezuela. The Afghan and Syria immigrant crisis happened because of Pentagon ops, assisted by the CIA, in Afghanistan and Syria. The reason these programs politically can’t be stopped is because, at the military and paramilitary logistics levels, there are ongoing ops.
White House Deputy Chief of Staff Stephen Miller told Fox News last night, “20 MILLION people brought into our country from the most failed societies on earth, Afghanistan, Somalia, Libya, Iraq, brought here. No vetting, no conditions, no rules.”
Miller continued, “Brought here on visas, brought here as refugees, brought here as asylees, brought here as illegals. Brought here in every way imaginable by plane, train, bus, automobile, by land, by sea,” adding, “For four straight years, they DELUGE this country. And now MORE BLOOD is being spilled as a result!”
Politically, the fact that an ex-CIA-partnered Afghan national shot two National Guard troops is an optics disaster for the Democratic Party, a party increasingly dominated by far-left radicals who prioritize illegals over citizens. The incident gives Trump even more justification to accelerate his deportation campaign. The administration must seriously scrutinize the Islamists and Islamist-Marxists who seek to undermine the nation from within, as well as the dark-money NGOs aligned with the Democratic Party that wage an invisible insurrection against Trump and the America First agenda
END
Trump And House GOP Are Headed For A Clash Over Obamacare Subsidies
Friday, Nov 28, 2025 – 11:45 AM
Obamacare subsidies expire at the end of December, and it now looks like the big battle over their future won’t be between Democrats and the GOP, but between the White House and House Republicans.
Trump has said that while he doesn’t want to make the subsidies permanent, that “some kind of an extension may be necessary to get something else done because the unaffordable care act has been a disaster. It’s a disaster.”
The White House proposal caps eligibility at 700% of the federal poverty line and kills off zero-premium plans that have become a magnet for fraud. But House Speaker Mike Johnson has made it clear this idea hits a wall with the GOP. Even with these anti-fraud provisions attached, Trump’s plan still pours billions into the same broken system, and does nothing to address the key problem created by Obamacare: the skyrocketing costs of subsidies.
The obvious problem here going into midterms is optics… with millions of Americans – including a ton of lower income red state residents, forced to suddenly come up with potentially thousands of dollars more per month after already adjusting to the inflationary ‘new normal’ thanks to the egregious overreaction to the economy-killing pandemic shutdown that never should have happened in the first place.
According to the Wall Street Journal, Johnson “cautioned the White House that most House Republicans don’t have an appetite for extending enhanced Affordable Care Act subsidies, according to people familiar with the matter, showing how hard it will be politically to stave off sharp increases in healthcare costs next year for many Americans.”
The message from Johnson, in a phone call with administration officials, came as President Trump’s advisers were drafting a healthcare plan that extended the subsidies for two years.
The warning underscores the hurdles facing any deal in coming weeks. Lawmakers have a mid-December deadline for healthcare votes promised as a condition for Democrats voting to end the government shutdown earlier this month. The enhanced subsidies expire at the end of the year, affecting more than 20 million people who benefit from the tax credits.
While the White House and GOP leadership circle each other, a bipartisan group of lawmakers has worked out a separate solution. However, their proposal still relies on extending the subsidies.
The Bipartisan Healthcare Optimization Protection Extension (HOPE) Act extends the enhanced premium tax credit for two years. It includes a lower income cap for enrollees, about $200,000 for a family of four, and phases out for those making above that (currently the subsidy is capped based on what percent of a family’s income it spends on health care). The bill would also try to crack down on fraud.
“We don’t want to see premiums skyrocket, but we probably need a deeper plan for the longer term to deal with the high cost of healthcare,” said Rep. Don Bacon (R-Nebr.). “What we’re proposing is a bridge. Let’s help keep people’s premiums down — that’s important — and it’ll give us time to work on it, maybe something better over the next year or two.”
“People are freaking out. I mean, I get phone calls from people about seeing their premiums go up by a thousand dollars a month,” Rep. Tom Suozzi, a New York Democrat, said. “That’s why we felt it was very important for us to get together as a bipartisan team to say, let’s work together and let’s force something to happen here that we can try and build consensus on.”
These solutions don’t solve the problem for millions who never qualified for subsidies, who will see their premiums soar regardless. Extending subsidies deepens the distortion and accelerates the problem.
