JUNE 17/THE REAL M. OF U. PUBLISHED: TRUMP THREATENS THAT IF THE FINAL DEAL IS NOT TO HIS LIKING HE WILL BOMB AGAIN: GOLD CLOSED UP $20.80 TO $4361.15 WITH SILVER UP $0.79//PLATINUM WAS DOWN $21.60 TO $1796.90 WITH PALLADIUM ALSO DOWN $4.50 TO $1360.00//GOLD COMMENTARY TONIGHT COURTESY OF ALASDAIR MACLEOD//EUROPEAN REPORTS FROM UK AND FRANCE//ISRAEL/USA VS IRAN UPDATES/ISRAEL TBN//HEZBOLLAH UPDATES/COVID VACCINE INJURY REPORT: MARK CRISPIN MILLER AND DR PAUL ALEXANDER//LAST 24 HOURS COURTESY OF MIKE EVERY OF RABOBANK//OIL ISSUES DISCUSSED/USA DATA RELEASES ON HOUSING ETC//USA ECONOMIC REPORTS//KING NEWS/SWAMP STORIES FOR YOU TONIGHT//GREG HUNTER INTERVIEWS STEVE QUAYLE//
Bitcoin morning price:$64,891 DOWN 632 DOLLARS (MANY SWITCHING TO PHYSICAL GOLD)
Bitcoin: afternoon price: $64,420 DOWN 1103 DOLLARS
Platinum price closing DOWN $21.60 TO $1795.90
Palladium price; DOWN $4.50 TO $1360.00
JUNE 17
JUNE COMEX MONTH
JPMORGAN STOPPED: 0/93
GOLD: NUMBER OF NOTICES FILED FOR JUNE/2026: 93 CONTRACTs NOTICES FOR 9300 OZ or 0.2892 TONNES
total notices so far: 35,456 contracts FOR 3,545,600 OZ OR 110.180 TONNES
JUNE 17
XXXXXXXXXXXXXXXXXX
SILVER NOTICES: 2 NOTICE(S) FILED FOR 10,000 OZ /
total number of notices filed so far this month : 2395 CONTRACTS (NOTICES) for 11.975 million oz
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GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $20.80 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/// HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.427 TONNES FROM THE GLD
INVENTORY RESTS AT 1013.640 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $0.79 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: NO CHANGES IN SILV INVENTORY//// : INVENTORY RESTS AT THE SLV AT 481.388 MILLION OZ//
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 481.388 MILLION
SILVER//OUTLINE
SILVER COMEX OI FELL BY A FAIR SIZED 393 CONTRACTS TO AN OI OF 107,721 A LOT HIGHER FROM ITS NEW RECORD LOW OF 95,999 SET MAY 1/2026. THE RECORD HIGH OI FOR SILVER IS 244,710, SET FEB 25/2020, AND THIS FAIR GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR LOSS OF $0.13 IN SILVER PRICING AT THE COMEX WITH RESPECT TO TUESDAY’S TRADING. ON THE FIRST OF MAY, WE REACHED OUR RECORD LOW OI OF 95,999 SURPASSING EVERY DAY NEW OI LOWS SET DURING THE LAST WEEK OF APRIL 2026.
NOW ON A NET BASIS OUR SPECULATORS HAVE REVERTED BACK TO GOING LONG. THE FRBNY ON A NET BASIS IS PROVIDING THE NECESSARY PAPER TO OUR LONGS ALONG WITH SOME BULLION BANKS AND THEN A HUGE NUMBERS OF LONGS ,OUR CENTRAL BANKERS, TAKE THE LONG SIDE AND TENDER FOR PHYSICAL AT 4 PM EACH NIGHT. BECAUSE OF THE HUGE SHORTFALL IN PHYSICAL SILVER IN LONDON THERE IS A LOTTERY TO SEE WHO GETS ANY OF THE PHYSICAL SILVER AVAILABLE THAT WHICH THEY ARE OBLIGATED TO DELIVER. THEY WAIT PATIENTLY FOR THEIR PHYSICAL METAL AND IF NOBODY GETS ANY THEY THEN COME BACK THE NEXT DAY AND SO ON. THIS IS IN LONDON, THE HOME OF PHYSICAL SILVER!! THE FACT THAT WE ARE WITNESSING MANY EXCHANGE FOR PHYSICAL TRANSFERS TO LONDON HIGHLIGHTS THE FACT THAT THE COMEX IS OUT OF SILVER AS WELL.
WE ARE FINALLY MOVING TO A MUCH HIGHER BASE IN SILVER PRICING AT MAJOR SUPPORT LEVEL OF $70.00. SHORTLY WE WILL AGAIN ATTEMPT TO BREAK
WE HAVE A SMALL LOSS OF 393 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A ZERO SIZED SIZED 0 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE , WE HAD NO LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO TUESDAY TRADING// WE HAD A HUGE SIZED 829 CONTRACT T.A.S. ISSUANCE!! / THEY DESPERATELY AGAIN TODAY TRYING TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $100.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY SUCCEEDED ON TUESDAY WITH SILVER’S FALL IN PRICE
THE PRICE STILL FINISHED BELOW THE MAGIC NUMBER OF $70.00 SILVER SPOT PRICE BUT STILL BELOW THE $100.00 MARK CLOSING AT $71.05 DOWN $0.13. WE ARE NOW WITNESSING HAVING MANY HUGE T.A.S ISSUANCES // TODAY’S WAS A HUGE SIZED 829 T.A.S. CONTRACTS !!. THE CROOKS ARE BECOMING MORE DESPERATE TO STOP SILVER BREAKING ABOVE THE 100.00 DOLLAR MARK!! AND NOW THE HUGE SUPPORT LEVEL OF 70 DOLLARS IS BROKEN!!.MAMMOTH SIZE T.A.S ISSUANCES ARE BECOMING THE NORM AT THE COMEX NOW!!
THERE IS NO NEXT LINE IN THE SAND ONCE THE 100.00 DOLLAR SILVER IS PIERCED AGAIN. WE HAD A ZERO SIZED 0 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE SIZED 829 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN FUTURE TRADING//AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE.
IN ESSENCE WE HAD A FAIR SIZED LOSS OF 393 CONTRACTS ON OUR TWO EXCHANGES WITH OUR LOSS IN PRICE OF $0.13. WE HAD HUGE GOVERNMENT (FRBY) COMEX CONTRACTS TRADING ALL WEEK AND A MAJOR PORTION WILL BE REMOVED BY DAYS END. (I RECORD THIS FOR YOU ON A DAILY BASIS). THE STICKY SPECULATOR LONGS STILL REMAIN STOIC
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE.
THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, THROUGHOUT MONTH. TOTAL TAS ISSUED ON TUESDAY NIGHT/WEDNESDAY MORNING: A HUGE SIZED 829 CONTRACTS. DESPITE MANY COMPLAINTS THAT THESE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED FRBNY BANKERS).
THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS AS ONE UNIT, BUT SELL THE SHORT SIDE FIRST AND THEN LIQUIDATE THE LONG SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS NOW ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1.1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES.
THUS:
INITIAL STANDING FOR JANUARY: 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NEW NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR .100 MILLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ!!
INTIAL STANDING FOR FEBRUARY/SILVER: 13.505 MILLION OZ FOLLOWED BY TODAY’S HUGE 0.005 MILLION OZ QUEUE JUMP / : NEW STANDING FOR SILVER AT THE COMEX ADVANCES TO 25.180 MILLION OZ. BUT WE MUST ADD OUR FIRST EXCHANGE FOR RISK OF 25 CONTRACTS FOR .125 MILLION OZ AND THEN OUR SECOND EXCHANGE FOR RISK OF .0600 MILLION OZ TO OUR THIRD HUGE 2.825 MILLION OZ EXCHANGE FOR RISK!!
INITIAL STANDING FOR MARCH: A SURPRISINGLY LOW 31.076 MILLION OZ/ FOLLOWED BY A TINY QUEUE JUMP OF 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 10,000 OZ//NEW STANDING ADVANCES TO 12.025 MILLION OZ//
SUMMARY OF OUR JUNE 2026 COMEX CONTRACT MONTH:
WE HAD:
/ SMALL COMEX LOSS+// ZERO SIZED 0 EFP ISSUANCE CONTRACTS (/ VI) A HUGE NUMBER OF T.A.S. CONTRACT ISSUANCE 829 CONTRACTS
xx I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 109 SILVER CONTRACT//
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS JUNE.. ACCUMULATION
TOTAL CONTRACTS for 13 DAY(S), total 7020 contracts: OR 35.100 MILLION OZ (540 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 35.100 MILLION OZ
LAST 24 MONTHS TOTAL EFP CONTRACTS ISSUED IN MILLIONS OF OZ:
MAY 137.83 MILLION
JUNE 149.91 MILLION OZ
JULY 129.445 MILLION OZ
AUGUST: MILLION OZ 140.120
SEPT. 28.230 MILLION OZ//
OCT: 94.595 MILLION OZ
NOV: 131.925 MILLION OZ
DEC: 100.615 MILLION OZ
YEAR 2022:
JAN 2022-DEC 2022
JAN 2022// 90.460 MILLION OZ
FEB 2022: 72.39 MILLION OZ//
MARCH 2022: 207.140 MILLION OZ//A NEW RECORD FOR EFP ISSUANCE
APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE
MAY: 105.635 MILLION OZ//
JUNE: 94.470 MILLION OZ
JULY : 87.110 MILLION OZ
AUGUST: 65.025 MILLION OZ
SEPT. 74.025 MILLION OZ///FINAL
OCT. 29.017 MILLION OZ FINAL
NOV: 134.290 MILLION OZ//FINAL
DEC, 61.395 MILLION OZ FINAL
TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)
JAN 2023/// 53.070 MILLION OZ //FINAL
FEB: 2023: 100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.
MARCH 2023: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 111.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH
JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)
AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD
SEPT: 72.705 MILLION OZ (SMALLER THIS MONTH)
OCT: 97.455 MILLION OZ
NOV. 50.050 MILLION OZ
DEC. 66.140 MILLION OZ//
TOTAL 2023: 1,104.10 MILLION OZ/
JAN ’24 : 78.655 MILLION OZ//
FEB /2024 : 66.135 MILLION OZ./FINAL
MARCH: 143.750 MILLION OZ// 4TH HIGHEST ON RECORD.
APRIL: 161.770 MILLION OZ (THIS MONTH WILL BE A WHOPPER OF ISSUANCE OF EFPS//3RD HIGHEST EVER RECORDED FOR A MONTH)
MAY: 135.995 MILLION OZ //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
JUNE 110.575 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
JULY: 108.870 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH/ A TOUCH OVER 100 MILLION OZ/)
AUGUST; 99.740 MILLION OZ//THIS MONTH WILL BE STRONG FOR ISSUANCE BUT LESS THAN JULY.
SEPT: 112.415 MILLION OZ//WILL BE A HUGE MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
OCT; 97.485 MILLION OZ (WILL BE SMALLER ISSUANCE THIS MONTH )
NOV. 115.970 MILLION OZ ( HUGE THIS MONTH)
DEC: 132.54 MILLION OZ (THIS MONTH WILL BE A HUMDINGER FOR ISSUANCE BUT ISSUANCE SLOWED DRAMATICALLY THESE PAST FIVE DAYS/// WILL NOT EXCEED MARCH 2022 RECORD OF 209 MILLION OZ
YEAR 2024 TOTAL: 1363.84 MILLION OR 1.363 BILLION OZ
JANUARY 2025: 67.230 MILLION OZ///(THIS MONTH’S ISSUANCE OF EXCHANGE FOR PHYSICAL WILL BE SMALL)
FEB. 58.260 MILLION OZ//EXCHANGE FOR PHYSICAL ISSUANCE/FINAL
MARCH: 67.020 MILLION OZ///QUITE SMALL AND BECOMING SMALLER EACH AND EVERY MONTH.
APRIL: 100.895 MILLION OZ///AVERAGE SIZE ISSUANCE
MAY: 28.975 MILLION OZ (ISSUANCE WILL BE QUITE SMALL THIS MONTH)
JUNE: 81.065 MILLION OZ
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 82.020 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
NOVEMBER: 36.425 MILLION OZ
DEC: 45.765 MILLION OZ
JANUARY 2026: 134.270 MILLION OZ (WILL BE A VERY STRONG MONTH FOR EXCHANGE FOR PHYSICAL!)
FEB : 82.130 MILLION OZ
MARCH: 56.075 MILLION OZ
APRIL; 44.44 MILLION OZ//FINAL.. SMALL THIS MONTH.
MAY 59.79 MILLION OZ
JUNE. 35.100 MILION OZ
RESULT: WE HAD A SMALL DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 284 CONTRACTS WITH OUR LOSS IN PRICE OF $0.13 IN SILVER PRICING AT THE COMEX// TUESDAY,. THE CME NOTIFIED US THAT WE HAD A 0 SIZED CONTRACT EFP ISSUANCE OF 0 CONTRACTS ISSUED FOR JULY, AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS).
INITIAL STANDING: 10.935 MILLION OZ PLUS 10,000 OZ QUEUE JUMP//NEW STANDING ADVANCES TO 12.025 MILLION OZ
LAST 14 MONTHS OF SILVER DELIVERIES
WE FINISHED APRIL WITH A STRONG SILVER OZ STANDING OF 16.050 MILLION OZ NORMAL DELIVERY , PLUS OUR 4.00 MILLION EX FOR RISK
FINAL STANDING APRIL: 19.965 MILLION OZ
AND MAY:
NEW STANDING FOR MAY FINISHES AT: 75.615 MILLION OZ. (INCLUDES 5,000 OZ EFP TRANSFER TO LONDON + 12.93 MILLION OZ EXCHANGE FOR RISK ISSUANCE/PRIOR.//NEW TOTAL STANDING 88.540 MILLION OZ
AND JUNE: FINAL 16.995 MILLION OZ
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 68.040 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING AND EXCHANGE FOR PHYSICAL TRANSFERS) PLUS 3.0 MILLION OZ EX FOR RISK = 71.040 MILLION OZ. (THIS IS THE FIRST AND ONLY ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.)
OCTOBER: 39.565 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
PLUS
2.110 MILLION OZ EXCHANGE FOR RISK//TOTAL OZ STANDING IN OCT ADVAN
NOVEMBER: INITIAL STANDING AT 11.575 MILLION OZ FOLLOWED BY TODAY’S 195,000 OZ QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 9.155 MILLION OZ//STANDING ADVANCES TO 19.670 MILLION OZ/
DECEMBER: INITIAL AMOUNT STANDING FOR DELIVERY: 49.33 MILLION OZ// FOLLOWED BY ANOTHER STRONG 835,000OZ QUEUE JUMP+ DEC. FIRST EXCHANGE FOR RISK 0F .850 MILLION OZ + LAST WEEK.S 495,000 OZ EXCHANGE FOR RISK AND THEN A 3RD ISSUANCE IF 1.00MILLION OZ THEN FINALLY DEC 249ISSUANCE OF 1.35 MILLION OZ EXCHANGE FOR RISK//NEW TOTAL EX FOR RIS IS 3.685 MILLION OZ // STANDING ADVANCES TO 68.415 MILLION OZ//
JANUARY: INITIAL STANDING 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 0.100 MILLLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ
FEB: 13.399 MILLION OZ IS OUR INITIAL STANDING FOR SILVER! TO WHICH WE ADD OUR NEXT QUEUE JUMP FOR 5,000 OZ AND THEN ADD OUR 3 EXCHANGE FOR RISK FOR 3.010 MILLION OZ STANDING ADVANCES TO 28.190 MILLION OZ!!
MARCH: INITIAL AMOUNT OF SILVER STANDING IS 31.076 MILLION OZ FOLLOWED BY A FINAL 0.210 MILLION OZ QUEUE JUMP //NEW TOTAL STANDING ADVANCES TO 46.060 MILLION OZ
APRIL 2026: INITITAL AMOUNT OF SILVER STANDING 7.120 MILLION OZ FOLLOWED BY TODAY’S 5,000 OZ QUUE JUMP //NEW STANDING ADVANCES TO 16.565MILLION OZ PLUS 1.165 MILLION OZ EXCHANGE FOR RISK.NEW TOTALS 17.730 MILLION OZ
MAY: INITIAL AMOUNT OF SILVER WILLING TO STAND; 31.495 MILLION OZ/ TO WHICH WE ADD OUR NEXT EXCHANGE FOR PHYSICAL JUMP OF 15,000 OZ//NEW STANDING REDUCES TO 32.070 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 10,000 OZ//NEW STANDING ADVANCES TO: 12.025 MILLION OZ
THE NEW TAS ISSUANCE FOR TODAY (829) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED NO DOUBT WITH FUTURE TRADING!
WE HAD 2 NOTICE(S) FILED TODAY FOR 10,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY BANKERS
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALL SIZED 46 OI CONTRACTS DOWN TO 339,330 OI AND THIS OI STILL SURPASSES BY A CONSIDERABLE MARGIN THE ALL TIME LOW AT 326,052 SET JUNE3/2026 AND THIS OI IS MUCH FURTHER FROM THE RECORD HIGH (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. WE HAVE NOW ADVANCED PAST THE PREVIOUS ALL TIME LOWS OF 357,136 SET APRIL 2/.2026AND 354,581 SET AT THE END OF APRIL 2026. WE ARE STILL QUITE A WAY FROM OUR TWO DECADES OLD: 390,000 CONTRACTS LOW SET IN THE YEAR OF 2001 WITH TRADING FOR GOLD AT $260.00. THUS DURING EARLY APRIL WE HAD AN ALL TIME LOW OI IN COMEX (354,531) BUT WITH AN EXTREMELY HIGH PRICE OF GOLD. IN MAY: RECORD LOW OI OF 326,052 WITH A GOLD PRICE OF $4,460 THE SHORT RATS ARE ABANDONING THE COMEX SHIP, NOBODY WANT TO PLAY IN THIS CROOKED CASINO!! (AND THIS CORRELATES WITH SILVER’S LOW OI OF 107,471 CONTRACTS WITH A MUCH HIGHER SILVER PRICE BASE//$75.00)
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED 281 CONTRACTS //.
WE HAD A SMALL LOSS IN COMEX OI (46 CONTRACTS) . THIS SMALL LOSS IN OI OCCURRED WITH OUR GAIN IN PRICE OF $4.45 //,TUESDAY///.
LAST 13 MONTHS OF GOLD DELIVERIES: (MAY 2025 THROUGH TO /MAY 2026)
1.MAY SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
FINAL STANDING FOR MAY: 70.174 TONNES OF GOLD TO WHICH WE ADD 1. MONDAY’S (MAY 19) 6.221 TONNES EXCHANGE FOR RISK , 2. THEN WE ADD: 1.35 TONNES TO LAST WEEK”S. THEN WE ADD 3. 1.55 TONNES TO EQUAL 9.591 TONNES// NEW EXCHANGE FOR RISK = 9.591 TONNES WHICH MUST BE ADDED TO OUR NORMAL DELIVERY SCHEDULE OF 80.644 TONNES. THUS STANDING FOR MAY INCREASES TO 90.235 TONNES OF GOLD
2 JUNE CONTRACT MONTH: 93.085 TONNES OF GOLD (WHICH INCLUDES ALL QUEUE JUMPING AND 0 EX FOR RISK)
3.JULY INITIIAL STANDING FIRST DAY NOTICE: 17.847 TONNES. PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK + 2.195 TONNES EX FOR RISK TODAY = 41.106 TONNES STANDING
4. AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.
5.SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
6.OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
7.NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 2.323 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 4.5596 TONNES//NEW STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
8. DECEMBER BEGINS WITH INITIAL STANDING OF 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.0TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR 4 EXCHANGE FOR RISK FOR DECEMBER OF 6.587 TONNES/NEW STANDING ADVANCES TO 121.977 TONNES
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR FIRST EXCHANGE FOR PHYSICAL TRANSFER OF 0.08709 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEB; INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 93.567 TONNES OF GOLD TO WHICH WE ADD OUR NEXT 0.0248 TONNES 0.1555 TONNES QUEUE JUMP TO 41.2082 TONNES/ NEW NET QUEUE JUMP INCREASES TO 41.233 TONNES// AND THEN WE ADD OUR SIX EXCHANGE FOR RISK: 10,080 CONTRACTS OR 31.251 TONNES//NEW STANDING REDUCES TO 157.878 TONNES
MARCH:: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 8.099 TONNES TO WHICH WE ADD TODAY’S FAIR 4600 OZ QUEUE JUMP (0.2320 TONNES) AND THEN WE ADD OUR THREE EXCHANGE FOR RISK OF 22.3818 TONNES //NEW STANDING ADVANCES TO 67.6648 TONNES/
APRIL: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 52.600 TONNES FOLLOWED BY OUR 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 0.2270 TONNES OF A QUEUE JUMP/NEW STANDING ADVANCES TO 110.429 TONNES
E.F.P. ISSUANCE/FOR OPENING JUNE. GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 450 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 339,330 SURPASSING THE PREVIOUS ALL TIME LOW OF 326,052 SET JUNE 3 AND RISING FROM OUR PREVIOUS RECORD LOW//MAY 28.2026 WE HAVE THUS RECORD LOW COMEX OI WITH A HIGH PRICE OF GOLD
SILVER ALSO HAS AN ULTRA SMALL SIZED AND EXTREMELY LOW COMEX OI OF 107,721 CONTRACTS// RISING FROM PREVIOUS ALL TIME LOWS SET DURING THE MONTH OF APRIL AND MAY FIRST.
IN ESSENCE WE HAVE A SMALL GAIN IN TOTAL CONTRACTS IN COMEX GOLD ON THE TWO EXCHANGES OF 404 CONTRACTS WITH 46 CONTRACTS DECREASED AT THE COMEX// AND A SMALL SIZED 450 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON.
THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 404 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A SMALLER SIZED BUT CRIMINAL 753 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED UPON
GOLD PRICE ON TUESDAY ROSE BY $4.45
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT (450 ) ACCOMPANYING THE SMALL LOSS IN COMEX OI OF 46 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES 404 CONTRACTS!! WITH THE GAIN IN PRICE.
WE HAVE 1) NOW REVERTED TO OUR FORMAT OF BANKER (FRBNY) GOING ON THE SHORT SIDE AND HUGE NUMBERS OF NEWBIE SPECULATORS GOING TO THE LONG SIDE. IT WAS OUR SHORT SPECULATORS THAT WE BRUTALIZED ON THURSDAY WHEN OUR CENTRAL BANKS TENDERED FOR PHYSICAL GOLD WITH THEIR NEWLY BOUGHT GOLD FROM THE SPECS. THE SPECS ARE STILL SCRAMBLING LOOKING FOR PHYSICAL GOLD TO DELIVER TO OUR LONG CENTRAL BANKS.
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 0.2270TONNES//NEW STANDING ADVANCES TO 110.429 TONNES
3) LITTLE IF ANY T.A.S. LIQUIDATION IN THE COMEX SESSION AND SOME GOVT LIQUIDATION // WITH A STRONG GAIN OF EQUITY SHARES/JUNE16 HAVING 1)A $4.40 COMEX PRICE GAIN AND WE HAD 2) SPEC PILING HUGELY ON THE LONG SIDE// +3. EASTERN CENTRAL BANKERS ALSO PILING INTO THE LONG SIDE. WE HAD A SMALL GAIN OF 404 CONTRACTS ON OUR TWO EXCHANGES AND AS WELL A STRONG AMOUNT OF GOLD WILL STAND FOR DELIVERY IN JUNE. (110.429 TONNES). THE SHORT SPECS BAILED ON THURSDAY AND FRIDAY//, CENTRAL BANKERS TENDERED FOR PHYSICAL WITH THEIR PURCHASES OF CONTRACTS../ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED TUESDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL
4)A SMALL SIZED COMEX OI LOSS 5) V) SMALL SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD(450) AND 6. A SMALL T.A.S. ISSUANCE (753) FOR RAID PURPOSES.!!!
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF APRIL :
TOTAL EFP CONTRACTS ISSUED: 26,607 CONTRACTS OR 2,660,700 OZ OR 82.758 TONNES IN 13 TRADING DAY(S) AND THUS AVERAGING: 2179 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN13 TRADING DAY(S) IN TONNES: 82.758 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2025, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 82.758 TONNES DIVIDED BY 3550 x 100% TONNES = 2.33% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2023 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2024: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES
2025: AND NOW 2026
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STRONG THIS MONTH
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
NOV: 124.74 TONNES
DEC: 190.04 TONNES//GOOD SIZED THIS MONTH FINAL.
TOTAL EXCHANGE FOR PHYSICAL ISSUED FOR YEAR 2025: 2,026.20 TONNES (LOWER THAN LAST YR 2,569.00 TONNES
JANUARY: 209.08 TONNES ( (WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL)
FEB. 176.35 TONNES (WHICH IS A FAIR ISSUANCE)
MARCH: 214.67 TONNES//WILL BE STRONG ISSUANCE THIS MONTH
APRIL; 88.00 TONNES// WILL BE VERY SMALL THIS MONTH
MAY 118.430 TONNES
JUNE: 82.758 TONNES
SPREADERS:
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT 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 FELL BY A SMALL 393 CONTRACTS TO AN OI OF 107,721.
EFP ISSUANCE 0 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 0 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 393 CONTRACTS AND ADD TO THE 0 E.FP. ISSUED
WE OBTAIN A FAIR LOSS OF393 OI OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR LOSS OF $0.13
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 1.905 MILLION PAPER OZ
OCCURRED WITH OUR LOSS IN PRICE.OF $0.13
2.ASIAN AFFAIRS JUNE 17 /2025
SHANGHAI CLOSED UP 16.18 PTS OR 0.40%
HANG SENG CLOSED DOWN 181.79 PTS OR 0.74%
Nikkei CLOSED UP 575.50 PTS OR 0.83%
//Australia’s all ordinaries CLOSED UP 0.84%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 6.7588
/ OFFSHORE CLOSED DOWN AT 6.7593 Oil DOWN TO 76.23 dollars per barrel for WTI and BRENT DOWN TO 76.23Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN// WITH YUAN TRADING DOWN (6.7588) OFFSHORE YUAN TRADING DOWN TO 6.7593 ONSHORE YUAN TRADING ABOVE LEVEL OF OFF SHORE AND DOWN ON THE DOLLAR// / AND THUS WEAKER/OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS WEAKER
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A SMALL 46 CONTRACTS TO 339,330 RISING FROM ITS NEW LOW OF 326,052 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 //JUNE 3 2026 WITH GOLD AT AN EXTREMELY HIGH $4,450.00 WHICH MAKES ABSOLUTELY NO SENSE!!!
WE HAD NO T.A.S. LIQUIDATION DURING TUESDAY’S TRADING JUNE 16!!. 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 JUNE CONTRACT MONTH!!
THE SMALL SIZED GAIN ON OUR TWO EXCHANGES OCCURRED WITH OUR GAIN IN PRICE IN GOLD (UP $4.45)
WE THUS HAD A SMALL SIZED GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 440 CONTRACTS (OR 2.037 TONNES) WITH OUR GAIN IN PRICE, AS WE WERE INFORMED OF A FAIR CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE, EQUATING TO 450 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 146+ 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 SMALL GAIN ON OUR TWO EXCHANGES OF 404 CONTRACTS WITH OUR GAIN IN PRICE($4.45). HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT THIS WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY AND OUR SHORT SPECULATORS FOR THEIR THOUGHTFULNESS.
LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO OTHER CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. BOTH COMEX AND LBMA ARE WITNESSING MASSIVE AMOUNTS OF GOLD LEAVING THEIR VAULTS.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE/ CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER HOWEVER IS A FAIR SIZED T.A.S ISSUANCE CONTRACTS .THE CME NOTIFIES US THAT THEY HAVE ISSUED 753 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 QUEUE JUMP OF 0.2270 TONNES//NEW STANDING ADVANCES TO 110.429 TONNES// TOTAL QUEUE JUMPING FOR THE MONTH; 45.802 TONNES OR AVERAGING 3.530 TONNES PER DAY IN JUNE.
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS 2021-2024
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:STANDING FOR GOLD/COMEX
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
COMEX GOLD TRADING BEGINNING JUNE,. CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $4.45)
WE HAD NO T.A.S. SPREADER LIQUIDATION TUESDAY // COMEX SESSION// WITH OUR GAIN IN PRICE , OUR LONG SPECULATORS STILL REMAIN RELENTLESS POURING INTO THE COMEX
OTHER EASTERN CENTRAL BANKS TENDERED FOR PHYSICAL EVERY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD THAT STOOD FOR GOLD DURING THESE PAST SEVERAL MONTHS
TUESDAY NIGHT//WEDNESDAY MORNING
THE CROOKS COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL TUESDAY EVENING WEDNESDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $4.45
WE HAD 251 CONTRACTS REMOVED FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL.
NET GAIN ON THE TWO EXCHANGES: 404 CONTRACTS OR 40400 OZ (2.020 TONNES)
Total monthly oz gold served (contracts) so far this month
35,456 notices 3,545,600 oz 110.180 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
1 ENTRIES
1 ENTRIES
i) Brinks: 3,408.006 oz (106 kilobars)
total withdrawal 3,408.006 oz
adjustments: 2// dealer to customer
a) Asahi: 60,080.003 oz
b) Brinks 133,008.687 oz
COMEX IS DRAINING GOLD
chaos inside the comex
THE FRONT MONTH OF JUNE OI STANDS AT 140 CONTRACTS HAVING A LOSS OF 1360 CONTRACTS.
WE HAD 1433 CONTRACTS SERVED ON TUESDAY, SO WE GAINED 73 CONTRACTS OR 7300 OZ. (0.2270 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 GAINED 1386 CONTRACTS UP TO 4629 CONTRACTS.
AUGUST DOWN 30 CONTRACTS UP TO AN OI OF 263,688
.
We had 93 contracts filed for today representing 9,300oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 2 notices issued from their client or customer account. The total of all issuance by all participants equate to 93 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 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 (35,456) to which we add the difference between the open interest for the front month of JUNE(140 CONTRACTS) minus the number of notices served upon today 93 x 100 oz per contract) equals 3,550,300 OZ OR (110.429 Tonnes 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 (35,456) to which we add the difference between the open interest for the front month of JUNE( 140 CONTRACTS) minus the number of notices served upon today 93 x 100 oz per contract) equals 3,550,300 OZ OR (110.429Tonnes of gold)
new total of gold standing in JUNE becomes 110.429 TONNES//
TOTAL COMEX GOLD STANDING FOR JUNE 110.429 TONNES TONNES WHICH IS NOW REALLY HUGE FOR THIS ACTIVE DELIVERY MONTH OF JUNE.
confirmed volume TUESDAY confirmed 99,679// poor// many have left the arena
COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 1,730,178.612 oz 53.816 tonnes pledged gold lowers
total inventories in gold declining rapidly
total pledged gold: 1,730,178.612 tonnes oz 53.816 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 27,935,912.745oz
TOTAL REGISTERED GOLD 15,229,363.439 tonnes (473.697 tonnes)
TOTAL OF ALL ELIGIBLE GOLD 12,706,549.306 oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 13,499,185oz ((REG GOLD- PLEDGED GOLD)=
419.887 Tonnes //
total inventories in gold declining rapidly
SILVER COMEX
JUNE DELIVERY MONTH
JUNE 17
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
4 entries Out of: a) Asahi: 32,042.930 oz b) Delaware 1067.147 oz c) JPMorgan 599,422.306 oz d) Maanfrea 99,249.620 oz
total withdrawal: 731,781.997 oz
Deposits to the Dealer Inventory
0 entries
Deposits to the Customer Inventory
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
ONE ENTRY
i) Into HSBC 605,069.076 oz
total deposit: 605,069.076. oz
No of oz served today (contracts)
212 CONTRACT(S) (1.060 MILLION OZ)
No of oz to be served (notices)
10 Contract (50,000 oz)
Total monthly oz silver served (contracts)
2393 contracts 11.965 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
ONE ENTRY
i)Into HSBC 605,069.076 oz
total deposit 605,069.076 oz
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withdrawals: customer side/eligible
4 entries
i) Out of
a) Asahi: 32,042.930 oz
b) Delaware 1067.147 oz
c) JPMorgan 599,422.306 oz
d) Manfrea 99,249.620 oz
total withdrawal: 731,781.997 oz
adjustments 0
0
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TOTAL REGISTERED SILVER: 86.273 MILLION OZ//.TOTAL REG + ELIGIBLE. 321.082 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: 12 OPEN INTEREST CONTRACTS FOR A LOSS OF 210 CONTRACTS.
WE HAD 212 NOTICES SERVED ON TUESDAY SO WE GAINED 2 CONTRACTS OR AN ADDITIONAL 10,000 OZ WILL STAND AS A QUEUE JUMP AT THE SILVER COMEX.
JULY SAW A LOSS OF 2179 CONTRACTS DOWN TO 43,299 CONTRACTS.
AUGUST SAW A GAIN 0F 78 CONTRACTS UP TO 938…
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 2 or 10,000 OZ oz
CONFIRMED volume TUESDAY; 47,817// fair
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 2395 X5,000 oz = 11.975 MILLION oz
to which we add the difference between the open interest for the front month of JUNE(12) AND the number of notices served upon today (2 )x (5000 oz)
Thus the standings for silver for the JUNE 2026 contract month: (2395 )Notices served so far) x 5000 oz + OI for the front month of JUNE ( 12) minus number of notices served upon today (2)x 5000 oz equals silver standing for the JUNE..contract month equating to 12.025 MILLION OZ.+
We must also keep in mind that there is considerable silver standing in London coming from our longs
There are ONLY 86.273 million oz of registered silver
JPMorgan as a percentage of total silver: 139.079/321.159 million: 43.30%
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 17 /2026/WITH GOLD UP $20.80 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.427 TONNES OF GOLD FROM THE GLD/./ //// ./ //:/INVENTORY RESTS AT 1012.213 TONNES
JUNE 16 /2026/WITH GOLD UP $4.45 TODAY/NO CHANGES IN GOLD AT THE GLD: //// ./ //:/INVENTORY RESTS AT 1013.640 TONNES
JUNE 15 /2026/WITH GOLD UP $111.10 TODAY/NO CHANGES IN GOLD AT THE GLD: //// ./ //:/INVENTORY RESTS AT 1013.640 TONNES
JUNE 12 /2026/WITH GOLD UP $123.30 TODAY/NO CHANGES IN GOLD AT THE GLD: //// ./ //:/INVENTORY RESTS AT 1013.640 TONNES
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: 1012/213 TONNES, TONIGHTS TOTAL GOLD INVENTORY
SILVER
JUNE 17 WITH SILVER UP $0.79: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: NO CHANGE IN INVENTORY AT THE SLV /./ // :INVENTORY RESTS AT 481.388 MILLION OZ
JUNE 16 WITH SILVER DOWN $0.13: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.362 MILLION OZ INTO THE SLV /./ // :INVENTORY RESTS AT 481.388 MILLION OZ
JUNE 15 WITH SILVER UP $3.25: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.357 MILLION OZ OUT THE SLV /./ // :INVENTORY RESTS AT 481.026 MILLION OZ
JUNE 12 WITH SILVER UP $3.34: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.769 MILLION OZ OUT THE SLV /./ // :INVENTORY RESTS AT 482.383 MILLION OZ
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
While Western investors are dithering and selling gold and silver for fear they might go lower, China is buying up all available bullion. Record export earnings make it inevitable.
Today, China’s export surpluses are larger than ever giving the PBOC an unwanted dollar headache. She has little need for other G7 currencies and their debt, so they can only be sold for precious metals. This is confirmed in the gold and silver import statistics for China in what we know of them in 2026 so far.
It was a problem anticipated by the post-Mao administration as they planned their way into capitalism, unleashing enormous economic development coupled with a high consumer saving mentality. Ever since then, China has had the problem of excess dollars, and it is still growing. But the Communist Party understood from the outset the danger of being hostage to a rival national currency.
Back in 1983, China’s Communist Party appointed the People’s Bank (PBOC) with sole responsibility for buying and selling gold and silver. It was logical, because the PBOC was also the monopoly dealer in foreign exchange. And while I’ve told the story many times about how the PBOC accumulated an estimated 20,000 tonnes of gold before setting up the Shanghai Gold Exchange in 2002 and permitted the public to buy gold from then on, the silver story has been neglected. But it is a tandem operation. I shall release an analysis of China’s silver policy in a separate article.
Gold mining developed deliberately with China becoming the largest mining nation almost from scratch. From only 50 tonnes in the early 1980s, rising to 100 tonnes in the early ’90s and overtaking South Africa in 2007, China has mined an estimated 10,200 tonnes by the start of this year. Virtually no gold leaves China, so what the Chinese mine and buy is locked away from global markets.
Estimates of gold imports since 2002 vary widely between 15,000-25,000 tonnes. Deliveries from SGE vaults post-2002 into public hands total over 28,000 tonnes, some of which will have been scrapped and resubmitted to the government for refining.
However, this does not include gold designated as monetary. If the PBOC buys gold from another central bank, or books it as monetary, it goes unrecorded in China’s import figures. Investor uncertainty in Europe and North America doesn’t faze the Chinese either, who continue to sell dollars in favour of gold, having bought an estimated 473 tonnes of non-monetary gold so far this year to end-April. That’s a run-rate of nearly 1,500 tonnes annualised, selling nearly $70 billion so far.
Most of the gold delivered to the public is turned into jewellery. Though some is recast into bars and coin, gold categorised for investment is increasingly being acquired through gold accumulation accounts offered by China’s banks that run alongside deposit accounts. These are designed to be available even for small savers, who can open an account for as little as ¥500 ($75).
Periodically, banks have been forced to suspend this facility for lack of physical gold to cover these growing commitments.
This brings us to the topic of household savings, which are about 30% of GDP or $6,300 billion equivalent, added every year to the estimated $21,000 billion of savings in bank deposits. The mobilisation of just a small part of household saving deposits into gold almost certainly leads the banks to buy any available bullion in London and New York.
Furthermore, with both Hong Kong and Singapore expanding their gold and silver trading facilities, the relevance of London and New York as price setters is diminishing, and probably rapidly.
Conclusion
Market commentators in North America and Europe appear to be ignorant of the dynamics driving China’s continuing thirst for gold. The pace at which dollars and other G7 currencies are being dumped for gold is increasing and is becoming a serious problem for the entire fiat currency system based on the US dollar.
There comes a point where the drain of physical bullion liquidity will unexpectedly drive prices higher, and probably rapidly. It risks being self-feeding by unlocking massive Chinese saver demand.
In general terms, it is correct to view gold’s value measured in commodities and wholesale prices as being stable. But as a consequence of trade and savings imbalances between China and G7 nations, there is a building propensity for selling dollars and their currencies for physical gold, destroying their credibility as credit.
It starts with central banks and sovereign wealth funds predominantly in China and Asia, and spreads to wider populations in those countries before the domestic users of those currencies understand the threat. We can now see these dynamics playing out in China in plain sight. It marks the start of the final rejection of the dollar-based fiat currency system.
.
3. CHRIS POWELL AND HIS GATA DISPATCHES
5. COMMODITY REPORT//ALUMINIUM/SULFUR
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
SHANGHAI CLOSED UP 16.18 PTS OR 0.40%
HANG SENG CLOSED DOWN 181.79 PTS OR 0.74%
Nikkei CLOSED UP 575.50 PTS OR 0.83%
//Australia’s all ordinaries CLOSED UP 0.84%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 6.7588
/ OFFSHORE CLOSED DOWN AT 6.7593 Oil DOWN TO 76.23 dollars per barrel for WTI and BRENT DOWN TO 76.23Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN// WITH YUAN TRADING DOWN (6.7588) OFFSHORE YUAN TRADING DOWN TO 6.7593 ONSHORE YUAN TRADING ABOVE LEVEL OF OFF SHORE AND DOWN ON THE DOLLAR// / AND THUS WEAKER/OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS WEAKER
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YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN 6.7588
OFFSHORE YUAN: DOWN TO 6.7593
1.HANG SANG CLOSED DOWN 181.79 PTS OR 0.74%
2. Nikkei closed UP 575.50 PTS OR 0.83%
WEST TEXAS INTERMEDIATE OIL DOWN TO 76.23
BRENT; 79.00
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 99.37/// EURO FALLS TO 1.1598 DOWN 11 BASIS PTS
3b Japan 10 YR bond yield:RISES TO. +2.606 DOWN 3 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA CROSS NOW AT 160.219… 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: 3.748 DOWN 3 FULL BASIS PTS
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN /JAPANESE Yen UP CHINESE ONSHORE YUAN: DOWN( 6.7588 AND OFFSHORE: DOWN AT 6.7593
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and BRENT DOWN this morning
3h European bond buying continues to push yields LOWER on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.9219// Italian 10 Yr bond yield DOWN to 3.640// SPAIN 10 YR BOND YIELD DOWN TO 3.342%
3i Greek 10 year bond yield DOWN TO 3.581%
3j Gold at $4328.00 //Silver at: 69.87 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 61/ 100 roubles/73.11
3m oil (WTI) into the 76 dollar handle for WTI and 79 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 160.219 // 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.606% DOWN 3 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.748 DOWN 2 PTS..: USA/SF this 0.7921 as the Swiss Franc . Euro vs SF: 0.9186
USA 10 YR BOND YIELD: 4.428 UP 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.936 UP 1 BASIS PTS/
USA 2 YR BOND YIELD: 4.052 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 46.32 UP 2 BASIS PTS/LIRA GETTING KILLED//IDIOTS FOR SELLING GOLD AND USA DOLLAR RESERVES.
10 YR UK BOND YIELD: 4.7393 DOWN 5 PTS
30 YR UK BOND YIELD: 5.4555 DOWN 4 BASIS PTS
10 YR CANADA BOND YIELD: 3.379 DOWN 1 BASIS PTS
5 YR CANADA BOND YIELD: 3.019 DOWN 1 BASIS PTS.
1a New York Opening report
1b) European opening report
US equity futures gain, GBP weaker after cooler than exp. CPI, USD benefits into FOMC – Newsquawk US Market Open
Wednesday, Jun 17, 2026 – 06:25 AM
An informed source told Tasnim that Bloomberg’s alleged text of the US-Iran MoU is not accurate, but that the finalised text will be published after the signing on Friday. However, it was initially stated that it would not be published.
US equity futures gain steadily; Germany’s DAX 40 underperforms, weighed by BMW’s guidance cut.
DXY flat, G10s mixed; SEK softer despite Riksbank forecasts of a greater chance of a rate hike.
Fixed income muted, while gilts outperform following cooler-than-expected CPI; Fed announcement ahead.
Energy benchmarks contained in narrow ranges, as the focus remains on the US-Iran MoU signing.
Looking ahead, highlights include US Retail Sales (May), Atlanta Fed GDP (Q2), New Zealand GDP (Q1), Fed Policy Announcement, BCB Policy Announcement, Speakers including ECB’s Lagarde & Fed’s Warsh.
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EUROPEAN TRADE
EQUITIES
European bourses (STOXX 600 +0.3%) start Wednesday’s trade mixed, with outperformance in the AEX (+0.7%) while the DAX 40 (-0.2%) lags after BMW cut guidance. Geopolitical newsflow has been light thus far as markets await for the official MoU signing on Friday.
European sectors also lack a clear bias. Technology (+1.2%) and Banks (+0.8%) top the sector pile. Autos (-2.1%) is the worst-performing sector this morning, primarily driven by updated guidance from BMW. The Co. cut its operating auto margin to 1-3% (prev. 4-6%) and said it would intensify cost-cutting, with a negative one-off in the H2’26. Analysts at Deutsche Bank and Jefferies both said the outlook cut was significantly larger than expected, which has resulted in the Co.’s shares slumping as much as 11%. This has dragged peers lower with it (Volkswagen -2.4%, Mercedes-Benz -3.0%)
US equity futures are muted, except for the NQ (+0.6%). Intel (+4.1%) announced that its 18A manufacturing process has entered risk (i.e. early) production, with the chipmaker seeing strong demand for its central processors.
DXY is on a modestly firmer footing after softening on Monday alongside a decline in yields and lower oil prices. Focus today is overwhelmingly on Warsh’s first FOMC meeting as chair, where the committee is widely expected to keep the federal funds rate unchanged at 3.50-3.75%. Within the meeting, attention will be on language surrounding the easing bias, and the dot plots, which ING believes a removal of the bias alongside a cut to the 2026 dot plot, would support the Buck. Alongside these points, Warsh’s communication will be closely monitored. (Full Fed preview in the Newsquawk Research suite). DXY lacks direction, trading unchanged and supported just above 99.50.
GBP is a touch lower. In short, a cooler than expected UK CPI print, which falls beneath BoE forecasts on both a headline and core basis, services were also cooler than BoE forecast, but in line/hotter than analyst forecasts, depending on which data vendor is cited. GBP weakened post-data; Cable fell as much as 20 pips to a 1.3408 trough before paring modestly. The pair dipped below its 200DMA at 1.3418.
Two-way action seen in SEK, which is modestly softer post-announcement despite the forecasts implying a greater chance of a 2026 hike. Pressure that is a function of the fact that the forecasts and statement are based on information up to the 11th of June, as such the fall in energy benchmarks seen in the last few sessions on the US-Iran MOU progress is not accounted for, and therefore the hawkish tilt to the policy forecast is likely to be unwound in the next meeting, if the MOU holds and the energy retreat sticks and/or extends. We may get more details from Governor Thedeen at 10:00BST, and the Minutes on the 24th of June.
FIXED INCOME
Global fixed benchmarks are mixed, with USTs a couple of ticks lower whilst Bunds and Gilts gain; the latter outperforms after the UK’s inflation held steady in May. Geopolitical updates have been lacking today, with all eyes on the US-Iran deal signing on Friday. However, Iran’s Tasnim, citing a source, suggested that the text will not be published after the signing on Friday. Though, this was later corrected and it will be released.
USTs (-2 ticks) hold within a 109-26+ to 109-30+ range. Markets are ultimately on tenterhooks ahead of the Fed policy announcement, which will see the debut of Kevin Warsh as Chair. Policy rates are expected to remain unchanged, so focus will be on whether the easing bias will be removed from the statement. Dot plots are seen to show higher inflation and a more cautious policy path, with the new Chair interestingly not expected to publish a personal dot plot. At the presser, traders will eye whether he attempts to push a dovish agenda and how he contrasts to his fellow board members. From a yield point, Warsh will be eyed for any hints to his thinking on the Fed balance sheet; should markets be guided to faster unwinding of the Fed’s balance sheet, a steeper curve could be expected.
Bunds (+20 ticks) trade firmer this morning, continuing recent price action. Domestically, the release of the ECB Wage Tracker had little impact on German paper, where the 2026 quarterly figure rose slightly from the prior. Focus ahead turns to the EZ Final Inflation metrics for May, which are expected to remain unrevised. From a yield perspective, the German 10yr has now slipped below the 3.00% mark (current 2.93%), and now approaching levels not seen since early April.
Gilts (+57 ticks) outperform vs peers following the region’s inflation report. In brief, a cooler-than-expected print on both a headline and core basis. A series that reduces the odds of a hawkish surprise at the June BoE. However, the as-expected/slightly-hotter (depending on the consensus provider) services figure will be a point of concern for policymakers and may well be enough to keep some dissenters in play, even given the significant energy benchmark moderation in recent days. The report will not have any impact on the policy decision at Thursday’s meeting (BoE to hold), but could push the vote split a bit more dovish vs consensus; analysts saw a range between 8-1 to 6-3 before the inflation print and recent energy moderation on US-Iran progress.
Germany sells EUR 2.107bln vs exp. EUR 2.5bln 3.40% 2047 and 1.80% 2053 Bund.
Australia sells AUD 300mln 4.75% June 2054 bonds b/c 2.46, avg yield 5.3040%.
COMMODITIES
Crude futures are essentially incrementally firmer, hovering at 3-month lows, as markets await the US-Iran MoU signing in Switzerland. Details of the deal remain light; however, Reuters did shine some light on a point of the draft MoU: the rehabilitation and economic development of Iran. The report stated that a USD 300bln private fund is being designed to trigger investment into Iran. The report added that commitments have already exceeded USD 150bln across 5 regions, while the fund will not contain US government money or grants.
Energy benchmarks are relatively contained. WTI Aug’26 oscillates in a USD 74.09-76.06 range while Brent Aug’26 rotates in a 77.75-79.57/bbl band.
Spot gold has come off slightly ahead of the FOMC meeting, in which a hold is expected. Focus will lie in the press conference, in which Fed Chair Warsh is delivering his first post-policy conference in his new role. The yellow metal currently trades at the lower end of its narrow USD 4318-4350/oz range.
3M LME Copper flips either side of the USD 13.8k/t handle as market risk is subdued.
US Private Inventory Data (bbls): Crude -8.3mln (exp. -4.5mln), Distillates -0.5mln (exp. -0.2mln), Gasoline +2.5mln (exp. -1.4mln), Cushing -1.5mln.
IEA OMR (Jun): World oil demand falling by 1.1mln BPD in 2026 on the Iran War (prev. forecast 420k BPD fall); sees total world oil supply 920k BPD lower than demand in 2026 (prev. forecast 1.7mln BPD lower).
TotalEnergies (TTE FP) says its Saudi Arabian refinery was hit by three drones but is still only running at 70% and “probably” will not be repaired until early 2027.
Tanker Trackers reported that two Iranian supertankers carrying a total of 3.8mln barrels of crude oil passed through the US blockade.
Two US Senate Democrats are calling for US Energy Secretary Wright to abandon efforts to build a West Coast SPR, CNN reported. Democrats warned that establishing it this fiscal year would flout the law and usurp congressional authority.
TRADE/TARIFFS
The US delayed the blacklisting of China’s DeepSeek and over 100 Chinese firms deemed national security risks, to avoid escalating tensions with Beijing, according to sources cited by Reuters.
NOTABLE EUROPEAN DATA RECAP
UK Inflation Rate YoY (May) Y/Y 2.8% vs. Exp. 3% (Prev. 2.8%); Services 3.7% (exp. 3.7%, prev. 3.2%).
UK Inflation Rate MoM (May) M/M 0.2% (Prev. 0.7%).
UK Core Inflation Rate YoY (May) Y/Y 2.6% vs. Exp. 2.7% (Prev. 2.5%, Low. 2.6%, High. 3.0%).
UK Core Inflation Rate MoM (May) M/M 0.3% (Prev. 0.7%).
EU Inflation Rate YoY Final (May) Y/Y 3.2% vs. Exp. 3.2% (Prev. 3%, Low. 3.2%, High. 3.2%).
EU Inflation Rate MoM Final (May) M/M 0.1% vs. Exp. 0.1% (Prev. 1%, Low. 0.1%, High. 0.1%).
EU Core Inflation Rate YoY Final (May) Y/Y 2.6% vs. Exp. 2.5% (Prev. 2.2%).
The Riksbank left rates unchanged at 1.75%, as expected, stating probability of a hike in 2026 has increased relative to the March assessment. The Bank stated that the range of potential outcomes for what can happen going forward is wide and the Riksbank is highly prepared to adjust monetary policy.
NOTABLE US HEADLINES
US admin officials weighed how to structure government stakes in major AI companies, according to Semafor. Treasury Secretary Bessent favoured using equity in AI firms to seed Trump Accounts.
US President Trump’s administration considered requiring Anthropic to obtain government approval before allowing foreign nationals access to its most advanced AI models, as officials weigh new export control measures for AI tech.
The US Trump administration’s federal spending reviews reportedly slowed the government’s attempts to reduce the spread of the New World screwworm, Politico reported citing sources.
GEOPOLITICS
MIDDLE EAST
An informed source told Tasnim that Bloomberg’s alleged text about the US-Iran MoU is not accurate, adding that the text of the memorandum, based on the agreement of the parties, will not be published after it is signed on Friday. However, this was later corrected, stating that the text will be released after the signing on Friday.
US Defence Secretary Hegseth and CIA Director Ratcliffe were among the “most pessimistic” about whether the Iranians would honour their commitments to make substantive concessions on their nuclear program, according to CNN.
A US senior official was said to have dismissed as “preposterous”, the reports of side deals in which Gulf states such as the UAE and Qatar could unfreeze Iranian funds they hold, according to Axios.
The US Senate voted 48-47 to narrowly block a new bid to rein in Trump’s war powers.
Trump administration officials were reported to be discussing ideas to kick-start oil tanker traffic through the Strait of Hormuz, including offering a fee-based “VIP pass” naval escort through the waterway, according to people familiar with the discussions cited by POLITICO.
US officials told a CNN reporter that Iran’s Supreme Leader has given his tacit approval of the MOU, and that there are internal discussions over whether he could issue a statement ahead of Friday’s formal signing ceremony in Switzerland. It was separately reported that US officials downplayed the Iran agreement texts and said that the text omits key back-channel commitments, according to CNN.
Israeli artillery shelling reported in southern Lebanon, according to SNN.
Al Jazeera correspondent reported that 10 rockets were fired towards Israeli forces in the vicinity of Kfar Tebnit town in the Nabatieh district of southern Lebanon.
OTHER
Advisor to US President Trump Massad Boulos is looking to broker a power-sharing agreement between rival administrations in east and west Libya, the FT reported.
CRYPTO
Bitcoin slips back below the USD 65k handle as the market finds resistance at the 20-SMA.
APAC TRADE
APAC stocks ultimately traded mixed, albeit at an improvement from the initial losses seen following the subdued lead from Wall St, where most major indices finished in the red amid renewed tech selling.
ASX 200 shrugged off early weakness and edged mild gains with upside led by mining, materials and tech, although further upside in the index is capped by losses in energy and the defensive sectors.
Nikkei 225 clawed back initial losses and printed a fresh all-time high after briefly topping the 70,000 level.
Hang Seng and Shanghai Comp lagged amid losses in auto names and aluminium producers, while they also failed to benefit from a report that the US delayed blacklisting China’s DeepSeek and over 100 Chinese firms deemed national security risks. There was also little reaction seen to the PBoC’s announcement to add overnight reverse repo instruments and to increase overnight reverse repo operations, as it seeks to improve the efficiency of interest rate transmission.
