access market
GOLD $4,491.90(3:30 PM)
SILVER: 71.24 3;30 PM)
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EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: DECEMBER 2025 COMEX 100 GOLD FUTURES
SETTLEMENT: 4,361.400000000 USD
INTENT DATE: 12/19/2025 DELIVERY DATE: 12/23/2025
FIRM ORG FIRM NAME ISSUED STOPPED
118 H MACQUARIE FUTURES US 2
363 H WELLS FARGO SECURITI 429
435 H SCOTIA CAPITAL (USA) 1
661 C JP MORGAN SECURITIES 726 116
690 C ABN AMRO CLR USA LLC 4
709 C BARCLAYS 170
905 C ADM 2 6
TOTAL: 728 728
MONTH TO DATE: 35,30
EXCHANGE: COMEX
CONTRACT: DECEMBER 2025 COMEX 100 GOLD FUTURES
SETTLEMENT: 4,444.600000000 USD
INTENT DATE: 12/22/2025 DELIVERY DATE: 12/24/2025
FIRM ORG FIRM NAME ISSUED STOPPED
099 H DEUTSCHE BANK AG 100
118 C MACQUARIE FUTURES US 1
118 H MACQUARIE FUTURES US 2
132 C SG AMERICAS 1
190 H BMO CAPITAL MARKETS 278
332 H STANDARD CHARTERED B 1
363 H WELLS FARGO SECURITI 248
365 C MAREX CAPITAL MARKET 267
435 H SCOTIA CAPITAL (USA) 1
657 C MORGAN STANLEY 1
661 C JP MORGAN SECURITIES 71 249
690 C ABN AMRO CLR USA LLC 1
709 C BARCLAYS 89
726 C PLUS500US FINANCIAL 1
880 C CITIGROUP 50
905 C ADM 114
991 H CME 87
TOTAL: 781 781
MONTH TO DATE: 36,081
JPMORGAN STOPPED 249/781
GOLD: NUMBER OF NOTICES FILED FOR DEC/2025: 781 CONTRACTs NOTICES FOR 78,100 OZ or 2.429 TONNES
total notices so far: 36,081 contracts for 3,608,100 OR 112.227 tonnes)
SILVER NOTICES:27 NOTICE(S) FILED FOR .135 MILLION OZ/
total number of notices filed so far this month : 12,575 CONTRACTS (NOTICES) for 62.875 million oz
A DEPOSIT OF 12.12 TONNES OF GOLD INTO THE GLD//
INITIAL STANDING FOR DEC: 49.33 MILLION OZ FOLLOWED BY TODAY’S 305,000 OZ QUEUE JUMP _ PLUS ..850 MILLION OZ EXCHANGE FOR RISK LAST MONDAY AND LAST TUESDAY’S .485 MILLION OZ/ (TOTAL EX. FOR RISK = 1.335 MILLION OZ)///STANDING ADVANCES TO 64.910 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: 36.96 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 305,000 OZ QUEUE JUMP+ DEC. FIRST EXCHANGE FOR RISK 0F .850 MILLION OZ + LAST WEEK.S 495,000 OZ EXCHANGE FOR RISK // STANDING ADVANCES TO 64.910 MILLION OZ//
- MAY: SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
4. AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.637 TONNES EX FOR RISK//AUG 25: 9.107 TONNES , AUGUST 26: 9.1010 TONNES AND NOW AUGUST 27: 9.0699 TONNES//NEW STANDING ADVANCES TO 107.5117 TONNES OF GOLD NORMAL STANDING (INCLUDES ALL MONTHLY QUEUE JUMPS/EX FOR PHYSICAL TRANSFERS//) +44.696 TONNES EX.FOR RISK = 152.208 TONNES
5.SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
6.OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
7.NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 2.323 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 4.5596 TONNES//NEW STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
8. DECEMBER BEGINS WITH INITIAL STANDING OF 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.8460 TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 34.5568 TONNES//NEW STANDING ADVANCES TO 112.793 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK FOR DECEMBER OF 2.488 TONNES/NEW STANDING ADVANCES TO 115.281 TONNES
NEW STANDING FOR GOLD, DEC CONTRACT AT 115.281 TONNES OF GOLD
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STRONG THIS MONTH
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
NOV: 124.74 TONNES
DEC: 154.74 TONNES//FAIR SIZED 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 TINY SIZED 45 CONTRACTS OI TO 156,794 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 500 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 500 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 2217 CONTRACTS AND ADD TO THE 500 E.FP. ISSUED
WE OBTAIN A STRONG SIZED GAIN OF 509 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR HUGE GAIN OF $1.28 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 2.545 MILLION PAPER OZ
OCCURRED WITH OUR GAIN IN PRICE.OF $1.28
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENT
Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS TUESDAY MORNING.7:30 AM
ASIA RESULTS; TUESDAY DEC 23
SHANGHAI CLOSED UP 2.61 POINTS OR 0.07%
//Hang Seng CLOSED DOWN 27.63 PTS OR 0.11%
// Nikkei CLOSED UP 28.61 PTS OR 0.06% //Australia’s all ordinaries CLOSED UP 1.15%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.0281
/ OFFSHORE CLOSED UP AT 7.0172/ Oil UP TO 58.01 dollars per barrel for WTI and BRENT UP TO 62.06 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING UP TO 7.0281 OFFSHORE YUAN TRADING UP TO 7.0172:/ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER//OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS STRONGER
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A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A VERY STRONG SIZED 12,149 CONTRACTS TO 501,273 OI WITH OUR HUGE GAIN IN PRICE OF $80.25 WITH RESPECT TO MONDAY’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 FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (1775). WE HAD ZERO T.A.S. LIQUIDATION MONDAY (WITH MONTH END SPREADER LIQUIDATIONS CONTINUING MONDAY WITH SMALL REMOVALS). 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 HUGELY FROM ITS LOW OI OF AROUND 418,000 TO NOW 499,192 AND NOW AMPLE ENOUGH FOR A RAID BY OUR BANKERS.
WE THUS HAD A TOTAL GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 13,924 CONTRACTS (OR 43.309 TONNES). THEN WE WERE NOTIFIED AGAIN OF A 400 CONTRACT EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS ISSUED FOR 40,000 OZ OR 1.244 TONNES OF GOLD. THIS IS DECEMBER’S SECOND ISSUANCE AS IT COMES LATE IN THE MONTH. WE HAVE 3 CHOICES NOW FOR THE RECIPIENT OF THIS ISSUANCE AND IT MUST BE A CENTRAL BANK. YOU WILL RECALL THAT THE BUYER ASSUMES THE RISK OF THAT DELIVERY. (THUS TOTAL EXCHANGE FOR RISK FOR THE MONTH OF DECEMBER IS 2.488 TONNES/2 OCCASIONS)
HERE ARE THE CHOICES:
1 THE CENTRAL BANK OF ENGLAND. BUT THEY RECEIVED CLEARANCE THAT THEIR GOLD IS BACK SO IT IS NOT LIKELY THAT THEY WOULD LIKE TO ADD TO THEIR RESERVES.
2. THE CENTRAL BANK OF THE USA: THE FED. LOGICAL CHOICE AS THEY CLAMOUR TRYING TO REDUCE THEIR 39 TONNES OF SHORTAGE.
3. THE CENTRAL BANK OF CHINA AS THEY BATTLE WITS WITH THE USA.
TOTAL EXCHANGE FOR RISK FOR DECEMBER IS 2.498 TONNES AND THIS WILL BE ADDED TO OUR NORMAL DELIVERY TOTALS..
DETAILS ON OUR NEW DECEMBER COMEX CONTRACT MONTH//
IN TOTAL WE HAD A VERY STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 13,924 CONTRACTS WTH 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.
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 1567 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. ISSUANCES IN EARLY DECEMBER.
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 1.244 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 0.8406 TONNES OF QUEUE JUMP WHICH FOLLOWS ALL OTHER NET QUEUE JUMPING OF 34.5568 TONNES//STANDING ADVANCES TO 112.793 TONNES TO WHICH WE ADD OUR TWO ISSUANCES OF EXCHANGE FOR RISK OF 2.488 TONNES/NEW STANDING IS THUS: 115.281 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. SO IT IS POSSIBLE THAT THE FED IS THE BUYER OF 1.244 TONNES OF EXCHANGE FOR RISK/DECEMBER!!
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
EXCHANGE FOR PHYSICAL ISSUANCE/DEC.//BORROWINGS FROM THE FRBNY:
THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED EXCHANGE FOR PHYSICAL OF 1775 CONTRACTS.
THAT IS A FAIR SIZED 1775 EFP CONTRACT WAS ISSUED: : /FEB 1775 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1775 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 COMMENCED!…
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 MONDAY NIGHT//TUESDAY MORNING WAS A FAIR SIZED 1775 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 MONDAY’S GAIN IN PRICE IN GOLD WITH A CORRESPONDING STRONG GAIN OF COMEX OI AND A FAIR EXCHANGE FOR PHYSICAL ISSUANCE..ENOUGH FODDER FOR THE COMMENCEMENT OF A RAID
.
THE COMEX IS IN TOTAL TURMOIL ESPECIALLY THESE PAST 6 MONTHS WITH THE FOLLOWING;
- WITH JULY’S RARE TWO ISSUANCES OF EXCHANGE FOR RISK (LATE IN JULY)
- AND THIS WAS FOLLOWED WITH AUGUST’S 7 ISSUANCES OF EXCHANGE FOR RISK FOR 44.696 TONNES
- TO BE FOLLOWED BY SEPTEMBER’S 7 ISSUANCES FOR EXCHANGE FOR RISK FOR 22.923 TONNES.
- TO BE FOLLOWED BY OCTOBER’S 6 ISSUANCES FOR 14.553 TONNES
- TO BE FOLLOWED BY NOVEMBER’S TWO ISSUANCES FOR 4.5575 TONNES
- THE LONDON BANKING AUDITORS HAVE SO FAR REFUSED TO GIVE CERTIFICATION ON THE BANK OF ENGLAND’S SISTER HOLDING OPERATION, THE E.E.A. ON ITS GOLD AND OTHER ASSETS HELD UNDER THE E.E.A.(SEE ROBERT LAMBOURNE’S LETTER OCT 8/
- FRBNY BORROWS ANOTHER 24 TONNES OF GOLD FROM THE BIS IN OCT TO SAVE THE BULLION BANKS FROM EXTINCTION AFTER THE O.C.C ORDERED THE BULLION BANKS TO BE ONSIDE WITH THEIR DERIVATIVES. THE FRBNY IS NOW SHORT 54+ TONNES OF GOLD.
- MASSIVE REMOVAL OF COMEX CONTRACTS FROM PRELIMINARY OI TO FINAL OI//RECORD 33,000 CONTRACTS REMOVED FRIDAY NOV 21//
- MASSIVE T.A.S. CONTRACTS ISSUED FOR 5 CONSECUTIVE DAYS/SIGNALLING A MASSIVE RAID TO BE!
- MASSIVE RAIDS AT THE COMEX CALLED UPON EVERY OTHER DAY LAST WEEK
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.
/STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
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DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY IN THIS ACTIVE MONTH IS 83.813 TONNES FOLLOWED BY TODAY’S 0.8406 TONNES QUEUE JUMP. THIS FOLLOWS ALL OTHER QUEUE JUMPING: 34.5568 TONNES//NEW STANDING ADVANCES TO 112.793 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 2.488 TONNES//NEW STANDING THUS INCREASES TO 115.281 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)
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
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COMEX GOLD TRADING BEGINNING DECEMBER,. CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $80.25/ /)
WE HAD ZERO T.A.S. SPREADER LIQUIDATION MONDAY WITH MINOR MONTH END SPREADER LIQUIDATION// COMEX SESSION// WITH OUR GAIN IN PRICE ////.. BUT OUR SPECULATORS REMAIN RELENTLESS POURING INTO THE COMEX// WITH OTHER EASTERN CENTRAL BANKS TENDERING FOR PHYSICAL MONDAY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD STANDING FOR DECEMBER. THE COMEX IS ONE BIG MESS!!
MONDAY NIGHT//TUESDAY 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 MONDAY EVENING/ TUESDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
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 272 CONTRACT QUEUE JUMP FOR 27,200 OZ OR 0.8460 TONNES WHICH FOLLOWS OTHER DEC QUEUE JUMPS OF: 34.5568 TONNES///STANDING ADVANCES TO 112.793 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 2.488 TONNES/NEW STANDING ADVANCES TO 115.281 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $80.25
WE HAD A HUGE 2061 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE .
INITIAL GOLD COMEX
DEC 23
DEC CONTRACT MONTH
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 0 ENTRIES i |
| Deposit to the Dealer Inventory in oz | 0- ENTRIES |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER 1 ENTRIES i) Into Manfra 39,174.673 oz total deposit: 39,174.673 oz xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 781 notice(s) 78100 OZ 2.429 TONNES OF GOLD |
| No of oz to be served (notices) | 182 contracts 0.5660 OZ 0.5660 TONNES |
| Total monthly oz gold served (contracts) so far this month | 36,081 notices 3,608,100 0z 112.227TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month |
dealer deposits: 0
xxxxxxxxxxxxxxxxxxxxx
DEPOSITS/CUSTOMER
DEPOSITS/CUSTOMER
1 ENTRIES
1 ENTRIES
i) Into Manfra 39,174.673 oz
total deposit: 39,174.673 oz
customer withdrawals:
0 ENTRIES
they are draining the comex of gold
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ADJUSTMENTs 4//
a) Asahi: 25,270,686.oz (dealer to customer)
b) Brinks: 128,668.302 oz (customer to dealer)
c) JPMorgan: 13,985.629 oz (dealer to customer)
d) Stonex: 25,752.951 oz (customer to dealer)
chaos inside the comex
AMOUNT OF GOLD STANDING FOR DECEMBER
THE FRONT MONTH OF DECEMBER STANDS AT 963 CONTRACTS FOR A LOSS OF 456 CONTRACTS. WE HAD 728 CONTRACTS FILED ON MONDAY SO WE GAINED A STRONG 272 CONTRACTS FOR A QUEUE JUMP OF 27,200 OZ OR 0.8460 TONNES TO WHICH WE ADD TO OUR PREVIOUS QUEUE JUMPS AND THEN ADD OUR TWO ISSUANCES OF EXCHANGE FOR RISK FOR 2.488 TONNES .THUS STANDING FOR GOLD IN DECEMBER INCREASES HUGELY TO 115.281 TONNES
JANUARY LOST 22 CONTRACTS DOWN TO 3753 AS JANUARY BECOMES THE FRONT MONTH. WE WILL PROBABLY HAS A GOOD SIZED 8 TO 9 TONNES OF GOLD STANDING.
FEB GAINED 8818 CONTRACTS UP TO 360,434 CONTRACTS
We had 781 contracts filed for today representing 78100 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 71 notices issued from their client or customer account. The total of all issuance by all participants equate to 781 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 249 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 (36,081 ) to which we add the difference between the open interest for the front month of DEC ( 963 CONTRACTS) minus the number of notices served upon today (781 x 100 oz per contract) equals 3,626,300 OZ OR 112.793 Tonnes of gold + 2.488 TONNES of exchange for risk issuance: new total standing advances to 115.281 tonnes!!
thus the INITIAL standings for gold for the DEC contract month: No of notices filed so far (36,081 x 100 oz +we add the difference for front month of DEC (963 OI} minus the number of notices served upon today (781)x 100 oz) which equals 3,626300 OR 112.793 TONNES + 2.488 tonnes exchange for risk//new total standing advances to 115.281 tonnes
new total of gold standing in DECEMBER is 115.281 tonnes
TOTAL COMEX GOLD STANDING FOR DEC ..: 115.281 TONNES TONNES WHICH IS STRONG FOR THIS NORMALLY VERY ACTIVE ACTIVE DELIVERY MONTH OF DECEMBER.
volume MONDAY confirmed 228,938 fair to good
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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: 2,001,427.554 oz 62.252 tonnes pledged gold lowers
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 36,159,265.143 oz
TOTAL REGISTERED GOLD 19,321,903.563 or 600.995 Tonnes
TOTAL OF ALL ELIGIBLE GOLD 16,837361.630 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON 17,320,476oz ((REG GOLD- PLEDGED GOLD)=
538.739 Tonnes // (declining rapidly)
total inventories in gold declining rapidly
DEC 23 2025
INITIAL/
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 3 entries i) Out of CNT 238,780.230 oz ii) Out of JPMorgan 597,993.380 oz iii) Out of Stonex 24,984.870 oz total withdrawal: 851,758.480 oz |
| Deposits to the Dealer Inventory | 0 ENTRY i total deposit nil |
| Deposits to the Customer Inventory | 3 ENTRIES i) Into Delaware 1004.200 oz ii) Into Loomis 599,388.88 oz iii) Into Manfra 487.944.545 oz total deposit 1088.337.645 oz |
| No of oz served today (contracts) | 27 CONTRACT(S) ( 0.135 million OZ |
| No of oz to be served (notices) | 140 contracts (0.700 MILLION oz) |
| Total monthly oz silver served (contracts) | 12,575 Contracts (62.875 MILLION oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
DEPOSITS INTO DEALER ACCOUNTS
0 ENTRY
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DEPOSIT ENTRIES/CUSTOMER ACCOUNT
3 ENTRIES
i) Into Delaware 1004.200 oz
ii) Into Loomis 599,388.88 oz
iii) Into Manfra 487.944.545 oz
total deposit 1088.337.645 oz
withdrawals: customer side/eligible
3 entries
i) Out of CNT 238,780.230 oz
ii) Out of JPMorgan 597,993.380 oz
iii) Out of Stonex 24,984.870 oz
total withdrawal: 851,758.480 oz
adjustments: 1
dealer to customer: Asahi
1402,453.258 oz
TOTAL REGISTERED SILVER: 127,214 MILLION OZ//.TOTAL REG + ELIGIBLE. 450.880Million 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: 167 OPEN INTEREST CONTRACTS FOR A GAIN OF 7 CONTRACTS. WE HAD 54 CONTRACTS FILED ON MONDAY SO WE ACTUALLY HAD ANOTHER QUEUE JUMP OF 61 CONTRACTS OR 305,000 OZ
JANUARY LOST 1 CONTRACT DOWN TO 4303 CONTRACTS AS JANUARY NOW BECOMES THE FRONT MONTH. WE MAY HAVE A VERY STRONG JANUARY DELIVERY MONTH FOR AROUND 20 MILLION OZ
FEB GAINED 113 CONTRACTS UP TO 1573 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 27 or 0.135 MILLION oz
CONFIRMED volume; ON MONDAY 109,682 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 12,575 X5,000 oz = 62.875 MILLION oz
to which we add the difference between the open interest for the front month of DEC (167) AND the number of notices served upon today (27 )x (5000 oz)
Thus the standings for silver for the DECEMBER 2025 contract month: (12,575) Notices served so far) x 5000 oz + OI for the front month of DEC(167) minus number of notices served upon today (27)x 5000 oz equals silver standing for the DEC.contract month equating to 63.575 MILLION OZ + 850 MILLION OZ FOR DEC ‘S FIRST EXCHANGE FOR RISK AND THEN A SECOND EXCHANGE FOR RISK OF .485 MILLION OZ//NEW TOTAL EXCHANGE FOR RISK; 1.335 MILLION OZ: THUS WE HAVE THE FOLLOWING:
NORMAL STANDING: 63.575 MILLION OZ
PLUS 1.335 MILLION OZ EXCHANGE FOR RISK/2 OCCASIONS
New total standing: 64.910 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 127.214. million oz of registered silver
JPMorgan as a percentage of total silver: 188,253/450.880million. 41.94%
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 23/WITH GOLD UP $52.85 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A FRAUDULENT DEPOSIT OF 12.12 TONNES OF GOLD INTO THE GLD/// /// ///INVENTORY RESTS AT 1064.66 TONNES
DEC 22/WITH GOLD UP $80,25 TODAY/NO CHANGES IN GOLD AT THE GLD: // /// ///INVENTORY RESTS AT 1052.54 TONNES
DEC 19/WITH GOLD UP $22.20 TODAY/NO CHANGES IN GOLD AT THE GLD: // /// ///INVENTORY RESTS AT 1052.54 TONNES
DEC 18/WITH GOLD DOWN $9.05 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF .85 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1052.54 TONNES
DEC 17/WITH GOLD UP $39.45 TODAY/NO CHANGES IN GOLD AT THE GLD:// /// ///INVENTORY RESTS AT 1051.69 TONNES
DEC 16/WITH GOLD DOWN $3.95 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.43 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1051.69 TONNES
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: 1064.66 TONNES, TONIGHTS TOTAL
SILVER
DEC 23/WITH SILVER UP $2.40 /HUGE CHANGES IN SILVER AT THE SLV: A FRAUDULENT DEPOSIT OF 17.13 MILLION OZ INTO THE SLV/. ./ :INVENTORY RESTS AT 533.678 MILLION OZ //
DEC 22/WITH SILVER UP $1.28 /HUGE CHANGES IN SILVER AT THE SLV: A DEPOSIT OF 1.541 MILLION OZ INTO THE SLV/. ./ :INVENTORY RESTS AT 516.541 MILLION OZ //
DEC 19/WITH SILVER UP $2.06 /NO CHANGES IN SILVER AT THE SLV: . ./ :INVENTORY RESTS AT 515.000 MILLION OZ //
DEC 18/WITH SILVER DOWN $1.13/NO CHANGES IN SILVER AT THE SLV: . ./ :INVENTORY RESTS AT 515.000 MILLION OZ //
DEC 17/WITH SILVER UP $2.93/HUGE CHANGES IN SILVER AT THE SLV: A HUGE WITHDRAWAL OF 1.36 MILLION OZ FROM THE SLV. ./ :INVENTORY RESTS AT 515.000 MILLION OZ //
DEC 16/WITH SILVER DOWN $.07/HUGE CHANGES IN SILVER AT THE SLV: A HUGE WITHDRAWAL OF 1.36 MILLION OZ FROM THE SLV. ./ :INVENTORY RESTS AT 56.360 MILLION OZ //
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 533.678 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
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS / AND TODAY;S 253
OFF UNTIL JANUARY
5. COMMODITY REPORT//SILVER/SILVER LEASE RATES:/URANIUM
ZERO HEDGE/AI
Why The Price Of Uranium Is About To Soar
As of late December 2025, the uranium spot price stands at approximately $80.25 per pound (U₃O₈), reflecting a modest recovery from earlier 2025 lows around $63–$64/lb and highs near $83/lb. Analysts and market reports widely anticipate upward pressure on prices heading into 2026 and beyond, driven by a structural supply-demand imbalance.Surging Demand from Nuclear RenaissanceGlobal nuclear power generation is expanding rapidly as countries pursue clean, reliable baseload energy to meet net-zero goals, energy security needs, and exploding electricity demand from AI data centers. Tech giants like Google, Amazon, and Microsoft have signed deals for nuclear-powered facilities, while governments in the US, China, Japan, the UK, and others commit to new reactor builds and life extensions.The World Nuclear Association forecasts reactor uranium requirements at ~68,900 metric tons in 2025, rising 28% by 2030 and more than doubling to over 150,000 metric tons by 2040 (potentially 204,000+ in high-growth scenarios). This creates a long-term demand pull that outpaces current production.Constrained Supply and Production ChallengesPrimary uranium production struggles to ramp up after a decade of underinvestment post-Fukushima. Major producers face setbacks:
- Kazakhstan’s Kazatomprom (world’s largest, ~40% of supply) → cut 2025–2026 guidance due to sulfuric acid shortages.