The subsidy fight puts Republicans in a tough spot. Johnson has already shown he will not bless another round of Obamacare cash, and most of the conference stands with him. Trump’s team is floating the idea of a temporary extension, and that puts the party on a collision course as January approaches. The CR runs out at the end of January, and nothing suggests the White House and House Republicans will bridge this gap before then.
Meanwhile, Democrats see an easy opening. They are unified, they want this fight, and they know the GOP’s internal split hands them the leverage they lacked during the last shutdown. Washington is drifting toward another stalemate, and the setup looks far worse for Republicans this time around. The stage is set for a January showdown that could break wide open once the subsidies expire.
UPS
deliveries for Christmas will now be a problem..maybe arriving late
(zerohedge)
UPS Indefinitely Grounds All Its MD-11’s – 9% Of Firm’s Fleet Out For Peak Delivery Season
Friday, Nov 28, 2025 – 10:00 AM
UPS will have to manage the peak package delivery season of the year with 9% of its air fleet sitting idle, after the firm announced it will indefinitely ground all its McDonnell Douglas MD-11 cargo jets in the wake of a spectacular disaster in Louisville on Nov. 4 that took 14 lives.
“Regarding the MD-11 fleet, Boeing’s ongoing evaluation shows that inspections and potential repairs will be more extensive than initially expected,” wrote UPS Airlines President Bill Moore in a memo to employees obtained by AP. Boeing became the manufacturer of the three-engine MD-11 cargo jets after a 1997 merger with McDonnell Douglas. The move follows a catastrophic failure that saw the left engine detach from the wing of a UPS MD-11 taking off in Louisville.
There are 109 MD-11 still in service — all of them with package carriers. They comprise 9% of the UPS fleet compared to 4% of FedEx’s. Anticipating an FAA directive, UPS, Fedex and other companies grounded their MD-11’s after the horrific crash in Louisville earlier this month. A UPS spokesperson said the firm will compensate for the the lost idle resources by activating contingency plans, adding that UPS “will take the time needed to ensure that every aircraft is safe.” It was originally hoped that the FAA-mandated inspection-and-repair process would take weeks, but now it’s expected to consume months.
Depending on mounting expenses of that undertaking, the disaster may well seal the fate of the jets, which were first unveiled in 1984, initially serving as passenger liners. The jets’ service record in that capacity includes a terrible disaster that’s disturbingly similar to what just unfolded in Louisville: In 1979, an American Airlines MD-11 crashed after taking off from Chicago O’Hare. Just like the plane that crashed on Nov. 4, the American Airlines MD-11 lost its left engine during takeoff. All 271 people aboard the plane were killed, along with two on the ground.
Last week, investigators with the National Transportation Safety Board released frame-by-frame images showing the left engine of the UPS MD-11F freighter separating from the aircraft in Louisville. NTSB’s preliminary report showed the left engine (No. 1) and entire pylon assembly tore away from the wing immediately after rotation — the act of raising the nose of the jet at takeoff — igniting into a massive fireball.
With the wing on fire, the air freighter managed only about 30 feet above ground level before losing lift. It cleared the blast fence on Runway 17 Right at Louisville Muhammad Ali International Airport, but struck the roof of a UPS warehouse with its left main gear, then crashed into a nearby industrial park. All three crew members were killed, along with 11 people on the ground.
end
The female National Guard officer has died. Trump very angry!
“Are You Stupid?”: Watch Trump Blast Leftist Media Over Biden Immigration Debacle
Friday, Nov 28, 2025 – 09:05 AM
Authored by Steve Watson via Modernity.news,
President Trump refused to play the games of the leftist media Thursday, at one point going off on a reporter, labelling them a “stupid person.”
The reporter asked Trump “Why are you blaming Biden?! [for the DC National Guard attack]”
TRUMP responded, “Are you a STUPID PERSON?” adding, “Because they LET HIM IN,” referring to the Afghan national suspect.
“Are you STUPID? They came on a plane with thousands who shouldn’t be here,” Trump continued, adding “And you’re just asking questions ’cause you’re a stupid person!”
“And there’s a law passed where it’s almost IMPOSSIBLE to get them out. You can’t get them out once they get in!” Trump further blasted.
As we earlier highlighted, somewhere in the region of 85 THOUSAND Afghans entered the U.S. under Biden, with a basically non-existent vetting process.
Earlier in the briefing, the President had to deliver the awful news that 20 year old U.S. Army Specialist Sarah Beckstrom of Summersville, West Virginia has passed away after the horrific attack.
