GOLD: NUMBER OF NOTICES FILED FOR MAY/2026: 68 CONTRACTs NOTICES FOR 6800 OZ or 0.2115 TONNES
total notices so far: 3858 contracts FOR 385,800 OZ OR 12.0000 TONNES
SILVER NOTICES: 59 NOTICE(S) FILED FOR 0.295 MILLION OZ /
total number of notices filed so far this month : 5332 CONTRACTS (NOTICES) for 26.660 million oz
SILVER//OUTLINE
INITIAL STANDING FOR JANUARY: 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NEW NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR .100 MILLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ!!
INTIAL STANDING FOR FEBRUARY/SILVER: 13.505 MILLION OZ FOLLOWED BY TODAY’S HUGE 0.005 MILLION OZ QUEUE JUMP / : NEW STANDING FOR SILVER AT THE COMEX ADVANCES TO 25.180 MILLION OZ. BUT WE MUST ADD OUR FIRST EXCHANGE FOR RISK OF 25 CONTRACTS FOR .125 MILLION OZ AND THEN OUR SECOND EXCHANGE FOR RISK OF .0600 MILLION OZ TO OUR THIRD HUGE 2.825 MILLION OZ EXCHANGE FOR RISK!!
INITIAL STANDING FOR MARCH: A SURPRISINGLY LOW 31.076 MILLION OZ/ FOLLOWED BY A TINY QUEUE JUMP OF 1 CONTRACTS OR 0.005 MILLION OZ/NEW STANDING ADVANCES TO 46.060 MILLION OZ
INITIAL STANDING FOR APRIL: 7.120 MILLION OZ FOLLOWED BY TODAY’S 1 CONTRACT QUEUE JUMP WHERE 5,000 OZ WILL TAKE DELIVERY OVER ON THIS SIDE OF THE POND. NEW STANDING FOR SILVER AT THE COMEX THUS ADVANCES SLIGHTLY TO 16.565 MILLION OZ PLUS WE MUST ADD OUR 4TH EXCHANGE FOR RISK ISSUANCE OF 17 CONTRACTS OR 0.085 MILLION OZ. THESE WILL BE ADDED TO OUR OTHER 3 ISSUANCES //NEW TOTAL EXCHANGE FOR RISK//1.165 MILLION OZ// NEW TOTAL SILVER STANDING 17.730 MILLION OZ//
INITIAL STANDING FOR MAY: 31.495 MILLION OZ FOLLOWED BY OUR HUGE QUEUE JUMP OF 58 CONTRACTS FOR 0.290 MILLION OZ/NEW STANDING ADVANCES TO 31.420 MILLION OZ/.//
SUMMARY OF OUR MAY 2026 COMEX CONTRACT MONTH:
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: 45.765 MILLION OZ
JANUARY 2026: 134.270 MILLION OZ (WILL BE A VERY STRONG MONTH FOR EXCHANGE FOR PHYSICAL!)
FEB : 82.130 MILLION OZ
MARCH: 56.075 MILLION OZ
APRIL; 44.44 MILLION OZ//FINAL.. SMALL THIS MONTH.
MAY 31.350 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 ADVAN
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 STRONG 835,000OZ QUEUE JUMP+ DEC. FIRST EXCHANGE FOR RISK 0F .850 MILLION OZ + LAST WEEK.S 495,000 OZ EXCHANGE FOR RISK AND THEN A 3RD ISSUANCE IF 1.00MILLION OZ THEN FINALLY DEC 249ISSUANCE OF 1.35 MILLION OZ EXCHANGE FOR RISK//NEW TOTAL EX FOR RIS IS 3.685 MILLION OZ // STANDING ADVANCES TO 68.415 MILLION OZ//
JANUARY: INITIAL STANDING 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 0.100 MILLLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ
FEB: 13.399 MILLION OZ IS OUR INITIAL STANDING FOR SILVER! TO WHICH WE ADD OUR NEXT QUEUE JUMP FOR 5,000 OZ AND THEN ADD OUR 3 EXCHANGE FOR RISK FOR 3.010 MILLION OZ STANDING ADVANCES TO 28.190 MILLION OZ!!
MARCH: INITIAL AMOUNT OF SILVER STANDING IS 31.076 MILLION OZ FOLLOWED BY A FINAL 0.210 MILLION OZ QUEUE JUMP //NEW TOTAL STANDING ADVANCES TO 46.060 MILLION OZ
APRIL 2026: INITITAL AMOUNT OF SILVER STANDING 7.120 MILLION OZ FOLLOWED BY TODAY’S 5,000 OZ QUUE JUMP //NEW STANDING ADVANCES TO 16.565MILLION OZ PLUS 1.165 MILLION OZ EXCHANGE FOR RISK.NEW TOTALS 17.730 MILLION OZ
MAY: INITIAL AMOUNT OF SILVER WILLING TO STAND; 31.495 MILLION OZ/ TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 58 CONTRACTS/0.290 MILLION OZ//NEW STANDING ADVANCES TO 31.420 MILLION OZ//(FOLLOWING MANY EXCHANGE FOR PHYSICAL TRANSFERS TO LONDON DURING THE MAY DELIVERY MONTH)
1.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.
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 0.0TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR 4 EXCHANGE FOR RISK FOR DECEMBER OF 6.587 TONNES/NEW STANDING ADVANCES TO 121.977 TONNES
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR FIRST EXCHANGE FOR PHYSICAL TRANSFER OF 0.08709 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEB; INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 93.567 TONNES OF GOLD TO WHICH WE ADD OUR NEXT 0.0248 TONNES 0.1555 TONNES QUEUE JUMP TO 41.2082 TONNES/ NEW NET QUEUE JUMP INCREASES TO 41.233 TONNES// AND THEN WE ADD OUR SIX EXCHANGE FOR RISK: 10,080 CONTRACTS OR 31.251 TONNES//NEW STANDING REDUCES TO 157.878 TONNES
MARCH:: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 8.099 TONNES TO WHICH WE ADD TODAY’S FAIR 4600 OZ QUEUE JUMP (0.2320 TONNES) AND THEN WE ADD OUR THREE EXCHANGE FOR RISK OF 22.3818 TONNES //NEW STANDING ADVANCES TO 67.6648 TONNES/
APRIL: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 52.600 TONNES FOLLOWED BY OUR 278 CONTRACT QUEUE JUMP FOR 27800 OZ/ (0.8646 TONNES)/NEW STANDING ADVANCES TO 70.286 TONNES TO WHICH WE ADD OUR 2ND EXCHANGE FOR RISK OF 1498 CONTRACTS FOR 149800 OZ OR 4.659 TONNES. THE NEW TOTAL EXCHANGE FOR RISK FOR THE MONTH OF APRIL IS 2239 CONTRACTS OR 223900 OZ OR 6.964 TONNES AND THIS WILL BE ADDED TO OUR NORMAL DELIVERY TOTALS (70.762 TONNES) TO GIVE US WHAT WILL STAND IN APRIL (77.726 TONNES)
MAY: INITIAL AMOUNT OF GOLD WILLING TO STAND: 12.24 TONNES OF GOLD TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 12 CONTRACTS OR 1200 OZ (.0383 TONNES) TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCES FOR .4353 TONNES/STANDING NOW ADVANCES TO 14.4133 TONNES OF GOLD.
STANDING FOR THE LAST 5 MONTHS JANUARY TO MAY:
FINAL STANDING FOR GOLD, JANUARY CONTRACT AT 59.2108 TONNES OF GOLD
FEBRUARY: INITIAL STANDING FOR GOLD: 157.878 TONNES!! WHICH INCLUDES ALL QUEUE JUMPING, THREE EXCHANGE FOR PHYSICAL TRANSFERS TO LONDON AND OUR SIX ISSUANCES EXCHANGE FOR RISK!!
MARCH: INITIAL STANDING AT 8.099 TONNES TO WHICH WE ADD OUR FINAL DAY: 0.2320 TONNES QUEUE JUMP AND THEN ADD +22.3818 TONNES EXCHANGE FOR RISK//NEW STANDING ADVANCES TO 67.6648 TONNES
APRIL: INITIAL STANDING 52.600 TONNES PLUS 27,800 OZ QUEUE JUMP (0.8648TONNES): NEW STANDING ADVANCES TO 70.286 TONNES PLUS OUR TWO EXCHANGE FOR RISK FOR 223,900 OZ OR 6.964 TONNES/NEW STANDING: 77.726 TONNES
MAY: INITIAL AMOUNT OF GOLD WILLING TO STAND; 12.24 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 12 CONTRACTS/1200 OZ// 0.0373 TONNES/ TOTAL EXCHANGE FOR RISK: 004353 TONNES///NEW STANDING IS NOW ADVANCES TO 14.4133 TONNES
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: 190.04 TONNES//GOOD SIZED THIS MONTH FINAL.
TOTAL EXCHANGE FOR PHYSICAL ISSUED FOR YEAR 2025: 2,026.20 TONNES (LOWER THAN LAST YR 2,569.00 TONNES
JANUARY: 209.08 TONNES ( (WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL)
FEB. 176.35 TONNES (WHICH IS A FAIR ISSUANCE)
MARCH: 214.67 TONNES//WILL BE STRONG ISSUANCE THIS MONTH
APRIL; 88.00 TONNES// WILL BE VERY SMALL THIS MONTH
MAY 37.315 TONNES
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS
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 POSIT
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:
SILVER:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A MEGA STRONG 619 CONTRACTS TO AN OI OF 103,802.
EFP ISSUANCE 1059 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 1059 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 619 CONTRACTS AND ADD TO THE 1059 E.FP. ISSUED
WE OBTAIN A STRONG SIZED GAIN OF 440 OI OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR LOSS OF $0.48
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 2.200 MILLION PAPER OZ
OCCURRED WITH OUR LOSS IN PRICE.OF $0.48
2.ASIAN AFFAIRS MAY 13 /2025
SHANGHAI CLOSED UP 28.08 PTS OR 0.67%
HANG SENG CLOSED UP 40.53 PTS OR 0.15%
Nikkei CLOSED UP 587.43 PTS OR 0.94%
//Australia’s all ordinaries CLOSED DOWN 0.70%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.7910
/ OFFSHORE CLOSED UP AT 6.7893 Oil UP TO 102.19 dollars per barrel for WTI and BRENT UP TO 108.200 Stocks in Europe OPENED ALL MIXED
ONSHORE USA/ YUAN TRADING UP (6.7910) OFFSHORE YUAN TRADING UP TO 6.7893 ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER/OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR 2152 CONTRACTS DOWN TO AN OI OF 376,496 CONTRACTS (OI) , HAVING ADVANCED FROM OUR NEW LOW OI SET LATE LAST MONTH AND SURPASSING THE PREVIOUS ALL TIME LOW IN OI OF 354,581 SET APRIL6/2026. PREVIOUS TO THAT THE ALL TIME LOW IN OI WAS 390,000 SET IN THE YEAR 2001 WHEN GOLD WAS TRADING $260.00. THE CME SHOULD BE PROUD OF THEMSELVES AS MANY HAVE ABANDONED THIS CROOKED ARENA!!THUS OUR NEW ALL TIME LOW OF COMEX OI HAS NOW BEEN SET AT 354,581 WITH GOLD AT AN EXTREMELY HIGH $4,700.00 WHICH MAKES ABSOLUTELY NO SENSE!!!
WE HAD ZERO T.A.S. LIQUIDATION DURING TUESDAY’S TRADING. IT SEEMS THAT SOME OF THE SPECULATORS CONTINUED AGAIN TO GO MASSIVELY ON THE LONG SIDE BUT ALSO SOME SPECULATORS STILL GOING TO THE SHORT SIDE WITH THE BANKERS NOW TAKING THE LONG SIDE,AND CENTRAL BANKS SUPPLYING THE NECESSARY PAPER, AS WELL AS COVERING THEIR SHORTFALL. THERE ARE ALSO SOME SPECULATORS WHO CONTINUALLY GO TO THE SHORT SIDE AND AND OF COURSE THEY WILL BE ANNHILATED ON CENTRAL BANK COMMAND!!
CENTRAL BANKS ALSO TENDERED THEIR NEW LONG CONTRACTS AT THE END OF THE DAY FOR PHYSICAL GOLD. YOU CAN VISUALIZE THIS WITH THE STRONG AMOUNT OF GOLD STANDING AT THE COMEX FOR THIS MAY CONTRACT MONTH!!
THE STRONG SIZED GAIN ON OUR TWO EXCHANGES OCCURRED DESPITE OUR SMALL LOSS IN PRICE IN GOLD (DOWN $38.20).
WE THUS HAD A FAIR SIZED GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 3,150 CONTRACTS (OR 9.797 TONNES) DESPITE OUR LOSS IN PRICE, AS WE WERE INFORMED OF A FAIR CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.EQUATING TO 2028 CONTRACTS.
THEN WE WERE NOTIFIED TODAY OF A SMALL CONTRACT FOR RISK ISSUANCE IN GOLD TOTALLING 13 CONTRACTS FOR 1300 OZ OR 0.0963 TONNES OF GOLD. WE HAD OUR FIRST ISSUANCE FOR EXCHANGE FOR RISK ON MAY 7, SO THIS IS OUR 2ND ISSUANCE FOR OUR MAY GOLD MONTH. THIS GOLD WILL BE ADDED TO OUR NORMAL MAY DELIVERIES TO GIVE US OUR FINAL AMOUNT OF GOLD WILLING TO STAND AT THE COMEX..
HISTORY OF EXCHANGE FOR RISK ISSUANCE THIS YEAR: FEBRUARY THROUGH MAY
FEBRUARY:
DURING THE MIDDLE OF THE FEBRUARY CONTRACT MONTH, WE HAD TWO IDENTICAL MONSTER 3,000 CONTRACT ISSUED FOR THE SAME 9.33 TONNES OF GOLD, AND THESE WERE THE HIGHEST EVER IN TONNAGE EVER ISSUED BY THE COMEX. ALTOGETHER THE TOTAL ISSUANCE FOR FEB TOTALLED SIX.(31.251 TONNES).
MARCH:
THURSDAY MARCH 17 WE RECEIVED ITS INITIAL 2000 CONTRACT EXCHANGE FOR RISK ISSUANCE FOR 6.22 TONNES. LAST FRIDAY: 0 ISSUANCE OF EXCHANGE FOR RISK. BUT ON MONDAY MARCH 23 WE RECEIVED NOTICE OF OUR SECOND EXCHANGE FOR RISK ISSUANCE FOR 2,200 CONTRACTS (220,000 OZ OR 6.843 TONNES) AND NOW FRIDAY WITH A MONSTER 2996 CONTRACTS FOR 9.3138 TONNES. THESE THREE ISSUANCES WILL NOW BE ADDED TO THE REGULAR AMOUNT OF GOLD STANDING, I.E. 22.3818 TONNES TO OUR NORMAL GOLD STANDING TO GIVE US WHAT WILL STAND FOR PHYSICAL GOLD FOR MARCH!
APRIL;: 2 EXCHANGE FOR RISK SO FAR, I.E. 2239 CONTRACTS FOR 223,900 OZ OR 6.964 TONNES AND THIS TOTAL TONNES WILL BE ADDED TO OUR NORMAL DELIVERY TO GIVE US WHAT WILL STAND IN APRIL
MAY: TWO ISSUANCES SO FAR FOR 140 CONTRACTS OR 14,000OZ OR 0.4353 TONNES.
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A LITTLE HISTORY OF EXCHANGE FOR RISK DECEMBER THROUGH TO MAY:
IN DECEMBER WE HAVE RECORDED 5 ISSUANCES OF EXCHANGE FOR RISK/4 FOR DEC AND THE LAST ONE ON DEC 31 FOR JANUARY. WE NOW HAVE 3 CHOICES 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 6.56 TONNES/4 OCCASIONS.
MONTH OF JANUARY/EXCHANGE FOR RISK
IN JANUARY THEY HAVE 6 TOTAL ISSUANCE : 3.446 TONNES EARLY, THEN JAN 9 ISSUANCE OF 9,331 TONNES AND THEN JAN 16: 0.1996 TONNES JAN 26: 1.499 TONNES, JAN 27: 3.160 AND FINALLY JAN 29: 4.659 TONNES TONNES//TOTAL EXCHANGE FOR RISK JANUARY 22.315 TONNES WHICH WAS ADDED TO OUR NORMAL DELVERIES.
AND FEBRUARY:
FEB EXCHANGE FOR RISK: NOW 6 ISSUANCES: 10,080 CONTRACTS FOR 1,008,000 OZ OR 31.251 TONNES!
HERE ARE THE CHOICES FOR THE RECIPIENT OF THOSE ISSUANCES:
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 106+ TONNES OF SHORTAGE. HOWEVER THEY SEEM NOT TO BE IN A HURRY TO COVER THEIR HUGE SHORTFALL
3. THE CENTRAL BANK OF CHINA AS THEY BATTLE WITS WITH THE USA.
TOTAL EXCHANGE FOR RISK FOR DECEMBER IS 6.56 TONNES AND THIS WAS ADDED TO OUR NORMAL DELIVERY TOTALS..
THE JANUARY ISSUANCE OF 17.656 TONNES WAS ADDED TO OUR DAILY DELIVERY TOTALS!!
FEBRUARY ISSUANCES 6 FOR; 31.251 TONNES !! AND THIS WAS ADDED TO OUR DELIVERY TOTALS FOR THIS MONTH.
MARCH: CME ANNOUNCES ITS FIRST EXCHANGE FOR RISK FOR 2000 CONTRACTS FOR 200,000 OZ OR 6.22 TONNES OF GOLD DURING THE FIRST WEEK OF MARCH, AND THEN MONDAY, MARCH 22, WE RECEIVED ITS SECOND NOTICE ISSUANCE OF 2200 CONTRACTS OR 220000 OZ (6.843 TONNES). THEN FINALLY WE RECEIVED NOTICE OF OUR THIRD EXCHANGE FOR RISK OF 2996 CONTRACTS OR 9.3188 TONNES. TOGETHER ALL 3 ISSUANCES TOTAL 22.3818 TONNES WHICH WILL BE ADDED TO OUR NORMAL DELIVERY SCHEDULE.
APRIL: 2 EXCHANGE FOR RISK SO FAR FOR 223,900 OZ OR 6.964 TONNES. AND THIS TOTAL WILL BE ADDED TO OUR NORMAL DELIVERY TO GIVE US WHAT WILL STAND FOR APRIL!!
MAY: TWO ISSUANCES SO FAR FOR 140 CONTRACTS, 14,000 OZ OR 0.4353 TONNES OF GOLD. THIS TOTAL WILL BE ADDED TO OUR NORMAL DELIVERIES IN MAY TO GIVE US WHAT WILL STAND IN MAY.
DETAILS ON OUR NEW MAY COMEX CONTRACT MONTH//
IN TOTAL WE HAD A FAIR SIZED GAIN ON OUR TWO EXCHANGES OF 3,150 CONTRACTS DESPITE OUR LOSS IN PRICE ($2.80). HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT THIS 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 THEIR 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. BOTH COMEX AND LBMA ARE WITNESSING MASSIVE AMOUNTS OF GOLD LEAVING THEIR VAULTS.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE THROUGH MAY/ CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER HOWEVER IS A HUGE SIZED T.A.S ISSUANCE CONTRACTS .THE CME NOTIFIES US THAT THEY HAVE ISSUED 14,367 T.A.S CONTRACTS. THESE ARE GENERALLY USED FOR RAID PURPOSES TO STOP GOLD’S RISE AND TO TEMPER HUGE LOSSES IN OTC DERIVATIVE BETS AND IT IS NOW IN FULL FORCE WITH TODAY’S RAID ON OUR PRECIOUS METALS.
IT SURE LOOKS LIKE THE BIS HAS SOMEHOW LOOKED THE OTHER WAY WITH ITS GOLD SWAPS WITH THE FRBNY AS THIS ENTITY FOR THE FED REFUSES THE BIS MARCHING ORDERS TO COVER AND THAT MAY EXPLAIN THE STRONG NUMBER OF T.A.S. ISSUANCES IN DECEMBER , JANUARY AND THROUGHOUT FEBRUARY TO GO ALONG WITH OUR HUGE NUMBER OF EXCHANGE FOR RISK ISSUED DURING THESE MONTHS INCLUDING FEBRUARY’S 6 EXCHANGE FOR RISK WHICH ALSO INCLUDED TWO MONSTER 9.3312 TONNE ISSUANCE (FEB 10 AND FEB 12). TOTAL EXCHANGE FOR RISK/FEB EQUALS 31.251 TONNES!! AND MARCH’S THREE ISSUANCES FOR 22.3818 TONNES! OTHER CENTRAL BANKS ARE PAYING ATTENTION AS THEY TAKE DELIVERY OF HUGE AMOUNTS OF PHYSICAL GOLD. APRIL HAD 2 EXCHANGE FOR RISK ISSUANCES FOR 6.694 TONNES. AND NOW MAY WITH ITS 2ND ISSUANCE FOR 0.0963 TONNES///TOTAL EXCHANGE FOR RISK FOR MAY: 0.4353 TONNES ISSUED MAY 6 AND MAY 12.
HERE IS A SUMMARY OF GOLD STANDING FOR DELIVERY ON OUR LAST 12 MONTHS:
1.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 TONNE
SUMMARY FOR OCTOBER STANDING:
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.
DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY IN THIS ACTIVE MONTH IS 83.813 TONNES FOLLOWED BY TODAY’S 0.05 TONNES QUEUE JUMP. THIS FOLLOWS ALL OTHER QUEUE JUMPING: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559 TONNES//NEW STANDING THUS INCREASES TO 121.977 TONNES
JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEBRUARY: . FEBRUARY: INITIAL STANDING: 93.566 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.0248 TONNES WHICH MUST BE ADDED ALL OTHER QUEUE JUMPS OF 41.2087 TONNES QUEUE JUMP//TOTAL QUEUE JUMP FOR FEB::ADVANCES TO 41.233 TONNES///STANDING ADVANCES TO 126.628 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 31.251 TONNES/NEW STANDING RISES TO 157.879 TONNES
MARCH: INITIAL STANDING FOR GOLD: 8.099 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.2320 TONNES AND THEN WE ADD OUR THREE EXCHANGE FOR RISK OF 22.3818 TONNES////NEW STANDING FOR GOLD ADVANCES TO: 67.6648TONNES WHICH IS ABSOLUTELY HUGE FOR A NON ACTIVE DELIVERY MONTH!!
APRIL 2026: INITIAL STANDING FOR GOLD: 52.20 TONNES FOLLOWED BY TODAY’S SMALL 500 OZ QUEUE JUMP/ TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCES TOTALLING 223,900 OZ OR 6.964 TONNES//STANDING ADVANCES TO 77.726 TONNES WHICH IS ABSOLUTELY HUGE
MAY: INITIAL AMOUNT OF GOLD WILLING TO STAND: 12.24 TONNES OF GOLD TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 6300 OZ (.1959 TONNES) TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE FOR 14,000 OZ OR 0.4353 TONNES////NEW TOTALS STANDING FOR GOLD ADVANCES TO 14.4073 TONNESS
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
COMEX GOLD TRADING BEGINNING MAY,. CONTRACT;
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $38.20)
WE HAD ZERO T.A.S. SPREADER LIQUIDATION MONDAY // COMEX SESSION// DESPITE OUR LOSS IN PRICE , OUR LONG SPECULATORS REMAIN RELENTLESS POURING INTO THE COMEX STARTING TO BUILD ON ITS OI //
OTHER EASTERN CENTRAL BANKS TENDERED FOR PHYSICAL EVERY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD THAT STOOD FOR GOLD DURING THESE PAST SEVERAL MONTHS
TUESDAY NIGHT//WEDNESDAY MORNING
THE CROOKS COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL TUESDAY EVENING/WEDNESDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
ALL OF THIS WAS ACCOMPLISHED DESPITE OUR LOSS IN PRICE TO THE TUNE OF $2.80
WE HAD 4242 CONTRACTS REMOVED FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL.
NET GAIN ON THE TWO EXCHANGES : 3150 CONTRACTS OR 315,000 OZ OR 9.787 TONNES
INITIAL GOLD COMEX
MAY DELIVERY MONTH
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS
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 POSIT
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:
SILVER:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A MEGA STRONG 619 CONTRACTS TO AN OI OF 103,800 ADVANCING A FROM ITS ALL TIME LOW SET MAY 1.
EFP ISSUANCE 1059 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 2195 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 619 CONTRACTS AND ADD TO THE 1059 E.FP. ISSUED
WE OBTAIN A STRONG SIZED GAIN OF 440 OI OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR LOSS OF $0.48
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 2.2 MILLION PAPER OZ
OCCURRED WITH OUR LOSS IN PRICE.OF $0.48
2.ASIAN AFFAIRS MAY 13 /2025
SHANGHAI CLOSED DOWN 10.73 PTS OR 0.25%
HANG SENG CLOSED DOWN 58.93 PTS OR 0.22%
Nikkei CLOSED UP 274.12 PTS OR 0.44%
//Australia’s all ordinaries CLOSED DOWN 0.79%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.7948
/ OFFSHORE CLOSED UP AT 6.7947 Oil UP TO 101.60 dollars per barrel for WTI and BRENT UP TO 107.15 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING UP (6.7948) OFFSHORE YUAN TRADING UP TO 6.7947 ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER/OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR 2152 CONTRACTS UP TO AN OI OF 376,496 CONTRACTS (OI) , HAVING ADVANCED FROM OUR NEW LOW OI SET LATE LAST MONTH AND SURPASSING THE PREVIOUS ALL TIME LOW IN OI OF 354,581 SET APRIL6/2026. PREVIOUS TO THAT THE ALL TIME LOW IN OI WAS 390,000 SET IN THE YEAR 2001 WHEN GOLD WAS TRADING $260.00. THE CME SHOULD BE PROUD OF THEMSELVES AS MANY HAVE ABANDONED THIS CROOKED ARENA!!THUS OUR NEW ALL TIME LOW OF COMEX OI HAS NOW BEEN SET AT 354,581 WITH GOLD AT AN EXTREMELY HIGH $4,700.00 WHICH MAKES ABSOLUTELY NO SENSE!!!
WE HAD CONSIDERABLE T.A.S. LIQUIDATION DURING TUESDAY’S EARLY TRADING. IT SEEMS THAT SOME OF THE SPECULATORS CONTINUED AGAIN TO GO MASSIVELY ON THE LONG SIDE BUT ALSO SOME SPECULATORS STILL GOING TO THE SHORT SIDE WITH THE BANKERS NOW TAKING THE LONG SIDE,AND CENTRAL BANKS SUPPLYING THE NECESSARY PAPER, AS WELL AS COVERING THEIR SHORTFALL. THERE ARE ALSO SOME SPECULATORS WHO CONTINUALLY GO TO THE SHORT SIDE AND AND OF COURSE THEY WILL BE ANNHILATED ON CENTRAL BANK COMMAND!!
CENTRAL BANKS ALSO TENDERED THEIR NEW LONG CONTRACTS AT THE END OF THE DAY FOR PHYSICAL GOLD. YOU CAN VISUALIZE THIS WITH THE STRONG AMOUNT OF GOLD STANDING AT THE COMEX FOR THIS MAY CONTRACT MONTH!!
THE STRONG SIZED GAIN ON OUR TWO EXCHANGES OCCURRED DESPITE OUR HUGE LOSS IN PRICE IN GOLD (DOWN $38.20).
WE THUS HAD A STRONG SIZED GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 3,150 CONTRACTS (OR 9.797 TONNES) DESPITE OUR LOSS IN PRICE, AS WE WERE INFORMED OF A SMALL CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.EQUATING TO 998 CONTRACTS.
THEN WE WERE NOTIFIED TODAY OF A ZERO CONTRACT FOR RISK ISSUANCE IN GOLD TOTALLING 0 CONTRACTS FOR 0 OZ OR 0.00 TONNES OF GOLD. WE HAD OUR FIRST ISSUANCE FOR EXCHANGE FOR RISK ON MAY 7, AND OUR 2ND ISSUANCE MAY 12 . THIS GOLD WILL BE ADDED TO OUR NORMAL MAY DELIVERIES TO GIVE US OUR FINAL AMOUNT OF GOLD WILLING TO STAND AT THE COMEX..
HISTORY OF EXCHANGE FOR RISK ISSUANCE THIS YEAR: FEBRUARY THROUGH MAY
FEBRUARY:
DURING THE MIDDLE OF THE FEBRUARY CONTRACT MONTH, WE HAD TWO IDENTICAL MONSTER 3,000 CONTRACT ISSUED FOR THE SAME 9.33 TONNES OF GOLD, AND THESE WERE THE HIGHEST EVER IN TONNAGE EVER ISSUED BY THE COMEX. ALTOGETHER THE TOTAL ISSUANCE FOR FEB TOTALLED SIX.(31.251 TONNES).
