GOLD CLOSED CLOSED DOWN $15.15 TO $4095.50
SILVER CLOSED DOWN $0.12 TO $64.52
ACCESS MARKET
GOLD $4194.30 3:30 PM)
SILVER: 66.95 3;30 PM)
Bitcoin morning price:$62,894 UP 928 DOLLARS (MANY SWITCHING TO PHYSICAL GOLD)
Bitcoin: afternoon price: $63,584 up 1618 DOLLARS
Platinum price closing DOWN $0.80 TO $1683.20
Palladium price; UP $14.50 TO $1249.00
JUNE 9
JUNE COMEX MONTH
EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: JUNE 2026 COMEX 100 GOLD FUTURES
SETTLEMENT: 4,108.200000000 USD
INTENT DATE: 06/10/2026 DELIVERY DATE: 06/12/2026
FIRM ORG FIRM NAME ISSUED STOPPED
099 H DEUTSCHE BANK AG 48
363 H WELLS FARGO SECURITI 22
555 C BNP PARIBAS SEC CORP 113
657 H MORGAN STANLEY 10
661 C JP MORGAN SECURITIES 13
709 C BARCLAYS 166
905 C ADM 20
TOTAL: 196 196
MONTH TO DATE: 29,663
GOLD: NUMBER OF NOTICES FILED FOR JUNE/2026: 196 CONTRACTs NOTICES FOR 19,600 OZ or0.6090 TONNES
total notices so far: 29,663 contracts FOR 2,966,300 OZ OR 92.264 TONNES
SILVER NOTICES: 1 NOTICE(S) FILED FOR 5,000 OZ /
total number of notices filed so far this month : 2167 CONTRACTS (NOTICES) for 10.835 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 XX CONTRACTS OR XXX 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:10.935 MILLION OZ TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0 OZ//NEW STANDING REMAINS AT 11.960 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..26.480 MILION OZ
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 68.040 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING AND EXCHANGE FOR PHYSICAL TRANSFERS) PLUS 3.0 MILLION OZ EX FOR RISK = 71.040 MILLION OZ. (THIS IS THE FIRST AND ONLY ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.)
OCTOBER: 39.565 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
PLUS
2.110 MILLION OZ EXCHANGE FOR RISK//TOTAL OZ STANDING IN OCT ADVAN
NOVEMBER: INITIAL STANDING AT 11.575 MILLION OZ FOLLOWED BY TODAY’S 195,000 OZ QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 9.155 MILLION OZ//STANDING ADVANCES TO 19.670 MILLION OZ/
DECEMBER: INITIAL AMOUNT STANDING FOR DELIVERY: 49.33 MILLION OZ// FOLLOWED BY ANOTHER STRONG 835,000OZ QUEUE JUMP+ DEC. FIRST EXCHANGE FOR RISK 0F .850 MILLION OZ + LAST WEEK.S 495,000 OZ EXCHANGE FOR RISK AND THEN A 3RD ISSUANCE IF 1.00MILLION OZ THEN FINALLY DEC 249ISSUANCE OF 1.35 MILLION OZ EXCHANGE FOR RISK//NEW TOTAL EX FOR RIS IS 3.685 MILLION OZ // STANDING ADVANCES TO 68.415 MILLION OZ//
JANUARY: INITIAL STANDING 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 0.100 MILLLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ
FEB: 13.399 MILLION OZ IS OUR INITIAL STANDING FOR SILVER! TO WHICH WE ADD OUR NEXT QUEUE JUMP FOR 5,000 OZ AND THEN ADD OUR 3 EXCHANGE FOR RISK FOR 3.010 MILLION OZ STANDING ADVANCES TO 28.190 MILLION OZ!!
MARCH: INITIAL AMOUNT OF SILVER STANDING IS 31.076 MILLION OZ FOLLOWED BY A FINAL 0.210 MILLION OZ QUEUE JUMP //NEW TOTAL STANDING ADVANCES TO 46.060 MILLION OZ
APRIL 2026: INITITAL AMOUNT OF SILVER STANDING 7.120 MILLION OZ FOLLOWED BY TODAY’S 5,000 OZ QUUE JUMP //NEW STANDING ADVANCES TO 16.565MILLION OZ PLUS 1.165 MILLION OZ EXCHANGE FOR RISK.NEW TOTALS 17.730 MILLION OZ
MAY: INITIAL AMOUNT OF SILVER WILLING TO STAND; 31.495 MILLION OZ/ TO WHICH WE ADD OUR NEXT EXCHANGE FOR PHYSICAL JUMP OF 15,000 OZ//NEW STANDING REDUCES TO 32.070 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: 10.935 MILLION OZ PLUS OUR NEXT QUEUE JUMP OF 0 OZ//NEW STANDING REMAINS AT: 11.960 MILLION OZ
GOLD//OUTLINE
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; 64.496 TONNES.(CME CORRECTED) TO WHICH WE ADD OUR NEXT 1.051 TONNES OF A QUEUE JUMP/NEW STANDING ADVANCES TO 99.785 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: 64.496 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.1959 TONNES//NEW STANDING ADVANCES TO 98.538 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
JUNE: 63.508 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 SOIS 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 MEGA HUGE 2,439 CONTRACTS TO AN OI OF 105,879.
EFP ISSUANCE 375 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 375 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 2584 CONTRACTS AND ADD TO THE 375 E.FP. ISSUED
WE OBTAIN A MEGA HUGE GAIN OF 2814 OI OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR LOSS OF $0.50
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 14.795 MILLION PAPER OZ
OCCURRED DESPITE OUR LOSS IN PRICE.OF $0.50
2.ASIAN AFFAIRS JUNE 11 /2025
SHANGHAI CLOSED DOWN 6.21 PTS OR 0.16%
HANG SENG CLOSED DOWN 158.67 PTS OR 0.65%
Nikkei CLOSED UP 71.73 PTS OR 0.11%
//Australia’s all ordinaries CLOSED UP 1.09%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.7771
/ OFFSHORE CLOSED UP AT 6.7796 Oil UP TO 88.86 dollars per barrel for WTI and BRENT UP TO 9.205 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN// WITH YUAN TRADING UP (6.7771) OFFSHORE YUAN TRADING UP TO 6.7796 ONSHORE YUAN TRADING ABOVE LEVEL OF OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER/OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG 3826 CONTRACTS TO 336,535 RISING FROM ITS NEW ALL TIME LOW OF 337,208 OI SET JUNE 3, SURPASSING THE PREVIOUS ALL TIME LOW OF 345,705 SET (MAY 28) AND SURPASSING THE PREVIOUS ALL TIME LOW IN OI OF 353,490 SET MAY 27.. 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 326,052 WITH GOLD AT AN EXTREMELY HIGH $4,450.00 WHICH MAKES ABSOLUTELY NO SENSE!!!
WE HAD HUGE T.A.S. LIQUIDATION DURING WEDNESDAY’S TRADING JUNE 10!!. IT SEEMS THAT SOME OF THE SPECULATORS CONTINUED AGAIN TO GO MASSIVELY ON THE SHORT SIDE BUT WITH THE BANKERS NOW TAKING THE LONG SIDE,AND CENTRAL BANKS SUPPLYING THE NECESSARY PAPER, AS WELL AS COVERING THEIR SHORTFALL.
CENTRAL BANKS ALSO TENDERED THEIR NEW LONG CONTRACTS AT THE END OF THE DAY FOR PHYSICAL GOLD. YOU CAN VISUALIZE THIS WITH THE STRONG AMOUNT OF GOLD STANDING AT THE COMEX FOR THIS MAY CONTRACT MONTH!!
THE STRONG SIZED GAIN ON OUR TWO EXCHANGES OCCURRED DESPITE OUR HUGE LOSS IN PRICE IN GOLD (DOWN $153.05).
WE THUS HAD A STRONG SIZED GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 5736 CONTRACTS (OR 17.84 TONNES) DESPITE OUR LOSS IN PRICE, AS WE WERE INFORMED OF A FAIR CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE, EQUATING TO 1910 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 FRIDAY, OUR 5TH ISSUANCE. THIS GOLD WILL BE ADDED TO OUR NORMAL MAY DELIVERIES TO GIVE US OUR FINAL AMOUNT OF GOLD WILLING TO STAND AT THE COMEX..
HISTORY OF EXCHANGE FOR RISK ISSUANCE THIS YEAR: FEBRUARY THROUGH MAY
FEBRUARY:
DURING THE MIDDLE OF THE FEBRUARY CONTRACT MONTH, WE HAD TWO IDENTICAL MONSTER 3,000 CONTRACT ISSUED FOR THE SAME 9.33 TONNES OF GOLD, AND THESE WERE THE HIGHEST EVER IN TONNAGE EVER ISSUED BY THE COMEX. ALTOGETHER THE TOTAL ISSUANCE FOR FEB TOTALLED SIX.(31.251 TONNES).
MARCH:
THURSDAY MARCH 17 WE RECEIVED ITS INITIAL 2000 CONTRACT EXCHANGE FOR RISK ISSUANCE FOR 6.22 TONNES. LAST FRIDAY: 0 ISSUANCE OF EXCHANGE FOR RISK. BUT ON MONDAY MARCH 23 WE RECEIVED NOTICE OF OUR SECOND EXCHANGE FOR RISK ISSUANCE FOR 2,200 CONTRACTS (220,000 OZ OR 6.843 TONNES) AND NOW FRIDAY WITH A MONSTER 2996 CONTRACTS FOR 9.3138 TONNES. THESE THREE ISSUANCES WILL NOW BE ADDED TO THE REGULAR AMOUNT OF GOLD STANDING, I.E. 22.3818 TONNES TO OUR NORMAL GOLD STANDING TO GIVE US WHAT WILL STAND FOR PHYSICAL GOLD FOR MARCH!
APRIL;: 2 EXCHANGE FOR RISK SO FAR, I.E. 2239 CONTRACTS FOR 223,900 OZ OR 6.964 TONNES AND THIS TOTAL TONNES WILL BE ADDED TO OUR NORMAL DELIVERY TO GIVE US WHAT WILL STAND IN APRIL
MAY: FIVE ISSUANCES SO FAR FOR 7920 CONTRACTS OR 792,000 OZ OR 24.635 TONNES.
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A LITTLE HISTORY OF EXCHANGE FOR RISK DECEMBER THROUGH TO MAY:
IN DECEMBER WE HAVE RECORDED 5 ISSUANCES OF EXCHANGE FOR RISK/4 FOR DEC AND THE LAST ONE ON DEC 31 FOR JANUARY. WE NOW HAVE 3 CHOICES FOR THE RECIPIENT OF THIS ISSUANCE AND IT MUST BE A CENTRAL BANK. YOU WILL RECALL THAT THE BUYER ASSUMES THE RISK OF THAT DELIVERY. (THUS TOTAL EXCHANGE FOR RISK FOR THE MONTH OF DECEMBER IS 6.56 TONNES/4 OCCASIONS.
MONTH OF JANUARY/EXCHANGE FOR RISK
IN JANUARY THEY HAVE 6 TOTAL ISSUANCE : 3.446 TONNES EARLY, THEN JAN 9 ISSUANCE OF 9,331 TONNES AND THEN JAN 16: 0.1996 TONNES JAN 26: 1.499 TONNES, JAN 27: 3.160 AND FINALLY JAN 29: 4.659 TONNES TONNES//TOTAL EXCHANGE FOR RISK JANUARY 22.315 TONNES WHICH WAS ADDED TO OUR NORMAL DELVERIES.
AND FEBRUARY:
FEB EXCHANGE FOR RISK: NOW 6 ISSUANCES: 10,080 CONTRACTS FOR 1,008,000 OZ OR 31.251 TONNES!
HERE ARE THE CHOICES FOR THE RECIPIENT OF THOSE ISSUANCES:
1 THE CENTRAL BANK OF ENGLAND. BUT THEY RECEIVED CLEARANCE THAT THEIR GOLD IS BACK SO IT IS NOT LIKELY THAT THEY WOULD LIKE TO ADD TO THEIR RESERVES.
2. THE CENTRAL BANK OF THE USA: THE FED. LOGICAL CHOICE AS THEY CLAMOUR TRYING TO REDUCE THEIR 106+ TONNES OF SHORTAGE. HOWEVER THEY SEEM NOT TO BE IN A HURRY TO COVER THEIR HUGE SHORTFALL
3. THE CENTRAL BANK OF CHINA AS THEY BATTLE WITS WITH THE USA.
TOTAL EXCHANGE FOR RISK FOR DECEMBER IS 6.56 TONNES AND THIS WAS ADDED TO OUR NORMAL DELIVERY TOTALS..
THE JANUARY ISSUANCE OF 17.656 TONNES WAS ADDED TO OUR DAILY DELIVERY TOTALS!!
FEBRUARY ISSUANCES 6 FOR; 31.251 TONNES !! AND THIS WAS ADDED TO OUR DELIVERY TOTALS FOR THIS MONTH.
MARCH: CME ANNOUNCES ITS FIRST EXCHANGE FOR RISK FOR 2000 CONTRACTS FOR 200,000 OZ OR 6.22 TONNES OF GOLD DURING THE FIRST WEEK OF MARCH, AND THEN MONDAY, MARCH 22, WE RECEIVED ITS SECOND NOTICE ISSUANCE OF 2200 CONTRACTS OR 220000 OZ (6.843 TONNES). THEN FINALLY WE RECEIVED NOTICE OF OUR THIRD EXCHANGE FOR RISK OF 2996 CONTRACTS OR 9.3188 TONNES. TOGETHER ALL 3 ISSUANCES TOTAL 22.3818 TONNES WHICH WILL BE ADDED TO OUR NORMAL DELIVERY SCHEDULE.
APRIL: 2 EXCHANGE FOR RISK SO FAR FOR 223,900 OZ OR 6.964 TONNES. AND THIS TOTAL WILL BE ADDED TO OUR NORMAL DELIVERY TO GIVE US WHAT WILL STAND FOR APRIL!!
MAY: FIVE ISSUANCES SO FAR FOR 7920 CONTRACTS, 792,000 OZ OR 24.635 TONNES OF GOLD. THIS TOTAL WILL BE ADDED TO OUR NORMAL DELIVERIES IN MAY TO GIVE US WHAT WILL STAND IN MAY.
JUNE: ZERO SO FAR
DETAILS ON OUR NEW JUNE COMEX CONTRACT MONTH//
IN TOTAL WE HAD A STRONG GAIN ON OUR TWO EXCHANGES OF 5736 CONTRACTS DESPITE OUR LOSS IN PRICE ($153.05). 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 JUNE/ CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER HOWEVER IS A HUGE SIZED T.A.S ISSUANCE CONTRACTS .THE CME NOTIFIES US THAT THEY HAVE ISSUED 3253 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..
JUNE: ZERO SO FAR.
WE MUST ALSO REMEMBER THAT THE FRBNY IS SHORT 146+ 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: 64.496 TONNES TO WHICH WE ADD OUR NEXT HUGE QUEUE JUMP OF 1.051 TONNES//NEW STANDING ADVANCES TO 99.785 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 SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL $153.05)
WE HAD CONSIDERABLE T.A.S. SPREADER LIQUIDATION WEDNESDAY // COMEX SESSION// WITH OUR LOSS IN PRICE , OUR LONG SPECULATORS STILL REMAIN RELENTLESS POURING INTO THE COMEX
OTHER EASTERN CENTRAL BANKS TENDERED FOR PHYSICAL EVERY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD THAT STOOD FOR GOLD DURING THESE PAST SEVERAL MONTHS
WEDNESDAY NIGHT//THURSDAY 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 WEDNESDAY EVENING THURSDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $153.05
WE HAD 673 CONTRACTS REMOVED FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL.
NET GAIN ON THE TWO EXCHANGES: 5736 CONTRACTS OR 573600 OZ (17.84 TONNES)
MAY DELIVERY MONTH
JUNE 11
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 2 ENTRIES a) Out of JPMorgan: 35,000.709 oz b) Out of Loomis: 32,151.000 oz (1000 kilobars) total withdrawal: 67,151.09 oz or 2.08 tonnes |
| Deposit to the Dealer Inventory in oz | 0 ENTRY |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER//gold ENTRIES: 0 xxxxxxxxxxxxxxxx |
| No of oz served (contracts) today | 196 CONTRACTS OR 19,600 OZ 0.6090 TONNES OF GOLD |
| No of oz to be served (notices) | 2418 Contracts 241,800 OZ 7.520 TONNES |
| Total monthly oz gold served (contracts) so far this month | 29,663 notices 2,966,300 oz 92.264 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
ENTRIES: 0
xxxxxxxxxxxxxxxxxx
comex withdrawal
2 ENTRIES
a) Out of JPMorgan: 35,000.709 oz
b) Out of Loomis: 32,151.000 oz (1000 kilobars)
total withdrawal: 67,151.09 oz
or 2.08 tonnes
adjustments: 2// both customer to dealer:
a) Brinks 248,945.193 oz
b) JPMorgan 4,822.650 oz
COMEX IS DRAINING GOLD
chaos inside the comex
THE FRONT MONTH OF JUNE OI STANDS AT 2614 CONTRACTS HAVING A LOSS OF 144 CONTRACTS.
WE HAD 482 CONTRACTS SERVED ON WEDNESDAY, SO WE GAINED A STRONG 338 CONTRACTS OR 33,800 OZ. (1.051 TONNES) EXERCISED A QUEUE JUMP WHERE THEY WILL TAKE PHYSICAL GOLD ON THIS SIDE OF THE POND. THIS IS NO DOUBT CENTRAL BANKS STANDING FOR PHYSICAL GOLD.
JULY LOST 81 CONTRACTS UP TO 3304 CONTRACTS.
AUGUST GAINED 2174 CONTRACTS UP TO AN OI OF 265,245
.
We had 196 contracts filed for today representing 19,600oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 196 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 13 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 (29.663) to which we add the difference between the open interest for the front month of JUNE(2614 CONTRACTS) minus the number of notices served upon today 196 x 100 oz per contract) equals 3,208,100 OZ OR (99.785Tonnes 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 (29,663) to which we add the difference between the open interest for the front month of JUNE( 2614 CONTRACTS) minus the number of notices served upon today 196 x 100 oz per contract) equals 3,208,100 OZ OR (99.785Tonnes of gold)
new total of gold standing in JUNE becomes 99.785 TONNES//
TOTAL COMEX GOLD STANDING FOR JUNE 99.785 TONNES TONNES WHICH IS NOW REALLY HUGE FOR THIS ACTIVE DELIVERY MONTH OF JUNE.
confirmed volume WEDNESDAY confirmed 225,114// fair// 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: 1,885,555.820 oz 58.64 tonnes pledged gold lowers
total inventories in gold declining rapidly
total pledged gold: 1,885,555.820 tonnes oz 58.64 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 28,013,782.567oz
TOTAL REGISTERED GOLD 15,412,816.829 tonnes (479.40 tonnes)
TOTAL OF ALL ELIGIBLE GOLD 12,600,965.638oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 13,527,261oz ((REG GOLD- PLEDGED GOLD)=
420.754 Tonnes //
total inventories in gold declining rapidly
SILVER COMEX
JUNE DELIVERY MONTH
JUNE 11
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | three entries i) Out of Delaware 3938.971 oz ii) Out of JPMorgan: 608,091.800 oz iii) Out of Manfra 600,280.900 oz total withdrawal : 1,212,311.670 oz |
| Deposits to the Dealer Inventory | 0 entries |
| Deposits to the Customer Inventory | DEPOSIT ENTRIES/CUSTOMER ACCOUNT ONE ENTRY i)Into Asahi 602,375.900 oz total deposit 602,375.900 oz |
| No of oz served today (contracts) | 1 CONTRACT(S) (5,000 OZ) |
| No of oz to be served (notices) | 225 Contract (1.125 MILLIONoz) |
| Total monthly oz silver served (contracts) | 2167 contracts 10.835 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
ENTRY:1
i)Into Asahi 602,375.900 oz
total deposit 602,375.900 oz
xxxxxxxxxxxxxxxxxxxxxxxxx
withdrawals: customer side/eligible
three entries
i) Out of Delaware 3938.971 oz
ii) Out of JPMorgan: 608,091.800 oz
iii) Out of Manfra 600,280.900 oz
total withdrawal : 1,212,311.670 oz
adjustments dealer to customer Delaware’
0 entry
xxxxxxxxxxxxxx
TOTAL REGISTERED SILVER: 85.189 MILLION OZ//.TOTAL REG + ELIGIBLE. 319.342 Million oz
registered silver dropping in numbers
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE
silver open interest data:
FRONT MONTH OF JUNE /2026 OI: 226 OPEN INTEREST CONTRACTS FOR A LOSS OF 56 CONTRACTS.
WE HAD 56 NOTICES SERVED ON WEDNESDAY SO WE NEITHER GAINED NOR LOST ANY CONTRACTS OR AN ADDITIONAL 0 OZ WILL STAND AS A QUEUE JUMP AT THE SILVER COMEX.
JULY SAW A LOSS OF 1442 CONTRACTS DOWN TO 53,668 CONTRACTS.
AUGUST SAW A LOSS 0F 41 CONTRACTS DOWN TO 746…
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 1 or 5,000 oz
CONFIRMED volume WEDNESDAY; 86,834// strong 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 2167 X5,000 oz = 10.835 MILLION oz
to which we add the difference between the open interest for the front month of JUNE(226) AND the number of notices served upon today (1 )x (5000 oz)
Thus the standings for silver for the JUNE 2026 contract month: (2167 )Notices served so far) x 5000 oz + OI for the front month of JUNE ( 226) minus number of notices served upon today (1)x 5000 oz equals silver standing for the JUNE..contract month equating to 11.960 MILLION OZ.+
We must also keep in mind that there is considerable silver standing in London coming from our longs
There are ONLY 85.189 million oz of registered silver
JPMorgan as a percentage of total silver: 139.679/319.342 million: 43.72%
The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price on that day at $18.42.
The previous record was 224,540 contracts with the price at that time of $20.44.
BOTH GLD AND SLV ARE MASSIVE FRAUD
JUNE 11 /2026/WITH GOLD DOWN $15.15 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2.855 TONNES OF GOLD FROM THE GLD//// ./ //:/INVENTORY RESTS AT 1013.640 TONNES
JUNE 10 /2026/WITH GOLD DOWN $153.05 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 3.426 TONNES OF GOLD FROM THE GLD//// ./ //:/INVENTORY RESTS AT 1016.495 TONNES
JUNE 9 /2026/WITH GOLD DOWN $75.60 TODAY/NO CHANGES IN GOLD AT THE GLD:// ./ //:/INVENTORY RESTS AT 1019.921 TONNES
JUNE 8 /2026/WITH GOLD DOWN $3.05 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE WITHDRAWAL OF 6.936 TONNES OF GOLD FROM THE GLD// ./ //:/INVENTORY RESTS AT 1019.921 TONNES
JUNE 5 /2026/WITH GOLD DOWN $134;85 TODAY/NO CHANGES IN GOLD AT THE GLD: ./ //:/INVENTORY RESTS AT 1026.857 TONNES
JUNE 4 /2026/WITH GOLD UP $39.25 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.143 TONNES OF GOLD FROM THE GLD// ./ //:/INVENTORY RESTS AT 1026.857 TONNES
JUNE 3 /2026/WITH GOLD DOWN $51.80 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 0.856 TONNES OF GOLD FROM THE GLD// ./ //:/INVENTORY RESTS AT 1028.000 TONNES
JUNE 2 /2026/WITH GOLD UP $7.45 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 3.712 TONNES OF GOLD FROM THE GLD// ./ //:/INVENTORY RESTS AT 1028.856 TONNES
JUNE 1 /2026/WITH GOLD DOWN $79.30 TODAY/NO CHANGES IN GOLD AT THE GLD: ./ //:/INVENTORY RESTS AT 1032.568 TONNES
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
GLD INVENTORY: 1013/64- TONNES, TONIGHTS TOTAL GOLD INVENTORY
SILVER
JUNE 11 WITH SILVER DOWN $0.12: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.226 MILLION OZ OUT THE SLV /./ // :INVENTORY RESTS AT 483.152 MILLION OZ
JUNE 10 WITH SILVER DOWN $0.50: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.909 MILLION OZ OUT THE SLV /./ // :INVENTORY RESTS AT 483.378 MILLION OZ
JUNE 9 WITH SILVER DOWN $3.35: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.407 MILLION OZ INTO INTO THE SLV /./ // :INVENTORY RESTS AT 484.287 MILLION OZ
JUNE 8 WITH SILVER DOWN $0.52: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 543,000 OZ FROM THE SLV /./ // :INVENTORY RESTS AT 482.880 MILLION OZ
JUNE 5 WITH SILVER DOWN $4.86: NO CHANGES IN SILVER INVENTORY AT THE SLV /./ // :INVENTORY RESTS AT 483.423 MILLION OZ
JUNE 4 WITH SILVER UP $0.52: HUGE CHANGES IN SILVER INVENTORY AT THE SLV >> A WITHDRAWAL OF 1.432 MILLION OZ FROM THE SLV/./ // :INVENTORY RESTS AT 483.423 MILLION OZ
JUNE 3 WITH SILVER DOWN $2.55: NO CHANGES IN SILVER INVENTORY AT THE SLV >> /./ // :INVENTORY RESTS AT 483.423 MILLION OZ
JUNE 2 WITH SILVER UP $0.25: HUGE CHANGES IN SILVER INVENTORY AT THE SLV >> A WITHDRAWAL OF 1.2222 MILLION OZ FROM THE SLV/./ // :INVENTORY RESTS AT 484.855 MILLION OZ
JUNE 1 WITH SILVER DOWN $0.52: HUGE CHANGES IN SILVER INVENTORY AT THE SLVA WITHDRAWAL OF 1.9 MILLION OZ FORM THE SLV/./ // :INVENTORY RESTS AT 486.077 MILLION OZ
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
CLOSING INVENTORY 483.152MILLION OZ OF SILVER
GOLD COMMENTARIES:
1.PETER SCHIFF
2. MATHEW PIEPENBERG/EGON VON GREYERZ
ALASDAIR MACLEOD..
3. CHRIS POWELL AND HIS GATA DISPATCHES
ROBERT LAMBOURNE…the amount of gold borrowed by the frbny is now up to 146 tonnes
BIS gold swaps rise as the metal’s price falls
Submitted by admin on Tue, 2026-06-09 21:53 Section: Daily Dispatches
9:53p ET Tuesday, June 9, 2026
Dear Friend of GATA and Gold:
As gold prices keep falling, gold swaps arranged by the Bank for International Settlements on behalf of its member central banks keep rising.
Drawing on the bank’s monthly statement for May —
https://www.bis.org/banking/balsheet/statofacc260531.pdf
— which was published today hard upon publication of the bank’s statements for March and April, Lambourne calculates that the bank’s gold swaps rose another 12 tonnes to 146 tonnes.
The bank’s gold swaps stood at only 56 tonnes in December, making May’s swaps total an increase of 260%. The swaps totaled 181 tonnes in March.
The monthly table below shows that BIS gold swap levels change considerably. They indicate active gold trading by the bank’s central bank members via the swaps, using the BIS for camouflage.
The last 12 months have seen the volume of swaps recover strongly after a long subdued period. The BIS swaps peaked at an estimated 594 tonnes in November 2017.
