DEC 3/OUR PRECIOUS METALS WITHSTAND ANOTHER RAID ATTEMPT; GOLD CLOSES UP $14.25 TO $4203.40 WITH SILVER UP ANOTHER 23 CENTS TO $58.20//PLATINUM WAS THE ONLY METAL DOWN: IT CLOSED DOWN $15.00 TO $1651.60 BUT PALLADIUM DID RISE BY A STRONG $24.00 TO $1469.30//SILVER COMMENTARY TODAY FROM DANIELLE CARBONE’S GUEST ON SILVER//GOLD COMENTARY TONIGHT FROM ALASDAIR MACLEOD//COMMODITY COMMENTARIES ON SILVER, COPPER AND RARE EARTHS//JAPANESE INTEREST RATES CLIMB AGAIN BREAKING THE BACKS OF THE YEN CARRY TRADE: IMPT COMMENTARY FROM MARKET EAR//UK AGREES TO PAY MORE FOR USA PHARMACEUTICAL PRODUCTS//ISRAEL VS HAMAS UPDATES/HEZBOLLAH UPDATES//RUSSIA VS UKRAINE UPDATES/COVID VACCINE INJURY REPORT: MARK CRISPIN MILLER//NEWSWIZE AND NEWS ADDICTS//OIL REPORT FOR TODAY/VENEZUELA VS USA UPDATES//USA DATA RELEASES//TRUMP SIGNALS THAT ALL AUTOPEN PARDONS ARE NULL AND VOID//OTHER IMPORTANT USA ECONOMIC COMMENTARIES/SWAMP STORIES FOR YOU TONIGHT..
092 C DEUTSCHE BANK 8 099 H DEUTSCHE BANK AG 7 118 C MACQUARIE FUTURES US 1 132 C SG AMERICAS 35 167 H MAREX 2 190 H BMO CAPITAL MARKETS 4 323 C HSBC 13 332 H STANDARD CHARTERED B 8 363 H WELLS FARGO SECURITI 4 435 H SCOTIA CAPITAL (USA) 18 661 C JP MORGAN SECURITIES 41 690 C ABN AMRO CLR USA LLC 20 732 H RBC CAP MARKETS 1 880 H CITIGROUP 2 905 C ADM 24
TOTAL: 94 94 MONTH TO DATE: 24,462
JPMORGAN STOPPED: 41/94
DECEMBER
GOLD: NUMBER OF NOTICES FILED FOR DEC/2025: 94 CONTRACTs NOTICES FOR 9400 OZ or 0.2923 TONNES
total notices so far: 24,462 contracts for 2,446,,200 OR 76.087 tonnes)
FOR DEC
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SILVER NOTICES: 672 NOTICE(S) FILED FOR 3.360 MILLION OZ/
total number of notices filed so far this month : 9527 CONTRACTS (NOTICES) for 47.620 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $14.25 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD
HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.71 TONNES OF GOLD WITHDRAWN FROM THE GLD//
INVENTORY RESTS AT 1048.30 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $0.23 AT THE SLV:
HUGE CHANGES IN SILVER INVENTORY AT THE SLV:/ //A DEPOSIT OF 1.956 MILLION OZ OF SILVER INTO THE SLV
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 510.012. MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A FAIR SIZED 240 CONTRACTS TO 150,822,AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS GOOD SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR LOSS OF $0.65 IN SILVER PRICING AT THE COMEX WITH RESPECT TO TUESDAY’S // TRADING. THE LONG SPECULATORS ARE NOW STICKY AND THEY REFUSE TO BE RINSED. THE FRBNY CONTINUES TO SUPPLY THE NECESSARY PAPER AS THEY DRIVE THE PRICE SOUTHBOUND WITH THE HELP OF HIGH FREQUENCY TRADERS AND T.A.S. SPREADERS BUT THE SPECULATORS AT THIS LOW LEVEL OF OI COMEX REMAIN STOIC AS THEY PAY NO ATTENTION TO THE FALL IN PRICE.
WE HAVE REVERTED BACK TO NORMAL WITH THE SPECS NOW GOING ON THE LONG SIDE AND THE BANKER (FRBNY) ON THE SHORT SIDE AND PROVIDING THE NECESSARY SHORT PAPER. IT IS OUR SILVER SPECULATORS THAT WERE PILING INTO THE SILVER COMEX WITH RECKLACE ABANDON. WE FINALLY ARE MOVING TO A MUCH HIGHER BASE SURPASSING THE $34.40 SILVER PRICE BARRIER TO A HIGH DEGREE, AND NOW TRYING TO SURPASS OUR LAST MAJOR HURDLE OF $50.00 SILVER AGAIN. WE HAD A SMALL SIZED GAIN OF 564 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A GOOD SIZED 324 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD SOME LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO TUESDAY TRADING /// THEY DESPERATELY AGAIN TODAY TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $50.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY SUCCEEDED ON TUESDAY WITH SILVER’S MAMMOTH LOSS IN PRICE BUT THE SPECS NEVER LEFT THE ARENA. THE RAID TUESDAY WAS A FAILURE SO THEY WILL TRY AGAIN TODAY, WEDNESDAY.. THE PRICE FINISHED STILL A BIT ABOVE THE MAGIC NUMBER OF $50.00 SILVER SPOT PRICE CLOSING AT $58.00 DOWN 0.65 . WE ARE NOW WITNESSING HAVING MANY HUGE T.A.S ISSUANCES // TODAY’S WAS AT A HUGE SIZED 626 T.A.S. CONTRACTS (BUT STILL DOWN FROM THE MEGA MEGA HUGE SIZED 5,000 PLUS CONTRACT ISSUANCE DURING NOVEMBER)!!. THE CROOKS ARE BECOMING MORE DESPERATE TO STOP SILVER BREAKING AGAIN THE 50.00 DOLLAR MARK!!. THERE IS NO NEXT LINE IN THE SAND ONCE THE 50.00 DOLLAR SILVER IS PIERCED AGAIN. WE HAD A GOOD 324 SIZED CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE SIZED 626 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN TODAY’S TRADING//RAIDS AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE STRONG A GOOD SIZED SIZED 564 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR LOSS IN PRICE OF $0.65. WE HAD HUGE GOVERNMENT (FRBY) COMEX CONTRACTS TRADING FRIDAY THROUGH TIL TUESDAY AND A MAJOR PORTION WILL BE REMOVED BY DAYS END. (I RECORD THIS FOR YOU ON A DAILY BASIS). THE SPECULATOR LONGS REMAIN STOIC ON THE PRICE FALL AS EASTERN CENTRAL BANKER WENT TO THE LONG SIDE. THEY WILL TENDER FOR THE BADLY NEEDED PHYSICAL SILVER. THUS ON A NET BASIS WE LOST NO SPECULATORS
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON TUESDAY NIGHT//WEDNESDAY MORNING: A HUGE SIZED 626 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED FRBNY BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS NOW ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1.1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES.
THUS:
INITIAL STANDING FOR DEC: 49.33 MILLION OZ FOLLOWED BY TODAY’S STRONG 0.605 MILLION OZ QUEUE JUMP//STANDING ADVANCES TO 53.945 MILLION OZ//
WE HAD:
/ SMALL COMEX OI GAIN+// A 324 EFP ISSUANCE CONTRACTS (/ VI) A HUGE NUMBER OF T.A.S. CONTRACT ISSUANCE 626 CONTRACTS)
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: ADDED A FAIR 167 CONTRACTS!!!!!
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS DEC.. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF NOV.
TOTAL CONTRACTS for 4 DAY(S), total 1779 contracts: OR 8.895 MILLION OZ (445 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 8.895 MILLION OZ
LAST 24 MONTHS TOTAL EFP CONTRACTS ISSUED IN MILLIONS OF OZ:
MAY 137.83 MILLION
JUNE 149.91 MILLION OZ
JULY 129.445 MILLION OZ
AUGUST: MILLION OZ 140.120
SEPT. 28.230 MILLION OZ//
OCT: 94.595 MILLION OZ
NOV: 131.925 MILLION OZ
DEC: 100.615 MILLION OZ
YEAR 2022:
JAN 2022-DEC 2022
JAN 2022// 90.460 MILLION OZ
FEB 2022: 72.39 MILLION OZ//
MARCH 2022: 207.140 MILLION OZ//A NEW RECORD FOR EFP ISSUANCE
APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE
MAY: 105.635 MILLION OZ//
JUNE: 94.470 MILLION OZ
JULY : 87.110 MILLION OZ
AUGUST: 65.025 MILLION OZ
SEPT. 74.025 MILLION OZ///FINAL
OCT. 29.017 MILLION OZ FINAL
NOV: 134.290 MILLION OZ//FINAL
DEC, 61.395 MILLION OZ FINAL
TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)
JAN 2023/// 53.070 MILLION OZ //FINAL
FEB: 2023: 100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.
MARCH 2023: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 111.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH
JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)
AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD
SEPT: 72.705 MILLION OZ (SMALLER THIS MONTH)
OCT: 97.455 MILLION OZ
NOV. 50.050 MILLION OZ
DEC. 66.140 MILLION OZ//
TOTAL 2023: 1,104.10 MILLION OZ/
AN ’24 : 78.655 MILLION OZ//
FEB /2024 : 66.135 MILLION OZ./FINAL
MARCH: 143.750 MILLION OZ// 4TH HIGHEST ON RECORD.
APRIL: 161.770 MILLION OZ (THIS MONTH WILL BE A WHOPPER OF ISSUANCE OF EFPS//3RD HIGHEST EVER RECORDED FOR A MONTH)
MAY: 135.995 MILLION OZ //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
JUNE 110.575 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
JULY: 108.870 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH/ A TOUCH OVER 100 MILLION OZ/)
AUGUST; 99.740 MILLION OZ//THIS MONTH WILL BE STRONG FOR ISSUANCE BUT LESS THAN JULY.
SEPT: 112.415 MILLION OZ//WILL BE A HUGE MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
OCT; 97.485 MILLION OZ (WILL BE SMALLER ISSUANCE THIS MONTH )
NOV. 115.970 MILLION OZ ( HUGE THIS MONTH)
DEC: 132.54 MILLION OZ (THIS MONTH WILL BE A HUMDINGER FOR ISSUANCE BUT ISSUANCE SLOWED DRAMATICALLY THESE PAST FIVE DAYS/// WILL NOT EXCEED MARCH 2022 RECORD OF 209 MILLION OZ
YEAR 2024 TOTAL: 1363.84 MILLION OR 1.363 BILLION OZ
JANUARY 2025: 67.230 MILLION OZ///(THIS MONTH’S ISSUANCE OF EXCHANGE FOR PHYSICAL WILL BE SMALL)
FEB. 58.260 MILLION OZ//EXCHANGE FOR PHYSICAL ISSUANCE/FINAL
MARCH: 67.020 MILLION OZ///QUITE SMALL AND BECOMING SMALLER EACH AND EVERY MONTH.
APRIL: 100.895 MILLION OZ///AVERAGE SIZE ISSUANCE
MAY: 28.975 MILLION OZ (ISSUANCE WILL BE QUITE SMALL THIS MONTH)
JUNE: 81.065 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: 8.895 MILLION OZ
RESULT: WE HAD A GOOD SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 240 CONTRACTS DESPITE OUR HUGE LOSS IN PRICE OF $0.65 IN SILVER PRICING AT THE COMEX// TUESDAY.,. . THE CME NOTIFIED US THAT WE HAD A GOOD SIZED CONTRACT EFP ISSUANCE : 324 ISSUED FOR MARCH, AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS.
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LAST 9 MONTHS OF SILVER DELIVERIES:
WE FINISHED APRIL WITH A STRONG SILVER OZ STANDING OF 16.050 MILLION OZ NORMAL DELIVERY , PLUS OUR 4.00 MILLION EX FOR RISK
FINAL STANDING APRIL: 19.965 MILLION OZ
AND MAY:
NEW STANDING FOR MAY FINISHES AT: 75.615 MILLION OZ. (INCLUDES 5,000 OZ EFP TRANSFER TO LONDON + 12.93 MILLION OZ EXCHANGE FOR RISK ISSUANCE/PRIOR.//NEW TOTAL STANDING 88.540 MILLION OZ
AND JUNE: FINAL 16.995 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// FOLLOWED BY ANOTHER HUGE 0.605 MILLION OZ QUEUE JUMP // STANDING ADVANCES TO 53.945 MILLION OZ//
THE NEW TAS ISSUANCE TUESDAY NIGHT (626) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED NO DOUBT WITH FUTURE TRADING!!
WE HAD 672 NOTICE(S) FILED TODAY FOR 3.360 MILLION OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL. IT IS NOW TIME FOR THE FBI TO ENTER THE COMEX AND ARREST THESE CROOKS EVEN THOUGH THE MAJORITY OF THE TRADING IS GOVERNMENT. THE BANKERS ARE COMPLICIT. THE SILVER COMEX IS NOW ON A MASSIVE SIEGE LOOKING FOR PHYSICAL SILVER!!
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALL SIZED 207 OI CONTRACTS DOWN TO 418,490 OI AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.) THUS WE HAVE STILL A RELATIVELY LOW OI IN COMEX WITH AN EXTREMELY HIGH PRICE OF GOLD. THE SHORT RATS ARE ABANDONING THE SHIP.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED A HUGE AND CRIMINAL 1072 CONTRACTS // MEGA HUGE GOVERNMENT REMOVALS//
WE HAD A SMALL LOSSS IN COMEX OI (207 CONTRACTS) . THIS OCCURRED WITH OUR LOSS OF $53.35 IN PRICE// MONDAY///.
LAST 8 MONTHS OF GOLD DELIVERIES: (MAY THROUGH TO NOVEMBER/DECEMBER)
MAY: SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
FINAL STANDING FOR MAY: 70.174 TONNES OF GOLD TO WHICH WE ADD 1. MONDAY’S (MAY 19) 6.221 TONNES EXCHANGE FOR RISK , 2. THEN WE ADD: 1.35 TONNES TO LAST WEEK”S. THEN WE ADD 3. 1.55 TONNES TO EQUAL 9.591 TONNES// NEW EXCHANGE FOR RISK = 9.591 TONNES WHICH MUST BE ADDED TO OUR NORMAL DELIVERY SCHEDULE OF 80.644 TONNES. THUS STANDING FOR MAY INCREASES TO 90.235 TONNES OF GOLD
2 JUNE CONTRACT MONTH: 93.085 TONNES OF GOLD (WHICH INCLUDES ALL QUEUE JUMPING AND 0 EX FOR RISK)
3.JULY INITIIAL STANDING FIRST DAY NOTICE: 17.847 TONNES. PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK + 2.195 TONNES EX FOR RISK TODAY = 41.106 TONNES STANDING
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 FOLLOWED BY DEC 3; 197 CONTRACT QUEUE JUMP FOR 0.612 TONNES THEN TODAY;S SMALL 13 CONTRACT QUEUE JUMP FOR 1300 OZ OR 0.0404 TONNES//TOTAL QUEUE JUMPS SO FAR: 0.6524 TONNES//NEW STANDING ADVANCES TO 83.427 TONNES/
E.F.P. ISSUANCE/FOR OPENING DECEMBER GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1470 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 418,490 AND WE NOW WITNESSING A SMALL COMEX OI WITH AN EXTREMELY HIGH PRICE OF GOLD. QUITE STRANGE//NOW DIFFICULT TO FLEECE SPECS.
SILVER ALSO HAS A SMALL SIZED COMEX OI OF 150,832 CONTRACTS//ALSO DIFFICULT TO FLEECE SPEC LONGS.
IN ESSENCE WE HAVE A FAIR SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1263 CONTRACTS WITH 207 CONTRACTS DECREASED AT THE COMEX// AND A FAIR SIZED 1470 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 1263 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED AND CRIMINAL 1067 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED UPON. THE MEGA HUGE 5 CONSECUTIVE ISSUANCES HAS ENDED MID NOVEMBER..
GOLD PRICE ON TUESDAY FELL BY $53.35
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(1470) ACCOMPANYING THE SMALL LOSS IN COMEX OI OF 207 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES:1263 CONTRACTS..WE HAVE 1) NOW RETURNED TO OUR NORMAL FORMAT OF BANKER (FRBNY) GOING ON THE SHORT SIDE AND NEWBIE SPECULATORS GOING TO THE LONG SIDE AND WILL REMAIN STOIC . ,2.) STRONG INITIAL STANDING FOR GOLD FOR DEC AT 83.813 TONNES OF NORMAL DELIVERY FOLLOWED BY OUR FIRST QUEUE JUMP OF 0.612 TONNES//DEC 2 AND TODAY AT 0.0404 TONNES////NEW STANDING ADVANCES TO 83.427 TONNES
NEW STANDING ADVANCES TO 83.427 TONNES.
NEW STANDING FOR GOLD, DEC CONTRACT AT 83.427 TONNES OF GOLD
3) LITTLE T.A.S. LIQUIDATION (BUT CONSIDERABLE GOVT LIQUIDATION // AND STRONG GAIN OF EQUITY SHARES/NOV 28) AS WE HAD 1)A $53.35 COMEX PRICE LOSS AND WE HAD 2) NEWBIE SPEC SHORTS GETTING LIQUIFIED BUT ON A NET BASIS, THE SPECS GAINED IN NUMBERS + EASTERN CENTRAL BANKERS WERE PILING INTO THE LONG SIDE AS WE HAD A FAIR SIZED GAIN OF 1263 CONTRACTS ON OUR TWO EXCHANGES AND YET A HUGE AMOUNT OF GOLD WILL STAND FOR DELIVERY IN DECEMBER (83.427 TONNES). WE HAD SPECULATOR SHORTS REMAINING STOIC TUESDAY //, CENTRAL BANKERS TENDERED FOR PHYSICAL WITH THEIR PURCHASES OF CONTRACTS../ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED TUESDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL WITH THE RISE IN PRICE YESTERDAY
4) SMALL SIZED COMEX OI LOSS/ 5) V) FAIR SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD (1470)
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF NDEC :
TOTAL EFP CONTRACTS ISSUED: 6083 CONTRACTS OR 608,300 OZ OR 18.9206 TONNES IN 4 TRADING DAY(S) AND THUS AVERAGING: 1520 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN4 TRADING DAY(S) IN TONNES: 18.9206 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 18.9206 TONNES DIVIDED BY 3550 x 100% TONNES = 0.53% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2023: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES VS 2578 TONNES LAST YEAR
2024 AND 2025:
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: 18.9206 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 GOOD SIZED 240 CONTRACTS OI TO 150,832 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 324 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 324 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 240 CONTRACTS AND ADD TO THE 324 E.FP. ISSUED
WE OBTAIN A STRONG SIZED GAIN OF 564 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR LOSS OF $0,65 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 2.82 MILLION PAPER OZ
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS
ASIAN MARKETS THIS WEDNESDAY MORNING:
ASIA RESULTS; WEDNESDAY DEC 3
SHANGHAI CLOSED DOWN 19.71 POINTS OR 0.51%
//Hang Seng CLOSED DOWN 334.52 PTS OR 1.28%
// Nikkei CLOSED UP 561.23 PTS OR 1.24% //Australia’s all ordinaries CLOSED UP 0.19%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.0643
/ OFFSHORE CLOSED UP AT 7.0583/ Oil UP TO 59.32 dollars per barrel for WTI and BRENT UP TO 63.10 Stocks in Europe OPENED ALL MOSTLY GREEN
ONSHORE USA/ YUAN TRADING UP TO 7.0643 OFFSHORE YUAN TRADING UP TO 7.0583:/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
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A SMALL SIZED 207 CONTRACTS TO 418,490 OI DESPITE OUR STRONG LOSS IN PRICE OF $53.35 WITH RESPECT TO TUESDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST ZERO NET LONGS, WITH THAT PRICE LOSS FOR GOLD. AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (1430). WE HAD SOME T.A.S. LIQUIDATION TUESDAY (WITH MONTH END SPREADER LIQUIDATIONS FINISHED ON NOV 30). .. IT SEEMS THAT THE SPECULATORS WENT STRONGLY TO THE LONG SIDE WITH OUR FRBNY PROVIDING THE NECESSARY PAPER AND OTHER CENTRAL BANKERS CONTINUING ON THE LONG SIDE . JUDGING BY THE NOTICES FOR DELIVERY FILED TUESDAY NIGHT AT 94 NOTICES FOR 39,800 OZ (0.2923 TONNES), THE EASTERN CENTRAL BANKERS ARE STANDING FOR CONSIDERABLE AMOUNT OF GOLD FOR DECEMBER DELIVERIES. YOU WILL NOTICE THAT THE COMEX OI IS VERY LOW AT 419,532 AND THESE GUYS ARE VERY STICKY. IT IS ALMOST IMPOSSIBLE TO RINSE THEM.!!
WE THUS HAD A TOTAL GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 1263 CONTRACTS (OR 3.928 TONNES). THEN WE WERE NOTIFIED OF A 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 6 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 11 MONTHS
HISTORY: LAST 11 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 12TH MONTH FOR ISSUANCE OF EXCHANGE FOR RISK THIS YEAR !!…..(DEC 24 THROUGH DEC 25//ONLY MISSING JUNE. TOTAL 12 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 FAIR SIZED GAIN ON OUR TWO EXCHANGES OF 1263 CONTRACTS DESPITE OUR STRONG LOSS IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY AND OUR SHORT SPECULATORS FOR THE THOUGHTFULNESS. LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO 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 DECEMBER/ CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER IS A FAIR T.A.S ISSUANCE CONTRACTS AS THE 5 CONSECUTIVE MEGA HUGE ISSUANCES HAS ENDED. THE CME NOTIFIES US THAT THEY HAVE ISSUED 1067 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 SAW GOLD//SILVER RISE HUGELY ON MONDAY.
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 FOLLOWED BY A 1.066 TONNES OF EXCHANGE FOR PHYSICAL TRANSFER TO LONDON//DEC 2 WHICH WAS FOLLOWED BY OUR FIRST QUEUE JUMP OF 0.612 TONNES/DEC 3 AND NOW DEC 4 QUEUE JUMP OF 0.0404 TONNES//NEW STANDING ADVANCES TO 83.427 TONNES.
THE FED IS THE OTHER MAJOR SHORT OF AROUND 54+ TONNES OF GOLD OWING TO THE B.I.S. THE OCC ORDERED THE BANKS TO COVER THEIR GOLD LOSSES FROM OCC BETS. THIS IS SUCH A SMALL FRACTION OF WHAT IS OWED!!! THE FRBNY BORROWED GOLD FROM THE BIS TO COVER THOSE HUGE LOSSES OF AROUND 54 TONNES OF GOLD.. THE FED IS VERY WORRIED ABOUT WHAT IS GOING TO HAPPEN TO GOLD PRICES IF THEY DO NOT BORROW THIS GOLD.
THE MAJOR FOUR OR FIVE BANKS ARE ALSO WORRIED ABOUT THEIR HUGE PRECIOUS METAL DERIVATIVE SHORT EXPOSURE (NORTH OF ONE TRILLION DOLLARS) AND THIS IS PROBABLY THE MAJOR REASON FOR GOLD/SILVER’S RISE THESE PAST THREE MONTHS. THEY ARE TOTALLY TRAPPED., AND THEIR FAILURE TO STOP OTHER CENTRAL BANK PURCHASES OF PHYSICAL GOLD IS THE MAJOR ISSUE OF THE DAY. IT SURE DOES LOOK LIKE THE BIS HAS NOW GIVEN THE FED ITS MARCHING ORDERS TO COVER ITS PHYSICAL GOLD SHORT AS THEIR OUTSTANDING LOAN OF 54 TONNES REMAIN ON THE BOOKS OF THE BIS AND THE END OF THE YEAR IS APPROACHING. IT LOOKS LIKE THE FRBNY IS QUITE NERVOUS, MAYBE I AM WRONG. WE MUST WAIT TO SEE THE DATA FROM BIS SWAPS FROM ROBERT LAMBOURNE TO SEE IF THEY WILL BEGIN TO COVER!!
THE FRBNY IS STILL NON COMPLIANT WITH RESPECT TO BASEL III BUT IT IS NOT NECESSARY FOR THEM TO BE COMPLIANT ONLY COMMERCIAL BANKERS MUST BE.
OUR PHYSICAL LONDONERS BOUGHT NEW MASSIVE QUANTITIES OF LONGS AT ANY PRICE AND THIS GOLD BOUGHT WILL BE TENDERED FOR PHYSICAL ON A T + ???? BASIS. BECAUSE GOLD IS BASEL III COMPLIANT, GOLD IS SUPPOSED BE DELIVERED IN A VERY TIMELY ONE DAY. CENTRAL BANKS AROUND THE WORLD, BEING REPRESENTED BY OUR LONDONERS, ARE THE REAL PURCHASERS OF THIS GOLD.
EUROPE IS NOW BASEL III COMPLIANT. THE WEST ( COMEX) IS NOW COMPLIANT EFFECTIVE JULY 1//2025.
THE PROBLEM FOR THOSE PROVIDING THE SHORT PAPER IS THE SHOCK TO THEM ON RECEIVING NOTICE THAT THE LONGS WANT THE PHYSICAL GOLD AS THEY TENDER FOR THAT SHINY YELLOW METAL. THE HIGH LIQUIDATION OF OUR TWO SPREADERS: 1) THE MONTH END SPREADERS AND 2. T.A.S DURING THESE PAST SEVERAL WEEKS IS SURELY DISTORTING COMEX OPEN INTEREST BUT THAT DOES NOT STOP LONDON’S ACCUMULATION OF PHYSICAL! YOU CAN ALSO VISUALIZE THAT PERFECTLY WITH THE HUGE AMOUNTS OF QUEUE JUMPING ORCHESTRATED BY CENTRAL BANKERS BOLTING AHEAD OF ORDINARY LONGS AS THEIR NEED FOR PHYSICAL IS GREAT AS THEY SCOUR THE PLANET LOOKING FOR GOLD, AND THE MASSIVE AMOUNT OF GOLD STANDING EACH AND EVERY MONTH INCLUDING FIRST DAY NOTICE OF GOLD TONNAGE STANDING:
EXCHANGE FOR PHYSICAL ISSUANCE/DEC.//BORROWINGS FROM THE FRBNY:
THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED EXCHANGE FOR PHYSICAL OF 1430 CONTRACTS.
THAT IS A FAIR SIZED 1430 EFP CONTRACT WAS ISSUED: : /DEC 1430 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1430 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 :
SOME LIQUIDATION OF OUR T.A.S. SPREADERS EARLY IN COMEX SESSION + BUT DID HAVE CONSIDERABLE GOVERNMENT LIQUIDATION
MONTH END SPREADERS HAVE NOW FINISHED
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 TUESDAY NIGHT//WEDNESDAY MORNING WAS A FAIR SIZED 1067 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR T.A.S. DRIVEN, ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:
STALLS THE ADVANCE IN PRICE
LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
THAT SET UP TUESDAY’S STRONG LOSS IN PRICE IN GOLD YET A CORRESPONDING STRONG GAIN OF COMEX OI AND A FAIR EXCHANGE FOR PHYSICAL ISSUANCE.. THE COMEX IS IN TOTAL TURMOIL ESPECIALLY THESE PAST 5 MONTHS WITH THE FOLLOWING;
WITH JULY’S RARE TWO ISSUANCES OF EXCHANGE FOR RISK (LATE IN JULY)
AND THIS WAS FOLLOWED WITH AUGUST’S 7 ISSUANCES OF EXCHANGE FOR RISK FOR 44.696 TONNES
TO BE FOLLOWED BY SEPTEMBER’S 7 ISSUANCES FOR EXCHANGE FOR RISK FOR 22.923 TONNES.
TO BE FOLLOWED BY OCTOBER’S 6 ISSUANCES FOR 14.553 TONNES
TO BE FOLLOWED BY NOVEMBER’S TWO ISSUANCES FOR 4.5575 TONNES
THE LONDON BANKING AUDITORS HAVE SO FAR REFUSED TO GIVE CERTIFICATION ON THE BANK OF ENGLAND’S SISTER HOLDING OPERATION, THE E.E.A. ON ITS GOLD AND OTHER ASSETS HELD UNDER THE E.E.A.(SEE ROBERT LAMBOURNE’S LETTER OCT 8/
FRBNY BORROWS ANOTHER 24 TONNES OF GOLD FROM THE BIS IN OCT TO SAVE THE BULLION BANKS FROM EXTINCTION AFTER THE O.C.C ORDERED THE BULLION BANKS TO BE ONSIDE WITH THEIR DERIVATIVES. THE FRBNY IS NOW SHORT 54+ TONNES OF GOLD.
MASSIVE REMOVAL OF COMEX CONTRACTS FROM PRELIMINARY OI TO FINAL OI//RECORD 33,000 CONTRACTS REMOVED FRIDAY NOV 21//
MASSIVE T.A.S. CONTRACTS ISSUED FOR 5 CONSECUTIVE DAYS/SIGNALLING A MASSIVE RAID TO BE!
