GOLD CLOSED CLOSED DOWN $141.55 TO $3990.10
SILVER CLOSED DOWN $4.18 TO $57.70
WE HAVE NOW ENTERED OPTIONS EXPIRY WEEK: COMEX OP EX EXPIRES ON THIS THURSDAY. LONDON/OTIC LBMA OPTIONS EXPIRY ON FIRST DAY NOTICE THIS COMING TUESDAY.
ACCESS MARKET
GOLD $3981.75 3:30 PM)
SILVER: 56.67 3;30 PM)
Bitcoin morning price:$62,606 UP 289 DOLLARS (MANY SWITCHING TO PHYSICAL GOLD)
Bitcoin: afternoon price: $59,664 DOWN 2653 DOLLARS
Platinum price closed DOWN 98.00 to $1567.50
Palladium price; DOWN $81.00 TO $1159.00
JUNE 24
EXCHANGE: COMEX
CONTRACT: JUNE 2026 COMEX 100 GOLD FUTURES
SETTLEMENT: 4,129.900000000 USD
INTENT DATE: 06/23/2026 DELIVERY DATE: 06/25/2026
FIRM ORG FIRM NAME ISSUED STOPPED
092 C DEUTSCHE BANK 101
099 H DEUTSCHE BANK AG 48
363 H WELLS FARGO SECURITI 18
661 C JP MORGAN SECURITIES 120
686 C STONEX FINANCIAL INC 55
737 C ADVANTAGE FUTURES 4
905 C ADM 3
991 H CME 7
TOTAL: 178 178
GOLD: NUMBER OF NOTICES FILED FOR JUNE/2026: 178 CONTRACTs NOTICES FOR 17,800 OZ or 0.5536 TONNES
total notices so far: 38,352 contracts FOR 3,835,200 OZ OR 119.290 TONNES
SILVER NOTICES: 1 NOTICE(S) FILED FOR 5,000 OZ /
total number of notices filed so far this month : 2424 CONTRACTS (NOTICES) for 12.120 million oz
SILVER//OUTLINE
INITIAL STANDING FOR JANUARY: 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NEW NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR .100 MILLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ!!
INTIAL STANDING FOR FEBRUARY/SILVER: 13.505 MILLION OZ FOLLOWED BY TODAY’S HUGE 0.005 MILLION OZ QUEUE JUMP / : NEW STANDING FOR SILVER AT THE COMEX ADVANCES TO 25.180 MILLION OZ. BUT WE MUST ADD OUR FIRST EXCHANGE FOR RISK OF 25 CONTRACTS FOR .125 MILLION OZ AND THEN OUR SECOND EXCHANGE FOR RISK OF .0600 MILLION OZ TO OUR THIRD HUGE 2.825 MILLION OZ EXCHANGE FOR RISK!!
INITIAL STANDING FOR MARCH: A SURPRISINGLY LOW 31.076 MILLION OZ/ FOLLOWED BY A TINY QUEUE JUMP OF XX CONTRACTS OR XXX OZ/NEW STANDING ADVANCES TO 46.060 MILLION OZ
INITIAL STANDING FOR APRIL: 7.120 MILLION OZ FOLLOWED BY TODAY’S 1 CONTRACT QUEUE JUMP WHERE 5,000 OZ WILL TAKE DELIVERY OVER ON THIS SIDE OF THE POND. NEW STANDING FOR SILVER AT THE COMEX THUS ADVANCES SLIGHTLY TO 16.565 MILLION OZ PLUS WE MUST ADD OUR 4TH EXCHANGE FOR RISK ISSUANCE OF 17 CONTRACTS OR 0.085 MILLION OZ. THESE WILL BE ADDED TO OUR OTHER 3 ISSUANCES //NEW TOTAL EXCHANGE FOR RISK//1.165 MILLION OZ// NEW TOTAL SILVER STANDING 17.730 MILLION OZ//
INITIAL STANDING FOR MAY: 31.495 MILLION OZ FOLLOWED BY ANOTHER 3 CONTRACT EXCHANGE FOR PHYSICAL JUMP TO LONDON FOR 0.015 MILLION OZ// AND THEN TO BOOT WE HAD OUR FIRST EXCHANGE FOR RISK ISSUANCE FOR 51 CONTRACTS OR 255,000 OZ MAY 21./STANDING BEFORE EXCHANGE FOR RISK: 32.070 MILLION OZ/NEW STANDING THUS REDUCES TO 32.325 MILLION OZ/.//(32.070 MILLION OZ NORMAL STANDING PLUS .255 MILLION OZ EXCHANGE FOR RISK = 32.325 MILLION OZ)
JUNE INITIAL STANDING FOR SILVER:10.935 MILLION OZ TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 45,000 OZ//NEW STANDING ADVANCES TO 12.180 MILLION OZ//
SUMMARY OF OUR JUNE 2026 COMEX CONTRACT MONTH:
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 82.020 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
NOVEMBER: 36.425 MILLION OZ
DEC: 45.765 MILLION OZ
JANUARY 2026: 134.270 MILLION OZ (WILL BE A VERY STRONG MONTH FOR EXCHANGE FOR PHYSICAL!)
FEB : 82.130 MILLION OZ
MARCH: 56.075 MILLION OZ
APRIL; 44.44 MILLION OZ//FINAL.. SMALL THIS MONTH.
MAY 59.79 MILLION OZ
JUNE. 58.790 MILION OZ
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 68.040 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING AND EXCHANGE FOR PHYSICAL TRANSFERS) PLUS 3.0 MILLION OZ EX FOR RISK = 71.040 MILLION OZ. (THIS IS THE FIRST AND ONLY ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.)
OCTOBER: 39.565 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
PLUS
2.110 MILLION OZ EXCHANGE FOR RISK//TOTAL OZ STANDING IN OCT ADVAN
NOVEMBER: INITIAL STANDING AT 11.575 MILLION OZ FOLLOWED BY TODAY’S 195,000 OZ QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 9.155 MILLION OZ//STANDING ADVANCES TO 19.670 MILLION OZ/
DECEMBER: INITIAL AMOUNT STANDING FOR DELIVERY: 49.33 MILLION OZ// FOLLOWED BY ANOTHER STRONG 835,000OZ QUEUE JUMP+ DEC. FIRST EXCHANGE FOR RISK 0F .850 MILLION OZ + LAST WEEK.S 495,000 OZ EXCHANGE FOR RISK AND THEN A 3RD ISSUANCE IF 1.00MILLION OZ THEN FINALLY DEC 249ISSUANCE OF 1.35 MILLION OZ EXCHANGE FOR RISK//NEW TOTAL EX FOR RIS IS 3.685 MILLION OZ // STANDING ADVANCES TO 68.415 MILLION OZ//
JANUARY: INITIAL STANDING 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 0.100 MILLLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ
FEB: 13.399 MILLION OZ IS OUR INITIAL STANDING FOR SILVER! TO WHICH WE ADD OUR NEXT QUEUE JUMP FOR 5,000 OZ AND THEN ADD OUR 3 EXCHANGE FOR RISK FOR 3.010 MILLION OZ STANDING ADVANCES TO 28.190 MILLION OZ!!
MARCH: INITIAL AMOUNT OF SILVER STANDING IS 31.076 MILLION OZ FOLLOWED BY A FINAL 0.210 MILLION OZ QUEUE JUMP //NEW TOTAL STANDING ADVANCES TO 46.060 MILLION OZ
APRIL 2026: INITITAL AMOUNT OF SILVER STANDING 7.120 MILLION OZ FOLLOWED BY TODAY’S 5,000 OZ QUUE JUMP //NEW STANDING ADVANCES TO 16.565MILLION OZ PLUS 1.165 MILLION OZ EXCHANGE FOR RISK.NEW TOTALS 17.730 MILLION OZ
MAY: INITIAL AMOUNT OF SILVER WILLING TO STAND; 31.495 MILLION OZ/ TO WHICH WE ADD OUR NEXT EXCHANGE FOR PHYSICAL JUMP OF 15,000 OZ//NEW STANDING REDUCES TO 32.070 MILLION OZ//(FOLLOWING MANY EXCHANGE FOR PHYSICAL TRANSFERS TO LONDON DURING THIS MAY DELIVERY MONTH). THERE SEEMS TO BE A SCARCITY OF SILVER OVER AT THE COMEX). THEN WE ADD OUR FIRST EXCHANGE FOR RISK OF 51 CONTRACTS FOR 255,000 OZ//STANDING ADVANCES TO 32.325 MILLION OZ//
JUNE: INITIAL AMOUNT OF SILVER WILLING TO STAND: 10.935 MILLION OZ PLUS OUR NEXT QUEUE JUMP OF 745,000 OZ//NEW STANDING ADVANCES TO 12.180 MILLION OZ
GOLD//OUTLINE
1.MAY SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
4. AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.
5.SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
6.OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
7.NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 2.323 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 4.5596 TONNES//NEW STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
8. DECEMBER BEGINS WITH INITIAL STANDING OF 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.0TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR 4 EXCHANGE FOR RISK FOR DECEMBER OF 6.587 TONNES/NEW STANDING ADVANCES TO 121.977 TONNES
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR FIRST EXCHANGE FOR PHYSICAL TRANSFER OF 0.08709 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEB; INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 93.567 TONNES OF GOLD TO WHICH WE ADD OUR NEXT 0.0248 TONNES 0.1555 TONNES QUEUE JUMP TO 41.2082 TONNES/ NEW NET QUEUE JUMP INCREASES TO 41.233 TONNES// AND THEN WE ADD OUR SIX EXCHANGE FOR RISK: 10,080 CONTRACTS OR 31.251 TONNES//NEW STANDING REDUCES TO 157.878 TONNES
MARCH:: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 8.099 TONNES TO WHICH WE ADD TODAY’S FAIR 4600 OZ QUEUE JUMP (0.2320 TONNES) AND THEN WE ADD OUR THREE EXCHANGE FOR RISK OF 22.3818 TONNES //NEW STANDING ADVANCES TO 67.6648 TONNES/
APRIL: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 52.600 TONNES FOLLOWED BY OUR 345 CONTRACT QUEUE JUMP FOR 34,500 OZ/ (1.073 TONNES)/NEW STANDING ADVANCES TO 70.286 TONNES TO WHICH WE ADD OUR 2ND EXCHANGE FOR RISK OF 1498 CONTRACTS FOR 149800 OZ OR 4.659 TONNES. THE NEW TOTAL EXCHANGE FOR RISK FOR THE MONTH OF APRIL IS 2239 CONTRACTS OR 223900 OZ OR 6.964 TONNES AND THIS WILL BE ADDED TO OUR NORMAL DELIVERY TOTALS (70.762 TONNES) TO GIVE US WHAT WILL STAND IN APRIL (77.726 TONNES)
MAY: INITIAL AMOUNT OF GOLD WILLING TO STAND: 12.24 TONNES OF GOLD TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 345 CONTRACTS OR 34500 OZ (1.073 TONNES) TO WHICH WE ADD OUR FIVE EXCHANGE FOR RISK ISSUANCES FOR 24.635 TONNES/STANDING NOW ADVANCES TO 51.554 TONNES OF GOLD.
JUNE; INITIAL AMOUNT OF GOLD WILLING TO STAND; 64.496 TONNES.(CME CORRECTED) TO WHICH WE ADD OUR NEXT 2.9548 TONNES OF A QUEUE JUMP/NEW STANDING ADVANCES TO 118.799 TONNES
STANDING FOR THE LAST 5 MONTHS JANUARY TO MAY:
FINAL STANDING FOR GOLD, JANUARY CONTRACT AT 59.2108 TONNES OF GOLD
FEBRUARY: INITIAL STANDING FOR GOLD: 157.878 TONNES!! WHICH INCLUDES ALL QUEUE JUMPING, THREE EXCHANGE FOR PHYSICAL TRANSFERS TO LONDON AND OUR SIX ISSUANCES EXCHANGE FOR RISK!!
MARCH: INITIAL STANDING AT 8.099 TONNES TO WHICH WE ADD OUR FINAL DAY: 0.2320 TONNES QUEUE JUMP AND THEN ADD +22.3818 TONNES EXCHANGE FOR RISK//NEW STANDING ADVANCES TO 67.6648 TONNES
APRIL: INITIAL STANDING 52.600 TONNES PLUS 27,800 OZ QUEUE JUMP (0.8648TONNES): NEW STANDING ADVANCES TO 70.286 TONNES PLUS OUR TWO EXCHANGE FOR RISK FOR 223,900 OZ OR 6.964 TONNES/NEW STANDING: 77.726 TONNES
MAY: INITIAL AMOUNT OF GOLD WILLING TO STAND; 12.24 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP FOR 345 CONTRACTS/34,500 OZ// 1.073 TONNES/ THEN WE MUST ADD OUR EXCHANGE FOR RISK ISSUANCE: TOTAL EXCHANGE FOR RISK MAY// 5 OCCASIONS: 24.635 TONNES///NEW STANDING NOW ADVANCES TO 51.554 TONNES
JUNE: INITIAL AMOUNT OF GOLD WILLING TO STAND: 64.496 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.5318 TONNES//NEW STANDING ADVANCES TO 119.331 TONNES
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STRONG THIS MONTH
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
NOV: 124.74 TONNES
DEC: 190.04 TONNES//GOOD SIZED THIS MONTH FINAL.
TOTAL EXCHANGE FOR PHYSICAL ISSUED FOR YEAR 2025: 2,026.20 TONNES (LOWER THAN LAST YR 2,569.00 TONNES
JANUARY: 209.08 TONNES ( (WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL)
FEB. 176.35 TONNES (WHICH IS A FAIR ISSUANCE)
MARCH: 214.67 TONNES//WILL BE STRONG ISSUANCE THIS MONTH
APRIL; 88.00 TONNES// WILL BE VERY SMALL THIS MONTH
MAY 118.430 TONNES
JUNE: 106.071 TONNES
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSIT
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
SILVER:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A SMALL 186 CONTRACTS TO AN OI OF 108,944
EFP ISSUANCE 1880 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 1880 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 186 CONTRACTS AND ADD TO THE 1880 E.FP. ISSUED
WE OBTAIN A HUGE GAIN OF 2066 OI OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR LOSS OF $3.67
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 10.330 MILLION PAPER OZ
OCCURRED DESPITE OUR LOSS IN PRICE.OF $3.67
2.ASIAN AFFAIRS JUNE 24 /2025
SHANGHAI CLOSED UP 4.56 PTS OR 0.11%
HANG SENG CLOSED UP 75.90 PTS OR 0.33%
Nikkei CLOSED DOWN 613.41 PTS OR 0.88%
//Australia’s all ordinaries CLOSED UP 0.05%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 6.8109
/ OFFSHORE CLOSED DOWN AT 6.8147 Oil DOWN TO 71.66 dollars per barrel for WTI and BRENT UP TO 75.18 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN// WITH YUAN TRADING DOWN (6.8109) OFFSHORE YUAN TRADING DOWN TO 6.8147 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
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR 1507 CONTRACTS TO 352,167 WELL ABOVE ITS NEW LOW OF 326,052 OI SET JUNE 3, CLOSE TO THE PREVIOUS ALL TIME LOW OF 345,705 SET (MAY 28) AND CLOSE TO 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 HUGE T.A.S. LIQUIDATION DURING TUESDAY’S COMEX TRADING JUNE 23!!. IT SEEMS THAT MANY OF THE SPECULATORS HAVE NOW CONTINUED AGAIN TO GO MASSIVELY ON THE LONG SIDE BUT WITH THE BANKERS NOW PROVIDING THE PAPER,AND CENTRAL BANKS DOING THEIR QUEUE JUMPING IN AN INCREASING MANNER
CENTRAL BANKS 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 FAIR SIZED GAIN ON OUR TWO EXCHANGES (2497 CONTRACTS) OCCURRED WITH OUR LOSS IN PRICE IN GOLD (DOWN $52.85)
WE THUS HAD A FAIR SIZED GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 2497 CONTRACTS (OR 2.706 TONNES) DESPITE OUR LOSS IN PRICE, AS WE WERE INFORMED OF A SMALL CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE, EQUATING TO 990 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 JUNE
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.
JUNE: 0 SO FAR!!
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A LITTLE HISTORY OF EXCHANGE FOR RISK DECEMBER THROUGH TO JUNE:
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 FAIR GAIN ON OUR TWO EXCHANGES OF 2497 CONTRACTS DESPITE OUR LOSS IN PRICE ($36.85). 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 SMALL SIZED T.A.S ISSUANCE CONTRACTS .THE CME NOTIFIES US THAT THEY HAVE ISSUED 1008 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 0.5318 TONNES//NEW STANDING ADVANCES TO 119.331 TONNES// TOTAL QUEUE JUMPING FOR THE MONTH; 54.7026 TONNES OR AVERAGING 3.2178 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)
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
COMEX GOLD TRADING BEGINNING JUNE,. CONTRACT;
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $36.45)
WE HAD HUGE T.A.S. SPREADER LIQUIDATION TUESDAY // COMEX SESSION// WITH OUR LOSS IN PRICE , OUR SPECULATORS WENT MASSIVELY TO THE SHORT SIDE LED BY THE NOSE BY OUR HIGH FREQUENCY MOMENTUM PLAYERS WITH CENTRAL BANKERS TAKING THE LONG SIDE. THE SPECS WILL BE ANNIHILATED ONCE OPTIONS EXPIRY ENDS.
OTHER EASTERN CENTRAL BANKS TENDERED FOR PHYSICAL EVERY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD THAT STOOD FOR GOLD DURING THESE PAST SEVERAL MONTHS
TUESDAY NIGHT//WEDNESDAY MORNING
THE CROOKS COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL TUESDAY EVENING //WEDNESDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $52.85
WE HAD 1492 CONTRACTS ADDED THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL.
NET GAIN ON THE TWO EXCHANGES: 2497 CONTRACTS OR 249,700 OZ (2.706 TONNES)
JUNE DELIVERY MONTH
JUNE 24
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 1 ENTRIES i) Out of Asahi 72,725.346 oz (2262 kilobars) ot 2.262 tonnes |
| Deposit to the Dealer Inventory in oz | 0 ENTRY |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER//gold ENTRIES: 0 xxxxxxxxxxxxxxxx |
| No of oz served (contracts) today | 178 CONTRACTS OR 17,800 OZ 0.5536 TONNES OF GOLD |
| No of oz to be served (notices) | 13 Contracts 1,300 OZ 0.040 TONNES |
| Total monthly oz gold served (contracts) so far this month | 38,352 notices 3,835,200 OZ 119.290 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
i) Out of Asahi 72,725.346 oz
(2262 kilobars)
ot 2.262 tonnes
3,325 tonnes
adjustments: 2//customer to dealer accounts
a) Brinks 5500.000 oz
b) JPMorgan 14,467.950 oz
COMEX IS DRAINING GOLD
chaos inside the comex
THE FRONT MONTH OF JUNE OI STANDS AT 191 CONTRACTS HAVING A LOSS OF 785 CONTRACTS.
WE HAD 956 CONTRACTS SERVED ON TUESDAY, SO WE GAINED 171 CONTRACTS OR 17,100 OZ. (0.5318 TONNES) EXERCISED A QUEUE JUMP WHERE THEY WILL TAKE PHYSICAL GOLD ON THIS SIDE OF THE POND. THIS IS NO DOUBT CENTRAL BANKS STANDING FOR PHYSICAL GOLD.
JULY LOST 14 CONTRACTS DOWN TO 7188 CONTRACTS.
AUGUST LOST 1167 CONTRACTS TO AN OI OF 270,241
.
We had 178 contracts filed for today representing 17,800oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 178 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 120 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 (38,352) to which we add the difference between the open interest for the front month of JUNE(191 CONTRACTS) minus the number of notices served upon today 178 x 100 oz per contract) equals 3,836,500 OZ OR (119.331 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 (38,352) to which we add the difference between the open interest for the front month of JUNE( 191 CONTRACTS) minus the number of notices served upon today 178 x 100 oz per contract) equals 3,836,500 OZ OR (119.331Tonnes of gold)
new total of gold standing in JUNE becomes 119.331 TONNES//
TOTAL COMEX GOLD STANDING FOR JUNE 119331 TONNES TONNES WHICH IS NOW REALLY HUGE FOR THIS ACTIVE DELIVERY MONTH OF JUNE.
confirmed volume TUESDAY confirmed 132,732// 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: 1,708,373.370 oz 53.137 tonnes pledged gold lowers
total inventories in gold declining rapidly
total pledged gold: 1,708,373.370 tonnes oz 53.137 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 27,809,901.511 oz
TOTAL REGISTERED GOLD 15,005,344.441 tonnes (466.72 tonnes)
TOTAL OF ALL ELIGIBLE GOLD 12,804,557.020 oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 13,296,971oz ((REG GOLD- PLEDGED GOLD)=
413.359 Tonnes //
total inventories in gold declining rapidly
SILVER COMEX
JUNE DELIVERY MONTH
JUNE 24
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 1 entries i) Out of CNT 70,034.680 oz |
| Deposits to the Dealer Inventory | 0 entries |
| Deposits to the Customer Inventory | 0 entries |
| No of oz served today (contracts) | 14 CONTRACT(S) (70,000 OZ) |
| No of oz to be served (notices) | 12 Contract (60,000 oz) |
| Total monthly oz silver served (contracts) | 2423 contracts 12.115 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:0
xxxxxxxxxxxxxxxxxxxxxxxxx
withdrawals: customer side/eligible
1 entries
1 ENTRIES
1 entries
i) Out of CNT 70,034.680 oz
total withdrawal 70,034.680 oz
adjustments 1
dealer to customer:
Brinks 33.157.800 oz
xxxxxxxxxxxxxx
TOTAL REGISTERED SILVER: 87.320 MILLION OZ//.TOTAL REG + ELIGIBLE. 322.792 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: 13 OPEN INTEREST CONTRACTS FOR A LOSS OF 5 CONTRACTS.
WE HAD 14 NOTICES SERVED ON TUESDAY SO WE GAINED 9 CONTRACTS OR AN ADDITIONAL 45,000 OZ WILL STAND AS A QUEUE JUMP AT THE SILVER COMEX.
JULY SAW A LOSS OF 4024 CONTRACTS DOWN TO 29,141 CONTRACTS.
AUGUST SAW A GAIN 0F 121 CONTRACTS UP TO 1338…
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 1 or 5,000 OZ oz
CONFIRMED volume TUESDAY; 98,481// EXCELLENT
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 2424 X5,000 oz = 12.120 MILLION oz
to which we add the difference between the open interest for the front month of JUNE(13) AND the number of notices served upon today (1 )x (5000 oz)
Thus the standings for silver for the JUNE 2026 contract month: (2424 )Notices served so far) x 5000 oz + OI for the front month of JUNE ( 13) minus number of notices served upon today (1)x 5000 oz equals silver standing for the JUNE..contract month equating to 12.180 MILLION OZ.+
We must also keep in mind that there is considerable silver standing in London coming from our longs
There are ONLY 87.320 million oz of registered silver
JPMorgan as a percentage of total silver: 138.479/322.79 million: 42.72%
The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price on that day at $18.42.
The previous record was 224,540 contracts with the price at that time of $20.44.
BOTH GLD AND SLV ARE MASSIVE FRAUD
JUNE 24 /2026/WITH GOLD DOWN $141.55 /HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 4.563 TONNES OF GOLD OUT OF THE GLD/./ //// ./ //:/INVENTORY RESTS AT 1017.637 TONNES
JUNE 19 /2026/WITH GOLD UP $36.85 /HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 7.421 TONNES OF GOLD INTO THE GLD/./ //// ./ //:/INVENTORY RESTS AT 1020.49 TONNES
JUNE 18 /2026/WITH GOLD DOWN $135.20 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 0.856 TONNES OF GOLD INTO THE GLD/./ //// ./ //:/INVENTORY RESTS AT 1013.069 TONNES
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: 1017.637 TONNES, TONIGHTS TOTAL GOLD INVENTORY
SILVER
JUNE 24 WITH SILVER DOWN $4.18: : SMALL CHANGES IN INVENTORY AT THJE SLV A DEPOSIT OF 93,000 MILLION OZ INTO THE SLV/./ // :INVENTORY RESTS AT 480.393 MILLION OZ
JUNE 19 WITH SILVER UP $1.11: : NO CHANGES IN INVENTORY AT THJE SLV/./ // :INVENTORY RESTS AT 480.302 MILLION OZ
JUNE 18 WITH SILVER DOWN $4.80: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: HUGE CHANGES IN INVENTORY A WITHDRAWAL OF 1.086 MILLION OZ FROM THE SLV././ // :INVENTORY RESTS AT 480.302 MILLION OZ
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
CLOSING INVENTORY 480.393 MILLION OZ OF SILVER
GOLD COMMENTARIES:
1.PETER SCHIFF
2. MATHEW PIEPENBERG/EGON VON GREYERZ
ALASDAIR MACLEOD.
3. CHRIS POWELL AND HIS GATA DISPATCHES
Stefan Gleason: RIP, Alan Greenspan, the schizophrenic gold bug
Submitted by admin on Mon, 2026-06-22 21:58 Section: Daily Dispatches
By Stefan Gleason
Money Metals Exchange, Eagle, Idaho
Monday, June 22, 2026
Chairman Alan Greenspan has now passed from the scene at the age of 100.
Greenspan parlayed his sound-money bonafides into the top post at America’s central bank and the stewardship of the world’s dominant fiat currency. In betrayal of his own stated free-market principles, Greenspan spent nearly two decades at the Fed pumping up financial markets with easy money, backstopping Wall Street, and enabling runaway government spending commitments.
Today the “Maestro” of central banking leaves behind a complicated legacy.
He was celebrated by the financial establishment as a master economic steward. Yet many of the financial distortions, asset bubbles, and debt excesses that characterize the modern economy can be traced to policies implemented during his tenure.
The irony is that in his later years Greenspan increasingly sounded like one of his longtime critics. …
… For the remainder of the commentary:
END
Hong Kong draws large gold bars ahead of clearing mechanism launch
Submitted by admin on Mon, 2026-06-22 10:20 Section: Daily Dispatches
By Yihui Xie
Bloomberg News
Monday, June 22, 2028
At least four of the 11 banks participating in Hong Kong’s new gold clearing system are importing large bullion bars in preparation for the mechanism’s planned launch in July.
Traders are receiving orders from some of the clearing banks to move 400-ounce gold bars into the city, according to people familiar with the matter. The bars meet the London Good Delivery industry standard, said the people, who asked not to be named because they are not authorized to speak to media.
The 400-ounce bars are typically traded by banks and sovereign entities in London, the largest bullion trading hub, but are less common in the Asian market, which is dominated by much smaller kilobars. The banks need to build up inventories to allow for physical delivery when clearing begins next month, some of the people said. …
… For the remainder of the report:
END
Guinea’s president bans raw gold exports
Submitted by admin on Sun, 2026-06-21 20:01 Section: Daily Dispatches
By Ougna Camara
Bloomberg News
Sunday, June 21, 2026
Guinean President Mamadi Doumbouya announced a ban on raw gold exports, in an effort to boost local processing of the metal and help the domestic economy.