The BIS has actually advertised to potential central bank members that its services include surreptitious interventions in the gold and currency markets:
According to Lambourne, the gold involved in the BIS swaps is believed to be held by a commercial bullion bank — probably as a custodian of a gold exchange-traded fund — and is swapped for dollars via the BIS, probably on behalf of the U.S. Federal Reserve, which can apply the gold in the markets as necessary to influence prices.
The steady decline in BIS gold swaps in recent years may correlate with bullion bank JPMorganChase’s having become co-custodian of the gold claimed to be held by the major gold exchange-traded fund, GLD, which may have become another source of metal for U.S. government intervention.
Since ordinary shareholders of GLD cannot redeem their shares for actual metal — a right restricted to the big bullion bank “authorized participants” associated with the fund — it may be relatively easy for JPMorganChase and other bullion banks to juggle claims to GLD gold that add up to more metal than the ETF actually owns or thinks it owns, thus perpetuating the gross “rehypothecation” of gold in the market.
Only in its annual report has the BIS explicitly reported its gold swap total. Those reports have always confirmed Lambourne’s estimates and the bank has never disputed them.
The BIS long has refused to explain the purpose of its gold swaps or to identify the parties to them, but this has yet to arouse the curiosity of mainstream financial news organizations — nor, for that matter, the interest of the World Gold Council or major gold mining companies.
Here are the monthly BIS’ gold swap totals since December 2024 as estimated by Lambourne going back to December 2024:
May 2026: 146
Apr 2026: 134
Mar 2026: 181
Feb 2026: 104
Jan 2026: 106
Dec 2025: 56
Nov 2025: 39
Oct 2025: 54
Sep 2025: 54
Aug 2025: 30
Jul 2025: 34
Jun 2025: 34
May 2025: 32
Apr 2025: 5
Mar 2025: 10
Feb 2025: 22
Jan 2025: 16
Dec 2024: 78
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
end
Consumer prices rose 4.2% annualized in May, highest in three years
Submitted by admin on Wed, 2026-06-10 09:41 Section: Daily Dispatches
By Jeff Cox
CNBC, New York
Wednesday, June 10, 2026
Inflation accelerated in May as rising energy costs contributed to pain for consumers, though underlying pressures were less intense.
The consumer price index, a broad gauge of goods and services costs across the U.S. economy, rose at a seasonally adjusted 0.5% for the month, putting the annual inflation rate at 4.2%, the Bureau of Labor Statistics reported today.
Both numbers were in line with the Dow Jones consensus though the monthly number was 0.1 percentage point below the April reading.
Inflation climbed above 4% for the first time in three years, though the increase met expectations amid concerns over how much the surge in energy prices would impact the economy. The level was the highest since April 2023 and above the 3.8% reading from April. …
… For the remainder of the report:
end
Governments sell bonds at record pace as their spending soars
Submitted by admin on Wed, 2026-06-10 09:03 Section: Daily Dispatches
By Hannah Benjamin-Cook and Alice Gledhill
Bloomberg News
Wednesday, June 10, 2026
Governments are borrowing from syndicated bond markets at a record clip as public spending surges.
Sovereign issuers have sold $504 billion of the debt — which is offered to investors via banks — so far this year, according to data compiled by Bloomberg.
That’s more than in the first half of 2020, when nations were paying to support their economies during Covid-19 lockdown
Budget deficits have been climbing since the global financial crisis. They spiked during the pandemic, when interest rates were slashed to record lows, and are widening again as governments boost defense spending and try to protect households from price shocks driven by the Iran war. Aging populations and rising interest rates are adding to the pressure. …
… For the remainder of the report:
end
as promised: India’s gold increase in tariffs prompts smuggling revival and that squeezes banks and refiners.
(Reuters)
India’s gold tariff hike prompts smuggling revival, squeezes banks and refiners
Submitted by admin on Wed, 2026-06-10 08:53 Section: Daily Dispatches
By Rajendra Jadhav
Reuters
Tuesday, June 9, 2026
MUMBAI — India’s sharp increase in gold import tariffs is fueling a resurgence in smuggling that could exceed 100 metric tons this year, as soaring gray-market margins allow smugglers to undercut banks and refiners of the precious metal, industry officials and bullion dealers said.
India, the world’s biggest gold market after China, more than doubled import tariffs to 15% in May to curb demand, cut the trade deficit, and ease pressure on the rupee. But the move has created an opportunity for smugglers who are able to offer prices legitimate importers cannot match, they said.
The gray-market discount has gone beyond $200 per ounce, or more than 4%, said a Mumbai-based bullion division head at a private gold-importing bank, adding that banks were unable to offer even a $10 discount, let alone one of three digits. He declined to be named because he was not authorised to speak to media. …
… For the remainder of the report:
end
CRAIG HEMKE…
Craig Hemke: Central bank gold demand and price trends
Submitted by admin on Tue, 2026-06-09 18:22 Section: Daily Dispatches
By Craig Hemke
Sprott Money, Toronto
Tuesday, June 9, 2026
Central bank demand has been a key driver of the gold price since 2023. While a few countries have sold some gold in early 2026, several others have picked up the pace and their continued demand provides long term support for price.
During interviews in late 2025, I recall being asked what could derail the bull market in precious metals. My answer was an interruption in the record level of central bank gold demand that had persisted from 2023-2025. At the time, there were no signs that central bank gold demand would relent but we didn’t have to wait long for things to change.
The onset of the Iran war disrupted the fundamental drivers of many markets, crude oil being the most obvious. But the market for U.S. treasuries has also been impacted by selling due to inflation expectations and global central bank reserve management as sovereign holdings have been sold in order to provide liquidity and local currency support.
And these central bank actions extended to gold sales too, most notably from Turkey, where the central bank is reported to have sold as many as 120 metric tonnes of gold in March and April. …
… For the remainder of the analysis:
END
China’s PBOC adds gold again as bullion remains under pressure
Submitted by admin on Sun, 2026-06-07 09:24 Section: Daily Dispatches
By Jessica Zhou
Bloomberg News
Saturday, June 6, 2026
China’s central bank extended its gold-buying streak in May, adding to holdings as prices of the precious metal remained under pressure.
Bullion held by the People’s Bank of China rose by 320,000 troy ounces last month, according to data released today. The latest addition extended its buying streak to 19 months, the longest since at least 2015, when the PBOC began publishing more regular updates on its gold reserves.
Gold edged lower in May, marking a third consecutive monthly decline after it hit a record in late January. Persistent inflation concerns and expectations for higher-for-longer interest rates triggered by the war in the Middle East have weighed on the appeal of non-yielding assets. …
… For the remainder of the report:
* * *
4.ANDREW MAGUIRE LIVE FROM THE VAULT 276 and 275
5. COMMODITY REPORT//ALUMINIUM/ALCOA
Alcoa Plunges Most In Year After CFO Warns Alumina Unit “Will Be Underwater” Amid Hormuz Disruption
Thursday, Jun 11, 2026 – 06:55 AM
Alcoa shares in New York were hammered the most in over a year on Wednesday after CFO Molly Beerman warned investors that the company’s alumina segment faces heavy losses from the energy shock and ongoing disruption at the Hormuz maritime chokepoint.
Beerman was blunt with investors while giving a presentation at the Wells Fargo Industrials & Materials Conference.
She said, “Our alumina segment is very pressured right now,” adding, “The segment as a whole will be underwater.”
Beerman said the unprofitability in the alumina segment stems from a toxic cocktail of soaring energy costs, supply disruptions in the Gulf region, and LNG disruptions in Western Australia following Cyclone Narelle.
Alcoa’s alumina refineries are heavily exposed because they rely on fuel and electricity, and typically ship material to aluminum smelters in the Persian Gulf.
Alcoa’s alumina refineries are mainly in Western Australia, Brazil, and Spain. None are located in the Gulf region.
What’s important is that the company’s refining assets are outside the Gulf, but its alumina cargoes feed Gulf smelters, making the business exposed to ongoing Hormuz shipping disruption and Gulf energy shocks.
Alcoa expects 2026 Alumina segment production of 9.7-9.9 million metric tons and shipments of 11.8-12.0 million metric tons.
Beerman’s warning sent shares tumbling 9.5% in New York on Wednesday, marking the largest one-day drop in 14 months. Shares were up 2% in premarket trading, clawing back some of yesterday’s losses.
Year-to-date, the stock is up 23.4% and is nearing its 2022 highs.
According to Bloomberg data, Wall Street analysts are mostly bullish on AA.
We have cited several institutional metal desks, including Mercuria, Goldman, and JPMorgan, all of which see the Gulf energy shock producing a supply shock in the aluminum market. This has sent prices back to 2022 highs.
Mercuria commodities analyst Nick Snowdon recently told Reuters on the sidelines of the Financial Times Commodities Global Summit in Lausanne, Switzerland, that “The scale of the supply shock we’re seeing in the aluminum market is probably the largest single supply shock a base metals market has suffered in the post-2000 era.”
Snowdon then told the outlet, “We are already in a ‘black swan’ event. No one could have foreseen something on this scale.”
Latest reporting:
Alcoa recently warned investors that the energy shock would weigh on second-quarter earnings.
END
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS THURSDAY MORNING.7:30 AM
SHANGHAI CLOSED DOWN 6.21 PTS OR 0.16%
HANG SENG CLOSED DOWN 158.67 PTS OR 0.65%
Nikkei CLOSED UP 71.73 PTS OR 0.11%
//Australia’s all ordinaries CLOSED UP 1.09%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.7771
/ OFFSHORE CLOSED UP AT 6.7796 Oil UP TO 88.86 dollars per barrel for WTI and BRENT UP TO 9.205 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN// WITH YUAN TRADING UP (6.7771) OFFSHORE YUAN TRADING UP TO 6.7796 ONSHORE YUAN TRADING ABOVE LEVEL OF 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 THURSDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP 6.7771
OFFSHORE YUAN: UP TO 6.7796
1.HANG SANG CLOSED DOWN 158.67 PTS OR 0.65%
2. Nikkei closed UP 71.73 PTS OR 0.11%
WEST TEXAS INTERMEDIATE OIL UP TO 88.86
BRENT; 92.05
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 100.09/// EURO FALLS TO 1.1535 DOWN 1 BASIS PTS
3b Japan 10 YR bond yield:FALLS TO. +2.682 DOWN 1 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA CROSS NOW AT 160.54… 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: 3.875 UP 2 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 DOWN CHINESE ONSHORE YUAN: UP( 6.7771 AND OFFSHORE: UP AT 6.7796
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and BRENT UP this morning
3h European bond buying continues to push yields HIGHER on all fronts in the EMU. German 10yr bund YIELD UP TO +3.0644// Italian 10 Yr bond yield UP to 3.839// SPAIN 10 YR BOND YIELD UP TO 3.505%
3i Greek 10 year bond yield UP TO 3.787%
3j Gold at $4085.30 //Silver at: 64.08 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble UP 0 AND 14/ 100 roubles/72.41
3m oil (WTI) into the 88 dollar handle for WTI and 92 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 160.54 // 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.687% DOWN 0 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.8759 UP 2 PTS..: USA/SF this 0.7999 as the Swiss Franc . Euro vs SF: 0.9227
USA 10 YR BOND YIELD: 4.534 DOWN 1 BASIS PTS…
USA 30 YR BOND YIELD: 5.019 DOWN 1 BASIS PTS/
USA 2 YR BOND YIELD: 4.129 DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 46.16 UP 2 BASIS PTS/LIRA GETTING KILLED//IDIOTS FOR SELLING GOLD AND USA DOLLAR RESERVES.
10 YR UK BOND YIELD: 4.9370 UP 1 PTS
30 YR UK BOND YIELD: 5.621 UP 1 BASIS PTS
10 YR CANADA BOND YIELD: 3.497 UP 1 BASIS PTS
5 YR CANADA BOND YIELD: 3.148 UP 1 BASIS PTS.
Futures Rise, Oil Drops As US Ends Iran Strikes//will continue strikes tonight
by Tyler Durden
Thursday, Jun 11, 2026 – 08:19 AM
US equity futures are higher led by tech and small caps, with traders buying the dip in stocks as a swift conclusion to the latest round of US strikes against Iran raised expectations that talks over a peace deal and the reopening of the Strait of Hormuz will get back on track. As of 8:00am ET, S&P futures rise 0.7% to recover from a five-week low after Trump forewarned Iran would be hit “very hard,” followed by swift and superficial strikes; Nasdaq 100 contracts rise 1.1% with all Mag 7 stocks higher led by TSLA (+1.5%) and NVDA (+1.2%); ORCL is down 7% although that’s a better showing than in the postmarket after the company reported quarterly capital expenses that were higher than estimates. Bond yields are 1-3bp lower. Overall, we have seen an escalation in the US/Iran since Tuesday but the escalation is relatively limited given that the US Central Command have declared the operation complete. War jitters promptly faded after US Central Command called an end to “additional self-defense” strikes about four hours after launching attacks on multiple targets in Iran, with Brent reversing gains to trade 1% lower below $92 a barrel. Commodities are mixed: WTI crude fell $1.15 to $88.87; base metals are mostly lower, while previous metals are higher.
In premarket trading, Mag 7 stocks are all higher (Tesla +1%, Nvidia +0.7%, Amazon +0.5%, Meta +0.2%, Alphabet +0.2%, Apple +0.4%, Microsoft unchanged.)
- Chipmakers and other AI-related firms rise after Oracle reported quarterly capital expenses that were higher than estimates, driven by increased data center spending.
- Rocket, satellite and space-linked companies gain, putting the sector on track to rebound after the recent slump.
- Eaton (ETN) gains 2% after agreeing to merge its mobility business with Dana Inc. in a deal valuing the combined company at roughly $10 billion including debt. Shares of Dana (DAN) are down 2%.
- Intel (INTC) rises 4% after BofA Global Research raised its recommendation to buy from underperform on expected growth from central processing unit sales.
- Navan (NAVN) gains 19% after the AI-powered travel and expenses platform boosted its total revenue outlook for the full year.
- Oracle (ORCL) falls 8% after the company reported quarterly capital expenses that were higher than estimates, raising investor concerns about the profitability of the AI infrastructure business.
- Stitch Fix (SFIX) rises 3% after the online personal styling platform raised its full-year forecast for net revenue from continuing operations.
- Voyager Technologies (VOYG) climbs 6% after BTIG started coverage on the space and defense company with a buy rating, citing growth potential.
In other corporate news, activist investor Elliott hit back at Australia’s biggest gold stock Northern Star Resources by urging the beleaguered miner’s board to take urgent action and reconsider a sale as its valuation flounders. Co-founder of Ben & Jerry’s said the ice cream brand’s new owner Magnum is in the “process of destroying” the Cherry Garcia maker’s future. Meta has completed an operational split from Manus and halted data sharing between the two companies, taking a pivotal step toward unwinding a $2 billion acquisition opposed by Beijing. Shares of Alibaba and JD.com fell after Chinese regulators scolded leading e-commerce players for what it called misleading promotions.
AI takes center stage again, with OpenAI considering drastic token price cuts, Goldman’s renewed estimate of explosive Hyperscaler capex growth, Oracle’s eye-watering spending forecasts and Citadel Securities’ “Tokenomics” report outlining how AI hype has been built on capabilities. The reckoning will focus on costs.
Citadel Securities strategist Frank Flight notes the recent decline in token prices may reflect a shift toward cheaper AI models, as even the most powerful technologies must pass through “the prosaic discipline” of cost curves, capacity constraints and marginal returns. OpenAI is said to be considering drastically lowering the prices it charges users for its tokens as it seeks to win customers from its arch-rival Anthropic, according to the WSJ.
Coming into Oracle’s results — the first for the new CFO, and with the stock up roughly 50% since April lows — the key question for investors was whether the company could balance growth and demand with capex and financing needs. In a microcosm of the AI bull and bear debate, Oracle delivered solid revenue growth of 20%, but forecast that its capex-to-sales ratio will accelerate to an eye-watering 100% next fiscal year.
Equities linked to the artificial-intelligence trade have turned volatile in recent days after powering global stocks to all-time highs on the back of strong earnings, with traders questioning whether the rally has run too far.
“Sentiment trends are shifting very quickly since Friday’s selloff and the market has become much more volatile and much more selective,” said Andrea Tueni, head of sales trading at Saxo Banque France. “Even if the trend remains upward, brace for some more erratic moves ahead.”
Meanwhile, anticipation is building for the market debut of SpaceX, whose $75 billion first-time share sale is due to price later on Thursday. The offering has attracted demand for more than four times the available shares. The offerings from SpaceX, and potentially others such as OpenAI, are raising questions about whether investors will pull money from existing stocks to fund the deals, or whether they will fuel further enthusiasm for AI shares.
“There’s nervousness about how markets will react,” said Josh Gilbert, lead analyst for Asia Pacific and the Middle East at Etoro Ltd. “How markets absorb the biggest listing in history at a rich valuation will tell us a lot about whether the appetite for the AI trade is still sky high.”
Veteran short seller Jim Chanos said SpaceX was a “hopes and dreams IPO,” driven more by investor enthusiasm for Elon Musk and AI than financial fundamentals, arguing its valuation is difficult to justify on any reasonable assumptions. The retail investment excitement is near fever pitch and showing up in pre-IPO trading and a 3x levered SpaceX product is planned.
Worries about further Iran war escalation lingered as President Donald Trump told Fox News the US would hit Iran again if its leaders didn’t sign an interim peace deal. Iran’s foreign ministry said the latest attacks rendered the existing ceasefire deal “meaningless.” Traders, however, drew reassurance from the belief that further escalation was to neither side’s advantage.
“We’re keeping our overweight equity exposure,” said Christophe Boucher, chief investment officer at ABN Amro Investment Solutions. “The market has taken the view that Trump doesn’t want to escalate further and has no interest in seeing oil prices surge again.”
The European Central Bank is expected to raise interest rates later on Thursday for the first time since 2023, concluding it can no longer ignore inflationary pressures stemming from the war in Iran. Traders will also follow comments by ECB President Christine Lagarde on policymakers’ outlook for the months ahead. President Christine Lagarde plans a news conference at 8:45am
European stocks also advance with a pullback in oil prices providing an additional tailwind. Treasuries advance, pushing US 10-year yields down 2bps to 4.53%. The oil price rose, lifting energy shares, after the US military launched strikes against “multiple” targets in Iran. Here are the biggest movers Thursday:
- Beijer Ref gains as much as 10% after EQT’s Breeze TopCo agreed to sell its entire holding of non-listed A-shares in the Swedish industrial heating and cooling firm to Melker Schorling AB (MSAB) at an undisclosed premium
- BASF gains as much as 2.1%, rebounding from its lowest level in over two months, after being upgraded at Kepler Cheuvreux, whose analysts raised their earnings expectations for the German chemicals firm
- Wizz Air rises as much as 6.7% after the airline eked out FY net profit, beating expectations of a €35 million loss. Analysts at Morgan Stanley pointed to signs of normalization in consumer confidence and solid revenue guidance for 1Q 2027
- Grafton Group rises as much as 3.5%, hitting a one-month high, after the building supplies company outlined medium-term targets ahead of its capital markets day. Analysts said the goals are ambitious but can be delivered
- Puuilo gains as much as 12% to a record high after the Finnish home goods retailer reported stronger sales. DNB Carnegie says the print shows excellent delivery in the quarter, primarily driven by strong customer traffic
- Halma falls as much as 15%, the most since 1993, after the UK industrial group’s guidance for its Photonics business fell short of expectations, the key disappointment in an otherwise solid earnings report
- European software stocks drop after Oracle reported weak sales from its traditional software business; Oracle reported 4Q cloud applications sales that missed consensus estimate
- Camurus drops as much as 9.6% after the biopharmaceutical firm said it received a complete response letter from the US FDA in relation to its new drug application for Oclaiz, a treatment for patients with a rare hormonal condition
- Sligro Food Group plunges as much as 13%, marking the sharpest drop in 11 months after being downgraded at Oddo BHF, whose analysts said there are “no mid-term supportive arguments for a bullish investment case”
- RWS Holdings shares fall as much as 19% to their lowest since April after the British AI company’s earnings noted a £2 million hit from FX swings
- Voltalia drops as much as 9.7%, the most in five months, as Morgan Stanley downgrades to underweight from equal-weight due to the French renewable-energy producer’s high financial leverage and its impact on growth
Asian stocks fell as rising oil prices and persistent tensions in the Middle East weighed on sentiment. The MSCI Asia Pacific Index fell as much as 1.7% to its lowest level in three weeks before paring the decline. Alibaba Group and Samsung Electronics were among the biggest drags on the index, following concerns over pricing pressures. South Korea’s Kospi rebounded and gained by 0.4%, while Indonesia’s benchmark dropped by 0.3%. Benchmarks in Hong Kong and China lead declines in the region. Momentum in regional stocks has weakened, with the Asian benchmark nearing its 50-day moving average. Investors remain jittery as US military launched strikes against multiple targets in Iran for the second straight day, triggering gains in oil prices.
Jun Bei Liu, co-founder and lead portfolio manager at hedge fund Ten Cap Investment, said investors were taking profit in tech stocks. “I think this dip will be bought,” she said, adding the market might be getting hopeful that the situation in the Middle East would deescalate after the US military said it had completed its latest strikes in Iran.
In FX, the Bloomberg Dollar Spot Index edges higher while the euro is little changed ahead of the ECB decision later on Thursday.
In rates, treasuries are richer across the curve, slightly outperforming European bonds ahead of the ECB rate announcement at 8:15am New York time, with a decision to raise rates for first time since 2023 expected. US yields are 2bp-3bp richer on the day, keeping most curve spreads within 1bp of Wednesday’s close. 10-year, near session low 4.53%, outperforms German and UK counterparts by 0.5bp and 1.5bp. Treasuries have support from lower oil prices as signs of traffic through the Strait of Hormuz offset concern about fresh US attacks on Iran. Focal points of US session include May PPI data and 30-year bond reopening. The Treasury auction cycle concludes with $22 billion 30-year reopening at 1pm, following solid demand for 3- and 10-year note sales over past two days. 30-year WI yield near 5.01% is ~3.6bp richer than the May new-issue result
In commodities, WTI crude oil futures are down around 1.2% near session low. Brent crude futures fall more than 1% to below 92 with traders seemingly looking past fresh attacks between the US and Iran. Precious metals and Bitcoin also climb
US economic data calendar includes weekly jobless claims and May PPI (8:30am) and 1Q household change in net worth (12pm)
Market Snapshot
Top Overnight News
- OpenAI is considering drastically lowering the prices it charges users as it seeks to win customers from its rival Anthropic. The company is weighing significant cuts to what it charges for tokens, the unit of measurement artificial-intelligence firms use to bill for their products, according to people familiar with the matter. WSJ
- Donald Trump told Fox News that the US will launch more attacks on Iran unless it accepts an interim peace deal. His remarks followed another night of clashes between the two countries. Iran told ships with permits to cross the Strait of Hormuz to await guidance, saying it’s closed until further notice. BBG
- Efforts to reach an interim deal to end hostilities between Iran and the U.S. have intensified, three Iranian sources and a European official told Reuters on Thursday, despite strikes launched by both sides, as the warring parties discuss how to release frozen Iranian funds. RTRS
- A sharp fall in China’s crude oil imports during the Iran war has been instrumental in holding down oil prices and keeping the global economy humming. Clues are emerging in the mystery of the missing three million barrels—the oil that China would normally be importing but isn’t now. Chinese people are driving fewer gasoline-powered cars and taking trains instead of planes. WSJ
- SK Hynix plans to double its capacity within 5 years and triple it by 2034. Nikkei
- Shares of Alibaba and JD.com slid after Chinese regulators scolded leading e-commerce players for what it called misleading promotions. BBG
- The European Central Bank is all but certain to raise interest rates on Thursday in the hope of nipping higher inflation in the bud before a surge in energy costs triggered by the Iran war spreads more broadly across the euro zone economy. RTRS
- S&P upgraded Argentina’s credit rating to B-, citing President Javier Milei’s fiscal austerity and improved liquidity access. BBG
- The Knicks staged the biggest comeback in NBA Finals history, rallying from a 29-point deficit to defeat the San Antonio Spurs 107-106 in Game 4. The win gave New York a 3-1 series lead, one victory away from its first NBA championship since 1973. BBG
- BofA Total Card Spending (w/e 6th Jun) +6.1% (prev. +5.2% W/W, +4.8% in Apr); entertainment, clothing, HI, furniture and transit saw the biggest acceleration.
Top Iran News
- The US carried out fresh strikes against Iran, with US CENTCOM saying that American forces began launching additional self-defence strikes, and then later announcing that it completed the strikes, targeting Iranian military surveillance capabilities, communication systems and air defence sites across Iran. In response, Iran’s military command centre announced the Strait of Hormuz would be closed to all vessels, effective immediately, and threatened to hit any vessels crossing the strait. Iran’s IRGC also said it launched two waves of retaliatory strikes, hitting and destroying 18 key military targets in US bases in Kuwait and Bahrain.
- Following the overnight strikes, an Iranian source told Reuters that Iran and the US are still in negotiations over a preliminary deal, which includes a mechanism for unfreezing funds. This followed commentary by the Pakistani Foreign Minister stating that we remain engaged with a degree of optimism. The minister added that channels of communication remain open and Pakistan and Qatar remain engaged in mediation efforts. To add, CNN reported first, citing a source, stating that US-Iran talks still continue despite US-Iran military exchange.
- US President Trump said on Wednesday evening that fighter jets were operating over the skies of Iran, and he spoke directly with Iranian officials. Trump added that Iranians asked him to stop bombing, while he said the bombing will stop shortly, but left the option open for more strikes. Trump also stated that Israelis were not involved in Iran strikes and that the US fired 49 Tomahawk missiles, as well as noting that Iran must choose between war or a new deal and warned ‘we’ll bomb them to rubble tomorrow night’ if there is no deal.
- Tasnim cited a reliable source stating that Trump’s claim that Iranian officials spoke with him directly and wanted the bombing to stop is completely false, while the source added that no contact has been established with Trump and that Iran responds to aggression with military action.
- US President Trump held a Situation Room meeting on Iran strike options, while sources said one option Trump was considering was launching an operation that is big in scale but short in duration, according to Axios. However, NYT later reported that officials held a Situation Room meeting regarding the Epstein files and that the meeting was held without Trump.
- US Secretary of War Hegseth said Central Command would be busy overnight and that the US would hit Iran hard, with the US to bomb key facilities in Iran, and strikes would be strong and clear.
- IRGC Navy said vessels approaching the Strait of Hormuz is considered cooperation with the enemy and “We warn that no vessel should leave its anchorage in the Persian Gulf and the Sea of Oman”, ISNA reported.
- Iran said applicants who have received a transit permit are asked to be patient and await further guidance from the PGSA, IRIB reported and repeated that the Strait remains closed until further notice.
- UKMTO received a report of an incident 21NM Northeast of Sohar, Oman. Iran’s Sirik Governor later said the US projectile hit a cargo boat in the Gulf of Oman.
- A 7th vessel carrying Qatari LNG is understood to have transited the Strait of Hormuz, Kpler’s Bakr reported.
