DEC 11/QUITE A DAY FOR THE PRECIOUS METALS: GOLD CLOSED UP $85.00 TO $4281.40 WITH SILVER UP A HUGE $3.52 TO $64.21 AS THEY WATCHED THE SHORTS CARRIED OUT ON A STRETCHER//PLATINUM CLOSED UP $65.85 TO $1703.85 WITH PALLADIUM ALSO UP $35.90 TO $1501.85//GOLD COMMENTARY TONIGHT COURTESY OF ALASDAIR MACLEOD//ALSO AI COMMENTARY ON THE SILVER SITUATION//EU RUSHES TO SECURE RUSSIAN ASSETS TOTALLY AVOIDING A VETO BY HUNGARY//UK: TEACHED SUSPENDED FOR CALLING THE UK A CHRISTIAN COUNTRY//ISRAEL VS HAMAS; TBN ISRAEL LAST 24 HOURS//RUSSIA VS UKRAINE: UKRAINE WHACKS MOSCOW WITH A BOMBARDMENT OF DRONES//EXCELLENT COMMENTARY TONIGHT FROM MICHAEL EVERY OF RABOBANK///VACCINE INJURY REPORT MARK CRISPIN MILLER//VENEZUELA VS USA UPDATES//USA DATA RELEASES//OBAMACARE SUBSIDIES SET TO EXPIRE BUT TWO COMPETING BILLS ON THE FLOOR AND BOTH WILL FAIL//SWAMP STORIES FOR YOU TONIGHT./GREG HUNTER INTERVIEWS JUDICIAL WATCH FOUNDER LARRY KLAYMAN
072 C GOLDMAN 1 092 C DEUTSCHE BANK 15 099 H DEUTSCHE BANK AG 6 118 C MACQUARIE FUTURES US 1 118 H MACQUARIE FUTURES US 167 132 C SG AMERICAS 3 332 H STANDARD CHARTERED B 453 363 H WELLS FARGO SECURITI 72 435 H SCOTIA CAPITAL (USA) 19 657 C MORGAN STANLEY 65 661 C JP MORGAN SECURITIES 156 64 685 C RJ OBRIEN 16 686 C STONEX FINANCIAL INC 1 709 C BARCLAYS 1 732 H RBC CAP MARKETS 1 880 H CITIGROUP 212 905 C ADM 17 2
TOTAL: 636 636 MONTH TO DATE: 28,213
JPMORGAN STOPPED: 67/636
DECEMBER
GOLD: NUMBER OF NOTICES FILED FOR DEC/2025: 636 CONTRACTs NOTICES FOR 63600 OZ or `.978 TONNES
total notices so far: 28,213 contracts for 2,821,300 OR 87,754 tonnes)
FOR DEC
XXXXXXXXXXXXXXXXXX
SILVER NOTICES: 267 NOTICE(S) FILED FOR 1.335 MILLION OZ/
total number of notices filed so far this month : 11,108 CONTRACTS (NOTICES) for 55.540 million oz
Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation
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 $85.00 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD
SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.15 TONNES OF GOLD OUT THE GLD//
INVENTORY RESTS AT 1046.82 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $3.52 AT THE SLV:
HUGE CHANGES IN SILVER INVENTORY AT THE SLV:/ //A MASSIVE DEPOSIT OF 3.537 MILLION OZ INTO THE SLV (FAIRY TALES)
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 517.085. MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A MEGA HUMONGOUS SIZED 1199 CONTRACTS TO 153,563,AND STALLING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR $0.17 GAIN IN SILVER PRICING AT THE COMEX WITH RESPECT TO WEDNESDAY’S // TRADING. THE LONG SPECULATORS ARE NOW QUITE STICKY AS THEY REFUSE TO BE RINSED. THE FRBNY CONTINUES TO SUPPLY THE NECESSARY PAPER AS THEY TRY TO 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 ANY FALL IN PRICE. YOU CAN SEE THE RESULT OF THIS AS SILVER TONNAGE ZOOMED AGAIN YESTERDAY WITH SILVER’S HUGE GAIN IN PRICE. ALL OF THE LOSS WAS DUE TO GOVERNMENT CONTRACTS
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 MEGA MEGA HUGE SIZED LOSS OF 1169 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A SMALL SIZED 50 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD SOME LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO WEDNESDAY TRADING WITH THE GAIN IN PRICE /// 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 FAILED ON WEDNESDAY WITH SILVER’S GAIN IN PRICE AS THE SPECS PILED INTO THE SILVER ARENA. . THE PRICE FINISHED HUGELY ABOVE THE MAGIC NUMBER OF $50.00 SILVER SPOT PRICE CLOSING AT $60.60 UP $0.17 . WE ARE NOW WITNESSING HAVING MANY HUGE T.A.S ISSUANCES // TODAY’S WAS AT A HUGE SIZED 505 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 SMALL SIZED 50 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE SIZED 505 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN FUTURE TRADING//RAID AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE HAD A MEGA HUGE SIZED LOSS OF 1169 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR GAIN IN PRICE OF $0.17. WE HAD HUGE GOVERNMENT (FRBY) COMEX CONTRACTS TRADING ALL WEEK AND A MAJOR PORTION WAS THE LOSS RECORDED AND THESE WILL NO DOUBT 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 WEDNESDAY NIGHT//THURDAY MORNING: A HUGE SIZED 505 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 0.705 MILLION OZ QUEUE JUMP//STANDING ADVANCES TO 57.860 MILLION OZ//
WE HAD:
/ HUGE SIZED COMEX OI LOSS+// A SMALL 50 EFP ISSUANCE CONTRACTS (/ VI) A HUGE NUMBER OF T.A.S. CONTRACT ISSUANCE 505 CONTRACTS)
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: ADDED AMOTHER 52 CONTRACTS!!!!! THAT IS WE HAVE ADDED 5 OUT OF EH LAST 7 DAYS CONTRACTS TO THE SILVER OI TOTAL
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS DEC.. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF DEC.
TOTAL CONTRACTS for 10 DAY(S), total 4587 contracts: OR 22.935 MILLION OZ (458 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 22.935 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/
JAN ’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!
NOVEMBER: 36.425 MILLION OZ
DEC: 22.935 MILLION OZ
RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1199 CONTRACTS DESPITE OUR GAIN IN PRICE OF $0.17 IN SILVER PRICING AT THE COMEX// WEDNESDAY.,. . THE CME NOTIFIED US THAT WE HAD A HUGE SIZED CONTRACT EFP ISSUANCE : 1199 ISSUED FOR MARCH, AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS.
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
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 0.705 MILLION OZ QUEUE JUMP // STANDING ADVANCES TO 57.860 MILLION OZ//
THE NEW TAS ISSUANCE MONDAY NIGHT (505) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED NO DOUBT WITH FUTURE TRADING!!
WE HAD 267 NOTICE(S) FILED TODAY FOR 1.335 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 ROSE BY A STRONG SIZED 7799 OI CONTRACTS UP TO 440,368 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: ADDED A SMALL AND CRIMINAL 70 CONTRACTS // MEGA HUGE GOVERNMENT REMOVALS//
WE HAD A STRONG GAIN IN COMEX OI (7799 CONTRACTS) . THIS OCCURRED WITH OUR LOSS OF $11.20 IN PRICE// WEDNESDAY///.
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 TODAY’S 1.561 TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 5.8119 TONNES//NEW STANDING ADVANCES TO 90.578 TONNES/
E.F.P. ISSUANCE/FOR OPENING DECEMBER GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 2773 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 440,368 AND WE NOW WITNESSING A SMALL COMEX OI WITH AN EXTREMELY HIGH PRICE OF GOLD.//NOW DIFFICULT TO FLEECE SPECS.
SILVER ALSO HAS A SMALL SIZED COMEX OI OF 153,563 CONTRACTS//ALSO DIFFICULT TO FLEECE SPEC LONGS.
IN ESSENCE WE HAVE A STRONG SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 10,772 CONTRACTS WITH 7799 CONTRACTS INCREASED AT THE COMEX// AND A STRONG SIZED 2973 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 10,772 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A HUGE SIZED AND CRIMINAL 3800 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED UPON LIKE TODAY.
GOLD PRICE ON WEDNESDAY FELL BY $11,20
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(2973) ACCOMPANYING THE STRONG GAIN IN COMEX OI OF 7799 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES:6000 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 1.561 TONNES OF QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPING OF 5.8119 TONNES//NEW STANDING ADVANCES TO 90.578 TONNES
NEW STANDING ADVANCES TO 90.578 TONNES.
NEW STANDING FOR GOLD, DEC CONTRACT AT 88.172 TONNES OF GOLD
3) ZERO T.A.S. LIQUIDATION (BUT CONSIDERABLE GOVT LIQUIDATION // AND SMALL GAIN OF EQUITY SHARES/DEC 9) AS WE HAD 1)A $11.20 COMEX PRICE FALL 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 STRONG SIZED GAIN OF 10,772 CONTRACTS ON OUR TWO EXCHANGES AND AS WELL A HUGE AMOUNT OF GOLD WILL STAND FOR DELIVERY IN DECEMBER (90.578 TONNES). WE HAD SPECULATOR LONGS REMAINING STOIC WEDNESDAY AS THEY PILED INTO GOLD //, CENTRAL BANKERS TENDERED FOR PHYSICAL WITH THEIR PURCHASES OF CONTRACTS../ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED WEDNESDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL WITH THE RISE IN PRICE YESTERDAY
4) STRONG SIZED COMEX OI GAIN/ 5) V) STRONG SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD (2777) AND A HUGE T.A.S. ISSUANCE 3800 FOR RAID PURPOSES
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: 19,023 CONTRACTS OR 1,902,300 OZ OR 59.169 TONNES IN 10 TRADING DAY(S) AND THUS AVERAGING: 1902 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN10 TRADING DAY(S) IN TONNES: 59.169 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 59.169 TONNES DIVIDED BY 3550 x 100% TONNES = 1.66% 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: 124.74 TONNES
DEC: 59.169 TONNES//VERY SMALL THIS MONTH.
SPREADING OPERATION
NOW SWITCHING TO GOLD FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF OCT. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A HUGE SIZED 1199 CONTRACTS OI TO 153,563 AND FURTHER FROM THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 7 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 50 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 50 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 1211 CONTRACTS AND ADD TO THE 50 E.FP. ISSUED
WE OBTAIN A MEGA HUGE SIZED LOSS OF 1169 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR GAIN OF $0.17 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 5.845 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 THURSDAY MORNING:
ASIA RESULTS; THURSDAY DEC 11
SHANGHAI CLOSED DOWN 29.16 POINTS OR 0.70%
//Hang Seng CLOSED DOWN 10.67 PTS OR 0.04%
// Nikkei CLOSED DOWN 59.60 PTS OR 0.12% //Australia’s all ordinaries CLOSED DOWN 0.19%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.0586
/ OFFSHORE CLOSED UP AT 7.0555/ Oil DOWN TO 57.44 dollars per barrel for WTI and BRENT DOWN TO 61.28 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING UP TO 7.0586 OFFSHORE YUAN TRADING UP TO 7.0555:/ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS STRONGER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS THURSDAY MORNING.7:30 AM
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED 7799 CONTRACTS TO 440,368 OI WITH OUR LOSS IN PRICE OF $11.20 WITH RESPECT TO WEDNESDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST ZERO NET LONGS, DESPITE THAT PRICE LOSS FOR GOLD. AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A STRONG NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (2973). WE HAD SOME T.A.S. LIQUIDATION WEDNESDAY MORNING (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 .
YOU WILL NOTICE THAT THE COMEX OI HAS STILL A VERY LOW AT 440,299 AND THESE GUYS ARE VERY STICKY AND ITS OI IS A LITTLE HIGHER THIS WEEK SO AGAIN THEY PROVIDE SOME FODDER FOR OUR CROOKS TO RAID WHICH WE ARE WITNESSING TODAY
WE THUS HAD A TOTAL GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 10,772 CONTRACTS (OR 33.50 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 39 TONNES SHORTFALL. IT BOUGHT BACK ONLY 4 TONNES IN AUGUST AND THEN ADDED 24 TONNES IN SEPT AND FINALLY LAST MONTH COVERED 15 TONNES TO CREATE A SHORTFALL OF 39 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 STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 10,772 CONTRACTS WITH OUR GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY AND OUR SHORT SPECULATORS FOR THE THOUGHTFULNESS. LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO OTHER CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. DELIVERY OF GOLD CONTRACTS ARE NOW TAKING SEVERAL WEEKS. NO DEFAULT HAS BEEN INITIATED AS DEALERS ARE AFRAID OF LOSS OF THEIR JOBS. SO THIS FRAUD CONTINUES. THE LEASE RATES IN LONDON HAVE NOW INCREASED TO 3.9% LATELY AS GOLD IN LONDON IS STILL EXTREMELY SCARCE. THE FORCE MAJEURE AT GRASBERG IS CERTAINLY HAVING AN EFFECT ON LEASE RATES IN LONDON WITH RESPECT TO GOLD/SILVER. GRASBERG WILL NOT BE READY TO RESUME NORMAL PRODUCTION UNTIL JULY 2026
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE THROUGH 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 HUGE T.A.S ISSUANCE CONTRACTS. THE CME NOTIFIES US THAT THEY HAVE ISSUED 3,800 T.A.S CONTRACTS AND WILL BE 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 AND CONTINUING ON THIS WEEK. IT SURE LOOKS LIKE THE BIS HAS GIVEN THE FRBNY ITS MARCHING ORDERS TO COVER AND THAT MAY EXPLAIN THE HUGE NUMBER OF T.A.S. ISSUANCE AND THUS A FORTHCOMING RAIDS DURING THIS WEEK.
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 TODAY’S 1.563 TONNES OF QUEUE JUMP WHICH FOLLOWS ALL OTHER NET QUEUE JUMPING OF 5.8119 TONNES//STANDING ADVANCES TO 90.578 TONNES.
THE FED IS THE OTHER MAJOR SHORT OF AROUND 39+ 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 39 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 SEVERAL 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 39 TONNES REMAIN ON THE BOOKS OF THE BIS AND THE END OF THE YEAR IS APPROACHING.
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 STRONG SIZED EXCHANGE FOR PHYSICAL OF 2973 CONTRACTS.
THAT IS A STRONG SIZED 2973 EFP CONTRACT WAS ISSUED: : /FEB 2973 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 2973 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 39 TONNES
WE HAD :
ZERO LIQUIDATION OF OUR T.A.S. SPREADERS DURING THE 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 WEDSDAY NIGHT//THURSDAY MORNING WAS A HUGE SIZED 3,800 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 WEDNSDAY’S LOSS IN PRICE IN GOLD WITH A CORRESPONDING STRONG GAIN OF COMEX OI AND A SMALL EXCHANGE FOR PHYSICAL ISSUANCE..ENOUGH FODDER FOR A RAID//
THE COMEX IS IN TOTAL TURMOIL ESPECIALLY THESE PAST 6 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 TODAY’S 1.563 TONNES QUEUE JUMP. THIS FOLLOWS ALL OTHER QUEUE JUMPING: 5.8119 TONNES//NEW STANDING ADVANCES TO 90.578 TONNES
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS 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
JAN ’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
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
COMEX GOLD TRADING BEGINNING DECEMBER,. CONTRACT;
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $11.20/ /)
WE HAD SOME T.A.S. SPREADER LIQUIDATION WEDNESDAY EARLY IN COMEX SESSION WITH THE PRICE LOSS////.. BUT OUR SPECULATORS REMAIN STOIC//THEY REFUSED TO BE RINSED AS EXPLAINED BY THE OI ON COMEX RISING. OTHER EASTERN CENTRAL BANKS TENDERED FOR PHYSICAL WEDNESDAY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD STANDING FOR DECEMBER. THE COMEX IS ONE BIG MESS!! THIS WEEK,
WEDNESDAY NIGHT//THURSDAY MORNING
THE CROOKS HOWEVER COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL WEDNESDAY EVENING/ THURSDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING WEEKS TO DELIVER
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 502 CONTRACT QUEUE JUMP FOR 50,200 OZ OR 1.561 TONNES WHICH FOLLOWS OTHER DEC QUEUE JUMPS OF: 5.8119 TONNES///STANDING ADVANCES TO 90.578 TONNES.
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $11.20
WE HAD A 70 CONTRACTS ADDED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE . THIS IS THE FIRST TIME IN COMEX RECORDED HISTORY THAT THEY ADDED CONTRACTS IN BOTH GOLD AND ISLVER
NET GAIN ON THE TWO EXCHANGES : 10,772 CONTRACTS OR 1,077200 OZ OR 33.50 TONNES
Total monthly oz gold served (contracts) so far this month
28,213 notices 2,821,300 0z 87,754TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month
dealer deposits: 0
xxxxxxxxxxxxxxxxxxxxx
DEPOSITS/CUSTOMER
DEPOSITS/CUSTOMER
i) ONE ENTRIES
i) into Brinks 17,083.05 (550 kilobars)
total deposit; 17,083.05 oz
customer withdrawals:
1 entry:
Out of Loomis 257.208. oz (8 kilobars)
total gold removed: 257.208 oz
they are draining the comex of gold
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
ADJUSTMENTs 3
a) Asahi 11,438.429 oz (totally removed from eligible account)
b) Brinks;; customer to dealer account; 130,268.332 oz
c) Loomis customer to dealer account 3972.358 oz
chaos inside the comex
AMOUNT OF GOLD STANDING FOR DECEMBER
THE FRONT MONTH OF DECEMBER STANDS AT 1544 CONTRACTS FOR A GAIN OF 500 CONTRACTS. WE HAD 2 CONTRACTS FILED ON WEDNESDAY SO WE GAINED 502 CONTRACT QUEUE JUMP FOR 50,200 OZ OR 1.561 TONNES TO WHICH WE ADD TO OUR PREVIOUS QUEUE JUMPS .THUS STANDING FOR GOLD IN DECEMBER INCREASES HUGELY TO 90.578 TONNES
JANUARY LOST 36 CONTRACTS DOWN TO 2772
FEB GAINED 2831 CONTRACTS UP TO 324,114 CONTRACTS
We had 636 contracts filed for today representing 63,600 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 159 notices issued from their client or customer account. The total of all issuance by all participants equate to 636 contract(s) of which 64 notices were stopped (received) by j.P. Morgan dealer and 0 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 (28,213 ) to which we add the difference between the open interest for the front month of DEC ( 1544 CONTRACTS) minus the number of notices served upon today (636 x 100 oz per contract) equals 2,912,100 OZ OR 90.578 Tonnes of gold
thus the INITIAL standings for gold for the DEC contract month: No of notices filed so far (28,213 x 100 oz +we add the difference for front month of DEC (1544 OI} minus the number of notices served upon today (636)x 100 oz) which equals 2,912,100 OR 90.578 TONNES
new total of gold standing in DECEMBER is 90.578 tonnes
TOTAL COMEX GOLD STANDING FOR DEC ..: 90.578 TONNES TONNES WHICH IS STRONG FOR THIS NORMALLY VERY ACTIVE ACTIVE DELIVERY MONTH OF DECEMBER
volume WEDNESDAY confirmed 219,896 contracts fair
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 2,010,900.453 oz 62.54 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 36,115,605.503 oz
TOTAL REGISTERED GOLD 18,936,507.828or 589.00 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 17,179,097.675 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON 16,925,607oz ((REG GOLD- PLEDGED GOLD)=
526.45 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
SILVER/COMEX
THE DEC. 2025 SILVER CONTRACTS
DEC 11 2025
INITIAL/
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
3 entries
i) Out of CNT 579,559.630 oz ii) Out of JPMorgan 585,456.430 oz iii) Out of Loomis: 600,003.870 oz
total withdrawal: 1,765,018,420 oz
Deposits to the Dealer Inventory
1 ENTRY
I) Inro Stonex: 571,268.080 oz
total dealer deposit 571,268.080 oz
Deposits to the Customer Inventory
1 entries
i) Into HSBC: 595,692.200 oz
total deposit 595,692.200 oz
No of oz served today (contracts)
267 CONTRACT(S) ( 1.335 million OZ
No of oz to be served (notices)
464 contracts (2.32 MILLION oz)
Total monthly oz silver served (contracts)
11,108 Contracts (55.540 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
1 ENTRY
1 ENTRY
I) Inro Stonex: 571,268.080 oz
total dealer deposit 571,268.080 oz
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
1 entries
i) Into HSBC: 595.592.200 oz
total deposit 595,592.200 oz
withdrawals: customer side/eligible
3 ENTRIES
3 entries
i) Out of CNT 579,559.630 oz ii) Out of JPMorgan 585,456.430 oz iii) Out of Loomis: 600,003.870 oz
total withdrawal: 1,765,018,420 oz
adjustments: 2//
a) HSBC dealer to customer account 5,299.45 oz
b) Manfra customer to dealer: 1,494,574.730 oz
TOTAL REGISTERED SILVER: 137,802MILLION OZ//.TOTAL REG + ELIGIBLE. 455.817Million 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: 731 OPEN INTEREST CONTRACTS FOR A LOSS OF 252 CONTRACTS. WE HAD 393 CONTRACTS FILED ON WEDNESDAY SO WE ACTUALLY HAD ANOTHER HUGE QUEUE JUMP OF 141 CONTRACTS OR 0.705 MILLION OZ
JANUARY GAINED 43 CONTRACTS UP TO 4072 CONTRACTS
FEB LOST 125 CONTRACTS DOWN TO 1261 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 267 or 1.335 MILLION oz
CONFIRMED volume; ON WEDNESDAY 129,952 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 11,108 X5,000 oz = 55,540 MILLION oz
to which we add the difference between the open interest for the front month of DEC (731) AND the number of notices served upon today (267 )x (5000 oz)
Thus the standings for silver for the DECEMBER 2025 contract month: (11,108) Notices served so far) x 5000 oz + OI for the front month of DEC(731) minus number of notices served upon today (267)x 5000 oz equals silver standing for the DEC.contract month equating to 57.860 MILLION OZ
New total standing: 57.860 million 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 137,802. million oz of registered silver
JPMorgan as a percentage of total silver: 195.602/455,817million. 42.91%
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 11/WITH GOLD UP $85.00 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.15 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1046.82 TONNES
DEC 9/WITH GOLD UP $18.50 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.14 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1049.11 TONNES
DEC 8/WITH GOLD DOWN $23.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 0.33 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1050.25 TONNES
DEC 5/WITH GOLD UP $9.30 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A FRAUDULENT DEPOSIT OF 4.00 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1050.58 TONNES
DEC 4/WITH GOLD UP $9.95 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.72 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1046.58 TONNES
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: 1046.82 TONNES, TONIGHTS TOTAL
SILVER
DEC 11/WITH SILVER UP $3.52/HUGE CHANGES IN SILVER AT THE SLV: A HUGE DEPOSIT OF 3.537 MILLION OZ INTO THE SLV./ :INVENTORY RESTS AT 517.085 MILLION OZ //
DEC 9/WITH SILVER UP $2.41/HUGE CHANGES IN SILVER AT THE SLV: A HUGE WITHDRAWAL OF 1.179 MILLION OZ OUT THE SLV./ :INVENTORY RESTS AT 510.828 MILLION OZ //
DEC 8/WITH SILVER DOWN $0.48/HUGE CHANGES IN SILVER AT THE SLV: A HUGE WITHDRAWAL OF 5.497 MILLION OZ OUT THE SLV./ :INVENTORY RESTS AT 512.007 MILLION OZ //
DEC 5/WITH SILVER UP 0.39/HUGE CHANGES IN SILVER AT THE SLV: A HUGE DEPOSIT OF 3.083 MILLION OZ INTO THE SLV./ :INVENTORY RESTS AT 517.448 MILLION OZ //
DEC 4/WITH SILVER DOWN $1.12/HUGE CHANGES IN SILVER AT THE SLV: A HUGE DEPOSIT OF 4383 MILLION OZ INTO THE SLV./ :INVENTORY RESTS AT 514.365 MILLION OZ //
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
As well as the cut in funds rate, the FOMC confirmed yesterday that it is winding up the Fed’s printing press again. No wonder gold and silver are going to the moon!