Trump further urged, “We have no greater national security priority than ensuring that we have full control over the people that enter and remain in our country. For the most part, we don’t want them.”
VICTOR DAVIS HANSON
KING NEWS
| The King Report November 28, 2025 Issue 7628 | Independent View of the News |
| MNI Chicago PMI for Nov: 36.3, 43.6 consensus, 43.8 prior @yieldsearcher: Along with the NY Fed Services survey, this ranks as one of the most bearish regional indicators we’ve had this mth. Keep in mind this index covers both mfg and svcs. The internals: – Order backlog lowest since Mar 09 – New order lowest ytd – Employment lowest since May 09 Jobless Claims 216k, 225k exp., prior 222k; Continuing Claims 1.96m, 1.963m exp., 1.953m prior US posts $284 billion October budget deficit; report impacted by shutdown The deficit last month was up $27 billion, or 10% higher, than the $257 billion deficit posted in October 2024, largely due to the shift of some $105 billion worth of November benefit outlays for some military and healthcare programs into October. Adjusting for these shifts, the October deficit would have been about $180 billion, a 29% reduction from an October 2024 deficit of $252 billion… Outlays for October including the November benefit payments totaled $689 billion, up 18% from the $584 billion in October 2024… Receipts for October totaled $404 billion, a record for the month and a 24% increase from the $327 billion collected in October 2024… https://ca.finance.yahoo.com/news/us-posts-284-billion-october-190438062.html ESZs hit the daily low of 6778.25 (-3.25) at 18:52 ET on Tuesday night. They then did a 45-degree rally to 6810.75 at 2:41 ET. The pro dump appeared before the European opening. ESZs then sank via an A-B-C decline to 6787.25 at 7 ET. ESZs then bottom bumped about 6 times with the last bottom occurring at 7:39 ET. ESZs then commenced the rally for the NYSE opening. The move accelerated at 9:24 ET. ESZs hit a daily high of 6824.00 (+43.50) at 9:48 ET. The pro dump appeared early; ESZs sank to 6795.75 at 9:59 ET. Traders then aggressively bought for the pattern buying by retail traders that tends to appear near 10:00 ET. ESZs jumped to 6821.00 at 10:40 ET. After a moderate retreat to 6809.50 at 10:47 ET, an especially aggressive manipulation for the European close appeared. ESZs zoomed to a new daily high of 6846.50 at 11:43 ET. After a dip to 6833.50 at 12:19 ET, ESZs made a minor new high of 6846.75 at 12:43 ET. Some traders recognized the effective double top. ESZs slid to 6825.00 at 13:46 ET. After stair stepping to 6845.25 at 15:17 ET, ESZs sank to 6825.00 at 16:00 ET Positive aspects of previous session Fed rate cut fever and extreme exuberance for stocks created another robust equity rally. Fangs and trading sardines led the equity rally of course Negative aspects of previous session Precious metals rallied smartly USZs traded flat when they should have rallied smartly on the abysmal Chicago PMI Ambiguous aspects of previous session Will the equity surge induce some Fed officials to vote against a rate cut? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6809.31 Previous session S&P 500 Index High/Low: 6831.44; 6783.87 We warned that some Nvidia critics noted its results showed a troubling increase in accounts receivable. The Algorithm That Detected a $610 Billion Fraud: How Machine Intelligence Exposed the AI Industry’s Circular Financing Scheme – At precisely 4:00 PM Eastern Time on November 19, 2025, Nvidia Corporation released third-quarter earnings that exceeded Wall Street expectations… The stock surged 5% in after-hours trading… Eighteen hours later, the Nasdaq Composite closed down 1.21%. Nvidia’s gains evaporated… What happened in those 18 hours represents something unprecedented in financial markets: algorithmic trading systems detected accounting irregularities faster than human analysts could read the earnings footnotes… Hidden on page eight of Nvidia’s 10-Q filing, buried in the standard financial statements, lies a number that algorithmic systems flagged within minutes of release: accounts receivable of $33.4 billion… The algorithms had detected something human analysts would take days to recognize: Nvidia’s customers aren’t paying for chips they’ve already received… https://substack.com/inbox/post/179453867?r=6p7b5o&utm_medium=ios&triedRedirect=true&s=02 Markets on Thursday Nikkei +1.23%, CSI 00 -0.05%, Shanghai Comp +0.29%, Shenzhen Comp -0.11%, Hang Seng +0.07% Euro Stoxx -0.04%, FTSE +0.02%, CAC +0.04%, DAX +0.18%, IBEX 0.0%, MIB +0.21% Today – The NYSE and Nasdaq close at 13:00 ET. Absenteeism will be