DEC 15//GOLD CLOSED UP $1015 TO $4305.25//SILVER REVERSED COURSE TO CLOSE UP $1.62 TO $63.53//PLATINUM CLOSED UP $37.85 TO $1787.05 WHILE PALLADIUM CLOSED UP $63.80 TO $1572.20//TWO MAJOR ISLAMIST ATTACKS OVER THE WEEKEND: THE FIRST IN SYDNEY WHERE 15 WERE MURDERED AT A JEWISH HOLIDAY FESTIVAL AND THE SECOND AT BROWN UNIVERSITY AT A JEWISH LECTURE WHERE 2 DIED//ALSO A DRIVE BY SHOOTING IN LOS ANGELES//CHINA’S XI BLASTS HIS OWN COUNTRY FOR RECKLESS SPENDING ON REAL ESTATE PROJECTS//GERMAN CHEMICAL INDUSTRY A MAINSTAY STRENGTH IN EUROPE IS FALTERING BADLY//ISRAEL VS HAMAS; ISRAEL TBN LAST 24 HOURS/COVID INJURY REPORT MARK CRISPIN MILLER/DR PAUL ALEXANDER/NEWSWIZE/MORE UPDATES ON VENEZUELA AND HOW CUBA IS ESSENTIAL FOR ITS EXISTENCE//ROB REINER AND HIS WIFE DEAD : THEIR SON TO BE CHARGED WITH THEIR MURDER//SWAMP STORIES FOR YOU TONIGHT//
332 H STANDARD CHARTERED B 2 363 H WELLS FARGO SECURITI 2 661 C JP MORGAN SECURITIES 1 690 C ABN AMRO CLR USA LLC 5 709 C BARCLAYS 2
TOTAL: 6 6 MONTH TO DATE: 28,437
JPMORGAN STOPPED 0/6
DECEMBER
GOLD: NUMBER OF NOTICES FILED FOR DEC/2025: 6 CONTRACTs NOTICES FOR 600 OZ or 0.0187 TONNES
total notices so far: 28,437 contracts for 2,843,700 OR 88.451 tonnes)
FOR DEC
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SILVER NOTICES: 448 NOTICE(S) FILED FOR 2.240 MILLION OZ/
total number of notices filed so far this month : 11,136 CONTRACTS (NOTICES) for 57.890 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $10.15 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD
HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A HUGE DEPOSIT OF 2.29 TONNES OF GOLD INTO THE GLD//
INVENTORY RESTS AT 1053.12 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $1.62 AT THE SLV:
SMALL CHANGES IN SILVER INVENTORY AT THE SLV:/ // A DEPOSIT OF 635,000 OZ
INTO THE SLV//
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 517.720. MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A HUMONGOUS SIZED 843 CONTRACTS TO 154255,AND STALLING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR HUGE $2.30 LOSS IN SILVER PRICING AT THE COMEX WITH RESPECT TO FRIDAY’S // TRADING. THE LONG SPECULATORS ARE STILL QUITE RELENTLESS AS THEY POUR INTO THE OPEN INTEREST AT THE COMEX. THE FRBNY CONTINUES TO SUPPLY THE NECESSARY PAPER AS THEY TRY TO DRIVE THE PRICE SOUTHBOUND WITH THE HELP OF HIGH FREQUENCY TRADERS AND T.A.S. SPREADERS BUT WITH A SOME SUCCESS ON FRIDAY. THEN EARLY THIS MORNING WE RECEIVED NOTICE OF A HUGE 170 CONTRACT EXCHANGE FOR RISK AND NO DOUBT THE RECIPIENT OF THIS IS THE CENTRAL BANK OF INDIA. THE TOTAL IN OZ FOR THIS EXCHANGE FOR RISK IS .850 MILLION OZ
WE HAVE REVERTED BACK TO NORMAL WITH THE SPECS NOW GOING ON THE LONG SIDE AND THE BANKER (FRBNY) ON THE SHORT SIDE AND PROVIDING THE NECESSARY SHORT PAPER. IT IS OUR SILVER SPECULATORS THAT WERE PILING INTO THE SILVER COMEX. WE FINALLY ARE MOVING TO A MUCH HIGHER BASE SURPASSING THE $34.40 SILVER PRICE BARRIER TO A HIGH DEGREE, AND NOW SURPASSING SURPASS OUR LAST MAJOR HURDLE OF $50.00 SILVER AGAIN. WE HAD A MEGA MEGA HUGE SIZED LOSS OF 670 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A STRONG SIZED 400 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD SOME LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO FRIDAY TRADING WITH OUR HUGE GAIN IN PRICE /// THEY DESPERATELY AGAIN TODAY TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $50.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED AGAIN ON THURSDAY WITH SILVER’S GAIN IN PRICE AS THE SPECS PILED INTO THE SILVER ARENA. . THE PRICE FINISHED HUGELY ABOVE THE MAGIC NUMBER OF $50.00 SILVER SPOT PRICE CLOSING AT $61.82 DOWN $2.30 . WE ARE NOW WITNESSING HAVING MANY HUGE T.A.S ISSUANCES // TODAY’S WAS AT A HUGE SIZED 1177 T.A.S. CONTRACTS (BUT STILL DOWN FROM THE MEGA MEGA HUGE SIZED 5,000 PLUS CONTRACT ISSUANCE DURING NOVEMBER)!!. THE CROOKS ARE BECOMING MORE DESPERATE TO STOP SILVER BREAKING AGAIN THE 50.00 DOLLAR MARK!!. THERE IS NO NEXT LINE IN THE SAND ONCE THE 50.00 DOLLAR SILVER IS PIERCED AGAIN. WE HAD A STRONG SIZED 400 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE SIZED 1177 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN FUTURE TRADING//RAID AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE HAD A STRONG SIZED LOSS OF 443 CONTRACTS ON OUR TWO EXCHANGES WITH OUR LOSS IN PRICE OF $2.30. WE HAD HUGE GOVERNMENT (FRBY) COMEX CONTRACTS TRADING ALL WEEK AND A MAJOR PORTION AND THE LOSS RECORDED WAS NO DOUBT REMOVED BY DAYS END. (I RECORD THIS FOR YOU ON A DAILY BASIS). THE SPECULATOR LONGS REMAIN STOIC EVEN ON PRICE FALLS. EASTERN CENTRAL BANKER WENT TO THE LONG SIDE. THEY WILL TENDER FOR THE BADLY NEEDED PHYSICAL SILVER. THUS ON A NET BASIS WE LOST NO SPECULATORS
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON FRIDAY NIGHT//SATURDAY MORNING: A HUGE SIZED 1177 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED FRBNY BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS NOW ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1.1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES.
THUS:
INITIAL STANDING FOR DEC: 49.33 MILLION OZ FOLLOWED BY TODAY’S STRONG 1.250 MILLION OZ QUEUE JUMP//STANDING ADVANCES TO 60.100 MILLION OZ//
WE HAD:
/ HUGE SIZED COMEX OI LOSS+// A HUGE 755 EFP ISSUANCE CONTRACTS (/ VI) A HUGE NUMBER OF T.A.S. CONTRACT ISSUANCE 1177 CONTRACTS)/VII: DECEMBER ISSUED ITS FIRST EXCHANGE FOR RISK
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: ADDED ANOTHER 157 CONTRACTS!!!!! THAT IS WE HAVE ADDED 7 OUT OF THE LAST 9 DAYS CONTRACTS TO THE SILVER OI TOTAL
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS DEC.. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF DEC.
TOTAL CONTRACTS for 12 DAY(S), total 5742 contracts: OR 28.710 MILLION OZ (478 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 28.710 MILLION OZ
LAST 24 MONTHS TOTAL EFP CONTRACTS ISSUED IN MILLIONS OF OZ:
MAY 137.83 MILLION
JUNE 149.91 MILLION OZ
JULY 129.445 MILLION OZ
AUGUST: MILLION OZ 140.120
SEPT. 28.230 MILLION OZ//
OCT: 94.595 MILLION OZ
NOV: 131.925 MILLION OZ
DEC: 100.615 MILLION OZ
YEAR 2022:
JAN 2022-DEC 2022
JAN 2022// 90.460 MILLION OZ
FEB 2022: 72.39 MILLION OZ//
MARCH 2022: 207.140 MILLION OZ//A NEW RECORD FOR EFP ISSUANCE
APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE
MAY: 105.635 MILLION OZ//
JUNE: 94.470 MILLION OZ
JULY : 87.110 MILLION OZ
AUGUST: 65.025 MILLION OZ
SEPT. 74.025 MILLION OZ///FINAL
OCT. 29.017 MILLION OZ FINAL
NOV: 134.290 MILLION OZ//FINAL
DEC, 61.395 MILLION OZ FINAL
TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)
JAN 2023/// 53.070 MILLION OZ //FINAL
FEB: 2023: 100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.
MARCH 2023: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 111.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH
JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)
AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD
SEPT: 72.705 MILLION OZ (SMALLER THIS MONTH)
OCT: 97.455 MILLION OZ
NOV. 50.050 MILLION OZ
DEC. 66.140 MILLION OZ//
TOTAL 2023: 1,104.10 MILLION OZ/
JAN ’24 : 78.655 MILLION OZ//
FEB /2024 : 66.135 MILLION OZ./FINAL
MARCH: 143.750 MILLION OZ// 4TH HIGHEST ON RECORD.
APRIL: 161.770 MILLION OZ (THIS MONTH WILL BE A WHOPPER OF ISSUANCE OF EFPS//3RD HIGHEST EVER RECORDED FOR A MONTH)
MAY: 135.995 MILLION OZ //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
JUNE 110.575 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
JULY: 108.870 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH/ A TOUCH OVER 100 MILLION OZ/)
AUGUST; 99.740 MILLION OZ//THIS MONTH WILL BE STRONG FOR ISSUANCE BUT LESS THAN JULY.
SEPT: 112.415 MILLION OZ//WILL BE A HUGE MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
OCT; 97.485 MILLION OZ (WILL BE SMALLER ISSUANCE THIS MONTH )
NOV. 115.970 MILLION OZ ( HUGE THIS MONTH)
DEC: 132.54 MILLION OZ (THIS MONTH WILL BE A HUMDINGER FOR ISSUANCE BUT ISSUANCE SLOWED DRAMATICALLY THESE PAST FIVE DAYS/// WILL NOT EXCEED MARCH 2022 RECORD OF 209 MILLION OZ
YEAR 2024 TOTAL: 1363.84 MILLION OR 1.363 BILLION OZ
JANUARY 2025: 67.230 MILLION OZ///(THIS MONTH’S ISSUANCE OF EXCHANGE FOR PHYSICAL WILL BE SMALL)
FEB. 58.260 MILLION OZ//EXCHANGE FOR PHYSICAL ISSUANCE/FINAL
MARCH: 67.020 MILLION OZ///QUITE SMALL AND BECOMING SMALLER EACH AND EVERY MONTH.
APRIL: 100.895 MILLION OZ///AVERAGE SIZE ISSUANCE
MAY: 28.975 MILLION OZ (ISSUANCE WILL BE QUITE SMALL THIS MONTH)
JUNE: 81.065 MILLION OZ
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 82.020 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
NOVEMBER: 36.425 MILLION OZ
DEC: 28.710 MILLION OZ
RESULT: WE HAD A STRONG SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 843 CONTRACTS WITH OUR MONSTER LOSS IN PRICE OF $2.30 IN SILVER PRICING AT THE COMEX// FRIDAY.,. . THE CME NOTIFIED US THAT WE HAD A HUGE SIZED CONTRACT EFP ISSUANCE : 735 ISSUED FOR MARCH, AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS.
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LAST 9 MONTHS OF SILVER DELIVERIES:
WE FINISHED APRIL WITH A STRONG SILVER OZ STANDING OF 16.050 MILLION OZ NORMAL DELIVERY , PLUS OUR 4.00 MILLION EX FOR RISK
FINAL STANDING APRIL: 19.965 MILLION OZ
AND MAY:
NEW STANDING FOR MAY FINISHES AT: 75.615 MILLION OZ. (INCLUDES 5,000 OZ EFP TRANSFER TO LONDON + 12.93 MILLION OZ EXCHANGE FOR RISK ISSUANCE/PRIOR.//NEW TOTAL STANDING 88.540 MILLION OZ
AND JUNE: FINAL 16.995 MILLION OZ
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 68.040 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING AND EXCHANGE FOR PHYSICAL TRANSFERS) PLUS 3.0 MILLION OZ EX FOR RISK = 71.040 MILLION OZ. (THIS IS THE FIRST AND ONLY ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.)
OCTOBER: 39.565 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
PLUS
2.110 MILLION OZ EXCHANGE FOR RISK//TOTAL OZ STANDING IN OCT ADVANCES TO 41.675 MILLION OZ
NOVEMBER: INITIAL STANDING AT 11.575 MILLION OZ FOLLOWED BY TODAY’S 195,000 OZ QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 9.155 MILLION OZ//STANDING ADVANCES TO 19.670 MILLION OZ/
DECEMBER: INITIAL AMOUNT STANDING FOR DELIVERY: 49.33 MILLION OZ// FOLLOWED BY ANOTHER HUGE 1.25 MILLION OZ QUEUE JUMP+ DEC. FIRST EXCHANGE FOR RISK 0F .850 MILLION OZ // STANDING ADVANCES TO 60.950 MILLION OZ//
THE NEW TAS ISSUANCE FRIDAY NIGHT (1177) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED NO DOUBT WITH FUTURE TRADING!!
WE HAD 448 NOTICE(S) FILED TODAY FOR 2.240 MILLION OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL. IT IS NOW TIME FOR THE FBI TO ENTER THE COMEX AND ARREST THESE CROOKS EVEN THOUGH THE MAJORITY OF THE TRADING IS GOVERNMENT. THE BANKERS ARE COMPLICIT. THE SILVER COMEX IS NOW ON A MASSIVE SIEGE LOOKING FOR PHYSICAL SILVER!!
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A STRONG SIZED 5929 OI CONTRACTS UP TO 460,191 OI AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.) THUS WE HAVE STILL A RELATIVELY LOWISH OI IN COMEX WITH AN EXTREMELY HIGH PRICE OF GOLD. THE SHORT RATS ARE ABANDONING THE SHIP.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED A HUGE AND CRIMINAL 2391 CONTRACTS // MEGA HUGE GOVERNMENT REMOVALS//
WE HAD A STRONG GAIN IN COMEX OI (5929 CONTRACTS) . THIS OCCURRED WITH OUR GAIN OF $14.20 IN PRICE// FRIDAY///.
LAST 8 MONTHS OF GOLD DELIVERIES: (MAY THROUGH TO NOVEMBER/DECEMBER)
MAY: SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
FINAL STANDING FOR MAY: 70.174 TONNES OF GOLD TO WHICH WE ADD 1. MONDAY’S (MAY 19) 6.221 TONNES EXCHANGE FOR RISK , 2. THEN WE ADD: 1.35 TONNES TO LAST WEEK”S. THEN WE ADD 3. 1.55 TONNES TO EQUAL 9.591 TONNES// NEW EXCHANGE FOR RISK = 9.591 TONNES WHICH MUST BE ADDED TO OUR NORMAL DELIVERY SCHEDULE OF 80.644 TONNES. THUS STANDING FOR MAY INCREASES TO 90.235 TONNES OF GOLD
2 JUNE CONTRACT MONTH: 93.085 TONNES OF GOLD (WHICH INCLUDES ALL QUEUE JUMPING AND 0 EX FOR RISK)
3.JULY INITIIAL STANDING FIRST DAY NOTICE: 17.847 TONNES. PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK + 2.195 TONNES EX FOR RISK TODAY = 41.106 TONNES STANDING
4. AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.637 TONNES EX FOR RISK//AUG 25: 9.107 TONNES , AUGUST 26: 9.1010 TONNES AND NOW AUGUST 27: 9.0699 TONNES//NEW STANDING ADVANCES TO 107.5117 TONNES OF GOLD NORMAL STANDING (INCLUDES ALL MONTHLY QUEUE JUMPS/EX FOR PHYSICAL TRANSFERS//) +44.696 TONNES EX.FOR RISK = 152.208 TONNES
5.SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
6.OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
7.NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 2.323 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 4.5596 TONNES//NEW STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
8. DECEMBER BEGINS WITH INITIAL STANDING OF 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 2.923 TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 8.3751 TONNES//NEW STANDING ADVANCES TO 94.721 TONNES/
E.F.P. ISSUANCE/FOR OPENING DECEMBER GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A HUGE SIZED 4605 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 460,191 AND WE NOW WITNESSING A NOW BIGGER COMEX OI BUT WITH AN EXTREMELY HIGH PRICE OF GOLD.//NOW EASIER TO FLEECE SPECS.
SILVER ALSO HAS A SMALL SIZED COMEX OI OF 154,255 CONTRACTS//BUT STILL DIFFICULT TO FLEECE SPEC LONGS.
IN ESSENCE WE HAVE A HUGE SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 11,494 CONTRACTS WITH 5929 CONTRACTS INCREASED AT THE COMEX// AND A STRONG SIZED 5560 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 11,494 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED AND CRIMINAL 1323 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED UPON.
GOLD PRICE ON FRIDAY ROSE BY $14.20
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(5560) ACCOMPANYING THE STRONG GAIN IN COMEX OI OF 5929 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 13,825 CONTRACTS..WE HAVE 1) NOW RETURNED TO OUR NORMAL FORMAT OF BANKER (FRBNY) GOING ON THE SHORT SIDE AND NEWBIE SPECULATORS GOING TO THE LONG SIDE AND POURING IT ON WITH RECKLASS ABANDON!! . ,2.) STRONG INITIAL STANDING FOR GOLD FOR DEC AT 83.813 TONNES OF NORMAL DELIVERY FOLLOWED BY OUR 2.923 TONNES OF QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPING OF 8.3751 TONNES//NEW STANDING ADVANCES TO 94.721 TONNES
NEW STANDING ADVANCES TO 94.721 TONNES.
NEW STANDING FOR GOLD, DEC CONTRACT AT 94.721 TONNES OF GOLD
3) ZERO T.A.S. LIQUIDATION (BUT CONSIDERABLE GOVT LIQUIDATION // AND STRONG GAIN OF EQUITY SHARES/DEC 11) AS WE HAD 1)A $14.20 COMEX PRICE FALL AND WE HAD 2) NEWBIE SPEC SHORTS GETTING LIQUIFIED AND ON A NET BASIS, THE SPECS GAINED HUGELY IN NUMBERS + EASTERN CENTRAL BANKERS WERE PILING INTO THE LONG SIDE AS WE HAD A HUGE SIZED GAIN OF 11,494 CONTRACTS ON OUR TWO EXCHANGES AND AS WELL A HUGE AMOUNT OF GOLD WILL STAND FOR DELIVERY IN DECEMBER (94.721 TONNES). //, CENTRAL BANKERS TENDERED FOR PHYSICAL WITH THEIR PURCHASES OF CONTRACTS../ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED FRIDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL WITH THE RISE IN PRICE YESTERDAY
4) STRONG SIZED COMEX OI GAIN/ 5) V) STRONG SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD (2777) AND A FAIR T.A.S. ISSUANCE 1372 FOR RAID PURPOSES WHICH IS NOT FORTHCOMING TODAY.
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF DEC :
TOTAL EFP CONTRACTS ISSUED: 29,196 CONTRACTS OR 2,919,600 OZ OR 90.819 TONNES IN 12 TRADING DAY(S) AND THUS AVERAGING: 2433 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN12 TRADING DAY(S) IN TONNES: 73.493 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 90.819 TONNES DIVIDED BY 3550 x 100% TONNES = 2.56% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2023: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES VS 2578 TONNES LAST YEAR
2024 AND 2025:
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STRONG THIS MONTH
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
NOV: 124.74 TONNES
DEC: 90.819 TONNES//VERY SMALL THIS MONTH.
SPREADING OPERATION
NOW SWITCHING TO GOLD FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF OCT. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A HUGE SIZED 843 CONTRACTS OI TO 154,255 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 400 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 400 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 843 CONTRACTS AND ADD TO THE 400 E.FP. ISSUED
WE OBTAIN A STRONG SIZED LOSS OF 443 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR LOSS OF $2.30 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 2.215 MILLION PAPER OZ
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS MONDAY MORNING.7:30 AM
ASIA RESULTS; MONDAY DEC 15
SHANGHAI CLOSED DOWN 21.42 POINTS OR 0.56%
//Hang Seng CLOSED DOWN 347.91 PTS OR 1.34%
// Nikkei CLOSED DOWN 626.58 PTS OR 1.23% //Australia’s all ordinaries CLOSED UP 0.13%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.0473
/ OFFSHORE CLOSED UP AT 7.0448/ Oil DOWN TO 57.38 dollars per barrel for WTI and BRENT DOWN TO 61.02 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING UP TO 7.0473 OFFSHORE YUAN TRADING UP TO 7.0448:/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
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED 5929 CONTRACTS TO 460,191 OI WITH OUR GAIN IN PRICE OF $14.20 WITH RESPECT TO FRIDAY’S // TRADING/ //COMEX CLOSING TIME:… WE LOST ZERO NET LONGS, WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A HUGE NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (5565). WE HAD ZERO T.A.S. LIQUIDATION FRIDAY (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 460,191 AND NOW SOME OF THESE GUYS ARE NOT VERY STICKY AND THUS VULNERABLE TO A RAID.
WE THUS HAD A TOTAL GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 11,494 CONTRACTS (OR 35.75 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 HUGE SIZED GAIN ON OUR TWO EXCHANGES OF 11,494 CONTRACTS WITH OUR GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY AND OUR SHORT SPECULATORS FOR THE THOUGHTFULNESS. LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO OTHER CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. DELIVERY OF GOLD CONTRACTS ARE NOW TAKING SEVERAL WEEKS. NO DEFAULT HAS BEEN INITIATED AS DEALERS ARE AFRAID OF LOSS OF THEIR JOBS. SO THIS FRAUD CONTINUES. THE LEASE RATES IN LONDON HAVE NOW INCREASED TO 3.9% LATELY AS GOLD IN LONDON IS STILL EXTREMELY SCARCE. THE FORCE MAJEURE AT GRASBERG IS CERTAINLY HAVING AN EFFECT ON LEASE RATES IN LONDON WITH RESPECT TO GOLD/SILVER. GRASBERG WILL NOT BE READY TO RESUME NORMAL PRODUCTION UNTIL JULY 2026
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE THROUGH DECEMBER/ CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER HOWEVER IS A FAIR T.A.S ISSUANCE CONTRACTS. THE CME NOTIFIES US THAT THEY HAVE ISSUED 1,373 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 THIS WEEK.
HERE IS A SUMMARY OF GOLD STANDING FOR DELIVERY ON OUR LAST 9 MONTHS:
FOR APRIL AT 209 TONNES
2. AND THIS CONTINUED INTO MAY WITH FINAL STANDING AT 90.23 TONNES.
3. JUNE WHICH IS A HUGE DELIVERY MONTH , FINAL STANDING WAS RECORDED AT A STRONG 93.085 TONNES. //(TOTAL NET QUEUE JUMPING FOR THE JUNE MONTH: 31.027 TONNES.)
4. IN JULY WE HAD HUGE DELIVERY NOTICES ESPECIALLY FOR A NON ACTIVE DELIVERY MONTH WITH INITIAL STANDING AT 17.947 TONNES PLUS MANY QUEUE JUMPS + 3.75 TONNES EX FOR RISK = 41.106 TONNES OF GOLD // FINAL TOTAL TONNES STANDING JULY: 41.106 TONNES
5. FOR THE MONTH OF AUGUST:
INITIAL AMOUNT OF GOLD STANDING FOR AUGUST: 60.547 TONNES PLUS THE MONTHS HUGE QUEUE JUMPS OF 47.2312 TONNES +44.696 TONNES EX FOR RISK (7 ISSUANCES) //NEW STANDING 152.208 TONNES WHICH IS MONSTROUS!!!
6. FINAL AMOUNT OF GOLD STANDING FOR SEPT; INITIAL STANDING; 2,602 CONTRACTS OR 260,200 OZ FOR 8.093 TONNES OF GOLD FOLLOWED BY TODAY’S 0.4883 TONNES QUEUE JUMP TO GO ALONG WITH TODAY’S 2.817 TONNES OF EXCHANGE FOR RISK ISSUANCE TODAY AND // TOTAL EXCHANGE FOR RISK ISSUANCE SEPT: 22.923 TONNES//NEW TOTALS STANDING ADVANCES TO 48.801 TONNES OF GOLD!!!
7. OCTOBER:
OCTOBER: INITIAL STANDING FOR GOLD: 90.164 TONNES TO WHICH WE ADD OUR LATEST OCT 30 QUEUE JUMP OF 0.00311 TONNES WHICH FOLLOWS OCT 29 QUEUE JUMP OF .4096 WHICH FOLLOWS; OCT 28 QUEUE JUMP OF .5069 TONNES WHICH FOLLOWS OCT 27 OF 0.3048 TONNES WHICH FOLLOWS: OCT 24 OF 0.8615 TONNES, FOLLOWING OCT 23 QUEUE JUMP OF 1.695 TONNES OCT 22 JUMP OF 8.622 TONNES WHICH FOLLOWS OCT 21: 3.8600 TONNES TO OCT 20 QUEUE JUMP OF 7.695 TONNES WHICH FOLLOWED OCT 17 RECORD SETTING: 12.031 TONNE QUEUE JUMP WHICH FOLLOWED THURSDAY’S QUEUE JUMP OF 8.326 TONNES WHICH FOLLOWED WEDNESDAY;S 6.469 WHICH FOLLOWED ALL PREVIOUS QUEUE JUMPS OF 42.549 TONNES TO WHICH WE ADD OUR TOTAL 4679 EXCHANGE FOR RISK CONTRACTS ON 6 OCCASIONS FOR 467,900 OZ OR 14.553 TONNES.! TOTAL STANDING ADVANCES TO 197.511 TONNES OF GOLD
SUMMARY FOR OCTOBER STANDING:
THAT IS;
a) INITIAL STANDING 90.164 TONNES
b) INITIAL EXCHANGE FOR RISK ISSUANCE OF 500 CONTRACTS FOR 50,000 OZ OR 1.555 TONNES
c) ANOTHER 3 CONSECUTIVE EXCHANGE FOR RISK ISSUANCES OF 2150 CONTRACTS FOR 215000 OZ OR 6.687 TONNES
D) AFTER A ONE DAY HIATUS, A 5TH ISSUANCE FOR 1000 CONTRACTS //100,000 OZ OR 3.1104 TONNES
E) AFTER A TWO WEEK HIATUS: ITS 6TH ISSUANCE FOR 1029 CONTRACTS/102,900 OZ OR 3.200 TONNES
TOTAL EXCHANGE FOR RISK OCT 6 OCCASIONS: 14.553 TONNES
TO WHICH WE ADD ALL OUR QUEUE JUMPING IN OCT: TOTAL MONTH;: 92.7648 TONNES
(ALL OF THESE QUEUE JUMPS ARE REPRESENTED BY CENTRAL BANKS DESPERATELY ADDING TO THEIR OFFICIAL RESERVES)
EQUALS
197.5141 TONNES OF GOLD!!
END
8. NOVEMBER:TOTAL TONNES STANDING INCLUDING ALL QUEUE JUMPS AND EXCHANGE FOR RISK ISSUANCE:
INITIAL GOLD STANDING AT THE COMEX IS 5032 CONTRACTS OR 503,200 OZ (15.651 TONNES) FOLLOWED BY ITS TODAY’S QUEUE JUMP OF 2.323 TONNES/ FOLLOWED BY ALL NOVEMBER QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR SECOND EXCHANGE FOR RISK OF 1016 CONTRACTS FOR 101600 OZ OR 3.165 TONNES TO OUR FIRST EXCHANGE FOR RISK ISSUANCE OF 1.3966 TONNES/// NEW EXCHANGE FOR RISK: 4.5595 TONNES//NEW TOTAL GOLD STANDING IN NOVEMBER ADVANCES TO 43.9716 TONNES
9. DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 2.923 TONNES OF QUEUE JUMP WHICH FOLLOWS ALL OTHER NET QUEUE JUMPING OF 8.3751 TONNES//STANDING ADVANCES TO 94.721 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 5565 CONTRACTS.
THAT IS A HUGE SIZED 5565 EFP CONTRACT WAS ISSUED: : /FEB 5565 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 5565 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 FRIDAY NIGHT//SATURDAY MORNING WAS A FAIR SIZED 1373 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 FRIDAY’S GAIN IN PRICE IN GOLD WITH A CORRESPONDING 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
GOLD STANDING AT THE COMEX FOR GOLD LAST 12 MONTHS OF 2025
YEAR 2025:
JAN 2025:
113.30 TONNES (WHICH INCLUDES 43.408 TONNES EX FOR RISK)
FEB: 2025:
256.607 TONNES (WHICH INCLUDES 18.4567 TONNES OF EX FOR RISK)
MARCH:
STANDING FOR GOLD : 60.33 TONNES + 7.6179 TONNES EX FOR RISK = 67.9479 TONNES WHICH IS EXTREMELY HIGH FOR A NON DELIVERY MONTH.