We knew this was going to happen because Jerome Powell telegraphed it at the last FOMC meeting. With respect to QE, the FOMC wrote in its statement yesterday,
“The Committee judges that reserve balances have declined to ample levels and will initiate purchases of shorter-term Treasury securities as needed to maintain an ample supply of reserves on an ongoing basis.”
Reserve balances having declined to ample levels is poppycock. I refer you back to the days of required reserves, which worked satisfactorily until March 2020 on the eve of covid lockdowns. That far lower level of required reserves with the excess removed tells us that reserve balances are still too high for a properly functioning banking system.
This new QE is the thin end of a potentially enormous inflationary wedge. The other side of the Fed buying T-bills and the like is cash in the form of additions to bank deposits at the Fed. Those increased deposits in turn are likely to end up funding bank purchases of yet more. Treasury Secretary Scott Bessant will be delighted to see his immediate funding pressures eased.
There is a worrying precedent in France’s introduction of assignats in 1789. Assignats were bonds supposedly backed by confiscated church lands and declared legal tender — a new form of fiat currency. Jacques Necker, finance minister to Louis XVI, was dead against issuing them, eventually was persuaded that it would be a one-off. But it wasn’t. The illustration below shows the consequence of issue after issue:
The FOMC is pushing through a return to QE to address liquidity issues. That was how the assignat started. By concentrating QE on short-term treasuries, it is printing cash for near cash, something which is easiest to do when you can control interest rates and without generating the balance sheet losses associated with buying longer-term debt. Expanded in the fashion of assignats and in the way of debt monetisations such as the 1920s European inflations, it is highly inflationary. It is just the first step to a new phase of the dollar’s debasement.
The dollar eased slightly following this expected announcement:
This is not a happy chart, struggling to challenge overhead supply at 99.50 and looks like dropping significantly if 97 fails to hold. It is the dollar relative to other fiat currencies, with similar problems. The better indicator of what’s happening to the dollar is measured against gold, which is real legal money against which the dollar should be final settlement, which the Fed has long refused:
Elsewhere in its statement, the FOMC said it was strongly committed to returning inflation to its 2% objective. But if it believes that by manipulating interest rates it achieves that objective, then it shouldn’t be cutting rates, particularly when it confirms that inflation remains “somewhat elevated.”
The truth is that the Fed is conflicted. Despite its airy-fairy statement that available indicators suggest that economic activity has been expanding at a moderate pace, its own Beige Book suggests stagnation. But in its Trumpian world, presumably that cannot be admitted. At the same time, a spendthrift president is overseeing increasing budget deficits (October’s deficit was the largest in history, bar the Covid 2020 year). That is why the real issue is federal funding, which must be done as cheaply as possible.
But we are coming to the end of the fiat currencies era, when without remedial action they eventually lose all their purchasing power. This is reflected in commodity and consumer price inflation, which will turn out to be far, far higher than expected. But as 1920s Germany discovered, once you are on the money-printing roundabout, it is virtually impossible to stop.
That is why this new QE of T-bills for cash deposits is so dangerous. It will prove unstoppable.
end
3. CHRIS POWELL AND HIS GATA DISPATCHES:
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS /251 AND TODAY;S 252
Silver Short Squeeze: Shorts Carried Out on Stretchers
The phrase “Silver Shorts Carried Out on Stretchers” is a dramatic market metaphor popularized by The Market Ear (a ZeroHedge-affiliated commentary feed) to describe the brutal unwinding of short positions in silver futures during explosive price rallies. It evokes images of overleveraged bears (short sellers) being decimated—figuratively carted off—as prices surge, forcing stop-losses, margin calls, and frantic covering. This isn’t a literal event but a nod to the pain inflicted on hedgers, banks, and speculators betting against the metal.As of December 11, 2025, this exact headline refers to a fresh Market Ear update on the ongoing silver squeeze, where spot prices have rocketed past $35/oz (up ~100% YTD from ~$29 in January) amid record COMEX trading volumes and exploding volatility. Shorts are indeed getting torched, with total bank exposure exceeding 675 million ounces—over a year’s global production—now deeply underwater.Key Drivers of the Squeeze
COMEX Chaos: Open interest in January 2026 silver futures has exploded since a CME “cooling” glitch earlier this month, with volumes spiking as longs pile in and shorts scramble. Estimated notional short exposure: ~$23.6B in leveraged pain.
Chinese Firepower: Reports suggest state-backed entities like Chengtong PM Group placed massive orders (e.g., 400M oz) to trigger a revaluation, per Chinese government signals. This has turned silver into a “beta play” on industrial demand (AI, solar, EVs) while gold lags.
Options Frenzy: Silver call skew has “exploded to the upside,” with implied vol dipping slightly from peaks but still extreme (weekly RSI hit 86). CTAs (trend-following algos) are chasing, amplifying the momo.
Bank Bloodletting: Big players like Bank of America issued 401 contracts (2M oz) recently; now facing billions in mark-to-market losses. Some are offloading crypto or other assets to cover upcoming December 29 delivery deadlines—naked shorts (paper claims without physical backing) are getting busted as delivery demands rise.
Recent Price Action & SentimentSilver’s not just rallying—it’s fracturing the 50-year manipulation narrative. From oversold lows in October (~$21 near the 21-day MA), it’s broken multi-decade resistance at $29, targeting $48–$60 short-term. Gold’s catch-up potential is huge (only 60% YTD vs. silver’s 55% last year? Wait, no—silver’s lapping it now).
Date
Spot Silver ($/oz)
Key Event
X Sentiment Snapshot
Oct 20, 2025
~$21
Near breakdown below 21-day MA; “things get ugly” warnings
Bearish tilt, longs crushed
Nov 13, 2025
~$25
AI demand narrative kicks in; “upside panic back”
Shift to bullish, “steroids” hype
Dec 1, 2025
~$59 (intraday spike)
Resistance shattered after 46 years; banks “scrambling to Singapore” for physical
Meme frenzy: “Short squeeze saves us all”
Dec 9, 2025
~$35+
Call skew explodes; vol “sexy” at 20%+
“Everyone selling gold to buy silver shorts” unwind
Dec 11, 2025
~$36 (est.)
Vol eases but surge continues; “watch closely”
Cautious longs: “Stretched again, but no shorting yet”
What’s Next? Make or Break
Bull Case ($48+ by Q1 2026): If gold catches up to $4,000 (untapped vol firepower), silver’s industrial beta could push $60+. Delivery squeezes on Dec 29 could cascade into repo strains—Fed’s already dipping into liquidity tools.
Bear Trap?: Longs are “stretched again” per charts; a pullback to $32 could lure in more shorts before the next leg up. But with min_faves on X posts hitting 300+ for squeeze calls, FOMO is deafening.
Broader Implications: This isn’t isolated—it’s a metals carry trade blowup. Watch for crypto surges post-settlement as banks rotate out of pain trades. Physical stacking? Still the ultimate hedge.
@themarketear If you’re positioned, buckle up—the stretchers are rolling. What’s your play?
ASIA RESULTS; THURSDAY DEC 11
SHANGHAI CLOSED DOWN 29.16 POINTS OR 0.70%
//Hang Seng CLOSED DOWN 10.67 PTS OR 0.04%
// Nikkei CLOSED DOWN 59.60 PTS OR 0.12% //Australia’s all ordinaries CLOSED DOWN 0.19%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.0586
/ OFFSHORE CLOSED UP AT 7.0555/ Oil DOWN TO 57.44 dollars per barrel for WTI and BRENT DOWN TO 61.28 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING UP TO 7.0586 OFFSHORE YUAN TRADING UP TO 7.0555:/ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING DOWN 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 7.0586
OFFSHORE YUAN: UP TO 7.0555
HANG SENG CLOSED DOWN 10.67 PTS OR 0.04%
2. Nikkei closed DOWN 463.80 PTS OR 0.82%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 98.23 /// EURO RISES TO 1.1702 UP 3 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +1.929 // DOWN 3 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 155.83…… 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: 3.382 DOWN 1 FULL BASIS PTS. AND STILL VERY TROUBLESOME
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP/JAPANESE Yen UP CHINESE ONSHORE YUAN: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and DOWN FOR UP this morning
3h European bond buying continues to push yields HIGHER on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.8574/ Italian 10 Yr bond yield DOWN to 3.580 SPAIN 10 YR BOND YIELD DOWN TO 3.312
3i Greek 10 year bond yield DOWN TO 3.489
3j Gold at $4217.60 Silver at: 62.26 1 am est) SILVER NEXT RESISTANCE LEVEL AT $54.00//AFTER 50.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 55/100 roubles/dollar; ROUBLE AT 78.74
3m oil (WTI) into the 57 dollar handle for WTI and 61 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 155.83 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.959% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.3820 DOWN 1 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7979 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9332 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: 4.141 DOWN 3 BASIS PTS…
USA 30 YR BOND YIELD: 4.789 DOWN 1 BASIS PTS/
USA 2 YR BOND YIELD: 3.535 DOWN 3 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 42.62 UP 2 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.5000 DOWN 3 PTS
30 YR UK BOND YIELD: 5.214 DOWN 2 BASIS PTS
10 YR CANADA BOND YIELD: 3.423 UP 0 BASIS PTS
5 YR CANADA BOND YIELD: 3.014 UP 0 BASIS PTS.
1a New York OPENING REPORT
Futures Rebound From Worst Levels As Oracle Plunges 11% On Cash Burn Fears
Thursday, Dec 11, 2025 – 08:39 AM
US equity futures are lower, as lousy earnings and an ugly capex forecast by Oracle reversed the market euphoria following the “more dovish than expected” Fed rate cut. As of 8:00am ET, S&P futures are down 0.2% but well off session lows, having tumbled as much as 1% earlier; Nasdaq 100 is down 0.4%, reversing earlier losses of 1.5%. In premarket trading, Mag 7 stocks underperform: NVDA -1.7%, META -1.0%, TSLA -1.0%. ORCL plunged 11.2% in premarket trading after cloud sales missed estimates with free cash flow concerns rising again amid a surge in capex at the worst possible time. Bond yields are mostly unchanged; the USD is lower. Commodities are mixed: oil is down -1.4%; base metals and Ags are lower. Bitcoin slipped nearly 2% as it approached $90,000. Today’s US economic calendar includes weekly jobless claims, September trade balance (8:30am) and September final wholesale inventories (10am)
In premarket trading, Nvidia leads Mag 7 names lower after Oracle’s report dampened risk appetite in the AI sector (Apple +0.4%, Alphabet -0.2%, Amazon -0.6%, Microsoft -0.5%, Tesla -0.6%, Meta -0.6%, Nvidia -1.4%)
Ciena (CIEN) soars 11% after the maker of equipment used by telecom companies posted reported adjusted earnings per share for the fourth quarter that beat the average analyst estimate.
Diamond Hill Investment Group Inc. (DHIL) shares are halted after Genstar Capital-backed First Eagle Investments agreed to buy the boutique asset-management firm for $473 million in cash.
Eli Lilly & Co. (LLY) gains 2% after a next-generation obesity shot helped patients lose almost a quarter of their body weight in 68 weeks.
Gemini Space Station Inc. (GEMI) rises 15% after its application for a derivatives exchange was approved by the Commodity Futures Trading Commission, in a move that will allow the company to join the fast-growing field of prediction markets.
Oracle (ORCL) falls 11% after the company forecast 3Q cloud sales growth below analyst estimates, raising concerns that supply constraints are preventing the cloud-infrastructure provider from converting its large backlog to actual revenues.
Oxford Industries (OXM) sinks 21% after the owner of the Tommy Bahama apparel brand cut its adjusted earnings per share forecast for the full year, missing the average analyst estimate. The fourth-quarter net sales outlook also missed consensus.
Planet Labs (PL) gains 17% after the satellite-imaging firm raised its sales and margin outlook, boosted by new and expanded contracts. Recent wins included an expansion to a contract with NATO and a deal with National Geospatial-Intelligence Agency.
Caution toward the AI space returned with a vengeance, with Nvidia Corp. down 1.4% to lead Magnificent Seven losses as Oracle, once viewed as a bellwether of the AI investment boom, sank more than 12% in premarket trading after cloud sales missed estimates and the company lifted its 2026 capital spending outlook by $15 billion to $50 billion.
Oracle’s results pushed worries about tech valuations and whether heavy spending on AI infrastructure will pay off back into focus, reviving concerns that fueled weeks of volatility in November. While the sector has powered the S&P 500’s stunning rally this year, spending fears have prompted some investors to rotate into other areas as the US economic outlook remains robust.
“Markets have grown far more wary of AI-related spending, which is a sharp contrast with mid-2025 when anything hinting at higher capex sparked excitement,” said Susana Cruz, a strategist at Panmure Liberum. “Oracle has been the weakest link in all this, largely because it’s funding a big chunk of its investment with debt.”
In an attempt to reboot excitement in the sector, Microsoft’s CEO said the company will unveil a new model on Friday that is “going to take agents to the next level.”
Oracle’s earnings landed after the S&P 500 closed just shy of a record on Wednesday, lifted by a Federal Reserve interest-rate cut and Chair Jerome Powell’s sanguine economic outlook. Investors had taken comfort in Fed policymakers leaving the door open to more easing next year, even though the quarter-point cut drew three dissents. Traders stuck to bets on two cuts in 2026, even as the Fed’s new projections signaled only one such move.
“The Fed’s ‘hawkish-but-bullish’ cut last night reinforces this: stronger 2026 growth, faster disinflation,” said Florian Ielpo, head of macro at Lombard Odier Investment Managers. “Cuts are continuing, but they’re no longer automatic — and that’s usually a constructive backdrop for equities.”
“The effect of Oracle has been greater than the Fed. This already tells us everything as we’ve been witnessing a strong concentration and one theme — AI — leading the market,” said Alberto Tocchio, a portfolio manager at Kairos Partners. “This doesn’t mean that AI is gone or it’s a bubble, but we need to focus on a wider scale.”
In other assets, the IEA trimmed estimates for a global oil supply surplus this year and next for the first time in several months as demand strengthens and output growth slows. And tariffs are back in focus, with Mexican lawmakers giving final approval for new duties on Asian imports.
Technology stocks dragged Asian bourses lower overnight and looked set to do the same in Europe but the Stoxx 600 is now green. Construction, retail and industrial shares are leading gains. The construction and materials sector outperforms, while utilities lag. Software stocks including SAP SE and Sage Group Plc drop after US tech giant Oracle Corp. reported disappointing cloud sales and a jump in AI-related spending. Here are some of the biggest European movers on Thursday:
Schneider Electric shares climb as much as 4.4%, the most since July, after the electrical power products manufacturer announced a share buyback program as it targets growing profitability over the next five years.
Nilfisk shares surge as much as 35%, the most on record, after the cleaning products manufacturer received a takeover offer from Freudenberg Group.
BNP Paribas Bank Polska shares rise as much as 3.5% to a record high, after the Polish unit of BNP targeted acceleration of loan growth and net income in its 2026-2030 strategy.
Carl Zeiss Meditec shares gain as much as 8.6%, the most since April, after the German medical technology firm reported earnings which included a beat on quarterly revenues.
Nordex shares rise as much as 3.9%, on course to close at their highest level since 2007, after Kepler Cheuvreux upgraded its recommendation on the wind-turbine maker to buy from hold.
RS Group shares rise as much as much as 5.5%, touching their highest levels since February, after JPMorgan upgraded the stock to overweight from neutral, as it sees a better year for European business services in 2026.
Entain shares slip as much as 4.1% after the gambling firm announced that Chief Financial Officer Rob Wood will step down after 13 years.
Naturgy shares drop as much as 6.9%, to the lowest level since April, after BlackRock’s infrastructure arm sold a stake in the Spanish company at a 5.4% discount to Wednesday’s closing price.
SAP shares drop as much as 4.3% to their lowest level since October 2024, after US peer Oracle reported disappointing cloud sales.
Ceres Power shares sink as much as 15% after Grizzly Research discloses that it’s short the clean-energy technology stock.
Delivery Hero shares falls as much as 6.6%, putting the firm among Thursday’s worst performers in the Stoxx 600 index, after Citi downgraded it to sell amid increasing competition in the Middle East and North Africa region.
Earlier, Asian equities erased early advances and fell, dragged by a slide in technology shares as disappointing earnings from Oracle Corp. offset optimism over the Federal Reserve’s rate cut. The MSCI Asia Pacific Index fell as much as 0.7%, after rising 0.6% in morning trading Thursday. A gauge of the region’s technology shares dropped 1.7%. SK Hynix declined after Korea Exchange issued an alert on the stock and prohibited margin trading after big gains. Equity benchmarks in Taiwan dropped more than 1%, while those in Japan and South Korea also retreated.
In FX, the Bloomberg Dollar Spot Index is steady. The Aussie dollar is the weakest of the G-10 currencies, falling 0.3% against the greenback after soft jobs data. The Swiss franc is the best performer, rising 0.4% after the SNB left interest rates on hold.
In rates, treasuries are little changed, with US 10-year yields near flat at 4.14% broadly holding Wednesday’s curve-steepening rally that followed the FOMC rate decision. OIS contracts price in around 50% odds of another 25bp rate cut in March. Trading of short-term rate products remains in focus as the Fed’s plan, also announced Wednesday, to buy $40 billion of Treasury bills per month. Yields are 1bp-2bp richer on the day with belly outperforming, steepening 5s30s spread by around 1bp. 10-year yields is near 4.135% after peaking near 4.21% Wednesday, highest since Sept. 4. The week’s Treasury auction cycle concludes with $22 billion 30-year bond reopening at 1pm New York time, following good demand for 3- and 10-year note sales Monday and Tuesday. WI 30-year yield near 4.78% is ~9bp cheaper than last month’s auction, which tailed by 1bp.
In commodities, oil retreated toward the lowest since October, tracking wider losses in risk assets. WTI crude futures fall 1.3% to around $57.70 a barrel. Spot gold drops $15. Silver extended an all-time high past $62 an ounce. Bitcoin is down over 2% near $90,000.
Looking ahead, today’s US economic calendar includes weekly jobless claims, September trade balance (8:30am) and September final wholesale inventories (10am)
Market Snapshot
S&P 500 mini -0.5%
Nasdaq 100 mini -0.7%
Russell 2000 mini little changed
Stoxx Europe 600 +0.1%
DAX little changed
CAC 40 +0.4%
10-year Treasury yield -1 basis point at 4.14%
VIX +0.3 points at 16.1
Bloomberg Dollar Index little changed at 1209.7
euro little changed at $1.1704
WTI crude -1.6% at $57.54/barrel
Top Overnight News
Trump said any deal for Warner Bros. Discovery must include the sale of CNN, a potential wrinkle for Netflix’s bid. As the takeover fight plays out, the political divide grows. BBG
NEC Director Hassett said the Fed has plenty of room to cut rates and probably will need to do some more, while he added that data could support a 50bps cut and they could definitely get to 50, or even more. Hassett also said a 25bps cut would be a small step in the right direction and that President Trump will make the Fed Chair choice in a week or two.
US House of Representatives voted 312-112 to pass the USD 901bln defence spending bill
China now has the biggest power grid the world has ever seen. Between 2010 and 2024, its power production increased by more than the rest of the world combined. Last year, China generated more than twice as much electricity as the U.S. Some Chinese data centers are now paying less than half what American ones pay for electricity. WSJ
China put rate cuts in play after pledging to adopt supportive monetary and fiscal policy to bolster the economy. It will “flexibly” use interest rate and RRR cuts. Policymakers also plan to step up efforts to stabilize the housing market. BBG
The BoJ sees limited need for emergency intervention to restrain rising bond yields, a move that runs counter to its effort to roll back stimulus. RTRS
The SNB kept its interest rate at zero, in line with expectations, judging that a weakened inflation outlook doesn’t yet justify a return to negative borrowing costs. BBG
Mexico approved tariffs of up to 50% on Chinese and other Asian imports, broadly aligning itself with US efforts targeting Beijing. China urged Mexico to “correct” its unilateral and protectionist practices. BBG
Mexico’s tariff hike will affect $1 billion worth of shipments from major Indian car exporters, including Volkswagen and Hyundai. BBG
Rents for Manhattan apartments surged to a record high in November. New leases were signed at a median of $4,750 in the month, up 13% from a year earlier and 3.3% from October. RTRS
The United States can use other measures to recreate the roughly $200 billion in revenues it is collecting under tariffs based on a 1977 law if the Supreme Court strikes down use of that law, U.S. Trade Representative Jamieson Greer said on Wednesday. RTRS
Trade/Tariffs
UK pledges an additional GBP 1.5bln for NHS medicines as part of Trump tariff deal, according to FT.
Britain is to reform the system to speed up investigations into unfair trade practices and is to sharpen trade defences by giving the trade secretary power to direct investigations, according to draft government guidance.
Mexico approves wide-ranging tariffs of up to 50% on China, according to Bloomberg. China’s Commerce Ministry later commented regarding Mexico’s tariffs that it will closely monitor the implementation and will further evaluate the impact, while it added that the measures harm the interests of relevant trade partners, including China.
India’s CEA chief economic advisor said most trade issues with the US have been sorted out and will be surprised if there is no deal with the US by March.
Mexico’s tariffs to hurt Indian-made car exports of Volkswagen (VOW3 GY), Hyundai (5380 KS), Nissan (7201 JT) and Maruti Suzuki (7269 JT), according to Reuters Sources. It was earlier reported by Bloomberg that Mexico approved wide-ranging tariffs of up to 50% on China.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were ultimately subdued after failing to sustain the early positive momentum from the dovishly perceived FOMC where the Fed lowered rates by 25bps to between 3.50-3.75%, as expected, but with a less hawkish tilt than what Wall Street had anticipated, although much of the gains were eventually wiped out as a slump in Oracle post-earnings stoked tech and AI-related concerns. ASX 200 eked mild gains but with upside limited by the latest jobs data, which showed a surprise contraction in jobs that was solely due to a drop in full-time work. Nikkei 225 reversed its opening gains and more amid pressure from a firmer currency and as AI-exposed stocks were hit, including SoftBank. Hang Seng and Shanghai Comp gradually retreated with the mainland not helped by another liquidity drain by the PBoC, while trade-related uncertainty lingered, with China said to have held urgent discussions with major domestic tech firms on Wednesday about whether to permit purchases of NVIDIA’s H200 processors.
Top Asian News
HKMA cut its base rate by 25bps to 4.00%, as expected, and in lockstep with the Fed.
China’s Commerce Ministry said China has taken measures to grant exemptions on Nexperia chips for compliant exports intended for civilian use.
China’s Foreign Ministry on tensions with Japan said Japanese PM Takaichi’s attitude makes it impossible to engage in dialogue.
China’s Commerce Ministry said non-state import quota for fuel oil in 2026 set at 20mln metric tons.
