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XGE: COMEX
EXCHANGE: COMEX
CONTRACT: DECEMBER 2025 COMEX 100 GOLD FUTURES
SETTLEMENT: 4,285.500000000 USD
INTENT DATE: 12/11/2025 DELIVERY DATE: 12/15/2025
FIRM ORG FIRM NAME ISSUED STOPPED
092 C DEUTSCHE BANK 3
099 H DEUTSCHE BANK AG 1
118 H MACQUARIE FUTURES US 20
190 H BMO CAPITAL MARKETS 151
332 H STANDARD CHARTERED B 146
363 H WELLS FARGO SECURITI 37
435 H SCOTIA CAPITAL (USA) 4
657 H MORGAN STANLEY 5
661 C JP MORGAN SECURITIES 34 13
690 C ABN AMRO CLR USA LLC 5
880 H CITIGROUP 7
905 C ADM 1 9
TOTAL: 218 218
MONTH TO DATE: 28,431
JPMORGAN STOPPED: 13/218
GOLD: NUMBER OF NOTICES FILED FOR DEC/2025: 218 CONTRACTs NOTICES FOR 21,800 OZ or 0.6780 TONNES
total notices so far: 28,431 contracts for 2,843,100 OR 88.432 tonnes)
SILVER NOTICES: 22 NOTICE(S) FILED FOR 0.110 MILLION OZ/
total number of notices filed so far this month : 11,136 CONTRACTS (NOTICES) for 55.650 million oz
INITIAL STANDING FOR DEC: 49.33 MILLION OZ FOLLOWED BY TODAY’S STRONG 0.9800 MILLION OZ QUEUE JUMP//STANDING ADVANCES TO 58.840 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: 26.710 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 0.980 MILLION OZ QUEUE JUMP // STANDING ADVANCES TO 58.840 MILLION OZ//
- MAY: SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
4. AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.637 TONNES EX FOR RISK//AUG 25: 9.107 TONNES , AUGUST 26: 9.1010 TONNES AND NOW AUGUST 27: 9.0699 TONNES//NEW STANDING ADVANCES TO 107.5117 TONNES OF GOLD NORMAL STANDING (INCLUDES ALL MONTHLY QUEUE JUMPS/EX FOR PHYSICAL TRANSFERS//) +44.696 TONNES EX.FOR RISK = 152.208 TONNES
5.SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
6.OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
7.NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 2.323 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 4.5596 TONNES//NEW STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
8. DECEMBER BEGINS WITH INITIAL STANDING OF 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 1.219 TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 7.1561 TONNES//NEW STANDING ADVANCES TO 91.797 TONNES/
NEW STANDING FOR GOLD, DEC CONTRACT AT 91.797 TONNES OF GOLD
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STRONG THIS MONTH
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
NOV: 124.74 TONNES
DEC: 73.493 TONNES//VERY SMALL THIS MONTH.
SPREADING OPERATION
NOW SWITCHING TO GOLD FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF OCT. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A HUGE SIZED 1535 CONTRACTS OI TO 155,098 AND CLOSER TO THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 7 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 755 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 755 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 1414 CONTRACTS AND ADD TO THE 755 E.FP. ISSUED
WE OBTAIN A MEGA HUGE SIZED GAIN OF 2149 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN OF $3.52 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 11.35 MILLION PAPER OZ
OCCURRED WITH OUR GAIN IN PRICE.OF $3.52
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENT
Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS FRIDAY MORNING.7:30 AM
ASIA RESULTS; FRIDAY DEC 12
SHANGHAI CLOSED UP 16.03 POINTS OR 0.41%
//Hang Seng CLOSED UP 446.28 PTS OR 1.75%
// Nikkei CLOSED UP 721.03 PTS OR 0.41% //Australia’s all ordinaries CLOSED UP 0.29%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.0558
/ OFFSHORE CLOSED UP AT 7.0557/ Oil UP TO 57.48 dollars per barrel for WTI and BRENT UP TO 61.12 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING UP TO 7.0557 OFFSHORE YUAN TRADING UP TO 7.0557:/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
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A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A HUGE SIZED 13,894 CONTRACTS TO 454,262 OI WITH OUR HUGE GAIN IN PRICE OF $85.00 WITH RESPECT TO THURSDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST ZERO NET LONGS, DESPITE THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A HUGE NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (4605). WE HAD ZERO T.A.S. LIQUIDATION THURSDAY (WITH MONTH END SPREADER LIQUIDATIONS FINISHED ON NOV 30). .. IT SEEMS THAT THE SPECULATORS WENT MASSIVELY HUGE TO THE LONG SIDE WITH OUR FRBNY PROVIDING STILL THE NECESSARY PAPER AND OTHER CENTRAL BANKERS CONTINUING ON THE LONG SIDE .
YOU WILL NOTICE THAT THE COMEX OI IS NOW GAINING FROM ITS LOW TO NOW 466,012 AND NOW SOME OF THESE GUYS ARE NOT VERY STICKY AS ITS OI IS A LITTLE HIGHER THIS WEEK SO AGAIN THEY NOW PROVIDE CONSIDERABLE FODDER FOR OUR CROOKS TO RAID.
WE THUS HAD A TOTAL GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 18,499 CONTRACTS (OR 57.53 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 MEGA MEGA SIZED GAIN ON OUR TWO EXCHANGES OF 18,499 CONTRACTS WITH OUR HUGE 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 HOWEVER IS A HUGE T.A.S ISSUANCE CONTRACTS. THE CME NOTIFIES US THAT THEY HAVE ISSUED 5,164 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 NEXT WEEK. IT IS HAVING NIL EFFECT TODAY.
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 1.219 TONNES OF QUEUE JUMP WHICH FOLLOWS ALL OTHER NET QUEUE JUMPING OF 7.1561 TONNES//STANDING ADVANCES TO 91.797 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 HUGE SIZED EXCHANGE FOR PHYSICAL OF 4605 CONTRACTS.
THAT IS A HUGE SIZED 4605 EFP CONTRACT WAS ISSUED: : /FEB 4605 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 4605 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 THURSDAY NIGHT//FRIDAY MORNING WAS A HUGE SIZED 5,104 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 THURSDAY’S GAIN IN PRICE IN GOLD WITH A CORRESPONDING MEGA HUGE GAIN OF COMEX OI AND A HUGE EXCHANGE FOR PHYSICAL ISSUANCE..ENOUGH FODDER FOR A RAID BUT SO FAR NOT FORTHCOMING AS OUR SPECS CONTINUE TO POUR INTO THE COMEX OI.
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
JAN 2025:
113.30 TONNES (WHICH INCLUDES 43.408 TONNES EX FOR RISK)
FEB: 2025:
256.607 TONNES (WHICH INCLUDES 18.4567 TONNES OF EX FOR RISK)
MARCH:
STANDING FOR GOLD : 60.33 TONNES + 7.6179 TONNES EX FOR RISK = 67.9479 TONNES WHICH IS EXTREMELY HIGH FOR A NON DELIVERY MONTH.
APRIL:
FINAL STANDING FOR GOLD: 201.573 TONNES + 8.3571 TONNES EX FOR RISK = 209.953 TONNES
MAY: FINAL STANDING 90.235 TONNES WHICH INCLUDES QUEUE JUMPING AND 9.591 TONNES EX FOR RISK.
JUNE: FINAL STANDING 62.534 TONNES PLUS 0.1493TONNES OF QUEUE JUMP EQUALS 93.085 TONNES
JULY: 17.947 TONNES INITIAL STANDING FIRST DAY NOTICE PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK/PRIOR + 2.195 EX FOR RISK TODAY = = 41.106 TONNES
AUGUST:INITIAL AMOUNT OF GOLD STANDING: 60.547 TONNES TO WHICH WE ADD OUR 7 MONTHLY ISSUANCES OF: EXCHANGE FOR RISK TOTALLING 44.696 TONNES//NEW STANDING ADVANCES AS FOLLOWS:
107.5117 TONNES NORMAL DELIVERIES (INCLUDES ALL QUEUE JUMPS /EXCHANGE FOR PHYSICAL TRANSFERS) +
5.4432 TONNES EXCHANGE FOR RISK/PRIOR/AUGUST 7
2.413 TONNES EXCHANGE FOR RISK AUGUST 11
PLUS 2.637 TONNES EX FOR RISK AUGUST 12
PLUS: 9.107 TONNES EX FOR RISK AUGUST 25
PLUS 9.1010 TONNES EX FOR RISK AUGUST 26!!
PLUS 9.0699 TONNES EX FOR RISK AUGUST 27
PLUS 6.923 TONNES EX. FOR RISK/AUGUST 28
MONTHLY TOTAL 44.696 TONNES EXCHANGE FOR RISK!MONTH OF AUGUST.
EQUALS
152.208 TONNES TONNES OF GOLD.
SEPT:
SEPT: 25.878 TONNES OF GOLD INITIAL GOLD STANDING TO WHICH WE ADD OUR 22.923 TONNES OF EXCHANGE FOR RISK ISSUED 7 TIMES DURING THE MONTH:
TOTAL EX FOR RISK// FOR MONTH = 22.923//NEW TOTALS FOR GOLD STANDING SEPT ADVANCES TO 48.801 TONNES
THIS IS HUGE FOR A GENERALLY WEAK SEPTEMBER DELIVERY MONTH.
OCTOBER: INITIAL AMOUNT OF GOLD STANDING: 90.164 TONNES OF GOLD FOLLOWED BY TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL PREVIOUS QUEUE JUMPS OF 76.1656 TONNES WHICH MUST BE ADDED TO OUR 6 ISSUANCES OF 14.553 TONNES EXCHANGE FOR RISK//TOTAL NEW STANDING FOR GOLD IN THIS ACTIVE OCTOBER DELIVERY MONTH ADVANCES TO 197.5141 TONNNES.
NOVEMBER WHERE INITIAL AMOUNT OF GOLD STANDING IS REGISTERED AT 15.651 TONNES OF GOLD FOLLOWED BY TODAY’S QUEUE JUMP OF 2.323 TONNES AND FOLLOWED BY ALL OTHER NOV QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE FOR 4.5596 TONNES.
/STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
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DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY IN THIS ACTIVE MONTH IS 83.813 TONNES FOLLOWED BY TODAY’S 1.219 TONNES QUEUE JUMP. THIS FOLLOWS ALL OTHER QUEUE JUMPING: 7.1561 TONNES//NEW STANDING ADVANCES TO 91.797 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)
AN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
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COMEX GOLD TRADING BEGINNING DECEMBER,. CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $85.00/ /)
WE HAD ZERO T.A.S. SPREADER LIQUIDATION THURSDAY // COMEX SESSION WITH OUR HUGE PRICE GAIN////.. BUT OUR SPECULATORS REMAIN RELENTLESS POURING INTO THE COMEX// WITH OTHER EASTERN CENTRAL BANKS TENDERING FOR PHYSICAL THURSDAY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD STANDING FOR DECEMBER. THE COMEX IS ONE BIG MESS!! THIS WEEK,
THURSDAY NIGHT//FRIDAY 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 THURSDAY EVENING/ FRIDAY 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 392 CONTRACT QUEUE JUMP FOR 39,200 OZ OR 1.219 TONNES WHICH FOLLOWS OTHER DEC QUEUE JUMPS OF: 7.1561 TONNES///STANDING ADVANCES TO 91.797 TONNES.
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $85.00
WE HAD A 11.750 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE .
INITIAL GOLD COMEX
DEC 12
DEC CONTRACT MONTH
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 3 ENTRIES i) Out of Brinks enhanced: 21,055.514 oz or 52 good London delivery bars approx 400 oz each. ii) Out of HSBC 65,886.608 oz iii) Malca : 60,911.316 oz total withdrawal: 147,853.438 oz or 4.598 tonnes |
| Deposit to the Dealer Inventory in oz | 0 ENTRIES |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER i) ZER0 ENTRIES xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 218 notice(s) 21,800 OZ 0.6780 TONNES OF GOLD |
| No of oz to be served (notices) | 1082 contracts 108,200 OZ 3.365 TONNES |
| Total monthly oz gold served (contracts) so far this month | 28,431 notices 2,843,100 0z 88.432TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month |
dealer deposits: 0
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DEPOSITS/CUSTOMER
DEPOSITS/CUSTOMER
i) ZERO ENTRIES
customer withdrawals:
3 ENTRIES
i) Out of Brinks enhanced: 21,055.514 oz
or 52 good London delivery bars approx 400 oz each.