very high for today’s abbreviated equity session. The usual suspects will play for another rally. Experienced traders will look for signs of a short-term equity peak due to November performance gaming and the end of the upward bias for Thanksgiving plus start-of-December buying on Monday. ESZs are +7.50; NQZs are +45.50; Dec AU is +19.00; and USZs are -7/32 at 20:20 ET. S&P Index 50-day MA: 6721; 100-day MA: 6564; 150-day MA: 6349; 200-day MA: 6173 DJIA 50-day MA: 46,722; 100-day MA: 45,806; 150-day MA: 44,659; 200-day MA: 43,933 (Green is positive slope; Red is negative slope) S&P 500 Index (6812.61 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 positive – a close below 6700.00 triggers a sell signal Hourly: Trender and MACD are positive – a close below 6795.48 triggers a sell signal Two US National Guardsmen were shot 1 block from the White House on Wednesday. NBC and CNN said the suspect is an Afghan national and reportedly shouted “Allahu Akbar” during the attack. Though initial reports said the soldiers had died, both survived surgeries, with a female suffering a head shot. West Virginia National Guardsmen Sarah Beckstrom, age 20, died on Thursday. Staff Sgt. Andrew Wolfe, 24, of the West Virginia National Guard is in critical condition. AG Pam Bondi: “The young woman volunteered to be there on Thanksgiving, working today. As did many of those Guardsmen and women, so others could be home with their families. Yet now, their families are in hospital rooms with them, while they’re fighting for their lives. Everyone pray for these two soldiers. (from West Virgina National Guard).” https://x.com/EricLDaugh/status/1994036127892742395 @JackPosobiec: From a senior LE official: The suspect waited for the guardsmen to turn the corner before opening fire. He only had four rounds but managed to hit the female guard in the chest. He then… took her weapon and shot her point-blank in the head. Using her firearm, he continued shooting at the other guardsmen, hitting one in the neck, until a third guard engaged and subdued him. CIA says alleged National Guard shooter worked with agency’s paramilitary units in Afghanistan Officials have identified the alleged suspect as Rahmanullah Lakanwal, 29. https://justthenews.com/government/security/cia-says-alleged-national-guard-shooter-worked-agencys-paramilitary-units Ambush of National Guard near White House tied to bungled Biden vetting of Afghans As many as 85,000 Afghans came into the country quickly without complete vetting https://justthenews.com/government/security/ambush-national-guard-near-white-house-tied-bungled-biden-vetting-afghans @libsoftiktok: Email obtained by GOP Sen @HawleyMO shows the Biden admin ordered them to fill up planes with Afghan “refugees” even without vetting them. Troops on the ground said they were shocked by Biden’s failure to vet these Afghans before bringing them into our country. https://x.com/libsoftiktok/status/1993857460902482049 Trump administration stops all immigration processing from Afghanistan after ambush of Guardsmen – President Trump condemned the shooting and blamed his predecessor Joe Biden. Trump: “We must now reexamine every single alien who has entered our country from Afghanistan under Biden, and we must take all necessary measures to ensure the removal of any alien from any country who does not belong here or add benefit to our country.” https://justthenews.com/government/security/trump-administration-stops-all-immigration-processing-afghanistan-after-ambush GOP lawmakers long warned of security risks of Biden-era Afghan resettlement program used by alleged National Guard shooter https://t.co/g2NLSkLetP @rawsalerts: Officials say that several months ago, suspected National Guard shooter was working for Amazon and Amazon Flex Daily Mail: The suspect drove across the country from his home in Bellingham, Washington state, where he lived with his wife and five children near the Canadian border. Sarah Beckstrom, 20, and Andrew Wolfe, 24, remain in critical condition after undergoing surgery. The soldiers were shot by a .357 Smith and Wesson revolver… [DHS granted] Lakanwal asylum into the country earlier this year… https://www.dailymail.co.uk/news/article-15332013/Trump-plunged-security-scandal-Afghan-shooters-asylum-president-blamed-Biden.html @greg_price11: Dem Sen. Elissa Slotkin went on TV last Sunday and claimed that National Guardsmen were going to start shooting at American civilians. Two Guardsmen have now been wounded after being shot on the streets in DC. https://x.com/greg_price11/status/1993779623034016053 Slotkin is one of the ‘Seditious Six’ that implored the US military to disobey illegal DJT orders. @EndWokeness: One day ago, Dem Rep. Jasmine Crockett called the troops enforcing immigration law “slave patrols” that “target blacks.” 