APRIL:
FINAL STANDING FOR GOLD: 201.573 TONNES + 8.3571 TONNES EX FOR RISK = 209.953 TONNES
MAY: FINAL STANDING 90.235 TONNES WHICH INCLUDES QUEUE JUMPING AND 9.591 TONNES EX FOR RISK.
JUNE: FINAL STANDING 62.534 TONNES PLUS 0.1493TONNES OF QUEUE JUMP EQUALS 93.085 TONNES
JULY: 17.947 TONNES INITIAL STANDING FIRST DAY NOTICE PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK/PRIOR + 2.195 EX FOR RISK TODAY = = 41.106 TONNES
AUGUST:INITIAL AMOUNT OF GOLD STANDING: 60.547 TONNES TO WHICH WE ADD OUR 7 MONTHLY ISSUANCES OF: EXCHANGE FOR RISK TOTALLING 44.696 TONNES//NEW STANDING ADVANCES AS FOLLOWS:
107.5117 TONNES NORMAL DELIVERIES (INCLUDES ALL QUEUE JUMPS /EXCHANGE FOR PHYSICAL TRANSFERS) +
5.4432 TONNES EXCHANGE FOR RISK/PRIOR/AUGUST 7
2.413 TONNES EXCHANGE FOR RISK AUGUST 11
PLUS 2.637 TONNES EX FOR RISK AUGUST 12
PLUS: 9.107 TONNES EX FOR RISK AUGUST 25
PLUS 9.1010 TONNES EX FOR RISK AUGUST 26!!
PLUS 9.0699 TONNES EX FOR RISK AUGUST 27
PLUS 6.923 TONNES EX. FOR RISK/AUGUST 28
MONTHLY TOTAL 44.696 TONNES EXCHANGE FOR RISK!MONTH OF AUGUST.
EQUALS
152.208 TONNES TONNES OF GOLD.
SEPT:
SEPT: 25.878 TONNES OF GOLD INITIAL GOLD STANDING TO WHICH WE ADD OUR 22.923 TONNES OF EXCHANGE FOR RISK ISSUED 7 TIMES DURING THE MONTH:
TOTAL EX FOR RISK// FOR MONTH = 22.923//NEW TOTALS FOR GOLD STANDING SEPT ADVANCES TO 48.801 TONNES
THIS IS HUGE FOR A GENERALLY WEAK SEPTEMBER DELIVERY MONTH.
OCTOBER: INITIAL AMOUNT OF GOLD STANDING: 90.164 TONNES OF GOLD FOLLOWED BY TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL PREVIOUS QUEUE JUMPS OF 76.1656 TONNES WHICH MUST BE ADDED TO OUR 6 ISSUANCES OF 14.553 TONNES EXCHANGE FOR RISK//TOTAL NEW STANDING FOR GOLD IN THIS ACTIVE OCTOBER DELIVERY MONTH ADVANCES TO 197.5141 TONNNES.
NOVEMBER WHERE INITIAL AMOUNT OF GOLD STANDING IS REGISTERED AT 15.651 TONNES OF GOLD FOLLOWED BY TODAY’S QUEUE JUMP OF 2 TONNES AND FOLLOWED BY ALL OTHER NOV QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE FOR 4.5596 TONNES.
DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY IN THIS ACTIVE MONTH IS 83.813 TONNES FOLLOWED BY TODAY’S 2.923 TONNES QUEUE JUMP. THIS FOLLOWS ALL OTHER QUEUE JUMPING: 8.3751 TONNES//NEW STANDING ADVANCES TO 94.721 TONNES
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS 2021-2024
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:STANDING FOR GOLD/COMEX
AN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
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COMEX GOLD TRADING BEGINNING DECEMBER,. CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $14.20/ /)
WE HAD ZERO T.A.S. SPREADER LIQUIDATION FRIDAY // COMEX SESSION WITH OUR STRONG 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,
FRIDAY NIGHT//SATURDAY 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 FRIDAY EVENING/ SATUURDAY 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 940 CONTRACT QUEUE JUMP FOR 94,000 OZ OR 2.923 TONNES WHICH FOLLOWS OTHER DEC QUEUE JUMPS OF: 8.3751 TONNES///STANDING ADVANCES TO 94.721 TONNES.
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $14.20
WE HAD A HUGE 2391 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE .
NET GAIN ON THE TWO EXCHANGES : 11,494 CONTRACTS OR 1,148,400 OZ OR 35.75 TONNES
Total monthly oz gold served (contracts) so far this month
28,437 notices 2,843,700 0z 88.451TONNES
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:
1 ENTRIES
i) Out of Delaware 5210.419 oz
total withdrawal 5210.419 oz
they are draining the comex of gold
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ADJUSTMENTs 1// CUSTOMER ACCOUNT TO DEALER
a) Brinks 104,776.121 oz
chaos inside the comex
AMOUNT OF GOLD STANDING FOR DECEMBER
THE FRONT MONTH OF DECEMBER STANDS AT 2822 CONTRACTS FOR A GAIN OF 722 CONTRACTS. WE HAD 218 CONTRACTS FILED ON FRIDAY SO WE GAINED A WHOPPING 940 CONTRACTS FOR A QUEUE JUMP OF 94,000 OZ OR 2.923 TONNES TO WHICH WE ADD TO OUR PREVIOUS QUEUE JUMPS .THUS STANDING FOR GOLD IN DECEMBER INCREASES HUGELY TO 94.721 TONNES
JANUARY GAINED 311 CONTRACTS UP TO 3080
FEB GAINED 2419 CONTRACTS UP TO 335,268 CONTRACTS
We had 6 contracts filed for today representing 600 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 1 notices issued from their client or customer account. The total of all issuance by all participants equate to 6 contract(s) of which 0 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 (28,437 ) to which we add the difference between the open interest for the front month of DEC ( 2022 CONTRACTS) minus the number of notices served upon today (6 x 100 oz per contract) equals 3,045,300 OZ OR 94.721 Tonnes of gold
thus the INITIAL standings for gold for the DEC contract month: No of notices filed so far (28,437 x 100 oz +we add the difference for front month of DEC (2022 OI} minus the number of notices served upon today (6)x 100 oz) which equals 3,045,300 OR 94.721 TONNES
new total of gold standing in DECEMBER is 94.721 tonnes
TOTAL COMEX GOLD STANDING FOR DEC ..: 94.721 TONNES TONNES WHICH IS STRONG FOR THIS NORMALLY VERY ACTIVE ACTIVE DELIVERY MONTH OF DECEMBER
volume FRIDAY confirmed 469,193 contracts huge
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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: 1,9058,393.961 oz 61.936 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 35,967.231.646 oz
TOTAL REGISTERED GOLD 19,058,393.961 or 592.79 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 16,938,837.685 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON 17,067,150oz ((REG GOLD- PLEDGED GOLD)=
530.086 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
SILVER/COMEX
THE DEC. 2025 SILVER CONTRACTS
DEC 15 2025
INITIAL/
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
1 entries
i) Out of Brinks 1,000,602,380 oz
total withdrawal: 1,000,602.380 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)
448 CONTRACT(S) ( 2,242 million OZ
No of oz to be served (notices)
442 contracts (2.210 MILLION oz)
Total monthly oz silver served (contracts)
11,578 Contracts (57.890 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
1 entries
i) Out of Brinks 1,000,602,380 oz
total withdrawal: 1,000,602.380 oz
adjustments: 5// all dealer to customer
a) Asaihi: 3,505,170.430 oz
b) Brinks 3,697,140.150 oz
c) Loomis 252,905.812 oz
d) Malca 251,965.812 o
e) Manfra 261,605.900 oz
total adjustments a huge 7,726,605.492 oz
TOTAL REGISTERED SILVER: 129.855MILLION OZ//.TOTAL REG + ELIGIBLE. 454.560Million 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: 890 OPEN INTEREST CONTRACTS FOR A GAIN OF 228 CONTRACTS. WE HAD 22 CONTRACTS FILED ON FRIDAY SO WE ACTUALLY HAD ANOTHER HUGE QUEUE JUMP OF 250 CONTRACTS OR 1.250 MILLION OZ
JANUARY GAINED 5 CONTRACTS UP TO 4118 CONTRACTS
FEB GAINED 72 CONTRACTS UP TO 1412 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 448 or 2.270 MILLION oz
CONFIRMED volume; ON FRIDAY 205,314 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 11,578 X5,000 oz = 57.890 MILLION oz
to which we add the difference between the open interest for the front month of DEC (890) AND the number of notices served upon today (448 )x (5000 oz)
Thus the standings for silver for the DECEMBER 2025 contract month: (11,578) Notices served so far) x 5000 oz + OI for the front month of DEC(890) minus number of notices served upon today (448)x 5000 oz equals silver standing for the DEC.contract month equating to 60.100 MILLION OZ + 850 MILLION OZ FOR DEC ‘S FIRST EXCHANGE FOR RISK: NEW TOTALS STANDING 60.95 MILLION OZ
New total standing: 60.950 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 129.855. million oz of registered silver
JPMorgan as a percentage of total silver: 195.000/454,560million. 42.86%
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 15/WITH GOLD UP $10.15 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.29 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 105.12 TONNES
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
GLD INVENTORY: 1053.12 TONNES, TONIGHTS TOTAL
SILVER
DEC 15/WITH SILVER UP $1.62/SMALL CHANGES IN SILVER AT THE SLV: A SMALL DEPOSIT OF 635,000 INTO THE SLV. ./ :INVENTORY RESTS AT 517.720 MILLION OZ //
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
CLOSING INVENTORY 517.720 MILLION OZ OF SILVER
PHYSICAL GOLD/SILVER
1/PETER SCHIFF
JOHN RUBINO
jAMES RICKARDS
2. MATHEW PIEPENBURG/VON GREYERZ
Alasdair Macleod…
3. CHRIS POWELL AND HIS GATA DISPATCHES:
Huge Chinese silver orders broke CME Group’s futures market on Nov. 28, Maguire tells LFTV
Submitted by admin on Fri, 2025-12-12 22:26 Section: Daily Dispatches
10:25p ET Friday, December 12, 2025
Dear Friend of GATA and Gold:
The hours-long suspension of CME Group’s global futures trading platform on November 28 was not prompted by a cooling failure at a data center, as officially maintained, but by huge silver purchase orders from Chinese buyers, London metals trader Andrew Maguire tells this week’s edition of Kinesis Money’s “Live from the Vault” program.
The Chinese orders, Maguire says, broke the silver price suppression scheme and required official intervention to avoid a declaration of force majeure on the New York Commodities Exchange and an explosion of metals derivatives internationally, an outcome no one in authority wanted.
Meanwhile, Maguire says, the BRICS countries are close to activating a gold- and commodity-backed trading currency that will steadily increase demand for physical gold.
According to Maguire, China now has taken control of the physical gold and silver markets and is using Western futures markets to drain what metal remains in the West.
The program is 49 minutes long and can be viewed at YouTube here:
CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. CPowell@GATA.org
END
Jan Nieuwenhuijs: China reaffirms tight grip on gold market, ushering in a new monetary era
Submitted by admin on Sat, 2025-12-13 10:00 Section: Daily Dispatches
By Jan Nieuwenhuijs Money Metals Exchange, Eagle, Idaho Saturday, January 13, 2025
Without a doubt, the Chinese central bank is still the leading single entity that is driving up the gold price to record highs, year-to-date by more than 55%.
In the third quarter of 2025, the PBoC’s gold purchases (reported and unreported) accounted for 118 tonnes, up 39% month over month and 55% year over year, according to my long-time methodology (now copied by Goldman Sachs, Bloomberg, MarketWatch, The Washington Post, Time magazine, the Financial Times, Financiele Dagblad, and El País, to name a few).
My estimated total for Chinese monetary gold reserves stands at 5,411 tonnes in Q3, versus 2,304 tonnes reported by the central bank of China to the International Monetary Fund.
Why is China buying so much gold?
It’s because China is the second-largest economy globally, and due to the weaponization of the dollar since the Ukraine war began in 2022, the vast, covert buying spree by China and countries like Saudi Arabia should not be viewed as a hedge against the dollar but as a replacement for the dollar. …
‘Rigged’ author Stuart Englert: Unrigged — The jig is up
Submitted by admin on Fri, 2025-12-12 11:25 Section: Daily Dispatches
By Stuart Englert StuartEnglert.Substack.com Friday, December 12, 2025
“Suppression of precious metals won’t last forever. Ultimately the law of supply and demand will prevail as purchases of physical gold — and possibly silver — overwhelm trading of imaginary metal.”
When I made that prediction six years, I had no idea exactly when the price suppression scheme would unravel, or how high and fast gold and silver prices would rise as confidence in fiat currencies declined, and demand for financial safe havens and sound money rose.
At the time, I viewed the commodity exchanges and markets as rigged casinos run by bullion and central banks that traded dubious futures and forward contracts laden with enormous volumes of mythical metal to fraudulently subdue gold and silver prices.
However, I knew the derivatives-trading deception eventually would end like all accounting frauds, con games, and investment scams, and, God willing, in Enron-style or Bernie Madoff fashion. …
— and linked the delay to concerns over the gold held by the EEA.
Well-publicized problems with gold deliveries from the Bank of England shortly after Donald Trump returned to the U.S. presidency were followed by reports that the bank was using an unusual mechanism (“exchange for risk”) to acquire gold on the New York Commodities Exchange in the second, third, and fourth quarters of 2025.
The EEA’s annual report makes no reference to its delayed publication and says nothing to address the concerns raised by GATA about whether the report’s delay was linked to problems over the EEA’s gold. It is notable that there have been no “exchange for risk” transactions reported by the Comex in December, so the possibility remains that the EEA’s annual report was published only after the Bank of England was able to reacquire sufficient gold.
The EEA annual report includes a section on Pages 33 to 35 explaining that the auditor has concerns about the accounting treatment of certain Special Drawing Rights-denominated assets held by the EEA and whether Parliament needed to be consulted to confirm certain decisions over loans made to two trusts sponsored by the International Monetary Fund. These trusts were created to provide finance to low-income countries that may be unable to arrange financing on their own. The auditor expresses concerns about the below-market rate of interest receivable on these loans.
Are the EEA’s SDR assets and loans complicated enough to justify taking more than eight months to finalize the agency’s annual report?
The time from July, when the annual reports are typically published, to this month, when the 2024-25 report was published, seems strangely long for the Treasury to need to reach agreement to the wording used by the auditor and consequently enable him to raise the topic publicly with Parliament via the annual report.
Has the EEA told the full story here?
As a first possible alternative, it seems plausible that the auditor’s concerns over the loans made to the IMF-sponsored trusts run much deeper than simple compliance with obscure government accounting rules. Whether the loans made to the trusts are fully recoverable and possibly should be written down seems to be a more important issue. The underlying debtors of the IMF trusts are apparently themselves in poor financial condition.
In the published balance sheet of the EEA at March 31, 2025, a revised presentation of the SDR-denominated assets has been made, and the loans made to the IMF-sponsored trusts have been reported separately on the face of the balance sheet. This was not done in the previous published balance sheet as of March 31, 2024, nor in previous years. This change gives support to the view that the auditor was more concerned about the recoverability of these loans rather than just their accounting.
If this is the case, then the IMF might be concerned about any suggestion that the sums involved were potentially not recoverable and might be urging the UK Treasury to avoid a write-down. This might take time to resolve with the auditor. The value of these loans is reported as L3.66 billion in the EEA Annual Report, certainly enough to get attention.
As a second possible alternative, if the delays in getting gold out of the Bank of England’s vaults early this year and the reports of the bank’s attempt to acquire gold via the Comex using the “exchange for risk” mechanism were not simply coincidental, then the auditor’s comments are probably designed to obfuscate the EEA’s true position.
In this alternative, we can surmise that the Treasury and Bank of England needed time to get enough gold into the EEA and that they also had to use this time to find something obscure and not really damaging to use to justify the annual report’s delay. The topic of accounting for IMF-related SDR-denominated assets and liabilities was probably regularly debated with the auditor, so it could be a plausible subject to use as cover.
The Bank of England and Treasury would have enormous incentives to conceal that UK gold reserves had been leased out and could not be returned promptly. (Consider the reputational damage if the bank had lost the gold, even temporarily.)
As long as there was eventually good enough title to enough gold, the auditor should be content with how this was reported as long as the cover story for the delay was plausible.
That the EEA gold had left the bank’s vaults and extra time was needed to replace it is not the only possible explanation for the annual report’s delay, but it is a plausible one.
—–
Robert Lambourne is a retired business executive in the United Kingdom who consults for GATA about the Bank of England and U.S. government debt.
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS / AND TODAY;S 253
5. COMMODITY REPORT/SILVER//
China Just Shocked Silver Markets — Price Racing to $63 – YouTube
Samsung finances restart of Mexican silver mine in exchange for all its production for 2 years
Submitted by admin on Sun, 2025-12-14 15:40 Section: Daily Dispatches
Silver Storm secures $7 Million financing from Samsung to restart Mexican silver ine
By Giann Liguid Investing News Network via Nasdaq.com, New York Friday, October 10, 2025
Canadian miner Silver Storm Mining has signed a $7 million offtake prepayment deal with Samsung Construction and Trading and two of its subsidiaries to help restart production at its La Parrilla silver mine complex in Durango, Mexico.
Under the agreement, Samsung and subsidiaries will provide the financing through a secured prepaid facility over 18 months.
Samsung will receive 100% of the lead-silver and zinc concentrates produced at La Parrilla over a two-year period. The financing is secured through a corporate guarantee, a share pledge, and first-ranking security on La Parrilla’s assets. …
// Nikkei CLOSED DOWN 626.58 PTS OR 1.23% //Australia’s all ordinaries CLOSED UP 0.13%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.0473
/ OFFSHORE CLOSED UP AT 7.0448/ Oil DOWN TO 57.38 dollars per barrel for WTI and BRENT DOWN TO 61.02 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING UP TO 7.0473 OFFSHORE YUAN TRADING UP TO 7.0448:/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 MONDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP AT 7.0473
OFFSHORE YUAN: UP TO 7.0448
HANG SENG CLOSED DOWN 347.91 PTS OR 1.34%
2. Nikkei closed DOWN 626.58 PTS OR 1.23%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX DOWN TO 97.94 /// EURO RISES TO 1.1729 UP 8 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +1.959 // UP 1 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 155.05…… 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: 3.366 UP 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 DOWN 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 +2.8406/ Italian 10 Yr bond yield DOWN to 3.506 SPAIN 10 YR BOND YIELD DOWN TO 3.282
3i Greek 10 year bond yield DOWN TO 3.366
3j Gold at $4340.10 Silver at: 63.71 1 am est) SILVER NEXT RESISTANCE LEVEL AT $54.00//AFTER 50.00
3k USA vs Russian rouble;// Russian rouble UP 0 AND 72/100 roubles/dollar; ROUBLE AT 79.20
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 155.09 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.959% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.366 UP 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 0.7958 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9346 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 DOWN 3 BASIS PTS…
USA 30 YR BOND YIELD: 4.844 DOWN 3 BASIS PTS/
USA 2 YR BOND YIELD: 3.514 DOWN 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 42.70 UP 1 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.4882 DOWN 2 PTS
30 YR UK BOND YIELD: 5.232 DOWN 4 BASIS PTS
10 YR CANADA BOND YIELD: 3.443 UP 2 BASIS PTS
5 YR CANADA BOND YIELD: 3.006 DOWN 1 BASIS PTS.
1a New York OPENING REPORT
US Futures Recover Most Of Friday’s Dump As “Bad News Is Again Good News”
Monday, Dec 15, 2025 – 08:32 AM
Stocks are set to recoup some of Friday’s tech-driven losses, with a big week of data releases ahead, as the last full week of 2025 comes witgh a bang. Still, sentiment seems a little shaky, with rising signs of skepticism over AI and debate about the extent of rate cuts next year. As of 8:00am ET, S&P 500 futures and Nasdaq 100 contracts both rose 0.5% after Friday’s 1.1% cash market slump in which technology sector fell 2.9%. In premarket trading, Nvidia leads Mag 7 gains, climbing 1.1% with the rest of the group largely in the green. European stocks climbed 0.8%. 10-year Treasury yields ticked lower and the dollar index traded at session lows as the yen surged on renewed bets the BOJ would hike rates this week. Bitcoin rallied 1.3% to $89,652, adding to signs that risk sentiment is steadying. Today’ key events include the December Empire manufacturing (8:30am) and NAHB housing market index (10am). Major releases later this week include November CPI Thursday. Fed speakers include Governor Miran (9:30am, 11am) and New York Fed’s Williams (10:30am).
In premarkt trading, Nvidia climbs 1.1% and is among leaders of a rebound in Magnificent Seven stocks after the group suffered a two-day drop amid concern over elevated spending and delays for projects tied to AI (Tesla +1.4%, Alphabet +0.7%, Amazon +0.4%, Apple +0.1%, Meta little changed, Microsoft is little changed).
Mining stocks are higher amid a renewed advance in metals prices.
Adobe (ADBE) slips 1.3% and ServiceNow (NOW) falls 4% after the pair were downgraded to underweight at Keybanc, which sees AI tools bringing a bigger hit to both software firms.
Dole (DOLE) climbs less than 1% on light trading after the produce company agreed to sell port and port operations in Guayaquil, Ecuador, for $75m in cash.
Entegris Inc. (ENTG) falls 2% after Goldman Sachs cut its recommendation on the semiconductor materials company to sell from neutral on slow wafer recovery.
GXO Logistics (GXO) declines 2.2% after the logistics company said Brad Jacobs will step down as non-executive chairman of the board, effective Dec. 31.
Immunome (IMNM) soars 27% after the biotech company announced positive topline results from its Phase 3 trial of varegacestat.
iRobot (IRBT) falls 72% after the company filed for bankruptcy and proposed handing over control to its main Chinese supplier.
Teradyne (TER) gains 3% after Goldman Sachs upgraded its recommendation to buy from sell, seeing an AI-driven demand uplift for the manufacturer of chip-testing equipment.