NOTABLE ASIA-PAC HEADLINES
PBoC Governor Pan said they will allow overseas institutions to access yuan liquidity and will add overnight reverse repo instruments at the appropriate time, while he added they will increase overnight reverse repo operations and improve the efficiency of interest rate transmission. Pan also stated that six banks are authorised to conduct offshore foreign exchange transactions in the Shanghai Free Trade Zone, and commented that it is difficult and unnecessary for China’s credit growth to maintain its previous pace.
PBoC announces an adjustment to the temporary overnight reverse repurchase and outright repurchase agreement time which is to be set between 15:00-15:30 local time (08:00-08:30BST/03:00-03:30EDT). PBoC seeks to ensure flexible and efficient use of temporary overnight reverse and outright repurchase agreements in the open market. Furthermore, PBoC said operating rates will be set at the 7-day reverse repurchase rate in the open market minus 25bps and plus 25bps, respectively, and that it will act when the money market overnight rate remains consistently below or above the respective operation rates of the tools.
Chinese Vice Premier He Lifeng said they will step up financial supervision and will vigorously and orderly advance resolution of local government debt, while He added they will issue CNY 300bln special bonds to replenish the capital of financial institutions and that the financial sector will be opened up further.
China’s financial regulator said they will increase regulatory cooperation in emerging areas and will strengthen efforts to avert systemic financial risks. The regulator will also strictly curb unlawful financial activities and address risks in small and medium-sized financial institutions effectively and orderly, while China is to steer financial resources towards emerging and future industries.
Senior leaders of Japan’s ruling party said to have proposed cutting the consumption tax on food to 1% from April 2027 for a two-year period.
NOTABLE APAC DATA RECAP
Japanese Balance of Trade (May) -378.7B vs. Exp. -564.6B (Prev. 301.9B).
Japanese Exports YY (May) 17.0% vs. Exp. 16.2% (Prev. 14.8%).
Japanese Imports YY (May) 12.5% vs. Exp. 12.8% (Prev. 9.7%).
1c Asian opening report
Energy benchmarks towards lows, Europe set for muted open with markets tentative into Fed announcement – EU Market Open
Wednesday, Jun 17, 2026 – 02:12 AM
The US will allow Iran to immediately begin selling oil and fuel under the deal to end the war, offering Tehran an early financial incentive to wind down the conflict, WSJ reports, citing sources.
Iran and Oman are already talking about how they will manage the Strait of Hormuz, as laid out in one of the reported points. They want to charge a “fee” for the management “services”, NYP reports, citing sources.
IDF is prepared to stay in southern Lebanon for a significant period, Kann News reports. Reports of artillery shelling have continued in southern Lebanon.
The US delayed the blacklisting of China’s DeepSeek and over 100 Chinese firms deemed national security risks, to avoid escalating tensions with Beijing, Reuters reports, citing sources.
APAC stocks were mixed, whilst US equity futures are indicative of a slightly weaker open.
DXY trades tentatively as markets await today’s Fed policy decision, and the debut of Chair Warsh; CHF incrementally leads, whilst the Kiwi lags.
Looking ahead, highlights include UK Inflation Report (May), ECB Wage Tracker (Jun), EU Inflation Final (May), US Retail Sales (May), Atlanta Fed GDP (Q2), New Zealand GDP (Q1), Riksbank Policy Announcement, Fed Policy Announcement, BCB Policy Announcement, IEA OMR. Speakers include ECB’s Cipollone & Lagarde, Riksbank’s Thedeen & Fed’s Warsh. Supply from Australia & Germany.
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IRAN CONFLICT
US VP Vance said in an interview with Megyn Kelly that the Iran agreement includes Lebanon, while he opposes sending US ground troops to Iran.
US Defence Secretary Hegseth and CIA Director Ratcliffe were among the “most pessimistic” about whether the Iranians would honour their commitments to make substantive concessions on their nuclear program, according to CNN.
A US senior official was said to have dismissed as “preposterous”, the reports of side deals in which Gulf states such as the UAE and Qatar could unfreeze Iranian funds they hold, according to Axios.
The US Senate voted 48-47 to narrowly block a new bid to rein in Trump’s war powers.
US will allow Iran to immediately begin selling oil and fuel under the deal to end the war, offering Tehran an early financial incentive to wind down the conflict, according to WSJ citing sources. Furthermore, a source said that the provision for waivers of sanctions on oil sales takes effect immediately upon the signing of the agreement this week and also covers necessary services, including banking, transportation and insurance to facilitate the sales.
US senior official said Iran can sell oil/fuel immediately after a deal is signed, but only if they abide by all the points agreed to, including not interfering with the free flow of navigation in the Strait of Hormuz and not obtaining a nuclear weapon.
US-Iran framework agreement includes plans for USD 300bln private fund to trigger investment in Iran, according to Reuters citing sources. The fund will only become operational when the final deal is signed, while it is a private vehicle with no government money and separate from negotiations over Iranian sovereign assets frozen abroad. Furthermore, it has already been secured in commitments from companies in the US, Gulf Arab States, Asia, South America and Africa.
US officials told a CNN reporter that Iran’s Supreme Leader has given his tacit approval of the MOU, and that there are internal discussions over whether he could issue a statement ahead of Friday’s formal signing ceremony in Switzerland. It was separately reported that US officials downplayed the Iran agreement texts and said that the text omits key back-channel commitments, according to CNN.
Iran pledged to remove all mines and obstacles from the Strait of Hormuz, while negotiations for a final agreement between America and Iran can be extended by mutual consent, according to Al Arabiya. However, sources close to the Iranian negotiating team denied the claims of Al Arabiya news network regarding the text of the MoU between Iran and the US.
Iran’s Foreign Minister said negotiations between the US and Iran will start on the same day the MOU between the two is signed, while he added that after the first phase, negotiations will continue for 60 days for a final agreement, which will include the nuclear issue and lifting of sanctions.
Iran’s top joint military command said Israel should expect a hard response from the Iranian Armed Forces if it doesn’t stop its attacks on southern Lebanon.
Tasnim cited an intelligence assessment in the US which stated that Iran may launch a surprise attack on Israel without prior warning, following Israel’s attacks in Lebanon.
Iranian Parliament National Security Commission head warned that any breach of commitment or departure from the main framework of the understanding will cause the Iranian armed forces to respond more forcefully than in the past.
Iran and Oman are already talking about how they will manage the Strait of Hormuz, as laid out in one of the reported points. They want to charge a “fee” for the management “services,” a regional source told NYP, although it is unclear whether that would be possible after the US rejected tolling.
Israel asked the US to see the text of the Iran agreement, but was rejected, according to CNN citing sources. Furthermore, a source said part of the reason the request was turned down was because the Trump administration feared PM Netanyahu would leak the agreement.
IDF is prepared to stay in southern Lebanon for a significant period, subject to the instructions of the political echelon, according to Kann News citing security sources, while it was said that despite the agreement, the attacks in southern Lebanon do not stop, in parallel with the firing in the north.
Israeli artillery shelling reported in southern Lebanon, according to SNN.
Drone attack hit the Iranian opposition camp east of Iraq’s Erbil, according to Reuters, citing security sources.
US TRADE
EQUITIES
US stocks were mixed on Tuesday and the Nasdaq was the clear laggard as the recent pressure in Tech resumed, with the sector down around 2%, weighing on both the Nasdaq and S&P 500, and the Russell 2000 also saw notable selling pressure, while the Dow was the only major index that finished in positive territory, to extend on record levels. Sector performance was broadly positive outside of Technology, with Financials and Industrials leading gains and helping support the Dow, while the pressure in Tech comes after several sessions of profit-taking in AI-related names, and weakness in mega-cap and semiconductor names, outweighed the broader improvement in risk sentiment stemming from developments in the Middle East.
SPX -0.57% at 7,511, NDX -1.89% at 29,968, DJI +0.64% at 52,005, RUT -0.87% at 2,939.
The US delayed the blacklisting of China’s DeepSeek and over 100 Chinese firms deemed national security risks, to avoid escalating tensions with Beijing, according to sources cited by Reuters.
US President Trump’s administration considered requiring Anthropic to obtain government approval before allowing foreign nationals access to its most advanced AI models, as officials weigh new export control measures for AI tech.
Canadian Minister Responsible for Canada-US Trade LeBlanc said he had a long and constructive meeting with USTR Greer and agreed to be in touch again next week, while he also stated that they continue to make progress.
Canadian PM Carney and Indian PM Modi reviewed progress in bilateral economic cooperation during a meeting on the sidelines of the G7, while both expressed satisfaction in talks towards a comprehensive economic partnership agreement.
NOTABLE HEADLINES
Most Fed-watchers on Wall Street expect new Chair Kevin Warsh to not participate in the dot plots, according to CNBC.
APAC TRADE
EQUITIES
APAC stocks ultimately traded mixed, albeit at an improvement from the initial losses seen following the subdued lead from Wall St, where most major indices finished in the red amid renewed tech selling.
ASX 200 shrugged off early weakness and edged mild gains with upside led by mining, materials and tech, although further upside in the index is capped by losses in energy and the defensive sectors.
Nikkei 225 clawed back initial losses and printed a fresh all-time high after briefly topping the 70,000 level.
Hang Seng and Shanghai Comp lagged amid losses in auto names and aluminium producers, while they also failed to benefit from a report that the US delayed blacklisting China’s DeepSeek and over 100 Chinese firms deemed national security risks. There was also little reaction seen to the PBoC’s announcement to add overnight reverse repo instruments and to increase overnight reverse repo operations, as it seeks to improve the efficiency of interest rate transmission.
US equity futures were contained after the recent tech selling and as the FOMC looms.
European equity futures indicate a mildly weaker cash market open with Euro Stoxx 50 futures down 0.2% after the cash market closed with gains of 0.5% on Tuesday.
FX
DXY lacked direction overnight after softening yesterday alongside a decline in yields and lower oil prices, while the focus will be on Fed Chair Warsh’s handling of the Fed and his first post-meeting press conference. Expectations are for him not to participate in the dot plot and to lean dovish; however, an open-minded approach from Warsh would surprise markets and likely act as support for the dollar, while the statement will likely see the Fed easing bias language removed and a lack of forward guidance.
EUR/USD paused overnight after it returned to 1.1600 territory on the back of the recent dollar weakness and as comments from ECB officials remained hawkish.
GBP/USD was little changed amid the broadly muted FX trade and ahead of UK inflation data.
USD/JPY traded rangebound at the 160.00 handle despite the recent BoJ rate hike, while recent data releases were mostly better-than-expected, with Japanese Machinery Orders and Exports topping forecasts.
Antipodeans lacked direction amid the mixed risk tone and absence of pertinent tier-1 data.
PBoC set USD/CNY mid-point at 6.8096 vs exp. 6.7569 (prev. 6.8108)
Majority of Brazil’s Supreme Court Panel voted to convict Eduardo Bolsonaro of courting US interference in his father’s coup plot trial.
Fitch affirmed Brazil at BB; Outlook Stable.
FIXED INCOME
10yr UST futures took a breather after treasuries rose across the curve yesterday, particularly the belly, as oil prices continued to slide, while participants look ahead to Fed Governor Warsh’s inaugural FOMC meeting.
Bund futures kept afloat as the recent declines in oil eased inflationary pressures, but with upside capped heading into today’s Bund issuances and as the recent ECB speakers stuck to the hawkish script.
10yr JGB futures continued to nurse their post-BoJ declines despite the interest rate being at the highest in more than three decades, with yields softening after the recent slump in oil prices.
COMMODITIES
Crude futures were subdued and lingered near 3-month lows after slumping on prospects of returning supply due to the US-Iran interim peace deal, with Qatar reportedly to restore half of its LNG output a month after the Strait of Hormuz reopens, which could rise to 80% within two months, while it was also reported that the US will allow Iran to immediately begin selling oil and fuel under the deal to end the war.
US Private Inventory Data (bbls): Crude -8.3mln (exp. -4.5mln), Distillates -0.5mln (exp. -0.2mln), Gasoline +2.5mln (exp. -1.4mln), Cushing -1.5mln.
Tanker Trackers reported that two Iranian supertankers carrying a total of 3.8mln barrels of crude oil passed through the US blockade.
Trump administration officials were reported to be discussing ideas to kick-start oil tanker traffic through the Strait of Hormuz, including offering a fee-based “VIP pass” naval escort through the waterway, according to people familiar with the discussions cited by POLITICO.
Serbia’s Russian-owned and US-sanctioned NIS oil firm gets sanctions reprieve until July 1st.
Spot gold traded sideways after recent dollar weakness and softer yields, while the upside was contained heading into today’s FOMC meeting.
Copper futures were rangebound amid the ultimately mixed global risk appetite.
CRYPTO
Bitcoin eked marginal gains and briefly tested the USD 66,000 level to the upside.
NOTABLE ASIA-PAC HEADLINES
PBoC Governor Pan said they will allow overseas institutions to access yuan liquidity and will add overnight reverse repo instruments at the appropriate time, while he added they will increase overnight reverse repo operations and improve the efficiency of interest rate transmission. Pan also stated that six banks are authorised to conduct offshore foreign exchange transactions in the Shanghai Free Trade Zone, and commented that it is difficult and unnecessary for China’s credit growth to maintain its previous pace.
PBoC announces an adjustment to the temporary overnight reverse repurchase and outright repurchase agreement time which is to be set between 15:00-15:30 local time (08:00-08:30BST/03:00-03:30EDT). PBoC seeks to ensure flexible and efficient use of temporary overnight reverse and outright repurchase agreements in the open market. Furthermore, PBoC said operating rates will be set at the 7-day reverse repurchase rate in the open market minus 25bps and plus 25bps, respectively, and that it will act when the money market overnight rate remains consistently below or above the respective operation rates of the tools.
Chinese Vice Premier He Lifeng said they will step up financial supervision and will vigorously and orderly advance resolution of local government debt, while He added they will issue CNY 300bln special bonds to replenish the capital of financial institutions and that the financial sector will be opened up further.
China’s financial regulator said they will increase regulatory cooperation in emerging areas and will strengthen efforts to avert systemic financial risks. The regulator will also strictly curb unlawful financial activities and address risks in small and medium-sized financial institutions effectively and orderly, while China is to steer financial resources towards emerging and future industries.
DATA RECAP
Japanese Machinery Orders MM (Apr) 8.7% vs. Exp. 0.9% (Prev. -9.4%)
Japanese Machinery Orders YY (Apr) 15.6% vs. Exp. 9.3% (Prev. 5.9%)
Japanese Balance of Trade (May) -378.7B vs. Exp. -564.6B (Prev. 301.9B)
Japanese Exports YY (May) 17.0% vs. Exp. 16.2% (Prev. 14.8%)
Japanese Imports YY (May) 12.5% vs. Exp. 12.8% (Prev. 9.7%)
GEOPOLITICS
OTHER
South Korean President Lee asked US President Trump to lead peaceful diplomacy with North Korea, according to Reuters. It was separately reported that South Korea’s Defence Minister said they will move the civilian restricted line at the border with North Korea to the north.
EU/UK
NOTABLE HEADLINES
ECB’s Makhlouf said the end of the war does not mean the end of the shock, and direct price pressures may not fade so quickly.
2.NORTH AND SOUTH KOREA AND JAPAN
SOUTH KOREA
JAPAN
3 CHINA
CHINA
4. EUROPEAN AND SCANDINAVIAN COMMENTARIES PLUS NATO
UK
Telegram Founder Warns UK Social Media Ban Is Digital Iceberg About To Sink The Free Internet
Telegram founder Pavel Durov told the Freedom Forum audience in Oslo that Western societies have already struck the iceberg and started sinking – yet most citizens remain in their cabins, convinced the ship of personal freedoms is unsinkable.
His remarks arrive precisely as Keir Starmer’s government rams through a social media ban for under-16s that functions as the perfect pretext for mandatory digital ID, device-level scanning on every phone, and the practical elimination of anonymous speech online.
The policy is dressed in the familiar language of child protection. In practice it requires every major platform to verify ages with facial scans, passports or credit card data. What starts as a restriction on minors rapidly becomes a national system of internet passports.
Encrypted messaging apps currently sit outside the ban, but the same Online Safety Act framework already contains the levers to demand backdoors later. Tech executives who refuse to turn every smartphone into a government scanner face up to five years in prison.
Durov drew on two decades running major platforms and direct experience with state pressure in Russia, the EU and France. The core message was unmistakable.
“Our ship has already hit the iceberg. We have already started to sink without even realizing it. And I’m talking about the ship of our personal freedoms.”
He continued, “Passengers of the Titanic actually didn’t want to leave the ship for almost two hours after it hit the iceberg. People thought the Titanic was unsinkable. Lifeboats left half empty.”
“Only in the last half an hour people started to panic, but by that time it was already too late. Not enough lifeboats, nowhere to hide, nowhere to run,” Durov stressed.
He then turned to concrete examples. In the United Kingdom, thousands of people are arrested each year over social media posts. In Germany, posting something politically incorrect can mean fines or prison time. Durov described how “child protection” rhetoric short-circuits debate.
“Once somebody says child protection, all of a sudden it triggers very ancient, very deep parts of our brain. Who would be against protecting children? It completely bypasses logic. It bypasses debate. It bypasses rationality,” he explained.
“All of a sudden, people are ready to give up everything. And authoritarian regimes were able to smuggle all kinds of repressive legislation under the guise of protecting children,” he added.
He recounted Russia’s failed attempt to ban Telegram. Authorities blocked the app, yet 95 percent of Russian teenagers still used it every month – many via VPNs that exposed them to far more fringe and illegal content than the original platform ever hosted.
The pattern repeats wherever governments claim they must control speech to save the children.
Starmer announced the under-16 social media ban as a way to “give children their childhoods back.” The accompanying rules demand age verification across Snapchat, TikTok, YouTube, Instagram, Facebook, X and more.
Additional restrictions hit livestreaming, stranger messaging in games, and impose curfews and scroll limits for under-18s. Regulations are meant to be in force before Christmas 2026, with full enforcement by April 2027.
The machinery does not stop at apps. A parallel device-level system using “nudity detection” and monitoring is already scheduled for rollout by major phone makers this September.
If companies drag their feet, legislation will make client-side scanning mandatory. The phone itself becomes the gatekeeper – before any message is encrypted or sent.
Big Brother Watch put it plainly: this is population-wide ID checks for everyone who wants to use a phone, tablet or laptop. The government that has repeatedly failed to protect children from grooming gangs and ideological capture in schools now positions itself as the only body qualified to decide what counts as safe online.”
“Its own evidence review found only a small correlation between social media use and wellbeing – no proven causal harm. That finding has been buried while the infrastructure races forward,” the organisation added.
The coercion extends to corporate leadership. Draft rules under the Online Safety Act would impose up to five years in prison on tech executives whose companies refuse to build and deploy scanners that inspect every photo, video and message on user devices before encryption.
Client-side scanning turns personal phones into always-on surveillance endpoints. Privacy advocates note the “child safety” framing masks the broader project: making every smartphone a mandatory informant for the state.
Encrypted messaging services such as Signal remain exempt from the current social media ban. That exemption is fragile. The same Online Safety Act that created the age-verification regime already contains provisions that can later demand access to private communications. Signal has not stayed silent.
The company’s leadership has made clear it will not implement dystopian combinations of age verification and content scanning that “will not safeguard children” and “endanger us all.”
Recent statements indicate Signal is prepared to stop providing services in the UK rather than compromise the encryption its users rely on.
The warnings expose the surveillance agenda hiding behind child-protection language. Once the verification and scanning infrastructure exists, expanding it to messaging apps becomes a regulatory tweak rather than fresh legislation.
YouTube warned that blanket bans simply push young people toward anonymous, less safe corners of the internet and away from curated educational content. Meta argued against forcing users to hand over ID to dozens of separate services and floated the idea of device-level or app-store age checks instead.
These responses reveal both resistance to fragmented compliance and the companies’ own interest in centralised systems they can control.
The underlying trend remains the same: the open, pseudonymous internet is being replaced by a permissioned version that requires state-approved identity.
Starmer has been branded authoritarian for good reason. The ban arrives alongside documented overreach: more than 80,000 arrests for social media posts in recent years, selective enforcement that appears to spare ideologically aligned platforms, and a broader project of tying smartphone access to digital ID.
There is a high chance Starmer will be out of office by year’s end, replaced by his own party – yet the machinery he is building will outlast him.
The UK version accelerates a global pattern already visible in Canada, Australia and the EU. Each jurisdiction uses slightly different pretexts while constructing the same core capability: verified digital identity standing between citizens and the open internet.
Once every post, search, message and transaction requires state-linked identity, dissent that was previously difficult to police at scale becomes routine administrative action. An entire generation will grow up treating constant surveillance as normal.
History shows these systems are never limited to their initial stated purpose. The technology now being embedded will serve whatever purpose future governments assign it.
Durov’s warning from Oslo remains the clearest summary. The ship has already hit the iceberg. The only question is how many passengers will still be below decks when the water reaches their cabins.
END
UK
BBC Hands Soros-Linked Pro-Migrant Campaigners Direct Access To Shape Children’s Show
Britain’s state broadcaster has opened the door to pro-migrant activists who openly brag about steering storylines in a CBBC comedy aimed at primary school children.
While small boat crossings continue and communities deal with the daily consequences of unchecked arrivals, the BBC opted to let outside campaigners help frame migration narratives for the youngest viewers instead of reflecting the scale of policy failure.
The programme in question is Pickle Storm, a CBBC (Children’s BBC) series following a young ‘alien’ who flees persecution on her home planet and settles in a British town. Her family encounters ‘humorous’ culture shock moments. Reports note that pro-migrant charity Heard held meetings with the show’s producers at Blackdog Television, including at least one BBC children’s programming representative on a Zoom call.
Heard later claimed in its own materials that producers used the input to inform the second series, which aired in 2025. The charity described the engagement as part of a strategy to “tap into children’s media and directly impact framing of migration in children’s content.”
Heard presents itself as seeking to “shift public attitudes, norms and policy preferences.” A spokesperson told The Telegraph the group helps media professionals “represent those experiences fairly and accurately” while focusing on “building understanding between people.”
The BBC claims that the charity “had no power to influence editing or production of its programming” and described expert consultations as standard practice.
Heard has received more than £4.5 million in grant funding since launching in 2021. Much of it flows from left-leaning foundations including the Esmée Fairbairn Foundation, Paul Hamlyn Foundation, and seed support linked to George Soros’s Open Society Foundations.
Additional backing has come through Arts Council England and Comic Relief channels. Similar efforts by another group, Imix, have secured over £2 million since 2019 from National Lottery and Comic Relief sources.
Imix focuses on “building social support for migration” by targeting “persuadable audiences” through journalists and media placements. It has claimed credit for stories placed on BBC News and in newspapers, including pieces about refugees finding new homes in Britain and coverage of LGBT refugees from Africa.
The group also consulted on sympathetic portrayals in drama, including an asylum seeker storyline on ITV’s Coronation Street.
These operations form part of a coordinated “narrative change” push funded by globalist and left-wing sources. The goal is to soften public resistance to high levels of migration through entertainment, news, and children’s programming rather than open debate.
This approach fits a wider pattern already documented across UK institutions. Schools have been drawn into similar messaging through programmes that supply reading lists and events promoting unconditional welcome for new arrivals, including those coming by small boat.
Government-backed initiatives have gone further by embedding warnings inside children’s content that questioning mass migration or noticing rapid cultural shifts can signal extremist thinking.
One Home Office-funded video game aimed at 11- to 18-year-olds portrays researching immigration statistics or expressing concern over changes to British values as routes that raise an “extremism meter” and trigger Prevent referrals or counseling for ideological issues.
Counter-terrorism police campaigns have reinforced the message by warning teenagers that sharing material they consider merely “funny” online can result in device seizures, criminal records, and barriers to education if authorities later classify it as ‘terrorist’ content.
The same institutions pushing positive migration framing for young children simultaneously expand surveillance-style tools that treat skepticism as a gateway to radicalisation. This creates a closed loop: state media and charities shape the approved narrative for the next generation while official channels flag dissent for intervention.
Critics have highlighted the hypocrisy. While proposals surface to restrict platforms accused of spreading “disinformation” on migration, the BBC faces no equivalent scrutiny for allowing activist input into content consumed by primary school children.
These efforts form only one layer of a much larger state apparatus dedicated to narrative management. The Home Office’s Research, Information and Communications Unit, operating under the Prevent banner, functions as a dedicated nudge unit that seeds favourable migration messaging while actively working to suppress and reframe backlash.
Leaked operations show the unit advising police intelligence teams to identify online protest calls and supplying strategic guidance to portray demonstrators as unsympathetic thugs rather than citizens raising legitimate concerns, all aimed at behavioural change.
It has also inserted itself into family liaison after migrant-linked incidents, scripting statements with generic phrasing that pivots to calls for calm and emphasis on migrant contributions instead of unfiltered grief or anger.
Heard and aligned groups frame their work as countering “well-funded anti-migrant campaigns and the disinformation that spreads hostility online.” An Imix spokesman described narrative change work as “listening to people’s real concerns, being honest, and meeting them where they are.”
The results on the ground tell a different story. Record net migration, ongoing small boat arrivals, and visible pressures on housing, schools, and healthcare continue regardless of polished storylines about aliens finding refuge or hippos making room for newcomers.
Parents and taxpayers fund the BBC through the licence fee. They also fund many of the grants and public bodies supporting these narrative efforts. The claim that such consultations are harmless “standard practice” rings hollow when the groups involved explicitly measure success by their ability to shift attitudes among the youngest audiences.
Britain’s approach to mass migration has produced measurable strains. Rather than confront those outcomes directly, captured institutions have chosen to engineer consent from the ground up, starting with children’s television and classroom materials.
This is not education. It is narrative management dressed as entertainment and safeguarding. The public deserves broadcasters and schools that reflect reality instead of laundering activist priorities through content aimed at seven-year-olds.
Removing third-party ideological programmes from classrooms would be a minimal first step toward restoring balance and protecting the next generation’s right to form their own views without state-approved filters.
The pattern is clear and consistent. Institutions captured by globalist priorities use every available channel – television, schools, games, and even police messaging – to suppress open discussion of immigration failure while accelerating efforts to make the next generation more receptive to it.
Parents who object are not extremists. They are the last line of defence for their children’s ability to think independently.
END
FRANCE
Yet More Churches Torched; Sustained Attack On Christianity Gathers Pace
France suffered another direct hit to its Christian heritage last week when two historic religious sites burned within hours of each other.
A 17th-century chapel in Brittany lost most of its roof and part of its framework, while a centuries-old cloister housing thousands of rare books in the southwest saw its library devastated.
These blazes fit a widening pattern of attacks on churches and sacred sites that shows no sign of slowing, even as the state claims it lacks funds for preservation while directing resources elsewhere.
The incidents occurred on June 12. In Trégastel, Côtes-d’Armor, flames engulfed the Chapelle Sainte-Anne-des-Rochers, built in 1635 and already closed to the public since March for structural safety reasons.
Firefighters battled the blaze that destroyed roughly 75 percent of the slate roof and caused part of the charpente to collapse. Artworks and classified statues inside were saved.
