JULY 1//TODAY WILL BE A WORK IN PROGRESS/CURRENCY DATA IS COMPLETE EXCEPT 4 PM CLOSING//COMEX DATA IS PRELIMINARY DATA/WILL COMPLETE LATER TODAY//GOLD PRICES ARE UP 100.00 WITH SILVER UP $2.40 OR SO//
092 C DEUTSCHE BANK 250 099 H DEUTSCHE BANK AG 1029 118 C MACQUARIE FUTURES US 31 167 C MAREX 1 363 H WELLS FARGO SECURITI 324 555 C BNP PARIBAS SEC CORP 53 661 C JP MORGAN SECURITIES 1875 128 686 C STONEX FINANCIAL INC 17 16 709 C BARCLAYS 59 732 C RBC CAP MARKETS 516 737 C ADVANTAGE FUTURES 20 16 905 C ADM 9
TOTAL: 2,172 2,172 MONTH TO DATE: 7,880
JPMORGAN STOPPED: 128/2172
GOLD: NUMBER OF NOTICES FILED FOR JULY/2026: 2172 CONTRACTs NOTICES FOR 217,200 OZ or 6.755 TONNES
total notices so far: 7880 contracts FOR 788,000 OZ OR 24.510 TONNES
JUNE 30
XXXXXXXXXXXXXXXXXX
SILVER NOTICES: 301 NOTICE(S) FILED FOR 1.505 MILLION OZ /
total number of notices filed so far this month : 5076 CONTRACTS (NOTICES) for 25.380 million oz
Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $2.85 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/// NO CHANGES IN GOLD INVENTORY AT THE GLD:
INVENTORY RESTS AT 1005.077 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $1.35 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: HUGE CHANGES IN SILV INVENTORY: A WITHDRAWAL OF 1.447 MILLION OZ OZ OUT OF THE SLV /// : INVENTORY RESTS AT THE SLV AT 479.127 MILLION OZ//
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 480.574 MILLION OZ
SILVER//OUTLINE
SILVER COMEX OI FELL BY A MEGA MEGA HUGE SIZED 3531 CONTRACTS TO AN OI OF 104,423 STILL A LOT HIGHER FROM ITS NEW RECORD LOW OF 95,999 SET MAY 1/2026. THE RECORD HIGH OI FOR SILVER IS 244,710, SET FEB 25/2020, AND THIS HUGE LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR HUGE GAIN OF $1.35 IN SILVER PRICING AT THE COMEX WITH RESPECT TO TUESDAY’S TRADING. ON THE FIRST OF MAY, WE REACHED OUR RECORD LOW OI OF 95,999 SURPASSING EVERY DAY NEW OI LOWS SET DURING THE LAST WEEK OF APRIL 2026.
NOW ON A NET BASIS OUR SPECULATORS HAVE REVERTED BACK TO GOING SHORT. THE FRBNY ON A NET BASIS IS PROVIDING THE NECESSARY PAPER TO OUR LONG BANKERS AND THEN TENDER FOR PHYSICAL AT 4 PM EACH NIGHT. BECAUSE OF THE HUGE SHORTFALL IN PHYSICAL SILVER IN LONDON THERE IS A LOTTERY TO SEE WHO GETS ANY OF THE PHYSICAL SILVER AVAILABLE THAT WHICH THEY ARE OBLIGATED TO DELIVER. THEY WAIT PATIENTLY FOR THEIR PHYSICAL METAL AND IF NOBODY GETS ANY THEY THEN COME BACK THE NEXT DAY AND SO ON. THIS IS IN LONDON, THE HOME OF PHYSICAL SILVER!! THE FACT THAT WE ARE WITNESSING MANY EXCHANGE FOR PHYSICAL TRANSFERS TO LONDON HIGHLIGHTS THE FACT THAT THE COMEX IS OUT OF SILVER AS WELL.
WE ARE NOW MOVING TO A MUCH LOWER BASE IN SILVER PRICING BREAKING MAJOR SUPPORT LEVEL OF $70.00. SHORTLY WE WILL REVERT BACK TO NUMBERS GREATER THAN 70 DOLLARS PER OZ.