ii) Out of HSBC 65,886.608 oz
iii) Malca : 60,911.316 oz
total withdrawal: 147,853.438 oz
or 4.598 tonnes
they are draining the comex of gold
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ADJUSTMENTs 2// BOTH CUSTOMER ACCOUNT TO DEALER
a) Brinks 481.440 oz
ii) Manfra: 16,628.572 oz
chaos inside the comex
AMOUNT OF GOLD STANDING FOR DECEMBER
THE FRONT MONTH OF DECEMBER STANDS AT 1300 CONTRACTS FOR A LOSS OF ONLY 244 CONTRACTS. WE HAD 636 CONTRACTS FILED ON THURSDAY SO WE GAINED 392 CONTRACTS FOR A QUEUE JUMP OF 39.200 OZ OR 1.219 TONNES TO WHICH WE ADD TO OUR PREVIOUS QUEUE JUMPS .THUS STANDING FOR GOLD IN DECEMBER INCREASES HUGELY TO 91.797 TONNES
JANUARY GAINED 49 CONTRACTS UP TO 2709
FEB GAINED 8735 CONTRACTS UP TO 332,849 CONTRACTS
We had 218 contracts filed for today representing 21,800 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 34 notices issued from their client or customer account. The total of all issuance by all participants equate to 218 contract(s) of which 13 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 (28,431 ) to which we add the difference between the open interest for the front month of DEC ( 1300 CONTRACTS) minus the number of notices served upon today (218 x 100 oz per contract) equals 2,951,300 OZ OR 91.791 Tonnes of gold
thus the INITIAL standings for gold for the DEC contract month: No of notices filed so far (28,431 x 100 oz +we add the difference for front month of DEC (1300 OI} minus the number of notices served upon today (218)x 100 oz) which equals 2,951,300 OR 91.791 TONNES
new total of gold standing in DECEMBER is 91.791 tonnes
TOTAL COMEX GOLD STANDING FOR DEC ..: 91.797 TONNES TONNES WHICH IS STRONG FOR THIS NORMALLY VERY ACTIVE ACTIVE DELIVERY MONTH OF DECEMBER
volume THURSDAY confirmed 258,763 contracts fair
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COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 1,998,128/739 oz 62.15 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 35,967.752.065 oz
TOTAL REGISTERED GOLD 18,953,617.840 or 589.53 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 17,014,134.225 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON 16,955,489oz ((REG GOLD- PLEDGED GOLD)=
527.387 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
DEC 12 2025
INITIAL/
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 5 entries i) Out of CNT 597,073.120 oz ii) Out of JPMorgan 593,697.050 oz iii) Out of Delaware: 13,908.010 oz iv) Out of Loomis: 953.751.010 v) Out of Stonex 1,413,537.310 ooz total withdrawal: 3,571,966.500 oz |
| Deposits to the Dealer Inventory | 0 ENTRY |
| Deposits to the Customer Inventory | 3 entries i) Into HSBC 597,057.200 oz ii) Into Loomis: 513,563.710 oz iii) Into Stonex 4002.180 oz total deposit; 1,114,623.000 oz |
| No of oz served today (contracts) | 22 CONTRACT(S) ( 0.110 million OZ |
| No of oz to be served (notices) | 638 contracts (3.190 MILLION oz) |
| Total monthly oz silver served (contracts) | 11,130 Contracts (55.650 MILLION oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
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
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DEPOSIT ENTRIES/CUSTOMER ACCOUNT
3 entries
i) Into HSBC 597,057.200 oz
ii) Into Loomis: 513,563.710 oz
iii) Into Stonex 4002.180 oz
total deposit; 1,114,623.000 oz
withdrawals: customer side/eligible
5 entries
i) Out of CNT 597,073.120 oz
ii) Out of JPMorgan 593,697.050 oz
iii) Out of Delaware: 13,908.010 oz
iv) Out of Loomis: 953.751.010
v) Out of Stonex 1,413,537.310 ooz
total withdrawal: 3,571,966.500 oz
adjustments: 1//
a) JPMorgan; dealer to customer account; 220,230,310 oz
TOTAL REGISTERED SILVER: 137,582MILLION OZ//.TOTAL REG + ELIGIBLE. 453.350Million 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: 660 OPEN INTEREST CONTRACTS FOR A LOSS OF 71 CONTRACTS. WE HAD 267 CONTRACTS FILED ON THURSDAY SO WE ACTUALLY HAD ANOTHER HUGE QUEUE JUMP OF 196 CONTRACTS OR 0.980 MILLION OZ
JANUARY GAINED 41 CONTRACTS UP TO 4113 CONTRACTS
FEB GAINED 70 CONTRACTS UP TO 1340 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 267 or 1.335 MILLION oz
CONFIRMED volume; ON THURSDAY 155,098 mega 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 11,130 X5,000 oz = 55,650 MILLION oz
to which we add the difference between the open interest for the front month of DEC (660) AND the number of notices served upon today (22 )x (5000 oz)
Thus the standings for silver for the DECEMBER 2025 contract month: (11,130) Notices served so far) x 5000 oz + OI for the front month of DEC(660) minus number of notices served upon today (22)x 5000 oz equals silver standing for the DEC.contract month equating to 58.84 MILLION OZ
New total standing: 58.84 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 137,582. million oz of registered silver
JPMorgan as a percentage of total silver: 195.000/453,350million. 43.01%
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 12/WITH GOLD UP $14.20 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 4.01 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1050.83 TONNES
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 10/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: 1050.83 TONNES, TONIGHTS TOTAL
SILVER
DEC 12/WITH SILVER DOWN $2.30/NO CHANGES IN SILVER AT THE SLV: ./ :INVENTORY RESTS AT 517.085 MILLION OZ //
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
CLOSING INVENTORY 517.085 MILLION OZ OF SILVER
PHYSICAL GOLD/SILVER
1/PETER SCHIFF
JOHN RUBINO
jAMES RICKARDS
2. MATHEW PIEPENBURG/VON GREYERZ
Alasdair Macleod…
Now it’s gold’s turn…
Wednesday’s FOMC statement confirmed that money-printing resumes, set to undermine the dollar in 2026. Estimates of future inflation will increase and gold and silver rise further.
| Alasdair MacleodDec 12∙Paid |
The star of the show this week was silver, as the chart below illustrates. The message being sent to derivative markets should alarm them: there just isn’t any physical liquidity to support the mountain of silver delivery obligations.
Both gold and silver have had a good week, with gold beginning to stir. In European morning trade, gold at $4318 is up $220. But silver’s rise was spectacular. At $64.10 this morning, it is up $5.90 with a seemingly unstoppable momentum driving it even higher.
We make no apology for repeating an important chart, showing how despite a soaring price investors in the form of futures speculators remain firmly on the sidelines:
Note how open interest has declined since silver’s peak on 20 October. Moderate speculative demand had taken open interest up to 175,000, when the bulls rightly expected a reaction, which took the price down from $54.40 to $45.60. They continued to sell until silver made a big move into new high ground on 28 November. They are now out of the market, which is being driven purely by liquidity shortages, resulting in elevated lease rates again in London.
Where does this take silver, and what are the consequences for a financial system under increasing pressure?
Metals are different from stocks and bonds
While relatively rare in investment media, sharp liquidity driven moves in industrial metals are less so. This is because industrial consumers tend to act as a cohort, meaning that there is insufficient liquidity to absorb price shocks. With China suddenly tightening up on export licences at a time when India is ramping up industrial demand, and other nations (notably the US) realising silver is a critical mineral to be hoarded, the effect of these developments on price should be obvious.
The lesson for investors inexperienced in industrial metal markets is that silver prices will continue to rise until the system breaks and/or the authorities intervene. With silver, we are not there yet, and it is difficult to see what the authorities can do other than declare force majeure in New York. The forward market being OTC in London, it is hard to see how this issue can be resolved other than counterparties reneging on contractual obligations by bankruptcy. But that would be a major financial crisis at the heart of the entire derivative industry. And a Bank of England/LBMA rescue would not resolve the silver shortage.
Meanwhile, gold started rising this week as the implications of the FOMC’s Wednesday statement sank in. The important part is the resumption of QE aimed at short-term treasury finance. Besides the message sent about liquidity issues in the banking system, the inflationary implications for 2026 will lead to higher estimates than the Fed’s bland assumption that it will remain under control, even above the 2% target.
On preliminary open interest numbers for yesterday, gold’s open interest on Comex jumped by 25,644 contracts. It is the clearest indication of investors starting to take a leveraged position for higher gold prices. This is reflected in the chart below:
Clearly, open interest on Comex can increase by a further 100,000 contracts before this indicator becomes overbought. Demand anything like that would drive gold significantly higher. And as our headline chart indicates it has significant catching up to do with silver.
It promises to become a vicious circle. Higher gold prices will generate the investment demand for silver which is so far lacking. If it breaks silver derivative markets, we could be witnessing the beginning of the end for other contracts. The fetters on commodity prices shackling them for the last 50 years will then be released, spreading the explosion in silver prices to other metals, other commodities, and even energy.
end
3. CHRIS POWELL AND HIS GATA DISPATCHES:
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS / AND TODAY;S 253
5. COMMODITY REPORT/RARE EARTHS //
CHINA/GERMANY
KOLBE
Battle For Rare Earths And Recognition: Germany’s Wadephul Arrives In China As A Supplicant
Friday, Dec 12, 2025 – 03:30 AM
Submitted by Thomas Kolbe
After German Foreign Minister Johann Wadephul was forced to cancel his October trip to China due to a lack of scheduled meetings, he has now finally met with Foreign Minister Wang Yi and Commerce Minister Wang Wentao. At the center of the talks was one issue with immense strategic weight for Germany and Europe: the future handling of critical raw materials—above all rare earths.
The relationship between Germany and the EU on the one hand and China’s political leadership on the other is clearly creaking. The growing trade tensions between both sides have become impossible to ignore.
In October, rising diplomatic friction culminated in China’s export halt on rare earth elements.
Rare earths, put simply, are a foundational pillar of modern industrial production and high-end technology. Without them, production stalls—and China’s sudden export freeze sent shockwaves through the executive floors of German industry, especially the automakers, prompting warnings of immediate production shutdowns.
Raw Materials and China’s Leverage in Ukraine
Pressure was therefore immense ahead of Wadephul’s visit. His originally planned trip had been scrapped after Beijing denied him meetings with the key ministers he needed—his counterpart Wang Yi and Commerce Minister Wang Wentao. It was a humiliation that exposed the real power imbalance between Berlin and Beijing.
Wadephul also witnessed firsthand that Beijing is deadly serious about using its geopolitical levers—partly as a way to counter U.S. tariffs and rising trade pressure.
Europe is trapped: on the one hand, it suffers from China’s dumping exports that hollow out European industry. On the other hand, it relies heavily on Chinese rare earths, 90% of which are refined and exported under Chinese licensing authority.
Second Attempt
Thus, on December 8 and 9, the German delegation attempted a second round of engagement with Beijing. Central to the agenda: access to rare earths, chips, raw materials—and China’s stance on Russia’s war in Ukraine. Wadephul described the exchanges as “open and intensive,” with progress on economic issues and some signs of de-escalation in the raw materials dispute. He insisted it had been wise to pause, regroup, and attempt talks once more—talks that should also help pave the way for the German Chancellor’s upcoming visit.
Berlin wants to stay engaged, possibly even through a broader European mission, in order to shore up supply security for its industrial base.
But a genuine thaw between Berlin, Brussels, and Beijing remains nowhere in sight. Wadephul’s vague assessment that Beijing, like Germany, was interested in “serious and concrete” dialogue remains noncommittal.
For now, Wadephul leaves with Beijing’s signal that export licenses for rare earths may be issued more readily. But he emphasized that much work remains before supply can be considered truly secure.
China and the U.S. Play Their Cards
Germany imports around two-thirds of its rare earths from China. For key magnet metals—like neodymium, praseodymium, and samarium—the dependence is nearly total. The EU’s strategy to reduce this dependency remains limited to recycling and attempts at building partnerships in South America—none of which have delivered meaningful results.
China’s licensing strategy mirrors Washington’s latest move in the chip war. The U.S. this week unveiled a model under which Nvidia’s H200 chips may be exported to China—provided Beijing pays a 25% levy.
Both superpowers are ruthlessly leveraging their strategic advantages to reorder global trade and secure long-term dominance.
Brussels, meanwhile, must bend, concede, and build new trade alliances. The EU’s failure—after years of talks—to finalize the Mercosur agreement shows Brussels’ inability to compromise, tripping over its own feet even in an area of existential importance.
Europe Caught Between Weakness and Geopolitical Pressure
Brussels and Berlin would have been wise to realign strategically with Washington, drop their resentment toward President Trump, accept U.S. frameworks, and leverage America’s geopolitical umbrella for their own advantage. Europe’s resource and energy dependency is fast becoming its Achilles heel in this global contest for power, markets, and influence.
This makes Wadephul’s largely fruitless visit all the more troubling—German industry is desperate for clarity on rare earth supply security.
It may also have been tactically unwise for Wadephul to press Beijing to use its influence on Moscow and bring Russia back to the negotiating table over Ukraine. Beijing surely noticed that it has been European governments, not China, who have opposed any negotiation track with maximalist rigidity.
In contrast to most assessments of this unimpressive trip, Reuters reported that China may offer priority access to rare earths for European manufacturers as part of a supply-chain stabilization effort. Diversion tactic—or a genuine first step toward rapprochement? The coming weeks will tell.
*END
SILVER
“This Is Very Risky”: China Silver-Fund Manager Issues Warnings As Premiums Soar
Summary of the ArticleBased on the provided excerpt, published on December 12, 2025. It’s behind a paywall, so only the headline, byline, and promotional content for their subscription tiers (Premium at $30/month annually or $35 monthly; Professional at $125/month annually or $150 monthly) are visible. The core content, credited to Bloomberg reporter Yihui Xie, is inaccessible without a subscription. I’ll break down what we can infer and provide context on the topic.Key Inferred Details from the Headline and Credits
- Title: “This Is Very Risky”: China Silver-Fund Manager Issues Warnings As Premiums Soar
- Theme: A fund manager in China’s silver market is issuing strong cautions amid surging premiums (the difference between spot prices and futures/contract prices, often signaling supply/demand imbalances or speculative bubbles).
- Author: Yihui Xie (Bloomberg), suggesting it’s a repost or aggregation of Bloomberg’s original reporting on commodities, specifically silver trading in China.
- Publication Date: Friday, December 12, 2025, at 06:30 AM (aligning with the current date).
The headline implies a warning about potential market risks in silver, possibly related to over-speculation, supply chain issues, or broader economic pressures in China. Silver premiums soaring could indicate:
- Investor Fervor: Chinese retail and institutional investors piling into silver as a hedge against inflation, currency weakness, or geopolitical tensions.
- Risk Factors: High premiums might lead to a sharp correction if demand cools, echoing past commodity bubbles (e.g., 2011 silver spike).
- Manager’s Quote: The phrase “This Is Very Risky” is likely a direct pull from the fund manager, emphasizing volatility in leveraged positions or futures markets.