China holds annual central economic work conference on Dec 10-11th, according to Xinhua; said China is to make use of RRR rate cut flexibly. Will continue to expand domestic demand. Will build strong domestic market. Will consolidate, stabilise economy. Will implement appropriately loose monetary policy. Will implement more proactive fiscal policy. Will maintain yuan exchange rate basically stable. Will step up counter-cyclical and cross-cyclical adjustment. Will optimise fiscal expenditure structure. Will emphasise resolving local fiscal difficulties. Will flexibly use policy tools including RRR, rate cuts. Will actively resolve local govt debt risks, prohibit new hidden debt. Will stabilise property market with city-specific measures. Encourages buying existing homes for social housing.
Japan’s Lower House passes supplementary budget bill for FY2025 to fund new economic policy package under PM Takaichi, according to Jiji.
European bourses (STOXX 600 +0.2%) opened broadly lower, but managed to clamber off worst levels as the morning progressed, albeit marginally so. European sectors also held a negative bias as the open, but now display a mixed picture. Construction leads followed by Autos whilst Tech is weighed down by pressure seen in Oracle (-11% pre-market) after its earnings.
Top European News
ECB’s Makhlouf said he is confident that medium-term inflation will be at 2%.
SNB maintains its Policy Rate at 0.00% as expected; SNB reiterates it remains willing to be active in the foreign exchange market as necessary. Inflation in recent months has been slightly lower than expected. In the medium term, however, inflationary pressure is virtually unchanged compared to the last monetary policy assessment. Sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. Although US tariffs and trade policy uncertainty weighed on the global economy, economic developments in many countries had thus far remained more resilient than had been assumed.
SNB Chairman Schlegel said the Bank will continue to observe the situation and adjust monetary policy where necessary to keep price stability Banks’ sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. The low level of interest rates in Switzerland is having an effect via the exchange rate. Mid-term inflation pressure is practically unchanged since the previous quarter. Ready to intervene in the FX market if necessary. Policy continues to be expansionary, and supports inflation and the economy. Cannot say lower CPI outlook makes NIRP more likely.
ECB proposes expanding the existing small banks regime to include more banks for supervision purposes. Recommends merging bank capital stack into 2 elements; a releasable and a non-releasable buffer. The non-binding pillar 2 guidance would be kept separate, on top of the releasable buffer. ECB design or role of additional tier 1 instruments could be adjusted to enhance loss absorption capacity.
BoE’s Bailey said BoE should not have interest rate risk on its balance sheet, the question is how fast to remove it.
FX
DXY attempted a recovery from the post-FOMC slump, which saw the index fall to a 98.592 low yesterday before extending lower to 98.537; though the index is now flat. A floor was found during APAC trade as risk began to wane. To recap, the Fed cut rates by 25bps to 3.5-3.75%, as expected, but in a dovish 9-3 vote split – Goolsbee and Schmid voted to leave rates unchanged, while Miran wanted a larger 50bps reduction. In terms of the session ahead stateside, weekly initial jobless claims (for the week of 6th December) are seen rising to 220k from 191k (last week’s low reading was largely due to seasonal adjustment factors); continuing claims (for the week of 29th November) are seen ticking up to 1.947mln from 1.939mln. Wholesale sales and inventory revisions are also due today.
High beta FX (CAD, GBP, NZD, AUD) are all softer, with state-side sentiment also lower following the Fed and Oracle earnings. AUD is the laggard following the Aussie jobs report overnight, which showed a surprise contraction in jobs that was solely due to a drop in full-time work. Little move was seen on China’s Economic Work conference readout, which noted that China is to make use of RRR rate cut flexibly. EUR/USD is uneventful around the 1.1700 mark in a narrow 1.1683-1.1707 parameter.
CHF was unmoved by the SNB rate decision, which was overall as expected with no fireworks (some expected a return to NIRP). SNB kept rates at 0.00% and reiterated its language on FX, that it “remains willing to be active in the foreign exchange market as necessary”. In terms of inflation projections, 2025 was unchanged, whilst 2026 and 2027 were revised a touch lower. The CHF, however, saw mild strength during the press conference, in which he said he cannot say whether a lower CPI outlook makes NIRP more likely. USD/CHF dipped as low as 0.7979 (vs high 0.8001).
RBI likely selling USD to help INR avert a sharp fall, according to traders cited by Reuters
Fixed Income
USTs continue to build on the post-FOMC upside; in brief, the FOMC cut rates by 25bps to 3.50-3.75%, as expected, while the vote split was a bit more dovish than expected. For US paper specifically, the Fed also said it will start technical buying of Treasury bills to manage market liquidity, in which the initial round will total around USD 40bln in Treasury bills per month to help manage market liquidity levels. Currently trading in a 112-11 to 112-18+ range, and another leg higher would see a retest of the high from 8th December at 112-19. From a yield perspective, the FOMC sparked a bull steepening, which has continued into today. Now attention turns to a number of US data points, incl. Jobless Claims, Wholesale Sales and then a 30-year auction, which follows on from a strong 3yr and mostly positive 10yr.
Bunds follow USTs, and are now flat to trade in a current 127.36 to 127.77 range. Newsflow is incredibly light this morning, with price action essentially a paring of some of the upside seen following the FOMC. Elsewhere, UBS analysts recommend a long 10yr Bund trade, target 2.75% yield; said term premia priced by markets are too high – for reference, current 10yr yield is at 2.85%.
Elsewhere, Gilts remain bid, as UK paper plays catch-up to peers – price action muted and within a narrow 91.22 to 91.38 range.
Crude benchmarks have sold off throughout the APAC session and into the European session as risk tone sours across equity markets despite an FOMC cut that was perceived dovish. After opening at USD 58.92/bbl and USD 62.43/bbl respectively, WTI and Brent trended c. USD 1.30/bbl lower to session lows of USD 57.57/bbl and USD 61.20/bbl as equities sold off. The selloff completely reversed Wednesday’s gains following the seizure of an oil tanker off the coast of Venezuela.
Spot XAU peaked to USD 4248/oz early in the APAC session as the metal continued its gains following the dovish FOMC announcement. As the APAC session continued, however, XAU reversed lower as the dollar began to strengthen and equities sold off. In past sessions, XAU has been moving in-tandem with equities despite its safe haven characteristics, perhaps explaining the selloff in the APAC session.
3M LME Copper gapped higher and drove higher to a peak of USD 11.72k/t, USD 30/t shy of ATHs, before falling back lower as global risk tone soured. The red metal stabilised at USD 11.58k/t and has since remained in a tight USD 60/t band.
Russia’s Energy Ministry expects oil refining and gas and coal production to remain at 2024 levels in 2025, via RIA.
Geopolitics: Middle East
US officials discussed hitting the UN Palestinian refugee agency with terrorism-related sanctions, according to sources cited by Reuters.
US State Department condemned the Houthis’ ongoing unlawful detention of current and former local staff of US missions to Yemen.
Geopolitics: Ukraine
Ukrainian navy drones in the Black Sea struck the “Dashan” vessel that is part of Russia’s shadow fleet, while the attack led to the tanker being disabled.
The EU is looking to reach an agreement by Friday to lengthen the freeze on Russian assets using emergency powers, according to Bloomberg citing people familiar.
Russia’s Lavrov said Russia wants a package of documents on a long term sustainable peace for Ukraine. Should be security guarantees for all sides.
Ukrainian drones struck Lukoil’s oil extraction platform in the Caspian sea, according to SBU source cited by Reuters; oil and gas production halted.
Russia’s Lavrov said European peacekeepers in Ukraine “will Be A Target “, via Interfax.
Geopolitics: Other
US seized an oil tanker off the coast of Venezuela, while President Trump said the vessel was seized for a very good reason, and Attorney General Bondi said the oil tanker was used to transport sanctioned oil from Venezuela and Iran. Furthermore, Guyana’s government said the oil tanker seized by the US was falsely flying a Guyana flag and that it will take action against the unauthorised use of the Guyanese flag.
Russia’s Kremlin said President Putin plans to meet Turkey’s President Erdogan during his visit to Turkmenistan.
Russia’s Kremlin said Russia remains open to investment. It was reported by the WSJ that US companies could invest in strategic sectors from rare-earth extraction to drilling for oil in the Arctic and help restore Russian energy flows to Western Europe and rest of the world.
US Event Calendar
8:30 am: Dec 6 Initial Jobless Claims, est. 220k, prior 191k
8:30 am: Nov 29 Continuing Claims, est. 1938k, prior 1939k
8:30 am: Sep Trade Balance, est. -63.1b, prior -59.6b
10:00 am: Sep F Wholesale Inventories MoM, est. 0.1%
DB’s Jim Ried concludes the overnight wrap
Last night saw the market rally resume after the Fed cut rates by 25bps, which included enough dovish hints to pare back the hawkish repricing over recent days. So the S&P 500 (+0.67%) closed less than 0.1% beneath its record high, whilst 2yr Treasury yields (-7.7bps) saw their best day in two months. However, that momentum behind risk assets has been lost overnight, as disappointing results from Oracle after the US close pushed their shares down -11.52% in after-hours trading. And in turn, S&P 500 futures are down -0.90% this morning, with those on the NASDAQ 100 down -1.20%. So even as investors were reassured by the Fed’s latest rate cut, familiar concerns about AI are still very much top of mind right now.
In terms of the Fed decision, the FOMC delivered a third consecutive cut that took the target range for the fed funds rate down to 3.50-3.75%. This was a 9-3 decision, with Governor Miran again advocating for a larger 50bp cut, whereas regional Fed presidents Goolsbee and Schmid favoured no change. The cut was accompanied by implicit signals that the Fed could remain on hold in early 2026. For instance, the dot plot showed the median participant only expecting one more rate cut in 2026, while new wording on “the extent and timing” of further rate adjustments signaled a possible pause ahead. Powell also emphasised that the FOMC was “well positioned to wait and see how the economy evolves” as recent easing had brought the policy stance “within a broad range of estimates of neutral”.
However, this cautious guidance was accompanied by several dovish-leaning elements. Notably, the updated economic projections struck a sanguine tone, with real GDP revised higher across the 2025-27 period, whilst 2026 headline and core PCE inflation were revised -0.1pp and -0.2pp lower to 2.4% and 2.5% respectively. The statement also dialed up the tone on the recent uptick in unemployment while Powell sounded a bit more sanguine on upside inflation risks, saying that “inflation has come in a touch lower” recently and that “most of the inflation overshoot is from tariffs”. Our US economists’ base case remains that Powell has now delivered the last rate cut of his tenure as chair, but continued labor market weakness could swing the FOMC to cut again in the next few months (see their full reaction note here). Away from rates policy, the Fed also announced they’ll begin reserve-management purchases of Treasury bills. Those will start at $40bn a month from next week and are expected to “remain elevated for a few months” before slowing significantly after the April tax payment window. This will mark the first sustained increase in the size of the Fed balance sheet since the Fed ended QE in spring 2022. And it was a slight surprise this was announced at yesterday’s meeting, even if a shift towards more active liquidity management had been expected by early 2026.
After the decision, markets saw the FOMC’s signal as favourable to expectations of a 2026 rate cut. So even though a rate cut is only priced at 20% by the next meeting in late-January, futures currently signal a 52% chance of a cut by March as we go to press this morning. Moreover, there was a dovish shift in the futures curve, with the rate priced by the December meeting down -6.6bps on the day, meaning that 55bps of cuts were priced for next year by the close. In turn, that meant 2yr Treasury yields fell by 5 to 6bps intraday after the FOMC to register their biggest daily decline in two months (-7.7bps to 3.54%), and 10yr yields fell by -4.1bps on the day to 4.15%. That trend has continued overnight as well, with the 10yr yield down another -2.1bps to 4.13%. And this also weighed on the dollar index, which fell -0.44% yesterday to a six-week low.
Although the Fed’s decision helped to support equities, with the S&P 500 (+0.67%) closing just -0.06% below its all-time high, it’s been a very different story overnight following Oracle’s earnings. They reported after the US close, but their revenues fell short of analysts’ estimates, with their share price down -11.52% in after-hours trading. So that’s pushed US equity futures lower this morning, with those on the S&P 500 down -0.90%, whilst those on the NASDAQ 100 have fallen -1.20%.
That more negative trend has continued in Asia overnight, where there’ve been losses across the major indices. So the Nikkei (-0.97%), the Shanghai Comp (-0.75%), the CSI 300 (-0.52%), the Hang Seng (-0.22%) and the KOSPI (-0.20%) are all lower this morning. And those losses have been particularly sharp for tech stocks, with the Hang Seng Tech index down -1.12%. Bond yields have also moved lower, which partly reflects the Fed and the wider risk-off tone this morning, but we also saw Japan’s 20yr auction have its strongest demand since 2020. Moreover, the latest employment data from Australia showed an unexpected contraction of -21.3k in November (vs. +20.0k expected), which has raised doubts about the likelihood of a near-term rate hike by the RBA. Indeed, yields on 10yr Australian government bonds are down -8.9bps this morning, and the Australian dollar is the worst-performing G10 currency, down -0.59% against the US dollar.
Before the Fed and Oracle’s earnings, investors had priced in a growing chance of an ECB rate hike for 2026, which is now seen as a 40% chance. That gave the European bond selloff a fresh dose of momentum, which was particularly clear at the front end of the curve. For instance, the 2yr German yield (+2.2bps) rose to 2.17%, its highest level since the fiscal stimulus announcements were made in March. And that was echoed across the continent, with yields on 2yr French (+2.4bps) and Italian (+1.6bps) debt also at their highest in months. However, the long-end was more subdued, with yields on 10yr bunds (+0.1bps), OATs (+1.2bps) and BTPs (+0.3bps) seeing smaller increases that still left them beneath their closing level on Monday. In the meantime, equities saw a relatively stronger performance, with the STOXX 600 (+0.07%) inching up after three consecutive declines.
On the theme of central banks, yesterday also brought the Bank of Canada’s decision, who held their policy rate at 2.25% as expected. This followed rate cuts at the previous two meetings, but this time their statement said that if the economy and inflation evolved in line with their October projections, then they felt rates were “at about the right level”. In turn, Canadian government bond yields fell back, with the 2yr yield down -6.0bps on the day, whilst the 10yr fell -4.4bps.
Finally, there wasn’t too much data yesterday, although we did get the Employment Cost Index (ECI) from the US for Q3. That came in a bit softer than expected at +0.8% (vs. +0.9% expected), and it was also the slowest pace since Q3 last year. So that helped to ease fears about inflationary pressures, particularly with the year-on-year pace now down to +3.5%, the slowest since Q2 2021.
To the day ahead now, and data releases include the US weekly initial jobless claims, along with the trade balance for September. Otherwise from central banks, we’ll hear from BoE Governor Bailey.
1b European opening report
NQ underperforming following ORCL earnings; DXY steady after FOMC selloff – Newsquawk US Market Open
Thursday, Dec 11, 2025 – 06:09 AM
European bourses opened lower but now marginally firmer, US equity futures are in the red, with underperformance in the NQ following Oracle (-11%) earnings.
DXY initially attempted to pare post-FOMC pressure, but now flat, CHF little moved to the SNB announcement, but gained on the presser, the Aussie is pressured post-jobs data.
USTs continue to strengthen in the aftermath of the FOMC, whilst Bunds pull back from highs.
Crude benchmarks are selling off despite a bullish IEA report; XAU pares back FOMC gains; Copper pulls back from ATHs.
Looking ahead, highlights include US Initial Jobless Claims (6 Dec, w/e), OPEC MOMR, Supply from the US, Earnings from Broadcom, Costco & lululemon.
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
TARIFFS/TRADE
UK pledges an additional GBP 1.5bln for NHS medicines as part of Trump tariff deal, according to FT.
Britain is to reform the system to speed up investigations into unfair trade practices and is to sharpen trade defences by giving the trade secretary power to direct investigations, according to draft government guidance.
Mexico approves wide-ranging tariffs of up to 50% on China, according to Bloomberg. China’s Commerce Ministry later commented regarding Mexico’s tariffs that it will closely monitor the implementation and will further evaluate the impact, while it added that the measures harm the interests of relevant trade partners, including China.
India’s CEA chief economic advisor said most trade issues with the US have been sorted out and will be surprised if there is no deal with the US by March.
Mexico’s tariffs to hurt Indian-made car exports of Volkswagen (VOW3 GY), Hyundai (5380 KS), Nissan (7201 JT) and Maruti Suzuki (7269 JT), according to Reuters Sources. It was earlier reported by Bloomberg that Mexico approved wide-ranging tariffs of up to 50% on China.
EUROPEAN TRADE
UAE State Minister said UAE and EU free trade talks are advancing rapidly.
China’s Commerce Ministry said we welcome the EU’s decision to resume talks on price commitments, with discussions to continue next week.
EQUITIES
European bourses (STOXX 600 +0.2%) opened broadly lower, but managed to clamber off worst levels as the morning progressed, albeit marginally so.
European sectors also held a negative bias as the open, but now display a mixed picture. Construction leads followed by Autos whilst Tech is weighed down by pressure seen in Oracle (-11% pre-market) after its earnings.
US equity futures are broadly on the backfoot, with underperformance in the tech-heavy NQ, with Oracle lower by roughly 11% after revenue missed expectations and investors questioned its heavy AI-related spending and rising debt despite strong demand and large new commitments.
DXY attempted a recovery from the post-FOMC slump, which saw the index fall to a 98.592 low yesterday before extending lower to 98.537; though the index is now flat. A floor was found during APAC trade as risk began to wane. To recap, the Fed cut rates by 25bps to 3.5-3.75%, as expected, but in a dovish 9-3 vote split – Goolsbee and Schmid voted to leave rates unchanged, while Miran wanted a larger 50bps reduction. In terms of the session ahead stateside, weekly initial jobless claims (for the week of 6th December) are seen rising to 220k from 191k (last week’s low reading was largely due to seasonal adjustment factors); continuing claims (for the week of 29th November) are seen ticking up to 1.947mln from 1.939mln. Wholesale sales and inventory revisions are also due today.
High beta FX (CAD, GBP, NZD, AUD) are all softer, with state-side sentiment also lower following the Fed and Oracle earnings. AUD is the laggard following the Aussie jobs report overnight, which showed a surprise contraction in jobs that was solely due to a drop in full-time work. Little move was seen on China’s Economic Work conference readout, which noted that China is to make use of RRR rate cut flexibly. EUR/USD is uneventful around the 1.1700 mark in a narrow 1.1683-1.1707 parameter.
CHF was unmoved by the SNB rate decision, which was overall as expected with no fireworks (some expected a return to NIRP). SNB kept rates at 0.00% and reiterated its language on FX, that it “remains willing to be active in the foreign exchange market as necessary”. In terms of inflation projections, 2025 was unchanged, whilst 2026 and 2027 were revised a touch lower. The CHF, however, saw mild strength during the press conference, in which he said he cannot say whether a lower CPI outlook makes NIRP more likely. USD/CHF dipped as low as 0.7979 (vs high 0.8001).
RBI likely selling USD to help INR avert a sharp fall, according to traders cited by Reuters
USTs continue to build on the post-FOMC upside; in brief, the FOMC cut rates by 25bps to 3.50-3.75%, as expected, while the vote split was a bit more dovish than expected. For US paper specifically, the Fed also said it will start technical buying of Treasury bills to manage market liquidity, in which the initial round will total around USD 40bln in Treasury bills per month to help manage market liquidity levels. Currently trading in a 112-11 to 112-18+ range, and another leg higher would see a retest of the high from 8th December at 112-19. From a yield perspective, the FOMC sparked a bull steepening, which has continued into today. Now attention turns to a number of US data points, incl. Jobless Claims, Wholesale Sales and then a 30-year auction, which follows on from a strong 3yr and mostly positive 10yr.
Bunds follow USTs, and are now flat to trade in a current 127.36 to 127.77 range. Newsflow is incredibly light this morning, with price action essentially a paring of some of the upside seen following the FOMC. Elsewhere, UBS analysts recommend a long 10yr Bund trade, target 2.75% yield; said term premia priced by markets are too high – for reference, current 10yr yield is at 2.85%.
Elsewhere, Gilts remain bid, as UK paper plays catch-up to peers – price action muted and within a narrow 91.22 to 91.38 range.
Crude benchmarks have sold off throughout the APAC session and into the European session as risk tone sours across equity markets despite an FOMC cut that was perceived dovish. After opening at USD 58.92/bbl and USD 62.43/bbl respectively, WTI and Brent trended c. USD 1.30/bbl lower to session lows of USD 57.57/bbl and USD 61.20/bbl as equities sold off. The selloff completely reversed Wednesday’s gains following the seizure of an oil tanker off the coast of Venezuela.
Spot XAU peaked to USD 4248/oz early in the APAC session as the metal continued its gains following the dovish FOMC announcement. As the APAC session continued, however, XAU reversed lower as the dollar began to strengthen and equities sold off. In past sessions, XAU has been moving in-tandem with equities despite its safe haven characteristics, perhaps explaining the selloff in the APAC session.
3M LME Copper gapped higher and drove higher to a peak of USD 11.72k/t, USD 30/t shy of ATHs, before falling back lower as global risk tone soured. The red metal stabilised at USD 11.58k/t and has since remained in a tight USD 60/t band.
Russia’s Energy Ministry expects oil refining and gas and coal production to remain at 2024 levels in 2025, via RIA.
NOTABLE DATA RECAP
Swedish CPI MM (Nov) -0.4% (Prev. -0.4%)
Swedish CPIF MM (Nov) -0.2% (Prev. -0.3%)
Swedish CPI YY (Nov) 0.3% vs. Exp. 0.3% (Prev. 0.3%)
Swedish CPIF YY (Nov) 2.3% vs. Exp. 2.3% (Prev. 2.3%)
NOTABLE EUROPEAN HEADLINES
ECB’s Makhlouf said he is confident that medium-term inflation will be at 2%.
SNB maintains its Policy Rate at 0.00% as expected; SNB reiterates it remains willing to be active in the foreign exchange market as necessary. Inflation in recent months has been slightly lower than expected. In the medium term, however, inflationary pressure is virtually unchanged compared to the last monetary policy assessment. Sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. Although US tariffs and trade policy uncertainty weighed on the global economy, economic developments in many countries had thus far remained more resilient than had been assumed.
SNB Chairman Schlegel said the Bank will continue to observe the situation and adjust monetary policy where necessary to keep price stability Banks’ sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. The low level of interest rates in Switzerland is having an effect via the exchange rate. Mid-term inflation pressure is practically unchanged since the previous quarter. Ready to intervene in the FX market if necessary. Policy continues to be expansionary, and supports inflation and the economy. Cannot say lower CPI outlook makes NIRP more likely.
ECB proposes expanding the existing small banks regime to include more banks for supervision purposes. Recommends merging bank capital stack into 2 elements; a releasable and a non-releasable buffer. The non-binding pillar 2 guidance would be kept separate, on top of the releasable buffer. ECB design or role of additional tier 1 instruments could be adjusted to enhance loss absorption capacity.
BoE’s Bailey said BoE should not have interest rate risk on its balance sheet, the question is how fast to remove it.
NOTABLE US HEADLINES
NEC Director Hassett said the Fed has plenty of room to cut rates and probably will need to do some more, while he added that data could support a 50bps cut and they could definitely get to 50, or even more. Hassett also said a 25bps cut would be a small step in the right direction and that President Trump will make the Fed Chair choice in a week or two.
US House of Representatives voted 312-112 to pass the USD 901bln defence spending bill.
GEOPOLITICS
MIDDLE EAST
US officials discussed hitting the UN Palestinian refugee agency with terrorism-related sanctions, according to sources cited by Reuters.
US State Department condemned the Houthis’ ongoing unlawful detention of current and former local staff of US missions to Yemen.