2 troops in DC were just gunned down https://t.co/eE8TTqannN Don Lemon (Ex-CNN) recently called on his fans to go & take up arms against federal troops https://t.co/5QSEm4eIiV @BlakeSNeff: One month ago, Gavin Newsom said National Guard troops in cities were part of Trump’s bid to make himself a “dictator.” Did today’s shooter take Newsom’s words literally? https://t.co/OUxhqaDh5L @libsoftiktok: Democrat leaders and activists claimed the national guard is “rounding black people up and putting them in detainment camps.” Now two national guardsmen were just ass*ssinated. https://t.co/3yzE28BOAg Just a few weeks ago, Oregon Congresswoman Maxine Dexter (D) said the National Guard coming to cities is tyrannical and dangerous. Two National Guardsmen were just shot. https://x.com/libsoftiktok/status/1993783101839790509 @bennyjohnson: Al Sharpton points the finger at President Trump for the National Guardsmen being shot in Washington DC: “Two people that are fighting for their lives, guardsmen that this President put there.” Despicable. https://t.co/2lpazZiYXU @NickFondacaro: ABC News claims the National Guard are going to “stop” and steal “the next election.” JOY BEHAR: This is a pretext to stop the next election. That’s what I think it is. https://x.com/NickFondacaro/status/1975584621715677458 @carolinedowney_: If you demonize National Guardsmen on national TV and say that their deployment to combat DC crime is a fascist enterprise, some lunatics are going to take you seriously Ex-intel officer @EzraACohen: When lawmakers imply publicly that members of the military are engaged in illegal activity it is foreseeable that violence against the military will take place. Ex-CIA Ops Officer @BryanDeanWright: Democrats weren’t joking when they said we’re at war. Their incitement leads to blood. The sedition leads to chaos. They know exactly what they’re doing. Dem Rep Eric Swalwell says military can ‘check’ Donald Trump’s actions https://trib.al/RwnLBE5 (Now, this is insurrection!) @Cernovich: A mass shooting of National Guard members in DC happens just days after six prominent Democrats sought to create hatred and chaos within the military. When will Dems and the media be held accountable for the hate and violence that they foment? @elonmusk: Falsely labeling non-violent people as “fascist” or “Nazi” should be treated as incitement to murder Babylon Bee: Democrats Condemn Violence They Incited https://t.co/lYivQdGBJQ Sec of War Hegseth on Wednesday said Trump asked for 500 additional troops to be deployed to Washington, DC, after two National Guard members were shot. ‘Seditious Six’ Scripted Video Appears to Be Part Of Left’s Broader Color Revolution Against Trump – Jennica Pounds, also known as “DataRepublican,” peeled back the layers of what appears to be the interworkings of at least one color-revolution-style operation orchestrated by Democrats, nonprofit groups, ex-USAID employees, and leftist billionaires to undermine and destabilize President Trump’s MAGA from within… Now, DataRepublican has gone down the Deep State rabbit hole and uncovered what appears to be a web of NGOs that launched an informational campaign just days before a group of unhinged left-wing lawmakers, including Reps. Jason Crow (D-Colo.), Chris DeLuzio (D-Pa.), Maggie Goodlander (D-N.H.), and Chrissy Houlahan (D-Pa.), along with Sens. Mark Kelly (D-Ariz.) and Elissa Slotkin (D-Mich.), urged members of the military and intelligence community to “refuse illegal orders,” repeatedly emphasizing, “You must refuse illegal orders.”… “National Lawyers Guild issued a document about refusing illegal orders on 11 November. And now they have partnered with Win Without War to advertise seditious-adjacent behavior on billboards. And Win Without War has multiple Congressional liaisons on their “About” page.”