Broader Context on China’s Silver Market (as of December 2025)Without the full article, here’s a quick overview based on ongoing trends in the silver sector:
- Recent Trends: China is the world’s largest silver consumer (industrial uses in solar panels, electronics, and EVs). Premiums have been volatile in 2025 due to:
- Supply disruptions from mining strikes in Peru and Mexico.
- Demand surge from green energy (silver’s role in photovoltaics).
- Speculative trading on the Shanghai Futures Exchange (SHFE), where physical delivery premiums hit multi-year highs.
- Why Risky? Fund managers often warn of:
- Leverage Traps: High margins in futures can amplify losses during deleveraging.
- Regulatory Scrutiny: China has cracked down on commodity speculation to stabilize markets.
- Global Ties: Silver prices are linked to U.S. Fed policy and dollar strength; a stronger USD could crush premiums.
If this is indeed a Bloomberg-sourced piece, it likely includes data on SHFE premiums (e.g., +10-20% over London fixes) and quotes from managers like those at GF Securities or Haitong International.
EU
ASIA RESULTS; FRIDAY DEC 12
SHANGHAI CLOSED UP 16.03 POINTS OR 0.41%
//Hang Seng CLOSED UP 446.28 PTS OR 1.75%
// Nikkei CLOSED UP 721.03 PTS OR 0.41% //Australia’s all ordinaries CLOSED UP 0.29%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.0558
/ OFFSHORE CLOSED UP AT 7.0557/ Oil UP TO 57.48 dollars per barrel for WTI and BRENT UP TO 61.12 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING UP TO 7.0557 OFFSHORE YUAN TRADING UP TO 7.0557:/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 FRIDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP AT 7.0558
OFFSHORE YUAN: UP TO 7.0557
HANG SENG CLOSED UP 446.28 PTS OR 1.75%
2. Nikkei closed UP 721.18 PTS OR 1.44%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 98.10 /// EURO FALLS TO 1.1746 DOWN 15 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +1.951 // UP 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: 3.3858 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 DOWN CHINESE ONSHORE YUAN: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and DOWN FOR UP this morning
3h European bond buying continues to push yields LOWER on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.8567/ Italian 10 Yr bond yield DOWN to 3.546 SPAIN 10 YR BOND YIELD DOWN TO 3.305
3i Greek 10 year bond yield DOWN TO 3.486
3j Gold at $4322.60 Silver at: 64.15 1 am est) SILVER NEXT RESISTANCE LEVEL AT $54.00//AFTER 50.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 38/100 roubles/dollar; ROUBLE AT 79.86
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 155.95 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.951% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.3858 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 0.7953 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9326 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: 4.167 UP 2 BASIS PTS…
USA 30 YR BOND YIELD: 4.823 UP 3 BASIS PTS/
USA 2 YR BOND YIELD: 3.539 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 42.69 UP 7 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.4960 UP 1 PTS
30 YR UK BOND YIELD: 5.231 UP 2 BASIS PTS
10 YR CANADA BOND YIELD: 3.437 UP 1 BASIS PTS
5 YR CANADA BOND YIELD: 3.016 UP 0 BASIS PTS.
1a New York OPENING REPORT
Futures Dip After Hitting Record High, As Fed’s “QE Lite” Sets Up Christmas Rally
Friday, Dec 12, 2025 – 08:56 AM
US equity futures are mixed; with small caps higher and tech stocks lagging. As of 8:15am ET, S&P 500 futures fall 0.1% after hitting a fresh record high yesterday; Nasdaq 100 contracts -0.5% amid signs of rotation out of tech as the equity rally broadens; Oracle led the broader sector lower on Thursday and Broadcom is poised to do the same in US trading after its sales outlook failed to meet investors’ lofty expectations. Its shares are down over 6% in premarket on lack of updated guidance, adding to weaker AI trade sentiment. In pre-market trading, Mag 7 stocks are mostly lower with NVDA -0.6% and MSFT/META -0.3%; AVGO fell -5.7% after its earnings call despite universal beats across all metrics (bears pointed to the lack of FY27 AI revenue guide). Today we have the first POMO Lite operation by the Fed, in which the central bank will buy $8.2BN in bills this morning, setting up the market for a Christmas rally. Europe’s Stoxx 600 rose as much as 0.5% to a fresh peak, while a measure for Asia advanced to less than 2% from its all-time high. Bond yields are largely unchanged; USD is higher modestly. Commodities are mostly higher led by base metals (copper +2.7%) and gold/silver (+1.1%). There is nothing on the economic calendar; Fed speakers include Philadelphia’s Paulson (8am), Cleveland’s Hammack (8:30am) and Chicago Goolsbee, who dissented from Wednesday’s decision in favor of no change (10:35am).
In premarket trading, Mag 7 stocks are mostly lower (Alphabet +0.4%, Apple -0.1%, Amazon little changed, Tesla -0.2%, Meta -0.4%, Microsoft -0.4%, Nvidia -0.1%).
- Bristol Myers (BMY) rises 2% after Guggenheim Securities upgraded the drugmaker to buy, citing a “much more compelling risk reward.”
- Broadcom (AVGO) falls 5% after the chip company provided a sales outlook for the AI market that failed to meet investors’ expectations.
- Eli Lilly & Co (LLY) rises 1% after Reuters reported that the FDA’s Commissioner Office sought to cut the time reviewers spent checking documents related to the drugmaker’s experimental weight-loss pill to one week from 60 days.
- Lululemon (LULU) climbs 9% after the yoga-wear retailer said its CEO Calvin McDonald will step down after a seven-year stint, signaling a potential strategy change after sales struggled and the stock fell more than 60% from a 2023 peak.
- Netskope Inc. (NTSK) declines 5% after the security software company posted fiscal third-quarter results.
- Quanex Building Products (NX) climbs 22% after posting fourth-quarter profit and revenue that topped expectations.
- Roblox (RBLX) falls 2% after JPMorgan downgrades to neutral, seeing the stock taking a breather next year due to headwinds around user engagement and bookings.
- Veeva Systems (VEEV) falls 2% on light volume after KeyBanc cut the recommendation on the life-sciences software company to sector weight, saying that a recent round of channel checks has indicated large pharma clients that are in the middle of software evaluations are leaning toward Salesforce’s offering.
1b European opening report
US equity futures point to a mixed open with NQ lagging following AVGO earnings; Markets await Fed dissenters – Newsquawk US Market Open
Friday, Dec 12, 2025 – 06:00 AM
- US President Trump said they would help on security with Ukraine, and he thought they were close to a deal.
- US President Trump said that it is going to start on land soon regarding Venezuela; the US is reportedly preparing to seize more ships transporting Venezuelan oil.
- European bourses are in the green whilst US equity futures are mixed, and with underperformance in the tech-heavy NQ as Broadcom falls 4.9% in post-earnings.
- DXY is a little firmer, GBP incrementally pressured on a poor UK GDP report.
- Global bonds are mildly pressured, scaling back recent upside.
- XAU continues to trend higher above USD 4300/oz; Copper pulling back from another ATH.
- Looking ahead, highlights include Fed’s Paulson, Hammack, Goolsbee, Schmid & Miran.
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TARIFFS/TRADE
- Indian PM Modi said he had a call with US President Trump on Thursday as New Delhi seeks relief from 50% US tariffs on some of the country’s key exports to punish India for its Russian oil purchases.
- Indonesia’s chief negotiator to the US said they agree to conclude what had been agreed in July, and Indonesia hopes to conclude tariff negotiations with the US by year-end, while Indonesia will send a delegation to Washington to continue tariff talks soon.
- South Korea’s Trade Ministry said rare earth trade talks with China will continue.
- Chinese Commerce Ministry announces export licenses for some steel products, with the license to kick in from January 2026.
- Argentina’s Government confirms cut to export tax on grains and by-products, according to the Official Gazette.
EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 +0.4%) opened mostly firmer and have continued to reside at highs throughout the morning.
- European sectors hold a strong positive bias. Travel & Leisure leads alongside Financial Services, whilst Healthcare lags. For Financials, UBS (+4.3%) shares have hit a 17-year high as traders continue to digest reports that Swiss lawmakers have floated a compromise on new capital rules for the bank.
- US equity futures are mixed, with clear underperformance in the NQ, which has been hampered by post-earnings losses in Broadcom (-4.9% pre-market). Investors were unsettled by the CEO’s comments on the call that the AI order backlog, while large, did not exceed market expectations for the pace and scale of AI revenue growth, according to Bloomberg.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
FX
- G10s are modestly mixed vs the Dollar this morning, with very slight underperformance in the JPY, where USD/JPY currently trades at the upper end of a 155.46 to 155.93 range.
- DXY is trading within narrow ranges after declines on Thursday. Today’s US docket does not have too much to offer in terms of data; we expect FOMC voters Schmid, Miran and Goolsbee to provide reasoning to their dissents. Currently trades within 98.29-98.44 parameters, trading at session highs at the time of writing; there may be some resistance at its 100DMA at 98.64.
- Despite GDP figures signalling a contraction in growth for October, sterling trades a just touch lower against the USD. GDP data showed continued weakness in production and construction, with the ONS noting JLR was unable to spark a recovery after production was halted in November.
- Elsewhere, the Antipodeans were the outperformers in the G10 FX space amid higher commodity prices, but have since pulled back off their best levels as sentiment wanes a touch.
- PBoC set USD/CNY mid-point at 7.0638 vs exp. 7.0843 (Prev. 7.0686).
FIXED INCOME
- USTs have held a negative bias this morning, attempting to scale back from some of the strength seen post-FOMC, which also sparked a steepening of the curve. Today, US paper is trading at the lower end of a 112-09+ to 112-14 range; there is now a clear path towards the 112-00 mark, should the pressure continue, and then 111-29 thereafter. The data docket ahead is void of any pertinent data, but focus will be on scheduled Fed speak via Paulson, Hammack and Goolsbee – the latter, alongside Miran and Schmid, should release an explanation for their recent dissent also.
- Bunds are following USTs and have held a negative bias throughout the morning. Some modest upticks were seen following the softer-than-expected UK GDP figures, but this ultimately proved fleeting. For the EZ specifically, German/French CPIs were unrevised, whilst Spanish HICP Y/Y was revised a touch higher – no move was seen in the German benchmark, which currently hovers just shy of the 127.50 mark.
- Gilts initially gapped higher by around 11 ticks at open after the UK’s softer-than-expected GDP report, but have since waned following the negative bias seen across global peers. Currently trading at the lower end of a relatively narrow 91.38 to 91.63 range.
COMMODITIES
- Crude benchmarks continue to rebound following Thursday’s selloff on broader market optimism and rising geopolitical tensions between Venezuela and the US. WTI and Brent oscillate in a USD 57.85-58.19/bbl and USD 61.49-61.86/bbl band, respectively, as the European session gets underway. This comes following a bounce from their lows in nearly two months, as equities stateside began to rebound.
- Spot XAU continues to trend higher after breaking out of its 9-day range in Thursday’s session. After peaking at USD 4286/oz in Thursday’s session, XAU spent the APAC session fluctuating in a USD 4265-4284/oz range before extending higher as short positioning continues to unwind.
- 3M LME Copper peaked to another ATH of USD 11.94k/t in the latter part of the APAC session, but has failed to hold onto gains as the European session gets underway. The red metal rallied in Thursday’s session, in line with the broader risk tone, but has pulled back and is currently trading at USD 11.8k/t as participants take profit.
- India Minister says India to start coal export for the first time.
NOTABLE DATA RECAP
- UK GDP Estimate MM (Oct) -0.1% vs. Exp. 0.1% (Prev. -0.1%); GDP Estimate YY (Oct) 1.1% vs. Exp. 1.4% (Prev. 1.1%); Estimate 3M/3M (Oct) -0.1% vs. Exp. 0.0% (Prev. 0.1%)
- UK Services MM (Oct) -0.3% vs. Exp. 0.0% (Prev. 0.2%); UK Services YY (Oct) 1.4% vs. Exp. 1.7% (Prev. 1.7%)
- UK Goods Trade Balance GBP (Oct) -22.542B GB vs. Exp. -19.3B GB (Prev. -18.883B GB, Rev. -18.883B GB); Trade Bal. Non-EU (Oct) -10.255B GB (Prev. -6.816B GB, Rev. -6.816B GB)
- UK Manufacturing Output MM (Oct) 0.5% vs. Exp. 1.0% (Prev. -1.7%); Manufacturing Output YY (Oct) -0.8% vs. Exp. -0.1% (Prev. -2.2%)
- UK Industrial Output YY (Oct) -0.8% vs. Exp. -1.2% (Prev. -2.5%); Output MM (Oct) 1.1% vs. Exp. 0.7% (Prev. -2.0%)
- UK Construction O/P Vol MM (Oct) -0.6% (Prev. 0.2%); O/P Vol YY (Oct) 0.9% vs. Exp. 1.6% (Prev. 1.3%)
- German CPI Final YY (Nov) 2.3% vs. Exp. 2.3% (Prev. 2.3%); Final MM (Nov) -0.2% vs. Exp. -0.2% (Prev. -0.2%)
- Spanish CPI YY Final NSA (Nov) 3.0% vs. Exp. 3.0% (Prev. 3.0%); CPI MM Final NSA (Nov) 0.2% vs. Exp. 0.2% (Prev. 0.2%)
NOTABLE EUROPEAN HEADLINES
- European Commission reportedly considers the second phase of the safe loan scheme for defence projects.
- ECB said it will ask banks to describe what sort of political shock would reduce their CET1 by 300bps.
NOTABLE US HEADLINES
- Fed regional bank presidents were reappointed in a unanimous vote, with new five-year terms beginning March 1st.
- US President Trump posted that “Prices are coming down FAST, Energy, Oil and Gasoline, are hitting five-year lows, and the Stock Market today just hit an All Time High. Tariffs are bringing in Hundreds of Billions of Dollars.