RUSSIA-UKRAINE
Ukrainian navy drones in the Black Sea struck the “Dashan” vessel that is part of Russia’s shadow fleet, while the attack led to the tanker being disabled.
The EU is looking to reach an agreement by Friday to lengthen the freeze on Russian assets using emergency powers, according to Bloomberg citing people familiar.
Russia’s Lavrov said Russia wants a package of documents on a long term sustainable peace for Ukraine. Should be security guarantees for all sides.
Ukrainian drones struck Lukoil’s oil extraction platform in the Caspian sea, according to SBU source cited by Reuters; oil and gas production halted.
Russia’s Lavrov said European peacekeepers in Ukraine “will Be A Target “, via Interfax.
OTHER
US seized an oil tanker off the coast of Venezuela, while President Trump said the vessel was seized for a very good reason, and Attorney General Bondi said the oil tanker was used to transport sanctioned oil from Venezuela and Iran. Furthermore, Guyana’s government said the oil tanker seized by the US was falsely flying a Guyana flag and that it will take action against the unauthorised use of the Guyanese flag.
Russia’s Kremlin said President Putin plans to meet Turkey’s President Erdogan during his visit to Turkmenistan.
Russia’s Kremlin said Russia remains open to investment. It was reported by the WSJ that US companies could invest in strategic sectors from rare-earth extraction to drilling for oil in the Arctic and help restore Russian energy flows to Western Europe and rest of the world.
CRYPTO
Bitcoin is a little lower and trades just above USD 90k, whilst Ethereum drops below USD 3.2k.
APAC TRADE
APAC stocks were ultimately subdued after failing to sustain the early positive momentum from the dovishly perceived FOMC where the Fed lowered rates by 25bps to between 3.50-3.75%, as expected, but with a less hawkish tilt than what Wall Street had anticipated, although much of the gains were eventually wiped out as a slump in Oracle post-earnings stoked tech and AI-related concerns.
ASX 200 eked mild gains but with upside limited by the latest jobs data, which showed a surprise contraction in jobs that was solely due to a drop in full-time work.
Nikkei 225 reversed its opening gains and more amid pressure from a firmer currency and as AI-exposed stocks were hit, including SoftBank.
Hang Seng and Shanghai Comp gradually retreated with the mainland not helped by another liquidity drain by the PBoC, while trade-related uncertainty lingered, with China said to have held urgent discussions with major domestic tech firms on Wednesday about whether to permit purchases of NVIDIA’s H200 processors.
NOTABLE ASIA-PAC HEADLINES
HKMA cut its base rate by 25bps to 4.00%, as expected, and in lockstep with the Fed.
China’s Commerce Ministry said China has taken measures to grant exemptions on Nexperia chips for compliant exports intended for civilian use.
China’s Foreign Ministry on tensions with Japan said Japanese PM Takaichi’s attitude makes it impossible to engage in dialogue.
China’s Commerce Ministry said non-state import quota for fuel oil in 2026 set at 20mln metric tons.
China holds annual central economic work conference on Dec 10-11th, according to Xinhua; said China is to make use of RRR rate cut flexibly. Will continue to expand domestic demand. Will build strong domestic market. Will consolidate, stabilise economy. Will implement appropriately loose monetary policy. Will implement more proactive fiscal policy. Will maintain yuan exchange rate basically stable. Will step up counter-cyclical and cross-cyclical adjustment. Will optimise fiscal expenditure structure. Will emphasise resolving local fiscal difficulties. Will flexibly use policy tools including RRR, rate cuts. Will actively resolve local govt debt risks, prohibit new hidden debt. Will stabilise property market with city-specific measures. Encourages buying existing homes for social housing.
Japan’s Lower House passes supplementary budget bill for FY2025 to fund new economic policy package under PM Takaichi, according to Jiji.
DATA RECAP
Australian Employment (Nov) -21.3k vs. Exp. 20.0k (Prev. 42.2k, Rev. 41.1k)
Australian Full Time Employment (Nov) -56.5k (Prev. 55.3k)
Australian Unemployment Rate (Nov) 4.3% vs. Exp. 4.4% (Prev. 4.3%)
Australian Participation Rate (Nov) 66.7% vs. Exp. 67.0% (Prev. 67.0%)
1c) Asian opening report
European equity futures point to a softer open; FOMC cut rates by 25bps with a more dovish vote split than expected – Newsquawk EU Market Open
Thursday, Dec 11, 2025 – 12:55 AM
FOMC cut rates by 25bps to 3.50-3.75%, as expected, while the vote split was 9-3, as Miran voted for a 50bps cut. Goolsbee and Schmid voted for unchanged.
Fed said it is to assess incoming data, evolving outlook and balance of risks in considering the extent and timing of further adjustment (tweaked from “in considering additional adjustments”), and it will monitor implications of incoming information for the economic outlook.
Powell said adjustments to rates since September should help stabilise the labour market and keep pressure down on inflation, while the Fed is well positioned to determine adjustments to rates, and rates are now in a plausible range of neutral.
Powell also noted there is a lot of data due before the next meeting, and the Fed can wait and see how the economy evolves when asked about whether the ‘risk management’ phase of rate cuts is over.
APAC stocks were ultimately subdued after failing to sustain the early positive momentum from the dovishly perceived FOMC; US equity futures gave back their post-FOMC spoils as tech/AI concerns were stoked following a slump in Oracle shares.
European equity futures indicate a softer cash market open with Euro Stoxx 50 futures down 0.1% after the cash market closed with losses of 0.2% on Wednesday.
Looking ahead, highlights include Swedish CPI (Nov), US Initial Jobless Claims (6 Dec, w/e), SNB/CBRT Rate Announcements, IEA OMR, OPEC MOMR, Speakers including SNB’s Schlegel, BoE’s Bailey, ECB’s de Guindos, Supply from Italy & US, Earnings from Broadcom, Costco & lululemon.
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
US TRADE
EQUITIES
US stocks and Treasuries ended the day with gains, while the Dollar was sold after a surprisingly dovish FOMC and Powell press conference. Briefly recapping, the Fed cut rates by 25bps to 3.5-3.75%, as expected, but in a dovish 9-3 vote split – Goolsbee and Schmid voted to leave rates unchanged, while Miran wanted a larger 50bps reduction. Heading into the meeting, as many as 4 hawkish dissenters were touted. In the following presser, Powell largely put more emphasis on the labour side of the mandate vs inflation, but he did acknowledge that rates are in a plausible range of neutral. Looking to January, he noted the Fed has not made a decision yet, they will wait and see how the data comes in, stressing there is a lot of data due to come.
SPX +0.67% at 6,887, NDX +0.42% at 25,776, DJI +1.05% at 48,058, RUT +1.32% at 2,560.
FOMC cut rates by 25bps to 3.50-3.75%, as expected, while the vote split was 9-3, as Miran voted for a 50bps cut. Goolsbee and Schmid voted for unchanged. Fed is to assess incoming data, evolving outlook and balance of risks in considering the extent and timing of further adjustment (tweaked from “in considering additional adjustments”), and it will monitor implications of incoming information for the economic outlook. Fed said it is prepared to adjust the policy stance if risks emerge impeding the goal attainment and noted Fed assessments are to consider labour market conditions, inflation pressures, inflation expectations, financial and international developments. Furthermore, it said job gains slowed, and unemployment edged up through September, while inflation moved up since earlier in the year and remains somewhat elevated. Fed also said it will start technical buying of Treasury bills to manage market liquidity, in which the initial round will total around USD 40bln in Treasury bills per month to help manage market liquidity levels. In its updated SEP, the Fed Funds projections were essentially unchanged, signalling steady expectations for a gradual return toward the longer-run rate.
The 2025 dot plot composition shows six members’ projected rates at the end of 2025 at 3.75-4.00%, indicating that four non-voters would have voted to keep rates on hold at today’s meeting if they had voting rights. Fed Funds Rate projections showed 2025 at 3.625% (exp. 3.625%, prev. 3.625%), 2026 at 3.375% (exp. 3.375%, prev. 3.375%), 2027 at 3.125% (exp. 3.125%, prev. 3.125%), 2028 at 3.125% (exp. 3.125%, prev. 3.125%), and Longer Run at 3.00% (exp. 3.125%, prev. 3.00%).
Fed Chair Powell said in the post-meeting statement that the outlook for employment and inflation has not changed much from the October meeting, while he stated near-term risks to inflation are tilted to the upside, employment risks are tilted to the downside, and the balance of risks has shifted. Powell said adjustments to rates since September should help stabilise the labour market and keep pressure down on inflation, while the Fed is well positioned to determine adjustments to rates, and rates are now in a plausible range of neutral. Powell also commented that reserve management purchases may remain elevated for a few months to alleviate money market pressures, but are expected to decline thereafter.
Fed Chair Powell said in the Q&A when asked about policy statement tweaks, stated that rates are now in a broad range of neutral, and tweaks mean the Fed will carefully evaluate incoming data, with the Fed well positioned to see how the economy evolves. Powell also noted there is a lot of data due before the next meeting and the Fed can wait and see how the economy evolves when asked about whether the ‘risk management’ phase of rate cuts is over. Powell also commented that inflation is a touch softer with evidence growing that services inflation has come down, and goods inflation is entirely due to tariffs, while it does not feel like a hot economy and noted that when both policy goals are at risks, policy should be at neutral, but added he has not made a decision on January policy, and will wait and see. Furthermore, he stated the Fed has reached ‘ample reserves’ faster than it thought it would and wants to have ample reserves on April 15th tax day, as well as noted that frontloading the next few months of purchases is to get through the tax season.
TARIFFS/TRADE
USTR took action under section 301 of the Trade Act of 1974 against Nicaragua and will impose a tariff that is phased-in over two years on all goods not subject to the existing trade agreement, while he added that the tariff will be set at zero on 1st January 2026 and increase to 10% in 2027, and to 15% in 2028.
UK pledges an additional GBP 1.5bln for NHS medicines as part of Trump tariff deal, according to FT.
Britain is to reform the system to speed up investigations into unfair trade practices and is to sharpen trade defences by giving the trade secretary power to direct investigations, according to draft government guidance.
Mexico approves wide-ranging tariffs of up to 50% on China, according to Bloomberg. China’s Commerce Ministry later commented regarding Mexico’s tariffs that it will closely monitor the implementation and will further evaluate the impact, while it added that the measures harm the interests of relevant trade partners, including China.
India’s CEA chief economic advisor said most trade issues with the US have been sorted out and will be surprised if there is no deal with the US by March.
NOTABLE HEADLINES
US President Trump said growth doesn’t mean inflation, but added it is okay if there is inflation and they can slow it down, while he commented that he doesn’t see why they can’t have 20% or 25% GDP growth. Furthermore, he said markets should continue to go up with great results and if the market goes up, we should encourage it to go up more.
US President Trump said he is meeting with former Fed Governor Warsh and commented that rates should be the lowest in the world.
NEC Director Hassett said the Fed has plenty of room to cut rates and probably will need to do some more, while he added that data could support a 50bps cut and they could definitely get to 50, or even more. Hassett also said a 25bps cut would be a small step in the right direction and that President Trump will make the Fed Chair choice in a week or two.
US House of Representatives voted 312-112 to pass the USD 901bln defence spending bill.
APAC TRADE
EQUITIES
APAC stocks were ultimately subdued after failing to sustain the early positive momentum from the dovishly perceived FOMC where the Fed lowered rates by 25bps to between 3.50-3.75%, as expected, but with a less hawkish tilt than what Wall Street had anticipated, although much of the gains were eventually wiped out as a slump in Oracle post-earnings stoked tech and AI-related concerns.
ASX 200 eked mild gains but with upside limited by the latest jobs data, which showed a surprise contraction in jobs that was solely due to a drop in full-time work.
Nikkei 225 reversed its opening gains and more amid pressure from a firmer currency and as AI-exposed stocks were hit, including SoftBank.
Hang Seng and Shanghai Comp gradually retreated with the mainland not helped by another liquidity drain by the PBoC, while trade-related uncertainty lingered, with China said to have held urgent discussions with major domestic tech firms on Wednesday about whether to permit purchases of NVIDIA’s H200 processors.
US equity futures gave back their post-FOMC spoils as tech/AI concerns were stoked following a slump in Oracle shares, which dropped by a double-digit percentage in the aftermath of its earnings results as it underwhelmed on revenue and raised its FY26 capex guidance to about USD 50bln from USD 35bln.
European equity futures indicate a softer cash market open with Euro Stoxx 50 futures down 0.1% after the cash market closed with losses of 0.2% on Wednesday.
FX
DXY saw some slight reprieve overnight after retreating yesterday in reaction to the FOMC meeting, where the Fed cut the FFR by 25bps to 3.50-3.75% as widely anticipated, while there was a surprisingly dovish vote split as only 2 FOMC voters favoured to leave rates unchanged, against many expecting 4. The Fed also argued that downside risks to employment had risen and acknowledged the move higher in the Unemployment Rate in September, while Fed Chair Powell echoed the dovish theme at the press conference, where he noted the job growth overcount is around 60k per month and that he does not feel like the economy is hot.
EUR/USD benefitted from the dollar pressure in the aftermath of the FOMC, but is off intraday highs after failing to sustain its brief return to 1.1700 territory.
GBP/USD held on to most of the prior day’s gains but with upside capped by resistance just shy of the 1.3400 level and amid a lack of major UK-specific drivers.
USD/JPY initially retreated amid the recent narrowing of US-Japan yield differentials, while there were recent comments from former BoJ official Hayakawa, who said the BoJ may hike rates four times by 2027, although it later bounced off lows with some support seen at the 155.50 level.
Antipodeans faded their recent gains as risk appetite began to wane, and with AUD/USD not helped by mixed jobs data, including a surprise contraction to headline Employment Change.
PBoC set USD/CNY mid-point at 7.0686 vs exp. 7.0525 (Prev. 7.0753).
FIXED INCOME
10yr UST futures remained afloat after bull steepening in the aftermath of the FOMC meeting, where the Fed cut rates and turned out to be a lot less hawkish than what Wall Street had largely been expecting, with just two members voting to keep rates unchanged, while the Fed also announced it will start technical buying of Treasury bills to manage market liquidity.
Bund futures gradually edged higher as global bond markets got an uplift from the Fed, but with upside capped following the recent choppy performance and after the latest comments from ECB officials provided very little incrementally.
10yr JGB futures tracked gains in global peers, with the advances also facilitated by increased demand at the 20-year JGB auction.
COMMODITIES
Crude futures were indecisive and eventually faded the gains seen from reports that the US seized a sanctioned oil tanker off the coast of Venezuela.
Kuwait set January 2026 OSP for its super light crude to Asia at USD 0.90/bbl below Oman/Dubai average.
Spot gold saw two-way price action in which it initially extended on its post-FOMC gains owing to the dovishly perceived Fed and alongside upside in metal prices, which was led again by a surge in silver, although the moves were gradually pared with the metals complex clouded alongside the tech-related headwinds in stocks.
Copper futures initially rallied with prices underpinned in the aftermath of the dovish Fed, but then gave back some of the gains as risk appetite waned.
Chile’s Codelco copper production fell 14.3% Y/Y in October to 111k tons and Escondida copper production rose 11.7% to 120.6k tons, while Collahuasi production fell 29.3% to 35k tons.
CRYPTO
Bitcoin retreated overnight alongside the tech-related concerns and briefly dipped below the USD 90k level.
NOTABLE ASIA-PAC HEADLINES
HKMA cut its base rate by 25bps to 4.00%, as expected, and in lockstep with the Fed.
DATA RECAP
Australian Employment (Nov) -21.3k vs. Exp. 20.0k (Prev. 42.2k, Rev. 41.1k)
Australian Full Time Employment (Nov) -56.5k (Prev. 55.3k)
Australian Unemployment Rate (Nov) 4.3% vs. Exp. 4.4% (Prev. 4.3%)
Australian Participation Rate (Nov) 66.7% vs. Exp. 67.0% (Prev. 67.0%)
GEOPOLITICS
MIDDLE EAST
US officials discussed hitting the UN Palestinian refugee agency with terrorism-related sanctions, according to sources cited by Reuters.
US State Department condemned the Houthis’ ongoing unlawful detention of current and former local staff of US missions to Yemen.
RUSSIA-UKRAINE
Ukraine sent a revised peace plan to Washington as US President Trump held a call with European leaders, according to Bloomberg.
US President Trump said regarding the Ukraine call with European leaders, that they discussed in pretty strong words and would like the US to go to a meeting in Europe on the weekend, while they will make a determination based on what they come back with, and noted a meeting with Zelensky and the US is what is being requested.
Discussions between the US and EU over tougher sanctions on Russia are ongoing, according to EU officials.
Ukrainian navy drones in the Black Sea struck the “Dashan” vessel that is part of Russia’s shadow fleet, while the attack led to the tanker being disabled.
OTHER
US seized an oil tanker off the coast of Venezuela, while President Trump said the vessel was seized for a very good reason, and Attorney General Bondi said the oil tanker was used to transport sanctioned oil from Venezuela and Iran. Furthermore, Guyana’s government said the oil tanker seized by the US was falsely flying a Guyana flag and that it will take action against the unauthorised use of the Guyanese flag.
EU/UK
NOTABLE HEADLINES
2.a NORTH AND SOUTH KOREA
b. JAPAN
Japan, South Korea Scramble Jets After Russian-Chinese Bomber Flight: ‘Acts Of Intimidation’
Wednesday, Dec 10, 2025 – 04:55 PM
Airspace over Western Pacific waters near Japan continues to heat up at a moment of the highest tensions in decades between Beijing and Tokyo.
Tuesday saw Japan and South Korea dispatch fighter jets in response to a joint patrol by Russian and Chinese bombers over the Asia-Pacific region, the countries’ militaries confirmed.
The Joint Chiefs of Staff in Seoul described that seven Russian and two Chinese aircraft entered South Korea’s Air Defense Identification Zone (KADIZ) at approximately 10am local time (01:00 GMT) on Tuesday.
While the zone is not strictly speaking sovereign airspace, aircraft are expected to identify themselves to South Korean authorities. South Korea in response deployed “fighter jets to take tactical measures in preparation for any contingencies.“
Russia’s Defense Ministry (MoD) had confirmed its Tu-95MS strategic bombers and China’s H-9 strategic bombers conducted the eight hour flight over the Sea of Japan, the East China Sea and the Western Pacific – but that at no time was any country’s airspace violated, and that it was done according to international law.
“At certain stages of the route, the strategic missile carriers were accompanied by fighters from foreign countries, the MoD acknowledged.
Chinese J-16 fighter jets, two Russian Su-30 fighters and an A-50 early-warning aircraft provided cover for the bombers at various parts of the patrol, it was also disclosed.
But South Korea has still lodged a formal diplomatic protest, which one Seoul official saying, “Our military will continue to respond actively to the activities of neighboring countries’ aircraft within the KADIZ in compliance with international law.”
Perhaps the firmest and most provocative statement came from Japan. Japanese Prime Minister Sanae Takaichi last month made statements saying Tokyo has the right to defend Taiwan if the self-ruled island is invaded by China. This sparked outrage in Beijing, which has been flexing its economic and military might, in a series of punitive measures.
Japanese Defense Minister Shinjiro Koizumi wrote on X on Wednesday of the joint Russia-China bomber patrol, “These repeated joint bomber flights by Russia and China represent an expansion and intensification of their military activities around Japan.”
“They clearly indicate deliberate acts of intimidation directed toward our country and constitute a serious concern from the standpoint of Japan’s national security,” he added.
Fed Preps Massive Bond Buying as Japan Dumps US Debt
by ITM Trading
Thursday, Dec 11, 2025 – 12:47
The Fed just quietly ended Quantitative Tightening. Not because inflation is under control—it is rising. Not because their balance sheet is clean—it is still bloated with trillions. But because one of America’s biggest creditors just walked away.
Japan, the largest foreign holder of US debt, is dumping Treasuries. As their bond yields rise, capital flows back to Tokyo—right when the US needs buyers the most. With over 38 trillion dollars in debt and interest payments now exceeding the defense budget, the math no longer works.
So who buys the debt now? The Fed. The buyer of last resort. The printing press is warming up again. But this time it is not about stimulus. It is about survival.
This is how currency resets unfold. Declining demand for debt. Surging yields. Central bank intervention. Confidence erodes. The dollar weakens. And in the end, only real assets survive.
There is a reason gold is outperforming stocks, Bitcoin, and even the so-called Magnificent Seven. It is not speculation. It is insurance.
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.
3. CHINA
USA//CHINA
4 EUROPEAN/NATO AFFAIRS/SCANDINAVIA
UK
UK becoming a failed state!!
UK Teacher Banned For Daring To Tell Muslim Pupil Britain Is Still A Christian Country
In yet another chilling assault on free speech and cultural identity, a London primary school teacher has been dragged through the wringer for simply pointing out Britain’s Christian roots to a Muslim student.
This outrageous case exposes how woke bureaucrats are weaponizing child protection rules to silence anyone who dares affirm traditional values in a multicultural minefield.
Suspended, sacked, and slapped with a ban from working with kids, the educator’s only “crime” was enforcing school policy and delivering a dose of reality about the UK’s religious landscape. Backed by the Free Speech Union, he’s now fighting back against this blatant overreach that reeks of leftist intolerance for inconvenient truths.
The incident kicked off when the teacher caught students washing their feet in the boys’ bathroom sinks—a clear violation at the non-faith school where prayers were confined to a designated room. According to reports, he addressed the group, explaining the rules and emphasizing British values of tolerance.
But one pupil took offense, claiming the teacher said the school wasn’t religious and suggested an alternative. Specifically, the child reported the teacher stating, “Britain is still a Christian state,” while noting the King’s role as head of the Church of England. The educator also allegedly remarked, “if you want that, there’s an Islamic school a mile away,” referring to accommodations for Islamic practices.
Police from the Metropolitan’s child abuse team got involved, probing a potential hate crime. Though that inquiry was dropped, the local safeguarding board branded the teacher’s comments as causing “emotional harm” to the child, leading to his ban from the profession.
The school wasted no time: suspended in March 2024, sacked for gross misconduct by February 2025 after nearly three years on the job.
With the aid of the Free Speech Union, the teacher is now suing the local authority. Lord Toby Young, the group’s director, remarked, “This teacher lost his job and almost ended up being barred from the profession for life just because he pointed out to a class of Muslim schoolchildren that the national religion of England is Anglicanism.”
He drove the point home: “Things have reached a pretty pass in this country if a teacher can be branded a safeguarding risk because he says something that’s incontestably true. If he’d claimed that Islam is the official religion of England, even though that’s not true, I doubt he would have got into any trouble.”
Young’s critique highlights the double standard plaguing Britain’s institutions, where affirming the majority culture invites punishment, but pushing minority agendas gets a free pass.
The teacher successfully appealed the ban and now works part-time at another school outside London. Yet the damage is done—his career derailed over a factual statement in a lesson on tolerance, no less.
This fiasco echoes broader concerns that safeguarding protocols are being hijacked to target conservative views. Just days prior, an ex-Royal Marine faced a similar ban for online posts criticizing illegal immigration, as noted in related coverage.
Leftist enforcers in education and government are stifling dissent under the guise of “protection.” It’s no secret that unchecked multiculturalism, fueled by open borders policies, has led to clashes like this, where schools become battlegrounds for identity politics.
The teacher’s legal team stressed the school’s non-faith status and the informal ban on playground prayers, extending to sink usage. But facts didn’t matter to the ideologues who prioritized feelings over reality.
In a nation where Christianity shaped laws, holidays, and institutions for centuries, stating the obvious now risks professional ruin.