- India’s embassy within Oman said they were informed on Thursday of an incident that involved a vessel in proximity to the Shinas port.
- Israeli airstrike targets a facility in Western Bekaa, central Lebanon, Al Hadath reported.
- Israeli airstrikes reported on towns in southern Lebanon, Al Mayadeen reported.**
A more detailed look at global markets courtesy of Newsquawk
APAC stocks declined in a continuation of the recent tech reversal, and as the US conducted strikes on Iran for a second consecutive day, which prompted Iran to retaliate by targeting US bases in the region and ships near the Strait of Hormuz. Iran also declared the waterway closed to all vessels. However, stocks then gradually pared losses given that the fresh strikes were widely telegraphed beforehand and with relief also seen after CENTCOM announced that US forces completed the strikes. ASX 200 was pressured with the downside led by underperformance in tech and the top-weighted financials sector, although losses were stemmed by resilience in energy and defensives. Nikkei 225 slumped at the open owing to the fresh hostilities in the Middle East, with headwinds seen amid higher oil prices and upside in yields, although the index then staged a recovery and returned to flat territory before a renewed bout of selling persisted. Hang Seng and Shanghai Comp followed suit to the weakness across global markets, with several tech stocks clustered among the list of worst performers.
Top Asian News
- Japan PM Takaichi and US President Trump are arranging a meeting during the G7, Nikkei reported.
- Japanese Chief Cabinet Secretary Kihara said he doesn’t think BoJ Governor Ueda’s temporary hospitalisation will affect the BoJ’s policy conduct and cooperation with the government.
- PBoC Governor Pan reiterated the depth and breadth of China’s financial market, provide key allocation opportunities for overseas institutional investors.
European bourses (STOXX 600 +0.6%) trade with broad gains despite another round of US-Iran strikes. The US targeted Iranian military surveillance capabilities, communication systems and air defence sites across Iran, while Iran’s IRGC said it launched two waves of retaliatory strikes, hitting and destroying 18 key military targets in US bases in Kuwait and Bahrain. Germany’s DAX 40 (U/C) underperforms, weighed on by losses in SAP (-4.4%) following Oracle’s earnings. European sectors trade mixed. Utilities (+1.3%) tops the list, with Energy (+1.2%) and Banks (+1.2%) round out the top 3. Autos (-0.4%), Real Estate (-0.4%) and Telecoms (-1.0%) are the underperformers.
Top European News
- France and Germany are discussing proposals for a radical overhaul of the EU’s diplomatic service in an attempt to improve the response to geopolitical crises, according to FT.
FX
- G10s are mixed against the Buck in relatively thin trade into the ECB meeting and US PPI.
- A busy morning in terms of newsflow, has not translated into price action/vol for G10s which are mixed against the flat Buck. Gradual weakness in Crude benchmarks seen among slew of optimistic US-Iran updates (see feed from 08:21-38 BST), did little to move DXY from its 100.00 handle despite Brent edging to session lows under USD 92/bbl. In short, it appears negotiations continue despite the recent exchange of fire. The Greenback seems less sensitive to geopolitical headlines as markets interpret recent US data with PPI ahead.
- CAD is the worst G10 performers as energy weakness pressures the Loonie. On Wednesday, the BoC held rates at 2.25% with some dovish undertones. Although release and accompanying remarks from Macklem/Rogers were a repeat from April, ING notes its use of language such as “excess supply” and “looking through” inflation may have offered the Loonie. Amid the recent weakness in energy benchmarks, USD/CAD could approach the 1.40 level should US PPI print hot.
- The main EUR event today will be the ECB meeting, where the Governing Council is expected to hike by 25bps, taking the Deposit Rate to 2.25%. This is justified by the assessment that the ECB is past the March baseline and is closer to the adverse scenario. Attention will be on language regarding a July move, where interest rate futures currently assign a 30% probability of tightening. EUR has been moving lower on account for recent USD upside as mentioned above. EUR/USD trades within recent parameters in the middle of a 1.15-16 band. If the ECB indicates further tightening, that could see the pair test resistance at 1.1570/80, whereas a dovish council may see recent lows of 1.15 tested, in conjunction with hot US PPI.
Fixed Income
- Global fixed benchmarks are trading tentatively on either side of the unchanged mark. This comes amidst another US strike on Iranian military targets, which led to retaliation from the Iranians. This led energy higher overnight, but then came off best levels as CENTCOM announced the latest bout of attacks are completed. Thereafter, energy benchmarks turned negative after CNN reported that US-Iran talks are continuing. This helped global fixed paper to clamber off worst levels, with the complex generally sitting towards highs.
- USTs (+2 ticks) trade towards the upper end of a 108-27 to 109-06+ range. The trough of the day was formed overnight, which coincided with the peaks in the energy complex. Thereafter, US paper clambered off worst levels, as the geopolitical environment eased. Domestically, focus will be on the US PPI report, which, together with Wednesday’s broadly in-line CPI report, will be used as a key determinant for next week’s Fed policy announcement. The policy rate is unlikely to be adjusted, but focus will be on comments pertaining to the easing bias removal. Also on the docket today is a 30yr auction, which follows on from a decent 3yr outing and a strong 10yr auction. This notably comes despite the ongoing volatility and hawkish Fed repricing.
- Bunds (+9 ticks) are trading towards the upper end of a 124.88 to 125.29 range, currently driven by events in the Middle East, though focus will come back to Europe where the ECB is set to deliver a 25bps hike this afternoon. Given markets widely expect a hike, focus will be on the accompanying statement and President Lagarde to see if/how hawkish the Bank shifts. The likelihood is that Lagarde will keep optionality; ING opines that she will want to avoid “sounding too dovish”.
- Gilts (-3 ticks) are essentially flat and trade within a 87.39 to 87.60 range. Ultimately, moving at the whim of geopolitical developments. Domestic newsflow has been light, with some focus on Burnham comments where he suggested he would support Waspi Women, a compensation scheme believed to cost upwards of GBP 10bln. With the UK newsflow light, Gilts will likely take leads from this afternoon’s US PPI and ECB announcement.
- UK sells GBP 5.0bln 2029 Gilt: b/c 3.60x (prev. 3.35x), average yield 4.419% (prev. 4.238%), tail 0.2bps (prev. 0.2bps).
- Italy sells EUR 4.0bln vs exp. EUR 3.5-4.0bln 3.00% 2029 BTP: b/c 1.62x, average yield 3.03%.
Commodities
- The US carried out fresh strikes against Iran, with US CENTCOM saying that American forces began launching additional self-defence strikes, and then later announcing that it completed the strikes, targeting Iranian military surveillance capabilities, communication systems and air defence sites across Iran. In response, Iran’s shut the Strait of Hormuz and launched its own attack on some Gulf nations.
- Despite these strikes, an Iranian source tells Reuters that Iran and the US are still in negotiations over a preliminary deal, including a mechanism over unfreezing funds, while the Pakistan Foreign Minister said they remain engaged with a degree of optimism. Prior to that, CNN sources outlined that US-Iran talks continue, despite the US-Iran military exchange.
- Crude futures have completely pared the earlier gains. WTI Jul’26 reversed at the 50-SMA (USD 93.48/bbl) and currently trades at the lower end of its USD 88.77-93.64/bbl range. For Brent Aug’26, the benchmark has slipped below USD 92/bbl (USD 91.72-95.50/bbl range).
- Precious metals rebound following the drop in the last few days, action driven by several previously discussed factors. Spot gold dipped below the March 26th low of USD 4099/oz in Wednesday’s session and extended to a trough of USD 4024/oz early in the Asia-Pac day. Since then, the yellow metal has bid higher and now trades at the upper end of its USD 4024-4118/oz range.
- 3M LME Copper gapped lower at the start of trade, following the selloff in APAC equities, but has since oscillated in a USD 13.39k-13.52k/t range.
- Japan’s PM Takaichi said that she expects to secure 100% of crude in July, without passing the Strait of Hormuz.
- Shanghai Futures Exchange has adjusted daily price-limit bands and trading margin ratios for gold and silver futures contracts
US Eco Calendar
- 8:30 am: Jun 6 Initial Jobless Claims, est. 220k, prior 225k
- 8:30 am: May 30 Continuing Claims, est. 1785k, prior 1777k
- 8:30 am: May PPI Final Demand MoM, est. 0.7%, prior 1.4%
- 8:30 am: May PPI Ex Food and Energy MoM, est. 0.5%, prior 1%
- 8:30 am: May PPI Final Demand YoY, est. 6.4%, prior 6%
- 8:30 am: May PPI Ex Food and Energy YoY, est. 5.4%, prior 5.2%
DB’s Jim Reid concludes the overnight wrap
The rise in oil prices has continued this morning after the US launched fresh strikes against Iran for a second day running. So investors are increasingly pessimistic that a deal will be reached anytime soon, or that the Strait of Hormuz will reopen. That’s meant Brent crude is up another +1.70% overnight to $94.68/bbl, building on yesterday’s gains. And as a result, global equities are at a one-month low, with the S&P 500 (-1.62%) posting a fresh slump yesterday. Moreover, those losses have shown no sign of easing in Asia, with the Hang Seng (-1.05%), the CSI 300 (-1.07%), the Shanghai Comp (-0.73%) and the Nikkei (-0.19%) all losing ground this morning. The one bright spot is that futures on the S&P 500 (+0.33%) have stabilised overnight, but the overall backdrop is one of mounting volatility as investors have priced a growing chance of further escalation.
All that follows a day of mounting threats, which culminated in several US strikes overnight. US Central Command framed them as “additional self-defense strikes” on “multiple targets”. Meanwhile, Fox News reported that President Trump had told them he would bomb Iran again today if they didn’t sign an agreement. So fears of a further escalation were very much in focus, and Iran’s Press TV said they’d targeted the US Fifth Fleet in Bahrain using various attack drones.
Even before those latest US strikes overnight, markets had already posted fresh declines yesterday as US-Iran tensions continued to mount. The first uptick in oil prices followed a post from President Trump, who said that Iran have “taken too long to negotiate a deal that would have been great for them, now they will have to pay the price!!!” So that raised fears about an escalation, and a few hours later, Trump then said the US would “hit Iran hard again today”, suggesting that further action was on the table.
Those initial headlines led to a clear jump for oil, with Brent crude (+1.80%) ending the day at $93.10/bbl. Moreover, as investors dialled back the chance of a near-term resolution, longer-dated oil futures also moved higher, with the 6-month Brent future up +1.55% on the day to $85.89/bbl. And on Polymarket, there was increasing doubt that the Strait of Hormuz would reopen anytime soon, with the probability of normal traffic by end-July down to 26% by the close. Admittedly, there were a couple of headlines that were more positive. For instance, Fox News reported a senior White House official on background, who said “the talks still continue”. Meanwhile, Iran’s ISNA reported that a Qatari delegation had arrived in Tehran yesterday, for talks on diplomacy with the US. But for markets, investors have priced out the likelihood of a near-term deal, particularly with the latest strikes overnight.
With signs of a near-term resolution fading, investors grew more concerned about the stagflationary scenarios again, with bonds and equities selling off on both sides of the Atlantic. Indeed, the S&P 500 (-1.62%) fell to a one-month low, with tech stocks including the NASDAQ (-1.98%) and the Magnificent 7 (-2.23%) leading the way. The selloff was a classic rotation out of growth and cyclicals into defensives as Telecoms (+2.25%), Food & Bev (+1.98%) and Consumer Staple Retail (+1.86%) were the best performing S&P 500 industry groups, while Autos (-3.92%), Capital Goods (-3.88%), and Semiconductors (-3.76%) were the biggest laggards. And over in Europe, it was much the same story, with the STOXX 600 (-0.08%) down for a 4th consecutive session to a three-week low.
While geopolitics provided the main headlines, there were also developments on the AI-capex front as well. Most notably, Oracle shares fell -10.25% in after-hours trading after they reported higher capex spending than estimated, adding to doubts about the profitability of AI infrastructure like data centres. Otherwise, the company also announced plans to raise another $40bn in equity and debt, including a previously disclosed plan to issue $20bn in shares.
For sovereign bonds it was much the same story of losses, with the 10yr Treasury yield up +3.6bps to 4.55% by the close. And that increase came despite the more positive impact from the US CPI print, where monthly core CPI was softer than expected, which helped to dial back some of the speculation about a Fed rate hike this year. So the release showed headline CPI up as expected in May, with a +0.5% monthly print that took the year-on-year reading to +4.2%. But core CPI was softer at +0.2% on the month (vs. +0.3% expected), with the year-on-year measure at +2.9%. But for sovereign bonds, the temporary relief from the CPI print was outweighed by the more negative geopolitical headlines and higher oil prices, so they still lost ground on the day.
Over in Europe, sovereign bonds also struggled ahead of today’s ECB decision. Once again, that was driven by the geopolitical headlines, with inflation fears ramping up. For instance, the 1yr Euro inflation swap was back up +4.85bps yesterday to 2.98%. And in turn, yields on 10yr bunds (+3.3bps), OATs (+4.1bps) and BTPs (+4.9bps) all moved higher again. That included a few records as well, with the 10yr OAT yield up to a post-2008 high of 3.85%, whilst Germany’s 10yr real yield (+2.7bps) hit a 5-month high of 0.83%.
Speaking of the ECB, they’ll be announcing their decision at 13:15 London time, where they’re widely expected to deliver a 25bp hike that lifts their deposit rate to 2.25%. That comes as inflation has clearly risen above target, and our European economists think the energy shock has now been large enough for the ECB to act. Indeed, the Euro Area flash CPI print for May was at 3.2%, whilst core CPI was also at a one-year high of 2.5%. In terms of what to look out for, given a hike is widely expected, a big question will be what they signal beyond this meeting about future hikes. Our economists think they’ll want to maintain optionality, and will keep further hikes on the table so markets don’t interpret today as a one-off move.
Ahead of that, we also had the Bank of Canada’s latest decision yesterday. They left their policy rate unchanged at 2.25%, as was widely expected, and they kept their options open given the current uncertainty. For instance, Governor Macklem suggested that if higher energy prices led to higher inflation, then “there may be a need for consecutive increases in the policy rate”. But he also suggested that additional US trade restrictions could mean they “may need to cut the policy rate further to support economic growth.” Against that backdrop, Canadian bonds saw a relative outperformance yesterday, with the country’s 10yr yield (+0.9bps) seeing a modest increase to 3.49%.
Finally, there were fresh tariff headlines as President Trump announced that he would not be reauthorising the country’s USMCA trade pact with Mexico and Canada agreed in his first term. He said “I’m not looking to renew it”, and without an extension, the deal would see rolling annual reviews while remaining in force for the next decade. It’s possible for a country to exit the deal with 6 months’ notice, but Trump did not say if he was considering this.
Looking at the day ahead, the main highlight will be the ECB’s policy decision and President Lagarde’s subsequent press conference. Otherwise, US data releases include the PPI reading for May, and the weekly initial jobless claims.
1b) European opening report
1c) Asian opening report
Europe primed for lower open amid tech worries/geopolitics; ECB and US PPI due – EU Market Open
Thursday, Jun 11, 2026 – 01:48 AM
- US CENTCOM launched fresh strikes on multiple targets in Iran, which have since been “completed”. In retaliation, Iran struck 18 US military targets in two waves, and multiple explosions were reported at US bases in Kuwait and Bahrain.
- Speaking on Wednesday (US time), US President Trump stated that Iran must choose between war or a new deal and warned, “we’ll bomb them to rubble tomorrow night” if there is no deal.
- Iran said the Strait of Hormuz was declared closed to the passage of any type of vessel, including all tankers and commercial vessels. However, the US rejected this claim, adding that transit was continuing through the Strait.
- Crude benchmarks gained on the US strikes, but have since most of the overnight advances given Trump had warned to hit Iran in advance, and after CENTCOM said the latest strikes had been completed. Brent Aug’26 +0.6%.
- APAC stocks extended lower; European equity futures are indicative of a weak open.
- DXY is slightly lower heading into US PPI, whilst G10s post mild gains.
- Looking ahead, highlights include Swedish CPIF Final (May), US PPI (May), Jobless Claims (May/30), ECB Policy Announcement (Jun), CBRT Policy Announcement (Jun), OPEC MOMR (Jun), Comments from ECB President Lagarde, Supply from UK, Italy & US, Earnings from Adobe.
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IRAN CONFLICT
- US CENTCOM said forces launched additional self-defence strikes against multiple targets in Iran at the Commander in Chief’s direction, while it added that the strikes were in response to Iran’s unwarranted and continued aggression. CENTCOM also later announced that US forces completed the latest strikes on Iran.
- US President Trump said on Wednesday evening that fighter jets were operating over the skies of Iran, and he spoke directly with Iranian officials. Trump added that Iranians asked him to stop bombing, while he said the bombing will stop shortly, but left the option open for more strikes. Trump also stated that Israelis were not involved in Iran strikes and that the US fired 49 Tomahawk missiles, as well as noting that Iran must choose between war or a new deal and warned ‘we’ll bomb them to rubble tomorrow night’ if there is no deal.
- Tasnim cited a reliable source stating that Trump’s claim that Iranian officials spoke with him directly and wanted the bombing to stop is completely false, while the source added that no contact has been established with Trump and that Iran responds to aggression with military action.
- US senior official said all the targets that were attacked are located in southern Iran and include air defence systems, radars, and command and control units for drones, according to Axios.
- IRGC said Iran struck 18 US military targets in two waves, and multiple explosions were reported at US bases in Kuwait and Bahrain, while the IRGC also claimed Iranian missiles destroyed US jets at the Al-Azraq base in Jordan.
- Iran said the Strait of Hormuz was declared closed to the passage of any type of vessel, including all tankers and commercial vessels, while it was separately reported that US ships near the Strait of Hormuz were targeted in missile and drone attacks by Iranian armed forces. However, US Central Command said that commercial ships were continuing to transit in and out of the Strait of Hormuz, and the US military also said no warships were struck in the Strait of Hormuz.
- US President Trump said earlier on Wednesday that the US would attack Iran hard again and retained the right to resume strikes, while he added that Iran should sign what he described as a good deal. It was reported that Trump held a Situation Room meeting on Iran strike options, while sources said one option Trump was considering was launching an operation that is big in scale but short in duration, according to Axios. However, NYT later reported that officials held a Situation Room meeting regarding the Epstein files and that the meeting was held without Trump.
- US Secretary of War Hegseth said Central Command would be busy overnight and that the US would hit Iran hard, with the US to bomb key facilities in Iran, and strikes would be strong and clear.
- US issued sanctions regarding Iranian military procurement.
- Iran had warned it would hit new US targets if Americans took action, and reiterated that any attack would be answered in the “most severe and decisive manner.”
- Iranian President Pezeshkian said Iran would remain steadfast against pressure and threats through national unity and reliance on domestic expertise.
- Representative of Iran’s Supreme Leader told Tasnim that “Iran will not back down from threats and will respond to every threat with a proportionate response. Because a threat is a threat, and if Trump continues to threaten again, Iran will respond in kind”.
- Iran’s UN ambassador said no sustainable deal can be reached with the US through threats, intimidation, or the use of force, while the official said Iran has never negotiated under threats and will never submit to pressure or coercion.
- Head of the National Security Commission in Iran’s Parliament said this time, the war won’t be limited to the region.
- Iranian and US officials held parallel talks with Qatari mediators in Doha over the past two days, according to Axios, citing sources. Qataris tried to arrange a trilateral meeting to directly negotiate on the remaining gaps, but the Iranians refused.
- Iranian hacker group Hanzalah said it advised US marines to “say goodbye” to their families and said missiles were ready to fire in the coming hours, according to Fars News.
- Yemen’s Foreign Minister warned against the continued US aggression against Iran and its consequences, which are a threat to international security and peace.
- US CENTCOM said US forces disabled an oil tanker in the Gulf of Oman for the second consecutive day after another vessel violated the blockade by attempting to transport Iranian oil. CENTCOM added that forces had disabled eight non-compliant vessels, redirected 134 compliant ships and allowed 42 humanitarian aid vessels to pass since the blockade began on April 13. It was separately reported that India summoned the US Deputy Chief of Mission in Delhi over a strike on a tanker off the Oman coast in which three Indians remain missing, according to sources.
- Israeli Defence Minister said the confrontation with Iran is far from over, and the army is ready to launch powerful strikes inside Iran, according to Al Hadath.
- Fourth round of negotiations between Lebanon and Israel will be held on June 22nd.
- Lebanese diplomatic source said Israeli PM Netanyahu wants to continue his war in Lebanon until the Israeli elections, while the source added that Israel is showing no desire to negotiate.
US TRADE
EQUITIES
- US stocks were sold on Wednesday as weakness in the technology sector extended following the recent AI-driven rally. Several desks have warned throughout the week that positioning remains stretched, with Citi highlighting elevated bullish Nasdaq positioning and associated downside risks, while Bank of America called on investors to take profits. Goldman Sachs also noted that retail trading activity and options pricing continue to imply elevated expectations, while institutional investors have become increasingly concerned about the pace of the rally and the market becoming “one big trade” centred around AI. Industrials, Materials and Technology were the worst-performing sectors, with many of the AI beneficiaries extending recent losses. Broadcom (AVGO) and Nvidia (NVDA) both came under renewed pressure, while the Memory ETF (DRAM) fell a further 4% and the Semiconductor ETF (SOXX) declined by around 3.5%.
- SPX -1.62% at 7,267, NDX -1.98% at 28,508, DJI -1.87% at 49,924, RUT -1.10% at 2,835.
- Click here for a detailed summary.
TARIFFS/TRADE
- US President Trump said he was not looking to renew the USMCA, while he added that Canada and Mexico must treat the US better and that the US did not need anything either country had, although he added that talks were continuing and “we’ll see”.
- China abruptly cancelled two important diplomatic meetings with the EU this month, amid increasing tensions regarding surging Chinese exports to the EU, according to the FT.
NOTABLE HEADLINES
- US President Trump, when asked about taking stakes in AI companies, said he would soon meet with the top 15 executives and was talking with executives about giving back to the public, while he believes the public would become very rich. Trump also said the US had the right to sell Fannie Mae and Freddie Mac and reiterated the entities could be worth USD 1tln.
APAC TRADE
EQUITIES
- APAC stocks declined in a continuation of the recent tech reversal, and as the US conducted strikes on Iran for a second consecutive day, which prompted Iran to retaliate by targeting US bases in the region and ships near the Strait of Hormuz. Iran also declared the waterway closed to all vessels. However, stocks then gradually pared losses given that the fresh strikes were widely telegraphed beforehand and with relief also seen after CENTCOM announced that US forces completed the strikes.
- ASX 200 was pressured with the downside led by underperformance in tech and the top-weighted financials sector, although losses were stemmed by resilience in energy and defensives.
- Nikkei 225 slumped at the open owing to the fresh hostilities in the Middle East, with headwinds seen amid higher oil prices and upside in yields, although the index then staged a recovery and returned to flat territory before a renewed bout of selling persisted.
- Hang Seng and Shanghai Comp followed suit to the weakness across global markets, with several tech stocks clustered among the list of worst performers.
- US equity futures initially softened following the fresh US strikes on Iran, but then rebounded given that Trump had flagged that the US would hit Iran hard well in advance, while some relief was also seen following CENTCOM’s announcement that US forces had completed their strikes.
- European equity futures indicate a lower cash market open with Euro Stoxx 50 futures down 0.7% after the cash market closed with losses of 0.7% on Wednesday.
FX
- DXY marginally softened overnight and reverted to beneath the 100.00 level after the prior day’s mixed performance and despite the early risk-off environment brought on by a second consecutive night of US-Iran hostilities. On the data front, recent consumer inflation from the US mostly printed in line with expectations, while PPI data is due later today, which could resume the transition to a more hawkish policy view for the FOMC next week if it comes in hot and shifts PCE expectations.
- EUR/USD rebounded from an initial trough and eked out mild gains as sentiment slightly improved, and with a rate hike liked to be delivered at today’s ECB conclave.
- GBP/USD eked slight gains but with upside capped beneath the 1.3400 territory, and as UK data remains sparse ahead of Friday’s GDP and output updates, while RICS House Price Balance deteriorated.
- USD/JPY lacked conviction after recently gaining a firmer footing above the 160.00 level, and as participants continue to await an expected rate hike at next week’s BoJ meeting, which Governor Ueda is unlikely to attend after being hospitalised.
- Antipodeans nursed some losses following recent declines, and with the partial recovery helped following CENTCOM’s announcement that US forces had completed the latest strikes on Iran.
FIXED INCOME
- 10yr UST futures briefly dipped beneath the 109.00 level after the prior day’s bear steepening and as oil climbed on the fresh US-Iran strikes. Thereafter, T-note futures bounced off their lows as oil faded some of the advances and with US CENTCOM announcing the completion of the latest strikes on Iran, while participants look ahead to incoming PPI data.
- Bund futures remained subdued after recent supply and ahead of a widely expected ECB rate hike.
- 10yr JGB futures reversed initial losses and returned to flat territory amid fluctuations in yields, while participants remained tentative amid the heightened geopolitical tensions and anticipation for a resumption of BoJ rate normalisation at next week’s meeting.
COMMODITIES
- Crude futures gained as geopolitics continued to dominate the tape with the US conducting strikes on Iran for a second consecutive night. Iran retaliated to the renewed aggression by targeting US bases in the region and ships near the Strait of Hormuz, while it also declared the waterway closed to all vessels. Despite this, US CENTCOM pushed back against this and said commercial ships were continuing to transit through the Strait. The fresh hostilities lifted WTI crude futures briefly above USD 93.00/bbl, although they have since pared most of the overnight advances given that Trump had warned to hit Iran hard well in advance, while he also threatened to bomb them to rubble ‘tomorrow’ night if there is no deal.
- US President Trump said a secret mission to support oil tankers resulted in more than 100mln barrels of oil moving through the Strait of Hormuz and into the open market.
- US Energy Secretary Wright said the US is to rejoin the International Energy Forum, while he said he’s not aware of the US taking oil out of Iran, when asked about President Trump’s comments.
- Spot gold initially extended on declines amid higher oil prices and yields, but then bounced off lows as asset classes eased back from today’s initial extremes.
- Copper futures were pressured with demand sapped by the downbeat mood amid US-Iran strikes.
CRYPTO
- Bitcoin steadily edged higher throughout the session and returned to above USD 62,000.
NOTABLE ASIA-PAC HEADLINES
- Japanese Chief Cabinet Secretary Kihara said he doesn’t think BoJ Governor Ueda’s temporary hospitalisation will affect the BoJ’s policy conduct and cooperation with the government.
DATA RECAP
- Australian Consumer Inflation Expectations (Jun) 5.5% (Prev. 5.6%)
EU/UK
NOTABLE HEADLINES
- France and Germany are discussing proposals for a radical overhaul of the EU’s diplomatic service in an attempt to improve the response to geopolitical crises, according to FT.
DATA RECAP
- UK RICS House Price Balance (May) -35 vs Exp. -32 (Prev. -34)
2.NORTH AND SOUTH KOREA AND JAPAN
SOUTH KOREA
From FOMO To Oh No! Koreans Face Massive Forced Liquidations As AI Bubble Bursts
Wednesday, Jun 10, 2026 – 07:40 PM
Korean retail investors’ aggressive leveraged bets on the market’s two dominant AI/Semi names – Samsung Electronics and SK Hynix – are now colliding with a sharp KOSPI correction, triggering the largest wave of forced stock sales in years and raising the specter of a self-reinforcing liquidation spiral.