Doumbouya made the announcement during a meeting with industrial and artisanal gold producers as well as gold-buying offices operating in the West African nation.
“Guinea has the second-largest gold reserves in West Africa, but its gold leaves the country daily in its raw state to be processed, certified, and sold elsewhere,” Doumbouya said during the meeting, which was subsequently broadcast on state-owned Radio Television Guineenne.
“I am putting an end to that starting today,” he said. “Guinea will now require its gold to be processed within its own borders. Raw gold will no longer leave Guinea.” …
Doumbouya said gold will only be exported after being refined into ingots at a newly built facility in Conakry, the capital. …
… For the remainder of the report:
4. ANDREW MAGUIRE/LIVE FROM THE VAULT; 277
Maguire and Hemke say gold ‘correction’ is over and expect revaluation
Submitted by admin on Mon, 2026-06-22 11:56 Section: Daily Dispatches
11:56a ET Monday, June 22, 2025
Dear Friend of GATA and Gold:
London metals trader Andrew Maguire and the TF Metals Report’s Craig Hemke, in conversation on this week’s edition of Kinesis Money’s “Live from the Vault” program, agree that gold’s “correction” is over and speculate how a U.S. Treasury revaluation of the monetary metal to a much higher price may come about soon.
The program is 57 minutes long and can be viewed at YouTube here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
5. COMMODITY REPORT//GOLD
Gold Is the Nuclear Option for a $127 Trillion Debt Crisis
by ITM Trading
Tuesday, Jun 23, 2026 – 12:41
Taylor Kenney walks through the arithmetic nobody in Washington wants done out loud. Take the $40 trillion debt everyone admits to, divide by the 261 million ounces the Treasury claims to hold, and a “gold revaluation” pencils out at $153,000 an ounce. Now add the $88.4 trillion in unfunded Social Security and Medicare promises buried in the government’s own 2025 financial report (a figure that somehow ballooned $10.1 trillion in a single year), and the real number creeps toward $486,000.
Meanwhile $846 trillion in derivatives sits stacked on top of it all, and every government on earth is borrowing like the house is already on fire.
They keep insisting there’s no crisis. So why does everyone in charge act like there is?
About ITM Trading: ITM Trading has spent nearly 30 years helping clients prepare for monetary resets, inflation, and systemic risk using physical gold and silver. We focus on education, historical context, and strategies designed to protect wealth when trust in the system breaks down.
end
GOLD TRADING TODAY
Hawkish Warsh Hammers Barbarous Relic: Gold Crashes Back Below $4000 As Rate-Hike Odds Rise
Wednesday, Jun 24, 2026 – 09:40 AM
Gold plunged back below $4,000 an ounce for the first time since November 2025 this morning, as a resurgent dollar and the prospect of higher interest rates bring bullion’s three-year bull market to a halt (now down 30% from its January highs).
The precious metal has posted double-digit gains for each of the last three years, more than doubling in price as central banks, money managers and retail investors all piled into the trade.
That rally ran out of steam in late January, shortly after the precious metal hit an all-time-high near $5,600 an ounce.
Chief among the factors that weighed on bullion’s performance was the outbreak of the US-Iran war.
Higher energy prices have fueled inflation and increased the likelihood of rate hikes, making bullion less attractive relative to yield-bearing assets like Treasuries.
Additionally, during the early period of the war, Gold reserves were used as a ‘piggy bank’ by Emerging Market nations to fund the huge increase in costs to procure energy (and manage currency runs).
Although oil prices are now falling as the US and Iran are negotiate a permanent peace deal, new Fed Chair Kevin Warsh surprised markets with a hawkish tone at his first rate-setting meeting last week, putting more downward pressure on the metal.
“The primary driver behind gold’s recent decline has been a significant repricing of interest-rate expectations,” Ewa Manthey, commodities strategist at ING Groep NV wrote in a note Wednesday.
Additionally, the debasement trade, a strategy favoring assets such as gold and Bitcoin over currencies vulnerable to inflationary, fiscal and monetary excess, has been losing momentum since President Trump nominated Kevin Warsh to lead the Fed.
Warsh’s statement that price stability is his overriding priority and his reputation as an inflation hawk have introduced doubts about the direction he would take, causing some investors to hedge their bets and leading to a decline in the debasement trade.
“Anyone who thinks that he is some kind of a stooge that’s been put in there to cut interest rates regardless of inflation is going to really, really be disappointed with Kevin Warsh,” said Gavyn Davies, co-founder and chairman of Fulcrum Asset Management and a former chief economist at Goldman Sachs.
“He’s not that kind of chair.”
The debasement trade – broadly defined as a strategy favoring assets such as gold and Bitcoin over currencies vulnerable to inflationary, fiscal and monetary excess like the dollar – had been one of the defining market narratives of the past two years.
“If the Fed has got the hiking bias, it’s really hard to play the debasement card,” Meera Chandan, JPMorgan’s co-head of global foreign-exchange strategy, said in an interview.
In the US, surging government borrowing and inflation running above target for more than half a decade fueled concerns that the greenback’s purchasing power would erode.
“What people were worried about was the inflation target, the Fed’s credibility and its independence,” said Jonathan Owen, a portfolio manager at TwentyFour Asset Management.
“I think those concerns were largely put to rest.”
All of which has helped push the dollar up to its highest since May 2025 (around the Nov 2025 highs)
As Bloomberg’s Jack Ryan and Yihui Xie report, several major banks have cut their gold forecasts in the last week.
Though revised targets imply prices will gain from current levels, Wall Street analysts are markedly less bullish than before.
Goldman Sachs axed $500 from a forecast that now sees bullion ending the year at $4,900 an ounce, while Deutsche Bank AG cut its fourth-quarter estimate by 17%.
It seems that Specs have thrown in the towel on the barbarous relic…
As the gold price has caught down to ETF holdings.
As Deutsche Bank wrote in a note, continued sales from gold-backed ETFs showed that the usual support for the metal is “notably absent,”
Meanwhile in China, the metal’s onshore discount to Comex prices in New York suggests imports will not be a support for the market, the bank’s analysts said.
But Goldman noted that gold ETF holdings that have undershot their federal funds rate-implied level
Still, one bright spot for bullion is the continued strength of central-bank demand.
“The one pillar which remains strong is central bank demand, and we expect this to be the case for some time to come,” Deutsche Bank wrote.
The monetary institutions added to their holdings at the fastest pace in more than a year in the first quarter, and survey data indicates they intend to buy more.
END
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
SHANGHAI CLOSED UP 4.56 PTS OR 0.11%
HANG SENG CLOSED UP 75.90 PTS OR 0.33%
Nikkei CLOSED DOWN 613.41 PTS OR 0.88%
//Australia’s all ordinaries CLOSED UP 0.05%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 6.8109
/ OFFSHORE CLOSED DOWN AT 6.8147 Oil DOWN TO 71.66 dollars per barrel for WTI and BRENT UP TO 75.18 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN// WITH YUAN TRADING DOWN (6.8109) OFFSHORE YUAN TRADING DOWN TO 6.8147 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
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 6.8109
OFFSHORE YUAN: DOWN TO 6.8147
1.HANG SANG CLOSED UP 75.90 PTS OR 0.33%
2. Nikkei closed DOWN 613.41 PTS OR 0.88%
WEST TEXAS INTERMEDIATE OIL DOWN TO 71.66
BRENT; 75.18
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX UP TO 101/42/// EURO FALLS TO 1.1344 DOWN 35 BASIS PTS
3b Japan 10 YR bond yield:RISES TO. +2.669 DOWN 2 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA CROSS NOW AT 161.67… 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: 3.876 UP 4 FULL BASIS PTS
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN( 6.8109) AND OFFSHORE: DOWN AT 6.8147
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 UP TO +2.8950/ Italian 10 Yr bond yield DOWN to 3.631/ SPAIN 10 YR BOND YIELD DOWN TO 3.367%
3i Greek 10 year bond yield DOWN TO 3.583%
3j Gold at $4040.65 //Silver at: 59.30 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 46/ 100 roubles/74.96
3m oil (WTI) into the 71 dollar handle for WTI and 75 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 161.67 // 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.669% DOWN 2 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.876 UP 4 PTS..: USA/SF this 0.8124 as the Swiss Franc . Euro vs SF: 0.9215
USA 10 YR BOND YIELD: 4.476 DOWN 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.922 DOWN 2 BASIS PTS/
USA 2 YR BOND YIELD: 4.199 DOWN 0 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 46.50 UP 2 BASIS PTS/LIRA GETTING KILLED//IDIOTS FOR SELLING GOLD AND USA DOLLAR RESERVES.
10 YR UK BOND YIELD: 4.7314 DOWN 3 PTS
30 YR UK BOND YIELD: 5.438 DOWN 2 BASIS PTS
10 YR CANADA BOND YIELD: 3.416 DOWN 2 BASIS PTS
5 YR CANADA BOND YIELD: 3.041 DOWN 2 BASIS PTS.
Futures Rebound From “Chip-Wreck” Ahead Of Critical Micron Earnings
Wednesday, Jun 24, 2026 – 08:25 AM
US stocks are set for a rebound with equity futures higher as Semis and Tech stage a partial recovery from yesterday’s “Chip-Wreck” as KOSPI retraced about 20% of its losses ahead of earnings from the single-biggest contributor to US outperformance this year: Micron’s third-quarter numbers are an even bigger deal than usual, following Tuesday’s shakeout of an overcrowded AI trade that’s has been priced for perfection. As of 8:00am ET, S&P 500 futures are 0.3% higher with Nasdaq 100 contracts up 0.5%. In premarket trading, equities are boosted by a bid for Semis (MU +3.6% with earnings tonight) with most of Mag7 higher. Within Cyclicals, Discretionary and Industrials are the standouts as Energy / Fins are mostly lower. Cyclicals poised to lead Defensives with Momentum factor flat. Bond yields are lower 1-2bp as the yield curve flattens, pushing 10Y yields ; USD remains bid even as real yields decline. DXY set a new 52-wk high today. Cmdty remain under pressure dragged by the Energy complex and weakness in Metals. Today’s macro data focus is on Home Sales ahead of tomorrow’s update on GDP, PCE, Personal Income / Spending, Cap / Durable Goods, and weekly Claims.
In premarket trading, Alphabet (GOOGL) is up 0.5% after news the Google parent will replace Verizon in the Dow Jones Industrial Average. Verizon (VZ) is down 0.5%. Other Mag 7 stocks are mostly higher (Nvidia +0.6%, Tesla +0.6%, Meta +0.1%, Apple +0.6%, Microsoft -0.5%, Amazon -0.2%)
- Cerebras Systems (CBRS) falls 14% premarket after the newly public chipmaker gave an annual sales forecast that disappointed investors looking for it to take a bigger slice of the AI data center market.
- FedEx (FDX) is down 7% after the parcel delivery company posted its first earnings report since completing the spin off of its freight unit earlier this month. Results seem to have fallen short of investor expectations after a strong run-up in the first half of the year: the company cited margin pressure and global trade uncertainty in its outlook.
- FuelCell Energy (FCEL) rises 16% after the company said it reached an agreement with Fit Energy to supply 380 megawatts of clean on-site power for data centers using FuelCell Energy’s technology.
- Hertz (HTZ) slumps 16% after providing an update. The company also filed to offer $100m of stock.
- Twilio Inc. (TWLO) rises 3% as Goldman Sachs rates the software company buy with a Street-high $300 price target, citing AI tailwinds.
- Wendy’s (WEN) rises 23% as the stock climbed the ranks in Stocktwits and Reddit’s widely followed wallstreetbets forum.
In other company news, Qualcomm is hosting a highly anticipated investor day in New York. CEO Cristiano Amon and executives are using the event to outline the company’s next phase of growth and diversification strategy. And Nike is hiring David Denton as its next CFO, who is poised to leave Pfizer in August. SpaceX shares are fluctuating, after it sold $25 billion of investment-grade bonds.
While yesterday’s market action was wild for some chip stocks, there was no sense of over-reaction or panic across the market, according to Goldman traders. They said that on a 1 to 10 scale of overall activity level on their trading floor, the session was a 5, despite broad selling by long only and hedge funds. They also say that top-of-book liquidity remains shallow, exacerbating price action.
The recent swings are sharpening the focus on Micron, one of the biggest beneficiaries of roaring demand for chipmakers that stand to gain from the billions of dollars being plowed into AI infrastructure. The stock is up more than 260% in 2026 even after dropping 13% on Tuesday, and has been a leader of the rebound from the S&P 500’s war-driven lows. Today’s main event, the Micron earnings print, follows four of the six major market-moving events on June’s calendar: the CPI print, the SpaceX IPO, the US-Iran MoU, and Warsh’s first Fed meeting. The bar is high, positioning crowded and the semi/memory complex is nervous.
“The main problem for Micron is not Micron itself, but the expectations for its third-quarter earnings,” said Joachim Klement, head of strategy at Panmure Liberum. “Even if Micron has a stellar quarter and gives solid guidance, it may not be enough to fulfill lofty expectations.”
Traders warned of possible further swings in tech stocks if Micron’s earnings and outlook fail to meet sky-high expectations.
“For high-performing companies that reflect the dynamics of a sector, market expectations naturally rise,” said Guillermo Hernández Sampere, head of trading at MPPM. “From a rational standpoint, these are difficult to meet, and disappointments become apparent in the stock’s price performance.”
Evidence of the vast amounts of capital flowing into the buildout of AI infrastructure and its supply chain was again on display as South Korea’s SK Hynix Inc. announced it was looking to raise $29 billion in a US listing. The offering would add to the recent wave of AI-related funding secured through stock issuances, after SpaceX held the largest initial public offering in history earlier this month and Alphabet Inc. planned a $85 billion capital raise.
The sixth and final major market event on the docket this month comes on Thursday, with this week’s marquee economic release, the core PCE. Bloomberg Economics expects that a hot PCE reading will likely reinforce the hawkish tilt by the Fed at its meeting earlier this month.
Building on the AI funding theme, SK Hynix Inc. is planning to raise 45.45 trillion won ($29.4 billion) in a landmark US listing. That could put it among the top five share sales of all time, comparable with Saudi Aramco’s then-record 2019 initial public offering.
In geopolitics, oil oil is down for an eighth day in nine and back at about $72 barrel, with Brent dropping below $75 for the first time since the start of the war, as crude continues to price for lower geopolitical risk, higher supply and increasing traffic through the Strait of Hormuz. Separately, Trump is meeting defense industry executives later to talk about picking up the pace of weapon production. Lower crude prices pushed the cost of diesel in the US below $5 a gallon for the first time since mid-March.
Private credit also remains in focus as a $7 billion fund run by Morgan Stanley caps investor withdrawals at 5%, allowing less than half of the redemptions shareholders requested in the second quarter.
Europe’s Stoxx 600 index is little changed and Germany’s DAX is lagging following a big drop for defense company Rheinmetall. Asian stocks slid amid a selloff in the region’s leading chipmaker TSMC and other technology names over concerns about the sustainability of demand for AI-linked shares and their valuations. The MSCI Asia Pacific Index dropped as much as 1.2%, before paring most of the losses. Taiwan and Indonesia led the region’s decline, while Japan also underperformed. Indonesia’s stock benchmark fell as much as 3.7% after MSCI Inc. again decided to postpone its review on the country’s equities, saying it needs more time to see whether recently announced transparency reforms are effective. Sectors to Watch
- Chinese semiconductor stocks rally as momentum in AI‑related investments lingered, while the news about TSMC lifting prices further lifts sentiment.
- Australia’s software-heavy technology sector rises as investors rotate out of Asian chipmakers amid valuation concerns that triggered a selloff in AI-linked shares.
- India’s software exporters are steadily losing their sway on the country’s stock market as concerns over artificial intelligence-led disruption trigger a prolonged selloff in the sector.
- Chinese shipping stocks gain after more vessels transit the Strait of Hormuz with tracking signals switched on, signaling rising confidence in the vital energy chokepoint.
- Chinese healthcare stocks advance after Citi says the sector’s current valuations fail to reflect improving fundamentals and resilient order books.
- Citigroup says this year’s 6.18 campaign was the quietest in the past 16 years, which does not bode well for June retail sales data and suggests downside risks to second-quarter earnings estimates for JD and Alibaba.
In FX, the dollar continued to benefit from haven demand as risk sentiment remained fragile. Advancing 0.3%, the greenback headed for its longest winning streak in more than a month and cemented its highest level of the year. Meanwhile, the euro has fallen to the lowest since May 2025
In rates, treasuries rose modestly as inflation worries eased, with the 10-year yield falling two basis points to 4.48% supported by similar gains for European bonds during the London session, as oil prices extend their recent slide with tankers openly crossing the Strait of Hormuz. US long-end yields are about 2bp lower with shorter maturities little changed, flattening 2s10s and 5s30s spreads by almost 2bp. 10-year is about 1bp lower near 4.47%, UK counterpart by an additional 1bp. Treasury auction cycle continues with $70 billion 5-year note; Tuesday’s 2-year sale stopped through by 0.3bp. WI 5-year yield near 4.265% is ~8bp cheaper than last month’s auction, which tailed by 0.1bp. The dollar issuance slate includes three names so far. SpaceX led a $30b, four-offering calendar on Tuesday. Issuers paid about 11bp in new issue concessions on deals that were 2.9 times covered. Focal points of US session include 5-year note auction at 1pm New York time.
In commodities, WTI crude oil futures are down around 2% near session lows as the US and Iran signal progress toward ending the war, weighing on energy prices. Brent fell below $75 for the first time since the war started. Gold slipped as the stronger dollar made bullion priced in the US currency more expensive.
US economic data calendar includes 1Q current account balance (8:30am) and May new home sales (10am). Fed speaker slate includes Governor Lisa Cook at 2pm
Market Snapshot
Top Overnight News
- Qatar’s prime minister said establishing a hotline between the US and Iran is essential to prevent rogue actors impeding the reopening of the Strait of Hormuz, as he predicted that the Gulf state would resume normal liquefied natural gas production “within a few weeks”. FT
- The US Senate voted 50-48 to pass a resolution to halt the Iran war unless US President Trump gets approval from Congress. However, the White House said Congress resolutions on Iran are non-binding and won’t be sent to President Trump, while Trump criticised the Senate passage of the Iran war powers resolution, which he claimed provides aid and comfort for the enemy.
- Treasury Secretary Bessent said inflation will return to the target, and he is confident Fed Chair Warsh will optimize the path for the economy. Bessent also stated that the US housing issue is a conundrum affected by rate-lock owners, and will take lower rates and more supply, predicting inflation will ease as talks with Iran continue and gas prices fall. BBG
- Congress on Tuesday passed its most-ambitious housing legislation since the 1980s, a package of more than 50 provisions aimed at making it easier to build homes and make housing more affordable. The House passed the bill 358-32 with broad bipartisan support a day after the Senate voted 85-5 to approve the measure. President Trump is expected to sign it into law as soon as Wednesday. WSJ
- Leveraged ETFs tracking Samsung Electronics or SK Hynix probably sold a combined $6 billion of the Korean chipmakers’ shares yesterday to maintain their ratios, underscoring how such products are amplifying market moves. BBG
- The BoJ sees the risk of inflation exceeding its 2% target and will conduct additional interest-rate hikes appropriately, Governor Kazuo Ueda said in speech Wednesday that reiterated policymakers’ recent messaging. BBG
- Australia’s consumer price growth eased in May amid cooling fuel prices, but underlying inflation continued to strengthen as businesses passed on higher costs resulting from the Middle East conflict. WSJ
- Extreme temperatures in Western Europe triggered widespread school and transit disruptions across the UK and France. The failure of two transformers in Brittany, probably due to the heat, left 68,000 people without electricity, while the UK’s grid operator issued a rare summer power-supply warning. BBG
- Venezuela is set to reveal a $240bn debt pile, much higher than previously thought, as the country embarks on the biggest sovereign restructuring in history following the US removal of Nicolás Maduro. The country is on track to reveal borrowings that are significantly larger than market estimates of $150bn to $200bn when it lifts the veil for creditors on the state of its finances in the coming weeks. FT
- SK Hynix plans to raise up to $29.4 billion in a landmark US listing to increase its capacity to meet memory chip demand. At that size, the deal would be among the top five share sales of all time. BBG
A more detailed look at global markets courtesy of Newsquawk
APAC stocks saw mixed price action as the initial rebound from the prior day’s tech-driven sell-off gradually waned in the absence of any fresh major catalysts. ASX 200 traded rangebound as strength in tech and defensives was counterbalanced by losses in mining and energy following the recent declines in underlying commodity prices, while inflation data was mixed and would likely have little bearing on monetary policy. Nikkei 225 failed to sustain early gains and dipped back beneath the 70,000 level, while Services PPI data printed in line with forecasts and the BoJ Summary of Opinions showed members continued to advocate for further rate increases. Hang Seng and Shanghai Comp were indecisive as the attention turned to the WEF in Dalian, where Premier Li said China’s economy shows resilience and maintains sound momentum. He stated China remains committed to opening up and will continue to accelerate the large-scale application of new technologies.
Top Asian News
- Japan is reportedly looking at ways to streamline the management of its USD 1.3tln FX reserves to increase returns and help state finances, Reuters reported.
- A draft proposal of 1% consumption tax was presented and will reportedly be implemented from April 2027, FNN reported. The proposal faces significant resistance from opposition parties, with DPP representative Furukawa stating they have no intention of cooperating, leaving the prospect of a June agreement uncertain.
- Chinese Premier Li said China’s economy shows resilience and maintains sound momentum, while he noted four key words for the economy including stability, innovation, dynamism and integration. Li also stated that China remains committed to opening up, as well as noted that China’s AI sector sees explosive growth, and they will continue to accelerate the large-scale application of new technologies.
European bourses (STOXX 600 U/C) start Wednesday’s trade broadly lower, with the AEX (+0.3%) outperforming as tech names steady from Tuesday’s selloff. Germany’s DAX 40 (-0.9%) is the clear underperformer, as Rheinmetall weighs on the index. The FT reported that Germany will scrap plans to build Rheinmetall’s F126 frigates and instead purchase 8 Meko A-200 frigates from TKMS. Rheinmetall (-14%) has taken a hit following this news, while TKMS (+9.4%) benefits. European sectors print a mixed picture. Real Estate (+2.2%) is the clear outperformer, with Food, Beverages & Tobacco (+1.1%) and Consumer Products (+1.2%) rounding out the top 3. Media (-1.3%), Construction (-0.7%) and Energy (-0.6%) are the sector laggards.
Top European News
- UK MP Jones said that while he has the 81 seats required to run, he will not contest against Burnham for Labour leadership, Sky News reported. Jones further said he thinks traders “can be content” with Burnham as PM and added that he thinks there is room to “borrow a little more”, and things (referring to investment) can be done differently, without “broad brush” borrowing and spending.
- Germany confirmed earlier reports that it will abandon plans to build 6 Rheinmetall (RHM GY) F126 frigates, and instead intends to buy 8 smaller Meko A-200 frigates from TKMS (TKMS GY).
FX
- G10s are weaker against the Buck as the risk-off mood continues into Micron earnings this evening. Antipodeans lag, as the Aussie digests mixed CPI, JPY fluctuates either side of unchanged, and EMs are getting hit.
- Markets are reluctant to buy the dip in equities after losses on Tuesday. As such, the Buck continues to firm as the preferred haven, with USD outperformance vs Scandis and Antipodeans with liquidity lower. Traditional havens fare better against the Buck, JPY steady at the lower end of its recent ranges, while CHF continues its downward trend. For US-specifics, the highlight of the session will be the Fed Bank Stress Test Report alongside Micron earnings – both due after the close. DXY trades at the upper end of its 101.35-101.68 range, higher by 0.2%.
- Aussie data was mixed, CPI in May cooled below expectations, and the trimmed mean firming in line with most forecasts to 0.4% M/M and 3.6% Y/Y. The report noted housing was the main inflation pressure point, and Westpac analysis notes price pressures are broadening, particularly within services. As such, with the recent energy related prices pressures set to linger, the RBA will be keenly monitoring signs of sticky inflation with the bank widely expected to have concluded tightening. AUD faring better than Kiwi (AUD/NZD +0.1%), but lower against the Buck as the mixed data does not provide a bias towards any future easing/tightening; Labour market data ahead.
- EUR and GBP are lacklustre and tracking the firmer Buck. Domestic catalysts light for both regions, though some continued incrementally optimistic updates from a likely incoming Burnham premiership which has helped GBP. EUR/GBP trades a whisker away from the 200 week moving average @ 0.8602 which is also the session low. For the EUR, recent Governing Council commentary remains hawkish, though nothing deviating too much from the Statement at June’s meeting.
- Barclays sees a moderate dollar-buying by month-end against most majors, with a weak sign on USDJPY.
Fixed Income
- Global fixed income benchmarks are slightly firmer, as energy prices continue to pull back and investors seemingly return to see bonds as a haven following the recent tech sell-off.
- USTs (+2 ticks) return to gains after pulling back from a 109-17+ top in Tuesday’s session, currently trading at the top end of a 109-09+ to 109-15 range. The US data docket is light today, ahead of Thursday’s busy day (PCE, GDP, initial jobless claims, durable goods). On the supply front, the US is to sell USD 70bln 5-year notes. The auction benefits from a combination of higher outright yields, reduced geopolitical uncertainty and a more hawkish Federal Reserve. The key question will be whether the improved backdrop can bring direct bidders back into the sector while maintaining the strong indirect demand seen at the previous auction.
- Bunds (+11 ticks) have been seen as attractive in recent sessions. Analysts see value in long-end German debt, with UBS stating that yields should be capped given any further hike by the ECB is expected to be quickly reversed as it would worsen the trade-off to growth, while rates strategists at Commerzbank say Bunds remain better supported as tech stocks struggle and worries of an AI-bubble. The German IFO data was mixed, with current conditions beating estimates while expectations came in soft; however, no move resulted. German 10yr yield has now returned to 2.90%, with Bunds currently trading at the top end of its 126.67-126.98 range.
- Gilts (+18 ticks) outperform, supported by the lower energy prices and the removal of some political risk premium after Starmer’s chief secretary (and former chancellor) Jones said he will not contest against Burnham for the top job. Jones also thinks the bond market can be content with Burnham as PM. Analysts at ING see limited upward risk in terms of rates, but state that political uncertainties are likely to keep upward pressure on gilts, especially the longer end. UK 10yr gilts currently in a 89.33-89.64 range.
- Germany sells EUR 1.785bln vs exp. EUR 2bln 4.00% 2037 and 3.40% 2047 Bund.
- The UK sells GBP 4.25bln 4.125% 2031 Treasury Gilt: b/c 3.47x (prev. 3.36x), average yield 4.284% (prev. 4.651%), tail 0.1bps (prev. 0.2bps).
- Italy sells EUR 2.5bln vs exp. EUR 2-2.5bln 2.20% 2028 BTP and EUR 1.75bln vs exp. EUR 1.5-1.75bln 2.40% 2039 BTPei Auctions.