MASSIVE RAIDS AT THE COMEX CALLED UPON EVERY OTHER DAY LAST WEEK
GOLD STANDING AT THE COMEX FOR GOLD LAST 12 MONTHS OF 2025
YEAR 2025:
JAN 2025:
113.30 TONNES (WHICH INCLUDES 43.408 TONNES EX FOR RISK)
FEB: 2025:
256.607 TONNES (WHICH INCLUDES 18.4567 TONNES OF EX FOR RISK)
MARCH:
STANDING FOR GOLD : 60.33 TONNES + 7.6179 TONNES EX FOR RISK = 67.9479 TONNES WHICH IS EXTREMELY HIGH FOR A NON DELIVERY MONTH.
APRIL:
FINAL STANDING FOR GOLD: 201.573 TONNES + 8.3571 TONNES EX FOR RISK = 209.953 TONNES
MAY: FINAL STANDING 90.235 TONNES WHICH INCLUDES QUEUE JUMPING AND 9.591 TONNES EX FOR RISK.
JUNE: FINAL STANDING 62.534 TONNES PLUS 0.1493TONNES OF QUEUE JUMP EQUALS 93.085 TONNES
JULY: 17.947 TONNES INITIAL STANDING FIRST DAY NOTICE PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK/PRIOR + 2.195 EX FOR RISK TODAY = = 41.106 TONNES
AUGUST:INITIAL AMOUNT OF GOLD STANDING: 60.547 TONNES TO WHICH WE ADD OUR 7 MONTHLY ISSUANCES OF: EXCHANGE FOR RISK TOTALLING 44.696 TONNES//NEW STANDING ADVANCES AS FOLLOWS:
107.5117 TONNES NORMAL DELIVERIES (INCLUDES ALL QUEUE JUMPS /EXCHANGE FOR PHYSICAL TRANSFERS) +
5.4432 TONNES EXCHANGE FOR RISK/PRIOR/AUGUST 7
2.413 TONNES EXCHANGE FOR RISK AUGUST 11
PLUS 2.637 TONNES EX FOR RISK AUGUST 12
PLUS: 9.107 TONNES EX FOR RISK AUGUST 25
PLUS 9.1010 TONNES EX FOR RISK AUGUST 26!!
PLUS 9.0699 TONNES EX FOR RISK AUGUST 27
PLUS 6.923 TONNES EX. FOR RISK/AUGUST 28
MONTHLY TOTAL 44.696 TONNES EXCHANGE FOR RISK!MONTH OF AUGUST.
EQUALS
152.208 TONNES TONNES OF GOLD.
SEPT:
SEPT: 25.878 TONNES OF GOLD INITIAL GOLD STANDING TO WHICH WE ADD OUR 22.923 TONNES OF EXCHANGE FOR RISK ISSUED 7 TIMES DURING THE MONTH:
TOTAL EX FOR RISK// FOR MONTH = 22.923//NEW TOTALS FOR GOLD STANDING SEPT ADVANCES TO 48.801 TONNES
THIS IS HUGE FOR A GENERALLY WEAK SEPTEMBER DELIVERY MONTH.
OCTOBER: INITIAL AMOUNT OF GOLD STANDING: 90.164 TONNES OF GOLD FOLLOWED BY TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL PREVIOUS QUEUE JUMPS OF 76.1656 TONNES WHICH MUST BE ADDED TO OUR 6 ISSUANCES OF 14.553 TONNES EXCHANGE FOR RISK//TOTAL NEW STANDING FOR GOLD IN THIS ACTIVE OCTOBER DELIVERY MONTH ADVANCES TO 197.5141 TONNNES.
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.
DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY IN THIS ACTIVE MONTH IS 83.813 TONNES FOLLOWED BY AN EXCHANGE FOR PHYSICAL TRANSFER OF 1.066 TONNES DEC 2 WHICH FOLLOWS DEC 3’S QUEUE JUMP OF 0.612 TONNES AND THEN DEC 4: 0404 TONNES//TOTAL QUEUE JUMPING: .4524 TONNES//NEW STANDING ADVANCES TO 83.427 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)
2023:STANDING FOR GOLD/COMEX
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
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: 66.276TONNES (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 QUITE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $53.35/ /)
WE HAD SOME T.A.S. SPREADER LIQUIDATION TUESDAY WITH THE PRICE FALL// COMEX TRADING//.. BUT OUR SPECULATORS REMAIN STOIC//THEY REFUSED TO BE RINSED. OTHER EASTERN CENTRAL BANKS TENDERED FOR PHYSICAL TUESDAY NIGHT WHICH EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD STANDING FOR DECEMBER. THE COMEX IS ONE BIG MESS!! THIS WEEK,
WEDNESDAY MORNING//TUESDAY NIGHT
THE CROOKS HOWEVER COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL TUESDAY EVENING/ WEDNESDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING WEEKS TO DELIVER
A LITTLE REVIEW OF GOLD STANDING THESE PAST 3 MONTHS:
STANDING FOR GOLD OCT THROUGH TO DECEMBER:
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. AND NOW DECEMBER:
3. DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 83.813 TONNES FOLLOWED BY A SMALL 343 CONTRACT EXCHANGE FOR PHYSICAL TRANSFER TO LONDON ON DAY 2 AND THEN WE HAD OUR FIRST QUEUE JUMP ON DAY 3 FOR .612 TONNES AND THEN TODAY’S QUEUE JUMP OF .0404 TONNES// TOTAL QUEUE JUMPING: .6524 TONNES///STANDING ADVANCES TO 83.427 TONNES.
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $53.35
WE HAD A HUGE 1072 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL. ALL TIME RECORD REMOVAL
NET GAIN ON THE TWO EXCHANGES :1263 CONTRACTS OR 126,300 OZ OR 3.983 TONNES
Total monthly oz gold served (contracts) so far this month
24,462 notices 2,446,200 0z 76.687 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
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DEPOSITS/CUSTOMER
0 entries
customer withdrawals:
1 entries
i) Out of Malca; 11,960.172 oz
0.3729 tonnes
they are draining the comex of gold
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ADJUSTMENTs 2 all dealer to customer
a) Asahi: 65,886.908 oz
b) JPMorgan: 10,127..565 oz
adjustments 2.302 tonnes
chaos inside the comex
AMOUNT OF GOLD STANDING FOR DECEMBER
THE FRONT MONTH OF DECEMBER STANDS AT 2454 CONTRACTS FOR A LOSS OF 385 CONTRACTS. WE HAD 398 CONTRACTS FILED ON TUESDAY SO WE GAINED OUR 2ND QUEUE JUMP OF 13 CONTRACTS FOR 1,300 OZ OR 0.0404 TONNES.THUS STANDING FOR GOLD IN DECEMBER INCREASES TO 83.437 TONNES
JANUARY LOST 95 CONTRACTS DOWN TO 2767
FEB LOST 1145 CONTRACTS DOWN TO 316,681 CONTRACTS
We had 94 contracts filed for today representing 9400 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 94 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer an 42 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 (24,462 ) to which we add the difference between the open interest for the front month of DEC ( 2454 CONTRACTS) minus the number of notices served upon today (94 x 100 oz per contract) equals 2,682,200 OZ OR 83.427 Tonnes of gold
thus the INITIAL standings for gold for the DEC contract month: No of notices filed so far (24,462 x 100 oz +we add the difference for front month of DEC (2454 OI} minus the number of notices served upon today (94)x 100 oz) which equals 2,682.200 OR 83.427 TONNES
new total of gold standing in DECEMBER is 83.427 tonnes
TOTAL COMEX GOLD STANDING FOR DEC ..: 83.427 TONNES TONNES WHICH IS STRONG FOR THIS NORMALLY VERY ACTIVE ACTIVE DELIVERY MONTH OF DECEMBER
volume TUESDAY confirmed 237,238 contracts fair
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COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 1,935,391.434 oz 60.19 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 36,269,956.492 oz
TOTAL REGISTERED GOLD 17,866,262.669 or 555.71 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 18,403,692.824 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON 15,930.921 oz ((REG GOLD- PLEDGED GOLD)=
495.518 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
SILVER/COMEX
THE DEC. 2025 SILVER CONTRACTS
DEC 3 2025
INITIAL/
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
3 entries
i) Out of CNT 355,066.480 oz ii) Out of Delaware 9836.45 oz iii) Out of JPMorgan 597,000.800 oz
total withdrawal 961,903.730 oz
Deposits to the Dealer Inventory
0 ENTRY
Deposits to the Customer Inventory
2 entries
i) Into Brinks: 566,509.966 oz ii) Into HSBC 1,183,738.631 total deposit 1,750,048.591 oz
No of oz served today (contracts)
672 CONTRACT(S) ( 3.360 million OZ
No of oz to be served (notices)
1841 contracts (9.205 MILLION oz)
Total monthly oz silver served (contracts)
9507 Contracts (47.620 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
please note: lack of any silver coming in or leaving the comex
DEPOSITS INTO DEALER ACCOUNTS
0 ENTRY
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DEPOSIT ENTRIES/CUSTOMER ACCOUNT
2 entries
i) Into Brinks: 566,509.966 oz
ii) Into HSBC 1,183,738.631
total deposit 1,750,048.591 oz
withdrawals: customer side/eligible
3 entries
i) Out of CNT 355,066.480 oz ii) Out of Delaware 9836.45 oz iii) Out of JPMorgan 597,000.800 oz
total withdrawal 961,903.730 oz
adjustments: 2//
a) dealer to customer Asahi: 703,639.920 oz
b) customer to dealer Brinks 2,210,422,489 oz
TOTAL REGISTERED SILVER: 139.466 MILLION OZ//.TOTAL REG + ELIGIBLE. 456.721 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: 1934 OPEN INTEREST CONTRACTS FOR A LOSS OF 429 CONTRACTS. WE HAD 550 CONTRACTS FILED ON MONDAY SO WE ACTUALLY HAD ANOTHER HUGE QUEUE JUMP ON DAY 4 OF 121 CONTRACTS OR 0.605 MILLION OZ
JANUARY LOST 39 CONTRACTS DOWN TO 4023 CONTRACTS
FEB LOST 24 CONTRACTS DOWN TO 958 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 550 or 2.750 MILLION oz
CONFIRMED volume; ON TUESDAY 117,803 huge//
AND NOW DECEMBER. 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 9527 X5,000 oz = 47.620 MILLION oz
to which we add the difference between the open interest for the front month of DEC (1934) AND the number of notices served upon today (672 )x (5000 oz)
Thus the standings for silver for the DECEMBER 2025 contract month: (9527) Notices served so far) x 5000 oz + OI for the front month of DEC(1934) minus number of notices served upon today (672)x 5000 oz equals silver standing for the DEC.contract month equating to 53.945 MILLION OZ
New total standing: 53.945million 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 139.466. million oz of registered silver
JPMorgan as a percentage of total silver: 197.999/456.721 million. 43.35%
The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price on that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44.
Now that we have surpassed $28.40 the next big line in the sand for silver is $34.76. After that the moon
the next big line in the sand for silver is $34.76. After that the moon
END
BOTH GLD AND SLV ARE MASSIVE FRAUDS
DEC 3/WITH GOLD UP $14.25 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.71 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1048.30 TONNES
DEC 2/WITH GOLD DOWN $53.35 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 4.58 TONNES OF GOLD VAPOUR INTO THE GLD// /// ///INVENTORY RESTS AT 1050.01TONNES
DEC 1/WITH GOLD UP $22.75 TODAY/NO CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 1.14 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1045.43TONNES
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 1045.43 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 1040.57 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
GLD INVENTORY: 1048.30 TONNES, TONIGHTS TOTAL
SILVER
DEC 3/WITH SILVER UP $0.23/HUGE CHANGES IN SILVER AT THE SLV: A HUGE DEPOSIT OF 1.956 MILLION OZ INTO THE SLV./ :INVENTORY RESTS AT 510.012 MILLION OZ //
DEC 2/WITH SILVER DOWN $0.65 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A MASSIVE AND FRAUDLUENT PAPER DEPOSIT OF 6.167 MILLION OZ INTO THE SLV./ :INVENTORY RESTS AT 508.057 MILLION OZ //
DEC 1/WITH SILVER UP $2.21 TODAY/HUGE CHANGES IN SILVER AT THE SLV: A DEPOSIT OF 907,000 OZ INTO THE SLV./ :INVENTORY RESTS AT 501.890 MILLION OZ //
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
Banks simply lend credit into existence. Ideas that they are financial intermediaries or that they lend deposits are incorrect. This article explains why.
Economists of all disciplines are seemingly unaware of the credit creation process. In their theoretical discourses of money and credit they assume that banks are intermediaries, taking in deposits and lending them out. Consequently, they are seen to have little consequence in economic analysis.
The exception, perhaps, is the Austrian school which posits that bank credit is destabilising. But even there, Ludwig von Mises in his The Theory of Money and Credit appears confused on this issue, writing,
“The activity of banks as negotiators of credit is characterized by the lending of other people’s, i.e. of borrowed money. Banks borrow money in order to lend it; the difference between the rate of interest that is paid to them and the rate that they pay less their working expenses constitutes their profit on this kind of transaction”[i]
But then, Mises was not a banker. In a YouTube interview of Richard Werner by Tucker Calson, Werner correctly identified the process of bank credit creation. It was subsequently followed by a commentary on this topic by two senior economists of the Austrian School, Bob Murphy and Jonathan Newman to whom the concept appeared to be new to them.
In this article I shall explain why the fractional reserve theory is incorrect, and Werner’s explanation of credit creation is what actually happens. For the avoidance of doubt and to clarify the position, we must make two important definitions at the outset for the purposes of this article:
· Gold is money, and everything else is credit. Gold has no counterparty risk and is final settlement, extinguishing credit. Credit is always on the other side of a balance sheet to a debt obligation.
· Banks are simply dealers in credit. They issue credit payable on demand, which is put into circulation and serves as money
Defining credit
When both Werner and the Austrians talk of credit as money, they are factually incorrect. The difference was set out in Justinian’s Pandects in Roman law, which is the basis of common law in all the empire’s successor nations, their colonies, and dominions including the USA through Blackstone. No amount of gold ownership bans, executive orders, or confiscation alters this fact. Technically, gold is corporeal money, and credit which has no physical existence other than paper or digits is incorporeal.
Gold needs no further definition. Credit exists in many forms, but it is always an obligation for future settlement. It is ubiquitous and governs all our business relationships, gold rarely being used in settlement. A tradesman will be employed in his work, extending credit to his customer until the work is completed satisfactorily when he expects payment to be made. An employee will provide his skills extending credit to his employer until the end of the week, or month, when he also expects to be paid.
Bonds are an obligation to pay interest and repay the principal under the terms of a loan agreement or prospectus. Even shares in a company are a form of credit, because they represent a commitment by the company’s management to deliver an income stream or to accumulate value in the company in trust for the shareholder. Everything works on credit, where final payment is a promised obligation.
All financial instruments are credit. That they have value is again down to Justinian’s Pandects, which incorporated the rulings of two Roman jurors, Ulpian and Julius Paulus in the second and third centuries AD. These two jurors ruled that a credit could be exchanged without a debtor’s agreement. Even bad debts are bought and sold, and modern capital markets could not exist without their rulings.
It is vital to understand the all-embracing role of credit in an economy. It goes far beyond banking. Anyone can and does create credit, subject to his or her credibility.
Credit is wrongly termed money by economists and statisticians alike. A national currency is a promise to pay in gold and appears as such on the issuing central bank’s balance sheet as a liability. When backed even partially by gold and exchangeable for it, currency was a money substitute; today it is only fiat with a lapsed promise. Checking and deposit accounts with commercial banks are credit denominated in a national currency, representing a bank’s promise to pay its customers.
In practice, money in the form of gold coin or bars is almost never used as circulating media, even under a gold standard. When you discharge your obligation to someone, it is either in cash which is a central bank’s liability, or by cheque or deposit-transfer from your bank to your creditor’s bank. In the days of gold standards, nations and traders would settle trade imbalances in gold particularly when there was credit risk perceived in holding a foreign currency. But that finally ceased in 1971 when the Bretton Woods agreement was “suspended”.
How banks create credit
Werner referred to the Goldsmiths in London as the originators of modern banking. In fact, banking was invented by the Romans, but the basis of credit creation today was in seventeenth century London during the civil war (1642—1651). From those uncertain times, goldsmiths routinely stored gold and silver for customers, issuing receipts as evidence of ownership. They soon discovered that these receipts were changing hands as a more convenient form of payment than gold itself.
The goldsmiths then found that they could issue credit based on gold deposited with them as long as a depositing customer was prepared to relinquish ownership in return for interest at 6%. Ownership was returned on demand.
The goldsmiths discovered that they could safely issue more loans than they had gold to back them, based on a calculation of the likelihood of depositing customers demanding the return of their gold. As their system of banking became normal practice, they found that in the normal course of business their balances in cash would rarely fluctuate more than one thirty-sixth, which were easily covered by a balance sheet ten times the banks’ own reserves.
It was from these roots that modern banking evolved, with bank credit extended to merchants and businesses being entirely responsible for financing the rapid development of Britain’s industrial revolution.
As dealers in credit, banks were essentially doing what we all do by creating credit and obligations in our day-to-day business activities. They would simply offer credit at interest to a customer they deemed creditworthy, crediting his account to enable him to draw down the loan. The simplified illustration below shows how this works in practice, starting with the bank’s own capital:
The bank creates the loan and, in its books a matching deposit. Notice how the bank does not use its own capital. By creating the loan, in this example the bank doubles its own capital through the accumulation of interest.
Importantly, as the customer draws down on the loan, the balance on his deposit (i.e. his loan facility) reduces by the same amount exactly. The loan is drawn down by the customer in order to pay his creditors who may or may not bank with the same bank. This creates deposits in other names who bank elsewhere, potentially leading to an imbalance between the bank’s liabilities and assets. When this imbalance is not offset by other customer’s movements, the bank either has a surplus on its assets to lend to other banks, or a surplus on its liabilities which it has to fund from other banks. This is the purpose of bank clearing facilities and the function of the interbank market.
“The vast majority of money held by the public takes the form of bank deposits. But where the stock of bank deposits comes from is often misunderstood. One common misconception is that banks act simply as intermediaries, lending out the deposits that savers place with them. In this view deposits are typically ‘created’ by the saving decisions of households, and banks then ‘lend out’ those existing deposits to borrowers, for example to companies looking to finance investment or individuals wanting to purchase houses.
“In fact, when households choose to save more money in bank accounts, those deposits come simply at the expense of deposits that would have otherwise gone to companies in payment for goods and services. Saving does not by itself increase the deposits or ‘funds available’ for banks to lend. Indeed, viewing banks simply as intermediaries ignores the fact that, in reality in the modern economy, commercial banks are the creators of deposit money. This article explains how, rather than banks lending out deposits that are placed with them, the act of lending creates deposits — the reverse of the sequence typically described in textbooks.”
It really is that simple.
Why fractional reserve banking is incorrect
Fractional reserve banking assumes that a customer first deposits currency or payment from another bank into his bank. The bank then lends most of it, typically assumed to be 90% of the deposit, keeping a reserve of 10% against the possibility of default. Hence the term, fractional reserve.
This begs the question as to where the first deposit comes from. It can’t come from another bank. Presumably, it is currency in the form of notes issued by the central bank.
The story then goes that the 90% is loaned out to be spent by the borrower, ending up as deposits in other banks. Other banks then lend out 90% of that. By a series of loans through the banking system, the original deposit is said to end up being multiplied nearly nine times through this iterative process.
A moment’s thought will dismiss the multiplier argument, because the closest the banking system can get to lending the entire deposit is only 90% of it, however many banks are involved. It’s the same credit just changing hands, not being expanded. But it doesn’t stop claims that a money multiplier effect inflates bank credit, as the screenshot below from an article by Princeton University demonstrates:
By the same token, you would say that a $100 banknote circulating from hand to hand increases the money supply by much more than its notional value. Obviously, it does not.
In any event, the fractional reserve banking theory is incorrect, as the Bank of England article and its extract above makes clear. I covered this point in a film for The Cobden Centre which was premiered at the House of Lords in 2023. My contribution starts at 9 minutes and is confirmed independently just before at 8 minutes in by William White, who was an economic advisor to the Bank for International Settlements, having started his career at the Bank of England and spent 22 years at the Bank of Canada.
Richard Werner’s interview by Tucker Carlson threw up other insights in the world of bank credit which are derived from a proper understanding of bank credit creation, but these are beyond the scope of this article.
That’s how James Tour said the United States can tackle China’s rare earth dominance.
All he needs is discarded electronics—of which the United States has mountains. And from these scraps, the Rice University chemist and nanotechnologist has pioneered a way to quickly extract rare earth metals.
“We can pull out one metal and then the next,” he told The Epoch Times. “It’s really that simple.”
Tour’s solution is flash Joule heating: rapidly heating up the materials to thousands of degrees to vaporize the metals. Mixed with chlorine gas, the vapors turn into chlorides that emerge at different temperatures.
Just like in an incandescent light bulb, the technique works by passing an electric current through the raw material, Tour said. But whereas the former channels a steady electric current to create a perpetual glow, in treating metals, the energy arrives in short bursts, dialing up heat in milliseconds.
“Metals are infinitely recyclable,” he said.
And whereas the traditional way of distilling metals is rather “messy,” Tour said, what he proposes is all about simplicity—“you flash and you’re done.”
Speed is now more critical than ever. The United States is racing against time to reshore rare earth production, spurred in part by China’s October threat to dramatically curtail access.
With a one-year truce in hand, Washington now has a short window to close the gap. Getting a mine up and running can take 15 years.
Tour said his technology would put the United States on a faster track.
“It would give us a map to get independent,” he said.
“You can get these things going for a few tens of millions of dollars. That’s not very much when it comes to this type of manufacturing.”
US Dominance Lost to China
Rare earths, a subgroup of 17 critical minerals, are essential components in electric vehicles, wind turbines, smartphones, and missiles.
China currently sits at the center of this vital global production chain. It makes more than 90 percent of the world’s rare earth magnets, according to International Energy Agency data. China is also the sole supplier for certain elements, such as samarium, used in fighter jets and nuclear reactors for its high heat resistance.
This dominance comes from decades of strategic investment, lavish state subsidies, and aggressive market manipulation that stifled foreign competition.
Decisions made in the United States also played a part.
Until 1991, the country was a leading producer of rare earth minerals; the Mountain Pass mine in California supplied most of the world. Environmental troubles then shuttered the mine for years at the same time China began to gain a foothold.
Against the Pentagon’s objections, the U.S. government greenlit the 1995 sale of Magnequench, then the industry leader in rare earth magnets, to a Chinese front group, effectively handing over critical defense technology and manufacturing to China.
In 2004, Magnequench closed its Indiana plant and moved operations to China. Beijing started taxing exports of rare earth minerals the following year.
Twenty years later, the United States is beholden to Chinese minerals.
“We didn’t realize that we were selling something that turned out to be very important to our country,” Tour said.
Waste to Treasure
As early as 1976, the United States had a law regulating electronic waste disposal.
In the years that followed, the ballooning electronic waste created a whole recycling industry that still struggles to catch up. It’s now the fastest-growing type of waste, rising five times faster than recycling, according to the United Nations.
The United States produced 7.2 million tons of electronic waste in 2022—about one-eighth of the world’s total, the latest U.N. data show. That’s about 46 pounds for every American.
“We have these mountains of tailings that we can access, and we have these constant mountains of printed circuit boards,” Tour said.
Tour said that their method could clean up this spiraling nightmare of waste sites and turn it into a “treasure.”
Lucas Eddy, technology development manager for Metallium’s Texas subsidiary Flash Metals USA, said he is now seeing the idea being put into practice.
“The real reason a waste product is a waste product isn’t because it’s bad, it’s because it can’t be used,” he told The Epoch Times.
Here’s where flash Joule heating shines, according to Eddy, whose Texas factory has licensed the method for metal recovery.
Old Tech Reimagined
Joule heating—passing an electric current through a conductor to produce heat—has been around since the 1840s. It’s now an integral feature of every household, in toasters, electric heaters, ovens, and hair dryers.
Until now, no one had thought to use it for electronic waste.
The spark for Tour’s team began with reading a scientific paper describing using the flash Joule heating technique to make metallic nanoparticles.
The researchers tested the technique on carbon and found that it was a quick way to make high-quality graphene at low cost. They next began exploring its potential in extracting the much-needed rare earth metals.
Eddy, a 2025 Tour lab graduate, joined the project in early 2021 just as this shift began.
“It’s really live chemistry in action,” he said. “You see a rainbow of colors coming off.”
Each change of color represents one metal element that has separated out. Rare earths, usually with some of the highest boiling points, tend to come out last—often as a white powder, he said.
The project drew interest from the Defense Advanced Research Projects Agency, which asked them to make it more industrially applicable, Tour said. Under a federal contract, the team worked on lowering boiling points, experimenting with fluorides and chlorine in various forms, and eventually settled on chlorine gas.
Understanding the Cost to Borrow Silver for DeliveryThe cost to borrow silver—typically referring to the annualized lease rate in the wholesale precious metals market—represents the interest rate or fee paid to lenders (like central banks or bullion banks) for temporarily accessing physical silver. This is crucial for short sellers or hedgers who need to borrow metal to deliver against futures contracts, such as those on the COMEX exchange. Lease rates are derived from the difference between forward prices and spot prices (via the GOFO or similar metrics in London) and reflect supply tightness: low rates indicate ample supply, while spikes signal scarcity.In normal conditions, silver lease rates hover near 0% or slightly positive. However, as of early December 2025, the market is experiencing extreme tightness due to structural supply deficits (fifth consecutive year), surging industrial demand (e.g., solar panels), and geopolitical factors like U.S. tariff fears disrupting flows between London and COMEX. This has driven rates to historically unprecedented levels.Current Silver Lease Rates (as of late October/early November 2025)Based on the latest available data from market reports and analyst notes:
Term
Lease Rate (Annualized)
Notes/Source Context
1-Month
24.2% – 39.2%
Spiked to 39.2% on October 9 (JBMA/London OTC); fluctuated between 14.1% and 24.2% by October 15 amid ongoing squeeze. Rates above 5-6% are already “severe”; 20-30%+ indicates deep stress.
3-Month
~20-30%
Inferred from short-term spikes; trade insiders report 20-30% as “lucky” availability.
Go-Forward/Short-Term
Up to -1.2% (negative)
September spike where borrowers paid premiums beyond interest (Natixis); reflects willingness to overpay for metal.
Practical Cost Example: For a 1-month borrow of 1,000 troy ounces of silver (spot price ~$50/oz, total value $50,000), a 30% annualized rate equates to roughly 2.5% monthly fee, or ~$1,250. This is paid in cash or equivalent metal return plus fee—far above historical norms near $0-50.
Delivery Context on COMEX: Borrowing is often needed to “stand for delivery” on futures contracts. With COMEX inventories near record highs (526M oz) but London vaults critically low, arbitrageurs are shipping metal westward, exacerbating LBMA shortages. Exchange for Physical (EFP) spreads have widened to $1.10/oz, adding ~$0.70-1.00 premium on top of lease costs for U.S. delivery
SILVER…..
Silver Up 90%: Analyst Who Called It Warns “Systemic Risk” Worse Than 1929
by ITM Trading
Wednesday, Dec 03, 2025 – 11:05
Veteran trader Bert Dohmen just dropped a bombshell: “This wasn’t a short squeeze — this was real money flooding in.” With silver up nearly 90% for its best year since 1980, the man who nailed ’87, the dot-com bust, and 2008 says we’re now watching a full-blown currency-flight trade. Investors worldwide are dumping depreciating fiat for the only real money left. Meanwhile, central banks push “blatant lies” about tightening as global money supply rips to record highs. Dohmen’s warning is stark: systemic risk now exceeds 1929 — and silver’s melt-up is just the first crack in the dam.
About ITM Trading: ITM Trading has been a trusted leader in precious metals for over 28 years, helping clients protect and grow their wealth with custom gold and silver strategies designed for economic downturns and currency resets.
Contributor posts published on Zero Hedge do not necessarily represent the views and opinions of Zero Hedge, and are not selected, edited or screened by Zero Hedge editors.
Silver Squeeze Escalates as CME “Outage” Hides Massive Shortage
As silver roared to decade highs and physical supply dried up, the CME mysteriously went dark for 10 hours. Blamed on a “cooling issue” despite backup systems in place, the outage came at the exact moment physical delivery stress peaked.
Coincidence or cover up?
This video peels back the illusion propping up the paper silver market. From China’s aggressive stockpiling to central banks quietly repatriating gold, trust is breaking down. Fast. What happens when the market demands metal and there is none left to deliver?
The silver squeeze is not over. It is just getting started.
About ITM Trading: ITM Trading has spent nearly 30 years helping clients prepare for monetary resets, inflation, and systemic risk using physical gold and silver. We focus on education, historical context, and strategies designed to protect wealth when trust in the system breaks down.
Contributor posts published on Zero Hedge do not necessarily represent the views and opinions of Zero Hedge, and are not selected, edited or screened by Zero Hedge editors.