At its peak last week, the benchmark KOSPI index was up 100% for 2026, rivaling the Nasdaq 100 Index’s 102% surge in 1999 – right before the bubble burst…
Last week we warned, as levered bets soared to record highs… that ‘the signal is clear: the cash buffer eroding while active leverage refuses to unwind‘.
And the concentration was extremely clear with ‘new lows’ dominating even as KOSPI hit record-er and record-er highs…
Driven purely by retail momentum chasers, as foreigners were fleeing…
We specifically made the point that the rise of leveraged exchange-traded funds, designed to magnify daily moves, may further intensify a reversal.
Fast forward a week – and sprinkle in some vicious moves in the Korean index (down 17% from the highs in a week) – and those warnings have now punched Korean retail investors in the mouth.
As The Korea Times reports, South Korean investors are facing massive forced liquidations and margin loans come due.
Aggregated over the last few trading sessions, the figure approached ~300 billion won (~$197 million) – the largest such reading in recent memory.
The ratio of forced sales to outstanding margin loans hit 9.1% on that Friday, the highest of the year.
These sales occur mechanically: investors who borrowed from brokerages (typically putting up 30–40% equity) must settle by T+2.
When equity falls below maintenance levels, brokerages automatically sell at the opening call auction – often locking in losses and adding downward pressure that can trigger further margin calls.
“The biggest risk during a sharp market decline is not the drop in prices itself, but forced liquidation,” said Kim Seok-hwan, an analyst at Mirae Asset Securities.
“Investors are advised to reduce leverage, hold more cash and focus on high-quality assets.”
And it is far from over as margin lending balances remain near record highs.
According to the Korea Financial Investment Association, outstanding margin loans climbed to a record 38 trillion won on May 29. Although the balance eased to 37.8 trillion won as of Monday, it remained at an elevated level.
“It is estimated that much of the recently increased margin financing entered the market when KOSPI was trading in the 8,200-8,400 range,” said Noh Dong-gil, an analyst at Shinhan Securities.
“Investors often begin trimming positions voluntarily once losses approach 15 percent, while the risk of forced selling rises significantly around the 20 percent loss level.”
This unwind is the direct consequence of retail investors aggressively piling into Samsung Electronics and SK Hynix using both traditional margin debt and the new wave of single-stock leveraged ETFs launched in late May 2026.
What began as a retail-driven, leverage-fueled melt-up concentrated in two AI stocks is transitioning into a classic de-leveraging event.
The new single-stock 2x ETFs and record margin debt have amplified both the upside and now the downside.
Foreign outflows have provided the fundamental counter-pressure, while mechanical forced sales are adding the accelerant.
Retail leverage that felt like genius in May is now being stress-tested in real time – with the Korean market’s extreme concentration making the moves especially violent.
JAPAN
Bank Of Japan Governor Ueda Hospitalized, Will Miss June Meeting
Wednesday, Jun 10, 2026 – 06:00 PM
Bank of Japan’s 74-year-old Governor Kazuo Ueda has been hospitalized for medical treatment and will miss the June 15 to 16 policy meeting, the central bank said on Wednesday. It is the first time for the governor, who chairs the BOJ’s policy discussions, to miss a scheduled meeting since the central bank began deciding policy under the current arrangement in 1998.
The governor will submit a written statement on his view on policy but will not participate in next week’s vote, the BOJ said in a statement. Ueda is expected to remain in hospital for about two weeks getting treatment for an infected liver cyst, work remotely and attend the next July 30 to 31 policy meeting, the central bank said.
The central bank is widely expected to raise interest rates next week to levels unseen in three decades to counter the plunging yen, crashing bond prices and reverse soaring inflationary pressures from the Iran war.
Ueda’s hospitalization is unlikely to affect next week’s decision, with a rate hike highly anticipated, but it will complicate the BOJ’s communication about what may come next, said Mari Iwashita, executive rates strategist at Nomura Securities.
“With Ueda’s absence, the BOJ may decide not to send clear signals on the future rate path. Given uncertainty on how long it may take for the governor to fully recover, it’s also become more unclear on whether the BOJ would hike again this year.”
The BOJ said that Deputy Governor Ryozo Himino will preside over the rate review in place of Ueda, while the other deputy governor, Shinichi Uchida, is set to host the post-meeting press conference.
The announcement follows one the BOJ made in late May that its Deputy Governor Uchida had been discharged from hospital after recovering from leukaemia treatment.
The yen was roughly steady on the day against the dollar, which traded at 160.5, a level traders watch closely as it has triggered official intervention in the past.
Since taking control of the BOJ in 2023, Ueda has spent the first half of his tenure dismantling the remnants of his predecessor’s massive stimulus as rising commodity and energy costs and intensifying labor shortages propelled inflation above the BOJ’s 2% target.
The BOJ is now at a critical juncture as it moves away from withdrawing stimulus in baby steps towards fighting inflation – something it has not done for decades.
Ueda’s hawkish speech earlier this month underscored the BOJ’s changed narrative that led markets to near fully price in the chance of a June rate hike, yet which saw no upside for the yen. At the previous meeting in April, three of the BOJ’s nine board members already voted in favor of hiking its short-term policy rate to 1% from 0.75%, and since then two more, Junko Koeda and Kazuyuki Masu, called for a near-term rate hike.
However, Prime Minister Sanae Takaichi, known as an advocate of loose fiscal and monetary policy, has voiced reservations over the BOJ’s rate-hike plans (because like every other politicians, she is focused on the “wealth effect” first and foremost, even if it means galloping inflation).
Some analysts said Ueda’s health issue may offer Takaichi an opportunity to influence the BOJ policy including by selecting his successor if the governor were to step down. Yet according to Norihiro Yamaguchi, senior economist at Oxford Economics in Tokyo, such a scenario now appeared unlikely.
“That said, it is also true that Takaichi is likely to appoint a more dovish person if she were to appoint a new governor,” he said.
3 CHINA
CHINA/
4. EUROPEAN AND SCANDINAVIAN COMMENTARIES PLUS NATO
ECB/
RAISES RATES
raised rates despite a weakening economy but inflation is ripping through the EU
(zerohedge)
ECB Hikes Rates For First Time Since 2023 (As Expected); Cuts Growth, Hikes Inflation Outlook
Thursday, Jun 11, 2026 – 08:25 AM
As fully expected, The ECB hiked its key rate by 25bps (for the first time since 2023) as the policymakers battle with the dilemma of economic weakness combined with rising inflation.
Obviously, raising rates to dampen inflation could further slow the economy, while easing rates to support growth increases the risk that higher inflation becomes persistent.
Clearly, Lagarde et al went with the former with its well-jawboned baseline having long been a hike in June with risks skewed toward a follow-up move in September (although a move in July can’t be ruled out).
“The Governing Council is committed to setting monetary policy to ensure that inflation stabilizes at its 2% target in the medium term.
In line with this commitment, it today decided to raise the three key ECB interest rates by 25 basis points.
The war in the Middle East is generating inflation pressures, and the decision to raise rates is robust across a range of scenarios mapping out how the shock might evolve and affect the medium-term outlook for the euro area.”
On the ECB’s growth/inflation dilemma, they wrote:
“The outlook remains uncertain, with upside risks for inflation and downside risks for economic growth.
The full implications of the war for medium-term inflation and growth will depend on the intensity and duration of the energy price shock, as well as the scale of its indirect and second-round effects.”
The ECB’s new economic projections revise inflation upwards for 2026 and 2027 due to “a higher path for energy prices, which, to some extent, is expected to feed into food, goods and services inflation.”
New (higher) inflation forecasts suggest more short-term pain with 2027 and 2028 seeing price pressures ease :
- *ECB SEES 2026 INFLATION AT 3%; PRIOR FORECAST 2.6%
- *ECB SEES 2027 INFLATION AT 2.3%; PRIOR FORECAST 2%
- *ECB SEES 2028 INFLATION AT 2%; PRIOR FORECAST 2.1%
Growth is seen slowing in the same period due to the impact of the war on commodity prices, real incomes and consumer confidence.
New (lower) GDP forecasts follow a similar path with short-term weakness rotating into modest improvement in 2027 and 2028 (but not exactly thrilling growth still):
- *ECB SEES 2026 GDP GROWTH AT 0.8%; PRIOR FORECAST 0.9%
- *ECB SEES 2027 GDP GROWTH AT 1.2%; PRIOR FORECAST 1.3%
- *ECB SEES 2028 GDP GROWTH AT 1.5%; PRIOR FORECAST 1.4%
As Bloomberg’s Alessandro Migliaccio notes, the new economic projections paint a grim picture.
The higher inflation will strengthen the ECB’s conviction that a rate increase was needed to keep to its mandate of price stability.
The slower growth however, may see some countries grumbling against too much tightening.
EUR was flat ahead of the ECB decision and the initial market reaction is muted.
The rate hike was fully priced in, and traders had already anticipated upward revisions to inflation forecasts for 2026 and 2027.
As expected, and just like in March, the ECB has also produced new scenarios to account for the uncertainty it continues to face. These will be published together with the new projections after the press conference.
Watch the ECB press conference live here (due to start at 0845ET):
GERMANY
this is crazy!!~! and she is proud of this!!
(zerobhedge)
Merkel Receives The First European Order Of Merit Award, Repeats Call For Crackdown On Free Speech
Thursday, Jun 11, 2026 – 03:30 AM
The European Union recently announced the first recipients of its new European Order of Merit, the organization’s highest award. The headliner was Angela Merkel, former Federal Chancellor of Germany, who indeed personifies the European Union for both her fans and her critics. For many years, some of us have criticized Merkel as one of the leading forces behind European censorship efforts that have eviscerated the “Indispensable Right.”
Not surprisingly, Merkel called for more censorship and attacks on free speech to a thrilled audience of EU bureaucrats and globalists.
In one of the most ironic moments, Merkel declared, “Europe was not handed to us. It was built treaty by treaty, crisis by crisis and by people who chose solidarity over division and cooperation over self-interest.” Indeed, it was not handed to them.
As I discuss in my new book, “Rage and the Republic, the EU was formed by design to incrementally get citizens in Europe to give up their national identities and rights:
The EEC worked to remove barriers to trade and coordinate national regulations to achieve greater uniformity. As nations conformed to such transnational standards, the final step toward transnational governance became less of a conceptual barrier for citizens, particularly younger citizens…
…The evolution of the EU is a cautionary tale. It began with assurances of marginal coordinating bodies and policies over areas like nuclear power and scientific research. Through this planned incrementalism, each insular move was defended on its narrow purpose while dismissing objections as nationalistic or conspiratorial. That planned incrementalism worked brilliantly in getting citizens to accept transnational governance.
Merkel was critical in that effort. She is blamed for opening the borders to a flood of undocumented immigrants that has caused rising violence and protests throughout Europe. However, her crowning jewel was the crackdown on free speech. She can honestly claim that Germans (and Europeans as a whole) have fewer rights after her public service. She increased the power of government, stripped away free speech rights, and reduced national identities without firing a shot.
Merkel consistently opposed free speech, building a censorship system that gave the government ever greater control over speech. Her decision to first apologize to authoritarian Turkish President Recep Tayyip Erdoğan for a satirical poem and then approve the prosecution of the comedian is a shocking and chilling disgrace. Now, she is throwing her support behind a crackdown on “hate speech” on social media like Facebook, Twitter, and YouTube — radically expanding the already broad scope of government regulation of speech.
Merkel declared, “I support efforts by Justice Minister Heiko Maas and Interior Minister Thomas de Maiziere to address hate speech, hate commentaries, devastating things that are incompatible with human dignity, and to do everything to prohibit it because it contradicts our values.”
Merkel was a driving force in using such subjective standards as “compatibility with human dignity” as a foundation for government-imposed speech controls.
Merkel also threatened social media companies, warning they would face a government crackdown if they failed to get rid of “fake news.” Merkel insisted that such postings must be dealt with by the companies or the government will step in.
In her speech in May to the EU, Merkel doubled down on her attacks on free speech as a threat to the world order. She called for the prosecution of American companies for spreading “disinformation” and “hate” online.
She denounced the “so-called social media” platforms as still not facing “accountability for lies.” She added, “I can only encourage you to continue regulating social media.”
I could think of no better recipient for the first European Order of Merit. No one better sums up EU values than Angela Merkel and her unrelenting campaign against free speech. For globalists who have called for “A New World Order with European Values,” Merkel is the perfect personification of a globalist dream of a world of regulated speech and transnational government
END
GERMANY/CANADA/LNG:
Germany’s Big LNG Deal With Canada May Never Deliver A Single Cargo
Thursday, Jun 11, 2026 – 05:00 AM
Authored by Andrew Topf via OilPrice.com,
- Germany has signed long-term LNG offtake agreements with Canada’s Ksi Lisims project, seeking energy security and supply diversification amid heightened geopolitical risks.
- Despite the deals, Canadian LNG may never physically reach Germany due to geography, shipping economics, and the lack of Atlantic Coast export infrastructure.
- Instead, Germany could use LNG cargo swaps, sending Canadian gas to Asian buyers while receiving equivalent volumes from suppliers closer to Europe.
The Iran war has made supplies of liquefied natural gas, or LNG, the most strategic since Russia’s invasion of Ukraine in 2022.
Suddenly, countries are scrambling to get their hands on molecules that provide reliable baseload power to industries and homes.
That explains why Germany is buying LNG from Canada. It’s to ensure long-term energy security, reduce reliance on volatile global supplies, and diversify away from Middle Eastern and Russian energy markets.
At the end of May, the Canadian government brokered a deal between the Ksi Lisims LNG facility planned for north of Prince Rupert, on the British Columbia coast, and German company SEFE, which is agreeing to buy 1 million tonnes of LNG per year for up to 20 years
Ksi Lisims LNG is a joint venture owned by the Nisga’a Nation, Texas-based Western LNG, and Rockies LNG, a consortium of Canadian natural gas producers.
The agreement marked the first long-term LNG supply arrangement between a Canadian project and a European buyer.
On June 8, a second, preliminary deal was announced. Germany’s Uniper signed a letter of intent with Ksi Lisims LNG for a possible offtake agreement of 2 million tonnes of LNG per year.
Construction of the facility, which has an annual capacity of 12 million tonnes, could begin in 2027, although there some significant hurdles to overcome.
First and foremost is a Final Investment Decision. To get an FID across the line, Ksi Lisims must show there is enough demand to start construction. The JV already has binding offtake agreements with Shell (NYSE:SHEL) and TotalEnergies. With SEFE and Uniper, up to 7 million tonnes have been annually committed. Will that be enough, and will the facility be profitable in a future LNG market? Ksi Lisims must decide.
The $10 billion project is also facing political and legal challenges about the environmental impacts increased gas production and shipping will have on the area:
Two B.C. Supreme Court petitions were filed over the provincial government’s decision last year to deem the Prince Rupert Gas Transmission pipeline “substantially started,” meaning it wouldn’t need a new environmental assessment.
The liquefied natural gas pipeline’s construction, which was authorized in 2014, and a deadline to start it was extended to 2024, spurring the court challenges from Gitxsan Hereditary Chief Charlie Wright and environmentalist groups opposed to the project.
Construction started in 2024 but the pipeline is not yet finished.
These are all significant obstacles, but the bigger question is how Ksi Lisims would get the LNG from the Canadian West Coast to Germany.
Opposition Leader Pierre Poilievre has said the better option would be to ship it from the east coast. But there are currently no operational LNG export plants on that side of Canada; only an import and peaking facility in New Brunswick owned by Repsol.
The only large-scale LNG facility in operation is LNG Canada in Kitimat, close to the proposed Ksi Lisims plant. The first phase of LNG Canada was finished in 2025; a year ago it loaded its first export cargo.
When asked why Ottawa wouldn’t pipe LNG across the country, then ship it directly across the Atlantic to Germany, the energy minister said it’s cheaper to move the product by water — through the Panama Canal — than it is to pay tolls through a pipeline.
In practice, Germany may never receive LNG directly from Ksi Lisims, despite the project signing two separate offtake agreements.
Instead, the German companies could employ a concept that is becoming increasingly common in LNG markets: cargo swaps
Here’s how it works:
Instead of purchasing the LNG and physically delivering it to Germany, the companies would purchase the cargo and redirect it to buyers in Japan, South Kora, Taiwan or other Asian markets. In exchange, the companies would receive LNG from suppliers closer to Europe, like the US, Qatar, Algeria or Norway.
The result, says EnergyNow via the Financial Post, is lower shipping costs, shorter transit times, reduced congestion risk, and greater flexibility while maintaining the same overall gas supply balance.
This is already how major LNG portfolio players such as Shell, TotalEnergies, BP, and SEFE manage global supply chains. LNG contracts increasingly represent access to molecules rather than a commitment to move specific molecules from one point to another.
In the end, “the molecule doesn’t matter as much as the contract.”
A Canadian LNG contract provides supply from a stable democracy, reduced exposure to political disruptions, diversification from a single supplier, and long-term contractual security, states EnergyNow.
Reuters previously reported that German buyers are increasingly interested in acquiring Canadian LNG cargoes specifically because they can be swapped within global markets. Canadian Energy Minister Tim Hodgson noted that European buyers see value in holding Canadian LNG positions even if the fuel is ultimately consumed elsewhere.
END
EU
EU Plans €100 Billion Project To Bring African Sunlight To Power Europe’s Electric Revolution
Thursday, Jun 11, 2026 – 04:15 AM
The European Union, which has been starved for cheap energy since the start of the Ukraine war, is betting that the future of its energy system lies under the North African sun. On Tuesday, the European Commission pledged €5 billion of EU money to renewables projects in North Africa and the Middle East, which could feed electricity back into Europe’s grid, Politico reported.
The dream is that solar panels in the sun-soaked Sahara Desert and wind turbines along the southern and eastern shores of the Mediterranean generate electricity that is then sent through high-voltage transmission lines under the sea and into Europe’s grid. While visionary, the probability of this happening in the next decade is slim, meanwhile the bill for Europe – which is even more cash-strapped than it is energy-strapped – would be astronomic.
That electricity would replace imported fossil fuels, helping Europe meet its ambitious electrification and climate targets.
The Commissions hopes the EU funding will lure private money to co-invest, mobilizing up to €25 billion of investment in solar, wind, hydrogen, electricity grids and other clean technologies by 2035.
“The EU’s bill for fossil fuel imports has increased by over €47 billion in the past 100 days, but not a single molecule of energy in addition,” EU energy chief Dan Jørgensen said during a press conference announcing the new initiative on Tuesday.
By 2035, the Commission expects the initiative to support the development of at least 15 gigawatts of new renewable-energy capacity, create more than 100,000 jobs and strengthen electricity interconnections across the Mediterranean. It wasn’t clear if the Commission also factored in the astronomic costs such a project would require, or where it would get the funds.
The launch of the initiative, known as T-MED, comes as Europe faces renewed volatility in global energy markets because of the war in Iran. Jørgensen linked the initiative directly to the current crisis, arguing that recent events have once again exposed the risks of relying on fossil fuels.
“Our energy security must be based on electrified energy systems that are based on clean energy, modern grids and increased connectivity,” he said.
According to Brussels, North Africa and the Middle East holds around 2,300 gigawatts of renewable-energy potential, more than twice the EU’s current installed capacity. Solar and wind power can be produced 30 to 40 percent more cheaply than in Europe, the Commission estimates.
“Our objective is simply to turn potential into projects, projects into investments and investments into jobs and growth,” said Mediterranean Commissioner Dubravka Šuica during the launch on Tuesday.
Yet the scale of the challenge remains enormous. By the Commission’s own estimates the region will require well over €100 billion in investment by the end of the decade to fully exploit its renewable-energy potential. Officials acknowledged Tuesday that the €25 billion target is only a starting point. Meanwhile, as Rabo’s Michael Every notes, such a project would require both massive capital as well as Africa not wanting that power for its own economy, not to mention an EU ability to physically protect such installations in a region plagued by Islamist attacks and Russian influence in places. “That could therefore cost more than €100bn.”
The Commission hopes a new T-MED investment platform, due to become operational in September, will help bridge that gap by bringing together governments, development banks, project developers and private investors. At the same time, Brussels plans to push partner countries to simplify permitting procedures, improve grid access and strengthen regulatory frameworks in order to make projects more attractive to investors, which of course will be critical since the project would have to be funded with new debt. Lots of debt.
The initiative resembles a strategy Europe has pursued before. More than a decade ago, the Desertec project sought to harness North African solar power and export it to Europe. Despite early enthusiasm, the project ultimately ended up as a – pardon the pun – flaming disaster amid political uncertainty, financing challenges and concerns over the cost of new infrastructure.
Similar projects in other parts of the world have also collapsed: the Sun Cable project, for example, which promised to power Singapore with Australian sunlight via what would have been the longest undersea power cable in the world, was a flop.
END
UK//A FAILED STATE
UK Plans To Jail Tech CEOs Who Refuse To Spy On Every Phone
Thursday, Jun 11, 2026 – 06:30 AM
Authored by Steve Watson via Modernity,
New measures would compel client-side inspection of every photo, video and message on devices, escalating the digital ID lockdown already plotted for British smartphones in coordination with major technology firms.
Privacy advocates warn the “child safety” framing masks a broader drive to turn personal phones into mandatory surveillance endpoints, with criminal penalties aimed at any executive who resists.
Reclaim The Net, an organization dedicated to countering online censorship and digital surveillance, flagged the draft legislation in recent updates.
The group described how UK authorities are preparing to imprison tech executives for up to five years under the Online Safety Act if companies refuse to build and deploy scanners capable of reviewing every piece of content on user devices.
The push targets expanded “client-side scanning” features, requiring devices to inspect material before it is sent or received.
Existing tools from Apple and Google, such as nudity detection in Messages or sensitive content warnings, would be broadened into comprehensive, always-active systems. Non-compliance would trigger direct penalties against company leadership rather than the firms alone.
Former Home Office safeguarding minister Jess Phillips, who resigned in May, had publicly pressed for faster action. She stated it had taken a year to secure agreement even to threaten legislation in this space and expressed frustration that promised timelines kept slipping, questioning how many children had gone without protections while focus remained on tech company objections.
This scanning requirement advances the same agenda detailed in earlier reporting on UK government plans to tie smartphone access to digital identification. Under those proposals, full device functionality would depend on users submitting verified government ID during setup or ongoing use, often through biometric checks such as video selfies paired with document scans.
Without compliance, devices would default to restricted child-locked modes, limiting core features like unrestricted messaging, streaming and browsing. The approach effectively creates a chokehold on software and internet access for anyone unwilling to submit to centralized identity verification.
Google has already begun rolling out digital ID support in the UK via Google Wallet on Android devices. Users can add verified copies of passports or other documents after completing a short video selfie and ID scan.
The feature aligns with Online Safety Act age checks and is being explored for wider certification under the government’s digital identity trust framework, including potential use for age-restricted purchases.
Apple has implemented parallel restrictions on iOS in Britain, forcing age confirmation steps that previously caused major disruptions for millions of users.
Silkie Carlo of Big Brother Watch condemned the direction. “Protecting children online is vital, but these are outrageous plans that will fail to address the underlying causes of online harm,” she said. “This will only result in population-wide ID checks for all of us to use our phones, tablets and laptops.”
Carlo added: “Put simply, the Labour Government is introducing ID checks for the internet. No one in a democracy should need to show their passport just to get online.“
She noted that the measures substitute performative government control for genuine parental responsibility, with children easily circumventing restrictions by using adult-registered devices. For adults, the backdoor digital ID requirement would mark “the death of anonymity and internet privacy.”
GrapheneOS, the open-source privacy and security hardened mobile operating system, has laid bare how Apple and Google are weaponizing hardware-based attestation to eliminate competition and lock users into their approved devices and operating systems.
Governments are actively accelerating this lock-in. The EU and other authorities are mandating Apple and Google attestation for digital payments, government ID systems, age verification and banking apps, forcing citizens onto approved hardware and OSes just to access essential services.
The new jail threat for non-compliant executives directly operationalizes long-standing intelligence priorities. Client-side scanning has been a GCHQ ambition for years. Once embedded through regulatory compulsion, the technology sits inside every device and can analyze content before encryption takes effect.
Proponents present it as narrowly focused on blocking child sexual abuse material or grooming. The underlying code, however, supports expansion to any content category authorities later designate as prohibited, with updates pushed remotely and without fresh legislation or user consent.
This fits the wider digital ID infrastructure already under construction. The government’s One Login platform and planned GOV.UK Wallet aim to centralize identity verification across services, incorporating biometric data, comprehensive audit trails and permission frameworks that can deny access to jobs, purchases or other functions based on compliance status.
Private discussions have included assigning digital IDs to newborns alongside health records, modeled on systems like Estonia’s, creating cradle-to-grave profiles from the moment of birth registration.
Officials repeatedly frame these steps as essential child protection. Yet the architecture prioritizes mass data collection and device-level access over precise interventions.
Real exploitation concerns persist, but the chosen tools create permanent surveillance capacity that can be repurposed far beyond the initial justification.
The same political class overseeing high migration levels and repeated institutional failures around grooming scandals now demands ever-deeper monitoring tools.
International parallels reinforce the pattern: global digital identity blueprints promoted through bodies such as the World Health Organization, with backing tied to entities like the Gates Foundation, outline interoperable systems for lifelong tracking from birth, integrating personal data with socioeconomic details and enabling AI-driven behavioral conditioning around services, information and compliance.
end
POLAND/UKRAINE
Russia will be furious if Ukraine joins NATO
Poland Won’t Stand In The Way Of Ukraine’s EU Bid, Despite Relations Hitting Rock Bottom
Thursday, Jun 11, 2026 – 02:45 AM
Poland will not obstruct the commencement of negotiations regarding Ukraine’s accession to the European Union, but Warsaw remains firmly opposed to granting any preferential treatment to Kyiv, Polish Prime Minister Donald Tusk has told journalists.
Relations between the two Eastern European allies have reached crisis-mode of late, after President Volodymyr Zelensky named an elite special operations unit after “UPA Heroes” – to denote a high honor for battlefield performance.
For Warsaw, uplifting this name is tantamount to backing the genocide against the Polish people:
For Poland, the UPA, or the Ukrainian Insurgent Army, is responsible for a campaign of genocidal ethnic cleansing in the 1940s that resulted in the deaths of an estimated 100,000 Polish civilians in Volhynia (known as Volyn in Ukrainian and Wołyń in Polish), a historic region with deep Polish and Ukrainian roots. This violence also systematically targeted Jewish survivors who had escaped the Holocaust.
Amid the diplomatic dispute sparked by the renaming, the Polish government is still promising not to let the issue steer its thinking on Ukraine’s aspirations to join the European Union. It is pledging to remain objective related to examining Ukraine’s status.
Polish Prime Minister Donald Tusk specifically pledge before reporters this week that his government will not use the WW2 issue to block the start of EU negotiations centered on Ukraine.
“We are not going to trade our support for [European] ambitions of Ukraine,” Tusk stated. According to more background:
The Prime Minister was responding to a reporter’s question about whether Warsaw intended to block the accession talks following recent decisions by Volodymyr Zelenskyy to glorify historical followers of Stepan Bandera.