MARCH:
THURSDAY MARCH 17 WE RECEIVED ITS INITIAL 2000 CONTRACT EXCHANGE FOR RISK ISSUANCE FOR 6.22 TONNES. LAST FRIDAY: 0 ISSUANCE OF EXCHANGE FOR RISK. BUT ON MONDAY MARCH 23 WE RECEIVED NOTICE OF OUR SECOND EXCHANGE FOR RISK ISSUANCE FOR 2,200 CONTRACTS (220,000 OZ OR 6.843 TONNES) AND NOW FRIDAY WITH A MONSTER 2996 CONTRACTS FOR 9.3138 TONNES. THESE THREE ISSUANCES WILL NOW BE ADDED TO THE REGULAR AMOUNT OF GOLD STANDING, I.E. 22.3818 TONNES TO OUR NORMAL GOLD STANDING TO GIVE US WHAT WILL STAND FOR PHYSICAL GOLD FOR MARCH!
APRIL;: 2 EXCHANGE FOR RISK SO FAR, I.E. 2239 CONTRACTS FOR 223,900 OZ OR 6.964 TONNES AND THIS TOTAL TONNES WILL BE ADDED TO OUR NORMAL DELIVERY TO GIVE US WHAT WILL STAND IN APRIL
MAY: TWO ISSUANCES SO FAR FOR 140 CONTRACTS OR 14,000OZ OR 0.4353 TONNES.
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A LITTLE HISTORY OF EXCHANGE FOR RISK DECEMBER THROUGH TO MAY:
IN DECEMBER WE HAVE RECORDED 5 ISSUANCES OF EXCHANGE FOR RISK/4 FOR DEC AND THE LAST ONE ON DEC 31 FOR JANUARY. WE NOW HAVE 3 CHOICES 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 6.56 TONNES/4 OCCASIONS.
MONTH OF JANUARY/EXCHANGE FOR RISK
IN JANUARY THEY HAVE 6 TOTAL ISSUANCE : 3.446 TONNES EARLY, THEN JAN 9 ISSUANCE OF 9,331 TONNES AND THEN JAN 16: 0.1996 TONNES JAN 26: 1.499 TONNES, JAN 27: 3.160 AND FINALLY JAN 29: 4.659 TONNES TONNES//TOTAL EXCHANGE FOR RISK JANUARY 22.315 TONNES WHICH WAS ADDED TO OUR NORMAL DELVERIES.
AND FEBRUARY:
FEB EXCHANGE FOR RISK: NOW 6 ISSUANCES: 10,080 CONTRACTS FOR 1,008,000 OZ OR 31.251 TONNES!
HERE ARE THE CHOICES FOR THE RECIPIENT OF THOSE ISSUANCES:
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 106+ TONNES OF SHORTAGE. HOWEVER THEY SEEM NOT TO BE IN A HURRY TO COVER THEIR HUGE SHORTFALL
3. THE CENTRAL BANK OF CHINA AS THEY BATTLE WITS WITH THE USA.
TOTAL EXCHANGE FOR RISK FOR DECEMBER IS 6.56 TONNES AND THIS WAS ADDED TO OUR NORMAL DELIVERY TOTALS..
THE JANUARY ISSUANCE OF 17.656 TONNES WAS ADDED TO OUR DAILY DELIVERY TOTALS!!
FEBRUARY ISSUANCES 6 FOR; 31.251 TONNES !! AND THIS WAS ADDED TO OUR DELIVERY TOTALS FOR THIS MONTH.
MARCH: CME ANNOUNCES ITS FIRST EXCHANGE FOR RISK FOR 2000 CONTRACTS FOR 200,000 OZ OR 6.22 TONNES OF GOLD DURING THE FIRST WEEK OF MARCH, AND THEN MONDAY, MARCH 22, WE RECEIVED ITS SECOND NOTICE ISSUANCE OF 2200 CONTRACTS OR 220000 OZ (6.843 TONNES). THEN FINALLY WE RECEIVED NOTICE OF OUR THIRD EXCHANGE FOR RISK OF 2996 CONTRACTS OR 9.3188 TONNES. TOGETHER ALL 3 ISSUANCES TOTAL 22.3818 TONNES WHICH WILL BE ADDED TO OUR NORMAL DELIVERY SCHEDULE.
APRIL: 2 EXCHANGE FOR RISK SO FAR FOR 223,900 OZ OR 6.964 TONNES. AND THIS TOTAL WILL BE ADDED TO OUR NORMAL DELIVERY TO GIVE US WHAT WILL STAND FOR APRIL!!
MAY: TWO ISSUANCES SO FAR FOR 140 CONTRACTS, 14,000 OZ OR 0.4353 TONNES OF GOLD. THIS TOTAL WILL BE ADDED TO OUR NORMAL DELIVERIES IN MAY TO GIVE US WHAT WILL STAND IN MAY.
DETAILS ON OUR NEW MAY COMEX CONTRACT MONTH//
IN TOTAL WE HAD A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 3,150 CONTRACTS DESPITE OUR LOSS IN PRICE ($38.20). HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT THIS 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 THEIR 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. BOTH COMEX AND LBMA ARE WITNESSING MASSIVE AMOUNTS OF GOLD LEAVING THEIR VAULTS.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE THROUGH MAY/ CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER HOWEVER IS A HUGE SIZED T.A.S ISSUANCE CONTRACTS .THE CME NOTIFIES US THAT THEY HAVE ISSUED 14,201 T.A.S CONTRACTS. THESE ARE GENERALLY USED FOR RAID PURPOSES TO STOP GOLD’S RISE AND TO TEMPER HUGE LOSSES IN OTC DERIVATIVE BETS AND IT IS NOW IN FULL FORCE WITH TODAY’S RAID ON OUR PRECIOUS METALS.
IT SURE LOOKS LIKE THE BIS HAS SOMEHOW LOOKED THE OTHER WAY WITH ITS GOLD SWAPS WITH THE FRBNY AS THIS ENTITY FOR THE FED REFUSES THE BIS MARCHING ORDERS TO COVER AND THAT MAY EXPLAIN THE STRONG NUMBER OF T.A.S. ISSUANCES IN DECEMBER , JANUARY AND THROUGHOUT FEBRUARY TO GO ALONG WITH OUR HUGE NUMBER OF EXCHANGE FOR RISK ISSUED DURING THESE MONTHS INCLUDING FEBRUARY’S 6 EXCHANGE FOR RISK WHICH ALSO INCLUDED TWO MONSTER 9.3312 TONNE ISSUANCE (FEB 10 AND FEB 12). TOTAL EXCHANGE FOR RISK/FEB EQUALS 31.251 TONNES!! AND MARCH’S THREE ISSUANCES FOR 22.3818 TONNES! OTHER CENTRAL BANKS ARE PAYING ATTENTION AS THEY TAKE DELIVERY OF HUGE AMOUNTS OF PHYSICAL GOLD. APRIL HAD 2 EXCHANGE FOR RISK ISSUANCES FOR 6.694 TONNES. AND NOW MAY WITH ITS 2ND ISSUANCE FOR 0.0963 TONNES///TOTAL EXCHANGE FOR RISK FOR MAY: 0.4353 TONNES ISSUED MAY 6 AND MAY 12.
HERE IS A SUMMARY OF GOLD STANDING FOR DELIVERY ON OUR LAST 12 MONTHS:
1.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 TONNE
SUMMARY FOR OCTOBER STANDING:
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.
DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY IN THIS ACTIVE MONTH IS 83.813 TONNES FOLLOWED BY TODAY’S 0.05 TONNES QUEUE JUMP. THIS FOLLOWS ALL OTHER QUEUE JUMPING: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559 TONNES//NEW STANDING THUS INCREASES TO 121.977 TONNES
JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEBRUARY: . FEBRUARY: INITIAL STANDING: 93.566 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.0248 TONNES WHICH MUST BE ADDED ALL OTHER QUEUE JUMPS OF 41.2087 TONNES QUEUE JUMP//TOTAL QUEUE JUMP FOR FEB::ADVANCES TO 41.233 TONNES///STANDING ADVANCES TO 126.628 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 31.251 TONNES/NEW STANDING RISES TO 157.879 TONNES
MARCH: INITIAL STANDING FOR GOLD: 8.099 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.2320 TONNES AND THEN WE ADD OUR THREE EXCHANGE FOR RISK OF 22.3818 TONNES////NEW STANDING FOR GOLD ADVANCES TO: 67.6648TONNES WHICH IS ABSOLUTELY HUGE FOR A NON ACTIVE DELIVERY MONTH!!
APRIL 2026: INITIAL STANDING FOR GOLD: 52.20 TONNES FOLLOWED BY TODAY’S SMALL 500 OZ QUEUE JUMP/ TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCES TOTALLING 223,900 OZ OR 6.964 TONNES//STANDING ADVANCES TO 77.726 TONNES WHICH IS ABSOLUTELY HUGE
MAY: INITIAL AMOUNT OF GOLD WILLING TO STAND: 12.24 TONNES OF GOLD TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 1200 OZ (.0373 TONNES) TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE FOR 14,000 OZ OR 0.4353 TONNES////NEW TOTALS STANDING FOR GOLD ADVANCES TO 14.4133 TONNESS
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
COMEX GOLD TRADING BEGINNING MAY,. CONTRACT;
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $38.20)
WE HAD CONSIDERABLE T.A.S. SPREADER LIQUIDATION EARLY TUESDAY // COMEX SESSION// WITH OUR LOSS IN PRICE , OUR LONG SPECULATORS REMAIN RELENTLESS POURING INTO THE COMEX STARTING TO BUILD ON ITS OI //
OTHER EASTERN CENTRAL BANKS TENDERED FOR PHYSICAL EVERY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD THAT STOOD FOR GOLD DURING THESE PAST SEVERAL MONTHS
TUESDAY NIGHT//WEDNESDAY MORNING
THE CROOKS COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL TUESDAY EVENING/WEDNESDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
ALL OF THIS WAS ACCOMPLISHED DESPITE OUR LOSS IN PRICE TO THE TUNE OF $38.20
WE HAD 4242 CONTRACTS REMOVED FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL.
NET GAIN ON THE TWO EXCHANGES : 3150 CONTRACTS OR 315,000 OZ OR 9.797 TONNES
INITIAL GOLD COMEX
MAY DELIVERY MONTH
MAY 13 2026
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | ENTRIES; 1 i) Brinks: 64,302.000 oz (2000 kilobars) 2.0 tonnes |
| Deposit to the Dealer Inventory in oz | 0 ENTRY |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER 0 ENTRY xxxxxxxxxxxxxxxx |
| No of oz served (contracts) today | 68 CONTRACTS OR 6800 OZ 0.2115 TONNES OF GOLD |
| No of oz to be served (notices) | 636 Contracts 63,600 OZ 1.978 TONNES |
| Total monthly oz gold served (contracts) so far this month | 3858 notices 385,800 oz 12.0000 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month |
dealer deposits: 0
0 ENTRY
DEPOSITS/CUSTOMER
0 ENTRY
xxxxxxxxxxxxxxxxxx
comex withdrawals:
ENTRIES; 1
ENTRIES; 1
i) Brinks: 64,302.000 oz
(2000 kilobars)
2.0 tonnes
xxxx
adjustments: 1
Brinks: 1929.06 oz customer to dealer
COMEX IS DRAINING GOLD
chaos inside the comex
THE FRONT MONTH OF MAY OI STANDS AT 704 CONTRACTS HAVING A LOSS OF 24 CONTRACTS.
WE HAD 36 CONTRACTS SERVED ON TUESDAY SO WE GAINED ANOTHER 12 CONTRACTS OR 1200 OZ (0.0373 TONNES) UNDERWENT A QUEUE JUMP TO TAKE DELIVERY OVER ON THIS SIDE OF THE POND.
.
JUNE IS A HUGE DELIVERY MONTH AND HERE THE OI LOST BY 8502 CONTRACTS DOWN TO AN OI OF 219,565
JULY GAINED 14 CONTRACTS UP TO AN OI OF 1138.
We had 68 contracts filed for today representing 6800oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 68 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 24 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for MAY. /2026. contract month, we take the total number of notices filed so far for the month (3,858) to which we add the difference between the open interest for the front month of MAY (704 CONTRACTS) minus the number of notices served upon today 68 x 100 oz per contract) equals 449,400 OZ OR (13.978 Tonnes of gold) to which we add our TWO exchange for risk issuance for 14,000 oz or 0.4353 tonnes//new standing for gold/May again advances to 14.4133 tonnes.
THUS: INITIAL total number of gold ounces standing for MAY. /2026. contract month, we take the total number of notices filed so far for the month (3,858) to which we add the difference between the open interest for the front month of MAY( 704 CONTRACTS) minus the number of notices served upon today 68 x 100 oz per contract) equals 449,400 OZ OR (13.978 Tonnes of gold) plus we must add our TWO exchange for risk issuances of 14,000 oz or 0.4353 tonnes/new standing advances to 14.4133 tonness
new total of gold standing in MAY ADVANCES TO 14.4133 TONNES//
TOTAL COMEX GOLD STANDING FOR MAY 14.4133 TONNES TONNES WHICH IS NOW STRONG FOR THIS NORMALLY NON ACTIVE DELIVERY MONTH OF MAY.
confirmed volume TUESDAY confirmed 183,673// poor// many have left the arena
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
the number provided do not match from yesterday!!!
total pledged gold: 1,885,243.095 oz 58.63 tonnes pledged gold lowers
total inventories in gold declining rapidly
total pledged gold: 1,885,243.095 tonnes oz 58.63 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 29,014,384.041oz
TOTAL REGISTERED GOLD 15,829,828.615OZ 492.355 tonnes
TOTAL OF ALL ELIGIBLE GOLD 13,184,555.426 oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 13,944,585 oz ((REG GOLD- PLEDGED GOLD)=
433.74 Tonnes //
total inventories in gold declining rapidly
SILVER COMEX
MAY DELIVERY MONTH
MAY 13
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 1 entries i) CNT : 51,734.220 oz total withdrawal: 51,734.220 oz |
| Deposits to the Dealer Inventory | 0 entries |
| Deposits to the Customer Inventory | DEPOSIT ENTRIES/CUSTOMER ACCOUNT 1 ENTRIES i) Into Asahi: 1,132,194.900 oz total deposit 1,132,194.900 oz |
| No of oz served today (contracts) | 59 CONTRACT(S) (0.295 MILLION OZ |
| No of oz to be served (notices) | 962 Contracts (4.810 MILLION oz) |
| Total monthly oz silver served (contracts) | 5,332 contracts 26.660 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 entries
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
1 ENTRIES
i) Into Asahi: 1,132,194.900 oz
total deposit 1,132,194.900 oz
xxxxxxxxxxxxxxxxxxxxxxxxx
withdrawals: customer side/eligible
one entry:
i) CNT : 51,734.220 oz
total withdrawal: 51,734.220 oz
adjustments:3 customer to dealer
a) Brinks 73,888.100 oz
b) Delaware: 4,759.700oz
c) Manfra: 5,887.980 oz
MONDAY volume: 79,193 oz// good
xxxxxxxxxxxxxx
TOTAL REGISTERED SILVER: 79.968 MILLION OZ//.TOTAL REG + ELIGIBLE. 313.197 Million oz
registered silver dropping in numbers
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR MAY
silver open interest data:
FRONT MONTH OF MAY /2026 OI: 1021 OPEN INTEREST CONTRACTS FOR A LOSS OF 202 CONTRACTS. WE HAD 260 CONTRACTS SERVED UPON ON TUESDAY SO WE GAINED 58 CONTRACTS OR 0.290 MILLION OZ AS THESE BOYS ENTERTAINED A MASSIVE QUEUE JUMP WHERE THEY WILL TRY THEIR LUCK AND TAKE DELIVERY ON THIS SIDE OF THE POND.
JUNE SAW A GAIN OF 111 CONTRACTS UP TO 2813 OI CONTRACTS
JULY SAW A LOSS OF 1176 CONTRACTS DOWN TO 76,913 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 59 or 0295 MILLION oz
CONFIRMED volume TUESDAY; 79,193 good
AND NOW MAY. DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in MAY. we take the total number of notices filed for the month so far at 5332 X5,000 oz = 26.660 MILLION oz
to which we add the difference between the open interest for the front month of MAY (1021) AND the number of notices served upon today (59 )x (5000 oz)
Thus the standings for silver for the MAY 2026 contract month: (5332 )Notices served so far) x 5000 oz + OI for the front month of MAY (1021) minus number of notices served upon today (59)x 5000 oz equals silver standing for the MAY..contract month equating to 31.420 MILLION OZ.+
NEW STANDING ADVANCES T0: 31.420 MILLION OZ WHICH IS STILL PRETTY GOOD FOR THIS ACTIVE DELIVERY MONTH OF MAY.
We must also keep in mind that there is considerable silver standing in London coming from our longs
There are ONLY 79.968 million oz of registered silver
JPMorgan as a percentage of total silver: 140.287/313.197 million: 44.72
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.
BOTH GLD AND SLV ARE MASSIVE FRAUD
MAY 13 /2026/WITH GOLD UP $18.75 TODAY/NO CHANGES IN GOLD AT THE GLD:/ //:/INVENTORY RESTS AT 1036.280 TONNES
MAY 12 /2026/WITH GOLD DOWN $38.20 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 2.285 TONNES OF GOLD INTO THE GLD// //:/INVENTORY RESTS AT 1036.280 TONNES
MAY 11 /2026/WITH GOLD DOWN $2.80 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 0.515 TONNES OF GOLD INTO THE GLD// //:/INVENTORY RESTS AT 1033.995 TONNES
MAY 8 /2026/WITH GOLD UP $22.00 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 0.283 TONNES OF GOLD INTO THE GLD// //:/INVENTORY RESTS AT 1033.480TONNES
MAY 7 /2026/WITH GOLD UP $15.50 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 0.853 TONNES OF GOLD FROM THE GLD// //:/INVENTORY RESTS AT 1033.197TONNES
MAY 6 /2026/WITH GOLD UP $124.70 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.718 TONNES OF GOLD FROM THE GLD// //:/INVENTORY RESTS AT 1034.05TONNES
MAY 5 /2026/WITH GOLD UP $33.75 TODAY/NO CHANGES IN GOLD AT THE GLD:// //:/INVENTORY RESTS AT 1035.768 TONNES
MAY 4 /2026/WITH GOLD DOWN $106.65 TODAY/NO CHANGES IN GOLD AT THE GLD:// //:/INVENTORY RESTS AT 1035.768 TONNES
MAY 1 /2026/WITH GOLD UP $13.45 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 3.427 TONNES OF GOLD FROM THE GLD// //:/INVENTORY RESTS AT 1035.768 TONNES
APRIL 30/2026/WITH GOLD UP $19.80 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 5.142 TONNES OF GOLD FROM THE GLD// //:/INVENTORY RESTS AT 1039.195 TONNES
APRIL 29/2026/WITH GOLD DOWN $45.70 TODAY/NO CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 2.285 TONNES OF GOLD FROM THE GLD// //:/INVENTORY RESTS AT 1044.337 TONNES
APRIL 28/2026/WITH GOLD DOWN $85.85 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 2.285 TONNES OF GOLD FROM THE GLD// //:/INVENTORY RESTS AT 1044.337 TONNES
APRIL 27/2026/WITH GOLD DOWN $41.10 TODAY/NO CHANGES IN GOLD AT THE GLD: // //:/INVENTORY RESTS AT 1046.62 TONNES
APRIL 24/2026/WITH GOLD UP $13.95 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 4.29 TONNES OF GOLD FROM THE GLD// //:/INVENTORY RESTS AT 1046.62 TONNES
APRIL 23/2026/WITH GOLD DOWN 28.35 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2.000 TONNES OF GOLD FROM THE GLD// //:/INVENTORY RESTS AT 1050.91 TONNES
APRIL 22/2026/WITH GOLD UP 26.40 TODAY/NO CHANGES IN GOLD AT THE GLD //:/INVENTORY RESTS AT 1052.91 TONNES
APRIL 21/2026/WITH GOLD DOWN 11.90TODAY/NO CHANGES IN GOLD AT THE GLD //:/INVENTORY RESTS AT 1052.91 TONNES
APRIL 17/2026/WITH GOLD UP $71.30 TODAY/HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT 1.15 TONNES OF GOLD INTO THE GLD//:/INVENTORY RESTS AT 1052.91 TONNES
APRIL 16/2026/WITH GOLD DOWN $15.00 TODAY/HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT 2.285 TONNES OF GOLD INTO THE GLD//:/INVENTORY RESTS AT 1051.783 TONNES
APRIL 15/2026/WITH GOLD DOWN $24.15 TODAY/HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT 2.289 TONNES OF GOLD INTO THE GLD//:/INVENTORY RESTS AT 1049.478 TONNES
APRIL 14/2026/WITH GOLD UP $83.55 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 1.714 TONNES OF GOLD FROM THE GLD//:/INVENTORY RESTS AT 1047.192 TONNES
APRIL 13/2026/WITH GOLD DOWN $50.60 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 3.514 TONNES OF GOLD FROM THE GLD//:/INVENTORY RESTS AT 1048.906 TONNES
APRIL 13/2026/WITH GOLD DOWN $50.60 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 3.514 TONNES OF GOLD FROM THE GLD//:/INVENTORY RESTS AT 1048.906 TONNES
APRIL 10/2026/WITH GOLD DOWN $11.90 TODAY/SMALL CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 0.724 TONNES OF GOLD FROM THE GLD//:/INVENTORY RESTS AT 1052.42 TONNES
APRIL 9/2026/WITH GOLD UP $42.50 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 1.429 TONNES OF GOLD FROM THE GLD//:/INVENTORY RESTS AT 1052.990 TONNES
APRIL 8/2026/WITH GOLD UP $88.95 TODAY/NO CHANGES IN GOLD AT THE GLD A//:/INVENTORY RESTS AT 1054.419 TONNES
APRIL 7/2026/WITH GOLD UP $5.25 TODAY/HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 3.429 TONNES OF GOLD INTO THE GLD//:/INVENTORY RESTS AT 1054.419 TONNES
APRIL 6/2026/WITH GOLD UP $5.30 TODAY/NO CHANGES IN GOLD AT THE GLD:/INVENTORY RESTS AT 1050.99 TONNES
APRIL 2/2026/WITH GOLD DOWN $132.75 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 3.714 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 1050.99 TONNES
GLD INVENTORY: 1033.995 TONNES, TONIGHTS TOTAL GOLD INVENTORY
SILVER
MAY 13 WITH SILVER UP $3,62: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.086 MILLION OZ OF SILVER OZ INTO OF THE SLV// / // :INVENTORY RESTS AT 486.087 MILLION OZ
MAY 12 WITH SILVER DOWN $0.48: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.176 MILLION OZ OF SILVER OZ INTO OF THE SLV// / // :INVENTORY RESTS AT 484.990 MILLION OZ
MAY 11 WITH SILVER UP $5.10: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.995 MILLION OZ OF SILVER PUT OF THE SLV// / // :INVENTORY RESTS AT 483.814 MILLION OZ
MAY 8 WITH SILVER UP $1.25: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.689 MILLION OZ OF SILVER INTO THE SLV// / // :INVENTORY RESTS AT 484.809 MILLION OZ
MAY 7 WITH SILVER UP $2.26: NO CHANGES IN SILVER INVENTORY AT THE SLV: / // :INVENTORY RESTS AT 484.130 MILLION OZ
MAY 6 WITH SILVER UP $3.75: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.724 MILLION OZ INTO THE SLV/ // :INVENTORY RESTS AT 484.130 MILLION OZ
MAY 5 WITH SILVER UP $0.21: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.734 MILLION OZ FROM THE SLV/ // :INVENTORY RESTS AT 483.604 MILLION OZ
MAY 4 WITH SILVER DOWN $3.05: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.734 MILLION OZ FROM THE SLV/ // :INVENTORY RESTS AT 483.604 MILLION OZ
MAY 1 WITH SILVER UP $2.38: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.905 MILLION OZ FROM THE SLV/ // :INVENTORY RESTS AT 484.338 MILLION OZ
APRIL 30 WITH SILVER UP $2.03: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.991 MILLION OZ FROM THE SLV/ // :INVENTORY RESTS AT 485.243MILLION OZ
APRIL 29 WITH SILVER DOWN $1.95: NO CHANGES IN SILVER INVENTORY AT THE SLV:/ // :INVENTORY RESTS AT 487.234MILLION OZ
APRIL 28 WITH SILVER DOWN $2.05: NO CHANGES IN SILVER INVENTORY AT THE SLV:/ // :INVENTORY RESTS AT 487.234MILLION OZ
APRIL 27 WITH SILVER DOWN $1.39: NO CHANGES IN SILVER INVENTORY AT THE SLV:/ // :INVENTORY RESTS AT 487.234MILLION OZ
APRIL 24 WITH SILVER UP 0.92: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.54 MILLION OZ OUT THE SLV// // :INVENTORY RESTS AT 487,23MILLION OZ
APRIL 23WITH SILVER DOWN $2.35: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.489 MILLION OZ OUT THE SLV// // :INVENTORY RESTS AT 488,773MILLION OZ
APRIL 22 WITH SILVER UP 1.43: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.352 MILLION OZ OUT THE SLV// // :INVENTORY RESTS AT 491.262MILLION OZ
aPRIL 21 WITH SILVER DOWN 3.71: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.352 MILLION OZ OUT THE SLV// // :INVENTORY RESTS AT 491.262 MILLION OZ
APRIL 17 WITH SILVER UP $3.09: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.453 MILLION OZ OUT THE SLV// // :INVENTORY RESTS AT 490.900 MILLION OZ
APRIL 16 WITH SILVER DOWN $1.00: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.132 MILLION OZ OUT THE SLV// // :INVENTORY RESTS AT 490.477 MILLION OZ
APRIL 15 WITH SILVER UP $0.01: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.588 MILLION OZ OUT THE SLV// // :INVENTORY RESTS AT 491.579 MILLION OZ
APRIL 14 WITH SILVER UP $3.99: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.633 MILLION OZ OUT THE SLV// // :INVENTORY RESTS AT 490.991 MILLION OZ
APRIL 13 WITH SILVER DOWN 0.79: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.589 MILLION OZ OUT THE SLV// // :INVENTORY RESTS AT 491.624 MILLION OZ
APRIL 10 WITH SILVER DOWN 0.16: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.724 MILLION OZ OUT THE SLV// // :INVENTORY RESTS AT 492.213 MILLION OZ
APRIL 9 WITH SILVER UP $0.91: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.173 MILLION OZ INTO THE SLV// // :INVENTORY RESTS AT 492.937 MILLION OZ
APRIL 8 WITH SILVER UP $3.50: NO CHANGES IN SILVER INVENTORY AT THE SLV // :INVENTORY RESTS AT 490.764 MILLION OZ
APRIL 7 WITH SILVER DOWN $0.89: NO CHANGES IN SILVER INVENTORY AT THE SLV // :INVENTORY RESTS AT 490.764 MILLION OZ
APRIL 6 WITH SILVER UP $0.41: TINY CHANGES IN SILVER INVENTORY AT THE SLV:A SMALL WITHDRAWAL OF 0.224 MILLION OZ OUT OF THE SLV // :INVENTORY RESTS AT 490.764 MILLION OZ
APRIL 2 WITH SILVER DOWN $3.57: TINY CHANGES IN SILVER INVENTORY AT THE SLV:A WITHDRAWAL OF 0.091 MILLION OZ OUT OF THE SLV // :INVENTORY RESTS AT 490.988 MILLION OZ
CLOSING INVENTORY 486.076 MILLION OZ OF SILVER
GOLD COMMENTARIES:
1.PETER SCHIFF
2. MATHEW PIEPENBERG/EGON VON GREYERZ
ALASDAIR MACLEOD
Silver: The squeeze resumes
Silver is rising strongly due to a shortage of liquidity. It is the start of a new silver squeeze which promises to be dramatic. And it’s worth noting that silver often leads gold higher.
| Alasdair MacleodMay 12∙Paid |
In this article we detail the new factors coming together which will drive both gold and silver significantly higher. In the case of gold, it is under-owned in G7 currencies and there is no doubt that as these currencies decline in their purchasing power, there will be a scramble for gold, driving it higher and accelerating the decline in the credibility of fiat currencies more rapidly than anyone expects.
In silver’s case, without any meaningful investment demand so far, industrial demand and a change in China’s export policy led to a liquidity crisis last October and is leading into another one now. A background of rising gold values will act like rocket fuel for this strategically vital metal which is in very short supply.
This article examines the forces involved, concluding that the outcomes described herein are now inevitable. These are momentous times for both currencies and precious metals.
There can be little doubt that weak holders of silver have now left the party and the price has stabilised, with an increasing certainty that it has found a base. The chart is turning positive with signs of a price breakout and a resuming bull. Open interest on Comex is recovering from 20-year lows. So far this year, 5,347 tonnes have been stood for delivery on Comex, the equivalent of over 20% of annual global mine output. And Comex’s silver inventory has declined by 6,718 tonnes since the beginning of the October squeeze.