LME Copper Surges to New Record High Amid Tariff-Driven Arbitrage Frenzy
On December 3, 2025, copper futures on the London Metal Exchange (LME) climbed to a fresh all-time high, trading above $11,500 per ton after rallying as much as 3.4% in early sessions. This marks yet another peak in a year that’s seen the industrial metal surge over 30% year-to-date, fueled by a potent mix of supply disruptions, weakening dollar, and escalating trade tensions. The move builds on a prior record of $11,210.50 set on November 29, driven initially by lower output in Chile and planned cuts by Chinese smelters.The Key Driver: A “Circular Melt-Up” in U.S. ArbitrageAt the heart of this rally is a self-reinforcing cycle of arbitrage trading, as highlighted by Goldman Sachs commodity specialist James McGeoch. Traders are aggressively shipping copper into U.S. warehouses—primarily via the Comex futures market—anticipating steep import tariffs under a potential second Trump administration. This rush has drained global inventories outside the U.S., tightening the LME market and widening the price spread between London and New York (now over $300 per ton).McGeoch described the dynamic as a “circular melt-up” in a note following industry talks in Shanghai:
“This wasn’t a conference about mine supply, or Chinese Q4 demand, this was dominated by the traders and the desire to purchase and ship into the Comex (U.S.) arb… The tighter LME gets tighter basis US (CMX arb) pull, the stronger the LME backwardation, which in turn tightens the CMX arb as the forward curve is underpinned by stock builds.”
In essence:
Inventory drawdown in non-U.S. markets → Wider spreads encourage more U.S. imports → Further tightening on the LME → Higher prices that pull even more metal stateside.
LME data showed a spike in cancellations from Asian depots, freeing up metal for U.S. delivery and amplifying the squeeze. Goldman analysts, including Aurelia Waltham and Eoin Dinsmore, noted that while the global market may post a 500,000-ton surplus this year (largely in the U.S.), the rest of the world—especially Europe and Asia—is facing acute shortages, with European demand lagging 2019 levels.Broader Market Context and Risks
Supply Pressures: Unexpected mine outages in Chile (the world’s top producer) and smelter cuts in China have compounded the tightness. Most LME copper originates from China (already tariffed) or Russia (U.S.-banned), leaving limited options for U.S. importers.
Demand Signals: Despite a “material slowdown” in Chinese demand, macro tailwinds like potential Fed rate cuts and EV/AI growth are supportive. Hedge funds are piling in, with positioning rated 5/10 by Goldman—room for more upside.
Warnings of a Squeeze: Traders like Mercuria’s Kostas Bintas predict a “substantial shortage” in Asia by Q1 2026, potentially pushing prices deeper into record territory. Historical patterns show U.S. inventory spikes from tariff fears (e.g., 2018-2019) often reverse sharply, but the current cycle feels more structural.
Factor
Impact on Price
Key Data Point
U.S. Tariff Fears
Bullish (Arbitrage Rush)
Comex premium: +$300/ton over LME
Global Inventories
Bullish (Tightening ex-U.S.)
LME stocks: Down sharply; Asia cancellations spike
Supply Disruptions
Bullish
Chile output drop; China smelter cuts planned
Macro Backdrop
Supportive
YTD LME gain: +30%; Weaker USD aids exports
Positioning
Bullish
Hedge funds: 5/10 intensity per Goldman
This “melt-up” could accelerate if tariffs materialize by mid-2026, but a post-panic unwind risks volatility. For now, copper’s role as “Dr. Copper”—a gauge of industrial health—signals optimism amid global rebalancing. Investors in mining stocks (e.g., Antofagasta up 5% to record) are riding the wave, but watch LME warrant data for signs of exhaustion.
END
ASIA RESULTS; WEDNESDAY DEC 3
SHANGHAI CLOSED DOWN 19.71 POINTS OR 0.51%
//Hang Seng CLOSED DOWN 334.52 PTS OR 1.28%
// Nikkei CLOSED UP 561.23 PTS OR 1.24% //Australia’s all ordinaries CLOSED UP 0.19%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.0643
/ OFFSHORE CLOSED UP AT 7.0583/ Oil UP TO 59.32 dollars per barrel for WTI and BRENT UP TO 63.10 Stocks in Europe OPENED ALL MOSTLY GREEN
ONSHORE USA/ YUAN TRADING UP TO 7.0643 OFFSHORE YUAN TRADING UP TO 7.0583:/ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP AT 7.0643
OFFSHORE YUAN: UP TO 7.0583
HANG SENG CLOSED DOWN 334.52 PTS OR 1.28%
2. Nikkei closed UP 561.23 PTS OR 1.28%
3. Europe stocks SO FAR: ALL MOSTLY GREEN
USA dollar INDEX DOWN TO 99.06 /// EURO RISES TO 1.1646 UP 8 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +1.893 // UP 3 FULL BASIS PTS//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 155.58…… 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: 3.428 UP 3 FULL BASIS PTS. AND VERY TROUBLESOME
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN/JAPANESE Yen UP CHINESE ONSHORE YUAN: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR UP this morning
3h European bond buying continues to push yields HIGHER on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.7474/ Italian 10 Yr bond yield DOWN to 3.455 SPAIN 10 YR BOND YIELD DOWN TO 3.223
3i Greek 10 year bond yield DOWN TO 3.375
3j Gold at $4197.50 Silver at: 58.04 1 am est) SILVER NEXT RESISTANCE LEVEL AT $54.00//AFTER 50.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 16/100 roubles/dollar; ROUBLE AT 77.66
3m oil (WTI) into the 59 dollar handle for WTI and 63 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 155.58 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.898% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.428 UP 3 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.8016 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9336 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: 4.079 DOWN 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.744 DOWN 0 BASIS PTS/
USA 2 YR BOND YIELD: 3.500 DOWN 3 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 42.45 DOWN 0 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.4700 DOWN 1 PTS
30 YR UK BOND YIELD: 5.2380 DOWN 1 BASIS PTS
10 YR CANADA BOND YIELD: 3.251 DOWN 1 BASIS PTS
5 YR CANADA BOND YIELD: 2.806 DOWN 1 BASIS PTS.
1a New York OPENING REPORT
Futures Rise As Bitcoin Extends Rally For 2nd Day, Copper Hits Record
Wednesday, Dec 03, 2025 – 08:37 AM
US equity futures are higher again, led by small cap stocks. As of 8:20am ET, S&P futures are up 0.2% (they dropped following a very ugly ADP print at 8:15am), the same as Nasdaq 100 futs, with Mag 7 stocks mostly higher premarket led by NVDA (+0.4%) and AMZN (+0.3%); MRVL is up +10% post-earnings given the robust long-term guidance. Europe’s Stoxx 600 is also higher led by tech and energy sectors. Bond yields are lower, the move accelerating after the ADP print; the USD is also lower. Commodities are mixed: Oil higher, while copper hit a fresh record high above $11,350/ton following the largest surge in orders since 2013. Bitcoin extended a tentative rebound on Wednesday, rising as high as $94,000, though sentiment remains fragile. On the news front, increment updates were relatively muted overnight except for MRVL’s positive earnings that trigger the rebound in global tech. The US economic calendar includes November ADP employment change (8:15am), September import/export price index (8:30am), September industrial production (9:15am), November final S&P Global US services PMI (9:45am) and November ISM services (10am).
In premarket trading, Mag 7 stocks are mostly higher (Nvidia +0.8%, Amazon +0.4%, Alphabet +0.3%, Tesla +0.1%, Microsoft -0.1%, Apple +0.04%, Meta +0.06%)
Acadia Health (ACHC) slumps 29% after the psychiatric-hospital chain cut its adjusted earnings per share guidance for the full year.
American Eagle (AEO) surges 12% after the apparel retailer raised its comparable sales guidance for the full year and reported net revenue for the third quarter that topped the average analyst estimate.
Astera Labs (ALAB) rises 7% as analysts note that Amazon’s AWS Trainium artificial intelligence chip is a positive for the semiconductor manufacturing company. Amazon’s cloud unit raced to get the latest version of its AI chip Trainium3 to market and unveiled Trainium4.
GitLab (GTLB) falls 8% after the software company’s results and forecast were seen as underwhelming. Bloomberg Intelligence wrote that the report reinforces concerns about AI.
Marvell Technology (MRVL) rises 9% after the chipmaker’s CEO assuaged investor concerns with positive trends at its custom chip-design unit. The company also announced plans to acquire startup Celestial AI for about $3.25 billion.
Microchip (MCHP) is up 2% after the semiconductor device company forecast adjusted earnings per share for the third quarter that beat the average analyst estimate.
Oracle (ORCL) gains 1.6% as Wells Fargo starts coverage of the tech giant with a recommendation of overweight, describing the firm as an “emerging leader in the AI super-cycle.”
Okta (OKTA) is down 4% after the software company’s results and forecast were seen as underwhelming.
Pharvaris (PHVS) jumps 18% after the drug developer said a late-stage trial of its investigative therapy for hereditary angioedema (HAE) — a rare genetic condition that causes severe swelling — met its main goal
Pure Storage (PSTG) declines 14% after the computer hardware and storage company reported higher operational expenditure in the third quarter.
Stocks rose for a second day, but eased back after ADP reported that US companies shed payrolls in November by the most since early 2023, adding to concerns about a more pronounced weakening in the labor market. Private-sector payrolls decreased by 32,000, according to ADP Research data released Wednesday. Payrolls have now fallen four times in the last six months. The median estimate in a Bloomberg survey of economists called for a 10,000 gain.
The data may add some support for the December rate-cut case, although markets are already treating a cut as a sure thing. Trump said he plans to announce his selection to lead the Fed in early 2026 and teased chief economic adviser Kevin Hassett as his possible choice. Traders are piling into bets that a new chair will support Trump’s calls for lower rates.
As Fed policymakers gather next week, the debate among officials will largely center on the job market and whether rates should be reduced for a third straight time. While the latest government report showed a larger-than-expected rise in payrolls, the gain was concentrated in just a few industries. The unemployment rate ticked up to an almost four-year high, and there’s been a steady drumbeat of layoff news from companies.
“Right now, the data argues for additional Fed funds rate cuts. US labor demand is weak, consumer spending is showing early signs of cracking, and upside risks to inflation are fading,” said Elias Haddad at Brown Brothers Harriman.
Also due today are ISM services data for November, as well as delayed import price index and industrial production numbers for September.
Elsewhere, traders continue to weigh conflicting signals in the AI story. The AI story and how much further it can power the market, continues to be top of mind. Marvell shares are soaring after its prediction for data center revenue to grow 25%, with further fuel to bulls coming from AI-power darling Vistra, which was raised to investment grade by S&P.
At the same time, Oracle credit default swaps closed at the highest level since the financial crisis. And Sam Altman seems to be worried about competition — he was said to declare a ‘code red’ to speed up improvements to OpenAI’s ChatGPT.
The SEC is said to have issued a flurry of warning letters to nine providers of highly-leveraged ETF plans, effectively blocking the introduction of such products. CME is working to improve client communications after Friday’s outage that disrupted multiple financial markets. Crypto giant Binance appointed co-founder Yi He as co-CEO.
European stocks are broadly firmer with the Stoxx 600 index up 0.2%. The FTSE 100 is lagging, trading lower by 0.2% alongside a firmer pound and losses in index-heavyweight HSBC. Here are some of the biggest movers on Wednesday:
Stellantis gains as much as 8.4% after UBS analyst Patrick Hummel raised his recommendation on the carmaker to buy from neutral and following a report that the White House will announce new fuel efficiency standards for automobiles.
European semiconductor stocks with data‑center and 5G exposure advance after US peer Marvell Technology reassured investors that its custom chip-design unit is winning repeat orders, signaling continued growth as the company benefits from runaway spending on AI computing.
European defense stocks rise on Wednesday morning. The Kremlin said President Vladimir Putin held “very useful” talks with US envoys Steve Witkoff and Jared Kushner, though the sides failed to reach agreement on a plan to end Russia’s war in Ukraine.
Inditex rises as much as 8.9% after releasing third-quarter results that beat consensus estimates.
Cosmo Pharmaceuticals shares soar as much as 24% after the company said two late-stage studies of its experimental treatment for male hair loss reached statistically significant endpoints.
Tomra shares advance as much as 6.3% as Pareto Securities flagged that the Norwegian recycling equipment company’s upcoming fourth-quarter earnings due on Feb. 13 “could be the inflection point,” with current consensus overlooking margin effects from recent changes.
Bloomsbury Publishing shares rise as much as 5.2% after the firm struck a new strategic collaboration with Google on AI-powered learning and core publishing infrastructure. Berenberg said this is another example of the benefits AI is having on the publisher.
Hugo Boss slumps as much as 11% after the luxury branded-clothes retailer announced its strategy plan through 2028.
Eutelsat shares slump as much as 9.6% after Softbank, the satellite firm’s fifth biggest shareholder, offered rights at a discount as it opts not to take up more shares in the French company.
Spire Healthcare shares drop as much as 15% after the private UK hospital operator gave a forecast for 2026 adjusted Ebitda that RBC called a “substantial” profit warning.
Trainline falls as much as 12% as the online train ticketing platform receives its only sell-equivalent rating following a JPMorgan downgrade to underweight from neutral.
Earlier in the session, Asian stocks traded in a narrow range as investors awaited key data that will provide clues on the global economic outlook. The MSCI Asia Pacific Index edged down 0.1%, weighed by Alibaba and Tencent. TSMC and some Japanese tech firms were among the biggest boosts for the gauge. Stocks advanced in South Korea and Taiwan, while benchmarks in Hong Kong and India declined. The MSCI Asia gauge has been trading sideways over the past week, though it is still on track to cap its best year since 2017. The outlook for the artificial intelligence trade that has contributed much to the region’s gains in 2025 got a fresh tailwind from Marvell’s upbeat projections. Tech investors also digested details of Amazon.com’s new chip and continued to be enthusiastic over Apple’s AI advances.
In FX, the pound sits near the top of the pile with an upward revision to final UK PMIs giving the currency an additional boost. The Bloomberg Dollar Spot Index is down 0.3%.
In rates, 10Y Treasuries are a touch firmer extending Tuesday’s advance and outperforming European bond markets with no real bias on the US curve. Yields are richer by 2bp-3bp, keeping curve spreads within a basis point of Tuesday’s closing levels. 10-year is near 4.06%, about 2bp richer on the day and outperforming bunds by 1.5bp. Gilts are marginally outperforming US and German peers. IG dollar bond issuance slate empty so far and expected to slow following a strong start to the week. Eight firms sold a combined $5.65 billion Tuesday — the second-straight session with that many borrowers — taking the weekly haul past dealers’ forecasts of around $20 billion. Focal points of US session include November ADP employment and services PMI gauges, along with anticipation of US government labor-market data releases that were held up by the shutdown and US President Trump’s announcement of Fed Chair Powell’s successor. In commodities,
In commodities, copper has hit a fresh record high above $11,350/ton following the largest surge in orders since 2013. Spot gold trades flat around $4,200/oz. WTI crude oil futures are up 1.4% as traders weigh continued talks between the US and Russia that have so far failed to end the war in Ukraine. Bitcoin extended a tentative rebound on Wednesday, rising as high as $94,000.
Today’s US economic calendar includes November ADP employment change (8:15am), September import/export price index (8:30am), September industrial production (9:15am), November final S&P Global US services PMI (9:45am) and November ISM services (10am).
Market Snapshot
S&P 500 mini +0.2%
Nasdaq 100 mini +0.1%
Russell 2000 mini +0.3%
Stoxx Europe 600 +0.3%
DAX +0.3%
CAC 40 +0.3%
10-year Treasury yield -1 basis point at 4.08%
VIX -0.1 points at 16.51
Bloomberg Dollar Index -0.3% at 1214.12
euro +0.3% at $1.1657
WTI crude +1.5% at $59.54/barrel
Top Overnight News
Trump posted that “Any and all Documents, Proclamations, Executive Orders, Memorandums, or Contracts, signed by Order of the now infamous and unauthorized “AUTOPEN,” within the Administration of Joseph R. Biden Jr., are hereby null, void, and of no further force or effect. Anyone receiving “Pardons,” “Commutations,” or any other Legal Document so signed, please be advised that said Document has been fully and completely terminated.”
Marathon Russia-U.S. Meeting Yields No Ukraine Peace Deal: WSJ
Kremlin says Putin accepted some US proposals on Ukraine and is ready to continue talking: RTRS
Republican Wins Closely Watched House Special Election in Tennessee: WSJ
US paused all immigration applications filed by immigrants from 19 countries it restricted from travel to the US earlier this year: NYT.
Trump’s Aides Cancel Fed Chair Interviews as President Homes In on Pick: WSJ
Trump Says He Doesn’t Want Somali Immigrants in U.S. as ICE Plans Operation: WSJ
US judge blocked the Trump admin from enforcing a law depriving Planned Parenthood of Medicaid funding in 22 states.
Airbus Sees Setbacks and Boeing Rebounds as Script Quickly Flips: BBG
The AI frenzy is driving a new global supply chain crisis: RTRS
A Newly Confident China Is Jockeying for More Global Clout as Trump Pulls Back: WSJ
HSBC Names Chairman After Yearlong Search: WSJ
Harvard’s Big Wager on Bitcoin Came Right Before the Bust: WSJ
Nvidia’s Fat Margins Are Google and AMD’s Opportunity: WSJ
BofA Total Card Spending (w/e Nov 29th) +0.2% (prev. +2.4% avg. in October); highlights that the slowdown was broad based and higher core goods inflation meant real spending was ever weaker.
Trade/Tariffs
US President Trump said they will give refunds out of the tariffs and believes they won’t have income tax to pay in the near future.
US President Trump thanked Chinese President Xi for soybean purchases. It was separately reported that at least six shipments of US soybeans for China are to load at Gulf Coast terminals through mid-December, while the first US sorghum cargo to China since March is also loading at the Gulf Coast terminal, and a second cargo is due next week.
US President Trump posted that he had a very productive call with Brazilian President Lula and “Among the things discussed were Trade, how our Countries could work together to stop Organized Crime, Sanctions imposed on various Brazilian dignitaries, Tariffs, and various other items.” Trump added he believes “it set the stage for very good dialogue and agreement long into the future… Much good will come out of this newly formed partnership!”
EU is said to be pushing for 70% of critical goods to be made in Europe, according to FT.
Annual negotiations between Chinese copper smelters and Antofagasta (ANTO LN) have not progressed, as Chinese smelters remain determined to avoid negative fees, via Bloomberg citing sources
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mixed, with the region only partially sustaining the positive momentum from Wall St, where tech and crypto rebounded. ASX 200 traded marginally higher but with gains limited as participants also reflected on disappointing Australian GDP data. Nikkei 225 rallied to back above the 50k level as it benefitted from tech-related momentum. Hang Seng and Shanghai Comp declined after the Chinese tech giants failed to join in the spoils seen in global peers and after the PBoC continued to drain liquidity through its daily open market operations, while participants also digested the latest Chinese RatingDog Services and Composite PMI data, which continued to show an expansion in activity, albeit at a slower-than-previous pace.
Top Asian News
China was reported to unveil a plan to boost tourism and aviation sectors and will strengthen inbound tourism air routes, while it will continue to ease entry and travel for foreign tourists and will boost tourism through coordinated consumption policies.
DigiTimes reports that memory spot prices surged in November, despite Samsung Electronics’ (005930 KS) RDIMM release marginally easing shortages, as suppliers hiked contract prices significantly. “Some industry insiders reveal that after Samsung halted pricing quotes in October, it resumed DRAM chip quotations mid-November with average contract price increases of 30-40%.” “Sources indicate US-based NAND giants raised prices repeatedly, with November quotes 100-150% above October.” “Expectations point to even steeper hikes in the first quarter of 2026.”
“Samsung Electronics’ (005930 KS) final HBM4 samples are scheduled to undergo 2.5D packaging and finished product testing starting this month,” via zdnet citing sources
China is reportedly likely to maintain the annual growth target of around 5% in 2026, via Reuters citing sources; some advisors cited proposed a 4.5-5.0% target
India’s Chief Economic Adviser says he’s not losing sleep over the INR weakening
European bourses (STOXX 600 +0.4%) opened with modest gains, following on from a positive session on Wall St. in Tuesday’s session. Price action this morning has been mixed, with a few indices trading rangebound whilst others have gradually edged higher. European sectors are split down the middle. Retail leads the pile (buoyed by Inditex +8.50% post-earnings), whilst Energy and Tech complete the top three. Sentiment for the latter has been boosted after positive results from Marvell, which gains in pre-market trade. To the downside resides Insurance, and Optimised Personal Care.
Top European News
French Parliamentary debate on the increases to the General Social Contribution on capital income, part of the Social Security Financing Bill (PLFSS), will be discussed later this week after the revenue component, Politico reports.
ECB’s Lane says they have a clear orientation for monetary policy conduct. On inflation “…a sufficiently large and persistent deviation from the target requires a monetary policy response, regardless of its origin”. “In summary, this discussion has emphasised that the appropriate monetary policy response to an inflation deviation from the target is context specific and requires a careful analysis of a broad set of considerations. Of course, the capacity to consider “looking through” some types of inflation deviations depends on a strong institutional commitment to delivering the symmetric inflation target over the medium term, underpinning firmly-anchored medium-term inflation expectations”.
FX
DXY is softer today and trades towards the lower end of a 98.99 to 99.30 range. G10s are mostly stronger vs the Dollar, albeit to varying degrees. For the USD specifically, all focus has been on Fed developments, and in particular, President Trump hinting that White House NEC Director Hassett as the “potential” next Fed Chair. Moreover, it was reported in the WSJ that Trump aides have cancelled a number of Fed Chair interviews, after the POTUS said he had made up his mind. JD Vance was reportedly scheduled to meet with more candidates today, though those were cancelled, with the WSJ sources suggesting that it was currently unclear if they would be rescheduled. Odds of a Hassett chair nomination currently reside around 86% vs 75% earlier this week, on Kalshi. Ahead focus turns to US ADP National Employment and then ISM Services.
EUR firmer and trades at the upper end of a 1.1622 to 1.1663 range. Benefiting from the weaker Dollar and softer energy prices. The single currency was little moved on EZ Final PMI metrics, which were revised slightly higher; the internal report said that the ECB will likely continue to communicate holding steady on rates. Most recently the EUR has notched fresh peaks, but without a clear catalyst; potentially a factor of a slight bounce in EUR/GBP, which gave the EUR/USD a bid.
Elsewhere, GBP was initially gaining modestly vs the USD, before catching a recent bid, taking Cable to a fresh 1.3279 peak where it currently resides, lifting GBP/JPY closer to the key 207.20 mark and weighing on EUR/GBP. No catalyst for that upside. Thereafter, the GBP took another leg higher on the upwardly revised PMI metrics.
Uneventful trade for USD/JPY this morning, and ultimately moving at the whim of the Dollar. Currently trading at the lower end of a relatively narrow 155.52 to 155.90 range, awaiting key US data later.
Earlier, CHF was pressured after a cooler-than-expected inflation report which saw Y/Y printed below expected at 0.0% whilst the M/M printed in-line. In an immediate reaction, EUR/CHF lifted from 0.9332 to 0.9339; the upside was ultimately fairly muted given there were a number of analysts also expecting a 0.0% Y/Y print (which would be in-line). Moreover, traders will look towards the SNB meeting next week; policymakers have significantly raised the bar for a sub-0% policy rate, and while today’s outturn factors on the dovish side, it is unlikely to warrant a return to NIRP, focus instead on inflation forecast adjustments and FX language. Though, a move back to NIRP cannot be ruled out.
Fixed Income
For the most part, a session of modest gains for fixed benchmarks, ranges limited, awaiting newsflow later in the session. More recently, benchmarks have reverted back to lows and are threatening a move into the red, potentially amid yield upside on continued Crude gains.
USTs got to a 113-01+ peak, firmer by just under five ticks at best. Yields lower across the curve at first, but the long end moving higher as the morning continues and the steepening bias extends. The main driver being the WSJ reporting that the final Fed Chair interviews have been cancelled and Trump announcing that he will make an announcement early-2026, steepening began as Trump referred to Hassett as the “potential” next Fed Chair.
Bunds off best in a 128.25-41 band. The benchmark has been firmer for the entire morning, saw some fleeting pressure on upwardly-revised Final PMIs, but for the most part has been choppy and directionless in the mentioned band, before succumbing to what appears to be energy-induced pressure in recent trade.
A similar story for Gilts. No move to the region’s own PMIs, revised higher. Internal commentary was downbeat, though we wait to see how this shakes out in the post-Budget metrics. Commentary also pointed to wage pressure, a point that factors against BoE easing in December, though a cut appears increasingly likely barring a shock in the November CPI print due just before the December announcement. Off highs but firmer by around 10 ticks in a 91.22-50 band.
WTI and Brent dipped to a low of USD 58.38/bbl and USD 62.19/bbl, respectively, in the early hours of the APAC session. They have gradually trended higher throughout the European session thus far, as traders react to the lack of significant progress from the Putin-Witkoff meeting in Moscow. Benchmarks have steadily bid c. USD 1.00/bbl from its session lows and are currently trading back above USD 59/bbl and USD 63/bbl. Brent Feb’26 currently trading at the upper end of a USD 62.18-63.37/bbl range.
Dutch TTF has failed to bid higher following the reports that the EU have reached a deal on phasing out Russian gas imports by 2027. The deal is caveated with a possible extension to the ban implementation in case of difficulty filling gas storage. After opening the session at EUR 28.15/MWh, Dutch TTF has fallen lower and is currently trading near session lows at EUR 27.74/MWh.
Spot XAU has traded on both sides of the unchanged mark, as the yellow metal struggled to find direction at the start of the European session. XAU followed on from the bid higher in Tuesday’s US session and peaked at USD 4229/oz in the early hours of APAC trade. As the European session got underway, the yellow metal dipped back below USD 4200/oz as the market continues to digest the possibility of Kevin Hassett as the new Fed Chair.
3M LME Copper has started the European session on the frontfoot and is currently trading at USD 11.41k/t, extending to fresh ATHs. This comes as demand for the red metal continues to grow, shown by the spike in requests to withdraw inventories from LME warehouses. Supply disruptions and front-running of possible import tariffs into the US have been the theme in 2025 that has driven Copper to record highs.
Ukraine has hit Russia’s Druzhba oil pipeline in the Tambov region, according to Reuters sources.
Geopolitics: Middle East
Israel’s COGAT says the Rafah crossing will open in the coming days for Palestinians to exit from Gaza to Egypt.
Russia’s Kremlin says it would be wrong to say that President Putin rejected the US’ peace plan, adds that Russia highly values US President Trump’s political will and are trying to find a resolution.
Geopolitics: Ukraine
Russian President Putin’s envoy Dmitriev described talks with the US in Moscow as productive after Russian President Putin’s meeting with US Special Envoy Witkoff and Jared Kushner lasted for five hours.
Russian Kremlin aide Ushakov said the conversation between Russian President Putin and US Special Envoy Witkoff was useful, constructive and meaningful and that they discussed several options for Ukraine’s settlement plan, although he stated that they are no closer to resolving the crisis in Ukraine, and there is much work to be done. Ushakov said Putin asked to convey a number of important political signals to Trump and they agreed with their American colleagues not to disclose the substance of the negotiations that took place with the discussion confidential. Furthermore, he said American representatives will return to the US, present their findings to President Trump and contact the Russian side, while they also discussed prospects for economic cooperation between Russia and the US.
European Commission is to make a legal proposal this week to use Russia’s frozen assets for a Ukraine loan, according to sources cited by Reuters.
German Foreign Minister Wadephul says they are to procure an additional USD 200mln worth of military equipment for Ukraine across two packages
EU Ambassadors meeting has been moved forward to 13:30GMT (prev. 17:45GMT), regarding the use of frozen Russian assets for a Ukraine reparation loan, via Politico. Diplomats cited say that Commission President von der Leyen intends to use Article 122, “solidarity in economic emergencies”; elaborating that this means the clause could be deployed to extend the sanctions renewal period from six months to three years, potentially bypassing the unanimity requirement.
Belgium Foreign Minister says, re. the use of frozen Russian assets, “the texts the Commission will table today do not address our concerns in a satisfactory manner. It is not acceptable to use the money and leave us alone facing the risks”.
Geopolitics: Other
US President Trump signed into law a measure forcing the State Department to review guidelines for the country’s engagement with Taiwan, according to the White House.
South Korean President Lee said communication is completely cut off between South Korea and North Korea, while he added that North Korea keeps refusing our efforts to talk. Lee also commented that South Korea can look into the issue of joint exercises with the US to help create grounds for dialogue between the US and North Korea, as well as stated that they will not veer off the road towards denuclearisation of the Korean peninsula.