Despite the diplomatic friction, Tusk emphasized that Warsaw would maintain a strict, standard approach to the accession process.
“Nevertheless, there will be no special terms from our side. Poland will support Ukraine on its path to Europe on terms that will be European, as well as safe and beneficial for Poland,” Tusk added.
Poland also has other pressing concerns, not the least of which is the immigration and war refugee issue. Poland has throughout over four years of the Ukraine war had to absorb hundreds of thousands of refugees and war-displaced families.
A future where Ukraine could become part of the EU might prove a major drain on Poland’s own struggling economy and resources.
end
UK
my goodness!!!
After Horrific Belfast Migrant Knife Attack, U.K. Officials Think The Problem Is X
Thursday, Jun 11, 2026 – 02:00 AM
Authored by Monica Showalter via American Thinker,
Northern Ireland went up in flames as angry Irish mobs rioted in the streets and burned down publicly funded migrant housing complexes last night.
The spark that set it off was a migrant who tried to behead a resident.
This is the attack in living color, which was posted on X:
Tekijä: Hadi Alodid, sudanilainen turvapaikanhakija
Video tapahtuneesta: pic.twitter.com/XLHbgMxRCo– Roni Arvonen (@RoniArvonen) June 10, 2026
Mob action is never desirable but the anger was predictable, as the details were worse than they looked: An innocent Scotish resident, Stephen Ogilvy, who is partially deaf, was helping a Sudanese ‘asylum seeker’ move into his residence. The migrant, Hadi Alodid, had entered the country in 2023 and got a five-year pass to seek ‘asylum.’ For unknown reasons, the migrant grabbed Ogilvy, began slashing him with a knife, gouging out one eye and severely damaging the other, slashed his knife all over Ogilvy’s face, and then began to cut Ogilvy’s head off in the street. He was intercepted by locals, one of whom hit him over the head with a shovel, saving Ogilvy’s life. Ogilvy’s alive, but gets to go through life not just nearly deaf, but nearly blind, too.
Coming on the heels of the Henry Nowak murder by a migrant-involved person, along with the bad police response, and it was too much for many in Belfast.
The riots that followed were the result of the state which failed to protect the people from uninvited barbarians who repaid kindness with savagery and who exhibited little consideration for the victims.
Brendan O’Neill, who’s a heckuva good writer, sums it up this way at Sp!ked:
Yes, only the blood-stained degenerate bears responsibility for the horrors inflicted on that innocent man. But we now know the piece of scum had an army of witless aiders and abetters. There lurks in the background of this abomination a whole regime of complicity. The wilfully oblivious technocrats who have overseen the withering of our borders. The spineless legal system that refuses to remove people who should not be here. The virtue-hoarding activist class that agitates for the right of every ‘asylum seeker’ to stay, because they cherish the spotlight of self-righteousness far more than they do the safety of working-class men and women. None of them wielded the knife, no; but all helped to pave the way for that reprobate’s presence in Belfast.
Isn’t there now a case against officialdom of reckless endangerment? Every week there are reports of horrifying rapes carried out by illegal immigrants. Working-class women and girls have suffered sickening abuse at the hands of men who came on small boats under the noses of our apathetic, cowardly rulers. People have been murdered, too. From the alleged rape gang overseen by Afghan nationals in Norwich to last night’s demented bloodletting in Belfast – when are we allowed to say this is all the bitter harvest of state failure, the predictable outcome of refusing to get a handle on who is coming here and why?
But the response of the state was utterly repulsive.
Officials expressed umbrage about the news getting out, not the migrant problem and the state that had ushered them in.
Their fury was concentrated almost solely on the reacting rioters, who were branded ‘racists’ as they always are, instead of the underlying crime – notice that the U.K. legislator shows no ‘horrified’ sentiment about the crime, just the resulting disorder:
Then they tried to cover it up by shutting the family up.
These crimes and bad responses from officials are now so frequent the British public believes it knows what’s going on:
Nudge unit. In the U.K., they have them.
After that, they blamed Elon Musk, who owns X:
Including the media intelligentsia:
Because what’s shown on X does mess up their narrative – innocent migrant, racist Irish locals – and shames the press for its obeisance to the powers that be.
There may have been a second migrant involved in the attack, too, which certainly wouldn’t have come from the press – it’s slowly coming out on X, too. That shames them.
It also exposed the elites’ bizarre priorities as to who gets into the country:
It’s a Europe-wide problem and it keeps happening over and over. This one, meanwhile, is emerging from Italy.
Like the Irish, the Albanians often have their own ways of solving problems, so it’s a case worth watching.
The bottom line here is that it isn’t just a few bad apples among the migrant communities, it’s large numbers of them, with outrageous incidents happening over and over now. The public has seen its candidates banned and demonized for questioning the system, so it’s very difficult to change it to get a responsive government that promotes what the public wants. We even see that behavior in the U.S., as we can recall the many ways the left tried to disqualify President Trump from winning his current term.
What it underlines is that there is a massive, evil deep entrenched state everywhere with interests in replacing the population with criminal migrants. The Irish are rebelling, at least temporarily, as the riots die down. But they are awakened. And one wonders how long these matters will just stay temporary matters with a government as unwilling to change its ways as the U.K. The trouble seen is their doing.
Image: X screenshot
end
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS//
ISRAEL/USA VS IRAN//WEDNESDAY NIGHT
US Begins “Self-Defense” Strikes Against Multiple Targets In Iran
Wednesday, Jun 10, 2026 – 05:42 PM
Summary
- US begins strikes on Iran for second straight night: according to Centrom, “US forces began launching additional self-defense strikes today at 5:15 p.m. ET against multiple targets in Iran at the Commander in Chief’s direction. The strikes are in response to Iran’s unwarranted and continued aggression.”
- Explosions had been heard in the Iranian towns of Sirik, Manab, Bandar Abbas and Bushehr,
- Hegseth confirms imminent attacks on key Iranian facilities
- Trump says “Will be attacking Iran hard again today”
- Trump says “secret mission” has reopened the Strait
- Trump tells Fox he “may keep going” with strikes.
- Trump says Iran took too long to negotiate, and now “will have to pay the price”.
- Tehran claims prior night attacks in Kuwait, Bahrain and Jordan as fulfilment of its previously vowed ‘retaliation’ – targeted the Fifth Fleet headquarters in Manama, footage shows.
- Iran again signals it could cut off all indirect talks & any negotiations, says it is ‘reviewing’ US talks after latest exchange of missiles.
* * *
US Begins strikes on Iran
After multiple previews of the main event, US Central Command said that its forces began launching additional self-defense strikes today at 5:15 p.m. ET against multiple targets in Iran at the Commander in Chief’s direction. “The strikes are in response to Iran’s unwarranted and continued aggression.”
Local Iran media reported that explosions had been heard in the Iranian towns of Sirik, Manab, Bandar Abbas and Bushehr, while Al Hadath reported than an explosion was heard in the Al-Saban military camp in Aden, Yemen.
Additionally, there are unconfirmed reports that retaliatory Iranian ballistic missile launches are already underway, amidst what appears to be the resumption of a new round of U.S. strikes on Iran.
* * *
Hegseth Signals Imminent Attacks On Key Iranian Facilities, Iran Says “Fully Prepared”
Echoing President trump’s earlier comments, Sectary of War Pet Hegseth just announced that: “CENTCOM will be busy tonight, we will be hitting Iran hard, we will bomb key facilities in Iran.”
As @MarioNawfal writes, Announcing the strikes before they happen is itself the strategy.
You don’t telegraph a bombing campaign hours in advance unless the message matters more than the surprise.
This is the final-pressure play in its purest form: the bombs are loaded, the targets are picked, and the paper is still on the table waiting for a signature.
An Iranian military source told Tasnim news that:
“The Iranian armed forces are fully prepared tonight. If the Americans take any aggressive action, they will once again face heavy responses.
The Americans’ idea of ‘controlled escalation’ is foolish, and Iran will not hesitate to dictate new calculations to the Americans.”
Oil prices are up at the highs of the day on the news…
Trump says “Secret Mission” has Allowed 200 Ships, 100 Million Barrels of Oil Through Strait
Confirming our reported from both a week ago (see “As Gulf States Plan Bypass Pipelines, US Military Is Quietly Helping Ships Cross Hormuz“) and this afternoon (“Growing Number Of Oil Tankers Successfully Sneak Through Hormuz, Shrinking Iran’s Leverage“) moments ago Trump posted on Truth Social that he had “directed our Great U.S. Military to execute a secret mission to support Oil Tankers and other Commercial Ships through the Strait of Hormuz.” Of course, the mission wasn’t that secret if we discussed how the US military was helping ship cross the Strait one week ago.
In any case, Trump added that “this effort has resulted in more than 100 MILLION Barrels of Oil making its way through the Strait, and into the Open Market. More than 200 Commercial Ships have safely traveled through the Strait,” which would explain why oil prices have remained low and confirms what Goldman’s Delta One head, Rich Privorotsky, wrote this morning, namely that “a lot has been thrown at the oil market and it’s simply not going up, which is remarkable given the level of escalation. The only conclusion that really fits the price action is that barrels are still getting through the Strait of Hormuz, visibly or otherwise. There doesn’t seem to be a more rational explanation.”
“This wildly successful effort is because the UNITED STATES of AMERICA CONTROLS the Strait of Hormuz — NOT Iran” Trump concluded.
Now the question is whether Iran, whose leverage in the conflict would be viewed as dramatically reduced as a result of this development, will allow stealthy tankers and other ships, with transponders shut, to continue crossing the strait affirming Trump’s implicit claim that the country no longer has control over the strait, or if Tehran will make a public demonstration of how much control it still has.
Trump says “will be attacking Iran hard again today”
Oil surged, jumping by more than a dollar with WTI rising above $91 with Brent touching $94 after President Trump vowed to strike Iran again and slammed the country for delaying talks on an interim peace deal, after renewed attacks overnight put further strain on a fragile two-month truce.
“We’re going to be attacking them, attacking them very hard,” Trump told reporters at the White House Wednesday. “We hit them hard yesterday, and we’re going to hit them hard again today.”
Trump declined to say what targets US forces would hit in Iran. The president renewed earlier criticism that Tehran has taken too long to negotiate an end to the conflict.
“I’ve been working with Iran for a number of months, and they should sign their deal,” he said. “It was just tap, tap, tap, I don’t know what they’re doing.”
Trump said he retaliated against the Islamic Republic for shooting down a US Apache helicopter near the Strait of Hormuz. Tehran has not confirmed shooting down the aircraft and said it was reconsidering whether to persist with negotiations in light of the US attacks.
“The diplomatic process doesn’t happen in a vacuum and to advance any diplomatic process you need a minimum space to be able to move forward,” Esmail Baghaei, a spokesman for Iran’s Foreign Ministry, was cited by the state-run Islamic Republic News Agency as saying. “Wherever necessary, our armed forces will respond to the enemy with authority.”
Trump’s comments came after the two sides once again exchanged strikes, underscoring how high tensions are running and the risk that intermittent indirect talks between Iran and the US may be derailed. The overnight clashes followed a direct confrontation between Iran and Israel earlier this week, but halted after Trump called on both sides to stop.
The S&P extended its decline to more than 1% and WTI climbed above $91 a barrel to session highs, after Trump’s comments.
Since almost the start of the conflict, Trump has swung from threats of intensified attacks to touting that a deal is within reach. Even with tensions escalating since last week, he had signaled he wants to contain hostilities and avoid a return to all-out war before the new post.
A White House official said talks are still ongoing and that the US will exert maximum pressure until a deal is reached. Fox News first reported the status of the talks. The semi-official Iranian Students’ News Agency reported that a Qatari delegation arrived in Tehran on Wednesday to discuss the diplomatic process to end the war.
The US military said it had completed an operation that saw fighter jets strike Iranian air defenses, ground control stations and radar sites near the Strait of Hormuz. The Islamic Revolutionary Guard Corps launched missiles on four American targets, including shelters housing F-35 fighter jets and a command center for the US military at Al-Azraq Air Base in Jordan, state-run IRIB News said on Wednesday.
Iran also said it fired drones at the main US naval base in the Middle East, located in Bahrain, and struck Ali Al Salem air base in Kuwait. Kuwait’s defense ministry said it had intercepted projectiles early Wednesday, while Jordan said it had intercepted five Iranian missiles.
Tehran said it had exercised its “inherent right to legitimate self defense” and warned regional states not to allow the US and Israel to use their territory as a staging post for strikes on the Islamic Republic.
There were no immediate reports of casualties in any of the attacks.
* * *
Could ‘Keep Going’ With Strikes: Trump to Fox
More strikes coming? Trump is certainly strongly hinting at this, and yet an overall strategic vision still remains murky and ill-defined. Once again he in a short 12-hour period went from hyping a deal being a few days away, to now threatening yet more attack waves on Iran, in wake of last night’s:
President Trump said Wednesday that he’s close to ordering more strikes on Iran after the country’s attacks targeting American bases in Persian Gulf nations, according to Fox News’ Trey Yingst.
Mr. Trump said he “may keep going” with strikes, which he said would target power plants and bridges, because Iranian negotiators are “tapping the United States along,” according to Yingst.
He wrote on Truth Social just before these comments that Iran will have to “pay the price” after taking too long to proceed with negotiations.
Trump: Iran Took Too Long To Negotiation, Now Will ‘Pay’
As part of what the United States is calling its latest ‘defensive strikes’ after Iran shot down an Apache helicopter in the Hormuz region, American forces overnight into the early Wednesday hours targeted “air defense, ground control stations, and surveillance radar sites” – the Pentagon said. Iran confirmed that there were indeed fresh attacks around Bandar Abbas and Qeshm Island, but gave no details on the damage, or info on other strikes potentially conducted elsewhere across the Islamic Republic.
“The operation was a proportional response to recent attacks on U.S. forces and international commercial ships transiting regional waters,” US Central Command (CENTCOM) said. Trump is meanwhile again lashing out at Tehran, claiming its military is now a “complete and total mess” – and yet it keeps responding:
Oil reacts, sensing no peaceful off-ramp or de-escalation on the horizon…
Kuwait, Bahrain, Jordan Hit Hard by Iranian Overnight Attack
Tehran later claimed attacks in Kuwait, Bahrain and Jordan as fulfilment of its previously vowed ‘retaliation’ – and given these countries host American forces. This marks merely the second time this week the ceasefire was ignored (or rather, shattered – though the White House is maintaining it’s still on) with major tit-for-tat strikes, as each side asserts that it is acting ‘defensively’.
Iran has been saying it’s going to keep up the pressure on Washington and its Gulf allies through both the ‘battlefield and diplomacy’ – with Iran’s Foreign Ministry spokesperson Esmaeil Baghaei freshly charging that the US is “undermining” the diplomatic process through “contradictory messages, frequent shifts in its positions and demands, as well as repeated violations of the ceasefire.”
He indicated that at this point there’s not even the “minimum level of conducive conditions” that is “required in order to carry out diplomacy effectively.”
Bahrain and Kuwait got hit hardest in these newest strikes, with reports saying the US Fifth Fleet base came under fire:
Iran Touting Both ‘Diplomacy & the Battlefield’
“The Zionist regime is also damaging this process through its repeated violations of the ceasefire in Lebanon,” Baghaei said, adding “any diplomatic process is harmed by the use of force and unlawful actions.”
“Diplomacy and the battlefield are not separate matters. Together they serve as instruments for safeguarding Iran’s national interests and security,” he stressed in a familiar refrain of late.
He also indicated the question of negotiations will be “reviewed” in light of last night’s developments, and further emphasized, “Wherever necessary, our armed forces will respond to the enemy with authority.“
“Every Side Believes They Can Control the Escalation”
But it’s also clear Tehran feels it must assert strong red lines immediately and without hesitation if it is to survive this now several months-long military confrontation with Washington. On this, longtime regional war correspondent and analyst Elijah Magnier has some insight as to each side’s calculus:
Speaking to Al Jazeera, Magnier said it’s a volatile situation with no “stable political exit” as peace is far from being achieved while Lebanon and Gaza remain outside of any final settlement.
“The most dangerous thing is that every side believes they can control the escalation. However, a repeated incident can erode restraint, and if talks collapse completely, this controlled escalation could widen into a much larger conflict,” he said.
History has shown if “one strike crosses the red line” the attacks can spiral out of control, said Magnier.
Indeed in many ways that’s how we got here in the first place.
Vital water infrastructure reportedly struck in Iran during this new round of intense but brief escalation:
The White House believed it could control the outcome from day one of Operation Epic Fury, and then perhaps a bit of panic set among US officials in when it was realized the government in Tehran would not so easily fall, and that the military apparatus would become hardened, and its power expanded.
Reports of another US MQ-9 Reaper drone shot down over Iran:
From there it took many weeks to get the naval armada in place, enough to where a blockade could be enacted against Iran’s ports and its crucial oil exports. The White House continues to face several ‘bad’ and ‘worse’ options for dealing with the crisis, as energy prices are set to soar this summer.
END
ISRAEL/USA/IRAN//LATE WEDNESDAY EVENING
Trump Says ‘We’ll Bomb The Sh*t Out Of Them’ Tomorrow Too If No Deal, After Dozens Of Tomahawks Hit Iran
Wednesday, Jun 10, 2026 – 08:40 PM
Summary
- Trump to FOX: ‘We’ll bomb the shit out of them tomorrow night.’” The president declared “we’ll bomb them to rubble” again tomorrow night if there is no deal by then. US says strikes completed tonight.
- The IRGC is claiming to have struck 18 US military targets in two waves – including attack on Bahrain’s US Fifth Fleet HQ.
- US begins strikes on Iran for second straight night: according to Centcom, “US forces began launching additional self-defense strikes today at 5:15 p.m. ET against multiple targets in Iran at the Commander in Chief’s direction. The strikes are in response to Iran’s unwarranted and continued aggression.”
- Explosions had been heard in the Iranian towns of Sirik, Manab, Bandar Abbas and Bushehr,
- Hegseth confirms imminent attacks on key Iranian facilities
- Trump says “Will be attacking Iran hard again today”
- Trump says “secret mission” has reopened the Strait
- Trump tells Fox he “may keep going” with strikes.
- Trump says Iran took too long to negotiate, and now “will have to pay the price”.
- Tehran claims prior night attacks in Kuwait, Bahrain and Jordan as fulfilment of its previously vowed ‘retaliation’ – targeted the Fifth Fleet headquarters in Manama, footage shows.
- Iran again signals it could cut off all indirect talks & any negotiations, says it is ‘reviewing’ US talks after latest exchange of missiles.
* * *
Trump Warns: “We’ll Bomb the Shit Out of Them” if No Deal
Fox News’ Trey Yingst has issued a new reporting update, quickly on the heels of a fresh Trump-ordered bombing of Iran. He says: “I asked the president what will happen if the Iranians don’t sign an agreement that was put forward by American negotiators. President Trump said, ‘We’ll bomb the shit out of them tomorrow night.’” The president declared “we’ll bomb them to rubble” again tomorrow night if there is no deal by then.
US MILITARY SAYS IT HAS COMPLETED LATEST STRIKES IN IRAN
Tonight’s aggression has prompted Tehran to once again declare the Strait of Hormuz closed to “all types of vessels”. Bombs have not yet fallen directly on the capital, but reportedly outside of it. This could quickly change. Importantly concerning Trump’s latest claims, Iranian leadership is denying that it engaged Trump directly tonight. The highlights from Fox’s Yingst:
- The President told me he spoke directly with Iranian officials tonight who asked him to stop bombing.
- 49 Tomahawk missiles had been fired by the United States at the time we spoke, along with bombing from fighter jets.
- Closest target to Tehran was approximately 40 miles outside of the city.
- Trump added that the bombing will stop shortly, but that if they don’t sign the agreement, “we’ll bomb the shit out of them.”
- President Trump called this “the most violated ceasefire in the history of the world.” V
- Vice President JD Vance told me the United States is dealing with both moderate and more extreme voices in Iran as part of the negotiation process.
Tasnim is now reporging fresh Iranian counter-attacks on US bases across the Gulf, with multiple explosions being reported at American bases in Kuwait and Bahrain. The IRGC is now claiming to have struck 18 US military targets in two waves.
Bahrain is where a key naval command headquarters is located, and the Iranians are newly claiming a direct targeted strike on the US Navy’s Fifth Fleet headquarters. We are once again witnessing the ‘escalation ladder’ ramp up, and negotiations seem in reality nowhere on the horizon. This could be the start of several more days of strikes and counter-attacks to come, as Tehran is not so easily going to come back to the negotiating table, hat in hand. But it seems the White House is still betting on this, though risk and unpredictability are skyrocketing at this stage.
Newly emerged widely circulating video shows an Iranian Cold War-era relic still active:
US Begins strikes on Iran
After multiple previews of the main event, US Central Command said that its forces began launching additional self-defense strikes today at 5:15 p.m. ET against multiple targets in Iran at the Commander in Chief’s direction. “The strikes are in response to Iran’s unwarranted and continued aggression.”
Local Iran media reported that explosions had been heard in the Iranian towns of Sirik, Manab, Bandar Abbas and Bushehr, while Al Hadath reported than an explosion was heard in the Al-Saban military camp in Aden, Yemen.
Additionally, there are unconfirmed reports that retaliatory Iranian ballistic missile launches are already underway, amidst what appears to be the resumption of a new round of U.S. strikes on Iran.
* * *
Hegseth Signals Imminent Attacks On Key Iranian Facilities, Iran Says “Fully Prepared”
Echoing President trump’s earlier comments, Sectary of War Pet Hegseth just announced that: “CENTCOM will be busy tonight, we will be hitting Iran hard, we will bomb key facilities in Iran.”
As @MarioNawfal writes, Announcing the strikes before they happen is itself the strategy.
You don’t telegraph a bombing campaign hours in advance unless the message matters more than the surprise.
This is the final-pressure play in its purest form: the bombs are loaded, the targets are picked, and the paper is still on the table waiting for a signature.
An Iranian military source told Tasnim news that:
“The Iranian armed forces are fully prepared tonight. If the Americans take any aggressive action, they will once again face heavy responses.
The Americans’ idea of ‘controlled escalation’ is foolish, and Iran will not hesitate to dictate new calculations to the Americans.”
Oil prices are up at the highs of the day on the news…
Trump says “Secret Mission” has Allowed 200 Ships, 100 Million Barrels of Oil Through Strait
Confirming our reported from both a week ago (see “As Gulf States Plan Bypass Pipelines, US Military Is Quietly Helping Ships Cross Hormuz“) and this afternoon (“Growing Number Of Oil Tankers Successfully Sneak Through Hormuz, Shrinking Iran’s Leverage“) moments ago Trump posted on Truth Social that he had “directed our Great U.S. Military to execute a secret mission to support Oil Tankers and other Commercial Ships through the Strait of Hormuz.” Of course, the mission wasn’t that secret if we discussed how the US military was helping ship cross the Strait one week ago.
In any case, Trump added that “this effort has resulted in more than 100 MILLION Barrels of Oil making its way through the Strait, and into the Open Market. More than 200 Commercial Ships have safely traveled through the Strait,” which would explain why oil prices have remained low and confirms what Goldman’s Delta One head, Rich Privorotsky, wrote this morning, namely that “a lot has been thrown at the oil market and it’s simply not going up, which is remarkable given the level of escalation. The only conclusion that really fits the price action is that barrels are still getting through the Strait of Hormuz, visibly or otherwise. There doesn’t seem to be a more rational explanation.”
“This wildly successful effort is because the UNITED STATES of AMERICA CONTROLS the Strait of Hormuz — NOT Iran” Trump concluded.
Now the question is whether Iran, whose leverage in the conflict would be viewed as dramatically reduced as a result of this development, will allow stealthy tankers and other ships, with transponders shut, to continue crossing the strait affirming Trump’s implicit claim that the country no longer has control over the strait, or if Tehran will make a public demonstration of how much control it still has.
END
LATE IN THE EVENING:
Trump claims he directly spoke with Iranian officials, was asked to stop strikes
Trump also asserted that Israel was not involved in the strikes, which reportedly targeted Iranian air defenses and radar sites near the Strait of Hormuz.
US President Donald Trump reacts as remarks are delivered to reporters about his administration’s support for coal energy production, among other topics, in the Oval Office at the White House in Washington, DC, US June 4, 2026.(photo credit: REUTERS/JONATHAN ERNST)
JUNE 11, 2026 02:54Updated: JUNE 11, 2026 04:34
US President Donald Trump claimed to Fox News that he spoke directly with Iranian officials who asked him to stop strikes on the country after the US initiated “self-defense strikes” against Iran on Wednesday.
According to Fox News correspondent Trey Yingst, Trump said senior Iranian officials contacted him directly and asked the United States to halt its bombing campaign.
Yingst reported that Trump told him the conversation took place while he was in the Situation Room with US Vice President JD Vance and senior advisers.
According to Fox, Trump said the bombing campaign would stop shortly if Iran agreed to a deal proposed by US negotiators. When asked what would happen if Iran refused, Trump responded: “We’ll bomb the s**t out of them tomorrow night.”
Trump also asserted that Israel was not involved in the strikes, which reportedly targeted Iranian air defenses and radar sites near the Strait of Hormuz.
Reuters contributed to this report.
This is a developing story
ISRAEL/USA VS IRAN//THURSDAY MORNING
WILL BE HITTING HARD ON A SECOND CONSECUTIVE NIGHT. ALL OF IRAN’S RADAR SYSTEMS ARE GONE
Trump Previews Will Be Hitting Iran ‘Very Hard’ Tonight After Tehran Deems Ceasefire ‘Meaningless’, Oil Jumps
Thursday, Jun 11, 2026 – 08:30 AM
Summary
- Trump announces intent to hit the Iranians “VERY HARD TONIGHT”.
- Iran Foreign Ministry: US attacks “rendered the ceasefire dated April 8, 2026 effectively meaningless”
- Third commercial vessel disabled by American forces this week in regional waters. Aircraft fires missiles on engine room.
- Still claims of ongoing indirect talks: Qatar negotiators depart Tehran after talks on US, Iran: diplomat to AFP
* * *
Trump: Will Be Hitting Iran Very Hard Tonight
After already issuing an ultimatum the evening prior, President Trump has just announced his intent to launch a second consecutive night of direct missile attacks on Iran. He’s vowing to hit the Iranians “VERY HARD TONIGHT”.
He also just renewed prior threats to ‘take’ Kharg Island and ‘other oil infrastructure points’ in the not too distant future.
The Thursday morning Truth Social post previewing the next escalation in this war resulted in a spike in oil prices:
US Attack Renders Ceasefire ‘Meaningless’
Overnight, there did not appear to be any new major exchanges of fire after Iran launched retaliatory strikes on US bases in Kuwait, Bahrain and Jordan – following the US bombing of some dozens of targets in Iran earlier, in the wake of the downing of a US Apache attack helicopter in the Hormuz area earlier this week.
But since then, Iran has announced it is closing the Strait of Hormuz – or rather seeking to tighten its grip with the likelihood of more aggressive attacks on international and ‘unauthorized’ tankers to come. Iran had also struck US bases in Kuwait, Bahrain, and Jordan – according to its statements as well as emerging open source material.