Relationships with oil are changing
Monday was the first time that gold and silver prices rose at the same time as crude oil, continuing today for silver while gold is steady and oil is up another 4%. This is evidence that the automatic flight out of financial assets into currency cash in times of energy stress is almost over. It is being replaced by expectations of fiat currency weakness on oil strength, which is already being anticipated by Asian dealers.
This is important, because it indicates that further increases in the price of oil will not lead to lower prices for gold and silver due to anticipated consequences. Selling of these two legal monies now appears to be exhausted, suggesting that even the higher bond yields now emerging will not undermine gold and silver materially as happened during the 2008-2009 financial crisis. Instead, selling a declining dollar for gold is likely to accelerate as the US demonstrably loses the war against Iran and her hegemonic influence in the Persian Gulf, and the petrodollar dies. The inflationary consequences of Hormuz’s closure will mount while the economy slumps, setting inescapable debt traps for the dollar and other G7 currencies.
The combination of the West’s perception of a risk-off position changing from increasing fiat cash holdings to selling G7 currencies for gold, and Asians continuing to liquidate their excess currency positions is likely to drive both gold and silver higher and faster. East and West will then be synchronised in their actions competing as buyers, instead of one opposing the other as recently has been the case.
In G7 countries, gold ownership is at historically low levels. Current North American gold ETF holdings amount to 2,085.5 tonnes, which represents 0.2% of the estimated $160 trillion of financial investments owned by investors in the US and Canada. Clearly, there is a massive portfolio repositioning in favour of gold and silver yet to come.
China’s silver policy
Nowhere is the shortage of investable metal likely to be more acute than in silver. For decades, China suppressed the price in order to accumulate her own stocks at low prices by importing doré and silver-bearing non-ferrous ores to augment her own silver output.
Unannounced, this policy seems to have changed last September at the time of China’s rare earth export restrictions, triggering the liquidity crisis in London when silver’s lease rate soared to 40% in early-October. The sudden shock led silver to burst through the $50 level, more than doubling to $120 as the bear squeeze took dramatic effect. China still exports some silver but has turned importer in record quantities amounting to 1,626 tonnes between January and March.
Detailed export figures are unavailable. Only one analyst (SRSrocco Report) has ventured a widely reported estimate of 1,000 tonnes in 2026 Q1 compared with over 5,000 tonnes in 2025. If this estimate is correct, it probably reflects commitments under long-term supply contracts agreed last year before the new licencing regime applied from 1st January.
This being the case, we can expect these export commitments to tail off. China’s imports are unlikely to diminish as well, assuming that domestic investment demand increases.
India’s silver demand increases
Partly to offset its carbon footprint and also to reduce dependency on Chinese imports, the Indian government is subsidising the manufacture of solar panels committing the equivalent of $3bn through the Production Linked Incentive Scheme for high efficiency solar PV modules announced in 2021 and 2022. Due to the time lag between setting up manufacturing facilities and actual PV output, the additional demand for silver from this initiative began to kick in only recently, with the bulk of PLI subsidies yet to be disbursed. But the government remains committed to building a domestic solar manufacturing industry and continuing the PLI subsidy.
Last year, India imported 7,158 tonnes of silver, about 27% of global mine output. Reliable figures for 2026 Q1 imports are not yet available, but it is widely reported that silver demand is still increasing.
Strong silver imports as well as of investment gold has led to government requests to the public to suspend their imports for a year because of the perceived damage to the trade balance. It is probably not a coincidence that silver and gold imports are not being cleared by customs, leading to a mounting supply backlog. Additionally, uncertain tax treatment of precious metal imports in the new fiscal year is cited as a reason for import delays which have lasted six weeks so far.
It should be noted that silver has still risen in price from about $70 to $86 currently despite India being effectively shut out of the market by her government. Presumably, the government is trying to devise a way of permitting imports for manufacturing while suppressing them for domestic investment or banning it entirely.
This raises several questions. How long will these bureaucratic restrictions last, and how will markets respond when Indian corporations resume their imports? And if individuals are banned or restricted from buying gold or silver, won’t smuggling become a major factor again? And given that the UAE has been a major source for India’s silver and gold imports, how will their absence and presumed eventual return affect domestic values?
There is considerable uncertainty ahead for this major importer, added to by the rupee’s chronic weakness. But one thing is clear: eventually silver imports will be permitted for industrial purposes, and India’s pent-up demand is likely to hit global commodity markets at a time of very poor liquidity.
The link with gold
As noted above, the gold price now appears to be moving more in synchrony with oil. This can also be demonstrated to be the case with other commodities and commodity groups, such as base metals and agriproducts. This amounts to clear evidence that the purchasing powers of the dollar and other major currencies are declining relative to gold and commodities generally.
Furthermore, it is increasingly clear that America’s ill-fated attack on Iran will lead to significant increases in G7 government budget deficits, debasing currencies even further and undermining the confidence upon which fiat currencies depend for their credibility and value. These outcomes for the dollar and other G7 currencies have been anticipated by Russia, China, and growing numbers of central banks that have been selling dollars for gold.
Measured in currencies whose purchasing powers now face an accelerating decline, the price of gold is set to rise significantly. While institutions in Asia have sought to protect themselves from this outcome by accumulating physical bullion in place of currency balances, both central banks and investment funds in North American and European capital markets have stood aside. While G7 central banks are likely to remain frozen in their inaction, investors with $160 trillion in the US and Canada alone hold derisory amounts of protection against their currency debasements, at only 0.2% in gold ETFs by value.
It cannot be overemphasised just how anti-gold G7 establishments and large corporations have become. For them, mining is a dirty business best left to someone else. The chart below makes this point graphically:
The decline in value of the US’s gold and silver mining and exploration industry since 1998 amounts to 60%. It takes no account of the impact of higher output values for gold and silver which have increased by 15 times and 16 times respectively. Even allowing for inflation adjustments, the dollar-based values of this index tell us that the decline in metal output is greater than indicated. No wonder US investors see gold and silver mining as a dead-end industry.
Clearly, there will be a significant shift ahead in G7 investor attitudes. A more normal exposure to gold and perhaps gold-related investments would be in the region of 5%-10%: an insurance policy in normal markets. Today, it is 0.2% in ETFs, and including gold and silver mines about 2%, though there is considerable variation. And these markets bear considerable risk suggesting that 10% exposure is a bare minimum.
Tellingly, major banks have come to a similar conclusion and are forecasting a significant shift in investor behaviour. Bank of America recommends 25% portfolio allocation to gold, saying that most Americans have almost no gold at all. Morgan Stanley recommends 20%, and investor Ray Dalio says 15%. Most major banks expect gold to rise, and while a true understanding of why gold should have a significant portfolio allocation may be lacking there’s a buyer’s bandwagon effect in the making.
Silver squeeze to be amplified by gold
The consequences of a rising gold price for silver are bound to be considerable. While the big money will continue to pursue gold to far higher levels reflecting collapsing currency values, smaller investors realising that they are missing out will undoubtedly reckon silver to be more affordable.
We can now explain why it is that some bullish forecasters are correct to believe in significant increases in the silver price. It has hardly started yet, but buying of silver for investment will clash with soaring industrial demand while China’s silver exports are being withdrawn from global supply. They will combine to clean out the market of silver bullion.
At the same time, gold prices soaring will contribute to a collapse of faith and value in the dollar, threatening to destabilise the entire fiat currency system. Priced in these declining currencies, historically silver tended to rise almost twice as fast as gold, offering a leveraged play. And silver often leads gold higher.
Demand is bound to increase substantially as investors perceive a bull market in silver, only to find that there’s very little available at any price.
JESSE COLUMBO\
JOHN RUBINO
3.CHRIS POWELL AND HIS GATA DISPATCHES:
4.ANDREW MAGUIRE LIVE FROM THE VAULT 271 and 270
MUST VIEW…
LONDON PAUL//MUST VIEW
5. COMMODITY REPORT/gold
Trump Reopens Fort Knox as GOLD Revaluation Questions Mount
by ITM Trading
Tuesday, May 12, 2026 – 20:02
“I wonder if they left the gold in Fort Knox cuz they steal a lot.”
That was the sitting President. On national television. Last weekend.
Fifteen months after calling for an audit that never came. The last real inspection of Fort Knox was nearly 70 years ago. The 1974 “audit”? A photo op. Reporters saw less than 6% of the gold. No testing. Just take our word for it.
Meanwhile, Treasury Secretary Bessent is openly floating the idea of “monetizing the asset side of the balance sheet.” Gold sits on the government’s books at $42.22 an ounce. Spot is north of $4,700. Do the math. Then look at what happened to dollar holders in 1933 and 1973.
Taylor Kenney connects the dots the establishment would prefer you ignore. They never announce a revaluation in advance. They drop the hammer.
Are you positioned, or are you holding the bag?
end
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
SHANGHAI CLOSED UP 28.08 PTS OR 0.67%
HANG SENG CLOSED UP 40.53 PTS OR 0.15%
Nikkei CLOSED UP 587.43 PTS OR 0.94%
//Australia’s all ordinaries CLOSED DOWN 0.70%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.7910
/ OFFSHORE CLOSED UP AT 6.7893 Oil UP TO 102.19 dollars per barrel for WTI and BRENT UP TO 108.200 Stocks in Europe OPENED ALL MIXED
ONSHORE USA/ YUAN TRADING UP (6.7910) OFFSHORE YUAN TRADING UP TO 6.7893 ONSHORE YUAN TRADING BELOW OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER/OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP 6.7910
OFFSHORE YUAN: UP TO 6.7893
1.HANG SANG CLOSED UP 40.53 PTS OR 0.15%
2. Nikkei closed UP 587.43 PTS OR 0.94%
WEST TEXAS INTERMEDIATE OIL UP TO 102.19
BRENT; 108.20
3. Europe stocks SO FAR: ALL MIXED
USA dollar INDEX UP TO 98.39/// EURO FALLS TO 1.1712 DOWN 23 BASIS PTS
3b Japan 10 YR bond yield:RISES TO. +2.592 UP 5 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 157.83… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE ENDING OF THE YEN CARRY TRADE AGAIN AND THE REPATRIATION OF YEN DENOMINATED BONDS TRADING IN THE USA/EUROPE. JAPAN 30 YR BOND YIELD: 3.829 UP 1 FULL BASIS PTS
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: UP( 6.7910 AND OFFSHORE: UP AT 6.7893
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 BRENT UP this morning
3h European bond buying continues to push yields HIGHER on all fronts in the EMU. German 10yr bund YIELD UP TO +3.1055// Italian 10 Yr bond yield UP to 3.874// SPAIN 10 YR BOND YIELD UP TO 3.529%
3i Greek 10 year bond yield UP TO 3.812%
3j Gold at $4700.00 //Silver at: 87.04 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble UP 0 AND 24/ 100 roubles/73.50
3m oil (WTI) into the 102 dollar handle for WTI and 108 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 157.61 // 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.592% UP 5 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.829 UP 1 PTS..: USA/SF this 0.7816 as the Swiss Franc . Euro vs SF: 0.9156
USA 10 YR BOND YIELD: 4.463 UP 0 BASIS PTS…
USA 30 YR BOND YIELD: 5.026 UP 0 BASIS PTS/
USA 2 YR BOND YIELD: 3.985 UP 0 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 45.42 UP 2 BASIS PTS/LIRA GETTING KILLED//IDIOTS FOR SELLING GOLD
10 YR UK BOND YIELD: 5.0930 DOWN 1 PTS
30 YR UK BOND YIELD: 5.772 DOWN 1 BASIS PTS
10 YR CANADA BOND YIELD: 3.590 UP 1 BASIS PTS
5 YR CANADA BOND YIELD: 3.239 DOWN 1 BASIS PTS.
1a New York Opening report
Futures, Yields And Oil All Rise As Trump Arrives In China
Wednesday, May 13, 2026 – 07:59 AM
US equity futures are up (alongside oil and yields, go figure), reversing yesterday’s modest losses, as optimism around the earnings potential of AI outweighs concerns over hot inflation readings bringing dip buyers back to drive tech stocks higher, with traders betting that the tech rally has further room to run while also hoping on good news from the Trump-Xi summit set to start today in Beijing. As of 7:30am ET, S&P futures were up 0.2% and Nasdaq futures rose 0.7% thanks to a rebound in Semi stocks in the Asian and EMEA sessions. In premarket trading, semis are bid as yesterday’s dip buyers appear to be once again rewarded. NVDA is up 2.5% as CEO Huang joining Trump’s China trip. Chip and memory sotcks, the key drivers of the past month’s narrow rally in the artificial-intelligence trade, posted broad gains. While there were no material updates on US / Iran, today attention shifts elsewhere as Trump’s China trip kicks off (with both Elon and Jensen on board AF1); the President appears to be in deal-making mode and China is said to oppose SoH tolls, though the Middle East is not expected to be a focal point. The dollar climbed 0.2% as commodities are mixed with strength in Ags and copper, while oil is unchanged erasing all of its overnight losses. Mag7 names underperforming broader indices as Cyclicals ex-Energy are outperforming. Today’s macro data focus is on PPI following the hawkish CPI print yesterday
In premarket trading, Mag 7 stocks are mixed: Nvidia up 2.4% as CEO Jensen Huang joins President Donald Trump on his visit to China.
(Tesla +1.2%, Alphabet +0.4%, Amazon +0.3%, Meta -0.1%, Microsoft -0.2%, Apple -0.3%)
- Chipmakers, opticals and storage firms gain as supply for global memory chips, key to AI infrastructure build-outs, tightens further. The sector is also getting a boost from Huang’s trip to China.
- Arteris Inc. (AIP) gains 24% after the semiconductor company’s first-quarter revenue beat estimates and it raised its full-year revenue guidance following strong AI-driven demand.
- Karman Holdings (KRMN) is down 5.6% after the aerospace & defense company reported adjusted earnings per share for the first quarter that matched the average analyst estimate.
- Nextpower (NXT) rises 13% after the solar-equipment company raised its fiscal 2027 outlook for revenue. It also said it agreed to acquire the assets of Zigor Corp.’s power conversion business and its US based subsidiary, Apex Power.
In other corporate news, Subprime lender Goeasy adopted a shareholder rights plan as its results showed more consumer credit strain. Hedge fund Dymon Asia Capital is on track to reach $8 billion in AUM by the third quarter as more global investors seek to back Asia-based hedge funds. In AI news, Anthropic is said to be in talks to raise new capital of at least $30 billion at a $900 billion valuation. The company also warned investors to avoid a number of secondary marketplaces as unauthorized sellers of the company’s shares. AI chipmaker Cerebras Systems is said to be guiding prospective investors that it expects to prices its IPO above the top of its marketed range. Capacity constraints and a tightening supply of critical components threaten to throttle the brisk growth for China’s AI hardware suppliers, not for a lack of AI demand. SoftBank reported a surge in quarterly profit due to valuation gains on its OpenAI investment, boosting confidence at the Japanese company to bet even more on the ChatGPT maker.
Tech stocks are rallying again as investors count on the vast earnings potential of AI to withstand worries over elevated oil prices, with flows from the Middle East showing no sign of normalizing. Traders are also banking that this week’s summit between Trump and China’s Xi Jinping could unlock a series of trade deals, especially around semiconductors.
“The most difficult question for investors right now is to find hedge trades in case the war in Iran drags on and oil prices stay high,” said Marija Veitmane, head of equity research at State Street Global Markets. “The best place to hide would be companies with stronger earnings and margins, as well as highly visible and predictable earnings. All roads lead to tech.”
One of the aims from the Trump-XI meeting in China this week is to avoid another rare earth shock. However, an analysis from Bloomberg Economics sees China as likely to keep dominating rare earth supply chains through at least 2030. AI chip technology is another likely topic for discussion, especially now that Nvidia’s CEO has joined a roster of US business leaders accompanying Trump on the visit.
Higher oil costs have started to seep into consumer prices, pushing bond yields up as investors fear central bankers will have little choice but to tighten policy. Markets will get another reading Wednesday on US inflation, with producer prices expected to show the war pushing costs up throughout the supply chain.
“The PPI data today will likely confirm the spike in inflation,” said Joachim Klement, head of strategy at Panmure Liberum. “Inflation in the US is rising so quickly that even if Kevin Warsh wants to cut interest rates, he may not have any arguments to do so by the time he shows up at the Fed.”
In other assets, oil inventories are falling around the world at a record pace and will continue to drop for months, according to the IEA. Copper extended gains above $14,000 a ton, inching toward a record high seen earlier this year, as supply risks mount on mine disruptions around the world.
Looking at earnings, Dynatrace is set to report numbers before the market opens. Earnings from Cisco and Birkenstock follow later in the day. Cisco’s growth outlook for the year remains durable given stable enterprise demand and quickening investment in AI networking infrastructure, BI said.
Conferences include Bank of America global healthcare in Las Vegas and Bank of Montreal global farm to market / chemicals in New York.
In Europe, the Stoxx 600 trades higher by 0.3% rebounding from the previous session’s losses as investors parse earnings reports and track a broader rally in technology. Here are some of the biggest movers on Wednesday:
- Alstom gains as much as 5.2% after the French rolling-stock group reported its latest earnings, which analysts say is a reassuring update following its preliminary FY release on April 17, when it also withdrew its FY guidance, sending shares 27% lower on the day.
- Merck KGaA shares jump as much as 9.4%, the most in more than seven months, after the German company reported better-than-expected results for the first quarter and boosted its adjusted Ebitda forecast for the full year.
- Umicore gains as much as 15% following an upgrade to buy from neutral at Goldman Sachs, which sees clear re-rating potential for the Belgian materials technology group based on the performance of its Recycling division.
- E.On shares gain as much as 4.6% after the German power company reported first-quarter results. Analysts at Jefferies and RBC Capital tout strength in retail operations.
- Alfen surges as much as 27% after delivering first-quarter results above analyst expectations, driven by its Smart Grid and Energy Storage divisions.
- Adecco shares drop as much as 14% after the recruitment company posted a disappointing margin in the first quarter and warned this will contract in the second.
- Siemens shares fluctuate after announcement of a share buyback and results that are described as slightly disappointing by some analysts, who say strength in its core Digital Industries and Smart Infrastructure divisions was offset by a weaker margin in Mobility.
- Swatch shares fall as much as 7.6%, the most in over a year, as Oddo BHF doubts whether the pocket watch models of the Swiss watchmaker’s collaboration with Audemars Piguet will bring a sustained boost in revenue.
- Norbit drops as much as 7.4% after the Norwegian sensor technology firm reported its latest earnings. DNB Carnegie says both first-quarter results and second-quarter guidance were on the “softer side” and could lead to 6-8% cuts to full-year 2026 Ebit estimates.
- Vistry shares fall as much as 13% as the UK homebuilder cautions that first-half profit in 2026 is likely to be significantly lower than in the previous year and pauses its share buyback program.
Earlier in the session, Asian equities climbed on Wednesday, as a rally in South Korea more than offset a selloff in Taiwan. The MSCI Asia Pacific Index was up as much as 0.7%, with SK Hynix and Samsung Electronics the biggest boosts as tech sentiment was supported by news that Nvidia CEO Huang joined US President Trump’s trip to China as a last-minute addition. Alibaba’s ADR has been choppy in pre-market trade, currently lower by 1.7% after 4Q revenue fell short of estimates. Korea’s benchmark gained 2.6%, while Japanese stocks extended their advance to a third day. Investors in Asia are increasingly driven by expectations around the AI infrastructure buildout and are focused on whether the technology’s lofty promises will translate into earnings. That has largely overshadowed concerns about supply chains and energy risks stemming from the war in the Middle East.
In FX, the Bloomberg Dollar Spot Index rose 0.2%, a third day of gains, after a report on Tuesday showed the US consumer-price index rose 3.8% from a year ago.NZD/USD fell 0.5% to 0.5923, as the kiwi led G-10 losses against the dollar. EUR/USD fell 0.3% to 1.1702, a one-week low; French unemployment rose to the highest level in five years. GBP/USD slips 0.1% to 1.3522; Keir Starmer faces growing pressure to step down as Britain’s prime minister
In rates, treasuries yields are flat, with yields within about 1bp of Tuesday’s close, with oil prices steady. US 10-year yield near 4.46%, 2-year near 3.99% are little changed, with UK 2-year about 2bp lower on the day. Gilts outperform in choppy session, though gains were trimmed after report that cabinet minister Wes Streeting is preparing to trigger a leadership contest. Focal points of US session include April PPI data and $25 billion 30-year new-issue bond auction. Treasury refunding auctions conclude with $25 billion 30-year bond sale at 1pm New York time, following tails for 3- and 10-year notes over past two days. WI 30-year yield near 5.02% is 14.4bp cheaper than last month’s, which tailed by 0.5bp. IG dollar issuance slate includes a couple of offerings so far. Twelve companies priced a combined $15.6 billion of debt Tuesday, paying about 3.8 basis points in new issue concessions on deals that were 4.3 times covered. Two companies opted to stand down and are expected to try again Wednesday after PPI release
In commodities, WTI crude oil futures are little changed, hold recent gains around $102 as Middle East tensions simmer and global stockpiles shrink at a record pace. Brent, meanwhile, fluctuated around $108 a barrel after rising more than 8% over the past three sessions. Oil inventories are falling around the world at a record pace and will continue to drop for months, the International Energy Agency said.. Spot gold trades down 0.4% as silver adds 0.5%. Bitcoin up 0.3%.
Economic data slate includes April PPI at 8:30am. Fed speaker slate includes Collins (11:30am), Kashkari (1:15pm) and Logan (7pm)
Market Snapshot
- S&P 500 mini +0.2%
- Nasdaq 100 mini +0.8%
- Russell 2000 mini +0.2%
- Stoxx Europe 600 +0.5%
- DAX +0.6%
- CAC 40 -0.2%
- 10-year Treasury yield little changed at 4.46%
- VIX -0.1 points at 17.94
- Bloomberg Dollar Index +0.2% at 1194.95
- euro -0.4% at $1.1696
- WTI crude -0.7% at $101.47/barrel
Top Overnight News
- The discussions about possibly replacing “Operation Epic Fury” with “Operation Sledgehammer” underscore how seriously the administration is considering resuming the war started on Feb. 28, and could allow Trump to argue that it restarts the 60-day clock that requires congressional authorization for war. NBC
- U.S. Intelligence Shows Iran Retains Substantial Missile Capabilities. Secret new assessments say Iran has operational access to 30 of its 33 missile sites along the Strait of Hormuz, suggesting that its military remains far stronger than President Trump has asserted. NYT
- Both Iraq and Pakistan have cut deals with Iran to ship oil and liquefied natural gas from the Gulf, according to five sources with knowledge of the matter, in a demonstration of Tehran’s ability to control energy flows through the Strait of Hormuz. RTRS
- Trump said he would urge China’s Xi Jinping to “open up” to U.S. business on his way to a summit in Beijing on Wednesday, adding Nvidia’s Jensen Huang to a group of CEOs travelling with him. The CEOs accompanying Trump are drawn mainly from companies seeking to resolve business issues with China, such as Nvidia, which has struggled to get regulatory permission to sell its powerful H200 artificial intelligence chips there.
- OpenAI investment gains helped drive a surprise rise in SoftBank’s quarterly profit, while Tencent and Alibaba revenue missed. BBG
- China’s tech-heavy ChiNext index hit a record as an AI-driven rally lifted chipmakers and tech suppliers. BBG
- Construction projects are stalling around the world as the closure of the Strait of Hormuz disrupts the supply of crucial materials and drives up prices for oil-derived products like paint and insulation. FT
- For the first time in three years, inflation is outstripping growth in Americans’ paychecks. Blame the gas pump. Americans are currently paying about $4.50 a gallon for regular gasoline, according to AAA, up more than 50% since the initial U.S.-Israeli attack on Iran in late February. Pay increases aren’t keeping up. WSJ
- Oil broke a run of three straight daily gains even as the Strait of Hormuz remains practically shut and Trump repeated his threats against Iran. Inventories are falling at a record pace of about 4 million barrels a day, the IEA said. BBG
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded mixed following on from the mostly subdued handover from Wall Street, where sentiment was dampened by tech weakness, higher oil prices and firmer-than-expected inflation, while the geopolitical situation remained uncertain with Iran said to require five confidence-building conditions for it to enter a second round of talks with the US. ASX 200 declined amid weakness in the top-weighted financial sector after shares in Australia’s largest lender CBA, slumped around 10% following its earnings results, while the recent federal budget announcement failed to spur risk appetite and was seen by analysts to hit consumer stocks. Nikkei 225 clawed back initial losses after encouraging current account and bank lending data, and despite hawkish market pricing of around a 70% chance for a BoJ rate hike next month. Hang Seng and Shanghai Comp were mixed as participants digested earnings releases and with the focus on the looming Trump-Xi summit, while the US President is on his way to Beijing with various CEOs on Air Force One, including the late addition of NVIDIA’s Jensen Huang.
Top Asian News
- BoJ said there was no meeting held between the US Treasury Secretary Bessent and BoJ Governor Ueda.
- US Treasury Secretary Bessent said that thanks to the powerful bond between US President Trump and Japanese PM Takaichi, the relationship between the US and Japan is stronger than ever before, while he was happy to share with the PM the belief that the fundamentals of the Japanese economy are indeed strong and resilient. Furthermore, he said they exchanged views on the US-Japan investment program, critical minerals, President Trump’s upcoming visit to Beijing, and other subjects of mutual interest.
European bourses (STOXX 600 +0.4%) have begun to reverse the losses seen at the start of the week, despite the mixed Asia-Pac and stateside trade. The DAX 40 is the outperformer, helped by a flurry of positive earnings, while the CAC 40 lags its peers despite the gains in STMicroelectronics and ArcelorMittal. Sectors point to a more mixed picture. Basic Resources tops the pile, as copper extends above USD 14k/t while aluminium, nickel and iron ore are also bid. The underperformer is Media, closely followed by Travel & Leisure. TUI reported Q2 earnings, in which it sees strong demand in the Holiday Experiences Business Area in H2.
Top European News
- UK Labour-affiliated union group TULO said Labour cannot continue on this path, is it clear the PM will not lead Labour into the next election.
- SNP to force a vote on UK PM Starmer via an amendment to King’s Speech debate.
- UK government appoints loyalists to fill gaps left by government resignations.
- UK government whips believe Wes Streeting will make his move on Thursday, to avoid clashing with the King’s Speech, while they also believe Andy Burnham doesn’t have an MP ready to quit, and that aside from the 87 MPs who’ve publicly called for Starmer to go, the same number privately want him to step down, according to Sky News reporter Jon Craig.
Trade/Tariffs
- The US White House has reportedly not ruled out potential Chinese direct investment in the US, Semafor reported.
- US President Trump posted that NVIDIA CEO Huang is on Air Force One along with a number of CEOs of large US companies, including Tesla, Boeing, Cargill, Citi, Goldman Sachs, GE Aerospace, Micron & Qualcomm. Trump added that his first request to Chinese President Xi will be to open up China so that these brilliant people can work their magic.
- US Treasury Secretary Bessent and Vice Premier He held talks. Following the conclusion, Chinese state media reported that China and the US held candid, in-depth and constructive exchanges.
- EU Commission has outlined a potential compromise to break the EU-US trade deal deadlock, with specific reference to the sunrise clause, Politico reported.
FX
- G10s trade under a relatively strong USD, with recent upside in DXY as it vaulted its 100-DMA (98.45) and 200-DMA (98.52), to make a current peak at 98.58.
- USD continues to be driven by oil/yields as geopolitics remain in focus. Today, US President Trump is expected to arrive in China for his summit with Xi, where talks are expected to take place on Thursday and Friday. No breakthrough is expected in US-China relations, though the situation in Iran will likely be one of the core topics, with some fearing an Iran-for-Taiwan bargain. (Full analysis at 06:50BST on the headline feed). The session also sees a number of Fed speakers, including Collins, Kashkari and Logan.
- GBP trades a touch lower against a strong buck, but stronger against the Euro despite continued political uncertainty. As it stands, the PM intends to stay in his post and run in any leadership contest against challengers (likely Streeting. Potentially, Miliband, Rayner, Carns, and/or Burnham). Theoretically, if a contest were to be triggered now, Starmer would be the favourite (100+ MPs back him, against c. 90 who have expressed no-confidence). Recent newsflow has been around a very brief Starmer-Streeting meeting. We are unlikely to see a readout due to the King’s speech later today. In terms of timing, at 14:30 BST, two backbench (Junior) Labour MPs will ask “typically light-hearted” questions, according to Politico. Opposition leader Badenoch speaks third, then the PM will respond to her questions.
- EUR/GBP trades towards the lower end of Tuesday’s 0.8653-0.8697 range, Cable continues to move lower as it did on Tuesday, currently supported by the 1.3530, with further support lower at 1.35, the previous session’s low. Ultimately, any leadership change would likely be a shift to the left and therefore weigh on the Pound.