… Open Society seems to be its major backer… The color-revolution playbook fueled by the Democratic Party’s NGO network is now increasingly evident: the operation relies on engineered unrest, coordinated misinformation barrages, and sustained perception-shaping campaigns aimed at softening the ground for political regime change – a similar type of operation run overseas… Democrats have no economic agenda to offer the middle class except for Marxism; their primary objective is regime change. https://www.zerohedge.com/political/seditious-six-scripted-video-appears-be-part-lefts-broader-color-revolution-against-trump @MrAndyNgo: Oregon attorney general @AGDanRayfield has sent a letter to U.S. AG @PamBondi & DHS secretary @KristiNoem warning them that local prosecutors will criminally charge federal agents if they continue to engage in “excessive force” against rioters outside ICE. https://t.co/q3Hncokljp @mrddmia: The U.S. attorneys must start aggressively prosecuting all obstruction and attacks on federal law enforcement and military members. Obstruction. Conspiracy. Harboring. Assault… Senator Who Trashed Fellow Dems in Texts Blames Old Friend for Leaking Them to MAGA Outlet – Senator Ruben Gallego (D-AZ)… labeled Democrats the “not fun party” and accused them of “always telling and correcting people.”… The senator also mocked the appearance of Democrats, saying: “Dem women look like Dem men and Dem men look like women.”… https://www.yahoo.com/news/articles/senator-trashed-fellow-dems-texts-123114251.html @JonathanTurley: Sen. Ruben Gallego (D., AZ) is accused of texting that “Dem women look like Dem men and Dem men look like women.” For most outlets, it has been crickets. Remember when J.D. Vance called his critics “childless cat ladies”? Democrats continue to receive endless media mulligans. It is not a lack of self-awareness. Many in the media are fully aware of the different treatment afforded those on the left and the right in such controversies. This is not a call for outrage, but rather the selective outrage continues despite falling trust in the media. Illinois leaders blast SAFE-T Act after repeat offender charged with lighting woman on fire on CTA Blue Line – The controversial SAFE-T Act, which includes reforms concerning the rights of prisoners and detainees, was enacted into Illinois law in 2021. It allows those on electronic monitoring and home detention to do outside tasks like going to the grocery store, and it also abolished cash bail so non-violent criminals don’t languish in jail for non-violent, low-level offenses… “This is exactly what House Republicans warned about. Repeat offenders are being released and reoffending, and families are paying the price…” https://wgntv.com/news/cook-county/cook-county-judge-criticized-cta-attack-fire/ Gov. Pritzker says he’s open to amending SAFE-T Act after Chicago train attack The law made several changes to the criminal justice system, notably eliminating cash bail and allowing a judge to decide if a defendant should await trial in jail or not… https://www.25newsnow.com/2025/11/26/governor-jb-pritzker-hints-reviewing-illinois-safe-t-act-after-incident-blue-line-chicago/ @ChiefWeitzel: “It took a weekend from hell for the Governor @GovPritzker to finally express “He’s open to tweaking the SAFE-T Act.” That is not leadership. That is damage control.” @greg_price11: Somalis get caught red handed stealing millions of dollars from Minnesota taxpayers and wacko left-wing judges just throw out their conviction by a jury because there “could’ve been other reasonable theories besides guilt.” https://twitter.com/greg_price11/status/1993338510892495254?s=02 University (Minnesota) warns against a ‘whiteness pandemic’ and says white individuals must take antiracist action https://www.audacy.com/wccoradio/news/national/university-warns-against-a-whiteness-pandemic ELON MUSK: “The fundamental moral flaw of the left is empathy for the criminals and not empathy for the victims. There’s been immense judicial overreach that is unconstitutional. It’s undermining the people’s faith in the legal system. It needs to stop. It’s gone too far.” https://x.com/cb_doge/status/1993750281855881519 Babylon Bee: Trump’s Strategy of Hiring Lawyers Based On Bust Size Not Working As Well As Anticipated – “How could she lose, she’s so hot,” wondered Trump… https://babylonbee.com/news/trumps-strategy-of-hiring-lawyers-based-on-bust-size-not-working-as-well-as-anticipated | |
SWAMP STORIES FOR YOU TONIGHT
Pennsylvania Governor Signs Law Banning “Hair Discrimination”
Thursday, Nov 27, 2025 – 10:15 PM
Democrats continue to double down and pander to the woke demographic whenever they see an opportunity. These gestures are usually designed to virtue signal and rarely have any significance in terms of political change, however, leftists don’t necessarily pass laws or make declarations because a problem actually exists. Rather, they do these things in order to encourage false perceptions within the populace.
In other words, equality has been a legal fact within the US for decades, but leftists want people to believe racism is a never-ending battle that requires their perpetual activism and government intervention. The more they demand “equity”, the more division and conflict they end up inciting.