The most important new statement to come out of Tehran is the Iranian Foreign Ministry’s charge that the US attacks “rendered the ceasefire dated April 8, 2026 effectively meaningless” and that the US will be held responsible for the “consequences”. The formal statement also urged regional Arab stated to not allow American forces to use their territories.
Day 104: Return to Regional Airspace Closures
It is day 104 of the enduring conflict, with active war having newly erupted again, and so we are seeing airspace closures over the region once again, with Kuwait confirming flight diversions amid a temporary airspace closure.
Aerial alerts have also been issued for Jordan.
A slew of new videos have emerged showing missile intercepts, with US Patriot batteries active, over areas from Kuwait to Bahrain to Jordan – however, the United Arab Emirates (UAE) interestingly continues to be sparred from Iran’s wrath and retaliation.
Scope of US Attack & Iran’s Military Response
As for the latest of what’s confirmed in the wake of the prior day’s major US attacks on Iran, which involved over 40 Tomahawk missiles fired, Al Jazeera has the following summary and review of the situation:
- US strikes on Iran: US Defense Secretary Pete Hegseth confirmed that Washington was launching strikes on “key facilities” in Iran, saying the attacks were part of attempts to secure a permanent ceasefire. Speaking outside CENTCOM headquarters in Tampa, Florida, Hegseth said President Donald Trump had ordered Iran to be hit “hard” and warned the strikes could continue for a second consecutive night if necessary.
- Strait of Hormuz closed: In response to the latest attacks, Iran’s top military command announced the complete closure of the Strait of Hormuz, one of the world’s most critical oil transit routes. Officials warned all vessels to stay away from the strategic waterway, saying any ships attempting to pass through could come under attack.
- Water services restored: Authorities in Iran’s Hormozgan province said water supplies had been restored to affected communities in Sirik county less than 12 hours after US strikes damaged infrastructure. Iranian media reported that two concrete water storage reservoirs were hit in the attacks. A New York Times analysis suggested the tanks may have been struck with precision-guided munitions, raising concerns as international humanitarian law considers civilian water infrastructure a protected site.
- Tehran reacts to renewed fighting: Reporting from Tehran, Al Jazeera’s Mohamed Vall said many Iranians had been expecting another US attack despite renewed talk of negotiations. “They have been waiting and expecting a surprise American attack,” Vall said, adding that Tehran retaliated by striking US bases in Kuwait and Bahrain, according to military commanders. The latest exchanges mark another night of direct confrontation after both sides had suggested the previous round of attacks had come to an end.
Below: Iran releases video showing this its latest missile launches targeting US bases in the Middle East:
‘Tomorrow Night’ Warning
President Trump is again trying his hand at forcing Iran to negotiate and capitulate through bombing, most recently warning in a statement to Fox News that if Iran does not accept a US deal, it would come under American fire power once again “tomorrow night” — so the clock is ticking Thursday, apparently.
While Trump claimed the Iranians had contacted Washington, urging a halt to the attacks, Tehran leadership has rejected that this actually happened. The whole situation is somewhat of a return to the same stalemated reality of the opening days and weeks of Operation Epic Fury.
Third Tanker this Week Disabled by US Forces
In the Gulf of Oman, US forces have reportedly disabled another oil tanker charged with ‘violating the blockade’ put into place by the US Navy. This marks the third commercial vessel disabled by American forces this week. According to a fresh CENTCOM description of the action:
U.S. forces disabled an oil tanker in the Gulf of Oman at 11:20 p.m. ET on June 10 after the vessel violated the blockade against Iran by attempting to transport Iranian oil, marking the third commercial ship disabled by American forces this week.
U.S. Central Command (CENTCOM) acted against Guinea-Bissau flagged M/T Jalveer as it attempted to transport oil from Iran through the Gulf of Oman. A U.S. aircraft fired two Hellfire missiles into the ship’s engine room after the crew repeatedly failed to comply with directions from U.S. forces.
Earlier this week, U.S. aircraft disabled Palau-flagged vessels M/T Marivex and M/T Settebello on Monday and Tuesday, respectively. Marivex violated the blockade by attempting to sail to an Iranian port and Settebello attempted to transport Iranian oil.
In total: U.S. forces have disabled 9 non-compliant vessels since initiating the blockade of Iran’s ports on April 13.
Claims of Ongoing Indirect Talks
Bloomberg reports early Thursday:
Qatar negotiators depart Tehran after talks on US, Iran: diplomat to AFP
Some regional media, such as Al Arabiya, are reporting that negotiations between Tehran and Washington are ongoing (likely only indirectly, if at all) – though there hasn’t been official confirmation of this from the Islamic Republic side at all. Instead, they are calling even the extended ceasefire itself ‘meaningless’.
According to the latest communication, Iran’s Defense Ministry says the country will not back down in the face of threats or pressure, with the national armed forces remaining on high alert, ready to inflict retaliation and punishment.
END
ISRAEL/USA IRAN LATE THURSDAY MORNING
Iran Is ‘Finished’: Trump Vows ‘Bigger, More Powerful’ Bombing Tonight After Tehran Declared Ceasefire ‘Meaningless’
Thursday, Jun 11, 2026 – 10:05 AM
Summary
- Trump follows with mention of “bigger, more powerful” bombing of Iran tonight. He pledged “they’re finished”.
- Trump announces intent to hit the Iranians “VERY HARD TONIGHT”.
- Iran Foreign Ministry: US attacks “rendered the ceasefire dated April 8, 2026 effectively meaningless”
- Third commercial vessel disabled by American forces this week in regional waters. Aircraft fires missiles on engine room.
- Still claims of ongoing indirect talks: Qatar negotiators depart Tehran after talks on US, Iran: diplomat to AFP
* * *
Trump: ‘Bigger, More Powerful’ Bombing Tonight
President Trump follows on the heels of vowing to hit Iran “very hard tonight” with some further words revealing his thinking in a morning Fox News interview. Trump has promised a “bigger, more powerful” bombing of Iran. “They have no defense,” he said, and pledged “they’re finished”. But be again lambasted the media for not saying that they are actually “finished”.
He explained that if needed, US troops can be used to “take over the whole place” – but still expressed he doesn’t desire to put US American forces on the ground.
Separately, CNN has cited US admin officials who suggest that a move to capture Kharg Island is an “endgame” strategy option. So this suggests its low on the White House agenda, after Trump earlier hinted that this could be done.
Trump: Will Be Hitting Iran Very Hard Tonight
After already issuing an ultimatum the evening prior, President Trump has just announced his intent to launch a second consecutive night of direct missile attacks on Iran. He’s vowing to hit the Iranians “VERY HARD TONIGHT”.
He also just renewed prior threats to ‘take’ Kharg Island and ‘other oil infrastructure points’ in the not too distant future.
The Thursday morning Truth Social post previewing the next escalation in this war resulted in a spike in oil prices:
US Attack Renders Ceasefire ‘Meaningless’
Overnight, there did not appear to be any new major exchanges of fire after Iran launched retaliatory strikes on US bases in Kuwait, Bahrain and Jordan – following the US bombing of some dozens of targets in Iran earlier, in the wake of the downing of a US Apache attack helicopter in the Hormuz area earlier this week.
But since then, Iran has announced it is closing the Strait of Hormuz – or rather seeking to tighten its grip with the likelihood of more aggressive attacks on international and ‘unauthorized’ tankers to come. Iran had also struck US bases in Kuwait, Bahrain, and Jordan – according to its statements as well as emerging open source material.
The most important new statement to come out of Tehran is the Iranian Foreign Ministry’s charge that the US attacks “rendered the ceasefire dated April 8, 2026 effectively meaningless” and that the US will be held responsible for the “consequences”. The formal statement also urged regional Arab stated to not allow American forces to use their territories.
Day 104: Return to Regional Airspace Closures
It is day 104 of the enduring conflict, with active war having newly erupted again, and so we are seeing airspace closures over the region once again, with Kuwait confirming flight diversions amid a temporary airspace closure.
Aerial alerts have also been issued for Jordan.
A slew of new videos have emerged showing missile intercepts, with US Patriot batteries active, over areas from Kuwait to Bahrain to Jordan – however, the United Arab Emirates (UAE) interestingly continues to be sparred from Iran’s wrath and retaliation.
Scope of US Attack & Iran’s Military Response
As for the latest of what’s confirmed in the wake of the prior day’s major US attacks on Iran, which involved over 40 Tomahawk missiles fired, Al Jazeera has the following summary and review of the situation:
- US strikes on Iran: US Defense Secretary Pete Hegseth confirmed that Washington was launching strikes on “key facilities” in Iran, saying the attacks were part of attempts to secure a permanent ceasefire. Speaking outside CENTCOM headquarters in Tampa, Florida, Hegseth said President Donald Trump had ordered Iran to be hit “hard” and warned the strikes could continue for a second consecutive night if necessary.
- Strait of Hormuz closed: In response to the latest attacks, Iran’s top military command announced the complete closure of the Strait of Hormuz, one of the world’s most critical oil transit routes. Officials warned all vessels to stay away from the strategic waterway, saying any ships attempting to pass through could come under attack.
- Water services restored: Authorities in Iran’s Hormozgan province said water supplies had been restored to affected communities in Sirik county less than 12 hours after US strikes damaged infrastructure. Iranian media reported that two concrete water storage reservoirs were hit in the attacks. A New York Times analysis suggested the tanks may have been struck with precision-guided munitions, raising concerns as international humanitarian law considers civilian water infrastructure a protected site.
- Tehran reacts to renewed fighting: Reporting from Tehran, Al Jazeera’s Mohamed Vall said many Iranians had been expecting another US attack despite renewed talk of negotiations. “They have been waiting and expecting a surprise American attack,” Vall said, adding that Tehran retaliated by striking US bases in Kuwait and Bahrain, according to military commanders. The latest exchanges mark another night of direct confrontation after both sides had suggested the previous round of attacks had come to an end.
Below: Iran releases video showing this its latest missile launches targeting US bases in the Middle East:
‘Tomorrow Night’ Warning
President Trump is again trying his hand at forcing Iran to negotiate and capitulate through bombing, most recently warning in a statement to Fox News that if Iran does not accept a US deal, it would come under American fire power once again “tomorrow night” — so the clock is ticking Thursday, apparently.
While Trump claimed the Iranians had contacted Washington, urging a halt to the attacks, Tehran leadership has rejected that this actually happened. The whole situation is somewhat of a return to the same stalemated reality of the opening days and weeks of Operation Epic Fury.
Third Tanker this Week Disabled by US Forces
In the Gulf of Oman, US forces have reportedly disabled another oil tanker charged with ‘violating the blockade’ put into place by the US Navy. This marks the third commercial vessel disabled by American forces this week. According to a fresh CENTCOM description of the action:
U.S. forces disabled an oil tanker in the Gulf of Oman at 11:20 p.m. ET on June 10 after the vessel violated the blockade against Iran by attempting to transport Iranian oil, marking the third commercial ship disabled by American forces this week.
U.S. Central Command (CENTCOM) acted against Guinea-Bissau flagged M/T Jalveer as it attempted to transport oil from Iran through the Gulf of Oman. A U.S. aircraft fired two Hellfire missiles into the ship’s engine room after the crew repeatedly failed to comply with directions from U.S. forces.
Earlier this week, U.S. aircraft disabled Palau-flagged vessels M/T Marivex and M/T Settebello on Monday and Tuesday, respectively. Marivex violated the blockade by attempting to sail to an Iranian port and Settebello attempted to transport Iranian oil.
In total: U.S. forces have disabled 9 non-compliant vessels since initiating the blockade of Iran’s ports on April 13.
end
WEDNESDAY AFTERNOON:
Ghalibaf Hits Back At Trump Ahead Of Threatened Bigger Bombing Tonight: “Endless Quagmire You’ll Be Stuck In For Years”
Thursday, Jun 11, 2026 – 12:20 PM
Summary
- Iran Parliament Speaker Ghalibaf says “Wrong strategies and impulsive decisions will reset the entire board for the worse, explode energy infrastructure and markets & create an endless quagmire that you will be stuck in for years.”
- Trump follows with mention of “bigger, more powerful” bombing of Iran tonight. He pledged “they’re finished”.
- Trump announces intent to hit the Iranians “VERY HARD TONIGHT”.
- Iran Foreign Ministry: US attacks “rendered the ceasefire dated April 8, 2026 effectively meaningless.”
- Third commercial vessel disabled by American forces this week in regional waters. Aircraft fires missiles on engine room.
- Still: claims of ongoing indirect talks: Qatar negotiators depart Tehran after talks on US, Iran: diplomat to AFP
* * *
Ghalibaf to US: “Endless quagmire that you will be stuck in for years.”
Iran Parliament Speaker Ghalibaf says “Wrong strategies and impulsive decisions will reset the entire board for the worse, explode energy infrastructure and markets and create an endless quagmire that you will be stuck in for years.”
He’s seizing on the lessons of Bush’s Afghan and Iraq wars, which the media and history books have long looked critically on as ‘forever wars’. There’s also the general war-weariness among the American public, also as the Russia-Ukraine war is in its fifth year. This is Tehran again counter-signaling that there is no imminent deal or even so much as forward-moving negotiations to speak of.
Meanwhile, the Pentagon is pushing back against Iran’s assertion that it has again locked down international shipping transit in the Strait of Hormuz:
Trump: ‘Bigger, More Powerful’ Bombing Tonight
President Trump follows on the heels of vowing to hit Iran “very hard tonight” with some further words revealing his thinking in a morning Fox News interview. Trump has promised a “bigger, more powerful” bombing of Iran. “They have no defense,” he said, and pledged “they’re finished”. But be again lambasted the media for not saying that they are actually “finished”.
He explained that if needed, US troops can be used to “take over the whole place” – but still expressed he doesn’t desire to put US American forces on the ground.
Separately, CNN has cited US admin officials who suggest that a move to capture Kharg Island is an “endgame” strategy option. So this suggests its low on the White House agenda, after Trump earlier hinted that this could be done.
END
THURSDAY AFTERNOON:
Trump cancels this evening’s attack:
Trump Cancels Tonight’s Planned Iran Strikes, Citing ‘Highest Level’ Talks, Even As Tehran Denies
Thursday, Jun 11, 2026 – 01:40 PM
Summary
- TACO: Trump Cancels Strikes After All Day Bluster About ‘Bigger’ Strikes on Iran Tonight
- Iran Parliament Speaker Ghalibaf says “Wrong strategies and impulsive decisions will reset the entire board for the worse, explode energy infrastructure and markets & create an endless quagmire that you will be stuck in for years.”
- Trump follows with mention of “bigger, more powerful” bombing of Iran tonight. He pledged “they’re finished”.
- Trump announces intent to hit the Iranians “VERY HARD TONIGHT”.
- Iran Foreign Ministry: US attacks “rendered the ceasefire dated April 8, 2026 effectively meaningless.”
- Third commercial vessel disabled by American forces this week in regional waters. Aircraft fires missiles on engine room.
- Still: claims of ongoing indirect talks: Qatar negotiators depart Tehran after talks on US, Iran: diplomat to AFP
* * *
Trump Cancels Strikes After All Day Bluster About ‘Bigger’ Strikes on Iran Tonight
TACO Thursday… Trump again backs off prior repeat vows. He’s been threatening since last night that he’ll “bomb the shit” out of Iran, and followed by specifically saying this morning that ‘bigger airstrikes’ would come tonight. It’s after 9pm in Iran and there’s been nothing yet.
And now the president is saying he’s canceled the planned strikes altogether. He’s saying this is due to “discussions” at the highest level with Iranian leadership. But Tehran has rejected that it’s engaged with talks. One side or the other is lying. Might the following from CNN have some direct bearing on this sudden reversal in intentions?
Energy executives have warned the White House that key oil reserves being used to limit the Iran war’s impact on prices are running dangerously low, via CNN citing sources.
Stocks surging, oil dumping…
Oil plunges after the bombshell Truth Social reversal and sudden de-escalation in US military posture from the Commander-in-Chief:
US Still Holding Israel Back
This is another latest sign Washington is still looking for an off-ramp through negotiations. Trump is hoping to push Iran back into talks through bombing, which thus far hasn’t worked (since even the opening days of Epic Fury). According to the latest reporting out of Israel’s public broadcaster Kan News:
END
LATE THURSDAY AFTERNOON
Trump: Iran Deal Should Be Done ‘Pretty Quickly’ But ‘Subject To Settling’ Over Next Few Days
Thursday, Jun 11, 2026 – 03:44 PM
Summary
- Trump Talks Endgame In Iran: Says ‘we’ll have a signing very soon.’
- TACO SEASONING: Trump tells NY Post that Iran deal “pretty much all wrapped up,” but FARS news agency says no deal has been approved.
- TACO: Trump Cancels Strikes After All Day Bluster About ‘Bigger’ Strikes on Iran Tonight
- Iran Parliament Speaker Ghalibaf says “Wrong strategies and impulsive decisions will reset the entire board for the worse, explode energy infrastructure and markets & create an endless quagmire that you will be stuck in for years.”
- Trump follows with mention of “bigger, more powerful” bombing of Iran tonight. He pledged “they’re finished”.
- Trump announces intent to hit the Iranians “VERY HARD TONIGHT”.
- Iran Foreign Ministry: US attacks “rendered the ceasefire dated April 8, 2026 effectively meaningless.”
- Third commercial vessel disabled by American forces this week in regional waters. Aircraft fires missiles on engine room.
- Still: claims of ongoing indirect talks: Qatar negotiators depart Tehran after talks on US, Iran: diplomat to AFP
Trump Says Deal Imminent
President Trump on Thursday said that a deal with Iran would be signed ‘soon’ and that the documents are in ‘pretty final shape.’
»TRUMP ON IRAN: STRAIT WILL OPEN AS SOON AS DEAL IS SIGNED
»TRUMP: STRAIT WILL OPEN AS SOON AS DEAL SIGNED
»TRUMP: JUST SPOKE TO LEADERS OF BAHRAIN, KUWAIT, OTHERS
»TRUMP: WILL BE TALKING TO TURKEY, PAKISTAN WAS FANTASTIC
»TRUMP: JUST SPOKE TO LEADERS OF QATAR, UAE, SAUDI ARABIA
»TRUMP: JUST SPOKE TO NETANYAHU
»TRUMP ON IRAN: DEAL SHOULD BE DONE PRETTY QUICKLY
»TRUMP: JUST SPOKE WITH LEADERS OF MANY COUNTRIES
»TRUMP: IRAN DOCUMENTS ARE IN PRETTY FINAL SHAPE
»TRUMP: WE HAVE AN IRAN DEAL SIGNING SOON
»TRUMP: WE HAVE A DEAL IN WHICH IRAN WON’T HAVE NUCLEAR WEAPON
»TRUMP: SIGNING OF IRAN DEAL PROBABLY IN EUROPE
»TRUMP SPEAKS AT THE WHITE HOUSE
»TRUMP: SETTLEMENT SUBJECT TO SETTLING OVER NEXT FEW DAYS
And of course, oil:
Trump Claims Iran Deal ‘Pretty Much All Wrapped Up’ – FARS Says No Text Approved
President Trump told the New York Post in a phone interview that the US-Iran agreement is “pretty much all wrapped up,” claiming high-level approval and announcing he has called off further strikes on Iran.
Iranian state media immediately pushed back. Fars News Agency, citing a source close to Iran’s negotiating team, stated that no text for the initial memorandum of understanding with the United States has been approved.
ISRAEL TBN
Youtube.com/watch?v=YJq3R8W5xR0
end
THE DEAL JERUSALEM POST:
Trump says deal with Iran agreed upon by all parties involved, including Israel, cancels strikes
The deal was approved “both in concept and great detail” by all involved parties, including the US, Israel, Saudi Arabia, the United Arab Emirates, Qatar, and multiple others, Trump wrote.
US President Donald Trump gestures as he boards Air Force One, after attending Game 3 of the NBA Finals, at John F. Kennedy International Airport in New York, June 8, 2026.(photo credit: REUTERS/Nathan Howard)By
JUNE 11, 2026 15:31Updated: JUNE 11, 2026 21:30
US President Donald Trump announced that he had canceled scheduled strikes and bombings against Iran on Thursday night, after a deal with Iran had been agreed upon.
The deal was approved “both in concept and great detail” by all involved parties, including the US, Israel, Saudi Arabia, the United Arab Emirates, Qatar, and multiple other Middle Eastern countries, Trump wrote.
The blockade will stay in place until the deal is finalized, Trump added.
Israel does not recognize reaching an agreement, a senior Israeli official told Channel 12.
Negotiations progressed earlier in week
Negotiations between the US and Iran progressed late Wednesday night as Qatari envoy Ali Al-Thawadi and Iranian Foreign Minister Abbas Araghchi worked to resolve three key issues that impeded previous proposals, Axios reported on Thursday night.
The issues included the mechanism for releasing frozen Iranian assets, which Axios wrote was the primary issue for the Iranians, arrangements for reopening the Strait of Hormuz during the 60-day ceasefire period, and how negotiations over Iran’s nuclear program will be conducted during that period, according to the report.
Sources told Axios that Iranian officials told several countries on Thursday that while an agreement had been approved in principle, Iranian Supreme Leader Mojtaba Khamenei had yet to give final approval.
Iranian media disputes Trump’s claim
IRGC-affiliated Tasnim News Agency wrote that Trump had announced an imminent deal 38 times in the last two months, and that until Iran announces an agreement, any Trump statement should be considered similarly to the past ones.
Iran’s Fars News Agency cited a source as saying Iran had not yet agreed to any memorandum of understanding with the US.
Trump earlier announced that the US would be striking Iran in a post on Truth Social on Thursday afternoon.
“At some point in the not too distant future, we will be taking Kharg Island, and other oil infrastructure points, and assume total control of their Oil and Gas Markets,” he added.
Trump said that his preference “has always been” to take Kharg Island, but that he wasn’t sure if “America has the stomach for it,” in a call with Fox also on Thursday.
Trump also addressed difficulties with negotiations with Iran, specifying that at one point, Iran would not agree not to buy as well as to not develop nuclear weapons, until they were convinced a day later.
Trump says Kurds were sent weapons, let the US down
Trump told Fox that the Kurds had let the US down after weapons were delivered to be distributed to the Iranian people during the January protests that predated the war.
When asked for his message to the Iranian people, Trump said that they were scared due to the arms disparity between the IRGC and unarmed protesters.
“We sent weapons and the Kurds let us down,” Trump said, adding that he had initially been against the plan to send the weapons to the Kurds, believing they would keep them instead of distributing them.
Notably, The Jerusalem Post reported that early on in the war, Israel had hoped to utilize the Iraqi and Iranian Kurds, who had received weapons from both the CIA and the Mossad, but that Trump had vetoed the operation.
Iran’s enemies must accept ceasefire or face ‘decisive’ response, Defense Ministry spokesperson says
Iranian Defense Ministry spokesperson Reza Taleinik said that Iran’s armed forces were at the highest level of readiness, and that Iran’s enemies must accept a ceasefire, on Thursday.
“Any crossing of the Islamic Republic’s red lines by the enemy will face a decisive, regret-inducing and harsh punitive response,” Taleinik said.
Iran’s top joint military command, Khatam al-Anbiya Central Headquarters, said on Thursday the United States would receive a more severe response than before if it attacks Iran.
“Considering recent US threats against Iran’s oil infrastructure, either oil and gas exports are for everyone, or they will be available for no one,” the command said in a statement carried by state media, adding the war would become more widespread and extensive, causing insecurity in the region.
Yonah Jeremy Bob and Reuters contributed to this report.
USA IRAN
super news
Bessent Pulls Trigger On Using Frozen Funds To Reimburse Gulf Allies: ‘Iran Will Pay’
Thursday, Jun 11, 2026 – 10:00 AM
US Treasury Secretary Bessent announced on X Thursday morning that Washington is moving forward on a plan to compensate America’s Gulf regional allies for damage sustained during Iranian counterattacks on their energy and civic infrastructure.
He made clear that any damage to Gulf allies would be paid for with frozen Iranian funds, which Tehran leadership has long blasted as blatant theft.
According to Bessent’s latest announcement: “The Iranian regime will lose the zero-sum game it is playing.” The Treasury Secretary listed out the following new policy and plan:
- Any damage it inflicts on our allies in the Gulf will be paid for with funds extracted from Iranian Accounts.
- Any tolls paid to the Persian Gulf Strait Authority will be offset by funds extracted from their accounts.
- Every attack Iran launches will only deepen the economic and financial consequences it faces.
Interestingly, there is implicit here a possible acknowledgement that US forces won’t be able to immediately be able to stop Iran from enacting its toll collection protocol, which it has hinted is being done in coordination – or at least with an ‘understanding’ – from Oman, which itself has come under pressure from the Trump administration of late.
Over eighty oil, gas, and vital infrastructure facilities across the Gulf have been hit – with most of the attacks having occurred in March and April – with one recent report estimating up to $58 billion in damage. Iran has sought to justify these attacks as ‘retaliation’ for these Gulf countries hosting American bases during the US unprovoked assault on the Islamic Republic.
An unnamed US official had previously told ABC’s Senior White House correspondent Selina Wang last weekend: “Treasury will utilize all tools available to allow Iranian assets to be made available to our Gulf allies to support rebuilding and repairs for any future damage caused by Iran.”
“The Secretary has also directed his team to assess conditions amongst our Gulf allies and request comprehensive estimates of the costs associated with repairing damage Iran has inflicted since the start of the conflict,” the source had added.
Also as part of that earlier reporting, it was revealed:
The Iranian assets could include frozen assets and ships the U.S. has seized. The administration is reaching out to Gulf allies right now and asking for their evaluation.
This is only likely to further derail efforts to get Tehran and Washington back to the negotiating table. Already the US has balked at Iran’s own insistent it be given reparations for damage done.
Iran is meanwhile still demanding that its billions in funds long frozen by Washington be given back as part of a deal. The Trump administration has so far rejected this, at least in terms of its public-facing position.
end
IRAN/USA/ISRAEL/GULF STATES
Iran Threatens Elon Musk’s Gulf-Area Starlink Ground Stations In Suspicious Timing Ahead Of SpaceX IPO
Thursday, Jun 11, 2026 – 09:26 AM
Summary:
- Iran Threatens Musk’s Starlink Ground Bases In Gulf Area Ahead Of IPO
- Massive SpaceX IPO Demand Coming From Gulf Sovereign Wealth Funds
IranIntlbrk is the X handle for Iran International’s breaking-news account and cites Tehran-aligned Fars News Agency, stating that the Islamic Revolutionary Guard Corps has placed the economic interests of Elon Musk in West Asia, including Arab countries and Israel, under consideration on a new target list.
IranIntlbrk continued:
X
1. Fars News Agency reported that this action is under consideration following claims by the IRGC-affiliated outlet that the U.S. and Israeli militaries’ use of infrastructure managed by Elon Musk, including Starlink, has been proven.
2. A media outlet affiliated with the IRGC wrote that Starlink’s ground stations in Israel, Qatar, Jordan, the United Arab Emirates, and Oman, alongside SpaceX shareholders including the infrastructure of the two companies “Al-Fazabi” and “Exchange,” are among the new targets of the Islamic Republic.