- US President Trump signed an executive order on AI, according to the White House website. Furthermore, a Trump administration aide said the executive order is to make sure AI can operate within a single national framework and that they are taking steps for a single national standard on AI.
- US President Trump said the WSJ has another ridiculous story that China is dominating us, and the world, in the production of electricity related to AI.
- White House said President Trump signed an order to increase oversight of and take action to restore public confidence in the proxy adviser industry.
- US President Trump is expected to push the government to dramatically loosen federal restrictions on marijuana.
- US Treasury Department is reportedly planning more access to corporate tax breaks for R&D, and an announcement may come as soon as next week.
- The US government is to require AI vendors to measure political bias.
- Indiana’s Republican-controlled Senate rejected the Congressional redistricting plan backed by President Trump.
GEOPOLITICS
MIDDLE EAST
- White House said a lot of quiet planning is underway for the next phase of the Gaza peace plan, and they will make announcements at an appropriate time.
RUSSIA-UKRAINE
- US President Trump said they would help on security with Ukraine, and he thought they were close to a deal, while he added that there is a meeting on Saturday, and they will attend if they think there is a good chance. Trump also commented that he has spoken to China and Russia about nuclear weapons.
- Kremlin Aide said the US will sooner or later discuss with Moscow the outcome of its discussion with Ukraine, via RIA. Moscow did not revise US proposals after discussing with Ukraine and may “not like a lot of things there”.
- Russia’s Kremlin, on Ukraine’s referendum suggestion, said the whole of Donbass belongs to Russia
OTHER
- US President Trump said that it is going to start on land soon regarding Venezuela.
- US is reportedly preparing to seize more ships transporting Venezuelan oil, in which action would target tankers that may have transported other sanctioned crude such as Iranian, while the seizure has led to a suspension of at least three shipments, according to Reuters sources.
- US Treasury issued fresh Venezuela-related sanctions in which it was reported to have sanctioned Venezuelan President Maduro’s nephews and six ships carrying Venezuelan oil.
- US President Trump said he will have to make a couple of phone calls regarding Thailand and Cambodia. It was later reported that Thailand’s PM said a call with US President Trump is set for 21.20 local time 14:20GMT/09:20EST.
- China’s Military said small Philippine aircraft “invaded” Scarborough Shoal airspace. Monitored, warned forcefully and drove away the aircraft.
CRYPTO
- Bitcoin is a little firmer today and holds just shy of USD 93k, with Ethereum also firmer and holds around USD 3.2k.
APAC TRADE
- APAC stocks were predominantly higher following on from the mostly positive handover from Wall St, where the S&P 500 and DJIA notched record closes, but the Nasdaq lagged on Oracle-related headwinds.
- ASX 200 rallied with mining, materials and financials leading the broad advances, with nearly all sectors in the green.
- Nikkei 225 advanced after Japan’s Lower House recently approved the supplementary budget bill, with the index briefly returning to above the 51,000 level before fading some of the gains.
- Hang Seng and Shanghai Comp were somewhat mixed as the Hong Kong benchmark conformed to the upbeat mood in the region, although the mainland lagged despite the recent Central Economic Work Conference where it was stated that China is to make use of RRR and rate cuts flexibly, while China’s pledge to implement an appropriately loose monetary policy, implement more proactive fiscal policy, and stabilise the property market with city-specific measures, failed to inspire.
NOTABLE ASIA-PAC HEADLINES
- Japanese Finance Minister Katayama said they will review various special measures for corporate tax.
- BoJ is likely to maintain its pledge next week to keep raising rates at a pace dependent on how the economy reacts to each increase, according to Reuters sources. Will not release updated estimate on neutral rate, will not use it as the main communication tool on rate hike timing.
- China Industry Ministry said it issued a notice on optimising the import and export supervision measures of lithium thionyl chloride batteries.
- A Japanese Finance Ministry Official said participants at today’s primary dealers meeting said a sale reduction of super long JGBs is desirable.
- China prepares as much as USD 70bln in chip sector incentives, according to Bloomberg sources.
1c Asian opening report
European equities set to open higher following a rebound stateside; Markets await UK GDP and comments by Fed dissenters – Newsquawk EU Market Open
Friday, Dec 12, 2025 – 12:54 AM
- APAC stocks were predominantly higher following on from the mostly positive handover from Wall Street, where the S&P 500 and DJIA notched record closes, but the Nasdaq lagged on Oracle-related headwinds.
- US President Trump said they would help on security with Ukraine, and he thought they were close to a deal.
- US President Trump said that it is going to start on land soon regarding Venezuela; the US is reportedly preparing to seize more ships transporting Venezuelan oil.
- European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.6% after the cash market closed with gains of 0.8% on Thursday.
- Looking ahead, highlights include UK GDP Estimate (Oct). Speakers include Fed’s Paulson, Hammack, Goolsbee, Schmid, & Miran.
SNAPSHOT
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US TRADE
EQUITIES
- US stocks were choppy on Thursday, with the initial post-FOMC optimism fading the night before 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 both the SPX and DJIA notched fresh record 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.
- Click here for a detailed summary.
TARIFFS/TRADE
- Indian PM Modi said he had a call with US President Trump on Thursday as New Delhi seeks relief from 50% US tariffs on some of the country’s key exports to punish India for its Russian oil purchases.
- Indonesia’s chief negotiator to the US said they agree to conclude what had been agreed in July, and Indonesia hopes to conclude tariff negotiations with the US by year-end, while Indonesia will send a delegation to Washington to continue tariff talks soon.
NOTABLE HEADLINES
- Fed regional bank presidents were reappointed in a unanimous vote, with new five-year terms beginning March 1st.
- US President Trump posted that “Prices are coming down FAST, Energy, Oil and Gasoline, are hitting five-year lows, and the Stock Market today just hit an All Time High. Tariffs are bringing in Hundreds of Billions of Dollars”.
- US President Trump signed an executive order on AI, according to the White House website. Furthermore, a Trump administration aide said the executive order is to make sure AI can operate within a single national framework and that they are taking steps for a single national standard on AI.
- US President Trump said the WSJ has another ridiculous story that China is dominating us, and the world, in the production of electricity related to AI.
- White House said President Trump signed an order to increase oversight of and take action to restore public confidence in the proxy adviser industry.
- US President Trump is expected to push the government to dramatically loosen federal restrictions on marijuana.
- US Treasury Department is reportedly planning more access to corporate tax breaks for R&D, and an announcement may come as soon as next week.
- US government is to require AI vendors to measure political bias.
- Indiana’s Republican-controlled Senate rejected the Congressional redistricting plan backed by President Trump.
APAC TRADE
EQUITIES
- APAC stocks were predominantly higher following on from the mostly positive handover from Wall St, where the S&P 500 and DJIA notched record closes, but the Nasdaq lagged on Oracle-related headwinds.
- ASX 200 rallied with mining, materials and financials leading the broad advances, with nearly all sectors in the green.
- Nikkei 225 advanced after Japan’s Lower House recently approved the supplementary budget bill, with the index briefly returning to above the 51,000 level before fading some of the gains.
- Hang Seng and Shanghai Comp were somewhat mixed as the Hong Kong benchmark conformed to the upbeat mood in the region, although the mainland lagged despite the recent Central Economic Work Conference where it was stated that China is to make use of RRR and rate cuts flexibly, while China’s pledge to implement an appropriately loose monetary policy, implement more proactive fiscal policy, and stabilise the property market with city-specific measures, failed to inspire.
- US equity futures were mixed with price action rangebound as they took a breather after the record closes stateside.
- European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.6% after the cash market closed with gains of 0.8% on Thursday.
FX
- DXY was contained after softening yesterday in the aftermath of the recent Fed rate cut and with further headwinds from a jump in the latest initial jobless claims print, while participants await comments from several Fed speakers scheduled to speak later, including Paulson, Hammack, Goolsbee, Schmid and Miran.
- EUR/USD struggled for direction in the absence of any major catalysts and with a sparse data calendar for the bloc, outside of inflation revisions.
- GBP/USD traded sideways near the 1.3400 level ahead of incoming monthly GDP, industrial production and manufacturing output from the UK.
- USD/JPY continued its gradual rebound from the prior day’s trough after finding support at the 155.00 level, but with upside capped by a lack of drivers.
- Antipodeans were confined within tight parameters alongside a quiet calendar and uneventful mood across the FX space.
- PBoC set USD/CNY mid-point at 7.0638 vs exp. 7.0843 (Prev. 7.0686).
FIXED INCOME
- 10yr UST futures traded rangebound overnight after the prior day’s choppy mood and continued curve steepening in the aftermath of a jump in jobless claims.
- Bund futures remained subdued following the recent choppy performance and with few pertinent drivers to spur prices.
- 10yr JGB futures swung between gains and losses amid a very quiet calendar, with prices pressured as participants looked ahead to next week’s BoJ meeting, where the central bank is expected to hike rates for the first time since January.
COMMODITIES
- Crude futures nursed losses after retreating throughout the prior day amid mixed geopolitical headlines, including the US imposing fresh Venezuela sanctions and with Ukraine handing over the updated peace plan to the US.
- Spot gold took a breather after rallying to a month high alongside another surge in silver to fresh record levels.
- Copper futures initially faded some of yesterday’s gains with CME futures pulling back from a four-month peak, while Shanghai’s most active copper contract played catch-up and hit a new record high.
CRYPTO
- Bitcoin was choppy and briefly dipped beneath the USD 92,000 level before clawing back most of the earlier losses.
NOTABLE ASIA-PAC HEADLINES
- Japanese Finance Minister Katayama said they will review various special measures for corporate tax.
GEOPOLITICS
MIDDLE EAST
- White House said a lot of quiet planning is underway for the next phase of the Gaza peace plan, and they will make announcements at an appropriate time.
RUSSIA-UKRAINE
- US President Trump said they would help on security with Ukraine, and he thought they were close to a deal, while he added that there is a meeting on Saturday, and they will attend if they think there is a good chance. Trump also commented that he has spoken to China and Russia about nuclear weapons.
OTHER
- US President Trump said that it is going to start on land soon regarding Venezuela.
- US is reportedly preparing to seize more ships transporting Venezuelan oil, in which action would target tankers that may have transported other sanctioned crude such as Iranian, while the seizure has led to a suspension of at least three shipments, according to Reuters sources.
- US Treasury issued fresh Venezuela-related sanctions in which it was reported to have sanctioned Venezuelan President Maduro’s nephews and six ships carrying Venezuelan oil.
- US President Trump said he will have to make a couple of phone calls regarding Thailand and Cambodia. It was later reported that Thailand’s PM said a call with US President Trump is set for 21.20 local time 14:20GMT/09:20EST.
EU/UK
NOTABLE HEADLINES
- European Commission reportedly considers the second phase of the safe loan scheme for defence projects.
b. JAPAN
Fed Preps Massive Bond Buying as Japan Dumps US Debt
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
/CHINA
Chinese Drone “Mothership” Capable Of Swarm Attack Takes Flight
Friday, Dec 12, 2025 – 04:15 AM
Whether launched from shipping containers, robotic arms, commercial box trucks, or delivered by heavyweight jet-powered mothership drones, the creativity of military technology developers in designing and deploying loitering-munition swarms has been remarkable to watch.
The latest piece of military hardware to hit our radar is China’s Jiutian (“Nine Heavens”) unmanned aerial mothership, capable of hauling up to six tons of guided bombs, air-to-air and anti-ship missiles, or entire racks of kamikaze drones.
Jiutian’s internal bay can deploy up to 100 kamikaze drones for a saturation-swarm attack, flying in coordinated patterns to strike targets simultaneously and overwhelm defenses.
Jiutian was first revealed at the air show in Zhuhai, in China’s southern Guangdong province near the border with Macau, last year. Now footage has surfaced of the mothership drone taking off for the first time.
Military and defense-related:
Remember one year ago when New Jersey Rep. Jeff Van Drew, a Republican, speculated the mysterious drone sightings in the Northeast U.S. could be coming from an Iranian “mothership”…
EU
(Brooke/Remix)
Brussels Bureaucrats Push For Expanded Legal Migration Routes Into Europe To Help Those Who ‘Dream Of A Better Life’
Friday, Dec 12, 2025 – 02:00 AM
Authored by Thomas Brooke via Remix News,
The European Union must expand legal migration channels and intensify pressure on the criminal networks behind illegal border crossings, European Commission President Ursula von der Leyen said on Wednesday at a global migration conference in Brussels.
Von der Leyen argued that creating structured, regulated routes into the EU is essential if the bloc wants to reduce reliance on smuggling networks.
“We must open more safe pathways, legal pathways to Europe,” she said, urging closer cooperation between Europe and partner countries, including the G7.
“We must make sure that people can find a job where their talent is needed … bring skills across our borders.”
The Commission president highlighted the EU’s new “talent partnerships” — arrangements that allow non-EU citizens to work legally in Europe — saying five countries have already joined and that Brussels hopes more will follow.
She said a newly established “talent pool” would match European employers with qualified workers from outside the bloc, with a pilot “gateway office” in India launching to help jobseekers access legal routes.
If successful, she said, it could become “a blueprint for partnership with other countries.”
She portrayed these initiatives as beneficial to both Europe and partner states through developing skills, creating opportunities, and keeping young people engaged. “By working in partnerships, we have found safe alternatives to the lethal criminal smuggling networks,” she added.
Alongside legal pathways, von der Leyen announced a significant escalation in the EU’s enforcement strategy. Brussels is preparing a new sanctions regime aimed directly at migrant smugglers and the financial channels that sustain them. “We need stronger legal tools to dismantle this criminal business,” she said. “This is why Europe is developing a stringent new sanctions regime against smugglers … Our goal is simple. We want to bankrupt their businesses through all means available.”