Commodities
- In geopolitics, the US and Iran are continuing to finalise an agreement within the 60-day negotiation period. Amidst the talks, US President Trump reiterated that they are making a deal with Iran and will see how it goes. Currently, there are conflicting remarks made by US and Iranian officials. There appears to be disagreements surrounding the inspection of Iranian nuclear sites, and on potential tolling of the Strait of Hormuz.
- WTI and Brent are continuing to decline, posting losses of c. 2%. This comes amidst the continued flow of ships traversing through the Strait of Hormuz, albeit still remaining far below pre-war levels. From an oil perspective, estimates suggest that around 6-7mln bpd of oil went through the Strait in the past few days (vs 20mln bpd pre-war). Elsewhere, focus has also been on comments via the Russian Deputy PM Novak, who stated that the country is mulling a diesel export ban, to help ease domestic shortages. Brent Aug’26 currently trades at the bottom end of a 75.53-77.00/bbl range.
- Dutch TTF remains fairly steady, despite the Hormuz flows as focus remains on the heatwave across most of Europe. Attention has also been on French nuclear reactors, which typically need to be shut if the plant cannot cool itself efficiently. Already some EDF reactors have had to shut or taper output, but on the whole France’s national power grid operator said France has enough capacity to meet recent demand.
- Spot gold continues to extend on Tuesday’s losses, and has made a WTD trough at 4,050.47/oz (vs USD 4,115/oz peak). Action which is a continuation of recent losses, stemming from the hawkish repricing at the Fed, stronger USD/higher yields and as sell-side banks continue to trim their PT for the yellow-metal. 3M LME copper trades at the lower end of a USD 13,358-13,483.1/t range.
- US Private Inventory Data (bbls): Crude -0.8mln (exp. -5.0mln), Distillates +1.4mln (exp. -0.4mln), Gasoline +1.2mln (exp. -0.4mln), Cushing -1.0mln.
- US President Trump commented that the big oil companies are not dropping their prices at the pump commensurate with the lower prices they are paying for oil and customers are being ‘gouged’, while he has instructed the DoJ to look into this and stated that gasoline prices better start going down a lot faster than he is seeing.
- Qatar’s PM and Foreign Minister said that the country will resume normal LNG output within weeks, according to the FT.
- Jera Chairman said that restoring Qatar’s LNG facilities, which were damaged during the Iran war, may likely take more than two or three years.
Trade/Tariffs
- Brazil will maintain its scheduled tariff hikes on imported electric and hybrid vehicles, with a 35% import tax on assembled and semi-assembled EVs taking effect in July, while disassembled vehicles will face the same rate from January 1st, 2027. Brazil will also introduce additional zero-duty import quotas for disassembled and semi-assembled EVs starting July 1st, providing limited relief for automakers amid higher import barriers.
Central Banks
- BoJ’s Ueda said the timing and pace of future hikes will be decided by scrutinising the likelihood of baseline forecasts materialising, as well as risks. He added that there is risks that underlying inflation may overshoot 2%, but that Japan’s economy is recovering moderately albeit with some weakness. Financial environment remains accommodative after recent rate hike; continues to support economic activity.
- BoJ Summary of Opinions from the June meeting noted a member said it has become more appropriate to adjust the degree of monetary support as FX moves are pushing up import prices, and a member said it is appropriate to continue raising interest rates as financial conditions are accommodative. There was also the opinion that even after a June rate hike, the BoJ must maintain its stance of proceeding with further rate hikes if the economy and prices move in line with forecasts. The Summary of Opinions also stated they must push up the BoJ’s policy rate closer to the neutral rate as soon as possible and to near neutral at an early date to avoid big and sharp rate hikes in the future. Furthermore, a member said Japan’s neutral rate is seen at around 2%, and the BoJ must raise its rates once every few months, while a member said there was no reason for the BoJ to halt a reduction in its JGB purchases.
- RBA’s Hauser said that there have been important economic developments since May and not least the chance of a US-Iran deal. Hauser said the RBA took proactive policy action to reduce excessive capacity pressures through rate hikes, while timely policy steps to reduce inflation could have lower unemployment costs. The RBA still has work to do to reduce inflation, which remains far too high.
- Riksbank Minutes (Jun): Governor Thedeen said it is reasonable to indicate that it is now somewhat more likely that we will raise the policy rate in the future. I think that this forecast is still reasonable, given the signals now coming with regard to a solution to the war between Iran and the United States.
Geopolitics: Middle East
- Pakistan’s Foreign Ministry said it is conducting communications between US and Iran to effectively implement the MoU and that technical talks will continue next week; potentially Monday or Tuesday.
- Israel and Lebanon are in talks on a US-supported pilot project involving the withdrawal of Israeli troops from some parts of southern Lebanon and hand it over to Lebanese forces, according to several Israeli officials.
- Iranian Parliament Speaker Ghalibaf said Iran extends its hand of brotherhood and cooperation to all countries in the region and is ready to establish security agreements with all countries in the Middle East.
- Iranian senior commander said Iran’s military has shifted to an aggressive doctrine.
- Oman established a temporary shipping lane in the Strait of Hormuz, according to IRNA. Furthermore, the Maritime Security Center in Muscat said Oman coordinates with the IMO for ships to pass through the Strait of Hormuz “without fees”, according to Al Jazeera.
- Israeli Military reportedly preparing for redeployment in southern Lebanon, Al Hadath reported citing Maariv.
- Israeli tanks advanced towards Beit Yahoun in Lebanon, with heavy gunfire reported near Beit Yahoun and Kounin, while it was also reported that Israeli strikes hit the Lebanese coastal city of Tyre. Furthermore, Israeli fighter jets reportedly attacked a school in the At-Tuffah neighbourhood in eastern Gaza, and Israeli military entered Syria’s Quneitra province.
Geopolitics: Ukraine
- Russia is reportedly considering a new wave of mobilisation as early as October 2026.
- Russia gas plant in Orenburg was targeted overnight by drones, Kyiv Post reported.
Geopolitics: Other
- North Korea leader Kim Jong-un said North Korea will build two Choe Hyon-class warships annually over the next five years, as it advances the nuclearisation and strategic expansion of its navy, while Kim said they will equip their destroyers with nuclear weapons.
US Event Calendar
- 7:00 am: United States Jun 19 MBA Mortgage Applications, prior -3.8%
- 8:30 am: United States 1Q Current Account Balance, est. -208.9b, prior -190.74b
- 10:00 am: United States May New Home Sales, est. 639.89k, prior 622k
- 2:00 pm: United States Fed’s Cook Gives Pre-Recorded Opening Remarks
DB’s Jim Reid concludes the overnight wrap
After chipmakers led a continued US tech sell-off last night, the market mood is more mixed in Asia this morning. Korea’s KOSPI (+0.82%) is rebounding after yesterday’s sharp -9.99% drop, initially rising around 4% as heavyweights Samsung (+4.35% vs. -12.90% yesterday), recover, although SK Hynix (-2.96% vs -13.18% yesterday) continues to hover around its losses. Elsewhere, the Nikkei (-1.80%) is registering a steeper decline, while China is mixed with the CSI 300 (+0.12%) up and the Shanghai Composite (-0.25%) down. The Hang Seng (+0.04%) and Australia’s S&P/ASX 200 (+0.07%) remains marginally flat. And this morning, US equity futures have risen, with those on the S&P 500 (+0.17%) pointing to a modest recovery after the index fell -1.44% yesterday, while Nasdaq 100 futures are up +0.39%. 10yr USTs are also -1.2bps lower and hovering around 4.49% as we go to print.
Elsewhere this morning, the yen is hovering near its weakest since 1986 (161.55 against the US dollar) as concerns that Japanese authorities may intervene to curb further losses continues. The yen’s low follows the BoJ’s latest summary of opinions that came out earlier overnight, where policy members continued to press for further rate hikes after the group raised Japan’s policy rate to 1% last week, although the summary did not mention when the likely timing of the next move will be. As a reminder, our Japan economist forecasts the next BoJ hike to be this October, followed by quarterly hikes thereafter until reaching 1.75% in April 2027. 10yr JGBs (+0.4bbps) are slightly higher as I type.
We also had overnight data that showed Australia’s CPI rose +4.0% y/y in May (vs +4.3% est and +4.2% prior). Trimmed mean CPI edged up to +3.6% y/y from +3.4% prior. So while the softer headline suggests easing inflation—helped by lower oil prices amid easing US–Iran tensions—underlying pressures remain sticky, likely keeping the RBA on a hawkish footing.
Ahead of those overnight developments, markets saw a classic risk-off move yesterday, with equities sliding and bonds rallying. The main catalyst was another selloff in tech stocks, and chips in particular. Indeed, the Philly semiconductor index (-7.87%) saw its biggest fall since the jobs report at the start of the month, back when it fell over -10% in a single day. This decline included Sandisk (-13.64%) and Micron (-13.18%) as the two worst performers in the S&P 500 yesterday, though they remain among top four performers YTD. Given the importance of semiconductors for US equities, that dragged down the broader indices, with the NASDAQ slumping -2.21% yesterday, whilst the S&P 500 fell -1.44%. Indeed, the concentration of the decline was striking, as it was the first time this year that the S&P 500 was down more than 1% on a day when majority of companies in the index were actually higher. Over in Europe, the divergence wasn’t quite so marked, but the STOXX 600 (-0.73%) still posted its worst day in three weeks as tech stocks led the declines.
Interestingly, this equity weakness happened despite a couple of good news stories on the economy yesterday. The first was the flash PMIs for June, which generally surprised on the upside, suggesting that the global economy was still coping better with the energy shock than many expected. Indeed, the US composite PMI hit a 5-month high of 52.2 (vs. 51.1 expected), a level we haven’t seen since the Iran conflict began. And in the Euro Area, the composite PMI also rose more than expected to 49.5 (vs. 49.2 expected), so collectively the numbers painted a decent narrative about the global economy at the end of Q2.
On top of the PMIs, yesterday also saw a fresh tailwind in the form of lower energy prices, with Brent crude (-1.05%) down to a 3-month low of $77.08/bbl. That came as investors remained hopeful that the shipping through the Strait of Hormuz would normalise before long, with data pointing to more vessels going through, even if they’re only creeping up slowly. On the topic of the Strait of Hormuz, we also have a DBRI note (link here) looking at the path to normalisation, the implications, and an analysis of the different sectors impacted by the closure. It’s a collaboration between numerous macro and micro analysis and is a comprehensive look at where various products and sector are after several weeks of the strait being closed and now reopening.
With oil prices coming down, that helped to ease fears about stagflation considerably. In fact, the US 1yr inflation swap (-7.1bps) fell to just 2.28%, which is actually beneath its level before the Iran conflict began. And similarly, the Euro 1yr inflation swap (-8.0bps) fell to 2.45%, its lowest since early March. So that led investors to price out the chance of rapid rate hikes this year, with futures pricing 38bps of Fed rate hikes by December, down -3.0bps from its cycle high the previous day. And for the ECB it was much the same story, with just 31bps of cuts priced by December, down -1.1bps on the day.
That backdrop of lower oil prices, easing inflation fears, and more dovish rates pricing was very supportive for sovereign bonds. In fact, the 10yr bund yield (-3.2bps) hit a 3-month low of 2.92%, whilst yields on 10yr OATs (-2.8bps) and BTPs (-1.0bps) also fell. That came in spite of comments from ECB chief economist Lane, who said that ECB officials faced the risk of inflation remaining above target “for quite some time”. But ultimately, the deflationary impact of lower oil prices helped to ease fears about a more hawkish response yesterday. Indeed, US Treasuries saw a similar impact, with the 10yr yield (-1.2bps) slipping back to 4.50%.
One exception from the largely positive data picture was Germany, whose flash composite PMI fell to 48 from 48.8 in May, notably below the 49.7 expected with services being the main drag. However, the survey was before the MoU was signed between the US and Iran so analysts will be looking for a recovery in the final figures. Staying with Germany, Marion Muehlberger highlights a positive surprise in the pension reform plans announced yesterday. Her piece (link here) discusses the introduction of a mandatory funded component, with an additional 2pp of gross salaries to be invested in a centralised public pension fund, phased in gradually until 2031. This is expected to result in around €35bn of additional investment into capital markets, with no pre-defined asset allocation or country split. Sweden’s “premium pension” serves as a model. As well as improving the sustainability of Germany’s public pension system in the context of an ageing population, this could also provide a meaningful boost to German and European capital markets.
Here in the UK, gilts outperformed yesterday after the flash PMIs were also weaker than expected. The composite PMI unexpectedly fell to 49.4 (vs. 50.5 expected), meaning it was still in contractionary territory. So coupled with the decline in oil prices, that led to growing doubt about a Bank of England rate hike happening this year. In turn, that meant the 10yr gilt yield fell -5.4bps to 4.75%, a bigger decline than the other big European economies. Meanwhile on the political scene, Andy Burnham is still the only declared candidate at present to become the next Labour leader and PM. So if that stays the case (and any candidate still needs 20% of Labour MPs to nominate them), Burnham could theoretically become the new leader as soon as mid-July.
Looking at the day ahead, and data releases include the Ifo’s business climate indicator from Germany, and US new home sales for May. From central banks, we’ll hear from the ECB’s Nagel, Cipollone and Moulin, along with the BoE’s Breeden and Dhingra. Finally, today’s earnings include Micron.
1b European opening report
US equity futures steady into Micron earnings; USD and Fixed Income benefit from haven demand – Newsquawk US Market Open
Wednesday, Jun 24, 2026 – 06:13 AM
- Pakistan’s Foreign Ministry said it is conducting communications between the US and Iran to effectively implement the MoU and that technical talks will continue next week, potentially on Monday or Tuesday.
- US equity futures hold steady ahead of Micron earnings after-hours, with focus on guidance.
- DXY continues to gain, reaching new levels not seen since May 2025; Antipodeans underperform, with AUD softer amid cooler-than-expected inflation.
- Fixed income benchmarks firmer as it returns as a haven instrument.
- Crude continues to extend lower; spot gold slips below USD 4100/oz and nears a new YTD low.
- Looking ahead, highlights include BoC Minutes (Jun), Fed Bank Stress Test Report, Speakers including BoE’s Breeden & Dhingra, BoC’s Rogers, ECB’s Cipollone, Supply from the US, Earnings from Micron.
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EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 U/C) start Wednesday’s trade broadly lower, with the AEX (+0.3%) outperforming as tech names steady from Tuesday’s selloff. Germany’s DAX 40 (-0.9%) is the clear underperformer, as Rheinmetall weighs on the index. The FT reported that Germany will scrap plans to build Rheinmetall’s F126 frigates and instead purchase 8 Meko A-200 frigates from TKMS. Rheinmetall (-14%) has taken a hit following this news, while TKMS (+9.4%) benefits.
- European sectors print a mixed picture. Real Estate (+2.2%) is the clear outperformer, with Food, Beverages & Tobacco (+1.1%) and Consumer Products (+1.2%) rounding out the top 3. Media (-1.3%), Construction (-0.7%) and Energy (-0.6%) are the sector laggards.
- US equity futures are mixed but holding steady following Tuesday’s selloff. FedEx (-6.6%) slips pre-market after weaker-than-expected profit guidance overshadowed strong Q4 results. Looking ahead, Micron (+4.3% pre-market) earnings after-hours, with EPS expected at USD 20.57, with revenue expected at USD 35.56bln. With Micron consistently beating revenue estimates, focus will be on its guidance.
- Alphabet (GOOGL) is to replace Verizon (VZ) in the DJIA, effective before the open of trading on June 29th.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
FX
- G10s are weaker against the Buck as the risk-off mood continues into Micron earnings this evening. Antipodeans lag, as the Aussie digests mixed CPI, JPY fluctuates either side of unchanged, and EMs are getting hit.
- Markets are reluctant to buy the dip in equities after losses on Tuesday. As such, the Buck continues to firm as the preferred haven, with USD outperformance vs Scandis and Antipodeans with liquidity lower. Traditional havens fare better against the Buck, JPY steady at the lower end of its recent ranges, while CHF continues its downward trend. For US-specifics, the highlight of the session will be the Fed Bank Stress Test Report alongside Micron earnings – both due after the close. DXY trades at the upper end of its 101.35-101.68 range, higher by 0.2%.
- Aussie data was mixed, CPI in May cooled below expectations, and the trimmed mean firming in line with most forecasts to 0.4% M/M and 3.6% Y/Y. The report noted housing was the main inflation pressure point, and Westpac analysis notes price pressures are broadening, particularly within services. As such, with the recent energy related prices pressures set to linger, the RBA will be keenly monitoring signs of sticky inflation with the bank widely expected to have concluded tightening. AUD faring better than Kiwi (AUD/NZD +0.1%), but lower against the Buck as the mixed data does not provide a bias towards any future easing/tightening; Labour market data ahead.
- EUR and GBP are lacklustre and tracking the firmer Buck. Domestic catalysts light for both regions, though some continued incrementally optimistic updates from a likely incoming Burnham premiership which has helped GBP. EUR/GBP trades a whisker away from the 200 week moving average @ 0.8602 which is also the session low. For the EUR, recent Governing Council commentary remains hawkish, though nothing deviating too much from the Statement at June’s meeting.
- Barclays sees a moderate dollar-buying by month-end against most majors, with a weak sign on USDJPY.
FIXED INCOME
- Global fixed income benchmarks are slightly firmer, as energy prices continue to pull back and investors seemingly return to see bonds as a haven following the recent tech sell-off.
- USTs (+2 ticks) return to gains after pulling back from a 109-17+ top in Tuesday’s session, currently trading at the top end of a 109-09+ to 109-15 range. The US data docket is light today, ahead of Thursday’s busy day (PCE, GDP, initial jobless claims, durable goods). On the supply front, the US is to sell USD 70bln 5-year notes. The auction benefits from a combination of higher outright yields, reduced geopolitical uncertainty and a more hawkish Federal Reserve. The key question will be whether the improved backdrop can bring direct bidders back into the sector while maintaining the strong indirect demand seen at the previous auction.
- Bunds (+11 ticks) have been seen as attractive in recent sessions. Analysts see value in long-end German debt, with UBS stating that yields should be capped given any further hike by the ECB is expected to be quickly reversed as it would worsen the trade-off to growth, while rates strategists at Commerzbank say Bunds remain better supported as tech stocks struggle and worries of an AI-bubble. The German IFO data was mixed, with current conditions beating estimates while expectations came in soft; however, no move resulted. German 10yr yield has now returned to 2.90%, with Bunds currently trading at the top end of its 126.67-126.98 range.
- Gilts (+18 ticks) outperform, supported by the lower energy prices and the removal of some political risk premium after Starmer’s chief secretary (and former chancellor) Jones said he will not contest against Burnham for the top job. Jones also thinks the bond market can be content with Burnham as PM. Analysts at ING see limited upward risk in terms of rates, but state that political uncertainties are likely to keep upward pressure on gilts, especially the longer end. UK 10yr gilts currently in a 89.33-89.64 range.
- Germany sells EUR 1.785bln vs exp. EUR 2bln 4.00% 2037 and 3.40% 2047 Bund.
- The UK sells GBP 4.25bln 4.125% 2031 Treasury Gilt: b/c 3.47x (prev. 3.36x), average yield 4.284% (prev. 4.651%), tail 0.1bps (prev. 0.2bps).
- Italy sells EUR 2.5bln vs exp. EUR 2-2.5bln 2.20% 2028 BTP and EUR 1.75bln vs exp. EUR 1.5-1.75bln 2.40% 2039 BTPei Auctions.
COMMODITIES
- In geopolitics, the US and Iran are continuing to finalise an agreement within the 60-day negotiation period. Amidst the talks, US President Trump reiterated that they are making a deal with Iran and will see how it goes. Currently, there are conflicting remarks made by US and Iranian officials. There appears to be disagreements surrounding the inspection of Iranian nuclear sites, and on potential tolling of the Strait of Hormuz.
- WTI and Brent are continuing to decline, posting losses of c. 2%. This comes amidst the continued flow of ships traversing through the Strait of Hormuz, albeit still remaining far below pre-war levels. From an oil perspective, estimates suggest that around 6-7mln bpd of oil went through the Strait in the past few days (vs 20mln bpd pre-war). Elsewhere, focus has also been on comments via the Russian Deputy PM Novak, who stated that the country is mulling a diesel export ban, to help ease domestic shortages. Brent Aug’26 currently trades at the bottom end of a 75.53-77.00/bbl range.
- Dutch TTF remains fairly steady, despite the Hormuz flows as focus remains on the heatwave across most of Europe. Attention has also been on French nuclear reactors, which typically need to be shut if the plant cannot cool itself efficiently. Already some EDF reactors have had to shut or taper output, but on the whole France’s national power grid operator said France has enough capacity to meet recent demand.
- Spot gold continues to extend on Tuesday’s losses, and has made a WTD trough at 4,050.47/oz (vs USD 4,115/oz peak). Action which is a continuation of recent losses, stemming from the hawkish repricing at the Fed, stronger USD/higher yields and as sell-side banks continue to trim their PT for the yellow-metal. 3M LME copper trades at the lower end of a USD 13,358-13,483.1/t range.
- US Private Inventory Data (bbls): Crude -0.8mln (exp. -5.0mln), Distillates +1.4mln (exp. -0.4mln), Gasoline +1.2mln (exp. -0.4mln), Cushing -1.0mln.
- US President Trump commented that the big oil companies are not dropping their prices at the pump commensurate with the lower prices they are paying for oil and customers are being ‘gouged’, while he has instructed the DoJ to look into this and stated that gasoline prices better start going down a lot faster than he is seeing.
- Qatar’s PM and Foreign Minister said that the country will resume normal LNG output within weeks, according to the FT.
- Jera Chairman said that restoring Qatar’s LNG facilities, which were damaged during the Iran war, may likely take more than two or three years.
TRADE/TARIFFS
- Brazil will maintain its scheduled tariff hikes on imported electric and hybrid vehicles, with a 35% import tax on assembled and semi-assembled EVs taking effect in July, while disassembled vehicles will face the same rate from January 1st, 2027. Brazil will also introduce additional zero-duty import quotas for disassembled and semi-assembled EVs starting July 1st, providing limited relief for automakers amid higher import barriers.
NOTABLE EUROPEAN HEADLINES
- UK MP Jones said that while he has the 81 seats required to run, he will not contest against Burnham for Labour leadership, Sky News reported. Jones further said he thinks traders “can be content” with Burnham as PM and added that he thinks there is room to “borrow a little more”, and things (referring to investment) can be done differently, without “broad brush” borrowing and spending.
- Germany confirmed earlier reports that it will abandon plans to build 6 Rheinmetall (RHM GY) F126 frigates, and instead intends to buy 8 smaller Meko A-200 frigates from TKMS (TKMS GY).
NOTABLE EUROPEAN DATA RECAP
- German Ifo Business Climate (Jun) 85.6 vs. Exp. 85.6 (Prev. 84.9, Low. 85.1, High. 87.0).
- German Ifo Expectations (Jun) 84.1 vs. Exp. 85 (Prev. 83.8).
- German Ifo Current Conditions (Jun) 87.0 vs. Exp. 86 (Prev. 86.1).
CENTRAL BANKS
- BoJ’s Ueda said the timing and pace of future hikes will be decided by scrutinising the likelihood of baseline forecasts materialising, as well as risks. He added that there is risks that underlying inflation may overshoot 2%, but that Japan’s economy is recovering moderately albeit with some weakness. Financial environment remains accommodative after recent rate hike; continues to support economic activity.
- BoJ Summary of Opinions from the June meeting noted a member said it has become more appropriate to adjust the degree of monetary support as FX moves are pushing up import prices, and a member said it is appropriate to continue raising interest rates as financial conditions are accommodative. There was also the opinion that even after a June rate hike, the BoJ must maintain its stance of proceeding with further rate hikes if the economy and prices move in line with forecasts. The Summary of Opinions also stated they must push up the BoJ’s policy rate closer to the neutral rate as soon as possible and to near neutral at an early date to avoid big and sharp rate hikes in the future. Furthermore, a member said Japan’s neutral rate is seen at around 2%, and the BoJ must raise its rates once every few months, while a member said there was no reason for the BoJ to halt a reduction in its JGB purchases.
- RBA’s Hauser said that there have been important economic developments since May and not least the chance of a US-Iran deal. Hauser said the RBA took proactive policy action to reduce excessive capacity pressures through rate hikes, while timely policy steps to reduce inflation could have lower unemployment costs. The RBA still has work to do to reduce inflation, which remains far too high.
- Riksbank Minutes (Jun): Governor Thedeen said it is reasonable to indicate that it is now somewhat more likely that we will raise the policy rate in the future. I think that this forecast is still reasonable, given the signals now coming with regard to a solution to the war between Iran and the United States.
NOTABLE US HEADLINES
- The US Senate voted 50-48 to pass a resolution to halt the Iran war unless US President Trump gets approval from Congress. However, the White House said Congress resolutions on Iran are non-binding and won’t be sent to President Trump, while Trump criticised the Senate passage of the Iran war powers resolution, which he claimed provides aid and comfort for the enemy.
- US President Trump plans to sign the housing bill in the Capitol on Wednesday, while the US House voted 358-32 in favour of the bipartisan bill to spur construction of affordable housing amid severe shortages.
- US Treasury Secretary Bessent said inflation will return to the target, and he is confident Fed Chair Warsh will optimise the path for the economy. Bessent also stated that the US housing issue is a conundrum affected by rate-lock owners, and will take lower rates and more supply.
GEOPOLITICS
MIDDLE EAST
- Pakistan’s Foreign Ministry said it is conducting communications between US and Iran to effectively implement the MoU and that technical talks will continue next week; potentially Monday or Tuesday.
- Israel and Lebanon are in talks on a US-supported pilot project involving the withdrawal of Israeli troops from some parts of southern Lebanon and hand it over to Lebanese forces, according to several Israeli officials.
- Iranian Parliament Speaker Ghalibaf said Iran extends its hand of brotherhood and cooperation to all countries in the region and is ready to establish security agreements with all countries in the Middle East.
- Iranian senior commander said Iran’s military has shifted to an aggressive doctrine.
- Oman established a temporary shipping lane in the Strait of Hormuz, according to IRNA. Furthermore, the Maritime Security Center in Muscat said Oman coordinates with the IMO for ships to pass through the Strait of Hormuz “without fees”, according to Al Jazeera.
- Israeli Military reportedly preparing for redeployment in southern Lebanon, Al Hadath reported citing Maariv.
- Israeli tanks advanced towards Beit Yahoun in Lebanon, with heavy gunfire reported near Beit Yahoun and Kounin, while it was also reported that Israeli strikes hit the Lebanese coastal city of Tyre. Furthermore, Israeli fighter jets reportedly attacked a school in the At-Tuffah neighbourhood in eastern Gaza, and Israeli military entered Syria’s Quneitra province.
RUSSIA-UKRAINE
- Russia is reportedly considering a new wave of mobilisation as early as October 2026.