Central Banks
- ECB’s Muller said the EU has not fallen into stagflation.
- ECB’s Villeroy said the ECB must be ready to intervene on second round effects; underlying inflation is currently under control.
- ECB’s Rehn said inflation expectations are still anchored.
- ECB’s Radev said once again, seeing an external price shock.
- ECB’s Dolenc said can expect consumer expectations from inflation to rise. Energy prices have a limited effect on the economy for now.
- ECB’s Elderson said banks need to update resilience plans to cater for the higher probability of severe disruptions because of Anthropic’ s Mythos AI tool.
- Riksbank Minutes: Market expectations regarding central bank policy rates have been closely interlinked with the inflation risks stemming from energy prices.
- BoJ will continue to closely monitor how the Middle East situation will affect economy and prices, according to an official.
- UBS sees the Fed to cut 25bps in December 2026 and March 2027 (prev. forecast cuts in September and December).
Fixed Income
- Global benchmarks are incrementally firmer/flat this morning as crude benchmarks pull back from recent highs, and as geopolitical/political newsflow remains light.
- USTs are firmer by a couple of ticks and currently trade within a narrow 109-31+ to 110-04 range, but ultimately residing near the prior day’s trough at 110-01. As a reminder, US paper was pressured on Tuesday amidst higher energy prices and after a hotter-than-expected US CPI report, which has led markets to reprice hawkishly. Most recently, UBS pushed back its call for a cut at the Fed to December 2026 and March 2027 (prev. forecast cuts in September and December). Focus today will be on US PPI and a flurry of Fed speakers.
- Bunds are essentially flat in a quiet 124.59 to 124.87 range. Earlier this morning German Wholesale Prices M/M topped expectations, with the Y/Y figure also rising from the prior. The statistics office cited the war in the Middle East as the region for the jump in prices, “particularly for energy products and raw materials”. Despite the jump in prices, Bunds were choppy but ultimately little moved. Thereafter, EZ GDP 2nd estimate was not subject to revisions, whilst Employment Change Q/Q fell from the prior. No move following the German 2047/2054 auctions.
- Gilts initially gapped higher at the open, peaking at 86.31, as UK paper found some reprieve following on from a dire session seen in the prior session; traders may have also priced in the chance of quiet domestic politics, ahead of the King’s speech. However, since the cash open, UK paper has gradually trundled lower and is now only firmer by a handful of ticks – conforming to the action seen across peers. From a yield perspective, the 10yr remains above the 5% mark and a little short of the peaks made on Tuesday (5.13%).
- Markets remain on watch for domestic politics, and particularly on Wes Streeting after his short meeting with PM Starmer – UK journalists are questioning whether this signals increased likelihood of a potential leadership challenge. Before the duo met, Sky News reported that UK government whips believe Wes Streeting will make his move on Thursday, to avoid clashing with the King’s Speech, while they also believe Andy Burnham doesn’t have an MP ready to quit.
Commodities
- In geopolitics, US President Trump said Iran will either make a deal or be “decimated”, while reaffirming the effectiveness of the blockade. Meanwhile, Iran reiterated five conditions before entering nuclear talks, including sanctions relief, reparations and recognition of sovereignty over the Strait of Hormuz. US intelligence reportedly assessed Iran still retains significant missile capabilities along the Strait of Hormuz. Further, Sources familiar with negotiations said Iran’s top conditions before nuclear talks include ending the war on all fronts, lifting sanctions, releasing frozen funds, compensation for war damages and recognition of Iranian sovereignty over the Strait of Hormuz.
- Elsewhere, the IEA released its monthly oil market report today, in which it forecasts world oil supply to fall by 3.9mln bpd in 2026, assuming Strait of Hormuz flows gradually resume from June (prev. forecast 1.5mln bpd fall); Sees total world oil supply 1.78mln bpd lower than demand in 2026 (vs. prev. forecast 0.41mln bpd higher). IEA noted the war in the Middle East is depleting global oil inventories at a record pace.
- WTI July and Brent July futures have trimmed losses seen overnight, with the former in a USD 96.79-98.58/bbl range and the latter in a USD 106.09-107.56/bbl. Dutch TTF is now flat intraday after recovering from sub-EUR 46/MWh lows to levels north of EUR 46.50/MWh.
- Spot gold resides in a USD 4,685.90-4,727/oz range, well within yesterday’s USD 4,638.36-4,773.58/oz parameter, with the 100 DMA at USD 4,786.96/oz. Spot silver takes a breather from six straight sessions of gains, with the precious metal pulling back a touch after hitting resistance around USD 87.80/oz. Elsewhere, Shanghai Futures Exchange adjusted the price limit for the AG2705 silver futures contract to 17%.
- Base metals are posting varying gains across the board amid a broadly but cautiously positive risk appetite across Europe and US markets, and despite a firmer USD. 3M LME copper resides north of USD 14k/t in a 14,086.58- 14,191.48/t range at the time of writing.
- IEA OMR: world oil supply to fall by 3.9mln bpd in 2026 assuming Strait of Hormuz flows gradually resume from June (prev. forecast 1.5mln bpd fall); Sees total world oil supply 1.78mln bpd lower than demand in 2026 (vs. prev forecast 0.41mln bpd higher). Sees world oil demand falling by 420k bpd in 2026 on Iran war (prev. forecast 80k bpd drop).
- US Private Inventory Data (bbls): Crude -2.2mln (exp. -2.3mln), Distillates -0.3mln (exp. -1.3mln), Gasoline +0.5mln (exp. -2.5mln), Cushing -1.8mln
- US NEC Director Hassett said this is a temporary energy shock and that President Trump is confident the Strait of Hormuz will be open soon, while Hassett said regarding the SPR that they are releasing as fast as possible. Furthermore, he said Trump’s view is that we should modernise the gasoline tax.
Geopolitics
- US President Trump posted “When the Fake News says that the Iranian enemy is doing well, Militarily, against us, it’s virtual TREASON in that it is such a false, and even preposterous, statement. They are aiding and abetting the enemy! All it does is give Iran false hope when none should exist.”
- “Pakistan’s Foreign Ministry is all set to hold a consultative meeting of its envoys in Middle East, West Asia and important capitals on Thursday in Islamabad”, Pakistani journalist Mallick posted.
- Iranian Foreign Ministry spokesman said Iran will obtain a more accurate assessment of the American position through Pakistani mediators, Al ArabyTV reported. Further stated that Tehran rejects maximalist demands regarding its Nuclear Program and considers them unjust.
- Iranian Foreign Minister Araghchi said a lack of good faith and the dishonesty of the US is the most significant obstacle to a definitive end to the war, while he commented that the main cause and origin of the current situation in the Strait of Hormuz is the US and Israeli regime’s military aggression against Iran, and subsequently the repeated violation of the ceasefire through the continued blockade of Iran’s maritime ports. Furthermore, he said they are holding consultations to draft regulations concerning arrangements for the Strait of Hormuz in accordance with international law.
- Pakistan and Iraq have struck agreements with Iran to transport liquefied gas and oil via the Strait of Hormuz amid shipping risks, according to sources.
- China-flagged supertanker attempts to exit Hormuz, according to reports citing data.
- India, Japan and most European nations joined the Hormuz Strait draft resolution, while 112 countries back the resolution, according to Al Jazeera.
- A group of bipartisan US senators is writing to Secretary of State Rubio to pledge their support for the Taiwan Relations Act, Semafor reported; Twelve senators signed the letter.
- North Korea leader Kim inspected munitions factories and called for modernisation and efficiency gains in the arms industry, according to KCNA.
US Event Calendar
- 7:00 am: United States May 8 MBA Mortgage Applications, prior -4.4%
- 8:30 am: United States Apr PPI Final Demand MoM, est. 0.5%, prior 0.5%
- 8:30 am: United States Apr PPI Ex Food and Energy MoM, est. 0.3%, prior 0.1%
- 8:30 am: United States Apr PPI Final Demand YoY, est. 4.8%, prior 4%
- 8:30 am: United States Apr PPI Ex Food and Energy YoY, est. 4.34%, prior 3.8%
- 11:30 am: United States Fed’s Collins Speaks on US Economy
- 1:15 pm: United States Fed’s Kashkari in Moderated Discussion
- 7:00 pm: United States Fed’s Logan in Moderated Conversation
DB’s Jim Reid concludes the overnight wrap
In nearly two decades of writing the EMR it’s rare that I finish it off while watching the sun break through the clouds and go down over an ocean but that’s the scene as I type this evening from the US West Coast. For the amount of times I finish it in the cold and dark, I hope you’ll give me this treat! Rest assured there is no glass of wine influencing this daily!
I wish markets were as serene as the view, with increased nervousness that a US-Iran deal looks further away than most would have hoped when the more positive news flow came through a week ago. In response to that uncertainly Brent was up a further +3.42% to $107.77/bbl yesterday whilst WTI (+4.19%) also crossed the $100/bbl threshold to $102.18/bbl. Although we’ve edged down just under a percent in Asia, we’ve now edged back above the levels seen before the positive Axios story broke last week that a deal could be imminent. The higher oil price led to a sell-off in fixed income and equities yesterday which wasn’t helped by a hotter core US CPI print than the market expected, even if it was in-line with our forecast.
Turning to rates first, that CPI print and worries over sustained costs from a prolonged conflict drove the 10yr Treasury yield (+4.9bps) to 4.46%, its highest since June 2025. The moves were similar for 2yr (+3.7bps to 3.99%) and 30yr yields (+3.9bps to 5.02%), with the latter now just 7bps below the post-2007 high it reached in May last year. That higher US April CPI print showed headline inflation rising +0.6%m/m as expected (+3.8% y/y vs +3.7% y/y exp.) but core inflation slightly beating consensus estimates (+0.4%m/m vs +0.3%m/m and +2.8%y/y vs +2.7%y/y exp.).
In addition to the upside surprise in core, there were a few concerning details within the data. The effects of the Middle East conflict pushed up categories like energy (+3.8% m/m), airfares (+2.8% m/m) and postage and delivery services (+3.5% m/m), while grocery prices (+0.68% m/m) saw their largest monthly rise since 2022. And the Cleveland Fed’s trimmed mean CPI measure came in at +0.43% m/m, its sharpest monthly rise since January 2024. Kevin Warsh has been a proponent of looking more at this measure. Unfortunately it doesn’t seem to be moving in the dovish direction he expected. For more on the release and implications, see our US economists’ reaction piece here.
The hawkish market interpretation was later reinforced by comments from Chicago Fed Goolsbee, who said that the print was “worse than expected” with services inflation being amongst the worst affected. In response, the amount of fed hikes priced by next April rose to a new high of 20bps (+6.0bps on the day). The next big watchpoint for the Fed will be today’s PPI report for April, which our US analysts expect to rise +0.5% for headline and +0.3% for core. So that’s a tough inflation backdrop as Kevin Warsh takes over as Fed Chair later this week, with the Senate confirming him to the Fed Board in a 51-45 vote yesterday while the final vote to confirm him to a 4-year term as Chair is expected today.
The hawkish inflation data combined with the Middle East conflict led to a challenging backdrop for equities. However, this also wasn’t helped by chipmakers and tech selling off with the Philly Stock Exchange Index falling back by -3.01%, although well off the -6.75% intra-day lows. Elsewhere, the S&P 500 (-0.16%), Nasdaq Composite (-0.71%) and Magnificent 7 (-0.49%) also fell but again bounced off the lows. The S&P 500 was down by -1% at one point, but a partial in tech and a rotation into defensive sectors including healthcare (+1.93%) and consumer staples (+1.56%) helped limit the losses. The mood was more challenging in Europe, with multiple indices declining with the Iran and oil fears. That included the DAX (-1.62%), CAC 40 (-0.95%) and Stoxx 600 (-1.01%), although the FTSE 100 (-0.04%) losses were not as steep.
Staying with Europe, UK politics weighed on bond yields throughout the session. During yesterday’s cabinet meeting, PM Starmer reiterated his call that he would stay on despite the number of MPs wanting Starmer to quit crossing the 81 required to mark a leadership challenge if they coalesced around a candidate. It’s important to note that any calls or letters for Starmer to resign don’t trigger anything unless MPs explicitly back an alternative candidate. So even as four ministers resigned from government yesterday, it does look increasingly possible that he will see this through for now, with Polymarket odds of Starmer leaving by June 30 down to 33% this morning from as high as 80% on Monday night. We have the King’s Speech today which sets out the upcoming legislative agenda of the government. With the fate of Starmer still in the balance though, yields on the 10yr yield (+10.4bps to 5.10%) rose to its highest level since 2008, and the 30yr gilt yield (+9.5bps to 5.77%) reached its highest since 1998. Other markets are also at multi-year highs, but the UK has underperformed over most recent periods.
Indeed the 30yr German bund yield also rose to its highest level since 2011 yesterday. We did receive the German May Zew investor expectations, which rose to -10.2 vs -19.5 estimate. So that was not as bad as feared. Elsewhere, 10yr bond yields also sold off across bunds (+6.1bps), OATs (+7.9bps) and BTPs (+9.3bps). So it was an overall rough day for global bonds.
In Asia, the KOSPI (+1.25%) is back to leading the way again, after earlier dropping by -3.0%, while the Nikkei (+0.15%) is edging higher. Chinese related stocks are edging lower with US futures flat and European futures up just over half a percent. Yields on the 20-year JGBs have increased by +4.2bps, trading at 3.49%, surpassing its January peak to reach the highest level since 1997.
Finally, we saw some ongoing headlines around Ukraine and Russia. Putin’s press secretary Dmitry Peskov said it was still too early to talk about “specifics” as he addressed Putin’s comment over the weekend that the war in Ukraine is “coming to an end”. While Ukraine talks have been on hold since January, recent comments may signal an emerging shift in Moscow’s stance amid Russia’s slowing military momentum and rising domestic discontent according to opinion polls. This is more of a slow-burn story but one that saw European defence stocks post a fourth consecutive decline yesterday, with Rheinmetall (-1.99%) falling to its lowest level since March 2025. Those moves also came as CBS News reported a memo outlining terms of a potential US-Ukraine defence deal that would see Ukraine export military tech to the US.
To the day ahead now, data includes US April PPI, Germany April wholesale price index, Eurozone March industrial production, Q1 employment. For Central Banks the Fed’s Collins and Kashkari will speak, as will the ECB’s Lagarde, lane and Radev, and the BoE’s Mann
1b) European opening report
Equities broadly in the green with US/China summit looming; GBP continues lower as domestic politics dominates – Newsquawk US Market Open
Wednesday, May 13, 2026 – 05:51 AM
- US Treasury Secretary Bessent and Vice Premier He held talks. Following the conclusion, Chinese state media reported that China and the US held candid, in-depth and constructive exchanges.
- European bourses rebounded from Tuesday’s selloff, DAX 40 outperform following a heavy earnings docket; US equity futures gain.
- GBP mixed against its peers as Starmer appears on a firmer footing but risks remain into on the return of Parliament.
- Global fixed benchmarks are flat/incrementally firmer, Gilts find reprieve after recent pressure.
- Crude lower but off lows after taking a breather overnight; IEA said world oil supply to fall by 3.9mln bpd in 2026.
- Looking ahead, highlights include US PPI (Apr), BoC Minutes (Apr), OPEC MOMR (May). Speakers include BoE’s Mann, Fed’s Collins & Kashkari, ECB’s Lane & Lagarde. Supply from the US. Earnings from Cisco Systems.
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EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 +0.4%) have begun to reverse the losses seen at the start of the week, despite the mixed Asia-Pac and stateside trade. The DAX 40 is the outperformer, helped by a flurry of positive earnings, while the CAC 40 lags its peers despite the gains in STMicroelectronics and ArcelorMittal.
- Sectors point to a more mixed picture. Basic Resources tops the pile, as copper extends above USD 14k/t while aluminium, nickel and iron ore are also bid. The underperformer is Media, closely followed by Travel & Leisure. TUI reported Q2 earnings, in which it sees strong demand in the Holiday Experiences Business Area in H2.
- US equity futures broadly higher pre-market, with the tech-heavy NQ leading gains with chip names in Asia/European trade resuming gains.
- Alibaba Group Holding (BABA) – Q4 2025 (CNY): EPS 1.30 (exp. 0.89), Revenue 243.38bln (exp. 282.47bln); “confident in our business outlook and will continue to invest in AI + Cloud to strengthen our competitive advantages”
- Siemens (SIE GY) – Q2 2026 (EUR): Revenue 19.8bln (exp. 20.1bln), Orders 24.11bln (exp. 22.6bln), Net Income 2.24bln, -8.3% Y/Y. Co. announces up to EUR 6bln share buyback for up to 5 years; confirms FY26 outlook.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
FX
- G10s trade under a relatively strong USD, with recent upside in DXY as it vaulted its 100-DMA (98.45) and 200-DMA (98.52), to make a current peak at 98.58.
- USD continues to be driven by oil/yields as geopolitics remain in focus. Today, US President Trump is expected to arrive in China for his summit with Xi, where talks are expected to take place on Thursday and Friday. No breakthrough is expected in US-China relations, though the situation in Iran will likely be one of the core topics, with some fearing an Iran-for-Taiwan bargain. (Full analysis at 06:50BST on the headline feed). The session also sees a number of Fed speakers, including Collins, Kashkari and Logan.
- GBP trades a touch lower against a strong buck, but stronger against the Euro despite continued political uncertainty. As it stands, the PM intends to stay in his post and run in any leadership contest against challengers (likely Streeting. Potentially, Miliband, Rayner, Carns, and/or Burnham). Theoretically, if a contest were to be triggered now, Starmer would be the favourite (100+ MPs back him, against c. 90 who have expressed no-confidence). Recent newsflow has been around a very brief Starmer-Streeting meeting. We are unlikely to see a readout due to the King’s speech later today. In terms of timing, at 14:30 BST, two backbench (Junior) Labour MPs will ask “typically light-hearted” questions, according to Politico. Opposition leader Badenoch speaks third, then the PM will respond to her questions.
- EUR/GBP trades towards the lower end of Tuesday’s 0.8653-0.8697 range, Cable continues to move lower as it did on Tuesday, currently supported by the 1.3530, with further support lower at 1.35, the previous session’s low. Ultimately, any leadership change would likely be a shift to the left and therefore weigh on the Pound.
FIXED INCOME
- Global benchmarks are incrementally firmer/flat this morning as crude benchmarks pull back from recent highs, and as geopolitical/political newsflow remains light.
- USTs are firmer by a couple of ticks and currently trade within a narrow 109-31+ to 110-04 range, but ultimately residing near the prior day’s trough at 110-01. As a reminder, US paper was pressured on Tuesday amidst higher energy prices and after a hotter-than-expected US CPI report, which has led markets to reprice hawkishly. Most recently, UBS pushed back its call for a cut at the Fed to December 2026 and March 2027 (prev. forecast cuts in September and December). Focus today will be on US PPI and a flurry of Fed speakers.
- Bunds are essentially flat in a quiet 124.59 to 124.87 range. Earlier this morning German Wholesale Prices M/M topped expectations, with the Y/Y figure also rising from the prior. The statistics office cited the war in the Middle East as the region for the jump in prices, “particularly for energy products and raw materials”. Despite the jump in prices, Bunds were choppy but ultimately little moved. Thereafter, EZ GDP 2nd estimate was not subject to revisions, whilst Employment Change Q/Q fell from the prior. No move following the German 2047/2054 auctions.
- Gilts initially gapped higher at the open, peaking at 86.31, as UK paper found some reprieve following on from a dire session seen in the prior session; traders may have also priced in the chance of quiet domestic politics, ahead of the King’s speech. However, since the cash open, UK paper has gradually trundled lower and is now only firmer by a handful of ticks – conforming to the action seen across peers. From a yield perspective, the 10yr remains above the 5% mark and a little short of the peaks made on Tuesday (5.13%).
- Markets remain on watch for domestic politics, and particularly on Wes Streeting after his short meeting with PM Starmer – UK journalists are questioning whether this signals increased likelihood of a potential leadership challenge. Before the duo met, Sky News reported that UK government whips believe Wes Streeting will make his move on Thursday, to avoid clashing with the King’s Speech, while they also believe Andy Burnham doesn’t have an MP ready to quit.
- Australian debt agency is to issue Treasury bonds of around AUD 125bln for 2026/2027, while further guidance of issuance plans will be provided in June.
- Australia sells AUD 300mln 4.75% June 2054 bonds b/c 4.08, avg yield 5.4979%.
- Italy sells EUR 7.5bln vs exp. EUR 6.25-7.5bln 2.40% 2029, 3.30% 2033 and 2.95% 2038 BTP.
- Germany sells EUR 1.14bln vs exp. EUR 1.5bln 2.50% 2054 and EUR 0.986bln vs exp. EUR 1bln 3.40% 2047 Bund.
COMMODITIES
- In geopolitics, US President Trump said Iran will either make a deal or be “decimated”, while reaffirming the effectiveness of the blockade. Meanwhile, Iran reiterated five conditions before entering nuclear talks, including sanctions relief, reparations and recognition of sovereignty over the Strait of Hormuz. US intelligence reportedly assessed Iran still retains significant missile capabilities along the Strait of Hormuz. Further, Sources familiar with negotiations said Iran’s top conditions before nuclear talks include ending the war on all fronts, lifting sanctions, releasing frozen funds, compensation for war damages and recognition of Iranian sovereignty over the Strait of Hormuz.
- Elsewhere, the IEA released its monthly oil market report today, in which it forecasts world oil supply to fall by 3.9mln bpd in 2026, assuming Strait of Hormuz flows gradually resume from June (prev. forecast 1.5mln bpd fall); Sees total world oil supply 1.78mln bpd lower than demand in 2026 (vs. prev. forecast 0.41mln bpd higher). IEA noted the war in the Middle East is depleting global oil inventories at a record pace.
- WTI July and Brent July futures have trimmed losses seen overnight, with the former in a USD 96.79-98.58/bbl range and the latter in a USD 106.09-107.56/bbl. Dutch TTF is now flat intraday after recovering from sub-EUR 46/MWh lows to levels north of EUR 46.50/MWh.
- Spot gold resides in a USD 4,685.90-4,727/oz range, well within yesterday’s USD 4,638.36-4,773.58/oz parameter, with the 100 DMA at USD 4,786.96/oz. Spot silver takes a breather from six straight sessions of gains, with the precious metal pulling back a touch after hitting resistance around USD 87.80/oz. Elsewhere, Shanghai Futures Exchange adjusted the price limit for the AG2705 silver futures contract to 17%.
- Base metals are posting varying gains across the board amid a broadly but cautiously positive risk appetite across Europe and US markets, and despite a firmer USD. 3M LME copper resides north of USD 14k/t in a 14,086.58- 14,191.48/t range at the time of writing.
- IEA OMR: world oil supply to fall by 3.9mln bpd in 2026 assuming Strait of Hormuz flows gradually resume from June (prev. forecast 1.5mln bpd fall); Sees total world oil supply 1.78mln bpd lower than demand in 2026 (vs. prev forecast 0.41mln bpd higher). Sees world oil demand falling by 420k bpd in 2026 on Iran war (prev. forecast 80k bpd drop).
- US Private Inventory Data (bbls): Crude -2.2mln (exp. -2.3mln), Distillates -0.3mln (exp. -1.3mln), Gasoline +0.5mln (exp. -2.5mln), Cushing -1.8mln
- US NEC Director Hassett said this is a temporary energy shock and that President Trump is confident the Strait of Hormuz will be open soon, while Hassett said regarding the SPR that they are releasing as fast as possible. Furthermore, he said Trump’s view is that we should modernise the gasoline tax.
- Russia’s Perm oil refinery (260k BPD) has halted operations after May 7 drone attack, according to sources.
- Kuwait lowers June crude prices for Asia, according to a pricing document.
- UAE’s ADNOC has set June Murban crude OSP at USD 104.44/bbl, USD -6.31/bbl from May.
- Mexico’s Pemex has partially shut down its 325,000bpd Salina Cruz refinery due to circuit contamination affecting utilities, according to Iir Energy.
TRADE/TARIFFS
- The US White House has reportedly not ruled out potential Chinese direct investment in the US, Semafor reported.
- US President Trump posted that NVIDIA CEO Huang is on Air Force One along with a number of CEOs of large US companies, including Tesla, Boeing, Cargill, Citi, Goldman Sachs, GE Aerospace, Micron & Qualcomm. Trump added that his first request to Chinese President Xi will be to open up China so that these brilliant people can work their magic.
- US Treasury Secretary Bessent and Vice Premier He held talks. Following the conclusion, Chinese state media reported that China and the US held candid, in-depth and constructive exchanges.
- EU Commission has outlined a potential compromise to break the EU-US trade deal deadlock, with specific reference to the sunrise clause, Politico reported.
NOTABLE EUROPEAN HEADLINES
- UK Labour-affiliated union group TULO said Labour cannot continue on this path, is it clear the PM will not lead Labour into the next election.
- SNP to force a vote on UK PM Starmer via an amendment to King’s Speech debate.
- UK government appoints loyalists to fill gaps left by government resignations.
- UK government whips believe Wes Streeting will make his move on Thursday, to avoid clashing with the King’s Speech, while they also believe Andy Burnham doesn’t have an MP ready to quit, and that aside from the 87 MPs who’ve publicly called for Starmer to go, the same number privately want him to step down, according to Sky News reporter Jon Craig.
NOTABLE EUROPEAN DATA RECAP
- EU GDP Growth Rate QoQ 2nd Est (Q1) Q/Q 0.1% vs. Exp. 0.1% (Prev. 0.2%).
- EU GDP Growth Rate YoY 2nd Est (Q1) Y/Y 0.8% vs. Exp. 0.8% (Prev. 1.2%, Low. 0.8%, High. 0.8%).
- EU Industrial Production MoM (Mar) M/M 0.2% vs. Exp. 0.3% (Prev. 0.4%).
- EU Industrial Production YoY (Mar) Y/Y -2.1% (Prev. -0.6%).
- French Inflation Rate MoM Final (Apr) M/M 1.0% vs. Exp. 1% (Prev. 1%, Low. 1%, High. 1.1%).
- French Inflation Rate YoY Final (Apr) Y/Y 2.2% vs. Exp. 2.2% (Prev. 1.7%, Low. 2.2%, High. 2.2%).
- German Wholesale Prices MoM (Apr) M/M 2% vs. Exp. 1% (Prev. 2.7%).
- German Wholesale Prices YoY (Apr) Y/Y 6.3% (Prev. 4.1%).
- Swedish CPIF MoM Final (Apr) M/M -0.6% vs. Exp. -0.6% (Prev. -0.6%).
- Swedish CPIF YoY Final (Apr) Y/Y -0.1% vs. Exp. 0.8% (Prev. 1.6%).
CENTRAL BANKS
- ECB’s Muller said the EU has not fallen into stagflation.
- ECB’s Villeroy said the ECB must be ready to intervene on second round effects; underlying inflation is currently under control.
- ECB’s Rehn said inflation expectations are still anchored.
- ECB’s Radev said once again, seeing an external price shock.
- ECB’s Dolenc said can expect consumer expectations from inflation to rise. Energy prices have a limited effect on the economy for now.
- ECB’s Elderson said banks need to update resilience plans to cater for the higher probability of severe disruptions because of Anthropic’ s Mythos AI tool.
- Riksbank Minutes: Market expectations regarding central bank policy rates have been closely interlinked with the inflation risks stemming from energy prices.
- BoJ will continue to closely monitor how the Middle East situation will affect economy and prices, according to an official.
- UBS sees the Fed to cut 25bps in December 2026 and March 2027 (prev. forecast cuts in September and December).
GEOPOLITICS
MIDDLE EAST
- US President Trump posted “When the Fake News says that the Iranian enemy is doing well, Militarily, against us, it’s virtual TREASON in that it is such a false, and even preposterous, statement. They are aiding and abetting the enemy! All it does is give Iran false hope when none should exist.”
- “Pakistan’s Foreign Ministry is all set to hold a consultative meeting of its envoys in Middle East, West Asia and important capitals on Thursday in Islamabad”, Pakistani journalist Mallick posted.
- Iranian Foreign Ministry spokesman said Iran will obtain a more accurate assessment of the American position through Pakistani mediators, Al ArabyTV reported. Further stated that Tehran rejects maximalist demands regarding its Nuclear Program and considers them unjust.
- Iranian Foreign Minister Araghchi said a lack of good faith and the dishonesty of the US is the most significant obstacle to a definitive end to the war, while he commented that the main cause and origin of the current situation in the Strait of Hormuz is the US and Israeli regime’s military aggression against Iran, and subsequently the repeated violation of the ceasefire through the continued blockade of Iran’s maritime ports. Furthermore, he said they are holding consultations to draft regulations concerning arrangements for the Strait of Hormuz in accordance with international law.
- Pakistan and Iraq have struck agreements with Iran to transport liquefied gas and oil via the Strait of Hormuz amid shipping risks, according to sources.