The Commission chief said the measures could include travel bans and asset seizures, developed in coordination with G7 partners. She argued that migrants who enter the EU illegally often fall prey to “networks of modern slavery,” and said that expanding legal migration routes was essential to cutting these groups out.
The president also called for a major expansion of the EU’s border agency, Frontex, which she said should be tripled to 30,000 staff as part of wider efforts to reinforce border management and combat illegal immigration. According to von der Leyen, irregular entries have fallen by 37 percent this year, with a 26 percent decline on the most frequently used routes.
Her remarks came amid continued controversy over the EU’s recently adopted Asylum and Migration Pact, which includes faster procedures for returning people without authorization to stay and a mandatory solidarity mechanism. Under the system, member states must accept relocated migrants or make a “solidarity payment” of €20,000 per person if they refuse. Hungary, Slovakia, and Czechia have all declared their opposition, while countries such as Poland will receive temporary adjustments to their quotas due to the high number of Ukrainian refugees already hosted.
Von der Leyen acknowledged the political challenges but said the EU’s overarching principle must remain clear: “Europeans decide who crosses the borders and under what conditions, not the smugglers.”
“We all have one common goal,” she told delegates.
“The common goal is to drive the smugglers out of business. To save the lives of thousands of people who dream of a better life.”
At no point in her speech did she mention the effect that illegal immigration has on European citizens. She did not refer to the disproportionate percentage of crimes committed by migrants across the bloc, nor the plummeting levels of security felt among citizens.
Instead, she told attendees, “We must create more bridges between our continents. We must make sure that people can find a job where their talent is needed, match the skills, and bring skills across our borders.”
end
EU
MARTIN ARMSTRONG…
EU Is Broke & Rejects Peace Since They Would Have To Return Russian Money | Armstrong Economics
ROBERT H;
Sadly, he is not wrong. I hear the same from many others. Naively, people generally do not believe this is possible that the EU will do this. Even Belgium is afraid of what happens when they seize Russian assets. They were told that the guarantees they want from member countries is not theirs to have and they can be excluded from having a voice, just like Hungary. Is this Brussels against Brussels? And you call this democracy. Look at what happened in Bulgaria when the government collapsed over the joining of the EU in 2026. The poor people there will become poorer. And for what, the debt of a rule that rules for how long?
A total mess!
MARTIN ARMSTRONG..
EU is Broke & Rejects Peace Since They Would Have to Return Russian Money
Posted Dec 12, 2025 by Martin Armstrong |
I have been getting emails asking if the EU robbing Russia is the prelude to the Great Taking. Let’s make this very clear – there is NO GREAT TAKING – that is sophistry. You might as well add that they will default on all pensions, medicare, and Social Security while at it. Not even the army would defend such actions.
END
Russian Central Bank Sues Euroclear As EU Tries To Ram Through Assets Seizure
Friday, Dec 12, 2025 – 12:25 PM
In what could prove a well-timed preemptive attack and shot across the bow, Russia’s Central Bank (CBR) announced Friday it has initiated legal action against Euroclear, one of Europe’s largest securities depositories, which is holding 185 billion euros ($217 billion) of Russia’s frozen sovereign assets.
The CBR has filed a lawsuit against the Belgium-based bank in the Moscow Arbitration Court over “illegal actions” – just as European Union leadership is making a move to approve a plan to fund the Ukrainian government for the next years by using income from the Russian assets immobilized under EU sanctions.
“Euroclear’s actions caused harm to the Bank of Russia by preventing it from managing the funds and securities that belong to it,” the Russian Central Bank said in the statement. The lawsuit seeks compensation for losses as a result of Euroclear indefinitely blocking access to the funds.
The RCB has also separately condemned wider EU plans to use Russian assets to aid Ukraine as “illegal, contrary to international law” as they violate “the principles of sovereign immunity of assets.”
This is the first time in the entire frozen Russian asset saga that the bank has publicly commented on this issue. This lack of official condemnation until now is perhaps due to each side knowing greater tit-for-tat repercussions could unfold – or a point of no return could be reached if things unravel.
The European Central Bank has also long cautioned that if Europeans start grabbing other nations’ money, it could undermine confidence in the euro currency. To review, the assets were frozen shortly after the Russian invasion of Ukraine:
In 2022, Western countries froze assets belonging to Russia’s central bank totaling about 260 billion euros. Most of these funds — roughly 190 billion euros — are held in accounts at the Belgian depository Euroclear. Euroclear earns profits from the frozen Russian assets, but in 2024, those proceeds were directed toward financing Ukraine. Over the past three years, European leaders have repeatedly discussed the possibility of confiscating Russia’s frozen assets.
Currently EU member states are rapidly advancing a plan ahead of a key summit next week. European Commission President Ursula von der Leyen is seeking to use a loophole to prevent a lone member or two from having an effective veto (especially Hungary), 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.
But Belgium 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. So with the Russian lawsuit, Moscow is sending its message to Belgium loud and clear.
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.”
The United States does not agree with these actions, and this will likely to give political strength to Belgium’s objections to going along with EU leadership in the face of Russian legal pressures.
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
ISRAEL VS HAMAS
ISRAEL VS HAMAS
Israel received leads about burial site of final hostage Ran Gvili’s remains, sources say
Israel ramps up pressure on Hamas to return the remains of St.-Sgt.-Maj. Ran Gvili, delaying progress on a ceasefire deal until his proper burial is ensured.
Posters of Ran Gvili, whose body is still being held captive by Hamas in Gaza, seen at Hostage Square in Tel Aviv. December 02, 2025.(photo credit: MIRIAM ALSTER/FLASH90)ByANNA BARSKYDECEMBER 12, 2025 02:06
Israel has received several leads about the burial site of the remains of the final hostage St.-Sgt.-Maj. Ran Gvili over recent weeks, sources familiar with the details said on Thursday.
The leads are being examined, and Israel is awaiting verification of their validity, the sources clarified.
Hamas terrorists had been conducting searches for Gvili’s remains in Zeitoun, but paused due to inclement weather conditions when Storm Byron hit on Wednesday.
Israeli pressure led to Hamas and Palestinian Islamic Jihad searching the area, Maariv learned earlier this week.
Hamas and PIJ “know where Gvili’s remains are located, and have the ability to find them. The problem is they are not motivated to do so,” a security source told Maariv. “We believe they can put in more effort.”
Mediators are currently applying heavy pressure on Hamas after Israel made it clear that Phase II of the US-backed peace deal will not begin until Gvili’s remains are returned to Israel for a proper burial, security officials emphasized.
Search for Gvili’s remains expected to resume after Storm Byron calms
Officials expect the terror groups to resume their searches on Friday, once the storm abates.
“We are applying very strong and clear pressure. Until Gvili’s remains are returned, there will be no progress. Everyone knows we are in an interim situation,” a second security source told Maariv.
“This stage also has disadvantages for Hamas, as they will not receive anything that will allow the rehabilitation of the Gaza Strip. There will be no concrete, no concrete mixers, no discussion of a new Yellow Line, no opening of the Rafah Border Crossing – and more!” the source added
Once Gvili’s remains have been returned, Washington is believed to be expecting Israel to transition from a rationale of “Bring Them Home” to implementing commitments that have already been made, including shaping the post-Gaza situation, allowing the opening of the Rafah Border Crossings, cooperating with the International Stabilization Force if it is established, and dealing directly with Hamas terrorists.
The prevailing assessment in Israel indicates that the US administration will try to push for a wide-ranging, coordinated move, including a two-way opening of the Rafah Border Crossing, progress in establishing the ISF, appointing a Palestinian technocratic government, and opening concrete discussions on disarming the terror groups as part of Phase II.
end
ISRAEL VS HEZBOLLAH
Israel Used Palantir Technology In Its 2024 Lebanon Pager Attack
Thursday, Dec 11, 2025 – 08:55 PM
Palantir software was used by Israel in its 2024 pager attacks in Lebanon, according to a new book by Alex Karp, co-founder of the Palantir tech company. On September 17, thousands of pagers belonging to Hezbollah members, including civilians not involved in any armed activity, were detonated across Lebanon.
Many showed “error” messages and vibrated loudly prior to exploding, luring Hezbollah members or, in some cases, their family members to stand close by at the point of detonation. The next day more communication devices exploded, including at the public funerals of Hezbollah members and civilians who had been killed the previous day.
While many Israeli figures celebrated, praised and even joked about the attacks, United Nations experts called them a “terrifying” violation of international law. In total, 42 people were killed and thousands wounded, many left with life-altering injuries to the eyes, face and hands.
Karp’s new biography reveals that Israel deepened its use of the company’s technology after it launched the war on Gaza in October 2023, deploying it in numerous operations.
“The company’s technology was deployed by the Israelis during military operations in Lebanon in 2024 that decimated Hezbollah’s top leadership,” wrote Michael Steinberger, author of The Philosopher in the Valley: Alex Karp, Palantir, and the Rise of the Surveillance State.
“It was also used in Operation Grim Beeper, in which hundreds of Hezbollah fighters were injured and maimed when their pagers and walkie-talkies exploded (the Israelis had booby trapped the devices).”
He said that the demand for Palantir’s assistance by Israel “was so great that the company dispatched a team of engineers from London to help get Israeli users online“.
The involvement of a range of tech companies in Israel’s attacks on its neighbors in recent years, as well as for attacking and surveilling Palestinians, has sparked anger from rights campaigners and UN officials.
In a report produced by UN Special Rapporteur Francesca Albanese in July, several tech companies were accused of profiting from crimes including illegal occupation, apartheid and genocide in occupied Palestine. The report referenced AI systems that were developed by the Israeli military to process and generate targets during the war on Gaza.
“There are reasonable grounds to believe Palantir has provided automatic predictive policing technology, core defense infrastructure for rapid and scaled-up construction and deployment of military software, and its Artificial Intelligence Platform, which allows real-time battlefield data integration for automated decision making,” the report said.
In the report, Albanese called on UN member states to suspend all trade agreements and investor relations on any inviduals or entities that endangered Palestinians.
She added that the International Criminal Court and national judiciaries should pursue investigations and prosecutions of corporate executives and entities for “their part in the commission of international crimes and laundering of the proceeds from those crimes.” Middle East Eye has asked Palantir for comment.
end
RUSSIA VS UKRAINE
Everyone Except Zelensky ‘Loved’ My Plan, Trump Says, Warning Of WW3
Friday, Dec 12, 2025 – 09:45 AM
First, on Thursday NATO chief Mark Rutte said from Berlin that Europe and the world should prepare for coming war, ominously warning that it could be “on the scale of war our grandparents and great-grandparents endured.”
Soon following this, President Donald Trump seemed to echo the warning while voicing frustrations of there being no current off-ramp to the ongoing Russia-Ukraine war. “Things like this end up in third world wars. And I told that the other day, I said, ‘You know, everybody keeps playing games like this, you’ll end up in a third world war.’ And we don’t want to see that happen,” Trump told reporters in the Oval Office on Thursday.
“I’d like to see the killing stop: 25,000 people died last month, soldiers—mostly soldiers, but some people also where bombs were dropped,” Trump continued.
While acknowledging that the conflict “doesn’t really affect the United States unless it got out of control,” he spoke on the obvious possibility of runaway escalation.
Trump said the United States is “working very hard” to resolve the conflict, but he also broke with Washington’s typical reluctance to finger-point at President Zelensky. But in this instance he unleased, saying:
“I thought that we were very close with Russia to having a deal. I thought we were very close with Ukraine to having a deal. In fact, other than President Zelensky, his people loved the concept of the deal.”
The US peace deal hinges on territorial concessions in the Donbas and Crimea, as well as Ukraine limiting the size of its armed forces and agreeing to never join NATO. These are precisely things which the Zelensky government has long rejected, and Europe has largely supported this unbending stance.
On this point, Trump said: “It’s a little bit complicated because you’re cutting up land in a certain way. It’s not the easiest thing. It’s sort of like a complex real estate deal times a thousand.” Zelensky and the Europeans having been forging a ‘counter-plan’ – but on which Russia has already declared its unwillingness to contemplate.
While Trump clearly named Zelensky as thwarting peace efforts, White House press secretary Karoline Leavitt tried to perhaps soften the anti-Kiev remarks. “The president is extremely frustrated with both sides of this war, and he is sick of meetings just for the sake of meeting,” she told a press briefing.
Zelensky on Wednesday tried to blunt the pressure coming from the Trump White House by declaring he will look into holding elections.
He said: “Since this issue is being raised by the U.S. president and our European partners, I’ll be brief: I am ready. I ask the U.S., together with Europe, to ensure security for the vote. If that is done, Ukraine can hold elections within 60 days.”
However, Zelensky is calling on his international backers to ensure that such an election could be held safely and fairly. Likely this would mean getting Moscow to agree to a temporary pause in the war, to allow a peaceful vote.
END
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE
COVID Porn Is Back
Friday, Dec 12, 2025 – 08:25 AM
Authored by ‘sallust’ via DailySceptic.org,
The tireless hacks at the BBC have emerged from their bunkers once again to terrorise the public by bravely touring the hospitals and whipping up hysteria about the latest outbreak of flu.
It seems “literally hundreds” of patients have been bombarding A&E departments, according to Health Editor Hugh Pym and Chloe Hayward who have been courageously touring the front line:
As one patient leaves his room at Leicester Royal Infirmary’s acute unit, cleaning staff are waiting outside.
He is barely out of the room before the bed is stripped and bleach is sprayed. The next patient is already waiting to come in.
Over two days the BBC was given access to the hospital to witness first-hand how it is coping with an early surge of winter bug cases.
Flu season has hit a month earlier than normal this year, with experts warning there appears to be a more severe strain of the virus – mutated H3N2 – circulating.
Hospitals around the country, like this one in Leicester, are doing all they can to avoid becoming completely overwhelmed.
“Completely overwhelmed.” Sounds familiar?
