MAY 27//WE NOW ENTER OPTIONS EXPIRY FOR LONDON/OTC LBMA CONTRACTS EXPIRING THIS FRIDAY: GOLD CLOSED DOWN $51.00 TO $4450.00//SILVER CLOSED DOWN $1.61 TO $74.58//PLATINUM CLOSED DOWN $23.00 TO $1922.50 BUT PALLADIUM ADVANCED BY $10.50 TO $1392.00//GOLD COMMENTARY TONIGHT COURTESY OF ALASDAIR MACLEOD//COMMODITY REPORTS ON SILVER AND ALUMINIUM.. REPORTS TONIGHT FROM JAPAN AND CHINA IN THE FAR EAST// FROM EUROPE REPORTS FROM GERMANY//MANY UPDATES ON THE IRAN VS ISRAEL/USA WAR//UPDATES ON HEZBOLLAH AND RUSSIA VS UKRAINE//VACCINE INJURY REPORT COURTESY OF MARK CRISPIN MILLER/RABOBANK REPORTS ON THE LAST 24 HRS//USA ECONOMIC REPORTS: MASSIVE FRAUD IN THE USE OF FOOD STAMPS//KING NEWS AND SWAMP STORIES FOR YOU TONIGHT///
099 H DEUTSCHE BANK AG 333 118 C MACQUARIE FUTURES US 2 363 H WELLS FARGO SECURITI 12 555 C BNP PARIBAS SEC CORP 1319 624 H BOFA SECURITIES 1698 661 C JP MORGAN SECURITIES 203 686 H STONEX FINANCIAL INC 160 905 C ADM 15 4
TOTAL: 1,873 1,873 MONTH TO DATE: 8,482
MAY 27
MAY COMEX MONTH
JPMORGAN STOPPED: 203/1873
GOLD: NUMBER OF NOTICES FILED FOR MAY/2026: 1873 CONTRACTs NOTICES FOR 187,300 OZ or 5.820 TONNES
total notices so far: 8482 contracts FOR 848,200 OZ OR 26.382 TONNES
FOR MAY 27
XXXXXXXXXXXXXXXXXX
SILVER NOTICES: 2 NOTICE(S) FILED FOR 10,000 OZ /
total number of notices filed so far this month : 5686 CONTRACTS (NOTICES) for 28.430 million oz
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GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD DOWN $51.00 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/// NO CHANGES IN GOLD INVENTORY AT THE GLD:
INVENTORY RESTS AT 1034.853 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER DOWN $1.61 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.176 MILLION OZ INTO THE SLV //// : INVENTORY RESTS AT THE SLV AT 487.977 MILLION OZ//
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 487.977 MILLION
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A FAIR SIZED 293 CONTRACTS TO AN OI OF 101,744 STILL HIGHER FROM ITS NEW RECORD LOW OF 95,999 SET MAY 1. THE RECORD HIGH OI FOR SILVER IS 244,710, SET FEB 25/2020, AND THIS FAIR GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR LOSS OF $0.14 IN SILVER PRICING AT THE COMEX WITH RESPECT TO TUESDAY’S TRADING. ON THE FIRST OF MAY, WE REACHED OUR RECORD LOW OI OF 95,999 SURPASSING EVERY DAY NEW OI LOWS SET DURING THE LAST WEEK OF APRIL 2026.
NOW ON A NET BASIS OUR SPECULATORS HAVE REVERTED BACK TO GOING LONG. THE FRBNY ON A NET BASIS IS PROVIDING THE NECESSARY PAPER TO OUR LONGS ALONG WITH SOME BULLION BANKS AND THEN A HUGE NUMBERS OF LONGS ,OUR CENTRAL BANKERS, TAKE THE LONG SIDE AND TENDER FOR PHYSICAL AT 4 PM EACH NIGHT. BECAUSE OF THE HUGE SHORTFALL IN PHYSICAL SILVER IN LONDON THERE IS A LOTTERY TO SEE WHO GETS ANY OF THE PHYSICAL SILVER AVAILABLE THAT WHICH THEY ARE OBLIGATED TO DELIVER. THEY WAIT PATIENTLY FOR THEIR PHYSICAL METAL AND IF NOBODY GETS ANY THEY THEN COME BACK THE NEXT DAY AND SO ON. THIS IS IN LONDON, THE HOME OF PHYSICAL SILVER!! THE FACT THAT WE ARE WITNESSING MANY EXCHANGE FOR PHYSICAL TRANSFERS TO LONDON HIGHLIGHTS THE FACT THAT THE COMEX IS OUT OF SILVER AS WELL.
WE ARE FINALLY MOVING TO A MUCH HIGHER BASE IN SILVER PRICING AT MAJOR SUPPORT LEVEL OF $70.00. SHORTLY WE WILL AGAIN ATTEMPT TO BREAK
WE HAVE A GOOD SIZED GAIN OF 340 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A SMALL SIZED SIZED 97 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE , WE HAD SOME LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO TUESDAY TRADING// WE HAD A GOOD SIZED 426 CONTRACT T.A.S. ISSUANCE!! / THEY DESPERATELY AGAIN TODAY TRYING TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $100.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY SUCCEEDED ON TUESDAY WITH SILVER’S LOSS IN PRICE
THE PRICE STILL FINISHED ABOVE THE MAGIC NUMBER OF $70.00 SILVER SPOT PRICE BUT STILL BELOW THE $100.00 MARK CLOSING AT $76.21 DOWN $0.14. WE ARE NOW WITNESSING HAVING MANY HUGE T.A.S ISSUANCES // TODAY’S WAS A GOOD SIZED 426 T.A.S. CONTRACTS !!. THE CROOKS ARE BECOMING MORE DESPERATE TO STOP SILVER BREAKING ABOVE THE 100.00 DOLLAR MARK!! AND NOW THE HUGE SUPPORT LEVEL OF 70 DOLLARS!!.MAMMOTH SIZE T.A.S ISSUANCES ARE BECOMING THE NORM AT THE COMEX NOW!!
THERE IS NO NEXT LINE IN THE SAND ONCE THE 100.00 DOLLAR SILVER IS PIERCED AGAIN. WE HAD A SMALL SIZED 97 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR GOOD SIZED 426 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN FUTURE TRADING//AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE.
IN ESSENCE WE HAD A GOOD SIZED GAIN OF 340 CONTRACTS ON OUR TWO EXCHANGES WITH OUR LOSS IN PRICE OF $0.14. WE HAD HUGE GOVERNMENT (FRBY) COMEX CONTRACTS TRADING ALL WEEK AND A MAJOR PORTION WILL BE REMOVED BY DAYS END. (I RECORD THIS FOR YOU ON A DAILY BASIS). THE STICKY SPECULATOR LONGS STILL REMAIN STOIC
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE.
THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, THROUGHOUT MONTH. TOTAL TAS ISSUED ON TUESDAY NIGHT/WEDNESDAY MORNING: A STRONG SIZED 426 CONTRACTS. DESPITE MANY COMPLAINTS THAT THESE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED FRBNY BANKERS).
THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS AS ONE UNIT, BUT SELL THE SHORT SIDE FIRST AND THEN LIQUIDATE THE LONG SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS NOW ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1.1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES.
THUS:
INITIAL STANDING FOR 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 ANOTHER 3 CONTRACT EXCHANGE FOR PHYSICAL JUMP TO LONDON FOR 0.015 MILLION OZ// AND THEN TO BOOT WE HAD OUR FIRST EXCHANGE FOR RISK ISSUANCE FOR 51 CONTRACTS OR 255,000 OZ MAY 21./STANDING BEFORE EXCHANGE FOR RISK: 32.085 MILLION OZ/NEW STANDING THUS REDUCES TO 32.340 MILLION OZ/.//(32.085 MILLION OZ NORMAL STANDING PLUS .255 MILLION OZ EXCHANGE FOR RISK = 32.340 MILLION OZ)
SUMMARY OF OUR MAY 2026 COMEX CONTRACT MONTH:
WE HAD:
/ FAIR COMEX GAIN+// SMALL SIZED 97 EFP ISSUANCE CONTRACTS (/ VI) A GOOD NUMBER OF T.A.S. CONTRACT ISSUANCE 426 CONTRACTS
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL:REMOVED 291 SILVER CONTRACT//
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS MAY.. ACCUMULATION
TOTAL CONTRACTS for 18 DAY(S), total 10,548 contracts: OR 52.740 MILLION OZ (586 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 52.740 MILLION OZ
LAST 24 MONTHS TOTAL EFP CONTRACTS ISSUED IN MILLIONS OF OZ:
MAY 137.83 MILLION
JUNE 149.91 MILLION OZ
JULY 129.445 MILLION OZ
AUGUST: MILLION OZ 140.120
SEPT. 28.230 MILLION OZ//
OCT: 94.595 MILLION OZ
NOV: 131.925 MILLION OZ
DEC: 100.615 MILLION OZ
YEAR 2022:
JAN 2022-DEC 2022
JAN 2022// 90.460 MILLION OZ
FEB 2022: 72.39 MILLION OZ//
MARCH 2022: 207.140 MILLION OZ//A NEW RECORD FOR EFP ISSUANCE
APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE
MAY: 105.635 MILLION OZ//
JUNE: 94.470 MILLION OZ
JULY : 87.110 MILLION OZ
AUGUST: 65.025 MILLION OZ
SEPT. 74.025 MILLION OZ///FINAL
OCT. 29.017 MILLION OZ FINAL
NOV: 134.290 MILLION OZ//FINAL
DEC, 61.395 MILLION OZ FINAL
TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)
JAN 2023/// 53.070 MILLION OZ //FINAL
FEB: 2023: 100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.
MARCH 2023: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 111.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH
JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)
AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD
SEPT: 72.705 MILLION OZ (SMALLER THIS MONTH)
OCT: 97.455 MILLION OZ
NOV. 50.050 MILLION OZ
DEC. 66.140 MILLION OZ//
TOTAL 2023: 1,104.10 MILLION OZ/
JAN ’24 : 78.655 MILLION OZ//
FEB /2024 : 66.135 MILLION OZ./FINAL
MARCH: 143.750 MILLION OZ// 4TH HIGHEST ON RECORD.
APRIL: 161.770 MILLION OZ (THIS MONTH WILL BE A WHOPPER OF ISSUANCE OF EFPS//3RD HIGHEST EVER RECORDED FOR A MONTH)
MAY: 135.995 MILLION OZ //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
JUNE 110.575 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
JULY: 108.870 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH/ A TOUCH OVER 100 MILLION OZ/)
AUGUST; 99.740 MILLION OZ//THIS MONTH WILL BE STRONG FOR ISSUANCE BUT LESS THAN JULY.
SEPT: 112.415 MILLION OZ//WILL BE A HUGE MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
OCT; 97.485 MILLION OZ (WILL BE SMALLER ISSUANCE THIS MONTH )
NOV. 115.970 MILLION OZ ( HUGE THIS MONTH)
DEC: 132.54 MILLION OZ (THIS MONTH WILL BE A HUMDINGER FOR ISSUANCE BUT ISSUANCE SLOWED DRAMATICALLY THESE PAST FIVE DAYS/// WILL NOT EXCEED MARCH 2022 RECORD OF 209 MILLION OZ
YEAR 2024 TOTAL: 1363.84 MILLION OR 1.363 BILLION OZ
JANUARY 2025: 67.230 MILLION OZ///(THIS MONTH’S ISSUANCE OF EXCHANGE FOR PHYSICAL WILL BE SMALL)
FEB. 58.260 MILLION OZ//EXCHANGE FOR PHYSICAL ISSUANCE/FINAL
MARCH: 67.020 MILLION OZ///QUITE SMALL AND BECOMING SMALLER EACH AND EVERY MONTH.
APRIL: 100.895 MILLION OZ///AVERAGE SIZE ISSUANCE
MAY: 28.975 MILLION OZ (ISSUANCE WILL BE QUITE SMALL THIS MONTH)
JUNE: 81.065 MILLION OZ
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 82.020 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
NOVEMBER: 36.425 MILLION OZ
DEC: 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 52.740 MILLION OZ
RESULT: WE HAD A FAIR SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 293 CONTRACTS DESPITE OUR LOSS IN PRICE OF $0.14 IN SILVER PRICING AT THE COMEX// FRIDAY,. THE CME NOTIFIED US THAT WE HAD A SMALL SIZED CONTRACT EFP ISSUANCE OF 97 CONTRACTS ISSUED FOR JULY, AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS).
INITIAL STANDING: 31.495 MILLION OZ NOW DECREASES WITH OUR NEXT EXCHANGE EXCHANGE FOR PHYSICAL JUMP TO LONDON FOR 3 CONTRACTS OR 0.015 MILLION OZ//NEW STANDING IS THUS REDUCES TO 32.085 MILLION OZ/BUT WE THEN ADD OUR FIRST EXCHANGE FOR RISK OF 51 CONTRACTS FOR 255,000 OZ..TOTAL STANDING ADVANCES TO 32.340 MILLION OZ//
LAST 14 MONTHS OF SILVER DELIVERIES
WE FINISHED APRIL WITH A STRONG SILVER OZ STANDING OF 16.050 MILLION OZ NORMAL DELIVERY , PLUS OUR 4.00 MILLION EX FOR RISK
FINAL STANDING APRIL: 19.965 MILLION OZ
AND MAY:
NEW STANDING FOR MAY FINISHES AT: 75.615 MILLION OZ. (INCLUDES 5,000 OZ EFP TRANSFER TO LONDON + 12.93 MILLION OZ EXCHANGE FOR RISK ISSUANCE/PRIOR.//NEW TOTAL STANDING 88.540 MILLION OZ
AND JUNE: FINAL 16.995 MILLION OZ
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 68.040 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING AND EXCHANGE FOR PHYSICAL TRANSFERS) PLUS 3.0 MILLION OZ EX FOR RISK = 71.040 MILLION OZ. (THIS IS THE FIRST AND ONLY ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.)
OCTOBER: 39.565 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
PLUS
2.110 MILLION OZ EXCHANGE FOR RISK//TOTAL OZ STANDING IN OCT 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 EXCHANGE FOR PHYSICAL JUMP OF 15,000 OZ//NEW STANDING REDUCES TO 32.085 MILLION OZ//(FOLLOWING MANY EXCHANGE FOR PHYSICAL TRANSFERS TO LONDON DURING THIS MAY DELIVERY MONTH). THERE SEEMS TO BE A SCARCITY OF SILVER OVER AT THE COMEX). THEN WE ADD OUR FIRST EXCHANGE FOR RISK OF 51 CONTRACTS FOR 255,000 OZ//STANDING ADVANCES TO 32.340 MILLION OZ//
THE NEW TAS ISSUANCE FOR TODAY (426) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED NO DOUBT WITH FUTURE TRADING!
WE HAD 2 NOTICE(S) FILED TODAY FOR 10,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY BANKERS
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A VERY STRONG SIZED 13,033 OI CONTRACTS DOWN TO 353,489 OI AND THUS SETTING ITS ALL TIME LOW AT 353,489 MUCH LOWER THAN THE 354,581 OI SET LAST MONTH AND MUCH FURTHER FROM TO THE RECORD HIGH (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. WE HAVE NOW ADVANCED PAST THE PREVIOUS ALL TIME LOWS OF 357,136 SET APRIL 2/.2026AND 354,581 SET AT THE END OF APRIL 2026. WE ARE STILL QUITE A WAY FROM OUR TWO DECADES OLD: 390,000 CONTRACTS LOW SET IN THE YEAR OF 2001 WITH TRADING FOR GOLD AT $260.00. THUS DURING EARLY APRIL WE HAD AN ALL TIME LOW OI IN COMEX (354,531) BUT WITH AN EXTREMELY HIGH PRICE OF GOLD. THE SHORT RATS ARE ABANDONING THE COMEX SHIP, NOBODY WANT TO PLAY IN THIS CROOKED CASINO!! (AND THIS CORRELATES WITH SILVER’S LOW OI OF 101,393 CONTRACTS WITH A MUCH HIGHER SILVER PRICE BASE)
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED A HUGE 2310 CONTRACTS //.
WE HAD A VERY STRONG LOSS IN COMEX OI (13,022 ONTRACTS) . THIS LOSS IN OI OCCURRED WITH OUR LOSS IN PRICE OF $13.45 //,TUESDAY///.
LAST 13 MONTHS OF GOLD DELIVERIES: (MAY 2025 THROUGH TO /MAY 2026)
1.MAY SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
FINAL STANDING FOR MAY: 70.174 TONNES OF GOLD TO WHICH WE ADD 1. MONDAY’S (MAY 19) 6.221 TONNES EXCHANGE FOR RISK , 2. THEN WE ADD: 1.35 TONNES TO LAST WEEK”S. THEN WE ADD 3. 1.55 TONNES TO EQUAL 9.591 TONNES// NEW EXCHANGE FOR RISK = 9.591 TONNES WHICH MUST BE ADDED TO OUR NORMAL DELIVERY SCHEDULE OF 80.644 TONNES. THUS STANDING FOR MAY INCREASES TO 90.235 TONNES OF GOLD
2 JUNE CONTRACT MONTH: 93.085 TONNES OF GOLD (WHICH INCLUDES ALL QUEUE JUMPING AND 0 EX FOR RISK)
3.JULY INITIIAL STANDING FIRST DAY NOTICE: 17.847 TONNES. PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK + 2.195 TONNES EX FOR RISK TODAY = 41.106 TONNES STANDING
4. AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.
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 1096 CONTRACTS OR 109600 OZ (3.409 TONNES) TO WHICH WE ADD OUR FIVE EXCHANGE FOR RISK ISSUANCES FOR 24.635 TONNES/STANDING NOW ADVANCES TO 51.052 TONNES OF GOLD.
E.F.P. ISSUANCE/FOR OPENING MAY. GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1239 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT A LOW OF 353,489 BECOMING OUR NEXT REOCRD LOW//MAY 27.2026 EXCEEDING OUR PREVIOUS RECORD LOW OF 354,581 AND WE NOW WITNESSING A LOWER COMEX OI BUT WITH AN EXTREMELY HIGH
SILVER ALSO HAS AN ULTRA SMALL SIZED AND EXTREMELY LOW COMEX OI OF 101,744 CONTRACTS// RISING FROM PREVIOUS ALL TIME LOWS SET DURING THE MONTH OF APRIL AND MAY FIRST.
IN ESSENCE WE HAVE A VERY STRONG LOSS IN TOTAL CONTRACTS IN COMEX GOLD ON THE TWO EXCHANGES OF 10,162 CONTRACTS WITH 13,022 CONTRACTS DECREASED AT THE COMEX// AND A FAIR SIZED 2860 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON.
THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 10,162 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A MUCH SMALLER SIZED BUT CRIMINAL 1239 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED UPON LIKE YESTERDAY AND TODAY. THE STRING OF 5 CONSECUTIVE HUGE ISSUANCES OF T.A.S. THUS ENDED LAST FRIDAY.
GOLD PRICE ON TUESDAY FELL BY $13.45
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(2860 ) ACCOMPANYING THE STRONG LOSS IN COMEX OI OF 13,022 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES 10,162 CONTRACTS!! WITH THE LOSS IN PRICE.
WE HAVE 1) NOW REVERTED TO OUR NORMAL FORMAT OF BANKER (FRBNY) GOING ON THE SHORT SIDE AND SOME NEWBIE SPECULATORS GOING TO THE LONG SIDE BUT OTHER SPECS GOING ALSO TO THE SHORT SIDE LED BY THE NOSE BY HIGH FREQUENCY TRADERS AND SPREADERS..
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 FOR 1096 CONTRACTS/109600 OZ// 3.409 TONNES/ THEN WE MUST ADD OUR EXCHANGE FOR RISK ISSUANCE: TOTAL EXCHANGE FOR RISK MAY// 5 OCCASIONS: 24.635 TONNES///NEW STANDING NOW ADVANCES TO 51.052 TONNES
3) HUGE T.A.S. LIQUIDATION IN THE COMEX SESSION AND SOME GOVT LIQUIDATION // WITH A HUGE LOSS OF EQUITY SHARES/MAY 26 HAVING 1)A $13.45 COMEX PRICE LOSS AND WE HAD 2) SPEC LONGS PILING HUGELY ON THE SHORT SIDE// +3. EASTERN CENTRAL BANKERS ALSO PILING INTO THE LONG SIDE. WE HAD A STRONG LOSS OF 10,162 CONTRACTS ON OUR TWO EXCHANGES AND AS WELL A STRONG AMOUNT OF GOLD WILL STAND FOR DELIVERY IN MAY. (51.052 TONNES). //, CENTRAL BANKERS TENDERED FOR PHYSICAL WITH THEIR PURCHASES OF CONTRACTS../ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED FRIDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL
4)A STRONG SIZED COMEX OI LOSS 5) V) FAIR SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD(2860) AND 6. A FAIR T.A.S. ISSUANCE (1239) FOR RAID PURPOSES.!!!
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF APRIL :
TOTAL EFP CONTRACTS ISSUED: 31,833 CONTRACTS OR 3,183,300 OZ OR 99.014 TONNES IN 18 TRADING DAY(S) AND THUS AVERAGING: 1704 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN18 TRADING DAY(S) IN TONNES: 99.014 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2025, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 99.014 TONNES DIVIDED BY 3550 x 100% TONNES = 2.79% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2023 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2024: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES
2025: AND NOW 2026
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 99.014 TONNES
SPREADERS:
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 ROSE BY A FAIR 293 CONTRACTS TO AN OI OF 101,744.
EFP ISSUANCE 97 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 97 CONTRACTS and 97 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 602 CONTRACTS AND ADD TO THE 97 E.FP. ISSUED
WE OBTAIN A FAIR GAIN OF 293 OI OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR LOSS OF $0.14
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 1.70 MILLION PAPER OZ
OCCURRED WITH OUR LOSS IN PRICE.OF $0.14
2.ASIAN AFFAIRS MAY 26 /2025
SHANGHAI CLOSED DOWN 51.65 PTS OR 1.25%
HANG SENG CLOSED DOWN 271.22 PTS OR 1.06%
Nikkei CLOSED UP 73.91 PTS OR 0.11%
//Australia’s all ordinaries CLOSED UP .90%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.7812
/ OFFSHORE CLOSED UP AT 6.7808 Oil DOWN TO 90.18 dollars per barrel for WTI and BRENT DOWN TO 96.54 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN// WITH YUAN TRADING UP (6.7812) OFFSHORE YUAN TRADING UP TO 6.7808 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
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A VERY STRONG 13,023 CONTRACTS DOWN TO AN OI OF 353,489 CONTRACTS (OI) , BECOMING OUR NEW LOW OI SET (MAY 27) 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 HUGE T.A.S. LIQUIDATION DURING TUESDAY’S OP =EX TRADING (COMEX OPTIONS EXPIRY TRADING). IT SEEMS THAT SOME OF THE SPECULATORS CONTINUED AGAIN TO GO MASSIVELY ON THE LONG SIDE BUT 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 VERY STRONG SIZED LOSS ON OUR TWO EXCHANGES OCCURRED WITH OUR LOSS IN PRICE IN GOLD (DOWN $13.45).
WE THUS HAD A VERY STRONG SIZED LOSS IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 7852 CONTRACTS (OR 24.42 TONNES) WITH OUR LOSS IN PRICE, AS WE WERE INFORMED OF A FAIR CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE, EQUATING TO 2860 CONTRACTS.
THEN WE WERE NOTIFIED TODAY OF A 0 CONTRACT FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 0 OZ OR 0 TONNES OF GOLD. ON FRIDAY, BY FAR WE HAD THE HIGHEST EVER EXCHANGE FOR RISK EVER ISSUED AT ONE TIME BEATING THE PREVIOUS SINGLE HIGHEST ISSUE BY ONE TONNE. THUS MAY 22 RECORDS THE HIGHEST EVER EXCHANGE FOR RISK AT 12.4416 TONNES. WE HAD OUR FIRST ISSUANCE FOR EXCHANGE FOR RISK IN THE MONTH OF MAY ON MAY 7, THEN OUR 2ND ISSUANCE FOR OUR MAY GOLD MONTH ON MAY 12. THE THIRD ON MAY 18 , THEN MAY 21 OUR 4TH ISSUANCE AND THEN FINALLY FRIAY, OUR 5TH ISSUANCE. 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: FIVE ISSUANCES SO FAR FOR 7920 CONTRACTS OR 792,000 OZ OR 24.635 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: FIVE ISSUANCES SO FAR FOR 7920 CONTRACTS, 792,000 OZ OR 24.635 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 LOSS ON OUR TWO EXCHANGES OF 10,162 CONTRACTS WITH OUR LOSS IN PRICE ($13.45). 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 FAIR SIZED T.A.S ISSUANCE CONTRACTS .THE CME NOTIFIES US THAT THEY HAVE ISSUED 1239 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
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 5TH ISSUANCE FOR 12.4436 TONNES///TOTAL EXCHANGE FOR RISK FOR MAY: 24.635 TONNES ISSUED MAY 6 ,MAY 12, MAY 18 MAY 21 AND NOW MAY 22..
WE MUST ALSO REMEMBER THAT THE FRBNY IS SHORT 104 TONNES OF GOLD, THIS COMMENCED ON JAN 2 2023 AS THEY REFUSE TO COVER DESPITE THE BIS’S PLEA TO DO SO. WE WILL KNOW IN JUNE WHETHER THEY COVERED ANY OF THEIR SHORTFALL.