- China-flagged supertanker attempts to exit Hormuz, according to reports citing data.
- India, Japan and most European nations joined the Hormuz Strait draft resolution, while 112 countries back the resolution, according to Al Jazeera.
OTHER
- A group of bipartisan US senators is writing to Secretary of State Rubio to pledge their support for the Taiwan Relations Act, Semafor reported; Twelve senators signed the letter.
- North Korea leader Kim inspected munitions factories and called for modernisation and efficiency gains in the arms industry, according to KCNA.
CRYPTO
- Bitcoin neared the USD 82k handle, paring back most of Tuesday’s losses.
APAC TRADE
- APAC stocks traded mixed following on from the mostly subdued handover from Wall Street, where sentiment was dampened by tech weakness, higher oil prices and firmer-than-expected inflation, while the geopolitical situation remained uncertain with Iran said to require five confidence-building conditions for it to enter a second round of talks with the US.
- ASX 200 declined amid weakness in the top-weighted financial sector after shares in Australia’s largest lender CBA, slumped around 10% following its earnings results, while the recent federal budget announcement failed to spur risk appetite and was seen by analysts to hit consumer stocks.
- Nikkei 225 clawed back initial losses after encouraging current account and bank lending data, and despite hawkish market pricing of around a 70% chance for a BoJ rate hike next month.
- Hang Seng and Shanghai Comp were mixed as participants digested earnings releases and with the focus on the looming Trump-Xi summit, while the US President is on his way to Beijing with various CEOs on Air Force One, including the late addition of NVIDIA’s Jensen Huang.
NOTABLE ASIA-PAC HEADLINES
- BoJ said there was no meeting held between the US Treasury Secretary Bessent and BoJ Governor Ueda.
- US Treasury Secretary Bessent said that thanks to the powerful bond between US President Trump and Japanese PM Takaichi, the relationship between the US and Japan is stronger than ever before, while he was happy to share with the PM the belief that the fundamentals of the Japanese economy are indeed strong and resilient. Furthermore, he said they exchanged views on the US-Japan investment program, critical minerals, President Trump’s upcoming visit to Beijing, and other subjects of mutual interest.
NOTABLE APAC DATA RECAP
- Japanese Current Account (Mar) 4682B vs. Exp. 3900B (Prev. 3933B)
- Japanese Bank Lending (Apr) Y/Y 5.4% vs. Exp. 4.6% (Prev. 4.8%)
- Australian Wage Price Index QQ (Q1) 0.8% vs. Exp. 0.8% (Prev. 0.8%, Low. 0.8%, High. 0.9%)
- Australian Wage Price Index YY (Q1) 3.3% vs. Exp. 3.3% (Prev. 3.4%, Low. 3.3%, High. 3.4%)
- New Zealand 1-Year Inflation Expectations (Q2) 3.4% (Prev. 2.6%)
- New Zealand 2-Year Inflation Expectations (Q2) 2.5% (Prev. 2.4%)
1 c) Asian opening report
2.a NORTH KOREA/SOUTH KOREA/JAPAN
JAPAN
NORTH AND SOUTH KOREA
3. CHINA/
CHINA//TEAPOTS/OIL
FIRST MAJOR CASUALTY OF THE LACK OF OIL COMING THROUGH THE STRAIT:
They are losing money hand over fist
(zerohedge)
China’s Teapot Refiners Slash Output As Hormuz Crisis Crushes Margins
Tuesday, May 12, 2026 – 06:50 PM
Confirming our report from last Friday, Reuters reports that some independent refiners in China (also known as “teapots”) are slashing their production rates as margins plummet to unprecedented negative levels, and demand weakens amid the continued paralysis of tanker traffic in the Strait of Hormuz.
China refiner margins (when Beijing tells you you can’t raise prices, you don’t raise prices).
Citing unnamed trade and industry sources, Reuters reported today that the average operating rates at so-called teapots in Shandong had fallen to 50%, from 55% in April. What’s more, the operating rates of independent refiners are likely to fall further as the war drags on, and refiners swing into losses that the Reuters sources estimate at between $74 and $88 per ton of processed crude oil.
As a reminder, on Friday we reported that Chinese authorities ordered private refiners to maintain high levels of gasoline and diesel supply, even at a loss, or risk their crude import quotas being slashed if they reduce run rates. If the private refiners move to cut processing rates to preserve margins amid soaring crude prices, they would see their import quotas – handed out by the government in quarterly or semi-annual installments – reduced in the coming years, the officials warned. Instead, they appear to have aggressively reduced their import demands, leading to a big drop in Chinese oil imports.
Reuters confirms that it now appears teapots have run out of options and are risking lower quotas to manage their losses. “Without cutting output, the losses are unbearable,” one of the Reuters sources said.
Asia, the biggest oil demand center globally, is facing the greatest pain from the closure of the Strait of Hormuz. Overall, the war could force up to 6 million bpd cuts to crude runs across Asia in April, as refineries face severe supply disruption with 65% dependency on Middle East crude.
China is better insulated than its neighbous thanks to a stockpile of an estimated 1.4 billion barrels that has been accumulated over the past couple of years. Yet as OilPrice notes, this supply cushion is limited, so China is doing a fine balancing act of keeping the domestic market well supplied to avoid sharp price spikes, especially since China’s economy is increasingly dependent on the well-being of its Pacific rim neighbors (and trading partners) who are far less insulated from surging oil prices.
END
CHINA/IRAN
Chinese Supertanker Sails Out Of Hormuz In Rare Exit
Wednesday, May 13, 2026 – 10:10 AM
As president Trump was on his way to China, a Chinese tanker appears to have exited the Strait of Hormuz as it sails toward an area where the US has enforced a blockade, ahead of talks between US President Donald Trump and counterpart Xi Jinping, Bloomberg reported today, citing ship-tracking data showing the VLCC moving south along the eastern side of the chokepoint.
The supertanker which sailed past Iran’s Larak island, and into the Gulf of Oman, is Yuan Hua Hu, owned by Cosco, and would be only the third tanker carrying oil for China from the Persian Gulf that has traversed Hormuz since the start of the war. The vessel is broadcasting its Chinese origin and crew, Bloomberg said, as other vessels have done previously to secure safe passage.
Yuan Hua Hu’s draft indicates it’s fully loaded with oil, or close to the vessel’s 2 million barrel capacity. It was seen lifting from Iraq’s Basrah terminal in early March, according to ship-tracking data. The vessel was chartered by Unipec, the trading arm of Chinese state refining giant Sinopec, according to a fixture seen by Bloomberg.
In April, two very large Chinese crude carriers were allowed to pass the Strait of Hormuz under Iran’s toll system that demands payment of $2 million per supertanker to pass. One of those was the same Yuan Hua Hu that is currently moving along the strait.
China imports the bulk of its energy from the Middle East, and while it has amassed substantial crude oil stockpiles that are helping it weather the worst of the crisis – anecdotally over 1.4 billion barrels – restoring normal flows from the Persian Gulf is important for one of the world’s top energy importers.
Earlier in the war, reports emerged that Beijing had pressured Iranian officials to stop attacking vessels carrying crude oil and LNG via Hormuz. Judging from later events that involved Iranian strikes on vessels in the chokepoint, Tehran did not yield to the pressure.
The moment is delicate for relations between the United States, China, and Iran as President Trump heads to Beijing for talks with President Xi on topics that are bound to include traffic via the Strait of Hormuz. According to media reports, President Trump plans to have “a long talk” with President Xi about Iran, even as he told news agencies he did not need China’s help in resolving differences with Iran.
END
4 EUROPEAN AND SCANDINAVIAN COMMENTARIES PLUS NATO
SPAIN
how stupid can any parent be?
(zerohedge)
Parents Sent To Prison After Isolating Kids For Four Years Over COVID Fears
Wednesday, May 13, 2026 – 07:20 AM
Authored by Steve Watson via Modernity.news,
A court in northern Spain has sentenced a couple to prison after they kept their three children confined indoors for nearly four years due to intense fears of Covid.
The isolation, which began in December 2021 and continued until the children were rescued in April 2025, left the youngsters with significant mental and physical conditions, including difficulties walking, bowel and bladder control issues, and delayed development.
The case, underscores the profound and lasting effects that pandemic-related anxiety had, and continues to have, on some individuals.
Christian Steffen, 53, a German freelance tech recruiter, and his wife Melissa Ann Steffen, 48, an American-born naturalised German, lived in a rented home in Oviedo, Spain.
Prosecutors stated that the parents “locked the minors up inside their home and isolated them completely from the rest of the world, denying them contact with other people both physically and through other forms of communication.”
They added that “The children didn’t even know their relatives or any other people that weren’t their parents. They never went outside, not even to the garden of their home, for almost four years because of the unfounded fear the accused had, and they had instilled in their children, that they might be infected with something.”
The children — a boy aged ten and eight-year-old twins — were not enrolled in school. They received homeschooling from their parents, had not seen a doctor since 2019, and lived in conditions described as squalid, with soiled nappies, rubbish, and inadequate sleeping arrangements including broken cots for the twins.
Physical examinations revealed bowed legs, hunched posture, irritated skin, and other issues stemming from prolonged confinement and lack of medical care. After rescue, one child was reported to have knelt on the grass outside and touched it with amazement.
The couple was convicted of habitual psychological violence within the family environment and family abandonment. Each received a sentence of two years and four months in prison, plus an additional six months for family abandonment.
They were also disqualified from parental authority for three years and four months, banned from approaching the children within 300 metres, and ordered to pay €30,000 in compensation to each child.
Defence lawyers argued that the situation was “voluntary isolation” from the world by parents who had taken a series of “probably wrong but not criminal decisions.”
They noted that the Steffens had caught Covid and decided to self-confine and educate their children from home out of an “unsurmountable fear” of falling ill again. The parents insisted during the trial that they had always acted in the interest of the youngsters.
A city hall source told El Mundo that a vigilant neighbour, Silvia, raised the alarm after noticing suspicious supermarket deliveries including large quantities of nappies during school hours. She compiled a detailed dossier that led to a police investigation.
Regional Social Rights and Welfare Minister Marta del Arco commented: “These are children whose trauma from what they experienced was bound to surface later on, and both educators and psychologists are working very intensively with them because they really need it.”
This case reflects how deeply some individuals were affected by the fear surrounding Covid-19. While most adapted as restrictions eased, a small number internalised the risks to an extreme degree, with tragic consequences for their families.
The incident comes as researchers continue to examine the wider psychological and developmental effects of the Covid era.
A March 2026 study from the University of East Anglia found that Covid lockdowns may have permanently damaged children’s brain development, particularly executive functions such as behaviour regulation, focus, and adaptation.
Professor John Spencer noted: “Children who were in reception when the country shut down showed much slower growth in key self-regulation and cognitive flexibility skills over the next few years than children who were still in preschool.” The study highlighted the critical role of peer socialisation during key early years.
Recent analyses, including a January 2026 international study on long Covid, have shown varying reports of brain fog, depression, and cognitive issues linked to the pandemic period, influenced by cultural and healthcare factors.
Broader surveys from organisations like the WHO and Mayo Clinic have documented elevated levels of anxiety, depression, and stress persisting years after the initial outbreak, affecting both adults and children worldwide.
The Oviedo case illustrates an extreme outcome of that widespread fear environment. While the parents have been held accountable by the court, the episode serves as a stark reminder of the human cost when anxiety overrides normal family life and child development needs.
As support services work with the affected children in Spain, the findings from ongoing research emphasise the importance of monitoring and addressing the long-term legacy of the pandemic on younger generations.
Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.
end
UK
the once almighty British industrial sector is now thrown into oblivion as they pursued green energy creating a high cost for them.
(Newsom)
Britain Is Pricing Its Factories Into Oblivion
Wednesday, May 13, 2026 – 06:30 AM
Authored by Ted Newson via CapX,
At its peak, Britain was known as the workshop of the world. Sheffield produced high-quality steel, Manchester still had a strong textiles sector and the West Midlands was world-renowned for its cars. Glasgow, Sunderland and Newcastle were shipbuilding hubs, Stoke-on-Trent produced ceramics.
Cities around Britain provided steady employment for skilled tradespeople, keeping communities together and wealth distributed around the country. In the 1980s and ’90s, this was underpinned by looser employment regulations and strong energy security through North Sea oil and gas. Businesses could hire who they wanted, for a wage they were comfortable paying and without soaring energy bills to worry about. Just ten years ago, electricity prices were around £31/MWh, today they have almost tripled to around £90/MWh. When competitors such as the United States don’t have a nationwide carbon tax while Britain has had a carbon price floor since 2013, it is easy to see how business can quickly become uncompetitive.
Britain’s industrial sector was promised lower energy bills through renewables; instead, it is paying higher prices and additional taxes to subsidise green policies. The Climate Change Committee recently forecast offshore wind electricity prices of £35/MWh by 2040, the reality suggests that this is unlikely. Using intermittent renewables to power energy-intensive industries brings with it its own problems, creating high energy prices in wind and solar droughts when domestic firm power isn’t readily available.
Even by 1990, around one-sixth of Britain’s GDP came from the manufacturing industry. The country was still in the top five global manufacturing powers and possessed competitive steel, car, and chemical industries. At this time, our industrial energy prices were reasonably similar to the rest of Europe, with allies like Germany and Italy paying more than the UK. Today, the UK’s industrial energy prices have risen by 669 percent—dwarfing increases of 389 percent in Germany and 544 percent in Italy. A driving force behind this is underinvestment in reliable electricity generation and the idealistic belief that intermittent renewables, backed up by government subsidies, can replace firm sources of power such as coal and gas.
In the pursuit of lowering carbon emissions, Britain has abandoned its manufacturing sector. As we have artificially inflated energy prices through policy costs and made employing people harder, our industries have shifted to countries with more business-friendly environments. While rising comparative wage rates naturally encourage industry to shift overseas, the British government has further pushed industry away through deliberate choices. This has created job losses and regional decline as former manufacturing towns lose historic businesses.
Energy-intensive industry such as steel manufacture cannot survive when industrial energy prices are four times that of the United States. In fact, Britain has the fewest steel plants left in the G7, with plummeting production capabilities, especially for virgin steel. No matter how low other input costs are, such high energy costs will repel investment. A recent example of this is the collapse of the long-established pottery firm Denby. While Britain remains gifted with abundant, high-quality clay, energy prices and the transition to electric kilns have rendered the sector unsustainable.
This problem is much the same across the rest of Britain’s manufacturing sector. Energy prices drive up unit costs, before government legislation further entrenches high wage bills and punitive taxes. From every direction, the business sector is attacked—and manufacturers, as the most energy-intensive type of industry, are most exposed. Britain’s deindustrialisation has many causes, but shortcomings in energy and workforce policy go a long way toward explaining why many once-prosperous enterprises are now shutting down. Britain has already lost a significant share of the manufacturing capacity that once formed the bedrock of its economy and national security, and the decline continues.
That does not mean more government is the answer. A laissez-faire approach to workforce policy was a key reason behind the prosperity of Britain’s manufacturing sector as late as the 1990s. Industrial towns created reliable paths into work for young people without the need for state intervention, strengthening communities and keeping regional employment rates across Britain healthy.
It is government policy that keeps getting in the way. A rising minimum wage has pushed businesses to cut back on hiring, while post-1990s legislation has made it easier to unionise, harder to fire staff, and capped working times. This has increased staff costs and has made turnover harder, slowing the jobs market.
An advanced economy can typically rely on productivity gains to offset higher energy prices and wage rates. However, Britain’s dismal productivity growth in recent years, compounded by chronic underinvestment, has made that much harder to achieve—and the scale of recent energy price increases has rendered those traditional offsets inadequate. Even advanced industries such as pharmaceuticals and chemicals are now considering moving abroad. This risks losing jobs and undermining strategic domestic production.
Bringing back manufacturing to Britain is by no means an easy task. But prioritising low energy prices, on-the-job training and less heavyhanded labour regulation would allow sustainable businesses a fighting chance. Only by significantly improving our industrial competitiveness can we have any hope of bringing back Britain’s great industries of the past.
END
EUROPE
I WONDER WHY?
Report Exposes Shocking Explosion In EU Sex Crimes
Wednesday, May 13, 2026 – 05:00 AM
Authored by Steve Watson via Modernity.news,
A horror report has laid bare the EU’s staggering rise in sex crimes over the last decade. Sexual violence offences have nearly doubled since 2014, while recorded rapes have surged 150 per cent.
Around 1.9 million sexual offences were logged between 2015 and 2024 alone, with 256,302 occurring in 2024. Between 2015 and 2024, EU authorities recorded 664,293 rapes. The vast majority of victims were women.
The findings, compiled by The Campaign for an Independent Britain, Stand for Our Sovereignty, and think tank Facts4EU, tie directly into the migration crisis that began in 2015 under Angela Merkel.
Critics warn that restoring any form of freedom of movement could import the same wave of violent crime the continent is now battling.
The report’s authors note the sharpest increases coincide with the 2015 migration surge, though they caution that definitions and reporting practices vary by country.
Trends, however, do not lie. Sexual violence offences jumped 94 per cent between 2014 and 2024. Rapes rose 150 per cent in the same period.
This latest report matches what we have already documented. Rape reports in Spain have surged by a whopping 322 per cent over the last decade.
The pattern repeats in Germany, where foreigners are vastly overrepresented in violent crimes and rape cases have risen 72 per cent since 2018.
This data comes as Keir Starmer faces fresh pressure not to fling open Britain’s borders through any EU “reset.”
Starmer’s government lost control of more than 30 councils and around 1,500 councillors last week. Rather than double down on secure borders and British sovereignty, he is eyeing a Brussels reset that could expose the UK to the very crime wave now engulfing the EU.
Britain has struggled with rising sexual offences linked to illegal migration and certain communities, but re-entering EU free-movement schemes would only make the problem worse.
Starmer’s talk of “a new direction for Britain” at the upcoming EU summit has sovereignty campaigners on high alert. After Labour’s heavy local election losses, opponents fear he will trade Brexit red lines for single-market access – and that price could include renewed freedom of movement.
The message from this latest batch of stats is clear. Unchecked migration from cultures that do not share Western values on women’s safety leads to more rapes, more sexual violence, and more shattered lives.
Sovereignty, secure borders, and putting your own citizens first are not optional extras – they are the bare minimum required to protect women and children.
Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.
END
GERMANY
finally these clowns realize their mistake!!
(Jaravaj)
Germany’s Nuclear Confession Is A Crack In Net‑Zero Pretense
Wednesday, May 13, 2026 – 03:30 AM
Authored by Vijay Jayaraj via PJMedia.com,
German Chancellor Friedrich Merz has called the nuclear phaseout a “serious strategic mistake” that left Germany short of firm power that turned the Energiewende into the most expensive energy transition on the planet. This is an early marker for a developing worldwide retreat from policies that sidelined nuclear power and demonized coal, oil, and natural gas.
German and Japanese Nuclear Embarrassment
Germany stubbornly closed its last three functioning nuclear reactors in April 2023 right in the middle of a crippling energy crisis triggered by the war in Ukraine. As pragmatists predicted, German citizens now suffer under punishingly high electricity prices and remain heavily dependent on imported energy.
The green dream was sold as a route to “cheap” renewables, yet the reality for German households and factories has been record‑high electricity prices, complex subsidies for favored businesses and individuals who conform to the climate narrative, and a grid that struggles on windless days or under gray skies.
Japan made a remarkably similar error but is finally correcting course. After the Fukushima disaster, the government panicked and shut down all 54 of its nuclear reactors. Today, Japan is slowly restarting those idle units.
The pattern is plain to see. Countries abandon dependable power sources under political pressure, then spend years rebuilding what they had demonized and dismantled.
Regret Over Abandoning Fossil Fuels
This is why I anticipate a cascade of similar reversals by national leaders who participated in a destructive campaign that stripped grids of dependable, affordable, and abundant coal, oil, and natural gas.
Politicians are already quietly hitting the brakes on their aggressive fossil fuel phaseouts when reality bites. The massive Groningen gas field was scheduled for permanent closure due to localized earthquake risks. Yet in 2024, the Dutch Senate delayed the final shutdown vote when lawmakers demanded guarantees that abandoning the domestic resource would not jeopardize energy security.
Within a week of the German chancellor’s admission of a nuclear energy fiasco, the country’s energy minister lamented at an oil and gas conference the push of net zero policies, indirectly referencing the abandonment of fossil fuels.
In the United States, President Donald Trump took executive actions aimed at preventing some coal plants from closing, including orders that kept aging facilities like the J.H. Campbell plant in Michigan running to “avoid summer blackouts.”
South Africa’s Mineral Resources and Energy Minister Gwede Mantashe consistently fights international pressure to quickly abandon coal. “You don’t destroy what you have on the basis of hope that something better is coming,” he says. Mantashe rightly insists that protecting the ability of the state to supply energy must remain a priority.
India offers the most powerful example of this energy pragmatism. The country has signaled that coal will remain the backbone of the economy for decades, even as its diplomats make empty promises about reaching net-zero by 2070. Deputy Power Minister Shripad Naik recently revealed that India had added a massive 7.2 gigawatts of new coal capacity in the 2025–26 fiscal year alone and would add 307 gigawatts of total coal capacity by 2035.
A majority of Western countries, especially in Europe, utterly lack this basic foresight on energy security. Many countries have locked in policies that tear down coal, oil, gas, and nuclear plants before they have built credible alternatives. They chase targets for emissions reductions. They downplay the costs to their citizens.
Energy security has become more prominent in the news because of turmoil in the Middle East. Yet a war may not be needed to launch the next generation of energy crises. When the next prolonged cold spell, drought, or demand surge hits, the weakness of the anti-fossil fuel approach will show up in higher bills, rolling blackouts, and public anger.
END
FRANCE:
any right wing in any European country is targeted for removal
(zerohedge)
EU Targets France’s Jordan Bardella With Fraud Probe As His Anti-Migration Party Surges In The Polls
Wednesday, May 13, 2026 – 02:00 AM
Last week, reports that the European Public Prosecutor’s Office (EPPO) is investigating France’s right-wing, anti-migration party National Rally (RN) for misallocation of EU funds made the rounds. At its core, the case involves a complaint filed last December by the association AC!! Anti-Corruption with the National Financial Prosecutor’s Office (PNF) in Paris.
These allegations have already been contested by RN, but the party must also now face scrutiny from Brussels, as the funds involved include EU money.
The charge is that the National Rally misused the funds by allocating money received for media training for its leader, Jordan Bardella, not for his work as an MEP, but with the aim of helping him to prepare for France’s 2027 presidential election. Other members of the party have also been named in connection with the same charge.
Bardella posted on X that the investigation is not news and certainly nothing new for the party, labeling the charges as politically motivated slander.
“We have absolutely nothing to reproach ourselves for. The association behind the complaint is a self-proclaimed far-left organization, whose aggressive statements leave little doubt as to their intentions. I filed a complaint several weeks ago for slanderous denunciation,” he wrote, while assuring that he and his party would fully cooperate with the EPPO.
National Rally has been in the top spot in recent polling, despite its former leader, Marine Le Pen, having been sidelined by a similar case last year. She is appealing that decision, but for now has made it clear that Bardella will run on the RN ticket for president.
The party’s popularity, with or without Le Pen, cannot be a surprise to its rivals, given the slew of issues France has been suffering from due to its policy of mass immigration and lax deportation: Elderly rape, minor prostitution, failing education, robberies, violent rape, concerns over sharia law, and murder. As the mother of 18-year-old Théo, who was stabbed to death by a Senegalese migrant who ended up avoiding prison, said: “You can kill in France with impunity.”
Meanwhile, the media and the left prefer not to draw attention to the link between increased migration and violence.
And yet, a new website and real estate browser extension for Chrome is offering data on immigration levels, insecurity, and Islamization rates of neighborhoods for prospective buyers in the latest sign that the French public is highly concerned about record-breaking numbers of immigrants.
According to a recent ifop poll, 60 percent of French believe there is “a replacement of the French population by non-European populations, mainly from the African continent.” The same poll found that 66 percent see it as a bad development. Only 9 percent noted it as good.
This is a major factor why the National Rally has been surging in the polls, and why left-wing parties and activist organizations will do anything to bring them down — first targeting Le Pen and now Bardella. Other party politicians and staff members have been implicated in both cases.
Such efforts are not unique to France, with efforts ongoing for years over in Germany to bring down the anti-migration AfD party, which has also seen a massive rise in popularity.
With reports indicating France is spending over €2 billion a year on housing and healthcare for asylum seekers and illegal migrants, RN’s rivals will need more than accusations of misappropriated funds to stop voters from exercising their desire for change.
END
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
ISRAEL/USA VS IRAN/TUESDAY EVENING
JUST ONE QUESTION GUYS AND GALS:
WHAT PLANET ARE THEY ON?
Iran Specifies 5 Demands To Restart Peace Talks With US
Tuesday, May 12, 2026 – 04:40 PM
Iran on Tuesday revealed its demands in a counteroffer to the United States that President Trump shot down on Sunday, which has put the whole conflict and Pakistan-mediated talks in a holding pattern and stalemate, as the Strait of Hormuz remains effectively blocked.
The demands hinge on war reparations, Iranian sovereignty over the Strait of Hormuz and an end to US sanctions – things which the White House balked at, with war reparations especially being focus of rejection by the US side, and the lack of taking up the nuclear issue, which Iran has insisted is a non-starter and would only be dealt with after the war is settled.
Trump had previously made clear on Truth Social that “I have just read the response from Iran’s so-called ‘Representatives.’ I don’t like it — TOTALLY UNACCEPTABLE!”
Al Jazeera correspondent Ali Hashem has listed the following five conditions that it sees as the basis for reentering talks:
- Ending the war on all fronts, including Lebanon
- Lifting all sanctions
- Releasing frozen Iranian assets
- Compensation for war damages and losses
- Recognition of Iran’s sovereign rights over the Strait of Hormuz
Again, all this according to Tehran must be agreed to while at the same time Iran is pushing back against nuclear negotiations.
In a Monday press briefing Iranian Foreign Ministry spokesman Esmail Baghaei had publicly alluded to several of these, including in his words, “Demanding an end to the war, lifting the blockade and piracy, and releasing Iranian assets that have been unjustly frozen in banks due to U.S. pressure.”
Also, there was mention of “Safe passage through the Strait of Hormuz and establishing security in the region and Lebanon were other demands of Iran, which are considered a generous and responsible offer for regional security” – before talks could begin in good faith.
Tehran apparently feels it can weather the tightening economic noose its under, given Tanker Trackers on Tuesday said Iran has not successfully exported any crude oil by sea over the past 28 days.
Trump, just before his departure to China, remarked to Axios: “Iran will either do the right thing or we will finish the job… we are either gonna make a deal or they will be decimated.”
end
ISRAEL /USA/ VS IRAN
Iran retains access to majority of missile launch sites, US intelligence shows – report
According to The New York Times, Iran can also use the missile stockpiles in non-operational sites by transferring them via mobile launchers.
Mockups of domestically-made Iranian missiles are displayed at an exhibition outside the Defence Museum in Tehran on March 31, 2026.(photo credit: AFP VIA GETTY IMAGES)ByJERUSALEM POST STAFFMAY 13, 2026 01:55Updated: MAY 13, 2026 10:45
The United States believes Iran has regained access to a majority of its missile sites, according to a New York Times report on Tuesday.
The NYT cited senior US officials, who warned that Iran’s active missile sites include 30 along the Strait of Hormuz, posing a threat to US naval ships in the area.
According to the report, Iran can still use the missile stockpiles in non-operational sites by launching them with mobile launchers, with the country maintaining roughly 70% of its mobile launcher inventory.
The report additionally cited US military agencies, which claimed that 90% of Iranian underground missile facilities are at least partially operational.
In addition, Iran’s current missile stockpile still stands at around 70% of its prewar stockpile, according to the NYT report.
WSJ: Iran retains ability to reactivate launchers
On April 11, The Wall Street Journal reported that Iran still retains thousands of short-range ballistic missiles and has the ability to reactivate their launchers, citing a US intelligence assessment.
The report came amid statements by US Defense Secretary Pete Hegseth that Iran’s arsenal has been “depleted and decimated.”
According to the WSJ, Iran’s short and medium-range missile stockpile remains in the thousands despite a massive depletion since the start of Operation Epic Fury, with such missiles possibly able to be dug out of bombed storage sites, such as those mentioned in the Tuesday NYT report.
This suggests that Iran retains plenty of ammunition to hit its neighboring countries. Notably, The Jerusalem Post previously reported that Iran retains a maximum of 1,000 missiles that are capable of reaching Israel.
end
ISRAEL/IRAN/USA
Bessent’s “Suffocating” Iranian Regime Strategy Materializes In Kharg Island Satellite Imagery
Wednesday, May 13, 2026 – 08:10 AM
Treasury Secretary Scott Bessent’s description of “suffocating” the Iranian regime through economic and financial pressure, whether via sanctions or the US military blockade of the world’s most critical maritime chokepoint, now appears to be showing up in the data.