- Russia gas plant in Orenburg was targeted overnight by drones, Kyiv Post reported.
OTHER
- North Korea leader Kim Jong-un said North Korea will build two Choe Hyon-class warships annually over the next five years, as it advances the nuclearisation and strategic expansion of its navy, while Kim said they will equip their destroyers with nuclear weapons.
CRYPTO
- Bitcoin consolidates in a narrow USD 62.37k-63.04k/t range after falling in Tuesday’s session amid the risk-off tone.
APAC TRADE
- APAC stocks saw mixed price action as the initial rebound from the prior day’s tech-driven sell-off gradually waned in the absence of any fresh major catalysts.
- ASX 200 traded rangebound as strength in tech and defensives was counterbalanced by losses in mining and energy following the recent declines in underlying commodity prices, while inflation data was mixed and would likely have little bearing on monetary policy.
- Nikkei 225 failed to sustain early gains and dipped back beneath the 70,000 level, while Services PPI data printed in line with forecasts and the BoJ Summary of Opinions showed members continued to advocate for further rate increases.
- Hang Seng and Shanghai Comp were indecisive as the attention turned to the WEF in Dalian, where Premier Li said China’s economy shows resilience and maintains sound momentum. He stated China remains committed to opening up and will continue to accelerate the large-scale application of new technologies.
NOTABLE ASIA-PAC HEADLINES
- Japan is reportedly looking at ways to streamline the management of its USD 1.3tln FX reserves to increase returns and help state finances, Reuters reported.
- A draft proposal of 1% consumption tax was presented and will reportedly be implemented from April 2027, FNN reported. The proposal faces significant resistance from opposition parties, with DPP representative Furukawa stating they have no intention of cooperating, leaving the prospect of a June agreement uncertain.
- Chinese Premier Li said China’s economy shows resilience and maintains sound momentum, while he noted four key words for the economy including stability, innovation, dynamism and integration. Li also stated that China remains committed to opening up, as well as noted that China’s AI sector sees explosive growth, and they will continue to accelerate the large-scale application of new technologies.
NOTABLE APAC DATA RECAP
- Australian Inflation Rate YoY (May) Y/Y 4.0% vs. Exp. 4.3% (Prev. 4.2%, Low. 3.8%%, High. 4.9%).
- Australian Inflation Rate MoM (May) M/M -0.7% vs. Exp. -0.4% (Prev. 0.4%).
- Australian RBA Trimmed Mean CPI YoY (May) Y/Y 3.6% vs. Exp. 3.5% (Prev. 3.4%).
- Australian RBA Trimmed Mean CPI MoM (May) M/M 0.4% vs. Exp. 0.3% (Prev. 0.3%).
- Japanese Services PPI YY (May) 3.3% vs Exp. 3.3% (Prev. 3.0, Rev. 3.3%).
1c Asian opening report
Europe primed for quiet open, NQ rebounds into Micron earnings – Newsquawk EU Market Open
Wednesday, Jun 24, 2026 – 02:20 AM
- US President Trump reiterated that they are making a deal with Iran and will see how it goes. Though he pushed back on Iranian claims that there will be no IAEA inspectors at their nuclear facilities. Brent Aug’26 -0.8%.
- US Secretary of State Rubio said the Lebanon file is separate from the agreement with Iran and that the US will deal directly with the Lebanese government. He added that Iran will not able to charge tolls when a final deal is agreed upon.
- Israeli Ambassador to the US said Israel-Lebanon talks over the ceasefire are a “train wreck”.
- APAC stocks traded mixed, whilst European equity futures are indicative of a slightly weaker open.
- DXY extends higher and trades towards 101.50, USD/JPY holds around 161.60.
- Looking ahead, highlights include German Ifo (Jun), Riksbank Minutes (Jun), BoC Minutes (Jun), Fed Bank Stress Test Report.
- Speakers including RBA’s Hauser, BoE’s Breeden & Dhingra, BoC’s Rogers, ECB’s Cipollone, Supply from UK, Italy, Germany & US, Earnings from Micron.
Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
IRAN CONFLICT
- US President Trump reiterated that they are making a deal with Iran and will see how it goes. Trump responded that Iran is wrong about the IAEA inspectors when told that Iranians are saying there is no scheduled visit from IAEA inspectors, while he stated that inspectors will be on the ground at an appropriate time, but there is no rush.
- US President Trump said they are doing quite well regarding Iran and are getting along quite well with Iran, while they are trying to work out a deal that is fair.
- US Secretary of State Rubio said the Lebanon file is separate from the agreement with Iran and that the US will deal directly with the Lebanese government, while adding that hostilities in the region cannot end if Iranian proxies are launching missiles. Rubio also said no country is allowed to charge tolls or fees on an international waterway under existing international law.
- The US Senate voted 50-48 to pass a resolution to halt the Iran war unless US President Trump gets approval from Congress. However, the White House said Congress resolutions on Iran are non-binding and won’t be sent to President Trump, while Trump criticised the Senate passage of the Iran war powers resolution, which he claimed provides aid and comfort for the enemy.
- Pakistan’s PM Sharif said there cannot be two standards on ballistic missiles and that the MoU does not mention ballistic missiles, while he added that Iran does not want to discuss them. Furthermore, Sharif said he will visit Tehran next week.
- IAEA Director General said they will conduct inspections of nuclear facilities in Iran and believe that inspecting Iranian nuclear facilities ASAP is best.
- The US official told Sky News Arabia that the Lebanese-Israeli negotiations began with a joint session, followed by a military session, and then a final political round, while the official said they are working to enable Israel and Lebanon to negotiate as two sovereign states.
- Iranian President Pezeshkian said he held constructive talks with Pakistani officials and discussed the latest developments in the region, while he wants to open a new chapter between Iran and Pakistan and believes progress in West Asia depends on peace, security and regional cooperation. Furthermore, he stated that regional peace and stability can only be reached through honest discussions and intraregional cooperation. Iran’s President also said they do not trust America because it attacked them twice during negotiations, but are still ready for dialogue and peace, while he added that missiles were not in the MoU and that they will never negotiate their defensive ability with anyone.
- Iranian senior commander said Iran’s military has shifted to an aggressive doctrine.
- US source said the main point of contention in the Lebanon-Israel negotiations is the mechanism for initiating the withdrawal, and that Israel is adhering to the “step-for-step” principle with Lebanon. Israel was said to demand that the Lebanese army be stationed in “Ali al-Taher” before withdrawing and requested to inspect the tunnels to ensure they are free of Hezbollah members, while Israel is asking the Lebanese army to prove its ability to dismantle Hezbollah’s infrastructure.
- Israeli Ambassador to the US said Israel-Lebanon talks over the ceasefire are a “train wreck”.
- Oman established a temporary shipping lane in the Strait of Hormuz, according to IRNA.
- Iran negotiating team media member said “No inspection of damaged nuclear facilities will be carried out”, and regarding the Strait of Hormuz, the Omani side has expressed a positive view, but this view must be converted into a written draft in order to agree on the management of the Strait of Hormuz.
- Israeli tanks advanced towards Beit Yahoun in Lebanon, with heavy gunfire reported near Beit Yahoun and Kounin, while it was also reported that Israeli strikes hit the Lebanese coastal city of Tyre. Furthermore, Israeli fighter jets reportedly attacked a school in the At-Tuffah neighbourhood in eastern Gaza, and Israeli military entered Syria’s Quneitra province.
- A Hezbollah militia leader accused Lebanese parties of siding with Israel and said the current stage is “the stage of breaking Israel.” He said they have made a decision and are ready to pay the price, while adding that the Lebanese army should be deployed exclusively south of the Litani River. Furthermore, Hezbollah said that Israel’s attack in southern Lebanon violates the ceasefire agreement.
US TRADE
EQUITIES
- US stocks declined amid a risk-off session with US indices lower across the board, while the Nasdaq was the clear laggard and the Dow Jones outperformed, reflecting continued pressure on technology and AI-related names, although gains in IBM provided a cushion for the Dow after receiving an upgrade at JPM and positive commentary from US President Trump on quantum computing and IBM stock. The primary driver of the weakness was another round of selling in semiconductor and memory stocks, with both the Semiconductor ETF and Memory ETF posting notable losses as some of 2026’s best-performing trades continued to unwind. The weakness followed a sharp decline in South Korean equities overnight, where both SK Hynix and Samsung came under heavy pressure, contributing to a more cautious tone across the global technology sector. Furthermore, the move may have reflected profit-taking and positioning adjustments following the sector’s powerful rally earlier this year, particularly after last week’s hawkish FOMC decision pushed Treasury yields higher.
- SPX -1.44% at 7,365, NDX -3.29% at 29,347, DJI -0.09% at 51,672, RUT -0.96% at 2,975.
- Click here for a detailed summary.
TARIFFS/TRADE
- US Commerce Secretary Lutnick told executives in a closed-door meeting that the department is reviewing state-subsidised robotics imports as the US races China, while officials increasingly see China’s state-backed robotics industry as a national security threat and fear subsidised Chinese robots could dominate global markets before US manufacturers have the scale to compete, according to Politico.
- Brazil will maintain its scheduled tariff hikes on imported electric and hybrid vehicles, with a 35% import tax on assembled and semi-assembled EVs taking effect in July, while disassembled vehicles will face the same rate from January 1st, 2027. Brazil will also introduce additional zero-duty import quotas for disassembled and semi-assembled EVs starting July 1st, providing limited relief for automakers amid higher import barriers.
NOTABLE HEADLINES
- US President Trump plans to sign the housing bill in the Capitol on Wednesday, while the US House voted 358-32 in favour of the bipartisan bill to spur construction of affordable housing amid severe shortages. It was separately reported that President Trump said he is working on a national right to carry.
- US Treasury Secretary Bessent said inflation will return to the target, and he is confident Fed Chair Warsh will optimise the path for the economy. Bessent also stated that the US housing issue is a conundrum affected by rate-lock owners, and will take lower rates and more supply.
- Farm-state Senate Republicans and White House officials are discussing the possibility of attaching billions of dollars in aid for farmers hit by President Donald Trump’s tariffs to an Iran war funding package, according to Politico, citing sources.
APAC TRADE
EQUITIES
- APAC stocks saw mixed price action as the initial rebound from the prior day’s tech-driven sell-off gradually waned in the absence of any fresh major catalysts.
- ASX 200 traded rangebound as strength in tech and defensives was counterbalanced by losses in mining and energy following the recent declines in underlying commodity prices, while inflation data was mixed and would likely have little bearing on monetary policy.
- Nikkei 225 failed to sustain early gains and dipped back beneath the 70,000 level, while Services PPI data printed in line with forecasts and the BoJ Summary of Opinions showed members continued to advocate for further rate increases.
- Hang Seng and Shanghai Comp were indecisive as the attention turned to the WEF in Dalian, where Premier Li said China’s economy shows resilience and maintains sound momentum. He stated China remains committed to opening up and will continue to accelerate the large-scale application of new technologies.
- US equity futures attempted to nurse some of the losses from the recent global tech sell-off.
- European equity futures indicate a marginally lower cash market open with Euro Stoxx 50 futures down 0.1% after the cash market closed with losses of 1.3% on Tuesday.
FX
- DXY held on to recent spoils after gaining yesterday in risk-off trade, which was spurred by a tech sell-off, while newsflow outside of equities had very little impact on the FX space. On the data front, US data releases were mixed as S&P Global Flash PMIs beat expectations, but Richmond Fed Manufacturing dropped.
- EUR/USD remained lacklustre after steadily retreating beneath the 1.1400 handle, owing to the firmer buck, while flash PMIs from Europe were mixed and the latest ECB rhetoric provided little incrementally.
- GBP/USD reverted to sub-1.3200 territory with price action choppy so far this week amid the ongoing political uncertainty.
- USD/JPY traded sideways at the 161.00 handle amid ongoing intervention risk, while Services PPI data matched estimates and the BoJ Summary of Opinions noted officials advocated to continue raising rates.
- Antipodeans marginally underperformed amid the flimsy overnight risk sentiment and after mixed monthly CPI data from Australia. Though AUD/USD is now set to begin the European session around the unchanged mark.
- PBoC set USD/CNY mid-point at 6.8195 vs exp. 6.7913 (prev. 6.8171)
FIXED INCOME
- 10yr UST futures were rangebound amid declines in oil, a hawkish Fed outlook and ahead of US supply.
- Bund futures mildly pulled back after this week’s advances, and with participants awaiting German Ifo data and bund issuances.
- 10yr JGB futures kept afloat but with upside capped after Japanese Services PPI data matched estimates, and as the BoJ Summary of Opinions showed members continued to advocate for further rate increases.
- US sold USD 69bln of 2-year notes; Stop through 0.3bps. Details: A strong 2-year note auction. The US Treasury sold USD 69bln of 2-year notes at a high yield of 4.189%, above the prior auction’s 4.071% and the six-auction average of 3.726%. The auction stopped through by 0.3bps, an improvement from the prior auction printing on the screws and better than the six-auction average 0.1bp tail. Today’s 2-year auction was the first stop through since January 2026.
COMMODITIES
- Crude futures remained subdued amid the residual effects of recent US-Iran progress and sanctions relief on Iranian oil, but with price action contained in the absence of fresh market-moving catalysts.
- US Private Inventory Data (bbls): Crude -0.8mln (exp. -5.0mln), Distillates +1.4mln (exp. -0.4mln), Gasoline +1.2mln (exp. -0.4mln), Cushing -1.0mln.
- US President Trump commented that the big oil companies are not dropping their prices at the pump commensurate with the lower prices they are paying for oil and customers are being ‘gouged’, while he has instructed the DoJ to look into this and stated that gasoline prices better start going down a lot faster than he is seeing.
- Hormuz transits rebounded to 4.8mln bpd as stranded tonnage and sanctioned fleets clear the blockade, according to Kpler.
- Spot gold continued to trickle lower with the precious metal dipping beneath the USD 4,100/oz level, following recent dollar strength and current hawkish Fed outlook.
- Copper futures languished at their lowest levels in more than a month after suffering alongside yesterday’s tech sell-off, and with the overnight rebound proving to be somewhat flimsy.
CRYPTO
- Bitcoin was choppy and returned to flat territory after hitting resistance around the USD 63,000 level.
NOTABLE ASIA-PAC HEADLINES
- Chinese Premier Li said China’s economy shows resilience and maintains sound momentum, while he noted four key words for the economy including stability, innovation, dynamism and integration. Li also stated that China remains committed to opening up, as well as noted that China’s AI sector sees explosive growth, and they will continue to accelerate the large-scale application of new technologies.
- PBoC advisor Huang Yiping said a rate cut could still be on the table in 2026 and the inflation rate is still below 2%, but not a big concern, while he also commented that China’s economy likely needs more targeted support.
- BoJ Summary of Opinions from the June meeting noted a member said it has become more appropriate to adjust the degree of monetary support as FX moves are pushing up import prices, and a member said it is appropriate to continue raising interest rates as financial conditions are accommodative. There was also the opinion that even after a June rate hike, the BoJ must maintain its stance of proceeding with further rate hikes if the economy and prices move in line with forecasts. The Summary of Opinions also stated they must push up the BoJ’s policy rate closer to the neutral rate as soon as possible and to near neutral at an early date to avoid big and sharp rate hikes in the future. Furthermore, a member said Japan’s neutral rate is seen at around 2%, and the BoJ must raise its rates once every few months, while a member said there was no reason for the BoJ to halt a reduction in its JGB purchases.
DATA RECAP
- Japanese Services PPI YY (May) 3.3% vs Exp. 3.3% (Prev. 3.0, Rev. 3.3%)
- Australian Inflation Rate YY (May) Y/Y 4.0% vs. Exp. 4.3% (Prev. 4.2%)
- Australian RBA Trimmed Mean CPI YY (May) Y/Y 3.6% vs. Exp. 3.5% (Prev. 3.4%)
GEOPOLITICS
MIDDLE EAST
- Yemen National Salvation Government sends a warning message to Saudi Arabia regarding a deadline for implementing peace agreements, according to Mehr News Agency.
RUSSIA-UKRAINE
- Russia pressures Belarus in bid to open new front in the Ukraine war, according to WSJ. The report noted that Moscow started a pressure campaign on Belarus earlier this year in hopes of using it as a springboard to expand Russia’s war in Ukraine or to launch nonconventional operations against members of NATO, according to former and current Russian and European officials.
OTHER
- North Korea leader Kim Jong-un said North Korea will build two Choe Hyon-class warships annually over the next five years, as it advances the nuclearisation and strategic expansion of its navy, while Kim said they will equip their destroyers with nuclear weapons.
EU/UK
NOTABLE HEADLINES
- UK’s Burnham was reportedly preparing to remove Rachel Reeves as chancellor but offer her an alternative cabinet role, according to FT citing sources.
- UK’s Burnham is expected to bring back former Blairite cabinet minister James Purnell as his chief of staff as he seeks to overhaul Number 10, according to The Times’s Swinford.
- Germany is set to scrap plans to build its biggest warships since the Second World War, as it looks to ditch the F126 frigate program after cost overruns and delays, according to FT.
2.NORTH AND SOUTH KOREA AND JAPAN
SOUTH KOREA
JAPAN
3 CHINA
CHINA/USA
.4. EUROPEAN AND SCANDINAVIAN COMMENTARIES PLUS NATO
GERMANY
REMIX…….
German Swimming Pool Bans Visitors Who Can’t Speak German, Citing Safety Concerns
Wednesday, Jun 24, 2026 – 03:30 AM
A public swimming pool in Germany has introduced strict new admission rules barring entry to anyone who cannot speak German, with management insisting the policy is essential to guarantee the safety of guests.
The Heidebad natural swimming pool in Halle, Saxony-Anhalt, now requires visitors to demonstrate German language skills before being allowed in. Managing Director Mathias Nobel defended the rule publicly, explaining that he is responsible for the safety of thousands of swimmers and will not compromise when it comes to protecting children and families.
The facility says that emergency alerts, water-depth warnings, and direct verbal instructions from lifeguards have repeatedly been ignored or misunderstood because of language barriers.
In one recent emergency, Nobel, while acting as a lifeguard, had to pull a young child out of deep water due to a language barrier. To reduce these risks, staff will now deny entry to any guest if they determine that essential safety communication cannot be reliably established, according to German media outlet MDR.
Pool management acknowledges that the rule has triggered considerable backlash, but says the public dissatisfaction is being “deliberately accepted in the interest of general safety.”
From the operators’ perspective, dealing with angry patrons is preferable “than an avoidable swimming accident.” The policy is already being actively enforced, and several would-be guests have been turned away at the gate.
The Heidebad is part of a wider trend of European public pools tightening entry requirements in response to regional migration shifts. Last year, an outdoor pool in Porrentruy, located in the Swiss municipality of Pruntrut, initially banned foreigners entirely due to violence, sexual harassment and constant disturbances. Swiss visitors to the pool and employees were generally happy about the move.
The ban came about after ‘French youths with a migration background’ continuously caused problems at the pool and in pool bathrooms, including the sexual harassment of young girls. The situation even sparked international headlines.
However, the Swiss paper 20 Minuten reported a surge in season ticket sales after the ban was put in place.
“It went very well. Citizens have rediscovered the bathing establishment with the peace and quiet that comes with it,” said Lionel Maître, the municipal councilor for tourism and leisure in Porrentruy.
“We have seen an increase in season ticket sales as citizens have finally regained the long-awaited sense of security. There have been no problems and no new bathing bans since then.”
The swimming pool has since changed its policy and now charges non-locals double ticket prices. The municipality has also added extra administrative steps for certain visitors. Anyone who is not a local resident and lacks a valid Swiss residence, work, or settlement permit must buy admission online in advance. Visitors without a recognized regional tourist card must also present valid identification at the entrance, and those who fail to do so are refused entry.
Mayor Philippe Eggertswyler publicly backed the new pricing and entry framework, stating that “It’s not about pitting Swiss and foreigners against each other, but about guaranteeing calm.”
The swimming pool may have backed down from its total ban on foreigners due to pressure from the federal government. The Federal Commission against Racism called the blanket exclusion “problematic and irritating.”
END
UK/USA
(McCarthy)
Can Anyone Govern Britain… Or America?
Wednesday, Jun 24, 2026 – 02:00 AM
Authored by Daniel McCarthy via PJMedia.com,
As Britain gets ready for its seventh prime minister in just 10 years, it’s time to ask whether the parliamentary system itself is broken.
That might explain not only why landslide election victories don’t translate into stable leadership in Britain but also why America’s Congress is so feckless.
Is representative government an idea whose time has passed?
In Europe as well as America, leftists prefer that judges and bureaucrats wield permanent power, as supposedly impartial experts who know best how to stop the weather from changing and how many genders there are.
Britain’s Labour party started out as a vehicle for the working class, in theory.
It was closely connected to the country’s major industrial unions — but Britain in the 21st century has lost most of its hard industry, and Labour is now led by the same kind of socially left-wing, technocratic wonks that make up the “inner party” of the Democrats in this country.
Brexit, passed by the British people in a referendum 10 years ago this week, proved Labour had lost the working class — the party elite favored remaining in the European Union, but working-class voters themselves cast their ballots for “leave.”
Unfortunately, the Conservative party’s elite also favored “remain” — Prime Minister David Cameron himself did, and losing the Brexit referendum compelled him to resign.
Yet Cameron was followed by another Conservative PM, Theresa May, who had also been a remainer.
It took a third Tory PM, Boris Johnson, to follow through on the voters’ mandate, but Johnson proved to be Britain’s Joe Biden where immigration was concerned, unleashing the “Boriswave” of mass migration, which flooded Britain with some 4 million newcomers from places like India, China, Pakistan and Nigeria.
Personal scandals forced Johnson from office before the scale of the damage his policies did came to light — but bond markets didn’t tolerate Johnson’s successor, Liz Truss, for long.
That left Rishi Sunak to lead the Conservatives in 2024 to their first general election defeat in 14 years. In that time, Conservatives had given Britain same-sex marriage, bigger government, deeper debt, more green-energy regulation and record-high immigration.
Labour more than doubled its number of seats in Parliament with Keir Starmer leading the party into the election, yet the landslide didn’t translate into any mandate for him.
His popularity soon slid and polls indicated the Reform party would win the next election, making Nigel Farage prime minister.
Labour is now gambling its problems are personal, not political, and once Starmer has made way for a new PM — virtually certain to be Andy Burnham — its majority will be salvageable.
Burnham is even more left-wing than Starmer: at least as far left on social issues and even more enthusiastic about nationalizing industry.
Farage is wagering Starmer wasn’t the millstone around Labour’s neck — the party’s politics are.
But even as traditional parties of the left and right elsewhere in Europe have decayed in ways much like those of Britain’s Tories and Labour, new populist parties have struggled to win and maintain power.
Farage has to contend not only with Labour and what’s left of the Conservatives, but also with a small but vociferous insurgency to his right, the Restore party.
All this suggests Burnham or Farage can’t count on enjoying a tenure longer than Starmer’s or Sunak’s.
Parliamentary elections haven’t produced a stable British government by anyone in the last 16 years.
What are the odds the next election, which has to be held by August 2029, will do so?
Congressional elections here also keep producing majorities that can’t govern, either because control of House and Senate is divided or the majority party in one or both chambers is itself divided and unable to legislate.
The two parties have been rapidly alternating control as well. It’s been nearly 20 years since either was able to hold onto the House or Senate for more than a decade.
Democrats have the upper hand when Congress is weak because federal bureaucrats, and judges capable of issuing nationwide injunctions, continue advancing Democratic designs on their own.
Fed up with this, many conservatives have come around to the idea only a brash and strong president, like Trump, wielding unitary executive power, can rein in the administrative state and activist judges — Congress can’t.
Two-hundred and fifty years ago, Americans rejected the legitimacy of a British parliament that taxed us without giving us an effective say in government.
It’s another revolutionary situation if voters in Britain or America today feel unrepresented — or misrepresented — by the legislators they put in office.
On both sides of the Atlantic, members of parliament and of Congress are going to have to work harder and listen a lot more attentively to what voters are demanding if representative government is going to survive much longer: What we’re seeing now is how parliaments die.
Views expressed in this article are opinions of the author and do not necessarily reflect the views of ZeroHedge.
END
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS//
ISRAEL/USA VS IRAN//TUESDAY NIGHT
Trump Insists Iran Caved On Nuclear Inspections, As Tehran Touts US To Unfreeze $12BN; Hormuz Tolls Still Disputed
Wednesday, Jun 24, 2026 – 04:25 AM
Summary
- Conflicting Claims Remain: Washington and Tehran continue to dispute whether Iran agreed to extensive IAEA nuclear inspections and the terms of sanctions relief; also, Hormuz tolls remains an issue of contention.
- $12 Billion Asset Release: Iran says $12 billion in frozen assets will be released initially, with total relief potentially reaching $50 billion if a final deal is reached.
- Battle Over Fund Control: The US says released funds would be restricted to humanitarian purchases, while Iran insists it will decide how to use its own money.
- Oil Relief and Hormuz: Temporary sanctions relief for Iranian oil exports has begun, and both sides say the Strait of Hormuz remains open to shipping.
- Fragile Progress & a Russian Role? Iran is considering sending enriched uranium to Russia, but regional tensions and unresolved issues still threaten the talks.
* * *
Fees for Transiting Hormuz? Another Switzerland Unresolved Issue
Despite Washington pressure and warnings, it appears Oman is still on board with cooperating with Iran to extract Hormuz Strait transit fees, or tolls, over and against repeat objections from the White House.
Alongside nuclear inspectors, this remains a top disputed issue, despite the MoD framework having been signed. But the two sides are likely to leave the details to be hashed out during the 60-day ‘technical negotiations’.
Trump Insists Iran Agreed to ‘Highest Level’ of Nuclear Inspections
With a number of issues still up in the air, amid claims and counter-claims coming after Switzerland – from nuclear inspectors accessing Iran to how Tehran is able to use its soon to be unfrozen funds – President Trump heightens the drama by issuing a Tuesday morning Truth Social message regarding the negotiations
Trump insists that Iran has agreed to the “highest level” of nuclear inspections, calling it a guarantee of “Nuclear Honesty” and stressing that there would have been “no further negotiations” without such a commitment. He also says the US will allow the Strait of Hormuz to remain “OPEN” and is not pursuing a naval blockade, though military assets remain in place if conditions change.
According to Trump, any sanctions relief or released Iranian funds will be held in US-controlled escrow and can only be used to purchase food and medical supplies from the United States, including “Corn, Wheat, and Soybeans from our great American Farmers.”
Trump now characterizes the situation in Iran as a “humanitarian crisis” and concluded that “Talks are going well!!”.
Iran Touts $12BN in Frozen Assets to Be Released, Will Use How it Pleases
Among the biggest latest developments in the immediate wake of the Switzerland meeting is that Iranian Parliament Speaker Mohammad Bagher Ghalibaf has announced an agreement has been reached for the United States to release $12 billion in frozen Iranian assets.