Britain’s slide into this woke dystopia serves as a stark warning. If bureaucrats are allowed to redefine “harm” to include historical facts, then free expression crumbles. The teacher’s fightback offers hope, but it underscores the urgent need to dismantle these speech-suppressing mechanisms.
end
EU
EU Rushes To Secure Russian Assets Under Emergency Powers, Bypassing Hungary Veto
Thursday, Dec 11, 2025 – 02:45 AM
Ukraine is desperately seeking more money, which has been a persistent reality of the war, and the European Union is scrambling to find solutions amid a general Western war weariness which has already seen hundreds of billions poured into Kiev’s coffers.
Currently EU member states are rapidly advancing a plan to permanently freeze as much as €210 billion ($244.38 billion) in Russian state assets to finance Ukraine for at least the next two years. European Commission President Ursula von der Leyen is seeking to use a loophole to rush this through, based on invoking emergency powers to sanction the frozen assets on a permanent basis, instead of holding the funds based on current six-month renewals, which requires unanimous agreement from all member states.
The plan would see €90 billion (roughly $104.71 billion) released over the next two years. Von der Leyen’s scheme would allow for the plan to pass merely with a qualified majority, and so couldn’t be derailed by just a lone veto. Nations like Germany and Spain have already signaled their support.
EU leadership is rushing it forward to circumvent holdout Hungary in getting what’s being dubbed a “reparations loan” to Ukraine, and there’s also the idea that it would bolster the EU’s negotiating position in US-led peace negotiations.
EU summits chairman Antonio Costa has vowed to deliver the desired outcome by any means. “The leaders are to decide at a summit on December 18 in Brussels how to deliver on their pledge and Costa told reporters in Dublin he would keep them talking for days, if necessary, until they reach an agreement,” Reuters reports.
It will involve more than just overcoming the hurdle of Hungarian objections, however, given Belgium is not onboard at this point, and the bulk of the Russian funds are kept in Belgian banks.
For starters, Brussels fears immediate negative repercussions from Russia, which could deeply hurt its economy, and so wants guarantees ahead of any EU vote that all members would help absorb the impact.
Von der Leyen has acknowledged the issue, posting on X: “Belgium’s particular situation regarding the use of the frozen Russian assets is undeniable and must be addressed in such a way that all European states bear the same risk.” She added: “We agreed to continue our discussions with the aim of reaching a consensus at the European Council meeting on December 18.”
‘This is complete madness,’ [Belgian Prime Minister Bart] de Wever said of the proposal in October, according to POLITICO Brussels. The Belgian prime minister argued that the risk of legal and financial retaliation from Moscow is simply too great. He told his colleagues that if Russia were to win lawsuits against Belgium or Euroclear—which holds the frozen assets—the country would be forced to compensate the entire amount itself.
De Wever’s concerns are not unfounded. Reacting to the Commission’s proposal, Russian Foreign Ministry spokeswoman Maria Zakharova warned that any ‘illegal action’ involving frozen assets would provoke the ‘harshest reaction’, adding that Moscow is already preparing a package of countermeasures. Deputy Chairman of the Security Council Dmitry Medvedev described the plan as a ‘casus belli’, labelling the move tantamount to outright theft.
EU diplomats have been in back-and-forth negotiations with Belgium. Germany’s Chancellor Merz has also acknowledged, “What we decide now will determine Europe’s future: Belgium’s particular vulnerability in the issue of utilizing the frozen Russian assets is indisputable and must be addressed in such a way that all European states bear the same risk.”
💼 @PM_ViktorOrban: Brussels wants to seize frozen Russian assets, but we must first ask what countermeasures would follow. If Hungarian companies in Russia lose their assets, why should Hungary support such a move? pic.twitter.com/CBXd54f4PV
The European Commission is working on ‘safeguards’. “The Belgian government, along with Euroclear, are looking for financial guarantees from fellow EU member states before committing to supporting the plan,” Fox News writes. “De Wever fears that Belgium will ultimately be held responsible and be forced to pay back the assets that are seized in the event a sanctions deal is negotiated with Russia as a way to end the war in Ukraine.” But without doubt, the Kremlin has been brainstorming the punitive actions it could in turn unleash to make Belgium and Europe feel the pain.
end
UK PAKISTAN
interesting offer
Pakistan Offers To ‘Take Grooming Gang Leaders’ If UK Hands Over Dissidents
Pakistan has reportedly offered to take back grooming gang leaders in exchange for Britain handing over Pakistani political dissidents living in the UK.
Pakistani media reported that the proposal was made in a private meeting last Thursday in Islamabad between Pakistani Interior Minister Mohsin Naqvi and Jane Marriott, the British high commissioner. Naqvi reportedly urged the UK to hand over anti-government figures Shahzad Akbar and Adil Raja.
Akbar, who was a minister in Imran Khan’s government, and Raja, a former army major, are both living in the UK. They have both strongly criticized the Pakistani government over its alleged human rights abuses and suppression of political dissent.
The British government has previously requested that Pakistan extradite Adil Khan and Qari Abdul Rauf, who were jailed in 2012 as ringleaders of a grooming gang that sexually assaulted and abused 47 girls over two years in Rochdale.
Both Khan and Rauf, Pakistani immigrants, were stripped of their British citizenship after being convicted. But days before a judge ordered them to be deported to Pakistan, they renounced their Pakistani citizenship. Pakistan has since refused to accept them.
According to Pakistani media, the Pakistani government said it would accept Khan and Rauf if the UK hands over dissidents Akbar and Raja.
‘Unprecedented and deeply disturbing’
This comes as the Labor government is facing mounting pressure to take further action on child sexual exploitation. Its attempts to set up a nationwide inquiry into grooming gangs have faced repeated delays and debates about how wide its scope should be.
Conservative Party leader Kemi Badenoch said on Monday the inquiry must “consider the role of ethnicity, religion and other cultural factors” and should “leave no stone unturned”.
It is thought that Britain is highly unlikely to agree to the reported Pakistani proposal, and the Home Office and Foreign Office have declined to comment on the reports.
Raja, now a freelance journalist, toldThe Telegraph that the report “is unprecedented and deeply disturbing. It shows the extent to which an authoritarian regime is willing to go to suppress dissent”.
“I have broken no UK law. My only ‘offence’ is practicing journalism and exercising free expression,” he said. “I trust that the UK, a country committed to the rule of law and press freedom, will not allow political critics to be traded away under pressure from a foreign government.”
Former Pakistani Prime Minister Imran Khan was ousted from government in April 2022 through a parliamentary no-confidence vote following a fallout with the country’s influential military.
He has spent more than two years in prison. Last year a UN report concluded that his detention is arbitrary and in contravention of international law.
end
EU/USA
EU Opens Antitrust Probe Into Google’s Use Of Publisher, YouTube Content For AI
The EU has launched an antitrust investigation into whether Google exploited publisher and YouTube content to fuel its AI products without fair compensation or consent.
Regulators warn that the practices may give Google an unlawful competitive edge over rival AI developers across Europe.
This is the EU’s second investigation against Google in a month, as Brussels cracks down on Big Tech’s AI practices.
The European Commission launched a formal antitrust investigation this week into whether Google breached EU competition rules by using web publisher and YouTube content to power its artificial intelligence services without fair compensation or consent.
“The Commission will investigate to what extent the generation of AI Overviews and AI Mode by Google is based on web publishers’ content without appropriate compensation for that, and without the possibility for publishers to refuse without losing access to Google Search,” a Tuesday statement said.
Publishers must either let Google use their content for AI summaries without payment or risk losing visibility in Search.
YouTube creators face a similar dilemma, as uploading gives Google automatic AI-training rights with no compensation while rival AI developers are barred from using the same content.
“AI is bringing remarkable innovation and many benefits for people and businesses across Europe, but this progress cannot come at the expense of the principles at the heart of our societies,” Teresa Ribera, Executive Vice-President for Clean, Just and Competitive Transition, said in the statement.
Even Alex Chandra, partner at IGNOS Law Alliance, told Decrypt the investigation “reflects a deeper, structural ambition: to subject globally scalable digital business models to the EU’s regulatory and competitive framework.”
“If the Commission is not very disciplined (transparent about burden-of-proof, consistent across geography and business model) this could become less about “fair competition” and more about “favoring what fits European regulatory and economic priorities,” he said.
If proven, the practices under investigation may breach EU competition rules that ban dominant companies from using their market power to distort competition.
The regulator said it will carry out its investigation as a matter of priority, but provided no legal deadline for concluding the probe.
Big tech cornered
The investigation comes less than a month after the Commission formally launched proceedings to assess whether Google applies fair, reasonable, and non-discriminatory conditions of access to publishers’ websites on Google Search under the Digital Markets Act.
In September, the Commission fined Google $3.1 billion (€2.95 billion) for breaching EU antitrust rules by favoring its own advertising technology services over competing providers.
Europe’s competition regulator has opened a formal investigation into tech giant Meta over policy changes that allow the company’s own AI chatbot to operate on WhatsApp while blocking rivals from doing the same. The European Commission announced Thursday it’s examining whether Meta violated antitrust rules by effectively reserving WhatsApp’s AI chatbot access for itself. The action targets updated business terms WhatsApp rolled out in late October, which ban third-party AI companies from distri…
The Commission ordered Google to end its self-preferencing practices and implement measures to address conflicts of interest across the adtech supply chain.
Last week, the Commission also opened an investigation into Meta over policy changes that allow its own AI chatbot to operate on WhatsApp while blocking rivals from doing the same.
END
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
ISRAEL VS HAMAS
TBN ISRAEL/LAST 24 HR
ISRAEL VS HAMAS
Hamas hoarded, hid tons of baby formula in Gaza over past six months, Gazan activist accuses
Ahmed Fouad Alkhatib reveals footage of Hamas hiding baby formula in Gaza during the hunger crisis. Israel’s Foreign Ministry condemns Hamas for using civilians’ suffering for political gain.
Palestinians gather to collect what remains of relief supplies from the distribution center of the US-backed Gaza Humanitarian Foundation, in Rafah, in the southern Gaza Strip, June 5, 2025.(photo credit: REUTERS/STRINGER)ByJAMES GENNDECEMBER 11, 2025 02:44
Hamas terrorists deliberately hid baby formula over the past six months in clandestine warehouses belonging to Hamas’s Health Ministry, Ahmed Fouad Alkhatib accused on X/Twitter on Wednesday.
Alkhatib, a Gazan native and anti-Hamas activist who resides in the US, shared video footage of the “literal tons of infant formula and nutritional shakes,” which he says were hidden “during the worst of the days of the hunger crisis.”
During the worst of the days of the hunger crisis in Gaza in the past six months, Hamas deliberately hid literal tons of infant formula and nutritional shakes for children by storing them in clandestine warehouses belonging to the Gaza Ministry of Health.
The West refuses to call out Hamas’s blatant manipulation of public opinion – editorial
Ahmed Fouad Alkhatib lost 31 family members in Gaza since the October 7 massacre, and he shattered one of the most enduring narratives of the war – the “starvation” crisis.
HAMAS TERRORISTS keep guard on the day Hamas handed over deceased hostages, in Khan Yunis, Feb. 20, 2025.(photo credit: REUTERS)ByJPOST EDITORIALDECEMBER 11, 2025 06:00
A Gaza-born, pro-Palestinian analyst exposing Hamas’s manipulation of a hunger crisis is not the source one normally expects behind a post sounding as if it were written by a pro-Israel Internet warrior. Yet that is precisely what Ahmed Fouad Alkhatib did this week, shattering one of the most enduring narratives of the war.
Alkhatib is a senior fellow at the Atlantic Council whose X bio reads: “Proud American, Gaza native, pro-Palestine, pro-Peace, anti-Hamas & milit-occupation.” He posted a short clip showing cats scurrying over boxes of infant formula in a Gaza warehouse. An anguished voice is heard saying in Arabic, “Oh God, these are thieves and criminals. Our children are dying of hunger while aid is being stockpiled. They stored it away instead of distributing it.”
In explaining the footage, Alkhatib wrote: “During the worst of the days of the hunger crisis in Gaza in the past six months, Hamas deliberately hid literal tons of infant formula and nutritional shakes for children by storing them in clandestine warehouses belonging to the Gaza Ministry of Health.”
END
ISRAEL/USA
Israel Funds Summit For 1,000 US Pastors Overseen By Amb. Huckabee
A group of more than 1,000 American Christian Zionist pastors and influencers has spent a week in Israel on an all-expenses-paid trip that was funded by the Israeli Foreign Ministry, the Israeli newspaper Haaretz reported on Tuesday.
“This is the first time in history that the state of Israel has officially partnered with 1,000 strategic pastors to commission them as ambassadors to combat antisemitism and reach the youth of their generation,” Mike Evans, an evangelical pastor who helped organize the trip, told CBN News. “Right now there’s an ideological war that Israel is losing, so they need the evangelicals, they need the Zionists to fight an ideological war,” Evans added.
Christian Zionists like Evans believe that the modern state of Israel has the right to all of the land in historic Palestine, including the Israeli-occupied West Bank, based on the Bible, a view that has its roots in dispensationalism, a Christian theology developed in the US in the 19th century.
The view runs counter to thousands of years of Christian tradition, as it’s rejected by the Catholic Church, the Eastern Orthodox Church, and many Protestant denominations, yet it has significant influence on US foreign policy. During a speech to the crowd of pastors at the Shiloh archeological site in the West Bank, Evans addressed recent remarks from Vice President JD Vance and President Trump about not supporting the Israeli annexation of the Palestinian territory, which he calls Judea and Samaria.
“You said that the policy of the administration is that the West Bank will not be annexed by Israel. Mr. Vice President, we love you, and we love America, but the policy of the God who birthed America and the policy of the God who gave these people this land is in fact that Judea and Samaria is Bible land,” Evans said.
“Eighty percent of Bible stories come out of Judea and Samaria. So don’t pressure Israel to give illegal, radical Islam Jew-haters Judea and Samaria,” he said, adding that the MAGA movement is based on the Bible and “upon the God of this book, the God of Israel.”
While American evangelicals have always comprised a solid base of support for Israel, that support has been declining, part of an overall trend among Americans due to Israel’s brutal campaign in Gaza.
“There is a growing cancer within the evangelical movement in America, where people are thinking Israel doesn’t matter and there’s nothing biblical about our relationship with Israel. This is very dangerous,” US Ambassador to Israel Mike Huckabee told CBN News during the summit.
Source: X/Pastor Jeff Schwarzentraub
The Israeli Foreign Ministry has taken other steps to influence American Christians, including spending millions on a propaganda campaign targeting evangelical churches in the US that is being called the “largest Christian Church Geofencing Campaign in US history” – a project that was revealed by a federal filing under the Foreign Agents Registration Act.
The pastors’ summit in Israel concluded with Huckabee “commissioning” the attendees as “ambassadors” to stand with the state of Israel. During their time in Israel, the pastors were addressed by Israeli Prime Minister Benjamin Netanyahu, who told them, “Stand up and be counted. Tell the truth. Speak to young people. Speak up to be counted. I’m counting on you, and I know you’ll do what has to be done. That’s what our destiny calls for.”
HOUTHIS/USA/ISRAEL
US condemns Houthi detention of embassy staff in Yemen
The United States on Wednesday condemned the ongoing detention of current and former local staffers of the US embassy in Yemen by the Houthis.
HOUTHI TERRORISTS carry weapons as they stand near the site of Israeli airstrikes in Sanaa, Yemen, in September.(photo credit: KHALED ABDULLAH/REUTERS)ByREUTERSDECEMBER 11, 2025 02:56Updated: DECEMBER 11, 2025 03:01
The United States on Wednesday condemned the ongoing detention of current and former local staffers of the US embassy in Yemen by the Houthis.
“The United States condemns the Houthis’ ongoing unlawful detention of current and former local staff of the US Mission to Yemen,” US State Department spokesperson Tommy Pigott said in a statement.
“The Houthis‘ arrests of those staff, and the sham proceedings that have been brought against them, are further evidence that the Houthis rely on the use of terror against their own people as a way to stay in power,” Pigott said.
UN chief condemns Houthi referral of some detained UN staff to court
UN spokesperson Stephane Dujarric said the Houthis have arbitrarily detained 59 Yemeni UN personnel, who have been held “incommunicado – some for years – without any due process, in violation of international law.”
Protesters, predominantly Houthi supporters, rally to celebrate the ceasefire between Israel and Hamas in Gaza on the day it went into effect, in Sanaa, Yemen, October 10, 2025. (credit: REUTERS/KHALED ABDULLAH)
“United Nations personnel, including those who are nationals of Yemen, are immune from legal process in respect of all acts performed by them in their official capacity,” Dujarric said.
END
ISRAEL VS HEZBOLLAH
RUSSIA VS UKRAINE
Watch: Third Russian Oil Tanker Hit By Sea Drone In Black Sea
Ukraine has carried out another drone attack on a Russia-linked so-called ‘shadow fleet’ tanker in the Black Sea on Wednesday, which marks a third such attack in less than two weeks, and which seeks to disrupt Moscow’s maritime oil trade.
Local reports have identified the Comoros Islands-flagged Dashan as being struck while sailing en route to the Russian port terminal of Novorossiysk. The Ukrainians were quick to release drone-perspective video confirming the attack, and the vessel appeared to be unladen at the time.
The some $30 million tanker “sustained critical damage and was completely put out of action – powerful explosions can be clearly seen in video footage shown by the sources,” according to Ukrainian media.
Ukraine's SBU security service says its Sea Baby naval drones today struck another Russian “shadow fleet” tanker in the Black Sea.
Video from an SBU source purports to show the oil tanker "Dashan" being hit by the attack drone and explosions in the stern area. "The vessel,… pic.twitter.com/mtfBqYe1gQ
The Dashan was under US-led sanctions, as well as sanctions by the European Union, the United Kingdom, Canada, Australia, and Switzerland.
When the tanker Kairo was hit late last month it was towed to Bulgaria, but it was also deemed a complete loss.
Reuters has recently noted that “War insurance costs for ships sailing to the Black Sea have spiked again, with insurers reviewing policies daily as the conflict in Ukraine spills into sea lanes, five shipping and insurance sources said on Thursday.”
Moscow is outraged at recent attacks on tankers transporting Russian oil. Also on Wednesday, a cargo vessel carrying grain from Crimea was detained by Ukrainian authoritiesat Odessa port:
Ukrainian security officials have detained a cargo vessel in the port of Odesa that authorities say is part of Russia’s so-called “shadow fleet,” the Security Service of Ukraine (SBU) said Wednesday.
The ship, whose name was not disclosed, arrived under the flag of an African country to load a shipment of steel pipes. The captain and 16 crew members holding passports from unspecified Middle Eastern countries were on board at the time of the seizure.
According to the SBU, the vessel illegally transported nearly 7,000 tons of Russian grain from annexed Crimea to North Africa in January 2021.
The SBU claims it found evidence of “illegal operations in ports on temporarily occupied Ukrainian territory” after a search of the ship.
Apparently Ukrainian authorities intend to seize the ship’s cargo altogether, and transfer them Ukraine’s Asset Recovery and Management Agency (ARMA), a government entity which deals with property linked to corruption or other crimes. So naturally, Moscow is not going to look kindly on fresh offers to mutually stop attacks on energy infrastructure.
President Putin has warned he’s ready to step up military attacks on Ukrainian energy infrastructure in retaliation for these brazen attack on Black Sea shipping.
end
RUSSIA/UKRAINE
Over 30 Kamikaze Drones Sent On Moscow Overnight, Shutting Down Airports
Thursday, Dec 11, 2025 – 11:25 AM
An overnight drone assault on Russia by Ukraine was particularly large, including dozens of drones sent on Moscow. The Russian defense ministry said it down 287 drones across the country, one of the highest single-night totals ever recorded in the war.
Among these were 32 Ukrainian long-range kamikaze drone inbound on Moscow, reportedly intercepted. The disruption of airspace around Moscow was enough to briefly shut down area hubs and cause the delay of some 200 flights, impacting at least four airports.
In addition to the 32 drones “intercepted and shot down” which were directly targeting the capital city, at least 40 more were headed toward the broader Moscow region, the defense ministry noted.
Two fertilizer plants were also targeted in the western Novgorod and Smolensk regions. Fire resulted at one of these, the Acron mineral fertilizer plant, among Russia’s largest chemical producers.
The drone assault was quite extended in time too, with authorities saying it lasted over a period of some eight hours. Large drone waves were reported in other regions as well:
Bryansk region: 118 drones
Moscow region: 40
Kaluga region: 40
Russian media has presented the overnight operation as an act of desperation at a moment Zelensky is feeling the pressure from Washington, and as Ukraine forces are in retreat on the battlefield:
A senior Russian diplomat linked the surge in Ukrainian attacks to growing US pressure on Vladimir Zelensky to accept a peace deal with Russia that would require concessions that Kiev has so far refused to make. Several European NATO states, meanwhile, back Zelensky’s uncompromising stance. US President Donald Trump said this week that the Ukrainian leader “has to be realistic” about the situation and “start accepting things” his administration is offering.
Indeed Trump as a of a late Wednesday presser has not backed off his calls for Zelensky to quickly accept reality and sign a peace deal and prepare for elections.
Trump:
Zelensky has to be realistic.
I do wonder about how long is it gonna be until they have an election?
Zelensky has said that while he’s “ready” to organize and hold elections, it has to be done under safety, and that the international community must step up and help ensure this happens. He said he’s ready to within 60 days if his government and external backers can offer a viable plan. But is he just buying time and pacifying Trump?
There’s a possibility his own parliament could, under pressure, come back and say that elections are not a practical reality at this point. Likely Kiev will demand that Russia observe a ceasefire in order for the elections to take place.
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE
ROBERT H
The Tenpenny Files with John Klar – by Dr. Sherri Tenpenny The world needs regenerative farms. We were much healthier before than people are now. And it is because we are what we eat. And that goes for the water you drink.
“Rodney Harrison’s ‘Sunday Night Football’ freeze-up sparks concern from fans”; Rams coach Sean McEvoy has “unfortunate illness”; T&T: footie Shaka Hislop has aggressive prostate cancer; more
John Malkovich Death Fears Erupt After Actor Slurs Words ‘Like He’s High, Had a Stroke or Is Secretly Stricken With Parkinson’s’ During Rambling Bill Maher Sit-Down
December 3, 2025
John Malkovich [71] has ignited new health fears after his slurred, glassy-eyed appearance on Bill Maher’s Club Random, with sources close to the actor telling RadarOnline.com it left fans and his loved ones alarmed by his “deeply out-of-character” behavior during the rambling conversation about his career. The discussion, filmed in Los Angeles and posted online this week, showed the actor drifting through anecdotes while struggling to articulate words and appearing visibly unfocused. Sources close to the production said crew members were surprised by the extent of his slurring. One insider claimed: “Everyone noticed it. His speech was unbelievably slurred, and his eyes were glassy, like something was seriously wrong.” Another added the episode prompted questions about whether the actor had suffered a “serious medical event” or was battling a previously undisclosed condition, including a stroke or Parkinson’s disease. During the interview, Malkovich drifted in and out of lengthy reminiscences about his decades in film and theater, speaking in the languid cadence his fans will recognize, but with his sentences slurring into one another and the movie star looking out of it.
News from Underground by Mark Crispin Miller is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Kim Kardashian Diagnosed With ‘Low Brain Activity’
November 30, 2025
Kim Kardashian’s [45] stress levels have been high. So much so that the SKIMS founder was diagnosed with low brain activity. The revelation came during the latest episode of The Kardashians while she was undergoing a brain scan after her doctor discovered previously that she may have a mini aneurysm. Upon the scan, he noticed additional issues. “I’m so busy in my life,” the mother of four explains during a confessional. “The bar is in two months. I have the Met Gala. I have my robbery trial coming up. Oh, and I might have abrain aneurysm, no biggie.”