New geospatial intelligence indicates that Iran’s main crude export terminal has gone quiet, while a separate report suggests seaborne oil exports have effectively been halted for the past month.
The first report comes from Bloomberg, which cited European satellite imagery showing a massive bottleneck developing at Iran’s energy complex: no ocean-going tankers at Kharg Island, the country’s main export terminal, on May 8, 9, and 11. This marks the longest stretch in no crude tanker loadings since the US-Iran conflict began nearly three months ago.
Iran continued loading crude throughout the early weeks of the war, using tankers as floating storage after the US Navy effectively blocked ships from exiting the Hormuz chokepoint in mid-April, creating a massive energy bottleneck for Tehran.
At the end of last week, we reported that a massive oil leak spanning dozens of square miles of water was spotted off Kharg Island. This was based on open-source satellite imagery.
“The slick appears visually consistent with oil,” said Leon Moreland, a researcher at the Conflict and Environment Observatory, to Reuters. He believes it covers an area of approximately 45 square km (nearly 18 sq miles).
While it’s unclear what may have caused it, or the extent of possible damage to Kharg Island’s infrastructure or possibly docked tankers, the island has been attacked by US aerial forces in the recent past.
If Kharg Island remains idle and storage capacity reaches its limit, Iran could be forced into deeper oil production cuts.
“To our best knowledge, Iran hasn’t successfully exported any crude oil by sea over the past 28 days. Some refined products managed to escape because US OFAC did not slap sanctions on those tankers,” research firm Tanker Trackers wrote on X.
This very development would support Bessent’s claims: “We are running a marathon over the past 12 months, and now we are sprinting toward the finish. They are not able to pay their soldiers. This is a real economic blockade.”
Ten days ago, Bessent forecasted that Iran’s oil industry may need to start shutting in wells “in the next week” as the country’s crude storage is “rapidly filling up.”
“Their oil infrastructure is starting to creak,” he said. “It hasn’t been maintained again because of our decades-long sanctions against them.”
END
ISRAEL/IRAN/USA
Trump Mulls ‘Operation Sledgehammer’ If Ceasefire Collapses, But Iran Has Re-Armed
Wednesday, May 13, 2026 – 08:50 AM
The Pentagon is considering renaming the war with Iran from “Operation Epic Fury” to “Operation Sledgehammer” if President Trump orders a renewed full-scale bombing campaign against Iran, according to an NBC News report published Tuesday.
The report came on the eve of day 75 since the US and Israel launched the conflict. US sources touted to NBC that the United States now has greater military capabilities in the region than it did before the US and Israel launched the war on February 28. But US intelligence is now also suggesting Iran’s missile capability is getting back up and running as well.
After Iran had clearly withstood the shock and destruction of the opening days and couple weeks of major American and Israeli bombing raids over its cities and airbases, Trump belatedly ordered more warships, carriers, and troops into the region (Marine Expeditionary Force) – after which the blockade of Iranian ports was eventually put in place.
Now amid the heavier US naval and combined forces build-up in the CENTCOM area, “We are in a better spot now than on February 27,” a US official said to NBC. “We have more firepower and capability.”
The reported name change appears part of the Trump administration’s effort to navigate around the War Powers Resolution, which is the 1973 law designed to limit executive war powers and reinforce Congress’s constitutional authority to declare war.
According to NBC, the name change would be to underscore how seriously the administration is considering resuming the war, and could allow Trump to argue that it restarts the 60-day clock that requires congressional authorization for war, by way of the name change loophole.
While Republicans hold control of the Senate and have a slim majority in the House, there have lately been signs of bipartisan frustration at how the war is going, and the coming financial impact on the American public.
Also, even though the Pentagon has its assets in place if fighting were to resume, fresh reporting in NY Times and elsewhere indicates that Iran too has re-armed and regrouped.
“U.S. Intelligence Shows Iran Retains Substantial Missile Capabilities. Secret new assessments say Iran has operational access to 30 of its 33 missile sites along the Strait of Hormuz, suggesting that its military remains far stronger than President Trump has asserted,” NY Times reports.
The report also indicates, “The Trump administration’s public portrayal of a shattered Iranian military is sharply at odds with what U.S. intelligence agencies are telling policymakers behind closed doors, according to classified assessments from early this month that show Iran has regained access to most of its missile sites, launchers and underground facilities.”
This further opens up the possibility that US forces could sink into protracted quagmire should the White House choose to escalate the conflict through a renewed bombing campaign, or else launching some kind of ultra high-risk ground operation to recover Iran’s nuclear material.
Trump is still insisting on taking Iran’s “nuclear dust” out of the country, but how that precisely happens is anyone’s guess – and would likely prove to be a long shot.
On Tuesday, speaker of Iran’s parliament, Mohammad Bagher Ghalibaf, said his country’s military stands ready to “teach a lesson” to any aggressor as Trump has said the ceasefire is hanging by a thread. “Our armed forces are ready to respond and to teach a lesson for any aggression,” he said on social media. “A bad strategy and bad decisions always lead to bad results – the world already understands this.”
ISRAEL TBN
ISRAEL/UAE/SAUDI ARABIA/IRAN
Not only did Israel help the UAE they also supplied aid to Saudi Arabia:
Israel Sent Iron Dome & Troops To UAE During Iran War: Amb. Huckabee Confirms
Tuesday, May 12, 2026 – 10:10 PM
In a very surprising revelation, the Israelis supplied UAE with advanced anti-air defense systems as it came under attack from Iran during Operation Epic Fury. More interesting is that it even sent IDF troops top operate the systems.
This is according to no less than two top Trump administration diplomats. First, US Ambassador to the United Nations Mike Waltz was the first government official to publicly confirm that Israel’s Iron Dome missile defense system was used to shoot down Iranian missiles targeting UAE.
Waltz revealed the information at an event hosted by the Israeli Mission to the UN in New York. “We saw the UAE make use of the Iron Dome provided to it by Israel,” the Israel Hayom daily cited Waltz as saying.
The UAE had been heavily targeted by Iran – more than any other regional Gulf state, with Kuwait also being a heavily targeted nearby country sitting very close to the Islamic Republic..
Axios was the first to report the Iron Dome transfer back in late April, which was accomplished early in the conflict. “Israel sent the United Arab Emirates an Iron Dome air defense system with troops to operate it early in the war with Iran” – it said, citing two Israeli officials and one U.S. official.
“The military, security and intelligence cooperation between Israel and the UAE has reached new heights during the war,” the report continued. “The unprecedented deployment of the Iron Dome system during the war was not previously made public.” Astoundingly, this operation involved placing a small amount if Israeli soldiers on Gulf Arab soil:
Israel reportedly deployed an Iron Dome battery to the United Arab Emirates early in the war with Iran, and sent several dozen troops to operate it.
It marked the first time the system has been sent to another country outside of Israel and the US, Axios reported Sunday, citing Israeli and American officials.
The second American diplomat to provide high level confirmation that the Israeli-provided system was active in defending UAE is Ambassador to Israel Mike Huckabee.
“I’d like to say a word of appreciation for United Arab Emirates, the first Abraham accord member,” Huckabee said at a Tel Aviv Conference this week. “Just look at the benefits. Israel just sent them Iron Dome batteries and personnel to help operate them.”
“The Gulf states now understood they will have to make a choice – is it more likely they will be attacked by Iran or Israel?” Huckabee posed before the Israeli audience. “They see that Israel helped us and Iran attacked us. Israel is not trying to take over your land, and is not sending missiles to you.”
So clearly there is a coordinated effort to finally make public very sensitive information – that for the first known time in history Israel is directly transferring weapons to a Gulf Arab state.
While the UAE and Israel normalized relations in 2020 as part of the aforementioned Abraham Accords, there’s been a growing covert relationship between Israel and some Gulf states going back to the early phase of the Syrian proxy war.
Israel and the Sunni autocrats conspired to overthrow Bashar al-Assad, a longtime key ally of Iran, and they cooperated on funding and supplying anti-Damascus jihadi insurgents. Out of this shadow war came a greater mutual understanding.
END
SAUDI ARABIA/IRAN
Saudi Arabia Secretly Launched Attacks On Iran At Height Of Epic Fury
Tuesday, May 12, 2026 – 06:00 PM
First it was revealed this week that UAE had directly attacked Iran in retaliatory strikes earlier in Operation Epic Fury, and now it has come to light that the Saudis did the same, and in multiple strike operations.
Reuters reports Tuesday that “Saudi Arabia launched numerous, unpublicized strikes on Iran in retaliation for attacks carried out in the kingdom during the Middle East war, two Western officials briefed on the matter, and two Iranian officials said.”
“The Saudi attacks, not previously reported, mark the first time that the kingdom is known to have directly carried out military action on Iranian soil and show it is becoming much bolder in defending itself against its main regional rival,” the report continues.
“The attacks, launched by the Saudi Air Force, were assessed to have been carried out in late March, the two Western officials said,” Reuters notes further. One of the sources described this military actions as “tit-for-tat strikes in retaliation for when Saudi [Arabia] was hit.”
The revelation suggests that even as the Trump White House tried to present this is a very limited war, or even a mere US “excursion” – as Trump previously said, it was on the brink of spiraling into an all-out regional war involving Gulf allies hitting back directly at the Islamic Republic.
By and large the Gulf allies relied solely on the US and Israel to pummel Iran during the prior 38 days of heavy bombing which marked the peak of Operation Epic Fury.
This as the Gulf absorbed the bulk of Iran’s retaliation. Iran sent hundreds if not thousands of ballistic missiles and drones on Gulf energy, infrastructure, and even central areas of cities.
It had remained at the time an open question of whether countries like Saudi Arabia, UAE, Qatar and Kuwait would actually then go on the offensive. It seems that to some degree they did, and the public didn’t know about it.
Neither the Saudis nor Emirates have publicly acknowledged direct attacks on Iran, and per the new Reuters reporting Tuesday:
Saudi Arabia has meanwhile sought to prevent the conflict from escalating and has stayed in regular contact with Iran, including via Tehran’s ambassador in Riyadh. He did not respond to a request for comment.
The senior Saudi foreign ministry official did not directly address whether a de-escalation agreement had been struck with Iran, but said: “We reaffirm Saudi Arabia’s consistent position advocating de-escalation, self-restraint and the reduction of tensions in pursuit of the stability, security and prosperity of the region and its people.”
Iranian officials declared they were primarily targeting US assets and military bases, and further vowed to ‘punish’ these countries for ever hosting American bases in the first place.
But this new info showing that the Saudis and UAE in had already in effect joined the US military campaign marks yet more evidence of escalation. The ceasefire meanwhile seems effectively dead at this stage. NBC is now reporting the Pentagon actually considering re-naming Iran war ‘Sledgehammer’ if ceasefire collapses.
END
IRAN/USA
I find this hard to believe with no money and currency worth 1.8 million rials to the dollar
(zerohedge)
Iran Claims 80% Of Bombed-Out Areas Of Tehran Restored, Amid $270BN War Loss Compensation Demand
Wednesday, May 13, 2026 – 03:45 PM
Iran has been seeking to prove its unity and defiance to the world in the aftermath of the 38-days of heavy US-Israeli bombing it endured throughout the Trump-ordered Operation Epic Fury.
Along with fast seeking to rearm and recover its missile capability after the bombardment which heavily targeted above and below-ground missile silos, it is also rapidly rebuilding bombed-out parts of the capital city Tehran.
In what sounds like a surprising and perhaps high estimate, about 80% of war-damaged sites in Iran’s capital have been repaired, the state Islamic Republic of Iran Broadcasting (IRIB) reports.
“More than 60,000 residential and commercial units in Tehran province were hit by American-Zionist attacks during the third imposed war,” Deputy Governor of Tehran Seyyed Kamaleddin Mirjafarian was quoted in the report as saying.
The 80% claim might be met with a lot of scrutiny and doubt, given that many neighborhoods and buildings seemed to suffer damage so immense in scale, that it should take at least months if not years to rebuild.
But there has been some clear evidence that Iranian construction teams and engineers have worked around the clock to repair and replace vital infrastructure, like bridges for example.
The US and Israel had struck bridges and rail lines to cripple Iran’s national transport network. Israel especially adopted attacks against key civilian infrastructure as a battle tactic, in hopes that eventually there would be a groundswell of anti-Tehran anger domestically, leading to government overthrow.
Also, “ports and railway networks, universities and research centers, and several power plants and water desalination plants were directly hit, while a large number of hospitals, schools and civilian homes were also damaged or destroyed,” Al Jazeera describes.
By mid-April, Iran had put a price on the damage, while demanding compensation from Washington:
Iran has also raised the idea of compensation for damages to come through a Strait of Hormuz protocol, which would include a tax on ships passing through the waterway.
An early estimate indicates that Iran has suffered about $270bn in direct and indirect damages since the start of the US-Israel war on February 28, Iranian government spokeswoman Fatemeh Mohajerani said during an interview with Russia’s RIA Novosti news agency, published on Tuesday.
She did not provide further information, such as a breakdown of the damages, but said the issue of compensation was discussed in last week’s negotiations between Tehran and Washington in Pakistan, and will be raised in any potential future talks with the US and mediators.
President Trump himself repeatedly threatening to bomb bridges, power plants, and other infrastructure to send Iran “back to the Stone Age.” He’s reportedly mulling the resumption of full military operations, amid stalled or non-existent peace talks.
While vital infrastructure and even energy sites have indeed in many cases been obliterated, the lights are still on across the country, save for the persisting government-imposed internet blackout. The internet blackout is now approaching 80 days.
RUSSIA VS UKRAINE
UKRAINE/USA
US needs Ukraine kamikaze drones
Ukraine, U.S. Draft Defense Deal To Supercharge America’s Kamikaze Drone Production
by Tyler Durden
Wednesday, May 13, 2026 – 05:45 AM
U.S. and Ukrainian officials have drafted a memorandum that could open a formal channel for Kiev to export battle-tested war technology to the U.S., while also easing the path for U.S. defense firms to form joint ventures with Ukrainian “war unicorns” to mass-produce low-cost, one-way attack drones.
The report comes from CBS News, citing three sources familiar with the matter, who say U.S. State Department officials and Ukraine’s Deputy Prime Minister for European and Euro-Atlantic Integration, Olha Stefanishyna, are working on a new defense deal that would capitalize on innovations forged during the four-year grinding war in Ukraine, such as FPVs, AI kill chains, ground robots, drones, and other low-cost technologies that are now proliferating around the world.
Two weeks ago, we pointed out that it was inevitable that Ukrainian drone and counter-drone technologies would soon be exported to the U.S. We tracked U.S.-based Axon’s investment deal flow with Ukrainian firms, which suggested this technology was inbound for the U.S. market. Axon’s angle is selling to police forces nationwide.
We also noted that the passive acoustics early-warning counter-drone sector is going to heat up (read here), especially in the era of data centers. There are Ukrainian firms with battle-tested counter-UAS systems that the U.S. badly needs.
Also, last month, we joked that Ukrainian President Volodymyr Zelensky went full “Lord of War” and could become the world’s top dealer of low-cost drone interceptors.
To our amazement, the U.S.-Iran conflict appears to have accelerated this:
We noted last month:
Ukraine’s capital markets have been frozen by war, leaving many of the country’s battlefield-proven “war unicorns” starved of traditional funding. However, the Middle East conflict has accelerated a new export pathway, as drone warfare and AI-enabled kill chains reshape how militaries think about defense.
This is exactly what the CBS report said:
Drone collaboration with the U.S., Ukrainian officials told CBS News, would be mutually beneficial, as American financing would help both countries expand their defense production output.
Our view is that a flood of Ukrainian defense firms will transfer battlefield-proven technologies into the U.S. market, tap into deep pools of capital, and leverage underused industrial capacity to scale production of low-cost attack drones and interceptors – this is exactly what the Department of War wants.
This comes as Russia, China, and a growing list of countries race to stockpile drones and interceptors before the next major conflict.
END
Israel for some reason has not sought out Ukrainian drone
(zerohedge)
Ukraine To Israel: We Are Fighting The Same Axis Of Evil
Tuesday, May 12, 2026 – 08:55 PM
A Ukrainian diplomat said to the Israeli press that Tel Aviv is missing an opportunity to save the lives of its soldiers by working with Kiev on anti-drone technology.
Speaking with Ynet about Kiev’s anti-drone capabilities, Ukraine’s ambassador to Israel, Yevgen Korniychuk, said, “We are fighting from a different angle against the same axis of evil.“
“Unfortunately, we do not see much interest or appetite from the Israeli leadership in this field. I do not want to speculate about the reasons for that. I am very sorry to hear reports about soldiers who were hit by drones, because we suffer from exactly the same thing.”
He added, “When meeting people from different parts of Israeli society, I often hear frustration over the fact that Israel is missing an opportunity to save more of its soldiers’ lives. Most Israelis support Ukraine and do not understand why Ukrainians are able to deal with drones and Israel is not.”
Israel has faced thousands of drone attacks by Iran and Hezbollah. Over the past month, Hezbollah has released dozens of videos of its drones targeting Israeli soldiers occupying southern Lebanon.
Ukraine has sent about 200 drone experts to the Middle East to help the US and Arab states take down Iranian drones. Russia has used a variant of an Iranian drone during the war in Ukraine.
Komiychuk lamented that while some Arab countries were willing to accept Ukraine’s assistance, Israel was not.
“As you know, President Zelensky recently made several regional visits in the Middle East, mainly to discuss security cooperation and advancing peace,” he said. “I worked hard to create direct political contact for our leadership. However, you cannot come to someone’s home without an invitation.”
While both Ukraine and Israel have been top recipients of American military aid and support, the relationship between Tel Aviv and Kyiv is strained. The most recent point of friction was a Russian grain shipment that Israel received. Kiev demanded that Tel Aviv refuse the grain, claiming it was stolen by Russia from Ukraine.
Kormiychuck said that while tension existed between Israel and Ukraine, “My duty as ambassador is to find common ground for mutual benefit and development, and I truly believe our conversations could have been much better.”
end
6.GLOBAL ISSUES, COVID ISSUES, VACCINE INJURIES/HEALTH ISSUES
Chinese National Indicted In Florida For Allegedly Importing Deadly New Synthetic Opioid
Tuesday, May 12, 2026 – 09:45 PM
Authored by Chris Summers via The Epoch Times (emphasis ours),
A Chinese national has been indicted by the federal authorities in Florida for his alleged role in a plot to import and distribute large quantities of a new synthetic opioid, protonitazene, which is “significantly more potent than fentanyl,” the U.S. Attorney’s Office for the Southern District of Florida said in a May 11 statement.
Jia Guo and Seven Schmidt, an associate from Las Vegas, Nevada, are charged with conspiracy to import protonitazene into the United States from China and conspiracy to possess with intent to distribute protonitazene. “If convicted, each defendant faces a maximum penalty of 20 years in prison for each of the two counts,” the attorney’s office said.
The pair allegedly began operating a drug trafficking operation in September 2024. In the statement, the attorney’s office said the Drug Enforcement Administration (DEA) and the U.S. Postal Inspection Service (USPIS) had investigated the pair, with assistance from China’s Ministry of Public Security.
“The indictment alleges that a China-based supplier and a domestic distributor worked together to bring a deadly synthetic opioid into the United States and turn it into counterfeit pills for distribution across the country,” U.S. Attorney for the Southern District of Florida Jason A. Reding Quiñones said.
Guo allegedly procured the protonitazene in China and shipped it to co-conspirators, including an associate in Miami-Dade County, who used special presses to manufacture counterfeit pills, which were then distributed to drug dealers throughout the country.
Schmidt allegedly used the alias “Vegas” to order large amounts of the pills and had them delivered from Florida to Nevada by the U.S. Postal Service.
It was not immediately clear whether Schmidt or Guo had legal representatives who could comment on their behalf.
‘One Pill Can Kill’
In September, Frank Tarentino, who heads the New York Division of the DEA, warned about the growing threat from new synthetic opioids called nitazenes, which are being imported from China. He said they are increasingly prevalent on the illicit drug scene.
Nitazenes are delivered in the form of counterfeit pills mimicking drugs such as Xanax or Percocet, according to the DEA. They are more resistant than fentanyl to naloxone, a medication that can reverse opioid overdoses.
“Here in the United States, we have found it in heroin, methamphetamine, in some cases fentanyl, and more alarmingly, we have now seen it pressed into pills,” Tarentino said in a Sept. 10, 2025, interview with NTD, a sister outlet of The Epoch Times.
“These pills are made to look familiar, but one pill can kill,” Reding Quiñones said on May 11. “If you use South Florida as a gateway to import synthetic opioids, make counterfeit pills, or profit from addiction, you will face federal prosecution.”
In October 2025, the FBI and Homeland Security Investigations (HSI) introduced the new task forces to target transnational organized crime operating in the United States.
The attorney’s office said the prosecution is part of the Homeland Security Task Force (HSTF) initiative established by Executive Order 14159, “Protecting the American People Against Invasion.”
Reding Quiñones said the charges showed why Homeland Security task forces were needed
GLOBAL ISSUES
she figured this one out!!
(zerohedge)
‘Obvious Dangers’: Gabbard Probing US Funding To International Biolabs
Wednesday, May 13, 2026 – 10:45 AM
Authored by Zachary Stieber via The Epoch Times,
U.S. Director of National Intelligence Tulsi Gabbard and other intelligence officials are investigating U.S. funding to overseas laboratories handling biological research.
Initial searches of intelligence files showed that the U.S. government has provided money to more than 120 biolaboratories in more than 30 countries, a spokesperson for the Office of the Director of National Intelligence told The Epoch Times in an email on May 12.
That includes biolabs in Ukraine that “may be at risk of compromise due to the ongoing Russia-Ukraine war” and other laboratories that have researched highly contagious pathogens, potentially including research that enhanced the pathogens’ virulence or transmissibility, with little visibility or oversight, according to the office.
The Department of Defense in a 2022 document said the United States had invested approximately $200 million since 2005 to support work at 46 Ukrainian laboratories, health facilities, and diagnostic sites.
Gabbard issued new guidance to officials that directs them to step up the collection of information on laboratories and related facilities outside the United States, which is already yielding new details on clinical trials being performed at the facilities, officials said.
The information has raised ethical, financial, and security concerns, according to the Office of the Director of National Intelligence.
“The COVID-19 pandemic revealed the catastrophic global impact research on dangerous pathogens in biolabs can have,” Gabbard said in a statement.
“Yet despite these obvious dangers, politicians, so-called health professionals … and entities within the Biden administration’s national security team lied to the American people about the existence of these U.S.-funded and supported biolabs and threatened those who attempted to expose the truth.”
She said that the Trump administration is “working closely with partners across the government to identify where these labs are, what pathogens they contain, and what ’research’ is being conducted, to end dangerous Gain-of-Function research that threatens the health and wellbeing of the American people and the world.”
The first COVID-19 cases were detected in 2019 near a biolaboratory in Wuhan, China, that received funding from the United States.
Gabbard’s investigation was prompted by a May 5, 2025, executive order from President Donald Trump that forbade federal funding from supporting risky research, or experiments aimed at increasing functions of a virus, unless proper oversight is in place.
Trump said in the order that “dangerous gain-of-function research on biological agents and pathogens has the potential to significantly endanger the lives of American citizens” and that the government had previously approved funding for research “in China and other countries where there is limited United States oversight or reasonable expectation of biosafety enforcement.” COVID-19, he said, “revealed the risk of such practices.”
MARK CRISPIN MILLER
In memory of those who “died suddenly” in the United States and worldwide, May 4-11, 2026
Actors Jonathan Tiersten (Sleepaway Camp), Angelina Armani (38, Fear Clinic); composer Mark Smythe; LDS missionary leader W. Mark Bassett; hoopster José “Piculín” Ortiz; sports journo Pat Caputo; more
| Mark Crispin MillerMay 13 |
A survey of the likely global toll of COVID “vaccination,” based on the reports collected by our worldwide team of researchers this past week.
To help support our work, consider subscribing or making a donation.
UNITED STATES (124)
Jonathan Tiersten, Sleepaway Camp Star, Dies at 60
May 5, 2026
Jonathan Tiersten, an actor best known for his role in 1983’s Sleepaway Camp, has died. He was 60. Tiersten died last week at his home in New Jersey, his brother William Tiersten told TMZ. He also said that the medical examiner is investigating the late actor’s cause of death. After making his onscreen debut in a 1981 episode of NBC’s Another World, Tiersten rose to fame with his role as Ricky Thomas in Robert Hiltzik’s iconic slasher film, Sleepaway Camp, in which he played the hot-tempered yet loyal cousin to Angela Baker’s Felissa Rose. Following his death, the late actor’s cousin, Peter Kuperschmid, paid tribute to Tiersten on social media, describing him as “an amazing actor, musician, athlete, father, brother, cousin and friend.” “My amazing cousin Jonathan Tiersten has unexpectedly passed away. He was such a loving, passionate, talented and caring soul that made this world a much better place.” “I am beyond broken and numb,” he continued. “He spent the week of Thanksgiving with me and my family. It was wonderful. We wrote and recorded lots of great music together which I need to finish and release. I LOVE YOU JT Jonny Abs! It will never be the same without you!”
Researcher’s note – Tiersten was working in Hollywood between 2021-2022: Hollywood’s On-Set Vaccine [sic] Mandates to End on May 12, 2023: https://variety.com/2023/biz/news/covid-protocols-end-vaccine-mandate-hollywood-return-to-work-1235569515/
No cause of death reported.
Angelina Armani of Fear Clinic and Laid to Rest 2 has passed away at age 38
May 8, 2026
Five years ago, we learned that filmmaker/FX artist Robert Green Hall had passed away suddenly at the age of just 47. In 2011, Hall got married to actress Angelina Armani – and now, the sad news has emerged that Armani has also passed away at a much-too-young age. Her sister, who is running a GoFundMe campaign to pay for a proper cremation and funeral service, has confirmed that Armani passed away suddenly at just 38 years old. Armani’s sister Danielle wrote on GoFundMe, “As her big sister, I am heartbroken by this loss. She was a bright and happy kid, and her spirit touched everyone who knew her. Losing her so unexpectedly has been incredibly hard, especially as our mom was recently diagnosed with lung cancer. Having these two pieces of devastating news back to back has made this time even more difficult for our family.”
No cause of death reported.
Famed composer dies scaling notorious California mountain trail – as harrowing details emerge
May 11, 2026
Los Angeles, CA – A renowned composer has been identified as the man who died on a notorious hiking trail in Sierra Madre. Mark Smythe, a 53-year-old New Zealander, who worked on horror movies and concert music, has passed away. On May 9, a rescue team responded to a report of a hiker who had been found unresponsive on the Mount Wilson Trail just north of Rescue Ridge, according to the Sierra Madre Search and Rescue Team. The crew released harrowing details about his friends and family performing CPR on him when he arrived, but he was “determined to be deceased” on the scene.
No cause of death reported.
LDS Church leader over worldwide missionary program dies suddenly
May 11, 2026
Salt Lake City, Utah – The overseer of the fast-growing missionary efforts for The Church of Jesus Christ of Latter-day Saints died Monday from a “traumatic brain injury.” General authority Seventy W. Mark Bassett, the executive director of the Missionary Department, was 59. According to a church news release, Bassett was with his family in St. George when “the incident” occurred. It offered no other details about the injury.
Researcher’s note – The Church of Latter-Day Saints strongly promoted the COVID “vaccine”:https://newsroom.churchofjesuschrist.org/article/church-leaders-covid-19-vaccine
No cause of death reported.
Melinda Jean Eddards Walsh, 68
May 5, 2026
Baton Rouge, LA – Melinda Jean Eddards Walsh–a creative, soulful, accomplished force of nature in the Capital Region and beyond–left this earthly plane on March 24, 2026, after a sudden, short illness. Her career encompassed radio, national voice talent work, the film industry (both in front of and behind the camera), strategic consulting, civic service, and award-winning marketing. Melinda was a driving force in the establishment of the Baton Rouge Film Commission, which helped the city become a major player in the southern film industry. She was an active member of the Screen Actors Guild and is listed on IMDb for her acting roles. In addition, she was a published author, a keynote speaker, a certified ontological coach, a mentor to many, an ordained minister/officiant, and an avid runner/half-marathoner.
Researcher’s note – SAG-AFTRA and JPC Allow for Mandatory Vaccine [sic] Policies on Production Sets: https://www.dglaw.com/sag-aftra-and-jpc-allow-for-mandatory-vaccine-policies-on-production-sets/
No cause of death reported.
Jeff Probst’s brother, Scott Probst, has passed away
May 11, 2026
Scott Probst, the younger brother of Survivor host and executive producer Jeff Probst, is no longer with us. His passing was confirmed by their brother Brent Probst in an Instagram post earlier today. Scott was a member of the Survivor family, acting as an art assistant on the series from 2006-2008 as well as a cameraman from 2011-2012-according to his IMDb profile.