- Canada’s Cameco → reduced output targets amid mine delays.
- Other issues include geopolitical risks (e.g., Russian enrichment restrictions, Niger disruptions).
Secondary supplies (e.g., stockpiles, underfeeding) are depleting, with forecasts showing market deficits averaging ~6% through 2030, deepening a cumulative shortfall potentially reaching 32% (1,914 million lbs) from 2025–2045.Geopolitical and Policy SupportBans/restrictions on Russian uranium (supplying ~11–12% of US needs historically) and enriched product exports force Western utilities to secure alternative sources. US policies under recent administrations include expedited reactor approvals, domestic production incentives, and partnerships (e.g., Cameco-Westinghouse). These factors tighten the market further.Market Dynamics and Price IncentivesUtilities have delayed aggressive long-term contracting in 2025 amid volatility, but pent-up demand is building. Long-term contract prices (a better indicator of fundamentals) have held firm around $80–$86/lb, signaling producer discipline. Higher prices—often cited at $90–$100+/lb—are needed to incentivize new mines, which take 10–15+ years to develop.Analyst consensus (e.g., Bank of America, Sprott, Goldman Sachs) points to prices rebounding to $90–$100/lb by mid/end-2025 or into 2026, with upside to $135+ possible if contracting accelerates. While short-term volatility persists (e.g., from trader activity or policy shifts), the multi-year bull case remains intact, positioning uranium as a key commodity in the energy transition.
END
Silver lease rates for Shanghai and London this morning
from Robert Lambourne: London at 8.0% and Shanghai 6.3%
| Robert Lambourne | 9:09 AM (3 minutes ago) | ||
to me, Chris | |||
Harvey,
Thanks for your report.
Silver lease rates in London remain unchanged at c8% according to the AI report received just now. So rates remain elevated.
Shanghai implied lease rates were also unchanged at c6.3%.
Shanghai is open all over Christmas and only closes on 1 and 2 January although the official calendar is still not published. So things might be quite volatile this holiday season, especially if some of the chatter about the USA declaring war on Venezuela happens. My understanding is that Congress would have to agree before such a declaration could be made, but with the markets already volatile it seems this chatter is bound to affect sentiment.
No wonder prices of gold and silver are firm.
Hope you and your family have a great time and equally so for Chris and his family.
We are definitely living in interesting times.
Best wishes,
Bob
SILVER
AI GENERATED:
ASIA RESULTS; TUESDAY DEC 23
SHANGHAI CLOSED UP 2.61 POINTS OR 0.07%
//Hang Seng CLOSED DOWN 27.63 PTS OR 0.11%
// Nikkei CLOSED UP 28.61 PTS OR 0.06% //Australia’s all ordinaries CLOSED UP 1.15%
//Chinese yuan (ONSHORE) CLOSED UP TO 7.0281
/ OFFSHORE CLOSED UP AT 7.0172/ Oil UP TO 58.01 dollars per barrel for WTI and BRENT UP TO 62.06 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING UP TO 7.0281 OFFSHORE YUAN TRADING UP TO 7.0172:/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 TUESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP AT 7.0281
OFFSHORE YUAN: UP TO 7.0172
HANG SENG CLOSED DOWN 27.65 PTS OR 0.11%
2. Nikkei closed UP 28.61 PTS OR 0.06%
3. Europe stocks SO FAR: ALL MIXED
USA dollar INDEX DOWN TO 97.61 /// EURO RISES TO 1.1788 UP 26 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +2.036 // DOWN 4 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 155.91…… 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: 3.438 UP 1/3 FULL BASIS PTS. AND STILL VERY TROUBLESOME
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP/JAPANESE Yen UP CHINESE ONSHORE YUAN: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR UP this morning
3h European bond buying continues to push yields LOWER on all fronts in the EMU. German 10yr bund YIELD UP TO +2.875/ Italian 10 Yr bond yield DOWN to 3.522 SPAIN 10 YR BOND YIELD DOWN TO 3.297
3i Greek 10 year bond yield DOWN TO 3.481
3j Gold at $4479.80 Silver at: 69.49 1 am est) SILVER NEXT RESISTANCE LEVEL AT $70.00
3k USA vs Russian rouble;// Russian rouble UP 0 AND 38/100 roubles/dollar; ROUBLE AT 79.41
3m oil (WTI) into the 58 dollar handle for WTI and 62 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 155.91 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.034% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.438 UP 1/3 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7874 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9383 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: 4.164 DOWN 2 BASIS PTS…
USA 30 YR BOND YIELD: 4.814 DOWN 3 BASIS PTS/
USA 2 YR BOND YIELD: 3.497 DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 42.83 UP 1 BASIS PTS/LIRA GETTING KILLED
10 YR UK BOND YIELD: 4.507 DOWN 3 PTS
30 YR UK BOND YIELD: 5.239 DOWN 3 BASIS PTS
10 YR CANADA BOND YIELD: 3.473 DOWN 1 BASIS PTS
5 YR CANADA BOND YIELD: 2.988 DOWN 1 BASIS PTS.
1a New York OPENING REPORT
Futures Flat Ahead Of Final Macro Data Dump Of 2025
Tuesday, Dec 23, 2025 – 08:29 AM
US equity futures are flat, pointing to a muted open off the overnight session highs on the last full trading session before Christmas, as traders await the last remaining data sets of 2025 to see whether they could materially change expectations for Federal Reserve interest-rate cuts. As of 8:0am ET, the S&P 500 is little changed after a three-day rally that has pushed the benchmark within reach of a new all-time high; Nasdaq futures are down 0.1% with Mag 7 names mixed. European stocks are buoyed by a 7% surge in the shares of Novo Nordisk after the Danish firm won US approval to sell a pill version of its obesity drug Wegovy. US Treasuries steadied after days of losses, with the 10-year yield declining two basis points to 4.15%. The dollar fell to the lowest level since October. Gold extended its record-breaking run, setting sights on $4,500 an ounce. Copper rose past $12,000 a ton for the first time. Bitcoin fell again, failing to stage even a modest rebound. The US calendar includes ADP weekly employment change (8:15am), 3Q GDP (8:30am), November industrial production (9:15am), December Richmond Fed manufacturing index, consumer confidence (10am).
In premarket trading, Mag 7 stocks are mixed: (Tesla +0.4%, Alphabet is little changed, Microsoft +0.07%, Apple -0.05%, Amazon -0.1%, Meta is little changed, Nvidia -0.4%)
- Gold, silver and copper mining and royalty stocks climb as the metals continued to hit record highs amid rising geopolitical tensions. Barrick Mining (B) rises 1% while Hudbay Minerals (HBM) gains 1%.
- Invivyd (IVVD) climbs 1% after the FDA granted a fast track designation for the biotech’s investigational vaccine-alternative monoclonal antibody candidate for Covid prevention in individuals with underlying risk factors for severe Covid.
- Sable Offshore Corp. (SOC) soars 25% after the company said that the US Department of Transportation Pipeline and Hazardous Materials Safety Administration approved the firm’s Las Flores pipeline restart plan.
- Zim Integrated Shipping Services (ZIM) climbs 8% after the company said it is evaluating proposals from multiple potential buyers. The review of strategic alternatives is in advanced stages.
In corporate news, department stores group Saks, facing limited options ahead of a more than $100 million debt payment due at the end of this month, is considering Chapter 11 bankruptcy as a last resort, according to people with knowledge of the situation. Johnson & Johnson was ordered to pay about $1.56 billion to a Maryland woman who blamed the company’s talc-based baby powder for causing her asbestos-linked cancer, the largest such jury verdict for an individual in 15 years of litigation. And Nvidia’s biggest Southeast Asian chip customer is facing a smuggling investigation.
The latest three-day rally pushed US stocks fractionally into positive territory for the month after a turbulent start to December. Preserving those gains until the end of December would extend this winning streak to an eighth month, the longest such run since 2018.
Meanwhile, volatility is collapsing. With the VIX index at 14.11, implied volatility for US equities over the coming 30 days is near the lowest in more than a year. That reflects enduring investor optimism around strong earnings growth, slowing inflation and a soft landing for the economy.
“Volatility is sitting at the lows of the year, while credit spreads are among the most compressed we’ve seen in decades,” said Alberto Tocchio, portfolio manager at Kairos Partners. “That dynamic is helping sustain the current market bonanza, especially in an environment where trading volumes are falling sharply and many discretionary players are already on the sidelines.”
The VIX may be snoozing around a 12-month low, but investors added new short bets across US stock futures last week, leaving net positioning near neutral levels, according to Citigroup strategists. Exposure to the Russell 2000 index of small caps is now bearish.
While Tuesday’s delayed third-quarter US gross domestic product print will likely be too dated to offer a clear read on current conditions, traders will also focus on consumer data after November showed a sharp slump in confidence.
In Europe, the Stoxx 600 edges up 0.2% to touch a new all time high with the health care sector leading gains. Novo Nordisk shares rally after the Danish drugmaker won approval to sell a pill version of its blockbuster obesity shot Wegovy in the US. Meanwhile, banks underperform. Here are some of the biggest movers on Tuesday:
- Novo Nordisk shares rise as much as 7.9%, the most since August, after the Danish drugmaker won approval to sell a pill version of its blockbuster obesity shot Wegovy in the US.
- SIG Group shares gain as much as 6.8%, the most in over a month, after the Swiss food packaging maker disclosed that Swedish activist investor Cevian Capital acquired a 3.1% stake.
Asian stocks were on course to advance for a third day, helped by gains in Japan amid expectations for further interest rate hikes. The MSCI Asia Pacific Index rose as much as 0.7%, with TSMC and Sony Group among the major contributors to the climb. Equities gained in Vietnam, Taiwan and Australia, while those in Indonesia fell. Speculation that the Bank of Japan may raise borrowing costs even more buoyed Japan’s financial stocks. Analysts said the yen’s continued weakness remains a tailwind for equities, even though the currency gained slightly overnight following comments by the finance minister. The onshore benchmark CSI 300 Index climbed 0.2%, despite a downgrade by Citi on Chinese equities to neutral from overweight on less favorable earnings revisions and a lackluster macro outlook.
In FX, the Bloomberg Dollar Spot Index is down 0.4%, falling for a second day and trading at the lowest since early October. The kiwi has overtaken the yen as the G-10 outperformer, rising 0.8% against the greenback. The yen is up 0.7%, dragging USD/JPY back below 156 after another round of jawboning from Japan’s Finance Minister. The Hungarian forint falls 0.2% after Economy Minister Nagy renewed his calls for lower interest rates.
Those moves came as the dollar headed for its weakest annual performance in eight years, with the options market signaling that traders are bracing for further losses. The currency is down 8.3% this year, on track for its biggest slide since 2017. Another modest dip would mark its worst year in at least two decades. Options pricing has also turned more negative, with so-called risk reversals, which track positioning and sentiment, showing options traders are the most bearish in three months.
“The structural drivers of US dollar weakness remain intact,” wrote Patrick Brenner, chief investment officer of multi-asset at Schroders Plc. “Institutional credibility continues to erode, fiscal deficits are widening, and global reserve managers remain steady buyers of gold rather than US dollar assets.”
In rates, treasuries advance, pushing US 10-year yields down 2 bps to 4.14%. European government bonds outperform.US yields richer by 1bp to 3bp across the curve in a bull flattening move, tightening 2s10s and 5s30s spreads by 1bp and 1.2bp on the day. Treasury 10-year yields trade around 4.14%, richer by 2.5bp on the day with bunds and gilts outperforming by an additional 1.5bp and 2bp in the sector. The Treasury is selling $70 billion 5-year notes at 1pm New York, with this week’s issuance concluding with $44 billion 7-year notes Wednesday. Ahead of today’s sale, the WI 5-year yield is about 3.705% which is ~14bp cheaper than the November stop-out
In commodities, gold and silver rise 0.9% each, having notched fresh record highs earlier. Copper also hits a record above $12,000 a ton. Brent was near $62 a barrel after rising about 5% over the previous four sessions as the US continued its blockade of crude shipments from Venezuela.Bitcoin falls 0.5%.
Today’s economic calendar includes ADP weekly employment change (8:15am), 3Q GDP (8:30am), November industrial production (9:15am), December Richmond Fed manufacturing index, consumer confidence (10am
Market Snapshot
- S&P 500 mini little changed
- Nasdaq 100 mini little changed
- Russell 2000 mini little changed
- Stoxx Europe 600 +0.2%
- DAX +0.2%
- CAC 40 -0.1%
- 10-year Treasury yield -2 basis points at 4.15%
- VIX little changed at 14.04
- Bloomberg Dollar Index -0.4% at 1201.58
- euro +0.3% at $1.1796
- WTI crude little changed at $58.03/barrel
Top Overnight News
- Pill Version of Wegovy Is Approved for Use in the US: WSJ
- Japan issues sternest intervention warning, says yen deviating from fundamentals: RTRS
- China’s Sprint for Tech Dominance Can’t Hide an Economy Full of Holes: WSJ
- Car Payments Now Average More Than $750 a Month. Enter the 100-Month Loan: WSJ
- Copper Hits $12,000 for First Time as Tariff Trade Upends Market: BBG
- Silver rises above $70/oz for the first time ever, gold rises to record $4500
- Russian air attack on Ukraine kills three and sparks sweeping outages: RTRS
- Ukraine’s Zelenskiy says several draft documents ready after Miami talks: RTRS
- South Africans dragged into Russia’s war in Ukraine dig trenches, dodge bullets: RTRS
- Russian Oil Stuck at Sea Booms as Tanker Logjams in Asia Expand: BBG
- Trump is mulling giving 775 acres of federal wildlife refuge to SpaceX: NYT.
- DOJ Releases Fresh Tranche of Epstein Files as Pressure Mounts: BBG
- A Small Nebraska Town Is Reeling From the Exit of Meatpacking Giant Tyson: WSJ
- Retail investors to have more sway over Wall Street after record year: RTRS
- The AI Boom Is Making Real-Estate Investors Rich—and Exposing Them to Risk: WSJ
- Trump’s First-Term Trust Buster Is Now Working to Get Paramount Its Deal: WSJ
A more detailed look at global markets courtesy of Newsquawk
APAC stocks eventually traded mixed after initially taking their cue from Wall Street, although volumes and news flow remained subdued as markets wound down for the holiday period. ASX 200 was underpinned by strength in gold miners after the yellow metal printed a fresh all-time high near USD 4,500/oz, supported by a softer USD and ongoing geopolitical tensions. Nikkei 225 initially saw shallower gains than peers as a firmer yen, following official jawboning, capped upside for the index, whilst further gains in the JPY later took the index into the red. KOSPI extended its tech-led rally, with Samsung Electronics shares pushing toward near all-time highs. Hang Seng and Shanghai Comp initially tracked the broader risk tone, while fresh region-specific catalysts remained scarce. Hang Seng later gave up earlier gains.
Top Asian News
- Japanese Finance Minister Katayama declines to comment on forex levels or interest rates, and said Japan will take appropriate action and reiterates they have a “free hand” to respond to excessive moves in the JPY. FX moves after the BoJ press conference are speculative and not reflecting fundamentals. The market has stabilised somewhat since yesterday.
European bourses are mixed, with macro newsflow light. On the micro side, Novo Nordisk (+6.7%) said its oral Wegovy pill has been approved in the US for weight management after showing 16.6% weight loss in the OASIS 4 trial, and it plans a US launch in January 2026. European sectors have opened mixed with a slight positive bias. Health Care (+1.1%), to no surprise, leads due to gains in Novo Nordisk (+6.7%) after US approval of its weight-management drug. Utilities (+0.4%) and Food, Beverage and Tobacco (+0.4%) are also near the top, however, this is likely a rebound from yesterday’s underperformance. Banks (-0.3%), Consumer Products & Services (-0.3%) and Construction (-0.2%) lag, with little fresh newsflow driving moves.
Top European News
- EU is preparing checks on imported plastics and other measures to shore up its recycling industry, according to FT.