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 HUGE QUEUE JUMP OF 109,600 OZ (3.419 TONNES) TO WHICH WE ADD OUR FIVE EXCHANGE FOR RISK ISSUANCE FOR 792,000 OZ OR 24.635 TONNES////NEW TOTALS STANDING FOR GOLD ADVANCES TO 51.052 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)
2023:STANDING FOR GOLD/COMEX
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
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
COMEX GOLD TRADING BEGINNING MAY,. CONTRACT;
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $13.45)
WE HAD HUGE T.A.S. SPREADER LIQUIDATION MONDAY // COMEX SESSION// WITH OUR LOSS IN PRICE , OUR LONG SPECULATORS STILL REMAIN RELENTLESS POURING INTO THE COMEX
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 WITH OUR LOSS IN PRICE TO THE TUNE OF $13.45
WE HAD A HUGE 2310 CONTRACTS REMOVED FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL.
NET LOSS ON THE TWO EXCHANGES : 10,162 CONTRACTS OR OZ OR 31.608 TONNES
Total monthly oz gold served (contracts) so far this month
8482 notices 848,200 oz 26.382 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: 1
1 ENTRY
i) Into the dealer; Stonex: 16,005.390 oz
total deposit: 16,005.390 oz
DEPOSITS/CUSTOMER
ENTRY: 1
i) Into Brinks 1500.01 oz
total deposit: 1500.01 oz
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comex withdrawal
ENTRIES; 1
ONE CUSTOMER WITHDRAWAL ENTRIES
i) Out of Brinks: 192.906 OZ
(6 KILOBARS)
total withdrawal: 192.906 oz
adjustments: 2
All dealer to customer
a) Brinks 3274.583 oz
b) Manfra: 303.548 oz
COMEX IS DRAINING GOLD
chaos inside the comex
THE FRONT MONTH OF MAY OI STANDS AT 1884 CONTRACTS HAVING A HUGE GAIN OF 1060 CONTRACTS.
WE HAD 36 CONTRACTS SERVED ON TUESDAY SO WE GAINED 1096 CONTRACTS OR 109,600 OZ (3.489 TONNES) UNDERWENT A MASSIVE QUEUE JUMP WHERE THEY WILL TAKE DELIVERY ON THIS SIDE OF THE POND. THIS QUEUE JUMP IS CENTRAL BANK CLAMORING FOR PHYSICAL GOLD EXACTLY AS ANDREW MAGUIRE TOLD US IN HIS LATEST PODCAST. ALL OF THIS GOLD IS ENDING UP IN SHANGHAI GOLD EXCHANGE: (SGE).
.
JUNE IS A HUGE DELIVERY MONTH AND HERE THE OI FELL BY 60,499 CONTRACTS DOWN TO AN OI OF 61,180. JUNE BECOMES THE NEW FRONT MONTH AND WE SHOULD HAVE A STRONG AMOUNT OF GOLD STANDING FOR DELIVERY. WE HAVE 2 DAYS LEFT BEFORE FIRST DAY NOTICE FOR THE GENERALLY HUGE DELIVERY MONTH OF JUNE. PROBABLE AMOUNT TO STAND FOR DELIVERY: 20,000 CONTRACTS OR 2.5 MILLION OZ (62.2 TONNES)
JULY GAINED 249 CONTRACTS DOWN TO AN OI OF 1951.
We had 1873 contracts filed for today representing 187,300oz
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 1873 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 203 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 (8,482) to which we add the difference between the open interest for the front month of MAY 1884 CONTRACTS) minus the number of notices served upon today 1873 x 100 oz per contract) equals 849,300 OZ OR (26.406 Tonnes of gold) to which we add our FIVE exchange for risk issuance for 792,000 oz or 24.635 tonnes//new standing for gold/May again advances to 51.052 tonnes which is a monstrous delivery for a non active delivery month.
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 (8,482) to which we add the difference between the open interest for the front month of MAY( 1884 CONTRACTS) minus the number of notices served upon today 1873 x 100 oz per contract) equals 849,300 OZ OR (26.406 Tonnes of gold) plus we must add our Five exchange for risk issuances of 792,000 oz or 24.635 tonnes/new standing advances to 51.052 tonness
new total of gold standing in MAY ADVANCES TO 51.052 TONNES//
TOTAL COMEX GOLD STANDING FOR MAY 51.052 TONNES TONNES WHICH IS NOW HUGE FOR THIS NORMALLY NON ACTIVE DELIVERY MONTH OF MAY.
confirmed volume TUESDAY confirmed 409.705// fair/rollovers// 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
total pledged gold: 1,920,673.577 oz 59.74 tonnes pledged gold lowers
total inventories in gold declining rapidly
total pledged gold: 1,920,673.577 tonnes oz 59.74 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 28,408,162.167oz
TOTAL REGISTERED GOLD 15,641,580.861 tonnes (486.51 tonnes)
TOTAL OF ALL ELIGIBLE GOLD 12,766,581.306 oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 13,720,907 oz ((REG GOLD- PLEDGED GOLD)=
426.777 Tonnes //
total inventories in gold declining rapidly
SILVER COMEX
MAY DELIVERY MONTH
MAY 27
MAY DELIVERY MONTH
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
1 entry
i) Out of Delaware: 2017.,500 oz
total withdrawal: 2017.500 oz
Deposits to the Dealer Inventory
0 entries
Deposits to the Customer Inventory
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
1 ENTRY
i) Into Asahi 1,201,233.100
total deposit: 1,201,233.100 oz
No of oz served today (contracts)
2 CONTRACT(S) (10,000 OZ
No of oz to be served (notices)
736 Contracts (3.680 MILLION oz)
Total monthly oz silver served (contracts)
5,686 contracts 28.430 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 1,201,233.100
total deposit: 1,201,233.100 oz
xxxxxxxxxxxxxxxxxxxxxxxxx
withdrawals: customer side/eligible
1 entry
i) Out of Delaware: 2017.,500 oz
total withdrawal: 2017.500 oz
adjustments 7 ALL DEALER TO CUSTOMER;
a) Asahi 49,346.200 oz
b) Brinks 15,255.187 oz
c) CNT 5005.356 oz
d) Int Delaware 4846.730 oz
e) Malca: 48,178.700 oz
f) Manfra: 36,333.026 oz
h) Stonex: 109,924.100 oz
xxxxxxxxxxxxxx
TOTAL REGISTERED SILVER: 81.430 MILLION OZ//.TOTAL REG + ELIGIBLE. 315.712 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: 733 OPEN INTEREST CONTRACTS FOR A LOSS OF 6 CONTRACTS. WE HAD 3 CONTRACTS SERVED UPON ON TUESDAY SO WE AGAIN LOST 3 CONTRACTS OR 0.015 MILLION OZ UNDERWENT AN EXCHANGE FOR PHYSICAL TRANSFER JUMP TO LONDON WHERE THEY WILL TAKE DELIVERY OVER ON THAT SIDE OF THE POND.
JUNE SAW A LOSS OF 146 CONTRACTS DOWN TO 2676 OI CONTRACTS
JULY SAW A LOSS OF 500 CONTRACTS DOWN TO 71,434 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 2 or 10,000 oz
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 5686 X5,000 oz = 28.430 MILLION oz
to which we add the difference between the open interest for the front month of MAY 733) AND the number of notices served upon today (2 )x (5000 oz)
Thus the standings for silver for the MAY 2026 contract month: (5,686 )Notices served so far) x 5000 oz + OI for the front month of MAY (733) minus number of notices served upon today (2)x 5000 oz equals silver standing for the MAY..contract month equating to 32.085 MILLION OZ.+TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 0.255 MILLION OZ//
NEW STANDING REDUCES T0: 32.340 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 81.430 million oz of registered silver
JPMorgan as a percentage of total silver: 140.287/315.712 million: 44.34
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 27 /2026/WITH GOLD DOWN $51.00 TODAY/NO CHANGES IN GOLD AT THE GLD: ./ //:/INVENTORY RESTS AT 1034.853 TONNES
MAY 26 /2026/WITH GOLD DOWN $25.45 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.9988 TONNES OUT OF THE GLD ./ //:/INVENTORY RESTS AT 1034.853 TONNES
MAY 22 /2026/WITH GOLD DOWN $13.45 TODAY/NO CHANGES IN GOLD AT THE GLD: ./ //:/INVENTORY RESTS AT 1036.851 TONNES
MAY 21 /2026/WITH GOLD UP $7.60 TODAY/NO CHANGES IN GOLD AT THE GLD: ./ //:/INVENTORY RESTS AT 1036.851 TONNES
MAY 20 /2026/WITH GOLD UP $26.30 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.999 TONNES OF GOLD OUT OF THE GLD./ //:/INVENTORY RESTS AT 1036.851 TONNES
MAY 19 /2026/WITH GOLD DOWN $46.50 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.57 TONNES OF GOLD INTO THE GLD./ //:/INVENTORY RESTS AT 1038.85 TONNES
MAY 18 /2026/WITH GOLD DOWN $4.90 TODAY/NO CHANGES IN GOLD AT THE GLD:/ //:/INVENTORY RESTS AT 1036.280 TONNES
MAY 15 /2026/WITH GOLD DOWN $118.70 TODAY/NO CHANGES IN GOLD AT THE GLD:/ //:/INVENTORY RESTS AT 1036.280 TONNES
MAY 14 /2026/WITH GOLD DOWN $20.95 TODAY/NO CHANGES IN GOLD AT THE GLD:/ //:/INVENTORY RESTS AT 1036.280 TONNES
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: 1034.853 TONNES, TONIGHTS TOTAL GOLD INVENTORY
SILVER
MAY 27 WITH SILVER DOWN $1.61: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.176 MILLION OZ OUT OF THE SLV/ // :INVENTORY RESTS AT 487.977 MILLION OZ
MAY 26 WITH SILVER DOWN $0.14: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.131 OF 0.315 MILLION OZ INTO THE SLV/ // :INVENTORY RESTS AT 489.153 MILLION OZ
MAY 22 WITH SILVER DOWN $0.26: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.315 MILLION OZ FROM THE SLV/ // :INVENTORY RESTS AT 488.022 MILLION OZ
MAY 21 WITH SILVER UP $0.64: NO CHANGES IN SILVER INVENTORY AT THE SLV:/ // :INVENTORY RESTS AT 488.338 MILLION OZ
MAY 20 WITH SILVER UP $1.27: NO CHANGES IN SILVER INVENTORY AT THE SLV:/ // :INVENTORY RESTS AT 488.338 MILLION OZ
MAY 19 WITH SILVER DOWN $2.39: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 1.086 MILLION OZ OUT OF THE SLV:/ // :INVENTORY RESTS AT 488.338 MILLION OZ
MAY 18 WITH SILVER DOWN $0.09: NO CHANGES IN SILVER INVENTORY AT THE SLV:/ // :INVENTORY RESTS AT 489.424 MILLION OZ
MAY 15 WITH SILVER DOWN $7.06: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.9000 MILLION OZ OF SILVER OZ INTO OF THE SLV// / // :INVENTORY RESTS AT 489.424 MILLION OZ
MAY 14 WITH SILVER DOWN $3,79: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.448 MILLION OZ OF SILVER OZ INTO OF THE SLV// / // :INVENTORY RESTS AT 487.524 MILLION OZ
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
Foreign hedge fund investment, one-third in inflation linkers, and a socialist government destroying the tax base combine to make the UK gilt market and sterling a potential disaster.
Any technical analyst will tell you that when the yield on the long gilt (illustrated below) breaks above the 4-year upward sloping channel, it will rise strongly. The minimum arithmetic projection is to 11%, while the logarithmic is 22%.
Similar readings are evident in all G7 currencies. The link is with their purchasing powers, which can now be expected to decline at an accelerating rate. This was less obvious to financial markets before the Iran war, but nevertheless the trend with the entire commodity complex being in a bull market was established in 2020, showing that the major move to higher bond yields correlated with the commodity bull, which initially peaked in mid-2022.
Since May 2025, long before the war on Iran kicked off commodities began their current run only just surpassing the May 2022 highs so far. The closure of Hormuz and its knock-on effects have only brought forward commodity price rises and not created a new trend. Clearly, the commodity bull has a long way to go, which brings us back to the relationship with bond yields.
As a matter of plain fact, a commodity bull market is evidence of a fall in currency purchasing power, conventionally recorded as inflation when it works through to consumer prices. Bond markets will reflect this fall in purchasing power through higher yields. And when investors expect a further decline in purchasing power for a currency, they will only invest in government bonds which offers them compensation for the risk of falling purchasing power. This is why both bond yields and commodities rose together between 2020-2022.
The threat to UK gilts
Against a background of dollar bond yields and interest rates increasing as the loss of its purchasing power accelerates, sterling has additional problems listed below:
· The government is highly socialist, anti-capitalist, and wealth destructive. It is focused more on attacking the bastions of Britain’s bourgeoisie than enhancing economic conditions. Even so, the weak prime ministership of Kier Starmer with will be replaced by an even more socialistic leader intent on doubling down.
· Government debt to GDP is officially about 100%. But off-balance sheet debt in the form of welfare obligations is soaring out of control and tax revenues in some key areas have begun to decline.
· Roughly one-third of government debt is in index-linked gilts, exposing it to rising debt liabilities as consumer prices soar, reflecting the fall in sterling’s purchasing power. This proportion is the highest of all G7 nations.
· Highly leveraged foreign funds own about £100bn through the repo market. So far, these funds have played the repo game for marginal returns measured in basis points against a stable sterling background. A rise in yields above recent limits will lead to an avalanche of selling from this marginal source, creating a Truss-like calamity at the outset of a bond crisis.
· Britain finds herself in a debt trap, which occurs when the rate of increase of outstanding debt accelerates faster than the tax revenue to cover the interest cost. Essentially, government debt becomes increasingly unfundable as bond yields rise. And the rate at which they rise accelerates.
We have been here before. In October 1973, oil-producing Arab nations announced an oil embargo against countries that supported Israel, which led to a rise in the oil price of 300% by March 1974. The Bank of England jacked up interest rates from 7.75% to 12.5% to control inflation and support sterling, which led to a banking crisis, a commercial property crash, and a severe slide in equities.
The UK government was pursuing similar socialist policies to today’s administration and creating identical fiscal problems. Britain’s economy was suffering from the same oil-related shock as the rest of the developed world, leading to UK government finances spiralling out of control. In 1974 sterling began to slide from US$2.42 to US$2.00 at December 1975, when inflation soared to 25%. A further sterling crisis in 1976 and the IMF was called in to bail out the government that December.
An important difference from today was that in 1973 Britain’s debt to GDP was about 45%. Today, it is 100%, indicating how more difficult it will be to deal with the price consequences of the Iran crisis. This upcoming crisis will be far worse and is unavoidable.
The only protection for UK residents from this economic and currency destruction is to get out of sterling and into real money without counterparty risk. And that’s only physical gold (silver is taxed). Sovereigns and Britannias are coins of the realm and are free from capital gains tax.
I am hearing a lot of talk about the silver price surging to $300-$500 by the end of the summer. It seems that many silver investors are waiting for these prices to CASH IN BIG TIME. But could they?
Check back for new articles and updates at the SRSrocco Report.
END
COMMODITY ALUMINUM:
Aluminum Supply Crisis Is About To Get Worse
Wednesday, May 27, 2026 – 04:15 AM
Aluminum prices in London are up nearly 17% since the onset of the U.S.-Iran conflict, as a growing chorus of top commodity desks, including Mercuria, Goldman, JPMorgan, and others, warn that the market is facing a major supply shock.
That disruption, driven firstly by Middle East smelter outages and the Hormuz maritime chokepoint, is now colliding with new concerns that China may be forced to curtail output amid energy-use and emissions inspections, according to Bloomberg.
More color from the report:
Chinese authorities are now moving to rein in that over- production as inventories swell. A smelter in Baise, Guangxi province, has already cut output of molten aluminum, Mysteel wrote, without providing estimates of volumes affected. The steel and oil refining industries will also be targeted, the Ministry of Industry and Information Technology said in a statement on May 13.
Building on production cut risks in China, as it is the world’s biggest producer, there is another report from Bloomberg that Guinea, the world’s largest bauxite producer, is preparing to limit exports of the ore, threatening flows to China’s aluminum industry.
Mines and Geology Minister Bouna Sylla told the outlet that the West African nation will dial back bauxite exports in June after a surge in exports sparked a price slump that the government wants to correct.
“Supply mustn’t exceed demand,” Sylla said. “We want to regulate the quantity to raise prices back to reasonable levels.”
For context, most of Guinea’s bauxite is loaded on bulk carriers and shipped to China, where it’s first refined into alumina, then turned into the industrial metal aluminum.
The complexity of the aluminum supply shock extends well beyond Gulf disruptions, as we outline in this note, which is why prices in London are trading around $3,673 a ton, the highest since March 2022.
JPMorgan analysts recently warned that the industry is descending into a black hole, or a “metaphorical point of no return,” where the “global aluminum market will face a serious and prolonged supply outage,” even if vessel flows through the Hormuz chokepoint resume in the near term.
The great aluminum squeeze is underway. Prices are likely going higher.
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 DOWN 51.65 PTS OR 1.25%
HANG SENG CLOSED DOWN 271.22 PTS OR 1.06%
Nikkei CLOSED UP 73.91 PTS OR 0.11%
//Australia’s all ordinaries CLOSED UP .90%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.7812
/ OFFSHORE CLOSED UP AT 6.7808 Oil DOWN TO 90.18 dollars per barrel for WTI and BRENT DOWN TO 96.54 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN// WITH YUAN TRADING UP (6.7812) OFFSHORE YUAN TRADING UP TO 6.7808 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 6.7812
OFFSHORE YUAN: UP TO 6.7808
1.HANG SANG CLOSED DOWN 271.22 PTS OR 1.06%
2. Nikkei closed UP 73.91 PTS OR 0.11%
WEST TEXAS INTERMEDIATE OIL DOWN TO 90.18
BRENT; 96.54
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 99.02/// EURO RISES TO 1.1648 UP 8 BASIS PTS
3b Japan 10 YR bond yield:FALLS TO. +2.696 DOWN 3 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 159.351… 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: 3.926 DOWN 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( 6.7812 AND OFFSHORE: UP AT 6.7808
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and BRENT DOWN this morning
3h European bond buying continues to push yields LOWER on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.9606// Italian 10 Yr bond yield DOWN to 3.683// SPAIN 10 YR BOND YIELD DOWN TO 3.381%
3i Greek 10 year bond yield DOWN TO 3.608%
3j Gold at $4490.85 //Silver at: 75.43 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 20/ 100 roubles/71.86
3m oil (WTI) into the 90 dollar handle for WTI and 96 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 159.351 // 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.696% DOWN 2 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.926 DOWN 1 PTS..: USA/SF this 0.7858 as the Swiss Franc . Euro vs SF: 0.9149
USA 10 YR BOND YIELD: 4.464 DOWN 3 BASIS PTS…
USA 30 YR BOND YIELD: 5.006 DOWN 1 BASIS PTS/
USA 2 YR BOND YIELD: 4.020 DOWN 3 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 45.91 UP 1 BASIS PTS/LIRA GETTING KILLED//IDIOTS FOR SELLING GOLD AND USA DOLLAR RESERVES.
10 YR UK BOND YIELD: 4.8320 DOWN 2 PTS
30 YR UK BOND YIELD: 5.512 DOWN 4 BASIS PTS
10 YR CANADA BOND YIELD: 3.459 DOWN 3 BASIS PTS
5 YR CANADA BOND YIELD: 3.120 DOWN 2 BASIS PTS.
1a New York Opening report
S&P Futures At Daily Record High Because RAM And World Peace
Wednesday, May 27, 2026 – 08:10 AM
US futures are trading at new all-time highs following Tuesday’s record-setting rally (when the S&P hit a new record high on negative breadth as is now the norm) , bolstered by a growing chorus of Wall Street bulls: Goldman lifts its S&P 500 target, while Barclays strategists say investors still have capacity to chase the rally, while the memory bubble just keeps raging as the market value of Korea’s SK Hynix sailed above the trillion-dollar mark just one day after fellow chip maker Micron did the same. As of 8:00am, S&P 500 futures are up 0.3% while Nasdaq 100 contracts are rising 0.4%. And speaking of Micron, after soaring more than 20% on Tuesday, MU shares shares are up another up another 5% in premarket because why not, and point to a continuation of the bubble in memory-chip stocks; Semis are also bid (SOXX +2%); cyclicals are set for another positive session led by Discretionary, Industrials, and Materials. In Defensives, both HC and Staples are positive but underperforming SPX. European and Asian stocks also climb as broader risk sentiment is underpinned by a pullback in oil prices on the now daily optimism that the US and Iran will reach a peace deal. US yields are down 1-2bps even with the Bloomberg Dollar Spot index up to session highs. Brent crude futures for July are down 3% to around $96.70 a barrel. Ags are weaker, with Metals being pulled lower, too while precious metals tumble. Today’s economic data slate includes weekly ADP employment change (8:15am), May Richmond Fed manufacturing index (10am) and May Dallas Fed services activity (10:30am). Fed speaker slate includes Cook (3:55pm), Jefferson (8pm) and Goolsbee (10:25pm).
In premarket trading, Mag 7 stocks are mixed early Wednesday (Alphabet -0.5%, Nvidia +0.4%, Apple +0.1%, Tesla +1.6%, Amazon +0.02%, Microsoft -0.5%, Meta -0.5%)
Box (BOX) shares are down 2% after the software company’s first-quarter results were largely in line with expectations. Analysts noted an impact from foreign-exchange issues
Shares in rocket, space and satellite communications companies (LUNR +17%, RDW +20%, ASTS +6.1%) are rallying in premarket trading Wednesday, set to extend recent gains. The sector has advanced since SpaceX filed publicly for what stands to be the largest-ever initial public offering.
Shares in semiconductor and chip equipment companies (POWI +7.0%, SMTC +5.4%, MRVL +5.7%) are rising again as the breakneck surge in the sector intensifies, sending the market capitalizations of SK Hynix and Micron Technology above $1 trillion.
Verra Mobility (VRRM) shares tumble 43% after the mobility software company cut full-year adjusted EPS guidance below analyst estimates and said Avis Budget had terminated its contract, prompting at least three analyst downgrades.
Zscaler (ZS) shares sink 22% after the security software company gave a fourth-quarter revenue forecast that was weaker than expected. Evercore downgrades the stock, noting slowing net new customers.
In other corporate news, Samsung Electronics union members voted in favor of a compensation deal, staving off a strike that threatened to disrupt global chip supply. They will get over $300,000 as part of the deal. And China is said to have been slow-walking approval of Airbus plane deliveries to signal impatience with how long European regulators are taking to certify Chinese-made aircraft. In AI news, ByteDance is planning to sharply increase its capital spending this year and next in a bid to lead the Chinese AI market and challenge the top US players abroad. Software companies and their private equity investors will face mounting strains as debt redemptions swell in coming years, according to Canadian investment manager CI GAM.
“Given the capex plans of the AI hyperscalers, there’s no reason to think that the rally is about to end,” said Fares Hendi, a portfolio manager at Societe de Gestion Prevoir in Paris. “If there’s a breakthrough between the US and Iran, the trend could accelerate, with investors buying back their shorts.”
With no overnight news from the Middle East, optimism that the US and Iran are nearing a deal to fully reopen the Strait of Hormuz pushed Brent down 2.6% to around $97 a barrel as traders grew less concerned about an energy-driven spike in inflation. Sentiment was further boosted by the batshit insane meltup in Korea (just two stocks technically) which has made the Nasdaq bubble of 1999 look like amateur hour. Strategists at Goldman joined peers at Morgan Stanley and Deutsche Bank in seeing a 17% return for the S&P 500 Index this year. Earnings growth powered by the AI boom will drive further gains in stocks, the Goldman team led by Ben Snider said, as they increased their year-end target for the US benchmark to 8,000 points, ditching a previous forecast of 7,600.
“We are in the midst of something very structural and huge — the AI CapEx theme — and it’d be very dangerous to stand against it,” said Lilian Chovin, head of asset allocation at Coutts. In other words, just put a blindfold on and buy.
Meanwhile, the momentum behind the AI trade continued, with investors betting that chipmakers will capture an outsized share of global capital spending even as millions of furious workers are fired and eager to burn down every data center they see. Adding to the insanity, BBVA strategists said it could be a good time to sell US equity volatility, noting short vol portfolios have the strongest overall forward signal compared to other risk premia strategies. Since 1990, VIX has tended to drop in June and July, before rising again in August and September, according to data compiled by Bloomberg. Let’s just ignore that whole other “sell in May” calendar thingy. Meanwhile, the excess capital chasing AI assets is creating a liquidity overhang and driving up risk for investors, notes GGL Capital’s founder Gigi Luk.
Shares in semiconductor and chip equipment companies are rising again as the surge in the sector intensifies, sending the market capitalizations of SK Hynix and Micron Technology above $1 trillion
With bullish sentiment running high, the European Central Bank said that financial markets are in danger of a sudden and significant correction, warning that investors are downplaying a range of threats from the Iran war to fiscal pressures.
The “question is how soon, or whether we will go back to a pre-conflict situation with regard to Hormuz, and that’s where we are cautious,” said Chovin. “The disruption to commodities will remain fairly high even if a deal is made.”