US Event Calendar
7:00 am: Nov 28 MBA Mortgage Applications, prior 0.2%
8:15 am: Nov ADP Employment Change, est. 10k, prior 42k
8:30 am: Sep Import Price Index MoM, est. 0.1%, prior 0.3%
8:30 am: Sep Import Price Index YoY, est. 0.45%, prior 0%
9:15 am: Sep Industrial Production MoM, est. 0.05%, prior 0.1%, revised -0.08%
9:45 am: Nov F S&P Global U.S. Services PMI, est. 55, prior 55
9:45 am: Nov F S&P Global U.S. Composite PMI, prior 54.8
10:00 am: Nov ISM Services Index, est. 52, prior 52.4
DB’s Jim Reid concludes the overnight wrap
Markets showed signs of stabilising yesterday, with the S&P 500 (+0.25%) posting a modest increase after its selloff at the start of the week. US futures are up around the same amount again this morning as we type. Europe’s STOXX 600 (+0.07%) also edged higher, whilst the 2yr Treasury yield (-2.1bps) inched lower as expectations that Kevin Hassett would be nominated for the Fed Chair role continued to solidify. To be honest though, signs of caution still abound, particularly given the backlog of US data. So there is some element of consolidation ahead of next week’s FOMC meeting with the equity market already having run up on the back of pricing moving from a 24.5% probability of a cut just under two weeks ago, to now well over 90%. One asset class that did see ongoing volatility was crypto, with Bitcoin (+5.97%) posting its best day since May as it recovered from Monday’s slump. It’s up another couple of percent this morning.
However, the broader lack of volatility could soon change, as we’ve got a few private US surveys that are attracting more attention than usual. That includes the ADP’s report of private payrolls today, which markets have been more reactive to since the shutdown began, not least because we won’t get the usual jobs report this Friday. Our US economists expect that to come in at +50k in November, which would imply a further 11bps deterioration in the year-on-year growth rate of private employment to 0.62%. So in their view, that would reinforce most Fed officials’ view that the labour market is still gradually cooling. Then shortly after that, we’ll get the ISM services print, where the prices paid component will be in focus given it’s been strongly correlated to US inflation with a lag. That prices paid component hit a 3-year high of 70.0 last month, so it’ll be in focus given we don’t have the official inflation data for October or November yet, and markets are proving much more sensitive to anything else that can provide a steer on what’s happening.
Ahead of those releases, there was little for markets to react to yesterday. So the S&P 500 (+0.25%) only made a modest gain, with the Magnificent 7 (+0.52%) posting a slight outperformance. To be fair, there were some big individual movers, and Boeing (+10.15%) was the top-performer in the S&P after their CFO said they expected to generate positive free cash flow in the low-single digits next year. But more broadly, there was little to provide much positive traction, with most of the S&P constituents lower on the day and defensive sectors struggling in particular, including energy (-1.28%) and utilities (-0.72%).
In the meantime, we did hear some news on the search for a new Fed Chair. The initial headline was the lack of news, as President Trump said they‘d be announcing the new Chair “probably early next year”, a bit later than many had anticipated as Treasury Secretary Bessent previously said that there was “a very good chance” we’d get an announcement by Christmas. However, Trump later referred to NEC Director Kevin Hassett as a “potential” Fed Chair and then last night the Wall Street Journal reported that the Trump administration had cancelled interviews with a group of finalists for the role that were set to start this week. So the Polymarket probability of Hassett getting the job moved higher after an initial drop, reaching 87%. Yesterday I published an AI generated CoTD that showed that only 2 out of 15 Fed Chairs have stayed on as Governor after their term as Chair ended. I highlighted that the most recent one to do so, Marriner Eccles, stayed on in 1948 for over 3 years as he was worried about Fed independence in a period the Fed were pegging interest rates to finance WWII debts. Once the Fed Treasury accord was signed, he resigned in the knowledge he had completed his mission. Is there a parallel this time around? If someone is appointed Chair that is perceived to threaten Fed independence could Powell stay on? See the CoTD here for more. Also see DB’s Peter Hooper’s take on the same topic here for additional insight.
Back to yesterday, as expectations for Fed rate cuts inched higher, 2yr US Treasury yields were down -2.1bps to 3.51%, whilst the 10yr yield was unchanged at 4.09%. They are both another basis point lower this morning. Over in Europe, bonds put in a slightly stronger performance, despite the Euro Area flash CPI print for November coming in above expectations. It showed headline inflation at +2.2% in November (vs. +2.1% expected), whilst core inflation was steady at +2.4% as expected. However, there was more dovish news on the labour market, as the Euro Area unemployment rate came in at 6.4% in October (vs. 6.3% expected). So by the close, yields on 10yr bunds (-0.1bps) just about managed to inch lower, whilst yields on 10yr OATs (+0.6bps) and BTPs (-0.4bps) also saw little movement.
That underperformance for French OATs comes as the National Assembly have now begun debating the social security bill, with the leader of “Horizons” stating that his members couldn’t approve the Social Security budget. They’re officially in the government coalition, so their lack of approval makes a difference in terms of the final outcome. As a reminder, a vote in the National Assembly is scheduled for December 9, but the previous issue remains in that the Assembly is fragmented between different political groups where no one has a majority. So investors are still keeping a close eye, with the Franco-German 10yr spread (+0.7bps) moving back up to 74bps. France’s CAC 40 (-0.28%) also lost ground yesterday, in contrast to Germany’s DAX (+0.51%) and the Europe-wide STOXX 600 (+0.07%). For more details, our economist has more on the budget process and hurdles ahead in his report on the social security bill.
In geopolitical news, yesterday saw Trump’s envoy Steve Witkoff meet Russia’s President Putin in Moscow to discuss US proposals to end the war in Ukraine. Putin’s chief foreign policy advisor Ushakov said the talks were “constructive and very informative” but that “a compromise hasn’t been reached yet” on territorial questions and that joint talks would continue. Earlier, NBC News reported that there were three points on which the Kremlin was unwilling to compromise, specifically control of all of the Donbass region, a limit on Ukraine’s armed forces and recognition of Russian-controlled territories by the US and Europe.
In Asia the Nikkei (+1.63%) is leading regional gains, driven by technology and real estate stocks, while the KOSPI (+1.18%) is also seeing a notable increase. The S&P/ASX 200 (+0.18%) is registering slight gains after the Australian economy expanded less than anticipated in the September quarter (details below), but with much stronger details below the surface which has increased expectations of rate hikes. Elsewhere the Shanghai Composite (-0.23%) is lower but with the Hang Seng (-1.10%) trading notably lower.
Turning back to Australia, GDP increased by +0.4% quarter-on-quarter for the three months ending September 30, falling short of the +0.7% growth expectations and slowing from the revised +0.7% rise observed in the previous quarter, as weak net trade and a significant reduction in inventories counterbalanced robust domestic demand. On a year-on-year basis, GDP grew by +2.1% in Q3, compared to expectations of 2.2% and growth of 2.0% in the preceding quarter. Markets have seen it as a hawkish release due to the big inventory miss and one of the strongest final demand prints in the last 10-15 years.
Indeed, yields on the policy-sensitive 2-year government bonds have risen by +5.7bps, settling at 3.91%, while 10-year yields have increased by +3.1bps, trading at 4.64% as we prepare to publish. Elsewhere, 10 and 30yr JGBs are up by +2.8bps and 4.3bps respectively ahead of a 30yr auction tomorrow.
Separately, in China, a private survey indicated that growth in the services sector has slowed to a five-month low in November, with the services PMI declining to 52.1 from 52.6. This slowdown is attributed to weaker new orders and ongoing job contractions, despite a modest improvement in export activity.
To the day ahead now, and US data release include the ISM services index for November, the ADP’s report of private payrolls for November, and industrial production or September. Otherwise, we’ll get the final services and composite PMIs for November from the US and Europe. Finally, from central banks, we’ll hear from ECB President Lagarde, the ECB’s Lane, and the BoE’s Mann
1b European opening report
DXY hit and US yields steeper amid continued Hassett focus; ADP and ISM ahead – Newsquawk US Market Open
Wednesday, Dec 03, 2025 – 05:47 AM
European bourses are broadly firmer, alongside modest strength across US equity futures; Marvell (+10%) benefits following its upbeat outlook for data-centre growth.
DXY is softer and towards the round 99.00 mark as Trump referred to Hassett as the “potential” next Fed Chair, GBP top G10 performer, whilst CHF was briefly pressured post-CPI.
Fixed benchmarks firmer but off highs as crude climbs. US yields steeper on Trump’s Fed commentary.
Crude grinds higher as traders digest the lack of progress from the Putin-Witkoff meeting; XAU trades rangebound; Copper extends to new ATHs.
Looking ahead, US Services/Composite PMI Final (Nov), US ISM Services PMI (Nov), ADP National Employment (Nov), Import Prices (Sep), Industrial Production (Sep), NBP Policy Announcement, Speakers including BoE’s Mann, ECB’s Lagarde, Earnings from Salesforce, Snowflake, Dollar Tree.
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TARIFFS/TRADE
US President Trump said they will give refunds out of the tariffs and believes they won’t have income tax to pay in the near future.
US President Trump thanked Chinese President Xi for soybean purchases. It was separately reported that at least six shipments of US soybeans for China are to load at Gulf Coast terminals through mid-December, while the first US sorghum cargo to China since March is also loading at the Gulf Coast terminal, and a second cargo is due next week.
US President Trump posted that he had a very productive call with Brazilian President Lula and “Among the things discussed were Trade, how our Countries could work together to stop Organized Crime, Sanctions imposed on various Brazilian dignitaries, Tariffs, and various other items.” Trump added he believes “it set the stage for very good dialogue and agreement long into the future… Much good will come out of this newly formed partnership!”
EU is said to be pushing for 70% of critical goods to be made in Europe, according to FT.
Annual negotiations between Chinese copper smelters and Antofagasta (ANTO LN) have not progressed, as Chinese smelters remain determined to avoid negative fees, via Bloomberg citing sources
EUROPEAN TRADE
EQUITIES
European bourses (STOXX 600 +0.4%) opened with modest gains, following on from a positive session on Wall St. in Tuesday’s session. Price action this morning has been mixed, with a few indices trading rangebound whilst others have gradually edged higher.
European sectors are split down the middle. Retail leads the pile (buoyed by Inditex +8.50% post-earnings), whilst Energy and Tech complete the top three. Sentiment for the latter has been boosted after positive results from Marvell, which gains in pre-market trade. To the downside resides Insurance, and Optimised Personal Care.
US equity futures (ES +0.2% NQ +0.2% RTY +0.3%) are incrementally firmer across the board, attempting to build on the upside seen in the prior session. Focus has been on the likes of Marvell (+9.3%) and CrowdStrike (-2%) post-earnings, with the former benefiting following its upbeat outlook for data-centre growth that exceeded analysts’ expectations.
OpenAI has reported that ChatGPT is seeing elevated errors for business and enterprise use, via Bloomberg; OpenAI responded by saying it is not aware of any issues.
DXY is softer today and trades towards the lower end of a 98.99 to 99.30 range. G10s are mostly stronger vs the Dollar, albeit to varying degrees. For the USD specifically, all focus has been on Fed developments, and in particular, President Trump hinting that White House NEC Director Hassett as the “potential” next Fed Chair. Moreover, it was reported in the WSJ that Trump aides have cancelled a number of Fed Chair interviews, after the POTUS said he had made up his mind. JD Vance was reportedly scheduled to meet with more candidates today, though those were cancelled, with the WSJ sources suggesting that it was currently unclear if they would be rescheduled. Odds of a Hassett chair nomination currently reside around 86% vs 75% earlier this week, on Kalshi. Ahead focus turns to US ADP National Employment and then ISM Services.
EUR firmer and trades at the upper end of a 1.1622 to 1.1663 range. Benefiting from the weaker Dollar and softer energy prices. The single currency was little moved on EZ Final PMI metrics, which were revised slightly higher; the internal report said that the ECB will likely continue to communicate holding steady on rates. Most recently the EUR has notched fresh peaks, but without a clear catalyst; potentially a factor of a slight bounce in EUR/GBP, which gave the EUR/USD a bid.
Elsewhere, GBP was initially gaining modestly vs the USD, before catching a recent bid, taking Cable to a fresh 1.3279 peak where it currently resides, lifting GBP/JPY closer to the key 207.20 mark and weighing on EUR/GBP. No catalyst for that upside. Thereafter, the GBP took another leg higher on the upwardly revised PMI metrics.
Uneventful trade for USD/JPY this morning, and ultimately moving at the whim of the Dollar. Currently trading at the lower end of a relatively narrow 155.52 to 155.90 range, awaiting key US data later.
Earlier, CHF was pressured after a cooler-than-expected inflation report which saw Y/Y printed below expected at 0.0% whilst the M/M printed in-line. In an immediate reaction, EUR/CHF lifted from 0.9332 to 0.9339; the upside was ultimately fairly muted given there were a number of analysts also expecting a 0.0% Y/Y print (which would be in-line). Moreover, traders will look towards the SNB meeting next week; policymakers have significantly raised the bar for a sub-0% policy rate, and while today’s outturn factors on the dovish side, it is unlikely to warrant a return to NIRP, focus instead on inflation forecast adjustments and FX language. Though, a move back to NIRP cannot be ruled out.
For the most part, a session of modest gains for fixed benchmarks, ranges limited, awaiting newsflow later in the session. More recently, benchmarks have reverted back to lows and are threatening a move into the red, potentially amid yield upside on continued Crude gains.
USTs got to a 113-01+ peak, firmer by just under five ticks at best. Yields lower across the curve at first, but the long end moving higher as the morning continues and the steepening bias extends. The main driver being the WSJ reporting that the final Fed Chair interviews have been cancelled and Trump announcing that he will make an announcement early-2026, steepening began as Trump referred to Hassett as the “potential” next Fed Chair.
Bunds off best in a 128.25-41 band. The benchmark has been firmer for the entire morning, saw some fleeting pressure on upwardly-revised Final PMIs, but for the most part has been choppy and directionless in the mentioned band, before succumbing to what appears to be energy-induced pressure in recent trade.
A similar story for Gilts. No move to the region’s own PMIs, revised higher. Internal commentary was downbeat, though we wait to see how this shakes out in the post-Budget metrics. Commentary also pointed to wage pressure, a point that factors against BoE easing in December, though a cut appears increasingly likely barring a shock in the November CPI print due just before the December announcement. Off highs but firmer by around 10 ticks in a 91.22-50 band.
WTI and Brent dipped to a low of USD 58.38/bbl and USD 62.19/bbl, respectively, in the early hours of the APAC session. They have gradually trended higher throughout the European session thus far, as traders react to the lack of significant progress from the Putin-Witkoff meeting in Moscow. Benchmarks have steadily bid c. USD 1.00/bbl from its session lows and are currently trading back above USD 59/bbl and USD 63/bbl. Brent Feb’26 currently trading at the upper end of a USD 62.18-63.37/bbl range.
Dutch TTF has failed to bid higher following the reports that the EU have reached a deal on phasing out Russian gas imports by 2027. The deal is caveated with a possible extension to the ban implementation in case of difficulty filling gas storage. After opening the session at EUR 28.15/MWh, Dutch TTF has fallen lower and is currently trading near session lows at EUR 27.74/MWh.
Spot XAU has traded on both sides of the unchanged mark, as the yellow metal struggled to find direction at the start of the European session. XAU followed on from the bid higher in Tuesday’s US session and peaked at USD 4229/oz in the early hours of APAC trade. As the European session got underway, the yellow metal dipped back below USD 4200/oz as the market continues to digest the possibility of Kevin Hassett as the new Fed Chair.
3M LME Copper has started the European session on the frontfoot and is currently trading at USD 11.41k/t, extending to fresh ATHs. This comes as demand for the red metal continues to grow, shown by the spike in requests to withdraw inventories from LME warehouses. Supply disruptions and front-running of possible import tariffs into the US have been the theme in 2025 that has driven Copper to record highs.
Ukraine has hit Russia’s Druzhba oil pipeline in the Tambov region, according to Reuters sources.
NOTABLE DATA RECAP
EU HCOB Services Final PMI (Nov) 53.6 vs. Exp. 53.1 (Prev. 53.1); Composite Final PMI (Nov) 52.8 vs. Exp. 52.4 (Prev. 52.4)
EU Producer Prices MM (Oct) 0.1% vs. Exp. 0.1% (Prev. -0.1%); Producer Prices YY (Oct) -0.5% vs. Exp. -0.4% (Prev. -0.2%)
UK S&P Global Services PMI (Nov) 51.3 vs. Exp. 50.5 (Prev. 50.5); Composite Output (Nov) 51.2 vs. Exp. 50.5 (Prev. 50.5)
Swiss CPI YY (Nov) 0.0% vs. Exp. 0.1% (Prev. 0.1%); CPI MM (Nov) -0.2% vs. Exp. -0.2% (Prev. -0.3%)
Spanish Services PMI (Nov) 55.6 vs. Exp. 56.1 (Prev. 56.6)
French HCOB Services PMI (Nov) 51.4 vs. Exp. 50.8 (Prev. 50.8); Composite PMI (Nov) 50.4 vs. Exp. 49.9 (Prev. 49.9)
Italian HCOB Composite PMI (Nov) 53.8 vs. Exp. 53.2 (Prev. 53.1); Services PMI (Nov) 55.0 vs. Exp. 54 (Prev. 54)
German HCOB Composite Final PMI (Nov) 52.4 vs. Exp. 52.1 (Prev. 52.1); Services PMI (Nov) 53.1 vs. Exp. 52.7 (Prev. 52.7)
Turkish CPI YY (Nov) 31.07% vs. Exp. 31.6% (Prev. 32.87%); CPI MM (Nov) 0.87% vs. Exp. 1.25% (Prev. 2.55%)
NOTABLE EUROPEAN HEADLINES
French Parliamentary debate on the increases to the General Social Contribution on capital income, part of the Social Security Financing Bill (PLFSS), will be discussed later this week after the revenue component, Politico reports.
ECB’s Lane says they have a clear orientation for monetary policy conduct. On inflation “…a sufficiently large and persistent deviation from the target requires a monetary policy response, regardless of its origin”. “In summary, this discussion has emphasised that the appropriate monetary policy response to an inflation deviation from the target is context specific and requires a careful analysis of a broad set of considerations. Of course, the capacity to consider “looking through” some types of inflation deviations depends on a strong institutional commitment to delivering the symmetric inflation target over the medium term, underpinning firmly-anchored medium-term inflation expectations”.
NOTABLE US HEADLINES
US President Trump posted that “Any and all Documents, Proclamations, Executive Orders, Memorandums, or Contracts, signed by Order of the now infamous and unauthorized “AUTOPEN,” within the Administration of Joseph R. Biden Jr., are hereby null, void, and of no further force or effect. Anyone receiving “Pardons,” “Commutations,” or any other Legal Document so signed, please be advised that said Document has been fully and completely terminated.”
US judge blocked the Trump admin from enforcing a law depriving Planned Parenthood of Medicaid funding in 22 states.
US paused all immigration applications filed by immigrants from 19 countries it restricted from travel to the US earlier this year, according to NYT.
BofA Total Card Spending (w/e Nov 29th) +0.2% (prev. +2.4% avg. in October); highlights that the slowdown was broad based and higher core goods inflation meant real spending was ever weaker.
GEOPOLITICS
MIDDLE EAST
Israel’s COGAT says the Rafah crossing will open in the coming days for Palestinians to exit from Gaza to Egypt.
Russia’s Kremlin says it would be wrong to say that President Putin rejected the US’ peace plan, adds that Russia highly values US President Trump’s political will and are trying to find a resolution.
RUSSIA-UKRAINE
Russian President Putin’s envoy Dmitriev described talks with the US in Moscow as productive after Russian President Putin’s meeting with US Special Envoy Witkoff and Jared Kushner lasted for five hours.
Russian Kremlin aide Ushakov said the conversation between Russian President Putin and US Special Envoy Witkoff was useful, constructive and meaningful and that they discussed several options for Ukraine’s settlement plan, although he stated that they are no closer to resolving the crisis in Ukraine, and there is much work to be done. Ushakov said Putin asked to convey a number of important political signals to Trump and they agreed with their American colleagues not to disclose the substance of the negotiations that took place with the discussion confidential. Furthermore, he said American representatives will return to the US, present their findings to President Trump and contact the Russian side, while they also discussed prospects for economic cooperation between Russia and the US.
European Commission is to make a legal proposal this week to use Russia’s frozen assets for a Ukraine loan, according to sources cited by Reuters.
German Foreign Minister Wadephul says they are to procure an additional USD 200mln worth of military equipment for Ukraine across two packages
EU Ambassadors meeting has been moved forward to 13:30GMT (prev. 17:45GMT), regarding the use of frozen Russian assets for a Ukraine reparation loan, via Politico. Diplomats cited say that Commission President von der Leyen intends to use Article 122, “solidarity in economic emergencies”; elaborating that this means the clause could be deployed to extend the sanctions renewal period from six months to three years, potentially bypassing the unanimity requirement.
Belgium Foreign Minister says, re. the use of frozen Russian assets, “the texts the Commission will table today do not address our concerns in a satisfactory manner. It is not acceptable to use the money and leave us alone facing the risks”.
OTHER
US President Trump signed into law a measure forcing the State Department to review guidelines for the country’s engagement with Taiwan, according to the White House.
South Korean President Lee said communication is completely cut off between South Korea and North Korea, while he added that North Korea keeps refusing our efforts to talk. Lee also commented that South Korea can look into the issue of joint exercises with the US to help create grounds for dialogue between the US and North Korea, as well as stated that they will not veer off the road towards denuclearisation of the Korean peninsula.
CRYPTO
Bitcoin is on a strong footing today, after having surged beyond USD 93K; Ethereum now back above USD 3k.
APAC TRADE
APAC stocks were mixed, with the region only partially sustaining the positive momentum from Wall St, where tech and crypto rebounded.
ASX 200 traded marginally higher but with gains limited as participants also reflected on disappointing Australian GDP data.
Nikkei 225 rallied to back above the 50k level as it benefitted from tech-related momentum.
Hang Seng and Shanghai Comp declined after the Chinese tech giants failed to join in the spoils seen in global peers and after the PBoC continued to drain liquidity through its daily open market operations, while participants also digested the latest Chinese RatingDog Services and Composite PMI data, which continued to show an expansion in activity, albeit at a slower-than-previous pace.
NOTABLE ASIA-PAC HEADLINES
China was reported to unveil a plan to boost tourism and aviation sectors and will strengthen inbound tourism air routes, while it will continue to ease entry and travel for foreign tourists and will boost tourism through coordinated consumption policies.
DigiTimes reports that memory spot prices surged in November, despite Samsung Electronics’ (005930 KS) RDIMM release marginally easing shortages, as suppliers hiked contract prices significantly. “Some industry insiders reveal that after Samsung halted pricing quotes in October, it resumed DRAM chip quotations mid-November with average contract price increases of 30-40%.” “Sources indicate US-based NAND giants raised prices repeatedly, with November quotes 100-150% above October.” “Expectations point to even steeper hikes in the first quarter of 2026.”
“Samsung Electronics’ (005930 KS) final HBM4 samples are scheduled to undergo 2.5D packaging and finished product testing starting this month,” via zdnet citing sources
China is reportedly likely to maintain the annual growth target of around 5% in 2026, via Reuters citing sources; some advisors cited proposed a 4.5-5.0% target
India’s Chief Economic Adviser says he’s not losing sleep over the INR weakening
DATA RECAP
Chinese RatingDog Services PMI (Nov) 52.1 vs. Exp. 52.1 (Prev. 52.6)
Chinese RatingDog Composite PMI (Nov) 51.2 (Prev. 51.8)
Australian Real GDP QQ SA (Q3) 0.4% vs. Exp. 0.7% (Prev. 0.6%)
Australian Real GDP YY SA (Q3) 2.1% vs. Exp. 2.2% (Prev. 1.8%)
China Preliminary Retail Passenger Vehicle Sales for November +1% (prev. -0.1%), +7% Y/Y (prev. -0.1%), via PCA.
1c Asian opening report
Trump teases Hassett as next Fed Chair; European bourses set to open green ahead of PMIs – Newsquawk EU Market Open
Wednesday, Dec 03, 2025 – 01:22 AM
USD hit and US yield curve steeper as Trump referred to Hassett as the “potential” next Fed Chair
APAC stocks mixed, only partially sustaining the Wall St. handover, where the NQ outperformed
EUR and GBP both edged higher, AUD shrugged off disappointing Q3 GDP
Crude contained, Kremlin said talks with the US were constructive but are no closer to resolving the situation
Looking ahead, highlights include EZ/UK/US Services/Composite PMI Final (Nov), Swiss CPI (Nov), US ISM Services PMI (Nov), ADP National Employment (Nov), Import Prices (Sep), Industrial Production (Sep), NBP Policy Announcement, Speakers including BoE’s Mann, ECB’s Lagarde & Lane, Supply from UK, Earnings from Salesforce, Snowflake, Dollar Tree, Macy’s & Inditex.
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US TRADE
EQUITIES
US stocks closed the day mostly in the green with outperformance in the Nasdaq, while Industrials, Tech and Communications outperformed. There were several developments on AI, with OpenAI declaring a “code red” for workers to shift focus to improve ChatGPT in the face of threats from other chatbots. Meanwhile, Amazon (AMZN) announced its new AI chip, which some labelled as rushed but others labelled as a threat to NVIDIA (NVDA). The Amazon AI chip announcement led to downside in US equities, but that later reversed. Aside from AI, focus was on the potential next Fed Chair. US President Trump announced he would name Powell’s successor in early 2026, which led to a brief Dollar strength and a flattening of the Treasury curve as participants speculated whether Hassett is still the front-runner. However, Trump later announced he had narrowed his choice down to one, and then referred to Hassett as the “potential” next Fed Chair, which in turn saw the Dollar move to lows while the curve steepened again.
SPX +0.25% at 6,829, NDX +0.84% at 25,556, DJI +0.39% at 47,474, RUT -0.17% at 2,465.
US President Trump said they will give refunds out of the tariffs and believes they won’t have income tax to pay in the near future.
US President Trump thanked Chinese President Xi for soybean purchases. It was separately reported that at least six shipments of US soybeans for China are to load at Gulf Coast terminals through mid-December, while the first US sorghum cargo to China since March is also loading at the Gulf Coast terminal, and a second cargo is due next week.
US President Trump posted that he had a very productive call with Brazilian President Lula and “Among the things discussed were Trade, how our Countries could work together to stop Organized Crime, Sanctions imposed on various Brazilian dignitaries, Tariffs, and various other items.” Trump added he believes “it set the stage for very good dialogue and agreement long into the future… Much good will come out of this newly formed partnership!”
Brazil’s Presidential Palace said President Lula told US President Trump that Brazil wants to progress in tariff talks regarding other products and that both countries need to strengthen cooperation to fight internal organised crime.
EU is said to be pushing for 70% of critical goods to be made in Europe, according to FT.
Dutch economy minister cancelled a plan to travel to China in December but has “arrangements” with China on a possible visit to discuss Nexperia.
NOTABLE HEADLINES
US President Trump said he will be announcing Fed Chair in early 2026, while he commented that even JPM’s Dimon said Powell should reduce rates and reiterated that US Treasury Secretary Bessent doesn’t want the job. It was later reported that President Trump said they looked at ten Fed candidates and have it down to one, while he referred to NEC Director Hassett as a potential Fed chair.
US President Trump posted that “Any and all Documents, Proclamations, Executive Orders, Memorandums, or Contracts, signed by Order of the now infamous and unauthorized “AUTOPEN,” within the Administration of Joseph R. Biden Jr., are hereby null, void, and of no further force or effect. Anyone receiving “Pardons,” “Commutations,” or any other Legal Document so signed, please be advised that said Document has been fully and completely terminated.”
US President Trump said Trump Accounts are to start on 4th July 2026 and that eligible children born in 2025–2028 may receive a USD 1,000 government contribution to jump-start long-term savings.
US President Trump to hold the White House meeting with auto executives on Wednesday to announce the rollback of vehicle fuel standards, with Ford (F), General Motors (GM), and Stellantis (STLA) to be at the event. It was separately reported that Trump said something is going to happen on health care, but it won’t be easy.
US Treasury Secretary Bessent said the US will have low-inflationary growth and that inflation is going to roll next year.
USDA Secretary Rollins said a bridge payment will be announced next week to help farmers.
US judge blocked the Trump admin from enforcing a law depriving Planned Parenthood of Medicaid funding in 22 states.
US paused all immigration applications filed by immigrants from 19 countries it restricted from travel to the US earlier this year, according to NYT.
APAC TRADE
EQUITIES
APAC stocks were mixed, with the region only partially sustaining the positive momentum from Wall St, where tech and crypto rebounded.
ASX 200 traded marginally higher but with gains limited as participants also reflected on disappointing Australian GDP data.
Nikkei 225 rallied to back above the 50k level as it benefitted from tech-related momentum.
Hang Seng and Shanghai Comp declined after the Chinese tech giants failed to join in the spoils seen in global peers and after the PBoC continued to drain liquidity through its daily open market operations, while participants also digested the latest Chinese RatingDog Services and Composite PMI data, which continued to show an expansion in activity, albeit at a slower-than-previous pace.
US equity futures extended on the prior day’s gains but with further upside limited amid the mixed risk appetite in Asia.
European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.3% after the cash market closed with gains of 0.3% on Tuesday.
FX
DXY marginally softened with trade confined to relatively tight parameters, while there were remarks from US President Trump who said he will announce his pick for Fed Chair in early 2026 (was expected by year-end) and referred to NEC Director Hassett as the “potential Fed Chair”.
EUR/USD gradually edged higher after rebounding yesterday from a brief dip beneath 1.1600, while the recent inflation data from the bloc was mixed and, along with the latest ECB rhetoric, had little impact on rate expectations.
