EXCHANGE: COMEX
CONTRACT: JUNE 2026 COMEX 100 GOLD FUTURES
SETTLEMENT: 4,499.300000000 USD
INTENT DATE: 05/28/2026 DELIVERY DATE: 06/01/2026
FIRM ORG FIRM NAME ISSUED STOPPED
072 C GOLDMAN 476
072 H GOLDMAN 4
099 H DEUTSCHE BANK AG 9249
118 C MACQUARIE FUTURES US 204
118 H MACQUARIE FUTURES US 333
167 C MAREX 18
167 H MAREX 47
190 H BMO CAPITAL MARKETS 2404
323 C HSBC 536
332 H STANDARD CHARTERED B 8601
363 H WELLS FARGO SECURITI 2522
435 H SCOTIA CAPITAL (USA) 395
555 C BNP PARIBAS SEC CORP 2581
624 C BOFA SECURITIES 232
624 H BOFA SECURITIES 754
657 C MORGAN STANLEY 1456
661 C JP MORGAN SECURITIES 7125 5269
685 C RJ OBRIEN 5
686 C STONEX FINANCIAL INC 116
686 H STONEX FINANCIAL INC 59
690 C ABN AMRO CLR USA LLC 3
709 C BARCLAYS 3195
732 C RBC CAP MARKETS 1261
732 H RBC CAP MARKETS 34
880 C CITIGROUP 285
880 H CITIGROUP 48
905 C ADM 24 4
TOTAL: 23,620 23,620
MONTH TO DATE: 23,620
GOLD: NUMBER OF NOTICES FILED FOR JUNE/2026: 23,620 CONTRACTs NOTICES FOR 2,362,000 OZ or 73.468 TONNES
total notices so far: 23,620 contracts FOR 2,362,000 OZ OR 73.468 TONNES
SILVER NOTICES: 1653 NOTICE(S) FILED FOR 8.265 MILLION OZ /
total number of notices filed so far this month : 1653 CONTRACTS (NOTICES) for 8.265 million oz
SILVER//OUTLINE
INITIAL STANDING FOR JANUARY: 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NEW NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR .100 MILLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ!!
INTIAL STANDING FOR FEBRUARY/SILVER: 13.505 MILLION OZ FOLLOWED BY TODAY’S HUGE 0.005 MILLION OZ QUEUE JUMP / : NEW STANDING FOR SILVER AT THE COMEX ADVANCES TO 25.180 MILLION OZ. BUT WE MUST ADD OUR FIRST EXCHANGE FOR RISK OF 25 CONTRACTS FOR .125 MILLION OZ AND THEN OUR SECOND EXCHANGE FOR RISK OF .0600 MILLION OZ TO OUR THIRD HUGE 2.825 MILLION OZ EXCHANGE FOR RISK!!
INITIAL STANDING FOR MARCH: A SURPRISINGLY LOW 31.076 MILLION OZ/ FOLLOWED BY A TINY QUEUE JUMP OF 1 CONTRACTS OR 0.005 MILLION OZ/NEW STANDING ADVANCES TO 46.060 MILLION OZ
INITIAL STANDING FOR APRIL: 7.120 MILLION OZ FOLLOWED BY TODAY’S 1 CONTRACT QUEUE JUMP WHERE 5,000 OZ WILL TAKE DELIVERY OVER ON THIS SIDE OF THE POND. NEW STANDING FOR SILVER AT THE COMEX THUS ADVANCES SLIGHTLY TO 16.565 MILLION OZ PLUS WE MUST ADD OUR 4TH EXCHANGE FOR RISK ISSUANCE OF 17 CONTRACTS OR 0.085 MILLION OZ. THESE WILL BE ADDED TO OUR OTHER 3 ISSUANCES //NEW TOTAL EXCHANGE FOR RISK//1.165 MILLION OZ// NEW TOTAL SILVER STANDING 17.730 MILLION OZ//
INITIAL STANDING FOR MAY: 31.495 MILLION OZ FOLLOWED BY 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: 32.070 MILLION OZ/NEW STANDING THUS REDUCES TO 32.325 MILLION OZ/.//(32.070 MILLION OZ NORMAL STANDING PLUS .255 MILLION OZ EXCHANGE FOR RISK = 32.325 MILLION OZ)
JUNE INITIAL STANDING FOR SILVER:10.735 MILLION OZ
SUMMARY OF OUR JUNE 2026 COMEX CONTRACT MONTH:
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 82.020 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
NOVEMBER: 36.425 MILLION OZ
DEC: 45.765 MILLION OZ
JANUARY 2026: 134.270 MILLION OZ (WILL BE A VERY STRONG MONTH FOR EXCHANGE FOR PHYSICAL!)
FEB : 82.130 MILLION OZ
MARCH: 56.075 MILLION OZ
APRIL; 44.44 MILLION OZ//FINAL.. SMALL THIS MONTH.
MAY 59.79 MILLION OZ
JUNE…
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 32.070 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 32.325 MILLION OZ//
JUNE: INITIAL AMOUNT OF SILVER WILLING TO STAND: 10.735 MILLION OZ
1.MAY SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
4. AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.
5.SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
6.OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
7.NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 2.323 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 4.5596 TONNES//NEW STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
8. DECEMBER BEGINS WITH INITIAL STANDING OF 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.0TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR 4 EXCHANGE FOR RISK FOR DECEMBER OF 6.587 TONNES/NEW STANDING ADVANCES TO 121.977 TONNES
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR FIRST EXCHANGE FOR PHYSICAL TRANSFER OF 0.08709 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEB; INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 93.567 TONNES OF GOLD TO WHICH WE ADD OUR NEXT 0.0248 TONNES 0.1555 TONNES QUEUE JUMP TO 41.2082 TONNES/ NEW NET QUEUE JUMP INCREASES TO 41.233 TONNES// AND THEN WE ADD OUR SIX EXCHANGE FOR RISK: 10,080 CONTRACTS OR 31.251 TONNES//NEW STANDING REDUCES TO 157.878 TONNES
MARCH:: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 8.099 TONNES TO WHICH WE ADD TODAY’S FAIR 4600 OZ QUEUE JUMP (0.2320 TONNES) AND THEN WE ADD OUR THREE EXCHANGE FOR RISK OF 22.3818 TONNES //NEW STANDING ADVANCES TO 67.6648 TONNES/
APRIL: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 52.600 TONNES FOLLOWED BY OUR 345 CONTRACT QUEUE JUMP FOR 34,500 OZ/ (1.073 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 345 CONTRACTS OR 34500 OZ (1.073 TONNES) TO WHICH WE ADD OUR FIVE EXCHANGE FOR RISK ISSUANCES FOR 24.635 TONNES/STANDING NOW ADVANCES TO 51.554 TONNES OF GOLD.
JUNE; INITIAL AMOUNT OF GOLD WILLING TO STAND; 80.192 TONNES./
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 345 CONTRACTS/34,500 OZ// 1.073 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 51.554 TONNES
JUNE: INITIAL AMOUNT OF GOLD WILLING TO STAND: 80.192 TONNES.
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STRONG THIS MONTH
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
NOV: 124.74 TONNES
DEC: 190.04 TONNES//GOOD SIZED THIS MONTH FINAL.
TOTAL EXCHANGE FOR PHYSICAL ISSUED FOR YEAR 2025: 2,026.20 TONNES (LOWER THAN LAST YR 2,569.00 TONNES
JANUARY: 209.08 TONNES ( (WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL)
FEB. 176.35 TONNES (WHICH IS A FAIR ISSUANCE)
MARCH: 214.67 TONNES//WILL BE STRONG ISSUANCE THIS MONTH
APRIL; 88.00 TONNES// WILL BE VERY SMALL THIS MONTH
MAY 118.430 TONNES
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSIT
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
SILVER:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A SMALL 85 CONTRACTS TO AN OI OF 101,560.
EFP ISSUANCE 540 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 540 CONTRACTS and 870 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 85 CONTRACTS AND ADD TO THE 540 E.FP. ISSUED
WE OBTAIN A STRONG GAIN OF 625 OI OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN OF $1.02
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 3.125 MILLION PAPER OZ
OCCURRED WITH OUR GAIN IN PRICE.OF $1.02
2.ASIAN AFFAIRS MAY 29 /2025
SHANGHAI CLOSED DOWN 30.07 PTS OR 0.73%
HANG SENG CLOSED UP 176.23 PTS OR 0.70%
Nikkei CLOSED UP 1636.88 PTS OR 2.53%
//Australia’s all ordinaries CLOSED UP 1.07%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.7673
/ OFFSHORE CLOSED UP AT 6.7677 Oil DOWN TO 87.25 dollars per barrel for WTI and BRENT UP TO 90.99 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN// WITH YUAN TRADING UP (6.7673) OFFSHORE YUAN TRADING UP TO 6.7677 ONSHORE YUAN TRADING ABOVE OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER/OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR 1481 CONTRACTS UP TO AN OI OF 347,186 RISING FROM OUR RECORD LOW OF 345,705 SET (MAY 28) SURPASSING THE PREVIOUS ALL TIME LOW IN OI OF 353,490 SET MAY 27. THE PREVIOUS LOW TO THAT WAS 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 345,868 WITH GOLD AT AN EXTREMELY HIGH $4,400.00 WHICH MAKES ABSOLUTELY NO SENSE!!!
WE HAD SOME T.A.S. LIQUIDATION EARLY DURING THURSDAY’S OP =EX TRADING (OTC/LONDON 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 STRONG SIZED GAIN ON OUR TWO EXCHANGES OCCURRED WITH OUR GAIN IN PRICE IN GOLD (UP $52.00).
WE THUS HAD A STRONG SIZED GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 4181 CONTRACTS (OR 13.000 TONNES) WITH OUR GAIN IN PRICE, AS WE WERE INFORMED OF A FAIR CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE, EQUATING TO 2700 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.
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
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 JUNE COMEX CONTRACT MONTH//
IN TOTAL WE HAD A STRONG GAIN ON OUR TWO EXCHANGES OF 4181 CONTRACTS WITH OUR GAIN IN PRICE ($52.00). 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 1179 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 106+ 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 34,500 OZ (1.073 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 51.554 TONNESS
JUNE: INITIAL AMOUNT OF GOLD WILLING TO STAND: 80.192 TONNES!
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS 2021-2024
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
COMEX GOLD TRADING BEGINNING JUNE,. CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $52.00)
WE HAD HUGE T.A.S. SPREADER LIQUIDATION THURSDAY // COMEX SESSION// WITH OUR GAIN 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
THURSDAY NIGHT//FRIDAY 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 THURSDAY EVENING FRIDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $52.00
WE HAD A STRONG 1023 CONTRACTS REMOVED FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL.
NET GAIN ON THE TWO EXCHANGES : 4181 CONTRACTS OR 418100 OZ OR 13.000 TONNES
MAY DELIVERY MONTH
MAY 29
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | ENTRIES; 0 |
| Deposit to the Dealer Inventory in oz | 0 ENTRY |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER 0 ENTRY xxxxxxxxxxxxxxxx |
| No of oz served (contracts) today | 23,620 CONTRACTS OR 2,362,000 OZ 73.468 TONNES OF GOLD |
| No of oz to be served (notices) | 1762 Contracts 176,200 OZ 5.480TONNES |
| Total monthly oz gold served (contracts) so far this month | 23,620 notices 2,362,000 oz 73.468 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month |
dealer deposits: 0
0 ENTRY
DEPOSITS/CUSTOMER
ENTRY: 0
xxxxxxxxxxxxxxxxxx
comex withdrawal
ENTRIES; 0
ONE CUSTOMER WITHDRAWAL ENTRIES
ENTRIES; 0
adjustments: 7
SIX: DEALER TO CUSTOMER:
a) Asahi 5,646.917 oz
b) Brinks 55,431.971 oz
c) Loomis 2025.513. oz
d) Malca: 1004.166 ooz
e) Manfra: 5,753.294 oz
f) Stonex; 20,600.517 oz
then; customer to dealer JPMorgan
g) 9,645.300 oz
net dealer to customer account: 125,817.083 oz
COMEX IS DRAINING GOLD
chaos inside the comex
THE FRONT MONTH OF JUNE OI STANDS AT 25,382 CONTRACTS HAVING A LOSS OF ONLY 6,426 CONTRACTS.
THUS BE DEFINITION, THE INITIAL AMOUNT OF GOLD WILLING TO STAND AT THE COMEX FOR JUNE IS
AS FOLLOWS
FRONT MONTH: 25,382 NOTICES
25,382 NOTICES X 100 OZ PER NOTICE
EQUALS
2,538,200 OZ\\
OR 80.192 TONNES OF GOLD. THIS WAS A TOUCH LITTLE HIGHER THAN I EXPECTED.
.
JULY GAINED 86 CONTRACTS DOWN TO AN OI OF 2690.
AUGUST GAINED 7117 CONTRACTS TO AN OI OF 261,368
We had 23,620 contracts filed for today representing 2,362,000oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 7128 notices issued from their client or customer account. The total of all issuance by all participants equate to 23,620 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 5269 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for JUNE. /2026. contract month, we take the total number of notices filed so far for the month (23,620) to which we add the difference between the open interest for the front month of JUNE 25,382 CONTRACTS) minus the number of notices served upon today 23,620 x 100 oz per contract) equals 2,538.2000 OZ OR (80.192Tonnes of gold)
THUS: INITIAL total number of gold ounces standing for JUNE. /2026. contract month, we take the total number of notices filed so far for the month (23,620) to which we add the difference between the open interest for the front month of JUNE( 25,782 CONTRACTS) minus the number of notices served upon today 23,620 x 100 oz per contract) equals 2,538,200 OZ OR (80.192 Tonnes of gold)
new total of gold standing in JUNE becomes 80.192 TONNES//
TOTAL COMEX GOLD STANDING FOR JUNE 80.192 TONNES TONNES WHICH IS NOW REALLY HUGE FOR THIS ACTIVE DELIVERY MONTH OF JUNE.
confirmed volume THURSDAY confirmed 184,334// extremely poor// many have left the arena
COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 1,930,318.877 oz 60.040 tonnes pledged gold lowers
total inventories in gold declining rapidly
total pledged gold: 1,930,318.877 tonnes oz 60.040 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 28,282,868.635oz
TOTAL REGISTERED GOLD 15,516,946.496 tonnes (482.623 tonnes)
TOTAL OF ALL ELIGIBLE GOLD 12,765,922.139 oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 13,586628 oz ((REG GOLD- PLEDGED GOLD)=
422.601 Tonnes //
total inventories in gold declining rapidly
SILVER COMEX
JUNE DELIVERY MONTH
MAY 29
MAY DELIVERY MONTH
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 1 ENTRIES i) out of Delaware 1013.000 total: 1013.0000 oz |
| Deposits to the Dealer Inventory | 0 entries |
| Deposits to the Customer Inventory | DEPOSIT ENTRIES/CUSTOMER ACCOUNT DEPOSIT ENTRIES/CUSTOMER ACCOUNT 0 ENTRIES |
| No of oz served today (contracts) | 1653 CONTRACT(S) (8.265 MILLION OZ OZ |
| No of oz to be served (notices) | 494 Contract (2.470 MILLIONoz) |
| Total monthly oz silver served (contracts) | 1453 contracts 8.265 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
0 ENTRIES
xxxxxxxxxxxxxxxxxxxxxxxxx
withdrawals: customer side/eligible
1 ENTRIES
i) out of Delaware 1013.000
total: 1013.0000 oz
adjustments 1 customer to dealer
i) Brinks 29,825.430 oz
xxxxxxxxxxxxxx
TOTAL REGISTERED SILVER: 84.080 MILLION OZ//.TOTAL REG + ELIGIBLE. 316,489 Million oz
registered silver dropping in numbers
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR MAY
silver open interest data:
FRONT MONTH OF JUNE /2026 OI: 2147 OPEN INTEREST CONTRACTS FOR A LOSS OF ONLY 234 CONTRACTS.
THUS BY DEFINITION, THE INITIAL AMOUNT OF SILVER WILLING TO STAND AT THE COMEX IS AS FOLLOWS;
JUNE FRONT MONTH: 2147 NOTICES
2147 NOTICES X 5000 OZ PER NOTICE
EQUALS
10,735 MILLION OZ
JULY SAW A GAIN OF 309 CONTRACTS UP TO 71,457 CONTRACTS
AUGUST HAD A SMALL GAIN OF 58 CONTRACTS UP TO AN OI OF 692 CONTRACCTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 1653 or 8.265 MILLION oz
CONFIRMED volume THURSDAY; 49,976//rollovers poor volume
XXX
AND NOW JUNE. DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in JUNE. we take the total number of notices filed for the month so far at 1653 X5,000 oz = 8.265 MILLION oz
to which we add the difference between the open interest for the front month of JUNE( 2147) AND the number of notices served upon today (1653 )x (5000 oz)
Thus the standings for silver for the JUNE 2026 contract month: (1653 )Notices served so far) x 5000 oz + OI for the front month of JUNE (2147) minus number of notices served upon today (1653)x 5000 oz equals silver standing for the JUNE..contract month equating to 10.735 MILLION OZ.+
We must also keep in mind that there is considerable silver standing in London coming from our longs
There are ONLY 84.080 million oz of registered silver
JPMorgan as a percentage of total silver: 140.287/316.489 million: 44.23
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 29 /2026/WITH GOLD UP $59.20 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2.285 TONNES OF GOLD FROM THE GLD ./ //:/INVENTORY RESTS AT 1032.568 TONNES
MAY 28 /2026/WITH GOLD UP $52.00 TODAY/NO CHANGES IN GOLD AT THE GLD: ./ //:/INVENTORY RESTS AT 1034.853 TONNES
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: 1032.568 TONNES, TONIGHTS TOTAL GOLD INVENTORY
SILVER
MAY 29 WITH SILVER DOWN $0.03: NO CHANGES IN SILVER INVENTORY AT THE SLV/ // :INVENTORY RESTS AT 487.977 MILLION OZ
MAY 28 WITH SILVER UP $1.02: NO CHANGES IN SILVER INVENTORY AT THE SLV/ // :INVENTORY RESTS AT 487.977 MILLION OZ
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
CLOSING INVENTORY 487.977 MILLION OZ OF SILVER
GOLD COMMENTARIES:
1.PETER SCHIFF
2. MATHEW PIEPENBERG/EGON VON GREYERZ
ALASDAIR MACLEOD..
Open interest collapses
As China buys up the bullion, the relevance of paper markets on Comex (and London) is shrinking. Liquidity and relevance of paper gold and silver relative to bullion are diminishing.
| Alasdair MacleodMay 29∙Paid |
This market report analyses why open interest on Comex has declined to multi-year lows and the consequences. Clearly, liquidity has been drained from Western paper markets by the continual drift of bullion into firm Asian hands. We present evidence of the strains on market makers on Comex who have limited capital resources and we debate the consequences.
Open interest is now at multi-year lows
This week saw open interest in the Comex gold contract drop to under 350,000 contracts. This is the lowest it has been in at least 13 years.
It is the clearest indication of a near total absence of speculative interest on Comex, and because Comex arbitrages with London, it will be true of that market as well. This is even more remarkable given the price rise since 2023 would normally lead to greater speculative interest, but it has collapsed instead, particularly after December 2024.
We see the same trend in Comex’s silver contract, which is next:
Open interest is also the lowest for 13 years by far, and its collapse is firmly tied to a silver price that rose sharply from mid-October last. This links the collapse in speculative interest to the extreme liquidity problem in London when silver’s lease rate rose to a stunning 40% on 9th October.
So liquidity in futures and forwards is the problem. Higher prices must be stretching the position limits of market makers and bullion bank traders, collectively the swaps category on Comex, which traditionally takes the short side. This is evidenced in our next chart of the dollar-value of the swap category’s shorts:
For many years, this category contained its collective shorts to less than $30 billion shown by the lower pecked line. That then doubled to about $60 billion and today having peaked at double that again, the current price consolidation coupled with a drop in open interest still has it at an uncomfortable $90 billion. Average individual swap short exposure is $3.75 billion having been close to $5bn when gold peaked.
Besides the obvious strain on capital resources and the increase in systemic risk, we arrive at an important conclusion: London and New York lack the capacity to deal with higher bullion prices. In other words, as a means of diverting gold and silver demand into paper contracts and thereby containing prices, after decades of success it is now failing.
The reason is that demand for physical liquidity is now driving prices. This is the consequence of Asian selling of dollars for gold. It is reflected in Comex warehouse statistics for gold and silver which continue to be drained despite the fall in prices over the last four months. These are illustrated next:
As well as continuing demand for gold from central banks, China’s commercial banks are big buyers. They offer their customers gold accumulation accounts, which they have been forced to suspend or restrict due to lack of available bullion. They have used a falling price in the London and New York as an opportunity to replenish their stocks.
But only yesterday, it was announced that the facility was becoming available again. This was from a Chinese newspaper:
Meanwhile spot prices in London have failed to properly reflect demand for bullion, being essentially a “local” price — local that is to Western capital markets. A similar situation is seen in oil, where Asian prices on the ground are significantly higher than US and European prices. Gold and silver are not the only markets bifurcating both regionally and between paper contracts and physical reality.
In London and Comex, gold and silver prices reflect a short-termism that denies actual consequences. Oil prices rise, and gold and silver get marked down. Bond yields rise, and gold and silver get marked down. In Asia the view is diametrically opposed. Oil prices rise and the dollar’s value is threatened. Bond yields rise because the dollar’s purchasing power is falling.
These are all reasons in Asia to sell the dollar for gold. A consequence is that when speculative interest returns to Western capital markets, the lack of liquidity can be expected to see gold and silver prices squeezed significantly higher than their end-January peaks. That in itself will raise awkward questions over the future of the fiat dollar.