European stocks are also climbing as broader risk sentiment is underpinned by a pullback in oil prices on optimism that the US and Iran will reach a peace deal. The Stoxx 600 is up 0.3% with autos leading gains after data showed a third consecutive rise in European car sales, while energy stocks lagged. Here are some of the biggest movers Wednesday:
Akzo Nobel rose as much as 17%, the most since 2017, after the company said that on May 1 it rejected a conditional and non-binding proposal from Nippon Paint Holdings Co and The Sherwin-Williams Company
Cohort shares rose as much as 15%, the most in 10 months, after the UK defense tech firm issued a trading update which showed revenue and profit ahead of expectations
Pets at Home shares reverse initial losses to rise as much as 5.2% after the retailer posted in-line profits for FY26 and highlighted continued growth in its Retail arm, which analysts say shows that a turnaround plan is gathering momentum
Hollywood Bowl rose as much as 10%, the most since Feb. 2021, after first-half results that analysts said reinforced the investment case for the bowling-center operator
MPC Container Ships advanced as much as 9.1%, reaching the highest since November 2024, after releasing first-quarter results which DNB Carnegie sees as strong
Hansa Biopharma shares rose as much as 8.3% after the Swedish company said the primary objective of a post-authorization efficacy study for its desensitization treatment Idefirix for kidney transplant patients was met
CD Projekt gained as much as 3.5% in early trading in Warsaw after Poland’s biggest computer-game maker invited fans to a “special anniversary stream” for The Witcher 3: Blood and Wine
Naturgy shares fell as much as 4.7% after CVC Capital Partners divested its 13.8% stake in the Spanish utility after eight years as a key investor
Flow Traders shares fell as much as 11%, the most since Oct. 30, after ING cut the Dutch electronic trading firm to sell from hold, saying its market share has continued to erode despite higher trading capital
Rusta fell as much as 6.3%, to the lowest since March, after Danske Bank cut its recommendation on the Swedish discount retailer to hold from buy
Reinet Investments was the worst-performing stock in Johannesburg, declining as much as 10%, the most since March 2020, after the firm said full-year 2026 net asset value declined 4.5% from the previous comparable period
Asian stocks jumped as investors boosted demand for the region’s chipmakers during the artificial intelligence boom, while sentiment remained broadly positive on prospects for a US-Iran peace deal. The MSCI Asia Pacific Index climbed as much as 1.7% to a fresh record. The gauge is headed for a fifth-straight session of gains, which would mark its longest win streak since February. South Korea’s Kospi surged 2.3%, leading advancers in the region, while Taiwan’s benchmark climbed 1.7%. Extended tech optimism pushed SK Hynix’s market value to more than $1 trillion, following Micron Technology’s climb to that level on Tuesday in the US. Meanwhile, oil slipped on optimism that the US and Iran will reach a peace deal despite fresh hostilities. Elsewhere in Asia, Chinese stocks in Hong Kong fell, weighed down by losses in tech heavyweights including Xiaomi. Markets in Singapore, Philippines, Indonesia and Malaysia were closed for holidays.
In FX,the dollar was little changed on the day as one of the biggest trends in the FX market faces significant pressure. AUD/NZD, which has risen more than 15% since April 2025, is set to drop by the most in a year due to rate-differentials repricing; the pair drops as much as 1% to 1.2157, after rising earlier to its highest level since April 2013 at 1.2288 The RBNZ left interest rates unchanged as expected but signaled it will most likely need to raise them soon, while Australia’s headline CPI data for April was lower than expected, spurring traders to dial back expectations for RBA rate hikes this year. “No surprise in the unchanged RBNZ OCR, but the uplift to the implied OCR track, plus the fact three members voted for an immediate hike, gives this a bullish hue, with a 8 July hike now seen much more likely than not,” said Ray Attrill, head of FX strategy at National Australia Bank
In rates, treasuries hold slight gains with futures just off session highs and yields richer by 1bp to 2bp across the curve. US 10-year yield near 4.47% is 1bp lower on the day, trailing UK counterpart by about 3bp and German by less than 1bp; curve spreads are little changed, 5s30s near 85bp and 2s10s around 44bp. Gilts outperform Treasuries, supported by further oil-price declines on hopes that the US and Iran will reach a peace deal despite fresh hostilities. IG dollar issuance slate includes a handful of names already. Ten deals were priced Tuesday totaling $12.9 billion. Issuers paid less than 1bp in new issue concessions on deals that were 4.6 times covered, and at least one issuer stood down. US session includes $70 billion 5-year note auction at 1pm New York time, which follows Tuesday’s 2-year which stopped on the screws (WI 5-year yield near 4.16% is about 20bp cheaper than last month’s, which tailed by 0.5bp) and three scheduled Fed speakers.
In commodities, WTI crude oil futures are down almost 4%. Brent crude futures for July are down 3.5% to around $96 a barrel. Gold tumbled more than 3% as it is now used to fund the memory bubble.
Today’s economic data slate includes weekly ADP employment change (8:15am), May Richmond Fed manufacturing index (10am) and May Dallas Fed services activity (10:30am). Fed speaker slate includes Cook (3:55pm), Jefferson (8pm) and Goolsbee (10:25pm).
Market Snapshot
Top Overnight News
Hong Kong banks are increasing scrutiny of mainland Chinese clients. Some major lenders suspended the opening of investment and wealth management accounts for mainland residents. BBG
Taiwan prosecutors suspect Nvidia chips were smuggled to China via Japan. BBG
Australia’s consumer-price growth slowed in April following a temporary fuel tax cut, but stayed high enough to keep the door open to further rate increases by the central bank. The consumer-price index rose 4.2% over the 12 months through April, down from 4.6% for the year through March. WSJ
The Reserve Bank of New Zealand maintained the official cash rate at 2.25% for the third meeting in a row, as it weighs the threat to the South Pacific economy from higher prices of everything from motor fuels to freight against the damping effect rising inflation can have on demand. WSJ
Ukraine has a six-month window in which to seize the battlefield initiative from Russia and strengthen its hand for peace talks, a senior commander told Reuters, predicting a “turning point” was imminent after more than four years of war. RTRS
Russia is stuck on the Ukrainian battlefield and lashing out with massive strikes on Kyiv. The growing fear in European capitals is that President Vladimir Putin will try next to reshuffle the cards by expanding the conflict to Europe. WSJ
SK Hynix and Micron each topped $1 trillion in value for the first time as investors continued to bet on the AI boom. BBG
US Customs said about $20.6 billion in tariff refunds is headed to importers filing claims through its new web portal. However, earlier refund processing values were far lower than previously thought. BBG
Goldman raised its S&P price target from 7600 to 8000: “continued earnings growth should drive continued equity market upside. We expect the S&P 500 will rise by 6% to our revised year-end target of 8000. Our previous target was 7600. The increased return forecast reflects increased estimates for S&P 500 earnings following an exceptionally strong Q1 reporting season. We raise our S&P 500 EPS forecasts to $340 (+24% year/year) in 2026 and $385 (+13%) in 2027. The beneficiaries of AI infrastructure investment will account for roughly half of S&P 500 EPS growth this year.” Goldman
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were predominantly higher following the mostly positive lead from Wall Street, where the S&P 500 and Nasdaq printed fresh record highs amid outperformance in tech, while markets remain hopeful of a US-Iran agreement despite the recent limited US ‘self-defence’ strikes. ASX 200 eked mild gains with strength seen in tech and miners, but with the upside capped by losses in the top-weighted financial sector, while participants also digested softer-than-expected headline inflation. Nikkei 225 rose to a fresh record high above the 66,000 level as tech stocks continued to underpin the index, and with Services PPI data printing softer-than-expected. KOSPI outperformed and posted a new all-time high as SK Hynix rallied to surpass the USD 1tln market cap milestone, while Samsung Electronics was also boosted after union workers voted to accept the pay agreement. Hang Seng and Shanghai Comp lagged following weak earnings results from Xiaomi, which reported a 43% drop in adjusted net in Q1 and with China expanding overseas travel curbs to its top AI talent in private firms, while there were also comments from USTR Greer that China expects a certain level of US tariffs we agreed to and that US tariffs on Chinese goods will likely always be higher than for other countries.
Top Asian News
Australian Inflation Rate MM (Apr) 0.4% vs. Exp. 0.6% (Prev. 1.1%).
Australian Inflation Rate YY (Apr) 4.2% vs. Exp. 4.4% (Prev. 4.6%).
Australian RBA Trimmed Mean CPI MM (Apr) 0.3% vs. Exp. 0.3% (Prev. 0.3%).
Australian RBA Trimmed Mean CPI YY (Apr) 3.4% vs. Exp. 3.4% (Prev. 3.3%).
Chinese Industrial Profits (YTD) YY (Apr) Y/Y 18.2% (Prev. 15.5%).
Japanese Services PPI YY (Apr) 3.0% vs Exp. 3.3% (Prev. 3.1%).
European bourses (STOXX 600 +0.4) start Wednesday trade broadly in the green, with the IBEX 35 (+0.8%) outperforming. Geopolitical newsflow has been light, with no response coming from Iran after Tehran stated that the US had violated a ceasefire by striking targets near the contested Strait of Hormuz. More recently, Iranian Deputy Security Secretary said indirect contacts between the US and Iran continue, and Iran is not discussing the fate of its enriched uranium stockpiles with the US. Sectors have a positive tilt. Autos is the clear outperformer, after new-vehicle registrations rose to 1.15mln, +7% M/M. Car sales climbed for the third consecutive month, with EV deliveries rising 38%. Consumer Products & Services and Retail also printed decent gains. At the bottom of the pile lies Energy and Utilities, with UK names lower after Ofgem raised the energy price cap to 13%.
Top European News
UK PM Starmer is poised to unveil a multi-billion-pound package to boost the UK defence industry and armed forces next week, which is expected to be backed by GBP 18bln of government funding, according to The i Paper.
France signalled that the EU could allow UK-made vehicles to qualify for “Made in Europe” subsidies, according to FT.
Germany’s Council of Economic Experts forecasts 2027 economic growth 0.8%, and sees 2026 GDP +0.5% vs +0.9% in November.
Spainʼs anticorruption police has raided the headquarters of Spanish PM Sánchezʼs Socialist Party in Madrid, Politico reported. The raid was to obtain evidence for an ongoing probe into the alleged illegal financing of the countryʼs ruling party. – Hungaryʼs government spokesman said technical talks with the EU are underway on multiple EU funding issues, while a meeting between the Hungarian PM and European Commission President has not yet been scheduled.
FX
DXY trades within a relatively narrow 99.04-99.14 range amid a lack of major geopolitical updates and drivers, as participants look for a more definitive direction with regard to the mediation efforts to end the US-Iran war. The index remains tucked within yesterdayʼs 98.98-99.25 range. Earlier, modest downticks coincided with comments from Fedʼs Kashkari, who said it is too early to predict the timing of the next Fed action when asked about market pricing for an October rate hike.
Kiwi is the best performing G10 currency following the RBNZ’s hawkish hold, in which it kept the OCR unchanged, but stated the OCR will most likely need to increase sooner and by more than envisaged in the February MPS. NZD/USD reside in a 0.5833-0.5885 range. AUD/USD was hit by softer-than-expected inflation. AUD/USD and AUD/NZD reside towards the bottom of 0.7136-0.7180 and 1.2143-1.2287 range, respectively.
Other G10s are largely flat vs the USD. CAD is subdued by oil prices, JPY saw softer-than-expected Services PPI data and comments from BoJ Governor Ueda, who warned that energy shocks may become more persistent. EUR overlooked further hawkish ECB commentary, whilst GBP was unreactive to the Ofgemʼs expected energy price cap rise.
Central Banks
RBNZ kept the OCR at 2.25%, as expected, while it stated the committee remains focused on ensuring that increased costs do not lead to elevated inflation over the medium term, and the OCR will most likely need to increase sooner and by more than envisaged in the February Monetary Policy Statement. RBNZ said the pace of OCR increases will depend on the relative influence of persistent wage- and price-setting behaviour versus weaker economic activity on medium-term inflation pressures. Furthermore, the central bank’s latest rate projections were increased with the OCR now seen at 2.51% in September 2026 (prev. 2.28%), 3.07% in June 2027 (prev. 2.62%), and at 3.11% in September 2027 (prev. 2.71%).
RBNZ Minutes revealed that three committee members (Breman, Silk, Conway) voted to leave the OCR on hold and three members (Hansen, Gourley, Gai) voted for a 25bp hike, resulting in the chairperson having the casting vote, meaning the OCR remained on hold at 2.25%. It was also stated that the committee remains focused on bringing medium-term inflation back to target and expects that OCR increases will be required this year, while all committee members agreed that increasing the OCR at upcoming meetings would likely be necessary to ensure higher near-term inflation does not feed through to higher medium-term inflation.
RBNZ Governor Breman said in the post-meeting press conference that all members agreed on the path for rates and the difference was on timing, while she added that OCR increases are likely at the coming meetings and depend on data.
Furthermore, she said even if the Gulf conflict stops now, they still see inflation effects ahead, but cannot completely rule out anything on rates and stated that the current OCR is still a little bit on the accommodative side.
Fedʼs Kashkari (2026 voter) said it is too early to predict the timing of the next Fed action when asked about market pricing for an October rate hike. On the mandate, Kashkari said the US inflation risk is currently higher than labour-market deterioration risk, though both must be monitored.
BoJ Governor Ueda said supply shocks loom large in everyone’s mind and they are not new but have become more frequent. He warned that energy shocks may become more persistent and that central banks should not look at oil prices in isolation.
On inflation expectations, Ueda said that If inflation expectations are already high and wages are accelerating, the risk of second-round effects is large, however, if expectations are very low and wages are stagnant, even a large cost shock may not raise underlying inflation.
Fixed Income
Global fixed benchmarks continue to take impetus from the price action seen across the energy complex, with yields softer across the curve as WTI and Brent prints losses of c. 3.0%. Geopolitical updates have been light thus far, with commentary out of Iran continuing to reiterate its stance on the Strait of Hormuz, “management of the Strait of Hormuz is a precondition that cannot be negotiated,” while the Iranian Supreme Leader advisor stated that the real guarantor of any agreement with the US is the Strait of Hormuz.
USTs gain by a handful of ticks, trading at the upper end of its 109-27 to 110-01+ range.
Bunds are higher by some 20 ticks, and further extending beyond the 126 handle (126.10-126.27 range). In terms of commentary, ECBʼs Stournaras said a June hike is likely, which is in line with recent rhetoric by policymakers. The Bank also released its financial stability review, in which it stated that financial markets are in danger of a sudden and significant correction, with asset prices looking stretched by historical standards. However, no reaction was seen in the Bund complex.
Gilts outperform with gains of c. 50 ticks as it nears the 89 handle. In yield terms, the 10yr has slipped back below 4.85%, it remains a fair way from the April 17th low of 4.73%. In comparison to its German counterpart, it has already breached the low. UniCredit remains cautious on UK debt, highlighting 3 reasons: 1) political uncertainty, 2) inflationary pressure well above BoEʼs target, and 3) weakening macro fundamentals.
Germany sells EUR 1.550bln vs exp. EUR 2bln 2.60% 2041 and 2.90% 2056 Bund.
Japan sells JPY 300bln in 40-year JGBs; b/c 2.70x (prev. 2.54x), highest accepted yield 3.840% (prev. 3.600%).
Commodities
Crude futures are on a softer footing with little in terms of escalatory headlines on the US-Iran front, and with no “hot response” from Iran over USʼ “self-defence” strike earlier in the week. Furthermore, mediation efforts are seemingly ongoing, but funds and Hormuz management remain sticking points. That being said, an official in the Iranian Revolutionary Guard said the likelihood of renewing war with the United States is “slim”, but warned that “the armed forces are lying in wait with full magazines”.
Nonetheless, crude futures are on a grind lower with WTI Jul towards the lower end of a USD 89.64-93.69/bbl range, next eyeing the Monday low of 89.41/bbl. Brent Aug dipped under yesterdayʼs low and currently resides in a USD 92.87-96.45/bbl range ahead of Mondayʼs USD 93.21/bbl trough.
Elsewhere, spot gold and silver remain softer despite the pullback in crude as inflationary concerns remain on tradersʼ minds, with the RBNZʼs hawkish hold overnight also not helping sentiment across the space. Spot gold fell under USD 4,500/oz to reside towards the lower end of a USD 4,476-4,528/oz parameter.
Base metals are mixed/mostly lower as inflation concerns remain heightened, and with large buyer China also seeing a subdued performance overnight. 3M LME copper trades flat within a narrow USD 13.61k-13.85k/t range, awaiting the next macro impulse
UK’s energy regulator Ofgem announces 13% increase in energy price cap for 1 July to 30 September 2026 (as expected), citing higher wholesale gas prices due to Middle East. conflict
Geopolitics
The IDF and US CENTCOM remain on high alert amid the possibility of a deal being failed to be reached and that US President Trump could order military action, according to journalist Stein as coordination between the US and Israel continue.
Iranian Deputy Security Secretary said indirect contacts between the US and Iran continue, Interfax reported. Iran is not discussing the fate of its enriched uranium stockpiles with the US while Tehran is negotiating with Oman over a new mechanism of passage through Hormuz.
Iranian Foreign Ministry spokesperson said Iran and the United States have not yet reached an agreement on unblocking the Strait of Hormuz, Nour News reported.
Iranian lawmaker Boroujerdi said in the draft agreement between Iran and the United States, it was agreed that Washington would commit to a comprehensive ceasefire for 60 days, including Lebanon, Al Mayadeen reported. The draft also included the release of a large part of Iranʼs frozen assets and the lifting of the naval blockade are among the other requirements of this agreement.
An official in the Iranian Revolutionary Guard said the likelihood of renewing war with the United States is “slim”, Al Arabiya Business reported, however, adds that “the armed forces are lying in wait with full magazines.”
Iran said management of the Strait of Hormuz is a precondition that cannot be negotiated, while the advisor to the Iranian Supreme Leader said the real guarantor of any agreement with the United States is the Strait of Hormuz, Al Jazeera reported.
The advisor added that documents and signatures alone cannot guarantee any deal.
There is a decisive US message to Israel to ban targeting Beirut, Sky News Arabia reported quoting Channel 12. “Washington fears that strikes in Beirut could derail negotiations with Iran and expand the scope of escalation in Lebanon.”
Israeli PM Netanyahu said Israel are not limited to operating in Beirut, but have been operating there recently. The Israeli Defence Minister added that Israel is currently in a complex situation with the US, and no one will stop Israel from defending itself.
Israel’s Channel 12 reported the assassination of Hamas military wing commander Muhammad Awda.
Israel conducted strikes on various towns in southern Lebanon, and explosions were reported in Lebanon’s capital, Beirut, and its suburbs, while Israel’s military reported sirens sounding in several areas of northern Israel after launches were identified from Lebanon.
US Event Calendar
7:00 am: United States May 22 MBA Mortgage Applications, prior -2.3%
10:00 am: United States May Richmond Fed Manufact. Index, est. 4, prior 3
4:00 am: United States Fed’s Logan Speaks in Panel Discussion
3:55 pm: United States Fed’s Cook Speaks on AI, the Economy and Financial System
8:00 pm: United States Fed’s Jefferson Speaks on Panel
10:25 pm: United States Fed’s Goolsbee Participates in Panel
DB’s Jim Reid concludes the overnight wrap
The record breaking heatwave continues here in the UK even if today promises to be a bit cooler. I fear health and safety has gone a little crazy though as my twins’ half term cricket camp has been cancelled this morning because of risk of extreme heat. At the time it’s on this morning the forecast is for 23 degrees Celsius, some 10 degrees cooler than yesterday. Cricket might become an endangered sport at this rate.
The heat has returned to the tech market overnight with the KOSPI (+3.65%) now up just under +98% YTD with SK Hynix (up over +13%) surpassing a trillion dollar of market cap and being up over 1000% in the last 12 months now. Also passing a trillion dollars was Micron Technology (+19.3%) in last night’s US session as memory chip fever continues.
This has helped global sentiment mostly hold up over the past 24 hours, even as lingering questions over the prospects for a US-Iran deal led Brent crude (+3.58%) to pare back about half of Monday’s decline. Still, the increased Iran deal optimism from the weekend combined with renewed AI bullishness meant that the S&P 500 (+0.61%) reached a new record high as US markets returned from the long weekend. On Iran, we’ve seen little definitive news flow this week, leaving a sense that a deal might not yet be as imminent as hoped over the weekend. However it seems talks remain on track despite the targeted US strikes we mentioned yesterday. Iran’s Tasnim news agency reported that Tehran wants half of its $24bn in frozen assets to be released upon reaching a deal, with the topic in focus during the visit by Iran’s chief negotiator Ghalibaf to Qatar, which ended yesterday. From the US side, Secretary of State Marco Rubio said that “it’ll take a few days” to agree specific language in the draft agreement, emphasising the US demand for the Strait of Hormuz “to be open, unimpeded, without tolls”. There was also some immediate uncertainty over Hormuz, with the WSJ reporting that the US Navy was now assisting vessels through the strait but US Central Command later denying that it has restarted escorting ships.
As discussed at the top, this backdrop saw oil markets trim some of Monday’s optimism that a deal could be imminent, and Brent crude (+3.58%) reversed about half of Monday’s -7.15% decline. Brent is back down -1.57% at $98.02/bbl this morning though, leaving it around $5.50 below Friday’s close ($103.54).
Even with lingering questions, the Iran deal optimism coming out of the weekend was sufficient to push the S&P 500 (+0.61%) to a new record high, extending its YTD gain to +9.84%, The rally was also boosted by renewed optimism around chipmakers, with the Philly semiconductor index surging +5.53% and the Nasdaq up +1.19%. This was led by Micron (+19.3%) as we discussed earlier and is now up an astonishing +859% over the past year. Other cyclical sectors also advanced, though the breadth of the gains was fairly narrow with just over half of the S&P 500 constituents lower on the day.
Elsewhere in Asia, the Nikkei (+0.71%) is higher along with the ASX (+0.28%) but the Hang Seng (-0.85%), the CSI (-0.72%), and the Shanghai Composite (-1.11%) are lower. US equity futures are fairly flat.
Returning to Australia, CPI inflation increased by +4.2% year-on-year in April, which is softer than the anticipated +4.4% and also represents a decrease from the +4.6% rise observed in the previous month. However, underlying inflation, as indicated by the trimmed mean CPI, has remained sticky, rising to +3.4% in April from +3.3% in March and in line with expectations. The probability of a hike by the August meeting has edged down a few basis points to around 43% as I type.
Turning to rates, US Treasuries also gained yesterday, with 10yr yields falling -7.3bps to 4.49% and another -1.6bps lower overnight. And 2yr yields (-9.0bps) saw their biggest decline since February, as investors’ expectations for Fed hikes eased. A hike is now 66% priced by December, down from 95% on Friday. On the topic of Fed expectations, our US economists published a short note yesterday discussing what different Iran scenarios – a peace deal, continued muddle through and re-escalation – might mean for Fed policy (see here).
In continental Europe, sovereign bonds saw a modest sell-off on Tuesday following the strong rally on Monday. The yield on 10yr bunds rose +3.3bps to 2.98%, with OATs (+3.2bps) and BTPs (+4.8bps) also higher. In additional to oil moving higher, the rise in EGB yields was supported by hawkish comments from ECB’s Schnabel. She suggested that the ECB should hike rates in June even if the US-Iran conflict “ended today”, saying that “given the size and persistence of the shock, looking through is no longer an option”. By contrast, ECB Chief Economist Lane avoided pre-committing to any decision, while noting the likely “further upward adjustment to the inflation forecast in June” and expectations of “indirect effects beyond energy prices”. Those Schnabel comments meant that pricing of a June ECB hike rose from 77% to 91%, though the 60bp of hikes priced by year-end (+8.2bps yesterday) are well below the 74bps priced this time last week.
European equities lost ground, with the Stoxx 600 (-0.57%), DAX (-0.80%), CAC (-1.03%) and FTSEMIB (-0.64%) reversing around half of Monday’s strong gains. The FTSE 100 (+0.24%) here in the UK was the exception as it caught up to Monday’s rally, with 10yr gilts (-2.2bps) also outperforming continental counterparts after being closed on Monday.
In monetary policy action, the Reserve Bank of New Zealand (RBNZ) maintained the official cash rate at 2.25%, while indicating that future increases in rates may be necessary sooner and to a greater extent than previously anticipated, owing to rising inflationary pressures from escalating energy costs. At the same time, the central bank cautioned that inflation could reach a peak of 4.3% later this year, an increase from the +3.1% recorded in the March quarter, as the conflict in the Middle East drives up fuel and petrochemical prices, despite a slowdown in economic growth. Following this announcement, the New Zealand dollar has risen by as much as +0.74% as investors adjusted their expectations for forthcoming rate hikes.
In terms of yesterday’s data, May consumer confidence in the US edged lower but outperformed expectations (93.1 vs 92.0 expected) as last month’s reading was revised up from 92.8 to 93.8. While assessment of the present situation deteriorated, expectations unexpectedly ticked up to a 5-month high of 74.4 (vs 71.9 expected). So overall this Conference Board data was more upbeat than the historic lows seen in the University of Michigan consumer survey last Friday. Second-tier data was more varied, with the Dallas Fed manufacturing outlook ticking up to a 10-month high but with the Philadelphia Fed services survey unexpectedly deteriorating (-23.6 vs -13.0 expected). And the S&P Case-Shiller house prices index fell for a second month running in March (-0.16% MoM vs -0.10% expected), continuing to lose the momentum it had gained late last year.