ZIM Integrated Shipping (ZIM) rises 4% after Calcalist reported that MSC has submitted a bid to purchase the Israeli shipping company, without saying where it got the information
In corporate news, Roomba maker iRobot filed for bankruptcy and proposed handing over control to its main Chinese supplier. Korea Zinc plans to build a smelter in the US at an estimated cost of around $7.4 billion, backed by investments from the American government, to produce key materials used in chip-making, defense and aerospace. Traders are looking to delayed jobs and inflation data this week to help fill the void left by the US government shutdown as they build a picture on the economy and interest rates. Citigroup joined the upbeat chorus on the outlook for US stocks next year, while Morgan Stanley’ Michael Wilson wrote that the “good is bad/bad is good” trade is back, and weak jobs data on Tuesday could boost stocks as it would raise the probability of more rate cuts. The jobs number will also be critical for bond traders, who are betting on two rate cuts next year — one more reduction than the Fed is indicating. “We are now firmly back into a good is bad/bad is good regime,” Morgan Stanley strategist Michael Wilson wrote in a note. “Moderate” weakness in the labor market weakness “Is likely to be received in a bullish context by equity markets,” he said. Citi strategists led by Scott Chronert said they expect robust earnings growth will deliver a 13% rally next year for the S&P 500. That implies double-digit gains for a fourth year running, and echoes optimistic forecasts by banks including Morgan Stanley, Deutsche Bank and Goldman. “We anticipate an incremental shift from AI enablers to adopters/users in 2026, setting the stage for increased productivity improvement commentary across corporates,” Chronert wrote. “A generally supportive Fed is a key assumption in our playbook.” Economists project a 50,000 increase in nonfarm payrolls and a 4.5% unemployment rate, consistent with a sluggish, but not rapidly deteriorating, labor market (our full preview will hit later today). The US data will help answer the question entering 2026 of whether the Fed is close to being done easing, after three straight cuts, or if it has to move more aggressively. “We had the debate around closing our equities overweight, but we don’t believe the trend is yet ending,” said Philipp Lisibach, head of strategy and research at LGT Private Banking. “Exposure to AI continues to be rewarded, while rates and credit remain relatively unattractive. Equities still offer the most compelling risk-reward trade.” As for the AI giants themselves, the debate among investors is whether to rein in exposure ahead of a potential bubble popping or double down on the game-changing technology. One big worry is rising depreciation expenses from the data center binge. Alphabet, Microsoft and Meta combined for about $10 billion in depreciation costs in 4Q 2023. That figure rose to nearly $22 billion in 3Q this year, and it’s expected to be about $30 billion by this time next year. A final flurry of major central bank policy decisions is also due, with meetings at the Bank of England, the ECB and the Bank of Japan, among others. National Economic Council head Kevin Hassett said he’d consider Trump’s policy opinions if he’s picked to lead the Fed, but rate decisions would stay independent. And Ukraine and the US are due to hold a second day of talks in Berlin on Monday about a plan aimed at ending Russia’s war, with allied security guarantees for Kyiv a central focus of the negotiations. In Europe, Stoxx 600 trades higher by 0.8%. Consumer stocks outperform on signs of better Chinese demand, while the health-care sector underperforms. Here are some of the biggest movers on Monday: Juventus shares rise as much as 14%, the most in more than a year, after the Agnellis family’s investment vehicle Exor NV rejected an unsolicited bid by Tether Holdings to acquire the Italian football club. Kering climbs as much as 4%, leading luxury stocks higher, after China vowed to increase financial support for key consumption areas. Puma shares also rise as much as 4% on the news that China will strengthen coordination between the commerce and financial sectors to boost consumption. Argenx shares fall as much as 9.7%, the most in more than seven months, after the biotechnology company discontinued its late-stage studies into thyroid eye disease. Sanofi shares sink as much as 6.4% after its experimental multiple sclerosis drug got hit with two setbacks: a regulatory delay in the US as well as a failure in a late-stage clinical trial. Rheinmetall leads European defense firms down, with its shares as much as 3.1% lower, after Ukrainian President Volodymyr Zelenskiy said he could accept security guarantees from the US and Europe instead of NATO membership amid ongoing peace talks. Truecaller shares plummet as much as 29%, the most since 2023 and to a record low, after the Swedish caller ID platform guided for its 4Q ad revenues around 30% lower year-on-year. Schweiter Technologies shares fall as much as 14%, hitting their lowest level since 2005, after the maker of composite panels issued a profit warning that Zurcher Kantonalbank says was a surprise. Elsewhere, Chinese indexes edged lower after the latest data showed retail sales growth was the weakest since Covid, while investment slumped further. Asian shares also dropped, tracking Wall Street’s losses on Friday, with South Korea — a poster child for AI exuberance — slipping 1.8%. In FX, the Bloomberg Dollar Index is down 0.2% with the yen top of the G-10 leaderboard ahead of an expected BOJ rate hike on Friday. Kiwi lags after RBNZ Governor Breman pushed back on investor bets over a rate hike next year. In rates, treasury futures held small gains accumulated during European morning as the region’s bonds advanced. Global bond yields also lean lower. Gilt prices outperform 10-year equivalents from the US and Germany with the BOE set to cut rates by 25bps on Thursday. US yields are 1.5bp to 2.5bp richer across the curve with front-end tenors lagging slightly, flattening 2s10s spread by around 1bp. 10-year near 4.16% is 2.3bp lower on the day, slightly outperforming German and UK counterparts. IG dollar bond issuance slate empty, with this week expected to be the final window for any companies looking to raise capital in the debt markets before year-end. Treasury auctions this week include $13 billion 20-year bond reopening Wednesday and $24 billion 5-year TIPS Thursday. The week is packed with US economic data releases, including the delayed November jobs report on Tuesday. In commodities, crude oil prices are now lower after failing to hold onto opening gains. Fed rate-cut bets also helped lift the price of gold on Monday. The yellow metal climbed for a fifth day to around $4,345 an ounce, approaching a record high; silver outperforms, higher by 2.9%. Bitcoin gains 1.5%. US economic calendar includes December Empire manufacturing (8:30am) and NAHB housing market index (10am). Major releases later this week include November CPI Thursday. Fed speakers include Governor Miran (9:30am, 11am) and New York Fed’s Williams (10:30am). Market Snapshot S&P 500 mini +0.5% Nasdaq 100 mini +0.5% Russell 2000 mini +0.7% Stoxx Europe 600 +0.8% DAX +0.5% CAC 40 +1% 10-year Treasury yield -2 basis points at 4.16% VIX +0.6 points at 16.37 Bloomberg Dollar Index -0.1% at 1205.59 euro little changed at $1.1745 WTI crude -0.2% at $57.35/barrel Top Overnight News Affordability pressures are weighing heavily on the White House heading into next year’s midterm elections. They’re also offering cautious hope in Mexico and Canada that the U.S. won’t abandon its trilateral trade pact as the three countries enter a high-stakes review. Politico Trump is reportedly not certain his economic policies will translate to midterm wins, while he said his US investments haven’t fully taken effect and stated that by the time they have to talk about the election, which is in another few months, he thinks their prices are in good shape: WSJ White House economic adviser Hassett said he would consider US President Trump’s policy opinions, but added that the central bank would remain independent if he were to become the next Fed chair: BBG Apollo Management took bets against technology companies vulnerable to AI, in which it is betting against several large loans to software makers and cutting exposure to the sector, according to FT. SpaceX is moving forward with an insider share sale that values it at about $800 billion, setting up what could be the largest initial public offering of all time. WSJ, BBG Volodymyr Zelenskiy signaled Ukraine may step back from its long-term goal of joining NATO if it can secure bilateral security agreements with the US, Europe and other states. It’s holding a second day of talks with the US in Berlin. BBG Fannie and Freddie have snapped up more than $50 billion of home loans as Trump administration officials seek to drive down mortgage rates. BBG The European Commission is expected on Tuesday to reverse the EU’s effective ban on sales of new combustion-engine cars from 2035, bowing to intense pressure from Germany, Italy and European automakers struggling against Chinese and U.S. rivals. EV makers say reneging on ban would yield more ground to China. RTRS China’s economic momentum slowed broadly in November, with a marked weakening in consumer spending, adding pressure on Beijing to stabilize household and business demand in the world’s second-largest economy. Retail sales (+1.3% vs. the Street +2.9% and vs. +2.9% in Oct), industrial production (+4.8% vs. the Street +5% and vs. +4.9% in Oct), and investment (both fixed asset investment and property investment deteriorated in Nov). WSJ Vanke, one of China’s largest real-estate companies, made a renewed effort to muster bondholder backing for an onshore debt repayment due this week and avoid a default after the state-backed developer’s plan was rejected, rekindling concerns about the nation’s crisis-hit property sector. RTRS Japanese companies seem keen to raise wages again next year, despite many bracing for a tariff hit to profits, a central bank report shows days ahead of its next policy meeting. The findings will likely reinforce expectations that the central bank will raise interest rates to 0.75% from 0.5% this week. WSJ BoJ officials are likely to start selling the central bank’s pile of exchange-traded funds as early as next month, according to people familiar with the matter, a process expected to take decades to complete. RTRS Trade/Tariffs US and Mexico reportedly struck a deal on Friday to settle the Rio Grande water dispute, which eases the bilateral tensions which had been stoked after US President Trump’s threat of an additional 5% tariff on Mexico if it did not provide additional water to help US farmers. China’s Central Financial and Economic Affairs Commission Deputy Director said they will expand exports and increase imports in 2026. China’s Customs allows dairy import products from Norway. An Indian Trade Official said India is engaging with Mexico on higher tariffs to protect its own trade interests. Said Mexico’s primary target is not to hit Indian exports. India has proposed a “preferential trade agreement” with Mexico. India’s Trade Secretary said India and the US are close to a “framework” deal but won’t give a timeline. EU plans a crackdown on very dangerous Chinese products sold on online platforms, including Alibaba (9988 HK) and Shein, according to FT. France said conditions for an EU vote on a Mercosur deal are not yet met, despite recent progress, while France calls for the EU-Mercosur December meeting to be pushed back to continue work on mirror clauses. A more detailed look at global markets courtesy of Newsquawk APAC stocks were mostly pressured at the start of a risk-packed week and following on from the tech-led declines stateside amid a rotation out of AI, while participants digested economic releases, including the BoJ Tankan and Chinese activity data. ASX 200 retreated with the declines led by mining, materials, resources and tech sectors, with the mood in Australia also sombre following a terror attack on Bondi Beach targeting a Jewish celebration. Nikkei 225 underperformed ahead of a widely anticipated BoJ rate hike later this week, while the quarterly BoJ Tankan survey showed sentiment of Large Manufacturers was at the highest in four years, which supports the case for a rate hike. Hang Seng and Shanghai Comp were subdued after the latest Chinese activity data disappointed and house prices continued to contract, with tech and biotech leading the declines in Hong Kong, while losses in the mainland were contained after reports that China is to issue ultra-long-term special government bonds in 2026 to fund major national strategies and security initiatives, as well as large-scale equipment upgrades and consumer goods trade-in programs. Top Asian News China is to issue ultra-long-term special government bonds in 2026 to fund major national strategies and security initiatives, as well as large-scale equipment upgrades and consumer goods trade-in programs. China stats bureau spokesperson said China’s economy stabilised and improved in November, but the impact of changes in the external environment has deepened, and the conflict between strong domestic supply and weak demand is prominent. The spokesperson also noted that some industries and firms face difficulties, while authorities will step up counter-cyclical and cross-cyclical adjustments. Furthermore, it was stated that household consumption capability and confidence need to be further improved, with efforts to be made to stabilise jobs, boost income growth, and release consumption potential. China Vanke’s (2202 HK) proposal for a one-year delay of repayment for a bond due December 15th was rejected by bondholders, which leaves a five-day grace period to make the CNY 2bln bond payment and avoid a potential default. Hong Kong’s Democratic Party voted on Sunday to dissolve amid pressure from Beijing and previous alleged threats of severe consequences, including possible arrest if they did not disband, according to The Guardian. BoJ is likely to begin selling its ETF holdings as soon as January, according to Bloomberg. RBNZ Governor Breman said the economic outlook has evolved broadly in line with expectations, and the forward path for the Official Cash Rate published in the November monetary policy statement indicates a slight probability of another rate cut in the near term. However, she added that if economic conditions evolve as expected, the official cash rate is likely to remain at its current level of 2.25% for some time. Breman also commented that there continues to be signs that growth is recovering and financial market conditions have tightened since the November decision, beyond what is implied by the central projection for the OCR. BoK said NPS agrees to extend its currency swap agreement for another year, with Bloomberg reporting that the NPS is to take a flexible approach to strategic FX hedging. China NPC Standing Committee to hold a meeting between December 22-27. NPC Standing Committee to review draft revision to foreign trade law. European bourses (STOXX 600 +0.7%) opened on a stronger footing and traded at elevated levels throughout the morning. Upside, which comes despite a broadly lower APAC session, where Chinese stocks were subdued after the latest Chinese activity data disappointed. European sectors are broadly in the green, with a cyclical bias as Autos leads whilst Healthcare underperforms; the latter has also been dragged down by losses in Sanofi (-4%) after the Co. flagged delays in an FDA decision for Tolebrutinib. Top European News Swiss SECO forecasts: US Tariff reduction has strengthened outlook 2025. Sees 2025 GDP (sports adj.) at +1.4% (prev. exp. +1.3%). Sees CPI +0.2% (prev. exp. +0.2%). 2026. Sees GDP (sports adj.) +1.1% (prev. exp. +0.9%). Sees CPI at +0.2% (prev. exp. +0.5%) 2027. Sees GDP (sports adj.) +1.7%. Sees CPI at +0.5%. UK’s OFCOM launches a probe into BT (BT/ LN) and Three, following UK-wide outages in the summer FX G10s are mixed against the Dollar with clear outperformance in the JPY, whilst the Kiwi lags vs the USD after RBNZ’s Bremen said that the forward path for the official cash rate published in the November monetary policy statement indicates a slight probability of another rate cut in the near term.- DXY is a touch lower on the day, but likely a function of JPY strength (see below). No specific macro catalysts for the greenback as the week kicks off, but late on Friday, US President Trump said he was leaning towards Kevin Warsh or Hassett to lead the Fed. DXY trades within 98.29-98.48 parameters. The session is likely to focus on commentary from Fed’s Miran, expected to explain his dissent in last week’s FOMC meeting, while the influential Williams will speak on economic growth. JPY is the clear outperformer in the G10 FX space, where the BoJ is set to raise rates for the first time since January 2025. Japan’s Tankan survey overnight bolstered the case for a hike in Friday’s meeting, where the reading suggested overall business sentiment improved in Q4 and inflation expectations stood pat at 2.4% for the 1, 3, and 5-year horizons. Markets currently assign a c. 80% probability that the BoJ lifts rates by 25bps on Friday. USD/JPY began trundling lower after hitting the psychological 166 level, and 21DMA at 155.96, to a session low of 154.96. PBoC set USD/CNY mid-point at 7.0656 vs exp. 7.0569 (Prev. 7.0638) Fixed Income USTs are currently firmer today by a handful of ticks, and reside at the upper end of a 112-06 to 112-12 range. Overnight trade saw US paper saunter higher, but lacked a clear driver – no hints provided from a yield perspective either, with rates lower to a similar magnitude across the board. Markets now await Fed speak from Miran and Williams, and the former is expected to release an explanation of his dovish dissent last week. Then the focus will turn to key US data in the coming days, namely NFP and CPI. Bunds are also in the green, albeit to a lesser extent than peers; currently within a 127.45 to 127.64 confine. Earlier, German Wholesale Sales M/M printed in-line with expectations, whilst Y/Y rose from the prior; the inner report pinned the rise to “higher prices of food, beverages and tobacco”. Elsewhere, focus has been on geopolitics whereby Zelensky suggested that Ukraine is willing to drop NATO membership ambitions, in favour of security guarantees. Negotiations between Ukrainian and US officials will continue in Germany later today. Gilts also gain in today’s session, in line with peers. Nothing really much from a UK perspective this morning, aside from UK Rightmove House Prices, which continued to show contractions. An exec at the firm said, “with market conditions supporting higher levels of activity, and a hopefully more certain economic environment, we forecast a better year for price growth in 2026 with a strong rebound in activity to kickstart the year”. The docket is very thin from a UK perspective, but will pick up starting from tomorrow, where a slew of key data will precede a BoE rate decision on Thursday. Commodities WTI and Brent initially started the week positively following better Chinese demand, but have failed to sustain a bid higher, as US envoys meet with European and Ukrainian officials in Berlin. Benchmarks dipped to a trough of USD 57.32/bbl and USD 61.07/bbl, respectively, at the start of the APAC session, before gradually bidding higher to a high of USD 57.62/bbl and USD 61.50/bbl. Despite the improved Chinese oil demand and reports of Iran seizing a foreign tanker, benchmarks have fallen into the European open and are currently trading near session lows. Spot XAU has started the week on the front foot as ETF flows, central bank buying, and XAG short squeeze continue to support the yellow metal. After Friday’s liquidation selloff to a trough of USD 4257/oz, XAU bounced in the latter part of last week. The yellow metal opened at USD 4304/oz and gradually trended higher throughout the APAC session and thus far, remains at session highs of USD 4350/oz with ATHs just c. USD 30/oz away. 3M LME Copper, among most markets, got caught up in the tech-led selloff on Friday but has rebounded as the European session gets underway. Despite the selloff on Friday, ANZ analysts note that “demand for the metal continues to beat expectations despite the fall in China’s economic growth”, adding that the bank is bullish with the expectation that the market will move further into a deficit in 2026. India’s November gold imports at USD 4.02bln (prev. USD 14.7bln); oil imports at USD 14.12bln (prev. USD 14.8bln). Russia’s Nornickel sees a global nickel surplus at more than 200KT in 2025 and 2026, sees the global Palladium market balanced in 2025, sees a deficit at 0.2 MoZ, including investments. The US asks the EU to exempt US gas from methane law obligations until 2035. Geopolitics: Middle East Israel’s military conducted a strike on Gaza, which killed senior Hamas commander Raed Saed, while the Israeli military said it put a planned strike on a southern Lebanon site on hold after the Lebanese Army requested access. Two US Army soldiers and a civilian US interpreter were killed in Syria, while the Syrian government said the attacker was a member of Syrian security forces with extremist views. It was later reported that US President Trump said they will retaliate against ISIS and that there will be a lot of damage done to the people who attacked the troops in Syria. Geopolitics: Ukraine US President Trump said a lot of progress is being made on Russia and Ukraine, while he responded that they don’t want it now, and it would be complex when asked about the idea of a free economic zone in the Donbas region. Ukrainian President Zelensky said services have been working to restore electricity, heating and water supply to regions following Russian strikes on energy infrastructure. Zelensky also commented that there won’t be a peace plan that everyone will like and there will be compromises, while he also stated that US and European security guarantees, instead of NATO membership, are a compromise from Ukraine’s side and that security guarantees should be legally binding. Ukrainian presidential adviser said Ukraine and US teams meeting on peace proposals in Berlin lasted more than five hours on Sunday and will continue on Monday, while US special envoy Witkoff said a lot of progress was made during the talks. Ukrainian military said it struck a Russian oil refinery in the Krasnodar region and a Russian oil depot in the Volgograd region, while Ukraine’s Navy said a Russian drone attack hit a Turkish civilian vessel carrying sunflower oil to Egypt on Saturday. Russian Defence Ministry said Russian forces captured Varvarivka in Ukraine’s Zaporizhzhia region, according to RIA. EU’s Kallas said new sanctions on Russia’s shadow fleet will be decided today. Adds that the EU has delivered 2mln artillery rounds to Ukraine this year. Will not leave the EU summit without a decision on funding for Ukraine. Lithuania’s Foreign Minister said he expects the EU to widen the Belarus sanctions regime to include hybrid activity. Ukraine needs something like Article 5 in terms of security guarantees, with a nuclear deterrent. Russia’s Kremlin said Ukraine not joining NATO is a key question but subject to special discussion. Expects the US to update Russian officials on the proposals from the Berlin talks. Washington reportedly still wants Ukraine to cede the Donbas region to Russia, via Sky News Arabia citing official familiar with the negotiations. Geopolitics: Other US envoy John Coale said Belarusian President Lukashenko agreed to do all he can to stop weather balloons flying into Lithuania, while Coale also stated that the US will remove sanctions on Belarusian potash and that around 1,000 remaining political prisoners in Belarus could be released in the coming months. US President Trump said land strikes against Venezuela will start happening and don’t necessarily have to be in Venezuela. US President Trump said on Friday that he had a very good conversation with the Thai and Cambodian PMs, while he added that they agreed to cease all shooting effective that evening and go back to the original peace accord. However, it was reported over the weekend that Thailand’s PM Charnvirakul said his country has not reached a ceasefire agreement with Cambodia and the Thai military will continue fighting on the disputed border. Philippine Coast Guard said three Filipino fishermen were wounded and two fishing boats suffered significant damage from high-pressure water cannon blasts by Chinese Coast Guard ships in the South China Sea, while it called on China’s Coast Guard to adhere to internationally recognised standards of conduct. China sanctioned the former chief of staff of the Japan Self-Defense Forces, in which it froze properties, prohibiting transactions with, and barring visas for former Japanese official Iwasaki. US Event Calendar 8:30 am: Dec Empire Manufacturing, est. 10, prior 18.7 10:00 am: Dec NAHB Housing Market Index, est. 39, prior 38 Central Banks (All Times ET): 9:30 am: Fed’s Miran Delivers Talk on Inflation Outlook 10:30 am: Fed’s Williams delivers Keynote Remarks 11:00 am: Fed’s Miran Appears on CNBC DB’s Jim Reid concludes the overnight wrap We’ve launched our big 2026 Global Financial Market Survey with many questions on your views for the year ahead. It includes, after a two-year gap, asking you your favourite Xmas song. Where you think the S&P 500 or Mag-7 ends up creates nothing like the controversy of the announcing your favourite Xmas song. You can complete the survey here. It closes on Wednesday. All help filling in very much appreciated. Welcome to the last full week of the year. It’s started with me sneezing, eyes watering and completely bunged up. The flu? No! Just a kids Xmas party last night where unbeknownst to me they had a cat. I’m very allergic to them. The cat actually had the right idea and had already left for the evening due to the noise. Sadly, I had to endure the noise and the cat’s airborne residue. So not the greatest start to the week for me and just when you thought it was safe to wind down for Christmas, the coming week is shaping up to be a significant one for global markets, with a dense calendar of economic releases and major central bank decisions. The European Central Bank, the Bank of England and the Bank of Japan all have a chance to be Scrooges or Santas in their meetings this week. Alongside these announcements, the data flow will be heavy: the US will finally publish delayed employment and inflation reports, while flash PMIs for December and will provide clues on global momentum. It’s also an interesting time for global markets with long-end yields at or around multi-month or even multi-year highs (e.g. Japan and 30yr Europe) at the same time as the weakest AI stories are increasingly being punished rather than the pre-September period when AI all went up together. If that wasn’t enough, another notable Fed story came late on Friday, as President Trump suggested that NEC Director Kevin Hassett and former Fed Governor Kevin Warsh were his two favoured candidates for the Fed Chair role. Hassett has been viewed as the frontrunner in recent weeks but following Trump’s interview his Polymarket odds fell from around 73% late on Friday to 52% this morning. Warsh has gone from 13% before the interview to 40% this morning. So, it’s fair to say there’s a lot of unfinished business going into the last full trading week of the year. For this week specifically, in the United States, attention will centre on tomorrow’s twin employment reports for October and November, delayed by the recent government shutdown. October’s headline payrolls are expected to show a decline of around -60k (DB forecasts here and below), largely due to federal layoffs with all the early year buy-out offers coming off payroll in October. November should rebound modestly with a gain of +50k (DB). Private sector hiring is likely to remain steady in both months at around +50k (DB), slightly below the recent trend. The unemployment rate is forecast to rise to 4.5 per cent in November from 4.4 per cent in September (we will never know October), while average hourly earnings should increase by 0.3 per cent in both months, keeping year-on-year nominal compensation growth near 4.4 per cent. Hours worked are expected to stabilise at 34.3. Given the distortions caused by the shutdown, the household survey could be noisy, echoing patterns seen after the 2013 episode. For a cleaner read on labour market conditions, Thursday’s jobless claims will be important and given our economists believe this will come in at around +225k, they believe underlying hiring trends remain intact. Inflation will also be in focus with Thursday’s US CPI release. Because October data were not collected, the report will centre on year-on-year changes. Headline CPI is expected to hold broadly steady at 3.03%, while core inflation remains at 3.02%. Monthly headline gains across October and November should average +0.24%, slightly below September’s pace with core slightly above at +0.26%. Within the details, core goods prices are likely to show modest increases in household furnishings and apparel, while used car prices continue to decline. Core services will attract particular attention, especially rents, which are expected to rebound after September’s anomalous weakness. Airline fares and lodging should soften from their recent highs, though health insurance may surprise on the upside. Beyond jobs and inflation, Tuesday’s retail sales report will offer insight into consumer spending. We anticipate a headline decline of -0.3%, driven by autos and lower fuel prices, but retail control—the component used in GDP calculations—should rise by +0.3%, signalling resilience in underlying demand. Friday’s final reading of University of Michigan consumer sentiment is expected at 54.0, with inflation expectations likely to matter more than the headline figure. On policy, last week’s FOMC meeting delivered a 25bps rate cut and signalled a “wait and see” approach. Chair Powell struck a dovish tone, emphasising labour market risks over inflation. This week’s Fedspeak will reinforce that message, with Governor Miran and New York Fed President Williams speaking today, followed by Governor Waller and Williams again on Wednesday. Atlanta Fed President Bostic closes the week on Friday. Miran, who dissented in favour of a larger cut, is expected to reiterate his view that shelter inflation will collapse in coming quarters. In Europe, Thursday brings a cluster of central bank decisions. The ECB is expected to keep rates unchanged at 2 per cent (see our econ preview here), while the Bank of England is forecast to deliver its sixth cut of the cycle, lowering Bank Rate to 3.75 per cent on a narrow 5-4 vote. See our economist’s preview here. The Riksbank and Norges Bank will also decide on policy on the same day with both likely to stay on hold. Ahead of the BoE meeting, UK labour market data on Tuesday and CPI on Wednesday will be closely watched. Headline inflation is forecast to ease to 3.51% year-on-year, while core ticks up slightly to 3.46% (see our economist’s preview here). Retail sales and consumer confidence on Friday will round out the UK calendar. In Germany, the Ifo survey on Wednesday and consumer confidence on Friday will provide further insight into regional conditions as fiscal spending starts to ramp up. Across the Atlantic, Canadian inflation is out today which is interesting given the sharp move from pricing in a slightly easing bias earlier this month to almost a full hike by the end of 2026 now. Across Asia, the Bank of Japan meets on Friday and is expected to raise rates by 25bps to 0.75 per cent, with a 94% probability priced in by markets. See our economist’s thoughts here. Japan’s nationwide CPI for November will also be released on Friday, with core inflation forecast to slow to 2.9% and core-core to 3.0%. Global flash PMIs for December, covering the US, UK, Japan, Germany and France, will be published tomorrow and will offer early signals on fourth-quarter growth trends. Asian equity markets have kicked off the week notably lower after a difficult US session on Friday. Across the region, tech-focused exchanges are the poorest performers, with the KOSPI (-1.34%) and the Nikkei (-1.36%) leading the losses, followed by the Hang Seng (-1.15%). Mainland Chinese stocks are outperforming a bit due to less AI exposure and after a series of disappointing economic indicators (details below) may be raising stimulus odds. The CSI (-0.41%) and the Shanghai Composite (-0.31%) registering minor losses due to reduced exposure to the global AI market. The S&P/ASX 200 (-0.72%) is also trading lower. S&P 500 (+0.31%) and NASDAQ 100 (+0.24%) are both bouncing back a bit though.
Returning to China, the economic slowdown intensified in November, with retail sales increasing by only +1.3% last month compared to the same period last year, significantly below Bloomberg’s forecast of +2.9% growth, and a decrease from the +2.9% rise recorded in the previous month. Industrial production rose by 4.8% in November year-on-year, falling short of the anticipated 5% increase and marking the weakest growth since August 2024. Business investment remained weak in November, with fixed asset investment declining by -2.6% year-on-year, exceeding expectations of a -2.3% drop. This decline has worsened from the -1.7% decrease observed from January to October, representing the most significant downturn since the pandemic began in 2020. A separate report indicated that new home prices in China continued to fall, decreasing by -0.39% m/m in November, compared to a -0.5% decline in the previous month, suggesting that we’re still waiting for a recovery in demand even with government assurances that they will stabilise the sector. Recapping last week now and US equities saw a mixed week, with the S&P 500 reaching a new all-time high on Thursday but slumping by -1.07% on Friday to end the week -0.63% lower. Concerns about the sustainability of AI-related spending weighed on tech with the NASDAQ down by -1.62% (-1.69% Friday) and the Mag-7 by -1.86% (-0.75% Friday). Oracle (-12.69%, -4.47% Friday but rallying off the day’s lows) and Broadcom (-7.77%, -11.43% Friday) plunged after their earnings reports. But there was rotation towards more blue-chip stocks, with the Dow Jones (+1.05%, -0.51% Friday) holding onto a sizeable weekly gain.
The rates space saw a significant curve steepening as the FOMC delivered a third consecutive 25bp cut. While the Fed signalled a possible pause in early 2026, dovish hints supported 2026 rate cut expectations. Fed fund pricing for December 2026 was little changed over the week but down by -7.4bps from its peak on Tuesday, with 56bps of rate cuts now priced for 2026. The next cut is 54% priced by March. Front-end Treasury yields declined, with the 2yr yield falling by -3.8bps to 3.52% (-1.8bps Friday). By contrast, the 10yr yield (+4.9bps to 4.18%; +2.7bps Friday) and the 30yr yield (+5.3bps to 4.84%; +4.5bps Friday) both posted their highest levels since September, bringing the 2s10s slope to its steepest since January 2022, just before the Fed started its post-Covid hiking cycle. Meanwhile, recent money market tightness eased as the Fed also announced the commencement of reserve-management purchases of Treasury bills. In Europe, government bonds sold off amid rising global term premia and hawkish comments by the ECB’s Isabel Schnabel. 10yr bund yields rose +5.9bps to 2.86%, their highest weekly close since March, with OATs (+5.3bps) and BTPs (+6.3bps) similarly higher. The OAT outperformance came as the French parliament approved the social security budget. In the equity space, Friday’s -0.53% decline left the STOXX 600 little changed on the week (-0.09%). Germany’s DAX (+0.66%, -0.45% Friday) outperformed, in part helped by a Bloomberg report that German lawmakers are set to approve €52bn in defence orders next week, with Rheinmetall climbing +5.66% as a result. In the UK, the FTSE 100 (-0.19%, -0.56% Friday) wasn’t helped by a soft monthly GDP reading on Friday (-0.1% vs +0.1% expected). Meanwhile, European credit outperformed the US, with HY spreads tightening by -1bps in contrast to a +11bps widening across the Atlantic. In commodities, Brent crude prices fell -4.13% to $61.12/bbl, to within one dollar of their 2025 lows seen back in May. In contrast, gold rose by +2.43% to $4,300/oz as investors returned to safe haven assets. Bitcoin (+1.12% on the week) managed to reclaim the $90,000 level despite a -2.89% decline on Friday.
1 b European opening report
1c Asian opening report
European equity futures point to a positive open despite weakness in APAC equities; Trump leaning towards Warsh or Hassett for Fed Chair – Newsquawk EU Market Open
Monday, Dec 15, 2025 – 01:03 AM
APAC stocks were mostly pressured at the start of a risk-packed week and following on from the tech-led declines stateside amid a rotation out of AI, while participants digested economic releases, including the BoJ Tankan and Chinese activity data.
The BoJ Tankan survey showed sentiment of Large Manufacturers was at the highest in four years, which supports the case for a rate hike.
Hang Seng and Shanghai Comp were subdued after the latest Chinese activity data disappointed, and house prices continued to contract, with tech and biotech leading the declines in Hong Kong.
US President Trump said on Friday that he is leaning towards Kevin Warsh or Kevin Hassett to lead the Fed and that the next Fed Chair should consult with him on interest rates.
European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.4% after the cash market closed with losses of 0.6% on Friday.
Looking ahead, highlights include German Wholesale Price Index, EZ Industrial Production (Oct), Canadian CPI (Nov), US Advance Goods Trade Balance (Sep), and Australian PMI (Dec). Speakers include Fed’s Miran, Williams, & RBA’s Jones.
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US TRADE
EQUITIES
US stocks were sold on Friday with underperformance in the Nasdaq as Broadcom’s (AVGO, -11.4%) Q4 earnings showed its AI order backlog fell short of expectations, adding to the AI concerns seen post-Oracle (ORCL, -4.6%) earnings. Oracle shares also declined after reports that data centres for OpenAI are reportedly delayed to 2028 from 2027; largely due to labour and material shortages, although Oracle denied the reports, which helped its shares pare some of the downside. Meanwhile, sectors were predominantly lower, with Tech slumping 3%, while energy and communication also lagged, albeit to a lesser extent.
SPX -1.07% at 6,827, NDX -1.91% at 25,197, DJI -0.51% at 48,458, RUT -1.51% at 2,551.
US and Mexico reportedly struck a deal on Friday to settle the Rio Grande water dispute, which eases the bilateral tensions which had been stoked after US President Trump’s threat of an additional 5% tariff on Mexico if it did not provide additional water to help US farmers.
White House crypto czar Sacks said on Friday that he sees China not accepting NVIDIA’s (NVDA) H200 chip and that China wants to be semiconductor independent.
China’s Central Financial and Economic Affairs Commission Deputy Director said they will expand exports and increase imports in 2026.
EU plans a crackdown on very dangerous Chinese products sold on online platforms, including Alibaba (9988 HK) and Shein, according to FT.
France said conditions for an EU vote on a Mercosur deal are not yet met, despite recent progress, while France calls for the EU-Mercosur December meeting to be pushed back to continue work on mirror clauses.
NOTABLE HEADLINES
US President Trump is reportedly not certain his economic policies will translate to midterm wins, while he said his US investments haven’t fully taken effect and stated that by the time they have to talk about the election, which is in another few months, he thinks their prices are in good shape.
US President Trump said on Friday that he is leaning towards Kevin Warsh or Kevin Hassett to lead the Fed and that the next Fed Chair should consult with him on interest rates. Trump added it is not typically done anymore, but used to be done routinely and should be done, while he stated interest rates should be 1% or lower a year from now, according to WSJ.
White House economic adviser Hassett said he would consider US President Trump’s policy opinions, but added that the central bank would remain independent if he were to become the next Fed chair.
Fed’s Daly (2027 voter) said on Friday that she favoured a cut at last week’s Fed meeting and that the FOMC decision was not an easy choice, while she added that goals are in conflict as inflation is above target and the labour market is softening. Furthermore, she said Congress gave them two goals, and their job is to meet both of them, and the recent policy decision puts them in a good place to achieve that.
Apollo Management took bets against technology companies vulnerable to AI, in which it is betting against several large loans to software makers and cutting exposure to the sector, according to FT.
APAC TRADE
EQUITIES
APAC stocks were mostly pressured at the start of a risk-packed week and following on from the tech-led declines stateside amid a rotation out of AI, while participants digested economic releases, including the BoJ Tankan and Chinese activity data.
ASX 200 retreated with the declines led by mining, materials, resources and tech sectors, with the mood in Australia also sombre following a terror attack on Bondi Beach targeting a Jewish celebration.
Nikkei 225 underperformed ahead of a widely anticipated BoJ rate hike later this week, while the quarterly BoJ Tankan survey showed sentiment of Large Manufacturers was at the highest in four years, which supports the case for a rate hike.