3. CHRIS POWELL AND HIS GATA DISPATCHES
4.ANDREW MAGUIRE LIVE FROM THE VAULT 274 and 273
MUST VIEWl ANDREW’S NEWEST PODCAST
5. COMMODITY REPORT//gold
Metals Explode Higher as Shorts Capitulate
by VBL
Friday, May 29, 2026 – 6:49
Precious Metals Market Recap
Market Activity
Yesterday marked an important turning point for gold and silver. Both metals opened under pressure, with gold testing its 200-day moving average near support early in the session. The setup initially looked weak, but buyers stepped in aggressively and both metals reversed sharply higher.
Continues here
He Lived Through One Currency Collapse
by ITM Trading
Thursday, May 28, 2026 – 12:44
Fernando Grijalva lived through Mexico’s peso devaluation. He saw what came before, and he saw the aftermath: some people wiped out overnight, others walking away richer than they’d ever dreamed. Eighteen years studying resets later, he sits down with Taylor Kenney to explain why America is running the exact same playbook. Unsustainable debt. Tariffs routed straight to Treasury. An inflation number that conveniently skips the food you eat and the energy you burn.
And the part that should keep you up at night: when the reset comes, there’s no 30-day warning. No vote. You wake up, and your $1 million account reads $100,000. The announcement is the only notice you get.
Watch Now
About ITM Trading: ITM Trading has spent nearly 30 years helping clients prepare for monetary resets, inflation, and systemic risk using physical gold and silver. We focus on education, historical context, and strategies designed to protect wealth when trust in the system breaks down.
Contributor posts published on Zero Hedge do not necessarily represent the views and opinions of Zero Hedge, and are not selected, edited or screened by Zero Hedge editors.
Free Posts To Your Mailbox
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS FRIDAY MORNING.7:30 AM
SHANGHAI CLOSED DOWN 30.07 PTS OR 0.73%
HANG SENG CLOSED UP 176.23 PTS OR 0.70%
Nikkei CLOSED UP 1636.88 PTS OR 2.53%
//Australia’s all ordinaries CLOSED UP 1.07%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.7673
/ OFFSHORE CLOSED UP AT 6.7677 Oil DOWN TO 87.25 dollars per barrel for WTI and BRENT UP TO 90.99 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN// WITH YUAN TRADING UP (6.7673) OFFSHORE YUAN TRADING UP TO 6.7677 ONSHORE YUAN TRADING ABOVE 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 FRIDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP 6.7673
OFFSHORE YUAN: UP TO 6.7677
1.HANG SANG CLOSED UP 176.23 PTS OR 0.70%
2. Nikkei closed UP 1636.88 PTS OR 2.53%
WEST TEXAS INTERMEDIATE OIL DOWN TO 87.25
BRENT; 90.99
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 98.94/// EURO FALLS TO 1.1636 DOWN 16 BASIS PTS
3b Japan 10 YR bond yield:FALLS TO. +2.652 DOWN 4 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 159.27… 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: 3.928 DOWN 4 FULL BASIS PTS
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen UP CHINESE ONSHORE YUAN: UP( 6.7673 AND OFFSHORE: UP AT 6.7677
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 +2.9511// Italian 10 Yr bond yield DOWN to 3.668// SPAIN 10 YR BOND YIELD DOWN TO 3.358%
3i Greek 10 year bond yield DOWN TO 3.603%
3j Gold at $4527.00 //Silver at: 75.52 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 59/ 100 roubles/71.69
3m oil (WTI) into the 87 dollar handle for WTI and 90 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 2.652% DOWN 4 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.928 DOWN 4 PTS..: USA/SF this 0.7841 as the Swiss Franc . Euro vs SF: 0.9124
USA 10 YR BOND YIELD: 4.449 DOWN 2 BASIS PTS…
USA 30 YR BOND YIELD: 4.9780 DOWN 2 BASIS PTS/
USA 2 YR BOND YIELD: 4.0140 DOWN 4 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 45.88 DOWN 2 BASIS PTS/LIRA GETTING KILLED//IDIOTS FOR SELLING GOLD AND USA DOLLAR RESERVES.
10 YR UK BOND YIELD: 4.8040 DOWN 2 PTS
30 YR UK BOND YIELD: 5.509 DOWN 2 BASIS PTS
10 YR CANADA BOND YIELD: 3.436 DOWN 3 BASIS PTS
5 YR CANADA BOND YIELD: 3.1107 DOWN 3 BASIS PTS.
1a New York Opening report
Futures Hit Another Record High After Pricing In Same “Iran Deal” Every Day For The Past Month
Friday, May 29, 2026 – 08:29 AM
US equity futures are higher, continuing their slow motion-gamma squeeze into record territory, as traders waited to see whether America and Iran could finally get the peace deal they have already priced in every single day for the past month. As of 8:00am ET, S&P futures are up 0.1%, and poised to rise for the ninth consecutive week, the best streak since 2023; Nasdaq futs also have modest gains. In the pre-market, Mag 7 are mostly lower with AMZN (-1.0%), TSLA (-0.7%), AAPL (-0.6%) the laggards even as evidence of relentless demand for AI-infrastructure stocks was on display as Dell jumped 37% after the legacy computer maker gave a sales outlook that far surpassed analysts’ estimates, fueled by servers designed to run AI workloads. MSCI All Country World Index on track for a second monthly gain, both European and Asian markets were higher overnight. Bond yields are flat at 4.44% and the USD remains unchanged. WTI crude fell $1.46 to $87.44, while Brent traded around $92; base metals are all higher; gold added 0.7%. Economic data slate includes April advance goods trade balance and retail and wholesale inventories (8:30am) and May MNI Chicago PMI (9:45am, several minutes earlier for subscribers). Fed speaker slate includes Daly (7:45am, 12:40pm), Bowman (9:10am) and Paulson (9:15am)
In premarket trading, Mag 7 stocks are mostly lower (Microsoft +0.8%, Nvidia +0.5%, Tesla -0.4%, Apple -0.5%, Meta -0.5%, Amazon -0.7%, Alphabet -0.8%)
- American Eagle shares (AEO) tumbled 11% after the clothing retailer reported total comparable sales for the first quarter that missed the average analyst estimate.
- Autodesk’s (ADSK) falls 7% after its proposed acquisition of MaintainX has been tentatively welcomed by analysts, who see the deal as expensive but representing a strong strategic move.
- Dell Technologies shares (DELL) surge 35% after the Texas-based company raised both its full year revenue and adjusted EPS outlooks on strong demand for its AI-powering servers.
- Elastic (ESTC) is down 5.4% after the software company gave an outlook for adjusted first-quarter earnings that was weaker than expected.
- Gap (GAP) shares fell 15% after the clothing retailer reported its latest earnings with poor performance by the company’s Old Navy brand that weighed on the full-year outlook in an otherwise mixed report.
- Krispy Kreme (DNUT) is up 5% after the doughnut chain’s Director Bernardo Hees acquired $768,718 of stock, according to a filing with the US Securities and Exchange Commission.
- NetApp (NTAP) rallies 19% after the data storage provider reported its latest earnings with a strong print from the company, showing strong growth.
- Nextpower Inc. shares (NXT) rise 11% after it agreed to buy Prevalon Energy, a joint venture between Mitsubishi Power Americas and EES, for up to $365 million in cash and stock.
- PagerDuty shares (PD) are up 13% after the software company reported first-quarter results that beat expectations and raised its full-year forecast for adjusted earnings.
- SentinelOne shares (S) fall 12% after the software company gave a second-quarter revenue forecast that was weaker than expected and announced it would reduce its full-time employees by 8%.
- UiPath shares (PATH) are down 4.6% after the software company reported first-quarter results that analysts are generally positive on, although they want to see greater confirmation of durable growth in annualized recurring revenue.
- Viasat (VSAT) falls 7.2% after the wireless communications firm’s fourth-quarter earnings undershot analysts’ expectations.
In other news, space-related stocks gave back some recent gains after Elon Musk’s SpaceX cut its valuation goal to at least $1.8 trillion, according to people familiar with the matter. AST SpaceMobile Inc. fell 13%, while Rocket Lab Corp. slipped 5.3%. APfizer and Innovent Biologics signed a global agreement to develop cancer drugs, including a $650 million upfront payment and up to $9.85 billion in potential milestones. Costco reported higher-than-expected profit in the latest quarter, showing the club chain continues to gain ground among cautious US shoppers.
A preliminary deal between Washington and Tehran to extend a ceasefire by 60 days is awaiting signoff from President Donald Trump. Vice President JD Vance told reporters Thursday that the parties are “going back and forth on a couple of language points,” including issues relating to Iran’s nuclear capabilities.
The prospect of a peace deal – the same peace deal the market has priced in every day since April – in the Middle East is easing pressure on oil prices and raising conviction that markets’ worst inflation fears wouldn’t come to pass, even as oil flows remain blocked and inventories are getting drained at a record pace. That confidence comes against a backdrop of an unprecedented artificial intelligence-led rally that has seen US-listed chipmakers surge nearly 70% since the start of April. Dell’s mic-dropping earnings print is being seen as evidence of “the latest perceived dinosaur tech to rediscover a new lease of life as an AI powerhouse, following in the footsteps of Intel, Cisco, Nokia, and Lenovo,” notes Emmanuel Valavanis of Forte Securities.
“Brent below $90 by the end of next week seems at our reach,” wrote Florian Ielpo, head of macro at Lombard Odier Investment Managers. “It would create a rather supportive environment should it happen, clearly as oil prices have been the source of most macro fears this year.”
With energy prices coming off the boil, investors have begun to dial back expectations of a stagflationary shock for the global economy. Federal Reserve Bank of Minneapolis President Neel Kashkari said it’s too early to conclude that interest rates need to rise, remarks that validated a six-day run of gains in Treasuries through Thursday.
“If a deal is agreed upon, we should see another leg higher in risky assets and lower in rates,” noted Mohit Kumar, chief economist and strategist for Europe at Jefferies. “Positioning suggests that the rates market should see a greater reaction than equities.”
The fact that the market has no clear view on the extent of the consequences of the conflict is a reason for caution, said Guillermo Hernandez Sampere, head of trading at MPPM. “Due to past disappointments, euphoria remains rather subdued,” he said. “Short-term price fluctuations are not yet sufficient to provide lasting stability to oil-dependent stocks.”
Info Tech has led sector gains month-to-date on the back of the AI narrative backed by strong earnings, supportive valuations and momentum. BI quantitative strategists note that since the launch of the Bloomberg AI Index in April 2015, a monthly rebalanced portfolio of high-momentum AI names has delivered a remarkable 41.02% annualized return on 28.69% volatility, equating to a Sharpe ratio of 1.43.
“The market is looking for an excuse to trend higher,” Pooja Malik, partner at Nipun Capital, said in a Bloomberg TV interview. Still, “while the AI rally, both from a fundamental and a sentiment perspective, has a huge amount of momentum, the inflation risk is real. If that results in interest rate hikes, that itself could act as a big break on this whole AI tech positive momentum,” she added.
Tech is likely to remain in the headlines over the weekend and into next week, with Nvidia’s Jensen Huang leading a parade of AI computing leaders in Taiwan for Asia’s biggest technology showcase, Computex.
In Europe, the Stoxx 600 rose 0.6% to erase losses for the week. Travel and leisure shares are among the biggest gainers, as Brent crude fell to $93 per barrel. Thematically, Luxury, Ceasefire, Software and Momentum Short are among the top performing baskets. Germany Unemployment Rate printed 6.3% vs, 6.4% survey and 6.4% prior. German regional CPI released this morning were mostly softer than last month. May Tokyo CPI prints 1.4% vs. 1.6% survey vs. 1.5% prior. Here are the top movers:
- Ocado shares jump as much as 14% as the online food retailer enters a partnership with Asda to develop the supermarket’s online business across the UK with the Ocado Smart Platform
- CTS Eventim shares rise as much as 13%, the most since November 2020, after the events firm reported first-quarter sales and Ebitda that both beat consensus estimates
- Vivendi shares rise as much as 8.4% after a press report strengthened the case of minority shareholders seeking a buyout from Bollore SE, CIC CIB argues in a note
- BAM Groep shares rise as much as 17% to their highest level since 2008, after Oddo BHF double upgraded the stock to outperform on better-than-expected UK profitability and lower risks from legacy projects
- Ceres Power gains as much as 4.9% after Berenberg lifted its price target on the stock, saying the clean-energy technology developer is a beneficiary of the AI and data center boom
- Dottikon Es shares fall as much as 20%, the most on record, after results from the Swiss pharmaceutical ingredients firm that Zuercher Kantonalbank called disappointing at all levels except for cash flows
- Wickes and B&M European shares fall as much as 6.6% and 3.0% respectively as Deutsche Numis analysts cut their recommendation on both to sell on concern about the effect of hotter inflation on lower income consumers and big ticket spending
Earlier in the session, Asian equities rebounded as a tentative US-Iran deal to extend their ceasefire revived appetite for risk assets and caused oil prices to drop. The MSCI AC Asia Pacific Index rose as much as 2.1%, with most stock benchmarks in the region in the green. South Korea’s Kospi gauge led the pack with a gain of 3.6%. A rally in Samsung Electronics and SK Hynix has forced some funds bound by a 10% single-stock cap rule to to reshuffle their portfolios. Meanwhile, Asian computer-related stocks advanced after Dell shares soared in extended trading on raised guidance due to strong demand for its AI-powering servers.
In FX, the Bloomberg Dollar Spot Index up by 0.1% with New Zealand dollar outperforming after central bank comments.
In rates, treasuries narrowly mixed, keeping yields within a basis point of Thursday’s closing levels, with oil at a six-week low after the US and Iran tentatively agreed to extend a ceasefire by 60 days. US 10-year yield near 4.44% as European bond yields edging lower in spite of hotter inflation readings in France, Spain and Italy, with Germany the only outlier. US curve spreads are marginally wider, also within a basis point of Thursday’s close. IG dollar issuance slate empty so far. Almost $7 billion was priced Thursday, taking weekly supply over $40 billion. Borrowers paid about 2bps in new issue concessions on deals that were 3.1 times covered. Early dealer forecasts for June US high-grade supply are in the $130 billion-$135 billion range, versus $109 billion in June 2025. Focal points of US session includes several Fed speakers and potential for buying tied to month-end index rebalancing.
In commodities, WTI crude oil futures are down 1.9% on optimism the Strait of Hormuz may soon reopen. Gold prices moving higher and back above $4,500/oz.
Economic data slate includes April advance goods trade balance and retail and wholesale inventories (8:30am) and May MNI Chicago PMI (9:45am, several minutes earlier for subscribers). Fed speaker slate includes Daly (7:45am, 12:40pm), Bowman (9:10am) and Paulson (9:15am)
Market Snapshot
Top Overnight News
- Iran and US reach deal to extend ceasefire, pending Trump’s approval: RTRS
- Bond market volatility is boosting the case for Japan’s central bank to pause the unwinding of its massive debt holdings next fiscal year, which would give Prime Minister Sanae Takaichi some relief amid growing investor concerns about her spending plans. RTRS
- China is targeting billions held offshore in the biggest crackdown in decades, with ramifications for the financial advisers and funds that help manage money overseas. BBG
- Samsung Electronics Co. has begun shipping samples of the industry’s most advanced memory to customers, taking an early lead in a race to supply the essential components for AI accelerators made by the likes of Nvidia Corp. BBG
- Apollo Global Management Inc. and Blackstone Inc. are working to bring additional investors into a roughly $36 billion debt financing deal to help Anthropic PBC build out its AI infrastructure. BBG
- France’s economy unexpectedly shrank in the first quarter, with households reining in spending as consumer confidence slid. BBG
- Tokyo’s key inflation gauge cooled to the slowest pace in four years, with the consumer price index excluding fresh food rising 1.3% in May from a year earlier. BBG
- Inflation in France, Italy and Spain jumped in May, reinforcing the case for the ECB to raise interest rates in June. BBG
- Americans are saving less as the everyday cost of living rises and wages struggle to keep up. The personal savings rate — defined as the share of income Americans have after taxes and expenses — hit 2.6% in April, according to data from the Bureau of Economic Analysis released on Thursday. That’s down from 3.2% in March, and 5.8% a year prior. CNBC
- Chevron chief executive Mike Wirth has warned oil prices are likely to rise over the next two months as crude inventories continue to decline due to the Iran war. FT
- US State Department designates Brazilian criminal organisations Comando Vermelho and PCC as specially designated global terrorists, effective June 5th.
- Heading into month-end, Goldman estimates $14 billion of US equities to sell from US pensions given the moves in equities and bonds. This expiry is the 12th largest non-quarterly sell estimate on record (since 2000).
Iran War
- Many points regarding the Iranian nuclear file have been resolved; Iran has agreed to international oversight of its nuclear facilities to prevent their dismantling, Al Arabiya reported citing sources. Iran wants to transfer the enriched uranium to China with a commitment not to deliver it to America.
- Chairman of the Iranian National Security Committee of the Iranian Parliament said there are no plans to transfer enriched uranium out of the country, Asharq reported.
- Iran Deputy for Foreign Policy and International Security Ali Baqeri held separate meetings in Moscow with the Foreign Policy Advisor to Brazil’s President and the Secretary General of Egypt’s National Security Council.
- IRGC Commander said Iran forces are ready to act on Supreme Leader’s order and enemies should not make mistakes as they will get themselves and others into trouble.
- Iran military source said US drone was intercepted near Bushehr in southern Iran, according to Al Jazeera.
- US Vice President Vance said that US President Trump is not yet ready to endorse the Iran agreement, while Vance noted that US and Iran made a lot of progress towards a ceasefire deal, according to AFP. Vance said US and Iran are at odds on uranium enrichment and stockpiles, according to SNN.
- White House Deputy Chief of Staff for Policy Stephen Miller stating in an interview with Fox News that US President Trump is directly involved in negotiations with Iran.
- US President Trump said we completely sank the Iranian Navy and destroyed their air force, did not target all of Iran’s military leadership so that what happened in Iraq would not be repeated.
- US military said Iran’s state TV claim that Iranian forces downed a US aircraft near Bushehr is false and no US aircraft was shot down by Iran, with all US air assets are accounted for.
- US VP Vance said US and Iran are exchanging proposals regarding some drafting points including issue of enrichment, adds time is still early to know when an agreement with Iran will be reached and if it will happen at all.
- US Treasury imposes fresh sanctions targeting Iran’s military oil sales, according to Reuters. IRNA reported US sanctions 25 individuals, firms and vessels over Iran oil.
- US President Trump said that US has all the cards, Iran has been defeated militarily, according to a Fox interview.
- Al Hadath posted Iranian television reported “the downing of an American fighter jet” in the vicinity of Bushehr, with no American confirmations.
- US official denies what Iranian TV announced about downing any American plane near Bushehr, according to Al Hadath.
- Israel’s Channel 12, citing military sources, said “The army recommends to the political leadership intensifying the air and ground strikes in Lebanon”.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks headed into month-end on the front foot as the region took impetus from the gains stateside, where the S&P 500 and Nasdaq 100 posted fresh record highs amid reports of a tentative agreement regarding an MOU for a 60-day US-Iran ceasefire extension and to launch negotiations on Iran’s nuclear programme, although it still needs approval from US President Trump, while Iranian sources also pushed back and stated it was not finalised. ASX 200 was led higher by outperformance in the mining, materials and resources industries, while the energy and defensive sectors were at the other end of the spectrum as geopolitics and oil moves remained the main catalyst for price action. Nikkei 225 rallied back above the 66,000 level amid lower oil prices and following a slew of data, including softer Tokyo CPI, lower Unemployment, and better-than-expected industrial output & retail sales. Hang Seng and Shanghai Comp were mixed as the mainland lagged and with headwinds from earnings, as automakers were pressured following weak results from XPeng, while sentiment was also not helped by trade frictions, with the EU set to discuss restrictions on Chinese imports.
Top Asian News
- Japanese Chief Cabinet Secretary Kihara said he is extremely concerned about speculative moves in the FX market; won’t comment on FX levels and intervention. Government stance is to always take appropriate FX action.
- Japanese Finance Minister Katayama said we’ll consider cost risk balance in reference to issuing bonds and to engage in dialogue with market on bond management, while she declines comment on future bond maturities at this time. said:. It’s important to have broad bond investor base. Will continue appropriate debt management policies.
- Japanese Finance Minister Katayama said Japan can take decisive action on FX volatility, while she declined to comment on whether intervention has taken place or not.
European bourses (STOXX 600 +0.4%) are firmer across the board, attempting to rebound from recent losses and as markets digest reports that the US and Iran are nearing an agreement to extend the ceasefire. (See the commodities section for details.) From an index standpoint, the CAC 40 (+1%) outperforms in Europe whilst the FTSE 100 (+0.2%) lags vs peers, given its exposure to energy names. European sectors hold a positive bias. The cyclical industries (Consumer Products / Travel & Leisure / Autos) top the sectoral list, whilst the likes of Energy and Utilities hold towards the bottom of the pile. The Energy sector, unsurprisingly, has been dragged down by losses across the underlying oil complex.
Top European News
- Communications between former UK Minister Wes Streeting (potential PM candidate) and Peter Mandelson will be published next week, The Sun reported.
FX
- G10s are mixed against the Dollar. Kiwi leads after hawkish RBNZ speak overnight after the hawkish-leaning RBNZ hold early in the week, while Sterling lags after Cable dipped below its 200DMA.
- The Greenback is a touch firmer in a rebound from hefty losses on Thursday, when the DXY closed 0.6% from highs. (See Commodities on the headline feed). In short, a deal seems near, but uncertainty remains over whether Trump will sign off on the proposal and whether Tehran will formally endorse the reported terms. Aside from US-Iran, eyes are also on tensions between NATO’s Romania and Russia after a drone hit a residential building in Romania’s Galati. DXY is firmer by 0.2% within 98.95-99.19 parameters.