GBP/USD eked slight gains after breaking out of yesterday’s range on what had been a choppy performance, but with the upside capped by a lack of major catalysts and after rhetoric from BoE Governor Bailey provided very little incrementally.
USD/JPY mildly eased back following a brief return to the 156.00 handle, but with the downside cushioned in the absence of any tier-1 data from Japan and amid the positive sentiment seen in Tokyo stocks.
Antipodeans were firmer, AUD/USD ultimately shrugging off the disappointing Q3 GDP data from Australia, which initially pressured the currency pair in a knee-jerk reaction, although the moves were then reversed shortly after as the data had little influence on money market pricing, which continued to lean heavily towards the RBA keeping rates unchanged at next week’s meeting.
FIXED INCOME
10yr UST futures remained afloat after the prior day’s steepening and with upside facilitated by comments from US President Trump, who said he will be announcing the next Fed Chair pick in early 2026, but then later introduced NEC Director Hassett as the potential Fed Chair.
Bund futures were rangebound following yesterday’s indecision and mixed EU inflation, while participants await ECB rhetoric.
10yr JGB futures demand was subdued amid upside in yields and outperformance in Japanese stocks.
COMMODITIES
Crude futures were contained after ultimately trickling lower yesterday, and with demand not helped by the mostly bearish private sector inventory data. On the geopolitical front, the five-hour meeting between Russian President Putin and US Special Envoy Witkoff was described by Kremlin aide Ushakov as useful, constructive and meaningful, in which they discussed several options for Ukraine’s settlement plan, although they were said to be no closer to resolving the Ukraine crisis, while it was also reported that the EU reached a deal on phasing out Russian gas imports by 2027.
US Private Inventory Data (bbls): Crude +2.5mln (exp. -0.8mln), Distillate +2.9mln (exp. +0.7mln), Gasoline +3.1mln (exp.+1.5mln), Cushing -0.1mln.
EU reportedly reached a deal on phasing out Russian gas imports by 2027.
Spot gold rebounded from the prior day’s trough and reverted to above the USD 4,200/oz level, but later faltered and gave back its gains in tandem with the late selling pressure in silver, despite the lack of news catalysts behind the move.
Copper futures edged mild gains but with the upside capped amid the ultimately mixed risk appetite and as Chinese markets lagged.
CRYPTO
Bitcoin steadily climbed throughout the session and returned to above the USD 93,000 level.
NOTABLE ASIA-PAC HEADLINES
China was reported to unveil a plan to boost tourism and aviation sectors and will strengthen inbound tourism air routes, while it will continue to ease entry and travel for foreign tourists and will boost tourism through coordinated consumption policies.
DATA RECAP
Chinese RatingDog Services PMI (Nov) 52.1 vs. Exp. 52.1 (Prev. 52.6)
Chinese RatingDog Composite PMI (Nov) 51.2 (Prev. 51.8)
Australian Real GDP QQ SA (Q3) 0.4% vs. Exp. 0.7% (Prev. 0.6%)
Australian Real GDP YY SA (Q3) 2.1% vs. Exp. 2.2% (Prev. 1.8%)
GEOPOLITICS
RUSSIA-UKRAINE
Russian President Putin’s envoy Dmitriev described talks with the US in Moscow as productive after Russian President Putin’s meeting with US Special Envoy Witkoff and Jared Kushner lasted for five hours.
Russian Kremlin aide Ushakov said the conversation between Russian President Putin and US Special Envoy Witkoff was useful, constructive and meaningful and that they discussed several options for Ukraine’s settlement plan, although he stated that they are no closer to resolving the crisis in Ukraine, and there is much work to be done. Ushakov said Putin asked to convey a number of important political signals to Trump and they agreed with their American colleagues not to disclose the substance of the negotiations that took place with the discussion confidential. Furthermore, he said American representatives will return to the US, present their findings to President Trump and contact the Russian side, while they also discussed prospects for economic cooperation between Russia and the US.
Ukrainian President Zelensky said he can see some optimism in the speed of the negotiations and US interest in the process, while he added they don’t have alternatives to the use of Russian assets to finance Ukraine. Furthermore, he responded ‘yes’ when asked if he is afraid that the US might lose interest in the process, and noted the goal of Russia is for the US to withdraw from engagement with Ukraine.
Ukraine’s Foreign Minister said Russian President Putin made statements that demonstrate he does not plan to end the war, and it is time to force Russia to end the war.
US President Trump said Ukraine is not an easy situation and commented, “what a mess”, while he added that their people were over in Russia trying to settle it.
European Commission is to make a legal proposal this week to use Russia’s frozen assets for a Ukraine loan, according to sources cited by Reuters.
OTHER
US President Trump said they still haven’t gotten a lot of information and did not know about the second strike on the Venezuelan boat, while he also commented that if they have to attack drug traffickers on land, they will, and are to start strikes on land soon which is much easier. Furthermore, he said any country drug trafficking to the US is subject to attack.
US War Secretary Hegseth said they’ve only just begun striking narco traffickers and there had recently been a pause on strikes because it’s difficult to find boats right now.
Colombia’s President said any US attack on its sovereignty would be a declaration of war.
US President Trump signed into law a measure forcing the State Department to review guidelines for the country’s engagement with Taiwan, according to the White House.
South Korean President Lee said communication is completely cut off between South Korea and North Korea, while he added that North Korea keeps refusing our efforts to talk. Lee also commented that South Korea can look into the issue of joint exercises with the US to help create grounds for dialogue between the US and North Korea, as well as stated that they will not veer off the road towards denuclearisation of the Korean peninsula.
2.a NORTH AND SOUTH KOREA
b. JAPAN
JAPAN ET ALL
Japan’s Yield Surge Is No Local Story – Remember What Happened to the NDX Last Time?
Another day, another fresh high in the Japanese 10-year. That 2% “magnet” keeps pulling yields higher. Still trading cleanly inside the big trend channel, breaking above every short-term consolidation, with the 50-day holding perfectly intact.
Source: LSEG Workspace
Unstoppable?
Japan 30 year putting in another new big up candle, trading at 3.43% as of writing. We took out a huge consolidation when the long end broke above the 3.3% level. Still lot of vacuum to the upside, should we aim for the upper part of the trend channel.
Source: LSEG Workspace
Recall late October?
Japanese rates finally started moving after months of silence, and the NDX plunged right on cue.
Source: LSEG Workspace
Could it get the VIX going?
Surging Japanese rates aren’t in most traders’ daily worry basket, but this is a major macro shift that can spill over. You don’t trade the VIX purely off JGBs, but at these levels VIX’s global risk logic matters, and the JGB stress is very much alive.
Source: LSEG Workspace
Possible?
Can the gap between Japanese and US 10 year continue to widen?
Source: LSEG Workspace
The gold connection
Japanese long end pulling gold higher. Gold knows the global implications of the rise in JGBs.
Source: LSEG Workspace
Gold in JPY
Gold in JPY and USD. Go figure what’s going on…
Source: LSEG Workspace
END
ROBERT H TO US;
JAPAN WATCH
Japan’s 30-Year LSEG Government Bond just hit a historic high yield of 3.427%.
Worse, Japan’s 10-year government interest rate just spiked to 1.84%, the highest level since 2008, jumping more than 11% in a single day.
People have no idea of what this means .. none of it good
3. CHINA
CHINA/BONDS COLLAPSE
4 EUROPEAN/NATO AFFAIRS/SCANDINAVIA
UK
UK Agrees To Pay More For US Medicines After Trade Negotiations
The UK’s National Health Service will pay 25 percent more for new, patented U.S. medicines under the terms of a new trade agreement between the two nations.
The deal is the latest in a series of agreements in which the United States has leveraged tariffs to secure concessions on prescription drug prices. This is the first deal reached with a nation rather than with pharmaceutical manufacturers.
In return for this concession, the United States will forego tariffs on UK-made pharmaceuticals, pharmaceutical ingredients, and medical technology, as well as refrain from further pharmaceutical price negotiations during U.S. President Donald Trump’s term.
The commitments arose from the U.S.–UK Economic Prosperity Deal, signed in June, in which British Prime Minister Keir Starmer and Trump agreed to address the imbalance of pharmaceutical trade between the two nations.
The UK also agreed to not undercut the new, higher prices by demanding concessions from manufacturers under a previous discount agreement with the pharmaceutical industry.
U.S. Secretary of Commerce Howard Lutnick said the agreement would strengthen the U.S. supply chain and cement America’s place as a leader in life sciences innovation.
“This deal doesn’t just deepen our economic partnership with the United Kingdom—it ensures that the breakthroughs of tomorrow will be built, tested, and produced on American soil,” Lutnick said in a Dec. 1 statement announcing the terms of the agreement.
U.S. Health and Human Services Secretary Robert F. Kennedy Jr. said the agreement will bring “long-overdue balance” to U.S.–UK pharmaceutical trade and strengthen global innovation.
UK Officials Hail Deal
The UK government said in a Dec. 1 statement that the agreement would benefit tens of thousands of patients and expand access to vital drugs.
Liz Kendall, UK secretary of state for science, innovation, and technology, said the agreement “will ensure UK patients get the cutting-edge medicines they need sooner, and … world-leading UK firms keep developing the treatments that can change lives.”
Health Minister Zubir Ahmed said: “This represents new hope and the possibility of treatments that could transform and even save lives.
“This package of changes will bring the best of pharma to the UK for the benefit of our patients, our [National Health Service] and our economy.”
The 25 percent price increase is accompanied by an equivalent rise in the cost-benefit calculation that the UK’s National Institute for Health and Care Excellence uses to decide whether to provide a particular drug to a patient. The move appears aimed at ensuring that medicines remain available to patients despite the additional cost to taxpayers.
“Today’s announcement is an important step to ensure that patients can access innovations as quickly as possible,” said Nicola Perrin, chief executive of the Association of Medical Research Charities.
Active Ingredient Imports
The development and manufacture of medications is a global industry, and active pharmaceutical ingredients (APIs) and other components of a drug are often sourced outside the United States.
Just 15 percent of the APIs for brand-name medications sold in the United States are produced domestically, according to U.S. Pharmacopeia, a global supply chain research group. The European Union is the largest supplier of such ingredients to U.S. manufacturers, accounting for 43 percent of the supply. More than half of the APIs for prescription medicines in the United States are made in India and the EU.
The Trump administration imposed a 15 percent tariff in August on pharmaceuticals and pharmaceutical ingredients imported from Europe.
That tariff is waived for the UK under the terms of the agreement announced on Dec. 1.
Most Favored Nation Plan
Trump had long said that other countries have been taking advantage of the United States by negotiating low prices for pharmaceuticals through their national health plans, driving manufacturers to raise prices for U.S. customers.
“The United States has less than five percent of the world’s population and yet funds around three-quarters of global pharmaceutical profits,” Trump said in an executive order in May.
“This egregious imbalance is orchestrated through a purposeful scheme in which drug manufacturers deeply discount their products to access foreign markets, and subsidize that decrease through enormously high prices in the United States.”
The administration initiated a most favored nation prescription drug pricing policy, which refers to the lowest price available in any developed nation.
In combination with tariffs imposed on imported medications and trade negotiations with other nations, the administration has entered drug price agreements with drugmakers Eli Lilly, Novo Nordisk, EMD Serono, and AstraZeneca over the past three months.
The drug makers agreed to offer their products to the Medicaid program at the most favored nation price and to offer all new medications within the United States at the most favored nation price.
The manufacturers also agreed to sell some medications directly to U.S. consumers at the most favored nation price and to invest in the United States any additional revenue received from increasing prices in other countries.
Each company received a waiver on tariffs on imported pharmaceutical products in exchange for its commitment to honor the four points of Trump’s most favored nation prescription drug pricing plan.
These manufacturers and some others have pledged to participate in TrumpRx.gov, a clearinghouse site that will help private customers find low-priced medications for direct purchase.
Commenting on the UK deal, Chris Klomp, director of Medicare and deputy administrator of the U.S. Centers for Medicare and Medicaid Services, said, “When nations fairly share the burden of producing and paying for life-saving medicines, every citizen gains, and the fight against global disease becomes one we can actually win together.”
END
GLASGOW SCOTLAND
A Third Of Glasgow Schoolchildren Don’t Speak English
Nearly one in three children in Glasgow’s primary schools do not speak English as their first language, according to new council data, highlighting a dramatic shift driven by record migration levels that are overwhelming local resources and raising urgent questions about integration and public services.
The figures, revealed in a Telegraph report, show 31% of pupils in the city’s primaries requiring English as an additional language support, up from 25% five years ago, amid Scotland’s net migration hitting 50,000 annually.
As classrooms grapple with translation demands and parents voice fears over cultural silos, the crisis underscores a broader UK strain where rapid demographic changes are testing the limits of cohesion without adequate planning.
'This is a symptom of an immigration system that is way too overrun…'
Political Commentator @DobbsandPolicy reacts to news that almost 30% of students in Glasgow do not speak English as their first language. pic.twitter.com/ttfceYjm6k
Glasgow City Council’s latest census data indicates 31% of primary school pupils—over 7,000 children—now need English language support, a 24% jump since 2020, per the Telegraph.
The most common languages are Arabic, Polish, Urdu, and Punjabi, reflecting waves of refugees from Syria, Ukraine, and Afghanistan alongside EU migration.
Council education chief Councillor Christina Cannon admitted, “We have seen an explosion in the number of children who need English as an additional language support.”
She added, “This is putting huge pressure on our schools and teachers, who are doing an incredible job but are stretched thin.”
The report notes over 100 schools now have dedicated EAL coordinators, but funding lags behind demand, with one headteacher quoted anonymously, “We’re using Google Translate for parent meetings—it’s not sustainable, and kids are falling behind in core subjects.”
Glasgow’s transformation stems from Scotland’s “unprecedented” migration surge, with net inflows topping 50,000 yearly since 2022, driven by asylum seekers, refugees, and post-Brexit EU arrivals, per National Records of Scotland.
The city, Scotland’s largest, absorbed 10,000 asylum seekers in 2024 alone under SNP policies, overwhelming housing and education. As the Telegraph details, this has led to “language silos” in neighborhoods like Pollokshields, where Arabic dominates, and parents report “parallel societies” forming.
SNP education secretary Jenny Gilruth stated “Migration is a good thing for Scotland’s economy, but we need better funding for integration programs.” Critics like Tory MSP Murdo Fraser counter, “The SNP’s open-door policy is creating ghettos—schools can’t cope without massive investment.”
Residents in Glasgow’s ‘diverse’ east end express growing concern over cultural divides. One mother, speaking to the Telegraph, said, “My son’s class has 15 different languages—it’s wonderful in theory, but he’s struggling because the teacher spends half the day translating.”
A local teacher added, “We’re seeing cliques based on language, not ability—it’s dividing kids before they start.”
Fraser further warns that “Without urgent action, we’ll see more ‘parallel societies’ like in parts of London, where integration fails and tensions rise.”
The report ties this to national trends, with 20% of England’s pupils needing EAL support, but Glasgow’s 31% rate is among the highest, straining a system already short 1,000 teachers.
The data isn’t just numbers—it’s a wake-up call for a city transformed by migration without the infrastructure to match. As Cannon urges, “We need ring-fenced funding now, or our schools will break.” With SNP ministers promising reviews but no immediate cash, Glasgow’s classrooms teeter on the brink, a microcosm of a much wider migration crisis.
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END
SERBIA
Serbia Faces ‘Lights Out’ As US Denies Sanctions Waiver To Russian-Owned Oil Refinery
Wednesday, Dec 03, 2025 – 05:45 AM
In the wake of the recent US sanctions on Russia’s two biggest energy giants, Serbia is in desperate need of a sanctions-waiver if the country hopes to keep the lights on.
Serbia’s government is this week warning it could slide into a severe energy and economic crisis unless Washington grants a 90-day exemption from US sanctions. Officials are essentially begging for enough time to enable the Abu Dhabi National Oil Company (ADNOC) to take temporary control of the country’s only refinery, NIS, as it finalizes its purchase of Russia’s majority share.
The US sanctions had cut NIS, which is part of Russia’s Gazprom Neft, off from US dollar transactions and blocked crude shipments that normally arrive through Croatia. This has left the 4.8-million-ton refinery operating at a fraction of its capacity. Crucially, NIS produces around 80% of Serbia’s refined petroleum products, filling fuel needs across various vital sectors, including aviation and diesel.
Belgrade officials are seeking a three-month grace period for the plant to resume under the Gulf-based non-Russian operator, without which Serbia risks a chain reaction of fuel shortages and industrial disruptions. This could be politically destabilizing, leaders have warned.
Washington has already granted similar, and some might argue more extensive, waivers to nearby EU members Hungary, Romania, and Bulgaria.
President Aleksandar Vučić’s government has also long been seen as one of the Trump White House’s closest partners in the Balkans. As of Tuesday he met with energy ministry officials, after which he said “We do not have good news, we did not receive a positive decision from the United States regarding NIS.”
He announced that the waiver request has been denied, at least for now. “I am not only disappointed, but also surprised, because I don’t see what they gained from it,” the Serbian president said.
Serbia has made a decision to completely suspend operations at the refinery in Pancevo, and NIS will subsequently decide when it will be stopped, Vucic said.
NIS said on Tuesday evening that the Pancevo Oil Refinery had started suspending the operation of its production units due to the lack of crude oil for processing purposes as a result of the U.S. sanctions. “The activities in the Pancevo Oil Refinery during the operation suspension process are organized so as to have the refinery’s units ready to restart once the relevant conditions are met, i.e. as soon as the information on crude oil availability is received. During suspension of the refinery’s operations, the employees will be engaged to perform the tasks they carry out during scheduled shutdowns. NIS is continuing to supply the domestic market with petroleum products without interruption, owing to the stocks secured earlier,” NIS said in a press release.
The statement added, “NIS sincerely hopes that regular operations will be reestablished in the shortest time possible in the Pancevo Oil Refinery. The company remains staunchly committed to the efforts to be removed as soon as possible from the U.S. Ministry of Finance’s SDN list or to obtain a new special license which will ensure its unhindered operation, in which course of action it is strongly supported by the Republic of Serbia’s authorities.”
Belgrade is likely growing frustrated and running out of patience, also given Vučić has already aligned himself with Washington on policy toward Ukraine, despite Slavic Serbia being historically seen as an ally of Moscow.
Serbia has even supplied significant quantities of arms to Ukraine forces since the start of the war. This is why the Kremlin previously charged that Serbia had “forgotten who their real friends and enemies are.”
EUROPE/ANTIFA
Letter Bombs And Hammer Attacks – US Adds European Antifa Groups To Terror List
An official U.S. terrorist list dominated by jihadist groups and a clutch of cartels has its first European additions in more than two decades: four Antifa groups.
Designating groups as foreign terrorist organizations (FTOs) empowers U.S. federal authorities to investigate the groups’ supporters, prosecute them, and seize their assets.
The European groups, which were added to the list on Nov. 20, include Italian anarchists who carried out a letter-bomb campaign against EU leaders, a German hammer-wielding gang accused of targeting right-wing party members, and two Greek anti-capitalist groups.
The designations reflect President Donald Trump’s commitment “to uproot Antifa’s campaign of political violence,” Secretary of State Marco Rubio wrote when announcing the designations on Nov. 13.
Short for “antifascist,” Antifa seeks to silence people whose viewpoints it defines as “fascist,” and vows to do so “by any means necessary”—a popular Antifa rallying cry.
Here is what to know about the four foreign groups and how, according to one former CIA operative, the designation helps the Trump administration confront Antifa on U.S. soil.
Italy, Home of ‘World’s Largest Anarchist Network’
One of the newly declared FTOs hails from Italy, where fascism originated under dictator Benito Mussolini in the 1920s.
The group is called the Informal Anarchist Federation, also known as the International Revolutionary Front.
The Informal Anarchist Federation “is likely the world’s largest anarchist network and the one that claims the highest number of attacks,” according to a March 2024 report published by the International Centre for Counter-Terrorism.
The group has claimed responsibility for attacks in Italy, Greece, Spain, Germany, the United Kingdom, Indonesia, Chile, Brazil, and Mexico, the report said.
Since 2003, the organization has committed violence, bombings, letter-bombs, and other attacks against places it deems “capitalist institutions,” the State Department said in a Nov. 13 fact sheet. Although it mostly operates in Italy, the group has “self-proclaimed affiliates across Europe, South America, and Asia,” the fact sheet said.
The Informal Anarchist Federation declares that “armed struggle” is necessary against nation-states and “The Fortress Europe,” according to the State Department.
Police officers and demonstrators clash during an anti-fascist and anti-racist march to protest against a Lega Nord party general election campaign rally on Piazza Duomo in Milan on Feb. 24, 2018. Francesca Volpi/Getty Images
In 2014, as Antifa was growing globally, West Point, America’s first military academy, published a profile of the Informal Anarchist Federation.
The report said the group served as a sign that Italy had become “the birthplace of a new threat that has spread to other countries,” the article said.
By then, the Informal Anarchist Federation had been responsible for “dozens of attacks” over a 25-year span in Italy and elsewhere—a trend that Italian authorities had “underestimated” partly because the attacks caused no fatalities, the West Point report said.
However, this type of “insurrectionary anarchism … has become the most dangerous form of domestic non-jihadist terrorism in the country,” the article said.
The Informal Anarchist Federation “has ideological and solidarity ties with Greek anarchist groups,” the report said.
Greek Anti-Capitalist Groups
Revolutionary Class Self-Defense and Armed Proletarian Justice are two newly designated FTOs that are based in Greece.
Both claim to be “anti-capitalist” and are known to use improvised explosive devices in attacks against Greek governmental targets.
Revolutionary Class Self-Defense has been outspoken in its solidarity with Palestine’s conflicts with Israel; the group dedicated two recent attacks to the Palestinians.
In February 2024, an explosive device targeted the Greek Ministry of Labor, but officials evacuated the area, resulting in no injuries.
In April 2025, Revolutionary Class Self-Defense claimed responsibility for that attack and also for an explosion at the Hellenic Train offices, saying railway safety concerns motivated the attack.
Members of the Greek police counterterrorism unit investigate the area outside Hellenic Train offices after a bomb exploded in Athens on April 11, 2025. The U.S. State Department designated both the Greece-based Revolutionary Class Self-Defense and Armed Proletarian Justice groups as foreign terrorist organizations. Aris Oikonomou/SOOC/AFP via Getty Images
The other Greek group, Armed Proletarian Justice, claimed responsibility for a 2023 bombing attempt at a police headquarters in Athens.
In a public post on an anarchist website, the group said: “You were lucky this time, the same will not apply next time. We dedicate our action to those who have been murdered, tortured, beaten and raped by the Greek Police.”
Germany’s Hammer Gang
After antifascism took hold in Italy, some people in Germany also became early adopters of antifascist ideology; Germany is often considered the cradle of the Antifa movement as we know it today. That’s partly because it was the origin of flags and other symbols still in use, along with the “black bloc” protest method, in which participants don black masks and clothing to avoid being identified.
A group known as Antifa Ost, German for “Antifa East,” stands out among the four new FTO designees partly because of its methods.
As its nickname, the Hammerbande—German for “Hammer Gang”—implies, Antifa Ost has been known to bludgeon its victims with hammers. Hammer attacks have been carried out in broad daylight, online videos show.
Seven members of the group began standing trial in Germany Nov. 25 for attempted murder and other charges. From 2018 to 2023, the group attacked people it regarded as fascists, German prosecutors said.
However, at the time of the FTO designation, German authorities downplayed the threat that Antifa Ost might pose.
Interior Ministry spokesperson Sarah Fruehauf told reporters that the group’s leaders and most-violent members were either in custody or imprisoned.
German government spokesperson Steffen Meyer said Washington acted without influence from Berlin in declaring the group a terrorist organization.
The U.S. designation of Antifa Ost as an FTO followed Hungary’s decision to impose that label on the group.
In 2023, outrage spread among Hungarians after Antifa Ost members were accused of injuring nine people at a right-wing gathering in Budapest described as “extremist” in the European press. At least one person was a passerby who was singled out for the attack because he wore camouflage-print clothes, marking him as a potential fascist to the attackers, Hungary Today reported.
Demonstrators hold antifa flags and banners during a Revolutionary May Day march in the Neukoelln district in Berlin on May 1, 2025. The Trump administration designated the German group Antifa Ost as a foreign terrorist organization; it is also known as “Hammerbande,” German for “Hammer Gang.” Odd Andersen/AFP via Getty Images
Prosecution of one suspect, Italian citizen Ilaria Salis, was interrupted in 2024 after she won a seat in the European Parliament, granting her immunity.
A social media account under the name “antifaost” states in its profile, “Action against the far right in eastern Germany. Never again fascism!”
What Power Does FTO Label Give US?
Simply put, the FTO designation makes it illegal for anyone in the United States to conduct business with the groups, or to provide material support or resources to them.
FTO designation falls under section 219 of the Immigration and Nationality Act and Executive Order 13224.
The FTO designation was made after Trump signed an executive order in September naming Antifa a “domestic terrorist organization.”
Trump’s order commanded agencies to “investigate, disrupt, and dismantle any and all illegal operations—especially those involving terrorist actions—conducted by Antifa or any person claiming to act on behalf of Antifa.”
FBI Director Kash Patel told The Epoch Times, “With our partners in Treasury, we are following the money and mapping out this entire network and treating them as a terrorist organization under the authorities the president has given us.
“In the turn of the new year, you’re going to see some very righteous prosecutions and investigations being publicized,” the director added.
An Antifa demonstrator kicks a smoke bomb back toward federal officers outside Immigration and Customs Enforcement offices in Portland, Ore., on Oct. 5, 2025. John Fredricks/The Epoch Times
US Antifa ‘Networked With Foreign Antifa’
J. Michael Waller, a former CIA operative who now serves as a senior analyst at the Center for Security Policy, said Trump’s FTO declarations have “energized the fight against domestic violent extremism by bringing ironclad existing federal laws into play.”
“These foreign groups and domestic Antifa communicate back and forth. There are degrees of collaboration,” he told The Epoch Times. “The FTO designation gives authorities here more tools to crack down on domestic extremists in ways that have already been settled in court.”
While federal laws define FTO, there is no such definition for “domestic terrorist organization.” That designation might face a court challenge.
“However, it narrows the dangerous, anti-free-speech ‘countering violent extremism’ designation” that originated under President Barack Obama, Waller said.
Trump’s “domestic terrorist” label relies on laws that define terrorism, while Obama’s “violent extremism” label lacked such legal underpinnings. Therefore, the Obama-era label could easily be applied in a “random and arbitrary” way, he said.
Together, the domestic and foreign designations weaken U.S-based groups. “American Antifa is networked with foreign Antifa, and so this is a way to go in and to use foreign terrorism-support laws against American terrorist groups,” Waller said.
Some people harbor misconceptions about Antifa, Waller said. Observers may accept that fascism is bad. So, because the groups say they’re “antifascist,” people perceive “they must be good guys,” he said, and that violent or unruly protests result from “youthful frustration.”
“They’re not just out there to smash windows … Their goal is to overthrow our government,” Waller said, perhaps one city at a time.
Antifa employs tactics and ideology espoused by Russian dictator Josef Stalin, Waller noted.
Post-World-War-I, the goal of German Antifa, established in 1932 under Stalin’s influence, was to “tear out” political centrists and polarize the nation. Communists joined anarchists on one side, opposing Nazis on the other. That polarization is what brought German dictator Adolf Hitler to power, Waller said.
The Unity Congress of Antifa at the Philharmonic Opera House, organized by Germany’s Communist Party in response to Benito Mussolini’s rise in the 1920s, in Berlin on July 10, 1932. Public Domain
Future Ramifications
Waller called the FTO designations “a really smart move” to prevent the groups’ adherents from spreading propaganda in the United States or entering the country. The designation also blocks access to domestic bank accounts.
It is vital for Trump to take action to halt Antifa, Waller said. “This has to be smashed—now. He can’t have a successful presidency and leave us to inherit this mess any further.”
Five recent guilty pleas in a Texas Antifa terrorism case will strengthen future prosecutions, Waller said.
In that case, the Department of Justice (DOJ) “worked with outside groups to formulate a very fine and legally bulletproof definition of what Antifa is as an organization—not just a nebulous idea like we had been led to believe,” he said.
He called that strategy “brilliant.”
With those plea agreements, “the DOJ has just proven under law that [Antifa] is an organization,” he said, a definition that might have taken years to prove in court otherwise.
Additional defendants still face charges in that case, which arose from a July confrontation at an immigration-detention center; an officer was shot but survived.
President Donald Trump (C) chairs a roundtable about Antifa in the State Dining Room of the White House on Oct. 8, 2025. The foreign terrorist organization designation followed Trump’s September order labeling Antifa a domestic terrorist organization. Jim Watson/AFP via Getty Images
Prior to Trump’s orders, the FBI “had no reason to monitor” or even learn about Antifa cells, Waller said.
Trump’s directives changed that. “This is a priority presidential order for them, and suddenly there’s a whole lot of interest in it,” Waller said, adding, “This is just the beginning of a very long term, very well-thought-out strategic plan.”