One widely shared post captured the events plainly: “Another church on fire in France last night.” It highlighted the Trégastel chapel while noting this was one of two such fires that day.
Hours later, in Condom, Gers, fire broke out in the médiathèque located in the historic cloister attached to the cathedral. Hundreds of square meters of roofing burned, and the collection of over 4,300 archived volumes suffered heavy damage from flames, water, and smoke.
The cathedral structure itself was protected, but the loss to local history and scholarship is severe.
Christian heritage sites that define French identity keep burning while the state pleads poverty for repairs yet finds ample resources for mass immigration and other priorities. Crowdfunding appeals and calls on the Fondation du Patrimoine now appear routine for these “accidental” losses.
These latest fires arrive amid a documented surge in incidents targeting Christian places of worship. Reports indicate nearly 50 fires or arson attempts on churches and Christian sites in France in 2024 alone, representing roughly a 30 percent rise from 38 the prior year.
Broader tallies over recent years point to well over 100 such events. France consistently records among the highest numbers of anti-Christian acts and church fires in Europe.
Previous coverage has tracked the gutting of historic churches across France, often with officials quick to cite accidents or brush fires while skepticism mounts over the sheer volume and timing.
Similar blazes have struck in Canada and the UK, with governments showing little urgency compared to their responses on, shall we say… other issues.
In the UK, Prime Minister Starmer voiced immediate concern and backed funding boosts for mosque security after one incident, yet stayed silent as historic churches burned.
The contrast reveals selective priorities. Christian sites that have stood for centuries face repeated destruction, while the political class appears more invested in demographic transformation than in safeguarding the civilization that built the nation.
Mainstream coverage often frames each blaze in isolation, citing investigations without clear conclusions or motive. Yet the cumulative effect is unmistakable: a steady erosion of physical symbols of Christianity.
Heritage advocates have long warned that rural churches and smaller sites receive inadequate protection and funding compared to flagship projects. When fires strike, the response frequently defaults to donation drives rather than systemic prevention or serious scrutiny of patterns.
France’s Christian roots in particular are under sustained pressure from vandalism, desecration, arson, and demographic shifts driven by open-border policies. Each new incident chips away at the tangible inheritance of Western civilization while elites prioritize globalist projects and mass migration over preservation.
These fires are not random bad luck or isolated failures. They form part of a broader assault on Christianity and the cultural foundations it provided for Europe and the wider West. When governments downplay the trend, fast-track replacement-level immigration, and offer only crowdfunding as a fix, they signal that Christian heritage ranks low on the priority list.
Nations serious about their identity do not let their foundational landmarks burn while claiming helplessness. They secure borders, enforce laws without favor, and treat attacks on their civilizational core as the emergencies they are.
France’s repeated losses serve as a warning: without a sharp course correction toward sovereignty and cultural self-preservation, more irreplaceable pieces of the Christian inheritance will vanish.
END
UK
Musk Supports Nuremberg-Style Trials After UK Rape-Gang Inquiry Release
After Restore Britain leader Rupert Lowe released the Rape Gang Inquiry Report, which documented the systemic rape and often torture of up to 250,000 young British girls at the hands of predominately Muslim rape gangs, SpaceX and Tesla founder Elon Musk agreed with calls for Nuremberg-style trials for the perpetrators and those who enabled the heinous attacks.
One post calling for Nuremberg Trials in connection to the rape gang inquiry and executions for those who were responsible, also received a one-word response from Musk, who stated: “Yes.”
“The incidents of criminal activities listed in this report are drawn from court records, official and unofficial inquiries across the country, and witness testimony provided to the Inquiry. They confirm that this was never a series of isolated local failures. It was a coordinated, nationwide pattern of organised child sexual exploitation that repeated in town after town, city after city, from the far north to the south coast. The same ethnic and religious profile of the perpetrators was documented throughout almost all of the witnesses who contacted the Inquiry.”
The report further states that “the scale of the rape gang phenomenon is endemic across the entirety of Britain.”
The report cites the figure of 250,000 raped across Britain, which comes from a statement in the House of Lords by Lord Pearson of Rannoch on May 14, 2019:
“Do the Government accept that if we extrapolate nationally the Jay report on Rotherham and other reports from Telford and Oxford, there appear to have been upwards of 250,000 young white girls raped in this century, very largely by Muslim men, usually several times a day for years?”
He added that this number “is probably an underestimate.”
The report found that this number can now be supported through the data collected in the report, which scaled the data from the most thoroughly and well-documented inquiries.
The report cites:
“Rotherham (Jay Report, 2014): At least 1,400 girls abused between 1997 and 2013, with some updated estimates exceeding this. Perpetrators were overwhelmingly Pakistani Muslim men.”
“Telford Inquiry (2022): More than 1,000 children (predominantly girls) over decades, again with the same perpetrator profile.”
List of heinous crimes
The report makes for difficult reading. It found that the victims were typically between eight to 12 years old.
Children were forced to have sex with dogs and beaten with bats, which were then inserted into them anally and vaginally.
In one case, a little girl’s tongue was nailed to the wall so she could not move while she was being raped by multiple men.
It was also found that police were warning rapists that they were being reported in order to threaten the victims into stopping their reports. In other instances, police participated in the gang rapes themselves.
One girl was raped by between 30 to 80 men, most of whom were never charged by British authorities.
In another case, a little girl was told: “If you don’t come back, I’m going to rape your little sister instead.”
When one mother tried to call for help, a British police officer told her: “You should be happy your daughter is experiencing a different culture.” He then hung up on her.
Another girl was blinded by acid while trying to escape one of the rape gangs.
Widespread torture and rape across the country
The report also noted the widespread nature of the mass gang rapes, both geographically and temporally:
“Grooming gangs operate in 149 Local Authority Districts with victims numbering in the hundreds of thousands,” according to the report.
“The grooming gang model has been confirmed in dozens of towns and cities. Our independent Inquiry, led by Rupert Lowe MP, has heard evidence demonstrating coordinated operations extending to all corners of the country, in at least 149 local authority districts.”
The report notes that, “When the Rotherham/’Telford scale is applied across the documented national distribution, and multiplied by the extreme under-reporting factor accepted by official reviews, the total reaches the 250,000 threshold as a bare minimum.”
However, much of the abuse remains in the shadows and more investigation is required, not only to document this historical injustice, but to potentially hold those accountable for what occurred.
“We are far from grasping the full extent of grooming gang criminality in modern Britain. It is reasonable to assume that, since sexual abuse of all kinds tends to be under-reported, this is also true of grooming gangs. The Independent has reported that almost 19,000 children were identified as sexual exploitation victims in England in one year alone, despite the reluctance of state actors to name or tackle the problem of the rape gangs. After decades of abuse, victims must number in the hundreds of thousands. The full scale is not yet known.”
The report acknowledges that it may be impossible to ever ascertain how many victims there truly were, as much of the information was not documented or remains suppressed.
Every major review has emphasised that recorded statistics severely understate reality:
Baroness Casey National Audit on Group-Based Child Sexual Exploitation and Abuse (June 2025): The audit explicitly states that the scale, nature, and characteristics of group-based child sexual exploitation remain impossible to quantify precisely due to inconsistent data collection and historical suppression.
Independent Inquiry into Child Sexual Abuse (IICSA) and multiple local inquiries (2022-2025): “It is simply not possible to know the scale” because ethnicity, group offending, and historical cases were routinely unrecorded or shelved to protect “community cohesion.”
Government actors presided over a cover-up
The report further notes that key players in the government were instrumental in keeping the mass rape from being investigated and revealed to the public.
The report notes:
Roger Stone (Labour council leader, Rotherham 2003-2014): Presided over local government during the cover-up documented in the Jay Report.
Multiple Rotherham Labour councillors interfered in police investigations, tipped off perpetrators, or dismissed victims as “making lifestyle choices” to protect “community relations” and votes.
While Sir Keir Starmer was the Director of Public Prosecutions, it has been reported that 13,000 suspected rape gang members and paedophiles were let off with warning letters.
As stated earlier, the Mayor of London Sadiq Khan repeatedly insisted there were no grooming gangs operating in the city. He described evidence from whistleblowers as politically motivated. He told the London Assembly that child sexual exploitation in the capital is a “far more complex” matter and does not fit the grooming-style patterns on display across deprived northern towns. These statements he made despite the fact that the Metropolitan Police had in its possession reports of young girls being plied with alcohol and drugs then raped by groups of men in hotels and other locations across London. A Daily Express investigation revealed that Khan had direct access to HM Inspectorate of Constabulary documents detailing the very patterns of offending he had denied. Khan read these files yet continued to deny the existence of grooming gangs in public.
Overall, the Labour Party did not just fail to prosecute the gangs. In some cases, its own members were the abusers and in most cases its councillors, leaders, and ministers put loyalty to Pakistani Muslim blocs before child safety. No other political party has such a well-documented track record of direct involvement with and institutional protection of industrial-scale child rape. This was in large part due to Labour’s own electoral self-interest.”
Police dismiss victims as racists
In regards to the police, a huge portion of the UK police force was active in the cover-up.
Only the police took any formal action, issuing ‘harbouring notices’ to the men – official warnings stating they had no permission to associate with, contact, or house a vulnerable child. However, no further action followed. When Fiona’s mother called the police to report her daughter missing and mentioned a history of abuse by Asian men, the call handler told her: “You can’t describe them as Asian men because that’s racist. You should just be glad your child is being taught a different culture.”
On one occasion, a police officer returned Fiona to the house where the abuse was occurring and told the men to “have fun with her.” On another occasion, police instructed the abusers that if they could persuade Fiona to sign herself out of care, the police would stop bothering them.
A migrant-fueled rape crisis
The report notes that these grooming gangs primarily consisted of Africans, Indians, Gypsies, Asians, and Muslims:
Researcher Peter McLoughlin in Easy Meat (2016) compiled a comprehensive list of grooming gang convictions from 1997 to 2018 (with updates in subsequent analyses), drawing from published court outcomes. His examination of names indicated that approximately 87% of those convicted bore distinctively Muslim names, which was a figure echoed in related analyses far exceeding the Muslim proportion (around 6%) of the general population of Britain.
The majority of these convicted groups consisted entirely of men from Muslim backgrounds. These groups are predominantly of Pakistani heritage, especially when the group exceeds ten or more members. The larger group size dynamic of Pakistani perpetrators is on display in major prosecutions and official reviews from locations such as Rochdale, Rotherham, Huddersfield, Oxford, Telford, and others.
Other convictions have involved groups primarily composed of Muslims from non-Pakistani origins, demonstrating that the issue is not necessarily confined to one ethnic group:
• Two Somali-origin gangs in Bristol • A mainly African-heritage gang in Banbury • Three Iranians in Chelmsford • Three Syrians and one Kuwaiti in Newcastle • Two Turkish men in Somerset • A Romanian rape gang in Rotherham
The large Newcastle “‘Operation Sanctuary” case, involving 17 men and one woman from diverse Muslim backgrounds: Albanian, Kurdish, Bangladeshi, Indian, Turkish, Iranian, Iraqi, Pakistani, and Eastern European heritage. Nearly all published names were Islamic.
An additional expert commentary included statement from Dr. Taj Hargey, an imam at the Oxford Islamic Congregation. He noted that virtually every individual in these grooming gangs appeared to be Muslim, estimating that 95 percent of those involved are of Muslim faith.
Beyond Europe?
The grooming gangs are also operating in other countries, including France on a massive scale, but also such cases are arising in Germany. Remarkably, Musk’s calls for a Nuremberg-style trial just so happen to coincide with reports that in the city of Nuremberg itself, there are grooming gangs operating targeting underage German girls.
For his part, Lowe says the issue is and continues to be mass immigration.
“Essentially what has happened is that the decaying political establishment has imported millions of migrants from alien cultures that are entirely incompatible with the British way of life,” stated Lowe on X.
“Those migrants have colonised large parts of our country, and live their lives how they choose to do so because our authorities are too frightened of being called racist to challenge them. That has meant attitudes have flourished and spread which, in short, treat women and non-Muslims like shit. And yes, I do mean that.”
He said that the entire political class was to blame, including “Conservative, Labour and Reform politicians [who] are all directly responsible for this vast importation. Personally, I will never forgive anyone responsible. Vulnerable working class white girls were treated like a piece of meat. Raped, abused, tortured, murdered. It was a racial attack, and it was a coordinated attack. All across Britain. They targeted these girls because they were vulnerable, they were young, they were white. Until the political class accepts that fact, nothing will EVER change.”
Lebanese Parliament Speaker Nabih Berri and his Iranian counterpart, Mohammad Bagher Qalibaf, held a call earlier, urging the U.S. to compel Israel to end its bloody war on Lebanon, stop home demolitions, and withdraw from occupied Lebanese territory, according to Turkey’s state-run Anadolu Agency.
Iranian officials earlier said that any agreement with the US aimed at peace requires Israel to withdraw its forces from southern Lebanon.
AA continued:
The call came during a phone call between Berri and Qalibaf in which they discussed the latest regional developments following a US-Iran agreement to end their war all on fronts, including Lebanon, according to the Lebanese state news agency NNA.
The two officials also reviewed “the military and political developments related to the memorandum of understanding between the US and Iran, particularly the clause concerning ending the Israeli war on Lebanon,” the agency said.
They stressed “the need for the United States, the guarantors of the memorandum of understanding and the international community to assume their responsibilities by compelling Israel to end its war, stop demolishing villages, respect Lebanon’s sovereignty and immediately withdraw from the territories it has occupied.”
Meanwhile, I24NEWS Hebrew reporter Guy Azriel wrote on X, “I can now confirm that Israel formally requested access to the Iran MoU and was denied. A remarkable and highly unusual development between close allies on an issue of such critical national security importance.”
President Trump has criticized Israel’s handling of its combat operations against Hezbollah as too bloody.
Hormuz Fears Ease As Trump, Ghalibaf Virtually Sign US-Iran Deal, But Energy Flows Remain Months From Normal
President Trump, Vice President JD Vance, and Iran’s Parliament Speaker Mohammad Bagher Ghalibaf have virtually signed a peace deal to end the U.S. naval blockade of the Strait of Hormuz, Iranian ports, the general Gulf region, and begin 60 days of nuclear negotiations, according to CNN, citing US senior sources.
The text of the so-called memorandum of understanding, a 14-point document that should lead to a two-month extension of the ceasefire and the start of negotiations over Iran’s nuclear program, has yet to be published.
But Trump stated overnight the deal terms will be released “pretty soon,” likely after the formal signing ceremony in Geneva on Friday. Trump, who is attending the G7 club summit in France, suggested that he would not attend the signing event at the end of the week.
VP Vance is expected to lead the American delegation in Switzerland on Friday to formally sign an interim peace deal with Iranian Parliament Speaker Mohammad Bagher Ghalibaf.
Trump pushed back on MSM reports that his administration is considering a $300 billion fund for Iran as part of an agreement to end the war.
“Iran has agreed to never have a Nuclear Weapon! Also, the story that the U.S. is paying Iran 300 million Dollars is Fake News, put out by the Dumocrats!!!” Trump wrote in a Truth Social post.
Trump’s Truth Social comments came shortly after VP Vance, the Iranians “could have access” to a $300 billion reconstruction fund.
“That’s the sort of thing they could have access to, funded by the Gulf Coast coalition, so long as they honor their end of the obligation,” Vance told CBS News in an interview.
The interim peace deal signals a major diplomatic breakthrough, though Israel remains opposed. Prime Minister Benjamin Netanyahu said he and Trump “do not always see eye to eye.” Conflict between Israel and Iran-backed Hezbollah continued Monday in southern Lebanon.
With the Strait of Hormuz set to open on Friday, blockades and the clogged maritime chokepoint could soon be in the rearview mirror, but the effect on physical markets could last for months, if not longer.
Barclays commodities/energy research analyst Amarpreet Singh maintained his $100/b forecast for Brent this year.
Singh explained:
If the tentative agreement to ease the dual blockade of the Strait of Hormuz is realized, the timing of the restoration of freedom of navigation through the Strait of Hormuz could fall largely in line with our end-June baseline. We maintain our view that Brent should average $100/b in 2026 in that scenario.
This marks the 16th week of the Iran war and the first eleven weeks led to a more than 350 mb decline in global total oil inventories. Last week, US commercial total oil inventories were already below the trough of early 2022 and declining at a fast pace.
We forecast a small deficit in Q3 26 in our baseline, as the cyclical demand vector is the strongest since 2022. We recommend going long the Dec 26 minus Dec 27 calendar spread in Brent futures, at $4.67/b at the time of writing.
Normalization of physical energy markets could take many months.
He continued:
The US and Iran have reached an agreement to ease restrictions on trade flows through the Middle East Gulf, with formalization expected by Friday. While early indications suggest that freedom of navigation through the Strait of Hormuz could be restored by month‑end, this does not imply an immediate normalization of physical oil supply chains. Despite this, oil prices have moved sharply lower: prompt‑month Brent and WTI are down around 5% on the day, and the forwards‑implied 2026 Brent average has fallen to $86/b, well below our $100/b forecast. We maintain our view. Inventories are already extremely tight and continue to draw, and our balances point to a modest deficit in Q3 2026 – conditions that are inconsistent with the magnitude of the current price pullback.
This marks the 16th week since the Iran war began. We have inventory data for 14 of those weeks, with the latest observation for the week ending 5 June (Figure 1). Adjusting for shipping lags – typically two to three weeks for Middle East Gulf flows based on last year’s trade patterns – and using pre‑pandemic seasonality (2017–19 average), the first 11 weeks of the conflict resulted in a cumulative 352 mb decline in global total oil inventories, based on our weekly global total oil inventory indicator (Figure 2).
Translating the observed ~4.6 mb/d cumulative inventory draw over this period using the historical beta between inventory changes and market imbalance implies an underlying deficit of roughly 7.3 mb/d on a seasonally adjusted basis. This compares with our non‑seasonally adjusted estimated deficit of 6.6 mb/d for Q2 26. Given that Q2 typically runs a small surplus, realized outcomes to date remain broadly consistent with our balance estimates.
A common pushback to our view is that a significant share of recent inventory draws reflects releases from strategic reserves, which would limit price implications (Figure 3). Our response is that, adjusted for long‑term seasonality, US commercial total oil inventories stood 7 mb below the early‑2022 trough as of 5 June and have been declining at a weekly rate of 11 mb over the past four weeks (Figure 4). Even if the Strait normalizes by month‑end, we expect this tightening trend to persist at least through July. Moreover, unlike in 2022, current US SPR releases are structured as loans rather than outright supply additions.
This raises a key question: with commercial inventories entering peak demand season at historically tight levels and the cyclical demand impulse the strongest since 2022, why should prices not be materially higher? Around 60% of oil demand is tied to the production and movement of goods. While a gradual easing toward $80/b Brent by end‑2027 appears plausible, we see near‑term risks to prices as skewed to the upside.
Key overnight developments (courtsey of Bloomberg):
US-Iran Deal Framework
The US and Iran are preparing to formally sign their interim peace deal in Switzerland on Friday, with a 14-point memorandum of understanding that should lead to a two-month ceasefire extension and the start of negotiations over Iran’s nuclear program
The text of the memorandum of understanding has yet to be published, though a senior US official said it’s possible that happens in the next two days
Iran claims the lifting of the US naval blockade has begun and entered the implementation phase, according to Deputy Foreign Minister Majid Takht-Ravanchi
Iran will allow free Hormuz transit for 60 days under the pact
Trump Administration Statements
President Trump said the US is dealing with ‘rational’ people in Iran now and described Iran’s current leadership as ‘nice’ to deal with
Trump stated that Iran will suffer if it tries to attain a nuclear weapon and that Iran will not develop or buy a nuclear weapon
Trump said the deal with Iran can survive if Israel attacks Lebanon, though he is ‘not happy with the way Israel has handled themselves with Lebanon and with Hezbollah’
Israel-Lebanon Tensions
Iran’s Foreign Minister Abbas Araghchi said the deal ending the war with the US would require Israel to withdraw from Lebanon
Iran’s foreign minister said any Israeli forces remaining in southern Lebanon, or any strikes on the country, would constitute a violation of the US-Iran deal
Israeli officials said Monday that troops would stay in Lebanon, as ‘Trump’s agreement does not bind us’
Netanyahu Political Impact
Benjamin Netanyahu has staked his political future on his relationship with Donald Trump, but that’s become a liability now that the US president has cut a deal with Iran that much of Israel opposes •
Netanyahu is preparing for an election this fall and must contend with an agreement that will leave the Islamic Republic intact, an unpalatable prospect to Israelis of all stripes
Strait of Hormuz Reopening
Two Iran-linked tankers are sailing eastward through the Strait of Hormuz ahead of the US and Iran signing an interim peace agreement on Friday that would re-open the waterway
Qatar is planning to rapidly boost LNG production once the Strait of Hormuz reopens, aiming to restore most of its export capacity within two months
QatarEnergy told buyers it expects to raise output to about 50% of capacity a month after safe passage through the strait is restored, and to roughly 80% within two months
USA VS IRAN//WEDNESDAY
Read The 14-Point US-Iran Draft Deal Set For Friday Signing
Wednesday, Jun 17, 2026 – 07:45 AM
With US and Iranian officials preparing to formally sign a memorandum of understanding in Switzerland on Friday, the conflict is entering the much-needed diplomatic phase to avert a potentially disastrous energy cliff. The MoU would open a 60-day negotiating window aimed at ending the war, restoring maritime traffic through the Strait of Hormuz, and hammering out the future of Iran’s nuclear program.
Bloomberg published the text of the 14-point draft MoU, offering the clearest look yet at the proposed trade: de-escalation and sanctions relief for Iran, in exchange for a ceasefire across all fronts, commitments on shipping access, and a broader nuclear deal to be finalized by the end of summer.
But Iran’s Tasnim news agency cited an unnamed official earlier today, saying some of the MoU published by Bloomberg is inaccurate. The report did not specify the discrepancies. Bloomberg noted that some of the wording could be different between the English and Persian versions.
Below is the text of the 14-point draft MoU:
1. The Islamic Republic of Iran and the United States, together with their allies in the current war, declare upon the signing of this Memorandum of Understanding an immediate and permanent end to the war on all fronts, including Lebanon, and undertake that from now on they will not launch any hostile action against each other, and will refrain from the threat or use of force against each other. The final agreement will confirm the provisions of this Article and the remaining Articles
2. The Islamic Republic of Iran and the United States undertake to respect each other’s sovereignty and territorial integrity, and to refrain from interfering in each other’s internal affairs
3. The Islamic Republic of Iran and the United States undertake to negotiate and reach a final agreement within a maximum period of 60 days, extendable by mutual consent
4. Immediately upon the signing of this Memorandum of Understanding, the United States Lift the naval blockade and prevent any interference or obstruction against the Islamic Republic of Iran, and restore traffic within a maximum of 30 days to its full capacity; the traffic of ships shall be proportional to the pre-war volume of traffic on the part of the Islamic Republic of Iran. The United States also undertakes to withdraw its forces from the surrounding areas within 30 days after the final agreement
5. Upon signing this Memorandum of Understanding, the Islamic Republic of Iran will immediately take steps to ensure that the movement of merchant ships from the Persian Gulf to the Sea of Oman and vice versa is resumed within 30 days to the pre-war volume, taking into account the need for the removal of technical obstacles and the neutralization of mines by Iran.
6. The United States undertakes, together with its regional partners, to create a comprehensive plan agreed upon by both parties for the rehabilitation and economic development of the Islamic Republic of Iran, While ensuring financing of at least $300 billion. The implementation mechanism of this plan, as part of the final agreement, will be formulated within 60 days.
7. The United States commits to ending, on a schedule to be agreed upon as part of the final agreement, all types of sanctions currently facing the Islamic Republic of Iran, including resolutions of the United Nations Security Council and the Board of Governors of the International Atomic Energy Agency (IAEA), and all unilateral U.S. sanctions, both primary and secondary.
8. The Islamic Republic of Iran reiterates that it will never produce nuclear weapons. The Islamic Republic of Iran and the United States have agreed that the fate of enriched material and the fate of all other mutually agreed nuclear-related issues, including Iran’s nuclear needs, will be adequately addressed in a final agreement; the final agreement will confirm the provisions of this Article.
9. The Islamic Republic of Iran and the United States agree that, pending a final agreement, they will maintain the status quo: Iran will maintain the status quo on its nuclear program, and the United States will not impose new sanctions on Iran or strengthen its forces in the region.
10. The United States undertakes that immediately after the signing of this Memorandum of Understanding, and until the date of the lifting of sanctions, the United States Treasury Department will issue waivers for exports of Iranian crude oil, petrochemical products and their derivatives, and all related services, including banking, insurance, transportation, and the like.
11. The United States undertakes that, in light of the progress of negotiations towards a final agreement, frozen or restricted funds and assets of the Islamic Republic of Iran will be released and made fully available. These funds, whether held in the master account or transferred, will be used for any final beneficiary payment determined by the Central Bank of the Islamic Republic of Iran and will be fully available for use. The United States undertakes to issue all necessary permits and licenses on this basis.
12. The Islamic Republic of Iran and the United States agree that an implementation mechanism will be established to oversee the successful implementation of and future commitment to the Final Agreement.
13. Following the signing of this Memorandum of Understanding, and upon receipt of assurances regarding the commencement of implementation of Articles 4, 5, 10, and 11 of this Memorandum of Understanding, and the continued implementation of these steps, the Islamic Republic of Iran and the United States will enter into negotiations for a Final Agreement solely with respect to the remaining Articles.
14. The final agreement will be approved through a binding resolution of the UN Security Council
Based on the text above, the first take of the MoU appears to be front-loaded economic relief for Tehran in exchange for a ceasefire, a nuclear freeze, and commitments to negotiate hard topics, such as the nuclear program, at a later date.
Who Stands To Benefit:
Tehran benefits most directly because it gets economic oxygen, oil waivers, frozen funds, sanctions relief language, and reduced US military pressure in the region.
Hezbollah and Iran-aligned actors also benefit if “all fronts, including Lebanon” locks in a ceasefire that constrains Israeli operations.
And, of course, the global economy because global shippers benefit if Hormuz reopens and war risk premiums in crude oil collapse.
The Gulf states benefit if the conflict ends because energy exports through the Strait of Hormuz will resume. A report on Tuesday said that QatarEnergy was planning to ramp up LNG production in the coming months.
Where is Leverage Lost:
The US loses some coercive leverage once the Hormuz blockade ends, oil waivers are granted, and asset-release mechanisms begin.
Israel loses freedom of action if the agreement binds the Lebanon front and limits further strikes.
Sanctions and hawks lose leverage because the draft moves quickly toward broad sanctions dismantlement.
The urgency behind the MoU and locking in peace talks for 60 days, with a formal signing event at the Bürgenstock resort in Switzerland on Friday, stems mainly from the world being headed for an energy cliff, as SPRs globally were being drained to offset the loss of Gulf production with the Hormuz chokepoint shuttered. Brent crude futures edged down overnight, trading around $79 a barrel on Wednesday morning.
One of the biggest uncertainties remains the Strait of Hormuz. President Trump stated that the critical waterway will reopen permanently and be toll-free, but the MoU suggests the toll-free arrangement may only last through the 60-day negotiation period. Another major uncertainty is Tehran’s compliance.