Hang Seng and Shanghai Comp were subdued after the latest Chinese activity data disappointed and house prices continued to contract, with tech and biotech leading the declines in Hong Kong, while losses in the mainland were contained after reports that China is to issue ultra-long-term special government bonds in 2026 to fund major national strategies and security initiatives, as well as large-scale equipment upgrades and consumer goods trade-in programs.
US equity futures nursed some of Friday’s losses, but with the recovery contained ahead of this week’s main risk events.
European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.4% after the cash market closed with losses of 0.6% on Friday.
FX
DXY was little changed to start the week with price action contained to within a narrow range amid light weekend catalysts and as participants await tomorrow’s Non-Farm Payrolls data, while there were comments last Friday from US President Trump who said he is leaning towards Kevin Warsh or Kevin Hassett to lead the Fed, as well as noted that the next Fed Chair should consult with him on interest rates, and that interest rates should be 1% or lower a year from now.
EUR/USD traded sideways amid quiet newsflow from the bloc and with Eurozone Industrial Production due later.
GBP/USD struggled for direction, and with little reaction seen from the latest UK Rightmove House Price data, which continued to show contractions.
USD/JPY trickled lower amid wide expectations for the BoJ to increase rates later in the week, while the BoJ Tankan survey showed nearly all components of the release either matched or topped estimates.
Antipodeans were subdued following the disappointing Chinese activity data, and with NZD underperforming after comments from RBNZ Governor Breman, who said the forward path for the official cash rate published in the November monetary policy statement indicates a slight probability of another rate cut in the near term.
PBoC set USD/CNY mid-point at 7.0656 vs exp. 7.0569 (Prev. 7.0638)
FIXED INCOME
10yr UST futures eked mild gains in quiet trade in the absence of pertinent drivers, while participants await comments from Fed officials Miran and Williams due later, ahead of tomorrow’s NFP jobs report.
Bund futures traded rangebound following on from last week’s choppy mood and ahead of German wholesale prices.
10yr JGB futures were indecisive with demand hampered heading into a widely anticipated BoJ rate hike on Friday, while the latest BoJ Tankan data showed all components either matched or improved on their previous readings, which further supported the case for the BoJ to resume its policy normalisation.
COMMODITIES
Crude futures were marginally higher but with gains capped by a lack of major energy specific catalysts and following mixed geopolitical headlines from late last week including reports of Iran seizing a foreign tanker carrying 6mln litres of smuggled diesel in the Gulf of Oman, while a lot of progress was said to have been made during talks between Ukraine and the US on peace proposals, with discussions to continue on Monday.
Kuwait sees a fair oil price at USD 60-65/bbl under current conditions, and they had expected prices to remain at least as they were, if not better, but were surprised by the drop, according to the Kuwaiti Oil Minister. He added they are searching for a partner in a petrochemical project in Oman’s Duqm, but are ready to move ahead with Oman if no investor is found.
Egypt proposed a unified Arab emergency oil and gas purchases mechanism, according to the Petroleum Ministry.
Spot gold returned to above the USD 4,300/oz level amid a broad recovery in the metals complex from last Friday’s trough.
Copper futures nursed some of last week’s late losses, but with the rebound contained ahead of this week’s key risk events and as participants digested the latest activity data from the red metal’s largest buyer, which missed expectations.
CRYPTO
Bitcoin rebounded from Sunday’s losses and returned to above the USD 89,000 level.
NOTABLE ASIA-PAC HEADLINES
China is to issue ultra-long-term special government bonds in 2026 to fund major national strategies and security initiatives, as well as large-scale equipment upgrades and consumer goods trade-in programs.
China stats bureau spokesperson said China’s economy stabilised and improved in November, but the impact of changes in the external environment has deepened, and the conflict between strong domestic supply and weak demand is prominent. The spokesperson also noted that some industries and firms face difficulties, while authorities will step up counter-cyclical and cross-cyclical adjustments. Furthermore, it was stated that household consumption capability and confidence need to be further improved, with efforts to be made to stabilise jobs, boost income growth, and release consumption potential.
China Vanke’s (2202 HK) proposal for a one-year delay of repayment for a bond due December 15th was rejected by bondholders, which leaves a five-day grace period to make the CNY 2bln bond payment and avoid a potential default.
Hong Kong’s Democratic Party voted on Sunday to dissolve amid pressure from Beijing and previous alleged threats of severe consequences, including possible arrest if they did not disband, according to The Guardian.
BoJ is likely to begin selling its ETF holdings as soon as January, according to Bloomberg.
RBNZ Governor Breman said the economic outlook has evolved broadly in line with expectations, and the forward path for the Official Cash Rate published in the November monetary policy statement indicates a slight probability of another rate cut in the near term. However, she added that if economic conditions evolve as expected, the official cash rate is likely to remain at its current level of 2.25% for some time. Breman also commented that there continues to be signs that growth is recovering and financial market conditions have tightened since the November decision, beyond what is implied by the central projection for the OCR.
DATA RECAP
Chinese Industrial Output YY (Nov) 4.8% vs. Exp. 5.0% (Prev. 4.9%)
Chinese Retail Sales YY (Nov) 1.3% vs. Exp. 2.8% (Prev. 2.9%)
Chinese Urban Investment (YTD)YY (Nov) -2.6% vs. Exp. -2.3% (Prev. -1.7%)
Chinese Unemployment Rate Urban Area (Nov) 5.10% (Prev. 5.10%)
Chinese China House Prices MM (Nov) -0.40% (Prev. -0.50%)
Chinese China House Prices YY (Nov) -2.4% (Prev. -2.2%)
Japanese Tankan Large Manufacturing Index (Q4) 15.0 vs. Exp. 15.0 (Prev. 14.0)
Japanese Tankan Large Manufacturing Outlook (Q4) 15.0 vs. Exp. 13.0 (Prev. 12.0)
Japanese Tankan Large Non-Manufacturing Index (Q4) 34.0 vs. Exp. 35.0 (Prev. 34.0)
Japanese Tankan Large Non-Manufacturing Outlook DI (Q4) 28.0 vs. Exp. 28.0 (Prev. 28.0)
Japanese Tankan Large All Industry Capex Estimate (Q4) 12.6% vs. Exp. 12.0% (Prev. 12.5%)
GEOPOLITICS
MIDDLE EAST
Israel’s military conducted a strike on Gaza, which killed senior Hamas commander Raed Saed, while the Israeli military said it put a planned strike on a southern Lebanon site on hold after the Lebanese Army requested access.
Two US Army soldiers and a civilian US interpreter were killed in Syria, while the Syrian government said the attacker was a member of Syrian security forces with extremist views. It was later reported that US President Trump said they will retaliate against ISIS and that there will be a lot of damage done to the people who attacked the troops in Syria.
US CENTCOM will host a Doha conference on 16th December with partner nations to plan the international stabilisation force for Gaza, according to US officials.
US forces raided a ship and seized cargo headed to Iran from China, according to WSJ.
Iran was reported on Friday to have seized a foreign tanker carrying 6mln litres of smuggled diesel in the Gulf of Oman, according to state media.
RUSSIA-UKRAINE
US President Trump said a lot of progress is being made on Russia and Ukraine, while he responded that they don’t want it now, and it would be complex when asked about the idea of a free economic zone in the Donbas region.
Ukrainian President Zelensky said services have been working to restore electricity, heating and water supply to regions following Russian strikes on energy infrastructure. Zelensky also commented that there won’t be a peace plan that everyone will like and there will be compromises, while he also stated that US and European security guarantees, instead of NATO membership, are a compromise from Ukraine’s side and that security guarantees should be legally binding.
Ukrainian presidential adviser said Ukraine and US teams meeting on peace proposals in Berlin lasted more than five hours on Sunday and will continue on Monday, while US special envoy Witkoff said a lot of progress was made during the talks.
Ukrainian military said it struck a Russian oil refinery in the Krasnodar region and a Russian oil depot in the Volgograd region, while Ukraine’s Navy said a Russian drone attack hit a Turkish civilian vessel carrying sunflower oil to Egypt on Saturday.
Russian Defence Ministry said Russian forces captured Varvarivka in Ukraine’s Zaporizhzhia region, according to RIA.
OTHER
US envoy John Coale said Belarusian President Lukashenko agreed to do all he can to stop weather balloons flying into Lithuania, while Coale also stated that the US will remove sanctions on Belarusian potash and that around 1,000 remaining political prisoners in Belarus could be released in the coming months.
US President Trump said land strikes against Venezuela will start happening and don’t necessarily have to be in Venezuela.
US President Trump said on Friday that he had a very good conversation with the Thai and Cambodian PMs, while he added that they agreed to cease all shooting effective that evening and go back to the original peace accord. However, it was reported over the weekend that Thailand’s PM Charnvirakul said his country has not reached a ceasefire agreement with Cambodia and the Thai military will continue fighting on the disputed border.
Philippine Coast Guard said three Filipino fishermen were wounded and two fishing boats suffered significant damage from high-pressure water cannon blasts by Chinese Coast Guard ships in the South China Sea, while it called on China’s Coast Guard to adhere to internationally recognised standards of conduct.
China sanctioned the former chief of staff of the Japan Self-Defense Forces, in which it froze properties, prohibiting transactions with, and barring visas for former Japanese official Iwasaki.
GLOBAL NEWS
At least 16 people were killed, and 40 were injured in a targeted, mass shooting terror attack against a Jewish celebration of Hanukkah held at Bondi Beach in Sydney on Sunday, while it was reported that Israeli PM Netanyahu said he warned Australia about anti-Semitism and told Australia’s PM that anti-Semitism spreads when leaders stay silent.
EU/UK
DATA RECAP
UK Rightmove House Prices MM (Nov) -1.8% (Prev. -1.8%)
UK Rightmove House Prices YY (Nov) -0.6% (Prev. -0.5%)
2.a NORTH AND SOUTH KOREA
b. JAPAN
3. CHINA
Xi Blasts “Reckless” Projects Exaggerating Growth After China Reveals Dismal Macro Data For November
Monday, Dec 15, 2025 – 08:45 AM
China’s economic momentum slowed broadly in November, with a marked weakening in consumer spending, adding pressure on Beijing to stabilize household and business demand in the world’s second-largest economy.
Industrial production (IP) growth edged down in year-on-year terms despite the notable improvement in export growth, with slower output growth in automobile and utilities industries more than offsetting faster output growth in the special equipment and pharmaceuticals industries.
Fixed asset investment (FAI) maintained its double-digit year-on-year contraction in November on a single-month basis, though we would not over-interpret its recent slump as our study suggests that the NBS statistical correction of previously over-reported data has played at least as large a role as fundamental factors (e.g., the “anti-involution” policies and a prolonged property downturn).
Retail sales growth dropped meaningfully in November despite a low base, reflecting slowing auto sales growth and the negative distortion from an earlier-than-usual start of the “Double 11” Online Shopping Festival (which had pulled forward some demand from November to October, similar to the patterns observed in June).
Year-on-year services industry output index growth – which is on a real basis and tracks tertiary (services) GDP growth closely – moderated in November.
Property sector weakness continued in November, while unemployment rates remained largely stable.
Regarding the labor market, the nationwide unemployment rate and the 31-city metric (not seasonally adjusted) both remained flat at 5.1% in November. The latest data available suggests the unemployment rate of the 16-24 age group declined to 17.3% in October from 17.7% in September, while Goldman cautions that this indicator may have underestimated the labor market challenges that younger generation is facing amid weak domestic demand, persistent deflation and fragile private sector confidence, because of the definition change.
Incorporating October-November activity data, Goldman’s GDP tracking model based on the production approach points to a small downside risk to our Q4 real GDP growth forecast of 4.5% yoy.
And with downside economic risks building, Bloomberg reports that Chinese President Xi Jinping lashed out at inflated growth numbers and vowed to crack down on the pursuit of “reckless” projects that have no purpose except showing superficial results.
“All plans must be based on facts, aiming for solid, genuine growth without exaggeration, and promoting high-quality, sustainable development,” Xi said last week, according to a report on Sunday in the People’s Daily, the Communist Party’s official newspaper.
“Those who act recklessly and aggressively without regard for reality, impose excessive demands, or deploy resources without careful consideration, must be held strictly accountable,” he said at the Central Economic Work Conference.
Xi used stark language to call for quality in economic gains and listed examples of wrongdoing such as unnecessarily huge industrial parks, disorderly expansion of local exhibitions and forums, inflated statistics and “fake construction kickoffs.”
Access to data in China can be sensitive and controlled, making it hard for observers to assess the health of the economy, but Xi’s latest remarks seem to suggest that he wants a revamp of the existing metrics used to evaluate local officials.
Finally, we note that the initial downturn in Chinese stocks was quickly bid back into positive territory after the ‘bad data’ as it appeared ‘bad news’ would be ‘good news’ from a ‘most stimmies’ perspective, but Xi’s rant dragged stocks down to end the day in the red…
And as a reminder, we warned last week that the pace of money growth in China has slowed for a second month. If that’s sustained, global stocks could lose a hitherto supportive tailwind next year.
One snowflake doesn’t make a winter, but if M1 in China continues to pare back, that’s at least one tailwind global stocks won’t have next year.
4 EUROPEAN/NATO AFFAIRS/SCANDINAVIA
EU/USA
Trump Team Denies Leaked ‘Secret Plan’ To Break EU Nations Away From Brussels’ Grip
The Trump administration’s new National Security Strategy was published last week, setting out the U.S.’s broad foreign policy direction for the remainder of his term. It focused on ending what it calls a “perpetually expanding NATO,” establishing “conditions of stability within Europe,” and encouraging European allies to “stand on [their] own feet” in security matters.
The document also warned that Europe faces “civilizational erasure,” citing migration, censorship of speech, declining birthrates, and what it described as a loss of national identity and self-confidence.
Days after the official release, however, the Defense One website reported that a longer, unreleased version of the NSS had circulated in Washington. According to the site, the unpublished version contained far more explicit political goals for reshaping Europe’s future and reducing the influence of the European Union. Defense One wrote that the extended draft urged the United States to “Make Europe Great Again,” proposing that Washington realign its attention toward a select group of governments ideologically closer to the Trump administration.
The unpublished version, Defense One reported, stated that Austria, Hungary, Italy, and Poland were countries the United States should “work more with… with the goal of pulling them away from the [European Union].” It also said the United States should support “parties, movements, and intellectual and cultural figures who seek sovereignty and preservation/restoration of traditional European ways of life… while remaining pro-American.”
None of this language appears in the officially released NSS, which focuses instead on broader themes of strategic stability with Russia, the need for Europe to regain its self-confidence, and continued American support for democracy and free expression. The official document argues that Europe’s loss of confidence is particularly visible in its approach to Russia. It states, “Managing European relations with Russia will require significant U.S. diplomatic engagement, both to reestablish conditions of strategic stability across the Eurasian landmass, and to mitigate the risk of conflict between Russia and European states.” It adds that stabilizing the continent will require “an expeditious cessation of hostilities in Ukraine” to prevent escalation, restore stability, and support Ukraine’s survival as a viable state.
The text also warns that the war has increased Europe’s exposure to external dependencies, particularly Germany’s, and criticizes what it describes as unrealistic expectations held by some European officials. It concludes that despite Europe’s internal crises, the continent remains strategically and culturally vital to the United States. America, it says, “encourages its political allies in Europe to promote this revival of spirit,” asserting that the growing influence of patriotic European parties “gives cause for great optimism.”
After the Defense One report appeared, the White House moved quickly to deny the existence of any longer or alternative NSS. Spokeswoman Anna Kelly said, “No alternative, private, or classified version exists. President Trump is transparent and put his signature on one NSS that clearly instructs the U.S. government to execute on his defined principles and priorities.” She added that “any other so-called ‘versions’ are leaked by people distant from the President who, like this ‘reporter,’ have no idea what they are talking about.” Her reference to leaks suggests that other versions of the report may have been discussed, albeit not endorsed or included in the final publication.
Speaking to the American Conservative website about the strategy report, Krzysztof Bosak, a Polish MP, leader of the right-wing Confederation, and deputy speaker of the Sejm — Poland’s lower parliamentary chamber — said, “I can’t say that I disagree with anything there. It’s a continuation of Vice President J.D. Vance’s Munich [Security Conference] speech, which I agreed with completely.
“Maybe Europe needs a shock from our good old friend America to start a true debate, because there was no debate in the European mainstream. In America, you have both sides of the political spectrum. In Western Europe, there’s only one side. If you have politically incorrect views, you can find yourself in prison, because you said too much, for example, in England or sometimes in Germany,” he added.
Italian newspaper La Repubblica also reported on the Defense One findings, highlighting the claim that the United States planned to use Italy, Austria, Hungary, and Poland “as tools to dismantle the European Union” by drawing them into a broader, ideologically aligned group. It noted Defense One’s summary that the unpublished draft viewed Europe’s immigration policies as driving an “erasure of its civilization,” and that Washington should engage with European actors seeking “sovereignty” and the restoration of traditional ways of life.
La Repubblica separately noted that Matt Schlapp, chairman of the Conservative Political Action Conference (CPAC), recently expressed interest in holding a major CPAC event in Italy to promote a sovereignist agenda. While government sources suggested a lack of enthusiasm, Schlapp told the newspaper, “We will get it done.”
CPAC has grown in stature among European conservatives in recent years, most notably in Hungary, where its annual event in Budapest now attracts major players, both from Europe and across the Atlantic.
A Collapse In Germany’s Chemical Sector Is A Bad Omen
Monday, Dec 15, 2025 – 03:30 AM
Submitted by Thomas Kolbe,
Historically, the chemical industry has proven to be an excellent early indicator of severe economic downturns. Its present condition should serve as a warning: the climate-policy regime is at the beginning of its collapse. And Berlin’s fiscal bazooka—loaded with yet more debt—won’t change a thing.
Some readers will remember the bursting of the dot-com bubble in 2001. For five years, a relentless tech boom carried markets higher. The Nasdaq surged from one all-time high to the next in a frenzy that clouded the judgment of both institutional investors and retail traders. No one knew when the music would stop.
The Dot-Com Crash
But had investors aligned their behavior with developments in Germany’s chemical industry, they might have avoided the inevitable portfolio disaster. By mid-2000, chemical output in Germany had already fallen by six percent—a bad omen for the real economy, because chemicals are an early reflection of what is happening in the core industrial sectors: machinery, automotive, construction, and consumer goods.
Its deep integration into the value chains of the real economy makes the chemical industry a crystal ball with exceptional predictive sharpness.
And indeed, the following year the German economy drifted into recession. The U.S. economy weakened as well, immediately hurting German chemical exports. With the broader economy faltering, the stock-market dream evaporated. One pinprick, and everything collapsed. The blow struck directly at millions of small investors who paid their tuition for their first market “education” the hard way.
Markets are driven not only by sentiment but by productivity trends and money-supply dynamics. In the short run, they are expressions of liquidity conditions and mirror the credit cycle.
A Recession After Reunification
Let’s travel back another ten years—to late 1991, early 1992. The euphoria of German reunification had reached its preliminary economic peak. Government stimulus programs pumped credit into the construction sector, pushing money into inefficient, unnecessary infrastructure. An artificial post-reunification boom set in—only to be hit with its first major shock shortly thereafter.
At the turn of the year, Germany’s chemical industry slid into a sectoral recession and lost around seven percent of its real production volume over the next eighteen months. Once again, the chemical sector’s predictive power proved accurate: barely six months later, the overall economy followed it into recession.
Some 1.5 million people lost their jobs; GDP shrank 0.8 percent—and in 1994, markets slumped again.
Markets reacted to drastic tightening by the Federal Reserve, which attempted to rein in runaway inflation by squeezing liquidity. It marked the end of the business cycle—one that the chemical sector had correctly anticipated, once again, with lead time.
Recession or Structural Break?
After each downturn, Germany’s chemical sector reemerged more innovative and more export-competitive. It shed dysfunctional segments during recessions and then grew like a snake shedding its skin.
Both crises can also be read as monetary-policy phenomena. Centrally planned credit costs—set through interest-rate policy—created mild boom-bust cycles, a systemic flaw within an otherwise market-oriented system that could still absorb such central-bank interventions.
Which brings us to the present: Are we still following a classic business cycle—or have we already witnessed a structural break? The facts are clear. Since 2018, it is not only the chemical sector that has been collapsing. The entire foundation of industrial production appears to have cracked. Across all sectors, output is roughly 20 percent below 2018 levels.
Nothing in the current environment suggests this will change. No amount of artificial government credit can fill the gaping void in Germany’s industrial base—not through weapons contracts, not through subsidized green-sector patronage.
Green Tribute
Germany has entered an era of deindustrialization due to catastrophic political decisions. The numbers are unambiguous, even if corporate leaders such as BASF CEO Markus Kamieth refuse to say it openly—dependency on the state’s subsidy machinery trumps any notion of responsibility inside today’s corporate bureaucracy.
In Berlin, Brussels, Paris, and London, a corporatist mindset has taken hold. Political elites became intoxicated by the subsidy bonanza surrounding the Green Deal—an entire hallucinated green transformation built on CO₂ narratives and dumped onto taxpayers.
The continued decline of the chemical sector shows that industrial production in Germany is no longer viable under current conditions. Central-planning energy-market design generates costs that drive companies out of the country. Germany lost €64.5 billion in direct investment last year alone; this year, the figure will likely exceed €100 billion.
German society is impoverishing in fast-forward because its political class refuses to understand that industrial production is the true source of societal wealth—and because it remains convinced that a centrally planned artificial economy can replace productive enterprise.
Everything that depends on industry—complex value chains, services, suppliers, high-income jobs, even the bloated state budget—lives off the innovative strength and productive capacity of a free industrial sector.
Political Camouflage
If Germany’s green “degrowth chancellor” Friedrich Merz and his entourage now make cautious adjustments to the climate-socialist regime—floating a new EV subsidy, tying industrial electricity prices to “eco-investments”—this is nothing more than political camouflage. Policymakers are fighting desperately to preserve the green course. Merz is essentially an “autopen” of the Merkel-Scholz era—a green central planner in borrowed conservative clothes whose flock is abandoning him.
We are witnessing nothing less than a civilizational rupture—and the rise of a climate-socialist regime already lying in economic ruins before its architects could even reap an illusionary harvest.
The political response to rising criticism has been predictable and pathetic: repression, censorship, and intimidation—an admission of failure in the assault on personal liberty.
Markets should brace for high volatility, because Berlin and Brussels are tying their political survival to massive new debt issuance and an accelerating nationalization of the credit process.
The ongoing collapse of the chemical sector signals a political crisis—one that will not end until this new socialist experiment has completely failed. Until then, the German people will have to navigate an accelerating spiral of impoverishment.
END
EUROPE/MICHAEL SNYDER
Why Is Europe Feverishly Preparing For World War III?
If there is going to be peace, why are we witnessing the largest military buildup in Europe since the end of the Cold War? When it comes to the major players on the geopolitical stage, it is far more important to watch what they do than it is to listen to what they say. And right now the actions that the major European powers are taking are telling us that they are preparing for a huge war with Russia.
Ukraine was supposed to be the final piece of the puzzle for the European Union.
It is an enormous chunk of territory, and it is absolutely teeming with natural resources.
For most European leaders, it is unthinkable that Ukraine could be allowed to fall back into Russian hands, but at the moment more Ukrainian territory is being taken by the Russians with each passing day.
In fact, it is being reported that the city of Seversk has just fallen…
Valery Gerasimov, Chief of the General Staff of the Russian Armed Forces, said that the “Southern” group of troops had taken control of the city of Seversk in the DPR.
“The city of Seversk has been liberated,” Gerasimov said during a report to Russian President Vladimir Putin.
Every time the Russians move forward, European leaders feel even more pressure to send troops into Ukraine.
Apparently the British already have at least some soldiers in Ukraine, because one of them just died…
The British soldier who died in Ukraine on Tuesday has been named as L/Cpl George Hooley, 28, of the Parachute regiment.
Keir Starmer told the Commons on Wednesday that Hooley had died in a “tragic accident” away from the frontlines while watching a test of “a new defensive capability” with members of the Ukrainian military.
“His life was full of courage and determination,” Starmer said. “He served our country with honour and distinction around the world in the cause of freedom and democracy, including as part of the small number of British personnel in Ukraine.”
Did you notice that Starmer was purposely vague about how many British troops are in Ukraine?
Is it 100?
Is it 1,000?
Is it 10,000?
We would like to know.
Meanwhile, we are being told that plans are in the works to significantly expand the size of the French army…
France will this week become the latest EU country to set out plans to expand its army, with Emmanuel Macron expected to announce on Thursday that military service will be restored – albeit on a voluntary basis – nearly 30 years after the end of conscription.
In the face of Russia’s military threat and uncertainty over the US’s commitment to defending its transatlantic allies, Europe is rushing to bolster its defence industry and its deployment capability after radically cutting them back since the cold war.
Why would the French need a much larger army if a peace deal is going to be negotiated with the Russians?
French hospitals have been told to prepare a potential armed conflict in Europe by next year, local media reported.
In a letter sent to regional health agencies, revealed by Le Canard Enchaîné , the Ministry of Health asked hospitals to prepare for a “major (military) engagement” by March 2026.
The newspaper warned that between 10,000 and 50,000 men could be expected in hospitals over a period of 10 to 180 days.
Something doesn’t add up.
We are being told one thing, but plans are being made for something else to happen instead.
Denmark’s conscription system was extended to women and lengthened to 11 months from four in June. Estonia has universal male conscription, while Latvia and Lithuania, like Denmark, select conscripts by lottery if there are not enough volunteers.
Elsewhere, Croatia, which abolished mandatory military service 17 years ago, recently restored conscription, while Poland is working on a plan to prepare large-scale military training for every adult male in an effort to double the size of its army.
Is it just a coincidence that all of these countries are suddenly makes these moves in unison?
At a moment the Russia-Ukraine war grinds on, and as Trump-led efforts to find peace have been frustrated – largely as Zelensky and his backers have balked at agreeing to any territorial compromise as the bases of a deal – Germany is busy transforming its military with an aim to boost Bundeswehr numbers and meet NATO targets.
That news dominated headlines last week, but added to this Bloombergis newly reporting Tuesday that the troop expansion will coincide with a major tech and armament expansion, given lawmakers are expected to approve a record €52 billion (about $61 billion) in military procurement contracts next week.
This will mark the largest single-year investment in defense equipment in the country’s history, underscoring Berlin’s renewed push to modernize its armed forces amid the growing European standoff with Russia.
As for 2025 numbers, prior approvals brought total defense commitments for this year to above €33 billion. So next year’s could more than double, based on the new projected figures.
If there is going to be peace with Russia, this level of military spending makes no sense at all.
But if there is going to be war with Russia, this level of military spending is easily explained.
On Thursday, NATO Chief Mark Rutte ominously warned that “we must be prepared for the scale of war our grandparents and great grandparents endured”…
NATO Chief Mark Rutte urged member countries to do more to prepare for the possibility of large-scale war, warning that Russia may be ready to attack the alliance within five years.
“We are Russia’s next target. And we are already in harm’s way,” Rutte said on Thursday during a speech in Berlin. “Russia has brought war back to Europe, and we must be prepared for the scale of war our grandparents and great grandparents endured.”
Although he welcomed the decision by NATO members to increase overall military spending to 5 percent of gross domestic product annually by 2035, Rutte argued more needed to be done, saying alliance members must shift to a “wartime mindset.”
What wars did our grandparents and our great-grandparents endure?
Obviously he was referring to World War I and World War II.
In other words, he was telling us that we need to get ready for World War III.
But the Russians have told us over and over again that they have no intention of going to war with Europe. In fact, Russian Foreign Minister Sergei Lavrov used those exact words earlier this week. But he did warn that there are a couple of red lines that will force the Russians to respond if they are crossed…
“As the President [Putin] emphasised, we have no intention of going to war with Europe,” said Lavrov.
“We have no such intention.
“But we will respond to any hostile steps, including the deployment of European military contingents in Ukraine and the expropriation of Russian assets.”
Sending large numbers of European troops into Ukraine would be a really foolish thing to do, because the Russians would begin shooting at them.
And once that starts happening, we will be perilously close to nuclear conflict.
This is something that they talk about on Russian television all the time. Commenting on the confirmed death of a British soldier in Ukraine, one of the most prominent voices on Russian television boldly declared that “a nuclear strike on Britain is inevitable”…
Leading Kremlin propagandist hawk, Vladimir Solovyov, told viewers on his nightly show: “Now a nuclear strike on Britain is inevitable….” Historian Andrey Sidorov, another Putin cheerleader, said: “This incident should be considered a casus belli, when the British Ministry of Defence officially acknowledged the death of its military personnel on active duty on Ukrainian territory.” He demanded the Russian foreign ministry summon British ambassador Nigel Casey or a chargé d’affaires “to explain what an active-duty military officer was doing there”.
That is crazy talk.
But this is how they actually see the world.
We should be trying to avoid a worst case scenario while we still can.
The expropriation of Russian assets is another red line for the Russians, and it appears that the Europeans are determined to cross it as well…
Currently EU member states are rapidly advancing a plan to permanently freeze as much as €210 billion ($244.38 billion) in Russian state assets to finance Ukraine for at least the next two years. European Commission President Ursula von der Leyen is seeking to use a loophole to rush this through, based on invoking emergency powers to sanction the frozen assets on a permanent basis, instead of holding the funds based on current six-month renewals, which requires unanimous agreement from all member states.