They’re at the Royal Infirmary in Leicester, and after citing some choice case studies, miss no opportunity to make it sound like the end of the world is imminent:
“There are patients in every cubicle,” Consultant Saad Jawaid says, as Paige is wheeled in. “Another ambulance has just rocked up.”
We watch as he works with colleagues in the resus unit to find desperately needed bed spaces.
“When beds are full we have to move people – sometimes that means those who can sit are moved out of beds and into chairs,” he says.
Regardless of the situation in the hospital and the range of conditions people are turning up with, on closer examination it things aren’t quite as bad as the story’s florid copy suggests:
Richard Mitchell has been the Chief Executive of University Hospitals Leicester NHS Trust since 2021 – and has witnessed first-hand how it gets harder to cope with each winter that passes.
”We are already seeing very high levels of flu,” he tells us. He expects numbers to climb into January. “That is one of the many things I am concerned about at the moment.
“At this point I feel we are working at the limits of our ability.”
What exactly was he expecting? An idle coast through to April before going on a well-unearned summer break? It raises the interesting question of what people who work for the NHS think they are likely to be confronted with in 21st century Britain.
The story ends up with the predictable exhortation to get a flu vaccine.
The other day the Telegraph reported that the currently available jab is a “poor match” for the strain that’s doing the rounds anyway.
Stop Press: The BBC’s Nick Triggle (often a voice of relative sanity in the Covid years) has questioned how unprecedented this year’s flu wave really is, pointing out that the NHS’s data only go back to 2021!
NHS England says the number of patients with flu in hospital is the worst on record for this time of year, describing it as an unprecedented situation.
It is, but that’s because the data only goes back to 2021-22. In doing so, it misses several really difficult flu seasons during the 2010s.
The 2014-15 and 2017-18 winters were particularly bad – more than 20,000 deaths from flu were recorded.
Both were far worse than what we have seen over the past four years.
So when the NHS talks about being in an unprecedented situation it is not taking into account what happened just a decade ago.
Could this flu season match those? It is quite possible. The strain that is dominant this year – H3N2 – was the one behind the 2014-15 and 2017-18 spikes.
But it is worth remembering what is being seen now is not something that has never happened before.
Enough said. But if you’re feeling nostalgic and suffering from Covid-era withdrawal symptoms, the BBC’s story will take you back to the good old days. The only thing missing is some reckless modelling.
Worth reading in full – unless you’re of a nervous disposition.
end
GLOBAL ISSUES
MARK CRISPIN MILLER
DR PAUL ALEXANDER
How high do we hang CDC, NIH, FDA, HHS, NIAID et al. health officials from Trump one government? when courts done, how high? CDC et al. knew 90% of US was exposed and infected & immune;
https://www.wmbriggs.com/post/38585/; was it all a lie? yes, was the population harmed, killed unnecessarily? yes; did they die? yes due to the failed deadly OWS lockdowns, response & Malone mRNA
| Dr. Paul AlexanderDec 12 |
vaccine, yes; did they die due to COVID? No! They died from the inept unscientific medical response!
I call it murder in the first! Mala in se! The mortality from COVID can be mala in se crimes. Evil, depraved!
CDC Data: Up To 90% Or More Of Americans Already Infected – William M. Briggs
NEWSWIZE
| LATEST REPORTS FOR NEWS JUNKIES |
| JUST IN: Trump Approval Skyrockets In New PollPresident Donald Trump’s approval rating vaulted upward in a new Harvard CAPS/Harris poll released Monday, although the administration is battling to stay above water on several top issues. The poll comes after a record-long government shutdown put renewed focus on high prices and household costs, an issue Democrats have leaned on heavily. Trump has brushed that off as a political …READ THE FULL REPORT |
| NEW: Supreme Court Justices Appear Supportive Of Trump On All-Important CaseThe Supreme Court’s conservative majority hinted Monday that President Donald Trump may have the power to fire a federal regulator without cause, raising the stakes in a showdown that could topple a 90-year precedent and rewire how Washington works. For nearly three hours, justices sparred over Trump’s decision to remove Rebecca Slaughter, a Democrat serving on the Federal Trade Commission, …READ THE FULL REPORT |
| Ilhan Omar Did Marry Her Brother, Friend Claims In Bombshell ReportRep. Ilhan Omar once told friends that the man who later became her second husband was actually her brother, according to a former associate whose story has resurfaced in recent days. The allegation, reported by DailyMail.com, centers on claims that Omar and Ahmed Elmi shocked Minneapolis’ Somali community years ago, when Omar quietly married Elmi after previously identifying him as …READ THE FULL REPORT |
| BREAKING: Alina Habba Resigns As Acting U.S. AttorneyAlina Habba, one of the most high-profile figures in President Donald Trump’s legal orbit, has resigned as acting U.S. Attorney for the District of New Jersey following a federal appeals court decision that declared her appointment unlawful. The move marks a significant setback for the administration’s efforts to install loyalists in key federal posts outside of the traditional Senate confirmation …READ THE FULL REPORT |
| JUST IN: ‘Squad’ Democrat Files To Run For Higher OfficeU.S. Rep. Jasmine Crockett has officially jumped into Texas’ bruising race for the U.S. Senate, setting up a crowded Democratic primary aimed at unseating longtime Sen. John Cornyn. Crockett, a high-profile Democrat who represents a southern slice of the Dallas area, filed paperwork Monday to run just hours before the deadline to enter the 2026 midterm primary, FOX 4 political …READ THE FULL REPORT |
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL\
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
INDIA/USA
For the first time in history, India’s pension regulator, the PFRDA, has officially allowed the country’s National Pension System (NPS) to invest in gold and silver ETFs.…. In Reuters today. Let’s ponder this. The Fed is going to print. In INDIA, with 1.4 billion people, it’s country’s pension funds can now buy gold and silver. The US inflates by printing money and India buys metals to ride the decline of the USD. This also implies that all imports into America paid in USD actually decline in relative value to external domestic production because it is not at all certain that exporters will not look to countries with relative economic strength as a 1st choice export market. Or in the alternative build in inflation which further increases prices.
VENEZUELA/USA
White House: Seized Dark-Fleet Tanker Now En Route To U.S.; Track Its Position Here
by Tyler Durden
Thursday, Dec 11, 2025 – 03:40 PM
Update (1540ET):
White House Press Secretary Karoline Leavitt told reporters Thursday that the VLCC Skipper, seized by U.S. forces on Wednesday, is inbound to a “U.S. port and that the U.S. intends to seize the oil. However, she noted that there is a legal process for such a seizure, and that process will be followed.”
Bloomberg data shows the Skipper just north of Saint Lucia in the eastern Caribbean Sea. The vessel is listed as “engines underway” and heading northwest.
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS FRIDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1776 DOWN 0.0015 PTS OR 15 BASIS POINTS/WITH STOCKS IN EUROPE ALL GREEN
USA/ YEN 155.95 UP 0.443 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 1.3371 DOWN .0022 OR 22 BASIS PTS
USA/CAN DOLLAR: 1.3761 DOWN 0.0015 CDN DOLLAR UP 15 BASIS PTS//CDN DOLLAR STILL GETTING KILLED)
Last night Shanghai COMPOSITE CLOSED UP 16.05 PTS OR 0.41%
Hang Seng CLOSED UP 446.28 PTS OR 1.75%
AUSTRALIA CLOSED UP 0.29%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 446.28 PTS OR 1.75%
/SHANGHAI CLOSED UP 16.03 POINTS OR 0.41%
AUSTRALIA BOURSE CLOSED UP 0.29 %
(Nikkei (Japan) CLOSED UP 721.18 PTS OR 1.44%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 4322.20
silver:$64.15
USA dollar index early FRIDAY morning: 98.10 UP 10 BASIS POINTS FROM THURSDAY’s CLOSE
FRIDAY MORNING NUMBERS ENDS
And now your closing FRIDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.182 % UP 2 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +1.952% UP 3 FULL POINTS AND 25/100 BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.357 DOWN 3 BASIS PTS//DEADLY
SPANISH 10 YR BOND YIELD: 3.313 UP 2 in basis points yield
ITALIAN 10 YR BOND YIELD 3.553 UP 2 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.8653 UP 3 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 1.1725 DOWN 0.0016 OR 16 basis points
USA/Japan: 156.8 UP 0.588 OR YEN IS UP 59 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.5170 UP 3 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.256 UP 5 BASIS POINTS.
Canadian dollar UP 0.0016 OR 16 BASIS pts to 1.3761
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY UP AT 7.0547 ON SHORE ..
THE USA/YUAN OFFSHORE UP TO 7.0507
TURKISH LIRA: 42.70 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.954 UP 3 FULL basis pts
THE 30 YR JAPANESE BOND YIELD: 3.357 DOWN 3 basis pts
Your closing 10 yr US bond yield UP 5 in basis points from THURSDAY at 4.192% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.850 UP 6 basis points /11:00 AM
USA 2 YR BOND YIELD: 3.542 UP 3 BASIS PTS.
GOLD AT 10;00 AM 4340.95
SILVER AT 10;00: 64.45
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: FRIDAY CLOSING TIME 11:00 AM//
London: CLOSED DOWN 54.13 PTS OR 0.56%
GERMAN DAX: DOWN 83.24pts or 0.34%
FRANCE: CLOSED DOWN 17.14 pts or 0.21%
Spain IBEX CLOSED DOWN 28.00pts or 0.17%
Italian MIB: CLOSED DOWN 188.06. or 0.43%
WTI Oil price 57.46 0.00 EST/
Brent Oil: 61.07 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 79.71 ROUBLE UP 0 AND 40/ 100
CDN 10 YEAR RATE: 3.448 UP 1 BASIS PTS.
CDN 5 YEAR RATE: 3.021 UP 1 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1743 UP 0.0023 OR 23 BASIS POINTS//
British Pound: 1.3369 DOWN 0.0024 OR 24 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.5210 UP 6 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.2226 UP 2 IN BASIS PTS.
JAPAN 10 YR YIELD: 1.970 UP 5 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.369 DOWN 1 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 155.81 UP 0.303 OR YEN DOWN 30 BASIS PTS EXTREMELY DANGEROUS/YEN FALLING DEEPLY IN VALUE
USA dollar vs Canadian dollar: 1.3768 DOWN 0.0007 PTS// CDN DOLLAR UP 7 BASIS PTS
West Texas intermediate oil: 57.22
Brent OIL: 61.04
USA 10 yr bond yield UP 5 BASIS pts to 4.195
USA 30 yr bond yield UP 7 PTS to 4.859%
USA 2 YR BOND 3.531 UP 1 PTS
CDN 10 YR RATE 3.457 UP 2 BASIS PTS
CDN 5 YEAR RATE: 3.011 DOWN 1 BASIS PTS
USA dollar index: 98.02 UP 2 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 42.70 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 80.25 UP 0 AND 10/100 roubles //
GOLD $4301.50(3:30 PM)
SILVER: 61.84 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: DOWN 257.18 OR 0.53 %
NASDAQ 100 DOWN 398.69 PTS OR 1.69%
VOLATILITY INDEX 15.78 UP 0.93 PTS OR 6.26.%
GLD: $ 395.44 UP 2.20 PTS OR 0.56%
SLV/ $56.08 DOWN 1.53 PTS OR OR 2.61%
TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 133.34 PTS OR 0.42%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
Precious Metals Dominate Chaotic Week As AI Reality-Checks Steal Fed’s Dovish-Gifts
WRAP UP;
USA DATA RELEASES
USA ECONOMIC COMMENTARIES
Delivery Theft And Scams Are Reshaping Holiday Shopping Decisions In 2025
Friday, Dec 12, 2025 – 05:45 AM
Americans may be preparing for holiday sales and gift lists, but a new survey shows that growing anxiety over safety and scams is shaping how they shop in 2025. Concerns about home security, crowded retail environments, and package theft are pushing changes in buying behavior, from delivery choices to how—and when—people visit stores, according to a study from Hanwah Vision. The key findings were:
- 62% of Americans are concerned about porch pirates this year.
- 59.5% would pay more for secure delivery options.
- 40.5% of Americans say that safety concerns influenced their decision to shop online or in-store this year. That share rises to 61% among Gen Z.
- 31% of Americans lack confidence that retailers provide adequate security during the holidays.
- 35.5% often avoid crowded stores or peak hours because of safety concerns.
- 40% of Gen Zers plan to do most of their holiday shopping online.
- 21% say they feel less safe in stores this year compared to last.
- 42% of men would buy from a website they’ve never heard of if it offered a big discount, compared to 32% of women.
- Only 31% expect their overall holiday spending to rise.
The study found that fear of package theft remains one of the biggest concerns of the season. Sixty-two percent of shoppers worry about porch pirates, and nearly 60 percent say they are willing to pay extra for delivery options that promise greater protection. Those worries are driving homeowners to beef up security with cameras, motion-sensing lights, doorbell alerts and locked delivery boxes. Shoppers are no longer just hoping their gifts arrive—they want assurance that they will arrive safely.
Safety is also influencing where people shop. Forty-point-five percent of Americans say concerns about crime, scams or crowded stores played a role in whether they chose in-person shopping or online purchasing this year. Among Gen Z shoppers, that figure climbs to 61 percent, with 40 percent planning to do most of their holiday shopping online. Younger shoppers are especially wary of in-store risks, with one in five saying they feel less safe in shops this year than last. Their shift online might protect them from in-store theft or crowds, but it brings new vulnerabilities such as phishing scams and counterfeit retailers.
The study says that security doubts extend to brick-and-mortar stores. Nearly a third of shoppers say they don’t trust retailers to provide adequate protection during the holidays, and more than a third say they avoid crowded stores or peak hours because of safety concerns. For retailers already battling competition from e-commerce, a sense of insecurity could become another reason customers choose to shop elsewhere. Shoppers want visible signs that stores are investing in protection, whether through trained staff, monitoring systems or stronger cybersecurity for payment data.