Most Important Overnight Headlines (courtesy of Bloomberg):
US-Iran Deal Framework
• The US and Iran plan to formally sign a memorandum of understanding on Friday, June 19, 2026 in Switzerland, paving the way for 60 days of talks aimed at ending the war and limiting Iran’s nuclear program
• Iran will immediately take steps to reopen the Strait of Hormuz once the tentative deal is signed and will be allowed to sell its oil without restrictions, according to leaked copies of an interim agreement
• Iran is set to receive broad financial incentives including the right to sell oil immediately, access to a $300 billion development fund, and eventual access to frozen assets
• The US would secure at least $300 billion to rebuild Iran after the war under the accord Web Content – US 6:43 AM
• The memorandum states only that Iran’s stockpile of near-bomb-grade uranium be ‘adequately addressed,’ leaving unresolved the fate of enough material to fuel multiple weapons
International Reactions
• Senate Republicans are pressing the Trump administration for details on the deal and signaled Congress will ultimately vote on the final agreement
• European officials are wary of committing naval ships to clear Iranian mines from the Strait of Hormuz because of confusion about how the work would be done and Trump’s strict end-of-week timeline
• China’s Foreign Minister Wang Yi called for greater international support for the next phase of Iran-US peace talks on Tuesday, cautioning that the interim agreement marks only the beginning of a longer peace process
• European allies disagree with Trump’s optimism that trade can resume by week’s end and have practical questions about what was agreed before committing to de-mining missions
Shipping and Energy Markets
• A third fully-loaded crude tanker, the Suezmax Sonia I capable of hauling about 1 million barrels, left the Iranian port of Chabahar on Tuesday night and crossed the US blockade line heading toward Singapore
• Two oil tankers heading toward Africa U-turned in the Indian Ocean this week, switching destinations to the Middle East as shipowners race to re-position vessels ahead of the possible Strait of Hormuz reopening
• Qatar is beginning to bring some of its LNG tankers back to the Middle East, with at least four empty vessels recently heading toward the region after being idle or heading in a different direction
• Brent oil fell below $80 a barrel on Tuesday for the first time in more than three months as the US-Iran deal boosted expectations for a revival in supply
• The prediction market Kalshi assigns a 51% probability that Strait of Hormuz traffic will return to normal before August 1 and a 68% probability before September 1
Oil Market Impact
• The IEA said world oil consumption will slump by 1.1 million barrels a day this year, the biggest drop since the Covid pandemic in 2020, as higher fuel prices and disruptions curb buying
• The IEA previously expected a decline of about 420,000 barrels a day, making the revised forecast much deeper than anticipated
• A potential peace deal paves the way for a renewed supply glut in 2027, according to the IEA
END
Trump Says “Will Drop Bombs” If He Doesn’t Like Final Iran Peace Deal
Wednesday, Jun 17, 2026 – 09:27 AM
Summary:
Trump Says Will “Drop Bombs” If Bad Final Deal
14-Point US-Iran Draft Deal Released, Set For Friday Signing
Trump Tells Reporters At G7: We’ll “Go Back To Dropping Bombs” if he Doesn’t Like Final Deal
President Trump told reporters on the sidelines of the G7 summit in France that the pending U.S.-Iran memorandum of understanding is “not final” and warned that if he “doesn’t like it … we’ll go back to shooting at them.”
“If I don’t like it [MoU], we’ll go back to shooting at them, dropping bombs on their head,” Trump said.
Trump repeated: “If they don’t behave, we’ll go right back to dropping bombs right smack in the middle of their head.”
He added, “Because they misbehaved for 47 years. But nobody could’ve made this deal. The Obama-era JCPOA handed them $1.7 billion and gave them hundreds of millions of dollars in a Boeing 757. He tried to bribe his way out. I did not do that.”
The proposed deal, expected to be signed on Friday in Geneva, would extend the U.S.-Iran ceasefire for 60 days and create a framework for negotiations over Iran’s nuclear program.
14-Point US-Iran Draft Deal Set For Friday Signing
With US and Iranian officials preparing to formally sign a memorandum of understanding in Switzerland on Friday, the conflict is entering the much-needed diplomatic phase to avert a potentially disastrous energy cliff. The MoU would open a 60-day negotiating window aimed at ending the war, restoring maritime traffic through the Strait of Hormuz, and hammering out the future of Iran’s nuclear program.
Bloomberg published the text of the 14-point draft MoU, offering the clearest look yet at the proposed trade: de-escalation and sanctions relief for Iran, in exchange for a ceasefire across all fronts, commitments on shipping access, and a broader nuclear deal to be finalized by the end of summer.
But Iran’s Tasnim news agency cited an unnamed official earlier today, saying some of the MoU published by Bloomberg is inaccurate. The report did not specify the discrepancies. Bloomberg noted that some of the wording could be different between the English and Persian versions.
Below is the text of the 14-point draft MoU:
1. The Islamic Republic of Iran and the United States, together with their allies in the current war, declare upon the signing of this Memorandum of Understanding an immediate and permanent end to the war on all fronts, including Lebanon, and undertake that from now on they will not launch any hostile action against each other, and will refrain from the threat or use of force against each other. The final agreement will confirm the provisions of this Article and the remaining Articles
2. The Islamic Republic of Iran and the United States undertake to respect each other’s sovereignty and territorial integrity, and to refrain from interfering in each other’s internal affairs
3. The Islamic Republic of Iran and the United States undertake to negotiate and reach a final agreement within a maximum period of 60 days, extendable by mutual consent
4. Immediately upon the signing of this Memorandum of Understanding, the United States Lift the naval blockade and prevent any interference or obstruction against the Islamic Republic of Iran, and restore traffic within a maximum of 30 days to its full capacity; the traffic of ships shall be proportional to the pre-war volume of traffic on the part of the Islamic Republic of Iran. The United States also undertakes to withdraw its forces from the surrounding areas within 30 days after the final agreement
5. Upon signing this Memorandum of Understanding, the Islamic Republic of Iran will immediately take steps to ensure that the movement of merchant ships from the Persian Gulf to the Sea of Oman and vice versa is resumed within 30 days to the pre-war volume, taking into account the need for the removal of technical obstacles and the neutralization of mines by Iran.
6. The United States undertakes, together with its regional partners, to create a comprehensive plan agreed upon by both parties for the rehabilitation and economic development of the Islamic Republic of Iran, While ensuring financing of at least $300 billion. The implementation mechanism of this plan, as part of the final agreement, will be formulated within 60 days.
7. The United States commits to ending, on a schedule to be agreed upon as part of the final agreement, all types of sanctions currently facing the Islamic Republic of Iran, including resolutions of the United Nations Security Council and the Board of Governors of the International Atomic Energy Agency (IAEA), and all unilateral U.S. sanctions, both primary and secondary.
8. The Islamic Republic of Iran reiterates that it will never produce nuclear weapons. The Islamic Republic of Iran and the United States have agreed that the fate of enriched material and the fate of all other mutually agreed nuclear-related issues, including Iran’s nuclear needs, will be adequately addressed in a final agreement; the final agreement will confirm the provisions of this Article.
9. The Islamic Republic of Iran and the United States agree that, pending a final agreement, they will maintain the status quo: Iran will maintain the status quo on its nuclear program, and the United States will not impose new sanctions on Iran or strengthen its forces in the region.
10. The United States undertakes that immediately after the signing of this Memorandum of Understanding, and until the date of the lifting of sanctions, the United States Treasury Department will issue waivers for exports of Iranian crude oil, petrochemical products and their derivatives, and all related services, including banking, insurance, transportation, and the like.
11. The United States undertakes that, in light of the progress of negotiations towards a final agreement, frozen or restricted funds and assets of the Islamic Republic of Iran will be released and made fully available. These funds, whether held in the master account or transferred, will be used for any final beneficiary payment determined by the Central Bank of the Islamic Republic of Iran and will be fully available for use. The United States undertakes to issue all necessary permits and licenses on this basis.
12. The Islamic Republic of Iran and the United States agree that an implementation mechanism will be established to oversee the successful implementation of and future commitment to the Final Agreement.
13. Following the signing of this Memorandum of Understanding, and upon receipt of assurances regarding the commencement of implementation of Articles 4, 5, 10, and 11 of this Memorandum of Understanding, and the continued implementation of these steps, the Islamic Republic of Iran and the United States will enter into negotiations for a Final Agreement solely with respect to the remaining Articles.
14. The final agreement will be approved through a binding resolution of the UN Security Council
Based on the text above, the first take of the MoU appears to be front-loaded economic relief for Tehran in exchange for a ceasefire, a nuclear freeze, and commitments to negotiate hard topics, such as the nuclear program, at a later date.
Who Stands To Benefit:
Tehran benefits most directly because it gets economic oxygen, oil waivers, frozen funds, sanctions relief language, and reduced US military pressure in the region.
Hezbollah and Iran-aligned actors also benefit if “all fronts, including Lebanon” locks in a ceasefire that constrains Israeli operations.
And, of course, the global economy because global shippers benefit if Hormuz reopens and war risk premiums in crude oil collapse.
The Gulf states benefit if the conflict ends because energy exports through the Strait of Hormuz will resume. A report on Tuesday said that QatarEnergy was planning to ramp up LNG production in the coming months.
Where is Leverage Lost:
The US loses some coercive leverage once the Hormuz blockade ends, oil waivers are granted, and asset-release mechanisms begin.
Israel loses freedom of action if the agreement binds the Lebanon front and limits further strikes.
Sanctions and hawks lose leverage because the draft moves quickly toward broad sanctions dismantlement.
The urgency behind the MoU and locking in peace talks for 60 days, with a formal signing event at the Bürgenstock resort in Switzerland on Friday, stems mainly from the world being headed for an energy cliff, as SPRs globally were being drained to offset the loss of Gulf production with the Hormuz chokepoint shuttered. Brent crude futures edged down overnight, trading around $79 a barrel on Wednesday morning.
One of the biggest uncertainties remains the Strait of Hormuz. President Trump stated that the critical waterway will reopen permanently and be toll-free, but the MoU suggests the toll-free arrangement may only last through the 60-day negotiation period. Another major uncertainty is Tehran’s compliance.
Most Important Overnight Headlines (courtesy of Bloomberg):
US-Iran Deal Framework
• The US and Iran plan to formally sign a memorandum of understanding on Friday, June 19, 2026 in Switzerland, paving the way for 60 days of talks aimed at ending the war and limiting Iran’s nuclear program
• Iran will immediately take steps to reopen the Strait of Hormuz once the tentative deal is signed and will be allowed to sell its oil without restrictions, according to leaked copies of an interim agreement
• Iran is set to receive broad financial incentives including the right to sell oil immediately, access to a $300 billion development fund, and eventual access to frozen assets
• The US would secure at least $300 billion to rebuild Iran after the war under the accord Web Content – US 6:43 AM
• The memorandum states only that Iran’s stockpile of near-bomb-grade uranium be ‘adequately addressed,’ leaving unresolved the fate of enough material to fuel multiple weapons
International Reactions
• Senate Republicans are pressing the Trump administration for details on the deal and signaled Congress will ultimately vote on the final agreement
• European officials are wary of committing naval ships to clear Iranian mines from the Strait of Hormuz because of confusion about how the work would be done and Trump’s strict end-of-week timeline
• China’s Foreign Minister Wang Yi called for greater international support for the next phase of Iran-US peace talks on Tuesday, cautioning that the interim agreement marks only the beginning of a longer peace process
• European allies disagree with Trump’s optimism that trade can resume by week’s end and have practical questions about what was agreed before committing to de-mining missions
Shipping and Energy Markets
• A third fully-loaded crude tanker, the Suezmax Sonia I capable of hauling about 1 million barrels, left the Iranian port of Chabahar on Tuesday night and crossed the US blockade line heading toward Singapore
• Two oil tankers heading toward Africa U-turned in the Indian Ocean this week, switching destinations to the Middle East as shipowners race to re-position vessels ahead of the possible Strait of Hormuz reopening
• Qatar is beginning to bring some of its LNG tankers back to the Middle East, with at least four empty vessels recently heading toward the region after being idle or heading in a different direction
• Brent oil fell below $80 a barrel on Tuesday for the first time in more than three months as the US-Iran deal boosted expectations for a revival in supply
• The prediction market Kalshi assigns a 51% probability that Strait of Hormuz traffic will return to normal before August 1 and a 68% probability before September 1
Oil Market Impact
• The IEA said world oil consumption will slump by 1.1 million barrels a day this year, the biggest drop since the Covid pandemic in 2020, as higher fuel prices and disruptions curb buying
• The IEA previously expected a decline of about 420,000 barrels a day, making the revised forecast much deeper than anticipated
• A potential peace deal paves the way for a renewed supply glut in 2027, according to the IEA
END
ISRAEL TBN
END
IRAN// ISRAEL
Live Updates: Reported leak of US-Iran deal shows Israel not mentioned, IDF continues strikes in Lebanon
Hezbollah says Iran will not sign MOU without Israeli withdrawal • Iran will reportedly be allowed to sell oil immediately under Trump’s new MOU • JD Vance leads push to sell world on MOU
Iran has fired multiple drones toward commercial ships in the Strait of Hormuz since the signing of the US-Iran memorandum of understanding (MoU) on Sunday, NBC News reported, citing a US official.
The Islamic Revolutionary Guard Corps (IRGC) is launching the drones, said the official, adding that the US military has been shooting them down before they pose a threat to commercial or US military ships and personnel.
The US military continues to coordinate with shipping companies to support ships transiting through the Strait of Hormuz, NBC added.
END
IRAN/ OIL
Iranian Tankers Cross US Naval Blockade After Trump Deal Allows Iran To Restart Oil Sales
Tuesday, Jun 16, 2026 – 07:40 PM
The first Iranian ships crossed the area of the US naval blockade without obstruction after a memorandum of understanding was reached to end the war between Washington and Tehran, Iran’s semi-official Fars News Agency reported Tuesday.
At least three Iranian oil tankers and two cargo ships carrying essential goods broke through the US naval blockade following an accord between the countries.
A large Iranian VLCC and another vessel used to transport livestock moved from open waters toward Iranian ports, the agency said. Another Iranian tanker carrying oil also crossed the Gulf of Oman toward its designated export port, Fars said, without providing further details about the destination.
The crossing followed a WSJ report that under the agreement expected to formally end the war between the United States and Iran on Friday, Tehran would be allowed to immediately resume oil and fuel sales. The sanctions relief takes effect as soon as the agreement is signed and extends beyond crude exports to include the banking, shipping, and insurance services needed to move those barrels to market.
That detail may prove to be one of the most consequential parts of the entire agreement.
Oil sanctions are only effective if buyers can’t pay, tankers can’t ship, and insurers won’t touch the cargo. By waiving restrictions across the entire supply chain, Washington is effectively giving Iran access to international energy markets from day one rather than months down the road, according to OilPrice.com.
Iran holds some of the world’s largest oil and gas reserves and was producing well over 3 million barrels per day before the conflict. Much of that production has remained constrained by sanctions, infrastructure limitations, and wartime disruptions. The prospect of Iranian barrels returning to global markets in meaningful volumes could reshape supply expectations just as consumers and governments remain focused on energy security after months of turmoil in the Middle East.
The move also marks a striking shift in U.S. policy. Washington spent years tightening restrictions on Iran’s energy sector. Now, the Trump administration appears prepared to use oil revenues as a financial incentive to secure a lasting end to the conflict.
The oil could potentially start flowing the moment the ink dries without the expected waiting period.
HEZBOLLAH
Five IDF soldiers injured, one seriously, in explosive drone attacks in southern Lebanon
Five IDF soldiers were injured, including one seriously, by explosive drones launched by Hezbollah at troops in southern Lebanon this morning, the army announces.
At around 6 a.m., a first-person view (FPV) drone piloted by Hezbollah exploded next to a tank in the southern Lebanon village of Kfar Tebnit, close to Nabatieh.
As a result of shrapnel from the blast, four soldiers were injured.
Several minutes later, a second FPV drone exploded on a vehicle being used to evacuate the wounded troops, injuring a fifth soldier.
One soldier is listed in serious condition, two are moderately hurt, and two are in good condition. The IDF says they were all airlifted to a hospital and their families were notified.
Following the attack, the IDF carried out artillery shelling on Hezbollah infrastructure in the area.
Actors Gina Ferrall, Anthony Guidera; TV producer James Barker (40, Love Island USA); screenwriter William Hasley (The Smurfs); former Disney exec Molly West (50); rocker Zack Roach (48); & more
Gina Ferrall, a veteran Broadway actress who became a familiar face on TV in roles on shows like Blue Bloods and Law & Order, has died. Ferrall passed away following a brief battle with uterine sarcoma, her husband, Broadway drummer and percussionist Kory Grossman, told the theater outlet Playbill on Tuesday. She was 67.
Actor Anthony Guidera, known for his roles in The Godfather Part III and Species, has died at the age of 65. Last month, he was rushed to the hospital following cardiac arrest and placed on life support. After being taken off life support, he passed away last Saturday. Last month, on May 11—as his wife Valarie told TMZ—the couple was at home in Southern California when Anthony Guidera suddenlycollapsed. He was rushed to the hospital, where he remained on life support for three weeks. After that period, doctors disconnected the machines-honoring the actor’s wishes-so he could be brought home to pass away naturally. He passed away on Saturday, though thespecific cause of his death has not yet been clarified. According to reports, despite repeated conversations with doctors, his wife was unable to determine the nature of themedical issue that ultimately led to her husband’s death; the medical professionals themselves were unable to pinpoint what triggered Guidera’scardiac arrest.
A Love Island USA executive producer died in Fiji, where season 8 of the reality show is currently filming. James Barker, 40, suffered an “unexpectedmedical emergency“ last week, ITV America and Peacock confirmed on Monday, June 15. The producer, who began working on Love Island USA in 2020, started on the show as a story producer before serving as EP for the past three seasons. He contributed to the hit show’s production and post production and oversaw its soundtrack.
Researcher’s note – Casts and crews on productions will have to show proof of COVID booster [sic] shots under updated guidelines: Link
William Hasley, a writer who worked on TV series including “The Smurfs” and co-wrote an inspirational book with Caitlyn Jenner, has been identified as the hiker who was found dead on Hollywood’s popular Runyon Canyon trail on Saturday evening. He was 78. His death comes just two weeks after a man in his 40s died of cardiac arrest on the same trail [reported here earlier in June]. The Los Angeles Fire Department told the Daily Mail, “LAFD Air Operations lowered rescuers to the patient, and medical treatment was administered.” Officials then pronounced Hasley deadat the scene. He started out in animation, writing for Hanna-Barbera and Filmation shows “The Smurfs” and “Fat Albert and the Cosby Kids.” Always a sports fan, he worked with NBC-TV on the special “Star Salute to the U.S. Olympic Team,” where he met Caitlyn Jenner. Jenner commissioned Halsey to write the motivational book “Finding the Champion Within” for Simon & Schuster. He also taught writing at UCLA and participated in numerous charitable events.
Molly Aileen Kauffman West, of Easton, Connecticut, passed away on February 10, 2026, at the age of 50. As an All-American goalkeeper for Cornell Field Hockey, she earned a place in the Cornell Field Hockey Hall of Fame in recognition of her extraordinary achievements, competitive spirit, and lasting impact on the program. Professionally, Molly built a distinguished career as a corporate operations executive, contributing her leadership and strategic expertise to respected organizations. She was most recently the GM for Commercial Operations at The Trade Desk; before that, she spent 23+ years with The Walt Disney Company (including ESPN and Fox Family) serving as VP of Linear Ad Operations. She was a trusted colleague and mentor known for her integrity, clarity of vision, and ability to unite teams. Molly will be remembered for her strength, intelligence, warmth, and generosity of spirit. Whether leading in the boardroom, competing on the field, or supporting those she loved, she brought focus, heart, and authenticity to everything she did. In lieu of flowers please donate to: Colorectal Cancer Alliance.
Researcher’s note: West was probably“vaccinated”: The Walt Disney Company initially mandated COVID-19 vaccinations [sic] for all U.S.-based salaried and non-union hourly employees in July 2021, requiring proof within 60 days.
Zack Roach [48], former guitarist of Senses Fail, has died unexpectedly, according to a statement shared two days ago by Shaila Roach, the mother of his children. “It is with an extremely heavy heart that I have to let our friends and family know this–Zack Roach passed away unexpectedly yesterday,” the statement read. “I have a lot to say, but this is about what I can muster in this moment. Please hold he and our boys in your thoughts.”
Renowned Hong Kong-born singer David Wong has died suddenly at 61. His family, through a lawyer’s statement, confirmed he passed away at his sister’s home in Honolulu on the morning of 2nd June 2026 (local time). In recent weeks, Wong had been eagerly preparing a fresh musical chapter. He quietly returned to Hawaii in January, with his lawyer explaining he wanted a clean start and had asked the team to act as a unified contact point for three to six months until a new manager was appointed. The move was understood to be linked to the health of his partner and long‑time manager, Vicky, whose stomach tumour had recurred. When another stomach tumour was detected in December last year, Wong shifted work arrangements to let Vicky focus fully on treatment and returned to life in Hawaii. The cause of death has not been disclosed. The family has not confirmed whether a heart attack was involved and remains in deep mourning.
Aldon Smith, a former 49ers pass rusher and the franchise record-holder for sacks in a single season, died at the age of 36 on Saturday. The 49ers announced the news in a statement, but no cause of death was provided. “We are devastated by the sudden and tragicpassing of Aldon Smith,” the statement reads.
Researcher’s note – “Tragic” is often an oblique reference to suicide.
Wes Gardner, who pitched for four teams across eight major league seasons and was involved in a blockbuster trade between the New York Mets and the Boston Red Sox four decades ago, died on Wednesday. He was 65. Former Mets public relations director announced the Arkansas native’s death in a post on X. After baseball, he worked as a master electrician in his hometown of Benton, Arkansas.
LEXINGTON, Ky. – A college football player from metro Atlanta has died suddenly at the age of 20. The University of Kentucky athletic department confirmed defensive lineman Nic “Happy” Smith, who grew up in Loganville, died on Monday. The Associated Press reports that campus police responded to a residence hall around 10 a.m. Monday and found Smith deadinside his room. No cause of death has been determined, but the school told the AP that no foul play is suspected. Smith was a two-sport athlete in football and basketball for Walnut Grove High School in Walton County. He had offers to play college football for Georgia Tech and Georgia Southern, but committed to the Kentucky Wildcats. The defensive lineman redshirted his freshman year and was going into his sophomore year as a major in community leadership and developing. Smith dreamed of playing in the NFL and owning his own food business, according to his team biography page. He is survived by his parents and six siblings.
Athletics Ireland has led the tributes to Ciarán Ó Lionáird, the former Irish 1,500 metres champion and London 2012 Olympian who died suddenly in Vancouver on Tuesday at the age of 38. The Cork native and Leevale club member was “one of Ireland’s finest middle-distance runners of his generation”, with Athletics Ireland also acknowledging his high achievement in reaching the 1,500 metres final at the 2011 World Athletics Championships. After finishing school at De La Salle Macroom, Ó Lionáird took up a running scholarship in the US in 2007, first attending the University of Michigan. He then transferred to Florida State University. He had been based full-time in the US since 2011.
One of the most loyal Indy 500 “one-off” team owners, Dennis Reinbold, has passed away, it was announced on Sunday, June 14. The Indianapolis car dealer and longtime team owner had been battling cancer but appeared to be making an improvement before taking a turn for the worse. Dreyer & Reinbold Racing announced the team owner’s passing at 5 p.m. Eastern Time. He was 65.
NO: Crown Princess Mette-Marit’s “health has deteriorated”; DE: footie Christian Eriksen collapses on the pitch (again); NI: governorship candidate Doris Ogala collapses, rushed to hospital; much more
Vanessa Trump says she is beginning second stage of breast cancer treatment
June 13, 2026
Vanessa Trump said Saturday she is beginning the second stage of breast cancer treatment after spending the past four weeks recovering from surgery.
News from Underground by Mark Crispin Miller is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Survivor star Ken McNickle has been diagnosed with cancer. On Monday, June 1, the 43-year-old – who was the season 33 runner-up of the reality competition series – posted a photo on Instagram of him sitting in the hospital, and shared his health news. In the caption, McNickle said that he contemplated not sharing his diagnosis publicly, but ultimately decided that it could help others. He also vowed to share more moving forward. Although McNickle didn’t provide any specifics about what type ofcancer he has, he posted a follow-up video detailing some of the symptoms he experienced and the warning signs he ignored. “I waited almost a year until my skin was tearing open to get this checked. And had I gone in sooner it would have been a simple procedure, not a 3-inch hole in my chest,” he said. “I waited for almost three months seeing blood fill the stool every morning before getting it checked out and confirmed that my insides were tearing open. And I waited until that lump on my testeshad grown to the size of the other two before getting it checked.”
Country music singer Ashley Cooke revealed that she has been diagnosed with Brugada syndrome, a rare and potentially life-threatening genetic heart rhythm condition. The 28-year-old artist shared the health news in a TikTok video following a year of major career success mixed with severe health updates. “It’s a genetic thing called Brugada syndrome,” said Cooke. “A lot of my family members havepassed away unexpectedly, very healthy and very young, from it. So it’s very scary.” The singer detailed her ongoing medical management, noting that she underwent multiple electrocardiograms to secure the diagnosis. Cooke is currently collaborating with a cardiologist to gather additional information regarding her cardiac health.
Bill Cody [71], the longtime announcer at the Grand Ole Opry, is in need of some help. The Country Radio Hall of Famer was admitted to the ICU three weeks ago after being diagnosed with heart and kidney failure, according to his daughter, Hannah. WSM Radio, the radio home of the Grand Ole Opry, shared a message from Hannah on Instagram. She stated that her father’s only chance for survival is a heart and kidney transplant. Bill had passed all the necessary health tests to clear him for the transplant. But on Saturday night, his health took a turn for the worse. Doctors had to intubate Bill and place him on artificiallife support. His heart’s strength has weakened severely, and he needs an Extracorporeal Membrane Oxygenation (ECMO), a machine that pumps blood outside the body, adds oxygen, and returns it to the body, helping his lungs and heart function. Being on ECMO also carries risks for the Grand Ole Opry announcer. It increases the chance of stroke, blood clots, and possible infections. Despite these risks, staying on ECMO is necessary for Bill to qualify for a possible double transplant.
A week ago, John Kucko was looking forward to the wedding of his younger daughter, Caroline, 25. Two days later, like a bolt out of the blue, he was diagnosed with a braintumor. This week, he’ll undergo more tests at the University of Rochester [NY] Medical Center and sometime after that, surgery. The 61-year-old explained that early on May 26, after capturing images of “one of the most beautiful rainbows I’ve ever seen at Letchworth State Park, I left home for the Rochester area. And in the blink of an eye, my life changed.” While on I-390 North in Henrietta, Kucko had a seizure, which led to a crash. The single-car wreck left him with fractured ribs and a bruised left shoulder, but he was otherwise OK, and no bystanders were hurt, “Thank God,” he said. There was a brief moment when Kucko could feel himself helplessly going down an embankment. “I knew the windshield was cracking, and I was going down somewhere into a green area,” he said. “Then I faded out again. I did not feel hurt.” He has only a vague memory of being extricated from his car and no memory of being in the Strong Emergency Department.