- French, Spanish and German state inflation imply cooler German nationwide (due 13:00 BST), and EZ (due Tuesday) prints. French GDP: Final measures softer than expected. Q1 rate was revised into contraction from flat, yearly basis was also revised a touch lower. French HICP: Softer than expected and ticks up from the prior. Spanish HICP: Ticks up a touch on a yearly basis, in line with expectations, the monthly rate falls a touch beneath expectations and previous. German CPI: Implies the nationwide rate (due at 13:00 BST) will cool at a faster rate than expected. Limited moves were seen on the metrics with EUR/USD falling around 15 pips from 08:00BST. ECB pricing for June continues to price a c.89% probability of a 25bps hike.
- Tokyo CPI softened across the board in May, with core CPI slowing to 1.3% Y/Y from 1.5%, below expectations of 1.5%. The downside was largely driven by government subsidies on utilities and education costs. The release marks a fourth consecutive month of Tokyo core inflation running below the BoJ’s 2% target and contrasts with stronger activity data elsewhere in the economy. For the BoJ, the print provides ammunition for doves arguing for patience. Markets continue to expect the bank to raise rates at the June confab, with 18bps, or 71% probability of a 25bps hike. We expect the release of data which could show intervention occurred in April, which is due around 11:00 BST. USD/JPY trades unchanged within a narrow 18-pip 159.20-159.38 range.
- Kiwi is the best G10 performer after hawkish speak from RBNZ officials overnight. Breman (Consensus voter) said she sees ongoing uncertainty around inflation and that, on balance, the OCR is likely to increase. Assistant Governor Silk (Consensus voter) said she did not think interest rates need to increase yet, though she cautioned that the bias is for rate hikes in the coming meetings. As such, following the hawkish speak from non-dissenting members, the bias for July is tightening with markets assigning a 70% probability of such action.
Central Banks
- Fed’s Kashkari (voter) said it is now unclear what the future path of monetary policy will be due to the Iran war; it is premature to conclude that the Fed needs to raise rates immediately after the April PCE inflation data. Speaking on PCE data, Kashkari said it makes him pay even more attention to inflation risks.
- Former BoJ Board Member Sakurai said BoJ will likely raise rates in June, Bloomberg reported.
- ECB’s Panetta said medium-term inflation expectations remain firmly anchored to target. For the June rate decision, it is crucial to assess the extent of the pass-through of higher energy prices. The forward-looking picture seems to call for a recalibration of the monetary policy stance. ECB will act in a timely and measured manner to stop the energy shock from turning into persistent inflation. Consumers’ inflation expectations are rising and firms have already started planning price increases.
- BoE Governor Bailey says have to monitor the situation in the Middle East and how it affects the UK economy and inflation very closely and adjust policy as required. Having taken expected cuts off the table for now, we have already tightened policy considerably in response to the shock relative to what had been expected by markets. Uncertainty about the strength of second-round effects means that monetary policy needs to balance the costs of leaning too little against these effects against the costs of responding too much. Tolerating temporarily above-target inflation to provide some support for the real economy is an appropriate way to approach the trade-off. But that tolerance would weaken if signs of second-round effects begin to emerge. Higher inflation expectations are not coming through in wage expectations and settlements. Hope a fall in UK bond market curve will go on but depends on events in the Middle East. Markets “obviously” see pressure on fiscal plans of government from Iran war impact.
- RBNZ Governor Breman said sees ongoing uncertainty around inflation and that on balance, the OCR is likely to increase.
- RBNZ Assistant Governor Silk said did not think interest rates need to increase yet, but inflation pressures are building in the near term, adds looking at high frequency data for July decision, bias is we’re going to see rate hikes in coming meetings.
- RBNZ’s Gourley said rates likely to rise sooner rather than later, but speed and size of any increase will depend on data.
- PBoC set USD/CNY mid-point at 6.8176 vs exp. 6.7685 (prev. 6.8240).
- Riksbank Financial Stability Report: The war in the Middle East entails risks to financial stability. The financial system has functioned well, but uncertainty is high. Favourable initial position for the Swedish financial system but risks remain. Maintains the CCyB at 2%.
Fixed Income
- A modestly bearish start to the day for fixed income, as we ease modestly off the post-Axios peaks on Thursday and continue to await the assessment of US President Trump on the MOU. Note, a recent dip in energy has provided some modest support.
- USTs at the lower end of a 109-31 to 110-06 band, having faded from Thursday’s 110-07+ WTD peak. The docket for the US ahead is primarily waiting for Trump to comment on the MOU situation, and as such USTs may be relatively rangebound until an update occurs. That aside, we look for remarks from various Fed speakers. This morning, Kashkari (2026) said it is unclear what the future path of policy is and, in the context of April’s PCE, that it would be premature to conclude they need to tighten immediately.
- Bunds are in line with the above for the most part, but have been moved about a touch by European data for May. At first, the benchmark found itself at a 126.05 trough with downside of just under 15 ticks, having also faded from Thursday’s 126.47 best; note, that was a tick shy of Monday’s high and the WTD peak. Thereafter, EGBs saw some modest upside on the cooler-than-expected French preliminary inflation print for May. Albeit, the move was only c. 10 ticks in Bunds and OATs, as prices lifted from the prior level. Next up was Spain, which printed as expected at a harmonised level and a touch cooler on the headline Y/Y. Note, the core figure ticked up to 2.9% (prev. 2.8%). Modest two-way action followed the data. Followed by Germany, where the state figures came in cooler than the prior level and have shifted the mainland consensus to a cooler print, vs pre-state forecasts for another 2.9% Y/Y figure. Finally, Italy was hotter than expected for all components aside from the headline Y/Y.
- We await the German nationwide figure at 13:00BST before assessing next week’s EZ HICP. As it stands, Bunds are just off a 126.33 high, lifted alongside peers following a bout of energy pressure.
- Gilts started the day unchanged before experiencing some modest pressure in line with the slight overnight bias in peers, moving to an 88.48 trough. Since, BoE’s Bailey spoke and his remarks perhaps have a slight dovish skew, as he noted that the BoE removing expected cuts has already “tightened policy considerably” and tolerating temporarily above target inflation to help the economy is an appropriate approach. Albeit, Bailey made clear that such tolerance would erode if “signs of second-round effects begin to emerge”.
- Japan sold JPY 2.1tln 2-year JGBs b/c 3.70 (prev. 5.24), average yield 1.369% (prev. 1.407%). Lowest accepted price 100.04 (prev. 99.980). Weighted average price 100.06 (prev. 99.985). Tail in price 0.02 (prev. 0.005).
- Australia sold AUD 1bln 2.75% November 2029 bonds b/c 3.67, avg yield 4.4692%.
Commodities
- The week was marked by a sharp flare-up followed by renewed optimism around diplomacy. Following yesterday’s Axios reports regarding a 60-day MoU framework, Iran’s Tasnim reported that the text of the possible memorandum of understanding between the US and Iran had not been finalised or confirmed. Uncertainty remains over whether Trump will sign off on the proposal and whether Tehran will formally endorse the reported terms. This morning, there were mixed reports regarding the uranium file, in which Iran rebuffed reports that it wants to transfer the enriched uranium to China with a commitment not to deliver it to the US.
- Elsewhere in geopolitics, a Romanian radio station reported that a drone hit a residential building in Romania’s Galati, near the border with Ukraine. NATO Secretary General Rutte affirmed “NATO’s absolute solidarity with Romania”, and added that “NATO stands ready to defend every inch of Allied territory”; “will continue to enhance our readiness to deter and defend against any threat”.
- The crude complex has been choppy this morning, with initial strength earlier in the session now entirely eroded; as it stands, benchmarks are towards session lows. WTI Jul currently trades towards the lower end of a USD 87.17-89.01/bbl range, while Brent Aug sits in a USD 91.28-92.95/bbl. Dutch TTF trades almost 2% firmer north of EUR 47.50/MWh.
- Spot gold continues the post-PCE rebound seen yesterday, with prices modestly firmer intraday above the USD 4,500/oz level in a USD 4,488-4,530/oz range. Spot silver, conversely, is lower with the precious metal towards the bottom of a USD 75.08-76.44/oz range.
- Base metals are mostly but modestly softer as traders look ahead to further geopolitical headlines, with price action rather contained at the time of writing. 3M LME copper trades towards the middle of a narrow USD 13,653.93- 13,748.38/t range.
- Kazakhstan Energy Minister said planned maintenance at the Kashagan oil field (400k bpd) is likely to be delayed until 2027.
- Commerzbank expects copper to rise to USD 14,250/ton by mid-2027 and Brent crude to reach USD 90/bbl by end-September before declining to USD 85/bbl by year-end.
Trade/Tariffs
- EU Commissioners will meet for a “orientation debate”, which will cover the investigation of Chinese trade practices and an “overcapacity instrument”, Politico reported; two probes re. chemicals are already being considered.
- China will retaliate against EU’s overcapacity tool and may probe EU supply chains, according to state-linked Yu Yuantan.
Russia-Ukraine
- Romanian President said the unprecedented nature of the drone incident requires a firm, coordinated response at both the national and international levels; Romania summoned Russia’s ambassador.
- European Commission President von der Leyen said the EU is preparing the 21st package of sanctions on Russia. EU will bolster security and deterrence, particularly on its eastern border, while maintaining pressure on Russia.
- Ukraine said that Russia carried out a drone strike on a Turkish vessel overnight.
- Fuel storage facilities in Russia’s Yaroslavl region were hit by drones.
- Romanian radio station reported a drone hit a residential building in Romania’s Galati, close to the border with Ukraine.
- Currently no plans to have an extra NATO North Atlantic Council, Free Radio’s Jozwiak reported.
- NATO Secretary General Rutte affirms “NATO’s absolute solidarity with Romania”; adds “NATO stands ready to defend every inch of Allied territory”; “will continue to enhance our readiness to deter and defend against any threat”.
- EU Foreign Policy Chief Kallas said Moscow cannot be allowed to breach European airspace with impunity following the drone incident in Romania.
US Event Calendar
- 8:30 am: Apr P Wholesale Inventories MoM, est. 0.8%, prior 1.3%
- 9:45 am: May MNI Chicago PMI, est. 50.3, prior 49.2
Central Bank Speakers
- 12:00 am: Fed’s Mary Daly Speaks at Reagan National Economic Forum
- 2:00 am: Fed’s Kashkari Speaks in Moderated Event in S. Korea
- 6:50 am: Fed’s Schmid Speaks in Reykjavik
- 7:45 am: Fed’s Daly Speaks in Fox Business Interview
- 9:10 am: Fed Supervision Vice Chair Bowman Speaks in Reykjavik
- 9:15 am: Fed’s Paulson Speaks on Economic Outlook
- 12:40 pm: Fed’s Daly Speaks at Reagan National Economic Forum
DB’s Jim Reid concludes the overnight wrap
As we go to press this morning, markets have continued to rally amidst widespread reports that the US and Iran are on the verge of a 60-day ceasefire extension that would reopen the Strait of Hormuz. So that’s led to mounting optimism about an end to the conflict, with Brent crude oil falling -0.62% yesterday to a one-month low of $93.71/bbl. Moreover, that momentum has continued overnight, with Brent down another -1.40% to $92.40/bbl.
With oil prices coming down, that’s meant investors have started to price out the more stagflationary outcomes for the global economy, with a clear rally across multiple asset classes. In fact, the positivity saw the S&P 500 (+0.58%) hit another record yesterday, advancing for a 6th consecutive session, with futures up another +0.05% this morning. Similarly for bonds, the 10yr Treasury yield (-3.5bps) posted a 6th consecutive decline to 4.45%, and this morning they’re down another -1.2bps as well. So even before the formal confirmation of any deal, there’s already been a strong reaction in markets.
That momentum has continued in Asia this morning, where most of the major equity indices have risen. Indeed, the Nikkei (+2.61%) and the KOSPI (+3.17%) are both on track for a new record, whilst the Hang Seng (+1.11%) has also posted a solid advance. There’s been a bit more weakness in mainland China however, where the CSI 300 (+0.06%) is only up slightly, whilst the Shanghai Comp (-0.37%) has fallen back. But generally the mood has remained positive, with a further boost from the latest data from Japan overnight. In particular, the Tokyo CPI print for May was softer than expected, with headline inflation unexpectedly slowing to +1.4% (vs. +1.6% expected), whilst core-core inflation fell to +1.6% (vs. +1.8% expected).
The initial catalyst for this latest rally was an Axios report, which said a deal had been reached on a 60-day memorandum of understanding to extend the ceasefire, with negotiations also starting over Iran’s nuclear program. According to the US officials cited in the article, they said the deal terms were “mostly agreed as of Tuesday”, but that it still needed President Trump’s approval. And the report also said the memorandum would say that shipping through the Strait of Hormuz would be “unrestricted”.
Later in the day, a similar message was reported by other outlets. For instance, Bloomberg reported that the US and Iran had reached a “tentative deal” on a 60-day ceasefire extension, with further talks on Iran’s nuclear program. Meanwhile, Vice President JD Vance said that although they were “not there yet” on a deal, the US was “getting very close”, which further cemented the optimism. Clearly the details will be important, but US Treasury Secretary Bessent said that Trump’s three “red lines” for a deal are for Iran to open the Strait of Hormuz, turn over its enriched uranium and end its nuclear program. And Bessent also posted earlier in the day that the US would “not tolerate any effort to impose a tolling system in the Strait of Hormuz.”
Those headlines helped to drive a sharp move lower for oil yesterday. So Brent crude pared back its earlier gains to close -0.62% lower, hitting a one-month low of $93.71/bbl, with further declines overnight to $92.40/bbl. Indeed, it also means that oil prices are down over -18% over May as a whole, which would make this the biggest monthly decline since March 2020, back when the Covid-19 pandemic began and the world moved into lockdowns. And in turn for bonds and equities, there was growing relief that oil prices were coming down and the more stagflationary scenarios would be avoided.
Whilst the geopolitical headlines provided the main boost to markets yesterday, they got further support after the latest US PCE inflation print was softer than expected, easing concern around the need for rate hikes. The release showed that headline PCE was only up +0.4% in April (vs. +0.5% expected), whilst core PCE was up +0.2% (vs. +0.3% expected). So that led investors to dial back expectations for a Fed rate hike, with the probability of a hike by December down to 59% by the close, having been at 62% the previous day. Fed officials also didn’t sound in a rush to hike either, with NY Fed President Williams saying that monetary policy “is right where we want it to be”. Admittedly, there was discussion of a hike, with St Louis Fed President Musalem acknowledging there “there is a scenario where the economy might require a rate increase”, but that was still conditional.
Ultimately, the combination of that downside inflation surprise and hopes for a US-Iran deal meant US Treasuries put in another strong performance yesterday. So the 10yr yield (-3.6bps) fell back to 4.45%, posting a 6th consecutive decline for the first time in over a year, and they’re on track for a 7th decline this morning. In addition, there was further downside pressure on yields after some of the US growth data was a bit weaker than expected. For instance, the weekly initial jobless claims rose to 215k in the week ending May 23 (vs. 211k expected). And if we look further back, the second GDP estimate for Q1 showed that growth was weaker than previously thought earlier this year, only running at an annualised +1.6% (vs. +2.0% before).
US equities also put in a solid performance, with the S&P 500 (+0.58%) at another record thanks to the geopolitical headlines and more dovish rates pricing. Moreover, the index is now up +10% YTD for the first time, and there were fresh records for the NASDAQ (+0.91%) and the small-cap Russell 2000 (+0.57%) as well. But for European equities there was a much weaker performance, with the tech outperformance unable to prevent the STOXX 600 (-0.49%) falling to a one-week low.
Otherwise in Europe, the easing inflation risk meant that sovereign bonds continued to rally. UK gilts saw the biggest outperformance, continuing their pattern of seeing the biggest moves in either direction since the Iran conflict began. So the 10yr gilt yield (-4.4bps) fell to a one-month low of 4.81% by the close. And it was a similar story across the rest of Europe, with yields on 10yr bunds (-2.5bps), OATs (-2.8bps) and BTPs (-2.4bps) falling back as well.
Those bond moves came as investors also dialled back the prospect of rapid ECB hikes this year. For example, the amount of hikes priced by the December meeting was down to 55bps, down -2.5bps on the previous day. Interestingly though, the accounts from the ECB’s last meeting in April were published yesterday, which said that “A number of members noted that the decision was a close call and that they would not have opposed raising rates at the current meeting had this been on the table.” However, it ultimately said that “all members were willing to rally behind the decision to keep policy rates unchanged”, so long as the communication stressed a commitment to ensuring “that inflation stabilised at the target in the medium term.” Looking forward, markets continue to see an ECB rate hike in June as highly likely, priced as an 89% chance as of yesterday’s close, which would be their first hike since 2023.
Looking at the day ahead, data releases include the flash CPI prints for May from Germany, France and Italy, along with German unemployment for May. In the US, we’ll also get the advance goods trade balance for April. Otherwise, central bank speakers include the Fed’s Kashkari, Schmid, Bowman, Paulson and Daly, the ECB’s Panetta, Radev and Muller, and BoE Governor Bailey.
1b European opening report
1 c Asian opening report
Bourses firm modestly as crude remains towards recent lows on US-Iran optimism – Newsquawk EU Market Open
Friday, May 29, 2026 – 02:23 AM
- The text of the possible memorandum of understanding between the US and Iran has not been finalised and confirmed to this point, according to Tasnim.
- A Romanian radio station reported that a drone hit a residential building in Romania’s Galati, near the border with Ukraine.
- The EU is to discuss restrictions on Chinese imports, although no decision was expected on Friday.
- APAC stocks headed into month-end on the front foot as the region took impetus from the gains stateside.
- Crude futures were subdued after wiping out the prior day’s initial gains.
- European equity futures indicate a mildly positive cash market open with Euro Stoxx 50 futures up 0.2% after the cash market closed with losses of 0.3% on Thursday.
- Looking ahead, highlights include Spanish HICP (May), German Import Prices (Apr), State/Nationwide CPI Prelim. (May), Unemployment Rate (May), French GDP Final (Q1), HICP Prelim. (May), Italian HICP Prelim. (May), Canadian GDP (Q1). Speakers include BoE’s Bailey, Fed’s Kashkari, Schmid, Bowman, Paulson & Daly. Credit Rating updates include S&P on France & Hungary, Morningstar DBRS on Spain.
SNAPSHOT
Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
IRAN CONFLICT
- US President Trump said the US has all the cards and Iran has been defeated militarily, according to a Fox interview. Trump also said that they completely sank the Iranian Navy and destroyed its air force, but did not target all of Iran’s military leadership so that what happened in Iraq would not be repeated.
- US VP Vance said the US and Iran are exchanging proposals regarding some drafting points, including the issue of enrichment, while Vance said the time is still early to know when an agreement with Iran will be reached and if it will happen at all. Vance said that President Trump is not yet ready to endorse the Iran agreement, but noted that the US and Iran made a lot of progress towards a ceasefire deal, with the sides at odds on uranium enrichment and stockpiles.
- White House Deputy Chief of Staff for Policy Stephen Miller stated in an interview with Fox News that US President Trump is directly and personally involved in negotiations with Iran, making sure that the results are up to his standards. Miller added that there’s no deal until there’s a deal and nothing is final until it’s final, while he added that Trump has been clear that he reserves the option now or at any time in the future to do what is necessary to defend and protect US national security.
- US Treasury Secretary Bessent said the Omani ambassador confirmed there are no plans to impose transit fees in the Strait of Hormuz.
- US imposed fresh sanctions targeting Iran’s military oil sales, in which it sanctioned 25 individuals, firms and vessels.
- US Secretary of State Rubio will meet with Pakistan’s Deputy PM and Foreign Minister today,
- US-Iran memorandum of understanding on extending a ceasefire by 60 days had been reached, although Trump still needed to approve it, according to Reuters.
- The text of the possible memorandum of understanding between the US and Iran has not been finalised and confirmed to this point, according to Tasnim. Sources stated that contrary to the claims of some Western sources that the text of the so-called “memorandum of understanding” between Iran and the US has been finalised and is just waiting for the two sides to announce it, this is not true, and the text has not yet been finalised.
- Explosions, exchanges of fire in Hormuz Strait, according to Guy Elster citing local reports, while Iranian channels claim that Iran targeted 4 American ships that attempted to cross Hormuz.
- Iranian military source said a US drone was intercepted near Bushehr in southern Iran, while Iranian television reports claimed “the downing of an American fighter jet” in the vicinity of Bushehr, although the US military said Iran’s state TV claim that Iranian forces downed a US aircraft near Bushehr was false and no US aircraft was shot down by Iran, with all US air assets accounted for.
- Israel conducted shelling on several towns in southern Lebanon, according to Al Mayadeen.
US TRADE
EQUITIES
- US stocks printed fresh all-time highs, reversing earlier losses on the prospects of a US-Iran ceasefire deal, as oil pared gains sharply. This followed an Axios report that US and Iranian negotiators reached an agreement on a 60-day MoU regarding a ceasefire extension, though the deal still requires approval from US President Trump. However, Iran’s Tasnim leaned back on Western reports, stating the text has not been finalised, with sources saying that Iran has not notified the Pakistani mediator of any finalisation, and added that any such narrative from Western sources remains invalid until Iran makes an official announcement. Nonetheless, stocks were gaining even prior to the Axios report after monthly core and headline PCE metrics for April came in below expectations, while Q1 GDP growth was revised down.
- SPX +0.57% at 7,563, NDX +0.84% at 30,224, DJI +0.05% at 50,670, RUT +0.57% at 2,937.
- Click here for a detailed summary.
TARIFFS/TRADE
- EU is to discuss restrictions on Chinese imports, although no decision was expected on Friday, while the talks are aimed at aligning the Commission’s thinking and addressing Chinese overproduction, according to The Guardian.