The IRGC’s threat against Musk’s Starlink ground stations (Starlink Gateways) across the region should come as no surprise. IRGC forces have already demonstrated a willingness to strike Gulf data centers, including the reported Shahed drone attacks on two AWS data centers in the UAE.
The timing of the IRGC’s threat against Musk is notable. It comes one day ahead of the SpaceX IPO, suggesting Tehran is trying to remain relevant in the news cycle with another round of big-bad warnings aimed at U.S. tech giants, Gulf allies, and critical communications infrastructure.
Starlink Service Map
On Wednesday, we reported that massive demand for the SpaceX IPO was coming from Gulf sovereign wealth funds.
Also today, Treasury Secretary Scott Bessent wrote on X, “The Iranian regime will lose the zero-sum game it is playing. Any damage it inflicts on our allies in the Gulf will be paid for with funds extracted from Iranian accounts.”
Massive SpaceX IPO Demand Coming From Gulf Sovereign Wealth Funds
One week ago, SpaceX kicked off its institutional roadshow, headlined by JPMorgan CEO Jamie Dimon, who hosted a nationwide “live interactive discussion” with private wealth clients.
The latest signal of investor demand comes from the Gulf, where massive sovereign wealth funds are reportedly seeking allocations in the IPO ahead of its expected Friday debut, according to Bloomberg News.
The report says Saudi Arabia’s Public Investment Fund and Kuwait Investment Authority have each placed orders for the IPO worth $1 billion to $5 billion, while the Qatar Investment Authority is also expected to make a significant commitment.
The report continued:
Entities based in the region are already prominent shareholders in Elon Musk’s rocket, satellite and AI firm, and many are sitting on large paper gains based on the billionaire’s targeted valuation of $1.8 trillion, the people said. It wasn’t immediately clear how much of the planned outlay is intended to prevent dilution of existing stakes after SpaceX’s listing.
The interest from the Gulf is part of a broader rush into the deal from global institutional investors, whose orders have exceeded the number of shares on offer. Some have bid for $10 billion or more of stock, Bloomberg News has reported, though the eventual allocations might be smaller.
In a separate report, Reuters says the IPO is three-and-a-half to four times oversubscribed, highlighting massive institutional demand for what is shaping up to be the largest listing on record and a defining moment for the space economy.
Elon Musk has joined several Zoom meetings with potential investors, while SpaceX President Gwynne Shotwell and CFO Bret Johnsen were expected to meet with roughly 300 institutional investors at a Morgan Stanley lunch in Manhattan.
Goldman Sachs was selected as the lead bank for the IPO, alongside Morgan Stanley. JPMorgan, Bank of America, and Citigroup are also among the 23 banks working on the deal, offering a staggering $75 billion by selling about 555.6 million shares. The planned IPO price is about $135 per share.
Why SpaceX’s IPO Is drawing record investor demand…
We offered readers a complete deep dive into the mechanics of the SpaceX offering and how to trade the world’s biggest IPO (read the report). SpaceX’s underwriters have shut off investor access to the offering in China and Hong Kong, primarily due to regulatory and compliance concerns.
However, there is a concerted effort by unhinged leftist lawmakers (such as Elizabeth Warren) and left-wing pension funds to delay or deny the SpaceX IPO, mainly for political brownie points. They appear to view the sudden new wealth generated for Elon Musk (and his employees and investors) as absolutely horrifying…
… given that Musk is pro-humanity and seeks to liberate the world’s minds from toxic progressive causes.
HAMAS
Depleted but dangerous, Hamas is holding its fire against Israel. The quiet may not last
While others attack, the terror group has largely vanished from the battlefield as it licks its war wounds and focuses on controlling Gazans, but experts warn the situation is far from stable
By Stav Levaton FollowToday, 6:10 am
Armed members of Hamas and Islamic Jihad greet people gathering for Eid al-Fitr prayers in Gaza City, Friday, March 20, 2026. (AP/Abdel Kareem Hana)
The war that Hamas ignited on October 7, 2023, has since expanded far beyond Gaza, drawing in Iran, Hezbollah in Lebanon and the Houthis in Yemen. But as Israel found itself under attack from multiple fronts in recent months, the group that started the conflict has been strikingly absent from the battlefield, largely holding fast to a ceasefire that halted fighting in October.
That absence, however, should not be mistaken for defeat, experts warn. Despite two years of sustained Israel Defense Forces operations and months of diplomatic efforts aimed at ending the war for good, Hamas remains armed and in control of most of Gaza’s territory east of the ceasefire line.
“On their side of the Yellow Line, [Hamas has] a monopoly on force,” Jonathan Ruhe, a military expert at the Jewish Institute for National Security of America, told The Times of Israel. “That feeds into their whole strategic concept, which, at this point, is to show that they won the war because they survived.”
When US President Donald Trump unveiled his 20-point plan to end the conflict eight months ago, disarming Hamas was one of its central pillars, paving the way for an International Stabilization Force tasked with securing the Strip during a transitional postwar period.
But footage circulating online since the ceasefire took effect in October appears to show the terror group reasserting its presence across parts of Gaza, with armed operatives patrolling streets, staging public displays of force and seeking to demonstrate that its military wing remains intact.
At the same time, Hamas has refrained from launching any significant attacks on Israeli territory since the ceasefire came into force.
The relative quiet has persisted even as the IDF continues to carry out near-daily strikes in Gaza, which Israel says are aimed at thwarting threats to its forces or responding to violations of the truce.
Hamas’s last known attempt to fire a rocket at Israel came in January, when the IDF reported detecting a failed launch from the Gaza City area.
Unable, not unwilling
According to Samuel Ben-Ur, a research analyst at the Foundation for Defense of Democracies, the absence of rocket fire should not be mistaken for a change in Hamas’s intentions.
“If they could carry out another October 7-style attack today, they would,” Ben-Ur said. “Their strategy is to inflict as much pain as possible on Israel… and force it into a concession.”
Instead, he argued, Hamas’s restraint is more likely a reflection of its current capabilities than its ambitions.
That position is backed up by Israeli military officials, who said in March that while the terror group has likely been attempting to rearm amid the ongoing ceasefire, it is nowhere near attaining the strength it had before the war, when it and other terror organizations would regularly fire rockets from the Gaza Strip at southern Israel.
The IDF assessed that Hamas’s efforts to rearm were “very limited,” largely because the group no longer has access to its weapons-smuggling routes, primarily across the Egyptian border.
As a result, Hamas has resorted to even more clandestine means. In February, Hebrew media reported that the terror group was employing submersible containers that travel just below the water’s surface to float contraband such as rocket-building materials from the Sinai Peninsula to Gaza.
A weakened military, an intact regime
In light of such efforts, Ben-Ur emphasized that there are still “no reports that suggest they’ve been able to build up their rocket arsenal.”
Before the war, Hamas was believed to possess between 18,000 and 30,000 rockets and unguided missiles, according to estimates by the Institute for National Security Studies.
IDF officials believe that the terror group still possesses hundreds of rockets manufactured before the war that were not destroyed during the IDF’s two-year-long ground offensive, as troops did not reach all areas of the Strip.
Hamas’s “rocket and missile arsenals are effectively zero,” said Ruhe.
Its ability to manufacture rockets has also been largely dismantled after nearly three years of Israeli strikes targeting its production infrastructure.
In an effort to prevent Hamas from restoring its missile production capabilities, the military has recently been targeting commanders in the group’s rocket and missile program, as well as weapons manufacturing operatives.
In March, the IDF struck and killed a commander in Hamas’s supply and logistics department who worked to advance the terror group’s “precision missile project.” Two months later, the military similarly killed a key Hamas operative involved in weapons production who served as a major source of technical expertise for the terror group.
Further deteriorating its military wing, the IDF killed Hamas military chief Izz al-Din al-Haddad on May 15, as well as his successor, Mohammed Odeh, 11 days later.
Still, the targeting of Hamas’s military personnel and erosion of its rocket arsenal does not mean the group has been disarmed. Analysts assess that the organization continues to possess small and medium arms, including assault rifles, machine guns and explosives used to manufacture improvised explosive devices, which have remained one of the primary threats facing IDF troops operating inside Gaza.
Hamas has also retained access to drones, many of which are commercially available and can be adapted for military use. However, Israeli restrictions on the entry of dual-use goods into Gaza since the start of the war have likely limited the group’s ability to acquire such systems at the scale it once could.
Last month, an IDF officer told the Walla news outlet that Hamas is believed to possess fiber-optic drones that are resistant to electronic jamming – the same technology Hezbollah has been using in deadly attacks on Israeli troops during the ongoing fighting in Lebanon.
Yet, analysts believe that Hamas is concentrating the use of what weapons it maintains not to fight Israel but rather toward what Ben-Ur described as its “top priority,” entrenching its control over Gazans living under its rule.
“There have been more instances in the past couple of weeks of [Hamas] executing Palestinians in the street,” he said, a practice the terror group has implemented during past ceasefires as well. These executions often target members of rival gangs in Gaza, as well as dissidents and Palestinians accused of collaborating with Israel.
No clear path to disarmament
Given Hamas’s continued military presence in the Strip, analysts argue that the question is no longer whether the group will willingly disarm, but who, if anyone, will forcibly take its weapons. Israel says disarmament must take place before plans for the Strip’s post-war rehabilitation can get underway in earnest, leaving the territory in a tense limbo.
Ruhe argued that Hamas is using its remaining military capabilities to send a clear message: any effort to remove the group from power — whether by Israel, local rivals, or the yet-to-be-established International Stabilization Force — will face fierce resistance, and the organization has no intention of voluntarily surrendering its weapons.
“Until you find someone to disarm Hamas by force, none of the rest of [Trump’s 20-point plan] is going to click into place,” he said.
According to Ben-Ur, the IDF remains the only actor currently capable of carrying out that mission, a step that would mean resuming large-scale military operations against Hamas.
While that “has to happen if Hamas is to be disarmed,” it does not necessarily mean a return to the full-scale war that devastated Gaza over the course of two years, he said.
Rather, a similar process seems to be taking place gradually, with Israel expanding its control and squeezing Hamas and Gaza’s civilian population into an ever-shrinking area.
Last month, Prime Minister Benjamin Netanyahu announced that he had ordered the IDF to take control of 70 percent of the Gaza Strip, up from the current 60%, and well beyond the territory Israel was permitted to temporarily hold under the ceasefire agreement.
While critics have portrayed the move as evidence of Israel’s intention to permanently seize territory in Gaza, Ben-Ur argued that it should instead be viewed as an extension of the military’s ongoing campaign to dismantle terror infrastructure in areas under the army’s control.
What comes next for Gaza remains deeply uncertain. But Ruhe stressed that the status quo — a weakened Hamas that remains armed and in power — is unlikely to provide lasting stability.
“If Gaza continues to fester… and falls farther and farther down [Israel’s] list of priorities,” as Jerusalem focuses on more immediate threats elsewhere in the region and once again underestimates Hamas, Ruhe warned, the conditions that enabled the group to surprise the country on October 7 could eventually repeat, raising the risk of another large-scale onslaught from a group still armed and dangerous.
end
Backroom Detente: A Curious Lack Of Iranian Strikes On UAE, While Others Get Hit
Thursday, Jun 11, 2026 – 01:20 PM
President Trump is vowing another consecutive night of even heavier US military strikes on Iran. Yesterday’s salvo involved at least 49 Tomahawk missile strikes, mainly happening against southern coastal areas off the Strait of Hormuz.
Amid Iran’s counter-attacks on Gulf nations and reportedly on American bases hosted in these Arab Gulf allied states, there’s been a curious lack of any new launches against the United Arab Emirates.
Kuwait and Bahrain have been hit especially hard in this week’s new flare-up in cross-Gulf fighting, but again, the UAE has been spared – after previously coming under significant attacks during the opening month of Operation Epic Fury. Even faraway Jordan has been targeted in the new ‘retaliatatory’ attacks.
But Bloomberg on Thursday revealed the reason – Iran and the UAE have apparently reached an ‘understanding’ after some backroom dealing and diplomacy.
“Senior national security officials from the United Arab Emirates and Iran held a face-to-face meeting for the first time since the start of the US-Israeli war against Tehran, according to people with knowledge of the situation,” Bloomberg reports.
“This week’s meeting marked a stark turnaround for both sides and comes amid their growing acknowledgment of the importance of calmer bilateral ties, the people said, asking not to be named discussing sensitive matters,” the fresh reporting continues.
In the UAE’s thinking, it has too much to risk if it continues to face Iran’s significant ballistic missile and drone arsenal, at a moment Washington has failed to clearly define an end game, but instead is climbing up the escalation ladder with a cornered and thus fierce Iran, which sees itself fighting for its very survival.
According to more from Bloomberg:
The UAE’s leaders want to keep their bold economic ambitions, including investing billions of dollars in increased oil production and in AI data centers, on track. The relationship is important for Tehran too, as the Gulf nation was among the Islamic Republic’s biggest trading partners before the war began and a key conduit for sanctioned Iranian oil.
Other leaders – both on the political and business fronts – are also likely asking themselves: when will it end?
After all, each time the United States escalates, it’s these Gulf economies that are the first to feel the pain, as they literally find themselves on geographic the front line just a few hundred miles away from Iran’s borders.
If it is indeed accurate that Gulf nations are approaching Iran to do individual separate deals, this is for now a diplomatic ‘win’ for Tehran. Separate deal-making, peeling others away from a united front and bloc, gives Iran some greater leverage and also flexibility in terms of potential post-war economic and political detente with regional states.
RUSSIA VS UKRAINE
6/.GLOBAL ISSUES, COVID ISSUES, VACCINE INJURIES/HEALTH ISSUES
GLOBAL ISSUES
MARK CRISPIN MILLER
DR PAUL ALEXANDER
RABOBANK/MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
CANADA/MIGRANTS
Canadian police officer killed during arrest linked to Iran-backed terror campaign
By Luke Tress FollowToday, 9:35 pm
Toronto Police officers work around the scene of a shooting at the US Consulate in Toronto, Canada, on March 10, 2026. (Cole BURSTON / AFP)
A police officer in Toronto, Canada, is killed during a shootout with apparent links to an Iran-backed terror campaign targeting Jewish, Israeli and American targets.
Police were executing a search warrant early this morning in the York district of Toronto when the officer was shot, Toronto police say.
Toronto police chief Myron Demkiw identifies the slain officer as Marc Pinizzotto, 43
A police spokesperson says several officers entered an apartment on the fourth floor of a high rise.
A 19-year-old fired at the officers, striking Pinizzotto. Another officer shot the suspect multiple times, sending him to the hospital in critical condition, the spokesperson says.
Demkiw says another suspect, Zara Jabbi, 19, is on the lam and considered armed and dangerous.
Canadian police say the arrest was related to “a number of shootings,” including an attack at the US consulate in Toronto in March, according to the Toronto Star.
The alleged mastermind behind the consulate shooting was Mohammad Baqer Saad Dawood Al-Saadi, according to a criminal complaint filed in a New York court in April.
Al-Saadi is an Iraqi-Iranian national with deep ties to the Iranian regime who orchestrated a terror campaign against Jewish, Israeli and American targets in the US, Europe and Canada, according to US federal prosecutors.
According to the investigation, Al-Saadi said “our people” were behind two attacks in Canada, describing the targets as “the consulate and the Knesset.” Investigators said the description referred to the March shooting at the consulate and an attack on a Synagogue.
“In Canada, we have our guys,” Al-Saadi told a confidential source.
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS THURSDAY 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: 1.1535 DOWN 0.0001
USA/ YEN 160.54UP 0.060 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 1.3364 UP 0.0003 OR 3 BASIS PTS
USA/CAN DOLLAR: 1.3976 UP 0.0029 //CDN DOLLAR DOWN 29 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED DOWN 6.21 PTS OR 0.16%
Hang Seng CLOSED DOWN 158.67 PTS OR 0.65%
AUSTRALIA CLOSED UP 1.09%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 158.67 PTS OR 0.65%
/SHANGHAI CLOSED DOWN 6.21 OR 0.16%
AUSTRALIA BOURSE CLOSED UP 1.09%
(Nikkei (Japan) CLOSED UP 71.73 PTS OR 0.11%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: $4090.70
silver:$64.31
USA DOLLAR VS TRY (TURKISH LIRA): 46.16 PLUS 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: 72.11 ROUBLE// UP 0 ROUBLE AND 14 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: 4.9370 UP 1 BASIS PTS
UK 30 YR BOND YIELD: 5.621 UP 1BASIS PTS
CDN 10 YR BOND YIELD: 3.497 UP 1 BASIS PTS
CDN 5 YR BOND YIELD; 3.148 UP 1 BASIS PTS
USA dollar index early THURSDAY MORNING: 99.90 UP 1 BASIS POINTS FROM WEDNESDAY’s CLOSE
THURSDAY MORNING NUMBERS ENDS
And now your closing THURSDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.413% DOWN 4 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.684% DOWN 0 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.868 UP 1 BASIS PTS//
SPANISH 10 YR BOND YIELD: 3.488 DOWN 5 in basis points yield
ITALY 10 YR BOND: 3.799 DOWN 5 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 3.0306 DOWN 4 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY THURSDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/10:00 AM
Euro/USA 1.1527 DOWN 0.0008 OR 8 basis points
USA/Japan: 160.50 DOWN 0.030 OR YEN IS DOWN 5 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.8930 DOWN 4 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.579 DOWN 4 BASIS POINTS.
Canadian dollar DOWN 62 BASIS pts to 1.4008
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY DOWN TO 6.7781// ON SHORE ..
THE USA/YUAN OFFSHORE// CNH DOWN TO 6.7790
TURKISH LIRA: 46.16 PLUS 2 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
Your closing 10 yr US bond yield DOWN 3 in basis points from WEDNESDAY at 4.516.% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.9961 DOWN 3 basis points /10:00 AM
USA 2 YR BOND YIELD: 4.125 DOWN 0 BASIS PTS.
GOLD AT 10;00 AM 4076.00
SILVER AT 10;00: 64.04
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates THURSDAY CLOSING TIME 10:00 AM///
London: CLOSED UP 49.17 PTS OR 0.48%
GERMAN DAX: CLOSED UP 14.40 OR 0.06%
FRANCE: CLOSED UP 38.97 PTS PTS PTS OR 0.48%
Spain IBEX CLOSED UP 147.40 PTS OR 0.81 %
Italian MIB: CLOSED UP 475.57 PTS OR 0.95%
WTI Oil price 89.22 10.00 EST/
Brent Oil: 92.49 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 72.26 ROUBLE DOWN 0 AND 16 / 100
CDN 10 YEAR RATE: 3.440 DOWN 5 BASIS PTS.
CDN 5 YEAR RATE: 3.095 DOWN 5 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1579 UP 0.0044 OR 44 BASIS POINTS//
British Pound: 1.3420 UP 0.0060 OR 60 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.9130 UP 0 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.581 DOWN 1 IN BASIS PTS.
JAPAN 10 YR YIELD: 2.682 DOWN 1/2 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.874 UP 2 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 159.82 DOWN 0.710 OR YEN UP 71 BASIS PTS//GETTING CLOSER TO 160.00
USA dollar vs Canadian dollar: 1.3961 UP 0.0015 PTS// CDN DOLLAR DOWN 15 BASIS PTS
West Texas intermediate oil: 87,21
Brent OIL: 89.33
USA 10 yr bond yield DOWN 10 BASIS pts to 4.445
USA 30 yr bond yield: DOWN 8 PTS to 4.949%
USA 2 YR BOND 4.084 DOWN 4 PTS
CDN 10 YR RATE 3.419 DOWN 9 BASIS PTS
CDN 5 YEAR RATE: 3.059 DOWN 2 BASIS PTS
USA dollar index: 99.63 DOWN 31 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 46.15 GETTING QUITE CLOSE TO BLOWING UP/IDIOTS SOLD GOLD
USA DOLLAR VS RUSSIA//// ROUBLE: 72.26 DOWN 0 AND 1/100 roubles //
GOLD $4194.30 3:30 PM)
SILVER: 66.95 3;30 PM)
XX
DOW JONES INDUSTRIAL AVERAGE: UP 929.60 OR 1.86%
NASDAQ 100 UP 938.15 PTS OR 3.29%
VOLATILITY INDEX 19.52 DOWN 2.70 PTS OR 12.11%
GLD: $ 386.32 UP 11.74 PTS OR 3.13%
SLV/ $60.82 PTS UP 3.16 OR OR 5.48%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 541.02 PTS 1.58%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
TACO Thursday Trumps Hot-flation & ECB Hike, Sending Stocks & Bonds Soaring Ahead Of SPCX Launch
WRAP UP
Oil slides and stocks rally as Trump touts US/Iran deal – Newsquawk US Market Wrap
Thursday, Jun 11, 2026 – 04:17 PM
- SNAPSHOT: Equities up, Treasuries up, Crude down, Dollar down, Gold up
- REAR VIEW: Trump cancels fresh attacks on Iran, citing agreement reached with Iran, signing awaits; Reports suggest Iranian Supreme Leader approval is still needed, but a positive sign that the US has accepted Iran proposal; US PPI prints hot on headline, core soft; Weak US 30yr bond auction; ECB hiked rates by 25bps; ORCL slides on capex guide and new capital raise.
- COMING UP: Data: Japanese Industrial Production Final (Apr), German/French/Spanish HICP Final (May), UK GDP (Apr), Industrial Production (Apr), Canadian Wholesale Sales (Apr), US UoM Prelim. (Jun). Event: SpaceX COO Interview.
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MARKET WRAP
Risk sentiment improved markedly on Thursday after US President Trump touted a deal with Iran and announced that planned US strikes scheduled for tonight had been cancelled.
Equities rallied on the news, with gains led by cyclical and growth-sensitive sectors as investors rotated back into risk assets, with industrial materials and tech outperforming, while energy was the sole sector in the red. Oracle (ORCL) was the tech underperformer after earnings last night, where its USD 40bln equity sale saw the stock fall over 8%.
The crude complex was the primary casualty of the geopolitical optimism, reversing earlier gains and settling sharply lower. Markets continue to await official confirmation regarding the reported agreement, with Iranian and Israeli media pushing back on some of the claims. However, Fars reported that any proposed deal is likely to be accepted, helping maintain optimism around a potential de-escalation. Meanwhile, Trump suggested the deal could be signed this weekend in Europe.
The decline in oil prices supported a broad rally in Treasuries, with yields falling 8-10bps across the curve. The move was led by the belly, as traders pared inflation concerns and some of the hawkish policy expectations that had built in recent weeks amid elevated energy prices. Markets are no longer fully pricing a 25bps rate hike by year-end, with 18.5bps currently priced, implying a 74% chance of such a move.
In FX, the USD was broadly weaker, reflecting the improvement in global risk sentiment. The Antipodeans outperformed, with both AUD and NZD benefiting from the more constructive risk backdrop. The Canadian Dollar was weighed down by the sharp decline in crude prices.
Elsewhere, US PPI was mixed, with softer core measures offset by firm headline and supercore inflation. The report did little to materially alter Fed expectations, although a sustained decline in energy prices following any Iran agreement could help ease inflation pressures in the months ahead. Meanwhile, the USD 22bln 30-year bond auction was weak, with a sizeable tail and a sharp decline in indirect demand, highlighting ongoing caution towards long-duration debt despite yields remaining close to 5%.
US
US PPI: The May PPI report was mixed, with a hot headline reading, softer core inflation, and a reacceleration in supercore prices. Headline PPI rose 1.1% M/M, above the 0.7% forecast but below the prior 1.4%, while the Y/Y rate accelerated to 6.5% from 6.0%, slightly above the 6.4% consensus. Core PPI rose 0.4% M/M, in line with expectations and cooling from the prior 1.0%, while the Y/Y measure eased to 4.9% from 5.2%, below the 5.3% forecast. Meanwhile, supercore PPI, which excludes food, energy and trade services, rose 0.8% M/M, accelerating from 0.6%, while the Y/Y rate accelerated to 5.1% from 4.4%. While the softer core reading is a welcome sign, the acceleration in the supercore measures suggests underlying inflation pressures remain elevated. Within the report, the PPI components relevant for PCE were mixed. Portfolio management prices rose sharply to 4.84% from -2.31%, while air passenger transportation prices declined 0.5% after rising 2.66% previously. Following the release, Pantheon Macroeconomics estimated that core PCE likely increased 0.38% in May, lifting the annual rate to 3.4% from 3.3% in April. Overall, the report is unlikely to materially alter Fed expectations. Inflation remains above target and the labour market continues to appear stable, allowing policymakers to maintain their focus on inflation risks. However, the softer core reading means the report is unlikely to generate a significant additional hawkish repricing following last week’s strong payrolls data. Attention now turns to next week’s FOMC meeting and Chair Warsh’s press conference for further insight into how he is interpreting the recent inflation and labour market data.
JOBLESS CLAIMS: Initial jobless claims (w/e June 6th) rose to 229k from 225k, above the expected 219k and within the forecast range. The four-week average increased to 219.0k from 214.75k. Continuing claims (w/e May 30th) rose to 1.795mln from the prior week’s revised 1.771mln, above the 1.780mln forecast. In the unadjusted data, initial claims totalled 228,276, up 21.1% W/W, while seasonal factors had anticipated an increase of 35,595 claims (+18.9%). Looking at the state breakdown, the largest increases were recorded in Pennsylvania (+5,627), California (+5,340), Minnesota (+5,306), Texas (+2,818), and Puerto Rico (+2,640), while the largest declines were seen in Tennessee (-1,069), Oklahoma (-522), Mississippi (-448), Missouri (-349), and Kansas (-334). Summarising the data, Oxford Economics writes that “Initial jobless claims have moved well off their recent lows, but we don’t think the increase is signalling deteriorating labor market conditions. Labour market indicators taken together paint a stabilised and improving picture.” While claims have drifted higher in recent weeks, the broader labour market continues to appear stable. As such, the data is unlikely to materially alter the Fed’s outlook and allows policymakers to maintain their focus on inflation risks, which remain above target.
FIXED INCOME
T-NOTE FUTURES (U6) SETTLED 17 TICKS HIGHER AT 109-21+
Yields lower across the curve as Trump touts US/Iran deal. At settlement, 2-year -9.4bps at 4.051%, 3-year -10.1bps at 4.101%, 5-year -10.8bps at 4.172%, 7-year -10.8bps at 4.305%, 10-year -10.1bps at 4.453%, 20-year -9.5bps at 4.955%, 30-year -8.4bps at 4.946%,
THE DAY: Yields moved lower across the curve on Thursday, with the move accelerating into settlement after US President Trump touted a deal with Iran and announced that planned strikes scheduled for tonight had been cancelled. The announcement saw crude prices reverse earlier gains and move sharply lower, helping Treasuries rally as investors pared inflation risk premiums tied to the conflict.
Treasuries had already been edging higher throughout the session, with the long end initially leading the move. However, Trump’s comments prompted a broader rally across the curve, leaving yields 8-10bps lower by settlement, with the belly outperforming.
The market reaction has largely held, although questions remain regarding the validity of the reported agreement. Iranian and Israeli media have pushed back on reports that a deal has been reached, while officials have provided little clarification. That said, Fars reported that any proposed agreement is likely to be accepted, helping maintain optimism that a broader de-escalation may be achievable.