The plan would see €90 billion (roughly $104.71 billion) released over the next two years. Von der Leyen’s scheme would allow for the plan to pass merely with a qualified majority, and so couldn’t be derailed by just a lone veto. Nations like Germany and Spain have already signaled their support.
This is a really bad idea.
But the Europeans are apparently going to do it anyway.
Meanwhile, the U.S. continues to provoke the Russians by messing with their closest ally in South America.
Yesterday, I posted an article about the oil tanker that the U.S. just seized as it was approaching Venezuela.
Russian Foreign Minister Sergey Lavrov on Thursday demanded that the Trump administration explain why a Venezuelan oil tanker was seized by U.S. forces.
“I really hope that the United States, although they consider themselves entitled to conduct such operations, will somehow explain, out of respect for other members of the world community, what facts led them to take such actions,” he said during an ambassadors’ roundtable on the Ukrainian crisis resolution.
And Russian President Vladimir Putin made it a point to publicly demonstrate his support for Venezuelan President Nicolas Maduro…
Russian President Vladimir Putin spoke to Venezuelan President Nicolas Maduro by phone on Thursday to reassure him of Moscow’s support for his government, shortly after the United States seized a large oil tanker off Venezuela’s coast.
Maduro has been under increasing pressure from President Donald Trump’s administration to leave office, with the U.S. conducting increasingly large military build-up in the Caribbean. Tensions escalated on Wednesday when the U.S. seized the tanker, sparking furious outcry from Venezuela.
The Kremlin said that Putin and Maduro had discussed a strategic partnership agreement and working together on several joint projects related to the economy and energy sector.
A regime change operation in Venezuela would do severe damage to our relationship with the Russians.
But officials in Washington don’t seem to care.
In fact, the White House has announced that the U.S. may soon seize even more oil tankers…
President Donald Trump is willing to seize more oil tankers off the coast of Venezuela, a White House official told CNBC on Thursday.
The U.S. seized a tanker on Wednesday that had allegedly transported oil from Venezuela to Iran. The action comes as Trump escalates pressure on President Nicolás Maduro.
I feel like I am watching a slow-motion train wreck that I am unable to stop.
I have been writing about these wars for so long, and now they are unfolding right in front of our eyes.
Personally, I have no idea why so many prominent voices out there are cheering for war.
War is not a game.
And that is especially true when nuclear weapons are involved.
The fate of billions of people is hanging in the balance, and we must step back from the brink before it is too late.
Senior Hamas terrorist Ra’ad Sa’ad likely killed in IDF strike on Gaza City
Sources within the Military Intelligence Directorate said the IDF strike on Sa’ad came in response to an attack on IDF reservists in the southern Strip, which wounded two.
Hamas military wing official Raad Saad.(photo credit: SCREENSHOT/X)ByAMIR BOHBOT, JERUSALEM POST STAFFDECEMBER 13, 2025 15:23Updated: DECEMBER 13, 2025 17:02
The IDF on Saturday afternoon targeted senior Hamas commander Ra’ad Sa’ad, one of the most senior terrorists within the Al-Qassam Brigades, Israeli defense sources said.
Sa’ad was highly likely to have been killed in the strike, the sources added.
The Israeli military, which did not name the target initially, said the targeted terrorist had recently been involved in attempts to restore and produce weapons for Hamas.
The IDF said the targeted terrorist had recently been involved in attempts to restore and produce weapons for Hamas.
Sources within the Military Intelligence Directorate said the IDF strike on Sa’ad came in response to an attack on IDF soldiers in the Gaza Strip using an improvised explosive device. Two soldiers were lightly wounded in the attack and were transported to the hospital for medical treatment, the military confirmed.
Ra’ad Sa’ad was operating from Gaza City’s tunnels for months
According to Israeli estimates, Sa’ad had been operating for months within the vast tunnel system around Gaza City, in the northern Strip. Sources said he had left the tunnels in the past hour in a vehicle toward the eastern part of the city, where he was targeted in multiple strikes.
His security guards were most likely also harmed in the strike, sources noted.
Palestinians inspect the site of an Israeli strike on a car in Gaza City, December 13, 2025. (credit: Dawoud Abu Alkas/Reuters)
Sa’ad is considered by Israeli security sources to be Hamas’s second-most senior official within the Al-Qassam Brigades.
The IDF previously targeted him unsuccessfully in 2024. In June of last year, the IDF said that fighter jets had struck two Hamas military infrastructures in the Gaza City area.
IDF guns down terrorist after two cross Gaza’s Yellow Line
Earlier in the weekend, the IDF said it killed one terrorist with forces scanning for another after the two crossed Gaza’s Yellow Line.
The terrorists were approaching IDF soldiers in the area in a manner perceived to be a security threat, the military added.
This is a developing story.
END
AUSTRALIA/ISRAEL HAMAS
UPDATE: 16 NOW DEAD//FATHER AND SON!!
‘Targeted, Antisemitism’: 16 Dead, 38 Injured After Father & Son Terrorists Attack Sydney Jewish Celebration
Sunday, Dec 14, 2025 – 07:10 AM
Live feed of terror attack:
Shooting during a Hanukkah event at Bondi Beach
Two gunmen opened fire, discharging dozens of rounds
The two shooters are father and son
A bystander intervened and disarmed one attacker
16 people confirmed dead including a 10-year-old kid (New South Wales Minister says via AFP)
38 others wounded, several critically (via AP)
One suspect was killed; another is in critical condition
Police are examining a possible IED connection
Deadliest Australian shooting since 1996
24-year-old Naveed Akram was identified as one of the suspected gunmen
Israel says “blood of the victims is on the hands of the Australian government”
Incident Location:
earlier:
Eleven murdered, multiple wounded in mass shooting at Hanukkah party at Bondi Beach, Australia
Two people were taken into police custody shortly after the event, local law enforcement confirmed.
At least 11 people have been murdered, including Chabad emissary Rabbi Eli Schlanger, and several more were wounded, after a mass shooting targeted a Hanukkah celebration in Bondi Beach, Sydney, Australia, on Sunday.
As well as Rabbi Schlanger, Chabad confirmed that several of its other schluchim (emissaries) were wounded during the attack.
NSW Premier Chris Minns and Police Commissioner Mal Lanyon confirmed in a press conference that, as of Sunday evening, 12 people were dead, including one of the shooters.
END
Bondi Beach Hanukkah shooting is an attack on Australia itself – opinion
An attack on Jews celebrating their faith is an attack on Australia itself. It is an assault on our values, our social cohesion, and the basic right of people to gather without fear.
News crews are seen reporting at the scene of the Hanukkah party shooting at Bondi Beach, Australia, on December 14, 2025.(photo credit: Courtesy Alex Paulson)ByJEREMY LEIBLERDECEMBER 14, 2025 11:20Updated: DECEMBER 14, 2025 14:22
While the Jewish community gathered in Sydney to mark the first night of Hanukkah, our community was subjected to a horrific act of violence.
This is a day of profound grief. Members of our community have been murdered. Others have been seriously wounded. Families are shattered. A sacred moment of light has been turned into darkness.
We are working urgently with authorities as further details are confirmed. Our focus right now is on the victims, their families, and the safety of the community.
END
“Evil Act Of Anti-Semitism, Terrorism” : 12 Dead After Shooting At Australian Jewish Event
Sunday, Dec 14, 2025 – 07:10 AM
Live feed of terror attack:
Shooting during a Hanukkah event at Bondi Beach
Two gunmen opened fire, discharging dozens of rounds
A bystander intervened and disarmed one attacker
12 people confirmed dead
29 others wounded, several critically
One suspect was killed; another is in critical condition
Police are examining a possible IED connection
Deadliest Australian shooting since 1996
24-year-old Naveed Akram was identified as one of the suspected gunmen
At approximately 6:47 p.m. local time, two individuals opened fire on crowds at Bondi Beach in Sydney, Australia, where over 1,000 people had gathered for a Jewish celebration of the first day of Hanukkah.
The two gunmen killed at least 12 people, and 29 others have been transported to various hospitals – including two police officers who are in serious condition – in what the authorities called an anti-semitic terrorist attack.
BREAKING: At least 7 people shot, including police officer, at Bondi Beach in Sydney, Australia. pic.twitter.com/HlQWZv2Chs
New South Wales police say two people have been taken into custody, and the Australian Broadcasting Corp said one of at least two gunmen was among those killed.
The police said they know two gunmen were involved and are investigating whether there was a third shooter.
The rare mass shooting sent crowds scattering on Australia’s best-known beach. Emergency workers were seen transporting a person on a stretcher after the shooting. Video from the scene broadcast by ABC Australia, the public broadcaster, showed police officers fanning out in an outdoor area where a gun was lying near a tree.
An eyewitness named Gil, who did not give his surname, described the scene.
“It was kind of like, I don’t know, fish in a barrel. Like, the guy (shooter) had a… I think what I’ve been told he had an automatic rifle, big gun, standing on a bridge, and just target practice.”
Prime Minister Anthony Albanese called the incident “shocking and distressing“, adding that “emergency responders are on the ground and working to save lives”.
Albanese said the shooting was “an act of evil anti-Semitism, terrorism, that has struck the heart of our nation.” Australia’s PM Albanese says the shooting was “an act of evil anti-Semitism, terrorism, that has struck the heart of our nation.”
One witness described the shooting. “I saw at least 10 people on the ground and blood everywhere,” 30-year-old local Harry Wilson told the Sydney Morning Herald.
Eyewitness account…
WATCH 🔴
Eyewitness account from the terror attack in Sydney, 4 police officers were there, but did not return fire.
It lasted for 20 minutes straight. The terrorists took their time.
Israeli President Isaac Herzog said Jewish people who had gone to light the first candle of the Hanukkah holiday on the beach had been attacked by “vile terrorists“.
Although mass shootings are rare in Australia, the last happened just two months ago in Croydon Park, a suburb about 16 kilometers (10 miles) to the west of Bondi Beach. No one was killed, although 16 were injured after an alleged shooter shot 50 bullets onto a busy street from the window of his apartment.
*Developing…
END
Israel investigating whether Iran involved in deadly Bondi Beach shooting
Israeli intelligence has warned that Tehran has been targeting Jewish communities abroad, reportedly smuggling weapons and using social media cells to incite violence.
Police officers walk at the scene of a shooting incident at Bondi Beach, Sydney, Australia, December 14, 2025(photo credit: REUTERS/Izhar Khan)ByPESACH BENSON/TPSDECEMBER 14, 2025 14:22Updated: DECEMBER 14, 2025 20:01
Israeli authorities are investigating whether state actors, chiefly Iran, were involved in the deadly terrorist attack against Sydney’s Jewish community at Bondi Beach on Sunday.
Officials were also probing links to Hezbollah, Hamas, and Pakistani-based Lashkar-e-Taiba, which is connected to al-Qaeda.
Iranian Foreign Minister Esmaeil Baghaei condemned the “violent attack.”
Terror violence and mass killing shall be condemned, wherever they’re committed,” he wrote in a post on X/Twitter, without mentioning Jews, Judaism, or antisemitism.
Israeli intelligence warned that Tehran has been targeting Jewish communities abroad, reportedly smuggling weapons and using social-media cells to incite violence.
At least 11 people were murdered, including Chabad shliach Rabbi Eli Schlanger, and several more were wounded, after a mass shooting targeted a Hanukkah celebration in Bondi Beach, in southeastern Australia.
Australian Prime Minister Anthony Albanese speaks to the media during a press conference following a shooting at Bondi Beach, at Parliament House in Canberra, Australia, December 14, 2025 (credit: AAP/LUKAS COCH/VIA REUTERS)
Iran’s previous attempts to launch attacks on Jews in Australia
In August, Australian Prime Minister Anthony Albanese and law-enforcement officials said the Islamic regime of Iran was the mastermind behind at least two major antisemitic arson attacks in Australia and is likely responsible for more incidents.
The Australian Security Intelligence Organization had gathered enough intelligence to determine that the Islamic regime directed the December 6 Adass Israel arson attack in Melbourne and the October 20 Lewis’ Continental Kitchen arson attack in Sydney, he said.
“These were extraordinary and dangerous acts of aggression orchestrated by a foreign nation on Australian soil,” Albanese said at the time. “They were attempts to undermine social cohesion and sow discord in our community.”
Last month, Australia listed Iran’s Islamic Revolutionary Guard Corps as a state sponsor of terrorism following the intelligence assessment.
Michael Starr and James Genn contributed to this report.
end
Hanukkah Security Ramped Up Across West After Sydney Terror Attack Shocks World
Monday, Dec 15, 2025 – 07:45 AM
Major cities across the Western world are ramping up security around Hanukkah events after a terrorist attack killed 16 people and wounded 38 at a Jewish celebration on Sydney’s Bondi Beach over the weekend. The attack was one of the deadliest terror incidents in Australia in decades and came just days after a Trump administration official warned that the Biden-Harris regime had allowed 18,000 “known and suspected terrorists” into the U.S.
Taken together, from the Bondi Beach terror attack to Christmas market attacks in Europe, and even the Afghan national who killed one U.S. National Guard member and seriously wounded another just blocks from the White House last month, what is unfolding across the West is the dire consequence of nation-killing open border policies (promoted by Democrats) backfiring into colossal security failures.
Authorities in Berlin, London, New York, Warsaw, and across France announced heightened police presence at synagogues, public menorah lightings, and Jewish institutions.
Berlin intensified security at the Brandenburg Gate menorah lighting, New York deployed additional protection citywide, Warsaw increased armed guards at its main synagogue, and France ordered reinforced security at Jewish sites through this week and into next.
END
Aim, fire, kill a Jew, reload… How to turn back the rising tide of murderous inhumanity
Along with hugely intensified efforts to thwart the next killers already poised to strike, what’s vital is a global effort to entrench from childhood the sanctity of life, and ensure serious punitive consequences for those who incite and enable murder
The deadly terror attack at a Hanukkah event at Bondi Beach in Sydney on December 14, 2025 (Footage by Reuters, X, Telegram, used in accordance with clause 27a of the copyright law); photos of some of the victims (Courtesy).
Aim, fire, kill a Jew, reload. Aim, fire, kill a Jew, reload. Aim, fire, kill a Jew, reload…
The efficiency is striking, horrific. A man in black, on a bridge at Bondi Beach, his paternal partner at his side, gunning down defenseless men, women and children. Ruthless. Focused. Utterly indifferent to the inhumanity he is perpetrating.
People who had gathered with joy in their hearts, to spread the Hanukkah light of appreciation for the divine gift of life, murdered en masse by an emissary of darkness.Promoted: IDFWO, HanukkahKeep Watching
If he could have, he would have killed them all. Just like Hamas in Israel on October 7, 2023.
As the Hamas Charter quotes the Prophet Muhammad as instructing: “The Day of Judgment will not come until Muslims fight the Jews, when the Jew will hide behind stones and trees. The stones and trees will say, ‘O Muslim, O servant of God, there is a Jew behind me, come and kill him.’”
Aim, fire, kill a Jew, reload.
How to stop it?
How to turn back the rising tide of murderous inhumanity, the surging effort these past 26 months to destroy not only the Jewish state — as Hamas intended on October 7, and most certainly still intends — but the Jewish people?
The Australian prime minister also declined to take any responsibility for ignoring months of warnings from the Jewish community.
Asked if he had failed Jewish Australians, Albanese said that “my government will continue to stand with Jewish Australians and will continue to stamp out antisemitism in all its forms.”
The head of the Australian Jewish Association said the Bondi shooting was a “tragedy but entirely foreseeable.” The government has “failed to take adequate actions to protect the Jewish community,” Robert Gregory told AFP.
The government’s special envoy to combat antisemitism, Jillian Segal, said Monday that antisemitism has been “seeping into society for many years and we have not come out strongly enough against it.”
The Bondi shooting was “an attack on Australia, not just on the Jewish community,” she told public broadcaster ABC.
Australia’s Special Envoy to Combat Antisemitism Jillian Segal (left) and Prime Minister Anthony Albanese speak to media during a press conference at the Commonwealth Parliamentary Offices in Sydney, July 10, 2025. (AAP Image / Dan Himbrechts / Reuters)
Segal issued a 16-page report in July, which made a broad set of recommendations, including strengthening hate and intimidation laws, improving education about the Holocaust and other issues, and holding universities accountable for antisemitism.
In his comments on Sunday, Netanyahu said Albanese’s “government did nothing to stop the spread of antisemitism in Australia. You did nothing to curb the cancer cells that were growing inside your country. You took no action. You let the disease spread and the result is the horrific attacks on Jews we saw today.”
Albanese on Monday rejected accusations that he had failed to act on Segal’s recommendations.
“We have acted and will continue to act on the implementation of the plan,” he told reporters, listing steps such as criminalizing hate speech, banning the Nazi salute and hate symbols, and creating a student ombudsman with investigative powers.
Former Australian prime minister Scott Morrison said Monday that Australia’s Jewish community has felt “very alone these last few years, very alone, very abandoned, very isolated, very forgotten.”
Speaking to ABC News, Morrison, who led the country from 2018 to 2022, said that “at this moment, the country is putting their arms around them, and I’m very pleased for them.”
But the local Jewish community has had a “hard road since October 7,” he said.
“As each day has passed, we have just seen antisemitism in this country just unleashed in a vacuum — where evil has occupied that vacuum,” said Morrison. “And it’s just gone from worse to worse to worse, and it’s now been manifested in this most despicable and appalling attack.”
Former Australian prime minister Scott Morrison speaks during a news conference in Sydney, Aug. 17, 2022. (AAP Image/Flavio Brancaleone)
The former prime minister said that Australia’s Jews “have sought to combat it, they have sought to stand up against it… to overcome their fear. But the fear is real, and their safety has not been secured. That’s very clear with what we’ve seen tragically occur here.”
Gun laws to be strengthened
Albanese also said Monday that his cabinet has agreed to strengthen gun laws and work on a national firearms register to tackle aspects such as the number of weapons permitted by gun licenses, and how long the latter are valid.
“People’s circumstances can change,” he had told reporters before the cabinet met. “People can be radicalized over a period of time. Licenses should not be in perpetuity.”
The prime minister’s office said they had agreed to look into ways to improve background checks for firearm owners, bar non-nationals from obtaining gun licenses and limit the types of weapons that are legal.
END
ISRAEL HEZBOLLAH
RUSSIA VS UKRAINE
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE
Robert H
Really can help some people
South Korea’s stem cells regrew damaged spinal cords, while US trials stall
Paralyzed patients in Seoul are walking again thanks to revolutionary stem cell therapy. South Korean researchers at Seoul National University developed a technique that regenerates damaged spinal cord tissue using embryonic stem cells. The therapy has restored movement and sensation in 67 patients previously told they would never walk again.
The treatment injects specialized neural stem cells directly into the injury site. These cells differentiate into neurons and support cells that bridge the damaged spinal cord gap. Over 6-12 months, patients gradually regain motor control and feeling below the injury level. MRI scans confirm actual nerve regeneration, not just improved function from remaining intact tissue. Patients who were completely paralyzed are now walking with assistance or independently.
U.S. clinical trials remain stalled in bureaucratic approval processes, partly due to ethical controversies around embryonic stem cell research. While South Korea resolved these debates and moved forward with strict ethical oversight, American politics continues blocking progress. The FDA approved only limited Phase I trials examining safety, not effectiveness. Meanwhile, Korean patients are already receiving the therapy as a standard treatment option.
Nearly 300,000 Americans live with spinal cord injuries, with 18,000 new cases annually. Most are young—average injury age is 43. These Americans face lifetime paralysis while Korean patients with identical injuries are regaining mobility. Some desperate U.S. patients are spending $150,000+ traveling to Seoul for treatment not available at home.
Should political disagreements about stem cell ethics condemn Americans to permanent paralysis?
Source: Seoul National University, Spinal Cord Regeneration Institute, 2024
GLOBAL ISSUES
MARK CRISPIN MILLER
UK and Belgium all got flu shots: now they both have been hit with a new super flu:
Those “flu shots” aren’t mRNA (the murderers are working on it); so they’ve found another way to make them nearly as “safe and effective” as the COVID bioweapon
‘Unprecedented wave of super flu’ sweeps UK [and Belgium]
December 12, 2025
From a Dutch outlet:
News from Underground by Mark Crispin Miller is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
The United Kingdom is experiencing an “unseen wave of superflu”. That’s what the health service says, a few days before a five-day strike by doctors. Minister of Health Wes Streeting calls on the so-called resident doctors, comparable to doctors in training with us, to refrain from their action. Influenza cases hit record numbers for this period of the year, NHS figures showed yesterday. In a week, the number of cases has increased by 55 percent, with an average of 2,660 patients in hospitals every day of the past week.
“With a record demand for emergency aid and ambulances and an impendingdoctor’s strike, thisunprecedented wave of superflu puts the NHS in the worst possible situation for this period of the year,” said Meghana Pandit of the NHS. The situation of the NHS has long posed a major political challenge to the left-wing government of Prime Minister Keir Starmer.
If the strike does indeed start on Wednesday, it will be the fourteenth doctors’ strike since March 2023. A conflict over pay and training is under way between the doctors in training and the Government. Minister Streeting called on doctors to accept the government’s offer. London met the demands around training, Streeting said, but on wages the government cannot and will not move. For the government, a 28.9 percent wage increase over the past three years is sufficient, but the British Medical Association, which unites young doctors, is demanding an additional 26 percent. The government’s proposal will be submitted to supporters in the coming days via an online poll that will conclude on Monday.
A note from our researcher, a Belgian living in the US: Probably thanks to the jabs.I hear from my dad in Belgium there are plenty of sick there, too. Half of the nurses in the his nursing home are sick. All multi jabbed.
According to an AI summary, these are the UK vaccines:
In the UK, several flu vaccines are used depending on age and risk, including the nasal spray LAIV for kids, cell-cultured (IIVc) and egg-cultured (IIVe) inactivated shots, adjuvanted (aTIV), high-dose (IIV-HD), and recombinant (IIVr/QIVr) vaccines, with the choice balancing protection (trivalent vs. quadrivalent) and suitability (e.g., egg allergy), with GOV.UK providing detailed guidance for the 2025-2026 season.
Types of Vaccines Available
LAIV (Live Attenuated Influenza Vaccine): A nasal spray, typically for children aged 2 to under 18, though sometimes used off-label for others.
IIVc (Cell-Cultured Inactivated Influenza Vaccine): Trivalent (3 strains), often egg-free, used for various groups, including young children and those with egg allergies.
IIVe (Egg-Cultured Inactivated Influenza Vaccine): Trivalent or Quadrivalent (4 strains), used if other vaccines aren’t suitable.
aTIV (Adjuvanted Trivalent Vaccine): For people aged 50+, offering enhanced protection.
IIV-HD (High-Dose Trivalent Vaccine): For those aged 60+, providing stronger immunity.
IIVr/QIVr (Recombinant Vaccine): Trivalent or Quadrivalent, often for adults 18-64 in risk groups, or older adults.
Key Considerations
Age & Risk: Different vaccines are preferred for children (LAIV first), adults 18-64 (risk groups), and those 65+ (aTIV, IIV-HD, IIVr preferred).
Egg Allergy: Cell-cultured (IIVc) or recombinant (IIVr/QIVr) vaccines are used for those with egg allergies.
Strain Coverage: Most are trivalent (TIV), protecting against 3 strains; some are quadrivalent (QIV), covering 4.
Healthcare providers use these types, guided by the annual UK Health Security Agency (UKHSA) advice, to offer the most appropriate vaccine for each individual.
Live Attenuated Influenza Vaccine (LAIV): This is a nasal spray vaccine (brand name Fluenz) which uses a weakened live virus.
The live attenuated influenza vaccine (LAIV), otherwise known as the nasal flu vaccine is a weakened form of the virus licensed for use in children. It is the preferred option for most eligible children aged 2 to less than 18 years, including those in clinical risk groups. An injectable alternative is available for children with contraindications or if parents object to the porcine gelatine content.
Cell-based Inactivated Influenza Vaccine (IIVc): This injected, egg-free vaccine is suitable for most age groups from 6 months upwards. It is the first-line alternative to the nasal spray for children and a primary option for adults in clinical risk groups aged 18 to 64 years.
Recombinant Inactivated Influenza Vaccine (IIVr): Licensed from 18 years of age (brand name Supemtek), this egg-free injectable vaccine is a preferred option for adults in clinical risk groups, and is also recommended for those aged 65 and over.
Adjuvanted Trivalent Inactivated Influenza Vaccine (aIIV): This injected vaccine includes an adjuvant to enhance the immune response.
This aIIV vaccine is now licensed for people aged 50 and over. It is a preferred vaccine for adults aged 50 years and over.
High-Dose Inactivated Influenza Vaccine (IIV-HD): This vaccine (brand name Efluelda) contains higher levels of antigen to create a better immune response in older adults. It is licensed for use in people aged 60 years and older and is one of the preferred options for this age group.
Egg-cultured Inactivated Influenza Vaccine (IIVe): Standard egg-cultured vaccines (brands like Vaxigrip, Influenza vaccine TIV MYL) are available but are generally considered a second-line or third-line option, used only when preferred vaccines are unavailable, due to concerns about potential “egg adaptation” affecting effectiveness against certain strains.
Neither Belgium nor UK have mRNA because they are not yet formulated although they are working on it.
This is for Belgium:
Three types of trivalent influenza vaccines are available: the standard-dose influenza vaccine, the (new) standard-dose influenza vaccine with adjuvant, and the high-dose influenza vaccine. The primary target groups for vaccination, according to the High Council of Health (HGR), remain unchanged. A new element in the HGR’s recommendation is that (based on one study) they recommend the enhanced vaccines (with adjuvant or high-dose) for patients aged 65 years and older. Vaccination against influenza and COVID-19 can be safely and effectively administered together. Although influenza vaccines offer partial protection against influenza infection, assessing the benefit in terms of morbidity and mortality remains difficult due to the lack of data on protection against influenza complications in vulnerable populations. Any added value of the enhanced vaccines (with adjuvant or high-dose) against influenza complications is only supported by limited evidence.
As of 30 November 2025, latest operational flu vaccination figures show that: Amongst adults: 41% in those aged six months to 64 years in a clinical risk group (excluding immunosuppressed) have been vaccinated; 42% in those aged six months to 65 who are immunosuppressed have been vaccinated.
For Belgium there are no numbers for 2025 yet. Here is a summary for 2024 :
Of the people who received an invitation for the flu shot from their general practitioner in 2024, 54.2% received the vaccination. This is slightly lower than in 2023, when the vaccination rate was 55.2%, but higher than in the years before the coronavirus pandemic (52.6% in 2019). In total, 20.3% of the Dutch population was vaccinated against the flu via their general practitioner in 2024, which is comparable to last year (20.4%).
The vaccination rate was lowest (27.1%) in the group under 60 years of age with a medical indication and highest (67.5%) in the group aged 60 and older with a medical indication for the flu shot. Within the latter group, we see that people with chronic kidney failure have the highest vaccination rate (68.4%), followed by people with dementia (67.2%) or a chronic heart condition (62.9%).
is trapped, Trump is trapped, he WANTS to tell you all the vaccine is deadly and how sorry he is, but he CAN’T, it is all I can say! it is a fucked situation! he knows he made devastating OWS mistake
today, the fraud continues for he cannot step up, and he had to, he had to put people in the administration at HHS, FDA, NIH etc. to continue to deception…there is too much at stake…all of COVID, start to now, is and was a 100% lie, all Trump said on podium in 2020 was garbage, given to him to spew by those reckless inept devils in the Task Force save Giroir.
but he, Trump, did not mean ill, I still support him, I think in his heart he means well, I think a good human being, misguided and wayward et al. but so what! he did believe the virus was real and would kill millions as the fuckers Birx and Fauci and Hahn and Redfield et al. told him, he did believe the vaccine makers that it would be SAFE, he told them, I was there para “ensure it is safe before anything else, else do not bring it, you must ensure it is safe first”….and they kept saying in meetings para ‘yes Mr. President, it is safe”….if only, but they lied to him, he did not understand the many years post research trial is to assess risk, severe hidden harms…he did not understand, he thought it is just about removing regulatory red tape…he got fucked there too and now trapped. Literally, for he is afraid to admit that he made a terrible mistake, and he is sorry for the harms from lockdowns and mRNA vaccine.
Alexander News Network (ANN): Trump’s War 2.0 for America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
RFK Jr. is not serving the American people or him well, even if he told RFK Jr. to continue the deception (as The Outlaw did and as a pre-requisite to get the HHS post) as he is now doing, RFK Jr. if he had any testicles left (if The Outlaw did not destroy them as she has) would have said “NO, Mr. President, I cannot, the health and well-being of the nation is at stake and you failed Sir in approving OWS and mRNA and I will be part of fixing this for the peoples of USA…I will support you and do my job at HHS but I will not be party to this any longer, if I have to, here is my resignation”…
but RFK Jr. cannot and did not say that, no, and you need ask yourself why…how could he sell out the nation this way? for that is what he did! His silence was bought! IMO…zero he does today matches the RFK Jr. of the past.