La Toya Jackson, 69, Sparks Health Concerns by Showcasing ‘Shockingly Thin’ Appearance Weeks After Mystery Medical Dash
December 2, 2025
La Toya Jackson has sparked health concerns after displaying her alarming weightloss on social media. RadarOnline.com can reveal the singer’s slight frame triggered a number of fans to express their worry for the star, who recently told of her on-going health issues. La Toya, who is the middle child of the famous Jackson family, looked very slender as she posed in her home. In the three photos, the singer was sporting a glam outfit, including skin tight black pants and a red top, but the figure-hugging look highlighted her increasingly shrinking frame.
Dave Coulier Reveals Devastating Tongue Cancer Diagnosis 7 Months After Beating Lymphoma: ‘Totally Unrelated’
December 2, 2025
Dave Coulier is right back in the middle of a scary health battle after beating stage 3 non-Hodgkin Lymphoma earlier this year. The Full House star revealed during an appearance on the Tuesday, December 2, edition of Today that he was recently diagnosed with p16 squamous carcinoma — a type of head and neck cancer specifically found on his tongue. “It was a really tough year, chemotherapy was grueling,” Coulier, 66, explained, noting his latest devastating diagnosis is “totally unrelated to the previous cancer that I had.”
Is it really due to vaping? See researcher’s note:
Below Deck Star Fraser Olender After Lung Injury and Heart Attack: “Rethink Vaping”
December 8, 2025
A famous face from the Bravo-verse has spoken up about his experience being hospitalized due to vape usage, and has urged others to join him in putting down the pen. Below Deck star Fraser Olender, who is Chief Steward on the show’s boat the St. David, revealed in an Instagram post that his leaving last month’s BravoCon early was because he was hospitalized for a lunginjury and a heart attack as the result of vaping. “This is not chic but very important for me to share,” Olender wrote in the caption accompanying his post. He then walked through what had happened: he was admitted to the hospital following severe chest pain and difficulty breathing a few weeks ago. He found out that vaping was the culprit. “To keep it simple – I had vape poisoning, (an E-cigarette or Vaping-Associated Lung Injury (EVALI)),” he wrote. “I have never experienced fear or pain like it.”
Researcher’s note – And from earlier this year: Below Deck Cameraman Brent Freeburg, Who Saved a Cast Member in 2018, Is in a Coma After 2 Strokes and a Subdural Hematoma: Link
Jessie James Decker battles bizarre illness with facial swelling and respiratory issues
December 4, 2025
The 37-year-old country singer opened up about her health in a series of Instagram stories, sharing she hasn’t been feeling well the past few days. In a story posted last night, Decker can be seen sitting in a hot tub, with the words, adding the caption: “Feeling a little better today…still a slight fever and tummy aches, but after the day I had yesterday, I’ll take it.” Decker added that she is “trying to sweat this thing out now,” and that whatever she has, “has kicked my butt.”
Cardinal McElroy of Washington says he’s ‘cancer-free’ following surgery
December 8, 2025
Cardinal Robert W. McElroy of Washington has announced he is “cancer free,” following surgery Nov. 13 for a rare but non-aggressive cancer. “This week I received word from my doctor that my pathology report had come back, and it stated that the surgery had removed all of the cancerous tissue in my body,” said the cardinal in a statement posted online Dec. 5 by the Catholic Standard, the newspaper of the Archdiocese of Washington. “I am cancer free and will not have to undergo any further treatments.” On Nov. 5, the archdiocese had reported the 71-year-old cardinal had been diagnosed with “well-differentiated liposarcoma, which is a non-aggressive cancer that tends not to metastasize.” According to the Cleveland Clinic, the term “liposarcoma” covers a group of “very rare cancers that begin in your fat cells,” typically originating in the arms, legs and midsection. Some 1 in 100,000 in the U.S. are affected each year by liposarcoma, which is usually found in men more than women, particularly men between the ages of 50 and 65.
Prayers Pouring In For Rams Coach Sean McVay On Sunday
December 7, 2025
NFL fans are thinking of Los Angeles Rams head coach Sean McVay on Sunday morning. The Super Bowl-winning head coach is eying another championship this year. But McVay is dealing with an unfortunate illness on Sunday. He did not fly with his team to Sunday’s Week 14 game. McVay will attempt to coach on Sunday, though he’s going through a difficult time physically. NFL fans are hoping that he is OK. “Dude could have a 103° fever and still be drawing up plays on a whiteboard like, I ain’t missing Rams–Cards, brother.’ ‘Somebody get this man some NyQuil and a game ball,” one fan added. “He’s putting everyone in that stadium at risk. Make sure he’s got all his shots,” another fan wrote.
Rodney Harrison’s ‘Sunday Night Football’ freeze-up sparks concern from fans
December 1, 2025
NBC Sports analyst Rodney Harrison raised eyebrows when he appeared to lose his train of thought in the pregame show ahead of the “Sunday Night Football” clash between the Broncos and the Commanders. Harrison froze up and paused as NBC analyst Jac Collinsworth asked him about the best way to attack Washington’s defense. “Yeah, I look at…” Harrison said before he seemingly mumbled something. “I forgot the . I’m sorry,” Some shared their concern online. “Something not right with Rodney Harrison tonight,” one person wrote, including a clip of the moment. “Someone should check on that man,” another added.
Researcher’s note – Harrison later blamed the freeze-up on “exhaustion”: Link
Premier League cult hero Shaka Hislop reveals ‘aggressive’ cancer diagnosis
December 4, 2025
Former Premier League star Shaka Hislop, 56, has revealed he is battling ‘aggressive’ cancer in a heartbreaking social media video. Sharing the news to his Instagram followers, the former Newcastle and West Ham man said in a post: ‘I have a story to tell. Roughly 18 months ago, I went for my annual physical and insisted on a PSA test, as I always do. This time around though my PSA was elevated. An MRI and biopsy quickly determined that I had a fairly aggressive prostatecancer. A year ago, almost to the day, December 6 to be exact, I had a radical prostatectomy. And I thought that was it. But then, six months later, my PSA was again on the rise and another scan showed that my prostatecancer had spread to my pelvic bone. I started on medication pretty soon after, and just this morning completed seven-and-a-half weeks of radiation therapy. The journey continues.’ Since his retirement, he has gone onto become a popular pundit on ESPN, and was keen to encourage men to get checked out in his video. The highest rate of prostatecancer mortality is in Caribbean men, so allow me to speak to my community, my people. Please, go get tested. Know your PSA, track – its history.’
Gonzalo Moratorio Reveals He Has an Aggressive Brain Tumor
June 13, 2025
Uruguayan virologist Gonzalo Moratorio, recognized for his key role during the Covid-19 pandemic, revealed this Friday that he has been diagnosed with “a very aggressive type of braintumor.” Through an emotional message posted on his social media account, the scientist shared details about his health and thanked everyone for their support. “As a result of this illness, I have lost some motor and sensory function on the right side of my body,” explained Moratorio, who also noted that this difficult time coincides with a significant personal milestone: he and his wife are expecting a child. “Today I am fighting for my life, with great strength and every desire to keep going,” he expressed. Furthermore, he expressed his “deep gratitude” to the health personnel for their “human warmth and professionalism”, and acknowledged the support of family and friends: “They have been a fundamental support day after day.”
Researcher’s note – An update on Instagram earlier in December: Scientist and virologist Gonzalo Moratorio, who recently became a father, shared a touching photo with his baby. The expert has been battling a braintumor for several months, undergoing treatment with various doctors and traveling to Brazil, where he continues his treatment plan to prevent the disease from worsening: Link
Bad news for Sam Deroo: Red Dragons captain undergoing treatment for oncological illness
December 8, 2025
Volleyball player Sam Deroo (33) will be sidelined for a while. The Red Dragons captain has been diagnosed with an oncological illness, a form of cancer, and will therefore undergo chemotherapy.
Home and Away actress Alea O’Shea reveals brain cancer diagnosis at 25
DR PAUL ALEXANDER
NEWSWIZE
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
THE DAYS EVENTS:
An “Existential Crisis” To Close 2025
Thursday, Dec 11, 2025 – 10:25 AM
By Michael Every of Rabobank
The Fed delivered what was expected – a 25bps rate cut to 3.75% and a deep public split over whether it should cut further because the labor market is weakening or keep policy tight because inflation is too high. The Fed will also buy $40bn of T-Bills just after stopping QT, but this is not to be seen as QE, nor as having any impact on monetary policy – and QE was a neutral “asset swap”, not a balance sheet expansion that juiced asset prices. See here for the take of our US Strategist Philip Marey, who concludes that as Trump takes a firmer grip of the Fed ahead, rates are likely to fall more than some expect.
The ECB’s Lagarde spoke of “Europe’s existential crisis” and didn’t think the level of ECB rates could do anything about it.She underlined estimates that internal trade barriers due to national regulations on top of the EU’s own amount to an effective tariff of 110% on services and 60% on goods traded between member states. “Everybody wants to sugarcoat, gold-plate and do just a bit more,” yet on reforms, “There will be pushback from multiple corners… from people who say: ‘We’re very happy in our corner of Europe, leave us alone.’” (As ‘Teresa Ribera is ‘not interested in competition,’ complains jilted Brussels bubble’ – but that didn’t stop the EU from just raiding China’s Temu over a foreign subsidy allegation.) Lagarde underlined the need for a transformative capital markets union and joint Eurobonds for defence funding, seeing this as opportunity.
The BoC left rates on hold at 2.25% and seems to think it’s done, yet admitted it‘s difficult to “assess the underlying momentum of the economy,” given US tariffs’ impact over time. See here for more from Molly Schwartz.
Today, BoE Governor Bailey will testify to Parliament’s Covid Inquiry. Will we see questions about the Bank’s response, e.g., why didn’t it use macroprudential measures on mortgage lending at the same time as deep rate cuts and massive QE? There are key lessons to be learned for when the next, inevitable ‘nobody saw it coming’ crisis hits – will central banks have a clearer idea of what they are *for* by then?
Meanwhile, as so often reiterated here, the backdrop against which all central banks pretend to know what they’re doing is getting increasingly unpredictable.
In geoeconomics, Mexico imposed 50% tariffs on China and other Asian economies –exactly the Trump Plan we predicted: next, Canada(?) Against that backdrop, the USTR said he seeks a “constructive” reset on trade with China, which launched a satellite super factory to rival Starlink and added domestic AI chips to its official procurement list for the first time. However, Ford suppliers received China’s new streamlined rare-earth licenses – but German automakers were notably excluded so far. Indonesia is resisting US trade demands on critical minerals and energy it sees risking its relations with China and Russia. On the other hand, India reportedly offered the US its ‘best-ever’ deal, as D.C. pushes farm access in trade negotiations, as the US Soybean association president meanwhile stated that Trump’s farm aid plan for them is “A band-aid on an open wound.” The UK’s PM also told Parliament that a return to the EU customs union would “unravel” new UK trade deals: yes, some things are zero sum. Trade can be one of them.
In geopolitics, US Representative Massie has introduced a bill to pull America out of NATO, which speaks to the times if not its likelihood of passage. It’s nonetheless noted that Trump’s recent verbal attacks on Europe will force it to speed up post-America defence plans, with belated recognition that the era of America’s “security guarantee” for Europe is over. It seems Europe will have to pay much more than it has budgeted for the military by 2035, and a lot sooner. That’s as a report suggested a parallel US National Security Strategy to split up the EU and establish a new global “C5” of the US, China, Russia, India, and Japan, leaving Europe out of the power loop.
Germany’s Chancellor Merz nonetheless underlined he still wants the US as partner, and if Trump “can’t make sense of this institution or the structure of the EU,” the US can still cooperate with member states, and “Germany is, of course, first and foremost one of them.” Divide et impera.
Regardless, the EU is pressing harder for the passage of its €210bn Ukraine loan scheme, which Lagarde says is now the “closest” to being legal so far – is that something compliance officers like hearing? She added the new version should reassure investors it “does not amount to confiscation” – but as this money is clearly not going to be given back to Russia, it’s unclear how. Indeed, Belgium is demanding an extra cash buffer as wergild against expected Russian retaliation against it and Euroclear. And that’s presuming retaliation stays in that dimension – the FT reports on fears of a wider Russian campaign of sabotage to infrastructure and businesses ahead, which potentially comes with its own cost in terms of lower growth and higher inflation.
Muddying the waters for the EU in terms of its desire to adhere to global institutions, the International Court of Justice granted Russia’s counterclaim in a genocide case vs Kyiv. The potential implication, according to some, is that any warfare can be genocide if civilians are involved. Elsewhere, the US threatened to sanction the International Criminal Court unless it promises not to prosecute President Trump.
In Latin America, the US seized an Iranian oil tanker off the coast of Venezuela after smuggling Nobel peace prize laureate Machado out of the country: she called for democracies to “fight for freedom,” which may not be metaphorical. In Brazil, a bill that could reduce ex-President Bolsonaro’s prison time has advanced in Congress. In Bolivia, leftist ex-president Arce was just arrested for corruption a month after leaving office. And China pledged foreign aid to the region with no “political conditions” – it seems the Western Hemisphere may be ideologically, if not physically, contested.
In the Indo-Pacific, China says it seeks a “fair and just maritime order” in the South China Sea, which it claims; the ongoing Japan-China spat is seen as having no off-ramp; a Telegraph report claims China’s hypersonic missiles would destroy the US Navy in a fight over Taiwan – as the US Navy Secretary called for a “wartime footing” in US weapons production; and Thailand-Cambodia border fighting rages on as Trump signals he might try to intervene.
In the Middle East, there are reports of a build-up of US military jets heading towards the Middle East, as others say Iran has started mass production of ballistic missiles again. Trump will also delay unveiling his Gaza Board of Peace members until 2026, and it’s reported that the US is weighing hitting the UN Palestinian refugee agency UNWRA with terrorism-related sanctions.
If you think that’s too much information to fit into a Global Daily, try writing it(!) Moreover, consider this is just one day, in one week, in one month, in what has been a non-stop year for wild news headlines. 2026 doesn’t look like it’s going to get any easier. Quite the opposite, in fact.
You might not see it all as an existential crisis, just a ‘volatile trading backdrop’, but trying to keep up with just that part for readers can certainly prompt one for those who try!
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL\
this is a big deal!!
Dark-Fleet Tanker At Epicenter Of Iran’s Shadow Oil Trade Seized By U.S. Commandos
Thursday, Dec 11, 2025 – 07:45 AM
Welcome to Monroe Doctrine 2.0 – a revival of gunboat diplomacy – where U.S. forces just carried out an exceptionally rare move: seizing a massive dark-fleet tanker off Venezuela, long known as a key tanker for Iran’s shadow oil trade.
Maritime tracker MarineTraffic shows that the vessel commandeered by a U.S. special operations team, which rappelled onto the tanker’s deck from a Black Hawk helicopter on Wednesday (watch here), is the VLCC Skipper, carrying a million barrels of crude.
Here’s more from MarineTraffic:
U.S. forces seize tanker linked to covert Venezuelan crude shipment
U.S. forces have seized an oil #tanker believed to be the VLCC Skipper, after satellite imagery showed she secretly loading 1.1 million barrels of sanctioned Merey crude at Venezuela’s José Terminal. The vessel had been transmitting falsified AIS positions during the operation, a tactic increasingly used by “dark fleet” tankers tied to Venezuelan and Iranian trades.
MarineTraffic data shows the vessel has been sanctioned by OFAC since November 2022 and repeatedly linked to high-risk activity. Her cargo history includes multiple liftings from Venezuela and Iran, while operational risk signals show a two-month AIS gap in Iranian waters. The vessel has also conducted high-risk and dark STS transfers in the Red Sea, Iranian and Syrian zones, alongside multiple AIS spoofing events. Here’s the playback of the vessel’s latest movements.
The seizure underscores Washington’s escalating efforts to crack down on dark-fleet activity tied to Iranian and Venezuelan crude trades.
The incident comes amid heightened U.S. military presence in the region, and as Venezuela’s crude exports dropped to 700 kbd in November. The Skipper has been repeatedly linked to sanction evasion tactics, including spoofing and mislabeled Iranian cargoes routed through Asia, raising alarms about ongoing maritime deception.
Satellite imagery from November 14 shows the seized VLCC Skipper loading crude at Venezuela’s José Oil Terminal. Credit: European Union Copernicus Sentinel.
In markets, Brent crude round-tripped any fears of market disruptions as this seizure off Venezuela’s shore is isolated.
CBS cited a statement from the Venezuelan government that read, “It strongly denounces and repudiates what constitutes a shameless robbery and an act of international piracy.”
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
CANADA/USA
VENEZUELA/USA
US-Backed Opposition Leader Secretly Whisked Out Of Venezuela, Appears In Oslo To Urge Regime Change
Thursday, Dec 11, 2025 – 09:15 AM
As the main opposition figurehead and rival to Venezuelan President Nicolás Maduro, she’s reportedly been in hiding for many months. María Corina Machado hasn’t appeared in public for nearly a year, after she was briefly detained all the way back on Jan. 9 in Caracas.
Fearing another arrest where she could go away to prison for good, Machado has avoided public political or or protest events, even as her star was rising internationally with her being awarded the Nobel Peace Prize.
But there are reports she was safely whisked out of the country while Caracas authorities were distracted and preoccupied with Wednesday’s US seizure of a Venezuelan oil tanker.
After this, Machado popped up in Oslo, Norway – where she announced while appearing on a hotel balcony that many people had “risked their lives” to get her there. “I am very grateful to them, and this is a measure of what this recognition means to the Venezuelan people,” she said. The purported details sound straight out of a Hollywood movie:
The Wall Street Journal, though, said she wore a wig and a disguise when she began her journey on Monday. First, she left her hideout in a Caracas suburb where she had been living for nearly a year, heading for a coastal fishing village.
Two people helped her flee. The trio passed 10 military checkpoints, avoiding capture each time, on a nerve-wracking 10-hour trip, before reaching the coast around midnight, the newspaper said. They then began a perilous trip across the open Caribbean Sea to Curacao in an open wooden fishing skiff.
According to the WSJ, the US military was informed of her crossing, to avoid the boat being targeted by airstrikes. Machado confirmed on Thursday that she had US support.
“Machado arrived in Curacao around 3:00 pm (1900 GMT) on Tuesday. She was met by a private contractor who specializes in extractions and was supplied by the Trump administration,” according to the WSJ account.
Her daughter, Ana Corina Sosa, had accepted the Nobel Prize in her place as she had missed the award ceremony – apparently by a mere hours. But Thursday’s appearance can be thought of as her post-award press conference.
To be expected, she used the opportunity to again call for regime change in her own country, calling it a “criminal hub”. She’s calling on the international community to intervene and “cut those sources.”
“The regime is using the resources — the cash flows that come from illegal activities, including the black market of oil — not to give food for hungry children, not for teachers who earn $1 a day, not to hospitals in Venezuela that do not have medicine or water, not for security. They use those resources to repress and persecute our people,” she said.
And the mainstream media is fawning over her, with the NY Times hailing her as the “de facto spokeswoman for democracy in Venezuela.” But given the US military is parked just off Venezuela’s coast, this all seems less some kind of organic democratic uprising and much more obviously a brazen Washington orchestrated regime change op.
As an example of her own regime change rhetoric, geared toward the overthrow of President Maduro:
Reporter: Would you welcome a U.S. military intervention in Venezuela?
Machado:Venezuela has been already invaded. We have the Russian agents, we have the Iranian agents. We have terrorist groups such as Hezbollah, Hamas, operating freely in accordance with the regime.
She’s of course giving the neocons and hawks what they want to hear, as this narrative of “Middle Easts terrorists” setting up shop in Venezuela has long been a talking point among Republicans especially. But evidence is thin to non-existent, and exists more in the imaginations of 24/7 Fox News consumers.
Machado also expressed support for the US military intercepting and seizing Venezuelan oil tankers, and sanctioning her country:
Mr. Maduro’s largest corporate partner is Chevron, the American energy company, which has continued to export Venezuelan oil to the United States despite Mr. Trump’s military escalation.
In response to questions about the seizure of the oil tanker, Ms. Machado said that she supported cutting the funds of Mr. Maduro’s government. She added that he finances himself with gold smuggling, human trafficking, drugs and illegal oil sales.
Machado outside her hotel in Oslo smiles while crowds chanted “President! President!” She declared, “I want you all back in Venezuela.” She may soon get her wish in the country with the world’s largest proven oil reserves.
Her daughter has promised that “she will be back in Venezuela very soon.” Machado has said it is her “duty” to return to Venezuela with her Nobel award, and she’s willing to do so whether or not Maduro remains in power.
Meanwhile, there has actually been some local opposition to the oppositionist evident on the streets of Norway…
Indeed many are not buying this carefully curated narrative: “We know that our regime is supporting itself thanks to other authoritarian regimes. We need the support of all democracies in the world,” Machado said. “That’s why we are certainly asking the world to act.” Iraq, Libya, Syria 2.0 coming?
END
Putin Doubles Down On Backing Maduro As US Prepares To Seize More Oil Tankers
Thursday, Dec 11, 2025 – 02:00 PM
The Kremlin confirmed that Russian President Vladimir Putin spoke by phone with Venezuelan President Nicolás Maduro on Thursday and reassured him of Moscow’s support, at a moment he’s facing likely regime change action at the hands of US military might.
Putin expressed support for Maduro’s rule “in the face of growing external pressure,” but they also discussed their advancing a strategic partnership and the areas of ongoing economic and energy projects. Moscow has long stood by Caracas’ side throughout years of growing isolation and sanctions.
The Kremlin statement added that “Putin expressed solidarity with the Venezuelan people and reaffirmed his support for the Maduro government’s policy of safeguarding national interests and sovereignty amid mounting external pressure.”
Wednesday saw elite American special forces operators board and seize a Venezuelan oil tanker. They were filmed rappelling onto the ship’s deck from a helicopter, with rifles at the ready.
This has serious repercussions for Russia too, given Moscow has been a longtime trading partner with Caracas, and it raises the potential that Russian tankers in the Caribbean could be intercepted.
Perhaps even more notably, Reuters reports that Washington is preparing to intercept more ships transporting Venezuelan oil following the seizure of a tanker this week, as it increases pressure on Venezuelan President Nicolas Maduro, six sources familiar with the matter said on Thursday.
Further direct interventions by the U.S. are expected in the coming weeks targeting ships carrying Venezuelan oil that may also have transported oil from other countries targeted by U.S. sanctions, such as Iran, according to the sources familiar with the matter who declined to be named due to the sensitivity of the issue.
Last weekend Russian Deputy Foreign Minister Sergei Ryabkov said that his country would stand “shoulder to shoulder” with Venezuela in this time of crisis, but didn’t offer anything concrete.
“This is primarily due to the desire to assert the unquestioning dominance of the United States in the region, this is a trademark of the Trump administration,” Ryabkov explained.
According to some more of the latest developments via Newsweek:
Initial reports on Wednesday cited U.S. officials saying the Coast Guard carried out the tanker seizure under international maritime law, targeting vessels tied to alleged illicit PDVSA-linked crude shipments.
U.S President Donald Trump later confirmed the seizure, hinting that “other things are happening,” but offered no further details.
A senior Trump administration official described the move as a “judicial enforcement action on a stateless vessel” last docked in Venezuela.