Elsewhere, the May PPI report was mixed, with softer core measures offset by firm headline and supercore inflation. While the data does little to alter the broader narrative that inflation remains above target, a successful agreement with Iran and a sustained decline in energy prices could help ease inflation pressures in the months ahead, particularly if the Strait of Hormuz reopens smoothly.
The USD 22bln 30-year bond auction was weak, tailing by 1.2bps and seeing a sharp decline in indirect demand. The result suggests investor appetite for duration remains fragile despite yields remaining near 5%, with dealers left holding a well-above-average share of the issue.
SUPPLY
Notes
- US sold USD 22bln of 30-year bonds; Tail 1.2bps
- US Treasury to sell USD 13bln of 20-year bonds on June 16th, to settle June 22nd; to sell USD 24bln of 5-year TIPS on June 18th, to settle June 30th
Bills
- US sold 4-week bills at a high rate of 3.595%, B/C 3.13x; sold 8-week bills at a high rate 3.610%, B/C 2.94x
- US to sell USD 89bln of 13-week bills, and USD 77bln of 26-week bills on June 15th, to settle on June 18th
- US to sell USD 65bln of 6-week bills on June 16th, to settle on June 18th
STIRS/OPERATIONS
- Fed Pricing: 18.5bps (prev. Dec 24.9bps)
- EFFR at 3.62% (prev. 3.62%), volumes at USD 106bln (prev. USD 106bln) on June 10th
- SOFR at 3.59% (prev. 3.60%), volumes at USD 3.023tln (prev. USD 3.063tln) on June 10th
- NY Fed RRP op demand at 0.46bln (prev. 0.39bln) across 3 counterparties (prev. 4) on June 11th
- NY Fed T-bill Schedule: Plans to conduct approximately USD 16.5bln in reinvestment purchases and an additional approximately USD 10bln in reserve management purchases over the noted monthly period
CRUDE
WTI (M6) SETTLED USD 2.32 LOWER AT USD 81.71/BBL; BRENT (Q6) SETTLED USD 2.72 LOWER AT USD 90.38/BBL
Crude reversed early gains and tumbled on Thursday as US President Trump touted an agreed-upon deal with Iran while simultaneously cancelling the planned strikes on Iran, which he only announced this morning. Regarding a deal, Trump said in his post that “discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved” while noting “Discussions and final points have been, in both concept and great detail, approved by all parties involved”, alluding to a deal. However, we are yet to hear confirmation from Iranian officials but Israeli press has been pushing back on the deal claims, while Iran’s Fars News has also pushed back on an agreed upon deal. Nonetheless, sources told Axios that key gaps were resolved during talks between Iranian officials and Qatari mediators, and the Qataris and the Iranians believed on Wednesday that they had reached an agreed-upon text that the US would also accept. This resulted in notable downside in crude prices while equities rallied and the dollar tumbled. Ahead of this, oil prices were trading with gains after Trump said the US will be hitting Iran very hard tonight, and the US “will be taking Kharg Island, and other oil infrastructure points ” in the not-too-distant future. Elsewhere, in remarks to Fox News in wake of the Truth post, Trump said US is talking to Iran, his preference would be to take Kharg Island, but not sure US has the appetite for it, and he doesn’t want boots on the ground. Meanwhile, Bloomberg reported that the UAE and Iran reportedly met face-to-face to ease tensions.
Away from the Middle East, the OPEC MOMR for May, stated global oil demand forecast to grow by 1.0mln BPD Y/Y in 2026 (prev. 1.2mln BPD in last assessment) and 1.7mln BPD Y/Y in 2027 (prev. 1.5mln BPD). For the record, WTI traded between USD 86.54-93.64/bbl and Brent USD 89.46-95.50/bbl.
EQUITIES
CLOSES: SPX +1.75% at 7,394, NDX +3.29% at 29,446, DJI +1.86% at 50,854, RUT +3.02% at 2,921
SECTORS: Energy -2.06%, Consumer Staples -0.47%, Real Estate -0.12%, Utilities +0.07%, Communication Services +0.34%, Financials +0.79%, Health +0.80%, Consumer Discretionary +2.39%, Technology +2.94%, Industrials +3.25%, Materials +3.26%.
EUROPEAN CLOSES: European Closes: Euro Stoxx 50 +0.93% at 6,066, Dax 40 +0.06% at 24,210, FTSE 100 +0.48% at 10,304, CAC 40 +0.48% at 8,201, FTSE MIB +0.95% at 50,505, IBEX 35 +0.81% at 18,290, PSI +1.44% at 9,025, SMI +0.49% at 13,530, AEX +1.06% at 1,063.
STOCK SPECIFICS:
- Oracle (ORCL): Higher-than-exp. FY27 capex plans & is to raise more money to finance AI buildout outweighed strong Q metrics.
- Beijing’s market regulator summoned Alibaba (BABA), JD (JD), PDD (PDD), ByteDance & Xiaohongshu over alleged misleading “618” sales promotions.
- Caterpillar (CAT) raised quarterly dividend by 8% to USD 1.63/shr.
- Intel (INTC) was double upgraded to ‘Buy’ from ‘Underperform’ at BofA.
- Dana Incorporated (DAN) to combine with Eaton’s (ETN) Mobility business headlines.
- Crusoe pushed aside at Wyoming AI project after Google (GOOGL) concerns.
- Google (GOOGL) announces roll out of enhanced local services ads for home listings.
- Muddy Waters announces it is short Ensign Group (ENSG).
FX
The dollar was broadly hit on Trump reversing his decision to attack Iran tonight, citing that discussions with Iran have been brought to the highest level of Iranian leadership and approved. Trump floated an agreement that would be signed and announced soon. The move was broad-based, as a surge in risk appetite left EMs rallying. As of now, Iranian media have said a final agreement has not been approved by Iran, which syncs up with Axios’ Ravid reporting that the Supreme Leader still needs to give final approval. In response, oil prices tumbled, leaving bonds bid as Fed rate hike bets got unwound, denting the USD bull case. In the US morning, US PPI sparked a quiet reaction in trade, though it printed notably hotter on the headline readings than CPI on Wednesday. Core came in softer-than-expected; however, the acceleration in the supercore measure means current levels of underlying inflation remain a concern. Separately, initial claims ticked higher to 229K from 225K, but like continued claims, remain in healthy ranges. Now, we await a response from the Iranian Supreme Leader on Trump’s comments. Meanwhile, SpaceX’s IPO on Friday marks a historic day; demand thus far appears to be strong, particularly amongst retail investors. DXY trades around 99.586, lows from earlier 100.314 highs.
G10 FX was mostly in the green, except CAD and NOK, both weighed down by the slump in oil prices. Antipodes saw the most gains, whilst the EUR posted lesser gains in the aftermath of the ECB announcement.
The ECB decision was broadly as expected, with a 25bps hike and the expected non-committal guidance and usual language. Baseline inflation forecasts were revised higher while growth was cut, though the cut to the growth view was not as marked as some had expected. Overall, the statement endorses, but does not cement, market pricing for another 2026 hike. EUR/USD hit lows of 1.1503 on Trump’s escalation before reversing on his U-turn to highs of 1.1589. Click here for the full ECB review.
ECB REVIEW: Overall, largely as expected from the ECB with the bank hiking rates by 25bps to 2.25%. Both the statement and President Lagarde were non-committal to further tightening, but there was nothing standing in the way of additional action. The baseline forecasts have inflation back to target in 2028, suggesting that further tightening is not a certainty as the ECB arguably does not need it over the medium term. However, the Adverse scenario that Lagarde pointed us to does have inflation above target by the end of the forecast horizon, suggesting further tightening is still a possibility. In short, the statement, forecasts and press conference chime with pre-ECB market pricing for another hike this year, a view broadly maintained post-ECB; pricing has (adj. for the 25bps move today) 33bps implied by-end 2026 vs 36bps pre-ECB. In wake of the meeting, sources via Reuters noted that policymakers eye a pause in July if energy prices stay where they are and would need to see a material surge in crude prices to support another hike in July. Looking ahead, policymakers projected two more rate hikes, meaning a September hike is still possible. Bloomberg sources however said officials see the next rate hike possibly as soon as July. For further analysis, please click here
USA DATA RELEASES
US Initial Jobless Claims Jump To 4-Month-Highs
Thursday, Jun 11, 2026 – 09:08 AM
The number of Americans filing for unemployment benefits for the first time jumped to 229k last week (more than the 220k expected) and the highest in four months…
Source: Bloomberg
Pennsylvania, California, and Minnesota are the states seeing the largest rise in claims last week…
Continuing jobless claims also rose last week to 1.795mm Americans – highest in two months, but still relatively low in the context of the last two years…
Source: Bloomberg
The bottom line is that while initial jobless claims are rising, they remain low by historical standards and continue to run below year-ago levels.
Taken together with the May payrolls report, the data suggest that labor-market momentum remains firm.
end
Core Producer Prices Cooler Than Expected In April, Goods Costs Jump Most On Record
Thursday, Jun 11, 2026 – 08:40 AM
After yesterday’s mixed bag from consumer prices (headline in-line but core cooler than expected and goods deflating), US Producer Prices were expected to keep accelerating higher (on a YoY basis) in May and they did… by more than expected.
Headline PPI rose 1.1% MoM in May (much hotter than the 0.7% MoM exp) but April’s 1.4% MoM rise was revised down to +1.1% MoM. This left producer prices up 6.5% YoY (vs 6.4% exp and up from revised lower 5.7% in April)…
Source: Bloomberg
Services costs are the biggest contributor to the rise in the headline print…
And, echoing CPI, Core PPI (ex Food and Energy) printed cooler than expected at +0.4% MoM (+0.5% exp) with core PPI up 4.9% YoY (well below the 5.4% YoY exp and flat with April’s revised lower 4.9%)…
Source: Bloomberg
PPI details:
Final demand goods: The index for final demand goods moved up 2.8% in May, the largest increase since data were first calculated in December 2009. 80% of the broad-based advance can be traced to a 10.7-percent jump in prices for final demand energy. The indexes for final demand goods less foods and energy and for final demand foods also rose, 0.8% and 0.6%, respectively.
- Product detail: Over half of the May advance in prices for final demand goods is attributable to a 23.4% increase in the index for gasoline. Prices for diesel fuel, jet fuel, plastic resins and materials, industrial chemicals, and natural gas liquids also rose. In contrast, the index for pork fell 10.1 percent. Prices for residential electric power and for sanitary paper products also declined.
Final demand services: The index for final demand services moved up 0.3% in May following a 0.7% advance in April. Leading the May increase, prices for final demand services less trade, transportation, and warehousing rose 0.7%. The index for final demand transportation and warehousing services moved up 2.6 percent. Conversely, margins for final demand trade services decreased 1.1 percent. (Trade indexes measure changes in margins received by wholesalers and retailers).
- Product detail: Over 40% of the May advance in the index for final demand services can be traced to a 4.8-percent rise in prices for portfolio management. The indexes for truck transportation of freight; securities brokerage, dealing, investment advice, and related services; chemicals and allied products wholesaling; food wholesaling; and airline passenger services also increased. In contrast, margins for machinery and equipment wholesaling fell 1.9 percent. The indexes for fuels and lubricants retailing and for residential real estate loans (partial) also moved lower.
Trade Services dipped 1.1% MoM but Goods prices surged 2.8% MoM (driven by spiking Energy costs)…
This is the biggest jump in PPI Goods on record…
Commodity prices are accelerating…
But, arguably, the Energy component has peaked here…
And memory prices actually dipped according to PPI data…
The CPI-PPI spread is signaling increased pressure on corporate margins…
Source: Bloomberg
Rate-hike expectations ticked higher on the report (but are stable around one fuill hike in 2026 for now).
USA ECONOMIC REPORTS
VICTOR DAVIS HANSON
KING NEWS
| The King Report June 11, 2026 Issue 7761 | Independent View of the News |
| May CPI 0.5% m/m & 4.2% y/y as expected; Core 0.2% m/m & 2.9% y/y; 0.3% m/m & 2.9% y/y exp. May Federal Budget -$292.6B, -$283.1B expected Landmark German ruling declares Google’s AI Overviews are Google’s own words and makes it liable for false answers – The Munich court found that this reasoning doesn’t apply to AI overviews. A regular search engine just points to outside websites. But AI overviews generate “independent, new, and substantive statements” by evaluating and combining content from various third-party sites. And only Google can check those statements, the court said, “at least by comparing the underlying third-party websites with its own statements based on them.” https://the-decoder.com/landmark-german-ruling-declares-googles-ai-overviews-are-googles-own-words-and-makes-it-liable-for-false-answers/ Trump on Truth Social: Iran’s Military is a complete and total mess. Much of it, like their Navy and Air Force, doesn’t even exist anymore – They have been completely defeated. Iran is all talk and no action. The Bully of the Middle East is DEAD!!! They’ve taken too long to negotiate a deal that would have been great for them, now they will have to pay the price!!! 6:03 AM June 10, 2026 US stocks declined smartly in early NYSE trading on Thursday, but traders bought AI (semis) stocks. Bonds moved a tad higher while gold fell over $109. Oil and gasoline rallied smartly. ESMs vacillated between moderate and tiny losses from the Tuesday night opening until they broke lower after the midnight hour ET. A 5-wave decline developed; ESMs sank to a daily low of 7305.20 (-85.25) at 7:25 ET. A steep ABC rally took ESMS to a daily high of 7404.75 at 10:23 ET. The impetus for the robust rally: Professional traders decided to play AI stocks for a rebound. When the NYSE opened traders great and small poured into AI-related issues, particularly semiconductors. The SOX Index peaked (+1.0%) at 10:34 ET. A critical mass of traders decided to dump; a sudden tumble appeared. The SOX Index hit -1.97%, a daily low, at 11:00 ET. ESMs followed. The post-first hour equity tumble was a delayed reaction to Trump’s latest threat to Iran. Pros reasoned that there would be no deal on Wednesday or Thursday or Friday. The SOX Index hit a new daily low (-3.6%) at 11:51 ET. ESMs hit 7305.00 (-99.75 from high). Trump Vows More Strikes on Iran, Citing Stalled Talks – BBG 11:56 ET “We’re going to be attacking them, attacking them very hard. We hit them hard yesterday and we’re going to hit them hard again today. I’ve been working with Iran for a number of months, and they should sign the deal It was just tap, tap, tap, I don’t know what they’re doing.” Trump: “We hit them hard yesterday and we’re going to hit them again hard today… And we’ll see what happens with the deal. We were really close to a deal — but they keep tapping us along. They keep playing us for suckers because you know what? They dealt with some very stupid Presidents.” https://x.com/RapidResponse47/status/2064739535385223352 “I’m just announcing today for the first time, but we’ve been taking out millions of barrels of oil, millions of barrels every night… [Iran] “just figured it out.” Apparently, the US has been covertly absconding with Iranian oil. Is the US doing the same with Iran’s enrich uranium? Is this why Trump has tolerated Iran’s delay and deceive tactics? ESMs spiked to 7345.75 at noon ET and then stair-stepped down to 7299.00 (-105.75 from high) at 13:44 ET. ESMs then spiked to 7337.75 at 14:04 ET. Alas, sellers returned; ESMs sank to a daily low of 7276.00 (-116.75 for the day) at 15:27 ET. The late manipulation forced ESMs to 7300.75 at 15:50 ET. Unfortunately, market dynamics have drastically changed. ETFs and indexers cannot or will no longer absorb the gazillions of day traders that have dumped stocks into near the close. With many traders trapped long, ESMs sank to the daily low of 7261.76 (-131.00) at 16:05 ET. @axios: President Trump held a Situation Room meeting this afternoon to discuss potential new strikes against Iran. Sources said one option Trump is considering is launching an operation that is big in scale but short in duration, with the aim of pressing Iran to change its position in the negotiations. Trump on Truth Social: Just like they did on Border Funding, the Radical Left Dumocrats are trying to take our National Security hostage because of unrelated issues. They should stop playing politics with the safety of our Great Country. I have named William Pulte to be Acting Director of National Intelligence, who will take over on June 19th, and have asked him to execute the immediate and needed downsizing of the office, reverting staff to their home agencies. (YES!!! A necessary and needed step to ‘drain the swamp’) At the same time, I am looking for a permanent ODNI Nominee with experience in National Security. FISA 702 is very important to our Military, and keeping the American People safe, especially during the World Cup and America250 Celebrations. If nothing is done, this important Law will expire this week. I am asking Congress to send me a short-term extension of FISA to provide time for the selection and confirmation of a permanent Head of the Agency. I would like to thank Director Pulte for his time and commitment. Jun 10, 2026, 10:06 AM Positive aspects of previous session AI stocks, notably Semiconductor issues, rebounded during the 1st hour of NYSE trading. Negative aspects of previous session AI-related stocks, notably semiconductors, tumbled. Major equity indices declined sharply. Oil and gasoline rallied smartly. USMs were -8/32 at the NYSE close despite the equity carnage. Ambiguous aspects of previous session Has the AI Bubble burst? First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour: Down; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to day traders]: 7369.22 Previous session (S&P 500 Index) High/Low: 7483.15 (9:48 ET); 7237.85 (12:40 ET) After the NYSE close, Oracle reported Q4 Adj EPS 2.11, 1.96 exp; Rev $19.2B, $19.1B exp; Cloud Rev $9.9B, $10B exp; sees 2027 Adj EPS of 8.05; 8.01 exp. ORCL sank 9.5% because it plans to raise $40B in debt and equity financing in FY2027 and sees 2027 Capex of $90B, $69.24B consensus. @CENTCOM: U.S. Central Command forces began launching additional self-defense strikes today at 5:15 p.m. ET against multiple targets in Iran at the Commander in Chief’s direction. The strikes are in response to Iran’s unwarranted and continued aggression. 5:36 PM · Jun 10, 2026 Iran (IRGC) announced a full shutdown of the Strait of Hormuz in response to the new US attacks; it attacked two ships in the Strait; and “all ships will now be targeted.” @HormuzLetter: US airstrikes have now expanded to Isfahan (nuke center) in central Iran and the port of Gorgan in northeastern Iran, along with continued strikes on Bandar Abbas, Sirik, Minab, and Qeshm in southern Iran. The Kargan Naval Base in southern Iran was also struck 3-5 times. Trump Tells Fox News US Military Used 49 Tomahawk Missiles – BBG 19:21 ET Trump Says Iranian Officials Asked Him to Stop Bombing: Fox 19:22 ET Trump Tells Fox News Bombing Will Stop Shortly – 19:23 ET Trump told Fox News that he spoke directly with Iranian officials; and would resume bombing on Thursday if a deal is not signed. Iran state media citing a senior Iran official: No contact between Iranian officials and Trump Today – There has been an obvious and alarming tone change in the equity markets. AI Bubble stocks and Fangs are being jettisoned. Day traders great and small are no longer able to absorb organic selling. But it is too early to proclaim that the AI stock bubble has burst. Typically, after bubbles peak, a sharp rebound rally ensues. When the prior low is breached, manic selling often appears. This is the proof. The NY Fang+ Index peaked on June 1 and tumbled 12.3% by June 9. A rotation out of Fangs and into AI-related (mostly semis) appeared. The SOX Index, for now, peaked on June 3. The SOX Index sank 15.7% from its peak as of June 9. Very important markers/thresholds for these indices are now operative. With new violent attacks on Iran, trading sardines in collapse, and the May PPI Report due, this is a very, very dangerous session. How will Iran react/retaliate? “Let’s be careful out there!” ESMs sank to 7232.75 (-56.25) and NQMs were -288.25 at 19:17 ET on the Iran attacks and Oracle. ESMs rebounded to 7283.00 (+4.50) and NQMs to 17.75 at 20:17 ET. ESMs are -13.50; NQMs are -82.00; USMs are -9/32; WTI is +$2.44; and gasoline is +4.84¢ at 20:29 ET. Traders condition to buying dips are being severely punished on Wednesday night for buying the dip. Barring news, this is a negative for Thursday. Expected Economic Data: May PPI 0.7% m/m & 6.4% y/y; Core PPI 0.5% m/m & 5.4% y/y; Initial Jobless Claims 220k, Continuing Claims 1.785m S&P Index 50-day MA: 7195; 100-day MA: 7005; 150-day MA: 6945; 200-day MA: 6868 DJIA 50-day MA: 49,282;100-day MA: 48,844; 150-day MA: 48,526; 200-day MA: 47,952 (Green is positive slope; Red is negative slope) S&P 500 Index (7386.55 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 6078.33 triggers a sell signal Weekly: Trender and MACD are positive – a close below 6795.95 triggers a sell signal Daily: Trender and MACD are negative – a close above 7607.46triggers a buy signal Hourly: Trender and MACD are negative – a close above 7387.22 triggers a buy signal @detroitnews: A group of eight people linked to the University of Michigan orchestrated a terror campaign to sever Israel ties from the university, according to federal prosecutors. Read more: http://detne.ws/4vDHrUv | |
SWAMP STORIES FOR YOU TONIGHT
shut this fraudulent operation down!!
ActBlue CEO Pleads The Fifth During House Panel Hearing
Thursday, Jun 11, 2026 – 10:20 AM
Authored by Darlene McCormick Sanchez via The Epoch Times,
ActBlue CEO Regina Wallace-Jones invoked the Fifth Amendment on Wednesday before the House Administration Committee, surrounding reports that she may have misled Congress about how the platform vets foreign donations.
The U.S. Capitol building on June 9, 2026. Madalina Kilroy/The Epoch Times
Wallace-Jones had originally agreed to testify voluntarily before Congress concerning ActBlue’s vetting process for foreign contributions to domestic candidates. But her attorneys requested a congressional subpoena on Monday, ahead of her June 10 testimony, according to committee lawmakers.
The House asked Wallace-Jones to testify after a recent New York Times report included memos from Covington & Burling, a law firm that worked for ActBlue, warning that she may have misled Congress about the process for screening overseas donations.
ActBlue is the dominant Democratic fundraising platform. In 2025 alone, the platform reported raising almost $1.8 billion from 52 million contributions, and Q4 that year marked the single-largest off-cycle quarter in ActBlue history.
Under federal election law, foreign nationals or those who are not permanent residents are forbidden to donate directly to federal candidates or political action committees.
Administration Committee Chairman Bryan Steil (R-Wis.) said only Americans should decide their elections during the hearing titled, “Preventing Fraudulent Donations: Transparency, Verification, and Accountability.”
“Ms. Wallace-Jones is here today because there’s a significant concern that ActBlue may have allowed foreign donations on their platform, lied to Congress, and withheld responsive documents from a congressional subpoena,” Steil said. “All three of those actions are illegal.”
Steil said Wallace-Jones provided a 2023 letter to Congress stating that ActBlue prevents foreign donations by requiring donors with a foreign address to provide U.S. passport information. If a contribution appears to be from a foreign address, ActBlue contacts the donor to request U.S. passport information. The platform would then refund the contribution if ActBlue was unable to contact the donor.
“The New York Times reported that ActBlue’s outside counsel determined those three steps are not always followed,” Steil said.
Surrounded by attorneys, Wallace-Jones did not answer any questions posed during the hearing, citing the “attorney-client privilege and my Fifth Amendment rights under the Constitution.”
Wallace-Jones wrote an opinion piece in The Washington Post that appeared on the day of her hearing, saying she would invoke her Fifth Amendment “rights against self-incrimination.”
“This is a proceeding designed to build an illegitimate criminal case against us. I cannot and will not let my words be misused in that way,” she opined.
Democrats on the committee called the hearing political theater and questioned why the Republican fundraising platform, WinRed, wasn’t receiving equal scrutiny from Republicans.
“We’re here because Republicans want to talk about ActBlue, not because they’re serious about strengthening campaign finance laws or actually strengthening the abuse of fraud in this country,” said Rep. Robert Garcia (D-Calif.), ranking member of the Oversight and Government Reform Committee.
Administrative Committee ranking member Joe Morelle (D-N.Y.) said Republicans are ignoring alleged problems with WinRed. He accused the platform of victimizing elderly Americans.
Morelle also requested a subpoena for Republican Texas Senate candidate Ken Paxton, who, as Texas attorney general, sued ActBlue in state court on April 20. The lawsuit alleged that the platform misleads consumers by illegally accepting fraudulent foreign donations for federal and state candidates.
ActBlue filed a countersuit on May 1 in the U.S. District Court for the District of Massachusetts, seeking to block Paxton’s lawsuit. Attorneys for the platform asked a federal judge to declare Paxton’s ongoing ActBlue investigation and lawsuit unconstitutional, alleging violations of the First and Fourteenth Amendments.
ActBlue accused Paxton of escalating his investigation after donations for James Talarico, his Democratic opponent in the Texas Senate race, surged.
Paxton responded on the day the suit was filed, saying in an X post that ActBlue was “trying to take [him] down.”
U.S. Rep. Bryan Steil (R-Wis.) speaks at a hearing with the House Administration subcommittee on Elections in Washington on June 24, 2021. Anna Moneymaker/Getty Images
end
sounds good to me!!
USPS Proposes Halting Mail Ballot Delivery To States That Refuse Voter Roll Verification
Thursday, Jun 11, 2026 – 11:00 AM
The US Postal Service (USPS) has proposed a new rule requiring states to share voter information related to mail-in and absentee voting. The proposal follows a March executive order from Trump aimed at tightening regulations governing mail-in voting in federal elections.
Trump has made election integrity a central focus of his second administration, issuing executive orders designed to require proof of citizenship for voters and combat mail-in voting fraud. The administration has argued that stronger verification measures are necessary to restore confidence in elections and safeguard the voting process.
Several of those initiatives have faced legal challenges. Courts have blocked certain provisions, including proof-of-citizenship requirements, while appeals remain pending. Democratic-led states have also filed lawsuits challenging the administration’s mail-in voting policies.
As litigation continues, the Postal Service has moved forward with a proposal directing states and the USPS to coordinate on identifying eligible mail-in and absentee voters.
Under the proposed rule, states would submit lists of voters requesting mail-in ballots, along with personalized barcodes assigned to each ballot.
The Postal Service would then return a finalized “Mail-In and Absentee Participation List” to each state’s chief election official. The list would contain the names of approved voters and the corresponding ballot barcodes associated with each voter.
Under the proposal, only voters included on the final participation list would be eligible to receive mail-in or absentee ballots.
The USPS said the new system would help improve transparency and provide election officials and law enforcement with additional tools to verify election procedures.
“This provision will help determine adherence to federal law and facilitate law enforcement efforts,” the proposal states.
“For example, the provided lists will evidence how many ballots have been mailed, and allow law enforcement officials to compare the total number of mailed ballots to the total number of received ballots to detect potential issues meriting further investigation.”
Election integrity supporters argue that the process would create a clearer chain of custody for mailed ballots and help identify irregularities that might otherwise go undetected.
The Postal Service issued the proposal May 29, one day after Trump-appointed US District Judge Carl J. Nichols denied a request from Democratic plaintiffs seeking to block the administration’s mail-in voting executive order.
Nichols ruled that the challengers failed to sufficiently demonstrate that the order would cause “imminent and irreparable harm.”
The plaintiffs have appealed that decision, and the Postal Service proposal remains subject to ongoing legal uncertainty while the broader litigation proceeds.
GREG HUNTER…
harveyorganblog.com 