Turning to the day ahead, US data include the May Richmond Fed survey and Dallas Fed services activity. In Europe, we get France May consumer confidence and EU April new car registrations. Fed speakers include Kashkari, Logan and Cook while the ECB will release its latest Financial Stability Review. The slowing earnings season includes releases from Marvell, Salesforce, Synopsys and Snowflake.
1b European opening report
1 c Asian opening report
2.NORTH AND SOUTH KOREA AND JAPAN
JAPAN
Uranium — Japan: New Nuclear Build Inevitable?
by Asymmetric Research
Tuesday, May 26, 2026 – 11:06
Even under Japan’s conservative nuclear scenario, utilities face a c10Mlbs uranium inventory shortfall. Under a more realistic scenario, the shortfall is dramatically larger.
Japan’s Prime Minister recently stated that the country will “make utmost efforts to avoid market disruptions that were seen in the oil shock era” and “raise the ratio of nuclear and renewable energies to up to 70% from the current 30%.”
At first glance, this appears consistent with Japan’s early 2025 energy plan, which targeted renewables at 40-50% and nuclear at 20% by 2040. What remains unclear is whether the split between nuclear and renewables has shifted. Given the ongoing global energy crisis, we believe doubling down on renewables growth alone is not the answer. Pre-Fukushima, nuclear accounted for 29-30% of Japan’s electricity generation. The current crisis makes a return toward that level increasingly rational.
Base Case: 20% Nuclear by 2040
For our base case, we assume Japan holds to its existing 20% nuclear target. With total power demand forecast at c1150TWh in 2040, a 20% nuclear share implies 230TWh of nuclear generation. Assuming an 80% load factor, already generous relative to the sub-70% Japan achieved pre-Fukushima, this requires 33GW of operable nuclear capacity by 2040.
We estimate Japan’s true operable capacity at c27GW: meaningfully below the WNA’s figure (32GW). We expect two reactors at Kashiwazaki to be decommissioned as a political concession to enable restart of the remaining five. We also believe improved seismic knowledge will prevent the restarts of Tsuruga 2 and the Shika plant. The latter was located near the epicentre of the 2024 Noto earthquake, which challenged prior assumptions about seismic risk in the region.
To meet even the 20% nuclear target, on these assumptions, Japan will need to: (1) resume construction of Shimane 3 and Ohma 1 (1.4GW each), both suspended post-Fukushima; and (2) commission an additional c3.5GW of new build. There are no known legal restrictions in Japan preventing new reactor construction.
Applying pre-Fukushima inventory coverage ratios which are more conservative than Western ones, Japanese utilities would be c10Mlbs short on uranium inventories to support this base case alone.
Japan nuclear operable capacity and net capacity balance to attain 20% nuclear in generation mix
Source: Asymmetric Research, IAEA, WNA
Upside Scenarios: Nuclear Share Grows Beyond 20%
If Japan’s 70% target for nuclear and renewables combined is maintained but nuclear’s share reverts to pre-Fukushima levels of 30%, this would require 23GW of new build: a c80% increase on our estimate of current operable capacity. We do not exclude this scenario; it would be a rational response to the energy crisis Japan is navigating.
In an even more bullish scenario where renewables growth aspirations are redirected fully toward nuclear, bringing nuclear to a 40% share (Japan’s original 2009 target for 2020), the country would effectively be at the dawn of a nuclear revival echoing its 1970s and 1980s build-out. Under either of these scenarios, Japanese utilities would face acute uranium shortfalls.
Japan net new nuclear capacity needed if energy plan were to swap renewables growth for more nuclear
Source: Asymmetric Research
[…]
This article was originally published on Asymmetric Research. Continue reading the full analysis, including our supply deficit forecasts and highest-conviction uranium positions at asymmetricresearch.substack.com
Taiwanese Defense Minister Wellington Koo Li-hsiung said on Monday that he’s “cautiously optimistic” that the US will advance a $14 billion arms package for Taiwan after the US Navy secretary said it was on hold due to the war with Iran.
Acting Navy Secretary Hung Cao told Congress last week that the US was “doing a pause” on the massive weapons package to “make sure we have the munitions we need for Epic Fury,” the code name for the US-Israeli war against Iran.
Cao’s comments appeared to contradict President Trump, who suggested the arms package could be used as a “negotiating chip” with China.
During his recent visit to Beijing, Chinese President Xi Jinping issued a stern warning regarding Taiwan, telling the US president that if the issue isn’t handled properly, it could lead to “clashes and conflicts” between the two superpowers.
In December, the Trump administration advanced an $11 billion weapons package for Taiwan, more than was approved for the island during the entire Biden administration.
In response, China launched major military drills around Taiwan that simulated a blockade, and Beijing is expected to do something similar if the $14 billion package moves forward.
Koo told reporters he was optimistic that the US would approve the arms sale because Taiwan had received “no notification” that its policy had changed. Cao also said that the US hadn’t discussed the issue with Taiwan.
“From the Defense Ministry’s standpoint, we continue to maintain communication with the US War Department,” Koo said, according to The South China Morning Post.
“The reason we remain cautiously optimistic is because we believe that under unchanged US policy towards Taiwan, the core interest involved here is peace in the Taiwan Strait, and peace in the Taiwan Strait is a core interest of the United States.”
Taiwan recently approved a $25 billion increase in military spending, intended exclusively for purchasing US weapons, though a US official said the Trump administration was“disappointed” that the amount wasn’t higher.
4. EUROPEAN AND SCANDINAVIAN COMMENTARIES PLUS NATO
KOLBE…
Europe is too top heavy in the public sector plus their green energy policies is killing Europe
(Kolbe)
Europe’s Deindustrialization vs America’s Quiet Investment Boom
Wednesday, May 27, 2026 – 02:00 AM
Submitted by Thomas Kolbe
German Chancellor Friedrich Merz appears disoriented, whiny-apathetic, and remarkably weak in leadership these days. Perhaps the chancellor senses that the project of his political generation is entering its final phase. Is he aware that the construction of eco-socialism has failed? That both his reckless debt policies and Germany’s rapid deindustrialization are consequences of this ideological insanity? The fact that Friedrich Merz still found the audacity — despite the catastrophic domestic political and economic situation at home — to publicly accuse U.S. President Donald Trump of lacking strategy in the Iran conflict speaks to an almost immeasurable degree of stubborn arrogance and self-delusion.
There he was again: the German know-it-all. The type of politician who once lectured Europe’s neighbors over debt problems while failing to compare his own actions with the present condition of his own country.
Merz would have done well to take a look at the American economy and the U.S. labor market before stepping onto such embarrassingly thin rhetorical ice.
In April, the private sector in the United States created 115,000 new jobs. During the opening months of the previous year, another roughly 180,000 jobs had already been added. The U.S. economy has now delivered four strong months in a row, signaling that America is rapidly gaining momentum and — unlike the European economy — is not being derailed by the Iran crisis. These are phenomenal numbers at a time when the world is fighting over scarce capital, know-how, and access to cheap energy resources.
The contrast with Germany could hardly be greater. During the first year of the Merz government, the German public sector was bloated with another 205,000 more-or-less useless jobs, while Donald Trump’s administration cut 300,000 positions from the overstretched state apparatus. During the same period, the American private sector created a net total of more than 750,000 jobs since Trump returned to office, while the German economy eliminated roughly 200,000 positions.
Deregulation, tax cuts, and a fundamental trust in the power of private enterprise across the Atlantic stand in sharp contrast to the sluggish, apathetic-socialist policies of Germany and the European Union — and not in Europe’s favor.
How strongly the American economy is currently developing can be seen in an interesting media phenomenon.
April 29, 2026 – a Wednesday – may one day prove to have been an important turning point. On that day, outgoing Federal Reserve Chairman Jerome Powell appeared before the press for the final time to announce the latest decision on U.S. interest rates. The fact that the Fed left rates unchanged within a range of 3.5 to 3.75 percent came as no surprise. What was striking, however, was the deafening silence inside financial newsrooms, which normally inflate Fed rate decisions into mega-events for the markets and American capitalism itself. This time, the waters remained perfectly calm.
Two developments lie behind the media’s sudden disenchantment with Fed meetings. First, there is the policy of U.S. Treasury Secretary Scott Bessent, who used legislation such as the Genius Act and the Clarity Act to establish the framework for U.S. dollar-based stablecoins, thereby shifting a significant portion of money creation back into the hands of the private banking sector — where it once resided before the creation of the Federal Reserve. Second, the higher policy rates compared to the Eurozone appear to indicate that the U.S. economy is far more robust than European politicians and media figures would like to admit. So the attitude has become: best not to talk about it too much. Otherwise, people might start noticing that the Eurozone economy itself is incapable of surviving positive real interest rates.
Donald Trump’s second presidency has so far delivered 15 months of determined deregulation and a noticeable liberation of the energy sector from the strangling regulatory activism of climate fanatics. Until Trump’s election victory, Washington had been ideologically subordinate to Europe. Back in 2009, the Europeans succeeded in pushing Barack Obama into effectively adopting Europe’s climate policies wholesale in the United States. But the hope that America’s collapse would somehow conceal Europe’s own decline has now evaporated. Behind the strength of the U.S. labor market stand massive forces of private-sector investment.
This is where the ideological divide between the United States and the European Union truly lies. While the EU — driven in large part by German political pressure — has constructed a green redistribution machine that functions as a state within the state, siphoning resources out of productive sectors into the political economy and green transformation bureaucracy, Americans understand something Europeans have forgotten: prosperity is created exclusively through investment in deregulated free markets supported by a functioning price mechanism that reflects relative scarcity.
The effect of Trump’s deregulation wave can only be estimated in rough numbers. In the first quarter of 2026, gross private investment in the United States rose 8.7 percent year-over-year. Investment in equipment and industrial structures increased by 10.4 percent during the same period. These are extraordinary figures at a time when nations are competing aggressively for know-how and resources.
Now compare that to Germany: after years of eco-socialist degrowth policies, overregulation, and energy-policy suicide, Germany’s net investment ratio has slipped into negative territory. In plain English, the German economy is consuming itself. Whatever industrial substance remains is being eaten away and financially leveraged by the state wherever possible. While German industry is tearing down its tents, the United States is writing a genuine reindustrialization story. If the American economy succeeds in maintaining technological leadership over China and secures dominant positions through massive investments by U.S. tech giants in artificial intelligence, robotics, medical technology, aerospace, and mobility, the geopolitical balance of power will shift accordingly.
More than 400 major industrial projects are currently being developed across the United States. These include new nuclear power plants, gigantic data centers, traditional automobile manufacturing facilities, and even aluminum smelters. They are being financed through investments from the Arab states, Japan, and other parts of the world that President Trump brought home from his numerous foreign trips. But domestic demand and America’s internal investment engine are also running at full speed. Something is brewing in the United States — perhaps even a small economic revolution.
From a European perspective, this makes the situation all the more dramatic because the entire ideological failure of globalist politics becomes far more obvious in contrast to the United States.
If ideological hardliners, committed statists, and central planners remain in power in Brussels, Berlin, and Paris, the old continent is likely to sink into a prolonged economic coma — tired, aging, and increasingly weak. Hope for the future, entrepreneurial innovation, and economic dynamism will only return once a younger generation of European free spirits awakens from this comatose winter.
I am convinced that one day a generation of Europeans will clear away the ideological mud of the past with a cold smile on their faces, astonished by the arrogance and ideological blindness of their predecessors. In the end, civilization and humanity’s desire to improve its living conditions will prevail.
END
GERMANY
KOLBE…
it did not take the lefties long to kill the golden goose egg..
Germany’s Tax Revenue Collapse Signals Fiscal And Industrial Breakdown
Wednesday, May 27, 2026 – 05:00 AM
Submitted by Thomas Kolbe
The German federal government and municipalities are the major fiscal losers of 2026. The partly dramatic collapse in tax revenues reveals two things: the transformation disaster is staggering toward its end, and citizens are being squeezed by the state like lemons until the very last moment.
No matter how you spin it, the tax party of Germany’s welfare-state engineers is over. In the first four months of the year, Germany’s total tax intake developed into a fiscal catastrophe. During that period, the federal government, states, and municipalities collected 2% less revenue than a year earlier.
At first glance, that may sound unspectacular. In reality, however, it marks a turning point. Until now, complaints from German budget politicians merely reflected disappointment over slower growth in tax revenues – never an outright decline in state income. That has apparently changed.
Every social welfare system – and with it the entire state apparatus – has been structured around the assumption of disproportionately rising tax revenues. Where this ultimately leads can be seen in the spending behavior of the federal government. Berlin has maneuvered itself into a self-reinforcing spending spiral. The rules of prudent bookkeeping, once considered binding even for political leaders, have been discarded in the stampede of the new socialism. Federal expenditures are now increasing at an annual rate of more than 5%. Yet the federal government itself has suffered an 8.3% decline in tax revenues compared with last year.
Rightly so: decadent excess must eventually be punished. Or put differently: Finance Minister Lars Klingbeil is not merely overwhelmed by his responsibilities – he is a political gambler, much like his chancellor, a reckless counterfeiter intoxicated by delusions of political omnipotence and state-engineered possibility.
A look under the fiscal hood reveals the real damage. The dramatic collapse in tax revenues is especially visible at the municipal level. Treasurers across Germany are fighting on the front lines against the consequences of the destructive ideology of the green transformation. They are the first to notice how industrial zones are emptying out – a process that has accelerated in former industrial centers where Germany once dominated global markets in automobiles, machinery, and chemicals. Now those same regions are watching their municipal revenues implode.
The consequences are severe: in the first four months of the year, total municipal tax revenues fell by 20.4%. The permanent economic depression is destroying the business tax base — the fiscal anchor of local government finances – and is virtually forcing Berlin into additional bailout measures to stabilize municipalities.
At least we now understand the true purpose of Germany’s gigantic “special fund”: it was merely the first massive bridge loan, and many more will undoubtedly follow. The cognitive dissonance is pathological. Within the ranks of the CDU, SPD, Greens, Left Party, and FDP, politicians still believe they can somehow reach the promised shores of green utopia. Transformation has become a psychological crutch, an excuse for catastrophic failure. Even after the high priests of climate ideology quietly abandoned their own apocalypse rhetoric, Germany’s political establishment remains on course.
All that is supposedly needed is more time, more fear-driven behavior modification of citizens, and a fresh flood of debt. That is the narrative. How badly they miscalculated.
Without a functioning economy there are no taxes. If Germany’s political class retained even a rudimentary connection to economic reality, the conclusion would now be obvious: the state must adapt to new economic conditions. The fantasy that Germany can operate as a global welfare office has failed. Equally disastrous is the military-political experiment of financing a proxy war against Russia. And Germany’s remilitarization – currently costing roughly €110 billion annually, or 2.5% of GDP – will likewise crash against the cliffs of economic reality.
With almost visible pride, Finance Minister Klingbeil recently announced that Germany would require an additional €800 billion in debt by 2030 to achieve the coalition’s ambitious political objectives. Quite apart from the fact that these goals are driving the country and its economy into chaos, the real figure will likely exceed €1 trillion merely to keep this decaying ship afloat.
Could it be that Merz and Klingbeil are becoming intoxicated by debt itself? That the debt crisis merely provides the pretext for imposing new taxes on Germany’s middle class and effectively expropriating it? Hatred toward the native population increasingly appears to be the glue holding this catastrophe coalition together, as Labor Minister Bärbel Bas recently demonstrated. For political figures like Bas, the German population is little more than a faceless “uniform brown mass,” a chapter of history to be closed – and the worse conditions become, the more ruthlessly the tax hammer will fall.
The direction of future tax policy is already visible in the states’ revenue figures. Thanks to an 8% increase in real estate transfer taxes – effectively a tax on accumulated substance – Germany’s sixteen state governments were still able to post a combined 2.4 percent increase in revenues between January and April.
Debates over expanding inheritance taxes on business assets, along with renewed attempts to introduce a wealth tax, reveal the strategy clearly: the political class intends to compensate for its own failure by extracting the economic substance of Germany’s middle class. The first step in this confiscatory process was the restructuring of property taxes. Homeowners are the initial victims, trapped by the very immobility of real estate itself.
Payroll tax revenues – critical for every level of government – have so far remained relatively stable despite the growing weakness of the labor market. But Berlin and the state governments should not become overly optimistic. The loss of half a million jobs in the first quarter of the year should be interpreted as the first lightning flashes of a much larger crisis approaching on the horizon.
So far, the fiscal consequences have merely been delayed by inflation, the stealth taxation of bracket creep, and higher levies such as the CO2 tax. That delay, however, will not last forever.
END
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS//
ISRAEL/USA VS IRAN//WEDNESDAY MORNING
Oil Tumbles As Tehran Pushes Draft Peace Framework While Sidestepping Uranium Question
Wednesday, May 27, 2026 – 08:45 AM
Summary
Iran only having ‘indirect’ US contacts while asserting that enriched uranium is ‘off the table’ for negotiations: state TV says Tehran hasa draft of the initial unofficial framework for MOU with US.
IRGC keeping up the rhetoric: warns that Iran would “turn the area from Chabahar to Mahshahr into a graveyard for aggressors” if the ceasefire collapses.
CENTCOM: “Clearly the Iranians are trying to hedge their bets here and put more pressure on the US.”
Iranian president: “The main battleground today is the economic war.“
Tabriz International Airport in northwestern Iran– which sustained heavy damage from airstrikes during the peak of the aerial bombings – is officially operational again, bringing restored airports to 20 reopened.
As for the status of talks, the below headlines present the latest (and noticeably absent is the enriched uranium question, or release of Iranian funds). Bloomberg summarizes: “An unofficial draft of a US-Iran interim peace deal says maritime traffic through the Strait of Hormuz can return to normal within a month of the agreement being finalized, according to Iranian state television. It’s unclear how recent the draft, reported by IRIB News, is or whether the US has agreed to the terms.”
Iran’s state TV says it has a draft of the initial unofficial framework for MOU with US
According to draft MOU US military forces will withdraw from vicinity of Iran and lift naval blockade
Iran’s state TV says in return, Iran has committed to restoring the number of commercial transit ships through Hormuz Strait to pre-war levels within one month
Iran’s state TV says military vessels are not included in this draft agreement
Iran’s state TV: A final agreement will be approved as a binding UN Security Council resolution if reached in 60 days.
The Islamabad memorandum framework is still in progress, stating no action will be taken by Iran without “tangible verification.”
If a final deal is reached within 60 days, this agreement will be approved in the form of a binding UN Security Council resolution.
The management and route of ship traffic through Strait of Hormuz will be handled by Iran in cooperation with Oman.
Oil dumping on the headlines:
Iran Vows ‘Graveyard For Aggressors’ amid ‘Indirect’ US Contacts
Tehran is keeping the war rhetoric cranked to a maximum, but is also conceding that a return to full-scale war with the United States and Israel is ‘unlikely’ at this stage. The Islamic Republic says at this moment only ‘indirect’ contact with Washington is happening, as cited in Bloomberg.
The IRGC is seeking to dismantle any assumption that Iran is entering peace talks from a position of tactical submission. Speaking to the semi-official Tasnim news agency, Mohammad Akbarzadeh – the political deputy of the IRGC Navy – warned that any resumption of US kinetic activity would result in catastrophic casualties for Western forces.
Akbarzadeh touted that the armed forces remain at a level of total readiness, threatening that Iran would “turn the area from Chabahar to Mahshahr into a graveyard for aggressors” if the ceasefire collapses. “Our fighters today carry in their chests the urge for hand-to-hand battle with the enemy,” Akbarzadeh declared, writing off the prospect of a renewed Western assault due to what he assessed as the “weakness” of the American-led coalition.
Pentagon: Iran ‘Hedging its Bets’ in Hormuz Strait
The Pentagon has acknowledged that Iran is ‘hedging its bets’ amid Hormuz tensions:
Former CENTCOM Commander Gen. Joseph Votel said Iran’s reported effort to lay mines in the Strait of Hormuz suggests Tehran is “hedging its bets” and attempting to ramp up pressure on the U.S. amid ongoing negotiations.
“Clearly the Iranians are trying to hedge their bets here and put more pressure on the U.S., and what we saw here was CENTCOM detecting that and then taking military action to address it very, very quickly,” Votel said during a Tuesday appearance on Fox News’ “America Reports.”
Iranian source to DropSite:
“If the U.S. cannot give the money that belongs to Iran back to Iran, and the U.S. cannot put a leash on Netanyahu and stop him from going on a rampage in Lebanon, then it shows that this conflict has not ended,” Izadi says. “This is a test for Iran to see what’s going on with the other side.”
And all the while Iranian leaders have continued to make clear they will not bow to the central Trump administration demand of transferring Iran’s highly enriched uranium out of the country – though there were prior unconfirmed reports that China could be an acceptable destination for some Iranian officials.
Speaking from the sidelines of an international security conference in Moscow, Ali Bagheri Kani, deputy secretary of the Supreme National Security Council, bluntly toldFars news agency: “This issue is not on the agenda of the negotiations.”
Iranian President Masoud Pezeshkian in fresh remarks is signaling that the conflict has simply migrated from an air and sea war to the global financial system.
Pezeshkian: Main Battleground Now the Economic War
Meeting with the Tehran Chamber of Commerce on Wednesday, Pezeshkian urged a structural overhaul of the country’s domestic market, calling for an immediate expansion of the private sector to act as an economic shield.
“The main battleground today is the economic war,” Pezeshkian stated, according to Tasnim. “We believe the more capable, agile, and active the private sector is, the stronger the country’s economic foundation will become, and the greater our national power will be in the face of external pressures and threats.”
Pezeshkian framed the Western shift toward sanctions and capital starvation as an admission of military failure by Washington and its Israeli ally. “After failing to achieve its objectives on the military front, the enemy has focused on damaging the country’s economic resilience and disrupting the livelihoods of the people,” the president added.
Indeed this is obviously what the US naval blockade on Iranian ports aims to accomplish, which Washington continuing to bet on some kind of mass anti-regime uprising, which has yet to materialize since the start of Operation Epic Fury.
20 Damaged Airports Across Country Reopened
To demonstrate its resolve and resiliency even while Washington tries to keep the economic chokehold on, Iranian civic workers continue to rebuild logistical infrastructure at rapid pace.
As the latest example, on Wednesday the Civil Aviation Organization announced that Tabriz International Airport in northwestern Iran- which sustained heavy damage from airstrikes during the peak of the aerial bombings – is officially operational again.
“The gateway to northwest Iran”…
According to public broadcaster IRIB, domestic technical teams managed to bypass supply chain bottlenecks to restore the facility to full service. “Tabriz Airport, which was attacked during the recent war, has now been restored to activity by Iranian specialists and will reopen on Wednesday,” a spokesperson confirmed.
Tabriz joins a growing list of critical transit hubs rushing to normalize operations, according to Al Jazeera, while state media reports state that the total number of reopened airports across the country has now reached 20.
ISRAEL/USA VS IRAN/ WEDNESDAY AFTERNOON
Trump Red Line: No Sanctions Relief Unless Iran Gives Up Uranium; US Rejects ‘Fabricated’ Peace Framework By Iranian Side
Wednesday, May 27, 2026 – 12:05 PM
Summary
Trump red line (PBS): “No, no, not at all. Not sanctions relief, no” – unless Iran gives up its enriched uranium. “Iran negotiating on fumes,” Trump says in cabinet meeting.
White House rejects ‘complete fabrication’ of Iranian TV reporting on MOU and draft deal status.
IRGC keeping up the rhetoric: warns that Iran would “turn the area from Chabahar to Mahshahr into a graveyard for aggressors” if the ceasefire collapses.
CENTCOM: “Clearly the Iranians are trying to hedge their bets here and put more pressure on the US.”
Iranian president: “The main battleground today is the economic war.“
Tabriz International Airport in northwestern Iran– which sustained heavy damage from airstrikes during the peak of the aerial bombings – is officially operational again, bringing restored airports to 20 reopened.
The president has said that under a framework deal, the Straight of Hormuz would open immediately; however, the Iranians are now insisting the IRGC has control of the vital oil transit waterway. Below is a short round-up of some of the more interesting latest statements from Trump, during a televised cabinet meeting at the White House.
TRUMP: STRAIT OF HORMUZ WILL BE OPEN TO EVERYBODY
TRUMP: WE’LL WATCH OVER STRAIT OF HORMUZ
TRUMP: OMAN WILL BEHAVE OR WE’LL HAVE TO BLOW THEM UP
TRUMP ON IRAN: WHEN THEY BEHAVE WE’LL LET THEM HAVE THEIR MONEY
Trump Red Line
President Trump has reasserted his ‘red line’ for negotiations, centered on enriched uranium and the nuclear issue:
President Donald Trump said on Wednesday that Iran would not get sanctions relief in exchange for giving up their highly enriched uranium. His comments come as the United States and Iran try to strike a deal to end the conflict that has engulfed the Middle East for the last three months.
“No, no, not at all. Not sanctions relief, no,” Trump told PBS News during a short phone call when asked if the current deal would mean that Iran would give up their highly enriched uranium in exchange for sanctions relief.
Trump also in a televised Wednesday afternoon cabinet meeting said Iran is “intent on a deal” but that “Iran is negotiating on fumes.“
White House Rejects ‘Complete Fabrication’ Of Iran TV MOU Contents
The Trump administration has denied the morning Iranian state media reports on the contents of a current ‘Memorandum of Understanding’ (MOU) – which curiously had left out any reference whatsoever to the fate of Iran’s enriched uranium…
WHITE HOUSE: NOBODY SHOULD BELIEVE IRAN STATE MEDIA REPORTING
WHITE HOUSE CALLS REPORTED IRAN MOU A ‘COMPLETE FABRICATION’
An official underscored that it is a “complete fabrication” – and so it seems we are yet again back at square one, as Tehran has also said it is only engaged in ‘indirect’ contact with Washington at this point. There are further reports in US media that the Pentagon has drawn up a new target list, and has acknowledged that the Iranians have been able to better hide their missile launch sites.