WE HAVE A MEGA MEGA HUGE LOSS OF 2841 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A STRONG SIZED SIZED 690 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE , WE HAD HUGE LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO TUESDAY TRADING// WE HAD A HUMONGOUS SIZED 1182 CONTRACT T.A.S. ISSUANCE!! / THEY DESPERATELY AGAIN TODAY TRYING TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $100.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED ON TUESDAY WITH SILVER’S GAIN IN PRICE
THE PRICE STILL FINISHED BELOW THE MAGIC NUMBER OF $70.00 SILVER SPOT PRICE BUT STILL BELOW THE $100.00 MARK CLOSING AT $59.52 UP $1.35. WE ARE NOW WITNESSING HAVING MANY HUGE T.A.S ISSUANCES // TODAY’S WAS A HUMONGOUS SIZED 1182 T.A.S. CONTRACTS !!. THE CROOKS ARE BECOMING MORE DESPERATE TO STOP SILVER BREAKING ABOVE THE 100.00 DOLLAR MARK!! AND NOW THE HUGE SUPPORT LEVEL OF 70 DOLLARS HAS BEEN BROKEN// //.MAMMOTH SIZE T.A.S ISSUANCES ARE BECOMING THE NORM AT THE COMEX NOW!!
THERE IS NO NEXT LINE IN THE SAND ONCE THE 100.00 DOLLAR SILVER IS PIERCED AGAIN. WE HAD A STRONG SIZED 690 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUMONGOUS SIZED 1182 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN FUTURE TRADING//AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE.
IN ESSENCE WE HAD A MEGA MEGA HUGE SIZED LOSS OF 2841 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR GAIN IN PRICE OF $1.08. WE HAD HUGE GOVERNMENT (FRBY) COMEX CONTRACTS TRADING ALL WEEK AND A MAJOR PORTION WILL BE REMOVED BY DAYS END. (I RECORD THIS FOR YOU ON A DAILY BASIS). THE STICKY SPECULATOR LONGS STILL REMAIN STOIC
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE.
THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, THROUGHOUT MONTH. TOTAL TAS ISSUED ON TUESDAY NIGHT/WEDNESDAY MORNING: A HUMONGOUS SIZED 1182 CONTRACTS. DESPITE MANY COMPLAINTS THAT THESE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED FRBNY BANKERS).
THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS AS ONE UNIT, BUT SELL THE SHORT SIDE FIRST AND THEN LIQUIDATE THE LONG SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS NOW ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1.1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES.
THUS:
INITIAL STANDING FOR JANUARY: 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NEW NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR .100 MILLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ!!
INTIAL STANDING FOR FEBRUARY/SILVER: 13.505 MILLION OZ FOLLOWED BY TODAY’S HUGE 0.005 MILLION OZ QUEUE JUMP / : NEW STANDING FOR SILVER AT THE COMEX ADVANCES TO 25.180 MILLION OZ. BUT WE MUST ADD OUR FIRST EXCHANGE FOR RISK OF 25 CONTRACTS FOR .125 MILLION OZ AND THEN OUR SECOND EXCHANGE FOR RISK OF .0600 MILLION OZ TO OUR THIRD HUGE 2.825 MILLION OZ EXCHANGE FOR RISK!!