It also comes after the US Treasury Department announced temporary sanctions relief, namely freeing up Iranian oil and petrochemical sales until August 1st. Concerning the frozen asset partial release, Tehran is now emphasizing that it alone will decide how the funds will be used.
But this may be another area where the headlines and declarations are too far out front, given Washington has sought to impose some caveats which likely remain unacceptable to the Iranians side. For example Vice President JD Vance made clear his stance Monday that Iranian assets had not yet been unfrozen as part of the deal, describing that if there were, they must be limited in use and implementation – to purchase US agricultural goods. He has emphasized – perhaps wishing to address American domestic criticisms – that the funds would not be used to support terrorism.
Ali Bahreini, the Iranian ambassador to the United Nations, has already firmly rejected the soybean plan, saying at a UN press briefing, “Iran is the only country who will decide what to do with its assets, which are going to be defrozen.”
In total a whopping $50 billion could eventually be released under the MoU framework – something which will drive Republican hawsk mad. Al Jazeera reports Tuesday, citing the Iranian side:
A spokesperson said the agreement would allow Iran access to previously frozen assets, although the US says restrictions would remain in place under the arrangement.
According to sources familiar with the negotiations, two separate tranches of $6bn were originally agreed in Doha, with the final signing ceremony intended to take place in Switzerland. The Iranian spokesperson now says that process has been completed.
Under the reported framework, an initial $12bn in Iranian funds would be released. During the 60-day negotiation period, a further $12bn could be unlocked. If the parties ultimately reach a final agreement, the value of sanctions relief and released funds could reportedly rise to as much as $50bn.
Official Contradiction: Vance Had Hailed Iran Will Allow IAEA Access to Nuclear Sites
Another point of disagreement remains the entry of IAEA nuclear inspectors into the Islamic Republic. Vance had hailed Tehran already agreed to this, while Iran’s leaders are in effect saying not so fast. It’s but one of several major contradictions in public rhetoric coming from either side in the wake of the top-level round one meeting in Switzerland.
Something interesting – which Washington may or may not be on board with – is that Tehran is now signaling openness to Russia hosting its enriched nuclear material.
Russia to Host Enriched Uranium?
Al Arabiya reports that Iran’s aforementioned UN ambassador says “transferring enriched uranium to Russia is under consideration.“ This could indeed be enough to satisfy President Trump, considering it would be a ‘lesser evil’ option if indeed the Iranians are actually ready for such a plan (which Moscow has offered several times to facilitate over the past year).
Lebanon is another issue which could threaten to unravel all the progress made thus far, but reports cite a ‘cautious calm’ across the south, but with some limited, sporadic exchanges of fire.
One correspondent on the ground reports, “Here in Tyre, people driving across the city this morning are picking up bits of rubble, starting to clear things out and searching for what they can salvage among their destroyed homes and businesses. That is what people are using this moment of calm for.”
However, there’s been reports of at least two new Lebanese deaths. In one instance Lebanese national media indicated “A young man was killed and two others were injured” when Israeli soldiers “opened machine gun fire in their direction while they were standing near an excavator which was clearing a road” in a locality near the town of Nabatieh – per the National News Agency. Hezbollah is saying Tuesday that this violates the ceasefire agreement.
The situation on Monday was such that the Iranian delegation almost quit the Sunday-Monday talks completely, Iran’s top negotiator has explained:
More Latest Developments
Below are some latest developments on the US-Iran peace front via Middle East Eye:
- Iranian Parliament Speaker Mohammad Bagher Ghalibaf said an agreement had been reached to release $12bn in frozen Iranian assets.
- The US Treasury Department announced temporary sanctions relief allowing Iranian oil and petrochemical sales until 1 August.
- Washington said the measures follow Iran’s commitment to permit international nuclear inspections after intensive talks in Switzerland.
- President Donald Trump said released Iranian funds would be used to purchase food and agricultural products from US farmers.
- Iran’s Central Bank rejected Trump’s comments, saying Tehran is under no obligation to spend released funds on American goods.
- Iranian officials said technical negotiations with the United States have concluded and the process is entering a new phase.
- President Masoud Pezeshkian said the effectiveness of future talks depends on all sides fully implementing their commitments.
- A US official said Centcom has launched a monitoring mechanism in Lebanon to provide American officials with assessments of fighting on the ground.
- Israeli officials reiterated that military operations in Lebanon would continue despite ongoing diplomatic progress between Washington and Tehran.
- Markets and regional observers continued to focus on sanctions implementation, Hormuz shipping activity and the durability of the broader agreement.
And via Newsquawk summary:
- Iran’s Foreign Ministry Spokesperson Baghaei said “if the other party does not fulfill its obligations, we should not be expected to unilaterally fulfill our obligations”, Iran International reported.
- Iran’s Foreign Ministry Spokesperson said defensive capabilities and missiles will never be a topic of discussion. US commitment regarding Lebanon is completely clear.
- Iran’s Foreign Ministry Spokesperson said quadrilateral talks were stopped early in Switzerland due to the witnessing of US threats. Thereafter, exchanges were via a mediator, Mehr reported.
- Iran’s Foreign Ministry Spokesperson said Iran has no plans to let IAEA inspectors visit nuclear sites targeted in the conflict.
- Iranian President, ahead of trip to Pakistan, said Iran is seeking the full implementation of the clauses that have been signed within the framework of international law, Nour News reported.
- Iranian Parliament Speaker Ghalibaf said the Strait of Hormuz will be administered by Iran according to international law.
- Iranian President Pezeshkian said in phone call to Turkish President Erdogan on Monday that Iran is ready to pursue diplomacy as per international law.
- Iran Central Bank Governor said Tehran is not obliged to purchase US agricultural goods under current agreements, and states that remaining frozen assets can be used to buy non-sanctioned goods beyond essential items, according to Tasnim.
- “Iranian Foreign Minister Abbas Araghchi will visit Baghdad next Sunday”, Al Mayadeen reported citing sources; The meeting will include a briefing on the progress of the talks in Switzerland and the preparations.
- Iranian Foreign Ministry said “America has issued the necessary license for the sale of Iranian oil and petrochemical products”, Al Jazeera reported.
- Iranian Ambassador to the UN said any further attacks on Lebanon would be a red line.
- Iranian Ambassador to the UN said Hormuz talks will be held with Oman.
- Iranian Ambassador to the UN said there has been good progress in negotiations with the US.
- “Sources indicate that the Iranian Foreign Minister [Araghchi] will hold separate talks with Pakistani officials”, Al Hadath reported.
- Oman’s Foreign Minister said Iranian negotiators reaffirmed their commitment to international law and to ensuring safe, toll-free passage through the Strait of Hormuz.
- Oman’s Foreign Minister meets with Iranian Parliamentary Speaker Ghalibaf, with the officials discussing regional stability and Strait of Hormuz.
- Shipping data cited by Al-Arabia showed at least 20 ships have crossed the Strait of Hormuz in the past 24 hours.
- One person reportedly killed by Israeli gunfire in a southern Lebanese town, according to Lebanese Civil Defense and a security source – timing unclear.
- Senior US official tells Al Jazeera that talks between Lebanon and Israel will continue to advance comprehensive peace and a security agreement between the two countries.
- Israeli National Security Minister Ben-Gvir said Israel must act alone against Iran’s nuclear program and must maintain military freedom in Lebanon, hopes withdrawal from southern Lebanon will not happen and will do everything to convince PM Netanyahu.
- Israel military shells and fires at Khan Yunis in Gaza, according to Fars News Agency.
- Israel’s PM, Defence Minister and Military Chief said Israeli military will continue to act to neutralise threats to soldiers and citizens, demolish terrorist infrastructure, and maintain security zone in southern Lebanon, according to a joint statement. Israel’s leadership reaffirms that the security of Israeli citizens and IDF troops will remain its overriding priority, with no room for compromise.
- Israeli forces reportedly violate Syrian territory, conducting house searches in southern outskirts of Quneitra governorate.
- US-Iran technical talks in Burgenstock had a “breakthrough”, talks proceed seemingly in a positive direction, Journalist Mallick reported.
- US President Trump, on Israel and Lebanon, said “we’ll take a look at it”; said he gets problems solved fast, including with Israeli PM Netanyahu.
- US President Trump said if Iran doesn’t stick to agreement, he will do what he has to do. As long as Iran respects us, we are not going to have any trouble. Could restart the blockade quickly if needed.
ISRAEL/USA VS IRAN/WEDNESDAY
Brent Falls To Pre-War Levels As Trump Contradicts Tehran On Hormuz Tolls, Nuclear Inspections
Wednesday, Jun 24, 2026 – 08:40 AM
Brent crude oil prices fell below $75 a barrel late yesterday, marking the first time the global benchmark has traded under that level since the outbreak of the Trump-initiated Iran conflict.
The drop in crude prices could provide relief for consumers and businesses by easing pressure on fuel costs and inflation, a desired Washington outcome of the MoU signing – for which Trump has come under severe criticism from hawks at home. Speaking of escalating, we have another early morning Trump Truth Social statement, openly contradicting the consistent stated position of Tehran leaders.
Since the Switzerland high level talks led by Vance, there’s been a series of issues where Tehran and Washington have issued clearly contradictory statements.
Trump says in the fresh statement that Iran informed the United States that there would be “NO TOLLS, NO INSURANCE COSTS, & NO OTHER CHARGES OF ANY KIND” imposed on vessels traveling through the strategic waterway.
Trump as is typical criticized media reports that had suggested Iran could seek payments from ships using the route, calling such coverage “Fake News.” He added that if the information provided by Iran proved inaccurate, ongoing negotiations between the two sides would end “immediately.”
The president also denied reports that the United States had provided funds directly to Iran or released Iranian assets without conditions. “No money has been given to Iran, or released from their money to them, by the U.S.,” he said.
However, Trump stated that Washington plans to make some Iranian funds available for agricultural purchases. According to the president, the money would be used to buy US farm products, including “Corn, Wheat, Soybeans, and more.” But Iranian leadership has vehemently rejected this narrative too.
“Food is desperately needed in Iran,” Trump said, adding that the purchases would be made “exclusively from the United States.”
Oil drops to Iran war lows on the Trump Truth social statement…
The Strait of Hormuz remains one of the world’s most important energy shipping routes, and any disruption or additional costs imposed on vessels passing through the channel could have significant implications for global trade and oil markets. It is officially ‘open’ in the wake of the MoU signing – but the next few days and weeks will be telling.
Meanwhile, some new developments on the Hormuz opening front, and Qatar LNG:
Qatar’s prime minister said establishing a hotline between the US and Iran is essential to prevent rogue actors impeding the reopening of the Strait of Hormuz, as he predicted that the Gulf state would resume normal liquefied natural gas production “within a few weeks”. –FT
Trump is also asserting that Iran will allow IEAE inspectors in, something the Islamic Republic is also vehemently rejecting.
END
ISRAEL/IRAN/USA WEDNESDAY AFTERNOON
Brent Falls To Pre-War Levels As Trump Contradicts Tehran On Hormuz Tolls, Nuclear Inspections
Wednesday, Jun 24, 2026 – 08:40 AM
Brent crude oil prices fell below $75 a barrel late yesterday, marking the first time the global benchmark has traded under that level since the outbreak of the Trump-initiated Iran conflict.
The drop in crude prices could provide relief for consumers and businesses by easing pressure on fuel costs and inflation, a desired Washington outcome of the MoU signing – for which Trump has come under severe criticism from hawks at home. Speaking of escalating, we have another early morning Trump Truth Social statement, openly contradicting the consistent stated position of Tehran leaders.
Since the Switzerland high level talks led by Vance, there’s been a series of issues where Tehran and Washington have issued clearly contradictory statements.
Trump says in the fresh statement that Iran informed the United States that there would be “NO TOLLS, NO INSURANCE COSTS, & NO OTHER CHARGES OF ANY KIND” imposed on vessels traveling through the strategic waterway.
Trump as is typical criticized media reports that had suggested Iran could seek payments from ships using the route, calling such coverage “Fake News.” He added that if the information provided by Iran proved inaccurate, ongoing negotiations between the two sides would end “immediately.”
The president also denied reports that the United States had provided funds directly to Iran or released Iranian assets without conditions. “No money has been given to Iran, or released from their money to them, by the U.S.,” he said.
However, Trump stated that Washington plans to make some Iranian funds available for agricultural purchases. According to the president, the money would be used to buy US farm products, including “Corn, Wheat, Soybeans, and more.” But Iranian leadership has vehemently rejected this narrative too.
“Food is desperately needed in Iran,” Trump said, adding that the purchases would be made “exclusively from the United States.”
Oil drops to Iran war lows on the Trump Truth social statement…
The Strait of Hormuz remains one of the world’s most important energy shipping routes, and any disruption or additional costs imposed on vessels passing through the channel could have significant implications for global trade and oil markets. It is officially ‘open’ in the wake of the MoU signing – but the next few days and weeks will be telling.
Meanwhile, some new developments on the Hormuz opening front, and Qatar LNG:
Qatar’s prime minister said establishing a hotline between the US and Iran is essential to prevent rogue actors impeding the reopening of the Strait of Hormuz, as he predicted that the Gulf state would resume normal liquefied natural gas production “within a few weeks”. –FT
Trump is also asserting that Iran will allow IEAE inspectors in, something the Islamic Republic is also vehemently rejecting.
END
WEDNESDAY LATE AFTERNOON
Iran Calls MoU Deal A ‘US Defeat’ As Trump Touts Tehran Forced Into ‘Very Big Concessions’
Wednesday, Jun 24, 2026 – 01:45 PM
Summary
- Trump Hits Back, Seeks Narrative Control: “The war is going very well. As you know, we’re winning by a lot. Iran is making very big concessions.”
- Iran Declares MoU A US Defeat: Tehran says the Islamabad agreement proves Washington abandoned its pressure campaign.
- Hormuz Traffic Resumes under UN Auspices: About 72 ships carrying roughly 20 million barrels of oil transited the strait in the past 24 hours under a UN-backed framework.
- Brent Falls Below $75, Iran war low: Oil prices dropped to their lowest level since the Iran conflict began, erasing much of the war risk premium.
- Trump, Tehran still at Odds despite MoU Signing, Switzerland Summit with Vance: Trump claims Iran agreed to “NO TOLLS” or shipping fees in Hormuz, while Iranian officials continue disputing key US claims.
- Despite these Contradictions, Fragile Calm Persists: Qatar is urging direct US-Iran communication as questions remain over inspections, sanctions relief, and the long-term durability of the deal.
* * *
Trump Hits Back: Iran Forced to Make ‘Very Big Concessions’
President Trump claimed Wednesday that Iran was offering significant concessions, stated within hours after Iran’s lead negotiator, Parliament Speaker Ghalibaf told a Baku audience that Iran had secured ‘US defeat’…
“The war is going very well. As you know, we’re winning by a lot. Iran is making very big concessions,” Trump told reporters at the Capitol.
“We’ll see what happens — but it has been very, very, very powerful,” the US President added. Tehran has remained insistent it never agreed to allow nuclear inspector access, and that the Strait of Hormuz is opening on its terms.
Meanwhile, the latest on the Lebanon tenuous ceasefire and crisis:
Tehran Provokes Trump: Deal to End War a ‘Declaration of US Defeat’
The post-war narrative battle between Washington and Tehran intensified Wednesday after Iranian Parliament Speaker Mohammad Bagher Ghalibaf claimed the recently signed Islamabad Memorandum of Understanding (MoU) – and confirmed in Switzerland – amounted to nothing less than a US capitulation.
Speaking in Baku during a gathering of parliaments from member states of the Organization of Islamic Cooperation (OIC), Ghalibaf argued that the agreement validated Iran’s long-held position that negotiations only succeed when foreign powers abandon coercion and recognize the Islamic Republic’s rights.
“The Islamabad memorandum of understanding became a declaration of the US defeat,” Ghalibaf said.
The remarks underscore the widening disconnect between how Washington and Tehran are portraying the agreement. While the Trump administration has presented the MoU as evidence that its pressure campaign forced concessions from Iran, Iranian officials continue to frame the deal as proof that the United States ultimately backed away from attempts to dictate terms.
Ghalibaf further suggested that the agreement demonstrated dialogue can only produce results when the opposing side ceases efforts to impose its will and instead accepts Iran’s sovereign rights. Iran has lately stated that it asserted its red lines through ‘action’.
Energy Secretary: 72 Ships Have Exited Strait in Last Day
Several vessels have already navigated the Strait of Hormuz utilizing a fresh evacuation framework established by the United Nations’ shipping agency, an official confirmed on Wednesday. More via newswires:
US Energy Secretary Wright says roughly 72 ships have exited Strait of Hormuz in last 24 hours.
“Ships have already begun to pass under the plan,” stated a spokesperson for the UN’s International Maritime Organization (IMO), though they opted not to disclose specific details regarding the transiting vessels.
According to the latest LSEG ship-tracking data Wednesday, at least two dry bulk carriers and one cargo vessel successfully crossed the strait under the new program within a 12-hour window.
An additional analysis of ship movements by Reuters, utilizing data from LSEG and MarineTraffic, indicated that at least 35 other commercial vessels – primarily dry bulk, cargo, and container ships – are gearing up to make the passage.
Brent Falls To Pre-War Levels
Brent crude oil prices fell below $75 a barrel late yesterday, marking the first time the global benchmark has traded under that level since the outbreak of the Trump-initiated Iran conflict.
The drop in crude prices could provide relief for consumers and businesses by easing pressure on fuel costs and inflation, a desired Washington outcome of the MoU signing – for which Trump has come under severe criticism from hawks at home. Speaking of escalating, we have another early morning Trump Truth Social statement, openly contradicting the consistent stated position of Tehran leaders.
Another Bombshell Trump Post Contradicting Iran’s Public Stance
Since the Switzerland high level talks led by Vance, there’s been a series of issues where Tehran and Washington have issued clearly contradictory statements.
Trump says in the fresh statement that Iran informed the United States that there would be “NO TOLLS, NO INSURANCE COSTS, & NO OTHER CHARGES OF ANY KIND” imposed on vessels traveling through the strategic waterway.
Trump as is typical criticized media reports that had suggested Iran could seek payments from ships using the route, calling such coverage “Fake News.” He added that if the information provided by Iran proved inaccurate, ongoing negotiations between the two sides would end “immediately.”
The president also denied reports that the United States had provided funds directly to Iran or released Iranian assets without conditions. “No money has been given to Iran, or released from their money to them, by the U.S.,” he said.
However, Trump stated that Washington plans to make some Iranian funds available for agricultural purchases. According to the president, the money would be used to buy US farm products, including “Corn, Wheat, Soybeans, and more.” But Iranian leadership has vehemently rejected this narrative too.
“Food is desperately needed in Iran,” Trump said, adding that the purchases would be made “exclusively from the United States.”
Oil drops to Iran war lows on the Trump Truth social statement…
Qatar Pledges to Washington Will Hold a Firm Line on Hormuz
The Strait of Hormuz remains one of the world’s most important energy shipping routes, and any disruption or additional costs imposed on vessels passing through the channel could have significant implications for global trade and oil markets. It is officially ‘open’ in the wake of the MoU signing – but the next few days and weeks will be telling.
Meanwhile, some new developments on the Hormuz opening front, and Qatar LNG:
Qatar’s prime minister said establishing a hotline between the US and Iran is essential to prevent rogue actors impeding the reopening of the Strait of Hormuz, as he predicted that the Gulf state would resume normal liquefied natural gas production “within a few weeks”. –FT
Trump is also asserting that Iran will allow IEAE inspectors in, something the Islamic Republic is also vehemently rejecting.
ISRAEL TBN
END
HEZBOLLAH/ISRAEL
Surprising; the terrorists have decided to remain inside the tunnels instead of surrendering./
(JERUSALEM/POST)
IDF surrounds Hezbollah fighters in Tebnit as fears rise of possible kidnapping attempt
Israeli forces have sealed tunnel entrances and instructed troops to operate in small units, amid fears that underground infrastructure could be used for ambush or abduction attempts.
An IDF sniper takes aim during operations in southern Lebanon, June 18, 2026(photo credit: IDF SPOKESPERSON’S UNIT)ByAMIR BOHBOTJUNE 24, 2026 12:46
Amid growing concerns over a potential kidnapping attempt in southern Lebanon, Israeli security officials said Tuesday that senior officials reviewed the situation involving dozens of Hezbollah terrorists trapped in the village of Tebnit.
The IDF recently succeeded in cornering dozens of Hezbollah terrorists in an underground complex in Tebnit. Shortly thereafter, troops managed to seal off the entrances to the underground system, and messages were subsequently relayed to Israel through various mediating parties in an effort to secure the safe exit of those inside.
According to a security source, “Israel’s response to all mediating parties was clear: surrender or be killed inside the underground system.”
Additional sources involved in the details of the negotiations told Walla that under the current ceasefire framework, the militants have the option to surrender to the IDF, but at this stage, they are choosing to remain inside the underground system
“Things can change in an instant, but until then, it is important to understand that Israel sees significance in an effective model that will enable the demilitarization of the area from militants and Hezbollah terror infrastructure. Therefore, the focus is on a pilot program,” a source familiar with the details told Walla.
The source added that a similar scenario previously unfolded with Hamas operatives who were trapped in Rafah, and who ultimately were forced to emerge and either fight or surrender.
Concern that Hezbollah will take IDF soldiers hostage to negotiate for their trapped comrades
Meanwhile, concern is rising among Israeli forces operating in southern Lebanon that Radwan Force operatives in the area, who are currently avoiding direct confrontations and close-range engagements with Israeli troops, may attempt to identify an operational opportunity on the ground and carry out a kidnapping attack against IDF soldiers in order to facilitate negotiations.
Troops on the ground have been briefed and instructed to move in pairs or groups of three at all times, and to ensure rapid coordination between air and ground forces in the event of an attempted attack or assault on a tank, armored vehicle, jeep, or building.
A military source told Walla that “Some of Hezbollah’s underground systems in southern Lebanon could be intended to facilitate a kidnapping attack during an assault on IDF soldiers and assist in escape or holding captives.” The source emphasized that most of the entrances to the underground systems are camouflaged and difficult to locate.
IRAN
Cyberattack Hits Iran’s Banking System, Disrupting Card Networks At Three Major Lenders
Tuesday, Jun 23, 2026 – 05:20 PM
It seems that the United States and Israel have not completely given up on covert efforts toward regime change in Iran, or at least on sabotage efforts to weaken the government’s hold over the population.
The precursor to Trump’s Operation Epic Fury was of course the January economic protests, which saw serious clashes with police and security forces, and left thousands dead. Trump subsequently claimed over 30,000 were killed – a very high, dubious number – according to many independent analysts.
At the same time US Treasury Secretary Bessent openly bragged about waging economic warfare to send the Rial plunging, which was a spark and catalyst for the destabilizing protests and unrest.
On Tuesday Al Jazeera reports on what could be renewed efforts to further weaken Iran from within. “Iran’s state-owned banking technology provider says attacks disrupted services at Bank Melli, Bank Saderat and Bank Tejarat,” the publication reports.
One theory among Washington hawks is that economic collapse can be engineered via external means (though Israel has also long bragged about having many assets on the ground inside the Islamic Republic).
Is the prior failed ‘plan A’ still on? …even as direct bombing has failed to achieve regime change?
According to more from Al Jazeera, referencing the major bank-focused cyberattacks:
This had prompted a temporary suspension of all card-related operations at the three banks to prevent further unauthorized access, the company told state TV, with cybersecurity teams working to restore normal operations.
The company’s public relations head said ATM services, point-of-sale terminals and mobile applications linked to card systems were all affected.
Major banks, including Melli, Saderat, Tejarat and the Export Development Bank of Iran, have faced disruptions first reported on June 14 after a cyberattack targeting a shared communication infrastructure, Iran’s banking coordination council has said.
As far can be assessed, there was no unrest or protests that resulted in this latest incident, and Iranian state media has in follow-up reported that the serious issues and lack of fund access for customers took several days to resolve.
“Iranian authorities have previously blamed hostile foreign actors, such as Israel, for similar incidents. Israel has previously not commented on such allegations,” the Tuesday report also noted.
Iran is bracing for more such cyber-provocations, given it is still technically at war with the US and Israel, and despite the signing of the peace MoU with the US, based on extending the ceasefire for at least 60-days, giving time for the nuclear issue to be dealt with.
END
RUSSIA/ARMENIA/EU
RUSSIA WILL NOT BE HAPPY
(ZEROHEDGE)
Ursula von der Leyen To Visit Armenia Next Week As Pro-EU Aspirations Ramp Up
Wednesday, Jun 24, 2026 – 02:45 AM
Brussels is eyeing Armenia as the small Caucasus nation has lately made it’s pro-EU aspirations known, given just earlier this month Armenian Prime Minister Nikol Pashinyan’s party won parliamentary elections, in a vote widely seen as signififying its major pro-Western shift.
Pashinyan had claimed a “historic victory that will ensure Armenia’s eternity and development” while also vowing to “continue the course of rapprochement with the West” – but while balancing the pursuit of positive relations with Russia.
And now, just days after the result was confirmed, European Commission President Ursula von der Leyen is preparing to travel to Armenia next week, Politico reports.
The EU delegation is expected to be high-level, given it will include Enlargement Commissioner Marta Kos in a high-profile show of support fo Pashinyan after his pro-European party secured the decisive victory.
“We have seen the country under intense and consistent pressure from Russia; a visit would send a strong signal of support, following on from the concrete support already delivered,” said one EU official working on the prospective trip, as quoted in Politico and Armenian media.
Anonymous EU officials indicated to Politico that the visit would send the message that “Europe is here for you.“
Notably this will be von der Leyen’s second to Armenia in less than two months. The Commission president was in Yerevan just in May for the European Political Community summit, which took place in Yerevan, before participating in the inaugural EU-Armenia summit.
The Kremlin itself has also pounced on this theme of Armenia as the next potential ground zero for a tug of war with EU/NATO interests – a familiar theme which has also been on display in places from Georgia to Ukraine to Moldova.
Russian Foreign Ministry Spokeswoman Maria Zakharova went so far as to officially allege unfair and illegal tactics unleashed by local authorities on Russia-friendly interests inside Armenia.
“On June 7, parliamentary elections were held in Armenia in an atmosphere of unprecedented pressure on the opposition and interference from the West, primarily the EU,” Zakharova commented earlier this month.
Russia has been widely seen as ‘disappointing’ the Armenian population in the context of the Azerbaijan crisis.
Region of the Collective Security Treaty Organization (CSTO). Former members of the CSTO military alliance were Azerbaijan, Georgia and Uzbekistan.
Recent years of war between Christian Armenia and its better-armed Muslim neighbor Azerbaijan (which is a secular Republic) has seen tensions ratchet between one-time close allies Armenia and Russia.
Armenia has long been a key member of the regional Russian-led bloc, the Collective Security Treaty Organization (CSTO). However, Armenia froze its participation since 2024, outraged over Russia’s failure to protect ethnic Armenians during Azerbaijan’s 2023 takeover of Nagorno-Karabakh.