All that happens now is wine and cheese, camera, and balls cupping whole day, stones washing…for jobs and call outs…making money!!!!
with Caracas following the U.S. military’s seizure of a Venezuelan oil tanker off the country’s coast, according to a statement from the Kremlin. The Kremlin said Putin reaffirmed support for the
Maduro administration’s efforts to safeguard Venezuela’s sovereignty and national interests amid mounting international pressure. The two leaders also reviewed bilateral cooperation under a strategic partnership agreement signed earlier this year.”
Putin and Maduro discussed the implementation of joint projects under a wide-ranging bilateral cooperation framework. The agreement, which came into effect in November, outlines commitments in areas such as energy, trade, finance, and cultural engagement.
Alexander News Network (ANN): Trump’s War 2.0 for America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
The Kremlin noted that both leaders reaffirmed their mutual intent to strengthen collaboration across these fields. Maduro previously traveled to Moscow to attend Russia’s annual military parade and sign the comprehensive partnership deal.
Venezuela has faced intensified pressure from the United States in recent months, including military actions and sanctions that Caracas has described as efforts to interfere in its domestic affairs.’
___
You must not wait for another catastrophic crisis (at times manufactured but we are prevented from making our own basic personal decisions or accessing needed drugs and response tools) to catch you off-guard. We must take charge and be prepared today so that we can enjoy peace of mind tomorrow.
NEWSWIZE
Top Football Coach Detained By Police, Fired By Legendary ProgramMichigan football’s Sherrone Moore was dumped on Wednesday after the university said it uncovered “credible evidence” that the head coach carried on an inappropriate relationship with a staffer — a stunning fall for a man who took over the Wolverines just two seasons ago. ESPN broke the news Wednesday afternoon, and the school quickly made it official. By nightfall, the …READ THE FULL REPORT
BREAKING: House Democrats Move To Force Trump Impeachment VoteRep. Al Green, D-Texas, forced a showdown on Capitol Hill Wednesday by filing articles of impeachment against President Donald Trump and triggering a mandatory House vote later this week. Green made his resolution “privileged,” a procedural move that requires the House to act within two legislative days. He has introduced impeachment articles against Trump at least five times this year, …READ THE FULL REPORT
NEW: Minneapolis Police Chief Issues Shocking Ultimatum Forcing Officers To Fight ICEMinneapolis Police Chief Brian O’Hara has ignited a firestorm after warning his officers they could be fired if they fail to step in against what he calls “unlawful” or “excessive” force by federal immigration agents, a threat that puts the city on a collision course with ICE. “If unlawful force is being used by any law enforcement officer against any …READ THE FULL REPORT
JUST IN: 13 Republicans Betray Trump, Side With Dems On Push To Overturn Key Executive OrderThirteen House Republicans broke ranks Wednesday night, siding with Democrats to move ahead on a bill aimed at gutting President Donald Trump’s executive order clamping down on federal worker unions. The push came from Rep. Jared Golden of Maine, who used a procedural weapon known as a discharge petition to force the issue onto the floor. The maneuver lets a …READ THE FULL REPORT
JUST IN: Key Governor’s Race Suddenly Tightens In New PollA new Emerson College Polling survey has Ohio Democrats riding unexpected momentum heading into the 2026 elections, tightening two major statewide races and signaling trouble for Republicans who once dominated the state. The poll, released Thursday, shows both the governor’s race and U.S. Senate contest narrowing sharply since August, a shift that lines up with some surveys showing a decline …READ THE FULL REPORT
EW: Trump’s Chip Deal Flips The Script, Forces China To Pay For ‘Made In America’ ProductsPresident Trump made it clear this week he’s not about to let China sprint ahead in the global tech arms race; he’s going to make them pay for the privilege of using American innovation. The president approved a deal allowing China to purchase a limited class of Nvidia’s advanced AI chips, a move that sent the professional outrage crowd in …READ THE FULL REPORT
NEW: Trump Admin Moves Against Dem Rep. After Explosive Remark About Nat’l Guard ShootingThe Trump administration pounced Thursday after a top House Democrat appeared to downplay the murderous shooting of two West Virginia National Guard members in Washington amid a sharp clash during a Homeland Security hearing. Rep. Bennie Thompson, D-Miss., the ranking member of the House Homeland Security Committee, initially referred to the November shooting as an “unfortunate accident” while questioning officials …READ THE FULL REPORT
JUST IN: Trump Issues Pardon For Ally Locked Up In Blue StateA former Colorado clerk convicted in a 2020 voting-system breach scheme is now the latest lightning rod in the election wars after President Donald Trump announced he is pardoning her, even though he has no legal authority to wipe away state crimes. Trump unveiled the pardon for Tina Peters on Truth Social, claiming she has been locked up for the …READ THE FULL REPORT
Chilling Police Dispatch Emerges After Michigan Coach’s FiringDetails surrounding the detention of former University of Michigan football coach Sherrone Moore emerged Wednesday, with police audio raising allegations of stalking, domestic violence, and a possible mental health crisis. A 911 dispatch recording obtained by Fox News Digital describes what police labeled an alleged “domestic” assault. In the call, dispatchers relayed that a victim reported “there’s a male at …READ THE FULL REPORT
Trump Turns Up Heat On Maduro With Ruthless Move Against His 3 NephewsThe Trump administration hit three nephews of Venezuelan strongman Nicolás Maduro with new U.S. sanctions Thursday, escalating pressure on the regime just days after American forces seized a Venezuelan oil tanker. Sanctioned were Franqui Flores, Carlos Flores, and Efrain Campo, along with Panamanian businessman Ramon Carretero, six companies, and six Venezuela-flagged ships accused of transporting Venezuelan oil. The move came …READ THE FULL REPORT
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL\
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
VENEZUELA
Seized Tanker Reveals Cuba’s Secret Oil Lifeline As Trump Turns To Gunboat Diplomacy
Saturday, Dec 13, 2025 – 09:55 AM
Secretary of State Marco Rubio has realized that it is all about following the money. If the U.S. military posture in the Caribbean is one of “gunboat diplomacy” aimed at ushering in regime change in Caracas, Venezuela’s capital, against the country’s autocratic leader, Nicolás Maduro, then one way to accelerate regime instability is to weaken Cuba materially.
During President Trump’s first term, there was a brief moment in which the Maduro regime appeared close to being overthrown, but it was countered by support from Cuba. According to The New York Times reporters Michael Crowley and Edward Wong, that failure frustrated Trump, his advisers, and then Senator Rubio, who had backed regime change.
“Their theory of change involves cutting off all support to Cuba,” said Juan S. Gonzalez, who was President Joe Biden’s top White House aide for Western Hemisphere affairs. “Under this approach, once Venezuela goes, Cuba will follow.”
In a separate NYT report, journalists Anatoly Kurmanaev, Nicholas Nehamas, and Farnaz Fassihi explained that the seized tanker Skipper, which was carrying crude contracted by Cubametales, Cuba’s state-run oil trading firm, is a critical part of how Cuba benefits from its oil trade with Venezuela.
The reporters cited internal data from Venezuela’s state oil company, PDVSA, showing that Skipper’s destination was listed as the Cuban port of Matanzas.
They continued:
Two days after its departure, Skipper offloaded a small fraction of its oil, an estimated 50,000 barrels, to another ship, called Neptune 6, which then headed north toward Cuba, according to the shipping data firm Kpler. After the transfer, Skipper headed east, toward Asia, with the vast majority of its oil on board, according to a U.S. official briefed on the matter.
President Nicolás Maduro of Venezuela and his predecessor, Hugo Chávez, have for decades sent oil to Cuba at highly subsidized prices, providing a crucial resource at low cost to the impoverished island.
In return, the Cuban government over the years has sent tens of thousands of medics, sports instructors, and, increasingly, security professionals on assignments to Venezuela. That exchange has assumed special importance as Mr. Maduro has leaned on Cuban bodyguards and counterintelligence officers to protect himself against the U.S. military buildup in the Caribbean.
In recent years, however, only a fraction of Venezuelan oil set aside for Cuba has actually reached the island, according to PDVSA documents and tanker tracking data. Most of the oil allocated for Cuba has instead been resold to China, with the money providing badly needed hard currency for the Cuban government, according to multiple people close to the Venezuelan government.
And noted Panamanian businessman Ramón Carretero is at the center of the Venezuela-Cuba oil flow:
The main person managing the flow of oil between Cuba and Venezuela is a Panamanian businessman named Ramón Carretero, who in the past few years has become one of the largest traders of Venezuelan oil, according to PDVSA data and people close to Venezuela’s government.
The U.S. Treasury Department imposed sanctions on Mr. Carretero on Thursday for “facilitating shipments of petroleum products on behalf of the Venezuelan government.” Mr. Carretero, through a legal representative, declined to comment on the government’s decision. He did not respond to detailed questions for this article.
Mr. Carretero’s role as an economic intermediary between Cuba and Venezuela was first reported by Armando.info, a Venezuelan investigative news outlet.
Skipper was also part of Iran’s dark tanker fleet:
Before shipping Venezuelan oil, Skipper spent four years as part of Iran’s covert fleet, transporting Iranian oil to Syria and China, according to data from Kpler, the shipping data firm, and a senior Iranian oil ministry official, who discussed sensitive issues on condition of anonymity.
What’s likely happening is that the Trump administration is in the early innings of disrupting large volumes of crude that flow from Venezuela to Cuba to China. That strategy could trigger falling dominoes across the region, pushing Cuba’s economy deeper into collapse while also meaningfully weakening Venezuela and tipping the balance of power away from Maduro.
So far, Beijing has yet to lash out over the Skipper seizure and the resulting disruptions to crude flows to Asia. One has to wonder whether Bessent worked out a secret deal with Beijing; otherwise, this type of maneuvering by the Trump administration risks triggering turmoil that could derail any upcoming Trump-Xi talks.
end
NIGERIA
not just Jewish people but Christians are also targeted here:
Nigeria’s Christians Are Caught in A Tide Of Jihadi Violence
Nuhu Dauda was on a missionary trip, about 125 miles away from his home in Plateau state, Nigeria, when he got a panicked call from his younger brother.
“He said jihadists had surrounded my home and were chanting that they would kill everyone inside,” Dauda, a 67-year-old Christian evangelist, told The Epoch Times.
The police helped rescue five family members before heavily armed men burned the house to the ground and killed a young fellow evangelist, he said.
That was in 2005.
“In the 20 years since then I have seen our people massacred,” Dauda said. “I saw my family members, in-laws, and friends killed. I’ve carried the bodies of my own and I buried them.”
The plight of Christians in the country received relatively little global attention until the Trump administration threatened to intervene amid a recent spike in violence, to prevent mass killings it suggested amounts to “genocide.”
The Nigerian government denies claims of religious persecution, rather framing the violence as a security crisis with “complex socio-economic and political roots” that impacts people of all faiths.
But the increase in brutal attacks on Christian communities by radicalized insurgents in recent years both parallels and intersects a broader rise in violent Islamist extremism across the region.
Boko Haram and Surging Violence
Dauda grew up in peace with Muslim friends and neighbors in the country’s fertile Middle Belt region. But everything began to change around 2001.
“It was so strange to us, we never knew that, to see our people killed in a community where Muslims were a minority but well armed,” Dauda said of radicalized groups that began attacking Christians. “They drove us out.”
While the threat has evolved, some observers trace the root of current violence to the rise of Nigeria’s homegrown Sunni jihadist movement more than two decades ago. That movement is synonymous with the terrorist group Boko Haram, sometimes referred to as the “Nigerian Taliban.”
Ebenezer Obadare, a senior fellow for Africa studies at the Council on Foreign Relations, believes all problems are downstream of Boko Haram.
“It’s a religious campaign in the sense that this is mass killing initiated by Boko Haram, a group that targets Christians, targets Muslims, targets everybody—because it sees all of them as infidels, or apostates,” Obadare told The Epoch Times.
Caskets holding the bodies of 38 Christian villagers killed by armed Fulani Muslim militants are arranged for a funeral Mass at Government Secondary School in Mallagun, Nigeria, on Sept. 30, 2021. Luka Binniyat/The Epoch Times
Boko Haram, which means, loosely, “Western education is forbidden,” has been designated as a terrorist organization by the United States since 2013.
It embraces a strict interpretation of Islam that uses “extremely narrow criteria to define who counts as a Muslim,” according to a Brookings Institution report.
Formed in 2002, Boko Haram began an armed rebellion against the Nigerian government in 2009 and has retained a stronghold in the northeast, as well as in neighboring Chad, Cameroon, and Niger.
Since then, a mix of violent perpetrators with shifting alliances and feuds has emerged across the north, including the ISIS terror group, al-Qaeda, and Boko Haram offshoots and affiliates, as well as armed bandits, new cross-border groups and ethnic militias.
Nigeria ranks sixth on the Institute for Economics and Peace Global Terrorism Index 2025.
In the northwestern part of the country, where violence has historically been attributed to banditry, al-Qaeda and ISIS affiliates have established a foothold since 2020, and “operationalized these cells since 2024,” according to a recent analysis by Critical Threats, a project of the thinktank American Enterprise Institute.
Reports of civilian killings in Nigeria vary, from 50,000 to more than 100,000 since 2009, with millions more displaced; figures from Armed Conflict Location and Event Data (ACLED), a U.S.-based monitor, show violence targeting Christians has spiked since 2020 but still pales in comparison to the “broader surge in overall political violence,” which it reports has resulted in far more Muslim deaths.
In 2021 the United Nations estimated nearly 350,000 people had died as a result, directly or indirectly, of ongoing conflict in the country since 2009.
While estimates vary, Obadare said, “what nobody can doubt is that a lot of people are being killed—and more important is the fact that they’re being killed for a religious reason.”
U.S.-backed Syrian Democratic Forces (SDF) fighters celebrate after fighting the ISIS terrorist group near the village of Baghouz, Syria, on March 15, 2019. The increase in brutal attacks on Christian communities by radicalized insurgents in recent years both parallels and intersects a broader rise in violent Islamist extremism worldwide and especially in West Africa. Giuseppe Cacace/AFP via Getty Images
Brazen Attacks Escalate
President Donald Trump in October re-listed Nigeria as a “Country of Particular Concern,” a formal designation given to the world’s worst religious freedom offenders.
And in a Nov. 20 congressional hearing, State Department officials said they are working on a comprehensive plan to help bolster the country’s own security and counterterrorism efforts.
Just hours after that hearing, gunmen on Nov. 21 stormed a Catholic school in the Middle Belt, kidnapping more than 300 students and 12 teachers.
It was the fourth mass kidnapping that week, and one of the worst in the country’s history, surpassing even the 2014 Boko Haram kidnapping of 276 Chibok Secondary School girls. Last year Amnesty International reported more than 1,700 children have been abducted by the group in the decade since.
Kidnapping victims, according to the group, are often forced to fight, marry their captors, or are sold into sex slavery.
The wave of violence from Nov. 15 to Nov. 21 also included an attack on a Christian church during a service, in which two people were killed and 38 kidnapped; as well as the abduction of 24 female students from a secondary school, and the murder of three people and kidnapping of 64 from their homes.
(Top) A general view of a classroom at St. Mary’s Catholic School in Papiri, Agwarra local government, Niger state, Nigeria, on Nov. 23, 2025. (Bottom L) A signboard for St Mary’s Private Catholic Secondary School stands at the entrance of the school in Papiri, Agwarra local government, Niger state, Nigeria, on Nov. 23, 2025. (Bottom R) A general view of empty bunk beds and scattered belongings inside a student dormitory at St. Mary’s Catholic School in Papiri, Agwarra local government, Niger state, Nigeria, on Nov. 23, 2025. Ifeanyi Immanuel Bakwenye/AFP via Getty Images
On Nov. 24, Nigerian media reported suspected Boko Haram terrorists abducted 12 women from Borno state and razed a village elsewhere in the state.
“We hoped the [Country of Particular Concern] designation by President Trump at the end of October might stabilize the situation,“ the Most Rev. Wilfred Anagbe, a Nigerian Catholic bishop, told lawmakers during the Nov. 20 hearing, ”but instead it is deteriorating into one of the most lethal periods for Nigerian Christians in recent memory.”
While the government has tried to confront the terror threat, Dauda said, “this is not the confrontational war that militaries are used to. They hide, attack, pull away, and cover. The government has tried, but they are overwhelmed.”
The Nigerian government did not respond to requests for comment from The Epoch Times, but recently said in a statement posted on X that its security agencies since 2023 have “neutralized” more than 13,500 terrorists, arrested more than 17,000 suspects, and rescued more than 9,800 kidnap victims.
Fulani Militias
In May, Amnesty International reported at least 10,217 people had been killed in attacks by gunmen in the two years since current president Bola Ahmed Tinubu was elected, mostly in the predominantly-Christian Middle Belt states of Benue and Plateau.
Such attacks have drawn attention to longstanding conflicts between farmers, who are largely Christian, and Fulani herdsmen, who are semi-nomadic and predominantly Muslim in the Middle Belt.
The Nigerian government characterizes this as a land-use dispute driven by the climate, resource scarcity, and population growth.
According to Open Doors, an organization that tracks persecution of Christians, Fulani militants are responsible for 55 percent of recorded Christian deaths between 2019 and 2023.
The Observatory for Religious Freedom in Africa in July published research showing Fulani militias accounted for 47 percent of the 36,056 civilian killings between 2019 and 2024—more than five times the combined death toll of other prominent terrorist organizations such as Boko Haram and an offshoot known as Islamic State-West Africa Province.
A group of armed Fulani militiamen pose for a picture at an informal demobilization camp in Sevare, Mali, on July 6, 2019. Open Doors, an organization that tracks persecution of Christians, reported that Fulani militants were responsible for 55 percent of recorded Christian deaths from 2019 to 2023. Marco Longari/AFP via Getty Images
More recently, other monitors such as the International Bar Association’s Eyewitness Global have noted “considerable escalation” in violence with “religious and ethnic dimension” in the Middle Belt.
And while the 2015 Global Terrorism Index ranked armed Fulani militants the fourth-deadliest terror group in the world, the Observatory notes they have “mysteriously vanished” from international rankings despite having become “exponentially more lethal.”
Dauda, the Christian evangelist, says it’s a small number instigating and radicalizing an otherwise peaceful population. “Most Fulanis are innocent. Most want to live a peaceful life and take care of their cattle.”
Héni Nsaibia, ACLED’s West Africa senior analyst, told The Epoch Times the violence in the Middle Belt is “multidirectional” and can’t be reduced to a kind of religious war.
“To focus on the persecution of Christians really doesn’t capture the problem,” Nsaibia said. “That is not the main conflict—the real threat are the jihadi groups that are expanding and larger segments of the population are falling under their influence, and they are now competing with the state.”
Some of those groups, such as Islamic State-Sahel Province, are majority Fulani, he said, but operate primarily in majority-Muslim states, meaning their civilian victims are mostly Muslims.
As the conflict expanded across the region, Nsaibia said, the most powerful groups concentrated in Mali and Burkina Faso, where many fighters are Fulani. “So it’s more circumstantial, but also how the state has reacted to the insurgency.”
In many countries in the region, Fulani and other herder ethnicities have long been disenfranchised by the state, Nsaibia said, making them a prime target for radicalization.
‘Horrific Things’
Born a Fulani Muslim, Musa Belo converted to Christianity and became an evangelical preacher. Vocal on social media about what he calls a Christian genocide, he is currently in hiding, facing death threats from Islamists—and reprisal from the government, he says.
Belo told The Epoch Times that he typically visits many remote villages only accessible by motorcycle or on foot.
He described going to a village in Plateau state for outreach.
“We preached the gospel to them, we did medical outreach, shared Bibles, and we left. Then fast forward, this last October, we went back for a follow-up,” he said.
The whole village had been wiped out.
“You stumble on human skeletons, you stumble on a body that has not even decayed. … Horrific things,” Belo said.
Sean Nelson, an attorney with Alliance Defending Freedom (ADF), recalls visiting victims in the aftermath of a Christmas Eve 2023 attack that killed more than 200 people across mostly Christian villages in the same region.
People pose for a photograph at St. Mary’s Catholic Primary and Secondary School after armed men abducted children and staff in Papiri, Nigeria, on Nov. 21, 2025. Christian Association of Nigeria via AP
“They went after pastors’ homes. They went after churches first. The first village we went to, there was a pastor who, the militants came to his house on Christmas Eve, took him and his family, torched his house, walked him out behind the church and beheaded him.”
Every witness told him the attackers came in with machetes shouting “Allahu Akbar,” and “We will kill Christians,” Nelson said.
John Stewart, an American attorney and pastor who regularly travels to Africa to teach and train Christian leaders, described Nigerian communities devastated by systemic violence and displacement.
“I went to the relocation centers. These are Christians that have been driven out of their villages by Fulani Muslims, with the military looking the other way,” he told The Epoch Times.
“They’re sleeping on cement floors in churches. … They didn’t have anything other than shovels and rakes to defend themselves.”
‘Others Who Are Behind This’
Both Dauda and Belo say Fulanis are coming to Nigeria from other countries.
“I had an encounter with one, and I am Fulani by tribe,” Belo said. “When I spoke to him, I understood that this is not Nigerian Fulani. He told me he was from Mali, and his group was headed to Benue state.”
Nigeria’s borders with Niger and Chad are easy to penetrate, he said. “They are all using sophisticated weapons—machine guns, AK 49s, RPGs—that even our military are not using,” Belo said.
“This thing has been happening for two decades, but the Nigerian government has never brought a single perpetrator to justice,” Belo said.
Dauda marveled at the sight of Fulani herdsmen carrying machine guns.
“A Fulani man takes care of his cow—that is his bank account, the future of his children. How are such innocent Fulanis operating such guns?” he said.
“It means there are others who are behind this. And I want the world to know, they have been brainwashed,” he said. “Their target is to go across the nation—that’s why you hear of killings in churches in the south.”
Arms and ammunition recovered from Boko Haram jihadists are displayed at the 120th Battalion headquarters in Goniri, Nigeria, on July 3, 2019. Boko Haram, loosely translated as “Western education is forbidden,” has been designated a terrorist organization by the United States since 2013. Audu Marte/AFP via Getty Images
The Heart of Jihadi Terror
The Nigerian government has framed attacks on Christian communities such as Dauda’s in the country’s Middle Belt or north central region as ethnic land-use disputes, as distinct from the terror of jihadists in the northeast, or the anarchy of bandits in the northwest.
But amid transnational expansion of Islamist extremism, with weapons and fighters flowing across porous borders, some analysts say such distinctions are vanishingly relevant, and a distraction from the all-consuming threat of violent fundamentalism.
The Central Sahel region of sub-Saharan Africa, which includes Nigeria and stretches from the North Atlantic to the Red Sea, has replaced the Middle East as the epicenter of global Salafi-jihadist violence, now accounting for 51 percent of all global terrorism deaths, according to the Institute for Economics and Peace “Global Terrorism Index 2025: Measuring the Impact of Terrorism” report.
Investigations by Conflict Armament Research, a British-based group that tracks illegal weapons, has suggested proliferation of weapons throughout the Sahel was precipitated by the 2011 fall of the heavily armed Moammar Gadhafi regime in Libya.
Data from ACLED shows jihadists groups have entered “a new phase of expansion” in the Sahel.
In a December report, the group notes that as jihadist groups solidify their operations, distinctions between regional conflicts are giving way to a broader, singular threat.
ACLED reports 79 percent of ISIS operations were in Africa in 2025—up from 49 percent in 2024. Islamic State-West Africa Province “controls broad swaths of territory and has killed or displaced thousands of people in Nigeria and neighboring countries,” according to the U.S. Office of the Director of National Intelligence’s Counter Terrorism Guide.
A defensive trench built to protect against incursions by Boko Haram surrounds the town of Monguno, Borno state, Nigeria, on July 4, 2025. Joris Bolomey/AFP via Getty Images
Collaboration among jihadist groups is growing, ACLED’s Nsaibia said. In some cases, Nigerian groups have been incorporated into broader global structures such as ISIS or al-Qaeda affiliates, or coordinate with regional groups across borders to share weapons, propaganda or fighters.
As the Sahel has become the global epicenter of jihadist militancy, he explains, Nigerian groups have been expanding from their historic base in the Lake Chad Basin, and into coastal West Africa. “As these groups are finding one another, they also form a sort of junction between these two very distinct conflict theaters.”
“We know for sure that all of these groups are united at least by one aim, which is they want to destroy the modern state as we know it,” Obadare said.
In neighboring Mali, jihadists are currently on the verge of overrunning the country, according to a report last month by the Soufan Center.
Sharia and Blasphemy
In the years following Nigeria’s 1999 transition to a constitutional democracy, 12 northern states have re-integrated Islamic criminal law. In theory, sharia applies only to Muslims, but in practice, human rights advocates argue, it is used to justify mob violence and state-sanctioned capital punishment.
“Death-penalty blasphemy law in the 12 Northern States is an outrageous thing,” ADF’s Nelson said. ADF intervenes on behalf of individuals facing blasphemy and apostasy charges in Nigeria’s sharia courts.
“It is one of only seven places in the world with a law like that,” he said.
In 2024, Amnesty International reported an escalation of mob violence across the country, including killings related to blasphemy accusations in which victims have been lynched, stoned, tortured, and burned alive.
“The apparent encouragement of killings for blasphemy by religious leaders creates an environment in which mobs feel entitled to take the law into their own hands. Meanwhile, government officials rarely publicly condemn mob violence for blasphemy,” the group reported.
Six men condemned for armed robbery stand before their execution by firing squad at Kirikiri Prison in Lagos, Nigeria, on Feb. 21, 1998. Since Nigeria’s 1999 return to civilian rule, 12 northern states have reintroduced Islamic criminal law, known as sharia, which human rights advocates say has been used to justify mob violence and state-sanctioned capital punishment. AFP via Getty Images
‘A Religious Element’
Obadare from the Council on Foreign Relations said the conversation about violence in Nigeria has become increasingly muddied; there used to be consensus, he says, that the threat was fundamentalism.
“The idea that Islamist insurgents should not be described or portrayed as what they are because you don’t want to offend mainstream Muslims … I find [this] condescending to mainstream Muslims,” Obadare said.
“The more Boko Haram says our aim is religious; we want to replace Nigeria with an Islamic state; we hate democracy; unbelief is the problem … the more people on the other side double down and say, ‘Nope, you don’t know what you’re talking about. It’s climate change, it’s got nothing to do with religion.’”
Despite the constant threat, Dauda said he wouldn’t think of living anywhere else.
“We are asking God to intervene,” he said. “That’s why we even have an opportunity to tell you about this.”
end
CHILE
moves hard right
Chile Turns Hard To The Right: Tough-On-Crime, Anti-Immigration Candidate Easily Wins Presidency
Monday, Dec 15, 2025 – 09:15 AM
In an election where the decisive themes echoed mounting concerns in the Americas and Europe, a conservative who’s vowed to crack down on illegal immigration and crime trounced his Communist opponent in Sunday’s presidential election in Chile. The result confirms a major political current that now has many Latin American countries embracing right-wing politics.
With 98% of the votes counted, 57-year-old José Antonio Kast was coasting to a 58%-to-42% clobbering of Jeannette Jara, a member of the Communist Party. Kast, a devout Roman Catholic and father of nine, will replace incumbent leftist President Gabriel Boric. It was Kast’s third presidential bid. Underscoring the comprehensiveness of his victory, Kast won all of Chile’s regions, including historic leftist strongholds.
“Chile will be free from crime again, free from anguish, free from fear,” said Kast in a victory speech at his campaign headquarters in the capital city of Santiago. “Chile needs order.” He assured supporters he would clamp down on criminals and “lock them up.” Supporters displayed banners with slogans like “Bye-Bye Illegals” and “Play Time is Over.”
Crime weighed heavily in the contest, with 63% of Chileans saying it was their biggest worry. That’s about double the global average. Illegal immigration (40%) is the second-biggest concern. The two worries go hand-in-hand, as a 50% surge in murdersfrom 2018 to 2024 is largely the work of international criminal gangs. Chile has more than 300,000 illegal immigrants, many of them Venezuelan.
At Kast’s victory rally, supporters wore red “Make Chile Great Again” hats, and confirmed that crime helped flip the country into the right-wing country. “I grew up in a peaceful Chile where you could go out in the street, you had no worry, you went out and you never had problems or fear,” 23-year-old engineering student Ignacio Segovia told Reuters. “Now you can’t go out peacefully.”
Kast will take office in March. Guiding off the inauguration date, he has repeatedly warned illegals of how many days they to self-deport, before his administration kicks them out. Self-deporation, Kast has said, will give them the opportunity to bring their possessions with them, while avoiding detention. “If you don’t leave voluntarily, we will detain you, retain you, expel you, and you’ll leave with what you have on,” said Kast. Kast’s looming victory had already had a striking effect, with wary illegal immigrants surging into Peru — so much so that Peruvian President Jose Jeri declared a state of emergency in late November. Meanwhile, authorities along Chile’s border say illegal entries have plummeted.