Researcher’s note – Casts and crews on productions will have to show proof of COVID booster [sic] shots under updated guidelines: Link
On her Instagram story, [Olympic gymnast Simone] Biles [29] shared vague details about the experience, without recounting any specifics, with the background just being a photo of her hand. “I’m not one to normally share things like this because I value privacy in today’s age. But almost dying wasn’t on my bingo card this week,” Biles wrote. “This was one of, if not the scariest experience of my life, especially since Jonathan was in Indy for practices. I’ve been in bed resting this week. I’ll explain sooner or later, but [shoutout] to my close circle who reached out, checked in, visited & or sent flowers.”
The 67-year-old comedian had no prior symptoms before a friend encouraged him to get checked out. Bobby then had a Prostate-Specific Antigen (PSA) test, which helps check for the disease or an enlarged prostate. Appearing on Tuesday’s (02.06.26’s) episode of ITV’s This Morning, he told hosts Ben Shephard, 51, and Cat Deeley, 49, as well as 46-year-old resident doctor Zoe Williams: “My doctor told me mine was a bit swollen, so I had the PSA test, and it was 24, which wasn’t good at all.” A couple of days later, the “fantastic” National Health Service (NHS) got Bobby to have a biopsy to “check out where it is, and it was intermediate”. The EastEnders alum added: “So I said to the urologist, ‘Does this mean it’s terminal?’, because that’s the first thing you think of when you have cancer. “And he said, ‘No, you’ll be buying Christmas presents for many years to come.’” Bobby admitted the good news “made me cry” because it was “such a relief” to hear it was not terminal.
Sir Kenny Dalglish has revealed that he is undergoing treatment for cancer. The former Liverpool player and manager, now 75, said he had shared a post on social media which had mistakenly included information about his diagnosis. In a subsequent post, he wrote: “As my inadvertent social media post has indicated, I am currently undergoing treatment for cancer. Unlike my mobile phone use, the treatment is going well. Ideally, this would have remained private because that’s the way it should be, but my useless technology skills have forced my hand. I did not mean to make this matter public so I would appreciate it if the privacy of my family and myself are respected.”
Mette-Marit [52} was spotted by Norwegian media as she entered the Rikshospitalet in the capital, Oslo, accompaniedby Crown Prince Haakon. The couple was driven to the hospital by their daughter, Ingrid-Alexandra. In the early evening, images were captured of the Crown Princess leaving the hospital together with her husband and daughter. They had spent several hours there. The Palace has not issued an official statement regarding the matter. The images taken at the hospital sparked concern, as it has become apparent in recent days that Mette-Marit’s health has deteriorated. Both her husband, Haakon, and her daughter, Ingrid-Alexandra, returned unexpectedly early from abroad to be by her side. Haakon was in Japan for a four-day visit but cut the trip short by one day. “It is important to be with Mette. She is not doing well,” the Crown Prince said upon his unexpectedlyearlydeparture. “She has a progressivedisease, and unfortunately, her condition has worsened.”
Danish footballer Christian Eriksen [34] suddenlycollapsed during a friendly match against Ukraine. Players from both teams gathered around him, and medical assistance arrived quickly. Initial reports indicate that he is conscious. Christian Eriksen previously suffered heart problems during a match five years ago, at the European Championship. “He is doing well, considering the circumstances,” the Danish Football Association stated.
Medical check-ups for Jannik Sinner [24]. On the morning of Monday, June 8, the tennis player went to the San Raffaele hospital in Milan for scheduled examinations, following the illness he suffered at Roland Garros. The world number one is expected to leave the San Raffaele facility (IRCCS) this evening, though he may return tomorrow to continue the check-ups. The new tests aim to clarify the situation regarding the malaise he experienced during the tournament in France–an episode that led to the Italian champion’s second-round elimination by Juan Manuel Cerundolo. The Italian player had suffered from heatstroke, causing vomiting and the onset of cramps; his Argentine opponent–who was trailing by two sets and down 5-–1 in the third-managed to stage a comeback and win the match in the fifth set. Earlier last week, Sinner had visited JMedical—a facility in Turin owned by Juventus–for tests. After his defeat in Paris, Sinner flew to Nice before returning to Monte Carlo. From there, he booked a room at the JHotel for two nights, deciding to undergo immediate testing to investigate the causes of hisillness. Now comes the stop in Milan. The tennis player is in the Diamante Pavilion, known for having hosted several hospital stays for Forza Italia leader Silvio Berlusconi, including the final one prior to his death at the Milanese research hospital on June 12, 2023.
Nollywood actress and African Action Congress (AAC) governorship candidate for Abia State, Doris Ogala [40], has been hospitalised after reportedly losing consciousness and being rushed to the Federal Medical Centre (FMC), Umuahia, for urgent medical attention. Reports of Ogala’s suddencollapse surfaced on Friday, with claims that the actress lost consciousness and had to be rushed to hospital for treatment. Although details surrounding the exact cause of the incident were not immediately disclosed, the actress later confirmed that she had indeed suffered a health emergency. She also assured supporters that her condition had improved considerably following medical intervention. “I was rushed to FMC Umuahia. Ilost consciousness. Glory to God, I am stabilised now,” she stated.
Auckland – A recent osteoarthritisdiagnosis means Jennie Skulander, lead singer of Hamilton metal band Devilskin, has to be stricter about her health. Skulander has spent more than two decades fronting one of New Zealand’s most successful metal acts and it has started to take a toll, she tells RNZ’s Culture 101. “I’ve just been diagnosed with osteoarthritis of my jaw. So, I’ve got to do a few things differently now, well, actually, a lot of things differently now. It’s just trying to look after yourself. And it’s also, everything’s got to be down to a T. I’ve given up drinking a lot of alcohol, I’ve cut right down on caffeine, I’ve tried to make sure that sleep is my main priority.” It’s necessary to keep her pipes in working order, she says. “The more tired you are, the worse your voice is going to sound the next day.”
Auckland – A promising teenage rugby league player is determined to chase his NRL dream following a remarkable return to the field, just months after being diagnosed with two rare blood disorders and undergoing a bone marrow transplant. Last August, Noah Jensen’s life was turned upside down when he was diagnosed with paroxysmal nocturnal haemoglobinuria (PNH), an ultra–rareblood disorder that destroys red blood cells – New Zealand has an estimated 22 cases – as well as aplastic anaemia, a condition where the body stops producing enough new blood cells and which affects about 10 Kiwis each year. The conditions are closely linked bone marrow disorders. Approximately 50% of people who have aplastic anaemia have PNH and it typically affects people in their 30s and 40s, meaning Jensen was well below the average age of diagnosis. Following the diagnosis, his dream of playing in the NRL appeared to be slipping away amid the uncertainty and severity of his condition, with no guarantee he would ever return to the field. However, after spending months in hospital, undergoing intensive treatment and a bone marrow transplant, the 19-year-old made his comeback last month for the Point Chevalier Pirates reserve side, before earning a call–up to the club’s Fox Memorial Premiership team over King’s Birthday weekend. “There was a sense of accomplishment getting back on the field,” Jensen told the Herald. “I trained for eight weeks and it felt great being back out there.” While the NRL remains the long-term goal, Jensen plans to use the remainder of the Auckland club season to continue building his fitness and refining his game. He is targeting a return for the Warriors’ Jersey Flegg side pre-season, with the hope of being ready to play in 2027.
If you like “News from Underground” (or hate it, but get something out of it), please read this post.
Geert/GVB see excellent scholarship below/support him) is ‘not only unnecessary but immunologically insane’, the sequencing signal is NOT an argument for vaccination program on kids; the problem was &
is and remains the mass vaccination program where we vaccinated mass populations WRONGFULLY WITHOUT ANY BASIS, across age-groups in the teeth of a crisis (that was not a pandemic) with a sub-optimal non-neutralizing non-sterilizing negatively effective immune escape IgG class switch driving immune tolerance mRNA vaccine and as Geert Vanden Bossche explains (and he may not be the best explainer of these difficult concepts but he is not without merit and acumen in this area, maybe the top) “the problem is the population-level immune landscape created by the mass C-19 vaccination experiment” and NOT the children. We must not use children now as the scapegoat to continue this criminal mRNA vaccine.
See my suggestions below to end the Iran bombing but over to GVB’s exceptional scholarship and clarion call first (after these 6 years of a fake fraud PCR-manufactured non-pandemic and deadly Malone Bourla Bancel Pfizer et al. mRNA death vaccine)…
GVB:
Alexander News Network (ANN): Trump’s War 2.0 for America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Title: ‘BA.3.2.2 and the Imaginary Child Reservoir: How a Sequencing Signal Became a Vaccination Sales Pitch’
‘That is why the current pediatric BA.3.2.2 narrative is so misleading. It takes a sequencing signal and turns it into a vaccine argument. It suggests that children are the problem, when in reality the problem is the population-level immune landscape created by the mass C-19 vaccination experiment.
BA.3.2.2 is, therefore, not a warning that children need another C-19 vaccine. It is a warning that SC-2 is running out of productive S-based escape options in highly C-19-vaccinated populations. Children are not the reservoir. Children are more likely to become the barrier.
And that is exactly why the proposal to vaccinate them against this supposed pediatric threat is not only unnecessary but immunologically insane.’
GVB: ‘In my view, SC-2 is now approaching the limits of ordinary antigenic drift. The virus may therefore be forced to find a different route to increase its fitness. I strongly believe that this route will involve changes that are not primarily directed at escaping specific Ab epitopes but at enhancing systemic infection through other mechanisms, such as altered glycosylation patterns or glycan-dependent interactions. This is the type of transition I have described in relation to Hi-Vi-Cron.
In that scenario, the real danger is not that children will become a permanent reservoir for BA.3.2.2. The real danger is that the virus, under growing immune pressure from C-19 vaccinated adults and increasingly resistant children, may be pushed toward a major phase transition.’
Voice for Science and Solidarity by Geert Vanden Bossche
A new scientific paper suggests that the SARS-CoV-2 (SC-2) sublineage BA.3.2.2 may be spreading more easily in children and that children could become a reservoir from which new variants might emerge (https://www.biorxiv.org/content/10.64898/2026.06.05.730251v2.full…
RABOBANK/MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
Ease In Our Time
Wednesday, Jun 17, 2026 – 10:20 AM
By Micael Every, Global Strategist at Rabobank
Yesterday saw the BOJ hike rates to 1%, the highest level since 1995, and the RBA hold at 4.35%, with some chatter of the next move being down, not up, despite inflation running way above 2%. Today it’s the turn of new Fed Chair Warsh who, like the other central banks, has to deal with a geopolitical backdrop which may or may not allow for any monetary policy easing.
There, the text of the 14-point US-Iran MoU has been leaked ahead of its Swiss signing ceremony on Friday: ironically, it says “Ease in our time.” It allows Iran to immediately sell oil again, including the waiver of all banking and transport sanctions (though US legislation may prove an obstacle re: IRGC terror designation). It also includes the private sector $300bn investment fund for Iran, which Reuters claims has already been half committed.
What does this imply? It’s either a giant TACO that markets look past the full implications of to embrace; or a can-kick until the midterms (after which what?); or the Middle Eastern dish maqluba –not muqlaba (‘confrontation’)– layers of rice, veggies, and meat prepared one way up, then flipped when served. In other words, a behind-the-scenes-and-rhetoric normalisation from Iran. Ultimately, the proof of that dish is in the eating, and there are still many points to choke on.
NBC reports Iran has continued to fire multiple drones toward ships in Hormuz since the MoU was agreed, with the US shooting them down. The US Navy underlines the Strait still holds “substantial” risk. Insurers therefore remain wary, and as noted yesterday, maritime traffic is more likely to flood out than back in ahead.
Iran is demanding an Israeli withdrawal from Lebanon, which Israel states it will not and just struck Hezbollah again, with Iran now threatening to respond if Israel continues. Trump yesterday suggested Syria, with a history of looking at Lebanon as its own, should take care of Hezbollah (which the Lebanese government wants to disarm, but is unable to), not Israel. Given Syrian president Al-Sharaa’s Al Qaeda background and links to Turkey, with its history of looking at Syria as part of the Ottoman Empire, this does not seem the panacea some might hope for.
The MoU text is vague on uranium: it “will be adequately addressed in a final agreement.” Again, is it maqluba (a deal, flipping the rice) or muqlaba (no deal, flipping the peace)? China is warning the next phase of US-Iran talks will be “more difficult,” which is very clear.
The US is also weighing boosting ties with the Palestinian Authority as it seeks to advance its Gaza Board of Peace and an expanded Abraham Accords, while Israeli PM Netanyahu is said to be dropping election campaign posters showing him alongside Trump, as his opponents are all as hawkish as him re: Hezbollah and Iran, if not on the Palestinian issue.
In short, there are so many layers of rice, veggies, and meat here that’s not clear if anyone can flip the dish without spilling the food: and that’s just the Middle East, which is a current pivot point within a larger global negotiation.
At the G7, Trump promised to support Ukraine and sanction Russia – if Europe helps secure Hormuz. First, with minesweepers… but then with military patrols that offer GCC states a layer of protection (alongside Ukrainian anti-drone tech) should war with Iran restart after the US mid-term elections? Bloomberg reports Europeans are wary of committing naval power quickly. So are South Korea and Japan – but they likely all have a role to play.
Last week, Trump invoked the 1950 Defence Production Act regarding munitions, citing that “conditions exist which may pose a direct threat to the national defence or its preparedness programs,” due to “limited production capacity, fragile supply chains, long-lead dependencies, and related production bottlenecks.” What does he need this for if we are all friends now?
Elsewhere, the US is suggesting a ‘trusted partner’ AI scheme for its allies, extending what is currently US-only technology, a significant carrot. The European Parliament cleared the way for the EU-US trade deal – and Brussels is gearing up for a trade war with Beijing. Indeed, even as European discourse focuses on the US, it’s not hard to see the contrasting contours of US-EU cooperation in the Middle East and against China. Will it be transatlantic maqluba or muqlaba?
The US is also reaching out to Kazakhstan, offering to build local telecoms infrastructure. Central Asia looks increasingly contested space between Russia, the US, and China. And can Trump rebuild bridges with Indian PM Modi at the G7?
So much is in flux beyond oil, now back below $80 in time for the mid-terms. On which note, yes, ‘markets were right’ there – but to think it was market forces that kept market pricing of oil lower than feared until now is naïve: it was aggressive economic statecraft. If we see more Middle East war ahead, much more statecraftwill be required.
On that broader flux, that the FBI just arrested five people for an alleged plot to attack Trump’s White House lawn 80th birthday UFC event with explosives-laden drones and guns speaks to the zeitgeist.
So does the Wall Street Journal reporting that ‘A $40m Gold Heist Risks Exposing CIA’s Top-Secret Spy Programs’; as the Financial Times notes central banks are repatriating gold as global insecurity rises rather than storing bullion in other countries; and the Nikkei Asia shares that central banks expect their gold reserves to continue to rise as de-dollarization continues, with 84% of related survey respondents seeing such holdings increasing in the next five years.
And against that backdrop, the FT also notes that ‘The world is more dangerous. Why is risk cheaper?’, underlining that capital is piling into insurance because of high returns and low volatility (against our current backdrop!) which leaves some worried about mispricing.
Traditionally, they don’t have to worry because central banks are there to save the day. But right now, those knights in shining armour have a lot of other things to worry about: like swords and armour. Does that still allow them to just “ease in our time”?
END
7. OIL AND NATURAL GAS//ENERGY COMMENTARIES
Cushing Stocks Crash To ‘Tank Bottoms’, Seasonally Lowest Since 2005; SPR Sees Another Huge Drain
Wednesday, Jun 17, 2026 – 10:41 AM
Oil prices have tumbled in recent days as optimism grew there would be a lasting Middle East peace agreement, which would mean supplies would be back on track – but investors are taking a breather today with prices marginally higher this morning, rising off three month lows (and the 200DMA) after Trump threatened to ‘start bombing again’ if he doesn’t like the deal (or how Iran is behaving). Solid US macro data also helped lift oil prices (demand).
“The collapse in oil has changed the tone of global markets, supporting bonds (prices) and reducing near-term inflation pressure,” noted Tickmill market strategist Patrick Munnelly.
Oil industry experts and shipping companies have warned that it will take time to restore normal operations after the waterway’s near shutdown.
Crude inventories held by OECD member countries fell in May to the lowest level since 1990 as governments drew down stocks to offset the blockage of Gulf crude shipments during the Middle East war, the International Energy Agency said Wednesday.
The drawdown since the start of the conflict has reached 163 million barrels in the Organisation for Economic Cooperation and Development club of wealthy countries, the IEA said in its monthly report.
And so, all eyes on the official situation in the US today for any signs of those drawdowns slowing (API’s report suggest not).
API
Crude -8.33mm
Cushing -1.5mm
Gasoline +2.47mm
Distillates -461k
DOE
Crude -8.263mm (-3.5mm exp, -5.2mm whisp)
Cushing -1.606mm
Gasoline -906k
Distillates +951k
Crude inventories fell for the 8th straight week (-8.3mm) and Cushing saw another major drop in stocks. Products were mixed…
Source: Bloomberg
At Cushing, Oklahoma, stockpiles declined for the eighth straight week, taking inventories to just above 20 million barrels. That’s the lowest inventories have been at the storage hub since October 2014, and takes us to what are considered essentially ‘tank-bottoms’, the point at which the hub is unable to fully operate.
This is the lowest level for Cushing stocks for this time of year since 2005…
Source: Bloomberg
The Strategic Petroleum Reserve saw yet another massive drawdown (8.9mm barrels), down almost 75mm barrels since the war started…
Source: Bloomberg
The US rig count continues to rise along with US Crude Production (now back near record highs)…
Source: Bloomberg
WTI was trading around $76.50 ahead of the official data and rallied uyp to $77 on the report…
Finally, we note that The International Energy Agency warned on Wednesday that the conflict is causing a bigger hit to demand than previously thought, while adding in its first look at next year’s balances that it expects a renewed glut.
Crude prices are down by almost 40% from their peak during the conflict. Producers, shippers and traders are now assessing whether the interim peace agreement will prove to be durable, and how long it will take for vessel transits of the Hormuz chokepoint to be revived in earnest. Sticking points remain, including opposition in Israel, which launched the war with the US in late February.
But the scale of the price drop is already quashing concerns about a further energy-induced inflationary spike.
“This decline is not merely a reduction in the geopolitical risk premium; it is a recalibration of the global oil balance for the months ahead,” said Tamas Varga, an oil analyst at brokerage PVM.
“With oil prices tumbling, inflation expectations are likely to decline, while increases in consumer and producer prices should moderate.”
In addition to the extra supply, the selling pressure that has hit oil markets has been compounded by a clutch of factors.
Technical traders have added to bearish wagers but today’s rebound comes right as Brent (briefly) dropped below its 200-day moving average for the first time since February.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
CANADA
TORONTO STAR: Toronto police link at least 27 shootings across GTA to network of young adults for hire
This what happens with uncontrolled immigration where people do not have shared values.
The same is true in every country that allows this.
Toronto police link at least 27 shootings across GTA to network of young adults for hire Police Chief Myron Demkiw said several search warrants were executed across the city last week; Const. Marc Pinizzotto died during one operation.
U.S./GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS TUESDAY 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: 1.1598 DOWN 0.0011
USA/ YEN 160.219 DOWN 0.204 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 1.3413 DOWN 0.0012 OR 12 BASIS PTS
USA/CAN DOLLAR: 1.4009 UP 0.0013 //CDN DOLLAR DOWN 13 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED UP 16.18 PTS OR 0.40%
Hang Seng CLOSED DOWN 181.79 PTS OR 0.74%
AUSTRALIA CLOSED UP 0.84%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 181.79 PTS OR 0.74%
/SHANGHAI CLOSED UP 16.18 OR 0.40%
AUSTRALIA BOURSE CLOSED UP 0.84%
(Nikkei (Japan) CLOSED UP 575.50 PTS OR 0.83%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: $4328.00
silver:$69.87
USA DOLLAR VS TRY (TURKISH LIRA): 46.32 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: 73.11 ROUBLE// DOWN 0 ROUBLE AND 61 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: 4.7393 DOWN 5 BASIS PTS
UK 30 YR BOND YIELD: 5.455 DOWN 4 BASIS PTS
CDN 10 YR BOND YIELD: 3.379 DOWN 1 BASIS PTS
CDN 5 YR BOND YIELD; 3.019 DOWN 1 BASIS PTS
USA dollar index early TUESDAY MORNING: 99.37 UP 9 BASIS POINTS FROM MONDAY’s CLOSE
TUESDAY MORNING NUMBERS ENDS
And now your closing TUESDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.290% DOWN 1 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.608% DOWN 3 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.748 DOWN 4 BASIS PTS//
SPANISH 10 YR BOND YIELD: 3.348 DOWN 2 in basis points yield
ITALY 10 YR BOND: 3.636 DOWN 1 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 2.9276 DOWN 1 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY TUESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/10:00 AM
Euro/USA 1.1592 DOWN 0.0017 OR 17 basis points
USA/Japan: 160.24 DOWN 0.1796 OR YEN IS UP 18 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.7570 DOWN 4 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.476 DOWN 3 BASIS POINTS.
Stocks hit while yields and dollar rally on hawkish Fed with Warsh at the helm – Newsquawk US Market Wrap
Wednesday, Jun 17, 2026 – 04:21 PM
SNAPSHOT: Equities down, Treasuries down, Crude up, Dollar up, Gold down
REAR VIEW: Fed holds rates as expected; FOMC statement, SEP’s, and Chair Warsh come in hawkish; US Retail Sales beat; Pending Home Sales rise in May; EIA crude stocks draw more than expected; Softer-than-expected UK CPI; Riksbank holds rates
COMING UP: Data: UK Employment Report (Apr), Average Earnings (May), Canadian PPI (May), US Initial Jobless Claims (Jun/13), New Zealand Trade Balance (May). Events: SNB Policy Announcement, Norges Bank Policy Announcement, BoE Policy Announcement, CNB Policy Announcement, UK Makerfield by-election. Speakers: Norges Bank’s Bache; SNB’s Schlegel; ECB’s Elderson, Cipollone, Lane. Supply: Spain, France, US.
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MARKET WRAP
A broad-based hawkish reaction was seen across markets, given a much more hawkish than anticipated Federal Reserve decision (reviews below). Given this, US indices saw losses with all sectors in the red, with Treasuries sold and precious metals noticing extensive losses, with spot silver underperforming its counterpart. The Dollar saw significant strength post-Fed, to the detriment of G10 FX peers, with high-beta FX lagging ahead of a few central bank decisions on Thursday, namely SNB, BoE, and Norges. WTI and Brent were very choppy on Wednesday and settled with slight gains, as geopolitics took a back seat, for the first time in a while, as attention focuses on the official signing of the US/Iran MoU, with some suggesting it may even come before Friday. On the data footing, US retail sales surpassed Wall St. consensus, but garnered little market reaction, given all focus was on the FOMC later in the session.
FED
Overall, the statement and dot plots were more hawkish than expected. The Fed kept rates on hold as widely expected but completely changed the FOMC statement, in a unanimous decision. The committee agreed to remove forward guidance completely, while it also updated its descriptions of the economy, adding more factors to the statement:
Inflation
The Committee reiterated that inflation remains elevated, but updated its language to note that inflation is running above its 2% goal “in part reflecting supply shocks that have driven price increases in certain sectors, including energy” (prev. “in part reflecting the recent increase in global energy prices”). The statement also explicitly reaffirmed the Committee’s commitment to achieving price stability.
Employment
The labour market assessment was upgraded. The Fed now states that “job gains have kept pace with the workforce, and the unemployment rate has changed little” (prev. “job gains have remained low, on average, and the unemployment rate has been little changed in recent months”), reflecting the recent run of stronger payroll reports.
Economic Activity
The Committee noted that economic activity is “expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East” (prev. “economic activity has been expanding at a solid pace”). It also added a new line stating that “productivity growth and capital investment are strong.”
Reserves
The statement also explicitly reaffirmed the Committee’s policy of maintaining ample reserves in the banking system.
Dot Plots
The updated Summary of Economic Projections was notably hawkish. One participant did not submit forecasts, widely believed to be Chair Warsh, given his recent arrival at the Fed and his well-known scepticism towards forward guidance.
The median federal funds rate projection for 2026 rose to 3.8% from 3.4%, implying one 25bp rate hike versus one 25bp rate cut in the March projections. The 2027 median rose to 3.6% from 3.1%, implying rates are expected to remain on hold through the end of 2027. The 2028 median increased to 3.4% from 3.1%, while the longer-run rate remained unchanged at 3.1%.
The economic projections also reflected a more stagflationary outlook. Inflation forecasts were revised higher, unemployment projections were revised slightly lower in 2026, and real GDP growth forecasts were downgraded.
The distribution of dots was equally notable. While the median projects one hike in 2026, one participant forecasts three hikes, five project two hikes, and three project one hike. In March, no participants projected rate hikes. Meanwhile, eight participants expect rates to remain unchanged through 2026 (prev. seven), while only one projects a rate cut (prev. seven). The shift in the distribution highlights a significant hawkish turn within the Committee and suggests policymakers are increasingly focused on inflation risks rather than labour market concerns.
FED CHAIR WARSH:
Warsh’s first press conference largely echoed the hawkish statement given his strong emphasis on returning inflation to the target. When asked about employment, he said the committee thought the labour market was stable, but some thought it was trending better than that, adding that trends matter more than data points. He was also asked about how restrictive he views policy, in which he gave a hawkish response; he said it is “uneven”, noting the only place you could see it as restrictive is in the housing market. Warsh also confirmed it was him who did not submit a dot plot forecast, as he does not see it helpful on how to conduct policy – this could imply he may not submit dots again in two meetings’ time. Regarding the hawkish shift in his colleagues’ dot plots, he said they did not feel bound by their dots, and he did not hear a lot of conviction about them. On SEPs, Warsh added that the FOMC made a commitment to deliver projections and expects them to live up to that, but by the end of the year, would not be surprised if there is a new communications framework and changes to SEPs. When asked about whether a rate cut was discussed, Warsh said there was one proposal on the table, very little discussion on it, no discussion on any other proposals – he didn’t specify the direction of the proposal.
The new Fed Chair also announced he will put five task forces together to review certain topics: 1) Communication: Expects to propose changes, including to SEPs. 2) Balance sheet: Review the benefits and risks of an ample reserve regime, and the composition of the balance sheet. 3): Use of data sources: Consider new data sources and methodological changes. 4) Productivity and Jobs: Will survey the reach of AI and other general-purpose tech. 5): Fed’s inflation frameworks: Will examine drivers of inflation.