No age or cause of death reported.
Puerto Rican basketball icon José ‘Piculín’ Ortiz dies at 62
May 5, 2026
SAN JUAN, Puerto Rico – José “Piculín” Ortiz, a center who played briefly in the NBA but was considered one of the greatest Puerto Rican players of all time, died on Tuesday. He was 62. The Puerto Rico Basketball Federation confirmed that Ortiz died. He had colorectal cancer since late 2023 and died at the Ashford Hospital in San Juan with his wife, Sylvia Ríos, and daughter Neira Ortiz present.
Pat Caputo, longtime Detroit sports media fixture, FOX 2 contributor, dies after cancer battle
May 7, 2026
Longtime Detroit sports media cornerstone Pat Caputo died Thursday, according to a social media post from his family. Caputo, 67, revealed in January that he had been diagnosed with stage 4 pancreatic cancer. The beloved sports columnist, radio host and FOX 2 Sports Works contributor, had admitted the prognosis was daunting, writing it is “Commonly referred to as a ‘death sentence.’” A former award-winning columnist for the Oakland Press where he worked for 37 years before being laid off in 2020, Caputo in recent years wrote for The Ticket’s website – but had not posted since Nov. 7. “This is a day we probably knew was coming after Pat’s diagnosis, and we learned how significant it was. But it’s still difficult,” said FOX 2 Sports Director Dan Miller. “Pat was a member of our family here for at least 25 years, I’ve been here for 29 and Pat was here for most of it on our Sunday night roundtable.”
Researcher’s note – Casts and crews on productions will have to show proof of COVID booster [sic] shots under updated guidelines: https://ktla.com/news/local-news/casts-and-crews-on-productions-will-have-to-show-proof-of-covid-booster-shoots-under-updated-guidelines/
KUTV director of news operations dies after courageous battle with cancer
May 6, 2026
SALT LAKE CITY, UT – Our KUTV family and the community of television journalists in Utah are saddened by the loss of a good friend, mentor, and talented journalist. Kurt Smith [59] passed away on May 6, 2026, after a courageous battle with cancer. As director of news operations at KUTV, he mentored dozens of photojournalists over the course of his distinguished career. Among the most experienced journalists in the Salt Lake City market, Kurt spent more than 30 years documenting some of the state’s most significant moments through his lens. He began his career at KTVX before dedicating the majority of his time to KUTV.
Researcher’s note – Casts and crews on productions will have to show proof of COVID booster [sic] shots under updated guidelines: https://ktla.com/news/local-news/casts-and-crews-on-productions-will-have-to-show-proof-of-covid-booster-shoots-under-updated-guidelines/
YouTuber Kyle Loftis, founder of popular 1320Video street racing channel, dead at 43
May 7, 2026
Kyle Loftis, a YouTuber who gained millions of followers for his underground street-racing page, has died, his company said. He was 43. “We are in a state of shock,” 1320Video said in an emotional social media post, without detailing exactly how its founder died Tuesday night. The Sarpy County Sheriff’s Office, based just south of Omaha, Nebraska, confirmed to People Magazine that officers responded to a death investigation, also without saying exactly how the YouTuber died. Even as suicide and gunshot reports surfaced, officials said: “On the evening of May 5, 2026, Sarpy County Sheriff’s Office and Gretna Fire Department personnel responded to the home of Kyle Loftis. Loftis was declared deceased; his death is not suspicious. Out of respect for privacy, we will not be releasing further details. Any further inquiry should be directed to the 1320 Video team.”
Couple Set Out to Complete 18,000-Piece Puzzle amid Husband’s Cancer Diagnosis. 2 Months Later, Her World Came Crashing Down
May 7, 2026
Influencer Grace Nguyen, who is known to her 42,900 followers on Instagram as @gracepuzzles, has announced the death of her husband Zach Nguyen, following his diagnosis with a rare and aggressive form of cancer. “Not a fun puzzle post to share. My husband passed away two weeks ago,” Grace, who is known as “Grace Puzzles” online, wrote via Instagram on Wednesday, May 6. “It still doesn’t feel real. … I am so grateful for the time we had but it’s really hard processing that it is already over. I love you, Zach, and I am so proud of how hard you fought .” In her post, Grace revealed that Zach passed on April 22, which was the couple’s one-and-a-half-year anniversary. Zach [28] was diagnosed with cancer in October 2024, the same month that the couple got married.
76ers Head Coach Takes Leave of Absence Mid-Playoffs After Brother Unexpectedly Dies
May 6, 2026
Philadelphia 76ers coach Nick Nurse stepped away from the team on Tuesday due to the death of his brother, according to multiple reports. The team told the Philadelphia Inquirer that Nurse, 58, would be attending the funeral of his brother Steve Nurse, who died last week in Iowa at the age of 62. Steve died unexpectedly on Wednesday, April 29 in Carroll, Iowa, according to his obituary. The married father of two had worked for his alma mater, the University of Northern Iowa, as its athletic equipment manager for 26 years.
No cause of death reported.
Update to our earlier report:
‘Buffy the Vampire Slayer’ star Nicholas Brendon’s cause of death revealed
May 5, 2026
A cause of death for “Buffy the Vampire Slayer” actor Nicholas Brendon, who suddenly died at the age of 54 in March, has been revealed. According to the coroner’s report obtained by Fox News Digital, the manner of death was listed as natural. The autopsy results listed atherosclerotic and hypertensive cardiovascular disease as Brendon’s cause
END
If you can’t see WHY all those folks are dropping dead or falling gravely ill, then you too are in cognitive decline
It’s called “Vaccine Derangement Syndrome”—and all those making fun of Trump’s dementia are afflicted with it
| Mark Crispin MillerMay 13 |
As people keep on dying, for no given reason, and coming down with horrid “rare” diseases, with no acknowledgement by governments, “our free press” and the medical establishment, it’s getting ever harder to wake millions to the fact that IT’S NOT NORMAL, and that this global die-off started with the “vaccination” drive. (Some good news: Those blind millions are now in the MINORITY, as 56% of Americans now realize that the “vaccine” drive has caused mass deaths, according to epidemiologist Nicolas Hulscher.)
After 5+ years of this madness, you’d think that, by now, everyone would be awake; yet millions are still sleep-walking, with all too many of them heading into pharmacies and doctors’ offices, to get yet another shot, even though the jabs have made them sicker than they’ve ever been, and their own friends and loved ones (and their favorite stars) are dying like flies, in unprecedented numbers.
News from Underground by Mark Crispin Miller is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
So what are we to do? First of all, we have to keep reporting all those deaths and illnesses, taking note especially of the clusters of mortality—as in this montage of collapses (click on it):
And then there’s this harrowing account, by an NFU subscriber, of the slo-mo carnage he sees all around him, yet those afflicted can’t put two and two together:
We’ve had a lot of sad news this week which has me unbalanced. Our friend (60) has liver cancer, stage 4, so her prognosis is poor. 20 plus tumors found on her liver and she already has afib… vax induced? Very likely. Sister’s husband has to have surgery on his kidney as it appears there is a large tumor growing on it. She’s telling everyone his prostate cancer is back which is highly unusual as prostate cancer rarely spreads to the kidney according to the experts but that’s her story and she’s sticking with it.
Another friend who was diagnosed with breast cancer last year is now, sadly, no longer in remission. Her cancer has spread to her spine, with multiple tumors. It’s ALL very “sudden and unexpected”. They all kept up with their boosters… so there’s that. I have a list of friends who died suddenly and others who have suddenly developed Afib, blood clots, stage four cancers and other unusual and surprising maladies. I have a neighbor who is a pale shade of gray and can’t seem to shake the flu pneumonia. He’s been stricken with “something” for the past month. Another neighbor is covered in scrapes and sores and medicated himself with cannabis-vape 24/7…he’s the one who would take to his bed every time he got the booster for at least 4 to 5 days.
I am surrounded by people who have lost their ability to think critically. We are walking in the land of the living dead.
I urge you to share this post with everyone you know who doesn’t get it; and if you have a similar tale to tell, please feel free to post it as a comment.
END
DR PAUL ALEXANDER
MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL AND NATURAL GAS COMMENTARIES
Two Empty Qatari LNG Tankers Head Toward Gulf After Weekend Hormuz Transit Breakthrough
Wednesday, May 13, 2026 – 09:40 AM
Bloomberg ship-tracking specialist Stephen Stapczynski has identified two empty Qatari LNG tankers, Al Gattara and Fraiha, transiting north toward the Gulf area after idling near Mauritius.
This movement comes just days after a Qatari LNG carrier successfully transited the Strait of Hormuz, suggesting that Doha may be engaged in backchannel discussions with Tehran about a gradual normalization of LNG flows through the maritime chokepoint.
Al Gattara and Fraiha could be returning to Qatar to load LNG cargoes. If confirmed, this would mark a notable development after a Qatari LNG tanker sailed through the Hormuz chokepoint over the weekend, the first seaborne LNG export from Qatar since the war began in late February. However, no empty Qatari LNG tankers had yet returned through the critical waterway for loading operations.
As of Wednesday, Hormuz tanker flows remain highly disrupted, as the U.S. and Iran have yet to agree on a deal. President Trump landed in China earlier today, and the Trump-Xi summit will focus on unfreezing the world’s most critical waterway.
Polymarket:https://embed.polymarket.com/market?market=strait-of-hormuz-traffic-returns-to-normal-by-end-of-may&height=300Strait of Hormuz traffic returns to normal by end of May?
Yes 8% · No 93%
View full market & trade on Polymarket
We have pointed out that a one-month countdown is underway. If Hormuz traffic does not resume, the real energy crisis will begin after June.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
INDIA//CRASHING RUPEE
Indians will just smuggle in gold and silver
(zerohedge)
India More Than Doubles Gold, Silver Tariffs To Defend Crashing Rupee
Wednesday, May 13, 2026 – 01:03 AM
One day after vehemently denying speculation that India plans to raise duties on gold and silver imports following Prime Minister Narendra Modi’s urging people to avoid buying gold for a year due to the impact of the Iran war, India did in fact raise import tariffs on gold and silver in an attempt to defend its currency, a surprise move as the country races to limit the damage from the Middle East war and to shore up foreign-exchange reserves.
The government has more than doubled import taxes on gold and silver to about 15% from 6%, according to two official orders, imposing a 10% basic customs duty alongside a 5% agriculture infrastructure and development levy.
The hikes, aiming to dampen demand in the world’s second-largest bullion market, followed a rare weekend appeal from Prime Minister Narendra Modi in which he urged citizens to forgo gold purchases as well as unnecessary foreign travel in order to help hold up the currency. The Indian rupee has plunged more than 6% in 2026 with most of the losses occurring after the Iran war started; the currency is on pace to drop to 100 vs the US dollar in the coming weeks.
New Delhi is also weighing other emergency steps, including raising fuel prices and curbing non-essential imports like electronic goods.
India, the world’s third-largest oil importer, has been hit hard by the inflationary shock caused by energy disruptions in the Persian Gulf.
Higher import bills have driven sharp foreign-exchange outflows, pushing the rupee down to a record low and prompting the Reserve Bank of India to step in and sell dollars. And the fact that gold is the country’s largest import item after crude oil does not help, which is why India is doing everything in its power to limit capital outflows.
Gold is deeply ingrained in Indian culture and plays a vital role in savings, weddings and religious festivals. India meets almost of all its demand through imports, with 710 tons of gold coming in last year.
Of course, attempts by the government to limit capital outflows via precious metals will only encourage the population to find alternative mechanisms to preserve purchasing power, and it is only a matter of time before India joins the rest of the financially suppressed developing world in actively pursuing such non-fiat alternatives as tether and bitcoin if the traditional gold and silver pathways are limited.
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 6;30AM//OPENING AND CLOSING
OPENING LEVELS OF CURRENCIES// AND CLOSING ASIAN STOCK MARKET AND OPENING EUROPEAN STOCKS:6 AM EST
EURO VS USA DOLLAR: 1.1712 DOWN 0.0022
USA/ YEN 157.83 UP 0.158 NOW TARGETS INTEREST RATE AT 1.75% 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 1.3503 DOWN 0.0031 OR 31 BASIS PTS
USA/CAN DOLLAR: 1.3694 DOWN 0.0003 CDN DOLLAR UP 3 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED UP 28.08 PTS OR 0.67%
Hang Seng CLOSED UP 40.53 PTS OR 0.15%
AUSTRALIA CLOSED DOWN 0.70%
// EUROPEAN BOURSE: ALL MIXED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL MIXED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 40.53 PTS OR 0.15%
/SHANGHAI CLOSED UP 28.08 OR 0.67%
AUSTRALIA BOURSE CLOSED DOWN 0.70%
(Nikkei (Japan) CLOSED UP 587.43 PTS OR 0.94%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: $4692.00
silver:$86.64
USA DOLLAR VS TRY (TURKISH LIRA): 45.42 PLUS 2 BASIS PTS AND NOW WE SEE THEIR STUPIDITY OF SELLING SOME OF THEIR GOLD.
USA DOLLAR VS RUSSIAN ROUBLE: 73.56 ROUBLE// UP 0 ROUBLE AND 24 BASIS PTS
UK 10 YR BOND YIELD: 5.0930 DOWN 1 BASIS PTS
UK 30 YR BOND YIELD: 5.772 DOWN 1 BASIS PTS
CDN 10 YR BOND YIELD: 3.590 UP 0 BASIS PTS
CDN 5 YR BOND YIELD; 3.239 DOWN 1 BASIS PTS
USA dollar index early WEDNESDAY MORNING: 98.15 UP 33 BASIS POINTS FROM TUESDAY’s CLOSE
WEDNESDAY MORNING NUMBERS ENDS
And now your closing WEDNESDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.473% UP 1 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.594% UP 5 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.828 DOWN 1 BASIS PTS//
SPANISH 10 YR BOND YIELD: 3.531 UP 0 in basis points yield
ITALY 10 YR BOND: 3.872 DOWN 1 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 3.1050 UP 1 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY WEDNESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/10:00 AM
Euro/USA 1.1711 DOWN 0.0023 OR 2 basis points
USA/Japan: 157.78 UP 0.108 OR YEN IS DOWN 11 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 5.079 DOWN 3 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.742 DOWN 4 BASIS POINTS.
Canadian dollar DOWN 11 BASIS pts to 1.3708
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY UP TO 6.7910// ON SHORE ..
THE USA/YUAN OFFSHORE// CNH UP TO 6.7888
TURKISH LIRA: 45.42 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
Your closing 10 yr US bond yield UP 0 in basis points from TUESDAY at 4.470.% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 5.036 UP 1 basis points /10:00 AM
USA 2 YR BOND YIELD: 3.985 DOWN 1 BASIS PTS.
GOLD AT 10;00 AM 4681.50
SILVER AT 10;00: 87.15
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates WEDNESDAY CLOSING TIME 10:00 AM//
London: CLOSED UP 60.03 PTS OR 0.58%
GERMAN DAX: CLOSED UP 181.88 OR 0.76%
FRANCE: CLOSED UP 28.05 PTS PTS OR 0.35%
Spain IBEX CLOSED UP 81.38 PTS OR 0.46 %
Italian MIB: CLOSED UP 489.72 PTS OR 1.00%
WTI Oil price 102.67 10.00 EST/
Brent Oil: 107.43 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 73.61 ROUBLE UP 0 AND 19 / 100
CDN 10 YEAR RATE: 3.594 UP 0 BASIS PTS.
CDN 5 YEAR RATE: 3.245 DOWN 1 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1710 DOWN 0.0025 OR 25 BASIS POINTS//
British Pound: 1.3521 DOWN 0.0014 OR 14 basis pts/
BRITISH 10 YR GILT BOND YIELD: 5.058 DOWN 6 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.724 DOWN 7 IN BASIS PTS.
JAPAN 10 YR YIELD: 2.597 UP 4 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.823 DOWN 1 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 157.86 UP 0.196 OR YEN DOWN 20 BASIS PTS
USA dollar vs Canadian dollar: 1.3706 UP 0.0020 PTS// CDN DOLLAR DOWN 20 BASIS PTS
West Texas intermediate oil: 101.11
Brent OIL: 105.88
USA 10 yr bond yield UP 1 BASIS pts to 4.470
USA 30 yr bond yield: UP 1 PTS to 5.041%
USA 2 YR BOND 3.977 DOWN 2 PTS
CDN 10 YR RATE 3.584 DOWN 2 BASIS PTS
CDN 5 YEAR RATE: 3.235 DOWN 1 BASIS PTS
USA dollar index: 98.39 UP 21 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 45.41 GETTING QUITE CLOSE TO BLOWING UP/IDIOTS SOLD GOLD
USA DOLLAR VS RUSSIA//// ROUBLE: 73.61 UP 0 AND 19/100 roubles //
GOLD $4685.00 3:30 PM)
SILVER: 87.67 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: DOWN 67.17 OR 0.13%
NASDAQ 100 UP 302.14 PTS OR 1.04%
VOLATILITY INDEX 17.78 DOWN 0.21 PTS OR 1.08%
GLD: $ 430.51 DOWN 2.42 PTS OR 0.56%
SLV/ $79.34 PTS UP 0.79 OR OR 1.01%
TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 241.85 PTS OR 0.71%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
Jensen Reignites Big-Tech Buying-Panic Despite PPI-Explosion, Bad Breadth, & Yield Shocks
WRAP UP:
Tech strength leads equities higher as Trump/Xi summit awaits – 13th May 2026
Wednesday, May 13, 2026 – 04:02 PM
- SNAPSHOT: Equities up, Treasuries mixed, Crude down, Dollar up, Gold down
- REAR VIEW: Hotter-than-expected US PPI; Fed’s Kashkari said inflation too high, labour market is “lukewarm”; Fed’s Collins says policy well positioned & possible Fed will need to hike rates; US & China are reportedly said to be weighing tariff cuts on USD 30bln of imports; NVDA CEO joins Trump in visit to China; BofA hikes MU PT; US Senate confirms Kevin Warsh as Fed Chair; UK PM Starmer pressure intensifies; EIA crude stocks draw more than expected; Weak US 30yr bond auction.
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MARKET WRAP
US indices closed with an upward bias as the Nasdaq 100 outperformed, buoyed by strength in Mag-7 (ex-MSFT), with NVDA and MU being particularly fruitful. Nvidia CEO has joined Trump on his trip to China, while Micron saw a chunky BofA PT lift. Focus resides around the Trump/Xi summit, as well as the Middle East, albeit there was nothing incrementally new, especially given that Trump is in China. Although VP Vance, on Iran talks, thinks they are making progress, and focused on a diplomatic pathway for now. US PPI garnered a hawkish reaction, as it was much hotter than expected across the board, which saw US indices and Treasuries fall, while the Dollar rose as it showed signs of broader price pressures beyond energy. Kiwi was the G10 FX laggard, and hit on higher than anticipated inflation expectations, following on from the recent poor GDP print – raising stagflationary concerns. While in Europe, the focus resides around the UK and PM Starmer’s future, as he continues to be under significant pressure. The crude complex saw losses in choppy trade, in light headline newsflow, while precious metals were divergent – spot gold sits in the red and silver in the green. Sectors are predominantly firmer, with Communications and Tech sitting atop the pile, with Utilities and Financials at the bottom. Back to Treasuries, which saw choppy trade, as the initial leg lower on PPI was offset by lower crude prices. On the Fed footing, Collins hopes the economy will allow for more rate cuts later this year, but it’s possible the Fed will need to hike interest rates to cool inflation pressures.
US
US PPI (April): US PPI came in significantly hotter than expected. Headline producer prices rose 1.4% M/M, above both the 0.5% forecast and prior print, while the Y/Y rate accelerated to 6.0% from 4.0%, topping the 4.9% consensus. Although headline measures can be heavily influenced by swings in energy prices, the underlying details also pointed to broader inflation pressures.
Nearly 60% of the April increase in final demand prices was attributed to a 1.2% rise in final demand services, reinforcing the hot services inflation seen in Tuesday’s CPI report and suggesting price pressures are becoming more widespread.
Core measures excluding food and energy were also firm, confirming sticky underlying inflation. Core PPI rose 1.0% M/M (exp. 0.3%, prev. 0.1%), while the Y/Y rate accelerated to 5.2% from 3.8%, above the 4.3% forecast. Meanwhile, the supercore measure ex food, energy and trade rose 0.6% M/M (exp. 0.3%, prev. 0.2%), with the Y/Y rate climbing to 4.4% from 3.6%.
The PPI components feeding into PCE were mixed. Portfolio management prices declined, while air passenger transportation prices cooled from the prior pace. Healthcare-related measures were broadly stable, with outpatient hospital care slowing while nursing home care accelerated.
The hotter-than-expected PPI report, alongside signs of broader inflation pressures beyond energy alone, strengthens the case for Fed hawks and reinforces the Fed’s ability to focus more heavily on inflation risks rather than labour market weakness, particularly as recent employment data continues to point to a relatively stable jobs market.
Oxford Economics noted that higher energy costs are beginning to bleed into broader goods and services categories, including transportation, which should keep producer price inflation elevated in the months ahead. The consultancy also highlighted AI-related demand and DRAM shortages as drivers of elevated electronic component prices. OxEco currently tracks April headline PCE at 0.4% M/M and 3.8% Y/Y — the hottest since May 2023 — while core PCE is seen at 0.3% M/M.
Fed’s Collins (2028 voter): Expects Fed will need to keep restrictive policy for some time but hopes economy will allow for more rate cuts later this year, but it is possible Fed will need to hike interest rates to cool inflation pressures. The Boston Fed President added Right now, Fed policy is “well positioned” to deal with risks. Re. inflation, she is most worried about the outlook right now, and it will not abate this year, but it could cool in 2027. Collins echoed familiar rhetoric that it is critical inflation expectations stay anchored. Collins further noted that top of mind to understand what’s happening with private credit, and in markets, anything that expands rapidly gets Fed attention, while many key economic indicators are very volatile right now.
Fed’s Kashkari (2026 voter): Inflation is too high, and huge question mark about how long the Hormuz Strait will be closed, and that will have a big effect on inflation. Minneapolis Fed President said he is not surprised by the headline inflation rise, and what matters is how persistent the strict closure is. Speaking on the new Fed Chair, Kashkari noted they have a lot of influence and will have to persuade other policymakers.
FIXED INCOME
T-NOTE FUTURES (M6) SETTLED 1 TICKER LOWER 110-00
T-notes saw choppy trade on Wednesday, with hotter-than-expected PPI data initially weighing on Treasuries before lower crude prices helped support the market later in the session. At settlement, 2-year -1.5bps at 3.979%, 3-year -1.0bps at 4.017%, 5-year -0.7bps at 4.119%, 7-year -0.5bps at 4.287%, 10-year +1.0bps at 4.473%, 20-year +1.3bps at 5.036%, 30-year +1.6bps at 5.043%.
THE DAY: T-notes were little changed overall, although there was notable volatility following the US PPI report. The data came in hotter than expected across the board and reinforced Tuesday’s CPI release, particularly with another firm services inflation print, adding to concerns that inflation pressures are becoming more broad-based beyond just higher energy prices.
Treasuries initially sold off in response to the data, although the move quickly pared before pressure resumed later in the session, briefly taking the 10-year future below the 110-00 level.
However, softer crude prices helped lift Treasuries from session lows, with energy markets continuing to play a key role in driving rates price action.
The geopolitical backdrop was somewhat calmer, with President Trump arriving in Beijing for the US/China summit, seemingly delaying any major decisions regarding Iran until after the visit concludes.
Away from inflation data and geopolitics, the 30-year bond auction was also in focus and came in on the soft side despite attractive outright yields and a lower volatility backdrop, suggesting long-end demand remains cautious amid persistent inflation concerns.
SUPPLY
Notes
- US sold USD 25bln of 30-year bonds.
Bills
- US sold 17-week bills at a high rate of 3.615%, B/C 3.20x
- US to sell USD 95bln of 8-week bills (prev. 85bln) and USD 100bln of 4-week bills (prev. 90bln) on May 14th; all to settle May 19th
STIRS/OPERATIONS
- Fed Pricing: Dec 10.2bps (prev. Dec 10.7bps)
- EFFR at 3.63% (prev. 3.63%), volumes at USD 118bln (prev. USD 114bln) on May 12th
- SOFR at 3.60% (prev. 3.60%), volumes at USD 3.097tln (prev. USD 3.09tln) on May 12th
- NY Fed rrp op demand at USD 3.609bln (prev. 0.110bln) across 5 counterparties (prev. 1)
CRUDE
WTI (M6) SETTLED USD 1.16 LOWER AT USD 101.02/BBL; BRENT (N6) SETTLED USD 2.14 LOWER AT USD 105.63/BBL
The crude complex ended the day in the red in choppy trade. Focus resides around the Trump/Xi summit, as well as geopolitics, albeit there was nothing incrementally new on that footing as many await Trump’s return from China. As a reminder, source reports on Monday suggested Trump is weighing up possibly resuming military action, but sources added they don’t think he would order any before he returns from China, while Israeli sources added that readiness will be raised upon the end of Trump’s visit. As mentioned above, there was little market-moving headline newsflow, but the US President coursed his usual tone, noting Iran must “make a deal or be decimated”, while Tehran outlined strict preconditions for talks.
On the supply/demand side of things, IEA OMR forecasts world oil supply to fall by 3.9mln BPD in 2026, assuming Strait of Hormuz flows gradually resume from June (prev. forecast 1.5mln BPD fall), and sees total world oil supply 1.78mln BPD lower than demand in 2026 (prev. 0.41mln BPD higher). Meanwhile, OPEC MOMR was somewhat outdated given the US-Iran war in addition to the UAE’s exit from the group, which occurred on May 1st, and thus is not captured in the April release.
In the weekly EIA data, which garnered little reaction, crude and gasoline saw a greater-than-expected draw, while distillates saw a surprise build, albeit only a small one. Crude production rose 137k W/W to 13.71mln.
EQUITIES
CLOSES: SPX +0.58% at 7,444, NDX +1.04% at 29,367, DJI -0.14% at 49,698, RUT +0.04% at 2,844
SECTORS: Utilities -1.26%, Financials -1.07%, Real Estate -0.90%, Industrials -0.43%, Materials UNCH, Energy +0.16%, Consumer Staples +0.29%, Health +0.63%, Consumer Discretionary +0.75%, Technology +0.98%, Communication Services +2.65%.
EUROPEAN CLOSES: Euro Stoxx 50 +1.02% at 5,868, Dax 40 +0.61% at 24,102, FTSE 100 +0.58% at 10,325, CAC 40 +0.35% at 8,008, FTSE MIB +1.00% at 49,481, IBEX 35 +0.46% at 17,655, PSI +0.24% at 9,072, SMI +0.71% at 13,213, AEX +1.07% at 1,010
STOCK SPECIFICS:
- Nvidia (NVDA): CEO Huang joins Trump’s China trip, igniting hopes for an H200 deal.
- Micron (MU): BofA raised its PT on Co. to $950 (prev. $500).
- Alibaba (BABA): Rev. way light.
- Nextpower (NXT): EPS & rev. topped alongside raising FY top-line guidance.
- Nebius (NBIS): Adj. EBITDA & rev. beat.
- EchoStar (SATS): FCC approved Cos. $40bln sale of wireless spectrum t T & SpaceX.
- Wix (WIX): Top & bottom line disappointed.
- More activist investors, including Irenic Capital, have taken stakes in HP (HPE), Semafor reports citing sources; Irenic have discussed its holdings and frustration with execs.
- FTC reportedly files a suit over alleged Shutterstock (SSTK) misleading subscription plans.
- Rivian (RIVN) CEO’s robotics spinoff raises USD 400mln, WSJ reports.
- Paypal (PYPL) partners with Anthropic to close the AI Gap for small businesses.
FX
USD was supported on Thursday due to another hot inflation report. PPI accelerated more notably than CPI. A hawkish reaction was seen across markets as both headline and core PPI readings saw striking accelerations. Particularly, the 1.4% increase in April from March’s +0.5%, and most worryingly, that 60% of the rise can be attributed to a 1.2% advance in the index for final demand services (higher energy prices, not the no.1 force). On the other hand, components that feed into PCE were more mixed, showing no clear signal. Collecting the CPI & PPI reports, Oxford Economics estimates that the yearly headline PCE Y/Y figures would hit 3.8% Y/Y, the highest reading since May 2023. Elsewhere, geopolitics had little bearing on USD price action. Updates were generally light as markets await the outcome of the Trump-Xi meeting on trade, Taiwan, and Iran. DXY rose for the second consecutive day to a high of 98.598.
NZD lagged following inflation expectations data coming in above the RBNZ’s midpoint forecast. In combination with slowing GDP growth, stagflation concerns weighed on the Kiwi, which saw lows of 0.5920. As a result, Aussie was the preferred currency in the region, and AUD/USD was modestly firmer at ~0.7260.