- Canadian PM Carney said China needed to move more rapidly to address the scale of its economic imbalances.
NOTABLE HEADLINES
- Fed’s Barkin (2027 voter) said strong earnings mean motivation to fire is not high.
- Fed’s Musalem (2028 voter) said policy appeared to be at or below long-run neutral and that he thought in April that the easing bias in the statement was no longer consistent, according to a Bloomberg TV interview. Furthermore, Musalem stated that whether the Fed hikes, cuts or holds rates would depend on economic developments, and that reducing banking system demand for reserves would be a smoother path towards a smaller balance sheet than shrinking the supply side.
- US Treasury Secretary Bessent said Warsh means a new day at the Fed and believes he will do the right thing to balance inflation and growth.
APAC TRADE
EQUITIES
- APAC stocks headed into month-end on the front foot as the region took impetus from the gains stateside, where the S&P 500 and Nasdaq 100 posted fresh record highs amid reports of a tentative agreement regarding an MOU for a 60-day US-Iran ceasefire extension and to launch negotiations on Iran’s nuclear programme, although it still needs approval from US President Trump, while Iranian sources also pushed back and stated it was not finalised.
- ASX 200 was led higher by outperformance in the mining, materials and resources industries, while the energy and defensive sectors were at the other end of the spectrum as geopolitics and oil moves remained the main catalyst for price action.
- Nikkei 225 rallied back above the 66,000 level amid lower oil prices and following a slew of data, including softer Tokyo CPI, lower Unemployment, and better-than-expected industrial output & retail sales.
- Hang Seng and Shanghai Comp were mixed as the mainland lagged and with headwinds from earnings, as automakers were pressured following weak results from XPeng, while sentiment was also not helped by trade frictions, with the EU set to discuss restrictions on Chinese imports.
- US equity futures traded rangebound after gaining yesterday on the the tentative agreement for a ceasefire extension.
- European equity futures indicate a mildly positive cash market open with Euro Stoxx 50 futures up 0.2% after the cash market closed with losses of 0.3% on Thursday.
FX
- DXY traded flat and got some mild respite after weakening yesterday as oil and yields retreated on reports of a tentative agreement regarding a potential 60-day US-Iran ceasefire extension, while the greenback was also not helped by the recent slew of data releases, including a downward Q1 GDP revision and the somewhat mixed/in-line PCE data.
- EUR/USD took a breather after returning to above the 1.1600 level on the back of recent dollar weakness, while ECB minutes from the April meeting stated a number of members noted the decision to hold was a close call and that they would not have opposed raising rates.
- GBP/USD traded sideways overnight following the recent swings through the 1.3400 level, and as UK-specific newsflow and data releases remained quiet.
- USD/JPY retained the 159.00 status with a mild rebound seen in the aftermath of a slew of data, including softer-than-expected Tokyo inflation data, although gains were capped given that most data releases topped forecasts and with some light jawboning from Japanese Finance Minister Katayama, who said Japan can take decisive action on FX volatility.
- Antipodeans held on to recent spoils amid the positive risk tone and with outperformance in NZD following hawkish comments from RBNZ officials.
- PBoC set USD/CNY mid-point at 6.8176 vs exp. 6.7685 (prev. 6.8240).
FIXED INCOME
- 10yr UST futures marginally extended gains after yields declined in tandem with a retreat in oil prices on reports of a tentative agreement regarding an MOU for a 60-day extension to the US-Iran ceasefire.
- Bund futures kept afloat following the prior day’s rebound but with further upside capped ahead of German data, including Import Prices, State & Nationwide CPI figures and the Unemployment Rate.
- 10yr JGB futures conformed to the upward momentum in global peers and rose above the 129.00 level, with upside facilitated by lower oil prices and softer-than-expected Tokyo CPI data, but have since pulled back from intraday highs following a 2yr JGB auction.
COMMODITIES
- Crude futures were subdued after wiping out the prior day’s initial gains with pressure seen after reports that US and Iranian negotiators reached an agreement on a 60-day MOU to extend the ceasefire and launch negotiations on Iran’s nuclear programme, although the deal still requires approval from President Trump, while Iran’s Tasnim also pushed back against the reports and stated the text has not been finalised.
- US EIA Crude Oil Stocks Change (May/22) -3.327M vs. Exp. -4.1M (Prev. -7.864M)
- Spot gold held on to the prior day’s spoils after climbing above the USD 4,500/oz level as the dollar, yields, and oil prices declined on the reports of a tentative agreement to extend the US-Iran ceasefire.
- Copper futures plateaued overnight after recently advancing on geopolitical-related optimism.
CRYPTO
- Bitcoin trickled lower throughout the session but held above the USD 73,000 level.
NOTABLE ASIA-PAC HEADLINES
- RBNZ Governor Breman said she sees ongoing uncertainty around inflation, and that on balance, the OCR is likely to rise.
- RBNZ Assistant Governor Silk said she did not think interest rates need to increase yet, but noted that inflation pressures are building in the near term. Silk added she is looking at high-frequency data for the July decision and stated the bias is they’re going to see rate hikes in the coming meetings.
- RBNZ’s Gourley said rates are likely to rise sooner rather than later, but the speed and size of any hike will depend on data.
DATA RECAP
- Japanese Industrial Production MM (Apr P) 0.8% vs. Exp. -0.9% (Prev. -0.4%)
- Japanese Retail Sales YY (Apr) 2.1% vs. Exp. 1.3% (Prev. 1.7%, Low. 0.2%, High. 3.2%)
- Japanese Unemployment Rate (Apr) 2.5% vs. Exp. 2.7% (Prev. 2.7%, Low. 2.6%, High. 2.7%)
- Japanese Tokyo CPI YY (May) 1.4% vs. Exp. 1.6% (Prev. 1.5%)
- Japanese Tokyo CPI Ex. Fresh Food YY (May) 1.3% vs. Exp. 1.5% (Prev. 1.5%)
- Japanese Tokyo CPI Ex. Food and Energy YY (May) 1.6% vs. Exp. 1.9% (Prev. 1.9%)
GEOPOLITICS
RUSSIA-UKRAINE
- Fuel storage facilities in Russia’s Yaroslavl region were hit by drones.
- Romanian radio station reported a drone hit a residential building in Romania’s Galati, near the border with Ukraine.
EU/UK
NOTABLE HEADLINES
- EU is preparing emergency powers to intervene in Europe’s semiconductor supply chains during shortages, including forcing chipmakers to override existing contracts, according to FT.
2.NORTH AND SOUTH KOREA AND JAPAN
JAPAN
3. CHINA/
CHINA/
4. EUROPEAN AND SCANDINAVIAN COMMENTARIES PLUS NATO
FRANCE
France economy in trouble!!
French FinMin “Vigilant” After Economy Unexpectedly Contracts In Q1
Friday, May 29, 2026 – 08:20 AM
“We remain vigilant, without giving in to being alarmist,” said French Finance Minister Roland Lescure on social media after the Gallic nation saw its economy unexpectedly shrink at the start of the year.
French gross domestic product fell 0.1% in the three months through March, the first quarterly contraction since the COVID pandemic, raising concerns over its resilience to the fallout from the Iran war.
Statistics office INSEE had initially reported zero growth for the quarter, but a sharper decline in consumer spending than expected was “an unpleasant surprise”, said Dorian Roucher, the agency’s head of forecasting.
He noted in particular “very bad figures for home renovations: it’s rare to see this sector decline so much”, Roucher told journalists, with overall construction spending down 1.7 percent.
Consumer spending overall was dented by the surge in fuel prices since the Iran war throttled Gulf oil and gas shipments, falling 0.2 percent after rising 0.3 percent in the fourth quarter of last year.
Business investment fell 0.4%.
Trade made a negative contribution as exports dropped 3.5%.
“The recession risk is fairly high,” said Mathieu Plane, director of the French Economic Observatory, calling the GDP reading “worrying”.
As Bloomberg reports, the revision follows a series of indicators suggesting the euro area’s second-largest economy is increasingly hobbled by rising oil prices since the conflict in the Middle East erupted in late February.
Consumer confidence has dropped to the lowest in more than three years, business activity slumped in May and firms are increasingly planning to raise prices.
A separate report Friday from Insee showed household spending in April fell 0.5%.
FinMin Lescure claimed that the sluggishness at the start of the year was partly due to uncertainty over a delayed budget that had made businesses and households hesitant to invest.
However, INSEE’s Roucher said that “the most likely scenario at this time is not a new GDP decrease”, though he cautioned that “we can expect the shock to spread” throughout the economy.
France awaits Friday a sovereign credit review from Standard & Poor’s, which cut its rating to A+ last October on risks that government spending would remain high.
end
FRANCE
France To Reimburse Patients For Anti-Obesity Drugs
Friday, May 29, 2026 – 05:00 AM
Authored by Guy Birchall via The Epoch Times,
France is set to begin reimbursing severely obese people for the cost of weight-loss drugs, French Health Minister Stéphanie Rist said on May 28.Wegovy at a pharmacy in London on March 8, 2024. Hollie Adams/Reuters
She said that Paris would subsidize the use of Danish company Novo Nordisk’s Wegovy and American pharma giant Eli Lilly’s Mounjaro from mid-June.
“I am quite proud, because we are the first country in the European Union to provide reimbursement … on a permanent basis,” Rist told French broadcaster TFI.
Officially, reimbursement will cover 65 percent of the cost of the weight-loss drugs, “but almost all patients will be covered” in full if they have “comorbidities, such as high blood pressure or diabetes,” she said.
“For the vast majority, it will be 100 percent reimbursement,” Rist added.
She said the eligibility criteria for the scheme would remain strict.
“It was decided to reimburse these medicines for people with severe obesity, with a body mass index above 35 with comorbidities, or above 40. These are people who may be candidates for surgery, for an operation to treat their obesity, and who will be able to receive these medicines if the doctor considers that they should be prescribed,” Rist said.
She estimated the cost to French public finances at “around 100 million euros [$116 million] annually.”
Elsewhere in Europe, though outside the EU, the UK and Switzerland both subsidize the use of similar weight-loss medications, known as glucagon-like peptide-1 receptor agonists (GLP-1s).
GLP-1s are hormones produced naturally within the body that regulate blood sugar and suppress appetite.
The UK’s National Health Service (NHS) offers limited access to such drugs, with medications prescribed and a standard prescription fee of 9.90 pounds per item (about $13.26), or free, depending on the patient’s circumstances.
In Switzerland, people who meet certain criteria are also eligible for reimbursement for the use of Wegovy under the government’s mandatory health insurance scheme.
Further afield, Japan operates a scheme similar to Switzerland’s, while Canada last month approved the sale of generic versions of semaglutide, the active ingredient in Ozempic and Wegovy, paving the way for more widespread subsidized prescriptions for the medication. In Canada, the availability of subsidized Ozempic varies by province.
In the United States, U.S. President Donald Trump said on May 1 that Medicare patients will soon be able to obtain coverage for weight-loss drugs for $50 per month.
Speaking at an event in Florida, Trump said coverage for weight-loss and diabetes medications will begin in July.
“Today, I’m thrilled to announce that starting on July 1, we will also provide Medicare patients with the coverage for weight-loss drugs like Ozempic, Zepbound, Wegovy,” he said. “So if it was $1,300, now it’s $50. And the $1,300 doesn’t cover a whole month. So it’s really even more than that. So it’s now down to $50.“
In December 2025, the Centers for Medicare & Medicaid Services (CMS) announced a voluntary model known as Better Approaches to Lifestyle and Nutrition for Comprehensive Health to expand access to GLP-1 medications for weight management and metabolic health, allowing Medicare Part D plans and state Medicaid agencies to cover the drugs while negotiating lower prices.
The model, which would enable the CMS to negotiate directly with pharmaceutical companies for lower prices and standard terms of coverage, was initially expected to launch in January 2027, but officials said in April it would be delayed “pending further evaluation and data collection.”
The CMS said in April that it would extend its bridge program, a short-term solution to provide eligible Medicare Part D beneficiaries with access to certain GLP-1 drugs, until December 2027.
Part D refers to the prescription drug benefit run by private insurers approved by Medicare. CMS stated on its website that the bridge program would “operate outside of the Medicare Part D benefit’s coverage and payment flow.”Overweight people walk through the city center in Glasgow, Scotland, on Oct. 10, 2006. Jeff J. Mitchell/Getty Images
END
GERMANY
REMIX//
Leftist Party Wants Voting Rights For All Foreigners Who’ve Lived In Germany For 5 Years
Friday, May 29, 2026 – 02:00 AM
Germany’s Left Party is pushing for a major overhaul of the German electoral system by proposing that foreign residents without a German passport be granted voting rights after five years of legal residency.
To achieve this, the Left faction in the Bundestag has submitted a formal application demanding that anyone residing legally in the country for at least five years be permitted to vote in federal elections, irrespective of their nationality.
The move would serve as a major electoral boost for left-wing parties, with foreigners overwhelmingly voting for these parties when given the opportunity. Data from the Federal Statistical Office cited in the motion reveals that over 14 million people living in Germany in 2025 lacked German citizenship, a figure that includes roughly 5 million EU citizens. This foreign population has resided in the country for an average of 15 years. In other words, this pool of potential voters for the left is massive.
The initiative also urges the federal government to collaborate with individual states to implement identical changes for state and municipal elections, according to German news outlet Tagesspiegel. The party argues that the current system suffers from an expanding democratic deficit due to the fact that non-German nationals are systematically blocked from participating in federal, state, and most local elections.
The Left finds this exclusion “intolerable, “ given the democratic principles outlined in the Basic Law, arguing that it ignores the reality of Germany as an “immigration society.”
Addressing potential legal hurdles, the Left Party points out that while the Federal Constitutional Court blocked voting rights for foreigners back in 1990, this stance deserves reconsideration due to shifting global dynamics and the fact that EU citizens have since gained local voting rights. They also highlight a linguistic nuance in the constitution, observing that the Basic Law uses the word “people“ in critical sections rather than explicitly restricting terms to “the German people.”
The proposal, which is officially titled “Introduce voting rights for foreigners,” was initiated by a group of lawmakers including Ferat Koçak and the wider Left Party parliamentary group, with signatures from group leaders Heidi Reichinnek and Sören Pellmann.
This motion continues a long-standing political campaign by the Left Party, which references its own 2014 draft legislation as part of a multi-year effort to expand suffrage.
Recently, Elif Eralp, the party’s top candidate in Berlin, echoed these demands.
This has not even been the most radical demand from the Left. In 2023, then German Interior Minister Nancy Faeser proposed to give asylum seekers the right to vote in local state elections after just six months in Germany. The program, if implemented, would have translated into millions of new voters overnight.
At the time, the Alternative for Germany (AfD) party was immediately critical of what it described as an attempt to stack the vote with migrants, releasing a statement that read:
“Interior Minister Faeser (SPD), as the top candidate in the Hessian state elections, is campaigning for local voting rights for all people who have lived in Germany for ‘longer than six months.’ This means that supposed ‘refugees’ from Afghanistan, Syria or Turkey would also be allowed to vote – even without German citizenship.
“The German passport is thus turned into a piece of junk. But above all: Faeser and the SPD want to attract people who have no connection to Germany at all as new groups of voters. This is not surprising, because the locals who are ridiculed as ‘non-migrants’ are running away from (Chanceller Olaf) Scholz’s SPD.”
Under current constitutional rules, federal voting rights are restricted to German citizens aged 18 and older, while Berlin state elections require voters to be at least 16. The only current exception exists at the municipal level, where EU citizens can vote for district parliaments.
In response to such demands, the Federal Ministry of the Interior website states that “Migrants living in the Federal Republic of Germany for many years have the opportunity to become naturalized citizens under German citizenship law. In doing so, they also acquire the right to vote.”
However, the Left faction argues this pathway is insufficient and the requirements for citizenship are too burdensome.
The right has long contended that the left is using mass immigration as a tool to solidify political power. Foreigners are notoriously prone to voting for left-wing parties, with the logic being that more left-wing policies means more immigration for their fellow countrymen and more social welfare benefits for them and their families.
Many of these foreign groups often tend to vote quite conservatively in their own nations while shifting to the left in Western nations, such as the case of the Turkish community in Germany, which has approximately 1.5 million individuals with dual citizenship between Turkey and Germany. Half of these Turks vote for strongman Islamist leader Recep Tayyip Erdoğan in Turkish elections and then shift their vote to the left in Germany.
END
EUROPE/GERMANY ET AL.CENSORSHIP
Leak Exposes Germany Forcing Social Media To Boost State Propaganda, Bury Dissent
Friday, May 29, 2026 – 03:30 AM
Authored by Steve Watson via Modernity.news,
European elites are reeling from the information revolution they failed to suppress. A fresh leak exposes Germany’s state media regulators plotting a new law to compel social media platforms to automatically boost “reliable” and “trusted” mainstream outlets in their algorithms.
Sold as a defense of “media plurality” against disinformation, this scheme reveals the ugly truth: after brute-force censorship ignited a global backlash and helped propel Elon Musk’s purchase of X, authorities are now seeking to engineer the feeds themselves to favor their approved narratives while sidelining dissent.
This marks a shift from overt suppression to insidious manipulation. What began as panic over losing control has evolved into calculated digital gerrymandering. The awakening—fueled by years of heavy-handed crackdowns—created demand for uncensored spaces. Now, unable to fully extinguish that flame, regulators aim to starve alternative voices of oxygen through algorithmic favoritism.
The internal strategy paper from Germany’s Landesmedienanstalten, the network of state media authorities, outlines plans for a Digital Media State Treaty. It would grant automatic algorithmic preference to selected outlets.
The document remains in preparatory stages but is slated for presentation to politicians imminently. Thorsten Schmiege, head of the regulators and Bavaria’s media authority president, indicated a first draft could arrive this summer.
Critics rightly note the core problem: who defines “reliable” and “trusted”? The same state bodies entangled with public broadcasters that have repeatedly demonstrated bias. This isn’t about plurality; it’s about preserving a monopoly on public discourse as legacy media hemorrhages trust and audience.
Mike Benz, former State Department cyber official and vocal critic of censorship regimes, highlighted the international stakes in a pointed post reacting to the leak. He warned that dozens of other countries are watching closely to see if Germany can get away with it.
Benz stressed the need for visible US retaliatory threat or diplomatic intervention, stating that without it, “you will not believe the speed at which this cancer will spread.” He urged nipping this in the bud by whatever diplomatic, economic, or sanctions means are necessary.
This proposal doesn’t emerge in isolation. It builds directly on the patterns of escalating control seen across Europe. The EU’s “Democracy Shield” and broader Digital Services Act framework already pressure platforms into systemic content demotion under the guise of risk assessments.https://modernity.news/2026/04/24/mass-censorship-the-eu-democracy-shield-is-the-end-of-freedom-in-europe/embed/#?secret=msAOVo6fJ9
Those tools have chilled speech across the continent. Germany’s move represents the next logical escalation: not just removing content, but ensuring state-aligned sources dominate what users actually see.
The EU’s €140 million fine slapped on X for alleged transparency violations formed part of a sustained assault. Musk responded forcefully, pointing to EU commissars’ role in stifling debate that could have mitigated Europe’s self-inflicted wounds.https://modernity.news/2025/12/05/eu-slaps-elon-musks-x-with-140-million-fine-in-latest-assault-on-free-speech/embed/#?secret=MJDr48AfZe
That fine wasn’t about protecting users—it was punishment for refusing to play ball with narrative gatekeepers.https://modernity.news/2025/12/09/musk-claims-eu-commissars-are-responsible-for-murder-of-europe/embed/#?secret=3ndaajhbRl
French President Emmanuel Macron’s calls for draconian measures and a full ‘Ministry of Truth’ apparatus further illustrate the continental appetite for control.https://modernity.news/2025/12/04/macron-wants-to-go-full-ministry-of-truth-with-draconian-censorship-grab/embed/#?secret=X6txvdK0fg
In the UK, London Mayor Sadiq Khan has pushed for a dedicated government disinformation unit, while the Online Safety Act has emerged as a comprehensive censors’ charter.https://modernity.news/2026/04/10/london-mayor-sadiq-khan-calls-for-a-government-social-media-disinformation-unit/embed/#?secret=n42WukycIv
These developments show how temporary “emergency” powers metastasize into permanent architecture for managing reality.https://modernity.news/2025/07/30/the-online-safety-act-is-a-censors-charter/embed/#?secret=uu1nJ9nIYn
The Digital Leviathan rose precisely to handle challenges like mass migration criticism and policy failures that elites preferred to keep hidden.https://modernity.news/2026/03/30/the-digital-leviathan-how-the-information-state-rose-to-manage-reality-itself/embed/#?secret=1a1rmQrpFg
When combined with this algorithmic favoritism, the strategy becomes clear: starve challengers of reach while subsidizing compliant voices through forced visibility.
And then there are also punishments ready, such as debanking, to discourage journalists from stepping outside the approved thresholds.https://modernity.news/2026/01/27/eus-deadly-new-weapon-against-press-freedom-already-wreaking-havoc/embed/#?secret=kD5Vr40mIq
Barack Obama’s infamous suggestion of a social media Ministry of Truth feels less like hyperbole and more like prophecy when viewing these coordinated efforts.https://modernity.news/2025/10/29/watch-obama-calls-for-a-social-media-ministry-of-truth/embed/#?secret=nQ3ulJB0hA
The backfire was predictable. Heavy censorship created martyrs, exposed hypocrisy, and drove users toward platforms prioritizing free expression. Musk’s acquisition of X exemplified this shift. Now, regulators adapt by gaming the very recommendation systems that exposed their weaknesses.