- European Car Sales +2.4% to 1.08mln vehicles in November, according to Bloomberg citing ACEA.
- Novo Nordisk (NOVOB DC) said Wegovy pill is approved in the US as the first oral GLP-1 treatment for weight management after showing 16.6% weight loss in the Oasis 4 trial, and said it plans to launch the drug in the US in January 2026. US-listed NOVO shares +5% after market. Eli Lilly -1.2% after market.
- US President Trump said he told French President Macron that France has to raise its drug prices.
Central Banks
- RBA Minutes: Board discussed whether a rate increase might be needed at some point in 2026; holding the cash rate steady for some time could be sufficient to keep the economy in balance. October CPI suggested a risk that Q4 inflation could also be higher than forecast. The board discussed whether a rate increase might be needed at some point in 2026. Recent data suggested risks to inflation had lifted to the upside. The board judged it was too early to know whether the rise in inflation would prove persistent. The board said it would take a little longer to assess the persistence of inflation. Holding the cash rate steady for some time could be sufficient to keep the economy in balance. Policy would be assessed at future meetings, with Q4 inflation data available before the February meeting. Some board members felt conditions were no longer restrictive, while others felt they were a little restrictive. The impact of the recent rise in bond yields on financial conditions needed to be assessed. The economy was operating with excess demand and it was not clear if financial conditions were tight enough. The labour market was judged to still be a little tight, with the output gap positive. The full impact of policy easing earlier in the year was yet to be felt. Measures of capacity utilisation pointed to supply constraints. Little immediate action in AUD or ASX 200.
FX
- DXY is lower and trades at the bottom end of a 97.88 to 98.23 range; really not much driving things for the USD recently, with newsflow exceptionally light, but perhaps facilitated by a strong JPY (see below). Nonetheless, traders will keep a keen eye out for Q3 GDP Advance/PCE, as well as Durable Goods (Oct), due at the same time.
- JPY is amongst the outperformers, with the strength seemingly a continuation of the price action seen following fresh jawboning from Finance Minister Katayama; as a reminder, she said that they have a “free hand” to take bold action in the FX market if needed. USD/JPY drifted lower from an overnight high of 157.07, down below the 156.00 mark, where the pair currently resides.
- Antipodeans also gained throughout overnight trade and into the European session, boosted by ongoing strength in metals prices (XAU now eyeing USD 4.5k/oz to the upside). Earlier, the Aussie showed little reaction to the RBA minutes, which indicated the Board debated whether a rate increase might be required at some point in 2026. Elsewhere, for the Kiwi specifically, NZD/USD breached 0.58 to the upside, which allowed the pair extend beyond the level, which can explain some of the outperformance this morning.
- The GBP and EUR are steady vs the broadly weaker USD. Really not much driving things for either at the moment; the single currency really only has geopolitical updates to digest heading into the Christmas holidays. For Cable, the pair extended beyond the 1.3500 mark to make a peak of 1.3518; the next level to the upside includes the October 1 high at 1.3527.
Fixed Income
- 10yr JGB futures outperformed, firmer by over 40 ticks at best, while the yen simultaneously reversed its early-week weakness following verbal jawboning from Japanese Finance Minister Katayama. JGB futures then rose further after Japanese PM Takaichi said Japan’s national debt is still high, and rejected any “irresponsible bond issuance or tax cuts”, via a Nikkei interview.
- USTs follow JGBs higher, with a lack of domestic newsflow helping things for the benchmark. Currently trading higher by a handful of ticks, and towards the upper end of a 112-11+ to 112-15+ range. Ahead, focus turns to some key US data points, which include US GDP Advance/PCE (Q3) and Durable Goods.
- Bunds, Gilts and OATs also follow suit. For the latter, OATs remain in focus after yesterday’s cabinet meeting made the use of Article 49.3 more likely. For the near-term fiscal needs, the Assembly and Senate are set to finish debating and then adopt text to allow the government to continue financing basic public services into early-2026, despite the absence of a 2026 budget deal. A point that has contributed to OAT strength, as the benchmark marginally outmuscles Bunds, causing the OAT-Bund 10yr yield spread to probe 70bps to the downside.
- China’s Finance Ministry expects aggregate government bond issuance to remain “elevated” in 2026, according to Reuters citing sources.
Commodities
- WTI and Brent chop around USD 58/bbl and USD 62/bbl, respectively, in tight ranges as crude benchmarks consolidate following Monday’s bid higher. Geopolitics has resurfaced in recent sessions as the near-term driver for crude prices, with tensions between the US and Venezuela rising and a potential escalation between Israel and Iran. However, a lack of updates throughout the APAC session has led to a muted start to Tuesday’s session.
- Spot XAU has followed on from Monday’s trend, peaking just shy of USD 4500/oz as the European morning gets underway, with rising geopolitical tensions acting as a new driver for the yellow metal. The recent US-Venezuela developments, specifically the blockaded oil tankers, have urged investors to look for safer places to place their investments.
- 3M LME Copper traded muted in a tight c. USD 60/t band throughout APAC trade, seemingly not benefiting from the further extension in gold and silver prices. As the European session gets underway, the red metal lifted as the positive risk tone in equities fed through into copper. Thus far, 3M LME Copper trades just shy of the ATH formed in Monday’s session, currently at USD 11.98k/t.
- China crude steel output in November 69.6mln tonnes, -10.9% Y/Y; global crude steel output in November 140.1mln tonnes, -4.6% Y/Y, via WorldSteel.
- Thai Central Bank Chief said there will be a set maximum trading volumes per major gold trader.
- Thailand’s Finance Minister is looking to implement a tax on gold trading online.
Geopolitics
- Russia’s Ryabkov said Russia and US held new round of talks on ‘Irritants’; main issues remain unresolved, via IFX. New round of contacts may take place in early spring.
- Polish Armed Forces said they have scrambled jets following Russian strikes on Ukraine.
- Russia is again attacking Ukraine’s energy infrastructure, according to Ukraine’s energy ministry.
- Russia conducts airstrikes on Ukrainian capital Kyiv, according to Ukraine’s military.
- Ukrainian President Zelensky said “Negotiations to end the war are “close to achieving a result”, according to Sky News Arabia.
- Russia’s Kremlin states Ukraine peace talks over the weekend did not achieve breakthrough.
- Russia needs to understand to what extent the US work with Ukraine and Europe on peace plan corresponds to spirit of earlier Putin-Trump Alaska summit, via TASS.
- Odesa regional governor said Russian forces launch new evening drone attack on Ukraine’s Odesa, damaging port facilities and civilian ship.
- “Israel’s Channel 12: Israel fears miscalculation with Iran, assures Washington that it will not take risks”, via Sky News Arabia.
US Event Calendar
- 8:30 am: US Oct. Durable Goods Orders, est. -1.5%, prior 0.5%
- 8:30 am: US 3Q GDP Annualized QoQ, est. 3.2%, prior 3.8%
- 8:30: US 3Q GDP Price Index, est. 2.7%, prior 2.1%
- 8:30 am: US 3Q Personal Consumption, est. 2.7%, prior 2.5%
- 10 am: US Dec. Richmond Fed Index, est. -10, prior -1
DB’s Jim Reid concludes the overnight wrap
This is the last EMR of 2025, before we resume normal service again on January 2. Many thanks for reading and for your interactions this year and wishing you all a Merry Christmas and a Happy New Year.
Markets broadly saw another risk-on move yesterday, with the S&P 500 (+0.64%) posting a third consecutive gain that left the index less than half a percent beneath its record high. However, the global bond sell-off showed few signs of relenting either, with yields reaching new milestones across several countries. The biggest story was undoubtedly the Japanese move, where the 10yr yield (+6.2bps) closed at 2.07% yesterday, the highest since 1999. But that was echoed around the world and yesterday saw 10yr bund yields (+0.2bps) inch above their March peak to close at 2.90%, marking their highest level since October 2023. That ratchet higher for yields is a significant story given that the fiscal picture is likely to remain a big theme in 2026, with many countries running budget deficits on a scale that’s rare outside of wars or major recessions.
As a reminder on Japan, yields increased sharply after the Bank of Japan’s 25bp rate hike on Friday morning, given they signalled that more rate hikes were still to come. Interestingly though, we then saw a decent bout of FX weakness, which in turn led to uncertainty about even more hikes, given the potential need to offset that inflationary impulse. However, that FX weakness began to stabilise yesterday, as finance minister Satsuki Katayama said in a Bloomberg interview yesterday that Japan had a “free hand” to take action in the FX markets, and that “The moves were clearly not in line with fundamentals but rather speculative”. So the yen strengthened after those headlines came out and was up +0.44% against the US dollar yesterday, and this morning it’s the top-performing G10 currency, strengthening a further +0.66% against the US dollar. Our FX strategist Mallika Sachdeva has written more about what happens now in Japan and she says that it makes sense for policymakers to look for measures to stabilise FX
This morning, we’ve seen some of those bond moves begin to ease as well, with yields on 10yr Japanese (-4.4bps) and Australian (-3.2bps) yields coming down, alongside those on 10yr Treasuries (-0.8bps). That comes as Japan’s PM Takaichi said in an interview today that she wouldn’t implement “irresponsible” tax cuts. Meanwhile, there’ve been further equity gains across Asia, with the CSI 300 (+0.51%), the Shanghai Comp (+0.34%) the Hang Seng (+0.18%) and the KOSPI (+0.30%) all advancing. The one exception has been the Nikkei (-0.27%) amidst an underperformance from tech stocks, but other Japanese indices like the TOPIX (+0.19%) are still higher this morning.
Otherwise yesterday, the bond sell-off was a big story outside of Japan too. For instance, in Europe 10yr bund yields (+0.2bps) hit their highest since October 2023 at 2.90%, taking them above their peak in March shortly after the fiscal stimulus announcements. They had been even higher at the intraday peak, but that was pared back after we heard from Isabel Schnabel of the ECB’s Executive Board. She said that “At the moment, no interest-rate increase is to be expected in the foreseeable future”. That was significant, because it was Ms. Schnabel who’d said earlier this month that she was “rather comfortable” with expectations about the next move being a hike, which led investors to price in a growing probability that would happen as soon as 2026. But after the latest interview, investors dialled back the likelihood of a 2026 rate hike even further, and the more policy-sensitive 2yr German yield (-0.6bps) ultimately closed slightly lower.
For US Treasuries, it was mostly a similar story of higher yields yesterday. That came as futures slightly dialled back their expectations for rate cuts next year, now pricing in 58bps by the Dec 2026 meeting, down from 60bps on Friday. In part, that was thanks to the ongoing rebound in oil prices, as that renewed concerns about inflationary pressures, with Brent crude (+2.65%) posting a 4th consecutive increase to $62.07/bbl. And we’d also heard from Cleveland Fed President Hammack over the weekend, who said her base case was that “we can stay here for some period of time until we get clearer evidence that either inflation is coming back down to target, or the employment side is weakening more materially”. So by the close, the 10yr yield (+1.6bps) was up to 4.16%, and notably, the 10yr real yield (+2.5bps) was up to 1.91%, its highest level in 4 months.
Yet despite that rise in nominal and real yields, which normally dampen investor appetite for precious metals that pay no interest, the rally for gold and silver continued to power forward yesterday. By the close, gold (+2.41%) had hit a new record of $4,444/oz, and silver (+2.80%) was also at a new peak of $69.04/oz. Moreover, both have seen further gains this morning, with gold up another +0.78% to $4,478/oz, whilst silver (+0.53%) is up to $69/40/oz. So that now brings their YTD gains to 71% and 140% respectively, which in both cases is their strongest annual performance since 1979.
In the meantime, US equities put in a decent performance as well, with the S&P 500 (+0.64%) back into positive territory for December again. So that currently leaves it on track for an 8th consecutive monthly gain for the first time since January 2018. The advance yesterday was its third consecutive move higher, and it was a broad-based move that saw over three-quarters of the index advance. Moreover, the Magnificent 7 (+0.54%) also posted a third consecutive gain to close just over 1% beneath its own record high. However, in Europe, the picture wasn’t quite as rosy, with the STOXX 600 (-0.13%) posting a modest decline.
Looking forward, today we’ll see the last batch of US data before Christmas. That includes the delayed Q3 GDP print, although that’s backward-looking and covers the period before the shutdown. However, a more recent piece of data will be the Conference Board’s consumer confidence reading for December. Remember that in November, the last reading was the lowest since the Liberation Day turmoil in April, so that will be in the spotlight given the recent downtick in sentiment indicators.
Finally on the day ahead, aside from the Q3 GDP and the Conference Board reading, today’s US data releases include industrial production for November, preliminary durable goods orders for October, and the Richmond Fed’s manufacturing index. Otherwise from central banks, the Bank of Canada will publish their summary of deliberations for the December policy decision.
1b European opening report
US equity futures are flat heading into US data; DXY weighed on by strength in the Yen and Antipodeans – Newsquawk US Market Open
Tuesday, Dec 23, 2025 – 05:52 AM
- US President Trump said US will keep ships and oil seized near Venezuela.
- European bourses are mixed on either side of the unchanged mark, US equity futures are mostly incrementally firmer ahead of US data.
- DXY is under pressure whilst the JPY continues to strengthen; Antipodeans benefit from strength in metals prices.
- JGBs lead global fixed income higher after PM Takaichi rejected any “irresponsible bond issuance or tax cuts”, via a Nikkei interview.
- Crude benchmarks trade rangebound, whilst spot gold eyes USD 4.5k/oz to the upside.
- Looking ahead, highlights include US Richmond Fed (Dec), Durable Goods (Oct), GDP Advance (Oct), PCE Prices (Q3), Industrial Production, Consumer Confidence, Canadian GDP, BoC Minutes (Dec Meeting), Supply from US.
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EUROPEAN TRADE
EQUITIES
- European bourses are mixed, with macro newsflow light. On the micro side, Novo Nordisk (+6.7%) said its oral Wegovy pill has been approved in the US for weight management after showing 16.6% weight loss in the OASIS 4 trial, and it plans a US launch in January 2026.
- European sectors have opened mixed with a slight positive bias. Health Care (+1.1%), to no surprise, leads due to gains in Novo Nordisk (+6.7%) after US approval of its weight-management drug. Utilities (+0.4%) and Food, Beverage and Tobacco (+0.4%) are also near the top, however, this is likely a rebound from yesterday’s underperformance. Banks (-0.3%), Consumer Products & Services (-0.3%) and Construction (-0.2%) lag, with little fresh newsflow driving moves.
- US equity futures are incrementally firmer to flat, in a quiet session – but the session may pick-up surrounding the US GDP Advance/PCE (Q3) metrics.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
FX
- DXY is lower and trades at the bottom end of a 97.88 to 98.23 range; really not much driving things for the USD recently, with newsflow exceptionally light, but perhaps facilitated by a strong JPY (see below). Nonetheless, traders will keep a keen eye out for Q3 GDP Advance/PCE, as well as Durable Goods (Oct), due at the same time.
- JPY is amongst the outperformers, with the strength seemingly a continuation of the price action seen following fresh jawboning from Finance Minister Katayama; as a reminder, she said that they have a “free hand” to take bold action in the FX market if needed. USD/JPY drifted lower from an overnight high of 157.07, down below the 156.00 mark, where the pair currently resides.
- Antipodeans also gained throughout overnight trade and into the European session, boosted by ongoing strength in metals prices (XAU now eyeing USD 4.5k/oz to the upside). Earlier, the Aussie showed little reaction to the RBA minutes, which indicated the Board debated whether a rate increase might be required at some point in 2026. Elsewhere, for the Kiwi specifically, NZD/USD breached 0.58 to the upside, which allowed the pair extend beyond the level, which can explain some of the outperformance this morning.
- The GBP and EUR are steady vs the broadly weaker USD. Really not much driving things for either at the moment; the single currency really only has geopolitical updates to digest heading into the Christmas holidays. For Cable, the pair extended beyond the 1.3500 mark to make a peak of 1.3518; the next level to the upside includes the October 1 high at 1.3527.
- PBoC set USD/CNY mid-point at 7.0523 vs exp. 7.0267 (Prev. 7.0572); strongest fix since Sept 30 2024.
FIXED INCOME
- 10yr JGB futures outperformed, firmer by over 40 ticks at best, while the yen simultaneously reversed its early-week weakness following verbal jawboning from Japanese Finance Minister Katayama. JGB futures then rose further after Japanese PM Takaichi said Japan’s national debt is still high, and rejected any “irresponsible bond issuance or tax cuts”, via a Nikkei interview.
- USTs follow JGBs higher, with a lack of domestic newsflow helping things for the benchmark. Currently trading higher by a handful of ticks, and towards the upper end of a 112-11+ to 112-15+ range. Ahead, focus turns to some key US data points, which include US GDP Advance/PCE (Q3) and Durable Goods.
- Bunds, Gilts and OATs also follow suit. For the latter, OATs remain in focus after yesterday’s cabinet meeting made the use of Article 49.3 more likely. For the near-term fiscal needs, the Assembly and Senate are set to finish debating and then adopt text to allow the government to continue financing basic public services into early-2026, despite the absence of a 2026 budget deal. A point that has contributed to OAT strength, as the benchmark marginally outmuscles Bunds, causing the OAT-Bund 10yr yield spread to probe 70bps to the downside.
- China’s Finance Ministry expects aggregate government bond issuance to remain “elevated” in 2026, according to Reuters citing sources.
COMMODITIES
- WTI and Brent chop around USD 58/bbl and USD 62/bbl, respectively, in tight ranges as crude benchmarks consolidate following Monday’s bid higher. Geopolitics has resurfaced in recent sessions as the near-term driver for crude prices, with tensions between the US and Venezuela rising and a potential escalation between Israel and Iran. However, a lack of updates throughout the APAC session has led to a muted start to Tuesday’s session.
- Spot XAU has followed on from Monday’s trend, peaking just shy of USD 4500/oz as the European morning gets underway, with rising geopolitical tensions acting as a new driver for the yellow metal. The recent US-Venezuela developments, specifically the blockaded oil tankers, have urged investors to look for safer places to place their investments.
- 3M LME Copper traded muted in a tight c. USD 60/t band throughout APAC trade, seemingly not benefiting from the further extension in gold and silver prices. As the European session gets underway, the red metal lifted as the positive risk tone in equities fed through into copper. Thus far, 3M LME Copper trades just shy of the ATH formed in Monday’s session, currently at USD 11.98k/t.
- China crude steel output in November 69.6mln tonnes, -10.9% Y/Y; global crude steel output in November 140.1mln tonnes, -4.6% Y/Y, via WorldSteel.
- Thai Central Bank Chief said there will be a set maximum trading volumes per major gold trader.
- Thailand’s Finance Minister is looking to implement a tax on gold trading online.
TRADE/TARIFFS
- Japan’s Chief Trade Negotiator Akazawa said JPY 1.8tln has been requested to support Nippon Export and Investment Insurance for US investments.
NOTABLE EUROPEAN HEADLINES
- EU is preparing checks on imported plastics and other measures to shore up its recycling industry, according to FT.
NOTABLE EUROPEAN DATA RECAP
- Italian Flash Trd Bal Non-EU (Nov) 6.92B (Prev. 5.32B).
- Spanish GDP YY (Q3) 2.8% vs. Exp. 2.8% (Prev. 2.8%).
- Spanish GDP Final QQ (Q3) 0.6% vs. Exp. 0.6% (Prev. 0.6%).
- Swedish PPI MM (Nov) 1.2% (Prev. 0.4%).
- Swedish PPI YY (Nov) -1.4% (Prev. 0.4%).
- German Import Prices MM (Nov) 0.5% vs. Exp. 0.1% (Prev. 0.2%).
- German Import Prices YY (Nov) -1.9% vs. Exp. -2.2% (Prev. -1.4%).