Democrat Pennsylvania Governor Josh Shapiro insists that racism is an ongoing problem in his state and he has taken bold action to fight back by passing the “CROWN Act”, a law which prohibits discrimination based on a person’s hairstyle, type or texture.
CROWN, which stands for “Creating a Respectful and Open World for Natural Hair”, is clearly aimed at placating the black voting base for Democrats in PA and is unlikely to be applied to any other group.
For example, black female managers wearing wigs and weaves and appropriating white women’s hair styles will never be accused of racism, but a white manager at Taco Bell who fires a black worker for not wearing a hair net properly will probably face civil litigation for discrimination. Woke laws are meant to create privileges and double standards, not equal protections. As Shapiro notes:
“Real freedom means being respected for who you are – no matter what you look like, where you come from, who you love, or who you pray to…For too long, many Pennsylvanians have faced discrimination simply for hairstyles that reflect their identity and culture – that ends today…”
“This is going to help people by making sure that, wherever you work, or wherever you’re applying for a job, they can’t look at your hair and size you up – not based on your qualifications and all of the professional development you have and all of your education,” said PA House Speaker Joanna McClinton. “They will not look at your hair and decide you can’t work here. They will not look at your hair and decide you don’t belong in this C-suite. They will not look at your hair and say, ‘you can’t be in the boardroom.’”
U.S. Rep. La’Tasha D. Mayes, a West Philadelphia native who now represents parts of Pittsburgh, was the lead sponsor on the bill and said the fight will help improve lives across Pennsylvania. “Hair discrimination has taken confidence from our children, but that ends today,” Mayes said. “Hair discrimination has taken dignity from workers, but that ends today. It has taken access to economic opportunities, hopes and dreams, but that begins to end today.”
First and foremost, no one has a constitutional right to be “respected” for who they are. No one is entitled to protection from the personal judgments and scrutiny of others. Respect is earned, not guaranteed.
Second, there are no hair styles among black Americans that are race specific. Every style activists claim as racial property for African descendants is present in the history of other ethnic cultures including whites. For example, “dreadlocks” are found within the Minoan civilization (Greece) as early as 1600–1500 BCE. Intricate braided styles were common among the ancient Germanic and Norse peoples.
Third, it is virtually impossible to determine if a person is being discriminated against because of their hair, unless an employer openly says “I won’t hire you because of your hair”. Legislation like the CROWN Act can’t be logically enforced. Instead, the laws are meant to force employers to walk on eggshells around minority applicants and employees; to pressure companies into DEI hiring by making civil retribution easier.
The likelihood of any person facing discrimination at the workplace because of their hair is minimal. Out of the 130,000 race based lawsuits every year in the US, only 20-30 related to hair are filed and resolved according to the Equal Employment Opportunity Commission (EEOC). A state like PA might not see a single case of actual discrimination based on hair for years to come.
There is no epidemic of hair racism. The passage of laws like the CROWN Act are intended to make the public think that such a problem exists when it is actually an oppression fantasy.
END
Figures!! what a surprise!!
Fentanyl Trafficking Rings Run By Illegal Immigrants Dismantled Across Washington
Friday, Nov 28, 2025 – 11:00 AM
In his Nov. 24 op-ed, Seattle conservative commentator Jason Rantz puts a sharp spotlight on what he frames as the overlooked reality of Washington’s fentanyl pipeline: that major trafficking networks are increasingly being run or staffed by illegal immigrants.
Rantz reports that federal agents dismantled two international drug rings in October—one tied to Ecuador, the other to Mexico—resulting in more than 18 arrests and the seizure of millions of lethal fentanyl doses, narcotics, illegal firearms, and even an improvised explosive device.
Rantz writes that the central revelation is that “many of the suspects… are in this country illegally,” a detail he says federal officials had not previously made public. U.S. Attorney Neil Floyd confirmed to The Jason Rantz Show that not all suspects are U.S. citizens and that investigators routinely discover unlawful status during arrests.
Floyd argued that the public deserves clarity about who is behind these crimes, even as investigations themselves are not driven by immigration status. As he told Rantz, “It’s fair for the public to know… the Trump administration is not wrong about the fact that many of the people that are here illegally are committing crimes, and very serious crimes.”