END
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
Explosion Rocks Part Of Russia’s Strategic Druzhba Pipeline – All Caught On Camera
Wednesday, Dec 03, 2025 – 07:20 AM
While Donald Trump’s special envoy, Steve Witkoff, and his son-in-law, Jared Kushner, are in Moscow working to negotiate an end to the war in Ukraine, a series of attacks on Russia-linked oil tankers unfolded both before and during their visit. Now, reports are also emerging of an explosion along the Druzhba oil pipeline.
On Wednesday morning, Kyiv Post cited sources in Ukraine’s Military Intelligence (HUR) that reported an explosion struck the Druzhba (“Friendship”) oil pipeline – one of Europe’s most important energy arteries, which moves roughly 1.2 to 1.5 million barrels per day from Russia through Belarus and Ukraine into Central Europe.
Kyiv Post said an incendiary explosive device detonated on the pipeline near Kazynskiye Vyselki along the Taganrog-Lipetsk segment. The outlet cited residents who heard the powerful blast.
Per the outlet:
The source said the strike took place near Kazynskiye Vyselki, along the Taganrog-Lipetsk section of the pipeline. A HUR official familiar with the operation said the blast was triggered by a remotely detonated explosive fitted with incendiary compounds to intensify the fire.
Footage of the incident has emerged on X…
🔥 Russia's Druzhba oil pipeline struck again. A massive explosion and intense blaze erupted on Dec 1 near Kizinskie Vysilki, along the Taganrog-Lipetsk section. This vital artery pumps Russian oil to Europe. pic.twitter.com/hIrcpT0SHd
The pipeline attack is part of Kyiv’s broader campaign against Russian oil infrastructure, including four Russia-linked tanker attacks in just one week and additional strikes on land-based crude-processing facilities in recent months:
Ukraine’s attacks on Russian oil and gas infrastructure jumped to a record in October.
As we noted earlier in the Witkoff–Kushner–Putin talks in Moscow, the Russian president called the attacks on Russian energy exports acts of “piracy.”
TBN ISRAEL/LAST 24 HR
iSRAEL VS HAMAS
Remains of possible Gaza hostage enter Israeli territory, en route to Abu Kabir for identification
Israel’s Public Health Service is in constant contact with the families of the final two victims, the PMO confirmed.
IDF soldiers stand guard over Sergeant Major Tal Haimi’s coffin, October 21, 2025.(photo credit: IDF SPOKESPERSON’S UNIT)ByJERUSALEM POST STAFF, AMICHAI STEINDECEMBER 3, 2025 13:00Updated: DECEMBER 3, 2025 18:22
The coffin potentially containing the remains of one of the two remaining hostages in Gaza, escorted by the IDF, has crossed into Israeli territory, the IDF confirmed on Wednesday.
The remains will be brought to the National Institute of Forensic Medicine at Abu Kabir for identification.
Israel’s Public Health Service is in constant contact with the families of the final two victims, the PMO confirmed.
Earlier on Wednesday, the Palestinian Islamic Jihad terror organization claimed that it had found the remains of a hostage in the northern Gaza Strip.
“We found the body of one of the enemy’s captives during search and excavation operations this morning in the northern Gaza Strip. As part of the ‘Al Aqsa Flood’ prisoner exchange deal, work is underway to complete several procedures that precede the process of handing over the body in accordance with the established protocols,” the group said.
Activists hold signs calling for the return of the final two hostages’ remains, including St.-Sgt.-Maj. Ran Gvili, at Hostage Square, Tel Aviv, November 29, 2025. (credit: AVSHALOM SASSONI/MAARIV)
Early findings were a false alarm
Early on Wednesday, the Prime Minister’s Office confirmed, following an examination by the National Center of Forensic Medicine, that earlier initial findings transferred by Hamas to Israel on Tuesday were not related to either of the deceased hostages remaining in Gaza captivity.
“After completing the identification process at the National Center for Forensic Medicine, it was found that the findings brought yesterday for examination from the Gaza Strip are not linked to any of the deceased abductees,” the PMO stated.
The remaining hostage bodies, which are still in Gaza, are from Thai national Sudthisak Rinthalak and Staff-Sergeant Major Ran Gvili.
Who were the last remaining Gaza hostages?
Staff-Sergeant Major Ran Gvili was killed in battle fighting infiltrating Hamas terrorists on October 7, 2023, after saving the lives of partygoers fleeing the Nova music festival in Re’im and defending Kibbutz Alumim from Hamas terrorists.
After evacuating survivors of the Nova massacre to safety, Gvili and his comrades returned to Alumim to continue the fight against the dozens of terrorists who attempted to conquer the kibbutz. Wounded and surrounded, Gvili was overpowered by Hamas terrorists and was subsequently murdered.
Thai national Sonthaya Oakkharasri, 30, was murdered by Hamas in Kibbutz Be’eri during the October 7 massacre, and his body was taken into the Gaza Strip, where terrorists held it for over two years.
For eight years, Oakkharasri worked as an agricultural employee on kibbutzim across Israel. He had worked in the North before settling in Be’eri, according to the Hostages and Missing Families Forum.
This is a developing story.
ISRAEL VS HAMAS
Four soldiers wounded, one of them in serious condition, after firefight in Rafah
The soldiers were all from the Golani Brigade and were performing patrol duties when they were attacked.
Israeli soldiers enter the Gaza Strip in a military vehicle from at the Israel-Gaza border, November 5, 2025.(photo credit: REUTERS/NIR ELIAS)ByAMIR BOHBOT, JERUSALEM POST STAFFDECEMBER 3, 2025 17:25Updated: DECEMBER 3, 2025 19:20
Four IDF soldiers were injured, one of them being in serious condition, after terrorists fired at them while stationed in Rafah, in the eastern Gaza Strip, the army said on Wednesday.
The soldiers were all from the Golani Brigade and were performing patrol duties when they were attacked. The terrorists reportedly fired an RPG at the IDF troops, sources told Walla.
According to sources from the Southern Command, the incident was described as a “serious violation of the ceasefire agreement,” while other sources told Walla that “it would not pass without a response from the IDF.”
The terrorists emerged from a tunnel, fired at IDF troops, and attached an explosive device to a vehicle before being killed, Kan reported.
IDF destroys rocket launchers in northern Gaza’s Yellow Line
In a separate incident, the IDF located and destroyed five loaded rocket launchers during operations in northern Gaza’s Yellow Line over the week.
‘Hezbollah disarms or Israel acts’: Netanyahu, Ortagus meet as Israel-Lebanon tensions flare
The talks come one year after a ceasefire between Israel and Hezbollah, which Israeli officials say is eroding.
(Illustrative) Prime Minister Benjamin Netanyahu over a backdrop of Iran and Hezbollah flags.(photo credit: Canva, PMO, SHUTTERSTOCK)ByAMICHAI STEINDECEMBER 2, 2025 22:44
Prime Minister Benjamin Netanyahu on Tuesday met with US President Donald Trump’s envoy for Lebanon affairs, Morgan Ortagus, in Israel as border tensions with Lebanon intensify, according to Israeli officials.
Defense Minister Israel Katz and IDF Intelligence Chief Maj. Gen. Shlomi Binder joined the meeting. The talks come one year after a ceasefire between Israel and Hezbollah, which Israeli officials say is eroding.
“If there is no dramatic change by the end of the agreement period, another round of fighting in the north is almost inevitable, a security official told The Jerusalem Post.
Senior Israeli officials say Lebanon’s government and army are not taking sufficient steps to disarm Hezbollah, warning that the group has grown its ranks and replenished missiles and rockets smuggled from Syria.
Hezbollah supporters hold images of late Hezbollah leader Hassan Nasrallah, and Palestinian and other flags at a ceremony held by Hezbollah to commemorate the first anniversary of Nasrallah’s killing by Israel, on the outskirts of Beirut, Lebanon (credit: REUTERS/MOHAMED AZAKIR)
Deadline to reassess Israel-Hezbollah conflict set for end of December
Another security official said Israel has plans for every scenario. “There is already a prepared plan for every type of operation,” the official said. In both Jerusalem and Washington, December 31 is being discussed as a deadline after which Israel and the United States will reassess options.
Representatives of the countries overseeing the ceasefire’s implementation are due to meet on Wednesday in Naqoura. Ortagus is expected to attend the session, then travel to Beirut to convey a message from senior Israeli officials. The message, according to officials, is direct: “Either Hezbollah disarms, or Israel will be forced to act.”
Israeli and Western frustration over Hezbollah’s disarmament pace has grown in recent weeks, alongside reports of increased activity along the frontier and debate over UNIFIL’s role. The ceasefire’s first anniversary has sharpened scrutiny of whether Beirut is enforcing commitments to keep Hezbollah’s weapons away from the border.
END
SYRIA
Trump Tells Netanyahu Don’t Hinder Syria’s Stability In Rare Rebuke
Wednesday, Dec 03, 2025 – 02:45 AM
President Trump has issued a rare criticism and brush back of Israel’s expansionist policy in Syria, where in the south of the country Israel’s military has launched recent deadly ground and aerial raids which go way beyond just the Golan Heights.
Trump has warned that the future of Syria’s stability is at stake. He wrote in a Monday post on Truth Social, “The United States is very satisfied with the results displayed, through hard work and determination, in the Country of Syria. We are doing everything within our power to make sure the Government of Syria continues to do what was intended, which is substantial, in order to build a true and prosperous Country.”
While touting that he has recently terminated long existing sanctions on Syria, Trump crucially warned “It is very important that Israel maintain a strong and true dialogue with Syria, and that nothing takes place that will interfere with Syria’s evolution into a prosperous State.”
He then once again praised the founder of al-Qaeda in Syria, Ahmed al-Sharaa, who since Assad’s ouster a year ago declared himself ‘interim president’.
Trump’s message to Israel is that ‘interference’ in Syria’s affairs could hinder the potential for “peace in the Middle East” – which Washington wants to see, according to his message. Times of Israel is reporting that Trump’s Truth Social post was issued alongside an important phone call with PM Netanyahu on Monday:
Prime Minister Benjamin Netanyahu and US President Donald Trump are speaking by phone, according to multiple Hebrew media reports.
The call comes after Trump warned Israel against destabilizing Syria and its new leadership, days after IDF soldiers battled gunmen in the country’s south.
Israel last Friday had launched another unprovoked major attack on Syria, which killed at least 13 people, including children – and additionally some 25 were reported injured.
The widely reported assault on the southern Syrian town of Beit Jinn constituted a rare ground raid by Israeli forces, accompanied by air and artillery support. Israel troops actually took on casualties – with at least six that were reported wounded, including two critically.
Israeli drones have also been active over the area. In post-Assad Syria, the IDF has encroached more and more on Syrian territory, expanding significantly beyond its Golan Heights occupation.
The Israeli military has described that the high-risk operation was launched to detain suspects belonging to Jama’a Islamiya – a Lebanese Sunni Islamist group which is alleged to have fired rockets at Israel from Lebanon during the Gaza war. The statement further charged the group “terrorist plots”.
However, Trump’s Monday statement is a very mild criticism at best. It could be that Israel is actually getting these Syrian operations approved by US military commanders in the region.
RUSSIA VS UKRAINE
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE
Actors John Eimen, Michael DeLano, Daniel Seagren; rapper Poorstacy (26); R&Ber “Chubby” Tavares; dancer Judy Cheeks; rocker Myke Rivera; Jackson Browne’s son Ethan; novelist Daniel Woodrell; & more
Child Star Remembered for ‘Leave It to Beaver’ Dies at 76
November 24, 2025
John Eimen, the red-haired, freckle-faced child actor who appeared across some of the most iconic television series of the 1950s and ’60s — including Leave It to Beaver, McKeever and the Colonel, The Twilight Zone, Ozzie and Harriet and dozens more — has died. He was 76. Eimen died Friday at his home in Mukilteo, Washington, following a prostatecancerdiagnosis he received in September, his family told The Hollywood Reporter.
Michael DeLano dead at 84: Ocean’s Eleven and Charlie’s Angels actor’s sudden cause of death revealed
November 26, 2025
Actor and singer Michael DeLano has died aged 84. DeLano appeared in the Oceans Eleven movie franchise as well as major TV shows including Charlie’s Angels, The Jeffersons, Wonder Woman, and Magnum, P.I. His wife of 28 years Jean DeLano told The Hollywood Reporter that her husband died of a heart attack on October 20 in a Las Vegas hospital. The actor had been a Vegas resident since 1992, and until recently performed at the Dispensary Lounge. He played a casino manager in Ocean’s Eleven (2001) and the sequel Ocean’s Twelve (2004).
Daniel Seagren, the actor with the distinction to have played the first live-action Spider-Man on television, has passed away at the age of 81
November 28, 2025
Spider-Man’s had an impressive legacy in live-action thanks to his many theatrical adventures. However, before the Wall-Crawler enjoyed the ever-warm spotlight provided by red-carpet events, his first live-action appearance was on TV’s The Electric Company, portrayed by Danny Seagren from 1974 to 1977. It’s recently been revealed (via The Hollywood Reporter), that the actor, who also worked as an accomplished puppeteer, passed away on November 10 at the age of 81. No cause of death was given.
Diane Keaton’s Secret Dementia Battle Revealed After Her Shocking Death at 79 — ‘It Was Heartbreaking to See’
November 28, 2025
Shocking new details have emerged about the suddendeath of beloved actress Diane Keaton – RadarOnline.com can reveal she was secretly battling hereditary dementia in her final months and that the final downswing was so rapid and severe that even her closest friends didn’t realize what was happening. Although the family announced that the final cause of death on October 11 at age 79 was from pneumonia, sources said loved ones chose to keep the news of the Annie Hall Oscar winner’s debilitating brain disease from the public.
Rapper Poorstacy is dead and it sounds like he may have taken his own life. The death of Poorstacy – legal name Carlito Milfort – was confirmed by the Palm Beach County Medical Examiner. The Boca Raton Police Dept. told TMZ he died early Saturday in the city. A Boca Raton hotel worker tells TMZ Poorstacy was transported to a local hospital for a medical emergency Saturday morning. He was the only one hospitalized. We’re told the rapper had been staying for 10 days at the hotel. He had checked in with a woman and a toddler. No one else was reported injured Saturday. The cause of death is unclear – we’re working on it – but folks leaving comments on Poorstacy’s most recent Instagram post are indicating they are under the belief he may have died by suicide.
New Bedford and Providence music legend, Grammy winner, Antone “Chubby” Tavares passes away
December 1, 2025
New Bedord, MA – A local music legend has passed away. According to family, Antone “Chubby” Tavares [80] died Saturday “at home in peace & comfort. Within the past year his health has declined but, his spirit and attitude always remained positive.” According to The Cape Verdean Museum on Prospect Street in Pawtucket, Tavares was part of the legendary 1970s R&B group Tavares. Along with his brothers Feliciano “Butch,” Arthur “Pooch”, Perry Lee “Tiny,” Ralph “T,” and Earl “Victor.”
Judy Cheeks brought fire to the dance floor for over four decades, winning over fans around the world for both her talent and her versatility. We’re sad to report Ms. Cheeks has died at age 71. Cheeks’ musical journey started long before the clubs. Born in Miami on February 13, 1954, she was the daughter of gospel great Rev. Julius Cheeks. She stepped into the spotlight in 1973 with a debut album produced by Ike & Tina Turner. A tour with the Turners followed, where she even performed as an Ikette.
Toni Pierce-Sands MN Death; TU dance co-founder and teacher died at 63
November 27, 2025
Toni Pierce-Sands, a distinguished dancer who performed as a featured soloist in several of the Alvin Ailey American Dance Theater’s most iconic works and later co-founded the renowned Twin Cities company TU Dance, died Tuesday in Minneapolis at age 63 after battling cancer. Pierce-Sands was remembered by colleagues as an extraordinary artist whose influence extended far beyond the stage.
[Hardcore rocker] Myke Rivera (aka Puerto Rican Myke), known for his work with District 9 & Skarhead, has passed away. Rivera is said to have spent his final days in hospice care following a heart attack.
Singer Jackson Browne’s son Ethan dies suddenly at age 52 after being found unresponsive
November 27, 2025
Jackson Browne has announced the tragic and suddendeath of his son, Ethan Browne. The singer-songwriter took to Instagram on Nov. 26 and announced that his 52-year-old son was found unresponsivein his home on Nov. 25.
SATAN’s Studio Engineer Dave Curle passed away in his sleep
November 27, 2025
NWOBHM veterans Satan have lost a member of their family. The band issued the following statement earlier today, November 27th: “We have terrible news to share. It seems that many of you have heard already that our long-time friend and Studio Engineer Dave Curle passed awayin his sleep this morning at Newcastle Freeman Hospital.”
Daniel Woodrell, ‘Winter’s Bone’ Novelist, Dies at 72
December 1, 2025
Daniel Woodrell, the novelist known for writing “country noir” novels like “Winter’s Bone” and “Give Us a Kiss,” died Friday of pancreaticcancer. He was 72. His cause of death was confirmed by his wife, Katie Estill-Woodrell. Hediedat his home in West Plains, Missouri. His first novel, “Under the Bright Lights,” was published in 1986. The novel, about a police detective named Rene Shade who begins investigating a murder in the very heart of Louisiana’s bayou country, became the first installment in Woodrell’s Bayou Trilogy, which later included 1988’s “Muscle for the Wing” and 1992’s “The Ones You Do.” Woodrell coined the term “country noir” to describe his work when he published his 1996 novel “Give Us a Kiss,” which saw him return to his home region of the Ozarks to tell a story of a crime novelist who leaves California to search for his missing brother. Woodrell went on to set most of his novels in the Missouri Ozarks region.
Marquay the Goat death: TikTok star known for comedy videos dies aged 24
November 27, 2025
TikTok star Marquay the Goat, best known for sharing humorous skits and challenges, has died aged 24. His mother, Sonja Collins, said in an Instagram post on Wednesday (26 November) that her son, real name Marquay Collins, was “no longer here with me.” Collins, also known as Helicopter Man to his fans, was a popular content creator with almost 7 million followers on the platform, often posting food reviews, challenges and talking about his love of fast cars. Collins, who was from Columbus, Ohio, graduated from Shaw High School and attended Georgia State University in Atlanta, according to Fox5 Atlanta. He began posting on TikTok in March 2019 and had been successfully building his following since.
Mystery as Oprah star, 61, is found dead in swimming pool on roof of his luxury apartment building
November 25, 2025
A celebrity stylist best known for starring on The Oprah Winfrey Show was mysteriously found deadin a swimming pool on top of his lavish apartment building. Christopher Hopkins, 61, also known as ‘The Makeover Guy’, was found unresponsive at around 10:20pm Saturday on the top of his apartment complex in Minneapolis. Authorities said Hopkins had been swimming in the pool for some time before he fellunconscious. He was raced to a nearby hospital, where he was pronounced dead. Officials have not yet determined an official cause of death, but his X account said on Wednesday that Hopkins passed away when his ‘heart failed him’.
Two-time major winner and golf great Frank Urban “Fuzzy” Zoeller Jr. has diedofunknown causes at age 74, his family announced on Thursday. Zoeller is the last person to win the prestigious Masters during his first appearance, which required him to win a three-man playoff in 1979. The win made Zoeller the first to win the tournament in his first appearance since 1935, according to the BBC.
Victor Conte, Center Of MLB Steroid Scandal, Dead At 75 After Cancer Battle
November 3, 2025
Victor Conte, a central figure in one of the biggest scandals in American sports history, has died at the age of 75 after a battle with pancreaticcancer. Victor underwent treatment for cancer earlier in the year.
Massachusetts Longtime state Rep. Ann-Margaret Ferrante dies after battle with pancreatic cancer
November 27, 2025
State Rep. Ann-Margaret Ferrante, a Democrat who represented Essex, Rockport, and Manchester-by-the-Sea and Gloucester [MA], died on Thursday, according to her Facebook profile. Ferrante, 53, had been sick with pancreaticcancer, according to the announcement. “First elected to the legislature in 2008, Ann-Margaret dedicated her legislative career to ensuring that Cape Ann always had a seat at the table in legislative matters; always focused on our fishermen, jobs and economic development, and helping those in need,” the statement reads.
SAN JUAN, TEXAS – Jeremias Isai Alvarez , Infant, died Tuesday, November 25, 2025, at Doctor Hospital at Renaissance in Edinburg. Memorial Funeral Home of San Juan is in charge of arrangements.
NEDERLAND, TEXAS – Waylon Gene Dean unexpectedlypassed away November 26, 2025, in Port Arthur, Texas. He was born on January 10, 2024, to Brian and Samantha Dean.
KIRBYVILLE, TEXAS – Charles Elington Jackson Freeman, 1 year old, passed away Monday, November 17, 2025 at Texas Children’s Hospital. He was preceded in death by sister Peggy Freeman.
Rejoice Christian Elementary student passes away following battle with brain tumor
November 30, 2025
OWASSO, Okla. — Rejoice Christian School announced one of its elementary students passed away following a near year-long battle with a braintumor. “As many of you know, one of our elementary students…was diagnosed with an aggressive braintumor in December 2024. It is with a heavy heart that we share that [she] went to be with Jesus, her Savior,” said the school in a statement. Due to the age of the student, FOX23 will not be naming her in this article.
Boy, 12, Died of Brain Aneurysm. During His Last Conscious Moments, Best Friend Held Him and Called His Mom
November 24, 2025
A 12-year-old boy died from abrain aneurysm shortly after collapsingwhile trick-or-treating on Halloween night. As his parents grieve their funny, music-loving son—who dreamed of helping others—they are holding close the memory of his best friend, who stayed with him through his final moments. “We’re so happy to know that his last moments of consciousness were with his closest friends,” says his mother, Megan Skalina. Her son, Dylan, suffered a medical emergency at a friend’s home in Phoenix, Arizona. Around him were the people he loved most, including his best friend, Ella. “She didn’t leave his side at the hospital,” Megan, 41, says. “And neither did his sisters.” Dylan is survived by three sisters: Kaylie, 18, Nova, 17, and Lexi, 16.
Beloved eighth grade girl dies after suffering ‘sudden medical event’ during school basketball game
November 25, 2025
An eighth grade North Dakota student has died after suddenlycollapsing on the basketball court during a game. Jemimah Audu, 13, of Fargo, was playing basketball at Discovery Middle School on Friday when she suffered what is being described as a ‘suddenhealth event’ and abruptly went down during the game, according to Valley News Live. She was immediately rushed to Stanford Medical Center where she succumbed to the medical emergency. An autopsy to determine Audu’s cause of death is still pending at the University of North Dakota.
REPORT: Trump Issues Major Ultimatum To Maduro As Venezuelan Conflict Heats UpPresident Donald Trump slapped Venezuelan strongman Nicolás Maduro with a blunt, take-it-or-leave-it exit deal before shutting down the country’s skies, the Miami Herald reported — a high-stakes gambit that’s now rattling Caracas and signaling the regime’s most dangerous moment yet. According to the outlet, Washington delivered its warning in a tense phone call offering safe evacuation for Maduro, his wife …READ THE FULL REPORT
‘Ocean’s Eleven’ Star Passes AwayMichael DeLano, the New York–born character actor who popped up everywhere from “Ocean’s Eleven” to “Rhoda,” has died at 84. DeLano suffered a heart attack on Oct. 20 in Las Vegas, his family told The Hollywood Reporter. They also confirmed his death in a public notice. Born Nov. 26, 1940, DeLano broke in as a singer in 1960, signing with …READ THE FULL REPORT
JUST IN: Appeals Court Issues Major Ruling With Far-Reaching Implications For Trump, Alina HabbaAn appellate court slammed the brakes Monday on President Donald Trump’s bid to keep his favored prosecutors in blue states, ruling that Alina Habba is unlawfully serving as New Jersey’s top federal prosecutor. The 3rd U.S. Circuit Court of Appeals issued a unanimous 3-0 decision upholding a lower court ruling that booted Habba, a hard-charging Trump loyalist and former personal …READ THE FULL REPORT
NEW: Tim Walz Publicly Backstabbed, Exposed By Hundreds Of His Own State EmployeesHundreds of fed-up employees inside the Minnesota Department of Human Services are publicly torching Gov. Tim Walz, accusing him of letting a “massive fraud” operation mushroom on his watch and punishing the whistleblowers who tried to stop it. More than $1 billion in taxpayer cash was siphoned off by scammers in the Feeding Our Future scheme, the biggest COVID-era fraud …READ THE FULL REPORT
Elderly Man Who ‘Narrowly Escaped’ 9/11 Attacks Beaten To Death By TeensA former World Trade Center consultant who “narrowly escaped death” on 9/11 was beaten to death in Florida by a trio of teens, one of whom was barely out of childhood at the time of the attack, officials said. Roger Borkum, 64, originally from Syosset, Long Island, was found “severely beaten” on a Jacksonville sidewalk just before midnight on Oct. …READ THE FULL REPORT
END
LATEST REPORTS FOR NEWS JUNKIES
REPORT: Chuck Schumer Hit With Bomb ScareSen. Chuck Schumer said Monday that three of his New York offices were hit with bomb threats over email with a subject line that read “MAGA.” The threats, allegedly claiming the “2020 election was rigged,” were emailed to his offices in Rochester, Binghamton, and Long Island, according to the Senate minority leader. Schumer said law enforcement notified him earlier in …READ THE FULL REPORT
NEW: Mark Kelly Triples Down, Accuses U.S. Troops Of Violating Geneva ConventionSen. Mark Kelly came out swinging Monday, insisting he won’t be silenced by President Donald Trump or Secretary of War Pete Hegseth as Pentagon brass digs into “serious allegations of misconduct” tied to the Arizona Democrat. “I will not be intimidated by this president. I am not going to be silenced by this president or the people around because I’ve …READ THE FULL REPORT
JUST IN: NYT Report Smacks Down Washington Post, Vindicates Hegseth In Drug Boat ControversyWar Secretary Pete Hegseth greenlit the deadly Sept. 2 strike on a suspected drug-runner’s boat in the Caribbean, but did not order the killing of survivors, according to a new report that immediately set off alarms in Washington. The New York Times, citing five U.S. officials, reported Tuesday that Hegseth authorized the destruction of the vessel, its alleged narcotics stash, …READ THE FULL REPORT
Trump Suggests Michelle Obama Was Caught Using Joe Biden’s AutopenPresident Donald Trump blasted open another online firehose Monday night, tossing out a fresh theory that Michelle Obama used Joe Biden’s notorious autopen. Trump’s Truth Social account turned into a late-night rally, with the commander-in-chief unleashing more than 160 posts between 7 p.m. and midnight. Most of it came from MAGA influencers like YouTuber Benny Johnson and commentator Scott Jennings, …READ THE FULL REPORT
A-List Hollywood Couple Melts Down, Swears Off CNN After Scott Jennings Ruthlessly Grills Their SonA-listers Michael Douglas and Catherine Zeta-Jones are reportedly seething after their son Dylan Douglas got knocked around on live TV during a bruising political panel on CNN. Republican strategist Scott Jennings sliced into the shutdown debate on “NewsNight” and zeroed in on Dylan, firing off a pointed question that undercut the young Douglas’ claim that the GOP alone caused the …READ THE FULL REPORT
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
VENEZUELA/USA ET AL
Maduro Could Be Exiled To Qatar As Trump Warns Land Strikes On Venezuela Coming “Very Soon”
Wednesday, Dec 03, 2025 – 09:35 AM
President Trump reportedly issued Venezuelan strongman Nicolas Maduro a deadline of last Friday to of his own volition step down as president and accomplish a peaceful transition of power, or else face possible direct military action.
The New York Post is freshly reporting that the White House has offered that Maduro could be exiled to Qatar, where he would live out his days in luxury in one of the world’s wealthiest countries.
“A senior Trump administration source said Secretary of State Marco Rubio has floated allowing Maduro, 63, to relocate to Qatar as the gas-rich emirate helps mediate the conflict,” NY Post writes Wednesday. “Three current and two former administration officials described the scenario as plausible.”
A source close to the administration described that “Qatar, Saudi Arabia and the UAE love to do stuff like this. It helps build chits with the US.” The person further said, “All three compete against each other — in the region and for the ultimate affection of the US.”
So far Maduro has resisted Trump’s call to immediately step down, and the last Friday deadline came and went. If it were to suddenly happen – and by looks of it Maduro doesn’t seem prepared to go anywhere – this scenario would quickly lead to lower oil prices as Washington’s crude embargo would be dropped and US firms move to pump oil out of the Latin American country, which has the world’s largest proven oil reserves.
As for the supposed exile to Qatar plan, there’s been no immediately forthcoming confirmation from the White House that this is accurate, but Maduro would have to go somewhere after all.
The large military presence in the southern Caribbean has persisted for months at this point, and the clock is ticking, especially given President Trump’s Tuesday remarks of land attacks possibly beginning “very soon”. He said as follows:
President Trump said Tuesday his administration could attack accused drug traffickers who traverse Latin America by land “very soon,” which would mark an escalation in the U.S. military’s campaign of lethal strikes on alleged drug boats.
“We’re going to start doing those strikes on land, too,” Mr. Trump told reporters during a Cabinet meeting when asked about the administration’s strikes at sea. “You know, the land is much easier … And we know the routes they take. We know everything about them. We know where they live. We know where the bad ones live. And we’re going to start that very soon, too.”