Also emerging are ambiguous reports of some kind of potential explosion incident at a petrochemical complex at Asaluyeh, in Iran’s Bushehr province.
US side denounces Iranian state media reporting on current MOU draft and status:
As for the status of talks, the below headlines present the latest (and noticeably absent is the enriched uranium question, or release of Iranian funds). Bloomberg summarizes: “An unofficial draft of a US-Iran interim peace deal says maritime traffic through the Strait of Hormuz can return to normal within a month of the agreement being finalized, according to Iranian state television. It’s unclear how recent the draft, reported by IRIB News, is or whether the US has agreed to the terms.”
Iran’s state TV says it has a draft of the initial unofficial framework for MOU with US
According to draft MOU US military forces will withdraw from vicinity of Iran and lift naval blockade
Iran’s state TV says in return, Iran has committed to restoring the number of commercial transit ships through Hormuz Strait to pre-war levels within one month
Iran’s state TV says military vessels are not included in this draft agreement
Iran’s state TV: A final agreement will be approved as a binding UN Security Council resolution if reached in 60 days.
The Islamabad memorandum framework is still in progress, stating no action will be taken by Iran without “tangible verification.”
If a final deal is reached within 60 days, this agreement will be approved in the form of a binding UN Security Council resolution.
The management and route of ship traffic through Strait of Hormuz will be handled by Iran in cooperation with Oman.
Iran Vows ‘Graveyard For Aggressors’ amid ‘Indirect’ US Contacts
Tehran is keeping the war rhetoric cranked to a maximum, but is also conceding that a return to full-scale war with the United States and Israel is ‘unlikely’ at this stage. The Islamic Republic says at this moment only ‘indirect’ contact with Washington is happening, as cited in Bloomberg.
The IRGC is seeking to dismantle any assumption that Iran is entering peace talks from a position of tactical submission. Speaking to the semi-official Tasnim news agency, Mohammad Akbarzadeh – the political deputy of the IRGC Navy – warned that any resumption of US kinetic activity would result in catastrophic casualties for Western forces.
Akbarzadeh touted that the armed forces remain at a level of total readiness, threatening that Iran would “turn the area from Chabahar to Mahshahr into a graveyard for aggressors” if the ceasefire collapses. “Our fighters today carry in their chests the urge for hand-to-hand battle with the enemy,” Akbarzadeh declared, writing off the prospect of a renewed Western assault due to what he assessed as the “weakness” of the American-led coalition.
Pentagon: Iran ‘Hedging its Bets’ in Hormuz Strait
The Pentagon has acknowledged that Iran is ‘hedging its bets’ amid Hormuz tensions:
Former CENTCOM Commander Gen. Joseph Votel said Iran’s reported effort to lay mines in the Strait of Hormuz suggests Tehran is “hedging its bets” and attempting to ramp up pressure on the U.S. amid ongoing negotiations.
“Clearly the Iranians are trying to hedge their bets here and put more pressure on the U.S., and what we saw here was CENTCOM detecting that and then taking military action to address it very, very quickly,” Votel said during a Tuesday appearance on Fox News’ “America Reports.”
Iranian source to DropSite:
“If the U.S. cannot give the money that belongs to Iran back to Iran, and the U.S. cannot put a leash on Netanyahu and stop him from going on a rampage in Lebanon, then it shows that this conflict has not ended,” Izadi says. “This is a test for Iran to see what’s going on with the other side.”
And all the while Iranian leaders have continued to make clear they will not bow to the central Trump administration demand of transferring Iran’s highly enriched uranium out of the country – though there were prior unconfirmed reports that China could be an acceptable destination for some Iranian officials.
Speaking from the sidelines of an international security conference in Moscow, Ali Bagheri Kani, deputy secretary of the Supreme National Security Council, bluntly toldFars news agency: “This issue is not on the agenda of the negotiations.”
Iranian President Masoud Pezeshkian in fresh remarks is signaling that the conflict has simply migrated from an air and sea war to the global financial system.
Pezeshkian: Main Battleground Now the Economic War
Meeting with the Tehran Chamber of Commerce on Wednesday, Pezeshkian urged a structural overhaul of the country’s domestic market, calling for an immediate expansion of the private sector to act as an economic shield.
“The main battleground today is the economic war,” Pezeshkian stated, according to Tasnim. “We believe the more capable, agile, and active the private sector is, the stronger the country’s economic foundation will become, and the greater our national power will be in the face of external pressures and threats.”
Pezeshkian framed the Western shift toward sanctions and capital starvation as an admission of military failure by Washington and its Israeli ally. “After failing to achieve its objectives on the military front, the enemy has focused on damaging the country’s economic resilience and disrupting the livelihoods of the people,” the president added.
Indeed this is obviously what the US naval blockade on Iranian ports aims to accomplish, which Washington continuing to bet on some kind of mass anti-regime uprising, which has yet to materialize since the start of Operation Epic Fury.
The single biggest, and most historic development out of Lebanon in recent years was the Israeli assassination of longtime Hezbollah Secretary General Hassan Nasrallah on September 27, 2024, via massive bunker-busting airstrikes on his underground location in south Beirut.
Since then, Hezbollah’s leadership has been greatly degraded, also given the widescale pager explosion attacks. To fill the leadership vacuum, a co-founder of Hezbollah, and its first deputy secretary-general who had long assisted Nasrallah, Naim Qassem, stepped in as new Secretary-General.
But now, Israel is once again trying to accomplish a ‘decapitation strike’ – reportedly having targeted Qassem in at least two recent operations thus far.
Jerusalem Post writes Tuesday that “Israel has attempted to target Hezbollah Secretary-General Naim Qassem at least twice in recent weeks, Saudi outlet Al Hadath reported on Monday, citing an anonymous Israeli source.”
“The report came shortly after Prime Minister Benjamin Netanyahu’s announcement that he had instructed the IDF to intensify attacks against the terrorist organization,” JPost continues.
Crowds have especially fleeing Beirut’s Dahiya district following the announcement of the escalation. Since Gaza war began, this district has been hit many times. It seems that Israel suspects he’s in this area, and historic Hezbollah stronghold.
Monday saw expanded attacks across Lebanon, including Tyre, and Bekaa Valley, and the pace of airstrikes is expected to ramp up.
Al Jazeera earlier cited the Israeli army, which indicated that: More than 70 Hezbollah infrastructure sites across the country were hit Monday, some 10 headquarters and weapons depots in the Tyre area were struck, and an unspecified number of Hezbollah fighters on motorcycles were killed or wounded in the south. And now…
NETANYAHU SAYS ISRAELI MILITARY OPERATING WITH ‘LARGE FORCES ON GROUND’ IN SOUTHERN LEBANON AND TAKING CONTROL OF ‘STRATEGIC AREAS’
While no new Beirut strikes were immediately forthcoming Monday into much of Tuesday, the IDF has issued evacuation orders for some southern suburbs, and people are fleeing, given past experiences of massive bombing raids:
Gong back to early March, over 3,180 Lebanese have been killed, with more than 9,000 wounded – according to Lebanese health officials. The figures do not distinguish between armed combatants or civilians.
Critics of Israel have warned that Netanyahu is trying to sabotage Trump’s efforts to find a final peace deal with Iran. The Israelis have long worried that Washington could in the end settle for a ‘bad deal’ – or one that doesn’t ensure the complete destruction of Iran’s nuclear program and highly enriched uranium.
* * *
Much further south, in Gaza, the IDF has reportedly taken out the leader of Hamas’ Qassam Brigades…
END
HEZBOLLAH ISRAEL
IDF to invade deeper into Lebanon, begin operating beyond Yellow Line to deter Hezbollah drones
All of this occurs as the world expects the Trump administration to soon reach a ceasefire with Iran, which will likely impose a fuller ceasefire on the IDF versus Hezbollah.
IDF soldiers operating in southern Lebanon, published April 29, 2026.(photo credit: IDF SPOKESPERSON’S UNIT)ByYONAH JEREMY BOBMAY 26, 2026 17:08Updated: MAY 26, 2026 21:31
In response to ongoing Hezbollah drone attacks that have harmed an increasing number of IDF soldiers, Israel confirmed on Tuesday that the military has infiltrated deeper into Lebanon beyond the April 17 ceasefire Yellow Line.
The IDF did not specify how far it would push into Lebanon, though it appears any invasions would be temporary and that the military is not seeking to hold additional territory.
However, when the IDF entered southern Lebanon, its initial goal was to take over only a few kilometers. The IDF pushed deeper toward the Litani River when its initial invasion failed to stop Hezbollah from striking Israel’s northern border towns.
A view of a house damaged by a missile fired by Hezbollah from Lebanon in Misgav Am in northern Israel, May 1, 2026. (credit: MICHAEL GILADI/FLASH90)
In that regard, how far the IDF goes could depend on whether its current strategy successfully blocks Hezbollah from attacking the North.
IDF to expand beyond security zone in southern Lebanon
On Tuesday night, Prime Minister Benjamin Netanyahu suggested that the IDF may hold onto some of the new areas its ground forces have taken to establish a larger security zone within southern Lebanon.
In prior interviews, multiple IDF officials cited specific locations beyond the Yellow Line that were near their existing positions, which, if taken, could reduce the drone threat.
In fact, on April 29, IDF Brigade 7 Commander Col. Shaul Yisraeli expressed frustration to The Jerusalem Post that the April 17 ceasefire had restrained him from initiating attacks into central or northern Lebanon to reduce Hezbollah’s long-range attacks on his troops.
He said Hezbollah was using strategic points nearby, but slightly further north, to continue launching aerial attacks upon his forces. In the same vein, he said, the ceasefire would not allow him to secure those areas so that his forces wouldn’t be threatened.
Notably, if Hezbollah moves its drones and launching teams further back, it could continue launching drones at IDF forces.
At press time, multiple IDF officials failed to explain how pushing Hezbollah back from around 10 kilometers from Israel’s border to 12 kilometers would prevent it from launching drones at Israel with a 30-kilometer range.
Whether the IDF’s latest infiltration is designed to reduce drone attacks from Hezbollah or pressure it to disarm remains unclear. The IDF’s infiltration could also be a symbolic gesture to convince the Israeli public that the IDF and the government are responding harshly to drone attacks.
Throughout the day on Tuesday, Hezbollah continued to launch drones against IDF soldiers in southern Lebanon and at Israel’s North.
Earlier on Tuesday, the IDF announced that, overnight, the air force had struck over 100 Hezbollah terror infrastructure sites and terrorists not only in southern Lebanon, but also in the Bekaa Valley, around 100 kilometers deep into the country.
Specifically in southern Lebanon, the IDF attacked more than 90 of Hezbollah’s weapons storage facilities, command centers, and lookout posts.
Notably, this is happening as the world expects the Trump administration to soon reach a ceasefire with Iran, which will likely impose a tighter ceasefire on the IDF versus Hezbollah.
When the April 17 ceasefire went into effect, the IDF respected it beyond the Yellow Line. However, the IDF said that it had the right to continue destroying Hezbollah assets and killing the terror group’s fighters in the parts of southern Lebanon that it had taken before the ceasefire.
Hezbollah rejected this position and said that IDF activity in southern Lebanon gave it the right to continue its drone and rocket strikes on IDF soldiers.
Yet, the IDF has mostly avoided striking Hezbollah in Beirut. IDF Chief of Staff Lt.-Gen. Eyal Zamir has demanded that the Israeli security cabinet allow him to return to such attacks, following rising casualties in the IDF and increased harm to Israeli northern towns from Hezbollah’s drone strikes.
end
HEZBOLLAH/HAMAS/IRAN
Live Updates: Israel assassinates fourth Hamas military chief, IDF begins ground ops. past Yellow Line in Lebanon
Attack on ship in Hormuz likely involved Iranian missile, S. Korea says • Netanyahu calls US President Trump • Board of Peace blames breakdown of ceasefire in Gaza on Hamas’s refusal to disarm
Israeli security forces at the scene where a house was hit by an explosive drone launched by Hezbollah from Lebanon in Metula near the Israeli-Lebanese border, May 25, 2026.(photo credit: AYAL MARGOLIN/FLASH90)
Multiple Hezbollah explosive drones impact in northern Israel
The IDF did not comment on whether the drones caused any damage or injuries.
Israeli firefighters try to extinguish a fire after missiles launched from Lebanon hit open areas near the northern Israeli city of Safed, on June 12, 2024.(photo credit: MICHAEL GILADI/FLASH90)ByJERUSALEM POST STAFFMAY 27, 2026 15:49Updated: MAY 27, 2026 15:53
Several Hezbollah drones exploded in northern Israel on Wednesday afternoon, the IDF announced.
The military did not comment on whether there were any injuries or damage from the latest wave.
This is a developing story.
RUSSIA VS UKRAINE
Putin Authorizes Debt Relief To Lure New Ukraine War Recruits
Wednesday, May 27, 2026 – 02:45 AM
On Monday President Vladimir Putin signed a law that effectively wipes clean up to 10 million rubles (approximately $140,000) in unpaid debt for new military recruits and their spouses, at a moment Russia needs more manpower to keep up its grinding ‘special military operation’ in Ukraine.
The debt exemption applies to any Russian citizen who signs a minimum one-year contract with the military to serve in Ukraine after May 1, 2026. The economic amnesty explicitly extends to an enlisted member’s spouse as well – making it more attractive to struggling families.
The bill smoothly cleared Russia’s parliament earlier this month prior to going to Putin’s desk for final authorization. It represents the newest addition to a series of economic incentives designed to keep boots on the ground without triggering a domestic political crisis.
While an official death toll has not been issued or publicly maintained by the Kremlin, estimates commonly suggest deaths in the hundreds of thousands, or else a conservative estimate of high tens of thousands – after well over four-years of the tragic war.
Similar figures are often offered on the Ukrainian side, which even more obviously suffers from a severe manpower crisis, leading to forcible recruitment often through officers nabbing eligible men off the streets.
This fresh Kremlin debt forgiveness policy represents a new, softer and more incentive-based approach to military recruitment inside Russia. Prior ‘partial’ mobilizations have been deeply unpopular.
Within the opening years of the war, there were reports that hundreds of thousands of draft-age Russian men fled across international borders in order to escape these mobilization waves.
The pro-NATO Atlantic Council has meanwhile highlighted that Russia’s military also fills manpower through controversial foreign recruitment methods:
The Kremlin plans to recruit at least 18,500 foreigners to fight in the Russian army in 2026, Ukrainian military intelligence officials claimed in late April. This figure represents a sharp rise in the annual recruitment of foreign nationals as Moscow seeks to continue the invasion of Ukraine amid heavy battlefield losses and domestic mobilization concerns.
Russia’s efforts to enlist foreigners in the country’s military are not new. Since the full-scale invasion of Ukraine began more than four years ago, at least 27,000 foreign nationals from more than 130 countries have signed up for service in the Russian army, according to a new report prepared jointly by Truth Hounds, the International Federation for Human Rights (FIDH), and regional partners.
The vast majority of these recruits have been drawn from economically deprived regions of the Global South.
In some instances, this happens through deceptive means, such as foreign nationals responding to a job posting in Russia, only to find themselves thrown into Russian boot camp once they sign papers for what they think is another, legitimate occupation or job training.
The conflict and front lines continue to be largely stalemated, with peace talks seemingly no where on the horizon, but Moscow’s strategy seems to be based on consistently enduring and making slow gains in this ‘war of attrition’.
END
GAZA/TIMES OF ISRAEL
SEEMS THAT BECOMING THE LEADER OF A TERRORIST ORGANIZATION IS A DEATH SENTENCE
Hamas military chief Mohammed Odeh killed by Israel, 11 days after predecessor slain
Gaza media affiliated with terror group says Odeh killed with wife and sons; Netanyahu and Katz vow Israel to ‘continue pursuing everyone who took part in the Oct. 7 massacre’
Mohammed Odeh, right, along with senior Hamas leaders Rafa’a Salameh, Abu Obeida, and Mohammed Deif, in an undated photo. (Used in accordance with Clause 27a of the Copyright Law)
Israel on Tuesday evening carried out a strike in the Gaza Strip targeting new Hamas military chief Mohammed Odeh, 11 days after killing his predecessor.
Gaza’s civil defense agency, which operates as a rescue service under Hamas, reported at least three people were killed and 20 wounded in the strike in the Rimal neighborhood of western Gaza City.
Defense Minister Israel Katz confirmed Odeh’s death on Wednesday morning.Promoted: Hadassah, Preparing For What’s
“The fourth commander of the Hamas terror organization’s military wing in Gaza was eliminated yesterday and sent to meet his partners in the depths of hell,” he said in a post on X, praising the Israel Defense Forces and Shin Bet for their “brilliant execution.”
“We pledged to eliminate everyone who led the October 7 massacre, and that is what we will do,” Katz wrote. “They are all marked for death, everywhere.”
He also reiterated Israel’s goals of removing Hamas from power in Gaza and advancing what he described as a “voluntary emigration” from the enclave, “at the right time and in the right manner.”
While there was no immediate comment from Hamas, Gaza media outlets affiliated with the terror group reported Wednesday morning that he was killed alongside his wife and sons.
An earlier statement from Prime Minister Benjamin Netanyahu and Katz said Odeh was head of Hamas intelligence during the October 7, 2023, attacks, and last week was appointed to succeed Izz al-Din al-Haddad as chief of the terror group’s military wing in the Gaza Strip.
Al-Haddad was killed in a similar strike in Gaza City on May 15.
“Odeh was responsible for the murder, abduction and injury of many Israeli civilians and IDF soldiers,” said Netanyahu and Katz.
The IDF and Shin Bet also confirmed Odeh’s death on Wednesday morning, saying several buildings in Gaza City that he used as hideouts were targeted following months of intelligence tracking of his movements and those of his aides.
A nearby apartment belonging to another Hamas operative involved in the October 7 attack was also struck.
The IDF said Odeh played a central role in planning and coordinating the October 7 onslaught and later directed attacks and intelligence operations against troops throughout the war.
The security agencies described Odeh as one of the last remaining senior Hamas military commanders involved in orchestrating the October 7 massacre, saying his killing deals a “significant blow” to the group’s efforts to rebuild.
The military posted footage of what it said was the strike that killed Odeh.
According to the Saudi A-Sharq Al-Awsat outlet, Odeh was close to al-Haddad and worked with him to “renew the organizational structure” of Hamas following the assassination of its former leaders Muhammad Deif and Muhammad Sinwar during the war sparked by the October 7 invasion of southern Israel.
Citing a source familiar with the details, the report said Odeh was initially approached to lead the Izz ad-Din al-Qassam Brigades following Sinwar’s assassination in May 2025, but declined. However, the two other sources said they could not confirm that it was the case. Sinwar’s brother Yahya was the head of Hamas before being killed by the IDF in May 2024.
The report added that Odeh was tasked with gathering intelligence on IDF bases near the Gaza border and on weak points in the military’s Gaza Division in the run-up to October 7.
Odeh, estimated to be in his late 40s to early 50s, grew up in Gaza and was reported to have been involved with Hamas his whole life. In the past, he was involved with the group’s security unit that sought out Israeli spies.
Israel previously targeted Odeh several times, including a strike on his father’s house in Gaza in 2025 killed his eldest son, Amr.
“We will continue to pursue everyone who took part in the October 7 massacre,” said Netanyahu and Katz. “Sooner or later, Israel will reach them all.”
Troops operate in the Beit Hanoun area of the Gaza Strip, in a photo cleared for publication May 26, 2026. (Israel Defense Forces)
Despite the ceasefire that has been in place in Gaza since October, Israel has kept up its campaign against the perpetrators of October 7, with a report last week in the Wall Street Journal saying it has created a list of all Palestinians who took part in the attack and is working to kill or arrest each one.
According to the report, the list includes all Gazans who were identified as having crossed the border on October 7, as well as all Hamas leaders involved in orchestrating the massacre, during which some 1,200 people were killed and 251 taken hostage, mostly civilians, in the deadliest massacre of Jews since the Holocaust.
Along with al-Haddad and Odeh, the IDF announced last week it killed a Hamas operative who invaded Israel on October 7, without naming him.
Agencies and Times of Israel staff contributed to this report.
GAZA
IT FIGURES!!!
big mouths on the Palestinians but no money so far!!
Trump’s Board of Peace’s official fund receives ‘zero dollars’ despite billions pledged – report
The board has received donations, but they have been deposited directly via its JPMorgan account, according to the board’s spokesperson.
US President Donald Trump holds a signed resolution, during the inaugural Board of Peace meeting at the US Institute of Peace in Washington, February 19, 2026.(photo credit: REUTERS/Kevin Lamarque TPX IMAGES OF THE DAY)ByDANYA SAPERSTEINMAY 27, 2026 11:13Updated: MAY 27, 2026 11:20
The fund set up by the World Bank for Donald Trump’s Board of Peace has received no funding, despite pledges totaling $17 billion from the US and other world leaders, the Financial Times reported on Wednesday, citing four sources familiar with the matter.
“Zero dollars have been deposited,” one source said.
The board has received donations, but they have been deposited directly via its JPMorgan account, according to the board’s spokesperson.
“A number of options were established to receive funding,” a Board of Peace official told the FT. “At this point, contributors have opted to use other options.”
The JPMorgan account is under no obligation to report its financial position to contributors and board members, unlike the World Bank, as FT wrote.
Nickolay Mladenov, the Board of Peace’s lead envoy for Gaza. The offer conveyed by Hamas presupposes that the Board of Peace and its Palestinian administrative committee are up and running, but this is not the case currently, the writer says. (credit: Christian Levaux/Reuters)
BoP to report financials at appropriate time
The Board of Peace has committed to reporting its financials to its own executive board “at a time deemed appropriate,” the official said.
Morocco has contributed about $20mn, which has helped fund the office of Nickolay Mladenov, the “high representative” for postwar Gaza, and salaries for the Palestinian technocratic committee formed by the board to govern Gaza, FT reported.
Additionally, the United Arab Emirates contributed $100mn dedicated to training a new police force for Gaza, but the funds are frozen, and the program has not started, FT cited two people familiar with the matter as saying.
The US State Department has committed to reallocate about $1.2B of aid spending for projects on the board’s agenda, but the funds have not yet been spent.
“None of that money is being managed by the Board of Peace, and State tells us there’s no intent to have any of that money managed by the Board of Peace,” a senior congressional aide told FT.
The state department wants to provide about $50 mn directly to the board, but that has not been distributed, with officials assuring Congress that the board will not be able to use the funds without the systems necessary to receive US funds in place, the congressional aide told FT.
The state department said it “supports the president’s vision,” and “continues to evaluate how existing authorities, programs and inter-agency co-ordination can best support those objectives,” the FT wrote.
The board’s spokesperson said that while the board has begun tendering for security and reconstruction work, no contracts have been awarded yet.
“A lot of it is because we’re not operating in Gaza yet,” the spokesperson told FT, as Hamas has not yet been disarmed.
Trump originally laid out a plan with multiple phases calling for the disarmament of Hamas, the withdrawal of Israeli forces, and the reconstruction of Gaza.
However, no progress has been made on any of those objectives, FT wrote, adding that two people familiar with Gaza planning said “not one US dollar” has been deployed for Gaza reconstruction.
Lack of systems to process funding
Dr. Bishara Bahbah, a prominent Palestinian-American scholar who helped negotiate with Hamas for the Trump administration, said that the committee has not yet started work within Gaza because of a “lack of any funding to enable them to execute anything on the ground.”
“They know that if they go to Gaza, people are going to flood to them to ask for assistance, and they have no tools, no means,” said Bahbah to FT.
The board’s spokesperson said that there was no system in place “to handle the flow of services and goods that are imagined as part of the plan.”
“We’re not, like, hoarding money in a bank account and then awarding contracts for things that can’t be delivered,” the spokesperson said.
END
Kaliningrad has been attacked By Drones; that flew Through Poland and Lithuania Air Space
This is so stupid!
This is how war starts.
Poland and Lithuania are now legitimate targets for Russian retaliation by force. This does not happen with permission.
Russia will finish off Ukraine. The Americans would have not vacated Kiev unless they understood the gloves are off.
This event is an invite to a broader conflict. Europe is in in big trouble and to blame their defaults on Russia is too convenient. Macron would not be calling to warn Belarus to stay away unless the plan was well underway first a broader fight. Now that it is clear that America will not defend Ukraine the program is to get America to defend Europe. This too is a pipe dream. Europe is on its own. If Russia is pushed to choose it will wipe out European ability to do anything within hours of starting. At a time when the world should be concerned with the problems it has to think of war is beyond reckless. Watch Capital run from Europe while it can. Because no doubt Capital Controls for Europe are not far off.
US To Set Up Quarantine Facility In Kenya For Americans Exposed To Ebola
Tuesday, May 26, 2026 – 11:16 PM
The Trump administration is expected to deploy US public health officers to Kenya to staff a quarantine facility there amid the ongoing Ebola outbreak in the Democratic Republic of Congo, in a departure from procedure used during previous outbreaks of the virus, the WSJ reported.
According to the report, the facility – which is pending signoff from the Kenyan government – will primarily be used for Americans who are exposed to, or at high risk of testing positive for the virus in the region, as well as Americans who test positive.