Advocates for this German law claim it counters “disinformative, polarizing” content. Yet the track record of the “trusted” outlets they seek to elevate undermines that claim entirely. The BBC provides a textbook case, with scandals ranging from manipulated editing exposed in the looming Trump lawsuit to further outrageous actions that continue to erode public confidence.https://modernity.news/2026/02/12/trial-date-set-for-trumps-10-billion-bbc-lawsuit-over-fake-news-editing-scandal/embed/#?secret=yAJ9SWRPY3
Public broadcasters aren’t neutral arbiters; they’re funded arms of the establishment view.https://modernity.news/2025/11/20/fcc-chair-carr-probes-bbc-corruption-rigging-the-news-is-heinous/embed/#?secret=Z0f5dDazwT
Germany’s own state media offers equally damning examples, including the fake AI-generated clip of ICE troops arresting a migrant family and systematic slander campaigns against figures like Charlie Kirk after his assassination.https://modernity.news/2026/02/17/german-public-broadcaster-ran-fake-ai-generated-clip-of-ice-troops-arresting-migrant-family/embed/#?secret=ZQq0BZ7KPs
These aren’t isolated lapses but symptoms of systemic narrative enforcement. When public funding meets ideological capture, journalism dies and propaganda thrives.https://modernity.news/2025/09/16/german-state-media-have-systematically-slandered-charlie-kirk-after-his-assassination/embed/#?secret=3kAo7lfMWR
This aligns with long-standing critiques: legacy outlets function as extensions of the information state. Their declining relevance stems not from competition alone but from audiences recognizing the disconnect between reported reality and lived experience—particularly on immigration, economics, and cultural transformation.
Boosting them algorithmically won’t restore credibility; it will only highlight their dependence on artificial life support.
Parallel to algorithmic rigging, direct assaults on X continue under familiar banners. UK government schemes to restrict or shutter the platform over Grok’s humorous roasts, alongside outright ban threats, expose the cynicism.https://modernity.news/2026/01/09/uk-government-threatens-total-ban-on-x-over-grok-bikini-flap/embed/#?secret=9aCEcoK5DO
Official claims of “protecting children” crumble under scrutiny, as these efforts target political speech far more than genuine safeguarding.https://modernity.news/2026/01/13/heres-proof-that-uks-x-ban-has-nothing-to-do-with-protecting-children/embed/#?secret=x2X7TVBrjZ
Spain’s far-left coalition similarly floated limitations, revealing a broader European discomfort with unmoderated conversation.https://modernity.news/2026/02/05/spains-far-left-government-threatens-to-limit-and-likely-ban-x/embed/#?secret=mkM5uwK1wJ
These pretexts enable deeper control. EU chat control proposals threaten end-to-end encryption, effectively ending private digital communication.https://modernity.news/2025/10/06/signal-afd-slam-eu-chat-control-as-end-of-privacy-in-europe/embed/#?secret=0vfOXCQ1rK
UK moves toward mandatory digital IDs with biometric tracking, combined with age verification theater, form pieces of a surveillance mosaic.https://modernity.news/2025/09/29/uk-goes-orwellian-with-mandatory-digital-id-and-biometric-tracking/embed/#?secret=CWWQ8UNZgw
Government censorship of the internet is worse than ever in the UK, with the disinfo unit shifting focus from lockdown skeptics to mass migration critics.
Authoritarianism arrives not with tanks but with logins and compliance portals.
Germany stands at the forefront of this crackdown. Courts contemplating speaking bans against prominent politicians, alongside convictions of ordinary citizens for blunt criticism—like a pensioner penalized for calling a Green minister an “idiot”—signal a nation abandoning its post-war free speech commitments.https://modernity.news/2025/06/24/free-speech-travesty-german-pensioner-who-called-green-economic-minister-habeck-an-idiot-has-been-convicted/embed/#?secret=oEKkE88jwI
This environment makes the algorithmic proposal even more sinister. When the state already criminalizes mild dissent, empowering it to curate digital visibility creates a closed loop of approved thought. Independent voices face compounded marginalization online.
The German initiative forms part of a continent-wide offensive against digital liberty. These measures share a common thread: elites viewing open information flows as existential threats rather than democratic necessities. The result is a managed internet where “safety” justifies surveillance and “plurality” means enforced uniformity.
Thankfully, pushback is mounting. Concepts for a genuinely censorship-resistant internet—emphasizing decentralization, open protocols, and user sovereignty—offer technical pathways beyond centralized control. Legal and political pressure remains essential.
The Trump administration has signaled zero tolerance for European overreach. America stands ready to smash these UK and EU internet crackdowns.
Considerations of travel bans targeting officials enforcing speech restrictions, and actual entry prohibitions against anti-free-speech globalists demonstrate leverage available to free societies.
These actions protect not just American platforms but the principle of open discourse worldwide.https://modernity.news/2025/12/24/trump-admin-bans-anti-free-speech-eu-globalists-from-entering-u-s/embed/#?secret=eUMuEOrE5K
The ultimate solution lies in rejecting the premise that information must be managed by self-appointed State guardians. Platforms succeeding through transparency and user choice expose the fragility of legacy models. Citizens increasingly demand accountability: defund captured public broadcasters, enforce viewpoint neutrality where subsidies exist, and prioritize constitutional protections over bureaucratic comfort.
Continued overreach will accelerate the very trends regulators fear. Each attempt at algorithmic rigging further erodes trust, driving innovation toward decentralized alternatives and reinforcing public skepticism.
The information awakening wasn’t a temporary glitch—it represents a fundamental realignment toward truth over narrative. Musk’s X stands as proof: refusing to bend created the space for genuine debate that elites now scramble to recapture through backdoor algorithmic controls.
Europe’s elites face a choice: adapt to a world where ideas compete freely or double down on control and risk greater backlash. The battle for the digital public square will define the coming decade.
Platforms and citizens prioritizing unfiltered exchange hold the advantage, provided they maintain vigilance against these evolving threats—from the German proposal and EU Democracy Shield to UK child protection pretexts and domestic speech prosecutions.
Free societies thrive on open debate, not engineered consensus. The push to game algorithms in favor of propaganda houses won’t save failing narratives; it will only hasten their irrelevance while empowering alternatives rooted in user trust and technological freedom.
Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews
END
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS//
ISRAEL/USA VS IRAN//THURSDAY EVENING
Iran Fires ‘Warning Shots’ On ‘Unauthorized’ Vessels Trying To Traverse Hormuz Strait
Thursday, May 28, 2026 – 04:05 PM
Summary
- Rtrs citing Iran’s Fars: Iran’s armed forces carries out a missile launch operation from southern regions of the country toward specified targets. Reports of US ships targeted (unconfirmed); also ‘warning shots’ fired on ‘illicit’ vessels.
- Per Axios: “U.S. and Iranian negotiators have reached an agreement on a 60-day memorandum of understanding to extend the ceasefire and launch negotiations on Iran’s nuclear program, but President Trump has yet to give it his final approval.”
- Unconfirmed reports of Ayatollah denial of MOU.
- Saudi state media reports Pakistan is seeking to convince Washington to allow transfer of Iran’s highly enriched uranium to China (Al Hadath).
- Iran launches ballistic missile on US base in Kuwait, which was reportedly intercepted by Kuwaiti forces.
- Fresh launch is retaliation for prior evening’s skirmish involving US intercepting Iranian drones, and targeting coastal launch location.
- Stalled talks still stuck on nuclear issue: Iran insists it will keep its enriched uranium as a matter of national soveriegnty.
* * *
Reports of New Military Incident in Hormuz Strait
Following earlier reports of the US & Iran having tentatively reached a Memorandum of Understanding on 60-day truce for talks, and pending Trump’s approval, there has been fresh Thursday night (local time) chatter out of Iran on potential fresh attacks in the Strait of Hormuz.
Israel and US media correspondents have commented based on emerging accounts of Iranian sources: Iran has reportedly targeted American ships in Hormuz. Times of Israel writes:
The fresh fighting appeared to begin when Iranian forces fired at four ships attempting to cross the strait, state broadcaster IRIB reported on Thursday.
“Four vessels attempted to cross the Strait of Hormuz and enter the Persian Gulf without coordination with the security forces,” IRIB posted on Telegram, saying the incident took place at around 12:35 a.m. local time. It did not provide details on the ships.
“They were warned, but after they ignored the warning, warning shots were fired at them, forcing them to return,” the broadcaster added.
And Reuters:
IRAN’S FARS: IRAN’S ARMED FORCES CARRIES OUT A MISSILE LAUNCH OPERATION FROM SOUTHERN REGIONS OF THE COUNTRY TOWARD SPECIFIED TARGETS
Israel’s Channel 12 also cited Iranian ‘opposition sources’ to say that there was a missile launch observed near the city of Bushehr in southern Iran. If this fresh incident is confirmed, it would mark the third such clash between US and Iranian forces in the contested waters within just a couple days.
Some latest on MOU status:
Bessent: We are being Patient, & Strikes could Come Back
Reports that Ayatollah has Not Accepted MOU
And very quickly on the heels of the Axios report, there chatter that the Iranian side has not actually approved:
END
THURSDAY EVENING/IRAN/USA
Vance Says Trump Not Ready To Approve Iran Deal, Citing Distance On Nuclear Issue
Thursday, May 28, 2026 – 06:35 PM
Summary
- Rtrs citing Iran’s Fars: Iran’s armed forces carries out a missile launch operation from southern regions of the country toward specified targets. Reports of US ships targeted (unconfirmed); also ‘warning shots’ fired on ‘illicit’ vessels.
- Per Axios: “U.S. and Iranian negotiators have reached an agreement on a 60-day memorandum of understanding to extend the ceasefire and launch negotiations on Iran’s nuclear program, but President Trump has yet to give it his final approval.”
- Unconfirmed reports of Ayatollah denial of MOU.
- Saudi state media reports Pakistan is seeking to convince Washington to allow transfer of Iran’s highly enriched uranium to China (Al Hadath).
- Iran launches ballistic missile on US base in Kuwait, which was reportedly intercepted by Kuwaiti forces.
- Fresh launch is retaliation for prior evening’s skirmish involving US intercepting Iranian drones, and targeting coastal launch location.
* * *
Vance says Trump Not Ready to Approve MOU with Tehran
Vice President J.D. Vance says that US President Trump is not yet ready to endorse the Iran agreement, but still noted that US and Iran made a lot of progress towards a ceasefire deal, according to AFP
The US and Iran remain at odds on uranium enrichment and stockpiles, he confirmed. And further:
US VP Vance says US and Iran are exchanging proposals regarding some drafting points including issue of enrichment, adds time is still early to know when an agreement with Iran will be reached and if it will happen at all
Reports of New Military Incident in Hormuz Strait
Following earlier reports of the US & Iran having tentatively reached a Memorandum of Understanding on 60-day truce for talks, and pending Trump’s approval, there has been fresh Thursday night (local time) chatter out of Iran on potential fresh attacks in the Strait of Hormuz.
Israel and US media correspondents have commented based on emerging accounts of Iranian sources: Iran has reportedly targeted American ships in Hormuz. Times of Israel writes:
The fresh fighting appeared to begin when Iranian forces fired at four ships attempting to cross the strait, state broadcaster IRIB reported on Thursday.
“Four vessels attempted to cross the Strait of Hormuz and enter the Persian Gulf without coordination with the security forces,” IRIB posted on Telegram, saying the incident took place at around 12:35 a.m. local time. It did not provide details on the ships.
“They were warned, but after they ignored the warning, warning shots were fired at them, forcing them to return,” the broadcaster added.
And Reuters:
IRAN’S FARS: IRAN’S ARMED FORCES CARRIES OUT A MISSILE LAUNCH OPERATION FROM SOUTHERN REGIONS OF THE COUNTRY TOWARD SPECIFIED TARGETS
Israel’s Channel 12 also cited Iranian ‘opposition sources’ to say that there was a missile launch observed near the city of Bushehr in southern Iran. If this fresh incident is confirmed, it would mark the third such clash between US and Iranian forces in the contested waters within just a couple days.
Some latest on MOU status:
END
ISRAEL/USA VS IRAN//FRIDAY MORNING
it plain English: there can never be a deal until the USA receives the nuclear dust and then destroys it. Period!!
(zerohedge)
Iran Clarifies Deal ‘Not Finalized’ Amid Lack Of Trust, Warns US-Gulf Of ‘Utter Ruin’ If War Resumes
Friday, May 29, 2026 – 09:00 AM
Iran’s Tasnim reports Friday that the US-Iran Memorandum of Understanding (MOU) is not yet finalized, and that Thursday’s flurry of Western media headlines about an agreement finally being reached were inaccurate.
“The text is not finalized yet and the account in Western media is not precise,” a fresh statement indicates. Official confirmation will be announced if it does get to the point of being finalized, Tasnim notes. The report cited an Iranian official to say that “the text of the possible memorandum of understanding has had changes over the past few days.”
The warring sides are attempting to lock in a 60-day extended ceasefire, during which time they will get back to the table – and that’s when finer details like how to address Iran’s stockpile of highly enriched uranium will be dealt with. It is now day 91, and according to the latest Friday:
Iranian Parliament Speaker and top negotiator Ghalibaf says: “We have no trust in guarantees or words.”
Late Thursday, US Vice President J.D. Vance indicated that President Trump has not approved, at a moment Washington is insisting the nuclear issue be more front and center as part of the MOU.
However, the Iranians have consistently said their nuclear program is not up for negotiation toward ending the war – but that it is something that can be talked about once the conflict closes.
According to a summary of the latest on the stalled MOU from an Al Jazeera correspondent:
Diplomatic efforts to preserve the ceasefire between the United States and Iran have continued behind the scenes, with officials signaling progress towards a framework that could open the door to formal negotiations after weeks of conflict and disruption across the Gulf and beyond.
Despite the optimism, questions remain over the timing and scope of any agreement.
Iranian media reports suggested discussions are continuing and that key details have yet to be finalized, while both sides continue to navigate sensitive issues, including Iran’s nuclear program and security in the Gulf.
More from Iran’s chief negotiator in a Friday update:
What has become clear is that US and international media reports have consistently proven premature, too out front, thinly sourced, and ultimately inaccurate in their generally optimistic claims of a deal being ‘finalized’ or else ‘imminent’.
In the meantime, Iran’s ongoing threats of an escalated, protracted war happen to be very clear:
The Revolutionary Guards said any renewed conflict would spread “far beyond the region,” threatening “crushing blows” and “utter ruin” in places opponents “cannot even imagine.”
The warnings come after a war that saw Iran target US bases, Israeli cities and critical infrastructure in Gulf Arab states, while effectively shutting shipping through the Strait of Hormuz and triggering a global energy shock.
The Islamic Republic has also been touting new “tools” to use against its enemies, per CNN:
Last week, Iranian Foreign Minister Abbas Araghchi warned that any future retaliation would “feature many more surprises,” while Iran’s military threatened to open “new fronts” using “new tools.” Mohammad Bagher Ghalibaf, Iran’s top negotiator, said the armed forces had used the ceasefire period to rebuild their capabilities “at the highest level.”
Some pundits fear that such references to “new fronts” could mean either the closure of the Bab al-Mandeb Strait in the Red Sea, or even the possibility of missiles reaching Europe.
Umud Shokri, an energy strategist at George Mason University, has explained in a statement, “A simultaneous crisis in Bab al-Mandeb and the Strait of Hormuz would be far more serious, potentially affecting both Red Sea trade and Persian Gulf energy flows, which would raise oil prices, freight rates, and inflationary pressure worldwide.”
Still, the Trump administration is pressing for a deal which would make its Iran gambit look like ‘victory’ – something which finally reopens energy transit points and sees the removal of highly enriched uranium from Iran. Tehran leaders, however, don’t appear in the mood to allow Washington to have its cake and eat it too.
* * *
More latest Iran developments via Newsquawk:
- Many points regarding the Iranian nuclear file have been resolved; Iran has agreed to international oversight of its nuclear facilities to prevent their dismantling, Al Arabiya reported citing sources. Iran wants to transfer the enriched uranium to China with a commitment not to deliver it to America.
- Chairman of the Iranian National Security Committee of the Iranian Parliament said there are no plans to transfer enriched uranium out of the country, Asharq reported.
- Iran Deputy for Foreign Policy and International Security Ali Baqeri held separate meetings in Moscow with the Foreign Policy Advisor to Brazil’s President and the Secretary General of Egypt’s National Security Council.
- IRGC Commander said Iran forces are ready to act on Supreme Leader’s order and enemies should not make mistakes as they will get themselves and others into trouble.
- Iran military source said US drone was intercepted near Bushehr in southern Iran, according to Al Jazeera.
- US Vice President Vance said that US President Trump is not yet ready to endorse the Iran agreement, while Vance noted that US and Iran made a lot of progress towards a ceasefire deal, according to AFP. Vance said US and Iran are at odds on uranium enrichment and stockpiles, according to SNN.
- White House Deputy Chief of Staff for Policy Stephen Miller stating in an interview with Fox News that US President Trump is directly involved in negotiations with Iran.
- US President Trump said we completely sank the Iranian Navy and destroyed their air force, did not target all of Iran’s military leadership so that what happened in Iraq would not be repeated.
- US military said Iran’s state TV claim that Iranian forces downed a US aircraft near Bushehr is false and no US aircraft was shot down by Iran, with all US air assets are accounted for.
- US VP Vance said US and Iran are exchanging proposals regarding some drafting points including issue of enrichment, adds time is still early to know when an agreement with Iran will be reached and if it will happen at all.
- US Treasury imposes fresh sanctions targeting Iran’s military oil sales, according to Reuters. IRNA reported US sanctions 25 individuals, firms and vessels over Iran oil.
- US President Trump said that US has all the cards, Iran has been defeated militarily, according to a Fox interview.
- Al Hadath posted Iranian television reported “the downing of an American fighter jet” in the vicinity of Bushehr, with no American confirmations.
- US official denies what Iranian TV announced about downing any American plane near Bushehr, according to Al Hadath.
- Israel’s Channel 12, citing military sources, said “The army recommends to the political leadership intensifying the air and ground strikes in Lebanon”.
FRIDAY AFTERNOON/IRAN/VS USA/ISRAEL
Iran State Media Says Trump’s Optimistic Claims On Deal Are “Mix Of Truth & Lies”
Friday, May 29, 2026 – 11:40 AM
Summary
- Trump repeats conditions on Iran for lifting US naval blockade, oil pushed lower. Fars responds: “Mix of truth & lies.”
- Trump vows to ‘unearth’ and gain control of nuclear dust in ‘cooperation’ with Iran and/or China, says no money will be exchanged with Iran, and that it ‘must agree’ to never have a nuclear weapon (Truth Social).
- NY Times reports surprising element of the Iran peace draft deal: a proposed investment fund for Iran – reportedly $300 billion.
- Tehran confirms MOU stalled, but is being reviewed, amid lack of trust in negotiating with Washington.
- The Revolutionary Guards said any renewed conflict would spread “far beyond the region,” threatening “crushing blows” and “utter ruin” in places opponents “cannot even imagine.”
* * *
Trump: Iran’s Uranium will be unearthed by the United States; Fars: Trump’s claims “mix of truth and lies”
These Truth Social messages are starting to appear uncannily similar to ones already issued weeks ago. But this seems more confirmation that there is no MOU which has been ‘finalized’ – but that some key things have been agreed to.
- Trump is again saying the US will get the ‘nuclear dust’
- Iran “must agree” to never have a nuclear weapon
- No toll system for Hormuz
- Removal of all sea mines
- “No money will be exchanges until further notice.”
Oil pushed lower on the headlines via Trump’s post…
But amid the return to some ‘optimism’ in headlines, there are the usual caveats and counternarratives (likely accurate):
Iran Clarifies Deal ‘Not Finalized’ Amid Lack Of Trust
Iran’s Tasnim reports Friday that the US-Iran Memorandum of Understanding (MOU) is not yet finalized, and that Thursday’s flurry of Western media headlines about an agreement finally being reached were inaccurate.
“The text is not finalized yet and the account in Western media is not precise,” a fresh statement indicates. Official confirmation will be announced if it does get to the point of being finalized, Tasnim notes. The report cited an Iranian official to say that “the text of the possible memorandum of understanding has had changes over the past few days.”
The warring sides are attempting to lock in a 60-day extended ceasefire, during which time they will get back to the table – and that’s when finer details like how to address Iran’s stockpile of highly enriched uranium will be dealt with. It is now day 91, and according to the latest Friday:
Iranian Parliament Speaker and top negotiator Ghalibaf says: “We have no trust in guarantees or words.”
Late Thursday, US Vice President J.D. Vance indicated that President Trump has not approved, at a moment Washington is insisting the nuclear issue be more front and center as part of the MOU.
However, the Iranians have consistently said their nuclear program is not up for negotiation toward ending the war – but that it is something that can be talked about once the conflict closes.
According to a summary of the latest on the stalled MOU from an Al Jazeera correspondent:
Diplomatic efforts to preserve the ceasefire between the United States and Iran have continued behind the scenes, with officials signaling progress towards a framework that could open the door to formal negotiations after weeks of conflict and disruption across the Gulf and beyond.
Despite the optimism, questions remain over the timing and scope of any agreement.
Iranian media reports suggested discussions are continuing and that key details have yet to be finalized, while both sides continue to navigate sensitive issues, including Iran’s nuclear program and security in the Gulf.
Ghalibaf: We Achieved Concessions Through Missiles, Not Dialogue
More from Iran’s chief negotiator in a Friday update:
What has become clear is that US and international media reports have consistently proven premature, too out front, thinly sourced, and ultimately inaccurate in their generally optimistic claims of a deal being ‘finalized’ or else ‘imminent’.
ISRAEL TBN
RUSSIA VS UKRAINE
EUROPE IS NUTS!!!!
Russia Warns US Against Sending Thousands More Troops Near Its Borders: Pushing Toward ‘Suicidal Conflict’
Friday, May 29, 2026 – 09:40 AM
Russia is deeply alarmed about US plans to deploy thousands of additional troops to NATO’s eastern flank member Poland, slamming reports out of Washington as unacceptable and portending an escalation in the Ukraine war.