This is Chile as thousand celebrate the election of a right wing government. Finally defeating the Unity for Chile coalition which includes socialists & communists.
Sick of crime, immigration & ideology, the people want their country back.
Writing on X, Argentinian President Javier Milei was exuberant about the “crushing victory” of Kast, whom he described as a friend, adding:
“One more step for our region in defense of life, freedom, and private property. I am certain that we will work together so that America embraces the ideas of freedom and we can free ourselves from the oppressive yoke of twenty-first century socialism…!!!”
Milei also posted a map depicting South America’s large number of right-wing governments, saying, “The left retreats, freedom advances.” Chile joins Argentina, Paraguay, Peru, Bolivia, Ecuador as countries with right or center-right governments. The Bolivian outcome earlier this year ended nearly 20 years of socialist rule.
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JAPANESE BOND 10 yr YIELD: +1.959% UP 1 FULL POINTS AND 25/100 BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.361 UP 1 BASIS PTS//DEADLY
SPANISH 10 YR BOND YIELD: 3.283 DOWN 3 in basis points yield
ITALIAN 10 YR BOND YIELD 3.517 DOWN 4 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.8343 DOWN 2 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY MONDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1758 UP 0.0028 OR 28 basis points
USA/Japan: 154.90 DOWN 0.800 OR YEN IS DOWN 80 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.4900 DOWN 2 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.2300 DOWN 4 BASIS POINTS.
Canadian dollar UP 0.0008 OR 8 BASIS pts to 1.3757
REAR VIEW: NY Fed Survey headline disappointed, but outlook was more optimistic; Ukraine’s top negotiator said real progress achieved in talks with the US; RBNZ Governor suggested market conditions have tightened “beyond” what RBNZ intended; Strong Japanese Tankan survey; Fed’s Williams said Fed policy has moved toward neutral from modestly restrictive; Miran toes usual dovish tune; Collins supported 25bps rate cut, but said it was a “close call”.
COMING UP: Data: UK Jobs Report (Oct), JP/EZ/UK/US Flash PMIs (Dec), German ZEW Survey (Dec), Japanese Trade Balance (Nov), US Average Weekly Prelim Estimate ADP (4-week, w/e 29 Nov), Non-Farm Payrolls (Oct), Jobs Report (Nov), Retail Sales (Oct), Business Inventories (Sep). Events: NBH Announcement. Speakers: BoC’s Macklem. Supply: UK.
2. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
MARKET WRAP
Stocks ultimately closed in the red on Monday with the Russell and Nasdaq lagging while sectors were predominantly firmer with Health Care, Utilities and Consumer Discretionary outperforming, but Tech, Energy and Communication lagged with tech still pressured after the ORCL and AVGO reports last week. Energy stocks were hit as oil prices declined on Russia/Ukraine peace progress – with talks taking place today with Ukraine, EU and the US, with all sides seemingly optimistic with Trump suggesting they are closer than ever to peace. The pressure in crude prices gave a helping hand to T-Notes with the curve bull steepening. T-Notes hit a peak after the weak NY Fed Manufacturing survey, albeit the outlook was more optimistic. T-Notes then pared off highs into settlement. Fed speak saw Miran explain his dissent, Williams remarked Fed policy has moved toward neutral from modestly restrictive, while Collins wants more evidence of inflation returning to target before easing again. In FX, the Dollar saw mild weakness while Yen outperformed as rate hike expectations built ahead of Friday’s decision, NZD lagged after the RBNZ Governor suggested that market conditions have tightened “beyond” what the RBNZ intended.
US
NY FED: The NY Fed Manufacturing Survey saw headline business conditions fall to -3.9 in December from 18.7 in November. The drop was led by a fall in new orders to 0, from 15.9, while shipments declined to -5.7 from 16.8, with unfilled orders also falling further into contractionary territory, to -14.9 from -5.8. Inventories fell slightly to 4.0 from 6.7. When looking at prices, both Paid and Received eased, falling to 37.6 from 49.0, and to 19.8 from 24.0, respectively. Employment was little changed, the number of employees ticked up slightly to 7.3 from 6.6, while the average employee workweek fell to 3.5 from 7.7. However, firms became more optimistic about the outlook. The six-month outlook for business conditions rose to 35.7 from 19.1, with new orders up to 38 from 23.3, shipments rose to 33.3 from 23.3, and unfilled orders rose to 12.9 from 1.0. Prices Paid are expected to ease, with the six-month index falling to 55.4 from 62.5, but the outlook on prices received rose to 46.3 from 41.3. The outlook for the number of employees declined slightly, to 8.8 from 11.9, while the average employee workweek rose to 12.9 from 5.8.
NAHB: The US NAHB Housing Market Index rose to 39 in December from 38, as widely expected. Current sales conditions rose by 1 to 4, sales expectations in the next six months increased by 1 to 52, while the traffic of prospective buyers held steady at 26. Additionally, the latest survey revealed that 40% of builders reported cutting prices in December (prev. 41%), marking the second consecutive month the share has been at 40% or higher since May 2020. Meanwhile, the average price reduction fell to 5% from 6%. The use of sales incentives was 67%, the highest percentage in the post-COVID period. Oxford Economics writes that the improvement in builders’ view of future sales is consistent with their forecast for housing starts to move sideways through Q4 but gradually increase in 2026 in response to lower mortgage rates and an improving economy and labour market.
WILLIAMS in his initial remarks, said that Fed policy has moved toward neutral from modestly restrictive and monetary policy is well positioned for what lies ahead, which somewhat echoes what Chair Powell said after the rate decision that the Fed rate is in a “plausible range of neutral”, but it is “at the upper end.” Williams expects US unemployment to be 4.5% by the end of 2025, which is in line with the median projection seen in the recent Fed SEPs. In addition, Williams expects inflation to move to 2.5% in 2026 and 2% in 2027, and expects 2026 GDP growth to hit 2.25%, well above the 2025 rate. He reiterated he sees tariffs as a one-off price adjustment, not spilling over into broader inflation. In later remarks, he noted the Fed’s baseline forecast is a ‘pretty good outcome’ with recent rate cuts positioning the Fed to balance both mandates. On the labour market, added that a gradual cooling points to a modestly restrictive monetary policy. Lastly, ‘very supportive’ of the Fed’s decision to cut interest rates last week and expects the coming job data will show a gradual cooling, while it is too early to note what the Fed will need to do in January.
MIRAN (Voter, Dove) argued that current excess inflation does not reflect underlying supply and demand dynamics, and said families are “rightly distraught” about the affordability challenges caused by past inflation. He asserted that prices are “once again stable” and that monetary policy should reflect this reality. Miran emphasised that shelter inflation, which is measured with a lag, overstates current conditions, while the rise in portfolio management fees is unrelated to underlying market forces. Stripping out housing and non-market-based components, he estimated that core PCE inflation may already be below 2.3%, effectively “within the noise” of the Fed’s 2% target. He does not believe recent goods inflation is primarily due to tariffs, though he acknowledged not having a complete explanation. Miran added that while goods inflation may now be structurally higher than before the pandemic, this could be more than offset by ongoing housing disinflation. He warned that if the expected decline in shelter inflation fails to materialise, the overall inflation outlook could change. For now, he sees no evidence of concern in inflation expectations data and maintains that there is no excess underlying inflation relative to the Fed’s target. He repeated that keeping policy too tight risks unnecessary job losses and affirmed that the labor market shows no signs of severe stress. He believes the Fed’s current policy stance is too tight and continues to contribute to housing affordability problems, in part due to past efforts to inject credit into the housing market. While he prefers an all-Treasury balance sheet, he opposes MBS sales due to the potential for realised losses and broader negative consequences that outweigh balance sheet purity. Finally, he said he anticipates remaining in his current seat until a replacement is confirmed and that President Trump has not spoken to him about the Fed seat or policy direction.
COLLINS (2025 Voter) voted for a 25bps cut in December, but her comments heading into the meeting had indicated a hold. She said that the decision to cut was a close call, but ultimately voted to cut amid a shifting balance of risks. She sees future inflation risks as lower than they were, noting that scenarios with a notable further rise in inflation seem somewhat less likely. However, she does remain concerned about potential inflation persistence, and it was important to her that the forward guidance (“in considering the extent and timing of additional adjustments”) now echoes the language in the Dec. 2024 statement, which preceded a pause in cutting rates. She said that policy is not on a preset path, adding that in her view, policy is at the lower end of a range that she views as “mildly restrictive”. She wants further clarity about the inflation picture before adjusting policy further, to ensure a timely return of inflation to the Fed’s 2% target.
FIXED INCOME
T-NOTE FUTURES (H6) SETTLED 3+ TICKS HIGHER AT 112-09
T-Notes bull steepen ahead of NFP. At settlement, 2-year -2.3bps at 3.508%, 3-year -2.5bps at 3.561%, 5-year -1.7bps at 3.733%, 7-year -1.4bps at 3.940%, 10-year -1.4bps at 4.182%, 20-year -1.1bps at 4.810%, 30-year -0.5bps at 4.853%.
INFLATION BREAKEVENS: 1-year BEI -4.6bps at 2.581%, 3-year BEI -3.0bps at 2.363%, 5-year BEI -2.7bps at 2.211%, 10-year BEI -1.9bps at 2.238%, 30-year BEI -1.2bps at 2.234%.
THE DAY: T-Notes saw mild gains across the curve with upside seen overnight seemingly a function of falling oil prices on hopes around a Russia/Ukraine resolution built after meetings with US/Ukraine and Europe. Upside extended in the wake of the NY Fed Manufacturing survey, taking T-Notes to session highs. Overall, it was a weak survey on the headlines with prices dropping, but the six-month outlook was encouraging. T-Notes had then started to fade the upside into settlement as eyes turn to the NFP reports and Retail Sales on Tuesday, before CPI on Thursday. Fed speak today saw Miran explain his dissent, while Collins said her vote to cut was a close call, but would need to see clear progress before cutting again. Williams said he was very supportive of the cut, but it is too early to see what the Fed will need to do in January – he also suggested that policy is has moved toward neutral from modestly restrictive.
SUPPLY:
Notes
US Treasury to sell USD 13bln of 20-year bonds on 17th December and USD 24bln of 5-year TIPS on 18th Dec; to settle on 31st Dec
Bills
US sold 3-month bills at high-rate of 3.560%, B/C 2.68x.
US sold 6-month at high-rate of 3.495%, B/C 2.84x.
US to sell USD 75bln of 6-week bills on December 16th; all to settle on December 18th.
STIRS/OPERATIONS
Market Implied Fed Rate Cut Pricing: January 5.5bps (prev. 6bps), March 13bps (prev. 13bps), April 20.5bps (prev. 20bps), December 57bps (prev. 55bps).
NY Fed RRP Op demand at USD 2.6bln (prev. 0.84bln) across 6 counterparties (prev. 6)
NY Fed Repo Op demand at USD 16.801bln (prev. 0.001bln) across two operations.
EFFR at 3.64% (prev. 3.64%), volumes at USD 102bln (prev. 99bln) on December 12th.
SOFR at 3.67% (prev. 3.66%), volumes at USD 3.261tln (prev. 3.299tln) on December 12th.
CRUDE
WTI (F5) SETTLED USD 0.62 LOWER AT 56.82/BBL; BRENT (G6) SETTLED USD 0.56 LOWER AT 60.56/BBL
The crude complex was lower to start the week after positive Ukraine/Russia developments, despite initial strength in the APAC session. On the latter, WTI and Brent reached highs of USD 57.80/bbl and 61.50, respectively, following increased Chinese oil demand and Iran seizing a foreign oil tanker. Nonetheless, oil saw initial pressure as traders digested Ukrainian President Zelensky’s potential concessions of Ukraine’s NATO membership goals. Thereafter, benchmarks saw further weakness in wake of the conclusion of US/Ukraine meeting, which was productive, and highlighted by Ukraine’s Top Negotiator saying real progress was achieved in talks, describing the meeting as constructive and productive. From the US, an official remarked talks were really positive, there is a consensus on a number of issues, but still some things to discuss. As such, the desk awaits any further updates and if there is any further resolution before the Christmas break. For the record, WTI saw a low of USD 56.40/bbl and Brent USD 60.13/bbl. Looking ahead, there is the delayed US payrolls report on Tuesday, as well as the weekly private inventory metrics.
EQUITIES
CLOSES: SPX -0.16% at 6,816, NDX -0.51% at 25,067, DJI -0.09% at 48,417, RUT -0.79% at 2,531.
SECTORS: Health +1.27%, Utilities +0.88%, Consumer Discretionary +0.48%, Real Estate +0.28%, Consumer Staples +0.26%, Industrials +0.15%, Financials +0.12%, Materials +0.04%, Communication Services -0.19%, Energy -0.76%, Technology -1.04%.
EUROPEAN CLOSES: Euro Stoxx 50 +0.47% at 5,748, Dax 40 +0.30% at 24,260, FTSE 100 +1.06% at 9,751, CAC 40 +0.70% at 8,125, FTSE MIB +1.39% at 44,117, IBEX 35 +1.11% at 17,041, PSI +0.92% at 8,075, SMI +1.12% at 13,032, AEX +0.66% at 946.
STOCK SPECIFICS:
Costco (COST) downgraded at Roth Capital to ‘Sell’ from ‘Neutral’.
Dollar General (DG) upgraded at JPM to ‘Overweight’ from ‘Neutral’.
Doximity (DOCS) upgraded at Morgan Stanley to ‘Overweight’ from ‘Equal Weight’.
Google (GOOGL) is reportedly testing real estate listings. Of note for Zillow Group (ZG).
ServiceNow (NOW) is in advanced talks with Armis on a potential USD 7bln deal; also, downgraded at KeyBanc to ‘Underweight’ from ‘Sector Weight’.
Texas Instruments (TXN) double downgraded at Goldman Sachs to ‘Sell’ from ‘Buy’.
Zoetis (ZTS) announced a USD 1.75bln proposed convertible senior notes offering.
FX
The Dollar saw slight weakness on Monday, with mixed performance vs. peers. For the Greenback, there was little headline-driven newsflow, but there were a lot of headlines, mainly surrounding the Fed (Collins, Williams, Miran) and Ukraine/Russia updates. As such, a lot of attention will turn to the delayed US November payrolls report on Tuesday, which will also see the headline October NFP number alongside it. On the data footing on Monday, NY Fed Manufacturing disappointed as the headline fell 3.9 (exp. 10, prev. 18.7), which was largely driven by the declining new orders. The inflationary price indices eased, while firms became more optimistic about the outlook.
As mentioned, G10 FX peers were mixed as the Yen was the clear outperformer and saw gains, while the Kiwi lagged. For the former, the Yen has seen gains amidst the strong Tankan Survey and growing bets of a BoJ hike this week, with money markets now pricing in an 80% chance of a 25bps rise overnight. USD/JPY fell to lows of 154.84 from highs of 155.98. Note, reports via Bloomberg said the BoJ is likely to start selling its ETF holdings as soon as January. Kiwi is the underperformer, with NZD/USD trading between 0.5766-5808, as it saw losses after the RBNZ Governor suggested that market conditions have tightened “beyond” what the RBNZ intended.
EUR, GBP saw marginal gains, while CAD, CHF, and AUD all saw slight losses to differing degrees in thin newsflow. For the Euro and Pound, traders await BoE and ECB later in the week, where the former are widely expected to reduce rates by 25bps, with money market pricing in such a move with 85% probability. Highlighting the narrow trade, Cable traded between 1.3355-3401 and EUR/USD 1.1727-68. Looking to Tuesday, there is a deluge of EU PMIs, as well as UK PMIs and employment data.
For the Loonie, although little move was seen the highlight was Canadian CPI. Headline M/M was in line at 0.1% (prev. 0.2%), while Y/Y was slightly cooler than expected at 2.2% (exp. 2.23%, prev. 2.2%). Median and trim metrics were also a tenth shy of consensus, and coupled with common, saw Canadian Average BoC Measures for November edge lower to 2.80% from 2.9%.
EMFX was mixed against the Buck, and the Yuan saw marginal strength despite disappointing Chinese Industrial Output and Retail Sales overnight. Elsewhere, Brazilian economic activity for October surprisingly declined, and in Argentina, BBG reported that the Argentina Central Bank to change currency band system in 2026; to expand FX bands at pace of monthly CPI in 2026 and to begin a reserve accumulation programme in January 2026.
USA DATA RELEASES
USA ECONOMIC COMMENTARIES
BROWN UNIVERSITY SHOOTING UPDATE:
Brown University Shooting: Person Of Interest Released, Gunman Still At Large
Monday, Dec 15, 2025 – 12:27 AM
Update (1227ET):
Rhode Island authorities have announced that the person of interest in the shooting in the Brown University shooting has been released and the gunman is still at large.
🚨#BREAKING: At this time, law enforcement says the person of interest, Benjamin Warren Erickson, who was previously detained, who they thought was in the connection to the Brown University shooting, has been released after investigators determined he was not involved. The gunman… pic.twitter.com/zEePbdiv7P
Both The Washington Post and NBC News cite sources briefed on the investigation who name “Benjamin Erickson” from Wisconsin as a “person of interest” in the Brown University shooting late Saturday night.
It is important to note the distinction between a person of interest and a suspect:
A person of interest is someone police are still evaluating.
A suspect is someone the police believe likely committed the crime.
NBC News reporter Tom Winter reported earlier that police seized a firearm from Erickson that had a “unique characteristic.”
What is key here is that Erickson is a person of interest and not a shooting suspect. That is an important distinction to understand.
* * *
Update (1520ET):
It has been nearly 24 hours since a gunman stormed a Brown University classroom taught by Jewish professor Rachel Friedberg, who teaches the intersection of economics and Jewish studies, and reportedly “yelled something unique” before using a handgun and unleashing a hail of bullets in the classroom.
Brown University Shooting Suspect In Custody; Gunman “Yelled Something” Before Attack On Econ Classroom
Sunday, Dec 14, 2025 – 09:55 AM
A person of interest connected to the Brown University shooting was taken into custody early Sunday morning at a hotel in Coventry, Rhode Island, according to law enforcement officials.
Latest:
Providence Police Chief Oscar Perez told reporters he was limited in what he could disclose about the person taken into custody. He said police intend “to coordinate with the prosecutors, to collect evidence, to conduct interviews, and then from there, we’ll be able – when it’s appropriate and accurate – to share more details.”
Providence Mayor Brett Smiley provided an update, noting that seven shooting victims are in stable condition, one is in critical but stable condition, and one has been discharged from the hospital. Two individuals died in the shooting. All victims were students.
Brown University President Christina Paxson confirmed that the shooting unfolded inside a final exam review for a Principles of Economics class.
The shooter then exited the east side of the Barus and Holley building, where the campus meets downtown Providence.
The shooter “yelled something” before the attack …
BREAKING – Police now have a suspect in the mass shooting at Brown University but are refusing to provide the suspect’s age, race, or motive, only stating that the shooter “yelled something” before the attack and that the weapon used has a “unique characteristic” on it. pic.twitter.com/971tJeYDUU
‘F*** the Jews’: Gunman fires 20 bullets into Jewish family’s hanukkah-decorated home in California
According to door cam footage, the suspect shouted antisemitic slurs such as ‘F*** the Jews’ as he fired at the home from his car.
The California home of Jewish family stands after a suspect fired into it while yelling slurs.(photo credit: SECTION 27A COPYRIGHT ACT)ByMATHILDA HELLERDECEMBER 14, 2025 19:21Updated: DECEMBER 14, 2025 19:47
A gunman fired 20 bullets into the home of a Jewish family in Redlands, California, on Saturday.
The family’s home was clearly Jewish, as they had decorated the exterior for Hanukkah.
‘Another dangerous and despicable act of violence’
The family shared a statement with Jewish outlet Community News: “My family just survived an antisemitic drive-by shooting in Redlands. My family and I decorated our house for the Jewish holiday Hanukkah; many of the decorations include light-up “Happy Hanukkah” signs and inflatable Jewish symbols.
“We had just gotten home from eating dinner out and saw a car parked a few houses down. The driver in the car verbally accosted us as we entered our house. Three minutes later the shooter made a drive past the house, discharged 20 rounds, and shouted “fuck Jews” before driving away.”
The family confirmed that the shooter has not yet been apprehended.
“Last night’s shooting into the home of a Jewish family on Shabbat is another dangerous and despicable act of violence impacting the Jewish community in Southern California,” said Anti-Defamation League Los Angeles Senior Director David Englin.
“On Hanukkah, we are meant to publicly display the menorah – to publicize the miracle (pirsumei nisa) and share the light – symbolizing Jewish survival and resilience. But when Jews do not feel safe, we are permitted to keep it private,” said ADL CEO Jonathan Greenblatt.
“2025 in America should not be one of those times. Threats to the Jewish community’s safety must not be tolerated or normalized. Enough is enough.”
US Gov’t Foils Terror Plot By Far-Left Group Plotting New Year’s Eve Bomb Attack
Monday, Dec 15, 2025 – 02:45 PM
Our warning that the radical left protest industrial complex is not peaceful, but instead amounts to “civil terrorism,” was on full display during the Los Angeles riots this past summer. Now, Marxist-aligned NGOs, funded by leftist billionaires and some receiving foreign support, wage continuous color revolutions against President Trump, attempt to collapse capitalism, while pursuing a broader objective of sowing chaos from within to destroy the ‘America First’ agenda.
Now, with the Trump administration moving full steam ahead in a massive effort to dismantle and destroy radical left groups following the political assassination of Charlie Kirk, we have shown readers that the militant left has effectively declared war on so-called “fascists,” while Democratic Party politicians and media figures have repeatedly labeled Trump and the MAGA movement as fascists. In other words, the left normalized the assassination culture with their base.
Now we shouldn’t be surprised about further developments in the radical left sphere. The latest from Attorney General Pamela Bondi says the Department of Justice and FBI have disrupted “what would have been a massive and horrific terror plot in the Central District of California (Orange County and Los Angeles).”
“The Turtle Island Liberation Front (TILF)—a far-left, pro-Palestine, anti-government, and anti-capitalist group—was preparing to conduct a series of bombings against multiple targets in California beginning on New Year’s Eve,” Bondi wrote on X.
She warned, “The group also planned to target ICE agents and vehicles.”
Four TILF members were arrested, including Audrey Ilene Carroll, Dante Garfield, Zachary Aaron Page, and Tina Lai, in San Bernardino County, California.
JUST IN: FBI foils New Year's Eve bomb attack, four individuals have been arrested who are anti-capitalist members of the 'Turtle Island Liberation Front.'
The group allegedly planned on setting off IEDs across Orange County and Los Angeles.
Federal immigration authorities have arrested more than 10,000 illegal immigrants living in Los Angeles since June, the Department of Homeland Security said on Dec. 11.
The arrests include aliens with criminal histories, including those convicted of murder, kidnapping, sexual assaults, and other violent crimes, according to officials.
Officials underscored that their operations have been consistently undertaken amid assaults on agents by protesters who have thrown projectiles and firebombs, as well as attempted to interfere with agents in the middle of detaining suspects.
“In the face of violence from rioters and demonization by sanctuary politicians, DHS law enforcement has made over 10,000 arrests in Los Angeles since operations began in June. Some of the most heinous criminal illegal aliens arrested include murderers, kidnappers, sexual predators, and armed carjackers,” Assistant Secretary Tricia McLaughlin said in a statement.
She said that California Gov. Gavin Newsom and Los Angeles Mayor Karen Bass failed the people of California, alleging that the state allows criminals to roam free.
“Thanks to our brave law enforcement, California is safer with these thugs off their streets,” McLaughlin said. “Instead of thanking our law enforcement for removing criminals from their communities, Gavin Newsom and Karen Bass repeatedly demonized our brave law enforcement during these operations.”
Among the criminal illegal aliens arrested are Alireza Hashemi, from Iran, convicted of rape, aggravated assault, domestic violence, burglary, and driving under the influence, according to the statement.
Andres Velasquez-Ocampo, from Mexico, was convicted of armed carjacking, vehicle theft, and vandalism, it said.
Juan Carlos Tamayo, from Mexico, was convicted of homicide, conspiracy to commit homicide, and multiple counts of attempted murder, it stated.
Ambartsoum Pogosium, from Armenia, was convicted of kidnapping, homicide, fraud, burglary, larceny, and forgery, it said.
Rene Reyes-Miranda, from Cuba, was convicted of a sex offense against a child, sex offender registration violation, harassing communication, cocaine possession, robbery, burglary, larceny, probation violation, property crimes, possession of stolen property, and possession of burglary tools, the statement said.
Akop Jack Kantrozyan, from Armenia, was convicted of identity theft, burglary, multiple counts of conspiracy to commit a crime, larceny, multiple counts of fraud, receiving stolen property, shooting at an inhabited dwelling/vehicle, possession of a firearm, grand theft of access cards, violation of parole, battery, and conspiracy to defraud the United States, it said.
Everado Garcia Martinez, from Mexico, was convicted of vehicle theft, armed carjacking, and amphetamine possession, according to the statement.
Jose Manuel Perfecto Hernandez Corrales, from Mexico, was convicted of possession of stolen property and attempting to import methamphetamine into the United States, it said.
Yonic Telles-Sosa, from Mexico, has been previously removed from the United States on five occasions. He received a final order of removal in 2013 and has been convicted three times of knowingly and unlawfully entering the United States, robbery, marijuana possession, and aggravated sexual assault of a child, it said.
Mohamed Chekchekani, from Kenya, was convicted of facilitating interstate commerce in aid of a racketeering enterprise, larceny, stolen property, and drug possession, it continued.
During the operations, civil rights organizations, such as the ACLU Foundation of Southern California, filed a lawsuit in July alleging that raids violated constitutional rights.
A federal judge issued a temporary restraining order in July blocking arrests without probable cause, a ruling upheld by an appeals court in August despite DHS efforts to have it overturned.
California officials announced an online portal earlier this month so that the public can report suspected misconduct by federal agents, with the goals of documenting potential rights violations and providing legal support for illegal immigrants facing arrests and deportation.
A statement from Newsom’s office said that federal agents have broad authority to enforce federal laws, including federal immigration laws, but that they must do so lawfully.
“We’re not going to stand by while anyone—including federal agents—abuses their authority in California,” Newsom said. “This new portal gives Californians an easy and safe way to speak up, share what they see, and help us hold people accountable. No one is above the law.”
Agents faced an 8,000 percent increase in death threats since the start of deportation operations, according to DHS data.
In a June raid on illegal marijuana cultivation sites in Southern California, federal agents arrested as many as 75 illegal aliens, and at least one U.S. citizen was arrested for impeding law enforcement.
END
LOS ANGELES
ROB REINER AND WIFE DEAD
Rob Reiner’s Son Nick Taken Into Custody On Homicide Suspicion, Records Show
Monday, Dec 15, 2025 – 11:23 AM
Update (1123ET):
Nick Reiner, the 32-year-old troubled son of filmmaker Rob Reiner, has been arrested in connection with the deaths of his parents, according to NBC News, citing two law enforcement sources with direct knowledge of the investigation.
Rob Reiner and his wife, Michele Singer Reiner, were found dead Sunday afternoon with stab wounds at their Brentwood home, a source close to the family told the media outlet.
Here are more details about the tragic deaths of the Reiners from a separate report by the Los Angeles Times:
Jail records provide few details but say Nick Reiner was held on $4 million bail. The records do not give any details about the cause for the arrest but said he was taken into custody at 9:15 p.m. Sunday and booked at 5:04 a.m.
Nick Reiner cycled in and out of rehab centers and experienced bouts of homelessness as a teenager. He recounted his struggles in interviews.
He had gotten clean by 2015, when he worked with his father on “Hey Charlie,” a semi-autobiographical film about addiction and recovery. Rob Reiner directed and Nick co-wrote the film about a successful actor with political ambitions and a son addicted to drugs.
. . .
The sources said that some time after the attack, one of the couple’s children found them and law enforcement was called.
* * *
Legendary Hollywood director Rob Reiner and his wife, producer Michele Singer Reiner, were found dead in their Los Angeles home on Sunday afternoon.
Multiple sources tell People magazine that Rob Reiner and his wife were killed by their 32-year-old son, Nick, who is being questioned. The sources say no arrests have been made.
Key details so far (via People):
Rob Reiner and his wife, Michele Singer Reiner, were found dead in their Los Angeles home on Sunday, Dec. 14. Authorities responding to a medical aid call around 3:30 p.m. discovered their bodies.
Multiple sources tell People that the killer was the couple’s son, Nick Reiner.
Nick Reiner previously spoke publicly about his long battle with drug addiction and periods of homelessness.
CNN compiled a list of Hollywood stars who are shocked by the killing of Rob and Michele:
“Shocked by the death of Rob Reiner, a great man,” posted John Cusack, who was first directed by Reiner as a teenager in The Sure Thing, followed by a cameo in Stand by Me.
“Love you, Rob. Sincerely,” wrote Jerry O’Connell, who played Vern in Stand by Me. Corey Feldman, another star of that film, called it “horrible news.”