NOTABLE EUROPEAN EQUITY HEADLINES
- European Car Sales +2.4% to 1.08mln vehicles in November, according to Bloomberg citing ACEA.
- Novo Nordisk (NOVOB DC) said Wegovy pill is approved in the US as the first oral GLP-1 treatment for weight management after showing 16.6% weight loss in the Oasis 4 trial, and said it plans to launch the drug in the US in January 2026. US-listed NOVO shares +5% after market. Eli Lilly -1.2% after market.
- US President Trump said he told French President Macron that France has to raise its drug prices.
CENTRAL BANKS
- RBA Minutes: Board discussed whether a rate increase might be needed at some point in 2026; holding the cash rate steady for some time could be sufficient to keep the economy in balance. October CPI suggested a risk that Q4 inflation could also be higher than forecast. The board discussed whether a rate increase might be needed at some point in 2026. Recent data suggested risks to inflation had lifted to the upside. The board judged it was too early to know whether the rise in inflation would prove persistent. The board said it would take a little longer to assess the persistence of inflation. Holding the cash rate steady for some time could be sufficient to keep the economy in balance. Policy would be assessed at future meetings, with Q4 inflation data available before the February meeting. Some board members felt conditions were no longer restrictive, while others felt they were a little restrictive. The impact of the recent rise in bond yields on financial conditions needed to be assessed. The economy was operating with excess demand and it was not clear if financial conditions were tight enough. The labour market was judged to still be a little tight, with the output gap positive. The full impact of policy easing earlier in the year was yet to be felt. Measures of capacity utilisation pointed to supply constraints. Little immediate action in AUD or ASX 200.
NOTABLE US HEADLINES
- US President Trump is reportedly mulling giving 775 acres of federal wildlife refuge to SpaceX, via NYT.
GEOPOLITICS
RUSSIA-UKRAINE
- Russia’s Ryabkov said Russia and US held new round of talks on ‘Irritants’; main issues remain unresolved, via IFX. New round of contacts may take place in early spring.
- Polish Armed Forces said they have scrambled jets following Russian strikes on Ukraine.
- Russia is again attacking Ukraine’s energy infrastructure, according to Ukraine’s energy ministry.
- Russia conducts airstrikes on Ukrainian capital Kyiv, according to Ukraine’s military.
- Ukrainian President Zelensky said “Negotiations to end the war are “close to achieving a result”, according to Sky News Arabia.
- Russia’s Kremlin states Ukraine peace talks over the weekend did not achieve breakthrough.
- Russia needs to understand to what extent the US work with Ukraine and Europe on peace plan corresponds to spirit of earlier Putin-Trump Alaska summit, via TASS.
- Odesa regional governor said Russian forces launch new evening drone attack on Ukraine’s Odesa, damaging port facilities and civilian ship.
MIDDLE EAST
- “Israel’s Channel 12: Israel fears miscalculation with Iran, assures Washington that it will not take risks”, via Sky News Arabia.
CRYPTO
- Bitcoin is a little lower and trades around USD 87k with Ethereum once again dipping below USD 3k.
APAC TRADE
- APAC stocks eventually traded mixed after initially taking their cue from Wall Street, although volumes and news flow remained subdued as markets wound down for the holiday period.
- ASX 200 was underpinned by strength in gold miners after the yellow metal printed a fresh all-time high near USD 4,500/oz, supported by a softer USD and ongoing geopolitical tensions.
- Nikkei 225 initially saw shallower gains than peers as a firmer yen, following official jawboning, capped upside for the index, whilst further gains in the JPY later took the index into the red.
- KOSPI extended its tech-led rally, with Samsung Electronics shares pushing toward near all-time highs.
- Hang Seng and Shanghai Comp initially tracked the broader risk tone, while fresh region-specific catalysts remained scarce. Hang Seng later gave up earlier gains.
NOTABLE ASIA-PAC HEADLINES
- Japanese Finance Minister Katayama declines to comment on forex levels or interest rates, and said Japan will take appropriate action and reiterates they have a “free hand” to respond to excessive moves in the JPY. FX moves after the BoJ press conference are speculative and not reflecting fundamentals. The market has stabilised somewhat since yesterday.
1c) Asian opening report
Novo’s Wegovy pill approved in the US as the first oral GLP-1 treatment; JPY outperformer following further jawboning – Newsquawk EU Market Open
Tuesday, Dec 23, 2025 – 12:57 AM
- APAC stocks eventually traded mixed after initially taking their cue from Wall Street, although volumes and news flow remained subdued as markets wound down for the holiday period.
- JPY extended its prior session’s advances, and USD/JPY eventually dipped under 156.00, whilst the CNH saw notable strength.
- US President Trump said the US will keep the ships and oil seized near Venezuela.
- Novo Nordisk (NOVOB DC) said the Wegovy pill is approved in the US as the first oral GLP-1 treatment for weight management.
- European equity futures are indicative of an uneventful cash open with the Euro Stoxx 50 U/C after cash closed -0.3% on Monday.
- Looking ahead, highlights include German Import Prices (Nov), Spanish GDP Final (Q3), US Richmond Fed (Dec), Durable Goods (Oct), GDP Advance (Oct), PCE Prices (Q3), Industrial Production, Consumer Confidence, Canadian GDP, BoC Minutes (Dec Meeting), Supply from US.
- Click for the Newsquawk Week Ahead.
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US TRADE
EQUITIES
- US stocks trended higher through the European and US sessions before paring modestly into the close, with the Russell leading the advance.
- Sector-wise, Materials, Financials and Energy outperformed; Materials were supported by strength in metals prices, while Energy was underpinned by firmer crude amid escalating geopolitical tensions.
- SPX +0.56% at 6,873, NDX +0.46% at 25,462, DJI +0.47% at 48,363, RUT +1.08% at 2,557.
- Click here for a detailed summary.
NOTABLE HEADLINES
- Bank of America (BAC) CEO Moynihan said the bank is projecting a strong economy for 2026. Expects 2.4% growth next year, up from about 2%. Unemployment numbers are normalising after a tight market.
NOTABLE US EQUITY HEADLINES
- Warner Bros Discovery (WBD) confirms receipt of amended, unsolicited tender offer from Paramount Skydance (PSKY).
- NVIDIA (NVDA) reorganises Cloud division, effectively ending direct competition with AWS (AMZN), according to The Information; DGX Cloud team shifts focus to internal NVDA engineering needs. Cloud division head Alexis Black Bjorlin seeks a new internal role.
- Democratic lawmakers want the Commerce Department to disclose all requests for licenses for NVIDIA (NVDA) to ship H200 AI chips to China.
APAC TRADE
EQUITIES
- APAC stocks eventually traded mixed after initially taking their cue from Wall Street, although volumes and news flow remained subdued as markets wound down for the holiday period.
- ASX 200 was underpinned by strength in gold miners after the yellow metal printed a fresh all-time high near USD 4,500/oz, supported by a softer USD and ongoing geopolitical tensions.
- Nikkei 225 initially saw shallower gains than peers as a firmer yen, following official jawboning, capped upside for the index, whilst further gains in the JPY later took the index into the red.
- KOSPI extended its tech-led rally, with Samsung Electronics shares pushing toward near all-time highs.
- Hang Seng and Shanghai Comp initially tracked the broader risk tone, while fresh region-specific catalysts remained scarce. Hang Seng later gave up earlier gains.
- US equity futures resumed trading on a flat footing before briefly adopting a mild upward bias in line with the constructive tone across APAC. Futures then tilted lower as some APAC benchmarks turned mixed.
- European equity futures are indicative of an uneventful cash open with the Euro Stoxx 50 U/C after cash closed -0.3% on Monday.
FX
- DXY remained subdued towards the bottom end of a 98.037–98.237 range amid holiday-thinned conditions, with upside capped by persistent yen strength. The index extended the prior session’s downside pressure, driven by gains in both JPY and AUD, with the latter supported by strength in gold and copper.
- JPY extended its prior session’s advance following remarks from Japanese Finance Minister Katayama, who noted the Ministry of Finance had a “free hand” to take bold action on the currency. USD/JPY drifted lower to a dip under 156 from an earlier high of 157.07.
- CNH firmed alongside the yen but retreated from its best levels after the PBoC fixing came in weaker than expected, despite marking its strongest level since late September 2024. CNH later notably re-strengthened, pushing to fresh intraday highs.
- AUD remained underpinned by continued record highs in gold, trading near USD 4,500/oz, alongside recent gains in copper prices. Markets showed little reaction to the RBA minutes, which indicated the Board debated whether a rate increase might be required at some point in 2026, while also noting that maintaining the cash rate for an extended period could be sufficient to keep the economy in balance. NZD/USD briefly popped higher after clearing the 0.5800 level.
- EUR and GBP were largely uneventful amid a dearth of meaningful catalysts as markets wound down for the holiday period, with both pairs moving broadly in line with the USD.
- PBoC set USD/CNY mid-point at 7.0523 vs exp. 7.0267 (Prev. 7.0572); strongest fix since Sept 30 2024.
FIXED INCOME
- 10yr UST futures traded with a modest upward bias after previously tracking JGB weakness during Monday’s APAC session, before seeing limited follow-through in US trade. Global debt contracts held a broadly firmer tone overnight, albeit in an environment notably devoid of fresh catalysts.
- Bund futures moved in step with their peers, with price action remaining tentative amid a lack of clear drivers as markets headed into the holiday period.
- 10yr JGB futures outperformed, at one point rising by around 36 ticks after underperforming the prior session, while the yen simultaneously reversed its early-week weakness following verbal jawboning from Japanese Finance Minister Katayama. JGB futures then rose further after Japanese PM Takaichi said Japan’s national debt is still high, and rejected any “irresponsible bond issuance or tax cuts”, via a Nikkei interview.
- US sold USD 69bln of 2-year notes; tails 0.3bps. Tail: 0.3bps (prev. 0.0bps, six-auction average -0.4bps); WI: 3.496%. High Yield: 3.499% (prev. 3.489%, six-auction average 3.652%). B/C: 2.54x (prev. 2.68x, six-auction average 2.61x). Dealer: 12.7% (prev. 11.2%, six-auction average 11.2%). Direct: 34.1% (prev. 30.7%, six-auction average 31.7%). Indirect: 53.2% (prev. 58.1%, six-auction average 57.1%).
COMMODITIES
- Crude futures consolidated after the prior session’s geopolitically driven gains, with prices largely flat throughout the APAC session.
- Spot gold extended its relentless advance, underpinned by ongoing geopolitical risks and a softer USD, with prices trading a whisker below USD 4,500/oz after having cleared USD 4,400/oz in the prior session.
- Copper futures remained broadly flat despite the weaker dollar and constructive risk tone across APAC, with 3M LME copper hovering just below USD 12,000/t and closer to USD 11,900/t.
- Cheniere Energy (LNG) completes Train 4 at the Corpus Christi liquefaction Stage 3 project in Texas.
CRYPTO
- Bitcoin was subdued, slipping back below USD 88,000 amid a sparse catalyst landscape and light directional drivers.
CENTRAL BANKS
- ECB’s Schnabel said one should not expect a rate hike at present or in the foreseeable future, according to Faz; believes there are more inflationary than disinflationary forces at work. At some point will need to raise rates, but not in the foreseeable future.
- Bank of Korea board member Chang said Efforts will be maintained to stabilise the forex market. Market-stabilising measures will be proactively sought if needed. It is necessary to remain cautious about financial instability. Volatility is increasing in financial and forex markets. One-sided FX moves are expected to ease going forward on policy measures.
- RBA Minutes: Board discussed whether a rate increase might be needed at some point in 2026; holding the cash rate steady for some time could be sufficient to keep the economy in balance. October CPI suggested a risk that Q4 inflation could also be higher than forecast. The board discussed whether a rate increase might be needed at some point in 2026. Recent data suggested risks to inflation had lifted to the upside.
NOTABLE ASIA-PAC HEADLINES
- Japanese Finance Minister Katayama declined to comment on forex levels or interest rates, and said Japan will take appropriate action. She reiterated they have a “free hand” to respond to excessive moves in the JPY. she added that FX moves after the BoJ press conference are speculative and not reflecting fundamentals, and the market has stabilised somewhat since yesterday.
- Japan is likely to assume long-term interest rates of around 3% for its FY2026 budget, the highest level in 29 years, according to Reuters sources.
- Japanese PM Takaichi said Japan’s national debt is still high, and rejected any “irresponsible bond issuance or tax cuts”, according to a Nikkei interview.
- China held a policy conference on housing on Dec 22–23, state media reports; will focus on stabilising the real estate market and will take steps to destock and optimise housing supply; Will implement city-specific policies to control new housing supply, and will vigorously implement urban renewal in 2026.
- ByteDance reportedly plans USD 23bln AI spending spree to keep pace with US rivals, according to the FT.
GEOPOLITICS
RUSSIA-UKRAINE
- Ukrainian President Zelensky said “Negotiations to end the war are “close to achieving a result” according to Sky News Arabia.
- Russia’s Kremlin states Ukraine peace talks over the weekend did not achieve a breakthrough.
- Russia needs to understand to what extent the US’ work with Ukraine and Europe on a peace plan corresponds to the spirit of the earlier Putin-Trump Alaska summit, via TASS.
- Odesa regional governor said Russian forces launch new evening drone attack on Ukraine’s Odesa, damaging port facilities and a civilian ship.
- US VP Vance said he doesn’t have “confidence” there will be a peaceful solution to the Russia/Ukraine conflict, said but negotiations will continue and thinks progress has been made.
- Russia conducted airstrikes on the Ukrainian capital Kyiv, according to Ukraine’s military. Russia is again attacking Ukraine’s energy infrastructure, according to Ukraine’s energy ministry.
- US President Trump said Ukrainian talks are going along; talks are going “okay”.
MIDDLE EAST
- US and its allies are renewing their push to hold a conference on Gaza reconstruction, via Bloomberg.
- Israeli PM Netanyahu said Israel knows Iran is conducting ‘exercises’ recently, and basic expectations from Iran have not changed. Iran’s nuclear activities will be discussed with Trump.
- “Israel’s Channel 12: Israel fears miscalculation with Iran, assures Washington that it will not take risks”, via Sky News Arabia.
US-VENEZUELA
- US President Trump said US will keep ships and oil seized near Venezuela.
OTHERS
- US Southern Command said a joint task force carried out a lethal kinetic strike on a low-profile vessel in international waters, killing one male, with no US military forces harmed.
- US President Trump says he approved plans for the Navy to start building two new battleships; will work to increase the number of aircraft carriers; will be “100 times more powerful than any battleship ever built”. The new ships we will build will ensure our military superiority.
- US President Trump said “we need Greenland”.
EU/UK
NOTABLE EUROPEAN EQUITY HEADLINES
- Novo Nordisk (NOVOB DC) said Wegovy pill is approved in the US as the first oral GLP-1 treatment for weight management after showing 16.6% weight loss in the Oasis 4 trial, and said it plans to launch the drug in the US in January 2026. US-listed shares +5% after market.
- US President Trump said he told French President Macron that France has to raise its drug prices.
- EU is preparing checks on imported plastics and other measures to shore up its recycling industry, according to FT.
SOUTH KOREA/USA
2b. JAPAN
Japan To Resume Operations At World’s Largest Nuclear Plant 15 Years After Fukushima Disaster
Monday, Dec 22, 2025 – 05:00 PM
Authored by Rachel Roberts via The Epoch Times (emphasis ours),
Japan is set to resume operations at the world’s largest nuclear power plant, marking a key development in the country’s return to nuclear energy almost 15 years after the Fukushima disaster.
Kashiwazaki-Kariwa, located around 136 miles northwest of Tokyo, was among 54 reactors shut down after the nuclear disaster that occurred after the crippling of the Fukushima Daiichi nuclear plant in Japan in March 2011. The disaster occurred following the 9.0 magnitude Great East Japan Earthquake, which led to a large tsunami.
Japan has now resumed nuclear power generation at 14 of the 33 plants that remain operable, as part of its shift away from reliance on fossil fuels.
Kashiwazaki-Kariwa will be the first operated by Tokyo Electric Power Co (TEPCO), which also ran the Fukushima plant.
Operations can resume immediately following Niigata prefecture’s assembly passing a vote of confidence on Niigata Gov. Hideyo Hanazumi on Dec. 22.
Hanazumi, who backed the restart last month, said after the vote, “This is a milestone, but this is not the end.”
“There is no end in terms of ensuring the safety of Niigata residents,” he said.
Deep Divisions
The assembly session revealed the community’s deep divisions over the restart, in spite of lawmakers giving their backing to Hanazumi.
“This is nothing other than a political settlement that does not take into account the will of the Niigata residents,” an assembly member told fellow lawmakers during the session.
Around 300 protesters gathered outside the assembly holding billboards with signs expressing their opposition to the resumption in operations, such as “No Nukes” and “Support Fukushima.”
“I am truly angry from the bottom of my heart,” Kenichiro Ishiyama, a 77-year-old protester from Niigata city, told reporters after the vote.
“If something was to happen at the plant, we would be the ones to suffer the consequences.”
Evacuation Effects
An almost 50-foot tsunami disabled the power supply and cooling of three of Fukushima Daiichi reactors, causing a nuclear accident rated level 7 on the International Nuclear and Radiological Event Scale, with a high level of radioactive release occurring.
The evacuation has been criticized for having done more harm than good, due to the effects of stress on those displaced, particularly on elderly people. Experts have concluded that the loss of life would have been far smaller if all residents had done nothing at all, or were sheltered in place, instead of being evacuated.
“We remain firmly committed to never repeating such an accident and ensuring Niigata residents never experience anything similar,” said TEPCO spokesperson Masakatsu Takata, who declined to comment on timing.
TEPCO pledged earlier this year to pour 100 billion yen ($641 million) into the district over the next 10 years as it fought to win the support of Niigata’s wary residents. The company’s shares rose by 2 percent in Monday’s afternoon trade in Tokyo, higher than the Nikkei index as a whole, which was up 1.8 percent.
A survey in October found 60 percent of residents did not think conditions for the restart had been met, with almost 70 percent worried about TEPCO operating the plant.
Farmer Ayako Oga, 52, was forced to flee the area around the Fukushima plant in 2011, along with around 160,000 other evacuees.
“We know firsthand the risk of a nuclear accident and cannot dismiss it,” said Oga, who still suffers from post-traumatic stress-like symptoms following the disaster.
Hanazumi has said he hopes Japan will eventually be able to reduce its reliance on nuclear power.
“I want to see an era where we don’t have to rely on energy sources that cause anxiety,” he said last month.
The Dec. 22 vote represented the final hurdle before TEPCO restarts the first reactor, which alone could boost electricity supply to the Tokyo area by 2 percent, according to an estimate by Japan’s trade ministry.
AI Driving Energy Demand
Prime Minister Sanae Takaichi has expressed her support for nuclear restarts to counter the cost of imported fossil fuels, which account for 60–70 percent of the country’s total electricity generation.
Last year, Japan spent 10.7 trillion yen ($68 billion) on imported liquefied natural gas and coal, representing a tenth of the country’s total import costs.
Despite its declining population, Japan expects energy demand to rise over the next decade, due to the power needs of artificial intelligence (AI) data processing centers.
The country has set a target of doubling the portion of nuclear power in its electricity mix to 20 percent by 2040.
Kashiwazaki-Kariwa’s total capacity is 8.2 GW, which is enough to power a few million homes.
Japan’s top nuclear power operator, Kansai Electric Power, said in July it would begin conducting surveys for a reactor in western Japan, in what is planned to be the country’s first new plant since the Fukushima disaster.
Reuters contributed to this report.
3. CHINA/
CHINA/USA
It is getting quite nasty between China and the USA
(zerohedge)
US Launches Tariff Action Over Chinese “Unreasonable” Pursuit Of Chip Industry Dominance
Tuesday, Dec 23, 2025 – 10:40 AM
It appears that the unstable trade truce between the US and China is over.