Russian Foreign Ministry spokeswoman Maria Zakharova said at a press briefing on Thursday that sending additional American soldiers to Poland “would result in escalation of tension across Europe” and that Moscow would be forced to take “retaliatory measures”.
Given that some 5,000 troops are being moved there from Germany, she did acknowledge that reducing America’s troop presense in Europe would overall be “rational, justified, and long-overdue” step toward stabilizing what she called an “imbalanced” security situation created by NATO and Western policies.
Weeks ago, the White House began threatening a significant and historic force reduction from Germany, following Berlin officials’ repeat criticisms of the US-Israeli war against Iran. This was initially presented in media reports as part of a broader drawdown from Europe, but now it appears US forces are just being shifted around, and with 5,000 to be placed closer to Russia.
But these thousands more troops in Poland could induce Russia to respond with “military-technical measures.” Zakharova in perhaps the most provocative part of her remarks warned that NATO is pushing the continent toward a “suicidal” conflict.
In total, some 10,000 US service members are stationed in Poland, on a regular rotation, and the new Washington deployment would see thousands more added to this – from among the 80,000 deployed across Europe.
Poland shares a border with Russia’s Kaliningrad Region, setting off further concerns about targeting and drone activity:
The deployment of additional US military forces to Poland could lead to a “qualitative escalation” of tensions between Russia and the West and force Moscow to take retaliatory measures, Russian Foreign Ministry spokeswoman Maria Zakharova said on Thursday.
Zakharova also said that the number of drone attacks on Russian territory from the direction of Europe and Northern European states was increasing.
Moscow has expressed concern that Ukrainian drones could be using Baltic or other countries’ airspace to launch attacks on targets inside Russia, an assertion rejected by Kyiv and the three Baltic countries.
Warsaw has hit back, with Foreign minister Maciej Wewiór having told the Polish news agency PAP that allied troops in Poland were “a necessary reinforcement of NATO’s eastern flank” as a result of Russia’s aggression in Ukraine, and given the Kremlin’s “escalatory rhetoric” towards the alliance.Wiki Commons
Wewiór additionally said the “real source of escalation and tensions in Europe” remains Moscow’s “unlawful and aggressive military actions” – and not legitimate measures taken by NATO countries to defend their populations and borders.
END
NATO Condemns Russia After Drone Smashes Into Romanian Apartments: ‘Grave Escalation’
Friday, May 29, 2026 – 12:00 PM
A Russian overnight attack on Ukraine reportedly involved an errant drone crashing into a 10-story apartment block in neighboring Romania, which is a member of NATO.
“We condemn Russia’s recklessness, and NATO will continue to strengthen our defenses against all threats, including drones,” a NATO spokesperson said on X, in an initial reaction. Romanian Department for Emergency Situations handout, via Reuters
Romanian officials described that during the Russian military’s assault on Ukraine, which has basically become nightly at this point, a Russian drone slammed into the residential building in the southeastern city of Galati – resulting in an explosion and a fire that injured two people.
The Romanian Foreign Affairs Ministry condemned the “grave and irresponsible escalation from Russia” while further declaring it has issued formal request for more anti-drone defense measures from NATO.
“Romania has informed allies and NATO’s secretary-general about the circumstances and requested measures to accelerate the transfer of anti-drone capabilities to Romania,” the ministry said.
While Romania and other countries which border Ukraine have witnessed ‘errant’ drones and missiles come across the border before, this is the first time Romania in particular has suffered casualties as a result of a projectile hitting a densely populated city or area.
Romania has said that drone fragments have fallen on its territory several of dozens of times – the vast majority or nearly all of these happening without injury or serious incident.
Reuters details that “Romania’s emergency response agency said on Friday a fire broke out in a 10th floor apartment after the drone struck the building’s roof and exploded.” The report indicated that “Two people were receiving medical treatment on site, it said, adding 70 people had evacuated.”
The Kremlin has denied that Russian forces were behind the incident, while state media suggested the drone came from Ukrainian forces:
Moscow denied the allegations, arguing that there is no definitive proof that the drones were Russian.
Several suspected Ukrainian drones have veered into the airspace of the Baltic states in recent months. On May 7, a UAV damaged four empty oil storage tanks in eastern Latvia near the Russian border. Moscow has accused the Baltic states of allowing Ukraine to use their airspace to conduct strikes deep inside Russia, which the NATO members have denied.
In prior recent instances of drones entering neighboring airspace, NATO jets were scrambled – and in some cases drones are safely brought down via electronic intercept means.
Video of drone crash. Romania’s military said it could not safely intercept over densely populated areas:
But each instance creates new tensions between Russia and NATO, and the typical accusations and threats then fly. The Kremlin has of late been especially alarmed at the Trump administration transferring 5,000 US troops from Germany to Poland, near Russia’s doorstep.
6/.GLOBAL ISSUES, COVID ISSUES, VACCINE INJURIES/HEALTH ISSUES
GLOBAL ISSUES
ROBERT H
this is how real economies finds grief
Throughout history it is food insecurity that causes social upheavals. Faced with ever mounting debt countries routinely resort to inflation as less painful way to extend their dominion. And for a time it works. This issue is not only ion America but throughout most of the world. This aggravated by the current energy debacle of the flow of energy from the Middle East. And while many people ignore this reality the result shows up in prices we all pay daily. And it is a mistake to think that this is not a longer term issue that only time and a rebalancing of supply both existent and new will fix. In the interim period, how long this is, the broadside of inflation will hit daily living. And it will result in greater social upheavals than we have seen since WWII. And with this we should expect conflicts between nations to divert attention from the real problems.
It is like this whole AI boom that is inflating the perception that all is well, while the real economy of manufacturing and like declines both in labor numbers and a lower consumption level by consumers forced to make choices. If you look at the statistics of declining memberships in clubs across the world a pattern of retrenchment in spending is quite clear. If the AI bubble follows the path of the Dotcom bust etc. then the fall will be quite painful. Already complaints occur that AI does not warrant the cost and is unaffordable.
I am reminded that when I got into plastic injection molding everyone was telling me robots were the answer. I looked at the cost and concluded that gravity was free and allowed gravity to do the job that robots were taking on for free. I imagine something similar will occur with AI.
The big trend yet to be spoken of in these times is COST REDUCTION. This is concept that is old as time itself and totally misunderstood. However in these times astute businesses and households will learn to practice this to maintain their way of life and manage through these times.
One attachment • Scanned by Gmail
MARK CRISPIN MILLER
“Any pilots on board?”: 36 incapacitated pilots on 36 passenger flights, May, 2022 – May, 2026
Chilling headlines: “Pilot foaming at the mouth and experiencing convulsions forces emergency return of China Eastern Airlines flight” (March 2025) and “Any pilots on board?” (Feb. 2025)
| Mark Crispin MillerMay 29 |
United States: Madison, Wisconsin to Detroit, Michigan
May 23, 2026
Pilot Declares Emergency After First Officer ‘Briefly Lost Consciousness’ During Landing
Spain to United Kingdom
May 23, 2026
News from Underground by Mark Crispin Miller is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Jet2 emergency landing after ‘pilot’s heart attack’ mid-flight has staff in tears
United Kingdom: London, England to Edinburgh, Scotland
May 12, 2026
Scotland-bound BA flight declares mid-air emergency after ‘co-pilot falls ill’
Bangladesh to Canada
May 8, 2026
Biman Toronto flight diverts to Heathrow after co-pilot falls ill
South Korea to Switzerland
May 8, 2026
SWISS flight diverted to Kazakhstan over co-pilot illness
Netherlands to Romania
Apr 24, 2026
Pilot Faints Midair in Cockpit After Sleepless Night, Sparking Emergency
India to Canada
Apr 9, 2026
Pilot Collapses Over Turkmenistan: Air Canada Jet Flies 13 Hours to Safety
United Kingdom: Gibraltar to Manchester
Feb 18, 2026
Emergency declared as pilot taken ill on Manchester flight
United States: Rutherford County, Tennessee
Jan 22, 2026
Paramedic attempted to land Vanderbilt LifeFlight helicopter after pilot incapacitation
United States: Lubbock, Texas
Jan 8, 2026
Incapacitated pilot causes emergency aircraft landing Thursday
Italy to Romania
Nov 8, 2025
Ryanair 737 Pilot Incapacitated, Flight Makes Emergency Landing in Romania
India: Mumbai to Delhi
Sep 10, 2025
Pilot collapses in cockpit from suspected food allergy, delays IndiGo’s Mumbai–Delhi flight
United States to China
Sep 1, 2025
Delta Flight Takes 8-Hour Detour After Pilot Falls Ill
Norway to Spain
Aug 4, 2025
SAS Oslo–Alicante flight diverts to Brussels after pilot falls ill
Spain to Brazil
Jul 25, 2025
Azul A330 Diverts to Recife After Pilot Incapacitated
India: Bengaluru to Delhi
Jul 4, 2025
Air India pilot collapses moments before operating Bengaluru-Delhi flight
Australia: Canberra to Sydney
Jun 17, 2025
Trainee Captain Reportedly Faints in Cockpit Moments After Landing Plane Full of Passengers
Germany to Spain
May 19, 2025
Lufthansa plane flew 10 minutes without pilot during medical emergency in 2024, report finds
DR PAUL ALEXANDER
RABOBANK/MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
Kicking The Can On A Ceasefire “Which Does Not Solve Anything”
Friday, May 29, 2026 – 10:00 AM
Bas van Geffen, Senior Macro Strategist at Rabobank
Both Bloomberg and Axios report that the US and Iran have reached a tentative deal to extend the ceasefire by 60 days as they engage in further negotiations over Iran’s nuclear programme. However, Tasnim reported that the text of the memorandum of understanding had not been finalized.
US Vice President Vance said that the two sides are still “going back and forth on a couple of language points,” which reportedly includes the wording on Iran’s nuclear capacity. But the Vice President said that Iran appears to be negotiating in good faith, paving the way for Trump’s approval of the ceasefire extension.
While negotiators are trying to dot the i’s and cross the t’s of the memorandum, President Trump has reportedly asked for a couple of days to think about the final deal.
Energy prices fell further on the news that a deal could –again– be imminent, after the US administration made similar claims last week. Brent futures are currently down about 10% on the week. That, in turn, is lifting optimism in other markets. Yields dropped, and green figures returned on stock exchanges.
Admittedly, a 60-day extension would lessen some of the near-term tail risks – although both sides have accused each other of violating the current ceasefire. Just the past day, Kuwait intercepted a missile that Iran had fired at a US base, causing the US to respond with new “defensive strikes” on Iran.
More importantly, a ceasefire does not solve anything, unless the US and Iran manage to agree on the key sticking points during that extended ceasefire.
Treasury Secretary Bessent reminded everyone that Trump’s three red lines are unchanged: Hormuz must reopen, Tehran must end its nuclear programme, and Iran must transfer its highly enriched uranium. As we noted earlier this week, a nuclear deal still seems highly unlikely at this juncture.
Likewise, Iran still believes that it can effectively control traffic through the Strait of Hormuz, together with Oman, allowing it to put down toll booths along the strait. Even though this would allow paying ships to cross, that’s not a “reopening” in Trump’s view.
The US imposed sanctions on the Hormuz Strait Shipping Authority, which is supposed to collect the toll. And Bessent warned that “Oman, in particular, should know that the U.S. Treasury will aggressively target any actors involved –directly or indirectly– in facilitating tolls for the Strait.” President Trump even threatened to “blow them up” if Oman works with Iran to control shipping through Hormuz.
It still seems unlikely that the key sticking points will be resolved soon. On that basis, we have shifted our baseline for Hormuz to remain closed for up to three more months before we see a crisis resolution. Only if either the US or Iran blinks regarding the nuclear programme, could we see a quicker end to the conflict.
Meanwhile, tensions are rising in other parts of the globe too. Talks between the US and Cuba appear to have stalled, while Cuba and China discussed agricultural cooperation, food shipments, and political support. This increases the risk that the US may resort to military aggression. China, meanwhile, claims that a Dutch frigate entered their waters – which the Netherlands disputed; and a Canadian frigate transited the Taiwan Strait, defying Chinese warnings not to do so.
And, as we’ve noted before, even if the US-Iran conflict is resolved sooner, it would still take a substantial amount of time before energy flows return to some form of normalcy. So, some further inflationary pressure is inevitable.
Policymakers are also starting to realize this. The ECB’s Schnabel noted recently that “even if the war ended today, a lot of damage has already been done to energy infrastructure and global supply chains.” She adds that higher costs will probably trickle through global supply chains and into higher goods prices.
The accounts of the April ECB meeting suggest that Schnabel is not the only policymaker who’s concerned about the size and the persistence of the inflation shock. It therefore looks like a June hike is all but a done deal. According to the minutes, some policymakers said that the decision to hold or hike was already a “close call” for them in April. This group essentially indicated that they would not have opposed a rate hike last month, if this had been proposed as the path forward.
Today’s inflation data are further cementing the case for a rate hike. French HICP inflation rose to 2.8% y/y, while Spanish HICP inflation edged up to 3.6%. Meanwhile, business surveys indicate that companies expect to raise selling prices further – although selling price expectations eased a bit in May, compared to the steep increases in the two months prior.
And, worryingly, consumers’ medium-term inflation expectations have started to pick up alongside the rise in current inflation rates. As Schnabel pointed out, these shifts in consumer expectations could be a first indication that expectations are de-anchoring.
However, we still believe that the current backdrop is less conducive to broader and protracted inflationary pressures than 2021-2022. Yesterday’s business confidence survey indicated that employment expectations continue to score below the long-term average. The labor hoarding index remains above its long-term average, but businesses appear to hoard less labor than before.
7. OIL AND NATURAL GAS ISSUES
a must must read!!!
“Approaching Unheard Of Inventory Levels”: Exxon, Chevron Issue Apocalyptic Warning About What Happens Next To Oil
Thursday, May 28, 2026 – 11:00 PM
Just about two months ago, JPMorgan did the math on “How Long Before The World Hits Crude Oil Operational Minimum.” The punchline was that while the market can hold hundreds of millions of barrels, it would still become fragile once working stocks fell too low. Like blood pressure in the human body, the issue is circulation.
Then, approximately 4 weeks later, the bank followed up this analysis with some more math, explaining “Why Hormuz Will Reopen By September… One Way Or Another.” The bank calculated that of the 8.4 billion barrels in global oil inventories at the start of 2026, only 0.8 billion barrels were realistically available without pushing the system into operational stress. Long story short (and the long story can be found here), OECD commercial stocks could fall to operational stress levels by June, and then hit the global operational floor by September if the Strait of Hormuz remains closed, assuming demand destruction stabilized at 5.5 mbd (with oil prices paradoxically dropping since the last JPM article, demand destruction has actually slowed).
Meanwhile, the biggest paradox during this period when the blocked Hormuz Strait meant that roughly 10 million barrels of oil wasn’t reaching its intended destination each day, was that instead of prices going sharply higher to destroy demand, oil prices were actually dropping after peaking in late March and then again a month later, in effect incentivizing more demand. This prompted JPMorgan to published that “Something Is Off” With The Global Oil Math…
… and Goldman to follow up a few weeks later by observing that in May, global oil inventories plunged by a record 8.7 million barrels per day, with Hormuz still largely blocked.
And yet, oil prices are sharply lower in May, in no small part due to the daily market jawboning manipulation by various official and unofficial sources, who signal that an Iran deal is imminent… any minute now.
Only it isn’t, and while the market may prefer to shove its head in the sand, the biggest names in the room are no longer keeping quiet.
Today, Chevron CEO Mike Wirth warned oil prices are likely to rise over the next two months as already near record low crude inventories continue to decline due to the Iran war.
“The buffers and the shock absorbers are being steadily drawn down, and the ability for the market to absorb this imbalance is drastically diminished today versus where we started,” he said at a Bernstein conference on Thursday.
“Over the next few weeks, we’re likely to see those pressures flow through more directly to physical prices and there’s more upwards pressure that I would expect as we get into June and certainly into July.”
Wirth’s comments follow a 10% fall in oil prices over the past week amid optimism that the US and Iran can agree a deal to end the three-month-long conflict that has closed the Strait of Hormuz, a narrow waterway through which a fifth of crude flows. They highlight growing concern among economists that the war’s impact on energy prices will continue to be felt for many months after any deal is agreed to end it… not that that moment is even remotely close. The conflict has removed 12mn-13mn barrels of oil a day from global markets.
The comments by Wirth echo a growing chorus of warnings from other oil executives, including the head of the United Arab Emirates state oil group Adnoc, who cautioned last week that full oil flows through the Strait of Hormuz were unlikely to return before next year even if the conflict is resolved.
“It will take at least four months to get back to 80% of pre-conflict flows, and full flows will not return before the first or even second quarter of 2027,” Adnoc chief executive Sultan al-Jaber said during an Atlantic Council event on May 21.
Echoing JPMorgan’s observations, Wirth said oil prices had not risen as much as people had expected due to higher-than-normal stocks of crude prior to the outbreak of the war, releases from the US Strategic Petroleum Reserve and flows of sanctioned oil from Iran, Russia and Venezuela. But he said these stocks were now running low. One wildcard is the rapid, yet very stealthy, drain of Chinese stocks, both commercial and strategic. With 1.4 billion in China’s SPR, the moment of reckoning could be delayed yet again if Beijing decides to open the floodgates.
Wirth also said the energy crisis would force governments to focus more on “an insurance policy” by building up oil reserves to insulate them from shocks such as the pandemic and wars in Iran and between Russia and Ukraine. “The likelihood that another shock is around the corner is something policymakers are going to have to bear in mind . . . how long they want to roll the dice before they refill inventories is a question that I think we’re going to see policymakers have to grapple with.”
“That’s going to put more demand into the market, which is going to put a bit of additional tension on the price,” he said.
The Chevron boss concluded by warning that damage to oil and gas infrastructure in the Middle East would cost tens of billions of dollars to repair, putting additional upwards pressure on prices. “If this goes on for long, it tips us into an economic slowdown or a recession, you might have an offset on the demand side, which you can’t rule out.”
But if Chevron was pessimistic, the company’s biggest domestic competitor, Exxon, was downright apocalyptic. Speaking at the same Bernstein conference, Exxon SVP Neil Chapman had some truly horrifying remarks, certainly not something that Donald Trump would like to hear. We present them below.
Commercial inventories of crude oil, of liquids, think petroleum, gasoline, diesel, jet fuel, they’ve all run down. And running down those inventories has mitigated or offset, supplemented by the release of strategic petroleum reserves, which most of the Western countries have done. All of that has mitigated the impact. You can model this. We’ve modeled it. I think a lot of people in the industry have modeled it.
Nothing new here: we’ve discussed all this in the previous three months. But it is what he said next that was a moment of shocking insight into just how bad things are about to get:
We’re approaching unheard of inventory levels. I mean, really, really low levels. You can debate whether that’s going to hit those really low levels in two weeks or three weeks. Once you get to that point, then you’ll see price shoot up. A model would say dated Brent will shoot up. Once you get to that really low inventory level, up to $150, $160.
The models would tell you that. And then what happens is when the price gets to a certain level, demand destruction brings it back into balance. Prices go so high, it becomes unaffordable. And that’s what happens. And so we’re at that level right now.
Next, Chapman connected all the abovementioned dots: “I think crude being in this sort of $90 to $110 for the last whatever it is, six weeks, has really been mitigated by running down inventories. It can’t last forever. So we’ll see what happens…. predicting this and the exact timing, it’s always a challenge. But that’s the way we see the picture.”
Putting all of the above in simple terms: by playing a jawboning game of cat and mouse with oil markets, the Trump administration is only draining stocks, both commercial and strategic, faster as consumers can afford to buy more, and they do. However, the supply sid of the pipeline remains blocked.
And until the war in Iran truly ends, and the Strait returns to normal transit, global inventories will continue to drain by about 10-14 million per day. Which is why when the operational floor is reached in less than three months, the resulting parabolic move in oil will be just as memorable as when it plunged deep into negative territory in April 2020 when traders were paying others any amount asked, to take physical oil off their hands. It will be just like that… only in reverse.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
CANADA/CHINA
I thought that Carney was becoming very friendly with China
(zerohedge)
Canada Taunts Beijing With Frigate’s Taiwan Strait Transit Despite Carney’s China Reset
Thursday, May 28, 2026 – 07:40 PM
Just days before a high-stakes meeting of Canadian officials with Chinese Foreign Minister Wang Yi in Ottawa, a Canadian frigate defied Beijing’s explicit warnings and sailed directly through the Taiwan Strait.
The Halifax-class frigate HMCS Charlottetown pulled off the transit in a rare solo run, without American or other accompanying vessels, bypassing the usual joint patrols with allied nations.
According to a delayed statement from Canada’s Department of National Defense spokesperson Andrée-Anne Poulin: “On May 22, 2026, HMCS Charlottetown conducted a routine transit through the Taiwan Strait, which was completed on May 23, 2026.”
The provocative maritime maneuver took place just as Chinese Foreign Minister Wang Yi touched down in Canada for the rare three-day visit – which was the first by a Chinese foreign minister in a decade.
Ottawa and Beijing have been actively trying to patch up relations. Prime Minister Mark Carney’s “new strategic partnership” formed with China early this year has been heralded as a pragmatic reset in Canada-China relations after years of tensions.
Canada is aiming at diversifying its trade amid US tariffs under Trump – including increased bilateral trade, agricultural agreements, currency swaps and energy exports – but while trying to still maintain the relationship with Taiwan, which the CCP views as a violation of their “One China” policy.
And yet, Beijing’s economic carrot comes with some obvious geopolitical strings. Just last month, China’s ambassador to Canada, Wang Di, warned that the newly minted partnership would be severely harmed if Ottawa kept sending military assets through the strait or allowed parliamentarians to play diplomat in Taiwan.