END
RUSSIA VS UKRAINE
6/.GLOBAL ISSUES, COVID ISSUES, VACCINE INJURIES/HEALTH ISSUES
GLOBAL ISSUES
MARK CRISPIN MILLER
In memory of those who “died suddenly” in the United States and worldwide, June 15-22, 2026
Author Jill Smokler (48, C, Scary Mommy); actress Daveigh Chase (35, The Ring); talk show host Martha Zoller; radio reporter Greg McAtee; bassist Justin Cary (50); gospel singer Beau Williams; & more
| Mark Crispin MillerJun 24 |  |
A survey of the likely global toll of COVID “vaccination,” based on the reports collected by our worldwide team of researchers this past week.
To help support our work, consider subscribing or making a donation.
UNITED STATES (99)
Beloved Influencer Jill Smokler of ‘Scary Mommy’ Dead at 48
June 22, 2026
Jill Smokler, the New York Times bestselling author and founder of Scary Mommy, today, June 22, 2026, at her home in Baltimore [MD]. She was 48. The cause was glioblastoma, an aggressive brain cancer she had been fighting for more than two years. Jill gave millions of mothers around the world permission to tell their truth. Unfortunately, in April 2024, Smokler was diagnosed with glioblastoma, an aggressive brain tumor with no cure, at age 46. She handled it the only way she knew how with honesty, courage and humor. She had three surgeries, radiation and chemotherapy. She flew to Germany to take part in an experimental mRNA vaccine trial. She did all of it publicly, on her own terms, the same way she had done everything else.
“The Ring” actress Daveigh Chase (35) dies of sepsis
June 17, 2026
Sad news from Hollywood: Daveigh Chase (35) has died. The actress, known to many as the creepy ghost girl Samara from the horror movie “The Ring,” passed away on Tuesday at the age of just 35. Her boyfriend, Roy Hernandez, confirmed to TMZ that Daveigh died from meningitis and blood poisoning. The sepsis had caused her body to gradually shut down. Earlier this month, she had already been admitted to a hospital in Los Angeles due to malnutrition. Her family has since launched a fundraising campaign on GoFundMe.
Radio host Martha Zoller, on verge of retirement, has died at age 67
June 22, 2026
Martha Zoller, a longtime conservative talk show host out of Gainesville [FL], has died at age 67 five days before she had planned to retire from her morning radio show on 102.9/550 WDUN-FM. “I’m just stunned,” said Bill Maine, vice president and general manager at WDUN who worked with her for many years at the station. “I can’t think of another word for it. I thought she was doing better. I spoke with her on Friday between our shows. We were just joking back and forth about something like we always do.” He said Zoller texted him Saturday saying she had to go to the hospital for chest pain but expected to be back midweek for her final shows. She had planned her final day to be Friday, June 26.
No cause of death reported.
Longtime KDKA Radio Reporter Greg McAtee Dies
June 19, 2026
KDKA Radio in Pittsburgh is mourning the loss of one of its own. Reporter Greg McAtee [69] has died. McAtee died on Friday after a five-year battle with cancer. A statement from his daughters shared that he had been in “intense chemotherapy” for the past two years. Greg McAtee had worked as a traffic reporter for KDKA since 2017.
Researcher’s note – KDKA Radio operates as part of the Audacy broadcasting network. Audacy’s corporate COVID-19 employee vaccine [sic] mandates, which were initially enforced across the company, are no longer in effect: https://www.audacy.com/kdkaradio/news/local/unvaccinated-city-employees-begin-facing-discipline
Gospel Legend Beau Williams Passes Away at 76
June 18, 2026
PATH MEGAzine and Publisher/Producer Kris Patrick is deeply saddened to announce the passing of gospel music legend Dr. Beau Williams. Even now, typing these words feels surreal, because I saw him just a few months ago looking vibrant, healthy, and full of life–like a man decades younger than his 76 years. But in reality, Beau was quietly fighting cancer, and he was called home on Wednesday, June 17, 2026. Beau Williams was known for classic songs like “Wonderful” and “Walk Around Heaven,” music that helped carry him to No. 2 on the Billboard charts and made him one of gospel music’s most respected voices. Just two days after I saw him singing and sounding like an angel, he received the diagnosis that something was wrong. Seven months later, he was gone. Beau Williams was a gospel singer, minister, and recording artist from Houston, Texas, whose career stretched across decades of music and ministry. Raised in a church environment, he developed a powerful voice that blended soul, gospel, and testimony in a way that was unmistakably his own.
Sixpence None the Richer bassist Justin Cary dead age 50 after ‘serious stroke’
June 19, 2026
The longtime bassist for 90s band Sixpence None the Richer, Justin Cary, has died at the age of 50. Sixpence None the Richer’s lead singer Leigh Nash shared the news with fans, revealing that the band had set up a GoFundMe to support the bassist’s wife, Linda, and their family. Justin died on June 18, 2026, after recently suffering from a “serious stroke“ that left him requiring care at Albany Medical Center in New York. “Justin passed peacefully this morning and Linda was next to him,” read a statement posted to the GoFundMe. A statement posted earlier in the week before his death revealed that he had been admitted to ICU and had undergone two surgeries and was on a respirator after a stroke on June 11.
Reported on June 6:
Billy R. Dungy, 67
June 6, 2026
Watertown, TN – Born and raised in Shelby County on the north side of Memphis, Billy spent his summers rodeoing and showing horses, while winters were spent playing music. He earned local success as a singer and songwriter, and his first recording was with Mastercraft Studios in Memphis in 1980. By 1994, his album, A Man Like Me, produced by Barry Beckett, debuted, charting three singles and videos, including the dance hit “Long-Legged Hannah From Butte Montana.” Billy toured and performed with such artists as Tim McGraw, Waylon Jennings, Brooks and Dunn, Charlie Daniels, Wynonna Judd, Toby Keith, and so many others. Billy lived his life with his priorities in the right order: Jesus first, family second, friends and neighbors third, and career after that. Billy also had a love and understanding for nature and animals, and cared for them and his land with great care and attention – just like everything else he did. Billy Dungy was born on January 14th, 1959 and entered his forever home on June 6th, 2026, after suffering a sudden cardiac event.
A photographer “died suddenly”:
Blindsided by Terminal Diagnosis at 65, Photographer Peter Grant Chose MAID
June 18, 2026
Peter Grant props himself up in his bed in Palm Springs [CA]. He’s sitting beside his best friend of roughly 40 years, Gary Ridley, who helps hold up the iPhone so they can both see the Zoom call screen. The longtime companions speak to PEOPLE on a day when Grant, 65, was scheduled to conduct his last photoshoot. Two models were meant to fly out to work with the world-renowned photographer, who specializes in fitness portraits. He was going to capture them underwater, one of his signature ways of displaying human athleticism. In canceling the shoot, Grant was reckoning with the reality of what was happening to his body. Two months ago, he went to the doctor seeking treatment for what he assumed was a kidney stone. For much of his life, Grant has been “Mr. Healthy,” as he describes himself. He’s deeply immersed in areas of health and wellness, having put years of effort into his own body work and restorative healing studies. His medical team even nodded to that fact when they delivered the harrowing diagnosis. “The doctors were like, ‘You’re one of the healthiest people we’ve ever done this with,’” Grant recalls. “And at the same time, I’m ‘riddled’ – and that was their quote, ‘riddled’ – with cancer.” They estimated he had about six months to a year left. He was relatively open to the possibility of a treatment plan, so he underwent a procedure during which doctors tried to open up his pancreas with a stent, a necessary intervention if they wanted to try chemotherapy. “It was a horrifying, beyond painful attempt,” he tells PEOPLE. “It didn’t work … I came out of anesthesia writhing in pain.” The reality, he knew, was that repeating such a painful procedure wouldn’t guarantee success. And if the stent intervention was successful, enduring taxing rounds of chemotherapy treatment would, at best, only give him a few more months to live. Grant’s friend and former colleague Karin Flanagan reminded him of the option after he told her about his cancer. In researching MAID, Grant felt a deep appreciation for the fact that if he did decide to go that route, he didn’t have to travel in his fragile state to seek out that option in a foreign country. He could legally, peacefully make the end-of-life transition surrounded by loved ones, like his best friend. At the time of his interview with PEOPLE, Grant’s MAID event was scheduled for June 21, though he says on the call that he may decide to do it sooner, depending on how his condition fares in the days leading up to that Sunday. Grant moved his MAID event up to Monday, June 15, six days before his previously scheduled date and one day after his interview with PEOPLE. Beyond a basic awareness, Grant didn’t have too much prior knowledge about medical aid in dying (MAID) before he considered it for himself. His current home state of California is one of 13 states, plus Washington, D.C., where MAID is legal.
Fitness Influencer Carly Douglas Dies at Age 36, 3 Months After Sharing Cancer Diagnosis
June 18, 2026
Carly Douglas, a South Carolina-based fitness influencer, died on June 13. She was 36. Her death was shared in a post to her Instagram account on June 16. Douglas first revealed that she had been diagnosed with stage 4 stomach cancer through a tearful video in March, calling the diagnosis “living in a nightmare” – especially as a mother. Over the next three months, she shared several updates with her followers, including videos about her chemotherapy treatments and from the hospital.
Singer Alex Bueno passed away at 62 following months-long health struggle
June 18, 2026
Dominican singer Alex Bueno has died in New York City following a prolonged health battle his team announced on Thursday. In a statement representatives confirmed that Bueno died on June 18 at 9:43 a.m. The singer had faced a series of health challenges in recent months. In September 2025 he was hospitalised after an episode of hypoglycemia that was initially linked to exhaustion and a demanding performance schedule. Further medical evaluations later revealed a brain tumour which was surgically removed. According to his team tests conducted after the procedure detected cancerous cells leading Bueno to begin preventive treatment. In recent weeks the artist remained hospitalised in intensive care while receiving specialised medical care following complications related to low sodium levels and blood pressure. He spent more than a decade living in New York while continuing to perform for audiences across Latin America and the United States.
Researcher’s note – The Key to NYC: Unlocking the City Starts With COVID-19 Vaccination [sic] Proof for Dining, Fitness, and Entertainment Venues: Link
Tay Keith, Grammy-Nominated Music Producer, Found Dead in Apartment at 29
June 18, 2026
Grammy-nominated producer Brytavious Lakeith Chambers, also known as Tay Keith, has died. He was 29. The music producer was found dead in his Nashville apartment on Thursday, June 18, the Metro Nashville Police Department (MNPD) announced in statement. His body was discovered after officers were performing a welfare check. No foul play is suspected, MNPD said. His death will remain unclassified until the autopsy results are complete. Keith hailed from Tennessee and worked with music’s biggest stars, including Beyoncé and Drake.
Casey LaLonde, Grandson of Joan Crawford, Dies at 54
June 20, 2026
Casey LaLonde, a grandson of Joan Crawford who helped preserve her legacy as a Hollywood legend through public screenings of her films and home movies, has died. He was 54. LaLonde died suddenly Monday at his home in Downingtown, Pennsylvania, his family announced. Just last month, LaLonde was on hand at the TCM Classic Film Festival to help introduce a 4K restoration screening of the Crawford-starring Letty Lynton (1932), a big hit back in the day. He was scheduled to attend another screening of the film in July at the American Legion’s Hollywood Post 43 theater.
No cause of death reported.
DR PAUL ALEXANDER/
RABOBANK/MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
“The Epitome Of Ludicrousness”
Wednesday, Jun 24, 2026 – 11:45 AM
By Michael Every of Rabobank
“All-You-Can-Eat Shrimp”
“My view is that the United States could take all the seafood Greenland could produce, and cut out the middleman, and keep it from China — and you could bring back all-you-can-eat shrimp at Red Lobster.” That’s a recent quote from a Trump official in The New Yorker arguing for the annexation of that territory. As the magazine notes, the plans are both “ludicrous” and “deadly serious.” Well, loosen your belts, folks, because there’s an all-you-eat buffet of such news.
Yesterday, South Korea’s KOSPI — in an OECD economy with top chips, consumer goods, plastic surgery, and boy- and girl-bands– slumped 9.99%. At time of writing it was up 3.6% after news of a share buy-back by a chaebol. In Taiwan, home to cutting-edge TSMC (and geopolitical tensions) Bloomberg notes a 26-year-old unemployed man invested $60,000 in tech stocks after being advised, “buy any stock and you will make money,” as teenagers are opening brokerage accounts and trading volumes are crashing websites. This is apparently ‘the way things are.’
The EU, and Germany, the Netherlands, and Greece just joined the US Pax Silica ‘no China’ AI tech supply chain initiative alongside Finland, Norway, Sweden, and the UK; Israel, Qatar, and the UAE; Argentina, Canada, Chile, Costa Rica, and Panama; and Australia, India, Japan (which has seen China choke its supply of rare earths), Kazakhstan, the Philippines, Singapore, South Korea, and Taiwan. That’s the deadly serious part. What’s ludicrous is thinking that under this Pax there will be normal trade with China, when decoupling is the design, and that inside it anybody but the US will dominate due to economies of scale and first-mover advantage. As the US Deputy Secretary of War argues in ‘The Digital Sovereignty Trap’ that while, “The UN wants every nation to build its own AI stack,” that is “the surest way to stay a generation behind.”
Meanwhile, ‘The copper crunch: inside the US-China battle for a critical global supply chain’, underlines that frothy Asian tech and geoeconomic alliances ultimately require that metal – and there isn’t enough for everyone. That this zero-sum equation is not front and center of current market discussions, rather than the electronic/’paper’ price of assets that simply assume supplies of this key metal into existence, is the epitome of ludicrousness and deadly seriousness. Then again, we went through the same process with oil, and markets think they won that battle.
Yet Iran and Oman say they will control Hormuz and charge for it; the US says they can’t. Tehran insists it won’t let IAEA inspectors in; the US says they will. There’s no agreement on what they’d do there – watch a down-blending of highly-enriched uranium to a safe 0.7% or be shown Potemkin villages? Iran’s president stated without missiles, the country would be “just like Gaza”; a former Israeli PM said he’d smuggled Starlink systems into Iran to support an uprising, but this had been curtailed by PM Netanyahu (as a Kurdish uprising and on-the-ground drone strikes vs. Basij militia were by somebody). Israeli is reportedly behind a cyber attack now hitting Iranian banks.
Lebanon’s president rejected Israeli occupation and foreign interference, meaning Iran and Hezbollah, as Israeli and Lebanese delegations met in the US. The Israelis call the emerging deal there a “train wreck.” It will be for someone. Relatedly, the Trump Gaza Board of Peace is to ‘recalibrate’ at a Cyprus resort after a rocky first six months.
In the background, it’s reported China plans to offer postwar aid for Iran, with an eye on its energy supply. Can you join the dots there?
In the US, the Senate passed a resolution directing Trump to end hostilities with Iran, which is performative given: (1) he has; and (2) Trump can veto it even if the Supreme Court doesn’t. Then again, the entire US-Iran MoU can be seen as performative and subject to a Trump veto.
The EU’s Von der Leyen plans to visit Armenia, firmly in the former-Soviet Russian orbit, to show support for the pro-EU government there; that’s as Germany announced it will scrap plans to build its biggest warship since WW2, showing again that ambitious defense spending plans are not producing impressive results for the battlefield or oceans. Indeed, commentators are noting that Ukraine is set to be the military leader within the EU, as its accession process begins, a major shift in relative power in a very short period of time.
Besides the volatility in tech, the 10-year anniversary of Brexit shows the City of London fearing “Trump’s America may win the race,” according to Politico. That’s as the BoE has diluted its new stablecoin rules with plans for a £40bn issuer limit but no longer restricting holdings by individuals and companies. In other words, the market will be open for business – but unlike in the US, no big player will be able to dominate it, keeping everything ‘niche’. Then again, few expect any currency other than the US dollar, and its big players –except perhaps the Chinese renminbi– to be able to dominate emerging crypto architecture.
On that front, Bloomberg notes ‘China Crackdown Rattles the Rich in World’s Top Offshore Hub’, which doesn’t seem to support the case for an alternative FX infrastructure on the financial side at least (though trade commodity finance may be a different story). And in Europe, “an historic day” was declared as the European Parliament backed a digital Euro. What role that will play in the global crypto ecosystem –with its emerging, stacked layers of: defence to provide copper, etc.; to provide AI; to provide industry and defence; to get the power to back the digital asset– remains to be seen but it’s going to be (another) major realpolitik struggle.
In real politics, Trump is pushing the Senate to pass the SAVE America Act, to save Republicans, who don’t want to pass it; acting DNI head Pulte is rattling cages in D.C.; Marjorie Taylor Greene joined Tucker Carlson in officially ditching the GOP (to form a ‘space lasers’ party?); and Reuters frames it that New York Mayor Mamdani’s political endorsements are testing the Democrats’ appetite for far-left candidates – and it seems Democratic Socialism sells well within the primary electorate in New York at least based on the results. That, and the White House is pushing back on speculation that Trump got early access to a new obesity drug for “compassionate use.” Like I said, it’s all-you-can eat right now in many areas that are simultaneously ludicrous and deadly serious.
In the UK, King of the North and PM-in-waiting Andy Burnham is being advised to borrow new billions for infrastructure; and he says he’ll boost the defense budget; and that he will stick to the fiscal rules. Is that all-you-can-tax-and-spend, or something new in political-economy? Markets will have to wait and see.
Now back to sensibly frivolous coverage of the KOPSI, whose recent 9.99% daily decline ironically occurred the day after former Fed Chair Alan “I never met a bubble that I didn’t like” (really, that was his view) Greenspan passed away at 100.
7. OIL AND NATURAL GAS//ENERGY COMMENTARIES
California Residents Sue Gas Stations Alleging AI Price Fixing
Tuesday, Jun 23, 2026 – 06:25 PM
Authored by Naveen Athrappully via The Epoch Times,
Three California residents are suing a fuel pricing company and several gas station operators, alleging that they use artificial intelligence-based pricing systems to raise gasoline prices in an uncompetitive manner.
Gas prices above $6 a gallon are displayed at a Shell station in Los Angeles on on May 4, 2026. Justin Sullivan/Getty Images
“Californians are being forced to pay surcharges that cannot be explained by crude oil costs, refining costs, environmental regulation, or taxes,” said the June 22 class action lawsuit, filed at the U.S. District Court for the Eastern District of California, Sacramento Division.
“Part of the cause of California’s astronomical fuel prices is an illegal algorithmic price-fixing scheme orchestrated by the algorithmic pricing company Kalibrate and some of the state’s largest fuel retailers.”
The company’s Kalibrate Fuel Pricing software, an algorithmic, AI-based pricing system, “connects directly to gas stations’ pumps and signs. Instead of lowering prices to attract drivers, Kalibrate Fuel Pricing relies on the data of competing gas stations to coordinate high prices and wring more money from the pockets of consumers throughout the state,” the lawsuit states.
This is contradictory to historical trends where gas stations have competed to secure customers by “aggressively undercutting” retail prices, the lawsuit said.
The “artificial surcharge” from the algorithmic pricing scheme inflicts a “severe, daily financial toll” on millions of Californians, the lawsuit said. For people whose livelihoods are tied to road transport, such as truck drivers, the higher gas prices eat into their incomes.
According to data from the American Automobile Association, a gallon of regular gasoline costs $5.56 on average in California as of June 23, the highest in the country.
A month ago, prices were at $6.11 per gallon amid US-Iran war tensions. A year ago, prices were still close to $5 at $4.66 per gallon.
California’s current gasoline price of $5.56 per gallon is more than $1.6 higher than the $3.92 national average.
In their lawsuit, the defendants said that Kalibrate Fuel Pricing even has a feature that enables almost all gas stations in a market to raise gasoline prices simultaneously.
In addition to Kalibrate, the complaint lists 14 gas station operators and 10 unidentified gasoline fuel retail companies as defendants. Some of the major gas station operators include 7-Eleven, Walmart, Sam’s Club, and BP.
The plaintiffs – Joel Casciani from Chula Vista, Paola Hartman from Homeland, and Crystal Turnbough from Marysville – allege that the gas station defendants’ actions amount to a “modern, digital iteration of traditional price-fixing and combination that California law expressly forbids.”
They asked the court to stop “Defendants’ unlawful combination and collusion, restore competition to California’s retail fuel markets, and make California drivers whole by compensating them for the substantial overcharges Defendants have extracted from them through their illegal scheme.”
The Epoch Times reached out to Kalibrate, 7-Eleven, Walmart, Sam’s Club, and BP for comment but did not receive a response by publication time.
According to Kalibrate, its pricing software is used in more than 20 nations across five continents. The company says on its website that the Kalibrate Fuel Pricing platform delivers “competitive, profitable prices at speed,” powered with AI-driven intelligence.
The software delivers 8.3 million fuel prices every month. More than 25,000 fuel sites are actively priced with Kalibrate Fuel Pricing, with the average weekly profit per site rising by $331 from AI optimization, the company said.
California’s Gasoline Crisis
Meanwhile, California is experiencing an energy crisis resulting from decades of environmental regulations that stifled domestic oil production, defense and engineering expert Mike Fredenburg said in a Feb. 23 commentary published by The Epoch Times.
“Refining capacity has plummeted to about 1.3 million barrels per day today from 2.5 million barrels per day in 1982 – a drop of 48 percent,” Fredenburg said.
“During this same period, oil pumped from California wells dropped to a little more than 300,000 from more than 1 million barrels per day, a 70 percent decrease.“
Fredenburg attributed the huge premium paid by Californians for gasoline partly to the “general hostility” of the state to the oil and gas sector.
This has created a situation in which many oil and gas companies are moving away from the state. As such, California is left to buy crude oil from foreign nations and even pay other countries to produce the state’s special gas and diesel formulation, Fredenburg said.
In May, a group of lawmakers introduced the Transportation Fuel Market Transparency Act to crack down on market manipulation and protect people from price spikes at gas pumps, according to a May 5 statement from the office of Sen. Alex Padilla (D-Calif.).
The bill seeks to create a Transportation Fuel Monitoring and Enforcement Unit within the Federal Trade Commission to “proactively monitor fuel markets for fraud, manipulation, and anti-competitive behavior that can artificially inflate prices,” the statement said.
The measure “would also increase transparency across fuel markets and significantly raise penalties for bad actors,” it said.
END
WTI Holds Losses As Cushing Hits ‘Tank Bottoms’, US Production At Record Highs
Wednesday, Jun 24, 2026 – 10:45 AM
Oil prices are testing down to pre-war levels this morning as more tankers cross the Strait of Hormuz and signs of progress in US-Iran peace talks eased fears of an immediate supply crunch.
Vessels are transiting Hormuz with their satellite signals switched on, indicating growing confidence among shipowners about safe passage of the chokepoint, through which about a fifth of global oil supplies transited before the war. The International Maritime Organization also said it had received safety guarantees allowing hundreds of ships to exit the Persian Gulf.
Washington and Tehran have both flagged early progress in talks to end the war, although negotiations are likely to be protracted and claims from the two sides have diverged. In a sign of how much oil has been leaving Hormuz in recent weeks, the International Energy Agency estimates that the United Arab Emirates is exporting oil at nearly 85% of pre-war levels.
API
- Crude -765k
- Cushing
- Gasoline -1.24mm
- Distillates +1.45mm
DOE
- Crude -6.088mm (-4.1mm exp)
- Cushing -1.077mm
- Gasoline -2.064mm
- Distillates -3.064mm
Crude stocks have now declined for 9 straight weeks (as have inventories at the crucial Cushing Hub)…
Cushing is now well and truly testing ‘tank bottoms’ with stocks at their lowest levels since 2014…
That is the lowest level for this time of year since 2004…
The SPR saw another dramatic drawdown (over 9mm barrels last week)…
US Crude production is back near record highs as rig counts keep rising…
WTI is holding near the lows of the day after the report…
Finally, a closely-watched oil market indicator flipped into a bearish structure on Wednesday for the first time since February, with Brent’s prompt time-spread trading in a shallow contango, with the nearest contract’s price below the next month’s. That structure typically signals expectations of oversupply.
There’s also been a collapse in prices for real-world barrels, with premiums for barrels from the North Sea to West Africa tumbling.
END
ROBERT H:
Tank bottom
The United States Energy Information Agency (EIA) confirmed US Cushing, Oklahoma commercial crude oil inventories have crashed to 19 million barrels, just 2 days from rock bottom.
When Cushing reaches rock bottom, pipelines lose pressure and the strategic oil hub begins physical breakdown.
Meanwhile, in Texas and Louisiana, the US Strategic Petroleum Reserve (SPR) has fallen another 9.1 million barrels to 331.2 million, the lowest since 1983.
Out of those 331.2 Million barrels, between 240 and 243 Million CANNOT BE USED because of dirt, rock, sludge, Paraffin Wax, and Brine Solution injected into the caverns to cause lighter weight oil to float.
Conclusion is only NINETY-ONE (91) Million are usable.
It is simple math.
Because as of today, there are NO vessels loaded with crude headed for America. They all have gone to Asia and India. For there to be relief there is a time lag between loading and delivery, refining and distribution to the pump.
Are we ready for comes next ???
END
RUSSIA/UKRAINE OIL/
Moscow Oil Refinery Faces Six-Month Shutdown After Relentless Ukrainian Drone Attacks
Wednesday, Jun 24, 2026 – 12:40 PM
Moscow’s largest oil refinery is expected to remain out of service for at least six months after suffering significant damage in a series of Ukrainian drone attacks this month, according to Reuters, citing sources familiar with the matter, after Zelensky earlier vowed to bring the war to Russian territory. Kiev and the West are flirty with massive Russian retaliation at this point, which is precisely what Putin has vowed.
The refinery is located on the southern outskirts of the Russian capital and a major fuel supplier to the whole region. It was struck at least twice before this month – as dramatic and intense eyewitness videos captured – forcing operations to halt. Meanwhile via Newsquawk:
Russia has reportedly asked for 50k tonnes of gasoline from Kazakhstan to help ease domestic fuel shortages, according to sources.
“Repairs will take at least six months,” one source said, describing the extent of the damage at the Moscow Oil Refinery.
The Gazprom Neft operatd facility processed 11.6 million metric tons of crude oil in 2024 and produced roughly 2.9 million tons of gasoline and 3.2 million tons of diesel fuel, according to public data.
It comes at a sensitive moment Russia continues to grapple with fuel supply challenges. At the moment, the Crimean peninsula is witnessing unprecedented government restrictions on selling gas to civilians, as well as half the population suffering an electricity blackout due to major Ukrainian drones strikes on Kerch port, and in particular damage to the large thermal power plant there.
Also, Russian Deputy Prime Minister Alexander Novak said this week that Moscow is considering a ban on diesel exports to stabilize domestic markets amid emerging shortages.
Ukraine’s Security Service (SBU) previously claimed responsibility for a June 16 strike that reportedly damaged the refinery’s primary oil-processing unit, described by Ukrainian officials as the plant’s “heart.” That’s when the facility first reportedly suspended operations following the attack.
Two days later, Ukraine launched another large-scale drone assault on Moscow. Russian authorities reported hundreds of drones targeting the capital, resulting in fires at multiple locations.