In what the SCMP calls a “decisive trade move against China’s semiconductor industry” the US Trade Representative Office said it had determined that Beijing’s drive for dominance in the sector is “unreasonable and discriminatory” and poses a direct threat to US commerce.
In a formal Notice of Action filed with the Federal Register, the agency said the US will slap tariffs on Chinese semiconductor imports over Beijing’s “unreasonable” pursuit of chip industry dominance, but would delay the action until June 2027, at which point the rate will be raised to a higher level that will be announced 30 days before the deadline.
The filing follows a year-long investigation into China’s chip imports into the United States, launched by the Biden administration on December 23, 2024, which concluded that China has employed “sweeping non-market policies” to capture global market share and displace foreign competitors.
The USTR said China’s industrial plans target “every major segment of the semiconductor supply chain,” including fabrication, design, assembly, testing and packaging.
“China’s pursuit of its dominance goals has severely disadvantaged US companies, workers, and the US economy generally,” the notice said, citing lost sales, reduced competition, and the creation of dangerous economic dependencies.
“China’s targeting of the semiconductor industry for dominance is unreasonable and burdens or restricts U.S. commerce and thus is actionable,” the U.S. Trade Representative concluded.
According to Reuters, the move represents the latest effort by President Donald Trump to dial down tensions with Beijing, faced with Chinese export curbs on the rare earth metals that global tech companies rely on and which China controls. We disagree, and view the decision – which finds that China is aggressively abusing free markets – will be one which forces Beijing to retaliate in tit-for-tat fashion.
The chip industry is awaiting the outcome of another investigation into chip imports that could hit Chinese goods and result in tariffs on a vast array of technology, but U.S. officials are privately saying that they might not levy them anytime soon, Reuters reported
4 EUROPEAN/NATO AFFAIRS/SCANDINAVIA
GERMANY/KOLBE
Germany’s Debt-Fueled Illusions: Merz Humiliated, Economy In Freefall
Tuesday, Dec 23, 2025 – 05:00 AM
Submitted by Thomas Kolbe
The year 2025 ends for the slap-prone German Chancellor with a resounding smack in Brussels. After the failed raid on Russian assets at Euroclear, Berlin now turns its gaze to the hoped-for comeback of the German economy. Yet here too awaits the next bitter realization for naïve statisticians: wealth cannot be printed with debt.
Whether the Chancellor finds any sense of fulfillment—or even joy—in his current job is difficult to discern. Not that Friedrich Merz, with his numerous political sleights of hand, has preserved any claim to professional happiness. And yet curiosity remains: what must the psyche of a man be like, who for nearly eight months has been led by social-democratic buccaneers such as Lars Klingbeil and Bärbel Bas by the nose through the political circus—exposed, humiliated, and repeatedly made ridiculous?
Merz’s grandiose promises of cutting bureaucracy, unleashing the economy in a vitalizing fall of reforms, and his bizarre economic patriotism à la “Made for Germany” evaporate at the slightest breeze of intra-coalition opposition. It reads like a naive comedy: the CDU and SPD camouflage reform policies, only to steer the central plan of transforming society and the economy into a green command economy with a military-industrial complex through increasingly rough seas to a safe harbor. The good old Erich—what would he have thought of what the old “FRG” has become?
The ongoing public humiliation of former BlackRock breakfast director Friedrich Merz reached a temporary peak on Friday in Brussels. At the EU summit, he received a resounding slap from the small Visegrád coalition led by Hungarian Prime Minister Viktor Orbán, ultimately preventing the expropriation of Russian assets at Euroclear.
For those who understand the significance of Euroclear and even vaguely grasp what it means to damage a pillar of the trust-based international financial market architecture, a sigh of relief was inevitable.
What threatened here was nothing less than a reckless kick against a system’s foundation—whether from ignorance, political incompetence, or an almost manic denial of reality regarding the long-lost war in Ukraine. Panic replaces reason, EU-Europe digs deeper into the spiral of debt and recession, whose accelerating spin now lifts once-prosperous cities like Stuttgart and Wolfsburg off their fiscal saddles.
In Brussels, Merz and his allies were shown a boundary—unmistakably. Thus, the circle closes on a disagreeable year 2025 for him. And everything suggests the coming year will offer little cause for optimism.
Toward the Sunset
The German economy alone ensures that 2026 will seamlessly continue the disaster of 2025. An honest economic assessment requires a willingness for an honest inventory. The state’s share of German GDP has long surpassed the magic mark of 50 percent. New borrowing next year—adjusted for the federal government’s accounting tricks—will amount to roughly 5.6 percent.
Merz’s relentless fight against the debt brake now forces even Bundesbank economists to a sober assessment. For the coming year, they forecast an official budget deficit of 4.8 percent—a figure indirectly confirming our estimate of actual new borrowing.
If one views the state as a consumer filling its deficits with a debt printer, then statistically reported zero growth means nothing more than the private economy—producing goods and services for real consumers—is shrinking dramatically.
To counteract this economic erosion, the federal government, in addition to its already high-deficit budget, channels special funds into two artificial economies: the green disaster economy and the freshly revitalized war sector. Over €50 billion per year is borrowed on the credit market for this purpose.
It is this mixture of economic ignorance, historical oblivion, and near-childlike faith in miracles that leaves one speechless. One can safely assume that no cabinet member comprehends that only capital saved from the economic process and transformed into investments on a free market creates wealth.
The Merz–Klingbeil duo is building a bubble economy ideologically committed to the green transformation and geopolitically following a historically fatal idea: the growth of a war economy.
The Silent Erosion of the Real Economy
This policy may further swell the public sector. Merely distributing these massive debt and credit programs puts tens of thousands to work at the expense of the productive population. The high regulatory tempo in Brussels and Berlin has forced the German economy to create roughly 325,000 new administrative positions over the past three years—solely to handle the flood of documentation and regulatory requirements. Paper piles upon paper: absurd, Kafkaesque, and economically destructive.
The state thus effectively outsources its own bureaucracy and distorts statistics on multiple levels. While administrative apparatuses grow, hundreds of thousands of industrial jobs have already been lost. The consensus estimate for economic growth in 2026 of just about one percent is the true disaster Berlin must now digest.
It matters little how much credit the state withdraws from the capital market or which incentives it creates to direct private capital into industrial wastelands—green steel or wind energy. In this environment, the private sector will shrink by at least four percent next year.
The Turning Point
For Friedrich Merz, this economic catastrophe is no longer merely a domestic political time bomb. If the downward spiral continues, media spectacles, ritualized bashing of entrepreneurs, hollow site patriotism, and endless “persevere” slogans will not suffice to explain to citizens why their exsanguination through taxes and labor markets continues to rise while no one addresses the causes.
At its core, this crisis is about correcting two fundamental ideological misdirections. The moment will come when Germany must abandon the leftist illusion of permanently acting as the world’s social office. This cut will coincide with the end of destructive climate socialism, which is either bankrupting German industry or pushing it into the arms of rationally managed locations.
The Visegrád group delivered a demonstrative kick to Merz’s shins. But the real dynamics extend further: a powerful opposition of conservative parties and governments—from Hungary, the Czech Republic, Slovakia, and Italy—is forming. They will eventually behead the climate-socialist Medusa of central planners. Yet, given the stiff headwinds and fierce resistance of Brussels’ powerful core, the birth of the liberating European Perseus may be a long and difficult labor.
March into Command Economy
END
NATO/ROMANIA
New NATO Hub To Open In Romania, Doubling Weapons Deliveries To Ukraine
Tuesday, Dec 23, 2025 – 03:30 AM
Starting in January 2026, a second NATO hub will begin operating in Romania, doubling the transit of weapons to Ukraine, including through the PURL (Prioritized Ukraine Requirements List) mechanism.
Right after Russia invaded Ukraine in 2022, a similar hub was opened in Jasionka, Poland, to serve as a key logistics center for all international aid flowing to Kyiv — military, humanitarian, and medical. Funds flow into Jasionka from Europe and the United States, writes Do Rzeczy.
The opening of the second hub reporting directly to NATO was confirmed by NATO’s deputy commander for support to Ukraine, General Mike Keller, who also informed press that in the past year, Ukraine received around 220,000 tons of military aid – approximately 9,000 trucks, 1,800 railway cars, and some 500 aircraft carrying weapons and military equipment.
“This is actually quite positive news, considering the independence of arms supplies to Ukraine from a single logistics center in Poland. This concerns urgently needed air defense assets, and above all, missiles, ammunition, etc.,” Defense Express experts assessed.
The current hub in Poland is located approximately 80 kilometers from the Polish-Ukrainian border. From there, goods, previously subjected to security checks, including explosives and counterintelligence equipment, are transported to the Ukrainian border.
For over two years, all these tasks were performed by a special support inspectorate – a team of four services under the overall leadership of the Military Counterintelligence Service – the police, the Central Bureau of Police Investigation, the Military Counterintelligence Service, and a dozen or so officers of the Military Gendarmerie.
END
UK
UK Govt Minister Steps In To Defend Met Office As Fake Temperature Scandal Escalates
Tuesday, Dec 23, 2025 – 02:00 AM
Authored by Chris Morrison via DailySceptic.org,
In a couple of weeks’ time, the Met Office is likely to announce another ‘hottest year evah’ in the UK. The message will be broadcast faithfully by trusted messengers in mainstream media, keen to prop up the fading Net Zero fantasy, but greeted with howls of derision across social media. Eye-opening investigative research over the last two years has revealed a national temperature network mainly composed of ‘junk’ inappropriate sites and massive data inventions across over 100 non-existent stations.
Now the British Government has stepped in with the suggestion that questioning the Met Office’s shoddy measuring systems “weakens trust in science”. Misinformation is said to have proliferated on “conspiracy networks”.
Step forward Lord Patrick Vallance, the former Government Chief Scientific Adviser at the heart of the Covid lockdown panic but now an unelected Science Minister in the Labour Administration.
“There has been a growing online narrative in some online and social media spaces attempting to undermine Met Office observations and data,” he observes.
Vallance’s conspiracy claims echo similar comments made earlier in the year by the Met Office. The investigative efforts of a small number of people were said by the state meteorologist to be an “attempt to undermine decades of robust science around the world ‘s changing climate”.
Only in the world inhabited by Vallance and the Met Office can a conspiracy be whipped up when rigorous examination and questioning is applied to scientific data.
From Covid to climate, it seems the scientific process is a closed book to state scientists following the settled political narrative. One of the ‘conspirators’ is citizen sleuth Ray Sanders, who has undertaken a forensic examination of nearly 400 individual Met Office recording stations. Commenting on the official ministerial response, he observed that not one word constituted a scientific approach. “It is a political monologue of the lowest order,” he opined.
Regular co-conspiratorial readers will of course be aware of the reporting problems at the Met Office.
Over the last 18 months, the percentage of sites in junk CIMO Classes 4 and 5 with ‘uncertainties’ due to nearby unnatural obstacles of 2°C and 5°C respectively has climbed from 77.9% to over 80%. In that period, the number of pristine Class 1 sites capable of measuring an uncorrupted ambient air temperature over a large surrounding area has fallen from 24 to just 19. Ray Sanders has catalogued most of the unsuitable sites producing measurements taken by airport runways, in walled gardens, near main roads and in the middle of solar farms. Daily high unnatural heat spikes, amplified by the recent introduction of more accurate electronic devices, are an obvious unaddressed problem, but they are often fed into the official statistics. One such 60-second spike in July 2022 pushed the temperature at RAF Coningsby up to 40.3°C, a declared national record that is widely publicised.
Meanwhile, temperature databases are awash with non-existent stations and invented data. Explanations that the ‘estimates’ are taken from ‘well-correlated neighbouring stations’ might be more convincing if those stations could be identified. Freedom of Information (FOI) efforts by Ray Sanders seeking such details have been dismissed as “vexatious” and “not in the public interest”. The picture has emerged of a very rough-and-ready network, suitable for specific local temperature reporting at places such as airports, but unconvincing in promoting widespread average temperatures down to one hundredth of a degree centigrade.
The Vallance explanations are contained in a letter written to the Conservative MP Sir Julian Lewis following concerns raised by Derek Tripp, a local councillor in his constituency. He notes that in September, the Met Office decided to remove estimated data from three non-existent stations on its historic temperature database.
“They recognised that confusion could be caused when there appears to be a continued flow of data on this website from stations that have closed,” he said.
In fact the confusion was caused by the Daily Sceptic seeking FOI details in November of well-correlated neighbouring stations responsible for data at one of the stations, namely Lowestoft. The well-correlated explanation is often used by the Met Office and formed the basis of an earlier ‘fact check’ by Science Feedback that seems to have relied exclusively on text provided by the Met Office. Sanders had earlier determined that there were no such stations within a reasonable distance of Lowestoft. The Met Office admitted under FOI that it did not use such stations but rather made estimates using its HADUK-Grid. This was little more than passing the buck since HADUK-Grid inputs temperature information from nearby stations, none of which it seems can ever be identified.
Vallance went on to note that the historic dataset was for “general interest only and is not intended for climate monitoring purposes”.
Curiously, Vallance failed to point out that this was a very recent explanation since it only appeared on the Met Office historic page after the Daily Sceptic submitted its FOI.
On the 80% junk nature of the Met Office’s temperature sites, Vallance rushes to the aid of the party.
“It is misleading and inappropriate to interpret the CIMO classifications in isolation to question the quality of the Met Office’s observing network or the integrity of the UK’s climate record,” he states.
What pompous piffle.
In-house activists have been allowed to leverage the reputation of the Met Office to produce a flood of dubious measurements and statistics designed to create mass climate psychosis with the aim of promoting a hard-Left Net Zero agenda. The World Meteorological Organisation could not be clearer in stating that a CIMO Class 1 location can be considered as a “reference” site giving a true air temperature over a wide surrounding area. “A Class 5 site is a site where nearby obstacles create an inappropriate environment for a meteorological measurement that is intended to be representative of a wide area,” it notes. A site with a poor class number can still be valuable for a specified application, it adds.
In other words, a Class 5 is useful for giving jet pilots a vital runway temperature, but less so for telling us that the annual temperature in the UK was 0.06°C cooler in 2023 than the ‘record’ year of 2022.
Vallance also claims that the Met Office “follows a structured, requirements-driven process to identify and establish new land observing stations”. It is reasonable to ask what “requirements-driven” process is being used by the Met Office, given that a large majority of sites started over the last 30, 10 and five years are to be found in the junk 4 and 5 Classes.
Even worse, the Daily Sceptic has disclosed using FOI information that 20 new sites have opened since April 2024, and of the 17 that have received CIMO classifications, a frankly incredible 64.7% started life in the Class 4 and 5 junk lane.
And they say we are the conspiracy nuts.
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
TBN ISRAEL/LAST 24 HR
ISRAEL VS HAMAS
Israel to resettle northern Gaza with Nahal nucleus groups, Defense Minister Israel Katz claims
“There are opportunities here that have not existed for a very long time,” Israel’s defense minister said, contradicting previous statements by PM Netanyahu.
Smoke rises from Gaza as right-wing activists take part in a rally organized by settlers groups to promote Israel’s resettling in Gaza, near the border, July 30, 2025(photo credit: REUTERS/Ronen Zvulun)ByANNA BARSKY, JERUSALEM POST STAFFDECEMBER 23, 2025 12:37Updated: DECEMBER 23, 2025 14:32
Israel plans to settle northern Gaza by establishing Nahal nucleus settlements “at an appropriate time,” Defense Minister Israel Katz said on Tuesday, adding that it has no intention of withdrawing from territory under Israeli control in either Gaza or Syria.
“We will not move a millimeter from Syria, and in northern Gaza we will establish Nahal nuclei in place of the communities that were evacuated,” Katz said, speaking at a conference in the Jewish settlement of Beit El, in the West Bank.
Nahal nucleus programs, run under the auspices of the IDF’s Nahal Brigade, focus on combining community service with military service, usually in areas the Israeli government seeks to encourage settlement. These programs typically focus on supporting their community’s local production, such as agriculture.
“We are in a period of practical sovereignty,” Katz continued. “There are opportunities here that have not existed for a very long time.”
Settler group celebrates as Katz calls to resettle Gaza
Following Katz’s remarks, the Nahala movement made a statement in response to the announcement.
“We welcome the defense minister’s remarks and the clear direction he set regarding the establishment of Nahal Nucleus settlement in Gaza. This is a correct and meaningful step toward restoring a Jewish presence in Gaza. Over the years, the Nahal nuclei have proven themselves as a success story.”
Katz’s declaration contradicts previous statements made by Prime Minister Benjamin Netanyahu, who told CNN in May of last year that resettling Gaza “was never in the cards.”
Katz’s comments also come amid controversy surrounding his role in the expected closure of Army Radio, the IDF’s military radio station. In accordance with a government decision, Katz appointed Defense Ministry Director-General Maj.-Gen. (res.) Amir Baram to lead the implementation team responsible for the station’s shutdown.
The team will oversee the process of closing Army Radio and examine how Galgalatz, the IDF-operated music station, will continue to operate while maintaining its distinct character and identity.
Additionally, Peace Now issued a statement criticizing the defense minister after he expressed support for establishing settlements in Gaza.
The organization said the remarks were disconnected from reality and aligned with extremist elements on the Right, referencing recent incidents in which activists breached the fence and entered the Gaza Strip.
Peace Now added that the statement harms Israel’s security, the military, and efforts toward a diplomatic arrangement.
The group noted the comments came ahead of the prime minister’s planned visit to the United States and said they could undermine efforts to advance the next phase of an agreement to end the war and promote regional cooperation.
ISRAEL VS HEZBOLLAH
Hezbollah ‘dissatisfied’ with Iran funding, demands for $2 billion in post-war aid – KAN
Over the last year, Tehran transferred hundreds of millions of dollars to Hezbollah to provide its force rehabilitation due to downsizing as a consequence of the war with Israel.
Hezbollah supporters gather to mark the first anniversary of the assassinations of Hezbollah leaders Hassan Nasrallah and Hashem Safieddine, in Tehran, Iran, October 2, 2025.(photo credit: MAJID ASGARIPOUR/WANA/REUTERS)ByLARA SUKSTER MOSHEYOFDECEMBER 23, 2025 01:35Updated: DECEMBER 23, 2025 01:36
Hezbollah presented complaints regarding a supposed lack of money transferring from Iran to the terrorist group, KAN reported on Monday.
In the last few months, senior Hezbollah figures and the Iranian Quds Force have been discussing how much funding resources Tehran would allocate to Hezbollah this year.
Hezbollah has asked for $2 billion, double the amount Iran was planning to provide to the terror group, KAN reported.
During 2024, Tehran transferred hundreds of millions of dollars to Hezbollah to provide its force rehabilitation due to downsizing as a consequence of the war with Israel.
Even though the war scenario provoked a financial balance shift in Lebanon, Hezbollah’s active members continue to receive monthly salaries considered high in Lebanese standards.
Despite Hezbollah’s continuous weapons purchase, ground brigades, salaries, manpower, recruitment, and training not being economically affected, the terror group remains unsatisfied.
END
SYRIA
MSM Belatedly Details Syrian ‘Prisons Filling Up Again, Torture’ Under Jolani Regime
by Tyler Durden
More than a year after Bashar al-Assad’s overthrow, and some mainstream media outlets are finally taking a critical eye to the new Sharaa/Jolani regime and its human rights abuses, religious oppression, and war crimes.
While the West and Gulf countries celebrated Assad fleeting the country for Russia in December 2024, with the al-Qaeda linked Hayat Tahrir al-Sham (HTS) taking over Damascus, the new government quickly got to work persecuting, massacring, and disappearing religious minorities.