Clearly Ottawa is refusing to bow to Beijing’s maritime definitions. Here’s what Conservative foreign affairs critic Michael Chong – who recently ignored Beijing’s warnings to meet with Taiwanese President Lai Ching-te, had to say:
“I think the government had to signal that it wasn’t going to comply with Beijing’s unreasonable demand,” Chong said.
Canadian MPs and senators have long visited Taiwan, including numerous meetings with the president and foreign minister. But this year their trips to Taiwan have been cut short, with Canada showing a quiet willingness to “de-conflict” high-profile visits when they overlap with China diplomacy.
Taiwan’s envoy to Ottawa recently warned that Canada’s burgeoning attachment to China could put them in a vulnerable position and lead to “trade weaponization” by the CCP.
END
SOUTH AFRICA
South African Impeachment Committee To Hold First Meeting On President’s “Farmgate” Scandal
Friday, May 29, 2026 – 05:45 AM
South Africa’s parliament has scheduled for Monday the first meeting of an impeachment committee that will probe allegations around President Cyril Ramaphosa’s “Farmgate” scandal, Reuters reported citing the Democratic Alliance party.
The meeting is the next stage in an impeachment process against Ramaphosa that was revived by the Constitutional Court this month, in a setback for the leader for whom the affair has been a major embarrassment during his presidency.
Ramaphosa has denied wrongdoing in the scandal, in which bundles of cash were stolen from a sofa on his farm in 2020, raising questions about where he had acquired the money and why it was hidden in furniture.
“The good thing is that parliament seems to be moving forward,” said DA parliamentary leader George Michalakis.
The first order of business for the committee’s 31 members will be to elect a chairperson, he said, adding: “The DA’s strong opinion is that it shouldn’t be someone from the ANC.” The DA is the second-biggest party in a coalition government with Ramaphosa’s African National Congress party, but the DA remains critical of the president and has said it will hold him accountable for any findings of wrongdoing.
Ramaphosa on Tuesday filed a legal challenge against an independent panel report which found preliminary evidence he had committed misconduct, which some legal analysts said may delay the impeachment proceedings. The president has also threatened to seek an urgent court order to halt impeachment proceedings if parliament moves ahead with the process while his legal challenge is pending.
The ANC holds about 40% of seats in the National Assembly, which means it should be able to shoot down any eventual impeachment vote, which would require a two-thirds majority to pass. The party’s leadership has said it fully backs the president. But the ANC holds only 9 seats out of 31 seats on the impeachment committee.
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS FRIDAY MORNING 6;30AM//OPENING AND CLOSING
OPENING LEVELS OF CURRENCIES// AND CLOSING ASIAN STOCK MARKET AND OPENING EUROPEAN STOCKS:6 AM EST
EURO VS USA DOLLAR: 1.1616 DOWN 0.0016
USA/ YEN 159.27 DOWN 0.008 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 1.3410 DOWN 0.0033 OR 33 BASIS PTS
USA/CAN DOLLAR: 1.3808 UP 0.0025 CDN DOLLAR DOWN 25 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED DOWN 30.07 PTS OR 0.73%
Hang Seng CLOSED UP 176.23 PTS OR 0.70%
AUSTRALIA CLOSED UP 1.07%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 176.23 PTS OR 0.70%
/SHANGHAI CLOSED DOWN 30.07 OR 0.73%
AUSTRALIA BOURSE CLOSED UP 1.07%
(Nikkei (Japan) CLOSED DOWN 344.91 PTS OR 0.53%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: $4531.10
silver:$75.58
USA DOLLAR VS TRY (TURKISH LIRA): 45.88 MINUS 2 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: 71.69 ROUBLE// DOWN 0 ROUBLE AND 59 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: 4.804 DOWN 3 BASIS PTS
UK 30 YR BOND YIELD: 5.509 DOWN 3 BASIS PTS
CDN 10 YR BOND YIELD: 3.436 DOWN 3 BASIS PTS
CDN 5 YR BOND YIELD; 3.107 DOWN 3 BASIS PTS
USA dollar index early FRIDAY MORNING: 99.26 UP 11 BASIS POINTS FROM THURSDAY’s CLOSE
FRIDAY MORNING NUMBERS ENDS
And now your closing FRIDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.320% DOWN 4 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.650% DOWN 5 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.928 DOWN 0 BASIS PTS//
SPANISH 10 YR BOND YIELD: 3.368 DOWN 5 in basis points yield
ITALY 10 YR BOND: 3.677 DOWN 8 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 2.9584 DOWN 3 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY FRIDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/10:00 AM
Euro/USA 1.1651 DOWN 0.0009 OR 9 basis points
USA/Japan: 159.29 UP 0.015 OR YEN IS DOWN 2 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.8120 DOWN 3 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.517 DOWN 3 BASIS POINTS.
Canadian dollar DOWN 23 BASIS pts to 1.3806
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY UP TO 6.7667// ON SHORE ..
THE USA/YUAN OFFSHORE// CNH UP TO 6.7634
TURKISH LIRA: 45.89 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
Your closing 10 yr US bond yield DOWN 1 in basis points from THURSDAY at 4.446.% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.997 DOWN 1 basis points /10:00 AM
USA 2 YR BOND YIELD: 4.012 DOWN 2 BASIS PTS.
GOLD AT 10;00 AM 4524,00
SILVER AT 10;00: 75,27
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates FRIDAY CLOSING TIME 10:00 AM///
London: CLOSED DOWN 16.68 PTS OR 0.16%
GERMAN DAX: CLOSED UP 12.45 OR 0.05%
FRANCE: CLOSED DOWN 3.46 PTS PTS PTS OR 0.06%
Spain IBEX CLOSED DOWN 83.60 PTS OR 0.46 %
Italian MIB: CLOSED UP 211.43 PTS OR 0.42%
WTI Oil price 87.60 10.00 EST/
Brent Oil: 91.10 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 71.11 ROUBLE UP 0 AND 1 / 100
CDN 10 YEAR RATE: 3.421 DOWN 6 BASIS PTS.
CDN 5 YEAR RATE: 3.076 DOWN 6 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1665 UP 0.0013 OR 13 BASIS POINTS//
British Pound: 1.3463 UP 0.0020 OR 20 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.8100 DOWN 1/2 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.491 DOWN 3 IN BASIS PTS.
JAPAN 10 YR YIELD: 2.655 DOWN 5 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.918 DOWN 6 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 159.27 DOWN 0.000 OR YEN UP 0 BASIS PTS//GETTING CLOSER TO 160.00
USA dollar vs Canadian dollar: 1.3788 UP 0.0005 PTS// CDN DOLLAR DOWN 5 BASIS PTS
West Texas intermediate oil: 87.55
Brent OIL: 91.54
USA 10 yr bond yield DOWN 0 BASIS pts to 4.446
USA 30 yr bond yield: UP 1 PTS to 4.993%
USA 2 YR BOND 4.012 DOWN 1 PTS
CDN 10 YR RATE 3.424 DOWN 2 BASIS PTS
CDN 5 YEAR RATE: 3.069 DOWN 4 BASIS PTS
USA dollar index: 98.83 DOWN 14 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 45.89 GETTING QUITE CLOSE TO BLOWING UP/IDIOTS SOLD GOLD
USA DOLLAR VS RUSSIA//// ROUBLE: 72.08 DOWN 0 AND 98/100 roubles //
GOLD $4555.70 3:30 PM)
SILVER: 75.63 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 370.34 OR 0.73%
NASDAQ 100 UP 109.29 PTS OR 0.36%
VOLATILITY INDEX 15.39 DOWN 0.35 PTS OR 2.29.%
GLD: $ 417.12 UP 8.35 PTS OR 1.05%
SLV/ $68.33 PTS DOWN 0.03 OR OR 0.044%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 100.23 PTS 0.29%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
Rampant Retail & Hormuz Hopes Spark Stocks Best Win-Streak Since 2023; Oil’s Biggest Monthly Drop In A Year
WRAP UP
Equities edge higher into the weekend as US/Iran deal edges closer – Newsquawk US Market Wrap
Friday, May 29, 2026 – 04:04 PM
- SNAPSHOT: Equities up, Treasuries up, Crude down, Dollar down, Gold up.
- REAR VIEW: Trump outlined demands for an Iran agreement; Fars News, citing an informed source, called Trump’s nuclear claims “baseless”; Trump’s meeting in the Situation Room lasted about two hours, but did not reach a decision on any new deal with Iran; Fed’s Bowman said progress on lowering inflation has stalled; Fed’s Paulson added inflation pressures are weighing on the economy and firms are having a hard time planning for future; Stellar DELL earnings; Dismal Canadian GDP.
- COMING UP: Data: Global Manufacturing Final PMIs (May), South Korean Balance of Trade (May), German Retail Sales (Apr), Swiss Retail Sales (Apr), GDP (Q1), EZ Unemployment Rate (Apr), US ISM Manufacturing (May), Atlanta Fed GDP Events: ECB Consumer Expectations Survey Speakers: ECB’s Schnabel.
- WEEK AHEAD: Highlights include US ISMs, NFP, EZ HICP & Canadian Jobs. Click here for the full report.
- WEEKLY US EARNINGS ESTIMATES: Earnings quieten down with AVGO the highlight. Click here for the full report.
More Newsquawk in 2 steps:
- 1. Subscribe to the free premarket movers reports
- 2. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
MARKET WRAP
US equities continued to rise at the end of the week, underpinned by geopolitical optimism. President Trump outlined demands for an Iran agreement, including a pledge never to develop nuclear weapons, immediate unrestricted access through the Strait of Hormuz, mine removal, and US excavation of enriched uranium stockpiles in coordination with Iran and the IAEA. However, Fars News, citing an informed source, called Trump’s nuclear claims “baseless,” said USD 12bln in frozen assets must be unfrozen before further talks, and confirmed no final decision has been reached in Tehran. Meanwhile, the President held a meeting in the Situation Room, which lasted approximately two hours, but no decision was reached on a new deal; the administration believes it is close to an agreement, with outstanding issues including the unfreezing of funds for Iran, NYT said. The news provoked some downside in equities and bonds, but stock traders quickly bought the dip, and the S&P 500 and Nasdaq 100 rallied into the close. In addition to geopolitical developments, traders will be looking to next week’s ISM surveys for further signs on how the war is impact businesses, and at the tail-end of the week, will be looking to the US jobs data for May.
US
Fed’s Bowman (voter) said progress on lowering inflation has stalled, and she would consider shifting her policy outlook if war-driven inflation broadens. Bowman said the economy has remained resilient despite labour market fragility, though warned that an extended Middle East conflict poses growing inflation risks via energy prices. Bowman added that the Fed can look through a temporary energy shock provided it maintains credibility, and expressed optimism that an end to the war would bring lower energy prices.
Fed’s Kashkari (2026 voter) said the Iran war has clouded the outlook for monpol, adding it is premature to conclude that rates need to rise immediately following the April PCE data, though he noted the figures heighten his attention to inflation risks.
Fed’s Paulson (2026 voter) said inflation pressures are weighing on the economy, with firms struggling to plan ahead, though monpol is appropriately positioned at mildly restrictive levels. She said the US is on track for modest growth, consumers are spending at a slower pace, and the job market is expected to remain stable. She attributed elevated inflation to a series of shocks, rather than structural changes, adding that holding rates steady will give the Fed space to assess incoming data.
Fed’s Daly (2027 voter) said she is cautiously optimistic about the economy, seeing green shoots of productivity growth from AI without expecting mass unemployment or displacement, and identified regulatory barriers as the primary obstacle to sustained AI-driven productivity gains.
Fed’s Schmid (2028 voter) said inflation is his primary concern, stating that it is too hot, and he cautioned against treating the recent oil shock as transitory given surging energy prices are weighing on spending power.
FIXED INCOME
T-NOTE FUTURES (U6) SETTLES 1 TICK HIGHER AT 109-26+
Treasuries saw slight gains amid risk-on trade as Trump alluded to a soon-to-be agreement with Iran on Truth, albeit with pushback later from the Iranian side.
THE DAY: Overall, Treasuries traded within pretty tight ranges on Friday, amid a lack of tier 1 US data, although there was a handful of Fed speakers, ahead of US NFP and ISMs next week. Despite saying that, price action was dominated by the geopolitical landscape, as while Trump hinted at an agreement with Iran, but Iranian press, citing sources, refuted some of Trump’s remarks calling his claims about a US-Iran deal as a “mix of truth and lies”. As such, Treasuries saw two-way action on the mixed reporting, before seeing another bout of pressure on even further NYT reports. This time, inducing risk off trade, was that Trump’s meeting in the Situation Room lasted about two hours, but the president did not reach a decision on any new deal with Iran, although the administration believes it is close to an agreement but there are still certain matters being debated including the unfreezing of funds for the Iranians. Into the weekend attention will be on any further updates re. the Middle East, and if deal/compromise can be reached.
Back to the Fed speakers, Schmid (2028 Voter) said that his primary concern is inflation, which is “too hot”, and that monpol is not very restrictive right now, and officials may need to weigh how to make it more restrictive. Daly (2027 voter) cautiously optimistic about the economy. Bowman (voter) remarked progress on lowering inflation has stalled, would consider a shift in the policy outlook if war-driven inflation broadens, and reacting to a temporary energy shock could weigh on the economy and that the Fed can look through an energy shock if it remains credible on monetary policy. Paulson (2026 voter) noted inflation pressures are weighing on the economy and firms are having a hard time planning for future
STIRS/OPERATIONS
- EFFR at 3.62% (prev. 3.62%), volumes at USD 106bln (prev. USD 106bln) on May 28th.
- SOFR at 3.62% (prev. 3.63%), volumes at USD 3.139tln (prev. USD 3.176ln) on May 28th
- NY Fed rrp op demand at USD 11.677bln (prev. 1.163bln) across 11 counterparties (prev. 7)
CRUDE
WTI (N6) SETTLED USD 1.54 LOWER AT 87.36/BBL; BRENT (Q6) SETTLED USD 1.58 LOWER AT 91.12/BBL
The crude complex was ultimately lower on Friday, albeit in choppy trade, as hopes surrounding a peace deal between US and Iran seemingly improved. The main market moving headline was as European players started to leave for the weekend, as the US President posted on a lengthy message on Truth, but in summary seemed to suggest the US was near to an agreement with Iran. In the post, Trump said the Hormuz Strait must be immediately open, no tolls, for unrestricted shipping traffic, all mines will be terminated through detonation, Iran will complete the immediate removal and/or detonation of any mines that are left. As such, saw immediate geopolitical risk on trade (downside oil and Dollar, upside spot gold, Treasuries, and stocks), but some of this moved ultimately pared as Iranian media, citing sources, pushed back on some of these claims. Fars News dismissed Trump’s claims about a US-Iran deal as a “mix of truth and lies, and that informed sources saying there is no clause obliging Iran to open the Strait of Hormuz without fees, and no agreement to dismantle nuclear materials. Iran said the release of USD 12bln in frozen assets is a precondition for any deal and that no further negotiations will begin until that payment is made. While these were the main takeaweays from Friday trade, sparking some modest upside into the close was reports of air defence activity reported near Iran’s Qeshm Island
EQUITIES
CLOSES: SPX +0.24% at 7,582, NDX +0.36% at 30,333, DJI +0.72% at 51,033, RUT -0.53% at 2,922.
SECTORS: Technology +1.95%, Financials +0.58%, Materials -0.37%, Industrials -0.42%, Utilities -0.44%, Real Estate -0.85%, Health -0.86%, Consumer Discretionary -1.04%, Energy -1.07%, Communication Services -1.70%, Consumer Staples -1.99%.
EUROPEAN CLOSES: Euro Stoxx 50 -0.25% at 6,040, Dax 40 +0.08% at 25,113, FTSE 100 -0.16% at 10,409, CAC 40 -0.07% at 8,183, FTSE MIB +0.42% at 50,037, IBEX 35 +0.49% at 18,368, PSI -0.12% at 9,077, SMI +0.28% at 13,543, AEX -0.22% at 1,035.
STOCK SPECIFICS:
- Dell (DELL): Stellar report; beat exp., posted fastest post-listing sales growth, benefited from strong AI server demand & raised outlook
- Autodesk (ADSK): Agreed to acquire MaintainX in an all-cash transaction valued at about $3.6bln; earnings impressed & lifted guidance.
- Okta (OKTA): EPS & rev. topped.
- NetApp (NTAP): Top & bottom line surpassed exp. w/ better than exp. guidance.
- Gap (GAP): Cut sales outlook following weaker-than-exp. Old Navy performance w/ seasonal ranges failing to resonate with shoppers.
- American Eagle Outfitters (AEO): Underwhelming earnings report.
- Snowflake (SNOW): Upgraded at HSBC
FX
USD: The Dollar Index slipped amid signs that President Trump is nearing a deal on Iran. The Buck is on course for a second straight week of losses, as geopolitical optimism rises. Still, some analysts continue to note that US inflation rose at its fastest pace in three years in April, driven by higher energy prices from the Iran war, giving further support to the notion that the Fed will keep rates unchanged this year, or even potentially lift them if the situation worsens. Fed officials speaking today highlighted concerns on inflation: Governor Bowman said that progress on lowering prices has stalled, and warned of growing inflation risks; Kashkari (2026 voter) said April PCE data heightened his attention to inflation risks; Paulson (2026 voter) said inflation pressures are weighing on the economy; Schmid (2028 voter) said inflation is his primary concern. Traders will be watching next week’s ISM surveys for further signs on how the war is impacting corporates, while there is also the US jobs data due at the tail-end of next week.
CAD: USDCAD rose today after Canadian GDP stats significantly disappointed expectations. GDP fell 0.1% Q/Q in Q1 (exp. +1.5%), with the monthly measure for March also falling by -0.1% M/M (exp. +0.4%). It was the second straight quarterly decline. Analysts at Oxford Economics said the fall in Q1 is a function of a surge in gold imports, weaker housing investment, and a pullback in government investment in weapons systems after a large increase in late 2025. Business investment also fell, which OxEco says is a concern for the path ahead, especially as strains mount from the oil price shock, US tariffs, trade policy uncertainty and a shrinking population. “We expect large fiscal stimulus to help support renewed growth in the economy this year,” it wrote, “but Canada remains on recession watch.” OxEco sees growth ramping up in the second half of the year and through next year, however, underpinned by favourable USMCA renegotiation, an early end to the Middle East war, and resumption of normal commerce through the Strait of Hormuz.
NZD: A further dose of hawkish RBNZ-speak helped the Kiwi outperform its G10 counterparts; RBNZ Governor Breman said the OCR is likely to increase sooner, and by more than previously signalled to combat inflation, while Assistant Governor Silk said that although she has not yet seen strong second-round inflation pressures, she is prepared to respond aggressively if she does.
HUF: The florint strengthened after the European Commission announced that it will unfreeze EUR 16.4bln in EU funds for Hungary (EUR 10.0bln from NextGenerationEU, EUR 4.2bln tied to cohesion-fund conditions and EUR 2.2bln; the funds equal to around 13% of Hungary’s annual budget). Hungary has agreed to join the European Public Prosecutor’s Office, strengthen anti-corruption bodies, and amend its public procurement law.
USA DATA RELEASE/
USA ECONOMIC REPORTS
Next Drone War: Hidden Shipping Containers Launching Kamikaze Swarms
Thursday, May 28, 2026 – 04:40 PM
Continuing our theme that the endgame in drone warfare is nowhere near complete, and in many ways is only just beginning, a U.S. company called DZYNE Technologies has developed a containerized mass-launch system for kamikaze drones.
Under the guise of a regular shipping container, DZYNE‘s BlitzBox signals the next phase of drone wars: not just cheaper drones, but the ability to launch them at scale from concealed, mobile, and rapidly deployable platforms.
The battlefield is shifting from individual launches to containerized swarm warfare, where dozens or even hundreds of low-cost suicide drones can be launched in waves to overwhelm some of the most advanced air defense systems, strike high-value assets, or generate mass effects at relatively low cost.
DZYNE’s Connor Toler told defense tech outlet TWZ that BlitzBox can be operated with as much human control or automated functionality as the mission requires.
Toler noted that DZYNE is working on a 40-foot shipping container capable of launching upwards of 100 one-way attack drones.
He added that DZYNE has already “worked with several customers across the DOW [Department of War]” regarding the BlitzBox.
The drone playbook with BlitzBox appears similar to Ukraine’s move about a year ago, where a box truck full of attack drones was deployed deep within Russia to strike several long-range bombers on the tarmac of a military base.
Asymmetric and irregular warfare is shifting into hyperdrive. As we’ve noted, Ukraine has become the world’s AI weapons laboratory, and the drone wars are still only in their opening chapters.
END
Consumer Isn’t Dead Yet: US Retail Stocks Surge As Resilient Shoppers Surprise Markets
Thursday, May 28, 2026 – 12:30 PM
The S&P Retail Select Industry Index rose more than 1% Thursday morning as shares of Kohl’s, Best Buy, and Dollar Tree surged on better-than-expected earnings results. Results suggest the U.S. consumer was stronger than feared in the prior quarter, even as households were battered by a fuel-price shock at the pump, persistent inflation, and softening confidence, which has led to them draining what little savings they have left.
As Bloomberg notes, the three chains operate in very different parts of the retail sector, yet all surprised investors to the upside in a sign of strength by US consumers who are facing multiple hurdles. Here are the earnings highlights from this morning:
- Kohl’s comparable sales declined 1.1%, beating the estimated decline of 1.71%
- Best Buy reported first-quarter sales of $8.9 billion, beating analyst estimates, with comparable sales rising 2%
- Dollar Tree boosted comparable sales 3.5% in the first quarter, topping estimates, driven by a 4.5% gain in average transaction
The result was a surge in their respective stock prices:
With gas prices soaring since the start of the war in Iran, and workers worried about the impact of artificial intelligence amid still elevated inflation, consumer confidence has collapsed. And yet, Americans are still opening their wallets. US data released Thursday showed that consumer spending edged up in April despite accelerated price increases. In fact, spending growth is now drastically outpacing income growth, in a trend that is certainly unsustainable and the only buffer – personal savings – is rapidly being depleted.