It’s unknown whether such strikes would just be limited to known cartel and trafficking locations and routes, or whether government buildings or military bases could be hit.
The administration has already effectively labeled the whole government a ‘narco-terror’ organization, with its dubious and sweeping “Cartel of the Suns” recent terror designation. “Based in Venezuela, the Cartel de los Soles is headed by Nicolás Maduro and other high-ranking individuals of the illegitimate Maduro regime who have corrupted Venezuela’s military, intelligence, legislature, and judiciary,” the mid-November official designation indicated.“Neither Maduro nor his cronies represent Venezuela’s legitimate government.”
Could American military action soon commence in Venezuela? Will Maduro find himself in a luxury high-rise in Qatar by month’s end?
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1646 UP 0.0008 PTS OR 8 BASIS POINTS/WITH STOCKS IN EUROPE MOSTLY GREEN
USA/ YEN 155.58 DOWN 0.185 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 1.3282 UP .0063 OR 63 BASIS PTS
USA/CAN DOLLAR: 1.3956 DOWN 0.0014 CDN DOLLAR UP 14 BASIS PTS//CDN DOLLAR STILL GETTING KILLED)
Last night Shanghai COMPOSITE CLOSED DOWN 19.71 PTS OR 0.51%
Hang Seng CLOSED DOWN 334.32 PTS OR 1.28%
AUSTRALIA CLOSED UP 0.19%
// EUROPEAN BOURSE: MOSTLY ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: MOSTLY ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 334.52 PTS OR 1.28%
/SHANGHAI CLOSED DOWN 19.71 POINTS OR 0.51%
AUSTRALIA BOURSE CLOSED UP 0.19 %
(Nikkei (Japan) CLOSED UP 561.23 PTS OR 1,28%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 4201.35
silver:$58.11
USA dollar index early WEDNESDAY morning: 99.06 DOWN 24 BASIS POINTS FROM TUESDAY’s CLOSE
WEDNESDAY MORNING NUMBERS ENDS
And now your closing WEDNESDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.068 % DOWN 2 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +1.894% UP 3 FULL POINTS AND 10/100 BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.425 UP 4 BASIS PTS//DEADLY
SPANISH 10 YR BOND YIELD: 3.216 DOWN 2 in basis points yield
ITALIAN 10 YR BOND YIELD 3.4443 DOWN 3 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.7423 UP 1 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY TUESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1659 UP 0.0032 OR 32 basis points
USA/Japan: 155.47 DOWN 0.289 OR YEN IS UP 29 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.440 DOWN 6 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.196 DOWN 4 BASIS POINTS.
Canadian dollar UP 0.0020 OR 20 BASIS pts to 1.3950
Stocks, Bonds, Bullion, & Bitcoin Bid As Bad Data Lifts Rate-Cut Odds
WRAP UP;
Stocks and bonds rise amid mixed data – Newsquawk US Market Wrap
Wednesday, Dec 03, 2025 – 04:19 PM
SNAPSHOT: Equities up, Treasuries up, Crude up, Dollar down, Gold up
REAR VIEW: US ADP turns negative again; ISM Services PMI tops headline expectations; EIA shows surprise crude stock build; Aussie GDP falls short; Swiss CPI comes in soft; EU to propose Russian oil import ban in early 2026; Glencore lowers copper production guidance; US mulls allowing Maduro to relocate to Qatar; MSFT denies reports that it lowered its AI sales quotas.
COMING UP: Data: Swedish CPIF (Nov), EZ Retail Sales (Oct), US Challenger Layoffs (Nov), Jobless Claims (w/e 29 Nov), Revelio Public Labor Statistics, Chicago Fed Labour Market Indicators (Final), Durable Goods (Sep), Factory Orders (Sep), Atlanta Fed GDP. Events: BoE DMP. Speakers: BoE’s Mann; ECB’s Lane, Cipollone, de Guindos; Fed’s Bowman. Supply: Japan, Spain, France, UK. Earnings: Kroger, Dollar General.
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MARKET WRAP
Stocks trended higher throughout the session, but futures were knocked on reports in the Information that Microsoft (MSFT) is lowering AI software quotas as multiple sales teams failed to hit quotas for AI product sales last year, which hit MSFT and other AI names in the pre-market. However, stocks had started to pare before accelerating once MSFT denied the story and equities moved higher throughout the US session. Gains were led by the Russell with the majority of sectors green, led by energy and financials, while tech and utilities closed red. T-notes saw two-way trade, largely in response to US data. T-notes hit peaks after the woeful ADP report, which saw employers shed jobs by 32k in November, vs expectations for a 10k increase in employment. However, T-notes then sold off on the better-than-expected ISM Services PMI, which also saw an uptick in unemployment and a downtick in inflation. However, the move was short-lived, and T-notes gradually moved higher into settlement with the curve bull steepening. Oil prices settled firmer as further remarks from US/Russian officials continue to suggest a lacklustre meeting on Tuesday. Nat gas futures hit a 35-month high on record flows to LNG export plans and forecasts for colder weather. In FX, the Dollar was sold on the Hassett trade while cyclical currencies outperformed as stocks rallied. Gold prices were choppy, but both gold and silver head into APAC trade flat.
US DATA
US ISM SERVICES PMI: The Headline ISM Services PMI rose to 52.6 from 52.4, despite expectations for a decline to 52.1. Within the report, business activity was little changed at 54.5, while new orders fell to 52.9 from 56.2. Employment rose marginally to 48.9 from 48.2, but remained in contractionary territory while prices paid saw a drop to 65.4 from 70.0. Analysts at Pantheon Macroeconomics note that the rise in the headline, to its highest level since February, provides little reassurance on Q4 GDP growth given its decoupling from the official data in the last three years. Regarding the employment print, Pantheon Macroeconomics writes, “Its three-month average points to gains in private services payrolls averaging 50K over the three months to November, continuing the run of sub-breakeven growth”. While for prices, it read the drop as a signal of fading momentum in tariff-related price rises. Pantheon adds that “The drop in the prices paid index brings it much closer in line with other survey measures of service sector prices, which suggest the tariffs are not having second-round effects.”
ADP: The ADP survey of private payrolls saw 32k jobs lost in November, missing the +10k expectation and falling from the prior 47k, which was revised up from 42k. The data was within the analyst forecast range of -50 to +50k. The report noted that “Hiring has been choppy of late as employers weather cautious consumers and an uncertain macroeconomic environment. And while November’s slowdown was broad-based, it was led by a pullback among small businesses.” On wages, the median change in annual pay for job stayers eased to 4.4% from 4.5%, while for job changers it eased to 6.3% from 6.7%. This report is one of the last employment gauges the Fed will see before the December FOMC; the November and October BLS NFP reports will be released on December 16th, after the Dec 10th FOMC meeting. Based on Fed commentary, rate views are very split. Several are favouring a cut, and several are favouring a hold; the weak data may help those who are undecided on voting for a cut in December. Money markets price a 25bps cut with an 84% probability – before the Fed, we will see the latest JOLTS data on the 9th December.
FIXED INCOME
T-NOTE FUTURES (H6) SETTLED 7 TICKS HIGHER AT 113-03+
T-notes chop to soft ADP, and ISM Services PMI beat. At settlement, 2-year -3.0bps at 3.486%, 3-year -3.2bps at 3.501%, 5-year -3.5bps at 3.624%, 7-year -3.5bps at 3.819%, 10-year -3.0bps at 4.058%, 20-year -2.2bps at 4.683%, 30-year -1.5bps at 4.726%.
INFLATION BREAKEVENS: 1-year BEI -0.7bps at 2.726%, 3-year BEI +0.2bps at 2.413%, 5-year BEI -0.1bps at 2.228%, 10-year BEI +0.3bps at 2.225%, 30-year BEI +0.2bps at 2.210%.
THE DAY: T-notes see two-way trade but settle firmer with the curve holding a steeper bias. T-notes rose to peaks in the wake of the ADP November Employment report, which saw employers shed 32k jobs – a worrying sign in one of the last labour market reports the Fed will see before the December rate decision, with NFP pushed back to Dec 16th. Note, JOLTS will be released on the 9th, one day before the Fed. The ADP move had pared, but T-notes saw brief support in the risk-off trade sparked by reports in The Information that Microsoft (MSFT) was lowering AI software quotas as multiple sales teams failed to hit quotas for AI product sales last year. The news hit MSFT stock and weighed on indices and other AI names. Attention then turned to the ISM Services PMI, which took T-notes to session lows following the headline beat and rise in employment, albeit the drop in prices was a welcome sign. The downside was short-lived, however, and T-notes gradually pared throughout the rest of the US session. Meanwhile, on Hassett as Fed Chair, there were several reports that Wall St and bond investors had been privately warning the US administration against naming him as Fed Chair, but prediction markets still saw the odds of Hassett as Fed Chair rise back to 81%. Another topic getting attention has been Besseent in recent weeks, noting that Fed presidents should be from the districts they represent. At first, it may appear somewhat innocent; however, it brings back concerns over Fed independence as some of the hawkish-leaning Fed presidents are not originally from the districts where their banks are from.
SUPPLY:
Bills
US sold 17-week bills at a high rate of 3.62%, B/C 3.17x
US to sell USD 80bln 8-week bills (prev. 90bln) on December 4thUS to sell USD 90bln 4-week bills (prev. 100bln) on December 4th
STIRS/OPERATIONS
Market Implied Fed Rate Cut Pricing: Dec 21.6bps (prev. 21.2bps), January 30.0bps (prev. 29.48bps), March 38.3bps (prev. 36.6bps).
NY Fed RRP op demand at USD 2.51bln (prev. 5.62bln) across 40 counterparties (prev. 11)
NY Fed Repo Op demand at USD 0.001bln (prev. 10.257) across two operations.
EFFR at 3.89% (prev. 3.89%), volumes at USD 91bln (prev. 85bln) on December 2nd.
SOFR at 4.01% (prev. 4.12%), volumes at USD 3.407tln (prev. 3.454tln) on December 2nd.
CRUDE
WTI (F6) SETTLED USD 0.31 HIGHER AT USD 58.95/BBL; BRENT (G6) SETTLED USD 0.22 HIGHER AT 62.67/BBL
Crude prices were firmer as further remarks from US/Russian officials continue to suggest a lacklustre meeting on Tuesday, while the EU said a legislative proposal to ban Russian oil imports will be put forward in early 2026. Additionally, Ukraine struck Russian facilities again, hitting the oil depot in the Oryol region on Tuesday. In the US morning, prices were weighed by a NY Post report that the US could allow Venezuelan President Maduro to relocate to Qatar, with some citing the pressure due to the prospect of greater supply in such a scenario, as ties between the US and Venezuela are more likely to improve. Highs of USD 59.64/bbl and 62.91/bbl were reached in WTI and Brent in the European morning, before trimming over half of the upside into settlement. The EIA weekly report (was slightly delayed) unveiled a surprise build in crude stocks, 574k (exp. -821k), and bigger than expected builds in distillates and gasoline, 2.059mln (exp. 0.707mln), and 4.518mln (exp. 1.458mln), respectively; production was little changed, and so were crude prices.
EQUITIES
CLOSES: SPX +0.30% at 6,850, NDX +0.20% at 25,607, DJI +0.86% at 47,883, RUT +1.91% at 2,512
SECTORS: Technology -0.42%, Utilities -0.32%, Communication Services +0.09%, Consumer Staples +0.16%, Real Estate +0.21%, Health +0.46%, Materials +0.51%, Consumer Discretionary +0.83%, Industrials +0.95%, Financials +1.27%, Energy +1.83%.
EUROPEAN CLOSES: Euro Stoxx 50 +0.24% at 5,700, Dax 40 -0.12% at 23,682, FTSE 100 -0.10% at 9,692, CAC 40 +0.16% at 8,087, FTSE MIB +0.06% at 43,381, IBEX 35 +0.68% at 16,586, PSI +0.12% at 8,220, SMI -0.27% at 12,856, AEX +0.51% at 950
STOCK SPECIFICS
Marvell Tech (MRVL): Earnings beat; will buy Celestial AI for USD 3.5bln.
CrowdStrike (CRWD): Earnings beat fails to impress investors.
Dollar Tree (DLTR): EPS, revenue & guidance beat.
Pure Storage (PSTG): Q3 earnings beat underwhelmed as no hyperscaler win was announced.
American Eagle Outfitters (AEO): Profit & revenue beat.
Oracle (ORCL): Initiated with an ‘Overweight’ rating at Wells Fargo.
Uber (UBER): Upgraded at Arete to ‘Buy’ from ‘Neutral’.
Regeneron Pharmaceuticals (REGN): Downgraded at Morgan Stanley to ‘Equal Weight’ from ‘Overweight’.
Microsoft (MSFT) spokesperson said the company has not lowered AI sales quotas, via CNBC. The remarks are in response to The Information report that Microsoft lowered its AI software sales quotas; the company has lowered expectations for how quickly it can get its customers to spend on newer products, specifically ‘agents’.
FX
The Dollar was broadly sold against peers with the prospect of a more dovish Fed Chair in 2026 (Hassett) remaining the driver for USD performance. US data sent mixed signals. ADP printed a surprise negative reading (-32k vs exp. 10k), marking the fourth consecutive contraction in private employment this year. Meanwhile, ISM Services PMI beat on the headline, supported by an uptick in employment. USD was fairly muted towards said data, with DXY hitting lows of 99.82. Reports today suggested participants across Wall St. have spoken with the Treasury in November, expressing caution over NEC Director Hassettt as the new Fed Chair. The decision, like many other major actions under the Trump administration, will ultimately be up to the US president, who has shown no reason to suspect anyone other than Hassett for now, despite Fed independence concerns that came to life once attacks on Powell ensued.
Cyclical currencies benefited from USD weakness, with GBP and NZD leading the strength. Domestic newsflow was generally quiet in the space, but AUD/USD witnessed choppy trade overnight following weaker-than-expected GDP readings for Q3; AUD initially weakened before recovering losses on broad dollar downside. Perhaps also supportive of AUD buying ahead of the RBA meeting next week, a JPM analyst writes that “Australia’s fixed income market continues to stand out as one of the few places where global investors can still find USD-like yields”.
EUR/CHF saw short-lived upside in response to Swiss CPI Y/Y (Nov) coming in flat, beneath the expected and prior 0.1% reading. The move pared, leaving the cross unchanged on the day, while USD/CHF notably declined over the day, hitting lows of 0.7992 from earlier 0.8032 highs. Next week, the SNB is expected to hold at 0.00%, though inflation continuing to print below forecast means a cut into negative rates cannot be ruled out.
DATA RELEASES
NOT GOOD AT ALL: THE SERVICE SECTOR IS THE USA STRENGTH
(zerohedge)
‘Sustained Resilience’: US Services Surveys Mixed In November
Wednesday, Dec 03, 2025 – 10:07 AM
Following the disappointment on the Manufacturing PMI side (both S&P Global and ISM seeing their surveys decline in November), US Services surveys were more mixed in the face of ‘strong’ hard data (that has been largely absent due to the shutdown).
S&P Global US Services PMI dropped from 54.8 to 54.1 in November (lowest since June and notably worse than the flash print of 55.0)
ISM US Services PMI rose from 52.4 to 52.6, solidly better than the 52.0 expected.
Source: Bloomberg
Under the hood was also mixed (completely opposite) news with ISM seeing Prices Paid dropping bigly (S&P Global seeing it rise), ISM seeing new orders decline (S&P Global seeing improvement) and ISM seeing employment still contracting (S&P Global sees ‘solid increase’ in employment)…
The S&P Global US Composite PMI posted 54.2 in November. That was little changed overall on October’s 54.6 and consistent with trend growth of the US private sector economy.
Similar rates of expansion were recorded across the manufacturing and service sectors. Latest data showed the strongest growth in new work for three months, which helped support a solid increase in employment. Meanwhile, input price inflation accelerated to a four-month high whilst output charges also rose at a stronger pace.
“Together with a robust increase in output reported by the manufacturing sector, the survey indicates that the economy is so far expanding at a 2.5% annualized GDP growth rate in the fourth quarter.“
Supportive financial conditions, including lower interest rates and the equity market gains seen this year, are helping drive the sustained resilience of the economy, with Williamson noting a further surge in financial services activity reported in November.
Tariff fears remain top of mind…
“Consumer and business services are also continuing to expand, but report pressure on customer demand from affordability issues in particular. Worryingly, prices charged for services rose at an increased rate in November as firms sought to pass on higher costs, in turn often linked to tariffs.
“The concern is that rising prices could deter further rate cuts, in turn dampening the financial services expansion which has been doing much of the heavy lifting in terms of the sustained economic expansion in recent months.
But there is some optimism…
“More encouragingly, November saw an upturn in business expectations of growth over the year ahead compared to October, though this in part merely reflected some relief at the ending of the government shutdown, and some of this improved sentiment appears to have already faded towards the end of November.”
Overall, it’s choose your own adventure…
…with something for both the doves (weakening survey headline data) and the hawks (economy still expanding and tariff-driven inflation fears high).
END
USA ECONOMIC COMMENTARIES
As K-Shaped Consumer Breakdown Widens, Bessent Points To Brighter 2026
Wednesday, Dec 03, 2025 – 07:45 AM
At the start of the week, commenting on Black Friday sales figures, Goldman analyst Natasha de la Grense said there has been increased focus on the “K-shaped” economy. As outlined in our previous notes (here and here), this widening behavioral gap is becoming more pronounced among working-poor and high-income households.
New data from Goldman analyst Ronnie Walker highlights the widening divide among consumers. He noted that lower-income households are weakening noticeably beneath the surface of otherwise solid aggregate retail trends.
Walker pointed out that while overall sales growth and earnings-call sentiment look solid, retailers serving lower-income zip codes report negative consumer sentiment and barely any nominal same-store-sales growth (0.2% vs. 2.5% for middle- and higher-income areas).
He said this gap reflects constrained borrowing capacity, softer income gains, and reduced immigration flows, adding that 2026 forecasts only suggest continued underperformance in low-end spending as slow job growth and cuts to SNAP and Medicaid under the OBBBA further pressure lower-income households.
Walker explains more in the note:
A Bifurcated Consumer Outlook
Company commentary and results suggest that the consumer remained healthy in the third quarter. Sales growth among consumer-facing companies improved — sales growth increased by 2pp to +6% year-over-year for the median S&P 500 consumer discretionary company and by 1pp to +1% for the median consumer staples company — while our quantitative measure of sentiment around the consumer on earnings calls declined sequentially but remained around its historical average.
Investors have raised fresh concerns about the health of the lower-income consumer this earnings season. Leveraging our Data Works team’s estimates of the median household income of each retailer’s store locations, we find that the healthy aggregate trends mask divergences between companies that face lower- and higher-income consumers. The left panel of Exhibit 3 shows that sentiment around the consumer on earnings calls turned negative on net for retailers whose stores are generally located in lower-income zip codes (diffusion index of 45 in 2025Q3 vs. 67 for companies in middle-to-higher income zip codes). Additionally, the right panel of Exhibit 3 shows that nominal same-store sales for that same group of companies have grown only 0.2% on average over the last year (vs. 2.5% for companies exposed to middle- and higher-income zip codes).
Weaker sales growth among companies with greater exposure to lower-income consumers has likely reflected a combination of headwinds to lower-income consumers — that we noted last year include more limited borrowing capacity and underperforming income growth — and the slowdown in immigration. Looking ahead, we continue to expect weak income growth to weigh on low-income spending. Exhibit 4 shows our distributional income growth forecasts: while we expect positive real income growth for all income cohorts in 2026, we again expect underperformance for the bottom income quintile, reflecting tepid job growth and cuts to Medicaid and SNAP benefits.
Despite Walker’s gloomy view, this is quite the opposite forecast from Treasury Secretary Scott Bessent.
.@SecScottBessent: "In 2026, we are going to see very substantial tax refunds in the First Quarter… We're going to see real wage increases. I think next year is going to be a fantastic year." pic.twitter.com/3XTBD8wK7q
“In 2026, we are going to see very substantial tax refunds in the first quarter… We’re going to see real wage increases. I think next year is going to be a fantastic year,” Bessent told President Trump during the cabinet meeting earlier today.
end
TRUMP/AUTOPEN PARDONS/NULL AND VOID
Trump Confirms Biden’s Autopen Documents, Orders, & Pardons Are Void
President Donald Trump said on Tuesday that he has nullified all documents, proclamations, executive orders, memorandums, and contracts signed by autopen during President Joe Biden’s term.
“Any and all Documents, Proclamations, Executive Orders, Memorandums, or Contracts, signed by Order of the now infamous and unauthorized ‘AUTOPEN,’ within the Administration of Joseph R. Biden Jr., are hereby null, void, and of no further force or effect,” Trump wrote in a social media post.
“Anyone receiving ‘Pardons,’ ‘Commutations,’ or any other Legal Document so signed, please be advised that said Document has been fully and completely terminated, and is of no Legal effect. Thank you for your attention to this matter!”
The declaration follows Trump’s Nov. 28 announcement that he was revoking all executive orders signed by autopen during the Biden administration.
“The Autopen is not allowed to be used if approval is not specifically given by the President of the United States,” Trump wrote on Truth Social.
Trump alleged the documents were signed illegally.
“The Radical Left Lunatics circling Biden around the beautiful Resolute Desk in the Oval Office took the Presidency away from him,” Trump posted. “Joe Biden was not involved in the Autopen process and, if he says he was, he will be brought up on charges of perjury.”
The autopen, which uses a real pen and ink to mechanically replicate a president’s signature, can be used to sign official documents, but the president must direct the signing of each document or bill, according to the Office of Legal Counsel.
According to some legal scholars, U.S. presidents may revoke previously issued executive orders. However, revoking pardons may be unconstitutional and could face roadblocks, experts told the Epoch Times.
The U.S. House Committee on Oversight, led by Rep. James Comer (R-Ky.) published a report in October detailing an investigation into the Biden administration’s use of autopen signatures.
The federal probe found senior White House officials “abused the autopen and a lax chain-of-command policy to effect executive actions” and failed to provide documentation to prove the documents were authorized.
The committee stated it found evidence that Biden’s White House staff concealed his diminishing mental and physical condition intentionally.
“The Committee has found that there was, in fact, a cover-up of the president’s cognitive decline and that there is no record demonstrating President Biden himself made all of the executive decisions that were attributed to him,” the committee wrote in the report. “The authority to grant pardons is not provided to the president’s inner circle.”
Several senior advisors and staff refused to provide testimony during the investigation for fear of incriminating themselves.
A photo of former President Biden’s autopen signature (C) on the new White House Presidential Wall of Fame on Sept. 26, 2025. Madalina Kilroy/The Epoch Times
In a Truth Social post, Trump claimed 92 percent of documents signed during Biden’s presidency were signed by autopen.
During his presidency, Biden issued 4,245 acts of clemency—more than any other president—and 162 executive orders.
Biden’s acts of clemency consisted of 80 pardons and 4,165 commutations. While the commutation total topped all other presidents since McKinley, who left office in 1901, the 80 pardons were topped by several other presidents including Trump in his first term (144), President Barack Obama (212), and President George W. Bush (189).
END
THIS IS BIG NEWS
“Get Rid Of It” – Trump Suggests He’ll Soon Slash/End Income Tax
President Trump signaled Tuesday that the federal income tax could soon be history. Speaking to reporters after a cabinet meeting, Trump laid out a vision of economic freedom powered by massive tariff revenues from foreign nations— putting America First instead of bleeding hardworking citizens dry to fund globalist giveaways.
With tariffs surging and billions pouring in from trade deals, Trump is paving the way for a tax revolution that could explode the economy overnight. The President’s declaration came during a press gaggle at the White House, where he emphasised the unprecedented revenue streaming into U.S. coffers thanks to his tough trade policies.
“I believe that at some point in the not-too distant future, you won’t even have income tax to pay,” Trump stated plainly. He elaborated, “Because the money we’re taking in is so great and it’s so enormous that you’re not going to have an income tax to pay. Whether you get rid of it or just keep it around for fun or have it really low, much lower than it is now, but you won’t be paying income tax.”
BREAKING: President Trump just announced he expects the income tax to be ABOLISHED soon.
This would be the single greatest economic move in American history. Imagine taking home 100% of your paycheck?
Trump’s push to axe the income tax isn’t new—it’s rooted in his America First agenda that flips the script on how the government funds itself. As he explained in his inaugural address, “Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens. For this purpose, we are establishing the External Revenue Service to collect all tariffs, duties, and revenues. It will be massive amounts of money pouring into our Treasury, coming from foreign sources.”
This echoes his campaign trail musings, where he told podcaster Joe Rogan that tariffs could fully replace income taxes. “Yeah, sure, why not?” Trump replied when asked if he was serious about ditching personal income taxes.
Now, with tariffs already raking in hundreds of billions—up 250% from last year—the numbers are backing him up. Income tax hauled in about $2.7 trillion in fiscal 2025, but Trump’s team projects tariffs and foreign investments could eclipse that, especially with pledges like Japan’s $650 billion, South Korea’s $350 billion, and the EU’s $950 billion pouring into U.S. plants and jobs.
Recent reports highlight how this fits into broader reforms, including the “One Big Beautiful Bill Act,” which promises huge tax refunds and real wage hikes in 2026. Treasury Secretary Scott Bessent boasted at the same meeting: “In 2026, we are going to see very substantial tax refunds in the First Quarter… We’re going to see real wage increases. I think next year is going to be a fantastic year.”
.@SecScottBessent: "In 2026, we are going to see very substantial tax refunds in the First Quarter… We're going to see real wage increases. I think next year is going to be a fantastic year." pic.twitter.com/3XTBD8wK7q
Of course, the usual suspects in the media and academia are already hyperventilating. Economists aligned with the old guard, like those from UCLA and NYU, whine that tariffs “can’t replace” income tax revenue, claiming it’d shift burdens or balloon the debt. Funny how they never complain when trillions get funneled to Ukraine or climate scams, but suggest letting Americans keep their money? Suddenly, it’s “fantasy.”
Trump himself dismissed the doubters by pointing to historical precedent: the U.S. thrived in the late 19th century with “all tariffs, no income tax.” His vision includes potentially eliminating the IRS altogether, a dream for anyone who’s suffered through their audits and overreach.
Fox Business notes this as Trump’s “most explicit endorsement” yet of scrapping income taxes, marking a potential overhaul unseen in over 100 years. And with a narrow House majority, the fight will be fierce—but Trump’s track record on trade wars shows he doesn’t back down from globalist bullies.
Trump expanded on the timeline in recent comments: “Over the next couple of years, I think we’ll substantially be cutting—and maybe cutting out completely—income tax. We could be almost completely cutting it because the money we’re taking in is going to be so large.” He tied it directly to protecting American industries: “We’re taking in, think of it, hundreds of billions. Next year, it’ll be a trillion dollars or more, but we’re taking in all this money while protecting our country. And we’re respected again.”
This isn’t about handouts; it’s about fairness. Why should blue-collar workers foot the bill for elite excesses when foreign nations can pay up through tariffs? As Trump put it, “They actually respect us. And they made the deals. I mean, they respect us, but they pay us.”
If he pulls this off, it’ll be a massive win for freedom, unleashing prosperity like never before. America First means keeping your paycheck—all of it!
Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.
ALABAMA
Alabama Zoning Commission Rejects Proposal For Muslim School After Town Erupts In Fury
Tuesday, Dec 02, 2025 – 07:40 PM
A Hoover, Alabama zoning commission unanimously rejected a rezoning request Monday that would have allowed a Muslim K-12 academy to relocate to an office building in the Birmingham suburb, capping a contentious public hearing that packed roughly 170 residents into the room and erupted with heated testimony over concerns of growing Islamification of the area, 1819 News reports.
The Islamic Academy of Alabama, which has operated in neighboring Homewood since 1995 serving approximately 260 students, sought to move to a larger facility in Hoover’s commercial corridor. The proposal was voted down 7-0 to sustained applause from the crowd of concerned residents.
The town’s commissioners pointed to vehicular congestion in an already-strained commercial corridor and lingering questions about the property’s long-term compatibility as grounds for denial.
John Padgett, whose residential property sits closest to the proposed location, challenged the traffic study’s conclusion that the school would have zero impact on current conditions.
“I see the traffic backed up every morning already,” Padgett reportedly told commissioners. “When they start, if you add a few hundred cars to that, it’s gonna be backed up past the stop sign.“
Padgett recounted a recent incident at an Airbnb next door to his home, carefully prefacing his remarks.
“I want to be very sensitive and careful in the way I say this,” he began, noting that he didn’t want to seem as though he was attacking a particular religion. “They weren’t supposed to have any kind of big parties, but they had an Islamic wedding there.”
Padgett described returning from a trip to find videos from neighbors showing dozens of cars—30 or 40, he estimated—parked throughout the neighborhood, including in his own driveway without permission, blocking his vehicles.
“They drove through my yard. Waving Islamic flags, out the window, and screaming things in Arabic,” he said.
Several attendees brandished signs reading “Give an inch — Dearborn Michigan” and “Stop the 100 year plan”—pointed references to demographic shifts in Dearborn, Michigan, which is home to the largest Muslim population in the United States.