Since international crude oil prices surged following the war in the Middle East centered on Iran, Russia has boosted its oil revenues as not only prices have jumped – but Russian oil was made desirable in India again – thanks to American waivers for sales of Russia’s crude already loaded on tankers in connection to easing the global crisis due to the Iran war.
Some reports have suggested Russian ‘friendly fire’ initially hit the Moscow refinery, the result of errant local anti-air missiles:
Rather than back down in the face of Moscow’s new threats of “massive group strikes” on Ukraine, it seems Ukrainian forces are flexing with yet more attack waves.
The Kremlin has long believed that Ukraine can’t accomplish such sophisticated long-distance strikes on its own, but that it has had significant targeting help from US and Western allied intelligence.
END
“We Must Act”: TotalEnergies CEO Joins Calls To Rewire Gulf Energy Flows Around Hormuz
Tuesday, Jun 23, 2026 – 10:10 PM
The Strait of Hormuz was disrupted or nearly closed for roughly three and a half to four months, offering Gulf states aligned with the U.S. one clear message: energy flows – or tanker transits – must be rewired through pipeline networks that bypass the maritime chokepoint.
By creating alternative pipeline export routes through the UAE, Iraq, Saudi Arabia, Kuwait, Syria, Oman, or Turkey, regional producers can reduce the risk that Tehran can once again use Hormuz as a leverage tool to disrupt tanker traffic through one of the world’s most critical maritime chokepoints.
TotalEnergies SE CEO Patrick Pouyanne is the latest to signal the urgent need for Gulf producers to prioritize building pipelines that bypass the Strait of Hormuz, according to Reuters.
Speaking at an energy conference in Paris on Tuesday, Pouyanne said, “The reality is that the Strait of Hormuz represents a genuine threat, so we must act. To ensure it doesn’t remain a threat, there is only one solution: we must invest in pipelines to bypass the strait, which is an absolute priority.”
Pouyanne identified alternative export routes in the UAE and Iraq, as well as through Syria. He continued, “When you are in Iraq and need to reach the sea, you can go down through Kuwait and Saudi Arabia, or head towards Syria or Turkey.”
He referenced TotalEnergies’ discovery of oil in Iraq in 1928, which led to an Iraq-Syria pipeline that took six years to build and allowed the French energy giant to load crude in the Mediterranean and feed refineries in southern France.
“If our predecessors did it 100 years ago, I believe we should be capable of doing it again today,” he added.
Pouyanne’s comments to bypass Hormuz come days after the UAE’s Minister of Foreign Trade Thani Al Zeyoudi told Bloomberg in an interview that “zero Hormuz dependency” is essential for survival, adding, “It’s going to open and we hope that will happen quickly, but we will not stop the new plan.”
The plan includes major investments in pipelines, rail, and road links from UAE ports in the Persian Gulf to Dibba, Fujairah, Khor Fakkan and at least one new harbor on the Gulf of Oman coast.
Earlier this month, Sheikh Khaled Ahmad Al-Sabah, managing director of international marketing at Kuwait Petroleum, said Kuwait is among the countries that have reportedly held talks with Saudi Arabia and the UAE about potential cross-border pipelines that could connect Gulf oil production to buyers without relying on tanker transits through Hormuz.
In the first month of the conflict, Saudi Arabia’s Hormuz-bypassing East-West pipeline ramped up to its full capacity of 7 million barrels a day, allowing the Kingdom to divert flows from Persian Gulf loading terminals to those at Yanbu on the Red Sea.
There is a growing consensus among Gulf producers and global energy giants that a pipeline network must be expanded at lightning speed to bypass the Hormuz chokepoint. That logic is simply because it would drastically reduce the region’s dependence on the chokepoint and simultaneously shatter Tehran’s ability to use tanker flows as a leverage tool in any future spat with Washington.
Related:
Earlier today, Eurasia Group senior analyst Gregory Brew wrote on X that Iran’s regional leverage is eroding: “This may be Iran’s first misstep—and proof that its leverage isn’t total. Iran announced the strait was closed, but it didn’t *close* the strait. Without the credible threat of force, Iran’s sway over the waterway has limits.”
END
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
U.S./GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 6;30AM//OPENING AND CLOSING
OPENING LEVELS OF CURRENCIES// AND CLOSING ASIAN STOCK MARKET AND OPENING EUROPEAN STOCKS:6 AM EST
EURO VS USA DOLLAR: 1.1344 DOWN 0.0035
USA/ YEN 161.67 DOWN 0.079 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 1.3162 DOWN 0.0037 OR 37 BASIS PTS
USA/CAN DOLLAR: 1.4226 UP 0.0017 //CDN DOLLAR DOWN 17 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED UP 4.56 PTS OR 0.11%
Hang Seng CLOSED UP 75.90 PTS OR 0.33%
AUSTRALIA CLOSED UP 0.05%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 75.90 PTS OR 0.33%
/SHANGHAI CLOSED UP 4.56 PTS OR 0.11%
AUSTRALIA BOURSE CLOSED UP 0.05%
(Nikkei (Japan) CLOSED DOWN 613.41 PTS OR 0.88%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: $4048.00
silver:$60.03
USA DOLLAR VS TRY (TURKISH LIRA): 46.50 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: 74.96 ROUBLE// DOWN 0 ROUBLE AND 46 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: 4.7314 DOWN 3 BASIS PTS
UK 30 YR BOND YIELD: 5.4380 DOWN 3 BASIS PTS
CDN 10 YR BOND YIELD: 3.416 DOWN 2 BASIS PTS
CDN 5 YR BOND YIELD; 3.041 DOWN 2 BASIS PTS
USA dollar index early WEDNESDAY MORNING: 101.42 UP 9 BASIS POINTS FROM TUESDAY’s CLOSE
WEDNESDAY MORNING NUMBERS ENDS
And now your closing WEDNESDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.245% DOWN 3 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.662% DOWN 3 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.875 UP 2 BASIS PTS//
SPANISH 10 YR BOND YIELD: 3.345 DOWN 2 in basis points yield
ITALY 10 YR BOND: 3.645 DOWN 5 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 2.8756 DOWN 3 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY WEDNESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/10:00 AM
Euro/USA 1.1335 DOWN 0.0044 OR 44 basis points
USA/Japan: 161.75 UP 0.149 OR YEN IS DOWN 15 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.6875 DOWN 7 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.388 DOWN 7 BASIS POINTS.
Canadian dollar DOWN 20 BASIS pts to 1.4230
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY 6.8109 ON SHORE ..DOWN
THE USA/YUAN OFFSHORE// CNH DOWN TO 6.8187
TURKISH LIRA: 46.50 PLUS 2 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
Your closing 10 yr US bond yield DOWN 7 in basis points from TUESDAY at 4.419% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.870 DOWN 5 basis points /10:00 AM
USA 2 YR BOND YIELD: 4.156 DOWN 3 BASIS PTS.
GOLD AT 10;00 AM 4015..00
SILVER AT 10;00: 59.03
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates WEDNESDAY CLOSING TIME 10:00 AM///
London: CLOSED UP 26.35 PTS OR 0.25%
GERMAN DAX: CLOSED DOWN 177.24 OR 0.71%
FRANCE: CLOSED UP 46.27 PTS PTS PTS OR 0.55%
Spain IBEX CLOSED DOWN 85.10 PTS OR 0.44 %
Italian MIB: CLOSED DOWN 391.69 PTS OR 0.75%
WTI Oil price 70.16 10.00 EST/
Brent Oil: 73.66 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 74.78 ROUBLE DOWN 0 AND 28 / 100
CDN 10 YEAR RATE: 3.372 DOWN 7 BASIS PTS.
CDN 5 YEAR RATE: 3.002 DOWN 4 BASIS PTS
CLOSING NUMBERS: 4 PM//
Euro vs USA 1.1354 UP 0.0024 OR 24 BASIS POINTS//
British Pound: 1.3160 DOWN 0.0039 OR 39 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.6920 DOWN 6 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.393 DOWN 6 IN BASIS PTS.
JAPAN 10 YR YIELD: 2.666 DOWN 1 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.867 UP 3 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 161.83 UP 0.231 OR YEN DOWN 23 BASIS PTS//GETTING CLOSER TO 160.00
USA dollar vs Canadian dollar: 1.4237 UP 0.0027 PTS// CDN DOLLAR DOWN 27 BASIS PTS
West Texas intermediate oil: 70.88
Brent OIL: 73.23
USA 10 yr bond yield DOWN 9 BASIS pts to 4.403-
USA 30 yr bond yield: DOWN 8 PTS to 4.858%
USA 2 YR BOND 4.146 DOWN 5 PTS
CDN 10 YR RATE 3.365 DOWN 9 BASIS PTS
CDN 5 YEAR RATE: 2.994 DOWN 5 BASIS PTS
USA dollar index: 101.38 UP 21 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 46.49 GETTING QUITE CLOSE TO BLOWING UP/IDIOTS SOLD GOLD
USA DOLLAR VS RUSSIA//// ROUBLE: 74.90 DOWN 0 AND 40/100 roubles //
GOLD $3981.75 3:30 PM)
SILVER: 56.67 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 184.03 OR 0.36%
NASDAQ 100 DOWN 127.22 PTS OR 0.43%
VOLATILITY INDEX 19.91 UP 1.64 PTS OR 3.20%
GLD: $ 366.00 DOWN 11.32 PTS OR 3.00%
SLV/ $51.77 PTS DOWN 3.87 OR OR 7.11%
TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 313.20 PTS 0.90%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
US Tech Trounced, Bonds Bid As A Korean Butterfly Flaps Its Wings…
WRAP UP;
Tech weighs on indices with Treasuries bid on oil selloff and risk-off – Newsquawk US Market Wrap
Wednesday, Jun 24, 2026 – 03:53 PM
- SNAPSHOT: Equities mixed, Treasuries up, Crude down, Dollar up, Gold down
- REAR VIEW: First day of Israel-Lebanon talks reportedly ended without any progress; Israeli Defence Minister said they will not withdraw from Southern Lebanon, even if the US asks them to do so; GOOG said to lose two more AI staffers to Anthropic; GOOG to replace VZ in DJ; OpenAI & AVGO unveil LLM-optimised intelligence processor; Mixed Aussie inflation; ECB’s Schnabel views more hiking as needed to get to 2% inflation; EIA crude stocks draw more than expected; Weak US 5yr note auction.
- COMING UP: Data: Australian Jobs (May), German GfK Consumer Confidence (Jul), French Consumer Confidence (Jul), Spanish GDP Final (Q1), US PCE (May), GDP Final (Q1), Jobless Claims (Jun/20), Durable Goods (May), Chicago Fed Labour Market Indicator (Jun), Atlanta Fed GDP (Q2). Events: Banxico Policy Announcement, German Finance Agency Issuance Outlook (Q3). Speakers: BoJ’s Tamura; ECB’s Lane, Cipollone; Fed’s Bowman, Williams, Goolsbee. Supply: Japan, UK, US.
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MARKET WRAP
Most US sectors gained on Wednesday, with breadth strong, but the continued tech weakness weighed on indices, leaving SPX and NDX in the red. The AI trade continues to prove volatile in June, with the next catalyst being Micron earnings after the close. Major stock updates included Cerebras (CBRS) sinking 19% on expected declines in gross margins, Alphabet (GOOG) to replace Verizon in the Dow Jones, and OpenAI and Broadcom (AVGO) unveiling an LLM-optimised intelligence processor.
A combination of tech risk off, lower energy prices, and quarter-end rebalancing saw T-Notes rally across the curve with the US 10yr yield down to 4.406%. The unexpected decline in New Home Sales and a weaker US 5yr note auction sparked little reaction in the space.
The decline in oil prices came as escalations were absent, and markets continue to observe oil flows through the Strait of Hormuz increase without interruption. WTI dipped beneath USD 70/bbl and Brent beneath USD 74/bbl. Axios reported Israel-Lebanon talks had no progress on the first day, while the Israeli Defense Minister said they will not withdraw from Southern Lebanon, even if the US asks them to do so. The EIA report saw a bigger-than-expected crude stock draw, surprise builds in gasoline and distillates, and cushing stocks reaching its lowest level since 2004.
In FX, haven outperformance remained the theme, in particular the dollar, which, despite the drop in yields, managed to rally further to highs of 101.80. Barclays FX quarter-end rebalancing sees strong USD selling against all majors. Elsewhere, precious metals remained correlated with risk-off trade and a firmer USD, with spot gold back to November 2025 levels, trading around 3,980; silver hit lows of 55.62.
US
NEW HOME SALES: New home sales for May tumbled 7.3% to 580k from 626k. New houses for sale were 496,000, +2.3% M/M, while new home supply was 10.3 months (vs. 9.3 months in April) and the median sale price was little changed at USD 424,900 (vs. USD 416,500 in April). Oxford Economics write that while new home sales were much weaker than expected, they think the pace of sales in May probably marks the bottom of what will be a noisy range over the next few months rather than the start of a more sustained decline. OxEco expect sales to improve later in the year based on our forecast for mortgage rates to move lower, although that improvement may be delayed by a more hawkish Fed.
FIXED INCOME
T-NOTE FUTURES (U6) SETTLED 20 TICKS HIGHER AT 110-00
T-Notes saw strength, extending on Tuesday’s strength, as crude prices continue to slide, and as equities dipped to see haven demand flows and flight to quality.
THE DAY: Treasuries extended higher throughout the duration of the US session, as they were aided by tumbling oil prices and haven demand, given the continued selling we have seen in indices this week, particularly in tech, which started overnight in the APAC session. The next macro catalyst for this is likely to be Micron earnings after-hours, which will give the next guide for the AI/tech space. Highlighting the size of the move, T-Notes saw a low of 109-09+, before settling around highs of 110-00+, in which there was no clear headline catalyst, just broader sentiment.
Economic data and Fed speak were more or less non-existent, as a weak new home sales print failed to move the needle.
Ahead of pension fund quarter-end rebalancing for June, BofA said it is expected to drive material outflows from equities into fixed income. Adds as the S&P 500’s quarterly gain of c. 14.8% outperformed 10yr+ Treasuries (around 0.4%) and corporates (around 1.0%), despite a marginal month-to-date tilt favouring equities.
In supply, the US 5yr note auction was weaker than usual, highlighted by the 0.7bps tail, against the previous 0.1bps tail and the six-auction average of a 0.5bps tail. Bid-to-cover was in line with recent averages at 2.35x (prev. 2.34x, avg. 2.33x). In terms of the breakdown, dealers took 12.9% (prev. 12.8%, avg. 12.3%), directs took a chunky 25.5% (prev. 12.3%, avg. 22.4), and indirects took a much smaller than last time out 61.6% (prev. 74.9%, avg. 65.3%). Note, following the US selling 70bln of 5yr notes, little move was seen in Treasuries. In addition, the US sold USD 28bln of 2YR FRNs with the high discount margin dropping to 0.079% from 0.089%
SUPPLY
- US sold USD 70bln of 5yr notes; tails 0.7bps
- US sold USD 28bln of 2-year FRN; High Discount Margin 0.079%
Bills
- US sold 17-week bills at a high rate of 3.770%, B/C 2.55x
STIRS/OPERATIONS
- Fed Pricing: 34bps of hikes by year-end (prev. Dec 37bps)
- EFFR at 3.63% (prev. 3.63%), volumes at USD 109bln (prev. USD 115bln) on June 23rd
- SOFR at 3.62% (prev. 3.61%), volumes at USD 3.105tln (prev. USD 3.073tln) on June 23rd
- NY Fed RRP op demand at 4.53bln (prev. 6.48bln) across 7 counterparties (prev. 10) on June 24th.
CRUDE
WTI (Q6) SETTLED USD 2.87 LOWER AT 70.34/BBL; BRENT (Q6) SETTLED USD 3.34 LOWER AT 73.74/BBL
The crude complex was lower on Wednesday, in what was pretty thin market moving geopolitical newsflow, despite the usual constant flow of headlines. Regarding the Strait of Hormuz, it appears traffic is increasing, given a UN spokesperson said ships have already sailed through under the UN Shipping agency’s evacuation scheme, with at least two dry bulk ships and one cargo ship and at least 35 other commercial ships preparing to sail through. Moreover, US Energy Secretary Wright remarked that roughly 72 ships have exited the Strait of Hormuz in the last 24 hours, amounting to 20 ln barrels of oil, and the return to normal oil flows has been delayed due to Iranian mines in the Strait of Hormuz.
Elsewhere, albeit still on geopols, Axios source reports said the first day of the round of negotiations between Israel and Lebanon in Washington ended without any progress, and in a sense, there was even a setback. In addition, Israeli Defence Minister Katz said they will not withdraw from Southern Lebanon, even if the US asks them to do so.
On the supply footing, Russia is expected to ship a record 2.7-2.8mln BPD of crude from its western ports this month, according to three trade and port sources. Furthermore, Moscow Oil Refinery (with a capacity of around c. 11mln metric tonnes p.a.) will be offline for at least six months for repairs after damage from recent Ukrainian drone attacks, sources said.
In the weekly EIA figures, crude saw a deeper draw than anticipated, while gasoline and distillates both saw surprise builds, in line with the private figures last night. Overall, crude production was up 13k W/W to 13.819mln. For the record, WTI traded between USD 69.63-73.18/bbl and Brent USD 73.22-77.00/bbl.
EQUITIES
CLOSES: SPX -0.10% at 7,358, NDX -0.43% at 29,220, DJI +0.35% at 51,854, RUT +0.37% at 2,987
SECTORS: Energy -1.72%, Technology -0.64%, Communication Services -0.60%, Real Estate -0.37%, Financials -0.30%, Materials +0.33%, Consumer Staples +0.56%, Consumer Discretionary +0.79%, Health +0.80%, Utilities +1.05%, Industrials +1.18%.
EUROPEAN CLOSES: Euro Stoxx 50 -0.18% at 6,219, Dax 40 -0.71% at 24,716, FTSE 100 +0.31% at 10,462, CAC 40 +0.54% at 8,385, FTSE MIB -0.74% at 51,639, IBEX 35 -0.45% at 19,390, PSI -0.88% at 9,056, SMI +1.52% at 14,122, AEX -0.03% at 1,065.
STOCK SPECIFICS:
- Hertz (HTZ) filed for offering of up to $100mln shares of common stock & disappointing guidance
- Cerebras Systems (CBRS) sees decline in GMs, overshadowing strong rev. growth
- FedEx (FDX): Weaker-than-exp. profit guidance overshadowed stronger Q4 results & mgmts. positive comments on transformation efforts
- Alphabet (GOOG) to replace Verizon (VZ) in the DJIA, effective BMO on June 29th
- GameStop (GME) CEO Cohen will forgo a potential $35bln performance pay package to focus on his bid to acquire eBay (EBAY).
- Take-Two Interactive Software (TTWO) pre-order of GTA 6 begins on June 25th.
- Samsung Electronics plans a $58.61bln share buyback linked to employee stock bonuses
- Sunrun (RUN) agrees with Renew Home and Tesla (TSLA) to deliver more than 16 GW of power for data centres and large loads; says it is “deployable in months, not years”.
- OpenAI and Broadcom (AVGO) unveil LLM-optimised intelligence processor.
- Paramount (PSKY) ready to sell Universal Pictures JV for Warner deal, according to source reports.
- Former US House Speaker Nancy Pelosi disclosed a new stake in Uber Technologies (UBER).
- Anthropic accuses Alibaba (BABA) of “illicitly” accessing AI models in a letter to US officials.
- Google (GOOG) said to lose two more AI staffers to Anthropic.
FX
USD was broadly higher as risk-taking remained subdued. Equity volatility continues to support the dollar, with choppy trade continuing ahead of Micron earnings after the close. Domestic updates were light with New Home Sales dropping 7.3% in May, despite expectations for an uptick. Geopolitical developments were light, with emphasis on the pace of Hormuz oil flows to pre-war levels. Crude prices tumbled to their lowest levels since the war began, allowing for US yields to retreat lower; however, the jittery mood amongst global equities kept the greenback bid. DXY hit highs of 101.80 before slipping to 101.60.
Barclays FX month- & quarter-end rebalancing: overall, USD neutral against all majors. Month-end: Moderate USD buying against most, with a weak sign on USD/JPY. Quarter-end: Strong USD selling against all majors.
In Europe, the German Ifo Business Climate showed improvement to 85.6 from 85.0, helped by firms’ expectations being less sceptical, perceiving the environment as less uncertain, and viewing the current business situation. At the ECB, Schnabel views more hiking as needed to get to 2% inflation, arguing rates are not yet restrictive and that the ceasefire is not a signal for the ECB to ease vigilance. EUR/USD now trades back at June 2025 levels around 1.1355.
Aussie inflation overnight was mixed. CPI in May cooled below expectations, and the trimmed mean firmed in line with most forecasts to 0.4% M/M and 3.6% Y/Y. Housing was the main inflation pressure point, and Westpac analysis notes price pressures are broadening, particularly within services. AUD/USD is now in a third consecutive day of losses, bringing the April 2026 low of 0.6833 into view (currently at 0.6890).
JPY and CAD were the relative G10 outperformers, trading modestly lower against the buck. JPY haven’s characteristic added support. In Canada, BoC Minutes showed the governing council at the June meeting (held as expected) agreed that the economy was weak, operating in excess supply, and there was slack in the labour market, but the economy was not in recession; no reaction was seen in USD/CAD.
Big-Tech, Bond Yields, Bitcoin, Black Gold, & Bullion All Battered Ahead Of Micron
USA DATA RELEASES
New Home Sales Unexpectedly Plunged In May As Prices Surged
Wednesday, Jun 24, 2026 – 10:10 AM
With Case-Shiller reporting existing home price declines in half of America’s largest cities, New Home Sales were expected to rebound from April’s ugly decline.
But they didn’t… at all…
NAR reports that New Home Sales in May plunged 7.3% MoM (versus the 3.2% MoM rise expected). That print was below the lowest analysts forecast.
April’s 6.2% MoM plunge was revised up modestly to a 5.7% decline, all of which left new home sales down on a YoY basis…
Overall, new home sales have really gone nowhere for four years (but on the bright side, they are not as bad as existing- and pending-home-sales)…
It seems lower mortgage rates (admittedly having risen for the last month) did nothing to help move new home sales…
Finally, while existing home prices are lower, median new home price rose 2.0% MoM to $424,900, unchanged YoY…
Average and median new home prices continue to diverge as sales of ultra-expensive homes drag the average higher even as median price is dropping…
The biggest two-month jump in median new home prices in four years is more than offsetting any gains from lower mortgage rates.
USA ECONOMIC REPORTS
‘Customers Are Being Gouged’: Trump Tells DOJ To Look Into Gasoline Prices
Wednesday, Jun 24, 2026 – 09:25 AM
President Trump said on Wednesday that he had instructed the Department of Justice (DOJ) to open an investigation into oil companies over high gasoline prices.
In a Truth Social post, Trump said that oil companies have not lowered their prices at the pump despite a recent decline in crude prices following the U.S.–Iran preliminary agreement.
“Those prices are dropping like a rock! In other words, customers are being ‘gouged,’” he said.
“Gasoline prices better start going down a lot faster than what I’m seeing!”
Brent crude futures fell below $75 per barrel on Wednesday (back near pre-war levels), while U.S. West Texas Intermediate futures dropped to $72.29, amid the resumption of shipping traffic in the Strait of Hormuz.
Bloomberg’s energy guru, Javier Blas, remarked after President Trump’s post:
“US President Trump, all political theatre, has just discovered the refining (and marketing) margin.”
The national average price for regular gasoline stood at $3.93 per gallon on June 23, according to the American Automobile Association (AAA), down from $4.04 the previous week.
The gas price was $4.53 per gallon a month ago.
Of course, given the supply/refinery chain, it takes time (two weeks) for crude prices to ripple through to pump prices…
AAA said it observed that gas prices remain above the levels before the conflict with Iran erupted in February.
The national average price for regular gas was $2.98 on Feb. 28, the day when the United States and Israel launched military operations against Iran, triggering the war.
“Getting prices back down to prewar levels will take longer because of the time it takes to resume shipping and production,” Marie Dodds, public affairs director for AAA Oregon/Idaho, said in a statement.
As Aldgra Fredly reports for The Epoch Times, US and Iran signed a memorandum of understanding last week to end the war. Under the agreement, the Strait of Hormuz would be fully reopened, and Tehran would not procure or develop a nuclear weapon. The United States also agreed to waive sanctions on Iranian oil for 60 days.
U.S. Secretary of Energy Chris Wright told ABC News on June 21 that commercial shipping traffic through the Strait of Hormuz had returned to normal levels, and that Americans should expect further declines in oil, gasoline, and other energy prices as traffic resumed.
“Flows of oil and natural gas through the straits have already returned to normal, and they will continue that way whatever happens with the negotiations with the Iranians,” he said.
Arsenio Dominguez, secretary-general of the International Maritime Organization, said on June 23 that more than 11,000 seafarers stranded in the region due to war would be evacuated under a coordinated effort with Iran, Oman, other coastal states in the region, the United States, and the maritime industry following the U.S.–Iran preliminary deal.
“We have secured the necessary safety guarantees and have thoroughly verified the conditions for safe navigation to support these operations,” Dominguez said in a statement.