At Kohl’s, stronger-than-expected sales boosted the department-store chain’s turnaround. Electronics seller Best Buy said revenue across major categories gained and this month was off to a strong start. Dollar Tree highlighted that customers spent more per transaction.
“Across all income levels, customers are value focused and definitely prioritizing affordability,” Dollar Tree CEO Creedon said on the earnings call.
Shares of all three retailers jumped on Thursday. Kohl’s soared 25%, followed by Dollar Tree with a 16% advance and Best Buy at a roughly 8% gain.
Despite these results, retailers and consumer brands have been saying throughout this earnings season that there is plenty to worry about. S&P Retail Select Industry Index has been range bound since mid-2025.
Last week, big-box retailers including Target and Walmart signaled that shoppers remain resilient despite years of elevated inflation. But higher prices on essentials like groceries and gas have squeezed shoppers’ discretionary budgets, pushing them to trade down to cheaper brands and cut back on less essential purchases. Earlier, new personal savings rate data showed that Americans are frantically digging into their savings to keep up with inflation.
Earlier this month, Kraft Heinz CEO Steve Cahillane said lower-income Americans were “literally running out of money at the end of the month” because of higher costs, especially gasoline.
At Dollar Tree, its lower-income customers are visiting less because of their pressured finances, wrote Neil Saunders, managing director of GlobalData, in a note to clients. The retailer boosted comparable-store sales last quarter 3.5%, but that growth came from a gain in shoppers spending more on each transaction as the number of purchases fell 1%.
“The trips they’ve cut out are those of a more discretionary nature which, on some level, is pleasing because they’re still using Dollar Tree for essentials,” Saunders said.
Meanwhile, Burlington Stores shares tumbled 14%, the most since May 2022, despite beating Bloomberg Consensus estimates.
Some chains have kept prices low amid their own rising costs to maintain market share. But it’s not clear how long they can maintaining that strategy. Walmart warned last week that if fuel prices stay at current levels, prices across the board could rise throughout the year.
While wealthier shoppers have been the driving force behind the US consumer economy for some time, even they are feeling pressure and increasingly trading down to cheaper options. Dollar Tree and other low-priced chains have been courting higher-income shoppers, often with great success. That’s a good outcome for these retailers, but raises doubts about the sustainability of these spending levels.
US consumer confidence edged down this month amid anxiety over the economy, according to the Conference Board. Two-thirds of shoppers reported cutting back on spending due rising prices, with many respondents saying they are delaying expensive purchases and buying cheaper versions of the same item.
END
Consumers Face Fiscal-Cliff As Tax-Refund Sugar-High Fades
Friday, May 29, 2026 – 06:55 AM
Nearly two months of the national average gasoline price exceeding the politically sensitive $4-per-gallon level have left corporate America increasingly worried about consumer health this earnings season. Kraft Heinz’s CEO warned that some households are “literally running out of money,” while UBS analysts caution that even as the AI-linked chip and memory bubble inflates markets to new highs, there are growing “consumer cracks beneath the surface.”
The Financial Times reports that U.S. consumers may face a cash crunch this summer as Trump-era tax refund tailwinds fade and Iran-related fuel shocks squeeze household budgets.
In other words, the sugar high is ending for consumers…
Tax refunds averaging nearly $3,500 have largely helped keep spending resilient, with Walmart, Target, and Lowe’s citing refund-driven support in recent earnings calls.
Some retailers warn that the boost is only temporary. Target said the tax-refund benefit will fade in the back half of the year, while Advance Auto Parts expects sales to slow as refund tailwinds disappear.
“They’re literally running out of money at the end of the month,” Kraft Heinz CEO Steve Cahillane said in a recent interview with the WSJ. “We’re seeing negative cash flows in the lower-income brackets where they’re dipping into savings.”
Earlier this month, we showed that personal spending growth far outpaced personal income.
… the personal savings rate has collapsed to a 3-year low.
PNC Bank analyst Brian LeBlanc noted, “One of the key reasons the economy has remained so resilient to higher interest rates, elevated inflation, and repeated shocks in recent years is that households have stayed in solid financial shape, allowing consumers to keep spending even as job and income growth has slowed.”
“The tax refunds have been largely erased by the increase in Middle East price pressure,” said Gregory Daco, chief economist at EY Parthenon, as the FT quoted. “The longer the conflict lasts, the more we move to an adverse scenario where inflation proves more persistent and erodes consumer spending growth.”
UBS analyst Mark Paski commented on the FT article in a note titled “Consumer Cracks Beneath the Surface as Markets Push Higher.”
Paski wrote:
Consumer discretionary stocks rose 2.3% last week, but the equal‑weight consumer discretionary cohort has now broken below its Global Financial Crisis (GFC) lows, having previously held that level — underscoring a widening divergence beneath the surface.
At the same time, NDX logged its 15th all‑time high on Friday, while the S&P 500 is now on an eight‑week winning streak. At a high level, that backdrop suggests markets are on solid footing — but consumer‑linked signals are telling a very different story.
Over the weekend, the FT flagged risks of a potential “fiscal cliff” for consumers in the second half of 2026, as excess cash buffers from refunds begin to fade.
It remains tempting to revisit some of the more washed‑out names across the space, which could outperform if key headwinds — including interest rates, crude oil, and inflation sentiment — begin to show signs of peaking. That said, Friday’s sharp move in Ross Stores (ROST), up ~8%, does not yet point to a broadening recovery across the group.
More broadly, parts of the consumer complex appear to be approaching a “terminal velocity,” with dispersion still pronounced. Retailers are trading better today, but hardlines remain under meaningful pressure.
Recent commentary has not helped sentiment: several companies, including AutoZone (AZO), noted on recent conference calls that quarter‑to‑date (QTD) trends have shown little improvement versus the prior quarter, alongside headwinds from a colder‑than‑expected May.
Net, incoming data points and company commentary continue to reinforce the existing narrative, with little to force a shift in short positioning at this stage.
Signs of consumer stress are rising, with delinquencies climbing across credit cards, auto loans, and student loans, while lower-income households remain trapped on the wrong side of the K-shaped economy.
Taken together, the consumer cliff that the FT warns about will likely prompt the Trump team to ramp up its affordability agenda this summer as the midterms come into view.
end
huge story!! 99% of CEO’s planning job cuts
(Michael Snyder)
99% Of CEOs Are Planning AI Job-Cuts, As Gap Between Rich And Poor Continues To Explode
Friday, May 29, 2026 – 08:05 AM
Authored by Michael Snyder via The Economic Collapse blog,
Our economy is being transformed at a faster pace than we have ever experienced before. Thanks to giant leaps in the field of artificial intelligence, human labor is not as valuable as it once was. All over the world, millions of human workers are being replaced and that trend is only going to accelerate. For those that have already retired or are on the verge of retirement, this isn’t that big of a deal. But for younger workers, this is absolutely terrifying. There is no loyalty in corporate America today. The moment that AI can do your job more efficiently than you can, you could be out the door. This is already happening at some of the biggest companies in the entire country. Good paying jobs are evaporating all around us, and as a result the gap between the wealthy and the rest of us is absolutely exploding.
I knew that the employment marketplace was changing really fast, but the results of a brand new survey that was just released still completely shocked me.
According to that survey, 99 percent of corporate executives are planning AI-related job cuts within the next 2 years…
A new study from consulting firm Mercer finds that virtually every employer is planning to cut jobs due to the technology (2). The 2026 Global Talent Trends report spoke with 825 C-suite leaders, along with 1,650 HR leaders, and a jaw-dropping 99% of the executives surveyed said they expect AI to lead to at least some headcount reduction in the next two years.
Nearly as many (98%) said they are also planning organization design changes in that same time period.
Meanwhile, just 32% of the CEOs surveyed said they believed the workforce can combine both human and machine worker capabilities in an optimal manner, despite just under two-thirds saying they felt that redesigning work to incorporate automation will drive the greatest return on investment.
If your job does not require much thinking or creativity, your job is potentially in danger.
Just look at what is happening at Meta. 1,400 highly paid workers in Washington state are about to get the axe…
Meta’s artificial intelligence overhaul is now hitting one of the country’s largest tech corridors, with the Facebook parent company preparing to cut nearly 1,400 workers across Washington state.
New filings submitted to Washington state officials show Meta will begin terminating employees in Seattle, Bellevue, Redmond and remote positions starting July 22 as the company restructures operations around AI initiatives.
The filings provide one of the clearest looks yet at how Meta’s broader workforce overhaul is affecting employees on the ground after the company announced plans last week to eliminate roughly 10% of its workforce while shifting thousands of workers into AI-focused roles.
Sadly, it isn’t just workers in Washington state that will be affected by the “artificial intelligence overhaul” that they have planned.
Overall, Meta is letting approximately 8,000 workers go in this latest round of layoffs…
Welcome to another day of corporate America hemorrhaging engineers and other white-collar workers with insurmountable student debt as AI adoption accelerates. This era will likely be remembered in history as the great “white-collar purge,” and the response will be continued hatred of data centers.
We’ve been covering for weeks that today is D-Day for Meta Platforms employees, who have finally learned their employment fate at the company that owns Facebook and Instagram.
Bloomberg reports that the new round of layoffs affects roughly 8,000 roles globally, with engineering and product teams expected to be at the center of the cuts as CEO Mark Zuckerberg reduces labor in favor of GPUs.
In this environment, it doesn’t matter how hard you work or how much you have sacrificed for the company.
If those at the top think that they can make more money by squeezing you out, you will be gone.
PayPal is making plenty of money, but they are apparently looking at cutting one-fifth of their entire workforce…
PayPal is reportedly weighing cuts of up to 20% of its workforce as the payments giant ramps up cost-cutting efforts under new leadership.
The potential layoffs come as PayPal faces mounting pressure on profitability despite continued revenue growth.
Who is going to step up to replace the six figure jobs that are being lost?
Needless to say, the truth is that most of the good jobs that are disappearing are never going to be replaced, and that is just going to make the gap between the rich and the poor even worse.
Today we are living in a K-shaped economy, and even the Federal Reserve is admitting that this has resulted in “a remarkable increase in food insecurity”…
The so-called K-shaped economy is now linked to “a remarkable increase in food insecurity,” according to a new blog post by the Federal Reserve Bank of New York.
Large segments of the population are facing high levels of financial strain, according to a post published on Wednesday, based on data from the Survey of Consumer Expectations.
Among this group, lower- and middle-income households have been hardest hit by prolonged inflation. A greater share of their spending is allocated to goods that have seen prices soar since the pandemic, such as housing, food and utilities, causing them to cut back on groceries, the researchers found.
In this environment, tens of millions of Americans are skipping meals on a regular basis because they simply do not have enough money for groceries.
So if you always have plenty of food to eat, you should count your blessings.
In general, those over the age of 45 are doing fairly well.
But those that are age 45 or younger control just 11 percent of the nation’s wealth…
To paraphrase the late jazzman Mose Allison, young Americans ain’t got nothing in the world these days.
Americans ages 45 and under control only 11% of the nation’s wealth, according to household data from the Federal Reserve.
In other words, nine-tenths of America’s assets belong to the older half of America. People ages 45 and over make up about 42% of the nation’s population, and about 54% of the adults.
I was stunned when I saw those numbers.
There is a reason why Americans have never felt as bad about the U.S. economy as they do right now.
Mass layoffs are being conducted all over the country and the cost of virtually everything just keeps going up.
Thanks to the crisis in the Middle East, the average price of a gallon of gasoline in the United States has now reached $4.46…
Now, gasoline prices are also dragging down the lower prong of the K. The national average gasoline price reached $4.46 a gallon as of Wednesday, up about 40% from a year ago, according to AAA.
If the crisis in the Middle East is not resolved soon, things will get a lot worse.
And that is really bad news for people like 57-year-old Kris Massey that are barely scraping by each month…
Kris Massey stood at a jeweler’s counter last month, hoping to sell a couple of her grandmother’s gifted pieces to possibly cover some bills.
Even though Massey, a 57-year-old nurse practitioner, makes six figures a year, her financial situation has grown untenable. Years of fast-rising prices and a recent monthslong bout of unemployment had taken their toll.
She worked two jobs from 2012 to 2023, but a second job is not an option after an extensive back surgery. Her retirement was drained when she was out of work.
“I’m just trying to hang on,” she told CNN.
Can you imagine selling off your prize possessions just so that you can make it through another month?
This is the reality that we live in now.
For 51-year-old Bill Brantner, any extra spending at all has become a thing of the past…
For Brantner, there’s absolutely no wiggle room now.
There’s no discretionary spending – no movies, no restaurants, no driving around town, no new clothes, no new shoes; his coffee is whatever’s available in the breakroom; his bumper is strapped on with Gorilla Tape.
“If I sign a lease again, and they raise my rent again, I can’t do it; if they raise my insurance premiums again, I can’t do it,” Brantner said. “They have squeezed every drop of blood that there is to be squeezed out of this stone.”
Come next May, if his rent is hiked for a fifth consecutive year, he might have to resort to living in his car outside of Colorado Springs city limits, where sleeping in a vehicle isn’t illegal.
The U.S. economy has been in a state of decline for decades.
For a long time, our leaders tried to hide what was happening, but now the truth is becoming apparent to everyone.
Those at the very top of the economic pyramid are still thriving, but virtually everyone else is really struggling.
The middle class is being systematically dismantled and the ranks of the poor are rapidly growing.
I have been warning about all of this since the early days of the Obama administration, and now a time of reckoning is at hand.
Michael’s new book entitled “10 Prophetic Events That Are Coming Next” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.
LOS ANGELES
MAYOR RACE
Spencer Pratt Surges As Karen Bass Odds Wobble In Final Days Before LA Mayor Primary
Thursday, May 28, 2026 – 07:15 PM
As the June 2nd primary approaches in Los Angeles, prediction markets are showing a notable shift in the Los Angeles mayoral race: incumbent Karen Bass’s odds have been all over the place – recently dropping sharply – while challenger Spencer Pratt has seen his implied probability climb.
According to the latest Polymarket snapshot, Bass sits at 59% to win the election outright, down from higher levels above 70% seen earlier in the week. Pratt has risen to 21%, with Nithya Raman at 20% and minor candidates under 1%.https://embed.polymarket.com/market?market=will-karen-bass-win-the-2026-los-angeles-mayoral-election&height=300Will Karen Bass win the 2026 Los Angeles mayoral election?
Yes 59% · No 42%
View full market & trade on Polymarket
Similar movements appear on Kalshi, where Bass is around 61% (down roughly 7 points recently) and Pratt near 23%.
What’s Driving the Shift?
The volatility reflects a tightening race highlighted by fresh polling and widespread dissatisfaction with conditions in Los Angeles. The latest UC Berkeley/LA Times Poll from May 19-24 shows Bass at 26%, Raman at 25%, and Pratt at 22% among likely voters. Raman and Pratt each gained ground since March, while Bass remained relatively flat. Other surveys from Emerson and Cygnal have shown Pratt surging in recent weeks.
Pratt, best known from the reality show The Hills, entered the race after losing family property in the Palisades Fire. His campaign has focused heavily on strict enforcement against homelessness encampments, mandatory treatment for addiction, government audits, and accountability for billions spent on homelessness and recovery efforts. He has been a vocal critic of what many see as the mishandling of the Palisades Fire response under Bass.
Bass continues to tout measurable progress, including an 18% reduction in street homelessness, drops in violent crime, and efforts to boost housing and film production. However, many voters remain frustrated with visible issues such as persistent encampments, high housing costs, and post-fire recovery challenges. Her approval ratings have been underwater in some surveys.
Adding to the optics today, Governor Gavin Newsom formally endorsed Bass, praising her record. The last-minute endorsement, coming just five days before the primary, has raised eyebrows among some observers who see it as a sign of desperation from the establishment to prop up the incumbent.
What’s Next…
Los Angeles uses a two-round system: the top two vote-getters from the June 2 primary advance to a November 3 runoff if no one exceeds 50%. Bass is still heavily favored to advance and win a runoff thanks to incumbent advantages, name recognition, and the city’s Democratic lean. Yet a strong showing by Pratt or Raman could set up a more competitive general election.
Pratt has raised over $3.2 million recently, including $2.7 million in a single reporting period, largely from small donors (LA Times on fundraising). His media savvy and outsider message have energized voters who feel ignored by the political establishment. Low turnout in the primary could favor these motivated challengers.
Prediction markets still price Bass as the clear favorite overall, but the recent dip signals that bettors are increasingly pricing in uncertainty and Pratt’s momentum. With early voting active and ballots due by June 2, the next few days will determine whether this becomes a straightforward reelection or a dramatic runoff battle.
END
FASCINATING!!
US Nuclear Recycling Plant Could Extract 100 Times More Energy From Uranium Fuel
Thursday, May 28, 2026 – 10:35 PM
Authored by Georgina Jedikovska via Interesting Engineering,
A US startup has joined forces with the nation’s first national laboratory to recycle spent nuclear fuel into energy for fast reactors by using advanced pyroprocessing technology.
New York-based nuclear technology company BLSK Energy announced on May 18 that it had signed a Cooperative Research and Development Agreement (CRADA) with Argonne National Laboratory (ANL) in Illinois to commercialize the method.Used nuclear fuel containers.
Pyroprocessing (or pyrochemical processing) is a high-temperature metallurgical process that could enable the reuse of nuclear fuel. When used with fast reactors, it could extract up to 100 times more energy from uranium.
The company plans to launch a pilot recycling facility by 2034 that would convert nuclear waste into material suitable for advanced fast reactors. “The path ahead is ambitious but achievable,” Bruce Landrey, BLSK Energy’s managing director and co-founder, said.
Recycling Nuclear Waste
The US has accumulated about 95,000 tonnes (104,000 US tons) of used nuclear fuel. They are currently stored at over 75 locations across the country. However, spent nuclear fuel is radioactive and thermally hot when removed from a reactor.
Moreover, even though up to 96 percent of it is made up of leftover uranium, the main fuel used in nuclear reactors, it also contains radioactive waste products and elements heavier than uranium, like plutonium, which is incredibly hazardous.
While long-delayed plans for the permanent disposal of spent nuclear fuel remain unresolved, the nuclear industry faces another challenge in securing enough fuel for future reactors. Limited fuel supplies and rising costs are both major hurdles for advanced reactor development.
To tackle the challenge, BLSK Energy’s pilot recycling facility will use pyrochemical processing to convert nuclear waste into usable reactor fuel. The company gained exclusive access to the technology through its agreement with ANL, which in turn, first developed the process.
The deal further gives the firm access to ANL’s experienced nuclear reprocessing scientists, engineers, as well as research facilities. “BLSK has the rare opportunity to address the two critical issues facing nuclear power; answering the question, ‘what about the waste?’ while delivering a reliable cost-effective supply of fuel for advanced reactors,” Landrey continued.
A New Fuel Plant
Pyroprocessing uses molten salts and electricity to separate and recover valuable nuclear materials from highly radioactive waste. It is believed to offer improved efficiency and proliferation resistance.
The technology would reduce waste volumes while extracting additional energy from used fuel. When paired with fast reactors, it could reportedly unlock up to 100 times more energy from uranium than traditional reactors.
According to ANL, the technology could provide a long-term supply of affordable uranium fuel. By recycling all actinides, radioactive chemical elements that follow actinium in the Periodic Table, the process could significantly reduce the amount of nuclear waste produced.
It could also lower the time the waste must remain isolated from roughly 300,000 years to 300 years. “Having the IP and facility design as a starting point places our effort at a high level of maturity, improving certainty through reduced technical, regulatory, and investment risk,” Landrey concluded in a press release.
ANL’s support will be led by Yoon Il Chang, PhD, a senior nuclear project director and ANL distinguished fellow, who created the pyroprocessing technology.
VICTOR DAVIS HANSON
KING NEWS
SWAMP STORIES FOR YOU TONIGHT
Mamdani Turns To DOGE-Style Playbook After Tax-The-Rich Plan Stalls
Thursday, May 28, 2026 – 06:50 PM
New York City Mayor Zohran Mamdani has stolen the government-efficiency playbook from Elon Musk and President Trump’s DOGE, repackaging it as the “Commission on Government Efficiency.” This comes as the far-left mayor is grappling with a large budget deficit.
Democrats and their far-left, billionaire-funded NGOs and activist groups spent the first half of 2025 demonizing Trump’s DOGE, which aimed to trim the bloated federal government.
“This morning we are introducing COGE — the Commission on Government Efficiency,” the socialist mayor wrote on X on Thursday morning.
He continued, “This Commission will find ways for our city to work smarter, faster, and more effectively for working people. New Yorkers deserve a city government as careful with their money as they are.”
COGE will be led by former U.S. Ambassador to South Africa Patrick Gaspard, with Ann Cheng proposed as executive director. It plans to hold 10 public hearings across the metro area before presenting proposals to voters in November.
COGE comes as the mayor faces a large budget hole while pursuing a progressive agenda that includes free buses, free childcare, and affordable housing.
On Tuesday, he proposed a new housing plan that would pressure building owners, confiscate private property, and roll it into nonprofits. This, in itself, has sparked property-rights concerns.
X users respond to Mamdani’s COGE:
Mamdani recently unveiled a $124.7 billion budget that includes $4 billion in state aid, while Albany approved a new pied-à-terre tax expected to raise $500 million for the city.
Related:
His move to ‘eat the rich’ by unleashing the tax cannon to fund left-wing experiments appears to have ended, for now.
END
GREG HUNTER…
harveyorganblog.com 