Meanwhile, financial pressure is pushing many consumers to take risks they might normally avoid. Only 31 percent expect to spend more on gifts this year, suggesting that tight budgets are pushing shoppers toward steep discounts and unfamiliar online sellers. That desire for bargains has a cost: 42 percent of men and nearly a third of women say they would purchase from a site they’ve never heard of if the deal was compelling enough. Temptation fuels vulnerability, making scams and fraudulent sites more effective at a time when shoppers are more focused on savings than verification.
With budgets stretched and more consumers modifying their traditions, every purchase carries a little more weight. Losing a gift to theft, fraud or delivery issues isn’t just frustrating—it represents money carefully saved and spent. This year’s Holiday Security Sentiment Index suggests that the season has two priorities: what people buy, and how safe they feel buying it.
The findings are based on a nationwide survey of 1,000 adults conducted ahead of the 2025 holiday season. Participants were asked how worries about theft, scams and personal safety are influencing where they shop, how much they spend and what precautions they take at home and in stores. Responses were analyzed across age groups, gender and income to identify emerging trends that link security and spending behavior.
VICTOR DAVIS HANSON
KING NEWS
| The King Report December 12, 2025 Issue 7638 | Independent View of the News |
| Stocks and commodities, particularly precious metals, rallied sharply on Thursday due to the resumption of QE. But Fangs declined sharply on Oracle; NVDA and Broadcom sank 4+%. Silver hit 64.31! Dec Gold soared $92.60. Cryptocurrencies declined sharply; Bitcoin fell below $90k. Howard Marks Warns of Little Merit in Further Rate Cuts – BBG The Federal Reserve’s “manipulations” around the cost of money will drive people into riskier investments… Marks believes the Fed should be passive most of the time and only intervene if the economy is seriously overheated or underactive… @elerianm: Federal Reserve Chair Jerome Powell went out of his way yesterday to distinguish the new $40 billion in “reserve-management purchases” (RMP – positioned essentially a technical liquidity management measure) from monetary policy. But that distinction tends to evaporate the closer you get to those in the fixed income markets. To many there, $40 billion in central bank purchases is $40 billion in purchases … and at a time when the Fed’s balance sheet, while reduced for its post-pandemic peak of $9 trillion, remains sizeable. https://x.com/elerianm/status/1999147011392565368 Fed Balance Sheet: +13.522B; Reserves +$73.828B https://www.federalreserve.gov/releases/h41/20251211/ JPMorgan, Growing Large Bank Risk & Private Credit – IRA’s Chris Whalen The two charts below show total loans to NDFIs as of Q3 2025 at $1.3 trillion and also all unused bank lines. The category “all other unused loan commitments” in the second chart (purple line) is over $4 trillion and includes undrawn lines to NDFIs. For every dollar of credit already drawn by NDFIs (Non-depository Financial Institutions) in that $1.3 trillion figure, there is another $1 or more that borrowers can draw just prior to filing bankruptcy. This is what they call “Exposure at Default” under Basel III. And many NDFI loans by banks are non-recourse, but most NDFIs have no net assets in any event… https://www.theinstitutionalriskanalyst.com/post/theira787?cid=364074b3-22f1-4e1c-8ca5-6b79e7236b6f @charliebilello: Investors are now paying 26.2 times peak S&P 500 earnings, the highest valuation we’ve seen since 2000 and over 50% above the historical median. A decade ago, this same ratio was at 16.8. https://x.com/charliebilello/status/1998805502751281540 Initial Jobless Claims 236k, 220k expected, prior 192k; Continuing Claims 1.838m, 1.942m expected, prior 1.937m; September Trade Balance -$52.8B, -$63.0B expected, prior -$59.3B ESZs tumbled to 6817.50 (-74.25) at 22:08 ET due to Oracle. ESZs then rallied to 6877.00 at 7:36 ET. After a retreat to 6838.00 at 9:55 ET, ESZs marched to a daily high of 6909.25 at 14:45 ET. After a drop to 6896.50 at 15:5 ET, the late manipulation pushed ESZs to 6910.25, a new high, at 16:00 ET due to lower future customer orders than desired. Senate Dems block Republicans’ HSA plan as Obamacare deadline nears https://www.foxnews.com/politics/senate-dems-block-republicans-hsa-plan-obamacare-deadline-nears Senate Dems’ Obamacare fix fails as Senate looks for off-ramp from healthcare cliff Dem bill failed on party-line vote Thursday, leaving upper chamber without solution to fast-approaching deadline https://www.foxnews.com/politics/senate-dems-obamacare-fix-fails-senate-looks-off-ramp-from-healthcare-cliff Tesla U.S. sale slide to nearly three-year low in November – Reuters, citing Cox Automotive Total sales fell nearly 23% to 39,8000 vehicles from 51,513 a year earlier… lowest since January 2022… Positive aspects of previous session Stocks soared on Fed T-Bill QE. Negative aspects of previous session Commodities, ex-energy, rallied sharply; precious metals soared. USZs lost most of their early rally by the afternoon. Fangs declined moderately on Oracle’s travails. Ambiguous aspects of previous session Fed QE had resumed. What do Powell and the Fed fear? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6879.30 Previous session S&P 500 Index High/Low: 6903.46; 6833.45 Trump grades his economy “A+++++” — most Americans don’t agree https://www.axios.com/2025/12/09/trump-tariffs-economy-gas-prices @GlobalMktObserv: US consumer credit is SURGING: Total consumer credit hit a record $5.08 trillion in October. Revolving credit, which includes credit cards, rose to $1.32 trillion, the highest since November 2024. Non-revolving credit (auto and student loans) hit a record $3.77 trillion. Americans have never been this indebted. https://x.com/GlobalMktObserv/status/1999116551899718038 Trump signed an executive order for single national AI regulation framework that attempts to halt state regulations. GOP Florida Governor has already stated that an EO does not negate state laws. The increasingly unpalatable Trump proffered this logic for his AI EO: “We have to be unified. China is unified…” We do NOT need to list all heinous and vile things on which “China is unified.” Trump Says He Will Consider Wiping Federal Gambling Winnings Tax (Doesn’t he own casinos? Does this help mitigate the ‘Affordability Crisis?) https://finance.yahoo.com/news/trump-says-consider-wiping-federal-171500316.html After the close, Broadcom reported EPS of 1.95, 1.87 expected; revenue of $11.07B, $10.74B expected. AVGO soared 4%; ESZs jumped 18.50 higher. AVGO hit 424.19 at 16:15 ET. It formed an AB top with a 423.00 print at 17:10 ET. AVGO then plunged during the earning call to 397.38 at 17:19 ET. Today – The Fed commences its T-Bill QE with an $8.167B monetization today. Fed T-Bill QE Schedule: https://www.newyorkfed.org/markets/domestic-market-operations/monetary-policy-implementation/treasury-securities/treasury-securities-operational-details#monthly-details As we stated in yesterday’s missive: “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… If bonds rally early on retail and trader buying, be alert for a later reversal if the 30-year auction is bad… So, be alert for a bond decline late today or tomorrow. The usual suspects will play for the Friday Rally. The panic short covering in stocks, bonds, and commodities from Wednesday afternoon surge through Thursday should end at some point today. If stocks rally in the morning or at midday, be alert for a spirited retreat in the afternoon. USZs hit a high of 116 9/32 (+29/32) at 9:35 ET. They then sank to 115 16/32 (+4/32) at 16:00 ET. The Dollar Index was 98.310 at the NYSE close. ESZs are -3.50; NQZs are -50.75 (on AVGO); Dec AU is -9.10; and USZs are -4/32 at 17:52 ET. S&P Index 50-day MA: 6760; 100-day MA: 6621; 150-day MA: 6432; 200-day MA: 6213 DJIA 50-day MA: 47,034; 100-day MA: 46,149; 150-day MA: 45,129; 200-day MA: 44,120 (Green is positive slope; Red is negative slope) S&P 500 Index (6900.99 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 5799.20 triggers a sell signal Weekly: Trender and MACD are positive – a close below 6420.50 triggers a sell signal Daily: Trender and MACD are positive – a close below 6722.03 triggers a sell signal Hourly: Trender and MACD are positive – a close below 6867.98 triggers a sell signal Neil Bush Urges More Collaborations with China to Make Americans ‘Less Fearful’ https://www.breitbart.com/asia/2025/12/10/report-neil-bush-urges-collaborations-china-make-americans-less-fearful/ The Bushes and Bill Clinton facilitated China’s ascent more than anyone else in the known universe. @EricLDaugh: Rep. Tim Burchett exposes that his bill banning taxpayer dollars from going to the Taliban is being BLOCKED because of a Senate staffer who had his security clearance DENIED by DNI Tulsi Gabbard due to his relationship with the Taliban. “We can’t get the bill passed in the Senate. It’s taken me over a year to get it out of the dadgum House. And we got a fellow over in the Senate who was a staffer, but he was a former, I believe, ambassador to Afghanistan. And his name is what? Tom West.” “And apparently, our good friend Tulsi Gabbard and the Trump administration denied him his security clearance because of his alleged cozy relationship with the Taliban.” “And so I suspect that’s what’s going on in the Senate. That’s why they’re stopping the bill.”… https://x.com/EricLDaugh/status/1998796058512732287 @IanJaeger29: Democratic Senator Peter Welch has stopped a bill today to defund the Taliban. https://t.co/eYdJAaOprd Trump border czar Homan, DHS chief Noem barely speaking or meeting: ‘Her and Tom don’t get along’ https://trib.al/Z5DQhZo Elon Musk to Joe Rogan: “Doesn’t it seem weird that the legacy media all say the same thing at the same time using the same phrases?” https://x.com/joeroganhq/status/1999159744200839513 @greg_price11: Indiana Senate Majority Leader Chris Garten just gave a fiery speech in favor of the 9-0 map: “Some will say these maps are political. Let me be clear: You’re DAMN RIGHT they are… Safe streets are political. Affordable electricity is political. A drug free Indiana is political. Peace in the Middle East is political… We’re not here to be neutral arbiters of decline. We’re hear to be agents of American greatness.” https://x.com/greg_price11/status/1999225608782643295 @AP: Indiana Senate Republicans reject new congressional maps in defiance of President Trump’s redistricting push. (RINOs buddies of ex-VP Pence who detest DJT harm the GOP to vex DJT!) https://apnews.com/article/indiana-lawmakers-redistricting-final-vote-80e3e546fc7acec4a7bd7cd110787375 @GovBraun: I am very disappointed that a small group of misguided State Senators have partnered with Democrats to reject this opportunity to protect Hoosiers with fair maps and to reject the leadership of President Trump. Ultimately, decisions like this carry political consequences. I will be working with the President to challenge these people who do not represent the best interests of Hoosiers. @CWBChicago: Prosecutors asked a judge to keep him in jail after charging him with a violent cross-town robbery in Chicago. The judge put him on an ankle monitor instead. Now, prosecutors say he escaped and sexually molested an 11-year-old girl. https://t.co/IWOlQJ8hwr @ABC: Jesse Mack Butler was convicted of repeated, violent sexual assault. The parents of one of his alleged victims are speaking out after 18-year-old Butler was granted “youthful offender” status by a judge and did not receive any prison time. https://abcnews.link/z82ET1a “Laws are like spiderwebs: they will catch the weak and poor, but the rich and powerful tear through them.” — Scythian philosopher Anacharsis; often attributed to Solon, 6th century BC | |
SWAMP STORIES FOR YOU TONIGHT
Blue State Governors Are Refusing To Implement Trump’s ‘No Tax On Tips’
Thursday, Dec 11, 2025 – 07:40 PM
On the campaign trail, President Donald Trump promised to end federal taxes on tips and overtime. Democrats dismissed it as an election-year ploy to win votes, but Trump delivered on that promise when he signed the One Big Beautiful Bill Act on July 4, which eliminated taxes on tips and overtime for service and hospitality workers.
However, blue-state Democrats like New York Gov. Kathy Hochul, Illinois Gov. JB Pritzker, and Colorado Gov. Jared Polis are, in the words of Treasury Secretary Scott Bessent, “deliberately blocking their own residents” from accessing the “historic benefits” promised under the law.
“President Trump’s tax cuts bill is the most pro-worker, pro-family legislation in a generation,” Bessent said. “It puts more money directly into the pockets of hardworking Americans through No Tax on Tips for dedicated service industry staff, No Tax on Overtime for linemen and factory workers, and a new tax deduction for seniors who depend on Social Security.”
Bessent continued, “This partisan stonewalling is a direct assault on the very families and workers liberal politicians claim to champion. By denying their residents access to these important tax cuts, these governors and legislators are forcing hardworking Americans to shoulder higher state tax burdens, robbing them of the relief they deserve and exacerbating the financial squeeze on low- and middle-income households.”
Bessent demands that these holdouts conform immediately and quit punishing citizens for political spite.
“President Trump’s vision is clear: real relief for the forgotten men and women of America, certainty for businesses, and momentum for growth,” Bessent added. “The American people voted for bold change, not bureaucratic roadblocks.”
Bessent also hinted that there would be consequences for states that refuse to comply with the law.
“Treasury stands ready to work with any state committed to delivering on that promise, but we will not stand idly by as this obstructionism drags down the national recovery,” he said. “This is about fairness. This is about opportunity. And this is about putting America first, starting with the families and workers who make our economy the envy of the world.”
Bessent doubled down in a post on X, and compared Govs. Hochul, Pritzker, and Polis to the Dr. Seuss character, the Grinch.
“Courtesy of their Scrooge-like tendencies, America’s seniors, along with all workers who would benefit from No Tax on Tips and No Tax on Overtime, will be robbed of the tax relief they deserve,” he wrote. “The Christmas season should be a time of great cheer. But due to the Trump Derangement Syndrome of these Governors and other radical leftists, too many low- and middle-income households will receive nothing but coal in their state tax stockings.”