Iran had previously blocked traffic in the Strait of Hormuz—a critical waterway through which a significant share of global oil and gas shipments passes—in response to the U.S. and Israeli attacks on its nuclear and military sites
VICTOR DAVIS HANSON
KING NEWS
| The King Report June 24, 2026 Issue 7769 | Independent View of the News |
| Iran Draws New Red line in Strait of Hormuz after US talks – BBG Iran’s chief negotiator Mohammad Bagher Ghalibaf said the Strait of Hormuz will never return to the way it was before the war and will be managed under “Iranian arrangements”… Iran Delegation Leaves Oman for Tehran after Hormuz Talks – 6:43 ET Oman, Iran to Work on Pact for Strait of Hormuz Costs, Services – 7:19 ET Reuters: Oman and Iran to pursue talks on managing navigation in Strait of Hormuz – 9:25 ET Xinhua: Iran, Oman affirm sovereignty over Hormuz Strait arrangements… – BBG 9:33 ET @maxmeizlish: On May 27, President Trump threatened Oman, saying he would “blow them up” if they moved forward with plans to toll the Strait of Hormuz with Iran. That next day, Secretary Bessent warned that “Oman, in particular, should know that the US Treasury will aggressively target any actors involved — directly or indirectly — in facilitating tolls for the Strait, and any willing partners will be penalized.” Bessent later said he had spoken with the Omani ambassador, who “assured” him that “there were no plans for tolling the strait.” @HormuzLetter: Iran’s negotiating team strongly rejects Pakistan PM Shahbaz Sharif’s claim today that Iran-US talks will discuss ballistic missiles as “completely wrong” and “stemming from pure ignorance,” with Iran emphasizing that the missile issue is “fundamentally not on the agenda” and the published MOU text shows no such topics are included, per Fars… As war with US eases, Iran steps up hangings of dissidents – WSJ In addition to the hangings, thousands of alleged traitors and spies have been arrested in recent months, according to Ahmad-Reza Radan, head of Iran’s Law Enforcement Command… https://www.msn.com/en-us/news/world/as-war-with-us-eases-iran-steps-up-hangings-of-dissidents/ar-AA26dqZk @Newsforce: Trump signed executive orders Monday to accelerate the development of a powerful quantum computer and protect U.S. systems from quantum-enabled cyberattacks. The orders set a goal of building a functional quantum computer by 2028 and migrating key government systems to post-quantum cryptography by 2030–2031… Trump on Truth Social: 19 million barrels of oil flowed out of the Hormuz Strait yesterday, an all-time RECORD. Oil prices are tumbling down, and the World is a much safer place!!! Jun 23, 2026, 6:24 AM Despite their protestations and false statements to the contrary, coupled with the drumbeat of the Fake News, which is doing everything possible to make the U.S. Victory as small and insignificant as possible, Iran has fully and completely agreed to highest level Nuclear inspections long into the future (Infinity!!!). This will insure “Nuclear Honesty.” If they did not agree to this, there would be no further negotiations! Based on this and other major concessions being made by Iran, I have agreed to allow the Hormuz Strait to remain OPEN, with no further Naval Blockade. However, all ships are remaining in place should it be necessary to reinstitute the Blockade, which seems, at this point, highly unlikely. The Money and/or Sanctions that the U.S. Treasury is releasing goes into escrow, controlled by the U.S.A., and will be used for the purchase of food and medical supplies, exclusively from the United States, including Corn, Wheat, and Soybeans from our great American Farmers. These are things that are desperately needed by Iran. This is a humanitarian crisis, and I feel it is necessary to help, NOW, before it is too late. Talks are going well!… Jun 23, 2026, 6:20 AM @Osint613: Iranian FM spokesman Esmail Baghaei openly contradicts Vice President Vance: “Iran has no plans to allow IAEA inspectors to enter nuclear sites that were damaged during the war.” @CGTNEurope: Iran Supreme Leader, Mojtaba Khamenei: “It was with the weapon of Allahu Akbar that the devoted armed forces in Islamic Iran, accompanied by the mujahideen of the Resistance Front, especially dear Lebanon, achieved remarkable victories against the two terrorist American-Zionist armies in the Third Imposed War.” @GuyAz: Netanyahu appears to be preparing the ground for possible future U.S. restrictions amid growing disagreements over Lebanon and the broader Iran deal. Speaking to reserve combat officers, the Israeli PM said: “I greatly appreciate the support we received from our American friends. But we need to free ourselves from dependence and build our own independent weapons production system.” Netanyahu added that Israel must expand its domestic arms industry, reduce reliance on foreign suppliers, and build greater military self-sufficiency as it confronts Iran and its proxies. A notable message at a time of increasing tensions between Jerusalem and Washington over Lebanon and the post-war regional order. (This is also a warning to Trump that Bibi can blowup the MOU, too!) Despite claims of Iran’s “unconditional surrender,” Iran is successfully exerting pressure on Trump/Vance to get concessions ostensibly on fear of closing the Strait of Hormuz. Perhaps Bibi should pressure Trump/Vance by threatening to destroy Hezbollah in Lebanon. This would provoke Iran to attack and close the Strait of Hormuz. Bibi has cards to play, too. @JewishWarrior13: Israel Hayom: Substantive disagreements are roiling between the Vance group and the State Department under Rubio over the Lebanon issue. The State Department opposed the creation of the new mediation mechanism in Lebanon, arguing that it could undermine the direct talks between Israel and Lebanon. UAE’s @amjadt25: Vance wanted to come to the Middle East, but the idea wasn’t warmly received, so Trump is sending Rubio instead… he’ll likely say how great the Iran deal is, only to be told that America made a huge, historic mistake by trusting a regime that has spent decades proving it cannot be trusted. Israel is like the customer service desk for everyone’s failures. Bad weather, bad politics, and now even Iran and Trump blame Israel to cover for JD Vance’s bad deal. You failed Israel, your own closest friend, and now you want the rest of us to trust you? What are you going to say: “Trust me, bro”? @AmitSegal: Secretary of State Rubio: “It is impossible to end the war if Iran’s proxies keep launching missiles. The Lebanon file is separate from the Iran file.” Oracle Cuts 21,000 Jobs as AI Adoption Deepens and Credit Risk Flashes GFC-Era Highs Wall Street analysts forecast that the cloud unit’s data center spending will drive Oracle’s cash flow negative through the end of the decade, with a payoff not expected until 2030… https://www.zerohedge.com/markets/oracle-cuts-21000-jobs-ai-adoption-deepens-and-credit-risk-flashes-gfc-era-highs A global tech selloff appeared on Tuesday. Asian chipmakers got hammered. South Korea’s Kospi plunged 9.99%. The Kosdaq tumbled 7.94%. The Nikkei sank 3.55%. NQUs were -1037.00 (-3.3%) at 9:31 ET. ESUs were -126.00 (-1.66%) at 9:31 ET. September (U) is now the front month for financial future contracts. The usual suspects eagerly bought the sharp decline on the NYSE opening. ESUs soared to 7491.00 at 10:20 ET. A pro dump appeared; ESUs sank to 7436.00 at 11:25 ET. The post-European close counter mover took ESUs to 7474.25 at 1241 ET. ESUs then went inert until they broke lower at 13:51 ET. In the afternoon, Trump, in PA, speaking to reporters averred that Iran officials are “100%” wrong on NO nuclear inspections. ‘They’ told US officials “face to face” that nuclear inspectors will be allowed. Trump: “They’re wrong. They’re wrong. They know they’re wrong. They told us inside and we have it down 100%… and if they were right, I’d cancel the meetings right now.” https://x.com/FoxNews/status/2069471761377202651 Q: When will the IAEA inspectors actually be on the ground in Iran? Trump: At the appropriate time, there is no rush. https://x.com/JewishWarrior13/status/2069474317885166079 DJT contradicted himself on Iran missiles: “We’re leaving Iran with no navy, no air force, no anti-aircraft, no missile capability, no nuclear program, no nuclear capacity, and they’ve agreed to that, and we’re getting along quite well… We can fly over Tehran at will.” https://x.com/Acyn/status/2069496707298258977 Trump on June 5, 2026 while on NBC’s “ “They still have capacity. They have some missiles; they have some drones. I would say percentage-wise, maybe 21-22% of their missiles, it’s a lot of missiles, but it’s not what it was when we first attacked.” https://www.nbcnews.com/meet-the-press/video/meet-the-press-now-june-5-264655429996 @c14english “We brought President Trump to his knees; we got what we wanted. As usual, the foolish West believes it is getting something from us in return – which, of course, will never happen”. Senior Iran Analyst Dror Balazada’s exclusive report on what the commander of the IRGC is saying about the deal behind closed doors: “Right now, the goal is to keep the Americans on a short leash. Any violation, even the smallest one, no matter who commits it, will allow us to threaten to close the Strait of Hormuz, and Trump and his people will, of course, agree to anything”. “Trump thinks we will waste the money he is giving us on buying goods from the United States. That will never happen in our lifetime”. “We now need to make the Americans understand that Israel is the evil force in the Middle East. That is our goal”. @AJENews: Pezeshkian says no negotiations will take place regarding Iran’s ballistic missile Trump on Iran: “We’re getting along quite well, although if you read the fake news, you’d never know.” UNCONFIRMED reports on X had Israel warning Trump/Vance that if Iran attacks Israel, the IDF will destroy Iran’s energy producing infrastructure. For the 2nd consecutive session, conflicting remarks on Iran’s compliance with the MOU hurt stocks. The SOX Index hit -8.41% and the Nas 100 registered -3.43% at 15:46 ET. ESUs fell to 7428.75 at 14:54 ET. They plodded up to 7453.00 at 15:54 ET and then fell to 7433.25 at 16:01 ET. Positive aspects of previous session Bonds rallied modestly; precious metals declined smartly. Negative aspects of previous session Global tumble in AI-related and chipmaker stocks; Fangs declined sharply. The Iran-US MOU negotiations remain highly uncertain and tenuous. Ambiguous aspects of previous session Either US or Iranian officials are lying big-time about concessions made at the MOU talks. Google will replace Verizon in the DJIA First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour: Up; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to day traders]: 7379.08 Previous session (S&P 500 Index) High/Low: 7424.17 (10:20 ET); 7347.60 (9:31 ET) @DebbieSchlussel: JD Vance & the rest of the 3 HAMASketeers (Jared & Sitkoff) have made “progress” in their humiliating surrender deal w Iran. They have gotten Iran to agree to IAEA nuclear inspectors because nobody has ever done that before! And when it did happen before, it worked spectacularly bc the inspectors had full access, were never lied to by the Iranian regime, were never partial to Iran (see convicted sex offender against kids Scott Ritter), and Iran never hid anything from them ever bc the Ayatollah regime is completely honest and forthright, especially to Westerners. Right? These idiots are repeating the exact BS that has already been tried and failed with Iran for decades. But they are “better” and “smarter”! Sure. Shampoo Rinse Repeat. Unsettling ‘jellyfish’ drones spotted by downed US fighter pilot hints Iran is beefing up war tech: expert – The unnamed F-15 pilot, who was rescued April 3 after hiding deep in enemy territory in the Zagros Mountains for more than a day, described a “minefield of drones” hovering in the air — which he surmised could have helped Iran shoot his plane down … Motherships… are large drone aircraft capable of relaying communications or orders to other drones connected to them. Motherships are “a relatively normal way of warfare” in battle zones like Ukraine, he added… https://trib.al/PY33SD6 U.S. Senate votes (50-48) to halt Iran war, bucking Trump http://reut.rs/4g2Ujz8 FedEx tumbled 5% after hours on Q4 Adj EPS of 6.31, 6.07 exp; Rev $25B, $24.06B exp; increased its buyback plan by $1B but sees FY 2027 Adj EPS of $16.90-$18.10 with $21.61 consensus. Today – Until there is clarity on the MOU talks, do NOT play. Trump/Vance/Rubio and Iranian officials issued contradicting remarks again. Rubio contradicted Vance on Lebanon/Hezbollah/Iran. ESUs and NQUs traded moderately lower early on Tuesday night. They have turned smartly positive because traders and bubble meisters are conditioned to buying dips, and ‘they’ see a bounce occurring. Expected impact economic data: Q1 Current Account Balance -$210.6B; May New Home Sales 638k, Permits 1.418m ESUs are +13.50; NQUs are +101.50; WTI is -$0.42; gasoline is -2.70¢; USUs are -2/32 at 20:05 ET S&P Index 50-day MA: 7340; 100-day MA: 7051; 150-day MA: 6983; 200-day MA: 6912 DJIA 50-day MA: 50,085;100-day MA: 49,042; 150-day MA: 48,762; 200-day MA: 48,216 (Green is positive slope; Red is negative slope) S&P 500 Index (7365.46 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 6861.16 triggers a sell signal Daily: Trender is positive; MACD is negative – a close below 7319.33 triggers a sell signal Hourly: Trender and MACD are negative – a close above 7425.29 triggers a sell signal @JonathanTurley: Some of us almost spit out our coffee this morning on (Dem Rep) Dan Goldman going on CNN to denounce the lack of civility in politics. This stems from the refusal of a barista to sell him a coffee (for supporting Isreal). Goldman, who is viewed by many as the face of rage for his party in attacking anyone with opposing views, lamented the loss of civil discourse… Chicago sanctuary policies let alleged Tren de Aragua mass shooting getaway driver walk free https://trib.al/oyKPrbO @EndWokeness: 40+ shot over the weekend in Chicago and Mayor Johnson is talking about … “slavery continuing to harm Chicago.” https://x.com/EndWokeness/status/2069481927178862879 NBC Chicago’s @paschutz: “Shut up, Donald,” says Father Pfleger of St Sabina, responding to Trump’s criticism of Chicago violence this weekend, renewing calls for more federal agents. “Just send us the money you took away.” Pfleger and others are proposing a permanent city office of Gun Violence Reduction. (How about enforcing existing laws and getting tougher on criminals?) The default position and response to questions about Chicago violence is to blame Trump instead of the Democrats that run Chicago, Cook County, and the State of Illinois. @RCJdpoctner: It’s been confirmed that the man in Chicago who set a woman on fire had 72 ARRESTS – not the initially thought 49 JUDGE: “I can’t put everyone behind bars just because the State Attorney asks me to.” This is a generational betrayal. https://x.com/RCJdpoctner/status/2069173397985095786 Woman who emptied Knicks trashcan on street then stole it was DEI exec, worked at JPMorgan Chase https://trib.al/NP7mWjY | |
SWAMP STORIES FOR YOU TONIGHT
NEW YORK CITY /A DISASTER ZONE
Mamdani-Backed Candidates Win New York House Primaries
Wednesday, Jun 24, 2026 – 08:05 AM
Authored by Nicholas Zifcak & Jackson Richman via The Epoch Times,
All three candidates endorsed by New York City Mayor Zohran Mamdani won their closely-watched House primary races on Tuesday, handing the democratic socialist a victory in his bid to move his party more to the left.
Democratic congressional candidate Brad Lander (R) arrives with New York City Mayor Zohran Mamdani for an election night watch party in New York City on June 23, 2026. Ryan Murphy/AP Photo
On the job for fewer than six months, the mayor waded into three congressional primary races, backing democratic socialists and progressives against more established Democrats.
Mamdani-endorsed former New York City Comptroller Brad Lander defeated Rep. Dan Goldman, whose seat spans lower Manhattan and part of Brooklyn.
In the race to succeed retiring Rep. Nydia Velazquez, Mamdani-endorsed Assemblymember Claire Valdez, a self-described democratic socialist, beat Brooklyn Borough President Antonio Reynoso, who was backed by Velazquez.
Rep. Adriano Espaillat, 71, was defeated by Mamdani-backed Darializa Avila Chevalier, 32, a democratic socialist.
Mamdani’s endorsements had put him at odds with other prominent New York Democrats. New York Gov. Kathy Hochul endorsed Espaillat and campaigned alongside Goldman.
In these solidly blue districts, primary elections are highly competitive, with the Democratic contender expected to win easily in November.
Community Organizer Beats Rep. Espaillat
In an upset, PhD student and community organizer Chevalier beat out fellow Dominican, Congressman Espaillat. The district, which includes Harlem and parts of the Bronx, has been represented by Espaillat since 2017.
Chevalier received a significant boost when Mamdani announced his support for her candidacy in late May. Even so, in a debate just days before the primary, Chevalier faced pointed questions about past Twitter posts in which she attacked major Democratic party leaders, including former President Joe Biden (who she called “racist”), as well as cursing former Vice President Kamala Harris. She also called the United States “a[n expletive] disgrace,” and called for the end of the police.
Chevalier has been outspoken against Israel, criticizing Espaillat for accepting funds from the American Israel Political Action Committee (AIPAC). Espaillat criticized her for attending a pro-Palestinian rally just one day after Hamas’s Oct. 7, 2023, attacks on Israel.
Chevalier worked on the mayor’s campaign last year.
Assemblymember Valdez Wins
Mamdani-endorsed Valdez beat Reynoso for the Democratic nomination for the seat of retiring Velazquez.
The veteran Hispanic congresswoman representing Brooklyn and Queens was an early supporter of Mamdani, and was displeased when the mayor endorsed Valdez rather than her preferred candidate, Reynoso, for the seat she is vacating. Up and down the ballot, Velazquez endorsed a string of candidates running against Democratic Socialists of America candidates.
Democratic Socialists of America member Valdez was an early supporter of Mamdani since late 2024 when he first launched his run for mayor. She received Mamdani’s endorsement in January.
Rep. Goldman Defeated by Lander
Lander succeeded in beating out Goldman for the Democratic nomination to represent the 10th district in Congress.
Lander, who also received Mamdani’s endorsement, was a vocal Mamdani supporter after his run for mayor ended with the June 2025 primary. Lander has joined some current House members in calling for an end to U.S. aid for Israel.
Both candidates have described themselves as liberal Zionists, but Lander has attacked Goldman for supporting U.S. military aid to Israel and for accepting money from AIPAC.
The Epoch Times spoke with voters in the 10th district. Michael Bedrick said he mainly came to vote to support Goldman, who he said has earned his vote.
“I’m really kind of sick of the left’s attack on Israel,” Bedrick, an attorney, said.
“I understand there’s a lot of problems with the Israeli government itself, but I want our interests aligned with democracies and not with Islamic fundamentalists.”
Another voter in the 10th District, Benjamin Patrusky, said affordability was his primary concern. He said he was looking for progressive candidates who would work to push out President Donald Trump.
“Anyone who’s a strong progressive and leaning in the right direction, and has a forceful voice, will be important to me,” Patrusky said.
Lander received 65.8 percent of the vote to defeat Goldman, with 86 percent of the votes counted.
Lasher Wins Primary for Nadler’s Seat
State Assemblyman Micah Lasher beat out seven other candidates for the nomination to replace retiring Rep. Jerry Nadler (D-N.Y.).
The race attracted a field of eight candidates. The two state assemblymen, Lasher and Alex Bores, stood out. Lasher received endorsements from former bosses Nadler, Michael Bloomberg, and Hochul; while major unions UAW, AFL-CIO endorsed Bores along with Rep. Patrick Ryan (D-N.Y.). Other candidates in the race included former Republican and never-Trumper John Conway, USAID public health expert Nina Schwalbe, and John F. Kennedy’s grandson Jack Schlossberg.
Schwalbe, who spoke with The Epoch Times at a polling station, said voters in the 12th District are concerned about housing and healthcare.
“People are losing their Medicaid benefits. They’re getting these letters about work requirements. They’re losing their SNAP benefits,” Schwalbe said.
Schwalbe said she and her campaign have knocked on 4,000 doors.
“And then people are worried about rule of law and the existential crisis of Trump,” she said.
Even so, the issue of regulation of artificial intelligence (AI) played an outsize role in the campaign.
In a video, Bores called the contest a referendum on the regulation of artificial intelligence (AI). Bores previously worked at Palantir and helped pass a state law last year called the Raise Act, requiring AI developers to publish safety plans.
New York’s 12th Congressional District encompasses the Upper West and Upper East Sides in Manhattan. In the state assembly, Bores represents the Upper East Side and Lasher represents the Upper West Side.
Lasher has a long history in New York politics, working as director of policy for Hochul prior to becoming a state legislator. He also worked as chief of staff to the state attorney general, as well as legislative director for former Mayor Michael Bloomberg.
Voters in the 12th District shared their thoughts on the election with The Epoch Times.
Shaughna Bishop, a psychologist, said one of the main things that guides her vote is LGBTQ rights. For this election, she said the debate over regulating AI also impacted her decision, which wouldn’t normally be the case. She also considered a candidate’s experience as a legislator in local government. “Jack Schlossberg is cute, but he hasn’t done anything.” Bishop decided to vote for Alex Bores.
Her son Cole Bishop, who also voted on June 23, said regulating AI was the most important issue for him. “I am probably much more motivated by the debate on AI. I think the rapid consumption of our clean water is going to be devastating.”
Michelle Roseblatt, retired, another voter in New York’s 12th District, said it’s important to vote. “It’s our duty. It’s an honor to vote. People die and give their lives in other countries to vote,” Roseblatt said.
“All those new voters who signed up in the mayoral election, where are they now? Are they sitting this out? Because every election is as vital as the last one.”
Army Veteran to Challenge Rep. Lawler
Incumbent Republican Rep. Mike Lawler will face Army veteran Cait Conley.
Conley won the Democratic primary, defeating Rockland County Legislator Beth Davidson, Tarrytown Trustee and nonprofit executive Effie Phillips-Staley, and journalist Mike Sacks.
Lawler has represented the district, based in the Hudson Valley, since 2023.
The Cook Political Report rates the race as a toss-up.
Trump-Backed Candidate Wins Primary for Rep. Stefanik’s Seat
Manufacturing executive Anthony Constantino defeated New York State Assemblymember Robert Smullen. President Donald Trump endorsed Constantino.
Dairy farmer Blake Gendebien won the Democratic primary.
Whoever wins will succeed Republican Rep. Elise Stefanik, who declined to run for re-election.
Shaughna Bishop and her son Cole Bishop said the debate over regulating artificial intelligence affected their decision. They voted in Manhattan, N.Y., on June 23, 2026. Nick Zifkac/The Epoch Times
END
GOP Civil War Erupts On Two Fronts: Luna Freezes The House Floor, Trump Gets “Brother’d” By Cassidy In Senate Over SAVE Act
by Tyler Durden
Wednesday, Jun 24, 2026 – 03:47 PM
The Republican Party’s long-simmering tensions over election integrity exploded into open warfare on Wednesday, with chaos breaking out simultaneously in the House and Senate – and President Trump caught in the middle of both.
It started, as these things often do, with a procedural knife fight.
Rep. Anna Paulina Luna (R-FL) and a band of House conservatives declared they would refuse to support any rule votes this week unless Senate Republicans finally moved the SAVE America Act – the proof-of-citizenship and voter ID bill that has passed the House multiple times but remains stuck in the upper chamber. Without a rule, the House can’t conduct normal business. Leadership blinked. The scheduled rule vote was pulled. The floor froze.
Limited to suspension votes and with tomorrow already off the table, GOP leaders were left scrambling: send everyone home? Let a rule fail on the floor? Cut a deal? Try again next week? The options were all bad.
And of course, Trump then lit a match… Hours before a planned signing ceremony for the popular bipartisan housing bill (passed 358-32 in the House and 85-5 in the Senate), the president abruptly canceled it on Truth Social, declaring he would not sign the measure “until such time as we pass the desperately needed SAVE AMERICA ACT, which I consider to be a National Emergency.”
The housing bill – a rare bipartisan win on affordability – was suddenly held hostage to a voting bill Democrats have no intention of supporting and that Senate Republicans still can’t get to 60 votes.
The Senate Meeting Turns Ugly
While the House was melting down, Trump headed to Capitol Hill for a closed-door meeting with Senate Republicans. It did not go smoothly.
According to multiple senators in the room who spoke to Punchbowl’s Andrew Desiderio, Trump arrived in a sour mood and used much of the session to vent. He hammered the SAVE Act, the filibuster, and his decision to kill the housing signing. Nobody pushed back.
Then came the moment that will live in infamy.
Lame-duck Sen. Bill Cassidy (R-LA) – whom Trump had effectively primaried earlier this cycle – came in “guns blazing.” At one point he stopped using “Mr. President” altogether and simply called Trump “brother.”
The temperature in the room reportedly dropped. Trump, already irritated over Iran war powers votes, was further agitated. One senator later described the entire session to Desiderio as “more of a venting session for the president.”
Cassidy, freed from re-election concerns, was apparently done pretending otherwise.
The SAVE America Act: The Prize Everyone’s Fighting Over
At the center of the storm sits the SAVE America Act – the bill requiring documentary proof of citizenship to register to vote in federal elections and photo ID at the polls. Supporters call it basic election security. Opponents call it a solution in search of a problem that will disenfranchise legitimate voters.
The House has passed it. The Senate has not. And with the filibuster still in place, it’s not clear how it gets to 60 without major concessions or rule changes – neither of which Senate leadership appears eager to deliver.
House conservatives have decided they’re done waiting politely. Luna and her allies are using the only leverage they have: the ability to make the House floor a dysfunctional mess.
Trump, frustrated with the Senate’s math problem, decided to take a popular bipartisan win off the table until they fix it.
And in the Senate lunch, one of the president’s former allies decided the deference phase of the relationship was over.
Where Things Stand
As of mid-afternoon Wednesday:
- The House is in procedural limbo, limited to suspension votes.
- The housing bill signing is canceled.
- Senate Republicans just sat through a venting session from an unhappy president.
- A lame-duck senator called the Commander-in-Chief “brother” to his face.
In short – this is a collision of three different Republican power centers – House hardliners, Senate institutionalists, and a president who wants results now – all using the same bill as a weapon against each other.
Earlier…
President Donald Trump abruptly canceled a planned Capitol Hill signing ceremony for a sweeping bipartisan housing affordability bill Wednesday, saying he would not move forward until Congress passes the SAVE America Act, an elections measure he has elevated as a top legislative priority.
In a Truth Social post shortly before the scheduled event, Trump said the housing news conference and signing were “cancelled” until passage of the SAVE America Act, which he described as a “National Emergency.”
The 21st Century ROAD to Housing Act cleared the Senate 85-5, with Republican leaders insisting the CBDC restriction ride along with one of the most bipartisan bills in years. The House passed the bill Tuesday 358-32, putting the measure on a direct path to President Donald Trump’s desk for signature.
And so – Trump’s cancellation upended what was expected to be a rare bipartisan victory lap for lawmakers, who had sent Trump the 21st Century ROAD to Housing Act after months of negotiations. The bill, one of the most significant federal housing packages in decades, passed the House Tuesday evening by a wide margin after clearing the Senate 85-5 a day earlier.
The housing legislation had drawn support from both parties by targeting the nation’s housing affordability crisis from several angles. Its provisions seek to speed up construction, reduce regulatory barriers, streamline environmental reviews, expand support for factory-built and manufactured housing, and help local governments convert vacant commercial buildings into affordable homes.
One of the most politically prominent pieces of the bill would limit large institutional investors from purchasing certain existing single-family homes. Supporters argue that such restrictions could help reduce competition for individual buyers in markets where corporate ownership is concentrated, while the final version preserves a carveout for new construction.
The measure also contains a major digital-currency provision: a temporary ban, running through the end of 2030, on the Federal Reserve issuing or circulating a central bank digital currency. The language includes protections for private dollar-denominated digital assets, a provision welcomed by crypto advocates who oppose a government-backed digital dollar.
The bill’s language is sweeping: the Board of Governors of the Federal Reserve System or any Federal Reserve bank may not issue, create, or circulate a central bank digital currency – directly or through any intermediary – through December 31, 2030.
It explicitly shields private stablecoins, carving out any “open, permissionless, and private” dollar-denominated asset.
The bill’s broad coalition had made it a rare point of agreement in a divided Congress. Republicans emphasized deregulation, supply growth and limits on Wall Street homebuying. Democrats pointed to affordability, renter protections and housing access. Lawmakers from both parties had hoped the signing would mark a tangible response to high rents, elevated mortgage costs and a shortage of affordable homes.
Now, the bill in legislative limbo with Trump using the housing package as leverage to force Senate action on election rules. The SAVE America Act has been a priority for Trump and his allies, but it faces strong Democratic opposition and an uncertain path in the Senate.
That said, if Trump continues to withhold his signature – and does nothing, the bill is likely to become law regardless. Under the Constitution, a bill presented to the president becomes law automatically after 10 days if he neither signs nor vetoes it – provided Congress remains in session. With August recess still weeks away and both chambers having passed the measure by margins far exceeding the two-thirds threshold needed to override a veto, the CBDC ban appears headed into law with or without a ceremony.
GREG HUNTER…
harveyorganblog.com 