Jamie Lee Curtis sent a statement to Variety on behalf of herself and her husband, Christopher Guest, the co-star and co-writer of This Is Spinal Tap, who also played Count Rugen in The Princess Bride.
Cary Elwes, star of The Princess Bride, posted a photo of his personalized chair next to Reiner’s on the set, adding, “No words…”
James Woods, who starred in Reiner-directed Ghosts of Mississippi, mourned the death of his “good” friend. “Political differences never stood in the way of our love and respect for each other,” he said on X.
Actor Jeremy London said Reiner’s death will “leave a hole in Hollywood that will never be able to be filled,” in a post to X.
“Nothing but love for ya,” comedian and actor George Wallace wrote in a post to X, alongside a photo of him and Reiner.
Actor and producer Elijah Wood said he is “horrified to hear of the passing” of Reiner and his “wonderful wife,” Michele, in a post to X.
Sean Ono Lennon, the son of John Lennon and Yoko Ono, called Reiner “one of the greatest of all time” in a post to X.
Actor Ben Stiller remembered Reiner as “one of my favorite directors” in a post to X. “I didn’t know him well but was always a fan, and I feel a real sadness for those who did, and his family.”
In addition to his stunning success in Hollywood, Rob was a vocal political activist for the Democratic Party, criticizing President Trump and MAGA at every opportunity.
VICTOR DAVIS HANSON
KING NEWS
The King Report December 15, 2025 Issue 7639
Independent View of the News
Broadcom’s disappointing order backlog, plus Oracle’s travails on Thursday, unleashed aggressive selling of Fangs and related trading (AI) sardines. This provoked the relative valuation rotation into DJIA and DJIA stocks. The Nasdaq 100 was -1.56% and the NY Fang+ Index was -2.05% at 9:30 ET.
Despite the dark clouds that are shading AI stocks and the burst Bitcoin Bubble, most investors and traders want to remain fully invested due to Fed QE.
However, USZs were -1 3/32 at 11:33 ET. The US 30-year hit its highest yield (4.865%) since September due to Mr. Bond’s displeasure with Fed QE. The 10-year hit 4.194%, just a bp from breaching the important 4.2% threshold.
Gold and silver were sharply higher in early NYSE trading but turned negative after 11:00 ET.
The saving grace for Trump and to some degree bonds is oil and gasoline continue to decline. If an oil and gasoline reversal appears in coming months, LOOK OUT!
ESZs vacillated between modest gains and losses from their 18:00 ET opening on Thursday night until they broke lower at 4:23 ET. The rally for the NYSE opening took ESZs to 6906.00 (+1.75) at 9 ET. They then commenced a decline that became a tumble on this:
Some Oracle Data Centers for OpenAI Delayed to 2028 from 2027 – BBG 10:56 ET
ESZs hit a daily low of 6805.00 at 11:38 ET. The DJIA lost its early 182-point gain was -369.91 at 11:38 ET. The NY Fang+ Index was -2.76% at 11:23 ET. ESZs rebound sharply after Oracle claimed there is NO delay in opening its data centers. ESZs did and A-B-C rally to 6856.75 at 13:15 ET. Alas, instead of the Friday Afternoon Rally another sell wave appeared. ESZs sank to 6814.25 at 15:38 ET. The late manipulation pushed ESZs to 6836.00 at 16:00 ET.
The US 10-yr yield hits the highest premium over Fed Funds since November 3, 2022! The Fed, and Trump, are worsening the mortgage market and other segments of the economy via lower rates.
@taylorkenneyitm: 1.7 MILLION cars were repossessed in 2009 during the GFC. 2.2 MILLION cars have already been repossessed this year. By the end of 2025, that number will surge past 3 MILLION. The average new car is $748 per month. 78% of Americans commute using their cars. The crisis is here.
@yieldsearcher: Record auto repos this yr, surpassing 2009. Provides some context behind small-mid sized used cars deflating hard (with luxury segment singlehandedly keeping the overall index flat yoy). https://t.co/xKltJt18ZA
Positive aspects of previous session Stocks soared on Fed T-Bill QE. Bitcoin and cryptos got slammed.
Negative aspects of previous session Gold rallied smartly after turning negative at midday. USZs sank as much as -1 3//32. The DJIA and DJTA declined smartly. Fangs plunged on Oracle’s travails and Broadcom’s disappointing order backlog.
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: Down; Last Hour: Down
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 684.02 Previous session S&P 500 Index High/Low: 6899.85; 6801.75
Effectiveness of the Influenza Vaccine During the 2024-2025 Respiratory Viral Season This study found that influenza vaccination of working-aged adults was associated with a higher risk of influenza during the 2024-2025 respiratory viral season, suggesting that the vaccine has not been effective in preventing influenza this season… https://www.medrxiv.org/content/10.1101/2025.01.30.25321421v3
A new Stanford Medicine study shows why mRNA-based COVID-19 vaccines can cause myocarditis… “Two proteins, named CXCL10 and IFN-gamma, popped up. We think these two are the major drivers of myocarditis,” Wu said. They operate like a tag team... https://t.co/wy6QO55HSu
Democrat and Republican Senators and Reps are in a Kabuki Dance over saving Obamacare, which is in collapse. Those pundits that claimed Obamacare was constructed for collapse to engender national healthcare look extremely prescient.
@honestpollster: Blows my mind that socialist healthcare countries beat our quasi “capitalist” system by a factor of 2X less costs. (Massive fraud in US!)
BBG: Trump Administration Turning to Private Firms in Cyber Offensive… against foreign adversaries – There is no legal basis for private firms to conduct their own offensive cyber operations…
Reuters: Trump plans to direct agencies to reclassify marijuana as a Schedule III drug as soon as Monday (The MSM has been mum on the surge in societal ills due to rampant Whacky Tabbacky use)
Despite the expected Fed rate cut and the implementation of Fed QE, last week, the S&P 50 Index FELL 0.63%; the DJIA gained 1.05%; the Nasdaq 100 sank 1.93%; Nasdaq fell 1.62%; the DJTA rose 1.87%; and the NY Fang+ Index sank 2.79%. USZs declined 0.76%. The 10-year fell 0.41%.
WSJ: Trump Says He Is Leaning Toward Warsh or Hassett to Lead the Fed – In an interview with The Wall Street Journal, Trump said the next Fed chair should consult with him on interest rates (Trump said interest rates should be 1% or lower.) Jamie Dimon praises Fed chair candidate Kevin Warsh at closed-door event Hassett would likely move quickly to lower short-term interest rates, in line with what Trump has said he wants from the Fed, Dimon said…“Kevin Warsh would make a great chairman,” Dimon said… https://www.msn.com/en-us/money/companies/jamie-dimon-praises-fed-chair-candidate-kevin-warsh-at-closed-door-event/ar-AA1Sflhw?ocid=BingNewsSerp
DJT on Sunday: Inflation ‘totally neutralized; “you don’t wantDeflation; it is worse than inflation in many ways.” @MauiBoyMacro in response: The greatest trick the wealthy ever pulled is convincing the average person that deflation is bad.
Today – This is the final expiration week for 2025; December options and futures expire on Friday. This is usually a huge expiry for the obvious reasons. Traders will play for the Monday Rally.
A mass shooting at a Hanukkah event in Australia’s Bondi Beach left multiple casualties, with police confirming two people (dad & son) in custody and one gunman reportedly killed https://reut.rs/4oU8BTl
A father & son killed 16 and wounded 38 at a Chanukah event at Biondi Beach, Australia.
@BarakRavid: Australia’s @abcnews reports that @ASIOGovAu had monitored Naveed Akram, one of the perpetrators of the Bondi Beach terror attack, in 2019 (!!!) over his ties to a local ISIS cell…
Holocaust survivor killed while shielding wife from Bondi Beach terror attackhttps://t.co/ZF5OYTN6si
@KassyAkiva: After the shooter was disarmed, the hero let him walk away. The shooter… picked up another gun and kept shooting until police finally shot him. https://x.com/KassyAkiva/status/2000210173424546029
@DailyMail: There’s no question this massacre at Bondi Beach will change Australia. The nation now must acknowledge a difficult truth about a national security issue in our own backyard
@Badhombre: Australia disarmed its citizens in 1996, imported 600,000 Muslims since then, including from 4 countries considered major sources of terrorism. Criminals don’t follow laws, so the terrorists are armed, and the natives are left at their mercy. This is what Democrats want to do in America.
@addicted2newz: This is what Labour MP Lola McEvoy said following the terror attack on Bondi Beach. “We should try to detoxify the way we think of people who aren’t like us, because *diversity is our strength*” This is what you call suicidal empathy. https://x.com/addicted2newz/status/2000183038504767865
@Osint613: Eye Witness at Bondi Beach Terror Attack, Shmulik Scuri: “Twenty minutes, there was four policemen there. Nobody give fire back. Nothing. Like they froze. I don’t understand why,” “For 20 minutes. They shoot, shoot. Change magazines. And just shoot.”
@raz_sauber_:An Israeli security source says Israel provided Australian authorities with advance warning of a planned attack, including concrete operational details. Australian security services failed to prevent the attack.
@visegrad24: Authorities confirm that 2 active IED bombs were found at Bondi Beach yesterday. It’s likely that the bombs malfunctioned and that the massacre could have been much worse.
PM Albanese ‘was warned about foreseeable beach terror attack’ – Australian premier condemned for failure to protect Jewish community before Hanukkah shootings – Daily Telegraph
Remember when Australia banned tennis star Novak Djokovic for NOT taking the Covid Vax?
@JewsFightBack: JEWS WERE SHOT AT IN THEIR OWN HOME On Shabbat. In Redlands, California. A gunman opened fire on the home of a Jewish family while screaming antisemitic slurs. The house was clearly decorated for Hanukkah. Around 20 bullets were fired into it. This is what happens when Jew hatred is excused, normalized, and laundered as activism. When death chants are tolerated. When threats are waved off. When no one draws a hard line. And the attacker is still at large. If you have information, contact Redlands Police at (909) 798-7681.
@Rightanglenews:Police now have a suspect (24 year old Benjamin Erickson) in the mass shooting (2 dead, at least 8 injured), at Brown University but are refusing to provide the suspect’s age, race, or motive, only stating that the shooter “yelled something” before the attack and that the weapon used has a “unique characteristic” on it.
@AmySwearer: The shooting (Brown U) occurred in the classroom of Professor Rachel Friedberg…who is Jewish, part of the Program in Judaic Studies, and whose research focuses on the intersection of economics and Jewish Studies? That seems like it might be incredibly relevant.
@POLITICOEurope: Hard-right and far-right politicians now lead the polls in France, the U.K. and even Germany. Here’s how the power of populist hardliners differs across European countries: https://politi.co/3MyT6Tp
@EYakoby: Paris has now cancelled both its Christmas and New Years celebrations out of fear of terrorist attacks. The West doesn’t need to live like this.
Party’s over in Paris: Fearful French cancel NYE concert on Champs-Élysées as migrant violence growshttps://trib.al/gtdQTRN
@EYakoby: An Islamist set fire to a nativity scene at a Christmas market in Scandiano, Italy… The West doesn’t need to tolerate this. https://t.co/6WzzkqvQex
@Osint613: Germany says it has foiled a planned Islamist attack on a Christmas market in Lower Bavaria. Authorities arrested five suspects, three Moroccans, one Egyptian, and one Syrian, over plots targeting a market near Dingolfing, BILD reports.
@HJB_News__: Vladimir Putin said this week that he doesn’t fear the United Kingdom as they can’t even stop rubber boats invading their country or foreign men raping their women & children. Plus, he said the British people hate their leaderhttps://t.co/zdUSpk1NSC
@elonmusk: Either the suicidal empathy of Western civilization ends or Western civilization will end
@honestpollster: Republicans are begging DJT to fulfill his promises. Democrats are daring him to.
Rep. Tim Burchett just blew the whistle on Republican neocons sabotaging President Trump from inside Congress… Burchett says the biggest threat to Trump isn’t Democrats… It’s GOP lawmakers and staffers who secretly hate him and work to derail his agenda before the 2026 midterms. Here’s the breakdown: https://x.com/MichelleMaxwell/status/1999836830296928438
GOP senate candidate (KY) @NateMorris: Whether it’s redistricting, the filibuster or blue slips, the biggest problem our movement faces today is that too many elected Republicans simply do not understand that we are in a street fight for the fate of Western civilization. They are living in a fantasy world that hasn’t existed in decades…This isn’t 1985 anymore… So spare me your BS excuses about why we can’t execute President Trump’s agenda in Congress. We absolutely can, but only if REPUBLICANS grow a spine for once. The stakes here are just too high… https://x.com/NateMorris/status/1999273454751609235
Prominent actor @RealJamesWoods: As long as Republicans act like Congress is a gentlemen’s club, while Democrats act like a street gang, America is lost.
@bennyjohnson: J6 Subcommittee Chair Says ALL Footage of Pipe Bombs Being Planted at RNC and DNC Was DELETED:LOUDERMILK: “As we go and looking for video on January 6th to see did anybody go back to these locations, that footage doesn’t exist anymore. We have January 5th video, but we were told no one preserved January 6th.” “None of the camera angles behind the RNC or DNC exists today. This has inhibited our investigation and is something new we’ve come across. We are scowering through all Capitol police footage.” https://x.com/bennyjohnson/status/1999177015094542830
GOP Rep. @RepThomasMassie: Last night I received a disclosure from a new FBI whistleblower regarding the J6 pipe bomb case. This is the third disclosure I’ve received from current and former employees of the government regarding the pipe bomb case in recent weeks… Based on the observations of several neighbors, the suspect does not appear to have the mental acumen to plan, prepare, and execute a complex bombing plot by himself… The FBI employee disclosing this information to me doesn’t believe the FBI has arrested a person who is capable or motivated, or even interested enough in affairs outside of his own small world, to execute the J6 pipe bomb plot on his own.https://x.com/RepThomasMassie/status/1999541341466866022
NY Post: FBI dodged Ilhan Omar-‘bro’ wed probe Only hours after Minnesota GOP operative Anton Lazarro posted online DNA evidence that allegedly shows Rep. Ilhan Omar was once married to her brother, the FBI busted him. The test results stated there is a 99.999998 percent chance that Omar and her second husband, Ahmed Elmi, now her ex-husband, are siblings, according to an analysis by British company Endeavor DNA Laboratories. But before Lazarro could share the results with the media, he was arrested Thursday on underage sex-trafficking charges and jailed pending a court hearing Monday… Special Agent Joy Hess, from the FBI’s Twin Cities field office, which investigated allegations that Omar married her brother Elmi to get around US immigration laws, says the “statute of limitations” had run out on the case… There is no statute of limitations for immigration fraud, but there also appears to be no appetite in Democrat-run Minneapolis to investigate the claim that has dogged Democratic “Squad” member Omar for years… https://nypost.com/2021/08/15/fbi-dodged-ilhan-omar-bro-wed-probe-devine/
@Dapper_Det: Federal Agent with Homeland Security Investigations (HSI) briefly kidnapped in a suspect’s vehicle during an operation in Minneapolis on Wednesday, resulting in an arrest of an illegal alien and a U.S. citizen. This is the resistance that Democrats demand. https://x.com/Dapper_Det/status/1999320639258370303
@ABC: A suspect has been arrested after a New York City tourist was allegedly stabbed multiple times as she was changing her infant daughter’s diaper in a restroom inside the Macy’s flagship store…
Fox’s @BillMelugin_: The families of two teens killed by an illegal alien who crashed into them while drunk, high, & speeding at 100 mph in OC in 2021 have been told by the state of CA that their killer will be released from prison early in July, just 3.5 years into a 10-year sentence for killing the teens, who both burned alive. Oscar Eduardo Ortega-Anguiano, a twice deported Mexican illegal alien, had a lengthy rap sheet prior to killing 19-year-olds Anya Varfolomeev & Nikolay Osokin in the DUI crash on the 405 freeway in Seal Beach in November 2021. Both were US citizens, and they were dating. Ortega-Anguiano had several felony convictions, had gone to state prison, and had multiple convictions for driving without a license, but was still on the streets when he crashed into the teens’ vehicle… https://x.com/BillMelugin_/status/1915032586533081534 I’m told by a senior ICE source that the semi-truck driver arrested in a deadly crash in Washington state yesterday is an Indian illegal alienwho was caught and released at the Border by the Biden admin… KAMALPREET SINGH was arrested by U.S. Border Patrol in Lukeville, AZ after crossing illegally into the U.S. on 12/24/2023, but he was released into the U.S. SINGH is now facing charges for vehicular homicide after he allegedly crashed into the back of a vehicle on SR 167 in WA, crushing it between another truck, and killing 29 year old Robert B. Pearson. I’m told ICE has placed a detainer with him on local law enforcement in King County, WA…
Colorado AG Phil Weiser said he will not release Tina Peters from prison after Trump pardoned her. Peters was convicted of a state crime; so, a POTUS pardon is not effective. However, Colorado Governor Jared Polis commuted the sentence of an illegal alien that killed four people while driving without a license. Peters was convicted of ‘election interference’ because she tried to break into Colorado voting systems to prove fraud in the Election of 2020.
The Tina Peter and J6 prosecutions and incarcerations prove that there is no “truth, justice, and the America Way” in the US. Killers, rapists, and serial violent criminals are routinely released or ‘under prosecuted.’ But people non-aligned with Dems are treated harshly. This is the stuff of revolutions!
@Lancegooden: In 2015, Barack Obama declared Venezuela an “extraordinary threat” to the United States. Democrats agreed. Now the same Democrats oppose action against Venezuela for one reason only: Trump Derangement Syndrome.https://x.com/Lancegooden/status/1999546593230442725
@bennyjohnson: Democrats today: “Trump and Hegseth are WAR CRIMINALS for striking narco-terrorists.” Biden in 1989: “Let’s go after the drug lords where they live. With an international strike force. There must be no safe haven for narco-terrorists.” https://x.com/bennyjohnson/status/1999506066497781882
Social media teems with videos of Obama, Hillary, Biden, and other Dem demigods inveighing against illegal immigration and crime. What changed? TDS – Whatever Trump does or promotes, Dems must oppose.
‘Clinton Corruption Files’: New Docs Released on Clinton Family Foundation They show many times that foreigners and even a U.S. defense contractor tried to win over the Clintons by giving money to their family charity, even when Hillary Clinton was Secretary of State. Bill Clinton was the U.S. president from 1993 to 2001. The officials stated that some of the information was brought to their attention by whistleblowers who indicated that it was hidden from a corruption probe that the Little Rock, Ark., U.S. attorney’s office was doing in 2015 before the Obama administration’s Justice Department shut it down… https://conservativebrief.com/clinton-corruption-file-97374/
@paulsperry_: After child sex predator Jeffrey Epstein was convicted in Palm Beach, he emailed a friend boasting how Hillary + Obama were big fans of his biggest defender, Kathy Ruemmler: “Hillary loves Kathy as does Obama. She is an arch feminist who is my great defender,” Epstein wrote.
@LizMacDonaldFOX: Medicaid fraud is rampant in 46 states, the GAO found. The U.S. government loses anywhere from $233B – $521B estimated annually to thieves and scammers across federal government…
@Rightanglenews: Amid the revelation that Minnesota AG Keith Ellison met with and took money from Somali fraudsters, it has now been revealed that his son has been collecting a $110,000 salary and $57,000 living expense stipend from the Minneapolis City Council while attending Harvard.https://t.co/ldbyaqTWsS
Joe Rogan: “Some of these crazy liberals who are pregnant are taking Tylenol because RFK Jr. said don’t take it. Maybe it’s okay to take Tylenol if you’re pregnant, I don’t know — but what I do know is it’s the number one source of acute liver failure in America. 500 people die in America every year from liver failure because of taking acetaminophen. So don’t take it.” https://x.com/joeroganhq/status/1999524650641178835
Homeless woman accused of stabbing tourist inside NYC Macy’s bathroom was released from psych hospital morning of attackhttps://trib.al/nMUjOtn
@ReiiValentinaa: On Thursday night in Pennsylvania, a… male armed with a machete carried out a violent attack on three women and a service dog. Two of the women and the dog were killed. The incident was captured on surveillance footage. Yet, the mainstream media WILL bury this story… https://t.co/ot3M9u3Gee
@Sassafrass_84: Why is Lake County Judge Randy Bruno still on the bench? Who tf releases an illegal that decapitated an Illinois woman? At what point is enough enough? When are we going to hold these judges liable?
@FoxNews: ‘DECK’ THE HALLS: A street brawl broke out during Nantucket’s annual Christmas celebration, video shows, just as hundreds gathered to welcome Santa to town. https://x.com/FoxNews/status/1999585087956856942
Asst Sec DHS @TriciaOhio: Edys Renan Membreño Díaz, a criminal illegal from Honduras who illegally entered our country 7 times, was convicted of raping and sodomizing a woman who has cerebral palsy and cognitive delays. He attacked her and dragged her into her apartment building’s laundry room He was sentenced 3 years ago and could be released from prison as early as July 2028. But the U.S. District Judge Judith Levy refused to sentence him to 2 more years for immigration crimes and called this monster a future “ambassador for living up to our immigration restrictions.” ThisObama appointed judge went on to praise him for “family devotion and willingness to perform work that it claimed Americans find undesirable.” https://t.co/wrsMcP2jDE
When you do NOT punish crimes and antisocial behavior, you will get more crime and malbehavior!
@mirandadevine: Dems blacked out the faces of these adult women to make it look like Trump had something to hide. (To infer the women were underage! How despicable!)
Unredacted Trump photos from Epstein files dump reveal glamorous group of adult models: ‘He was very gentlemanly’https://trib.al/RuQnWzw
@theblaze: Reporter: “Do you want to hear more from the Somali Community that they need to hold their own accountable?” Tim Walz: “If that were the case, a lot of White men should be holding White men accountable for the crimes they have committed.” https://x.com/theblaze/status/1999537705915384046
House Oversight Chairman James Comer is done playing games with Bill and Hillary Clinton, warning them that their endless delays in the Epstein probe will lead straight to contempt charges if they don’t comply.
With subpoenas issued months ago and the Clintons dodging every step, Comer’s latest ultimatum ramps up the pressure on the deep state darlings, exposing their ties to the convicted pedophile’s network amid calls for full transparency.
As we reported last month, the Clintons outright refused to honor subpoenas demanding depositions on their connections to Jeffrey Epstein, prompting outrage from Republicans like Rep. Anna Paulina Luna who blasted Democrats for their sudden silence on the matter.
The subpoenas, dropped in August by Comer, originally set Hillary’s testimony for October 9 and Bill’s for October 14. Instead of showing up, their lawyers begged for delays, only to ghost the committee entirely—classic stonewalling from elites who think rules don’t apply to them.
Comer has repeatedly highlighted Bill Clinton as a “prime suspect” in the saga, pointing to over 20 flights on Epstein’s infamous Lolita Express, multiple jaunts to his private island, and at least 17 Epstein visits to the Clinton White House. These aren’t casual associations; they’re red flags screaming for accountability.
In a press release on Friday, Comer laid it all out: “It has been more than four months since Bill and Hillary Clinton were subpoenaed to sit for depositions related to our investigation into Jeffrey Epstein and Ghislaine Maxwell’s horrific crimes. Throughout that time, the former President and former Secretary of State have delayed, obstructed, and largely ignored the Committee staff’s efforts to schedule their testimony.”
He didn’t stop there, adding a clear threat: “If the Clintons fail to appear for their depositions next week or schedule a date for early January, the Oversight Committee will begin contempt of Congress proceedings to hold them accountable.”
A spokesperson for Comer doubled down to Fox News, confirming direct communication with the Clintons’ attorney: “We communicated to the Clintons’ attorney today that they must appear next week or provide a date in early January to appear for their depositions or we will begin contempt of Congress proceedings. They’ve been dragging their feet for over four months. Time’s up.”
This escalation comes hot on the heels of President Trump’s bold demand for the total release of Epstein files, dismissing the whole scandal as a “Democrat Hoax” meant to smear Republicans while shielding their own.
Trump urged House Republicans to vote for declassification, declaring, “We have nothing to hide, and it’s time to move on from this Democrat Hoax perpetrated by Radical Left Lunatics in order to deflect from the Great Success of the Republican Party.”
Trump emphasized the need to keep the focus on GOP wins, warning that Epstein distractions shouldn’t overshadow them: “What I just don’t want is for Epstein to detract from the great success of the Republican Party… It’s a Democrat hoax.”
The Clintons’ defiance couldn’t be more telling, especially given Bill’s own admissions in his 2024 book Citizen: My Life After the White House, where he confessed to flying on Epstein’s plane for Clinton Global Initiative work and lamented, “I wish I had never met him,” claiming it wasn’t worth the scrutiny.
Yet, Epstein’s 17 White House visits right after Clinton’s 1993 inauguration paint a different picture—one of deep entanglements that demand answers, not excuses.
Comer’s subpoenas didn’t stop at the Clintons; they targeted other heavyweights like former AG William Barr, ex-FBI Director Robert Mueller, former AG Loretta Lynch, and former FBI Director James Comey, all potentially linked to the Epstein-Maxwell web.
In November, Comer fired off a letter to the Clintons’ lawyer insisting on in-person depositions, rejecting any virtual dodges. The spokesperson told Fox the Clintons “believe they are above the law and are trying to avoid giving depositions.”
With contempt proceedings now on the table and a potential House floor vote for full file release looming, the noose is tightening.
Meanwhile, Democrats Desperately continue to flog the dead horse of attempting to link Trump to the Epstein files.
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GREG HUNTER INTERVIEWING ED DOWD
At the Beginning of Credit Destruction Cycle – Ed Dowd
Former Wall Street money manager and financial analyst Ed Dowd of PhinanceTechnologies.com warned in September we were at the “Beginning of Panic Rate Cut Cycle.” Since that prediction, the Fed has cut interest rates three times. Looks like Dowd called it correctly. So, when does the panic kick in? Dowd says, “The panic kicks in when there is some sort of banking wobble or stock market wobble, which is in the process of setting up. Private credit is the first to show problems. We had Tricolor Holdings (subprime auto lending bankruptcy) go poof. We had First Brands (bankruptcy) go poof. This is all private credit. We have had other lenders like PrimaLend (bankruptcy) starting to go poof. Private credit is just like subprime. It not a very big part of the Jenga credit chain, but it’s enough to start a daisy chain of knock-on effects. So, this is where we are, at the beginning of the credit destruction cycle. We are seeing consumer credit card delinquencies nearing all-time highs, auto loan delinquencies and, next up, we will be seeing mortgage delinquencies. People stop paying their credit cards first, then their auto loans and stop paying on their homes last. As the layoffs accelerate, and we are already seeing more high-profile layoffs at Amazon, UPS and you name it, once those begin, we will be seeing higher delinquency rates.”
Dowd sees much lower prices for homes. Dowd says, “There is a distinct problem between homes for sale and homes sold, meaning there are a lot of people wanting to sell their homes and not a lot of people buying them. The inventory continues to grow. . .. The only way this clears is through price. The price of homes is going lower. We had an overbuild in multi-family housing because of the illegal immigrants. Those deals are going sour and rolling over. Rents are coming down. . .. It’s all slowly going the wrong way, and it will become a mainstream topic in 2026.”
In past interviews, Dowd points out there was massive fraud in the Biden Administration, especially in unemployment figures. That, too, will all be revealed. This is why Dowd pointed out last year that President Trump “Inherited a Turd of an Economy.”
What is working are precious metals, especially gold. Dowd does not see gold losing its shine anytime soon. Dowd says, “If we get any kind of credit crisis, gold may get sold temporarily where people sell what they can, but not what they want. Long term, gold looks like it’s going to $10,000 an ounce on the charts by 2030. Everything is conspiring fundamentally and technically to lead us that way. They made gold a Tier 1 asset. That makes gold money again in the banking system. . .. I would not get scared out of my physical gold position anytime soon.”
Dowd has new cutting-edge analysis on China for institutional investors. China is a lot weaker than anyone can imagine. Dowd says, “Not only does China have long-term structural problems, our report identifies a very acute part of their real estate crisis, which is beginning now and accelerating into 2026. . .. China is struggling mightily. We have more bargaining chips than a lot of us think. When I hear things like ‘China holds all the cards and Trump is screwed,’ I laugh.”
There is much more in the 45-minute interview.
There is an 8-minute video to explain how easy it is to ride out any terror attack or extreme storm. You can get more information on Starlink at Starlink123.com and Sat Phones at Sat123.com and BeReady123.com. You can also call 855-980-5830 and talk to a real human. Same goes for EscapeZone.com where you can get Faraday Bags big and small. You can also talk to a real human at EscapeZone.com by calling 702-825-0005.
Join Greg Hunter of USAWatchdog as he goes One-on-One with money manager and investment expert Ed Dowd, author of the updated book called “Cause Unknown: The Epidemic of Sudden Deaths in 2021, 2022 and 2023” for 12.13.25. Dowd contends the “sudden deaths and disabilities” are still happening at epidemic levels. Now, there are 6 million Americans permanently disabled from the CV19 injections, and they still will not take them off the market!!
harveyorganblog.com 