Ironically, Trump wasn’t the only one who wanted to relieve service and hospitality workers of paying taxes on tips and overtime. Two months after he proposed his No Tax on Tips plan, Kamala Harris pitched her own version of the idea at a rally in Las Vegas in August 202. She pledged, “It is my promise to everyone here when I am president, we will continue our fighting for working families of America including to raise the minimum wage and eliminate taxes on tips for service and hospitality workers.”
While many Democrats were already on the record opposing Trump’s plan, Harris’s proposal had the backing of both of Nevada’s Democratic U.S. Senators, Jacky Rosen and Catherine Cortez Masto. Former White House press secretary Karine Jean-Pierre even said that if such a proposal to eliminate taxes on tips had passed Congress, Joe Biden would have signed it.
Trump, however, called Harris out immediately for stealing his proposal.
“Kamala Harris, whose ‘Honeymoon’ period is ENDING, and is starting to get hammered in the Polls, just copied my NO TAXES ON TIPS Policy,” Trump wrote in a post on Truth Social at the time. The difference is, she won’t do it, she just wants it for Political Purposes! This was a TRUMP idea – She has no ideas, she can only steal from me. Remember, Kamala has proposed the LARGEST TAX INCREASE IN HISTORY – It won’t happen. MAKE AMERICA GREAT AGAIN!!!”
The Trump administration sees the new law as a straightforward win for workers, yet this standoff with blue states ensures the debate is far from over.
end
Top Democrat: Murder Of DC National Guard Just An ‘Unfortunate Accident’
Thursday, Dec 11, 2025 – 08:30 PM
During a heated House Committee on Homeland Security hearing on Thursday, Rep. Bennie Thompson (D-Miss.) sparked outrage by dismissing the Thanksgiving-eve shooting of two National Guardsmen in Washington, D.C., as an “unfortunate accident.” The casual characterization of what DHS Secretary Kristi Noem quickly corrected as a terrorist attack revealed Thompson’s apparent inability—or refusal—to acknowledge the gravity of the attack that left 20-year-old U.S. Army Spc. Sarah Beckstrom dead, and 24-year-old U.S. Air Force Staff Sgt. Andrew Wolfe critically wounded.
The exchange began when Thompson referenced what he called “the unfortunate accident that occurred with the National Guardsman being killed.”
Secretary Noem immediately pushed back, asking pointedly, “You think that was an unfortunate accident?”
When Thompson tried to deflect, Noem shot back: “It was a terrorist attack. He shot our National Guardsman in the head.”
Officials in Washington confirmed that the shooting of two National Guardsmen near the White House was a targeted attack. The gunman, Afghan national Rahmanullah Lakanwal, who was admitted to the U.S. as part of the Biden administration’s Operation Allies Welcome, reportedly walked straight up to the troops on patrol and opened fire.
Thompson not only minimized the shooting but turned it into a partisan attack, pivoting to blame the Trump administration for approving the attacker’s asylum application. He doubled down on his dismissive language.
“It was an unfortunate situation, but you blamed it solely on Joe Biden. I want you to know, who approved the asylum, uh, application, uh, for this same person?”
“Mr. Thompson, this individual that came into the country—“
“No, no, no,” Thompson interrupted. “No, I want to know who approved it.”
“Congressman Thompson, I want you to understand—“
“No, no, no, no!” Thompson interrupted.
The back-and-forth devolved into a combative exchange as Thompson repeatedly interrupted Noem’s attempts to explain how the vetting process worked. Thompson interjected multiple times, attempting to prevent the Secretary from detailing how the attacker entered the United States under Operation Allies Welcome during the chaotic Afghanistan withdrawal.
Noem fought to get her answer on the record despite Thompson’s constant interruptions. “This individual came into the country under an evacuation of Afghanistan, under Operation Allies Welcome, was thoroughly vetted by the Biden administration at that point and that time, allowed into our country, and that was never followed up,” she explained. She emphasized that the Biden administration failed to conduct required annual check-ins with asylum seekers as mandated by law.
Thompson then threatened Noem with perjury charges, insisting that the Trump administration’s DHS had approved the asylum application. “I don’t want to charge, file perjury charges against you, but I’m of the opinion that the Trump administration, DHS, your DHS, approved the asylum application,” he said.
Noem held her ground, explaining that “the asylum application moved forward under all of the information and vetting processes that were put in place under the Biden administration, which is when vetting happened.”
Thompson’s primary concern appeared to be deflecting blame from the Biden administration onto the Trump administration.
Initially, it was believed that Rahmanullah Lakanwal was radicalized after entering the U.S. under the Biden administration’s Operation Allies Welcome. However, last week, a new theory emerged suggesting that Taliban blackmail may have coerced Lakanwal into the attack.
Federal investigators are exploring whether the Taliban threatened to harm his family in Afghanistan if he refused to carry out the shooting, raising questions about threats that standard vetting cannot detect. Lakanwal has no criminal record or history of extremism. He worked with U.S. forces in Afghanistan as a GPS-tracking specialist for the Afghan Scorpion Forces. He assisted the CIA during the 2021 evacuation from Kabul, boarding one of the last flights out. His family, along with roughly 700 former Scorpion Forces members, remain under Taliban control, making them vulnerable to retaliation. Intelligence indicates the Taliban has a history of tracking and killing Afghans who aided the West, including brutal attacks on the families of collaborators.
More than 5,000 Afghans admitted under Biden have already been flagged as security risks. The potential for coercion highlights a vulnerability no standard screening process can fully address.
END
Social Justice Gone Wild: Oklahoma BLM Leader Indicted On Fraud, Money Laundering Charges
Friday, Dec 12, 2025 – 09:05 AM
A federal grand jury has unsealed a 25-count indictment against the leader of the far-left Marxist group Black Lives Matter in Oklahoma City over allegations of wire fraud and money laundering.
Tashella Sheri Amore Dickerson, 52, served as Executive Director of Black Lives Matter OKC (BLMOKC). As Executive Director, Dickerson had access to BLMOKC’s bank, PayPal, and Cash App accounts, where federal prosecutors allege she looted the organization “for her personal benefit,” including travel to Jamaica and the Dominican Republic, tens of thousands of dollars in retail shopping, more than $50,000 in food deliveries, a vehicle, and six properties.
According to a Department of Justice (DOJ) press release, BLMOKC raised millions of dollars to support its woke mission from online donors and national bail funds.
In total, BLMOKC raised $5.6 million, including grants from Community Justice Exchange, the Massachusetts Bail Fund, and the Minnesota Freedom Fund. Most of those funds were routed through Alliance for Global Justice (AFGJ), as a fiscal sponsor, to BLMOKC.
The indictment said that BLMOKC was supposed to deploy these national bail fund grants to those who were arrested in connection with riot/protests after the death of George Floyd.
Yet federal prosecutors allege that, despite the organization’s stated mission, Dickerson diverted $3.15 million for her own use, financing luxury travel, extensive shopping sprees, food deliveries, a personal vehicle, and multiple real estate purchases:
- recreational travel to Jamaica and the Dominican Republic for herself and her associates;
- tens of thousands of dollars in retail shopping;
- at least $50,000 in food and grocery deliveries for herself and her children;
- a personal vehicle registered in her name;
- and six real properties in Oklahoma City deeded in her own name or in the name Equity International, LLC, an entity she exclusively controlled.
Corporate structure of BLMOKC. Jesse Jackson, founder??
Related:
- Black Lives Matter Under Federal Investigation For Donor Fraud; Report
- BLM Grifter Pleads Guilty To Fraud, Spending Donations On Herself
- BLM Founder Branded “Fraud” After Buying Million-Dollar Home In Mostly-White LA Enclave
The wild, wild West of the nonprofit world: you can hate America, start riots, burn down city streets, and do it all behind a 501(c)(3). What has captured our attention is AFGJ
END
ABOUT TIME:
Border Tsar Homan Announces Investigation Into Rep. Omar: A Case For Fraud Or Defamation?
Friday, Dec 12, 2025 – 01:25 PM
This week, the lingering allegations over the marital history of Rep. Ilhan Omar (D., Minn.) took an ominous step when Border Tsar Tom Homan publicly acknowledged that the government is looking into the matter.
Rep. Omar has long denied that she married her brother to gain his entry into the United States, but the allegation has continued to rage on the Internet and among her critics.
The question is whether this is a substantive case of fraud or defamation.
Homan stated that he was investigating whether Omar committed immigration fraud, but also noted that the statute of limitations has been an issue.
In his comment to Newsmax, Homan stated:
“I just got advised by a fraud investigator the other day on that. I asked the question, can we review the files? You know, there was immigration fraud involved. The statute of limitation became an issue in the last four years when this was first brought up…Pulling the records now, pulling the files, and we’re looking at it. But this fraud investigator, who I know personally, one of the best fraud investigators in HSI, Homeland Security Investigations, said there’s no doubt he’d review the file. So, I’m running that down this week as a matter of fact, and we’ll see.”
According to her congressional biography, Omar came to the United States with her family in the 1990s. As I have previously noted, the election of a young immigrant to Congress is genuinely remarkable and commendable.
The questions arose regarding her marriage to Ahmed Elmi in 2009. Elmi was back in the news this week with postings highlighting his lifestyle as a “dirty dandy.” Critics charged that he is actually her brother. The couple divorced in 2017, and no DNA evidence has been offered to support the claim that they are siblings.
President Donald Trump and others have been ratcheting up the rhetoric against Omar and the Somali population in Minnesota. Many of us have objected to some of the attacks on Omar as offensive. As I have previously written, the call for foreign-born U.S. citizens to “go back to their own country” has been made for decades against foreign-born U.S. citizens. However, such attacks are generally protected speech.
The allegation against Rep. Omar is not opinion, but a statement of fact.
Many news organizations have referred to the allegation as “debunked” and “unsupported.”
In defamation, truth is a defense. The truth of the matter, however, has never been easy to establish. In fairness to Rep. Omar, a person should not be in a position of having to “prove a negative.” It is not her obligation to prove that she is not a fraud or that she did not marry her brother. Her critics have never produced compelling evidence to support the claim.
Despite years of such statements by various people, Omar has never sued for defamation. It is a curious omission, since a successful lawsuit would dramatically reduce such claims, and even as a public official she could likely show actual malice in many of her critics.
Conversely, such litigation would also expose Omar to a lengthy discovery process regarding her family’s immigration history and related family issues.
I have taught defamation for over three decades, and it is rare for such an allegation to linger without some legal action by the subject. On its face, this would be a strong defamation case if the allegation is false.
The allegation would fall into one of the “per se” categories of defamation. Under the common law, these per se categories of defamation allow for presumed damages and include: (1) disparaging a person’s professional character or standing; (2) alleging a person is unchaste; (3) alleging that a person has committed a criminal act or act of moral turpitude; (4) alleging a person has a sexual or loathsome disease; and (5) attacking a person’s business or professional reputation. The language differs among the states, but the Omar allegation would constitute a criminal act as well as an attack on her character and reputation.
As a threshold matter, Omar would face a higher standard of proof due to her status as a public official. In New York Times v. Sullivan, the Supreme Court established the actual malice standard, requiring public officials to shoulder the higher burden of proving defamation. Under that standard, an official would have to show either actual knowledge of its falsity or a reckless disregard of the truth. That standard was later extended to public figures.
Many critics are calling the “allegations” worthy of investigation. That is certainly protected. However, it is common to see people on television claim that she married her brother as a factual statement.
The publication of DNA results would disprove these allegations. (There are no allegations of an adopted status for the brother).
If such evidence exists, it would not just be conclusive but compelling for a jury. The question is why Omar has not elected to bring such a case, given the vast array of choices of potential defendants within the statute of limitations. It is a target-rich environment for a defamation lawyer.
As for the president, he has continued to raise the allegation: “If I married my sister to get my citizenship, do you think I’d last for about two hours or something less than that? She married her brother to get in. Therefore, she’s here illegally. She should get the hell out.”
However, he would not be a good target for such an action. The Federal Tort Claims Act, 28 U.S.C. § 2680(h), expressly bars libel, slander, or defamation claims against the United States or a federal employee acting within the scope of their employment. It is possible to sue a government employee acting outside of the scope of their employment. However, the Westfall Act protects federal employees from personal lawsuits for torts committed within the scope of their employment and substitutes the U.S. government as the defendant under the FTCA. Since the FTCA bars liability, it works to force dismissal in cases.
Moreover, this is not just another federal employee. The President also has immunity under Article II and prevailing Supreme Court caselaw. In 1982, the Supreme Court handed down Nixon v. Fitzgerald, holding that former President Richard Nixon was immune from civil suits concerning actions within the “outer perimeter” of his official duties. In 1997, the Court ruled in Clinton v. Jones that President Bill Clinton was not immune from a civil suit filed by Paula Jones — who had accused Clinton of sexual harassment — because the case involved unofficial conduct on the part of the president.
This issue is still being litigated in the case of E. Jean Carroll, who won a significant civil award against the President in New York. The United States Court of Appeals for the Second Circuit rejected the applicability of the 2024 Supreme Court ruling recognizing broad criminal immunity for former presidents as inapplicable to the civil case.
These are statements being made during a presidency and can be claimed as privileged and immune by President Trump.
The same cannot be said for a myriad of pundits and commentators who have stated this allegation as fact.
In the end, such litigation would come down to truth as a defense. These critics are saying that Omar did marry her brother. Even if they did not have a good-faith basis for the assertion, proof that it was indeed true would still be a complete defense.
On the other hand, a defamation lawsuit could offer a dispositive judgment of a court on this lingering question. The question is now whether Rep. Omar will sue.
GREG HUNTER…
SEE YOU MONDAY
harveyorganblog.com 