While there are now no known Ebola cases in Kenya, the move comes as international and local health officials are racing to contain another deadly outbreak of a rare strain of Ebola in the Congo that is already the third largest in history just weeks after it likely began.
Unlike during previous Ebola outbreaks, which saw Americans exposed to the virus brought back to the U.S. for monitoring or treatment, the Trump administration has decided to route potentially exposed Americans to other countries.
Sure enough, members of the U.S. Public Health Service Commissioned Corps, a uniformed branch of the federal government under the Department of Health and Human Services, received notices to deploy to Kenya.
While so far mostly contained, the latest outbreak has seen an American doctor, who contracted Ebola while working in the Congo, flown to Germany last week. The US also diverted a Detroit-bound Air France flight to Canada last week over fears of a passenger’s possible Ebola exposure.
While the CDC has said the risk of Ebola spreading to the American public remains low, the Trump administration has nonetheless cracked down on travel from countries affected by the outbreak. Last week, the U.S. said it was pausing visa issuance for any travelers, including lawful permanent residents, who have been in South Sudan, the Democratic Republic of Congo or Uganda within 21 days of planned travel to the U.S.
As of Tuesday, there are at least 930 suspected Ebola cases, including 223 suspected deaths, in Congo, and seven cases with one death in Uganda, according to the World Health Organization. Health authorities further think the virus might have infected far more people across a broader region after spreading undetected for weeks.
MARK CRISPIN MILLER
…In memory of those who “died suddenly” in the United States and worldwide, May 18-25, 2026
NASCAR champ Kyle Busch (41); actors Corky Ford (62, C), Grizz Chapman (52); tenor Limmie Pulliam (51); dancer Judy Rice; rapper Rob Base (59, C); YouTuber Daniel Coleman’s son Isaac (14, C); & more
Kyle Busch, a generational talent who rose to become a two-time NASCAR Cup Series champion and one of the sport’s greatest drivers, died Thursday. He was 41. Busch’s death, which was announced by the Busch family, NASCAR and Richard Childress Racing, marked a sudden, staggering blow to the motorsports community. His team had indicated earlier Thursday that Busch had been hospitalized with a severeillness. The Busch family released a statement on Saturday morning with more details, indicating that “the medical evaluation provided to the Busch family concluded that severe pneumonia progressed into sepsis, resulting in rapid and overwhelming associated complications. The family asks for continued understanding and privacy during this difficult time.”
Researcher’s note – NASCAR policy for close contact and not vaccinated [sic] is quarantine at least 7 days and then can come back if negative test and no symptoms. If vaccinated, no quarantine but must get tested 3-5 days after exposure. Same as CDC guidelines.
LINCOLN, Neb. – If you’ve seen movies like Platoon or Born on the Fourth of July, then you might know the name Corkey Ford [62], who recently died after a battle with cancer. After meeting film director Oliver Stone, he was cast in Platoon and later in Born on the Fourth of July, also making appearances on TV in episodes of MASH and The Twilight Zone, among other series.
“30 Rock” actor Grizz Chapman battled health issues prior to his death at age 52. The actor was “just struggling to stay alive” while facing various medical conditions, his manager Renee Glicker told TMZ on Saturday. Glicker told the outlet that Chapman needed another kidney transplant after undergoing one back in 2010 – but due to his seven foot height, locating a match was challenging. His cause of death has not been determined, but Glicker told the outlet she suspects there are “a number of contributing factors.”
The Dallas [Texas] Symphony Orchestra family and Music Director Fabio Luisi are deeply saddened by the loss of beloved tenor, Limmie Pulliam. “We were honored to share three moving performances with Limmie in Mahler’s Symphony No. 8 this past weekend. His extraordinary artistry and infectious spirit left a lasting impression on everyone who had the opportunity to experience his powerful and beautiful voice.” Memphis Symphony music director Robert Moody: “I am gutted to learn of the sudden passing of Limmie Pulliam. Only six weeks ago he and I were on stage together; he singing the most powerful Verdi Requiem tenor solos imaginable. Limmie and my Jimmy Jones were incredibly close. I will never forget the phenomenal recital they did together in Charlotte, NC, several years ago.”
Ann Arbor, MI – Judy Fielman Rice, beloved teacher, mentor, dancer, and advocate for the art of ballet, passed away unexpectedly at the age of 65. Judy fulfilled her dream of dancing professionally, including performing with the Joffrey Ballet, National Tap Dance Company of Canada, and American Ballet Comedy, as well as appearing on television in Fame, All My Children, The Tonight Show Starring Johnny Carson, and The Great American Dance Challenge. In 1990, Judy joined the faculty of the University of Michigan School of Music, Theatre & Dance, where she became a treasured member of the community for more than three decades. Beyond the university, Judy was on faculty at Broadway Dance Center in New York City and with numerous dance conventions over the years, while also teaching at hundreds of studios and programs across the country.
Researcher’s note – University of Michigan: Employees not in compliance with vaccine [sic] policy will face work suspension, termination: Link
Rob Base remained musically active right up until shortly before his death, participating in events such as the “I Love the ‘90s Tour.” Rob Base, whose song “It Takes Two” defined an entire generation, has died. The rapper passed away on May 22 following a battle with cancer, surrounded by his family. He was 59 years old. He spent his final hours surrounded by his family. The news was announced via his official Instagram account.
Daniel Coleman is trying to find the words to express his grief. The star of the children’s YouTube series Danny Go! shared that his 14-year-old son Isaac Coleman died May 21 following a battle with cancer. Daniel announced in December 2025 that Isaac had been diagnosed with cancer in his mouth. “TBH, we always knew this day was coming, as it’s a near certainty w/ Fanconi anemia,” the content creator shared on Instagram at the time. “But it’s definitely hitting a little earlier than we hoped and is still just such a shocking thing to hear about your child, even if you’ve braced for it for years.” As part of Isaac’s cancer battle, the teen underwent an 8-hour procedure in January. The following month, Daniel gave an update on Isaac’s health. “He’s officially stage 3, although the docs said he’s right on the edge of stage 4 because of the speed and aggression of the spread,” he wrote on Instagram. “So even though the visible cancer has been removed, there’s a very high chance that it’s still present microscopically & we’ll have a tough decision to make soon. Because of several Fanconi-related complexities, Isaac’s treatment options are much more limited than in typical pediatriccancer.” In April, Daniel noted that Isaac’s cancer had “continued to spread aggressively and his energy levels have dropped very low. We’re in the midst of a short palliativeradiation round right now to slow down the growth of a large mass under his right eye, but we’ve shifted into a comfort-focused approach with him overall,” the father added. “He has a hospice team onboard now to help manage the pain & we are just doing our best to make each day as enjoyable and restful as possible for him.”
Andrew Joseph Jr. died unexpectedly last week in Tampa, Florida, leaving behind a legacy forged through unimaginable loss, relentless advocacy, and deep community care. He was 54 years old. For many across the country, Joseph became known after the death of his 14-year-old son, Andrew Joseph III, who died on February 7, 2014, after deputies from the Hillsborough County Sheriff’s Office detained and ejected him from the Florida State Fair.
OKLAHOMA CITY, OK – Beloved local DJ, husband, father, and motorcycle enthusiast Michael Cobb – also known as DJ Black – passed away on Thursday, May 14, at the age of 53. A statement from his family stated that Cobb died “unexpectedly but peacefully in his sleep.” Perry Publishing and Broadcasting Company (PPBC), where Cobb had worked for the last 26 years, announced his passing on social media.
Howard Fendrich, a national sports writer for The Associated Press whose persistent reporting and detail-rich prose brought readers inside dozens of taut Grand Slam tennis finals, record-breaking Olympic moments and harrowing trips down Alpine ski slopes, has died. He was 55. Fendrich died Thursday at Johns Hopkins Hospital in Baltimore, his wife Rosanna Maietta said. He was diagnosed with cancer in Februaryshortly after returning from Milan, where he covered his 11th Olympics.
WESTON, W.Va – Rod Wyman, the sitting County Commissioner, passed away over the weekend at 72. Wyman became a member of the commission in 2016 and was unopposed in 2022 for his second term before experiencing a short illness on Sunday and passingaway. Wyman was chosen as president of the commission at the start of this year but stepped down from that role earlier this month, though he kept his seat on the commission until his death, officials said.
Wasco County [OR] Commissioner Phil Brady died suddenly on Election Day. The 70-year-old retired science teacher was running for re-election and is leading in the unofficial results, with 36% of the vote. His closest opponent has 28%. Brady, who studied physics at Gonzaga University, had planned to become a Catholic priest after college, according to his official county web page.
S. “Soma” Somasegar’s untimelydemise rocked the tech world on May 19. Fellow Indian-origin tech leaders Satya Nadella and Sriram Krishnan paid tribute to the 59-year-old pioneer behind Microsoft and Madrona. Sharing a solemn initial tribute on its official website, Madrona confirmed, “Soma Somasegar passed away unexpectedly” on May 19. The cause of death hasn’t been publicly disclosed so far. He joined Madrona Venture Group, a then-early-stage venture capital firm, in November 2015, following a nearly 27-year tenure at Microsoft leading the company’s Developer Division.
Update to our 2024 report/“Anything but the vaxx”:
It started with pain in her hip. Susan Wojcicki, 54 at the time and the CEO of YouTube, was a frequent runner and swam regularly in the company pool. Maybe it’s just sore muscles, she thought, hoping the pain would resolve itself. She was in Europe attending a conference in the summer of 2022 and didn’t have time to give it much thought. When the pain persisted after she returned home to California, she decided to get an MRI. The scan said she had cancer. Stunned, Wojcicki called her primary care doctor, who was equally surprised and suggested she repeat the scan. The second scan showed the same thing, and doctors believed that the cancer found in Wojcicki’s bones had spread there from another source.
“Sure enough, it was cancer, and it was metastatic,” says Wojcicki’s husband, Dennis Troper, a project management director at Google. “It was a bomb dropping in the room.” Wojcicki had lungcancer, which kills more than 125,000 Americans each year, more than any other cancer. It wasn’t on her radar: She had never been a smoker. She was healthy, active, and only in her early 50s. Yet people like Wojcicki, who don’t fit the classic picture of someone with lungcancer, are increasingly developing thedisease Wojcicki decided not to reveal her diagnosis publicly and continued to work at YouTube until stepping down in early 2023.
Behind the scenes, she and her sisters, Anne—who founded genetic testing company 23andMe–and Janet, spent the next two years aggressively searching for answers to the questions Wojcicki asked herself over and over again: Why did this happen? Was there something she could have done to prevent this cancer? She tested her home for radon—the second leading cause of lungcancer, behind smoking–and investigated air pollution patterns where she lived, but none yielded satisfactory answers. In the search for better treatments for her advanced disease, it became clear that she was at the vanguard of an ignored group of people who were falling through the cracks of lung-cancer care.
After exploring and trying various cutting-edge therapies, including joining clinical trials testing experimental approaches, Wojcicki passed away in 2024. Several months after her death, her family posted a letter on YouTube that she had written, revealing her cancer journey and her intention to “fight for better understanding and cures for this disease.” Although Wojcicki diedwithout knowing why she developedlungcancer, her family hasn’t stopped looking for answers.
In some of the first interviews about Wojcicki’s cancer journey, they shared with TIME, and also with Good Morning America, their decision to launch the Susan Wojcicki Foundation in order to fund efforts to diagnose lungcancer earlier, particularly for nonsmokers, and change recommendations about who should be screened for the disease. In addition to exercising almost every day, she avoided sugar and ate naturally grown food as much as possible. Before the cancerdiagnosis, the farm was a place where the Wojcicki sisters and their families would spend time together and gather for holidays. After, it became something of a headquarters for the family and the experts they invited over to figure out how to defeat her cancer.
A more qualified team could hardly have been assembled. The sisters grew up on the campus of Stanford University, where their father was a physics professor, and were always involved in projects together, from making and selling spice ropes to putting on magic shows. (Anne) and Janet visited leading experts at the National Institutes of Health, who weren’t optimistic about Wojcicki’s chances. Hearing this from experts on science’s cutting edge was a “watershed moment,” Janet says. “They said, ‘It looks really bad. You should go home and appreciate the time you have.’”
But the sisters couldn’t simply accept the dire prognosis. The sisters soon learned that lungcancer in young nonsmokers is generally driven by specific genetic mutations that are not present in smoking-related lungcancer. The good news is that there are targeted therapies that address those mutations and can extend survival, but these are most effective if started early in the disease, before tumors spread. “The only real chance of saving Susan’s life was if the cancer was caught early, when it could be cured, but she did not have that opportunity,” says Nadia Litterman, who Anne knew from 23andMe and asked to manage the growing number of projects and leads the group was pursuing to help their sister (and who is now executive director of the new foundation).
It started becoming clear to the family this was aproblem worth trying to solve. If they couldn’t do it in time to help their sister, it would be her legacy. Since before her diagnosis, Wojcicki and Troper had been funding cancer research projects through their joint philanthropic efforts. That work, combined with the projects that Janet and Anne were pursuing to learn more about early-onset lungcancer, formed the seed of the Susan Wojcicki Foundation. The Troper and Wojcicki families have committed $150 million to launch the foundation.
Melinda French Gates, Google, and Salesforce (whose CEO and co-founder, Marc Benioff, owns TIME with his wife Lynne) have also provided significant contributions. In addition to funding research, the foundation is working closely with YouTube to raise awareness and change public perception about lungcancer as solely a disease caused by smoking. That role for YouTube was something for which Wojcicki had begun setting the stage years before she learned she had cancer. At a time when YouTube was known for promoting fluffy content, Wojcicki already wanted to harness its influence for more substantive goals. She recruited Dr. Garth Graham, then at CVS Health, to head up a new initiative at YouTube to provide reliable, validated health information from qualified and respected sources.
“The idea she had was that many people start their health care journeys on Google and YouTube, and video is a very important part of demystifying complex clinical topics, from understanding heart disease, diabetes, and a cancerdiagnosis,” says Graham. Her family says Wojcicki didn’t explicitly express her desire to establish a foundation or specific initiative around lungcancer cases like hers, because throughout treatment she expected to beat the odds and stay one step ahead of the disease. After Wojcicki passed away, it was clear to her family that the work needed to continue, even if it hadn’t been able to save her life.
“This is something we have the imperative to carry on,” Anne says. “Susan’s name should be associated with all the things she did with her career. But I think, hopefully, she is also associated with saving thousands of lives because she destigmatized it and advocated for early detection.” The family is also determined to finally answer the question that started it all: why did she get this?
Researcher’s note – The influence of YouTube on steering people away from informed consent and early treatment, and towards deceptive “vaccine”-pushing propaganda, cannot be overstated. While other video platforms, and Substack, allowed true info on early COVID treatments and “vaccine” risks, those who were stuck in the official narrative – the same people most in need of that information – had automatic distrust of alternative platforms. Susan Wojcicki’s husband, Dennis Troper, was a powerful force in Google’s censorship of true medical information. Stamford University’s Virality Project was also key in censoring truth and pushing falsehoods about “safe and effective”, as was Dr Garth Graham, recruited by Susan Wojcicki to spread narrative-sanctioned (false) information on “vaccine” safety, and to “debunk” mostly true info – which they labeled “misinformation”: https://theconservativetreehouse.com/blog/2024/08/11/youtube-ceo-google-exec-and-tip-of-spear-covid-info-pusher-susan-wojcicki-dead-at-56/
Retired Navy pilot and American Airlines captain died Wednesday, family says Meghan McCain and her family are mourning the suddendeath of her stepbrother, Douglas Shepp McCain, the eldest adopted son of late Sen. John McCain. He was 66. Doug McCain died Wednesday, according to his funeral home obituary, which did not disclose the cause ofsuddendeath.
A GoFundMe has been started to support the family of a 1-year-old girl who died after suffering a medical emergency in Mechanicsville [MD]. According to the fundraiser, Savi was born with congenital diaphragmatic hernia, also known as CDH, and spent her entire first year in the NICU at Children’s Hospital. During that time, she underwent multiple surgeries, countless procedures, and numerous medical episodes. On Monday, May 18, 2026, Savi was finally brought home – a moment her family said they had prayed and hoped for through many difficult months. Tragically, after a suddenmedical emergency, Savi died on Wednesday, May 20, 2026.
Frankfort, Kentucky – The volleyball community lost one of its own this week. Kendall Cook [19], a freshman player at Livingstone College and a 2025 graduate of Frankfort High School in Kentucky, has passed away. She was a young woman just beginning her college athletic career, and the news of her death has sent grief rippling through two campuses and an entire community. The cause of death has not been made public.
Ogeechee, GA – Robert Busbee, district attorney for the Ogeechee Judicial Circuit, died suddenly Friday morning, May 22, 2026. He was 44. Bulloch County Coroner Chuck Francis confirmed Busbee’s death Friday. According to Coroner Francis, Busbee was at a local gym when they believed he suffered a heart attack around 8:00 am. Bulloch County EMS transported him to EGRMC where he was pronounced dead at 9:07 am.
Stevie Lee Baudin, 36, of Mansfield [CT] and Enfield, passed away after a short and courageous illness, surrounded by loved ones on Thursday, May 14, 2026. She has lived in Mansfield, CT, for the past 2 1/2 years. Stevie Lee was a CNA [Certified Nursing Assistant].
Westfield, IN – Karen Backs, age 62, passed away on Monday, May 18, 2026, surrounded by her loving family after a courageous battle with aggressive cancer that took her from us far too soon. Karen’s heart was rooted in caring for others, both through her many years as a nurse and in the love she gave so freely to her family. She began her nursing career at Marion General Hospital before continuing her work at The Heart Center at 106th and Meridian, where she loved being a nurse and took great pride in the comfort and compassion she gave to her patients. She dedicated almost 30 years to the profession.
VERO BEACH, FL – A Vero Beach soldier who died unexpectedly while on active duty in Germany is coming home Friday as Memorial Day weekend gets underway. Private First Class Christopher “Chris” Leone Belcher, 34, passed away May 3 in Germany, family members and officials with Thomas S. Lowther Funeral Home & Crematory said. Belcher, a 2011 graduate of Vero Beach High School, was born in Philadelphia and moved to the area as a teenager. He developed a lifelong passion for boxing and fitness while growing up here, according to his obituary.
FRESNO, Calif. – Staff and students at Fresno City College are mourning the suddendeath of EOPS counselor Rodney Chatman, who is being remembered for more than a decade of service and the countless students he encouraged along the way. Chatman died Thursday night from breathing complications tied to long-standing health issues, according to his wife, Nakia Murphy.
New Bedford, MA – A young local woman who worked for Fall River Public Schools, and is being described as a devoted mother, has died. 25-year-old Yolanda Joia of New Bedford, who leaves behind a fiancée and young child, passed away unexpectedly on Friday. According to an obituary, “Yolanda worked as a paraprofessional at Talbot Middle School, where she cared deeply for the students and staff she worked with each day.”
RABOBANK/MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
LAST 24 HOURS…
Stranded
Wednesday, May 27, 2026 – 09:40 AM
By Molly Schwartz, cross-asset macro strategist at Rabobank
Markets laid in wait for war-related headlines yesterday after Trump truthed on Monday night that “negotiations with the Islamic Republic of Iran” were “proceeding nicely.” It’s also possible that “proceeding nicely” meant that the US was once again escalating to de-escalate, as hours later the US military confirmed reports of strikes against Iranian military assets, including speedboats which were laying mines in the Strait. While the news reel was sparsely populated, it did flag that the US Navy was restarting to guide ships through the Strait with a plan to help a dozen vessels through the passage in the coming days. However, minutes later a “US official” denied these claims, leaving traders, and vessels in the Strait, stranded. Brent crude oil climbed around $3.50 from open to $99.50/bbl.
A look at the current landscape suggests to us that a peace deal is far beyond the horizon. Rabobank’s global strategist, Michael Every, released a report, The Hormuz Odyssey: a new base case, which updates our base case to see complications in the Strait for around another three months. The possible outcomes of the war in Iran are immeasurable, but even in the pipe dream scenario where the war ends tomorrow, logistics are king. If a deal were to be magically achieved tomorrow, there are still somewhere around 1,500 ships still trapped in the Strait of Hormuz.
The Strait is incredibly narrow and it will take time for these ships to safely pass through. Energy strategists Joe DeLaura and Florence Schmit elaborate on the implications for energy prices in their recent report, Longer Stalemate, Higher Prices. Needless to say, they project oil staying higher for longer, forecasting Brent averaging around $120/bbl in Q3 of this year, which would imply a return to levels still not seen since 2022.
To further complicate the outlook, the proxy war in the Middle East between Israel and Hezbollah has also re-escalated, with the IDF reporting that it hit over 100 Hezbollah sites in Southern Lebanon, including “storage facilities, command centers, and observation points.” This, of course, likely puts another obstacle in the way of Trump’s insistence that GCC members join the Abraham Accords and normalize relations with Israel as part of a broader peace deal. While many of the GCC states are no friend to Hezbollah, the implications of normalizing relations with Israel during elevated hostilities in the Levant are a political nightmare.
US Secretary of State, Marco Rubio, hinted that in his view, negotiations to end the war may “take a few days,” which is certainly more optimistic than our view of a few months. Nuclear programs will continue to stand as a major barrier towards any sense of an agreement between the US and Iran. Total regime change in might not be in the cards, but achieving a firm commitment from Iran that it promises to table its plans for nuclear development is the only way the US can exit the war and keep some of its street cred.
But while nuclear proliferation is a major issue abroad, it may be presenting opportunities at home. The New York Times reports that the US government may allow private companies to use “Cold-War era plutonium from dismantled nuclear warheads” as fuel for nuclear power plants.
US Treasury yields traded mostly flat from the open, across the yield curve, with a slight bull-steepening bias, and the DXY index was little changed at 99.19. The US 5-year, 30-year spread widened again, back to 84bp, bouncing off of 1-year lows of 81bp on Friday. The US OIS curve remains positioned firmly in favor of hikes, pricing in around 70% of a hike by year-end, and a full hike by March of next year.
But the US consumer outlook remains grim. US Conference Board consumer confidence picked up a touch from 92.8 to 93.1, but remains firmly planted in negative territory. The components of the headline index—present situation and job outlook—have been trending consistently lower since 2021, while consumer expectations also remain in negative territory. While we should note that consumer confidence has been a poor indicator of economic performance for quite some time now, a poor consumer outlook coupled with a dire inflationary outlook could spell trouble for those at the lower end of the income spectrum. We will see headline and core PCE price data for April on Thursday, expected to register 3.8% y/y and 3.3% y/y, respectively.
Early yesterday morning, Russian foreign minister, Lavrov warned US citizens to evacuate Kyiv, ahead of military escalation in the region. The battle between Russia and Ukraine wages on, and so does that between the Russian Central Bank and Euroclear. Since the war in Ukraine and the ensuing sanctions on Russia, Euroclear has frozen Russian assets, with some EU players considering using said assets to help fund Ukraine. While that prospect remains tabled (for now), Russia is still trying to get its money back.
In the court of public opinion, views are mixed. But in the court of Russian law, the Russian courts have ruled decisively—in favor of Russia. The Moscow court of arbitration has ruled that Russia has incurred losses of approximately USD 250 billion after having been frozen by Euroclear, with the AP saying that “lawyers argued that Euroclear’s right to a fair trial was violated.” Euroclear, meanwhile, made its opinion on the Russian ruling abundantly clear: they do not care and Russian assets may be stranded in Belgium for the foreseeable future.
Global oil inventories and floating storage have acted as temporary shock absorbers against the Hormuz disruption.
OPEC spare capacity has stabilized markets, but it cannot fully replace lost Persian Gulf exports indefinitely.
Prolonged disruption could eventually exhaust market buffers and trigger a much sharper oil price surge.
I think most energy analysts would have been shocked to learn that roughly three months into a total closure of the Strait of Hormuz, oil would be trading at just over $100 a barrel. I certainly expected prices to be significantly higher by now. The physical math seems indisputable: take that much supply off the market, and prices should respond quickly and decisively.
Oil prices have risen sharply, to be clear. But we are still short of the levels seen following Russia’s 2022 invasion of Ukraine, or of the all-time highs set just before the 2008-2009 financial crisis.
Instead of the $150 oil many anticipated, prices have climbed, but not to catastrophic levels. It is easy to look at this and conclude that the market has absorbed the shock. But that interpretation risks confusing resilience with delay. What we are seeing is not a resolution. It is a temporary buffer.
The Market’s Hidden Shock Absorbers
The biggest reason the oil market hasn’t reacted more violently to the Strait of Hormuz closure is simple: the world entered this crisis with more inventory than many analysts appreciated. Those barrels have acted as a shock absorber. They don’t eliminate the problem. They just delay it.
Global commercial stocks have been drawing for weeks. OECD inventories are now below their five-year average, and independent trackers like Vortexa and Kpler show steady declines in floating storage as well. None of this looks dramatic on a chart. The drawdowns are orderly, and prices have risen, but not explosively. On the surface, the system appears to be coping.
But inventory isn’t a strategic reserve. It’s working stock; the minimum volume needed to keep refineries, pipelines, and blending operations functioning smoothly. Once inventories fall below those operational thresholds, the system loses flexibility. Refiners have fewer crude options. Blending becomes harder. Small disruptions that were previously absorbed start to become more significant.
That’s the part that’s easy to miss. The drawdown phase looks calm because inventory declines appear one week at a time. The consequences show up later, when the system runs out of slack. The lower inventories go, the longer and harder the recovery becomes, because the barrels that were used to cushion the shock have to be replaced.