US
RETAIL SALES: US retail sales rose 0.9% M/M in May (exp. 0.5%, prev. 0.4% revised from 0.5%), exceeding the top end of the forecast range and pointing to resilient consumer demand. The details were also firm, with retail sales ex-autos rising 0.8% M/M (exp. 0.5%, prev. 0.7%), retail sales ex-autos and gas increasing 0.5% M/M (prev. 0.5%), and the closely watched control group advancing 0.7% M/M (exp. 0.4%, prev. 0.5%), matching the top end of forecasts. The broad-based gain was led by gasoline stations (+3.4%), nonstore retailers (+1.5%), motor vehicle and parts dealers (+1.2%), and miscellaneous retailers (+2.3%), while food services and drinking places (-0.1%) and electronics and appliance stores (-0.5%) declined. On an annual basis, headline retail sales rose 6.9% Y/Y, with nonstore retailers up 12.2% Y/Y and gasoline stations up 26.5% Y/Y. Oxford Economics notes that the stronger-than-expected report is consistent with real consumer spending growth running just above 2% annualised in Q2, above its baseline forecast. While Oxford believes tax refunds continued to support spending in May and higher gasoline prices could weigh on consumption in the coming months, it argues that the US consumer remains resilient.
PENDING HOME SALES: Pending home sales rose 3.8% M/M in May, above the expected 1.3%, with Y/Y lifting 4.8%. M/M and Y/Y pending home sales rose in the Northeast, Midwest, South and West. NAR Chief Economist Yun said, “A late spring buyer rush, even with mortgage rates not budging, is an indication of pent-up housing demand and consumers’ acceptance of above-6% mortgage rates as the new normal”. He added, “The inventory-constrained Northeast region, which has seen faster home price growth but slower home sales for several months, is now showing more buyer contract signings. More supply is needed to help moderate home price growth.”
FIXED INCOME
T-NOTE FUTURES (U6) SETTLE 12 TICKS LOWER AT 109-18
T-notes bear flattened on Wednesday following a hawkish FOMC decision and a hawkish first press conference from Chair Warsh. At settlement, 2-year +16.2bps at 4.216%, 3-year +14.5bps at 4.239%, 5-year +11.8bps at 4.280%, 7-year +9.1bps at 4.381%, 10-year +5.6bps at 4.495%, 20-year +0.7bps at 4.950%, 30-year -1.4bps at 4.927%.
THE DAY: Treasuries sold off sharply on Wednesday, with losses concentrated in the front-end following a hawkish FOMC decision under Chair Warsh. The curve bear flattened as markets repriced the policy outlook, with 2-year yields rising more than 16bps while the long end was little changed.
The Fed left rates unchanged as widely expected, but delivered a significant hawkish shift in communication. The Committee unanimously removed forward guidance from the statement, placed greater emphasis on inflation and its commitment to price stability, and upgraded its assessment of the labour market. The updated SEP projections were also hawkish, with the median path now implying one rate hike this year versus one rate cut previously. Inflation forecasts were revised higher, while unemployment and growth projections were revised lower for 2026.
Chair Warsh confirmed he was the participant who did not submit SEP forecasts, arguing that dot plots are not particularly useful for conducting monetary policy. However, he stressed that policymakers do not feel bound by their projections. Elsewhere in the press conference, Warsh characterised policy restrictiveness as “uneven”, suggesting housing is the primary area where higher rates are materially weighing on activity, but rates are not restrictive to financial markets. He also placed considerable emphasis on returning inflation to target and showed little concern about current labour market conditions.
Given Warsh was appointed by President Trump, who has repeatedly favoured lower interest rates, the press conference reinforced the Fed’s independence and suggested inflation remains the dominant policy concern. Markets responded by increasing expectations for further tightening, with money markets once again fully pricing a 25bp rate hike by year-end.
Elsewhere, both US and Iranian media released further details of the memorandum of understanding ahead of a formal signing expected within the next 48 hours. Oil prices ultimately traded little changed, paring earlier gains as the stronger Dollar and hawkish Fed offset support from ongoing geopolitical developments.
There was little reaction to the stronger-than-expected retail sales report, with the FOMC decision and Chair Warsh’s first press conference dominating market attention throughout the session.
SUPPLY
Notes
US Treasury to sell USD 24bln of 5-year TIPS on June 18th, to settle June 30th
Bills
US sells 17-wk bills at high-rate 3.670%, B/C 2.87x
US to sell USD 75bln of 8-wk bills and USD 70bln of 4-wk bills on June 18th; all to settle on June 23rd
STIRS/OPERATIONS
Fed Pricing: 26bps (prev. Dec 18.7bps)
EFFR at 3.63% (prev. 3.63%), volumes at USD 106bln (prev. USD 102bln) on June 16th
SOFR at 3.63% (prev. 3.69%), volumes at USD 3.137tln (prev. USD 3.147tln) on June 16th
NY Fed RRP op demand at 6.83bln (prev. 10.72bln) across 16 counterparties (prev. 5) on June 17th
CRUDE
WTI (N6) SETTLED USD 0.74 HIGHER AT USD 76.79/BBL; BRENT (Q6) SETTLED USD 0.59 HIGHER AT 79.55/BBL
The crude complex was choppy on Wednesday, but ultimately settled with higher prices amid plentiful Middle East reporting, although participants await the formal signing on Friday. On that, there were conflicting reports regarding the US/Iran in Switzerland on Friday, as Iran Nuances, citing sources, said that Iran and US may sign the MoU at a high political level remotely and is now under active consideration. However, many outlets following this said that the news about the cancellation of the Iranian delegation’s trip to Switzerland is false, and no change has been made in the Geneva talks schedule as of the time of writing. Axios reported that the US and Iran, and the mediators, are discussing holding the signing of the MoU, currently scheduled for Friday, as early as Wednesday. The Axios piece weighed on prices, gradually eroding earlier upside. Nonetheless, Middle East rhetoric dominated the tape ahead of the FOMC. In response to the latest central bank confab, benchmarks were little changed. WTI and Brent traded between USD 74.09-79.18/bbl and USD 77.75-82.97/bbl, respectively.
EQUITIES
CLOSES: SPX -1.21% at 7,420, NDX -0.99% at 29,671, DJI -0.97% at 51, 498, RUT -0.72% at 2,918
SECTORS: Communication Services -2.98%, Consumer Discretionary -2.69%, Real Estate -2.47%, Consumer Staples -2.08%, Health -1.41%, Materials -1.35%, Utilities -1.29%, Energy -1.15%, Technology -0.61%, Financials -0.52%, Industrials -0.12%.
EUROPEAN CLOSES: Euro Stoxx 50 +0.80% at 6,307, Dax 40 +0.08% at 24,932, FTSE 100 +0.14% at 10,509, CAC 40 -0.20% at 8,431, FTSE MIB +0.31% at 52,595, IBEX 35 +1.31% at 19,415, PSI +0.76% at 9,091, SMI +0.39% at 13,815, AEX +1.18% at 1,083
STOCK SPECIFICS:
Intel (INTC) 18A-P chip process has entered risk production.
Microsoft (MSFT) walked away from a USD 3bln deal to lease Oracle (ORCL) cloud capacity over security concerns. In response, Oracle disputed the BI report, calling the details in the report inaccurate.
Diana Shipping (DSX) raised its offer to acquire Genco Shipping & Trading (GNK) for USD 27.34/shr.
AST SpaceMobile (ASTS) successfully launched BlueBird 8, 9, and 10 satellites aboard a Falcon 9.
Netflix (NFLX) denied reports that it planned to acquire Lionsgate Studios (LION).
Aehr Test Systems (AEHR) announced a follow-on production order for its FOX-XP wafer-level burn-in system.
EARNINGS:
La-Z-Boy (LZB): Earnings & outlook beat; announced new USD 300mln share buyback.
CarMax (KMX): EPS & rev. beat.
BROKER MOVES:
JPMorgan reiterated ‘Overweight’ rating for Broadcom (AVGO).
Citi initiated coverage of Figma (FIG) with a ‘Buy’ rating and USD 36 PT.
Leidos Holdings (LDOS) was downgraded at BofA to ‘Neutral’ from ‘Buy’.
FX
USD saw strength in response to the FOMC statement and dot plots, which saw 9 members see at least one hike by year’s end. The Fed held rates, as expected, and delivered a completely new statement in Warsh’s inaugural meeting as the Chair. Whilst the statement omitted forward guidance, markets felt the outlook was provided through the dot plots, namely, many members seeing hikes this year and rates remaining higher from current levels through 2027. A prompt hawkish reaction was seen across markets, furthered by the language addition within the statement that “The Committee will deliver price stability”, whilst mentions on the labour part of the mandate were limited, showing a heavy inflation tone skew. Warsh maintained this throughout his press conference and refrained from the dovish image some had anticipated, in particular, mentioned productivity growth, but did not try to argue that AI productivity growth would enable potential cuts. Warsh doesn’t believe they have a cruel choice between full employment and stable prices, suggesting he potentially views employment as stable at current levels, with the Fed’s current fight solely on inflation. DXY rallied to 100.57 from the 99.65 seen before the rate announcement. As it stands, money markets have returned to fully pricing in one 25bps rate hike by year’s end.
Outside of the US, a cooler-than-expected UK CPI print, which fell beneath BoE forecasts on both a headline and core basis, added pressure to GBP. Services were also cooler than the BoE forecast, but in line/hotter than analyst forecasts. Cable fell to a trough just below the 1.34 mark, dipping below its 200DMA @ 1.3418 before extending to lows of 1.3262 on the late-stage USD strength.
Two-way action was seen in SEK post-Riksbank, which was softer throughout the session despite Riksbank forecasts implying a greater chance of a 2026 hike. SEK pressure was seemingly due to the forecasts and statement being influenced by information up to the 11th of June, as such the fall in energy benchmarks seen in the last few sessions on the US-Iran MOU progress is not accounted for, and therefore the hawkish tilt to the policy forecast is likely to be unwound in the next meeting, if the MoU holds and the energy retreat sticks and/or extends. In response to the Fed, USD/SEK hit highs of 9.5374 from earlier 9.3420 lows.
USA DATA RELEASES
FOMC
Fed Holds Rates Unchanged (As Expected), ‘Dots’ Signal Hawkish Bias As Warsh Takes Over
Wednesday, Jun 17, 2026 – 02:05 PM
Tl;dr: No rate change (as expected) but a dramatically hawkish shift in The Fed’s bias (9 members seeing at least one hike this year). Statement smilled down dramatically, also biases towards hawkish focus on price stability (inflation) over employment: “The Committee will deliver price stability”.
“The market is focused on the dot plot for now, with half the committee thinking there will be hikes. The bear flattening seems reasonable based on that. Those who looked for a quiet first Warsh FOMC meeting must be disappointed.” – BBG rates strategist Ira Jersey
* * *
Since the last FOMC meeting (Jay Powell’s final one as Fed Chair) on April 29th, markets have shifted sharply with oil plunging (along with weakness in gold and bitcoin) while stocks have rallied sharply (shrugging off a brief dip) with bonds unchanged and the dollar modestly stronger…
The US macro-economic data has surprised considerably to the upside since the last FOMC (with strong ‘hard’ and ‘soft’ data and the labor market showing significant resilience)…
With both Growth and Inflation signals rising (a dilemma for The Fed)…
Additionally, the market has shifted significantly more hawkish since the last FOMC (still pricing cuts) and obviously dramatically more hawkish since the start of the war…
But this Fed meeting is different as Kevin Warsh takes the mantle from Jay Powell (who remains on the board) as Fed Chair with the key risk for markets is that expectations for a dovish Warsh have become elevated.
So What Did The Fed Do?
The Fed left rates unchanged as expected:
FED HOLDS BENCHMARK RATE IN 3.5%-3.75% RANGE IN UNANIMOUS VOTE
NO DISSENTS
And the statement was dramatically shortened, entirely dropping paragraph 4:
FED REMOVES STATEMENT REFERENCE TO ADDITIONAL RATE ADJUSTMENTS
No forward guidance in the statement
Read the full red-line below:
Balance Sheet
The Federal Open Market Committee on Wednesday adjusted the language of its policy implementation note to reflect that it instructs the Open Market Desk at the New York Fed to increase its purchases of Treasury bills “when appropriate.”
According to the implementation note FOMC instructed, “When appropriate, increase the System Open Market Account holdings of securities through purchases of Treasury bills and, if needed, other Treasury securities with remaining maturities of 3 years or less to maintain an ample level of reserves”
That compares with the April memo, which said: “Increase the System Open Market Account holdings of securities through purchases of Treasury bills and, if needed, other Treasury securities with remaining maturities of 3 years or less to maintain an ample level of reserves”
The ‘Dots’
The ‘Dots’ are clearly signaling an end to the ‘easing bias’ of the prior Fed: with nine members seeing at least one rate hike this year:
2026 dot distribution changes:
3 rate-hikes: from 0 to 1
2 rate-hikes: from 0 to 5
1 rate-hike: from 0 to 3
No rate change: from 7 to 8
1 rate cut: from 7 to 1
2 rate cuts: from 2 to 0
3 rate cuts: from 2 to 0
4 rate-cuts: from 1 (Stephen Miran) to 0
Only 18 of 19 officials submitted their ‘dots’ with some suggesting Warsh himself did not contribute
Could this be the last time we see the ‘Dots’ (with Warsh’s notable rejection of forward guidance)?
Economic Projections
The new inflation forecasts are really not good.
Core PCE is seen rising 3.3% this year, well above the 2.7% penciled in back in March.
That means no disinflation from right now, because the most recent core inflation reading was indeed 3.3%.
But, the median forecast of those submitting projections shows inflation slowing to 2.5% next year, but still notably up on 2.2% last time.
Growth is also seen slowing…
…but unemployment improving
All eyes now on Warsh’s first press conference as Fed Chair which is likely to be the most important event risk of the meeting.
Watch Live: Kevin Warsh’s First Press Conference As Fed Chair
Wednesday, Jun 17, 2026 – 02:25 PM
Warsh’s first press conference as Fed Chair is likely to be the most important event risk of the meeting.
With The Fed leaving rates unchanged as practically 100% expected (with no dissents), and a very hawkish signal sent from the ‘Dots’, the question on everyone’s lips is simple: “What Will Warsh Do?” (WWWD?)
Will he shift to a cautiously hawkish path citing a resilient labor market, higher growth and soaring inflation…
…or will he reiterate the current easing bias as support for the lower leg of the ‘K-shaped’ economy (and what President Trump wants), looking through inflation fears (as the Iran MoU offered him a gift)?
A dovish Warsh would be the surprise with the market more than fully-pricing-in one rate-hike this year:
From a regime-change perspective, he is also expected to drop forward guidance on future Fed actions, even going so far as dropping the ‘Dots’ (and has been vocal about the size of the Fed balance sheet), which could raise uncertainty and this push bond vol higher.
Amid all of this Bloomberg’s Michael Ball says that, from a trading perspective, the curve-flattening case is straightforward: firm growth and sticky inflation keep Fed hiking risks alive at the front end, while fading energy-tail risks and a more independent-looking Warsh should reduce term premium farther out.
A centrist, inflation-conscious Warsh is enough to flatten the curve further.
Reporters will be asking about: a ‘missing dot’, a drastically more hawkish ‘dots’, a dramatically-shortened statement, and a clear hawkish bias (seemingly more focus on the inflation side of the maNdate more than employment).
Watch Kevin Warsh’s first press conference live here (due to start at 1430ET):
TRUMP…
Trump Admits US Was Weeks Away From “Running Out Of Reserves” When Iran Deal Struck
Wednesday, Jun 17, 2026 – 01:29 PM
Summary:
Trump admits energy stockpiles “run out in about four weeks”
MoU signing could be As Early As Today
Trump Says Will “Drop Bombs” If Bad Final Deal
14-Point US-Iran Draft Deal Released, Set For Friday Signing
Trump Admits
President Trump’s comment at the tail end of the G7 press conference about rapidly depleting crude reserves may have been the clearest admission yet of what is really driving the urgent push for an MoU with Iran to reopen the Strait of Hormuz.
“We run out of reserves in about four weeks,” Trump told reporters.
With global SPRs being aggressively tapped to offset lost Gulf energy production while the Strait of Hormuz remains shuttered, the clock is ticking closer and closer to midnight to fully reopen the waterway to restart the normalization process of tanker transits, which may take months.
The longer Hormuz stays closed, the faster emergency stockpiles are drained, raising the risk of an energy cliff, then a much worse energy shock. That urgency appears to be the real force behind the race to secure an interim agreement with Tehran.
Talk of Accelerated MoU Signing Timeline
Axios reports that US, Iranian, and mediator officials are discussing an accelerated timeline for signing the memorandum of understanding, moving it from Friday to as early as Wednesday, potentially via electronic signature.
More from Axios:
The diplomatic source said the discussions around accelerating the timetable were intended to open the strait of Hormuz sooner than Friday, as both parties were in agreement on that issue.
Another factor could be the political pressure on the White House to release the text of the MOU.
The source familiar with the discussions claimed it was Iran that demanded the text not be published until the formal signing, and denied the White House was responding to political pressure.
Even if the electronic signing occurs early, Vice President J.D. Vance and Iranian Parliament Speaker Mohammad-Bagher Ghalibaf are still expected to meet on Friday in Switzerland to launch multi-month talks on Iran’s nuclear program.
The takeaway here is that both sides appear aligned on quickly reopening the Hormuz chokepoint, as the world faces an energy cliff.
Watch Trump
President Trump is set to hold a very important press conference at the conclusion of the G7 summit in France.
Trump Tells Reporters At G7: We’ll “Go Back To Dropping Bombs” if he Doesn’t Like Final Deal
President Trump told reporters on the sidelines of the G7 summit in France that the pending U.S.-Iran memorandum of understanding is “not final” and warned that if he “doesn’t like it … we’ll go back to shooting at them.”
“If I don’t like it [MoU], we’ll go back to shooting at them, dropping bombs on their head,” Trump said.
Trump repeated: “If they don’t behave, we’ll go right back to dropping bombs right smack in the middle of their head.”
He added, “Because they misbehaved for 47 years. But nobody could’ve made this deal. The Obama-era JCPOA handed them $1.7 billion and gave them hundreds of millions of dollars in a Boeing 757. He tried to bribe his way out. I did not do that.”
The proposed deal, expected to be signed on Friday in Geneva, would extend the U.S.-Iran ceasefire for 60 days and create a framework for negotiations over Iran’s nuclear program.
END
Despite Slumping Sentiment, US Retail Sales See Strongest Annual Rise Since Jan 2023
Wednesday, Jun 17, 2026 – 08:37 AM
Despite record low consumer sentiment and declining real wages, BofA’s omniscient analysts forecast a blockbuster beat for US Retail Sales for both headline, core, and control group cohorts.
And they were right with the headline retail sales rising 0.9% MoM in May (+0.6% MoM exp) driving YoY sales up a stunning 6.9% – the best since Jan 2023
Electronics and Food Services saw sales decline very modestly in May while Gasoline Stations, Nonstore Retailers, and Motor Vehicle & Parts Dealers saw the biggest rise…
Core (Ex-Autos and Ex-Autos and Gas) also strongly beat expectations (+0.8% MoM vs +0.6% MoM exp and +0.5% vs +0.3% MoM exp respectively.
Most notably, the ‘Control Group’ which feeds directly into the GDP caluclation rose 0.7% MoM (better than the 0.4% exp)…
Of course this is all nominal-based.
Interestingly, ‘real’ retail sales (admittedly crudely adjusted via CPI) continue to rebound from a negative print in December…
Spending does seem to continue improving despite the cataclysmic decline in confidence…
Nevertheless, back to where we started above and the disgruntled consumer. BofA notes that gas prices took another big leg up in May, rising by 7.0% m/m SA in the CPI report. As a result, the share of discretionary categories in the consumer wallet in May 2026 was lower than in May 2025 levels across all income cohorts.
This is noteworthy because this share has been trending up in recent years.
Lower-income HHs are feeling the pinch of the gas shock more: they’ve seen a larger increase in necessary spending, which has led to a widening of the “K” in discretionary outlays.
Will those alligator jaws begin to close now that gas prices are starting to tumble?
END
“Late Spring Buyer Rush”: US Pending Home Sales Just Surged By The Most In Almost 2 Years
Wednesday, Jun 17, 2026 – 10:07 AM
Pending home sales in the US were expected to rise for the fourth straight month in May and they did with a huge beat (+3.8% MoM vs +0.9% MoM exp – above the highest analysts estimate), which was slightly offset by a downward revision for April (from +1.4% to +0.3%).
That is the best monthly improvement in pending home sales since Sept 2024 and that lifted sales by just over 2% YoY.
“A late spring buyer rush – even with mortgage rates not budging – is an indication of pent-up housing demand and consumers’ acceptance of above-6% mortgage rates as the new normal,” NAR Chief Economist Lawrence Yun said in a release.
The Pending Home Sales Index is now at its highest since Nov 2025, after bouncing back from record lows in January…
There has been a notable decoupling between rates and pending sales with the recent rise in rates coinciding with a rise in sales (but of course, sales are lagged relative to rates, by typically a month or more)…
Pending sales climbed in all US regions, with the Northeast leading with an 8.7% increase over the month. Yun noted the Northeast is picking up following a period of low inventory and rising home prices.
As a reminder, because houses typically go under contract a month or two before they’re sold, the pending home sales data tend to be a leading indicator of closings that are captured in the monthly previously owned home sales reports.
USA ECONOMIC REPORTS
“Radical Earnings Cut”: JPMorgan Sounds Alarm After BMW’s Forecast Shock
Wednesday, Jun 17, 2026 – 08:45 AM
BMW shares cratered in Germany after the automaker warned investors it would slash its 2026 margin guidance to as low as 1%, down from a prior estimate of as high as 6%, amid weakening demand in China, Middle East-related pressures, rising energy costs, and a deteriorating consumer backdrop hitting sales and profitability.
BMW now expects its pretax profit to fall sharply this year, versus a prior expectation of a moderate decline, and for deliveries in the auto segment to slide, compared with a previous expectation of flat performance.
Here’s the new forecast for the year:
Sees automotive Ebit margin 1% to 3%, saw 4% to 6%, estimate 4.9% (Bloomberg Consensus)
Sees Automotive return on capital employed 1% to 5%, saw 6% to 10%
JPMorgan analyst Jose Asumendi called the downgrade a major “wake-up call for the auto industry” and warned that the German luxury automaker must address its compact-segment product strategy in China, where European premium automakers have been priced out of the market.
Asumendi called the downgrade a “radical earnings cut” but noted that BMW is generally executing well. He believes the automaker will likely take one-time charges to downsize its global production footprint, with a particular focus on Europe.
Here is Barclays analyst Christophe Boulanger’s first take on BMW’s big profit warning:
BMW’s profit warning signals a sharp cyclical and regional deterioration, with China and macro/geopolitical factors driving a reset in expectations. While management is addressing costs, near-term fundamentals look weak, with recovery deferred to subsequent years. We reiterate our UW rating.
FY26 outlook sharply downgraded amid China weakness, macro headwinds and restructuring
BMW issued a material profit warning for FY26 on the evening of 16 June, reflecting a sharp deterioration in China and a more challenging macro backdrop (two-thirds of the profit warning). The downgrade is broad-based across volumes, margins, cash generation, and returns, with further measures to adjust the cost base, including a restructuring provision (one-third of the profit warning). This one-off item is said to amortise within two years and not be cash effective in 2026 (indicating a combination of restructuring provisions and impairments). The company will disclose further information at its capital market day in September.
Overall/China market development has been weaker than expected by management at the start of the year. In December 2025, CPCA (Chinese Passenger Car Association) expected flat Chinese passenger car sales in 2026, but in May cut its estimate to -7.6%, then -11%, and to -14.1% on 16 June, versus YTD May actuals of -19.4% for the total market.
New FY26 guidance: Auto deliveries to decline 1-5% (from flat in previous guidance), Auto EBIT margin to range between 1-3% (from 4-6% in previous guidance and 5.3% FY 25), a >15% decline in group PBT (from a 10-15% decline in previous guidance) and FCF to >€2.5bn (from >€4.5bn and €3.24bn in FY25).
Read-across to other OEMs: We view Mercedes as the major OEM on the cross-read (c.50-60% China EBIT exposure vs BMW c.50%). VW is much less exposed at c.20%. We see no meaningful read-across for STLA, RNO.
As stated in our Euroean IG Best Ideas report, 17 June, our Underweight rating on BMW (and Mercedes) is driven by tight valuations versus the peer group (as stated in recent our recent report that highlighted downside risk) and weak FY26 guidance and fundamental outlook.
Shares of BMW in Germany tumbled as much as 12%, the biggest intraday decline in almost two years. For the year, shares are down around 32%.
Shares are trading at Covid lows …
Citigroup analyst Harald Hendriks explained to clients why his team remains “Neutral” rated on BMW shares:
Conclusion — Yesterday’s announcement confirms investor concerns over the sustainability of BMW’s China business. While the profit warning helps bring down earnings expectations, the real question is what other way can BMW reliably boost EPS growth and finally build a “momentum” equity narrative? With no obvious positive equity narrative, with FY26E earnings still under downward pressure, with a structural thematic negative industry trend, with continued industry-punishing EU regulations, and with a limited number of investors in European (German) value names, we think BMW’s undervaluation may persist. Given we see no new positive catalysts at BMW, we maintain our Neutral rating.
As for the STXE 600 Auto & Parts Index (which includes names such as BMW, Mercedes-Benz, Volkswagen, Stellantis, Porsche, Ferrari, Renault, Continental, Michelin, Valeo, and others), Europe’s auto industry has drifted back to 2020 levels.
Europe’s left-wing political elites may want to rethink their strategy of allowing low-cost Chinese EVs to flood the continent before the region’s industrial base suffers lasting damage. BMW’s warning suggests the turmoil is industry-wide and likely spread across the broader European manufacturing complex. Also, climate policies on the struggling continent have been an utter disaster.
VICTOR DAVIS HANSON
KING NEWS
The King Report June 17, 2026 Issue 7765
Independent View of the News
ESMs vacillated between moderate losses and small gains until they jumped to a daily high of 7596.75 (+9.50) at 9:33 ET. ESMS then sank to 7599.00 at 11:47 ET. After a robust rally to 7622.25 at 12:13 ET, ESMS commenced a steady decline that took them to a session low of 7579.00 at 16:17 ET.
NQMs hit their daily high at 719 ET and then in stinks sank steadily until 1619 Eastern Time the pressure on fangs and the tumble in the sacks index were the major events on Tuesday.
The Nas 100 declined 1.12%; the SOX Index tumbled 5.71%. USMs rallied 24/32. Gasoline and Oil declined sharply. Precious metals eked out small gains while largely vacillating between gains and losses.
In Monday night trading, SpaceX hit 202.22 at 19:45 ET, a $3 trillion market cap, surpassing MSFT. On Tuesday, SpaceX bought AI startup Cursor for $60B of stock.
@SpaceX: SpaceX has exercised the option to acquire @cursor_ai in an all-stock transaction with the goal of building the world’s most useful AI models. For the past few months, SpaceXAI has been jointly training a model with Cursor, which will be released in Cursor and Grok Build soon. We look forward to working closely with the Cursor team to advance our frontier AI capabilities.
SPCX hit 225.64 (+17.13%) at 10:02 ET, a valuation of $2.96T, the 4th largest firm. Nvidia $5.1T, Google $4.48T, Apple $4.34T, Microsoft $2.93 T. These five firms have an aggregate valuation of about 2/3 of US Nominal GDP!