“You’re going to have real problems with this community, I’m just telling you now,” resident Bruce Davis warned commissioners. “There’s going to be an influx of other people that are going to create a problem for this community and we might as well just face it.”
The final public commenter drew applause as the unidentified woman recounted travels through the United Kingdom and issued stark warnings about parallel risks facing the United States. The female speaker described witnessing “the land that gave us the King James Bible, supposedly a Christian nation, overwhelmingly being taken over,” according to 1819 News.
“The Muslims did not assimilate,” she continued. “In fact, the Brits bent backwards to accommodate their demands over and over again, to the level of feeling the second-class citizens in their own country.”
“The citizens could not even voice their grief because it was immediately associated with that type of phobia,” she added. “They gave in an inch and were soon taken for rides, miles away, with no hope of landing back to familiarity.”
Hoover Commission Chairman Mike Wood cut her off, steering the discussion back to zoning criteria. “We are here to look at whether this school was appropriately placed,” he interjected. “We’re not here for that. I’m sorry. We’re not going to listen to that.” The interruption sparked objections from the audience.
Lucas Gambino, who presented the case for the school, pushed back against the city’s objections.
“We’re not here to mislead anybody or trick anybody,” Gambino said, addressing questions about the evolving scope of what was variously described as a community center, prayer center, or auxiliary facility.
Gambino argued against forcing the developer to wait indefinitely for an idealized tenant.
“The idea that holding these 200,000 square feet buildings hostage for a tech buyer to come in and occupy those buildings, when you have a developer that owns those buildings, that’s paying significant carrying costs, on a monthly basis, for those buildings,” Gambino explained. “It’s gonna be asked to sit back and wait for a tech buyer to come in and occupy those buildings.“
Initially, a motion to send the request to the city council without a recommendation was made, but it failed to receive a second. A motion to move the proposal forward with a recommendation to deny it then passed unanimously. The decision now moves to the Hoover City Council, which will likely take up the matter at its first January meeting.
VICTOR DAVIS HANSON
KING NEWS
The King Report December 3, 2025 Issue 7631
Independent View of the News
As we guessed, traders affected a Turnaround Tuesday to the upside, led by Bitcoin and Fangs.
ESZs vacillated between modest gains and losses from their opening at 18:00 ET on Tuesday night until they broke lower at 22:15 ET. ESZs plodded to a daily low of 6812.25 at 3:09 ET. ESZs then began the Turnaround Tuesday rally that most traders anticipated. ESZs rallied to 6849.00 at 6:32 ET.
After a respite to 6837.00 at 7:39 ET, ESZs formed a volatile megaphone top that hit a peak of 6863.50 at 11:0 ET. ESZs then tumbled to 6818.00 at the 11:30 ET European close. The post-European close counter move took ESZs to 6853.25 at 12:29 ET. Selling returned; ESZs fell to 6824.25 at 12:57 ET.
ESZs stair stepped higher until the hit 6853.50 at 15:31 ET. ESZs then fell to 6838.00 at 15:59 ET.
Trump: “Obamacare was made to make the insurance companies rich. Their stocks have gone up 1000%in a short period of time because the money goes to the insurance company. I want the money to go to the people. Let all the money go to the people, and let the people go out and buy their own healthcare.” https://x.com/TrumpWarRoom/status/1995902685216641365
Health insurance is the biggest reason people change jobs: survey “People don’t want one-size-fits-all healthcare, they want real solutions,” said Janet Liang, president of Oscar Insurance… https://trib.al/HNhcadj
mRNA vax inventor @RWMaloneMD: The scandal is not that 10 repeatedly verified covid childhood vaccine deaths were reported in VAERS. The scandal is that they were previously identified and investigated by CDC, and we are only learning about them now.
Positive aspects of previous session Fangs, abetted by a robust rebound in Bitcoin, rallied sharply and led a moderate equity rally. Commodities declined sharply.
Negative aspects of previous session Bonds were flat to up a tad despite the tumble in commodities, including precious metals.
Ambiguous aspects of previous session Is Mr. Bond issuing an inflation warning/ultimatum to the Fed?
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Down
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6829.21 Previous session S&P 500 Index High/Low: 6851.55; 6806.71
Revelio Labs: The Wage Divide is Widening Again and AI May Be to Blame The labor market is becoming increasingly bifurcated again and the K-shaped economy shows up clearly in job postings. While demand for high wage jobs remains strong, low wage jobs have seen falling demand over the last two years… The US economy is increasingly driven by those at the top of the earning distribution… Affluent consumers continue to spend freely, buoyed by rising asset values and healthy labor-market prospects, while lower-income households are feeling the strain of slower wage gains, reduced savings, and elevated living costs…Wage inequality is a major culprit of this pattern, and it is on the rise… A major force behind this new pattern appears to be automation pressures. Across occupations, average AI-adoption rates are strongly negatively correlated with wage growth at the bottom of the distribution. In other words, the roles seeing the slowest wage gains tend to be those where employers are investing most heavily in AI… https://www.reveliolabs.com/news/macro/the-wage-divide-is-widening-again-and-ai-may-be-to-blame/
Remember Econ 101 and the Paradox of Thrift? How about the Paradox of Massive AI capex? The economy gets a short-term boost from the massive AI capex but it destroys its workers and its customers, which is the opposite of what Henry Ford championed.
Cyber Monday Spending Pace Lags Black Friday for Second Year – BBG US shoppers spent $14.25 billion online during Cyber Monday, up 7.1% from a year ago, compared with a 9.1% on Black Friday…
@HedgieMarkets: Real estate investors bought one-third of all single-family homes sold in Q2 2025, up from 27% in Q1 and the highest percentage in five years. While the share is higher, the raw numbers are lower. Investors bought 16,000 fewer homes than a year ago, but overall home sales were much weaker, which accounts for the gain in investor share. Investors continue to own about 20% of the 86 million single-family homes in the country… Small investors (10 properties or less) account for over 90% of the investor market. Large institutional investors with 1,000+ properties make up just 2%. Unlike individuals, institutional investors have been selling more homes than they buy for six consecutive quarters. The nation’s largest landlords including Invitation Homes, Progress Residential, American Homes 4 Rent, and FirstKey Homes all sold more than they purchased in Q3. They’re shifting capital to build-to-rent communities instead. Investors paid an average of $455,481 per home in Q2, well below the national average of $512,800. Large investors bought even cheaper at $279,889 average purchase price. Investors are buying a third of all homes sold while overall sales crater, which means they’re increasingly competing against regular buyers for a shrinking pool of inventory… The institutional players are… getting out before prices adjust… https://x.com/HedgieMarkets/status/1995894634032087473
The FT: ECB refuses to provide backstop for €140bn Ukraine loan – Central bank rejects role in European Commission proposal to use frozen Russian assets, saying it would be illegal
A German Court May Have Just Shattered One of the Biden Era’s Biggest Lies – Turley This week, a German court issued an arrest warrant for Ukrainian Serhii Kuznietsov, which may finally confirm what was long suspected: that Ukraine was responsible for the 2022 sabotage of the Nord Stream pipelines in the waters near Denmark and Sweden. The Biden administration may have been given prior warning. It was allegedly told years ago by a Ukrainian whistleblower that a six-person team of Ukrainian special forces was planning to rent a boat, dive to the sea floor and blow up the Nord Stream project. The operation was reportedly led by Gen. Valerii Zaluzhnyi, commander-in-chief of Ukraine’s armed forces. Nevertheless, after the attack, the Biden administration and many in the media fueled speculation that Russia had destroyed its own pipeline, despite evidence and logic to the contrary… https://jonathanturley.org/2025/12/01/a-german-court-may-have-just-shattered-one-of-the-biden-eras-biggest-lies/?s=02
GOP #3 House official Stefanik accuses Johnson of ‘siding with’ Democrats in explosive House GOP leadership rift – Speaker Mike Johnson called Rep. Elise Stefanik’s accusations ‘false’ Stefanik, whom Johnson appointed as chairwoman of House GOP leadership earlier this year, claimed Johnson was blocking a provision in the annual defense policy bill that would allow Republicans to get revenge for being targeted in alleged instances of government weaponization… “That yes, in fact, the Speaker is blocking my provision to root out the illegal weaponization that led to Crossfire Hurricane, Arctic Frost, and more. He is siding with [Rep. Jamie Raskin, D-Md.] against Trump Republicans to block this provision to protect the deep state,” Stefanik continued… https://www.foxnews.com/politics/stefanik-accuses-johnson-siding-with-democrats-explosive-house-gop-leadership-rift
Today – Traders will play for rally even though the Turnaround Tuesday equity rally greatly lagged the Bitcoin/crypto rally. Until a new force appears, Bitcoin and Fangs will call the tune.
ESZs are +9.50; NQZs are +31.50; Dec AU is +28.50; and USZs are +2/32 at 20:10 ET.
Expected economic data: Nov ADP Employment Change 5k; Sept Import Price Index 0.1% m/m & 0.4% y/y; Export Price Index 0.1% m/m -0.1% y/y; Sept Industrial Production 0.1% m/m, Mfg. Production 0.0%, Capacity Utilization 77.2%; Nov S&P Global US Services PMI 55; Nov ISM Services Index 52, Prices Paid 68
S&P Index 50-day MA: 6731; 100-day MA: 6581; 150-day MA: 6375; 200-day MA: 6184 DJIA 50-day MA: 46,794; 100-day MA: 45,896; 150-day MA: 44,803; 200-day MA: 43,977 (Green is positive slope; Red is negative slope)
@amuse: COLOR REVOLUTION: Mark Kelly took CCP-controlled Tencent money for his balloon company, hid it in a blind trust, then joined the Seditious Six to tell troops to defy Trump. His credibility is zero. Tencent, a Chinese Communist Party controlled company, pumped money into Mark Kelly’s stratospheric balloon startup, World View, in 2013 and 2016. Kelly quietly moved the Chinese investment into a secretive blind trust when he ran for Senate. Now he’s part of the Seditious Six telling US troops to ignore President Trump’s lawful orders and warning they could be prosecuted once Democrats are “back in control.” Critics note the irony: a senator with CCP-linked funding undermining the chain of command of the U.S. military. https://x.com/amuse/status/1995274712734216328
@WesternLensman: Hakeem Jeffries, who has railed non-stop against political prosecutions for the last year, threatens political prosecutions: “The statute of limitations for any crimes being committed now is five years. It will extend well beyond the end of the Trump administration.” https://t.co/AVgHzZGhlU
@C_3C_3: There are 42,861 NGOs handling $120 billion in Minnesota per year. Imagine the fraud. We’re just scratching the surface.
@christopherrufo: The Somali fraud story reveals a truth that liberals prefer to ignore: when Nordic welfare-state culture and Somali piracy culture collide, the result is mass looting of the public treasury.
@EndWokeness: Qalinle Ibrahm abducted a 12 year old in Minnesota and r*ped her. St. Paul IsIamic Center wrote a letter of community support, saying he has not “assimilated into non-Somali culture.” https://x.com/EndWokeness/status/1995681097578066404
The bifurcation in the US economy is NOT as pernicious as the bifurcation of the consequences of Dems/liberals’ policies. US elites do NOT suffer the crimes and inconveniences the masses do.
Food stamp data show thousands of liquor, smoke shops are approved for EBT, raising fraud concernshttps://t.co/IPOvVABaG0
“The further a society drifts from the truth, the more it will hate those who speak it.” — George Orwell
@Rainmaker1973: More than 95% of the universe is completely invisible to us and defies everything we thought we knew about physics. All the stars, planets, galaxies, black holes, and glowing nebulae we’ve ever observed—the entire visible cosmos—account for a mere 5 % of reality. The other 95 % we’re missing consists of two unseen entities: • Dark matter: an undetectable form of mass whose gravity keeps galaxies from flying apart. • Dark energy: an even stranger anti-gravitational force that’s pushing the universe to expand faster and faster… The takeaway is humbling: every atom in your body, every telescope image, every law of physics we’ve ever written describes only a thin sliver of what’s actually out there… That enormous unknown is what makes cosmology exhilarating. It means the story of reality is still almost entirely unwritten—and the most astonishing discoveries are still ahead of us.
SWAMP STORIES FOR YOU TONIGHT
The New York Times Busts WaPo Over Bogus Hit Piece On Hegseth
Tuesday, Dec 02, 2025 – 05:20 PM
The Washington Post dropped a bombshell last week, claiming Secretary of War Pete Hegseth ordered a second missile strike on a drug boat in September to make sure survivors were killed. “Defense Secretary Pete Hegseth gave a spoken directive, according to two people with direct knowledge of the operation. ‘The order was to kill everybody,’ one of them said,” WaPo claimed, relying entirely on anonymous sources.
“As usual, the fake news is delivering more fabricated, inflammatory, and derogatory reporting to discredit our incredible warriors fighting to protect the homeland,” he wrote. “As we’ve said from the beginning, and in every statement, these highly effective strikes are specifically intended to be ‘lethal, kinetic strikes.’ The declared intent is to stop lethal drugs, destroy narco-boats, and kill the narco-terrorists who are poisoning the American people. Every trafficker we kill is affiliated with a Designated Terrorist Organization.”
Hegseth also argued that the country is finally seeing the difference between weak leadership and real enforcement, adding that Biden administration used “kid gloves,” and let millions of people pour into the country – including “dangerous cartels and unvetted Afghans,” which brought chaos into communities. He contrasted that with Trump’s approach, noting that “the Trump administration has sealed the border and gone on offense against narco-terrorists,” and drove the point home with his blunt line: “Biden coddled terrorists, we kill them.”
He stressed that current missions in the Caribbean follow the law, explaining that operations are “lawful under both U.S. and international law” and cleared by top military and civilian attorneys. He closed by praising the men and women of SOUTHCOM, saying they risk everything to keep the country safe from narco-terrorists and declaring he will “ALWAYS have their back.”
Despite the denial, Democrats pounced on the report.
“I served on active duty as a JAG for four years, and then an additional 21 years in the reserves. And let me be very clear: Killing shipwrecked survivors is a war crime,” Rep. Ted Lieu (D-Calif.)told reporters on Monday.
“The Department of Justice must conduct an investigation into the war crime and hold all of those accountable — including Sec. Hegseth. He allegedly said, ‘Kill them all,’” Lieu, the vice chairman of the House Democratic Caucus, continued. “If the Trump administration does not hold the people accountable, I guarantee you a future administration will do so. Because there is no statute of limitations for war crimes.”
The problem, however, is that the story is false. The New York Times investigated and debunkedThe Washington Post’s claim.
According to five U.S. officials, who spoke separately and on the condition of anonymity to discuss a sensitive matter that is under investigation, Mr. Hegseth, ahead of the Sept. 2 attack, ordered a strike that would kill the people on the boat and destroy the vessel and its purported cargo of drugs.
But, each official said, Mr. Hegseth’s directive did not specifically address what should happen if a first missile turned out not to fully accomplish all of those things. And, the officials said, his order was not a response to surveillance footage showing that at least two people on the boat survived the first blast.
Admiral Bradley ordered the initial missile strike and then several follow-up strikes that killed the initial survivors and sank the disabled boat. As that operation unfolded, they said, Mr. Hegseth did not give any further orders to him.
The Times stopped short of calling the Post’s reporting a fabrication, but they couldn’t find even one anonymous source to back up the claim that Hegseth watched survivors clinging to wreckage and then ordered them killed.
Administration tracking shows roughly 80 narcoterrorists killed in the Caribbean and Pacific since early September. After the September incident, protocols shifted to focus on capturing survivors. In an October strike, two survivors were detained and transferred to Ecuador and Colombia. U.S. officials told the Times they intercepted communications tying at least one survivor to traffickers. Lawmakers have asked for the execution order, but the administration hasn’t handed it over.
The White Housesays it has launched 21 operations since September 2, with 83 fatalities. And with major outlets contradicting each other on claims about kill orders, Washington stays locked in outrage mode rather than grappling with a more mundane operational reality.
“We’ve only just begun striking narco-boats and putting narco-terrorists at the bottom of the ocean because they’ve been poisoning the American people,” War Secretary Hegseth said Tuesday during a Cabinet meeting.
END
The Somali welfare fraud report blooms!! It is now linked to overseas terror! Ice teams are now entering Minneapolis
(zerohedge)
ICE “Strike Teams” Deployed To Minneapolis After Bombshell Somali Welfare-Fraud Report Linked To Overseas Terror
Wednesday, Dec 03, 2025 – 10:35 AM
Investigative journalist Christopher Rufo, whose City Journal expose revealed how Minnesota’s Somali community stole billions in taxpayer funds, with money ultimately flowing to a foreign terrorist network, notes that just weeks after his bombshell report, ICE has now mobilized in Minneapolis.
“How it started … How it’s going,” Rufo wrote on X on Tuesday evening.
Rufo cited a report from the New York Times that said the Trump administration launched a massive ICE enforcement operation in the Minneapolis and St. Paul area, set to target hundreds of illegal alien Somalis.
According to an official with knowledge of the deportation operation and documents obtained by the NYT, about 100 federal agents have been deployed to the Minneapolis-St. Paul region as part of a new “strike team” to deport Somali illegal aliens who are a net drain on public resources.
Last week, Trump wrote on Truth Social, “Minnesota, under Governor Waltz, is a hub of fraudulent money laundering activity,” adding, “I am, as President of the United States, hereby terminating, effective immediately, the Temporary Protected Status (TPS Program) for Somalis in Minnesota.”
During a news conference on Tuesday, Minneapolis Mayor Jacob Frey’s loyalties were with the Somalis…
Rufo commented on the news conference by saying, “Incredible, the Somalis in Jacob Frey’s city stole billions of dollars in taxpayer money, and all he can do is mindlessly repeat ‘Orange Man Bad.‘”
Incredible, the Somalis in Jacob Frey’s city stole billions of dollars in taxpayer money, and all he can do is mindlessly repeat ‘Orange Man Bad.’ https://t.co/g8geY2x5xT— Christopher F. Rufo ⚔️ (@christopherrufo) December 2, 2025
Meanwhile, hundreds of employees at the Minnesota Department of Human Services blasted far-left Gov. Tim Walz for ignoring repeated warnings about massive Somali welfare-fraud schemes and for retaliating against whistleblowers. Even the NYT called out Walz for this epic mess.
Earlier this week, Treasury Secretary Scott Bessent announced that his agency would investigate whether Minnesota tax dollars had been funneled to al-Shabaab. The investigation stems directly from Rufo’s reporting. Keep in mind, al-Shabaab is a U.S.-designated foreign terrorist organization and an al-Qaeda affiliate based in Somalia.
President Trump on Tuesday took further aim at Minnesota’s Somali community: “They contribute nothing … I don’t want them in our country. That’s not politically correct, but I don’t care. I don’t want them here. Their country is no good for a reason.”
The optics couldn’t be worse for Democrats, highlighting how their nation-killing mass migration policies have fueled chaos and enabled large-scale abuse of taxpayer funds – money that, according to Rufo’s reporting, was even funneled overseas to a terrorist organization.
Trump pardons Democrat Henry Cuellar. He is a conservative Democrat against open borders etc.
(zerohedge)
Rep. Henry Cuellar Assures Democrats He’s Still Loyal After Trump Pardons Him From Money Laundering, FARA Case
Wednesday, Dec 03, 2025 – 02:45 PM
Earlier Wednesday, President Trump announced on Truth Social that he’s pardoning Rep. Henry Cuellar (D-TX), who was charged along with his wife in May 2024 for allegedly partaking in two schemes involving bribery, unlawful foreign influence, and money laundering.
Specifically, they were charged with two counts of conspiracy to commit bribery of a federal official and to have a public official act as an agent of a foreign principal required to register under the Foreign Agents Registration Act (FARA); two counts of briberyof a federal official; two counts of conspiracy to commit honest services wire fraud; two counts of violating the ban on public officials acting as agents of a foreign principal required to register under FARA; one count of conspiracy to commit money laundering; and five counts of money laundering, the Epoch Times notes.
They faced up to 20 years behind bars if convicted.
“For years, the Biden Administration weaponized the Justice System against their Political Opponents, and anyone who disagreed with them. One of the clearest examples of this was when Crooked Joe used the FBI and DOJ to “take out” a member of his own Party after Highly Respected Congressman Henry Cuellar bravely spoke out against Open Borders, and the Biden Border “Catastrophe.” Sleepy Joe went after the Congressman, and even the Congressman’s wonderful wife, Imelda, simply for speaking the TRUTH,” Trump wrote.
“Henry, I don’t know you, but you can sleep well tonight — Your nightmare is finally over!”
The Charges
Between at least December 2014 and November 2021, Cuellar and his wife allegedly accepted approximately $600,000 in bribes from an oil and gas company wholly owned and controlled by the government of Azerbaijan, and a Mexico City-based bank, according to a statement from the Department of Justice.
The payments were allegedly laundered “through a series of front companies and middlemen into shell companies owned by Imelda Cuellar, who performed little to no legitimate work under the contracts,” the statement said.
“In exchange for the bribes paid by the Azerbaijani oil and gas company, Congressman Cuellar allegedly agreed to use his office to influence U.S. foreign policy in favor of Azerbaijan,” it said.
“In exchange for the bribes paid by the Mexican bank, Congressman Cuellar allegedly agreed to influence legislative activity and to advise and pressure high-ranking U.S. Executive Branch officials regarding measures beneficial to the bank.”
Cuellar Reassures Dems
Shortly after the pardon, Cuellar told a small group of reporters that it “came as a surprise,” adding “I want to thank President Trump for this. … Now we clear the air. Nothing has changed, and we’re going to be ready to win re-election again.”
Trump’s announcement stoked concerns among Democrats that the 11-term veteran might finally switch to the GOP after years of hinting at it, or that he could simply retire – which would give Republicans a much better chance to flip his seat.
“Nothing has changed — I’m a good old conservative Democrat,” Cuellar said Wednesday.
Yet last week, 7-Eleven fired the 25-year-old after she used her gun to save her own life. Private companies have every right to set rules for employee behavior, but many corporate policies that require workers to remain passive and comply with criminals’ demands rest on a deeply mistaken view of crime data.
“He threatened me,” Dilyard told Fox 25 in Oklahoma City. “[A]nd said he was gonna slice my head off, and that’s when I tried to call the police. He started throwing things at me, came behind the counter. I tried to run off, but he grabbed his hands around my neck, and pushed me out of the counter space, and that’s when I pulled out my gun and I shot him.”
“I had to choose between my job and my life,” she said. “And I will always choose my life because people depend on me. My kids need me here.”
She survived with wounds to her neck and hands – injuries that could have been far worse.
Her attacker, 59-year-old Kenneth Thompson, already had an outstanding felony warrant for a parole violation. For his latest crimes, prosecutors have charged him with assault and battery, threatening acts of violence, and attempting to pass a fake bill.
For more than two years, Dilyard worked the dangerous 11 p.m. to 7 a.m. shift alone. Despite those conditions, 7-Eleven insisted she use only “store items” to defend herself.
Unfortunately, while some in the media and many businesses may concede that passive behavior by store clerks might encourage more crime, they believe that passive behavior is still the safest course of action.
In Stephanie Dilyard’s case, however, passive behavior likely would have gotten her killed. And while there is a kernel of truth behind the advice to remain passive when confronted by a criminal, the claim is highly misleading. Data from the Bureau of Justice Statistics’ National Crime Victimization Survey shows that passive behavior appears slightly safer than all forms of active resistance combined – but that comparison lumps together very different actions.
For women, the most dangerous form of resistance is to fight with their fists, because doing so often triggers a violent physical reaction from the attacker. The next most dangerous choice is to run. Escaping is ideal when possible, but women generally run more slowly than men, and being tackled can produce serious injury. Other options such as using a baseball bat or a knife turn out not to be a lot better because women are at a disadvantage whenever they come into physical contact with a male attacker.
By contrast, the safest option for a woman confronted by a criminal is to have a gun. Women who rely on passive behavior are 2.5 times more likely to suffer serious injury than women who defend themselves with a firearm.
Criminals are almost always men, and when a man is attacking a woman there is on average a much larger strength difference than when a man is attacking another man. The presence of a gun represents a much bigger relative change in a woman’s ability to protect herself than it does for a man. Firearms act as a powerful equalizer between the sexes.
Murder rates fall when either men or women carry concealed handguns, but the reduction is especially large for women. Each additional woman with a concealed-carry permit lowers the female murder rate by roughly three to four times more than each additional male permit holder lowers the male murder rate. States that allowed women to carry concealed handguns on a nondiscretionary basis also experience about 25% fewer rapes than states that restrict or forbid concealed carry.
Police are extremely important in stopping crime, but the police can’t be there all the time. The police themselves understand that they virtually always arrive on the crime scene after the crime has occurred.
And that raises a real question: What should people do when they’re having to confront a criminal by themselves? As Stephanie Dilyard learned the hard way, people ultimately must take responsibility for their own safety – and for women, carrying a gun is the safest option.
Fortunately, Stephanie’s children still have their mother.
END
DOJ Charges Afghan National Over Online Threats To Build Bomb, Kill Americans
The Department of Justice has indicted an Afghan national residing in Fort Worth, Texas, for allegedly making online threats to construct an explosive and kill U.S. citizens using it.
Mohammad Dawood Alokozay, 30, was arrested by the FBI’s Joint Terrorism Task Force and the Texas Department of Public Safety on Nov. 30. A statement from the Department of Justice indicated that he was charged with “transmitting a threatening communication in interstate commerce,” which violates 18 U.S. Code, Section 875(c), for making threats on social media platforms, specifically TikTok, Facebook, and X.
“We have zero tolerance for violence and threats of violence to kill American citizens and others like those allegedly made by this individual,” said Ryan Raybould, the U.S. Attorney for the Northern District of Texas, whose office is prosecuting the case.
Alokozay on Nov. 23, while speaking in the Dari language, allegedly told two other men during a video stream on social media that he would build a bomb in his vehicle. He also allegedly described in detail bomb making techniques used by the Taliban in Afghanistan, who he described as “dear” to him. During his remarks, Alokozay allegedly stated that he intended to conduct a suicide attack on Americans, and that he was “not afraid of deportation or getting killed.”
The Epoch Times was unable to obtain a copy of Alokozay’s indictment, which is currently under seal in the U.S. District Court for the Northern District of Texas. If convicted, Alokozay faces a maximum of five years in prison for the crime.
Alokozay’s immigration status in the United States, and whether the federal government will place him in removal proceedings, has not been publicly disclosed. Currently, Afghanistan is ruled by the Taliban, a designated foreign terrorist organization, to which the United States has not conducted any publicized removal operations.
Normally, in cases where the country of origin of a deportee may present a risk to the deportee’s life, that person may apply for “withholding of removal” under Section 241(b)(3) of the Immigration and Nationality Act, and protections under the Convention Against Torture. These statuses, if granted by an immigration judge, prevent a person from being removed to their home country, though they may be removed to a willing third country.
Since Nov. 26, when one National Guard service member was shot and killed and another critically wounded in Washington, allegedly by Afghan national Rahmanullah Lakanwal, the U.S. government has increased scrutiny of existing Afghan nationals and other citizens of “high-risk” nations who reside within the country.
Financial writer and precious metals expert Bill Holter (aka Mr. Gold) said at the beginning of November that there was “more risk in the financial system now than any time ever.” There are so many ways the system can break down it’s hard to keep track, but let’s start with exploding silver prices that happened at the end of last week. Holter says, “In a 48-hour period of time, silver was up over $5 per ounce. It’s pretty clear and pretty obvious that something behind the scenes is breaking. We know that the lease rates have exploded. We know that the borrow rates on SLV have exploded. We also know that in the last 5 to 7 years, silver has been in a deficit. . .. At this point, you are looking at a 400-million-ounce deficit on an annual basis, and global production is 850 million ounces. . .. The rumor is somebody has put in a $20 billion order, which would mean 400 million ounces. If that is the case, that order cannot be met, and that will create shark infested waters. . .. If somebody stands for delivery and it looks like it may be difficult for them to get delivery, then everybody is going to stand for delivery because they know that their contracts are worthless.”
What would happen if there is an actual failure to deliver in the silver market? Mr. Gold says, “If that gets confirmed, then that one day you will see a huge spike, but markets won’t open after that. That will cascade. What will happen is all the COMEX contracts for both silver and gold will default. That will spill over to the rest of the CME (Chicago Mercantile Exchange). It has contracts on US Treasuries and stocks. They have contracts on everything. If the silver contracts blow up and the gold contracts blow up, how much confidence are you going to have on pork bellies or stocks. . .. The derivative market is $2 quadrillion. In the future, you are going to measure your wealth by how many ounces of silver and how many ounces of gold you own. . .. Once you get a failure to deliver, you will get a Mad Max scenario. Failure to deliver will melt down all derivatives. The world runs on credit, and credit runs on faith. If you break faith, then you have a real problem in the financial markets and the real economy.”
On a total system stopping derivative meltdown, Holter says, “Most people think it is not possible, and it can’t happen. Mathematically, a meltdown in derivatives that melts everything down is coming. It’s over. Mathematically, it’s over.”
There is much more in the 41-minute interview.
Join Greg Hunter of USAWatchdog as he goes One-on-One with financial writer and precious metals expert Bill Holter/Mr. Gold as the risk in the financial system increases for 12.2.25.
harveyorganblog.com 