Spare Capacity Isn’t A Safety Net
Another reason prices have not spiked higher is the perception that OPEC still has spare capacity.
On paper, that is true. Saudi Arabia and a few other producers maintain the ability to increase output. In practice, however, spare capacity can’t completely substitute for lost supply from the Persian Gulf.
First, not all barrels are interchangeable. Differences in crude quality matter for refining configurations. Second, ramping production is not instantaneous. Even when capacity exists, bringing it online takes time and coordination.
Most importantly, spare capacity is finite. Using it to offset a major disruption reduces the system’s margin for error. Once that cushion is gone, the market becomes far more sensitive to any additional shock.
So, while spare capacity has helped stabilize prices in the near term, it does not eliminate the underlying imbalance.
Demand Has Helped
Demand has also played a role in keeping prices contained.
Higher prices naturally lead to some degree of demand destruction. Consumers drive less. Airlines hedge or cut routes. Industrial users look for efficiencies. In emerging markets, fuel consumption is particularly sensitive to price increases.
At the same time, global economic growth has been uneven. That has softened the demand side just enough to offset part of the supply shock.
But this is not a structural decline in demand. It is a temporary easing at the margins. If economic activity strengthens, or if consumers simply adjust to higher prices, demand can quickly reassert itself.
When that happens, the buffers currently holding the system together come under even greater strain.
A System Running On Borrowed Time
The key point is that the market has not solved the problem created by a prolonged closure of the Strait of Hormuz. It has simply deferred the consequences.
We are effectively financing the disruption with stored barrels, spare capacity, and incremental demand adjustments. Those tools are finite. They were designed to smooth short-term disruptions, not to replace a major artery of global oil trade indefinitely.
This is why the current price level can be misleading. It reflects the system’s ability to absorb the initial shock, not its ability to sustain that balance over time.
If the disruption persists, the math becomes increasingly unforgiving.
What Happens Next
There are two broad paths from here.
The first is resolution. If the Strait reopens or flows are partially restored, the system can begin to rebuild inventories and normalize. In that scenario, prices may stabilize or even decline from current levels, but a return to pre-war prices is unlikely anytime soon.
The second path is continuation. If the disruption drags on, inventories continue to fall, spare capacity is further depleted, and the margin for error disappears. At some point, the market is forced to reprice the remaining supply more aggressively.
That is when the move toward $150 becomes much more plausible. It’s not necessarily because something new has happened, but because the buffers have been exhausted.
The Takeaway
The fact that oil has not reached $150 after three months of a major supply disruption means the market had more short-term flexibility than many anticipated. But flexibility is not the same as permanence.
The current equilibrium is being maintained by drawing down resources that cannot be replenished quickly. As those resources diminish, the system becomes increasingly fragile.
In that context, the absence of a price spike should not be read as reassurance. It should be seen as a warning that the adjustment process is still unfolding.
IRAQ/OIL
Iraq’s Oil Collapse Sparks Race For New Export Routes
Iraq’s oil production has collapsed to just 1.39 million bpd after the Strait of Hormuz blockade stranded exports.
Baghdad is urgently trying to revive northern export routes through Turkey, including the Kirkuk-Ceyhan system and a new Kirkuk-Nineveh pipeline.
China is re-emerging as a major strategic player in Iraq’s energy infrastructure, with Chinese firms heavily involved in Baghdad’s new north-south pipeline expansion.
April was indeed the cruellest month for decades for Iraq’s crude oil production, with an average of 1.389 million barrels per day (bpd) over the period. This compares to a monthly average of 3.47 million bpd from January 2002 to the end of March this year, and an average of over 4.1 million bpd in the three months leading up to the onset of the U.S./Israel-Iran War on 28 February. The last time oil production fell to the current level in the country was in the early 2000s, during and immediately following the 2003 U.S.-led invasion. Even for a diversified economy, this would spell bad news, but for Iraq, it is existential, with over 90% of its annual budget historically coming from oil and around 95% of that black gold having to pass through the still-blockaded Strait of Hormuz before it is monetised. The effective closure of that key export route meant that Iraq’s domestic oil storage tanks quickly filled to maximum capacity, and because it has extremely limited options to transport its crude elsewhere, it has been forced to shut down production wells entirely. As disastrous as it is now, even worse may be to come soon, as these shutdowns can cause permanent damage to wells through a loss of reservoir pressure, water infiltration, and corrosion, among other factors. In Iraq’s case, many of its biggest mature southern fields are highly susceptible to these problems. This is why the race has been on in Baghdad to secure other export options, most notably now, pipeline options in the north, but these bring their own sets of problems with them.
Historically, moving oil from the southern part of Iraq administered by the Federal Government of Iraq (FGI) in Baghdad was a largely redundant exercise, with little demand for it from Europe that was not already being filled by oil coming from the country’s semi-autonomous northern region, presided over by the Kurdistan Regional Government (KRG). Instead, the onus of the FGI’s export drive was to the East, especially to China – a route involving the Strait of Hormuz. This was also a pivotal means by which sanctioned Iranian crude oil could be surreptitiously transported to the same destination, rebranded as non-sanctioned Iraqi oil, with all elements involved in this mechanism analysed in full in my latest book on the new global oil market order. Aside from the ongoing conflicts with Washington that this continued practice brought with it for Baghdad, it also meant that the Federal Government could focus on measures aimed at stopping the KRG’s oil exports to Europe via a pipeline running into the Turkish port of Ceyhan, thus pressuring its ability to generate financing independent of Baghdad. This was central to Baghdad’s long-term objective to destroy the economic infrastructure of the Kurdistan region before rolling it into the remainder of a unified Iraq as just a regular administrative region. The idea was in line with the geopolitical ambitions of Baghdad’s superpower sponsors, China and Russia, as also detailed thoroughly in my latest book. These objectives were outlined some time ago by a very senior member of the Russian administration to a senior source who works closely with Iran’s Petroleum Ministry, and then exclusively relayed to OilPrice.com: “By keeping the West out of energy deals in Iraq, the end of Western hegemony in the Middle East will become the decisive chapter in the West’s final demise.” On the other hand, the U.S. and its allies wanted to bolster the independence of the Kurdistan region to act as leverage to extend their influence in the rest of Iraq to the south. Their objective was to have the Kurdistan region expel all Chinese, Russian, and Iranian companies from the region, and then to gradually push for the same to happen in the rest of Iraq.
The key lever Baghdad used to effect this plan to subsume the northern Kurdistan region was a deal struck in 2014, in which the FGI pledged to send the KRG money each month from Iraq’s central government budget (17% at the time the deal was made) in exchange for the KRG pledging to send oil produced in its region (around 550,000 bpd at the time of the initial deal) to the FGI. The deal has never worked properly, with either Baghdad accusing Erbil of underdelivering oil (and selling it separately outside the terms of the agreement) or Erbil accusing Baghdad of underpaying from the budget – or both simultaneously. This, though, has caused a big problem for Baghdad since the outbreak of U.S./Israel-Iran War, in that the KRG had the only workable pipeline solution that would enable Baghdad to move its oil anywhere for monetisation through exports. Moreover, the supply/demand dynamics shifted so that European refiners grew desperate to secure any replacement barrels to compensate for those that had come through the Strait. To capitalise on this – but with no fully working pipeline itself, and disagreements with the KRG still simmering away – Baghdad has resorted in recent weeks to transporting oil to Turkey as and when it can through trucks overland.
Something is better than nothing, of course, but these volumes pale into insignificance when compared to those that could be achieved through a working pipeline, and it is this that Baghdad is aiming to get up and running as soon as possible. Not that long ago, the FGI had an oil pipeline that ran from the disputed, federally-controlled Kirkuk province adjacent to Iraq’s Kurdistan region to the Turkish port of Ceyhan. It ran northwest from the Kirkuk K1 field through federal territory (the Salahaddin and Nineveh provinces, near Mosul) up to the border town of Fishkhabur. This “original” Kirkuk-Ceyhan Pipeline or Iraq-Turkey Pipeline (ITP) consisted of two pipes, which theoretically had a nameplate capacity of 1.6 million bpd combined and was split into 1.1 million bpd for the 46-inch (1,168-mm) diameter pipe and 500,000 bpd for the 40-inch (1,016-mm) line. This FGI-controlled pipeline’s export capacity reached between 250,000 and 400,000 bpd when running normally, but even before the Islamic State entered the picture in 2014, the pipeline was subject to repeated and ongoing attacks by various Sunni militant groups operating in the region. Given its unreliability as an export option, the KRG constructed its own single side-track pipeline, from the Taq Taq field through Khurmala, which joins the Kirkuk-Ceyhan pipeline in the border town of Fishkhabur. This had a nameplate capacity of 700,000 bpd, which was then increased to 1 million bpd, although it has so far reached only 900,000 bpd.
With or without a peace deal between Iran and the U.S./Israel alliance, Baghdad is now pushing ahead with the Kirkuk-Nineveh pipeline as part of the Iraq-Turkey crude oil pipeline extending to Ceyhan Port on the Mediterranean Sea, which is independent of the KRG. The Kirkuk-to-Nineveh line is not a standalone project, but rather is the vital northern leg of the rehabilitated federal network, proving the physical pipe required to carry oil around the KRG’s territory and deliver it directly to the Fishkhabur border terminal. The 350,000-bpd design capacity of this Kirkuk-to-Nineveh segment reflects the Oil Ministry’s cautious, phased approach, as they cannot safely test the entire 1.6 million bpd nameplate capacity of the old system at once. Opening this 350,000-bpd pipeline allows Baghdad to easily handle the initial trial target of 150,000 to 250,000 bpd of Kirkuk crude next month. Moreover, once the southern Basra-to-Haditha corridor is built, it will plug into this newly opened Kirkuk-Nineveh-Fishkhabur line, creating a seamless, high-volume flow from the Persian Gulf to Turkey – at least, that is the idea.
However, just when the West thought that Iraq might be moving back into its own sphere of influence and away from China’s, Beijing’s hand has appeared again in this grand pipeline project. To obviate any future problems that might come in transporting oil from its massive southern fields out into the world, Baghdad is working to connect these directly to the northern network, and to achieve this, it has agreed to partner heavily with Chinese engineering firms. This will be part of the US$1.5 billion emergency infrastructure budget approved by former Iraqi Prime Minister Mohammad Shia al-Sudani that ties into the 2019 “Oil-for-Projects” agreement between Baghdad and Beijing, fully analysed in my latest book on the new global oil market order. Suffice it to say here that under this framework, Iraq sets aside 150,000 barrels of oil per day in an escrow account to serve as collateral for such work undertaken by Chinese entities. Indeed, Baghdad bypassed traditional open public bidding to directly invite specialised Chinese state companies to fast-track construction of the US$5 billion Basra-to-Haditha pipeline – the 700-kilometre mega-corridor designed to pump 2.5 million bpd from the south up toward the northern networks.
The widened scope and quickened pace of the Islamic State’s military operations in the Sahel region — just below North Africa, roughly from Senegal to Sudan — threatens to alter the strategic orientation of the African continent. Efforts at countering terrorist operations in the Sahel, such as they were, have evidently failed. As all roads to Mali’s capital of Bamoko are now blocked, that country might be the first state to “go under.”
On April 25, during a coordinated attack on several Malian cities, Muslim terrorists killed the country’s Minister of Defense. The terrorists then drove the Malian Army and its allied Russian mercenaries out of the country’s north.
The military juntas ruling Mali, Burkina Faso and Niger have proven themselves as ineffective at combatting Islamic terrorist operations as the democracies that they overthrew. The increasing terrorist assaults across the Sahel and the jihadists’s determined efforts to take over Mali, Burkina Faso, and Niger have eroded the sovereignty of these states.
The combat successes of the jihadists in the Sahel in March 2022 precipitated their elevation to the status of “Islamic State Sahel Province” within the hierarchy of the IS, and several other factors have facilitated the growth of the jihadist advance in the Sahel.
The cooling of the once global counterterrorist crusade — following an apparent shift in focus by the world’s great power rivalries, as well as fewer resources directed against the terrorist problem — left a vacuum that was adroitly filled by jihadist groups, which has reduced the pressure on Islamic State and Al Qaeda regional affiliates.
Another situation that might have impacted negatively upon the Sahel’s overall security is the monumental migratory flow of Africans from sub-Saharan countries who pass through the Sahel to the Mediterranean, and the consequent stress this puts on the Sahel economies.
A third force eroding state sovereignty of Sahel countries is warfare waged by Al Qaeda terrorist affiliates that are rivals of the Islamic State, such as the Jama’at Nusrat al-Islam wal Muslimin (JNIM). JNIM also coordinates attacks with the Malian anti-government militia known as the Azawad Liberation Front.
Jihadist violence has become ubiquitous in the Sahel, and recently expanded to include fighting between Islamic State and Al Qaeda. On April 2, a notable clash between these two rival terrorist networks occurred in western Niger.
The Sahel now appears to be the epicenter of global terrorist violence. Sahel’s terrorist groups might also be acquiring confidence that they can achieve permanent and more ambitious goals in the near future.
Islamic State units have also been exploiting the deteriorating security situation in the Sahel and in Nigeria’s northeastern states, which are already governed under Islamic sharia law. Islamic State probably feels buoyed by its easy success in recent battles with the Nigerian Army.
On April 25, Al Qaeda terrorists conducted simultaneous attacks against several Malian urban areas. Their success might well tempt jihadist fighters to move into major urban areas in northern Nigeria and elsewhere in the Sahel.
An additional worrisome trend indicates that terrorist violence is moving westward to Africa’s Atlantic coast.
State control increasingly is being eroded in the Sahel region, despite multilateral efforts to sustain the sovereignty of several states in the Sahel, such as the Multi-National Joint Task Force (MNJTF) consisting of Chad, Nigeria, Benin, Cameroon, and, until last year, Niger. The MNJTF had made significant strides in halting the advance of the Al Qaeda-affiliated Boko Haram terrorist group, particularly in Chad, but recently the overall scorecard is less conclusive.
The MNJTF is sustained mostly by the continent-wide Organization of the African Union (OAU). While the MNJTF originally planned to field a 10,000-member OAU army, insufficient air cover, poor communications, and logistical problems have reduced the organization’s effectiveness.
Another multinational group — the “G5 Sahel” of Mauritania, Burkina Faso, Chad, Mali, and Niger — proved ineffective after its 2014 launch. Beset by bureaucratic problems, military coups, and lack of adequate commitment by member states, it dissolved in December 2023.
France, the former colonial “mother country” of several Sahel states, has also made a valiant effort to contain the region’s Islamist threat. Acting on behalf of a Malian request for military support, France in 2013 dispatched troops to northern Mali in “Operation Serval.”
After substantial success, France, along with UN political support, launched “Operation Barkhane” in 2014 to combat Islamist terrorist activity in the Sahel region. The mission ended in 2022, however, when, following military coups, three Sahelian states asked the French to leave. Later, these same three states invited assistance from Russian mercenaries, which has not resulted in any permanent progress on the battlefield.
With the advance of Islamic terrorist control over ever wider swaths of the Sahel, in recent years, US Special Forces teams have been operating in Niger. On October 4, 2017, this deployment resulted in the killing of four US soldiers and a score of Nigerien soldiers in an ambush staged by “Islamic State in the Greater Sahara.” More recently, US national security priorities elsewhere seem to have resulted in a diminution of American military involvement in the Sahel.
The steady advance of Islamic terrorist control over territory in the Sahel could soon threaten the sovereignty of West African states on the continent’s Atlantic Coast — just across the ocean from Latin America and the United States.
It is past time for the US to take action to protect not only the vast natural resources in the area, but also to stop even more of Africa from being swallowed up by this expanding jihadist takeover.
END
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: 1.1674 UP 0.0008
USA/ YEN 159.351 UP 0.100 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 1.3447 UP 0.0006 OR 6 BASIS PTS
USA/CAN DOLLAR: 1.3824 UP 0.0017 CDN DOLLAR DOWN 17 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED DOWN 51.65 PTS OR 1.25%
Hang Seng CLOSED DOWN 271.22 PTS OR 1.06%
AUSTRALIA CLOSED UP 0.90%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 6.59 PTS OR 0.03%
/SHANGHAI CLOSED DOWN 51.65 OR 1.25%
AUSTRALIA BOURSE CLOSED UP 0.90%
(Nikkei (Japan) CLOSED UP 73.91 PTS OR 0.11%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: $4490.85
silver:$75.43
USA DOLLAR VS TRY (TURKISH LIRA): 45.91 PLUS 1 BASIS PTS AND NOW WE SEE THEIR STUPIDITY OF SELLING SOME OF THEIR GOLD AND ALL OF THEIR USA DOLLAR RESERVES. THE COUNTRY IS IN BIG FINANCIAL TROUBLE
USA DOLLAR VS RUSSIAN ROUBLE: 71.44 ROUBLE// UP 0 ROUBLE AND 55 BASIS PTS. WOULD YOU BELIEVE THAT THE RUSSIAN ROUBLE AND THE ISRAEL SHEKEL ARE THE STRONGEST CURRENCIES BESIDES THE DOLLAR .
UK 10 YR BOND YIELD: 4.8320 DOWN 3 BASIS PTS
UK 30 YR BOND YIELD: 5.512 DOWN 3 BASIS PTS
CDN 10 YR BOND YIELD: 3.459 DOWN 3 BASIS PTS
CDN 5 YR BOND YIELD; 3.120 DOWN 2 BASIS PTS
USA dollar index early WEDNESDAY MORNING: 99.02 DOWN 8 BASIS POINTS FROM TUESDAY’s CLOSE
WEDNESDAY MORNING NUMBERS ENDS
And now your closing WEDNESDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.345% DOWN 0 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.700% DOWN 2 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.923 DOWN 2 BASIS PTS//
SPANISH 10 YR BOND YIELD: 3.392 DOWN 2 in basis points yield
ITALY 10 YR BOND: 3.698 DOWN 2 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 2.9730 DOWN 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 1.1644 UP 0.0008 OR 8 basis points
USA/Japan: 159.42 UP 0.165 OR YEN IS DOWN 17 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.8340 DOWN 4 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.523 DOWN 4 BASIS POINTS.
Paxton Crushes Cornyn In Stunning Texas Senate Upset
Tuesday, May 26, 2026 – 10:25 PM
In a brutal repudiation of the GOP old guard, Texas Attorney General Ken Paxton crushed four-term incumbent Sen. John Cornyn in the Republican Senate runoff Tuesday night, winning by a commanding margin of roughly 63% to 37%.
The victory marks one of the biggest primary upsets in modern Texas political history. Cornyn, a powerful Senate insider and former Majority Whip, was unceremoniously dumped by his own party’s voters after more than two decades in Washington.
Paxton, the hard-charging conservative known for his fierce battles with the Biden administration and loyalty to Donald Trump, declared victory and wasted no time thanking the base.
“Texas has spoken loud and clear,” Paxton said in his victory speech. “We’re done with business as usual.”
The race turned decisively after Trump endorsed Paxton just days before early voting ended. That seal of approval from the former president mobilized the MAGA base and proved once again that Trump remains the undisputed kingmaker in Republican primaries.
How It All Unfolded
Cornyn led the initial March 3 primary with about 42% of the vote, but failed to clear 50%, forcing a runoff against Paxton, who took 41%. The contest quickly turned into a bloodbath, with both sides dumping tens of millions into attack ads.
Paxton hammered Cornyn as out-of-touch with Texas values and too cozy with the Washington establishment. Cornyn fired back, portraying Paxton as ethically compromised and a liability heading into the general election.
But in the end, Texas Republicans chose the fighter over the dealmaker.
Other Key Results
The Paxton-Cornyn showdown wasn’t the only fireworks in Texas Tuesday night.
In the race to replace Paxton as Attorney General, conservative state Sen. Mayes Middleton defeated U.S. Rep. Chip Roy, setting up a strong favorite to hold the powerful post in November.
Democrats also saw some action, with state Rep. James Talarico emerging as their Senate nominee. He’ll now face the daunting task of trying to flip deep-red Texas in November against the polarizing Paxton.
What It Means
Paxton’s win is the latest sign that the Republican Party continues its sharp rightward shift. Traditional, institutional conservatives like Cornyn are increasingly being shown the door in favor of Trump-aligned warriors willing to fight the culture wars and challenge the status quo.
For national Republicans, the result is a double-edged sword. While the seat remains heavily favored to stay red in November, Paxton’s baggage and combative style could force the party to spend serious cash defending what should have been a safe hold.
Democrats are already licking their chops, viewing Paxton as far more beatable than the polished Cornyn. But in a state that hasn’t elected a statewide Democrat in nearly 30 years, their path to victory remains steep.
END
Condo Prices Already Dropped By Up To 33% In 24 Bigger Markets
The price drops are getting relentlessly steeper: In 24 bigger markets, prices of mid-tier condos through April have dropped by 15% to 33% from their respective peaks between 2021 and 2024.
Each of the markets is shown in a chart below: 24 mindboggling charts, depicting breath-taking price explosions, especially from mid-2020 to mid-2022, exceeding 50%, 60%, or even 70% in just two years in some cities. In the 10 years to the peak, prices had soared by 180% to 350% in these markets. And these bubbles have started to deflate.
In 2 of the cities, prices of mid-tier condos dropped by over 30%. In five other markets, prices dropped by 20% to 28%. In another 3 cities, prices dropped by 19%. These are starting to be substantial declines over a multiyear period.
In several of these markets, condo prices have now dropped below their peaks of Housing Bubble 1 in 2006/2007 and are back where they’d been 20 years ago. In a few other markets, prices have dropped close to their peaks of Housing Bubble 1. Those charts are marked with a red line.
There are also many smaller markets where condo prices have dropped just as much or more, but that are not included here because they’re too small.
Most of the markets here are “cities.” But the line-up also includes three counties where the cities, though household names, are too small to be included individually. And it includes one metropolitan statistical area, the Lakeland-Winter Haven MSA in Florida, for the same reason.
In some densely populated cities, condos and co-ops make up a big part or the majority of home sales. In most other markets, condos are a much smaller portion of home sales.
Rank
Market
Since Peak
Year Of Peak
1
Cape Coral, FL
-33%
2022
2
Oakland, CA
-31%
2022
3
St. Petersburg, FL
-28%
2022
4
Austin, TX
-27%
2022
5
Fort Myers, FL
-26%
2023
6
Sarasota County, FL
-24%
2022
7
Tampa, FL
-20%
2022
8
Garland, TX
-19%
2022
9
Jacksonville, FL
-19%
2022
10
Detroit, MI
-19%
2021
11
Collier County (Naples), FL
-18%
2022
12
Denver, CO
-17%
2022
13
Arlington, TX
-17%
2024
14
Lakeland-Winter Haven MSA, FL
-17%
2024
15
Aurora, CO
-17%
2022
16
Orlando, FL
-16%
2024
17
Raleigh, NC
-16%
2022
18
Port Saint Lucie, FL
-16%
2024
19
Hayward, CA
-15%
2022
20
San Mateo County (Silicon Valley), CA
-15%
2022
21
Seattle, WA
-15%
2022
22
Reno, NV
-15%
2022
23
Mesa, AZ
-15%
2024
24
Plano, TX
-15%
2022
Those That Didn’t Make The 15% Cutoff
In many cities, condo prices have dropped by 14% or less, and they didn’t make the 15% cutoff here. Below is a sample list of 41 bigger cities where prices have dropped by 7% to 14% from their respective peaks.
Rank
Market
Since Peak
Year Of Peak
1
Fremont, CA
-14%
2022
2
Portland, OR
-14%
2022
3
Boise, ID
-14%
2022
4
Clarksville, TN
-14%
2022
5
Chandler, AZ
-14%
2022
6
Phoenix, AZ
-14%
2022
7
San Antonio, TX
-13%
2024
8
Houston, TX
-13%
2024
9
Scottsdale, AZ
-13%
2022
10
Glendale, AZ
-13%
2022
11
Huntsville, AL
-13%
2022
12
Irving, TX
-12%
2023
13
Sacramento, CA
-12%
2022
14
Fort Lauderdale, FL
-12%
2022
15
Dallas, TX
-12%
2023
16
Tempe, AZ
-12%
2022
17
Corpus Christi, TX
-12%
2023
18
Stockton, CA
-12%
2022
19
Colorado Springs, CO
-12%
2022
20
San Francisco, CA
-11%
2022
21
Henderson, NV
-11%
2022
22
Las Vegas
-11%
2022
23
New Orleans, LA
-11%
2022
24
Spokane, WA
-10%
2022
25
Atlanta, GA
-9%
2023
26
New York City
-9%
2022
27
Washington, DC
-9%
2022
28
Nashville, TN
-9%
2022
29
Salt Lake City, UT
-9%
2022
30
Elk Grove, CA
-9%
2022
31
San Jose, CA
-8%
2022
32
Memphis, TN
-8%
2022
33
Gilbert, AZ
-8%
2022
34
Miami, FL
-8%
2023
35
San Diego, CA
-8%
2024
36
Marietta, GA
-8%
2024
37
Oklahoma City, OK
-7%
2023
38
Tucson, AZ
-7%
2023
39
St. Louis, MO
-8%
2023
40
Long Beach, CA
-7%
2023
41
Minneapolis, MN
-7%
2021
Methodology and data: These prices here are seasonally adjusted three-month averages of “mid-tier” condos and co-ops from the Zillow Home Value Index (ZHVI), which is based on millions of data points in Zillow’s “Database of All Homes,” including from public records (tax data), MLS, brokerages, local Realtor Associations, real-estate agents, and households across the US. It includes pricing data for off-market deals and for-sale-by-owner deals. These are not median prices.