The Ecuador-linked Gutama Escandon network pushing fentanyl and meth across the Puget Sound region, and the Mexico-connected ring in rural Lewis County tied to 105,000 fentanyl pills and 34 kilograms of powder—amounts the DEA equates to more than 3 million potentially deadly doses, according to 770AM.
For Rantz, the takeaway is blunt. These cases show that Washington’s fentanyl crisis cannot be separated from immigration realities, despite political narratives that portray illegal immigrants as uniformly harmless.
By surfacing details federal authorities acknowledge but often do not publicize, Rantz argues the public can better understand the forces driving the drug epidemic devastating communities across the state.
GREG HUNTER….INTERVIEWING STEVE QUAYLE
WWIII Will Start in Venezuela – Steve Quayle
By Greg Hunter On November 26, 2025 In Market Analysis, Political Analysis2 Comments
By Greg Hunter’s USAWatchdog.com
Renowned radio host, filmmaker, book author and archeological dig expert Steve Quayle is back with a warning about a coming attack on Venezuela that could crash an already weak global economy. There is a huge US military buildup going on in the Caribbean, and it appears the target is a country run as a criminal operation. Reporter Alex Newman explained in detail what was going on about three weeks ago on USAW. Newman said, “You cannot tell the difference between the cartels and the government. “The Cartel of the Sun” is run by the leaders of the military and intelligence agencies. President Nicolas Maduro of Venezuela is the head of that cartel.”
It gets worse as there is now confirmed involvement by China, Russia and Iran in Venezuela, and that is causing security concerns for America in the Western Hemisphere. Top generals are making rounds with our military in the region. Quayle warns, “Risk is something we deal with every day, but let’s talk about a heightened level of risk and World War III. . . .. This does not get any more critical. Venezuela has received the hypersonic missiles that are available. Iran has them, they are in Venezuela. Russia has them, they are in Venezuela. The Chinese are in Venezuela. . ..”
Quayle says his sources say the US called off an attack. Quayle explains, “It was called off. . . . They did not want to send their multibillion-dollar bombers that were in the sight if the S-500 anti-missile system. . .. In essence, the plan was to bomb, and to use heavy bombers to go in heavy loaded . . . then they found out that those S-400 and S-500 missile systems were deployed, and they were manned by people who know how to run them. . .. I think it would be silly to initiate a World War event, and bombing Venezuela would only be the start of it. It is the same for the cartels in Mexico. My sources tell me that President Trump has been told by China and Russia that if you bomb them, we will come to their aid.”
Quayle has been warning of civil unrest and look what is happening with members of Congress telling US Service members to disobey the orders of President Trump. Also, look at the shootings in Washington D.C. of the National Guard this week. Quayle says, “We are under attack internally and externally. Antifa and BLM are being trained by some of the best terrorists in the world. . .. We are facing the communist takeover and takedown of America.”
If there is war, Quayle goes on to say, “The risk has never been greater. . .. There is no economy, and it will have to crash. . .. Why do I think this will be crash time? Look at the situation with student debt that’s $1.2 trillion. Car loans are at $1.2 trillion in debt. The car market is dead. The bond market is a disaster. . .. China is selling US Treasuries.”
Maybe this is why billionaire investors Jeff Gundlach and Ray Dalio are warning of liquidity problems and buying physical gold for the first time in their investing careers.
Quayle warns, “The biggest risk for a war that starts in Venezuela is between Thanksgiving and Christmas. . .. You should not travel long distances, and you should stay close to your preps.”
In closing, Quayle says, “God’s handbook, the Bible, is the only thing that can keep us in perfect peace in the End of the Age.”
There is much more in the 63-min interview.
There is an 8-minute video to explain how easy it is to ride out any terror attack or extreme storm. You can get more information on Starlink at Starlink123.com and Sat Phones at Sat123.com and BeReady123.com. You can also call 855-980-5830 and talk to a real human. Same goes for EscapeZone.com. where you can get Faraday bags big and small. You can also talk to a real human at EscapeZone.com by calling 702-825-0005.
Join Greg Hunter of USAWatchdog.com as he goes one-on-one with Steve Quayle warning you to prepare for violent financial and society meltdowns that could start with a US attack on Venezuela for 11.26.25.
(To donate to USAWatchdog, click here)
You can get more information at Sat123.com, BeReady123.com and Starlink123.com. You can also call 855-980-5830.
Go to EscapeZone.com for Faraday bags both very big and very small or call 702-825-0005 and talk to a real human.
Click here for “Cascadia is the Big One.”
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