Oil prices jumped on the news: Brent crude rose 0.8 percent to $62.35 a barrel, and West Texas Intermediate climbed to $58.46.
Analysts warn the seizure may further strain U.S.–Venezuela relations and deter shippers already wary of handling sanctioned Venezuelan crude.
Maduro has long accused Washington of seeking to overthrow him and seize Venezuela’s vast oil reserves; the nation’s production has fallen from over 2 million barrels a day to roughly 1 million.
The seizure comes after Trump renewed threats of intervention by land, air, or sea, including a recent U.S. fighter jet flyover near Venezuelan airspace.
Caracas condemned the action as “international piracy” and “brazen theft,” accusing the U.S. of trying to control its natural resources.
Trump called the tanker the “largest ever” seized by the U.S.
Some hawks have long viewed Venezuela as a Latin American satellite state of Russian influence…
While Russia has been a longtime ally of President Maduro, it is unlikely to come to his defense in any direct way, also given the delicate and sensitive efforts to improve bilateral ties with Washington amid talks to de-escalate the Ukraine war. This despite Caracas having formally pleaded for more help from Moscow of late, including arms deliveries.
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS THURDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1702 UP 0.0002 PTS OR 2 BASIS POINTS/WITH STOCKS IN EUROPE MOSTLY ALL GREEN
USA/ YEN 155.85 UP 0.084 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 1.3372 DOWN .0017 OR 17 BASIS PTS
USA/CAN DOLLAR: 1.3807 UP 0.0018 CDN DOLLAR DOWN 18 BASIS PTS//CDN DOLLAR STILL GETTING KILLED)
Last night Shanghai COMPOSITE CLOSED DOWN 27.19 PTS OR 0.70%
Hang Seng CLOSED DOWN 10.67 PTS OR 0.04%
AUSTRALIA CLOSED DOWN 0.28%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 10.61 PTS OR 0.04%
/SHANGHAI CLOSED DOWN 27.19 POINTS OR 0.70%
AUSTRALIA BOURSE CLOSED DOWN 0.28 %
(Nikkei (Japan) CLOSED DOWN 463.80 PTS OR 0.82%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 4222.40
silver:$62.30
USA dollar index early THURSDAY morning: 98.23 DOWN 54 BASIS POINTS FROM TUESDAY’s CLOSE
THURSDAY MORNING NUMBERS ENDS
And now your closing THURSDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.164 % down 4 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +1.927% down 3 FULL POINTS AND 25/100 BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.383 DOWN 1 BASIS PTS//DEADLY
SPANISH 10 YR BOND YIELD: 3.2994 DOWN 1 in basis points yield
ITALIAN 10 YR BOND YIELD 3.529 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: 2.8432 DOWN 2 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY THURSDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1739 UP 0.0038 OR 38 basis points
USA/Japan: 155.16 DOWN 0.589 OR YEN IS UP 59 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.4770 DOWN 3 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.186 DOWN 2 BASIS POINTS.
Canadian dollar UP 0.0016 OR 2 BASIS pts to 1.3773
Gold & Silver Jump, Bitcoin & Big-Tech Dump As ORCL’s Grinch Slams Santa Powell
WRAP UP;
Stocks mixed as Oracle concerns pressure NDX but SPX sees record close – Newsquawk US Market Wrap
Thursday, Dec 11, 2025 – 04:31 PM
SNAPSHOT: Equities mixed, Treasuries up, Crude down, Dollar down, Gold up
REAR VIEW: US initial claims see largest weekly jump since March 2020; US International Trade deficit unexpectedly narrows; Average US 30yr bond auction; SNB holds rates as expected; Australian job growth disappoints; Zelensky says Ukrainians should have say on territorial concessions via a referendum; OPEC MOMR maintains 2025 & 26 world oil demand growth outlook; CBRT cuts more than expected; ORCL hit post earnings
COMING UP: Data: UK GDP Estimate (Oct). Speakers: Fed’s Paulson, Hammack, Goolsbee, Schmid, Miran.
2. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
MARKET WRAP
Markets chopped on Thursday with the initial post-FOMC optimism fading overnight after Oracle (ORCL) earnings elicited concerns on its data centre build-out and debt after it raised its CapEx outlook. However, throughout the US session, there was a reversal of the overnight weakness with stocks grinding higher throughout the day to return to post-FOMC levels as Fed dovishness kept the markets going. Note, NDX still closed red as ORCL earnings weighed, but SPX hit a fresh closing record. T-notes also added to Wednesday’s gains with the curve steepening. The upside and steepness expanded on Thursday after the release of the US Initial Jobless Claims data, which saw a notable rebound from the prior week’s drop, rising to 236k, above the 220k forecast, adding to labour market concerns. The Dollar was weaker in the fallout of the FOMC and jobless claims report, while the move lower in UST yields kept the Yen and Franc bid. Franc outperformed post SNB, which saw little reaction to the widely expected on-hold announcement but gained after SNB Chairman Schlegel said that he cannot say that a lower CPI outlook makes NIRP more likely. Oil prices ultimately settled in the red on Russia/Ukraine hopes, but upside was seen around settlement – supported by the US seizing Venezuelan oil tankers. Silver and gold extended on recent gains, with silver rising above USD 63/oz and gold hitting an intraday peak of USD 4,285/oz.
US
CLAIMS: Initial Jobless Claims rose to 236k from 192k, above the 220k forecast. The large increase in claims likely largely reflects a reversal of the understated print seen in last week’s data (Thanksgiving week). The reversal this week confirms that the drop in the prior week was largely due to seasonal/holiday effects, rather than a notable improvement in the labour market. Looking at the unadjusted data, it totalled 313k, rising 115k from the prior week – seasonal factors had expected an increase of 57k. Continued Claims, for the Thanksgiving week, saw a notable drop to 1.838mln from 1.937mln, well below the 1.947mln forecast – further confirming issues in reporting around the holiday period. The next continued claims data may see a snap back, similar to what we saw in the initial claims released this week. Nonetheless, Pantheon Macroeconomics highlight that the data does overall suggest that layoffs are starting to creep up, but warns us that seasonals struggle from Thanksgiving through to mid-January, and so the trend is far more important than a single week’s data.
INTERNATIONAL TRADE: The US goods and services trade deficit unexpectedly narrowed in September to USD 52.8bln from the USD 59.3bln deficit seen in August (exp. 63.3bln). The September decrease in the goods and services deficit reflected a decrease in the goods deficit of USD 7.1bln to USD 79.0bln and a decrease in the services surplus of USD 0.6bln to USD 26.2bln. Exports rose USD 8.4bln to 289.3bln while imports increased USD 1.9bln to USD 342.1bln. On China, the deficit decreased by USD 4bln to USD 11.4 billion as imports fell USD 3.9bln to USD 20.1bln while exports rose by USD 0.2bln to USD 1.7bln. Given US trade data is absent after September due to the government shutdown, Oxford Economics notes news from Asia suggests that US demand for AI-related technology is still robust in the latter stages of this year. “So data on US goods imports are likely to continue to understate any dampening effects from tariffs.” For 2026, the firm expects the uncertainty over US trade policy to shift from the level of US tariffs towards how the economies most affected by tariffs respond, and to the duration and sustainability of the AI boom.
FIXED INCOME
T-NOTE FUTURES (H6) SETTLE 7+ TICKS HIGHER AT 112-14+
T-notes continue to steepen post-Fed, supported by a jump in jobless claims. At settlement, 2-year -3.7bps at 3.528%, 3-year -4.0bps at 3.568%, 5-year -4.0bps at 3.715%, 7-year -3.2bps at 3.914%, 10-year -2.3bps at 4.141%, 20-year -1.0bps at 4.756%, 30-year -0.5bps at 4.791%.
INFLATION BREAKEVENS: 1-year BEI -5.1bps at 2.647%, 3-year BEI -2.3bps at 2.398%, 5-year BEI -0.4bps at 2.238%, 10-year BEI -0.7bps at 2.244%, 30-year BEI -0.6bps at 2.223%.
THE DAY: T-notes continued the march higher after Wednesday’s FOMC, with the curve bull steepening. T-notes hit highs in the wake of the US jobless claims data, which saw Initial Jobless Claims jump from the prior week. Now, the base was low due to the prior data coinciding with the Thanksgiving week, so the reversal was expected, albeit claims rose to 236k, above the 220k forecast. This took T-notes to fresh session highs amid concerns surrounding the labour market. However, the upside did not last long with the move largely reversing, primarily led by the long-end, seemingly led by an improvement in risk appetite, but the front end remained supported on prospects of a more dovish Fed. The 30-year bond auction sparked little reaction at the time, with the auction largely in line with recent averages but improving from the prior. However, heading into settlement, T-note selling accelerated as stocks pushed to fresh highs, paring the overnight weakness following Oracle (ORCL) earnings. Attention on Friday turns to the resumption of Fed speak, where we are expected dissent explanation from Goolsbee, Schmid, and potentially Miran. Paulson and Hammack are also set to speak. Next week, there is plenty of data too (October and November NFP, retail sales, CPI).
SUPPLY:
Notes
US Treasury to sell USD 13bln of 20-year bonds on 17th December and USD 24bln of 5-year TIPS on 18th Dec; to settle on 31st Dec
US sold USD 22bln of 30-year bonds at a high yield of 4.773%, stopping through the when issued by 0.1bps – an improvement when compared to the prior 1.0bps tail and six auction average of a 0.3bps tail. The bid-to-cover rose to 2.36x from 2.29x, in line with recent averages. The breakdown saw an improvement in direct demand to 23.5% from 14.5%, in line with recent averages, while indirect demand fell to 65.4% from 71%, a touch above the 63.7% average. This left dealers with 11.16% of the auction, improving from the prior 14.5% and a bit better than the average 12.5%.
Bills
US sold USD 85bln of 4-week bills at a high rate of 3.610%, B/C 2.67x.
US sold USD 80bln of 8-week bills at a high rate of 3.610%, B/C 2.79x
US to sell USD 86bln of 13-week bills and USD 77bln of 26-week bills on December 15th
US to sell USD 75bln of 6-week bills on December 16th; all to settle on December 18th
STIRS/OPERATIONS
Market Implied Fed Rate Cut Pricing: January 6bps (prev. 5.5bps), March 13bps (prev. 13bps), April 19bps (prev. 20bps), December 56bps (prev. 56bps)
NY Fed RRP op demand at USD 2.87bln (prev. 5bln) across 7 counterparties (prev. 17)
NY Fed Repo Op demand at USD 0.001bln (prev. 0.001bln) across two operations.
EFFR at 3.89% (prev. 3.89%), volumes at USD 98bln (prev. 85bln) on December 10th
SOFR at 3.90% (prev. 3.95%), volumes at USD 3.222tln (prev. 3.244tln) on December 10th
Treasury Buyback (Cash Management, 1mth-2-year, max. USD 12.5bln): Accepts USD 12.5bln of 33.6bln of offers; accepts 16 of 48 eligible issues. Offer to cover: 2.69x
CRUDE
WTI (F6) SETTLES USD 0.86 LOWER AT 57.60/BBL; BRENT (G6) SETTLES USD 0.93 LOWER AT USD 61.28/BBL
Crude benchmarks were sold all day as markets shrugged aside souring US-Venezuela relations, placing optimism on the Ukraine-Russia conflict. Further pressure came in the US the morning after Ukrainian President Zelensky spoke about the revised 20-point peace plan. Zelensky said Ukrainians should have a say on territorial concessions via a referendum, but downplayed the prospect by noting that holding elections in Ukraine would require a ceasefire. From Russia, Foreign Minister Lavrov said the visit with US Envoy Witkoff resolved the misunderstanding, and that Moscow had handed over Russia’s proposal on collective security guarantees. On US-Venezuela, the US Treasury issued fresh sanctions, targeting Venezuela President Maduro’s nephews, oil tankers, and companies. So far, oil prices have been fairly muted towards the news as desks await the escalations to reach the market. However, Reuters sources suggested that the seizure of oil tankers led to the suspension of at least three shipments, equating to 6mln bbls of oil. Separately, the OPEC MOMR maintained its 2025 and 2026 world oil demand growth forecast, while the IEA OMR saw the 2026 average oil demand growth forecast rise by 90k to 860k BPD; IEA lowered the global oil supply growth forecasts by 100k BPD for 2025, and by 20k BPD for 2026. WTI and Brent hit lows of USD 57.01/bbl and USD 60.77/bbl, respectively.
Oil prices will likely ease further to an average of USD 60/bbl through Q1 2026 as stockbuilds materialise in OECD inventories.
Has a neutral, rangebound view for 2026, seeing an average of USD 62/bbl Brent for the year with prices mostly in a USD 55–65/bbl range.
The bull case, with realised geopolitical supply disruptions, is for USD 75/bbl Brent.
The bear case, with geopolitical dealmaking, less China buying and more OPEC+ supply ahead of US midterms, is for USD 50/bbl Brent.
EQUITIES
CLOSES: SPX +0.21% at 6,901, NDX -0.35% at 25,687, DJI +1.34% at 48,704, RUT +1.21% at 2,591
SECTORS: Materials +2.23%, Financials +1.84%, Industrials +1.06%, Health +0.95%, Utilities +0.74%, Consumer Staples +0.71%, Real Estate +0.49%, Consumer Discretionary +0.08%, Energy -0.42%, Technology -0.55%, Communication Services -1.01%
EUROPEAN CLOSES: Euro Stoxx 50 +0.88% at 5,758, Dax 40 +0.61% at 24,278, FTSE 100 +0.49% at 9,703, CAC 40 +0.79% at 8,086, FTSE MIB +0.54% at 43,702, IBEX 35 +0.72% at 16,883, PSI -0.31% at 7,994, SMI -0.02% at 12,920, AEX +0.35% at 947.
STOCK SPECIFICS:
Oracle (ORCL): Revenue missed; higher FY26 capex outlook keeps buildout/debt concerns at play.
Adobe (ADBE): Top and bottom line beat; operating margin guidance missed.
Synopsys (SNPS): Profit and revenue beat; revenue outlook falls short.
Eli Lilly (LLY): Announced positive topline results from the Phase 3 TRIUMPH-4 clinical trial of retatrutide.
Nordson (NDSN): Profit beat.
Planet Labs (PL): Earnings beat and raised FY26 revenue outlook.
Unity Software (U): Upgraded at BTIG and Piper Sandler.
PayPal (PYPL): Downgraded at BofA to ‘Neutral’ from ‘Buy’.
Visa (V): Upgraded to ‘Buy’ from ‘Neutral’ at BofA.
Roku (ROKU): Upgraded at Jefferies to ‘Buy’ from ‘Hold’.
FX
Dollar weakness continued in the aftermath of the Fed cutting rates more decisively than many had thought. Adding pressure was the latest weekly claims print, which confirmed the recent drop was due to seasonal effects over the Thanksgiving period. Initial claims printed 236k, above the expected 220k, while continued claims dropped to levels last seen in April, albeit the survey period lags initial claims by one week, meaning it is likely experiencing the same seasonality effect as initial did last week. The release allowed Treasuries to rally further, and as such, the lower US yield environment dragged the USD lower. DXY hit lows of 98.133 from earlier 98.763 highs.
CHF saw strength amid Chairman Schlegel’s remarks in the press conference after the SNB held the Policy Rate at 0.00% as expected. The SNB remains willing to be active in the FX market as necessary and slightly revised its 2026 and 2027 inflation projections lower. Schlegel lent CHF a hand after noting that he cannot say whether a lower CPI outlook makes NIRP more likely. CHF upside extended amid the broad USD weakness, leaving USD/CHF at ~0.7950, while EUR/CHF posted lesser downside, trading at ~0.9330.
AUD/USD was flat after disappointing job growth offset the typical strength seen in times of dollar selling. Full-Time Employment in November erased October’s gains, -56.5k (prev. 55.3k).
TRY: The CBRT cut its Weekly Repo Rate by 150bps to 38.00%, a larger move than expected (exp. 38.50%). USD/TRY was choppy at the time, and is flat at pixel time. It is unclear as to why CBRT opted to reduce its repo rate by 50bps more than expected, with the accompanying statement noting inflation expectations and pricing behaviour continue to pose risks to the disinflation process.
USA DATA RELEASES
Continuing Jobless Claims Plummet To 8 Month Lows
Thursday, Dec 11, 2025 – 08:38 AM
After plunging near 60 year lows in the prior week (at 192k), initial jobless claims rebounded (as many expected) to 236k last week – back into the ‘normal’ range and nothing at all to worry about from a labor market perspective…
Source: Bloomberg
Sure enough it was California in large part that was responsible for the chaos
USA ECONOMIC COMMENTARIES
MIAMI FLORIDA
how could this be posssible in a completely red state:
Republicans Taking Note After Miami Mayor’s Office Flips Blue For First Time In Decades
Republicans looking for hints on how midterms might go need look no further than Miami, Florida – where Democrat Eileen Higgins won the mayor’s race, becoming the first woman to lead the city – and the first Democrat to take the helm in nearly 30 years.
Miami mayor-elect Eileen Higgins celebrates at a watch party after winning the Miami mayoral runoff election, Tuesday, Dec. 9, 2025, in Miami. | Lynne Sladky/AP
The 61-year-old campaigned on opposition to the Trump administration’s crackdown on immigration, saying many in Miami have voiced concerns over family members being detained.
Higgins beat Trump-backed former city manager Emilio Gonzales by roughly 19%. That said, there are a few caveats:
The race was supposed to be nonpartisan, meaning voters didn’t see party labels when they cast their ballot.
– It’s an off-year election, and the first Miami mayoral runoff since 2001.
– It’s the first time the mayor’s race has ever been decided in December, while people are preparing for the holidays.
Yet, since Republicans have held the seat for so long, and because Higgins won by nearly 20 points, Democrats get to add Miami to their list of wins in 2025.
“We are facing rhetoric from elected officials that is so dehumanizing and cruel, especially against immigrant populations,” Higgins told AP following her victory speech. “The residents of Miami were ready to be done with that.”
While the Miami race might be an outlier when it comes to predicting midterms, the victory gives Democrats some momentum heading into midterm elections, where the GOP is looking to keep Florida red – including a Hispanic-majority district in Miami-Dade county that has been shifting increasingly conservative in recent years.
“Tonight’s result is yet another warning sign to Republicans that voters are fed up with their out-of-touch agenda that is raising costs,” said DNC chair Ken Martin following Higgins’ win.
Conservative activist Scott Pressler sounded the alarm, writing on X: “Republicans are completely squandering all of the work we did to win the 2024 elections.”
As Politico notes, Higgins’ campaign is likely to be carefully studied by other Democratic hopefuls in Florida – after she ran “not on social justice or culture war issues, but on improving affordability and making government work better. She agreed with Republicans that the city’s finances needed a careful look.”
Republicans will certainly face questions after Tuesday’s result – including whether they’re losing ground with Latinos, and whether it will continue to be effective to call Democrats “socialists” at every turn given that it didn’t work whatsoever with Higgins.
“Donald Trump got involved in this election. Ron DeSantis got involved in this election. Every statewide elected Republican got involved in this election,” said Florida Democratic Party Chair Nikki Fried. “They knew this was an important race, and them blowing it off today is why we’re going to be able to win some really big races next year — because they think they just have Florida in the bag.”
END
Senate To Vote On Dueling Health Care Bills Tackling Expiring Obamacare Subsidies
The Senate is poised for a Dec. 11 vote on competing measures to resolve the standoff over extending the expiring subsidies for Obamacare.
Both are likely to fall along party lines, and to fail to reach the 60-vote threshold required to advance legislation in the Senat
The subsidies, officially known as enhanced premium tax credits, were created as a temporary measure in 2021 to blunt the economic impact of the COVID-19 national health emergency.
Originally offered for two years, the enhanced subsidies were further extended for three years and will expire at the end of this month.
Democrats, fearing that allowing the subsidies to expire now would cause financial hardship and cause millions of Americans to drop their health coverage, have proposed another three-year extension.
“Democrats have put forward the cleanest, fastest, most realistic solution, a three-year extension of the current tax credits,” Senate Minority Leader Chuck Schumer (D-N.Y.) said on Dec. 9.
Republicans, saying that the billions spent on these additional subsidies have contributed to rapidly rising insurance premiums and have given rise to opportunities for fraud, oppose an extension that does not address those issues.
“The bill [Democrats] are going to put on the floor will fail,” Senate Majority Leader John Thune (R-S.D.) told reporters on Dec. 9.
Republicans have proposed an alternative plan. It would replace the enhanced subsidies with a cash payment to eligible enrollees, to be placed in a Health Savings Account. The original Obamacare subsidies, distinct from the enhanced subsides, would remain in place.
Schumer on Dec. 9 criticized the proposal as “dead on arrival.”
Enhanced Subsidies
The enhanced subsidies enacted in 2021 expanded eligibility for Obamacare, offering subsidies for wage earners well into the middle class.
The original Obamacare subsidies are open to people making between 100 percent and 400 percent of the federal poverty level. That equates to a household income of between $32,150 and $128,600 for a family of four.
The enhanced subsidies increased the amount of the subsidies, removed the income limit, and capped out-of-pocket premium payments at 8.5 percent of household income. Some low-income enrollees are eligible for plans with no premium payment under the coverage expansion.
Obamacare enrollment more than doubled after the enhanced subsidies were introduced.
Standoff
Democrats pushed for a permanent extension of the enhanced subsidies early in the fall, refusing to authorize continued spending to fund the government until Republicans agreed to negotiate over this and other health-care-related proposals.
Republicans refused to consider the extension during the shutdown.
The government shutdown, which lasted for 43 days, ended when eight Democratic Senators voted with Republicans to approve stopgap funding to reopen the government, but on the condition that their party be given a vote this month on extending the subsidies.
Schumer revealed the Democrats’ proposal for a three-year extension on Dec. 4.
Sens. Mike Crapo (R-Idaho) and Bill Cassidy (R-La.) released their plan on Dec. 8, and Republicans elected to present it for a vote alongside the Schumer plan on Dec. 11.
Other plans have been proposed by Senate Republicans, by bipartisan groups of House members, and by the House New Democrat Alliance.
Compromise Seekers
The latest compromise proposal has been put forward by Rep. Brian Fitzpatrick (R-Pa.), joined by a bipartisan group of House members.
Fitzpatrick introduced a discharge petition that, if successful, could force the House to vote on his proposal. A discharge petition requires support from 218 House members.
The Fitzpatrick plan would extend the enhanced premium tax credits through 2027 to insulate consumers from sudden rate increases. It includes some measures to check fraud by unscrupulous insurance brokers and rein in some practices of pharmacy benefit managers, the middlemen in the prescription drug supply chain.
The measure has the support of several moderate House members, including Reps. Jared Golden (D-Maine), Michael Lawler (R-N.Y.), Don Bacon (R-Neb.), Thomas Suozzi (D-N.Y.), and Robert Bresnahan (R-Pa.).
The subsidies have taken on a sense of urgency as the Jan. 1 premium increases draw nearer. “This is personal to a lot of us because these are our friends and our neighbors that are losing sleep over this,” Fitzpatrick said.
Sen. Thom Tillis (R-N.C.) applauded the effort, saying it seemed similar to a three-year ramp-down of the subsidies that he suggested.
Tillis told The Epoch Times on Dec. 10 that any measure would need roughly equal support from both parties because hardliners on both sides would be likely to reject a compromise.
Sen. Richard Blumenthal (D-Conn.) said, “Compromise should never be a dirty word.”
Sen. Angus King (I-Maine) said: “This should be a bipartisan. Let’s get together and figure this out.”
Sen. Josh Hawley, who has proposed no tax on health care premiums, deductibles, or copays, said lawmakers should explore every option for bringing down the cost of health care.