First Alawites were targeted last spring, then Christians, and more recently Druze – or anyone not acting according to the HTS brand of fanatical Islam and jihad. But CNN and other establishment news outlets have ‘moved on’ and are turning a blind eye.
But somewhat surprisingly, Reuters has issued a new report which highlights the country simply traded Assad’s ‘notorious prisons’ for Jolani’s dark dungeons:
The first wave of detentions in the new Syria came almost immediately – just after victorious rebels flung open the doors of Bashar al-Assad’s notorious prisons.
As ordinary Syrians stormed detention complexes last December to search for loved ones who had vanished under Assad’s rule, thousands of the deposed dictator’s soldiers who had abandoned their posts – officers and conscripts alike – were taken prisoner by the rebels.
Then came the second wave in late winter: Hundreds of people from Assad’s Alawite sect, mostly men, were seized by the new authorities throughout Syria. Their detentions spiked after a brief uprising along the coast in March killed dozens of security forces, sparking reprisals that left nearly 1,500 Alawites dead. Those arrests continue to this day.
In the next wave to be targeted for mass detentions by the new government were Druze, especially after fighting and unrest was sparked in the south between locals and Jolani’s Sunni security forces.
Reuters underscores, “Prisons and lockups that jailed tens of thousands of people during Assad’s rule are now crowded with Syrians detained by President Ahmed al-Sharaa’s security forces and held without formal charges.”
The outlet has compiled names of over 800 Syrians held under such circumstances, and says the true figure is likely much higher.
The secular rule of the Assad family over the years consistently saw widespread accusations of torture happening at government detention sites. But again, it seems the country has simply moved to jails now overseen by torturers who are bearded jihadists:
In December 2024, Sharaa pledged to “close the notorious prisons” of the fallen dictator. But Reuters found that at least 28 prisons and lockups from the Assad era have been operational again over the past year.
Asked for comment on the findings of this report, Syria’s Information Ministry said that the need to bring those involved in Assad’s abuses to justice explained many of the detentions and the reopening of some facilities.
“The number of people involved in crimes and violations in Syria under the former regime is very large, given the scale of the abuses committed,” the ministry said. “There are past crimes, involvement in new violations, and threats to security and stability by those associated with the regime, in addition to other crimes.”
So it seems this is more about mass revenge against non-Muslim communities, and detainees interviewed by Reuters say they’ve been insulted with fanatical and religious language. “You are infidels, you are pigs,” one Syrian farmer who was arrested by the new regime described.
Another Alawite man recounted, “Everyone ordered me to bark like a dog. They beat me with the butts of their rifles, their fists, their boots. I thought my life was coming to an end.”
Reuters also included the story of a Christian merchant who was tortured and killed under the new regime:
Among the dead was a detainee at Kafr Sousa, a 59-year-old Christian merchant named Milad al-Farkh. His family said he was arrested on August 24 on allegations of hiding weapons, working as an arms dealer and selling expired meat at his butcher shop.
Al-Farkh’s family described the arrest as an attempt to pressure them into paying $10,000 in protection money.
Two weeks later, an inmate at Kafr Sousa managed to get a call out to the family to tell them al-Farkh was near death from torture. The call from the hospital morgue came the next day, on September 9, the family said. One relative was arrested for demanding an autopsy.
Sadly, Syria’s new rulers – who resemble ISIS or al Qaeda in their words, actions, appearance, and beliefs – were installed with the help of the US, Turkey, and Gulf allies.
Below: “Details of the real-life experiences of the Orthodox Christian families and others who suffered at the hands of radical terrorists supported by countries and groups from outside Syria.”
President Trump even recently boasted, “It’s been amazing what — what’s taken place in Syria. We got rid of Assad.”
Amer Matar, a journalist and filmmaker briefly detained by ruling HTS forces this year has observed, “Those ruling today decided to turn the Assad prisons into new prisons… It’s the most absurd thing I have ever seen.”
END
ISRAEL// GREECE
From Antiochus to Mitsotakis: Israel’s Mediterranean ties defy historical precedent – editorial
King Antiochus IV Epiphanes must be turning in his grave as Greek Prime Minister Kyriakos Mitsotakis visited Israel to discuss regional security, energy, and technological advancement.
Prime Minister Benjamin Netanyahu, Greek Prime Minister Kyriakos Mitsotakis, and Cypriot President Nikos Christodoulides hold a press conference in Jerusalem, December 22, 2025.(photo credit: MA’AYAN TOAF/GPO)ByJPOST EDITORIALDECEMBER 23, 2025 05:58
If King Antiochus IV Epiphanes could travel through time to Hanukkah 2025, he would probably express discontent with the attitude of his successor, Greek Prime Minister Kyriakos Mitsotakis.
Mitsotakis, unlike the monarch whose defeated legacy is the festival of Hanukkah, was welcomed to Israel during the final few hours of the Festival of Lights, where he met with Prime Minister Benjamin Netanyahu alongside Cypriot President Nikos Christodoulides.
The three leaders addressed the media, reaffirming their commitment to regional security, energy, and technological advancement.
The Israel-Greece-Cyprus relationship has been shaped by changing regional realities and sustained by shared interests, particularly as the eastern Mediterranean became more contested and unpredictable.
The partnership began to take shape in the late 2000s, after Israel’s relationship with Turkey deteriorated sharply. As Ankara moved away from strategic cooperation with Jerusalem under President Recep Tayyip Erdogan, Israel was forced to rethink its regional posture. Greece and Cyprus, both long wary of Turkish ambitions, having suffered under Turkish aggression and, having been historically distant from Israel, became natural, if initially unlikely, partners.
Energy cooperation provided an early opportunity. Offshore gas discoveries allowed the three countries to work together on practical projects such as export routes, pipelines, and electricity interconnectors. These initiatives created a basis for trust and regular coordination, while also bringing Israel closer to Europe through two EU member states.
“We will advance the India-Middle East-European Union Corridor,” Netanyahu said at Monday’s trilateral summit. “This is an idea that has been brought forward before, but we think we have to put it into reality.” He described the project as a combination of maritime routes, energy pipelines, and cable connectivity linking Asia and Europe via Israel, Cyprus, and Greece.
Energy alone will not define the eastern Mediterranean
This is all substantive for Israel. For decades, Greece and Cyprus had been among Israel’s more critical voices in European forums. Regular trilateral summits and ministerial meetings marked a real diplomatic change, even if political differences remained.
Over time, however, it became clear that energy alone would not define the eastern Mediterranean.
Major projects such as the EastMed pipeline proved too costly and complex, and shifting global energy markets reduced their strategic value. While energy cooperation did not disappear, as gas exports via Egypt continued and undersea electricity links remained under discussion, it no longer carried the same political weight.
What has carried the relationships forward is security cooperation.
Even before energy projects stalled, military ties were expanding. Israeli pilots trained in Greek airspace after access to Turkish skies was restricted. Joint air, naval, and ground exercises became more frequent and more sophisticated. Intelligence sharing deepened. Cyprus, too, expanded its security coordination with Israel and hosted IDF training activities.
By the early 2020s, this cooperation had become institutionalized. Defense agreements were signed and operational coordination became a normal aspect of military activity.
Greece faces persistent tensions with Turkey in the Aegean Sea and worries about escalation through miscalculation. Cyprus continues to live with the reality of a divided island and a large Turkish military presence. Israel, meanwhile, is increasingly attentive to Ankara’s growing presence in Syria, attempts to entrench itself in Gaza and the eastern Mediterranean, and how that could affect its operational freedom.
Against this backdrop, Netanyahu warned that “the Middle East and the Eastern Mediterranean are being tested by aggression, terrorism, and instability,” adding that the trilateral partnership “provides strength, clarity, and cooperation that will prevail over chaos.”
To those who fantasize that they can re-establish their empires and their dominion over our lands, I say, forget it. It’s not going to happen – don’t even think about it,” Netanyahu warned in a thinly-veiled threat to Turkey.
These are not identical challenges, but they intersect. All three countries value stability, freedom of navigation, and respect for sovereignty in a region where those principles are frequently tested.
That brings us to Monday’s summit. Israel has learned the hard way over the past two years who its friends are and who aren’t.
Greece and Cyprus have stood with Israel – Greece even held a Greek Independence Day ceremony at Kibbutz Beeri to show solidarity – and now the relationship moves to the next level.
Mitsotakis said that since the last trilateral summit in 2023, “we’ve now entered a new geopolitical phase,” one that “creates some serious risks, but also a profound window of opportunity to shape a regional security architecture that can deliver peace and prosperity.”
Antiochus IV Epiphanes must be turning in his grave.
END
TURKEY/LIBYA
This can turn out to be a catastrophic event!!
(zerohedge)
Top Libyan General Confirmed Killed In Mysterious Private Jet Crash Departing Turkey
Tuesday, Dec 23, 2025 – 03:29 PM
Update(1529ET): Tripoli has confirmed that the private jet which went down earlier as it departed Ankara was carrying top military commanders of the Government of National Accord (GNA), which is the Libyan government ruling the western part of the country and supported by Turkey.
Tripoli’s Army Chief of Staff Mohammed Ali Ahmed al-Haddad has been confirmed killed in the crash. While Turkey has been slow to confirm details as the wreckage has only within the last hour been located, the GNA has announced the death.
Naturally – given the high profile nature of the delegation – there will be questions over whether this was an accident, sabotage, or possible bomb blast. Haddad and the government he represented are bitter enemies of Gen. Khalifa Haftar in eastern Libya, which is supported by Russia. Turkey has been supporting the rulers in Tripoli from the start, soon after longtime ruler Gaddafi was overthrown in the NATO-backed war of 2011.
n what could be the start of a major geopolitical crisis, moments ago Turkish Interior Minister Ali Yerlikaya said in a post on X that contact was lost with the private jet which was carrying Libya’s Army Chief of Staff, Mohammed Ali Ahmed al-Haddad, and four other passengers.
The Falcon-50 private jet had just taken off from the Turkish capital of Ankara in direction of Tripoli, Libya.
An emergency landing notification was received from the aircraft, at which point contact with the jet was lost, the Turkish minister added.
Contact was lost as of 8:52pm local time over the Turkish capital Ankara, broadcaster NTV reported as flight tracking data showed flights being diverted away from Ankara’s Esenboga airport.
As the following flight map from Flightradar24 shows, the plane was in the air for just a few minutes after take off, having reached an altitude of 32,400 feet when it disappeared from radar. The airplane of Yevgeny Prigozhin, once “Putin’s chef” before his fall out with the Russian president, suffered a similar fate when allegedly the plane exploded near cruising altitude after a bomb went off inside of it.
Turkey’s Hurriyet newspaper reports that the country shut down airspace over Ankara after the private jet incident.
Turkey’s defense ministry had announced the Libyan chief of staff’s visit to Ankara earlier this week, saying he had met his Turkish counterpart and other military commanders.
Bloomberg reports that the Dassault Falcon 50 was 37 years old and was operated by Harmony Jets, according to data from FlightRadar24. The aircraft had recently flown into Ankara from Tripoli on Dec. 22.
Haddad as Libya’s army “chief of staff” is a reference only to the Tripoli-based GNA (Government of National Accord, or sometimes GNU) – one among several rival governments controlling Libya, but which is backed by the UN and especially Turkey.
However, what can be seen as the most powerful military is the Eastern government, based in Benghazi, led by warlord and general Khalifa Haftar, backed by Russia. Haftar soon after the war to overthrow Gaddafi returned from decades in exile in Virginia, where he lived with his family within a mere miles from CIA headquarters in Langley. Turkey has long been supporting a proxy war in Libya, against Haftar’s forces, and against Russian interests.
RUSSIA VS UKRAINE
ROBERT H…
Russian Strike on Mayaki Bridge Threatens Up to 60% of Ukraine’s Fuel Supply
In a time of conflict elimination of infrastructure is what saves lives. NO gas no fight!
Romania is a logical but exposed route for logistics. As drones can easily disrupt the flow.
The day is not far off when individual fuel carriers will be struck by drones at distance from conflict lines.
As for the 1000’s of convicts male and female on the lines; they have learnt that their so called one year of service has no end as there is no mechanism in Ukrainian law to allow them to return to civilian life. Think they may not be angry that they were lied to? Front line soldiers despise the Zelensky crowd.
What MSM does not tell is that many thousands of Ukrainians are now in battalions fighting on behalf of Russia against the oppressors in Kiev. Slowly this is becoming a civil war amongst Ukrainians much like what happened during the revolution and overthrow of the Czar.
This is why NO parties associated with Zelensky can stay after this ends. History simply repeats itself. And both sides understand that Zelensky is a Western puppet.
More Ukrainian Strikes On Russian Energy Sector Amid Ongoing Pressure For Zelensky To Make Concessions
Tuesday, Dec 23, 2025 – 02:20 PM
Ukraine is desperately hitting back at Russia’s energy sector at a moment it remains under immense pressure from Washington to make serious concessions which might lead to achieving a peace deal.
Overnight drone attacks attempted to inflict damage on the Stavrolen petrochemical plant in southwestern Russia. The operation appeared at least somewhat successful amid reports of fires at the site, and as Russia confirmed attempts to intercept inbound drones.
Ukrainian drones attempted to attack the energy targets in the town of Budyonnovsk, triggering air defenses, with the regional governor confirming “There are fires in the industrial zone” and that “Emergency services are on site” – however thankfully that there were no casualties or damage to surrounding homes. Unverified videos widely circulating online do show large flames in the sky from the direction of the plant.
These Ukrainian drone attacks on Russian oil and energy sites have slowed compared to their high tempo of a month ago and prior.
This could in part be because every time Ukraine hits Russian territory with a significant or damaging attack, Russia’s military comes back harder with large-scale retaliation on Ukraine’s own critical infrastructure.
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE
GLOBAL ISSUES
MARK CRISPIN MILLER
DR PAUL ALEXANDER
NEWSWIZE
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL\
NATURAL GAS:
“Winter Isn’t Over”: NatGas Soars As Another Cold Blast Targets US East
Tuesday, Dec 23, 2025 – 03:45 PM
U.S. natural gas futures surged the most since late October as one energy trader warned that “winter isn’t over,” with another wave of cold air set to spill into the eastern half of the Lower 48 early next week. The upcoming cold blast arrives even as much of the U.S. enjoys a brief warm-up following an early-month polar vortex that plunged large parts of the U.S. East into Arctic-like conditions.
“Winter isn’t over yet. Here are forecast anomalies for this time next week showing a large area of unseasonably chilly temperatures across the major population centers of the Eastern US,” energy trader Celsius Energy wrote on X.
Celsius Energy noted, “Near-term #natgas demand will be quite volatile with very bearish daily storage withdrawals under +5 BCF/d through this weekend surging to nearly -30 BCF/d by this time next week, more than double the 5-yr avg. In general, these projections have improved considerably.”
By late afternoon Tuesday, NatGas futures are up nearly 10%, the largest intraday jump since October 30’s 17% price spike. Prices are trading around $4.365 per MMBtu.
Looking at Heating Degree Days for the Lower 48 – the weather-based measure of US heating demand -the index is projected to surge well above the 30-year average early next week and remain elevated through year-end.
Cold is returning to the eastern half of the Lower 48. Time to stack the firewood and get the gas-powered snowblower ready.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
VENEZUELA/USA
Maduro Would Be ‘Smart’ To Get Out, Trump Says, As Russia Reportedly Evacuating Diplomats’ Families
Tuesday, Dec 23, 2025 – 11:20 AM
Earlier Homeland Security Secretary Kristi Noem said for the first time that Venezuelan President Nicolás Maduro “needs to be gone” – but significantly President Donald Trump followed later Monday with his own message again calling for the socialist strongman to step aside. He laid out it would be “smart” for him to leave power.
Trump was asked at Mar-a-Lago whether all the current US pressure, including tanker interdictions, was intended to push Maduro out of power. “That’s his decision,” Trump responded. “But I think it would be smart for him to do that.”
But on the question of the Venezuelan military fighting back in the case of any potential US action, Trump followed with: “If he plays tough, it’ll be the last time he’s able to do so.”
Trump again confirmed the US assembled a naval force that’s “by far the biggest we ever had in South America” off Venezuela’s coast, in part to enforce a blockade on its oil tanker traffic, and now it is being made crystal clear to pressure the Maduro government out of power.
Russia has remained one of the few international powers sticking by Caracas’ side, this week reiterating “full support” for Maduro’s government, also saying Moscow stands “shoulder to shoulder”.
The are reports, however, that the Russian embassy has begun to evacuate its diplomats and their families from Venezuela, faring large-scale US military actions. According to the Times:
Moscow is said to have begun evacuating the families of Russian diplomats from Venezuela as Washington increases military pressure on President Maduro.
An unnamed European intelligence official said Russia was viewing the situation in Caracas in “very grim terms”, the Associated Press reported.
The Russian foreign ministry denied the report, calling it “a lie” and “a western provocation”. Although it said the embassy was not being evacuated, it did not address the issue of whether the spouses and children of diplomats were being flown out.
Likely if it was happening, the Russians would want this done in secret so as to not add pressure to its Venezuelan ally. If Russia is perceived as ‘abandoning’ Venezuela to its fate, this will be perceived as further weakening Maduro’s position.
Russia’s foreign ministry is slamming these reports as a “provocation” in the below:
Moscow’s ‘tough’ talk is widely seen as just that – talk only which is very unlikely to be coupled with any concrete action:
Russia warned Trump last week that any military intervention by the US in Venezuela would be a “fatal mistake” that could have “unpredictable consequences for the entire western hemisphere”.
The Times notes too, “Despite strong rhetoric from pro-Kremlin hardliners, there is no indication that President Putin is prepared to take robust action to defend Maduro.”
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS TUESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1758 UP 0.0026 PTS OR 26 BASIS POINTS/WITH STOCKS IN EUROPE ALL GREEN
USA/ YEN 155.91 DOWN 1.006 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//END OF YEN CARRY TRADE BEGINS AGAIN DEC 2024/Bank of Japan raises rates by .25% TO 1.75 ..TAKAICHI NEW PM AS YIELDS RISE//JAPAN DEEPLY IN TROUBLE WITH RISING RATES AND A FALLING YEN!!
GBP/USA 1.3509 UP .0041 OR 41 BASIS PTS
USA/CAN DOLLAR: 1.3706 DOWN 0.0043 CDN DOLLAR UP 43 BASIS PTS//CDN DOLLAR STILL GETTING KILLED)
Last night Shanghai COMPOSITE CLOSED UP 2.61 PTS OR 0.07%
Hang Seng CLOSED DOWN 27.65 PTS OR 0.11%
AUSTRALIA CLOSED UP 1.15%
// EUROPEAN BOURSE: ALL MIXED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL MIXED
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 27.65 PTS OR 0.11%
/SHANGHAI CLOSED UP 2.61 POINTS OR 0.07%
AUSTRALIA BOURSE CLOSED UP 1.15 %
(Nikkei (Japan) CLOSED UP 28.61 PTS OR 0.06%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 4481.50
silver:$69.49
USA dollar index early TUESDAY morning: 97.61 DOWN 35 BASIS POINTS FROM FRIDAY’s CLOSE
TUESDAY MORNING NUMBERS ENDS
And now your closingTUESIDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.181 % UP 3 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.046% DOWN 3 FULL POINTS AND 0/100 BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.436 UP 0 BASIS PTS//DEADLY
SPANISH 10 YR BOND YIELD: 3.314 DOWN 3 in basis points yield
ITALIAN 10 YR BOND YIELD 3.542 DOWN 3 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.8628 DOWN 3 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY TUESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1779 UP 0.0016 OR 16 basis points
USA/Japan: 156.24 DOWN 0.679 OR YEN IS UP 68 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.5290 DOWN 1 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.261 DOWN 1 BASIS POINTS.
Canadian dollar UP 0.052 OR 52 BASIS pts to 1.3697
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY UP AT 7.0281 ON SHORE ..