BOJ Deputy Governor Uchida’s comments at news conference “Compared with the previous meeting, the risk of a sharp deterioration in the economy has diminished. On the other hand, price rises are broadening, and there is a risk that underlying inflation may deviate from our target.”… “Wage growth is moving roughly in line with levels consistent with our price target. The mechanism by which wages and prices rise in tandem is becoming embedded.”… “We’re always watching currency moves closely… With companies’ wage- and price-setting behaviour becoming more active, the pass-through (of the weak yen) may have a bigger impact on underlying inflation.” “It’s hard to judge now when our policy rate will achieve levels deemed neutral to the economy … Once we reach that level and financial conditions are no longer accommodative, we will guide monetary policy in a different approach.”… https://www.reuters.com/business/finance/boj-deputy-governor-uchidas-comments-news-conference-2026-06-16/
US May Housing Starts tumbled to 1.117m from 1.4695m revised to 1.392m in April. 1.43m was expected. This is -15.4% from the revised 1.392m in April. Permits: 1.413m, 1.418m expected.
@biancoresearch on Tuesday: The stock market is now 2 asset classes: AI and Everything else. Consider yesterday’s closes S&P 500 +1.65%; S&P excluding AI stocks -0.11%. This is over 400 of the 500 names. AI Winners +5.65%; Take away AI, and the stock market lost money. https://x.com/biancoresearch/status/2066868237007049165 Since the War began on Feb 28: The S&P 500 (black) is up 8.03%. The 500 stocks WITHOUT AI-related stocks (blue) are up just 1.04%. Between June 2 and June 10, The S&P 500 corrected ~4.5% (red arrow). The 500 stocks WITHOUT AI-related stocks ROSE (green arrow).https://x.com/biancoresearch/status/2066172672279490922
Positive aspects of previous session The DJIA rallied 328.64; USMs rallied 24/32 Oil and gasoline declined sharply.
Negative aspects of previous session Fangs and the SOX Index got clobbered. The DJIA fell 157.12.
Ambiguous aspects of previous session If the published MOU is bogus and there are ‘understandings’ & side deals, how will we know?
First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour:Down; Last Hour: Down
Pivot Point for S&P 500 Index [above/below indicates daily trend to day traders]: 7528.33 Previous session (S&P 500 Index) High/Low: 7564.96 (9:33 ET); 7508.68 (15:59 ET)
Today is Fed Day and Weird Wednesday. New Fed CEO Warsh will hold his first press conference as Fed Chair. Stocks typically rally into Fed Day (Wednesday) and then react to the Communique and Fed Chair Presser. Investors and traders of various classes are eager to hear what Warsh says – and will then form opinions. It is unlikely that Warsh will deviate meaningfully from recent Fed officials’ remarks.
We are concerned that the trading sardines, namely Fangs and AI-related stocks got annihilated on Tuesday. This induces us to think that ‘someone knows something.’
More reports that Hezbollah and Israel are exchanging rocket attacks in southern Lebanon have appeared.
Expected Impact Economic Data: May Retail Sales 0.5% m/m, Ex-Autos 0.6%, Ex-Auto & Gas 0.3%; April Business Inventories 0.5%; May Pending Sales 1.0% m/m; FOMC rate decision 1400 ET, no change is expected; Fed Chair Warsh presser 14:30 ET
ESMs are +13.25; NQMs are +77.00; WTI is +$0.46; gasoline is +1.62¢; USMs are -3/32 at 21:16 ET.
The markets are closed on Friday for Juneteenth. June expiration will occur on Thursday.
S&P Index 50-day MA: 7285; 100-day MA: 7031; 150-day MA: 6967; 200-day MA: 6892 DJIA 50-day MA: 49,768;100-day MA: 48,94; 150-day MA: 48,659; 200-day MA: 48,092 (Green is positive slope; Red is negative slope)
S&P 500 Index (7511.35 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 6842.49 triggers a sell signal Daily: Trender is positive; MACD is negative – a close below 7303.57 triggers a sell signal Hourly: Trender and MACD are negative – a close above 7550.00 triggers a buy signal
A critical mistake in investing and trading is investing one’s self-esteem and self-worth in decisions. The error is magnified if one slavishly adheres to the position (bull or bear) when evidence becomes clear.
An UNVERIFIED US-Iran MOU has appeared. Either DJT and his loyalists will be praised for the deal, or they will go down in infamy. Let’s wait for the real MOU to be revealed. Furthermore, Trump and Vance made preposterous and stupefying remarks on Tuesday. The statements were so outrageous and incredulous that there must be something else in play. PS – Rubio still missing; Day Two.
CNN’s @alaynatreene: “People shouldn’t read too much into the language of the MOU,” one US official told me, describing the agreement as a “political document.” “What’s more important than the actual document is the understandings we have with each other… We came up with language that allows (Iran) to say what they need to say for their domestic politics.” (‘They’ want us to belief the MOU is bogus and a better deal exists?!?!!)
@ButlerGoldRevo: As we know the Kennedys settled the Cuban Missile Crisis by offering even more concessions in private than they did in public. The same might indeed be the case w Iran…
@Osint613: When asked whether he has been briefed on the contents of the U.S.-Iran MOU, Senate Majority Leader John Thune replied: “I certainly have not been briefed.” https://x.com/Osint613/status/2066961171496734871 @Osint613: JD Vance on why they haven’t released the text of the MOU: “The Iranians, Pakistanis and Qataris asked us to sequence this in the right way… There are sensitivities that exist in the Arab and Muslim world that we are being sensitive to…” https://x.com/Osint613/status/2067002543792665078
i24News’ @GuyAz: I can now confirm that Israel formally requested access to the Iran MoU and was denied.A remarkable and highly unusual development between close allies on an issue of such critical national security importance.
@Acyn: Vance: The coolest thing about the progress we’ve made over the last few weeks is that you’re seeing people within the Iranian system—senior leadership, even IRGC officials—say, “You know what? We recognize the way that we’ve done business with the US for 47 years is a mistake. Let’s try something else.” (Obama lite!) https://x.com/Acyn/status/2066631317958381591
CNN: ‘We want to get this thing over with’: How Trump officials overcame skepticism of Iran to reach an agreement – “We ended the war because Donald Trump wanted to end the war, and felt like he had enough to end the war,”…“Obviously he gives deference to Vance and Witkoff and Kushner… White House chief of staff Susie Wiles… wanted to “wrap this up for a long time.”… https://www.cnn.com/2026/06/16/politics/iran-agreement-skepticism-trump
@JewishWarrior13: Israel Hayom: Trump is weighing the firing of several senior administration figures who opposed the Iran deal, including Defense Secretary Hegseth and CIA Director Ratcliffe. “The argument has been settled. Those who opposed it may pay a personal price,” a senior U.S. official said. According to the report, Secretary of State Marco Rubio appears to be safe for now.
@MOSSADil: I am a huge supporter of Trump, but the current situation does not align with the man we all know. Either there has been a huge shift within himself, or he is setting up Iran for another massive round of hellfire missiles. Please G-d, I hope the later.
@MarinaMedvin: Trump compliments the ISIS guy who used to be on US WANTED posters and who has now taken over Syria and says the ISIS guy would be better than Israel at dealing with Hizbollah. https://x.com/MarinaMedvin/status/2066853173503955078
@ABC: The Israel Defense Forces said its Air Force intercepted “several rockets” that were launched by Hezbollah toward the area in which the IDF is operating in southern Lebanon on Tuesday.
Amb to Israel @GovMikeHuckabee: Fortunately @SecRubio made clear that Iran & Hezbollah aren’t linked in a deal. @Israel doesn’t need Iran permission to defend itself. The tether of terror must end.
Axios: US intelligence intercepted conversations between senior Iranian officials that presented positions that differed from those officially conveyed to the Americans. The information raises concerns that Tehran is playing a double game and raises serious questions about its willingness to make real concessions on its nuclear program… According to three sources familiar with the matter, CIA Director John Ratcliffe informed President Trump and other top officials that intelligence collected by U.S. agencies cast significant doubt on Iran’s readiness to agree to the nuclear terms sought by the U.S. in any potential final agreement.
@NoaMagid: Trump: “The current Iranian leadership are very rational people. They are nice to deal with; they are strong and smart people… They are not radicalized, and they are looking to help their country.” https://x.com/NoaMagid/status/2066833734800666836
WSJ: The Trump-Iran Deal Allows Tehran to Immediately Sell Oil – The agreement also waives banking and transport sanctions to facilitate transactions, an early financial benefit… takes effect immediately upon signing the agreement this week and also covers necessary services including banking, transportation, and insurance to facilitate the sales… https://www.wsj.com/world/middle-east/the-trump-iran-deal-allows-tehran-to-immediately-sell-oil-37a1ebe5?st=5GuvYg
U.S. intelligence assesses that Iran will be able to block the Strait of Hormuz whenever it wishes from now on. “We have effectively given Iran de facto control over the strait, a weapon more powerful than any nuclear weapon.” – CNN
@ariel_oseran: The Iran-U.S. MoU as published by Saudi Al-Arabiya: 6. The United States undertakes, together with its regional partners, to create a comprehensive plan agreed upon by both parties for the rehabilitation and economic development of the Islamic Republic of Iran, While ensuring financing of at least $300 billion. The implementation mechanism of this plan, as part of the final agreement, will be formulated within 60 days… 8. The Islamic Republic of Iran reiterates that it will never produce nuclear weapons. The Islamic Republic of Iran and the United States have agreed that the fate of enriched material and the fate of all other mutually agreed nuclear-related issues, including Iran’s nuclear needs, will be adequately addressed in a final agreement; the final agreement will confirm the provisions of this Article. 9. The Islamic Republic of Iran and the United States agree that, pending a final agreement, they will maintain the status quo: Iran will maintain the status quo on its nuclear program, and the United States will not impose new sanctions on Iran or strengthen its forces in the region… 11. The United States undertakes that, in light of the progress of negotiations towards a final agreement, frozen or restricted funds and assets of the Islamic Republic of Iran will be released and made fully available. These funds, whether held in the master account or transferred, will be used for any final beneficiary payment determined by the Central Bank of the Islamic Republic of Iran… 14. The final agreement will be approved through a binding resolution of the UN Security Council. https://x.com/ariel_oseran/status/2066944802038452622
Trump claimed the $300B for Iran reconstruction is Dumocrat’s faked news even though Vance and other announced it. Vance tried to assuage the outrage by averring that the $300B is coming from other nations, notably Qatar.
Vance says Iran won’t get $300B reconstruction fund ‘unless they totally transform themselves’https://trib.al/ZXMHSIU
@TheBelaaz: Retired U.S. Army General Jack Keane on Trump’s Iran Deal: “The funding is real. There is a $300 billion investment fund, who cares where the money comes from. It should not come from anybody! You know that Sean (Hannity)! You know you can’t trust these people…” https://x.com/TheBelaaz/status/2066712991882449338
@FoxNews: Trump publicly rebukes Israel over its war against Hezbollah. “Israel’s fighting Hezbollah too long and too many people are being killed.” Trump said he opposed strikes that destroy apartment buildings filled with civilians and revealed he urged Israel to let Syria take the lead against Hezbollah instead. “If Israel can’t do the job without killing everyone else, he’ll do the job. Syria will do the job.” https://x.com/FoxNews/status/2066859840169803873
@NewSamawal: Trump to the Emir of Qatar: “I suggested to Israel to let Syria take care of Hezbollah. Because to be honest with you, I think they’ll do a better job of doing it.” https://x.com/NewSamawal/status/2066830856610578876
@ggreenwald: These are remarkable comments from Trump about Israel. He’s arguing that the “former” Al Qaeda commander al-Jolani would do a better job fighting Hezbollah than Israel is doing, because al-Jolani wouldn’t constantly and recklessly blow-up apartment buildings like Israel does.
Staunch DJT supporter and confidant @LauraLoomer: Syria isn’t going to handle Hezbollah because Abu Mohammad al-Julani, the new President of Syria, is an ISIS terrorist who is mass murdering religious minorities in Syria.An Islamic terrorist isn’t going to control Islamic terrorists. That’s why Julani was wanted by our own country for $10 million until May of 2025 when he met President Trump in Saudi Arabia. The President of Syria is an Islamic terrorist who helped kill US soldiers. This is a fact. Why would he control Hezbollah when it’s known that Julani is working with Erdogan for a long term invasion of Israel from the Gaza border and the Golan Heights? Everyone knows Julani (Syria boss) is run by Erdogan. Wait till Turkey gets F35s, they will blow up Israel and the United States and Julani’s men will be riding around on pickup trucks chopping people’s heads off. Erdogan is training Julani’s forces to attack Israel. Why do we take either of them seriously! They are both Islamic terrorists. We should not be fraternizing with Islamic terrorists who want to carry out global jihad. These Islamic countries don’t even have the trillions of dollars they are promising to invest into the US. They are only trying to sweet talk President Trump. They literally do not have 19 trillion and they never will.
Trump: Most civilians were killed by ‘1st and 2nd Iranian regimes’ Asked what he would do if the Iranian regime continued to kill its own people, Trump claimed that “we talked to them about it.” He differentiated between the leaders before the war and those currently leading the regime: “I would say that the majority of that took place during the first and second regimes. Much more so than now.”… https://www.israelnationalnews.com/flashes/687884
@MelanieLatest: Americans may not realise it, but Trump’s lethal fantasy that he’s transformed the genocidal fanatics of Tehran into people whose highest goal now is to emulate the prosperous burghers of Switzerland, where Friday’s MOU ceremony is to take place, is putting America itself at grave risk.
Trump, Feb 28, 2026: Finally, to the great proud people of Iran I say the hour of your freedom is at hand… Bombs will be dropping everywhere. When we are finished, take over your government. It will be yours to take. This will be probably your only chance for generation. For many years you’ve asked for American’s help, but you never got it. No president was willing to do what I’m going to do tonight. Now you have a president that is giving you what you want. Let’s see how you respond. America is backing you with overwhelming strength and devastating force. Now is the time two seize control of your destiny… This is the moment for action do not let it pass… https://www.pbs.org/newshour/world/read-trumps-full-statement-on-iran-attack
US President Donald Trump said Qatar is set to invest more than $1 trillion in the United States, describing the Gulf nation as a major long-term investor in the American economy. Speaking alongside Qatari officials, Trump said total investment commitments linked to the US now exceed $18 trillion and could reach roughly $19.4 trillion once updated figures are released. “Qatar is going to be investing much more than $1 trillion in the United States,” Trump said, adding that the two countries had “rekindled” their relationship following talks last year. https://www.instagram.com/reel/DZpp6XBILOR/
GDP in Qatar is expected to reach 222.34 USD Billion by the end of 2026, according to Trading Economics global macro models and analysts expectations…
@Osint613: Reporter: The Iranian regime continues to kill their own people. Trump: The majority of that took place during the first and second regimes, much more so than now.
Vance asserted that the US is trying to “fundamentally change its relationship with Iran,” which is precisely what Obama said. In the process, Trump is making Israel and Bibi ‘the bad guys.’
Vance ran to the MSMS on Tuesday morning to sell the US-Iran MOU, which he reportedly authored.
Ex-NSC official @BrewerEricM: Under the JCPOA, this sanctions relief was only provided AFTER Iran implemented ALL of its nuclear commitments, and those actions were verified by the IAEA. Now Iran is getting that relief just for signing an agreement that requires zero nuclear concessions. (I’m sorry, promising not to build a bomb and to talk about its nuclear program later don’t count.)
@AynReagan: Donald Trump, Jr. His friend Tucker Carlson. And Trump Chief of Staff Susie Wiles. The trio reportedly convinced Trump to select Vance who offered nothing politically or intellectually. The common denominator is that each of them has benefitted financially in dealings with Qatar.
JD Vance Admits They’re Still Negotiating Trump’s Biggest Iran Goal Trump’s deal seems primarily interested in collecting Iran’s nuclear “dust.” But now the president doesn’t seem committed to doing that, either. “You could make the case, ‘Why even bother?’ Because it’s not really valuable,it’s probably half a million dollars’ worth,” Trump said Tuesday while at the G7 summit in France. “It’s not very valuable stuff. But I think, psychologically, we want to get it.”… https://www.yahoo.com/news/politics/articles/jd-vance-admits-iran-deal-154219466.html
@Osint613: Trump: “Without the United States there would be no Israel, without me, there would be no Israel … I’ve had a great relationship with Bibi, but now Bibi has to be more responsible with respect to Lebanon … I’m not happy with the way Israel has handled themselves with Lebanon and Hezbollah.” https://x.com/Osint613/status/2066879722810724587
NBC News: “Iran has fired multiple drones toward commercial ships in the Strait of Hormuz since the U.S. and Iran agreed to a memorandum of understanding Sunday… The IRGC has fired multiple drones each night since the MOU was digitally signed Sunday, the official said.”
@AndrewDesiderio: The Trump admin might have inadvertently handcuffed its ability to implement key elements of an Iran dealwhen it sent a previously unreported certification to Congress last year that bars much of the broad sanctions relief the MOU outlines. Senators slipped a provision into the 2024 Ukraine supplemental that requires State to tell Congress every 180 days whether the IRGC launched drone attacks on Americans. If so the admin makes that determination, the IRGC can’t be removed from the Foreign Terrorist Organization list for *four* years.The admin formalized that determination in a report to Congress last April. Lifting the IRGC’s FTO designation would almost certainly be required to implement the broad sanctions relief the admin has outlined under the MOU, per multiple senior Hill staffers who wrote the 2024 bill. Trump can waive 4-year requirement if he tells Congress it’s “vital” for national security. But loosening IRGC sanctions by arguing they should be removed from the FTO list would be tough sell for R’s. Last April, the State Dept formally told Congress that the IRGC had indeed attacked Americans w/ drones, adding that this is “sufficient to meet the statutory criteria” to bar removal of IRGC from FTO list for 4 years… https://punchbowl.news/wp-content/uploads/2025-04-29_CN_IRGC_UAVs.pdf
Yes, Virgina, the incessant and Dem/MSM-encouraged hate and violence for DJT is a factor! @BillMelugin_: Details via federal arrest affidavit reveal that a California man named Michael Alan Thomas was one of the alleged organizers of the alleged UFC White House terror plot. Feds say he admitted he believes the U.S. government is run by elites who sacrifice and eat children, had involvement with Jeffrey Epstein, and are protected by President Trump. Investigators took screenshots of his Signal chats in which details of the plot were discussed and maps of the UFC event were shown with suggestions on where snipers should be placed. Feds also recovered rifles & ammo. Sources tell colleague @davidspunt those in custody are American citizens and there is no foreign nexus believed to be at play. https://x.com/BillMelugin_/status/2066893167543083196
@MrAndyNgo: The cross-burning incident in Chicago that was blamed on white supremacists was actually a leftist anti-Trump protest by an Asian American man. @thisisUIC senior Merlin Lu said he was protesting Christian nationalism and MAGA. https://x.com/MrAndyNgo/status/2066897797572403206
MLB issues warning to Giants pitchers for Bible verses printed on LGBTQ+ Pride Night capshttps://trib.al/zh36u5A
@AGJamesUthmeier: Do you practice religious discrimination in Florida, @MLB? You’ll be hearing from my office soon.
GOP Sen. @HawleyMO: What does MLB think it’s doing penalizing players for their Christian faith? They owe us some answers. Right now.
@realDonaldTrump Feb 2, 2017: Iran was on its last legs and ready to collapse until the U.S. came along and gave it a life-line in the form of the Iran Deal: $150 billion
“It may be dangerous to be America’s enemy, but to be America’s friend is fatal.” – Henry Kissinger reportedly to William F. Buckley Jr.
A Manual of psychological conditions that might help you survive animoisty that needs relief:
Cognitive dissonance is the psychological discomfort experienced when a person holds conflicting beliefs, values, or behaviors, motivating them to reduce the inconsistency.
Projection is a psychological defense mechanism where individuals attribute their own unacceptable thoughts, feelings, or motives to another person.
Disassociation refers to the psychological process of separating oneself from an event, often as a coping mechanism for stress or trauma.
Displacement is an unconscious defense mechanism where emotions or impulses are redirected from a threatening target to a safer one.
Displacement in Psychology – Why we take our feelings out on the wrong people When people use displacement, the mind senses that reacting to the original source of frustration might be unacceptable—even dangerous. Instead, it finds us a less threatening subject that can serve as a saferoutlet for these negative feelings… https://www.verywellmind.com/what-is-displacement-in-psychology-4587375
Anchoring is a cognitive bias where initial information disproportionately influences subsequent judgments and decisions… he anchor primes individuals to consider information consistent with it, making alternative perspectives less accessible and reinforcing the initial bias…
Confirmation bias is the tendency to seek, interpret, and remember information in ways that confirm existing beliefs while ignoring or undervaluing contradictory evidence.
Transference is a psychological process in which a person unconsciously redirects feelings, attitudes, or desires from a significant person in their past—often a parent or other important figure—onto someone else in the present.
SWAMP STORIES FOR YOU TONIGHT
OREGON
New Oregon Initiative Would Criminalize Hunting, Fishing And Farming
Tuesday, Jun 16, 2026 – 09:20 PM
Only 1% of the American population identifies as vegan (a person who refrains from using or consuming any animal products), and around 3% of the population identifies as vegetarian. It is therefore a little confusing as to why American political and social discourse is hijacked by vegan issues so often.
Leftist activists have adopted the age-old mantra that the “squeaky wheel gets the oil”; but imagine a wheel that never gets enough oil? Imagine a movement specifically designed to keep society constantly on egg shells, trying to figure out different ways to satisfy that squeaky wheel so it will finally shut up?
One eventually has to ask the obvious question: Why don’t we simply throw that insufferable wheel in the garbage?
A perfect example of why Americans need to start aggressively discriminating against veganism as a movement has popped up in Oregon. A new initiative called the PEACE Act (IP28) has enough backing to make it on the state ballot in November. The initiative originally gained support as a way to “end animal cruelty”, but the details of the proposed law turned out to be a vegan’s version of Orwell.
The petition has more than 120,000 signatures, according to the Oregon secretary of state’s office. The campaign needs about 117,000 valid signatures to make the ballot. Initiative Petition 28 would expand animal cruelty protections in Oregon by effectively giving “all” animals the same protections currently in place for dogs and cats, supporters say. Opponents argue the measure would go much further, potentially criminalizing hunting, fishing and raising animals for food.
It’s important to understand that vegan activists and leftists in general do not operate from a basic understanding of the environment. They know next to nothing about the science behind these issues and legislate from a purely emotional position. Banning hunting would effectively destroy various wild animal populations, causing disastrous disease outbreaks that the hunting community has kept in check for decades.
That said, a lot of attention in the media has been paid to the hunting side of this law while the biggest impact would be felt in cattle farming and the fishing industry in Oregon. If passed, the law would effectively criminalize the entire meat production base for the state under “animal cruelty” statutes.
No state has the capacity to sustain on a mass vegan diet, so, animal products would have to be shipping in from the rest of the country, driving up prices.
Of course, this tiny minority of militant animal rights activists are not working alone. They are able to thrive and organize because they have a host of international NGOs and politicians working with them. These institutions act as amplifiers for activist groups that would otherwise go completely ignored. The United Nations, for example, has long been involved in global efforts to remove meat from the menu for most of the human population.
The UN fabricated the notion of animal agriculture acting as a primary mechanism for greenhouse gases and global warming. Of course, there is zero evidence of a causation or correlation relationship between animal methane and changes in the Earth’s temperatures, just as there is no concrete evidence of a connection between human industry and climate change.
One can speculate as to why the UN is so interested in eliminating meat from the human diet, but stopping global warming is certainly not the real reason.
Global warming claims continues to be debunked as one of the biggest hoaxes of the century, and the idea of compelling the public to stop eating meat in the name of “saving the climate” just isn’t going to work. It would appear that the political left and their NGO backers intend to criminalize meat if they can’t convince people to go vegan voluntarily.
This is why the majority of Americans distrust and despise vegans: It not because they’ve chosen a different lifestyle, it’s because they are obsessed with forcing that lifestyle on everyone else.
GREG HUNTER…INTERVIEWING STEVE QUAYLE
Disclosure Day an Attack on Christian Faith – Steve Quayle
Renowned radio host, filmmaker, book author and archeological dig expert Steve Quayle warned the new Spielberg movie called “Disclosure Day” would be nothing more than an attack on Christian faith. He was right. Quayle has warned for years demonic powers would try to convince people of the lie that there is no God the Father or Jesus, and the aliens created us. He did it here, here and as far back as 2019 on USAW, here. The movie artwork features actress Emily Blunt with one pronounced eye being visible. Why the one eye artwork? Quayle says, “With this, they are announcing their allegiance to Lucifer. Spoiler alert: The so-called aliens are demonic too. The Apostle John said any spirit that denies Jesus Christ is Lord is the spirit of the anti-Christ. . .. Jesus said I came, and you did not receive me as Son of God, but another will come claiming to be Me, and him you will receive. So, anti-Christ means in place of Jesus Christ. Disclosure Day is really designed to undermine the foundations of Christian faith. . .. Steven Spielberg says, ‘The film tackles UFO disclosure and how it would impact religion, specifically Christianity.’ This is a declaration against Christians and foundation of the faith.”
Quayle goes on to say, “What is important is for people to understand that you are going to be sold a bill of goods. At some point, the aliens will be brought onto the scene in the flying saucers. . .. Is this prior to World War III? I think this will be over in a hypersonic hour. . .. What do we know from scriptures? The anti-Christ comes on as a man of peace. So, we are going to be dealing with lying, signs and wonders.”
Quayle has his own “UFO Disclosure” movie to expose the lies the public will be told. Quayle points out one huge lie from the Catholic Church and says, “We have actual documentation where the Catholic Church says God created everything. . . and therefore, aliens can be baptized. That’s not true.”
Quayle wants to warn people not to be taken in by the alien lie. The truth is God the Father created us in His image—period. Quayle says, “We are literally fighting for people not to end up in eternal Hell. People say, ‘We don’t believe in Hell,’ and I say I guess you will find out the hard way. The amount of seduction going on is a full court press. Christian are going to be persecuted, and they are already being persecuted all over the world. . .. Some people won’t accept that God created Adam and Eve or Jesus, but the surely will accept and believe in these aliens. I’ve got to tell you; you are seduced already. When you are seduced, you are reduced. When you are seduced into the world of AI and the denial of Jesus Christ, you are into the seduction zone, and the seduction zone is the destruction zone.”
Quayle also points out his warnings of years past on the Cascadia Subduction Zone and earthquakes and volcanos getting much more active. This is has now come true. Same thing with the prediction of the coming “Megadrought” where millions in the desert Southwest are literally running out of water. Quayle says, “I predicted many years ago the biggest migration in the US will come because people will be leaving places without water. . .. Phoenix is in especially bad shape with water.”
In closing, Quayle contends very bad times are coming, and people need to put their faith in Christ Jesus and not some demonic aliens.
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Join Greg Hunter of USAWatchdog as he goes one-on-one with Steve Quayle, who continues to warn you to prepare for the deception of the alien disclosure lie–that humans were created by aliens and not by God the Father for 6.16.26.
After the Interview:
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Voice for Science and Solidarity by Geert Vanden Bossche
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