The Condo Bust By Market In 24 Charts
The tables for each market below show from left to right: price decline from the peak, change from prior month (MoM), change year-over-year (YoY), and remaining increase since January 2000.
Market
From Peak
MoM
YoY
Since 2000
Cape Coral, FL
-33%
-0.4%
-14.2%
130%
Oakland, CA
-31%
-0.7%
-12.6%
140%
St. Petersburg, FL
-28%
-0.5%
-12.4%
181%
Austin, TX
-27%
-0.8%
-5.9%
107%
Fort Myers, FL
-26%
-0.5%
-14%
121%
Sarasota County, FL
-24%
-0.3%
-12.0%
134%
Tampa, FL
-20%
-0.6%
-10.1%
250%
Garland, TX
-19%
-1.0%
-13.1%
209%
Jacksonville, FL
-19%
-0.6%
-8.8%
144%
Detroit, MI
-19%
-0.5%
-7.2%
245%
Collier County (Naples), FL
-18%
-0.4%
-7.0%
158%
Denver, CO
-17%
-1.0%
-6.5%
130%
Arlington, TX
-17%
-0.3%
-5.8%
228%
Lakeland-Winter Haven, FL
-17%
-0.4%
-8.5%
125%
Aurora, CO
-16%
-0.8%
-7.5%
196%
Orlando, FL
-16%
-0.7%
-9.2%
150.4%
Raleigh, NC
-16%
-0.6%
-8.1%
134.0%
Port Saint Lucie, FL
-16%
-0.1%
-8.3%
229%
Hayward, CA
-15%
-0.9%
-8.9%
178%
San Mateo County (Silicon Valley), CA
-15%
-0.4%
-5.6%
194%
Seattle, WA
-15%
-0.9%
-5.2%
133%
Reno, NV
-15%
0.0%
-4.1%
241%
Mesa, AZ
-15%
-0.6%
-4.4%
200%
Plano, TX
-15%
-0.9%
-8.6%
126%
Prices in Oakland are back to where they’d first been in mid-2005, and that was 21 years ago. Prices are down a lot, but are still very high.
Prices in Fort Myers are back where they’d first been in April 2006, exactly 20 years ago.
Prices in Sarasota County are back where they’d first been in early 2006, exactly 20 years ago.
The county forms the northern portion of Silicon Valley.
Condos As Home, Rental Property, Or Speculative Bet
Some people buy condos as a home to live in an urban center or along the shore, to enjoy the big views, nice amenities, or central location. They value the worry-free living, such as not having to mess with maintenance, repairs, and yardwork; or having staff at a desk by the front door. Some value not having to climb stairs, etc.
Others buy condos as rental properties as a way to get into the multifamily rental business, or they try their hand at short-term vacation rentals. Or they buy them as vacation homes. Others, especially nonresident foreign investors, buy condos to park some cash in the US and watch the price spiral higher from a distance. It’s these investors and speculators that make condos particularly speculative.
A Reminder Of The Special Issues That Condos Confront
Over the long term, land appreciates, most buildings depreciate to zero and are eventually torn down. The land that big condo buildings sit on can be very valuable, but each condo owner only owns a tiny slice of it. The rest of their investment is in the building. A single-family house may sit on less valuable land, but the homeowner gets 100% of any appreciation of the land.
Prices that exploded over the past few years ended up being way too high, once the mania settled down.
Hefty special assessments, or the fear of them, for long-neglected major repairs dog some older condo buildings.
Big increases in HOA fees at many properties, partly driven by spiking insurance costs in natural disaster zones, add substantially to the monthly costs of condos.
If a condo building is on Fannie Mae’s Blacklist, financing a unit in that building gets very difficult, and sales may be limited to cash buyers who’ll exact their pound of flesh.
The Free Money has ended, and mortgage rates are roughly back to a normal range. Buyers of single-family homes face the same issue.
Foreign-based owners who’ve had it with the US and want to sell. And there are fewer foreign-based buyers.
Investors in condos as rental properties are facing stiff competition from a wave of newly completed higher-end apartment buildings that developers are trying to find tenants for.
END
MASSIVE FRAUD…
Food Stamp Fraud Pipeline Exposed: U.S. Taxpayer-Funded Groceries Shipped Overseas And Sold For Profit
Food stamps and food pantries are intended to keep struggling Americans fed.
What we found is that, in some communities, that food never reaches an American table. Instead, it gets shipped overseas and sold for profit.
The scheme works like this. Residents in cities like Lawrence, Massachusetts collect food through two channels: purchasing it at local markets using EBT cards, and picking it up for free from food banks and churches. That food is then packed into large blue barrels, dropped off at shipping companies, and sent by container ship to the Dominican Republic. Once it arrives, it is sold for profit in local stores. The people doing this see nothing wrong with it. In many cases, they do it openly.
According to a local that assisted us with this story, this fraud has been happening for over a decade.
Over the course of several weeks, Muckraker Foundation traced the full pipeline from food pantry lines in Lawrence, Massachusetts, through shipping warehouses in New York, to store shelves in Santo Domingo. This is what we found.
John has been delivering goods in Lawrence for over 11 years, six days a week, 35 stops a day. He knows the community intimately.
“I’ve been witnessing the Dominican residents going to food bank lines and collecting non-perishable goods,” he told us, “and then packing it in barrels and in boxes, and then they ship it back to the Dominican Republic.”
We asked him how he knew the food was being purchased with food stamps.
“Some of them have openly told me and my wife that that’s what they’re doing,” he said. “And then the other way is the math.”
The math is straightforward. A 50-pound bag of rice costs $30 in Lawrence. That same bag costs $35 in the Dominican Republic. Add shipping, and the economics make no sense unless the food was free or paid for with government benefits.
John drove us through the streets of Lawrence and showed us the evidence hiding in plain sight: blue shipping barrels, stacked outside corner stores, for sale. Not one store. Not two. Store after store after store.
“These barrels aren’t trash cans,” John said. “They’re being used to ship the product.”
Every one of those stores also advertised, prominently, that they accept EBT.
Abigail has worked in Lawrence since 2011. She asked us not to disclose her profession, but her job takes her inside people’s homes on a daily basis.
“Many of them will have large boxes, large bins in their apartments full of the food that they give out at the pantries here,” she told us. “And when I ask them what it’s for, they say they mail it back so it can either be given to their families there or be sold in the bodegas there.”
We asked if these patients knew they were doing something wrong.
“No,” she said, and laughed quietly. “They feel entitled. They feel like that’s what we come here for.”
We asked how widespread she believed the fraud to be among the patients she visits.
“About half,” she said. “Half the people I see.”
New York
Massachusetts has some of the strictest wiretapping laws in the country, which limited what we could capture on camera. So we moved the investigation to New York.
In the Bronx, we located a storage facility being used by numerous Dominican shipping companies as a distribution hub. We sent in an associate with a hidden camera. A worker confirmed explicitly, on camera, that people are using EBT to purchase the food being shipped in those boxes.
From there, the food moves to Port Newark, one of the largest container terminals on the East Coast. It is from Port Newark that tens of thousands of pounds of food, likely amounting to millions of dollars, is loaded onto ships bound for the Dominican Republic.
Santo Domingo
Inside a small bodega in Santo Domingo, Dominican Republic, a shop owner told us on camera that the inventory is purchased with EBT cards in New York. The prices on the shelves told the same story. The food was selling for roughly the same price as it does in the United States. After shipping costs, that price only makes sense if the food was obtained for free.
At a second shop in Santo Domingo, the owner told us she gets her inventory from churches in New York City, and that when she goes to collect the food, she uses her Dominican ID and her mother’s American address.
In boxes behind her: Ronzoni pasta, Campbell’s chicken noodle soup, Goya beans, Quaker oats, and more. Food donated by Americans, intended for Americans, now sitting in a bodega in Santo Domingo.
The Bigger Picture
When food stamps were first introduced in 1964, the program served fewer than 400,000 people, less than one fifth of one percent of the American population. Applicants had to appear in person at state welfare offices, pass strict income and asset tests, and have their eligibility certified by state caseworkers.
Today, nearly 42 million Americans receive SNAP benefits, roughly one in eight people in this country, at a cost to taxpayers of over $100 billion in 2025 alone.
What began as a modest safety net has become one of the largest federal assistance programs in American history. And as this investigation shows, it is being exploited in broad daylight, on the main streets of American cities, by people who see nothing wrong with it.
Watch
Muckraker is calling on federal authorities to investigate what we have uncovered. We are prepared to share our findings, our footage, and our sources with any legitimate investigative body.
END
Energy Drinks Become Latest Casualty As Fuel Shock Shifts Consumer Behavior
Wednesday, May 27, 2026 – 12:40 PM
The national average price for 87-octane gasoline at the pump has remained above the politically sensitive $4-per-gallon threshold for 57 days and counting, as the U.S.-Iran conflict continues to disrupt energy flows through the Strait of Hormuz chokepoint.
That price shock at the pump has already translated into visible shifts in consumer behavior at gas stations and convenience stores, an emerging trend we first outlined in mid-April (see here and here).
Adding to the consumer story of elevated gas prices pressuring discretionary spending behaviors is new data from NielsenIQ via Goldman.
This chart shows that U.S. energy drink category growth across NielsenIQ-tracked channels, including xAOC, convenience, and Amazon, tracked on a 4-week year-over-year basis, slowed sharply into May 2026.
The latest reading appears to be in the mid-single-digit range, down from the stronger double-digit growth rates seen throughout much of 2025 and early 2026.
It’s important to note that energy drinks remain among the healthier beverage categories, but the sharp growth slowdown occurred around the time gasoline prices at the pump surged.
Bonnie Herzog, managing director and senior consumer analyst at Goldman Sachs, did not specify why the category abruptly lost momentum early this year through spring.
However, our prior notes on consumer stress at the pump in mid-April – including Goldman data showing that a majority of convenience stores reported drivers buying less fuel and trading down in-store – only suggest that higher gasoline prices may be a major contributing factor behind the slowdown in energy drinks.
If consumers are already dialing back fuel purchases and discretionary purchases at convenience stores, it makes sense that premium impulse categories like energy drinks are also under pressure.
Warsh & Peace: Deutsche Bank’s 3 Scenarios For Iran & The Fed
Warsh & Peace: Deutsche Bank’s 3 Scenarios For Iran & The Fed
Deutsche Bank’s note “Warsh & Peace” (from chief US economist Matthew Luzzetti and team, released May 27, 2026) analyzes three potential paths for the ongoing US-Iran tensions/ceasefire negotiations and their implications for Fed policy under new Chair Kevin Warsh.
zerohedge.com
It plays on Tolstoy’s War and Peace and the uncertainty around both geopolitics and monetary policy (“We can know only that we know nothing”).The Three Scenarios (Summarized)
Scenario 1: Peace Deal
A successful diplomatic resolution or durable ceasefire reduces near-term risks (e.g., oil price spikes, supply disruptions).
This eases immediate upside risks to inflation, lowering the chance of near-term Fed rate hikes.
However, longer-term hike potential remains if underlying pressures (fiscal, energy, etc.) persist. Markets could see relief rallies in risk assets, with the Fed staying data-dependent but less hawkish short-term. zerohedge.com
Ongoing volatility, sporadic incidents (like recent warning shots or port actions), and stalled talks keep oil/geopolitical premiums elevated without full escalation.
This creates persistent two-sided risks for the Fed: supply-driven inflation vs. potential growth slowdown. Warsh’s Fed would likely adopt a cautious “wait-and-see” stance, with possible modest tightening bias if inflation expectations unanchor. Markets stay volatile. fortune.com
Scenario 3: Escalation / Prolonged Conflict
Renewed major strikes, disruptions to energy flows (e.g., Strait of Hormuz risks), or broader regional spillover.
This would push oil prices significantly higher, boosting headline inflation and complicating Warsh’s early tenure. The Fed might face stronger pressure to hike (or hold tighter for longer) to combat second-round effects, despite any growth hit. This scenario tests Fed independence vs. fiscal/military spending dynamics. zerohedge.com
Broader Context
Kevin Warsh’s Role: As the new Fed Chair (sworn in recently after nomination by Trump), he is seen as reform-minded (smaller balance sheet, less press communication, potential regulatory easing) but inflation-aware. The note ties geopolitical outcomes directly to how his policy framework evolves. reuters.com
Market/Policy Implications: Deutsche Bank highlights resilience in the US economy so far but flags risks from energy prices feeding into inflation and consumer costs. Prior DB analysis (and others) has modeled oil shocks at various Brent levels ($80–$150+ ranges in escalation cases).
Current Backdrop (as of May 27, 2026): Fragile ceasefire with recent incidents (e.g., US actions on Iranian ports), ongoing mediated talks (via Pakistan/Qatar), and markets pricing some optimism for de-escalation alongside monitoring Fed signals under Warsh. fortune.com
The full note is premium/paywalled on ZeroHedge and DB channels, but this captures the framework. These scenarios align with broader analyst views: outcomes hinge heavily on oil prices, inflation pass-through, and whether diplomacy holds. Markets remain sensitive to any headlines on talks or incidents.
VICTOR DAVIS HANSON
KING NEWS
The King Report May 27, 2026 Issue 7750
Independent View of the News
In early NYSE trading on Tuesday, the Dow Jones Transportation Average was + 520 points, or 2.5% on frantic buying of airline stocks (lower fuel costs). Fangs and AI-related stocks soared on the continuation of the AI bubble. Gasoline and oil fell sharply. Bonds rallied smartly. Precious metals were mixed. The DJIA was down moderately. Action was listless; traders were waiting for the next headline on Iran.
Due to due to the numerous reports and hype that a peace deal with Iran was nigh, traders frantically bought ESMs on Monday night. ESMs opened at the daily high of 7565.75 (+74.75) on the manic buying. They quickly commenced a decline that took ESMs to 7531:75 at 21:37 ET. After a moderate rebound, ESMs traded sideways until they broke lower at the 3 ET European opening.
ESMs hit a daily low of 7520.25 at 3:30 ET. Conditioned buying for opening drops appeared. ESMs jumped to 7551.25 at 6:29 ET. An ABC decline took ESMs to 7525.00 at 9:34 ET. Once again conditioned buying for an exchange opening dip appeared. ESMs jumped to 7555.25 at 10:39 ET. The second hour reversal appeared; the decline accelerated on news reports that debunked ‘peace is nigh.’
Astute traders recognized Tuesday’s action could not take out the 7569.75 (+78.75) Memorial Day high. ESMs sank to 7517.00 (+26.00) at the 11:56 ET. A Noon Balloon appeared; ESMs rallied to 7534.00 at 12:33 ET and then fell to 7518.50 at 13:29 ET. After a moderate rebound, ESMs traded sideways until the late manipulation forced them to 7540.75 at 15:53 ET. ESMs eased down to 7536.75 at 16:00 ET.
@neilksethi: WMT is -1.6%… its 4-day loss -11.8%, the worst 4-day stretch since May 2022 (-17%).
@no_itsmyturn: The US Navy has resumed guiding ships through the Strait of Hormuz, reports @WSJ, citing US military officials…US forces are not currently escorting commercial shipping through the Strait of Hormuz, reports @Jerusalem_Post, citing a US official.
@Osint613: Israeli ground forces have crossed beyond the yellow line into Lebanon, the IDF confirmed after military censorship cleared the report for publication. – Israel Hayom
If enough other companies report the same (AI costs can’t be justified), the bubble pops. Uber blew through its AI “token” budget for the year in just a few months, and they don’t feel it is working out as well as they might have hoped… Microsoft just cut off Claude Code licenses, and Tom Warren at the Verge claim that this is at least in part because of costs. Target has expressed some anxiety about pricing models for AI agents. Starbucks just shut down an AI inventory experiment that they had been experimenting with because they realized that it couldn’t be trusted… I have been pointing out the errors since the week ChatGPT was introduced in 2022, and study after study after study (I will go into this more in a later newsletter) has shown that most companies don’t see a significant return on their AI investment… https://garymarcus.substack.com/p/if-enough-other-companies-report
Positive aspects of previous session The DJTA rallied sharply on airline buying on falling jet fuel costs. The SOX Index soared as much as 5.97% on the ever-inflating AI Bubble. The S&P 50 Index hit a record high. USMs were +1 point at the NYSE close. Gasoline plunged as much as 7.12%; WTI Oil sank as much as
Negative aspects of previous session The S&P 500 hit its peak at 10:40 ET. The DJIA declined 118.02 points. July WTI Oil hit a low of 89.41 (-7.45) at 18:11 ET but rallied to 94.70 (- 1.97%) at 11:29 ET.
Ambiguous aspects of previous session How much longer will the Iran drama, reversals, double reversals, TACOs, threats, and deals persist?
First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour:Up; Last Hour: Up
Pivot Point for S&P 500 Index [above/below indicates daily trend to day traders]: 7519.77 Previous session (S&P 500 Index) High/Low: 7530.09 (10:40 ET); 7501.10 (11:55 ET)
Today – Most traders are now massively long for an expected Iran peace deal. And most traders are long AI-related bubble stocks. Traders great and small come to the market almost daily and buy the bubble stocks. They dump into indexers and ETFs. This will continue until some force changes this inertia.
Headlines and rumors about discussions at Trump’s WH summit with his Cabinet should impact trading. The meeting was initially scheduled for Camp David. Forecasted bad weather necessitated a change.
ESMs are +1.25; NQMs are +6.50; WTI is -$0.71; gasoline is -1.28¢; USMs are +5/32 at 20:26 ET.
S&P Index 50-day MA: 7006; 100-day MA: 6945; 150-day MA: 6897; 200-day MA: 6814 DJIA 50-day MA: 48,325;100-day MA: 48,655; 150-day MA: 48,277; 200-day MA: 47,639 (Green is positive slope; Red is negative slope)
S&P 500 Index (7519.12 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 6745.19 triggers a sell signal Daily: Trender is postive and MACD is negative – a close below 7403.09 triggers a sell signal Hourly: Trender and MACD are positive – a close below 7488.98 triggers a sell signal
NYC Mayor Mamdani’s Housing Plan Sparks Property-Rights Alarm Over Forced Transfers To Nonprofits
Tuesday, May 26, 2026 – 03:20 PM
Mamdani Releases “Block by Block: The Housing Plan for A New Era”
NYC socialist Mayor Zohran Mamdani released “Block by Block: The Housing Plan for a New Era,” which presents a sweeping, deeply troubling blueprint to tackle the metro area’s deepening housing crisis.
Mamdani told the crowd:
When necessary, we will take aggressive legal action to remove negligent owners and property managers. And for buildings that have suffered chronic neglect, we work to transfer ownership to responsible stewards. Stewards include community land trusts, nonprofits, or even the tenants themselves.
X user Difficult Froyo outlined what he described as the obvious playbook by the socialist mayor:
Rent control so landlords cannot raise rent to properly maintain the property. NYC takes the property and gives it to his political friends that donate to him. This is all going to be a theft scheme.
“Insane. If this isn’t communism, I don’t know what is. Has America really reached the point of communism?”
Mamdani’s backdoor property-seizure strategy will likely spook lenders, insurers, and small landlords. That’s because it caps landlord income, allows residential buildings to become distressed, then uses the city’s enforcement to push properties into nonprofit, community land trust, or tenant ownership.
The carveout that Mamdani has to allow one-time rent hikes on certain vacant units already shows that Mamdani’s team understands that a rent freeze creates financial stress for some affordable-housing owners.
Ahead Of Speech: Mamdani To Carve Out Struggling NYC Landlords From Rent Freeze Experiment
NYC socialist Mayor Zohran Mamdani is expected to announce on Tuesday that certain distressed landlords will be excluded from his proposed rent freeze, offering relief to apartment owners squeezed by debt, rising insurance costs, utilities, and repair bills in the increasingly unaffordable metro area.
Mamdani is expected to make the announcement at Powerhouse Arts in Gowanus, Brooklyn, where he will unveil a plan that would allow eligible owners of apartments financed or regulated by city housing agencies to impose a one-time rent increase on vacant units, even if a broader rent freeze is enacted later this year, according to The Wall Street Journal.
The 34-year-old socialist campaigned on the promise of free bus rides and government-run grocery stores, as well as freezing rents on the city’s nearly one million rent-regulated apartments throughout his four-year term, which would offer relief to about 2.4 million residents.
The exemption could apply to roughly 300,000 apartments, about one-third of the city’s rent-stabilized stock, though officials expect only hundreds of vacant units to use the rent-increase tool. The move reflects the political and financial pressure Mamdani faces after campaigning on a four-year rent freeze for roughly one million regulated apartments, a pledge that alarmed landlords already squeezed by debt, insurance, utilities, and repair costs.
This rent-freeze exemption will only apply to vacant apartments in the city that are already financed and regulated by the city’s housing agencies. Rent increases will be limited by the income caps set by the city. -WSJ
WSJ noted that City Hall has also created a new $5 million loan program to help landlords cover tenants’ overdue rent and avoid evictions.
The move comes just ahead of the nine-member Rent Guidelines Board, which is set to vote in June, supporting increases of 0% to 2% on one-year leases and 0% to 4% on two-year leases for rent-stabilized apartments.
The New York Times estimates the median rent-stabilized studio apartment goes for about $1,360 a month, and a two-bedroom rents for about $1,530. The median rent for a market-rate studio is north of $2,000, and for a two-bedroom it’s about $2,200.
Last year, the Rent Guidelines Board approved increases of 3% for one-year leases and 4.5% for two-year leases, despite the housing affordability crisis in the metro area.
These policies are part of Mamdani’s long-awaited housing plan, which also includes new efforts to build multi-family buildings and expand tenant protections. He has laid out a goal of building 200,000 new residences.
“When communities don’t build new housing, rents stay high, housing choice stays limited, and many New Yorkers are locked out of neighborhoods where their families can thrive,” Mamdani’s team wrote in a section of the new plan shared with POLITICO reporters ahead of the release.
Mamdani is trying to balance his pro-tenant rent-freeze campaign promise with the reality that parts of the city’s affordable housing network are in financial shambles.
END
TEXAS
Texas Woman Arrested After Facebook Post Over Unsafe Brown Drinking Water: Report
Tuesday, May 26, 2026 – 10:10 PM
A woman in Trinidad, Texas, was arrested after she posted on Facebook raising concerns about the safety of the city’s discolored drinking water, according to Fox 4.
Jennifer Combs posted the message on April 6 to her citizen-watchdog group page, Southern Belle Watch, urging residents who had been sickened by the city’s tap water to come forward.
“We have received reports that some citizens have been hospitalized due to bacteria in the water. This is a serious public health concern that deserves immediate attention,” she wrote. “If your water looks discolored, contains sediment, has a strong odor, or you have experienced related health issues, please send us a message. We are gathering information and reporting findings to the state.”
In what could be seen as a brazen move against free speech, Jennifer Combs was arrested on May 8.
Trinidad Police Chief Charles Gregory scrambled to defend the arrest, claiming the case was “cut and dry” and saying her claims about hospitalizations “are simply false and have only caused unnecessary fear and confusion in our community.”https://www.youtube.com/embed/cEQy2TiyUDs?si=egWmcLHDkjsvelOI
Trinidad law enforcement claimed Combs had written “false information that creates fear, panic, or unnecessary emergency response within a community.”
However, on April 21, a few weeks after Combs’ post, the city itself issued a notice urging residents to boil their water to “avoid harmful bacteria,” according to the New York Post.
“It was probably one of the most humiliating things I’ve ever gone through in my entire life. It was very, very bad,” Combs told Fox 4 of the arrest.
Combs has filed a federal lawsuit against the city, including Chief Gregory and another member of the local police force.
CJ Grisham, a lawyer who is representing Combs in her case against the cops, branded the arrest an “abuse of power,” the Post reported.
END
Biden DHS Released Nearly 90% Of Border Migrants Through Parole Program
A new report from the Government Accountability Office found that the Biden administration released nearly 90 percent of migrants encountered at the southern border through parole authority at the height of its catch-and-release policies.
The report details how the Department of Homeland Security under former President Joe Biden and then-DHS Secretary Alejandro Mayorkas dramatically expanded the use of “humanitarian parole” between early 2021 and Jan. 20, 2025.
According to the GAO, parole authority had previously been used sparingly by presidential administrations before Biden took office.
“Specifically, our analysis showed that OFO and Border Patrol granted relatively few paroles during fiscal years 2019 and 2020,” the report stated.
The watchdog agency found that during 2019 and 2020, parole was granted in roughly 3 percent to 28 percent of southwest border encounters. That changed sharply beginning in the summer of 2021.
“The number of paroles granted increased beginning in the summer of 2021 and peaked in December 2022, when 89 percent of encounters resulted in parole,” the report stated.
“Paroles granted declined substantially after December 2022 and again after January 2025.”
The report also raised concerns that the Biden administration’s mass parole program overwhelmed federal immigration enforcement systems and left authorities struggling to track migrants released into the country.
“… without readily accessible information about noncitizens’ parole status, ICE does not have the information it needs to identify and monitor these noncitizens, or to take enforcement action, as appropriate,” the report stated.
Conservatives have argued throughout Biden’s presidency that the administration effectively dismantled immigration enforcement at the southern border by relying heavily on parole authority to release migrants into the interior of the United States.
Some architects of those immigration policies are now pushing Democrats to restore similar programs if the party regains power in Washington.
harveyorganblog.com 