THE USA/YUAN OFFSHORE// CNH UP TO 7.0189
TURKISH LIRA: 42.83 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +2036 DOWN 3 FULL basis pts
THE 30 YR JAPANESE BOND YIELD: 3.436 UP 0 basis pts
Your closing 10 yr US bond yield UP 2 in basis points from MONDAY at 4.188% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.846 UP 0 basis points /11:00 AM
USA 2 YR BOND YIELD: 3.534 UP 3 BASIS PTS.
GOLD AT 10;00 AM 4476.70
SILVER AT 10;00: 70.15
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates:TUESDAY CLOSING TIME 11:00 AM//
London: CLOSED UP 23.25 PTS OR 0.29%
GERMAN DAX: UP 56.09pts or 0.23%
FRANCE: CLOSED DOWN 17.22 pts or 0.21%
Spain IBEX CLOSED UP24.80pts or 0.14%
Italian MIB: CLOSED UP 12.98 or 0.03%
WTI Oil price 58.14 10.00 EST/
Brent Oil: 62.20 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 78.44 ROUBLE UP 0 AND 36/ 100
CDN 10 YEAR RATE: 3.456 DOWN 2 BASIS PTS.
CDN 5 YEAR RATE: 2.979 DOWN 1 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1790 UP 0.0027 OR 27 BASIS POINTS//
British Pound: 1.3497 UP 0.0029 OR 29 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.5140 UP 1 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.247 DOWN 3 IN BASIS PTS.
JAPAN 10 YR YIELD: 2.029 DOWN 5 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.433 UP 1 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 156.24 DOWN 0.675 OR YEN UP 68 BASIS PTS EXTREMELY DANGEROUS/YEN FALLING DEEPLY IN VALUE
USA dollar vs Canadian dollar: 1.3696 DOWN 0.0054 PTS// CDN DOLLAR UP 54 BASIS PTS
West Texas intermediate oil: 58.47
Brent OIL: 62.43
USA 10 yr bond yield DOWN 0 BASIS pts to 4.170
USA 30 yr bond yield DOWN 1 PTS to 4.830%
USA 2 YR BOND 3.530 UP 3 PTS
CDN 10 YR RATE 3.425 DOWN 4 BASIS PTS
CDN 5 YEAR RATE: 2.951 DOWN 3 BASIS PTS
USA dollar index: 97.61 DOWN 33 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 42.83 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 78.34 UP 0 AND 45/100 roubles //
GOLD $4,491.90(3:30 PM)
SILVER: 71.24 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 79.73 OR 0.16 %
NASDAQ 100 UP 133.01 PTS OR 0.57%
VOLATILITY INDEX 13.86 DOWN 0.22 PTS OR 1.56.%
GLD: $ 413.68 UP 5.41 PTS OR 1.33%
SLV/ $64.84 UP 2.37 PTS OR OR 3.79%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 54.59 PTS OR 0.17%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
Stocks, Copper, Silver, & Gold Hit Record Highs As Surging GDP Slams Rate-Cut Odds
WRAP UP
US stocks largely closed in the green as the initial downside seen in the wake of a deluge of US data pared – Newsquawk Asia-Pac Market Open
Tuesday, Dec 23, 2025 – 04:31 PM
- US stocks largely closed in the green as the initial downside seen in the wake of a deluge of US data pared.
- The Dollar was weaker on Tuesday ahead of the upcoming Christmas break, G10 FX saw gains against the Dollar, with Antipodeans outperforming and buoyed by ongoing strength in metals prices.
- Treasury curve flattens after strong GDP data. The 5-year auction was decent but saw no reaction, and the 2-year FRN was solid.
- Oil prices were choppy, but in a very contained range, amid light energy-specific newsflow on Tuesday.
- Highlights include BoJ Minutes, Japanese Services PPI, Japanese Leading Indicator.
- Note: The desk will run until 18:05GMT/13:05EST on Wednesday 24th December. Normal service will resume at 0700GMT/02:00EST on Friday 2nd of January 2026 for the beginning of the European Session.
More Newsquawk in 2 steps:
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SNAPSHOT
US TRADE
- US stocks largely closed in the green as the initial downside seen in the wake of a deluge of US data pared.
- SPX +0.46% at 6,910, NDX +0.50% at 25,588, DJI +0.16% at 48, 442, RUT -0.69% at 2,541.
NOTABLE US HEADLINES
- US President Trump posted on Truth said “The Financial News today was great — GDP up 4.2% as opposed to the predicted 2.5%”; “…Want my new Fed Chairman to lower Interest Rates if the Market is doing well, not destroy the Market for no reason whatsoever.. “
- White House Economic Adviser Hassett said GDP figure a great Christmas present for American people, via CNBC. Will see 100-150k monthly job gains if GDP growth stays in a 4% range. Consumer sentiment is pretty uncorrelated with hard economic numbers. When people are optimistic, that makes them more willing to spend. Fed is way behind curve on rate cuts. Trump will announce housing plan sometime in the New Year.
- US President Trump said “Q3 GDP came in at 4.3%, BLOWING PAST expectations of 3.2%. 60 of 61 Bloomberg Economists got it WRONG, but “TRUMP,” and some other Geniuses, got it right. The SUCCESS is due to Good Government, and TARIFFS…”.
- US President Trump posted on Truth, in the context of him hosting the Trump Kennedy Honors on CBS and requesting feedback on his hosting performance, ” If really good, would you like me to leave the Presidency in order to make “hosting” a full time job?”.
- US President Trump said “The TARIFFS are responsible for the GREAT USA Economic Numbers JUST ANNOUNCED…AND THEY WILL ONLY GET BETTER! Also, NO INFLATION & GREAT NATIONAL SECURITY. Pray for the U.S. Supreme Court!!! President DJT”.
- US Treasury Secretary Bessent, on the November CPI, said he thinks it is a pretty accurate number; on Miran, said he will probably be back to CEA in February or March. He adds it would be better to make it a range centred around 2% but need to hit the target first. “Understands probably better than anybody what needs to be done”, on the need to overhaul the Fed.
- US President Trump is reportedly mulling giving 775 acres of federal wildlife refuge to SpaceX, via NYT. SpaceX would give the Government some of its own property in exchange for the land.
- US Treasury Secretary Bessent said large paychecks will accompany hiring in the months ahead.
- US NEC Director Hassett says President Trump has “a bunch of great Fed chair candidates”, via Fox Business; Precious metals are skyrocketing for good reason.
TARIFFS/TRADE
- France demands EU action to counter Chinese duties on dairy, via Bloomberg News.
- Indian Commerce Secretary Agrawal said India is deeply engaged with the US to close a trade deal.
- US President Trump said he had a wonderful call with the President of Kazakhstan and Uzbekistan; discussed the importance of bringing peace to conflicts and increased trade cooperation between nations.
- US tariff on China semiconductors at 0% until June 2027, via USTR; at which point tariffs will increase, rate to be announced not fewer than 30 days before June 23rd, 2027.
- China initiates disputes regarding Indian measures on solar cells and modules and IT goods, according to the WTO.
- USTR Greer said he is happy to have trade with China in non-sensitive areas.
DATA RECAP
- US GDP Advance (Q3) 4.3% vs. Exp. 3.3% (Prev. 3.8%). Data spurred pressure of around four ticks in USTs Mar’26 initially, and lifted the DXY. Thereafter, after the hawkish move extended, pressure was seen across US equity futures with the ES and NQ at lows while the Dollar advanced. Spot gold was pressured from peaks, but silver has held above USD 70/oz. The move lower in T-notes is weighing on global fixed income.
- US PCE Prices Advance (Q3) 2.8% vs. Exp. 2.8% (Prev. 2.1%).
- US GDP Sales Advance (Q3) 4.6% (Prev. 7.5%).
- US GDP Deflator Advance (Q3) 3.7% vs. Exp. 2.7% (Prev. 2.1%).
- US Core PCE Prices Advance (Q3) 2.9% vs. Exp. 2.9% (Prev. 2.6%).
- US GDP Cons Spending Advance (Q3) 3.5% (Prev. 2.5%).
- US PCE Svs Exl Eng & Hsg (A) (Q3) 3.4% (Prev. 2.4%).
- US Average Weekly Prelim Estimate ADP (4-week, w/e 6 Dec) +11.5k (Prev. +16.25k, Rev. +17.5k).
- US Rich Fed Mfg Shipments (Dec) -11.0 (Prev. -14.0).
- US Consumer Confidence (Dec) 89.1 vs. Exp. 91.0 (Prev. 88.7).
- US Rich Fed, Services Index (Dec) -6.0 (Prev. -4.0).
- US Rich Fed Comp. Index (Dec) -7.0 (Prev. -15.0).
- US Consumer Confidence (Dec) 89.1 vs. Exp. 91.0 (Prev. 88.7, Rev. 92.9).
- US Capacity Utilisation SA (Nov) 76.0% vs. Exp. 75.9% (Oct. 75.9%, Sept. 76.0%).
- US Manuf Output MM (Nov) 0.0% (prev. -0.4%).
- US Industrial Production MM (Nov) 0.2% vs. Exp. 0.1% (Oct -0.1%, Sept. 0.1%).
- US Redbook YY w/e 7.2% (Prev. 6.2%).
- US Corporate Profits Prelim (Q3) 4.4% (Prev. 0.2%).
- US Durables Ex-Transport (Oct) 0.2% vs. Exp. 0.3% (Prev. 0.6%, Rev. 0.7%).
- US Durable Goods (Oct) -2.2% vs. Exp. -1.5% (Prev. 0.5%, Rev. 0.7%).
- US Nondefe Cap Ex-Air (Oct) 0.5% vs. Exp. 0.4% (Prev. 0.9%, Rev. 1.1%).
- US Durables Ex-Defense MM (Oct) -1.5% (Prev. 0.1%).
- Visa (V) US Holiday Spending: +4.2%.
- Mastercard (MA) SpendingPulse: US Holiday Retail Sales growth 3.9% Y/Y.
- Atlanta Fed GDPnow (Q4): 3.0%.
- Canadian Budget, Year-To-Date, C$ (Oct) -18.37B CA (Prev. -16.09B CA).
- Canadian Budget Balance, C$ (Oct) -2.28B CA (Prev. -5.02B CA).
- Canadian GDP MM (Oct) -0.3% vs. Exp. -0.2% (Prev. 0.2%).
- Canadian GDP MM (Oct) -0.3% vs. Exp. -0.2% (Prev. 0.2%); Nov. estimate +0.1%.
NOTABLE US EQUITY HEADLINES
- ServiceNow (NOW) is to acquire Armis for USD 7.75bln in cash.
FX
- The Dollar was weaker on Tuesday ahead of the upcoming Christmas break, as a data deluge took the headlines.
- G10 FX saw gains against the Dollar, with Antipodeans outperforming and buoyed by ongoing strength in metals prices.
- The Yen was once again much the talk of the town amid further jawboning from Finance Minister Katayama overnight.
- For the Loonie watchers, Canadian October GDP and BoC Minutes were the only things of note.
FIXED INCOME
- Treasury curve flattens after strong GDP data. The 5-year auction was decent but saw no reaction, the 2-year FRN was solid too.
- US sold USD 28bln of 2-year FRN’s; high-discount margin 0.139%. High Discount Margin: 0.139% (prev. 0.17%, six-auction average 0.18%). B/C: 3.75x (prev. 3.03x, six-auction average 3.11x). Dealer: 30.0% (prev. 33.75%, six-auction average 35.31%). Direct: 0.7% (prev. 0.71%, six-auction average 0.93%). Indirect: 69.3% (prev. 65.54%, six-auction average 63.77%).
- US sold USD 70bln of 5-year notes; tails 0.1bps. Tail: 0.1bps (prev. 0.5bps, six-auction average 0.4bps); WI: 3.746%. High Yield: 3.747% (prev. 3.562%, six-auction average 3.747%). B/C: 2.35x (prev. 2.41x, six-auction average 2.36x). Dealer: 8.8% (prev. 11.0%, six-auction average 10.7%). Direct: 31.7% (prev. 27.6%, six-auction average 27.5%). Indirect: 59.5% (prev. 61.4%, six-auction average 61.8%).
- Treasury Buyback (10- to 30-year TIPS, max USD 500mln): Accepts USD 108mln of USD 1.19bln offers, accepts 4 out of 15 eligible issues; Offer to cover 11.02x.
- US sold 6-wk bills at high rate 3.580%, B/C 2.87x; sold 1yr bills at high rate 3.380%, B/C 3.74x.
- US to sell USD 80bln in 8-week bills, USD 80bln in 4-week bills and USD 69bln in 17-week bills on December 24th; to settle Dec 30th.
COMMODITIES
- Oil prices were choppy, but in a very contained range, amid light energy-specific newsflow on Tuesday.
- Venezuela assembly approved law allowing up to 20-year sentences for promoting piracy or blockades amid U.S. oil ship interceptions.
- Baker Hughes Rig Count: Oil +3 at 409, Nat Gas unch. at 127, Total +3 at 545.
- Exports of four key Nigerian crude oil grades to average 922k BPD in February (Prev. 786k BPD in January).
- Petrobras’s production at Tupi field reaches a pace of 1mln BPD, according to sources by Reuters.
- North Sea Forties crude oil loadings set at 150k BPD across six cargoes in February (prev. 158k BPD M/M).
- Iraqi Electricity Ministry said Iranian gas supply has been fully halted.
CENTRAL BANKS
- ECB’s Stournaras said the ECB must preserve optionality, via Econostream; being in a good place does not imply that rates are locked in. Expressed optimism on the EZ growth outlook, but highlighted risks.
- BoC Minutes (Dec): Agreed to remain cautious in interpreting data given recent volatility; felt it was hard to predict whether the next move would be a hike or a cut. Policy Outlook: Ahead of Bank of Canada’s Dec 10 rate announcement, Governing Council felt it was hard to predict whether the next move would be a hike or a cut. Prepared to respond in case of a major new shock, or data showing the economy and inflation diverging materially from outlook. Trade: Despite the risk that higher costs from trade disruption could spill over into consumer prices, effects have been limited so far. Concluded that this could be because of slower growth in unit labor costs. Felt uncertainty leading up to and during USMCA talks would likely weigh on business investment. Agreed that upcoming review of USMCA trade treaty was a significant risk. Data: Volatility in recent quarterly GDP readings underlines how challenging it will be to judge underlying economic trends. Governing Council agreed to remain cautious in interpreting data given recent volatility.
- BCB sold USD 500mln in USD auctions with a repurchase deal.
- RBI to buy INR 2tln of bonds via OMO and to hold a USD 10bln swap auction, via Bloomberg.
GEOPOLITICAL
RUSSIA-UKRAINE
- Ukraine’s President Zelensky said negotiators from Ukraine have “worked productively” with the US team in recent peace talks. Several draft documents have been prepared on security guarantees, recovery and peace framework.
OTHER
- US Envoy to UN said US will impose and enforce sanctions to deprive Venezuela’s Maduro of resources to fund Cartel de Los Soles, including oil profits.
ASIA-PAC
NOTABLE HEADLINES
- Guangzhou Futures Exchange to adjust transaction fees, price limits and margin requirements for some platinum, palladium and lithium carbonate futures from 25th December.
NOTABLE APAC EQUITY HEADLINES
- SMIC (981 HK) reportedly raises prices 10% amid mature process market recovery, via DigiTimes. The Korean chip industry faces mounting pressure from escalating power prices.
DATA RECAP
- South Korean Consumer Sentiment Index (Dec) 109.9 (Prev. 112.4)
EU/UK
DATA RECAP
- Belgian CPI YY (Dec) 2.06% (Prev. 2.4%); MM (Dec) 0.07% (Prev. 0.56%).
NOTABLE EUROPEAN EQUITY HEADLINES
- European Closes: Euro Stoxx 50 +0.14% at 5,752, Dax 40 +0.22% at 24,337, FTSE 100 +0.24% at 9,889, CAC 40 -0.21% at 8,104, FTSE MIB +0.03% at 44,607, IBEX 35 +0.14% at 17,183, PSI -0.27% at 8,169, SMI +0.68% at 13,254, AEX -0.05% at 942.
- Novo Nordisk (NOVOB DC) CEO said the Co. is ‘absolutely’ interested in more M&A’s.
- Campari’s (CPR IM) Lagfin regains full availability of seized shares following the settlement with the Italian tax authorities.
NOTABLE GLOBAL EQUITY HEADLINES
- Japan’s antitrust watchdog will launch an investigation into the search services of major domestic and foreign IT companies that use generative artificial intelligence, officials said Tuesday, citing possible violations of the antimonopoly law.
- BlackRock (BLK) and MSC considering walking away from a deal to buy the ports from CK Hutchison if Cosco were to insist on getting a majority stake, according to FT.
- US probes NVIDIA’s (NVDA) biggest chip buyer in Southeast Asia, Megaspeed, for smuggling, according to Bloomberg.
LATAM
DATA RECAP
- Mexican Trade Balance SA (Nov) -0.274B (Prev. 1.411B, Rev. 1.530B).
- Brazilian IPCA-15 Mid-Month CPI (Dec) 0.25% vs. Exp. 0.27% (Prev. 0.2%).
- Brazilian IPCA-15 Mid-Month CPI YY (Dec) 4.41% vs. Exp. 4.43% (Prev. 4.5%).
- Mexican Trade Balance SA (Nov) -0.274B (Prev. 1.411B).
- Mexican Trade Balance, $ (Nov) 0.663B vs. Exp. -0.13B (Prev. 0.606B).
- Mexican 1st Half-Mth Core Infl MM (Dec) 0.31% vs. Exp. 0.4% (Prev. 0.04%).
- Mexican 1st Half-Mth Infl MM (Dec) 0.17% vs. Exp. 0.3% (Prev. 0.47%).
- Mexican 1st Half-Mth Core Infl YY (Dec) 4.34% vs. Exp. 4.43% (Prev. 4.32%).
- Mexican 1st Half-Mth Infl YY (Dec) 3.72% vs. Exp. 3.85% (Prev. 3.61%).
USA DATA RELEASES
Core Durable Goods Orders Rise For 7th Straight Month
Tuesday, Dec 23, 2025 – 08:41 AM
While admittedly extremely lagging, the preliminary OCTOBER durable goods orders print was a big disappointment after a rebound in the summer with the headline falling 2.2% MoM (far worse than the 1.5% MoM decline expected). However, while this disappointment dragged down the YoY growth to 4.7%, it was still well above inflation…
Source: Bloomberg
Core Orders (ex Transports) rose 0.2% MoM (notably slower than the 0.7% MoM in September and below the +0.3% MoM expected)…
END
ADP Weekly Employment Data Shows Labor Market Rebounding In December
Tuesday, Dec 23, 2025 – 08:22 AM
Since the start of the government shutdown, what labor market data indications we got actually surprised to the upside (while soft survey data crashed)…
…but now, as the data starts to re-emerge from its slumber, it remains mixed with jobless claims data remaining solid to say the least while JOLTS leaves questions about the low-hire, low-fire, low-quits economy. If one data set has bee noisy through the past few weeks, it’s ADP (and its new weekly updated prints). Analysts expected a 16.25k average job gain per week over the past four weeks… but the print was just +11.5k (46k on a monthly basis) for the week-ending Dec 6th, with the prior week’s average revised up strongly to +17.5k (+70k monthly).
Source: Bloomberg
That is the third straight week of month-over-month gains for the labor market after a brief slump as the government shutdown started
END
USA economy keeps humming along
(zerohedge)
Q3 GDP Unexpectedly Surges To 2 Year High On Soaring Health Insurance Spending
Tuesday, Dec 23, 2025 – 09:09 AM
By now, Q3 GDP – which should have been reported almost two months ago – is ancient history but it still matters in a world where the Fed’s every sneeze is overanalyzed. Which is why the report by the Bureau of Economic Analysis that in Q3 US GDP surged by 4.3%, up from an already hot 3.8% in Q2 and driven by a spike in consumer spending, will surely raise some eyebrows (for those wondering, this report was originally supposed to hit on Oct 30, and the second estimate was scheduled for Nov 26; none of that happened due to the govt shutdown). This was the highest annualized quarterly GDP print since Q3 2023.