BRL saw notable weakness after The Intercept Brasil linked presidential candidate Bolsonaro to Daniel Vorcaro, the former chief executive of Banco Master, who was at the centre of a fraud investigation. The update has sparked fresh concerns behind Bolsonaro’s challenge to the throne against President Lula in the upcoming October election. USD/BRL remains around the highs of 5.0032 from the session start of 4.8903.
USA DATA RELEASE
Yields Spike As Producer Prices Explode Higher In April
Wednesday, May 13, 2026 – 08:40 AM
After yesterday’s hotter than expected CPI (driven in large part by Energy, but seeing some contagion into Services costs), this morning’s Producer Price print for April was expected to show a major surge in annual wholesale inflation.
With the eight straight monthly increase, PPI rose by a massive 1.4% MoM (vs +0.5% MoM exp) – the biggest MoM jump since March 2022, lifting PPI by a stunning 6.0% YoY (vs 4.8% YoY exp). That is the hottest PPI YoY since Dec 2022…
Source: Bloomberg
Services and Energy saw the biggest rise (while construction costs actually deflated very modestly)…
Core Producer Prices spiked 1.0% MoM (more than triple the +0.3% exp) smashing Core PPI YoY up 5.2% (also the hottest since Dec 2022)…
Source: Bloomberg
And finally, one could argue this is as bad as it gets for the energy component as oil prices have stabilized…
Source: Bloomberg
But of course, the pipeline of those energy costs is perhaps only just starting to trickle into the rest of the economy.
PPI triggered a spike in 2Y yields…
Now back above 4.00% at their highest since March with the market now pricing in a 50% chance of one rate-hike in 2026…
It appears any chance of Warsh cutting rates (as per Trump’s expectations) are off the table… for now.
Finally, there is perhaps a silver lining from this ugly PPI report. Other than airfares (which rose 3%) the components that feed through into PCE inflation were pretty tame; portfolio management fees dropped 2.4% and the various medical-care components showed a maximum rise of 0.3%.
That may mitigate the impact of the report, but it’s still hard to totally ignore the risk that inflation becomes a more pressing concern moving forward.
USA ECONOMIC REPORTS
As Hegseth Spars With Congress Over Iran War, Trump Decries Criticism As ‘Virtual Treason’
Tuesday, May 12, 2026 – 07:40 PM
There was a bit of a narrative shift on display in Congress as back-to-back hearings on Capitol Hill with top defense and Trump admin officials played out Tuesday, with Secretary of War Pete Hegseth repeatedly on the defensive as he and the administration face intensified scrutiny over the Iran war.
And the growing frustration vented in Congress is not just being sounded by Democrats. As Washington Post’s Tuesday headline aptly described: Hegseth, Caine encounter intense bipartisan frustration with Iran war. It seems President Trump has been made keenly aware of potential growing rebellion among GOP ranks, and biting criticisms over how the conflict and Strait of Hormuz standoff is going, given he decided to level the word “treason” in an afternoon Truth Social Post. It seemed also aimed at a series of apparent recent sensitive or classified info leaks within the administration and Pentagon to the media, related to the conflict…
Trump stated while en route to China: “When the Fake News says that the Iranian enemy is doing well, Militarily, against us, it’s virtual TREASON” – and he went on to charge that “they are aiding and abetting the enemy!”
“Only Losers, Ingrates, and Fools are able to make a case against America!” he also wrote.
This moment might remind the American public of another key turning point in US history when past president cast all criticisms of wars of choice in the Middle East: When President George W. Bush was gearing up to launch new forever wars in Iraq and Afghanistan in the wake of the September 11 attacks, he declared, “Either you are with us or you are with the terrorists.”
This week also saw arch-neoconservative Robert Kagan break from Trump’s Iran War in the the pages of the generally pro-war Atlantic:
It’s hard to think of a time when the United States suffered a total defeat in a conflict, a setback so decisive that the strategic loss could be neither repaired nor ignored.
Defeat in the present confrontation with Iran will be of an entirely different character. It can neither be repaired nor ignored. There will be no return to the status quo ante, no ultimate American triumph that will undo or overcome the harm done. The Strait of Hormuz will not be “open,” as it once was. With control of the strait, Iran emerges as the key player in the region and one of the key players in the world. The roles of China and Russia, as Iran’s allies, are strengthened; the role of the United States, substantially diminished. Far from demonstrating American prowess, as supporters of the war have repeatedly claimed, the conflict has revealed an America that is unreliable and incapable of finishing what it started. That is going to set off a chain reaction around the world as friends and foes adjust to America’s failure.
Kagan doesn’t hold back:
Even if Trump were to carry out his threat to destroy Iran’s “civilization” through more bombing, Iran would still be able to launch many missiles and drones before its regime went down—assuming it did go down. Just a few successful strikes could cripple the region’s oil and gas infrastructure for years if not decades, throwing the world, and the United States, into a prolonged economic crisis. Even if Trump wanted to bomb Iran as part of an exit strategy—looking tough as a way of masking his retreat—he can’t do that without risking this catastrophe.
If this isn’t checkmate, it’s close.
But what might Trump also be responding to in his fresh Truth Social Post? Along with some media leaks, he also may have caught a glimpse of his top Pentagon officials and general in the hot seat all day.
Below are some highlights at a moment of growing bipartisan anger related to Iran operations. Most of the fireworks below involved Democrats’ line of questioning. As a reminder, Wednesday will mark day 75 of a conflict that the White House initially said would take a matter of ‘days’ or weeks at most.
* * *
Pentagon Struggles to Articulate Strategic Vision & End-Game
When Will the Strait Reopen? The Most Powerful Military in the World ‘Held Hostage’
Mounting Iran War Costs to the Taxpayer
Trump Was ‘Forced’ To Lift Sanctions on Russian/Iranian Oil At Sea
“At the Request of the Pakistanis it was Paused…”
Plan To Escalate if Necessary
* * *
President Trump before leaving to China issued a message which is definitely not going to sit well with much of the American public. The midterms will get here fast, after all…
END
Senate Confirms Kevin Warsh As Fed Chair In Most Partisan Vote Ever
Wednesday, May 13, 2026 – 03:02 PM
Update: In a largely party-line vote, the U.S. Senate on Wednesday confirmed President Donald Trump’s nominee Kevin Warsh to a 14-year term as the next Chair of the Federal Reserve, succeeding Jerome Powell whose term as chair ends this Friday.
The 54-45 vote was the slimmest confirmation margin ever for a head of a central bank, reflecting fears that he’ll be Trump’s puppet.
Trump has made no secret that he expects rates to lower under Warsh after repeatedly slamming Powell for monetary policy Trump feels is too restrictive.
Steve Bannon, however, doesn’t think so…
Ahead of the vote, Trump ally Stephen K. Bannon used his “War Room” podcast to prepare supporters for disappointment. The former Trump strategist said fresh inflation data made it “highly unlikely” that Warsh would have “the flexibility to cut rates in June,” when he will chair the central bank’s policy meeting for the first time.
“This makes it very difficult for Warsh,” Bannon said Tuesday, hours after the Labor Department reported that April inflation had jumped to 3.8 percent.
His guest, conservative commentator Eric Bolling, projected no rate cuts through the end of the year and ventured that the Warsh-led Fed may even need a modest rate hike to curb inflation. –WaPo
Sen. John Fetterman was the only Democrat to support Warsh.
Developing…
* * *
Authored by Andrew Moran via The Epoch Times,
Kevin Warsh will be returning to the Federal Reserve Board of Governors.
The U.S. Senate voted 51–45 to approve Warsh’s nomination to a 14-year term on the central bank’s board on May 12, joining six other members. Four senators did not file a vote.
Sen. John Fetterman (D-Pa.) crossed party lines to support President Donald Trump’s nominee.
Warsh’s tenure as Fed governor will run until 2040.
He previously served on the board from 2006 to 2011, when he resigned over differences regarding the leadership’s post-crisis quantitative easing program.
Governors serve 14-year terms to prevent political pressure.
Their roles consist of voting on monetary policy, supervising and regulating the financial system, and overseeing the Fed’s 12 regional banks.
The vote also marked the end of Stephen Miran’s brief tenure on the board.
Miran, who previously served as head of the White House’s Council of Economic Advisers, was nominated by the president last summer to fill the seat vacated by Adriana Kugler. It is unclear if he plans to return to the Trump administration.
Senators will next vote on Warsh’s confirmation as head of the Federal Reserve, which could happen as early as May 13.
Walking a Minefield
Warsh’s return to the Fed could be marred by challenges, mainly due to the 11-week-old Iranian conflict reviving price pressures across the U.S. economy.
April’s annual consumer inflation rate accelerated to 3.8 percent, the highest level since May 2023 and above consensus forecasts.
The war has lifted global energy prices, forcing drivers to pay more at the pump.
The national average for a gallon of gasoline—as of May 12—is parked at $4.50.
Structural inflation could also be under threat.
Twelve-month core inflation, which excludes volatile energy and food prices, edged higher to 2.8 percent, topping estimates.
Warsh has been a frequent critic of the Fed’s policy decisions.
He has argued that the central bank can lower interest rates as the artificial intelligence (AI) boom would be disinflationary and reduce business and consumer prices.
At the same time, Warsh has stated that the Fed should scale back its balance sheet use.
A point of contention is whether Warsh will maintain Fed independence.
He has reaffirmed his support for monetary autonomy. But it does not mean it is under threat if elected officials weigh in on policy, he said.
Kevin Warsh (L), U.S. President Donald Trump’s nominee for Chair of the Federal Reserve during his Senate Committee on Banking, Housing, and Urban Affairs confirmation hearing in Washington on April 21, 2026. Andrew Harnik/Getty Images
“I do not believe the operational independence of monetary policy is particularly threatened when elected officials—presidents, senators, or members of the House—state their views on interest rates,” Warsh said in his opening remarks in front of the Senate Banking Committee.
Despite his clarification on Fed independence, there are still questions surrounding how he would navigate policy, says Rebecca Homkes, an economist and former fellow at the London School of Economics Center for Economic Performance.
“Warsh’s over-bullishness on AI’s impact on productivity should be more of a discussion, as we need the next Fed Chair to be working to steer a policy approach of better, robust data and research to understand this technology,” she told The Epoch Times.
“What’s raising more eyebrows is his insistence on his reform agenda, including changes to responsibilities, press briefings, and what topic areas they cover.”
Warsh has teased a series of changes he could bring to the Fed: updating long-standing economic models, reforming how the central bank communicates with the public, and potentially how the Fed targets inflation.
Lawrence Gillum, chief fixed-income strategist at LPL Financial, says Warsh’s approach to monetary policy would likely be far more traditional than the approach practiced over the past 20 years.
“Rather than leaving heavily on intervention and detailed promises about the future path of rates, Warsh has consistently argued for restraint, humility, and a greater reliance on incoming data,” Gillum said in a note emailed to The Epoch Times.
If confirmed, Warsh would head the June 16 to June 17 Federal Open Market Committee policy meeting.
Investors have priced in the expectation that the Fed will not lower interest rates at all this year. A growing chorus of traders has started forecasting a rate hike sometime in 2027.
Truth Is The First Casualty Of War; The Currency Is The Second…
Tuesday, May 12, 2026 – 10:35 PM
Authored by Nick Giambruno via InternationalMan.com,
“The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists.”
— Ernest Hemingway
Thanks to the fiat currency system, governments at war can tap into a nation’s savings by financing conflict through currency debasement. Under a gold standard, governments had to have the gold or impose taxes if they wanted the funds to prosecute a war. When the gold ran out, the war stopped. But not in a fiat currency system. They can continue debasing the currency until they hyperinflate it.
That’s why there’s a simple equation you should sear into your memory:
War = Inflation
The historical pattern is clear.
If the first casualty of war is truth, the second casualty is the currency.
For example, the US money supply (M2) more than doubled during World War I and about tripled during World War II.
During Vietnam, the money supply rose roughly 90%, and during the 2003 Iraq War era, it rose about 65%.
War is expensive. The US government often ends up financing it by going deeper into debt and debasing the currency to service that debt.
How much will the war in Iran cost? Nobody knows the exact amount, but I am confident it will result in meaningful currency debasement.
According to the Iran War Cost Tracker, the conflict has cost at least $74 billion so far. Other estimates, such as those from CSIS, put the cost at around $2 billion per day. But these estimates almost certainly understate the true direct costs, not to mention the indirect costs of the war.
Further, the Pentagon is now asking for an additional $200 billion in emergency war funding. And that is on top of its recent request for a 50% budget increase to $1.5 trillion.
Lastly, it’s worth noting that recently Iran destroyed at least one E-3G “Sentry” Airborne Early Warning & Control aircraft in Saudi Arabia, along with 2 or 3 KC-135 tanker aircraft in the same strike.
This marked the first combat loss of an E-3 in history. Each unit costs at least $540 million.
After the strike, the US likely has only around 8 operational E-3s left, with none currently in production. It remains one of the most important aircraft in the US Air Force.
A cheap Iranian Shahed-136 drone, costing roughly $7,000 per unit, was what took out the $540 million E-3. That works out to a cost asymmetry of roughly 77,286 to 1 in this strike, which has to be a record, or close to it, for the biggest cost asymmetry in a single military strike.
If the war drags on for a few more weeks and Hormuz remains closed, I think we will see an economic collapse far larger than the one caused by the global lockdowns during the Covid mass psychosis. In response to that slowdown, the US government went on its biggest money-printing binge in history and increased the money supply by 40% in a matter of months. I expect the economic disruption from a prolonged closure of Hormuz to be even greater, and thus the accompanying monetary “stimulus” to be even greater as well.
In short, the Iran war and its side effects could unleash a tsunami of new government spending, which was already in the stratosphere.
How is the US government going to finance all of this spending?
It will do so by issuing new debt—Treasuries—but to whom, and on what terms?
First, it is important to understand that the overwhelming majority of new issuance has been in short-term T-bills. There are dwindling buyers—suckers—willing to buy long-duration US debt.
That is typical in a debt crisis. As demand for long-term bonds weakens, investors gravitate toward short-term instruments like T-bills instead of 10-year notes and 30-year bonds.
It is the same pattern you see in emerging-market crises. The market shortens maturities as conditions deteriorate. Only a fool would want to lend a bankrupt government money for the long term.
Further, the Chinese are divesting their Treasuries rather than buying more. The Japanese, the single largest foreign holder, are selling Treasuries to support the yen and prop up their own warped bond market.
So, who will be buying all of the new paper the US government is likely to issue to finance the Iran war and its effects?
There is only one real candidate: the Federal Reserve, which buys Treasuries with “money” it creates out of thin air by debasing the currency.
As the war spending grows, the real cost won’t only show up in Pentagon budgets or Treasury auctions. It will show up in the purchasing power of the dollars in your bank account.
The key question is what to do before the next wave of debt, money printing, and inflation hits.
That’s why I’ve put together a simple, urgent guide showing the top 3 strategies you need right now to help protect your money and personal freedom. Get it now.
END
U.S. Wheat Crop Forecast To Hit Half-Century Low As Drought Hits Breadbasket
Wednesday, May 13, 2026 – 11:15 AM
Chicago wheat futures surged on Tuesday, hitting two-year highs after the USDA’s latest WASDE report signaled a much tighter U.S. supply outlook than traders had anticipated.
Production stress across America’s breadbasket is now converging with a megadrought and mounting fertilizer constraints, adding upward pressure on prices at a time when global food prices are rising.
The USDA forecast 2026/27 U.S. all-wheat production at 1.56 billion bushels, sharply below Wall Street expectations of around 1.74 billion, marking the smallest harvest since 1972.
After the report on Tuesday, Chicago wheat futures jumped to their highest level since May 2024.
The latest WASDE report should come as no surprise to readers, as we have been closely tracking the intensifying drought stress plaguing the U.S. agricultural market:
- Drought Engulfs 60% Of U.S. As Farmers Begin Spring Planting
- UBS Warns Drought Shock Unfolding Across Breadbasket Of America
- Wheat Spread Blows Out As Drought Chaos Plagues America’s Breadbasket
Saxo commodities head Ole Hansen penned a note on Wednesday, highlighting just how dire the report is for wheat production:
- USDA projected the smallest U.S. wheat harvest since 1972, triggering sharp gains in both Chicago and Kansas wheat futures.
- Hard red winter wheat production was estimated at the lowest level since 1957 following drought damage across the southern Plains.
- The Bloomberg Grains Index has gained 17% YTD, supported by strong advances in soybean oil, wheat, and related biofuel-linked markets.
- Managed money traders have returned aggressively to agriculture, although wheat positioning remains mixed due to continued contango focus.
Let’s not forget America’s breadbasket, plagued by drought, as the Middle East energy shock has disrupted the fertilizer trade and may impact harvests later this year. Global food prices are rising.
Related:
Our debate at the start of May featured former Bridgewater head of commodities Alex Campbell and Brent Johnson of Santiago Capital. It was hosted by Tony Greer and Jared Dillian, who discussed the potential food crisis that appears to be festering.
VICTOR DAVIS HANSON
KING NEWS
| The King Report May 13, 2026 Issue 7741 | Independent View of the News |
| Apr CPI 0.6% m/m & 3.8% y/y, 0.6% m/m & 3.7% y/y expected; Core CPI 0.4% m/m & 2.8% y/y, 0.3% m/m & 2.7% y/y expected. The April CPI Report is a sick joke! It has gasoline up only 5.4% m/m; and greatly understates the inflation in gasoline since January. Retail gasoline prices are up over 50% since January; the BLS has them up less than 30%. But wait, there’s more! The BLS is grossly understating food inflation for the same period! https://www.bls.gov/news.release/pdf/cpi.pdf BLS: The index for food rose 0.5 percent in April after being unchanged in March. The food at home index increased 0.7 percent over the month… The index for food at home rose 2.9 percent over the 12 months ending in April… The index for energy increased 17.9 percent over the past 12 months and the index for gasoline rose 28.4 percent… (AAA Daily National Avg Gasoline is up about 44% y/y!) Daily National Average Gasoline Prices – AAA But wait, there’s more! Carfax Used Car Index: Prices are Up, but There May Be a Silver Lining As we noted on Tax Day, prices for used cars on Carfax.com are up — way up. They jumped on average by 2.8% in April, by about $800… https://www.carfax.com/used-car-index Wholesale used-vehicle prices in the US declined 1.6% month-over-month in April 2026, the first drop in six months, following a 1.4% rise in March and pushing the Manheim Used Vehicle Value Index to 211.9. https://tradingeconomics.com/united-states/used-car-prices-mom/news/548808 April Used Truck Prices Rise Slightly, ACT Research Finds ACT Research reports April used truck prices rose 1.5% month-over-month, though total sales remain below 2024 levels… https://www.fleetequipmentmag.com/april-used-truck-prices-act-research/ Somehow, the BLS has Used Cars & Trucks -2.7% for April! Powell and his ilk ardently claim, ‘the Fed is committed to its goal of 2% inflation.’ The last time CPI was below 2% y/y was in February 2021; the same is true for PCE. The last time Core CPI was under 2% was in March 2021, the same for Core PCE – over 5 years ago for those metrics! @zerohedge: Real wages just posted their first annual decline since April 2023 https://x.com/zerohedge/status/2054191435725861294/photo/1 Apr NFIB Small Business Optimism 95.9, 96.1 exp; April Federal Budget +$220.0B The US 30-year bond hit 5.031% (5.112% Biden peak, 10/.23); the two-year note hit three point 4.0%. Equity traders finally noticed that Mr. Bond was sad. So, equities declined smartly on Tuesday morning. Gasoline and oil rose sharply again; Gold declined smartly on the higher interest rates. Bitcoin declined sharply. Grains and cattle rose sharply again. Soybeans hit $12.20 a bushel; corn hit 4.80; wheat 6.61. Consumers have an inflation problem, no matter what Team Trump says to euchre Americans. US consumers are paying more for the necessities of life. ‘They’ like to highlight Core CPI because it excludes food and energy, the necessities of life. But Main St is very sensitive to necessity of life costs. Fangs got hammered in early trading; and a relative value rotation into DJIA stocks appeared. The NY Fang+ Index sank as much as 2.56% (12:53 ET): the Nas 100 fell as much as 2.36% (12:58 ET). ESMs traded modestly higher early on Monday night as traders bought for a Turnaround Tuesday. ESMs quickly hit the daily high of 7443.75 at 18:45 ET. After a slow rollover, ESMs turned negative at 19:55 ET. After a fall to 7411.25 at 21:40 ET (-25.50), ESMs rebounded to 7430.75 at 22:50 ET. They then stair stepped lower until they hit 7398.75 at 8:31 ET. A rebound rally after the CPI report was only a tad worse than expected pushed ESMs to 7420.75 at 9:00 ET. With bonds heading lower, traders started to unload ESMs instead of buying them for the NYSE open. ESMs sank to a daily low of 7363.25 at 11:23 ET. The manipulation for the European close pushed ESMs to 7382.75 at 11:44 ET. ESMs then rolled over but made an effective double bottom at 12:54 ET. Traders got jiggy for the afternoon rally; the manipulation to squeeze May expiring calls appeared. ESMs intractably surged to 7433.75 at 15:34 ET on the persistent manipulation. ESMs fell to 7418.50 at 16:00 ET. USMs hit daily lows as ESMs rallied after a poor US auction of 10-year notes ($42B): 4.468% vs. 4.464% WI; Indirect bidders 64%, Direct 24.1%. Do you notice the Street shills that demanded the Fed cut rates when funds fell below the 2-year yield are now silent on the relationship between Fed Funds and the 2-year yield? The Fed should now hike 50bps! The 2-year yield leads the Fed Funds Rate. Positive aspects of previous session The DJIA rallied on relative value buying/rotation. The expiry manipulation commenced when the afternoon arrived; stocks surged in the afternoon. Negative aspects of previous session Gasoline, WTI Oil, and copper rallied sharply; bonds and notes declined smartly. Fangs and the Nas 100 got hammered in early trading. The DJIA closed down 158.73. The US 30-year bond hit 5.031%; the two-year note hit three point 4.0%. The Fed Funds Rate is now negative in real terms! Ambiguous aspects of previous session Did the expiry manipulation begin yesterday? First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour: Down; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to day traders]: 7383.02 Previous session (S&P 500 Index) High/Low: 7409.57; 7338.54 “Art of the Deal” by Trump states, “The worst thing you can possibly do in a deal is seem desperate to make it. That makes the other guy smell blood, and then you’re dead.” Constantly halting kinetic actions, extending deadlines and ceasefires, plus imploring one to make a deal or else but not delivering ‘or else’ indicate what? “If you can’t walk away from a negotiation, then you aren’t negotiating. You’re just working out the terms of your slavery.” — James Altucher, “The Choose Yourself Guide to Wealth” @BarakRavid: Trump before departing to China: “Iran will either do the right thing or we will finish the job…we are either gonna make a deal or they will be decimated.” (Seems we’ve heard his before) Reporter: “To what extent are Americans’ financial situations motivating you to make a deal?” Trump: “Not even a little bit…. “The only thing that matters when I’m talking about Iran, they cannot have a nuclear weapon. I don’t think about American’s financial situation. I don’t think about anybody…” (Then why all the stock market touting?) https://x.com/reaganreese_/status/2054265635245293599 Federal appeals court pauses ruling against Trump’s 10% global tariff The U.S. Court of International Trade ruled 2-1 last week that Trump overstepped his authority by invoking Section 122 of the Trade Act of 1974 to impose a 10% global import duty, which he did without congressional approval… https://justthenews.com/government/courts-law/federal-appeals-court-pauses-ruling-against-trumps-10-global-tariff WSJ Editorial Board: Jerome Powell’s Inflation Legacy for Kevin Warsh The new Fed Chair will have to avoid his predecessor’s mistakes… Tuesday’s consumer inflation data for April show he is inheriting one of the most difficult monetary tasks since Paul Volcker took over from G. William Miller in 1979… Today – How much Expiry Week manipulation was spent on Tuesday? Is there enough juice left to generate a Weird Wednesday, which normally marks the peak manipulation of Expiry Week? The usual suspects will try to extend the rally/manipulation from Tuesday. One goal of the illegal ESM manipulation that appeared on Tuesday afternoon was to close the S&P 500 Index above 7400. ‘They’ hope this will generate momentum buying today and abet the upward squeeze on expiry May calls. ESMs are -12.75, NQMs are -78.00; WTI oil is -$0.26; gasoline is -2.07c; the 2-year us at 3.994%; the 30-year is at 5.033%; and USMs are -2/32 at 20:10 ET. Expected Economic Data: Apr PPI 0.5% m/m & 4.8%, Core PPI 0.3% m/m & 4.3% y/y; Boston Fed Pres Collins 11:30 ET, Minn Fed Pres Kashkari 13:15 ET S&P Index 50-day MA: 6884; 100-day MA: 6893; 150-day MA: 6846\\50; 200-day MA: 6764 DJIA 50-day MA: 47,907;100-day MA: 48,509; 150-day MA: 48,051; 200-day MA: 47,381 (Green is positive slope; Red is negative slope) S&P 500 Index (7400.96 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 6035.78 triggers a sell signal Weekly: Trender and MACD are positive – a close below 6513.48 triggers a sell signal Daily: Trender and MACD are positive – a close below 7290.21 triggers a sell signal Hourly: Trender is positive; MACD is negative – a close below 7363.98 triggers a sell sign @Stealx: Mayor Brandon Johnson went to Springfield last week to ask for the power to add three new Chicago taxes: Deliveries. $1 on every package. Groceries, prescriptions, Amazon, DoorDash and more. – Payroll. A new tax on large employers based on headcount. Seattle tried this in 2018 and repealed it within a month after companies threatened to stop hiring there. – Digital ads. A new tax on every dollar of ad revenue earned from Illinois viewers. Chicago doesn’t need more taxes. Chicago needs more taxpayers. Grow the base. Don’t squeeze it… | |
SWAMP STORIES FOR YOU TONIGHT
GREG HUNTER….INTERVIEWING STEVE QUAYLE
Alien Disclosure, Deception & Destruction – Steve Quayle
By Greg Hunter On May 12, 2026 In Market Analysis, Political Analysis8 Comments
By Greg Hunter’s USAWatchdog.com
Renowned radio host, filmmaker, book author and archeological dig expert Steve Quayle is back and still sounding the alarm over the “alien disclosure” coming soon. It’s so close the government is having meetings with religious leaders like Perry Stone to tell them “Prepare now for UFO disclosure to unleash Bible-changing revelations.” They are also telling these folks that “Trump’s alien files could shatter Christian beliefs. . .” Quayle has been warning for more than 20 years that Deep State demons would use a so-called alien disclosure to deceive the world. Seven years ago, on USAW, Quayle predicted, “The big lie will be aliens are saviors and not Jesus.” Today, Quayle’s warning is much more disturbing. Quayle says, “The alien agenda is to destroy Christianity because we are in the time when we are watching Biblical events taking place. . .. They want Christians dead. . .. This is a stolen narrative, and you are only going to be told what the government wants you to be told in order to control you. . .. The greatest seduction of Lucifer results in the greatest reduction of Christians.”
Quayle says evil will be getting some help from something called the “Clergy Response Team.” Many pastors told people to take the CV19 bioweapon vax. Quayle says these are some of the same people that will talk about aliens creating mankind and not Jehovah. Quayle says, “The Clergy Response Team, I would call the Judas crew, as in Judas Iscariot who betrayed Jesus. The one thing Lucifer hates more than anything is the image of God in the redeemed of the Lord. Redeemed of the Lord is not a fancy religious term. It means people who accepted Jesus as their Lord and Savior. People think this is all religious stuff. It is the groundwork for the greatest destruction of human life in the history of the world. Jesus himself said there would never be a time like it or would be again. He said if He didn’t shorten the days for the elect’s sake, there would be no human beings left alive. The question is how many pastors will betray their congregation? You know what betrayal will look like? White buses will pull up to a church service, and I don’t know when this will happen. They will separate them and you will never see your spouse again, and you will never see your children again.”
Quayle also says, “Anybody that tells you that the aliens created us is a liar, a thief and a robber. They are trying to deceive you into destruction. . .. We are watching, in my opinion, the End of the Age leading right up to the Battle of Armageddon.”
In closing, Quayle says, “There are 120 labs around the world working on the Hantavirus, according to DNI (Director of National Intelligence) Tulsi Gabbard. Guess who is paying for it? Uncle Sam. . .. Who do they want to kill? They want to kill us Christians. How will they do it?
You can get the new vaccine. . .. They are going to come out and say, ‘Brother, I don’t want you to die. I want you to take the vaccine.’ Hell no. If you submit to this, you die. Look at the amount of people that could have been saved with Ivermectin and Hydroxychloroquine for Covid 19. . .. Here’s the deal, this time, if you don’t resist, you cease to exist.”
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There is much more in the 64-minute interview.
Join Greg Hunter of USAWatchdog as he goes one-on-one with Steve Quayle, who continues to warn you to prepare for the deception of the unfolding alien disclosure for 5.12.26.
After the Interview:
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