“I think it should be hard to go home and say to people whose premiums are doubling, ‘You know, we just couldn’t quite get it done,’” he said.
END
VICTOR DAVIS HANSON
KING NEWS
The King Report December 11, 2025 Issue 7637
Independent View of the News
On Wednesday, the DJIA and DJTA were up smartly at the European close, but Fangs were down smartly due to MSFT and Netflix’s 2+% drops. USZs were +12/32. Precious metals retreated but silver rallied modestly. Gasoline was sharply lower; oil was modestly lower; copper was moderately higher.
ESZs traded modestly negative during Nikkei trading but in a moderate range. After the 1 ET Nikkei close, ESZs commenced a rally that took them to a daily high of 6859.25 at 3:09 ET. The pro dump occurred early; ESZs tumbled to 6834.25 at 5:29 ET. An irregular A-B-C rally boosted ESZs to 6856.26 at 8:24 ET. Aggressive selling resumed; ESZs sank to a daily low of 6830.75 at 9:34 ET.
Conditioned buying for NYSE opening dips and Fed Day appeared. ESZs jumped to 6852.50 at 10:16 ET. A dump appeared; ESZs sank to 6832.25 at 11:02 ET. The manipulation for the European close propelled ESZs to 6856.50 at 11:26 ET. ESZs then stair stepped down to 6847.00 at 12:43 ET.
The rally for the FOMC Communique released then began; ESZs ran to new daily high of 6860.00 at 12:56 ET. ESZs then sank to 6842.25 at 13:57 ET.
USZs were +20/32 into the release of the FOMC Communique. It appeared that bond traders expected the Fed to issue a more hawkish communique than The Equity Street expected.
FOMC Communique HighlightsAs expected, the Fed cut its target rate by 25bps, but on a 9-3 vote (2 against, Miran for 50bp cut)The Fed will buy $40B of T-Bills over the next 30 daysRepeats that inflation remains elevatedUnemployment edged up in SeptemberFour officials see ONE rate cut in 2026; Four see 2 rate cuts in 2026; four see 3 rate cuts in 2026Seven officials see NO rate cuts in 2026Raised its 2026 GDP guess by 0.4 to 2.3%; and sees Unemployment at 4.4%https://www.federalreserve.gov/newsevents/pressreleases/monetary20251210a.htm
ESZs soared on the Fed’s T-Bill QE, hitting 6875.25 at 14:10 ET. Gold turned positive; silver jumped above 61; USZs fell 8 ticks. ESZs then vacillated wildly until Powell was more dovish than expected. ESZs soared to a new daily high of 6908.00 at 15:34 ET.
Powell Press Conference HighlightsData may be distorted because some cannot be collectedWe feel we made progress on non-tariff inflationGradual Labor Market Cooling Justified Rate Cut TodayWe think job gains overstated by 60k in recent monthsLabor market cooling a touch more gradual than thought In the Q&A, reporters pounded Powell on cutting rates when inflation has been above target for years.
Powell blamed tariffs for the inflation and lied that the Fed is still committed to returning inflation to its 2% goal. Jerome asserted that if there are NO new tariffs, inflation should peak in Q1. When pressed about how a rate cut will return inflation to 2%, Powell dissembled, mumbled, and groveled that the softening labor market complicates Fed action.
Powell said AI is probably a part of the softening labor market but not a big part; and the labor supply has come down sharply. PS – Powell took a shot at DJT by saying jobs are overstated by 60k/month.
When confronted about bond yields rising on inflation expectations, Powell claimed it’s not inflation expectations; it is growth expectations driving yields higher. This pure BS. The recent decades have shown, notably the ‘80s, that bond yields can fall on economic growth. It’s the inflation, stupid!
A reporter vexed Powell by asking Jerome if lowering rates hurts savers and people’s interest income. Jerome stammered, averted answering the question directly and abruptly exited.
Powell made it crystal clear that he and Fed are prioritizing jobs at the expense of inflation. Also, pundits are already averring that the Fed’s T-Bill is the precursor to Note & Bond QE.
NB: The Fed claims it is going to buy $40 billion of Treasury bills a month to ensure that there is enough cash in the financial system. Why is this necessary if the economy is in a Golden Age? What is lurking in the financial system that is frightening the Fed and Powell?
Devious minds want to know if Powell is sticking it to Trump by cutting rates and doing QE to exacerbate the ‘affordability crisis’ that plagues Americans and Team Trump? Do not forget that over 80% of Treasury issuance over the past year has been T-Bills. Why is the Fed doing T-Bill QE? Because that’s where the US debt bubble is!
WSJ: Massive Debt-Fueled Deals, From Warner to Electronic Arts, Are Back on Wall Street Paramount’s $77.9 billion bid for Warner—backed by $54 billion in debt—is making some bond investors queasy
@YahooFinance: “Housing is going to be a problem,” Fed Chair Powell says. “We can raise and lower interest rates, but we don’t really have the tools to address a secular housing shortage, structural housing shortage.” https://x.com/YahooFinance/status/1998859033181114597
@rev_cap: There is no Fed chair in history who even remotely rivals how dovish Powell has been over his term. Absolutely no one close. In apples / apples terms he oversaw the largest inflation wave ever and with inflation stuck above target and full employment he’s still cutting rates.
@rev_cap posted 6:31 AM · Dec 10, 2025: Another Fed Day preview: “We cut rates due to evidence of weakness in the labor market and slowing inflation.” “What evidence would you point to?” “Well again we are anticipating the evidence. It hasn’t come yet but we’re confident it will, or if it doesn’t it will later on.”
@MauiBoyMacro: The irony of the RUT at all-time highs while 40% of the index have no earnings. “A bubble can’t be a bubble without a valuation extreme, and so far, we don’t have one.” @TimmerFidelity (12/05/25)
@CyberSecurity__: One of the dirty secrets of the Russell 2000 is that companies with losses aren’t included in its P/E calculation. (Fortunately, there is no market regulator for securities.) Another one: 90% of US corporate profits go to the S&P 500.
Positive aspects of previous session Stocks soared on Fed T-Bill QE and a very dovish Powell
Negative aspects of previous session Copper, gold, silver, and cryptos soared on Fed T-Bill QE and the cravenly dovish Powell Gold rallied from 4207.80 (-28.40) at 14:39 ET to 4268.80 (+32.60) at 15:14 ET. Siver topped $62! The dollar got crushed!
Ambiguous aspects of previous session Fed QE had resumed What does Powell and Fed fear?
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Down
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6847.62 Previous session S&P 500 Index High/Low: 6900.67; 6824.69
@VigilantFox: Did you know the DPT shot injured so many children that Big Pharma threatened to stop making vaccines? That’s how you lost the right to sue them. Japan had the same problem. But instead of protecting Pharma, they delayed the DPT shot until age 2, and what happened next was so profound, it was impossible to ignore… Doctors noticed a disturbing pattern and some spoke out. SIDS peaks precisely at 2, 4, and 6 months. It must mean something, right? It turns out, that’s exactly when babies receive vaccines. Dr. James Howenstine found SIDS soared alongside the number of vaccines given… Back to DPT… When Japan moved the DPT vaccine from 3-5 months of age to 24 months, there was an 85-90% drop in DPT brain damage and SIDS as well as a 60% drop in the infant mortality rate… https://x.com/VigilantFox/status/1998820004297621994
@financialjuice: Oracle Q2 Earnings (After NYSE close): Adjusted EPS $2.26, est. $1.64 Adjusted Revenue $16.06B, est. $16.21B Adjusted Operating Income $6.72B, est. $6.82B Adjusted Operating Margin 42%, est. 42.2% Cloud Revenue (IaaS + SaaS) $8.0B, est. $8.04B; Software Revenue $5.88B, est. $6.03B Cloud Infrastructure Revenue (IaaS) $4.1B, est. $4.09B Cloud Application Revenue (SaaS) $3.9B, est. $3.9B Remaining Performance Obligations $523B vs. $97B y/y
Oracle at first rallied 8.16 points, but quickly reversed into an 11% decline on the revenue miss and an announced $50B capex (AI spending?) for the FY ending in November 2026.
Trump said the US seized a Venezuelan oil tanker off the coast of Venezuela because it was headed to Iran, which is a violation of US sanctions. This is a grave escalation in the US-Venezuela conflict.
Today – With Trump campaigning on his great economy and the Fed resuming QE, there is no telling how far stocks and precious metals might run. The arbiter will be Mr. Bond and his Uncle Buck.
USZs sank 17-tick to +3/32 on the resumption of Fed QE. Retail buying and short covering created a rebound. However, USZs did NOT make a new daily high and were +15/32 at 16:00 ET.
The Dollar Index is breaking down after a rebound rally from 96.218 on 9/17/25 to 100.395 on 11/21/25. A decline below 98, (the DXY was 98.653 at the NYSE close) would be very, very bad.
After the S&P 500 Index modestly and briefly breached 6900 (by 0.67), ESZs rolled over and fell 19 handles into the NYSE close. Obviously 6900 is important resistance for the S&P 500 Index today.
If bonds rally early on retail and trader buying, be alert for a later reversal if the 30-year auction is bad. There is also a chance that dealers will try to manipulate USZs higher after the auction to unload their inventory to patsies. So, be alert for a bond decline late today or tomorrow.
PS – The S&P 500 Index had its best Fed Day Rally since March.
PSS – Some analysts noted that several Fed officials publicly expressed there was no need to cut rates but voted to cut, except for Chicago Fed Pres Goolsbee and KC Fed Pres Schmid, to not embarrass Powell. Ergo, there is high probability that Fed officials will issue hawkish remarks in coming days.
‘Silent Dissent’ Reveal Growing Fed Resistance to Powell’s Cuts – BBG “It’s very unusual. In my 10-plus years… with the Fed, I haven’t seen this,” said Patrick Harker (ex-Phil Fed Pres)… “I would’ve been one of those silent dissents,” Harker said. “I think the cut is a mistake.” If the Fed is resuming QE due to hundreds of billions of bond losses on banks’ books, the devastating irony would be if Mr. Bond revolts against the QE/rate cuts and exacerbates those losses!
Democrats end 30-year losing streak in Miami as Trump-backed candidate falls short Higgins rides affordability push to Miami mayor’s office, backed by national Democratic machine Trump made major gains last year with Hispanic and Latino voters in his re-election victory, but Higgins’ win in Tuesday’s runoff election is the latest signal that Hispanic and Latino voters may be souring on the president and his party… https://www.foxnews.com/politics/democrats-end-30-year-losing-streak-miami-mayoral-race-trump-backed-candidate-falls-short
Dems’ win in Miami is ‘wake-up call’ for GOP ahead of 2026, GOP mayors leader warns “The Democrats got very involved in the Miami mayor’s race very early and put a ton of money into it, particularly once the primary was determined. I think we got outspent 19 to 1,” Johnson told The Post in an exclusive interview Wednesday… The city’s population is more than 70% Hispanic… The race was also complicated by the candidates not having been designated by their party affiliation on the ballot, which known as a nonpartisan mayoral contest… https://trib.al/jTNYVka
@Peoples_Pundit: Plenty of Republicans voted in Miami… They got crushed with indies. We have interviewed over 100k people in the last three months and have held focus groups for as long. I find it utterly hilarious that people think they can glance at the top lines of that work and think they suddenly have a full grasp on what you know despite not doing it. I told you all, despite many who didn’t listen, that the economy since Spring was not the cause of the fracture in MAGA and Trump Coalition. That was a reason LATER amended to the list of grievances by his dissenters. It was Trump mishandling of the Epstein files, his lashing out at supporters who disagreed. and subsequent bad decision… in bombing Iran on half of Israel and ignoring the MaGA agenda for months after. -4 points, not coming back regardless of how good the economy performed without addressing that. Charlie was murdered, Republicans stuck their thumbs up their a$$es…
@hodgetwins: Trumps approval rating is down because the people that voted for him feel let down and betrayed. Why aren’t his closest advisors telling him this? Because they are frauds
@TheBabylonBee: Trump Announces Aid Package to Farmers to Help Them Deal with How Amazing Economy Is
“It’s the economy, stupid!” Plus, Trump committed a cardinal political sin. Pols lie a lot and get away with almost all the deceit, deception, and BS. However, the one thing that a POTUS cannot lie about is consumers’ checkbooks. Trump keeps touting his ‘Golden Age Economy’ (led by AI) but consumer checkbooks conflict with that. So, the more Trump boasts about his economic achievements and the stock market, plus his peace deals, the more average Americans he upsets and antagonizes.
Another YUGE Trump political mistake: A new POTUS must deliver quickly in his/her term (especially with a second chance) because the Honeymoon Period is short-lived. As we noted in Wednesday’s letter, Trump squandered the honeymoon on issues, including his Big Beautiful Bill, that had little or no economic benefit for average Americans.
DJT top economic advisor and possible new Fed Chair HASSETT: “The economy is booming, jobs are growing — but people were absolutely harmed… Your month’s groceries cost $400 when @POTUS left office, and it cost almost $550 when Joe Biden left office. So, that extra $150 a month, after paying also $14,000 more per year for your mortgage, it really adds up to a lot of stuff that has to be fixed.” https://x.com/RapidResponse47/status/1998825315943002401
Peter Meijer: “So, he (DJT) has inherited a lot of problems. The problem is he needs to step up to the plate in terms of offering some of those solutions, because when you go past a year in office and you’re still blaming the predecessor, folks say, well, what have you done for me lately?” https://x.com/CurtisHouck/status/1998871832577892594
@joeroganhq: Dem Rep Ilhan Omar: “The U.S. government will only do what Somalians in the U.S. tell them to do. They will do what we want and nothing else. They must follow our orders.” https://x.com/joeroganhq/status/1998526068529979483 @elonmusk: This sounds like treason
@libsoftiktok: Ronald G. Johnson, a Circuit Court Judge in Hawaii, ordered the RELEASE of a convicted sex offender with 300 PRIOR ARRESTS despite prosecutors’ objections.Just days after his release, Tommy Chiles was arrested AGAIN for BITING a police officer on Thanksgiving…
@KYCooperrider: Kentucky (Dem) Representative Sarah Stalker says white children need the opportunity to feel bad about their skin color in K-12 educational settings. https://x.com/KYCooperrider/status/1998809527538597969
Brussels Latest Plan: Stopping Illegal Immigration by Making it Legal On Wednesday, December 10th, European Commission President Ursula von der Leyen announced Brussels’ latest project to drive immigration to the continent. The Commissioner did not hide theprogram’s intentions, saying that to prevent illegal immigration, “we must open more safe routes to Europe.” The project would set up a ‘talent pool’ of non-European workers seeking employment in Europe and match them with European employers looking for applicants with specific skillsets… https://europeanconservative.com/articles/news/brussels-latest-plan-stopping-illegal-immigration-by-making-it-legal/
@amuse: SCOTUS: Justice Ketanji Brown Jackson told the Court that presidents should not be able to fire the PhDs & experts who run the government.She even argued presidents should avoid control over transportation & the economy. In a remarkable exchange in Trump v Slaughter, Justice Ketanji Brown Jackson claimed the president should have no power to fire expert bureaucrats. She said economists, PhDs, scientists, & transportation officials should operate beyond presidential reach. Such a view would carve the heart out of Article II & cement rule by permanent insiders rather than elected leadership. Jackson’s theory elevates the deep state over the voters who choose a president. That is a constitutional revolution in plain sight.
@JimDaBink: KBJ is either too stupid to read the plain text of the Constitution: Article II Section 1, Clause 1:“The executive power shall be vested in a President of the United States of America” (Not unelected bureaucrats) Or She does know & is trying to destroy the Republic.
SWAMP STORIES FOR YOU TONIGHT
MINNESOTA
Wild Video: Somali Student In Minnesota Threatens To “Pop” ICE Agents
Wednesday, Dec 10, 2025 – 08:40 PM
A Minnesota State University student has sparked outrage and a federal investigation after posting a video on TikTok in which he explicitly threatened to shoot Immigration and Customs Enforcement (ICE) agents.
“ICE, I actually heard you guys pulled up to Owatonna, the big O, and you pulled up when I was not there? Y’all so p–s-ass s–t, boy. You’re gonna get popped next time I see you,” the student, identified by the New York Post as Hasan Mohamed, said in the clip, which was later deleted. “Bring the whole cavalry. Yeah, boy, you guys are scared.”
Only after the video went viral and outrage ensued did Mohamed post a video expressing any kind of regret.
end
Biden the Magnificent let this guy into the country
A suspected leader of the criminal gang MS-13 has been arrested in Nebraska, FBI Director Kash Patel said in a Dec. 9 post on X.
Gerson Cuadra Soto, a Honduran national, “is believed to be responsible for overseeing one of their major kill squad units—and suspected of executing the assassination of the son of the former President of Honduras,” Patel wrote.
This is part of the FBI’s Joint Task Force Vulcan investigation out of @FBIHouston to locate, indict, and arrest members of MS-13 leadership ‘La Mesa.’”
On July 14, 2022, Saíd Omar Lobo Bonilla, son of former Honduran President Porfirio “Pepe” Lobo Sosa, and three other men were killed outside a nightclub in Honduran capital city Tegucigalpa.
Joint Task Force Vulcan is an initiative launched in August 2019 under the first Trump administration that aims to disrupt and eliminate MS-13.
La Mesa, or “The Table,” is a group of senior MS-13 gang leaders who allegedly authorize murders throughout the United States.
Patel commended FBI Omaha, Nebraska, Homeland Security Investigations (HSI), the Drug Enforcement Administration, and other partners for their work that resulted in Soto’s arrest.
“This admin is taking a whole of government approach to dismantling MS-13 and their presence within the country,” he said. MS-13, also known as Mara Salvatrucha, was designated as a Foreign Terrorist Organization by the State Department in February.
In a Dec. 9 statement, Nebraska Gov. Jim Pillen welcomed the arrest of Soto, who he said was illegally in the country and living in the city of Grand Island.
“Cuadra Soto, a leader of the terrorist MS-13 gang and Honduran assassin, entered the United States illegally in 2022 under Biden’s watch—eventually obtaining a California driver’s license before establishing a residence in Grand Island,” Pillen said.
“Here’s the simple truth: Weak borders put our families at risk. Thankfully, under conservative Republican leadership, our border has never been more secure.”
Expanding Scope
Under the Trump administration, the FBI has intensified its targeting of foreign criminal groups.
In March, the FBI announced that it was expanding its counterterrorism mission to aggressively battle transnational organized crime.
The announcement was made after the State Department designated several international cartels as Foreign Terrorist Organizations and Specially Designated Global Terrorists.
The FBI changed the name of its Terrorist Screening Center to the Threat Screening Center, saying that the updated name expands the scope of national security screening to cover groups such as MS-13 and Tren de Aragua that operate in the United States.
U.S. military personnel escort alleged members of the Venezuelan gang Tren de Aragua and the MS-13 gang recently deported by the U.S. government to be imprisoned in the Terrorism Confinement Center (CECOT) prison, as part of an agreement with the Salvadoran government, in San Luis Talpa, El Salvador, on March 30, 2025. Secretaria de Prensa de la Presidencia/Handout via Reuters
“Border security is essential to protecting our country and providing safer communities for our citizens,” Patel said in a statement at the time.
“We’re expanding the watchlist to include cartel and gang members from newly designated foreign terrorist organizations. This change will assist our law enforcement and Intelligence Community partners as we all work together toward the goal of crushing violent crime within our borders.”
In a Dec. 3 statement, the Department of the Treasury said that its Office of Foreign Assets Control has sanctioned key affiliates of the Venezuelan gang Tren de Aragua, a designated Foreign Terrorist Organization.
“Under President Trump, barbaric terrorist cartels can no longer operate with impunity across our borders. The Tren de Aragua network’s narcotrafficking and human smuggling operations have long posed a grave threat to our nation,” Secretary of the Treasury Scott Bessent said in the statement.
A March report from the State Department detailed the threats posed by transnational criminal organizations. It specifically highlighted Mexican criminal organizations as “one of the greatest threats” to the United States.
Mexico was deemed to be the most significant source of illicit fentanyl and fentanyl analogues, with Mexican groups Sinaloa Cartel and New Generation Jalisco Cartel the primary distributors of these drugs in North America, the report said. Mexico is also the source of most of the heroin and meth seized in the United States.
GREG HUNTER INTERVIEWING LARRY KLAYMAN
Marxist Plan – Destabilize US & Seize Control – Larry Klayman
Renowned Attorney Larry Klayman, founder of Judicial Watch and later Freedom Watch, has been warning for more than a year about America being under covert and overt attack. It comes in the form of lawfare with hundreds of cases to stop the Trump Administration to actual warfare where the National Guard and ICE Agents are fired upon. You also have narco-terrorist organizations being released into America to attack our way of life. Not one, but two, high ranking former Venezuelan generals are on record blowing the whistle on the current President Nicolas Maduro and his war against America. This all might look like random chaos, but it is a well-organized plan to overthrow the USA. This is not hype but actual fact, and it has been pulled off many times before all over the world. Former head of the Defense Intelligence Agency (DIA) General Michael Flynn says there is an ongoing “Marxist-Style Color Revolution Targeting America.” Klayman explains, “It’s not just Marxists or radical Islamists, it’s radicals in every sector of the Left. I am a Jewish Christian. I am Messianic, and I don’t want anybody to think this is Anti-Semitic, but it is the Jewish Left. It’s the radical black Left. It’s the radical feminist Left. It’s the radical atheist Left. It’s the radical Islamic Left, and it’s the radical Marxist Left, which kind of oversees the whole thing. Their goal is to destabilize this country. They want to destabilize it and seize control of it. . .. This is a typical Marxist tactic that has been used successfully in many other countries in the world. It was used by the Bolsheviks in Russia, Mao in China, Maduro in Venezuela and Castro in Cuba. This is a technique used to take control. It has to be addressed, and it has to be resisted . . . and the movement has to be rendered dead on arrival or we are in deep trouble.”
The recent actions of what is called the “Seditious Six,” where two Senators and four House members from Congress did a video and told the military to disobey orders from President Trump, are also part of the destabilizing plan. Klayman says, “It is sedition, and it is also treason because they did not identify one order that was allegedly illegal. It is clear what they were doing was giving a call to action for a coup d’état against President Trump. That’s what they did. They should be arrested, but unfortunately Attorney General Pam Bondi is under siege, and so is Kash Patel and Dan Bongino.”
It’s hard to comprehend all the fraud involved stripping America of its wealth. One of the most recent uncovered is the multi-billion-dollar so-called Somali fraud in Minnesota with many high-ranking Democrats possibly on the take. What should we expect in the future? Klayman says, “More violence and more assassination attempts, God forbid. They are trying to put us back on our heels and trying to make us afraid. I pray for President Trump every single day. They are going to try to kill him again and perhaps Vance and others in the Trump Administration. They want to further the destabilization of the country, and that is their intent.”
Larry Klayman is also under attack as the Florida Supreme Court wants to suspend his law license because of what Klayman says are “false charges of misconduct at the D.C. Bar with a case from 15 years ago.” Klayman says, “The record shows I did not commit any unethical infraction. . .. It’s lawfare or you can call it barfare. I’ve got 12 lawsuits against the D.C. Bar apparatus. These people are corrupted with their radical Left-wing ideology.”
The radical Left wants to take out Larry Klayman. He needs your help to keep fighting.
Join Greg Hunter of USAWatchdog as he goes One-on-One with renowned lawyer and government corruption fighter Larry Klayman, founder of FreedomWatchUSA.org for 12.10.25.
harveyorganblog.com 