The number was higher than all but one economist forecasts, and was a 3-sigma beat to the median consensus of 3.3%
According to the BEA, the increase in real GDP in the third quarter reflected increases in consumer spending, exports, and government spending that were partly offset by a decrease in investment. Imports, which are a subtraction in the calculation of GDP, decreased.
Compared to the second quarter, the acceleration in real GDP in the third quarter reflected a smaller decrease in investment, an acceleration in consumer spending, and upturns in exports and government spending. Imports decreased less in the third quarter.
Taking a closer look at the components, this is how the 4.34% increase in bottom line GDP happened:
- Personal Consumption rose by a whopping 2.39%, up from 1.68% in Q2
- Fixed Investment moderated, rising by 0.19%, vs 0.77% in Q2. Once again, this is mostly data centers
- Change in private inventories declined by 0.22%, a moderation from the -3.44% drop in Q2, and to be expected as the trade aberration from the trade war moderate
- Net trade (exports less imports) also normalized and after a surge of 4.83%, the increase was a more modest 1.59%, driven by positive contributions from both exports (0.67%) and imports (0.92%).
- Finally, government contributed 0.39% to Q3 GDP after subtracting from US growth in each of the previous two quarters of 2024.
And visually:
While the surge in personal consumption would be a red flag for the Fed, as it indicates the US consumer is much stronger than expected, the reality is that – as shown below – the bulk of the increase was the result of surge in healthcare spending, which increased at a whopping 0.76% adjusted annual rate. Which means that personal spending was not driven by discretionary splurging but by a need to meet much higher health insurance costs!
Linked to this surge in health insurance, the GDP price index for Q3 jumped 3.8%, up from 2.1% in Q2 and a big beat to the 2.7% estimate. The personal consumption expenditures (PCE) price index increased 2.8%, compared with an increase of 2.1%. Excluding food and energy prices, the PCE price index increased 2.9 percent, in line with estimates, and higher than the increase of 2.6 percent in Q2.
Overall, this was a stronger than expected print however for all the wrong reasons. As to whether it will change the Fed’s thinking, we very much doubt it if the US labor market continues deteriorating as it has been for much of 2025.
END
US Industrial Production Rises At Strongest Annual Rate Since Apr 2022
Tuesday, Dec 23, 2025 – 09:31 AM
Following the much-stronger-than-expected GDP print, US Industrial Production also surprised to the upside, rising 0.2% MoM in November and pulling the YoY change up to 2.52% – the strongest annual growth since April 2022…
Source: Bloomberg
US Manufacturing output was unchanged in November, but better than the 0.4% MoM decline in October, as Motor Vehicles & Parts fell 5.1% MoM while Utilities jumped 2.6% MoM.
Capacity Utilization limped lower to 75.9% (from an upwardly revised 76.0%), but remains off the Nov 2024 lows…
Source: Bloomberg
So a mixed bag with output up strongly as capacity utilization slides…
Source: Bloomberg
… does that signal the productivity boost everyone has been waiting for?
USA ECONOMIC COMMENTARIES
The Box Office Crisis Is Worse Than It Looks
Tuesday, Dec 23, 2025 – 06:55 AM
Prior to the release of “Avatar: Fire and Ash” in the week before Christmas, 2025 was another disappointing year at the box office.
Statista’s Felix Richer details below that, according to industry tracker The Numbers, this year’s domestic box office gross will be roughly in line with last year’s result, which fell short of the 2023 total, not to mention coming anywhere close to pre-pandemic levels.
At an estimated total of $8.6 billion, the North American box office fell 23 percent short of its 2019 performance last year and is currently projected to do the same in 2025.
While that sounds bad enough, it gets worse: looking at ticket sales, which takes rising ticket prices out of the equation, the results are more dire than the box office earnings would suggest.
Compared to 2019, ticket sales are down almost 40 percent, and, perhaps most concerning, the decline in ticket sales began long before the pandemic.
According to The Numbers, ticket sales of North American movie theaters peaked in the early 2000s. Since the turn of the millennium, they decline by 46 percent. Box office revenue, however, is up 14 percent since 2000, partially glossing over a weakness that goes beyond post-pandemic struggles.
You will find more infographics at Statista
While the short-term weakness can be explained by things like the 2023 Hollywood writers strikes, which created a scarcity of blockbuster releases, and economic hardship caused by inflation, the longer-term decline in ticket sales indicates that consumers are gradually falling out of love with the cinema.
While the first two factors will eventually recede, consumer habits appear to have changed for good and the film industry will have to find new ways to attract consumers, who are obviously enjoying to consume most video content in their own home, whenever they please.
Shortened theatrical release windows, a genie let out of the bottle when studios were desperate to make money during Covid lockdowns, don’t help with this development, as consumers have even less incentive to go to the movies if they can enjoy the same film at home, possibly for free, just a few weeks later.
END
VICTOR DAVIS HANSON
KING NEWS
| The King Report December 23, 2025 Issue 7645 | Independent View of the News |
| Precious metals went ballistic on Monday. Gold hit $4449.18; silver hit $69.46; platinum hit $2127.93. @Barchart: Gold hits most overbought level in history on the monthly chart https://t.co/EhePXH5mDn Japan’s 2-year yield hit its highest yield (1.12) since the eve of the 2008 Global Financial Crisis. The 10-year JGB hit its highest yield (2.095%) since 1999. Oil and gasoline rallied sharply again, probably on the US-Venezuela conflict. ESHs vacillated between modest and moderate gains from the Nikkei opening on Monday until they staged a modest rally into the 3 ET European opening. ESHs hit 6913.00 (+25.75) at 3:06 ET; but the pro dump appeared early. ESHs slid to 6904.75 at 3:55 ET. ESHs then plodded higher until the rally accelerated after 8 ET on conditioned buying for the NYSE opening. After a spike to 6927.75 at 9:31 ET, another early pro dump appeared. ESHs did a volatile but condensed 5-wave decline to 6908.50 at 10:34 ET. A spirited 2nd-Hour Reversal propelled ESHs to a daily high of 6936.25 at 12:57 ET. After an A-B-C decline to 6924.75 at 14:10 ET, ESHs did and A-B-C rally to 6933.50 at 15:37 ET. ESHs eased down to 6928.25 at 15:51 ET. The late manipulation forced ESHs to 6932.00 at 16:00 ET. Positive aspects of previous session Stocks rallied on Monday, post-expiry, and pre-Santa Rally upward bias. Fangs and trading sardines led the rally Negative aspects of previous session Gold and silver hit record highs; platinum hit a 17-year high. USHs were modestly lower most of the day. Ambiguous aspects of previous session When will accurate US economic data appear? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6872.09 Previous session S&P 500 Index High/Low: 6882.03; 6855.74 @BloombergTV: A senior Russian general was killed after a bomb exploded in his car in Moscow, according to investigators who pointed suspicion for the assassination at Ukraine Saks Fifth Avenue parent (Saks Global) mulls Chapter 11 bankruptcy as it seeks emergency funds Today – The Santa Rally window opens on the abbreviated Christmas Eve session tomorrow. Barring news, declines short be short lived because traders, and most are already extremely bullish, want to be long for the Santa Rally and end of year performance gaming. Something that could unnerve some traders: a US land strike on Venezuela. Russia has begun evacuating diplomats’ families from Venezuela. -AP Expected economic data: Q3 GDP 3.2%, Consumption 2.7%, GDP Price Index 2.7%, Core PCE 2.9%, Oct Durable Goods -1.5%, Ex-Trans 0.3% Nondef Ex-Air 0.3%, Shipments 0.3%; Nov Industrial Production 0.1% m/m, Mfg. Production 0.1% m/m, Capacity Utilization 75.9%; Dec Richmond Fed Mfg. Index -10; Dec Conference Board Consumer Confidence 91 ESHs are +2.25; NQHs are +31.50; Dec AU is +43.20 ($4515.70!); and USHs are +4/32 at 20:04 ET. S&P Index 50-day MA: 6774; 100-day MA: 6652; 150-day MA: 6476; 200-day MA: 6247 DJIA 50-day MA: 47,280; 100-day MA: 46,396; 150-day MA: 45,401; 200-day MA: 44,300 (Green is positive slope; Red is negative slope) S&P 500 Index (6878.49 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 5799.20 triggers a sell signal Weekly: Trender is positive; MACD is negative – a close below 6420.50 triggers a sell signal Daily: Trender is positive; MACD is negative – a close below 6840.00 triggers a sell signal Hourly: Trender and MACD are positive – a close below 6853.04 triggers a sell signal Massie and Khanna preparing to bring ‘inherent contempt’ against Bondi over Epstein files Reps. Ro Khanna, D-Calif., and Thomas Massie, R-Ky., co-authors of the bipartisan Epstein Files Transparency Act, said the department’s December disclosure remains excessively redacted and missing significant documents mandated by the law. https://justthenews.com/government/congress/massie-and-khanna-preparing-bring-inherent-contempt-against-bondi-over-epstein Trump on Monday slammed, again, people that are more interested in Epstein than DJT’s achievements! Trump: “This whole thing with Epstein is a way to try to deflect from the tremendous success of the Republican Party ... I thought that was finished … a lot of people are very angry that this continues.” https://x.com/unusual_whales/status/2003237947722830223 TRUMP DEFENDS BILL CLINTON ON EPSTEIN PHOTOS… CALLS MASSIE “REAL LOWLIFE” FOR PUSHING RELEASES – “I like Bill Clinton. I’ve always gotten along with Bill Clinton. We respect him. I hate to see photos come out of him. Everybody was friendly with this guy. He was all over Palm Beach. Larry Summers was his best friend. Bill Clinton was a friend, but everybody was. I threw him out of Mar-a-Lago. I don’t like the pictures of Bill Clinton being shown. I don’t like pictures of other people being shown. You probably have pictures being exposed of other people that innocently met Jeffrey Epstein many years ago. Because of guys like Massie, who’s a real lowlife, whose polls are down to about 9% in Kentucky. Massie’s a loser. He works with the Democrats.,,” https://x.com/MarioNawfal/status/2003241705022099721 @business: Trump unveils warship named after himself in shipbuilding push President Donald Trump announced the US Navy will build a new “Trump-class” warship as part of the White House push to modernize the service’s surface fleet and restore domestic shipbuilding You just know the new WH ballroom will be named ‘The Trump Grand Ballroom.’ Afterall, there is a Lincoln Bedroom and a Roosevelt Room! @alx:Trump: “We need Greenland for national security, not for minerals… We have to have it.” https://x.com/alx/status/2003238471469772925 @honestpollster: The surprise isn’t that the election was stolen in Georgia. 2/3 of America thought the outcome of 2020 was likely affected by fraud. The surprise is that we haven’t done anything about it. @PatrickByrne: I gave FBI Special Agent Dave Smith a hard drive proving Perkins Cooey accessed Ukrainian child porn to plant on Trump‘s email server. Also, the VA medical system was penetrated by Iran. Garland ordered Wray to destroy it in FBI’s lab. PS DOJ fat-ass Todd Blanche ordered the FBI and DOJ to refuse to accept a copy of that hard drive I tried to deliver to them this year. @CreasonJana: Tim Walz states he will fix the fraud caused on his 2 terms in office, in Minnesota. “You have my guarantee on this.” As Carl Jung states when making excessive promises: “The man who promises everything is sure to fulfil nothing, and everyone who promises too much is in danger of using evil means in order to carry out his promises and is already on the road to perdition.” This saying fits Tim Walz and the Minnesota Democrat Party to a tee! Judge Boasberg orders Trump admin to allow Venezuelans deported to El Salvador to return to the US – The group of men challenging their deportations include migrants who were deported to a prison in El Salvador under the 1798 Alien Enemies Act in March, over allegations that they were members of Tren de Aragua… https://justthenews.com/government/courts-law/boasberg-orders-trump-admin-allow-venezeulans-deported-el-salvador-return-us It is unconscionable that Republicans have not impeached Boasberg and Chief Justice Roberts has NOT disciplined or removed his BFF Boasberg. But we all know that most Republican pols lack courage. | |
SWAMP STORIES FOR YOU TONIGHT
SEATTLE/WASHINGTON
JUST AWFUL
MSM Stays Silent As Horrific Video Emerges Of Attack On 75-Year-Old Woman In Seattle
Monday, Dec 22, 2025 – 09:20 PM
Outside of local reporting in Seattle, corporate media outlets at the national level have entirely ignored the brutal attack on a 75-year-old woman by a repeat offender. The silence is telling and underscores how progressive criminal justice reforms continue to backfire spectacularly, enabling a revolving-door chaotic environment that releases serial offenders back onto the streets with nation-killing consequences.
That’s correct. There has been no coverage in the mainstream press. The reason is very simple: corporate media outlets no longer function as independent news organizations, but as public-relations arms that filter stories based on narrative control rather than public importance.
0 AP stories on Jeanette Marken 0 PBS stories on Jeanette Marken 0 NYT stories on Jeanette Marken 0 NPR stories on Jeanette Marken 0 WSJ stories on Jeanette Marken 0 BBC stories on Jeanette Marken 0 CNN stories on Jeanette Marken 0 WAPO stories on Jeanette Marken 0 Reuters stories on Jeanette Marken 0 MSNBC stories on Jeanette Marke
KOMO News released new surveillance video showing a horrific and random attack outside the King County Courthouse in downtown Seattle earlier this month.
According to charging documents, 42-year-old Fale Vaigalepa Pea used a wooden stick with a protruding screw to strike 75-year-old Jeanette Marken in the face.
KOMO said court records show Pea has been known to law enforcement for years and has a long history of violent behavior.
In 2011, Pea stabbed two people at a party in SeaTac, including one victim who was stabbed eight times. He was later convicted by a jury and sentenced to 18 months of community custody. Since then, he has been charged in multiple assault cases, including one in 2020, four in 2023, and another in 2024.
This year alone, Pea has been booked into the King County Jail eight times. Despite repeated arrests for assault, indecent exposure, drug offenses, property destruction, unlawful use of weapons, and malicious mischief, none of those arrests this year resulted in charges before the random attack on the 75-year-old woman.
Pea now faces a first-degree assault charge and is scheduled for a competency hearing later this month. Prosecutors argue that his actions and criminal history show he’s a danger to the community.
What’s most shocking is that body camera footage from officers at the scene described Pea as a “regular” and noted, “He’s notorious for random assaults on Third.”
Elon Musk commented on the shocking video on X, saying, “This keeps happening to innocent people.”
Musk is likely referring to the fatal stabbing in Charlotte of a Ukrainian refugee by yet another serial offender released onto the street by progressive judges.
It’s time to hold left-wing politicians, judges, and anyone in between accountable for allowing repeat criminals back onto the streets, slaying the innocent.
In the meantime, continue to avoid crime-ridden, Democrat-run cities and stay vigilant. None of this chaos should be happening, yet it has been allowed through nation-killing policies pushed by Democrats who follow a globalist framework aimed at undermining America from within.
END
This should be lots of fun!!
John Brennan Lawyers Confirm Their Client Is A “Target” Of A Grand Jury Investigation
Tuesday, Dec 23, 2025 – 02:50 PM
Authored by Sundance via The Last Refuge,
Lawfare lawyer Kenneth Wainstein representing former CIA Director John Brennan confirmed in a proactive litigation letter to Chief Judge Cecilia M. Altonaga of the Federal District Court for the Southern District of Florida, their client is a “target” of a grand jury investigation.
The word “target” is important here, because the letter specifically outlines how Brennan has received subpoenas for documents and information surrounding his construct of the 2017 Intelligence Community Assessment.
The letter notes that prosecutors from the Office of the United States Attorney for the Southern District of Florida, Jason Reding Quiñones, have advised Mr. Brennan that he is “a target” of a grand jury investigation.
The letter by is by Mr. Kenneth Wainstein, a partner in Mayer/Brown law firm, Washington DC, who served in the administrations of Presidents George W. Bush and Joseph R. Biden Jr., and he describes a “concocted case” and “politically motivated and fact-free criminal investigation.”
Wainstein is seeking proactive intervention by Chief Judge Altonaga to block U.S. Attorney Quinones from seeking jurisdiction in the Fort Pierce Division, the court with jurisdiction over the Mar-a-Lago raid, led by Judge Aileen Cannon.
I strongly urge everyone interested to READ THE ENTIRE LETTER to understand why I shared prior warnings about the nonsense ramblings of perhaps well-intentioned voices who will create problems for this case against Brennan if it is to continue.
Pay attention to the footnotes being cited by Brennan’s lawyers as they begin to pull in some of the commentary by voices who have publicly given opinion about the overall Trump targeting operation. Mike Davis name appears frequently in this letter, as the Brennan defense team begins to frame the conspiratorial nature of some claims against their client.
In essence, the Brennan legal team are attempting to refute the evidence by pointing to the blanket of some crazy commentary that covers it. This is exactly what I have been cautioning about {SEE HERE}.
U.S Attorney Quinones already faces an uphill battle, because John Durham already reviewed the ICA origination as part of his investigation – but Durham never prosecuted anyone inside government.
This year, Director of National Intelligence Tulsi Gabbard released a tranche of background information, [114 pages of information], showing how the Obama administration intentionally and with great purpose fabricated the Russia election interference story. DNI Tulsi Gabbard Press Release Here – Files Containing Evidence Here
What the evidence shows is a focused targeting operation intended to fabricate a false premise by the United States Intelligence Community, centered around a fraudulent CIA analysis (ICA) led by John Brennan, and organized through the Office of former DNI James Clapper. The op was green-lighted by Barack Obama as a way to impede the agenda of incoming President Donald Trump. All three branches of government eventually collaborated on the scheme.
Lawyers for John Brennan are now seeking to proactively undermine the grand jury proceedings and influence the venue where any investigation and review might be taking place. [pdf, Page 9]
In addition to sending the letter to the Southern District of Florida, John Brennan also sent the letter to the New York Times to help him frame a media defense.
[…] Pursuing the case in Fort Pierce, Fla., would draw jurors from a more conservative area than the District of Columbia and put it under Judge Cannon, who showed Mr. Trump unusual favor during the documents investigation. In particular, Mike Davis, an influential former Republican Senate staff aide and friend of Mr. Reding Quiñones, has pushed the idea of a Fort Pierce grand jury, warning Mr. Trump’s adversaries to “lawyer up.” (read more)
Again, get familiar with this letter, because you will find me citing it quite a bit in the next few weeks.
Wainstein and Brennan have made a significant strategic mistake by detailing their defenses, specifically by framing the background context of prior investigative authorities in their positions. What they have inadvertently done for Jason Quiñones is to give a potential expanded witness list for a conspiracy review.
With information from a mountain of previous research, Quiñones can now call ancillary actors to testify as to the nature of their participation based on the storyline of Brennan. Wainstein even cited the Robert Mueller investigation as part of his defense for his client.
Example, people like the SSCI chair Rubio, and/or Vice-Chair Warner, along with Feinstein’s lead staff Dan Jones, and/or the SSCI Security Director James Wolfe, can be called to answer questions within a grand jury proceeding based on the claims of Brennan’s defense team in this letter.
Former DNI James Clapper, former NSA Director Mike Rogers, former National Security Advisor Susan Rice and former counterintelligence officers could all be questioned based on Brennan’s defense.
All of the Brennan defense citations in the letter open up pathways for Quinones questioning.
GREG HUNTER..
SEE YOU TOMORROW
harveyorganblog.com 