INITIAL STANDING FOR MARCH: A SURPRISINGLY LOW 31.076 MILLION OZ/ FOLLOWED BY A TINY QUEUE JUMP OF XX CONTRACTS OR XXX OZ/NEW STANDING ADVANCES TO 46.060 MILLION OZ
INITIAL STANDING FOR APRIL: 7.120 MILLION OZ FOLLOWED BY TODAY’S 1 CONTRACT QUEUE JUMP WHERE 5,000 OZ WILL TAKE DELIVERY OVER ON THIS SIDE OF THE POND. NEW STANDING FOR SILVER AT THE COMEX THUS ADVANCES SLIGHTLY TO 16.565 MILLION OZ PLUS WE MUST ADD OUR 4TH EXCHANGE FOR RISK ISSUANCE OF 17 CONTRACTS OR 0.085 MILLION OZ. THESE WILL BE ADDED TO OUR OTHER 3 ISSUANCES //NEW TOTAL EXCHANGE FOR RISK//1.165 MILLION OZ// NEW TOTAL SILVER STANDING 17.730 MILLION OZ//
INITIAL STANDING FOR MAY: 31.495 MILLION OZ FOLLOWED BY ANOTHER 3 CONTRACT EXCHANGE FOR PHYSICAL JUMP TO LONDON FOR 0.015 MILLION OZ// AND THEN TO BOOT WE HAD OUR FIRST EXCHANGE FOR RISK ISSUANCE FOR 51 CONTRACTS OR 255,000 OZ MAY 21./STANDING BEFORE EXCHANGE FOR RISK: 32.070 MILLION OZ/NEW STANDING THUS REDUCES TO 32.325 MILLION OZ/.//(32.070 MILLION OZ NORMAL STANDING PLUS .255 MILLION OZ EXCHANGE FOR RISK = 32.325 MILLION OZ)
JUNE INITIAL STANDING FOR SILVER:10.935 MILLION OZ TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 10,000 OZ//NEW STANDING ADVANCES TO 12.970 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 20 CONTRACTS FOR 100,000 OZ//NEW STANDING ADVANCES TO 13.070 MILLION OZ. (IN EXCHANGE FOR RISK THE BUYER ASSUMES THE RISK AND ONLY A CENTRAL BANK WOULD TAKE THAT RISK. THE BUYER IS PROBABLY THE CENTRAL BANK OF INDIA.)
JULY INITIAL STANDING: 37.110 MILLION OZ FOLLOWED BY A HUGE 295 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE OR 1.475 MILLION OZ WHERE DELIVERY WILL OCCUR IN LONDON. THUS STANDING REDUCES TO 35.540 MILLION OZ//
SUMMARY OF OUR JUNE 2026 COMEX CONTRACT MONTH:
WE HAD:
/ HUGE COMEX LOSS+// STRONG SIZED EFP ISSUANCE CONTRACTS AT 690 CONTRACTS (/ VI) A HUMONGOUS NUMBER OF T.A.S. CONTRACT ISSUANCE 1182 CONTRACTS
xx I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 83 SILVER CONTRACT//
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS JULY.. ACCUMULATION
TOTAL CONTRACTS for 1 DAY(S), total 690 contracts: OR 3.450 MILLION OZ (690 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 3.450 MILLION OZ
LAST 24 MONTHS TOTAL EFP CONTRACTS ISSUED IN MILLIONS OF OZ:
MAY 137.83 MILLION
JUNE 149.91 MILLION OZ
JULY 129.445 MILLION OZ
AUGUST: MILLION OZ 140.120
SEPT. 28.230 MILLION OZ//
OCT: 94.595 MILLION OZ
NOV: 131.925 MILLION OZ
DEC: 100.615 MILLION OZ
YEAR 2022:
JAN 2022-DEC 2022
JAN 2022// 90.460 MILLION OZ
FEB 2022: 72.39 MILLION OZ//
MARCH 2022: 207.140 MILLION OZ//A NEW RECORD FOR EFP ISSUANCE
APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE
MAY: 105.635 MILLION OZ//
JUNE: 94.470 MILLION OZ
JULY : 87.110 MILLION OZ
AUGUST: 65.025 MILLION OZ
SEPT. 74.025 MILLION OZ///FINAL
OCT. 29.017 MILLION OZ FINAL
NOV: 134.290 MILLION OZ//FINAL
DEC, 61.395 MILLION OZ FINAL
TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)
JAN 2023/// 53.070 MILLION OZ //FINAL
FEB: 2023: 100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.
MARCH 2023: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 111.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH
JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)
AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD
SEPT: 72.705 MILLION OZ (SMALLER THIS MONTH)
OCT: 97.455 MILLION OZ
NOV. 50.050 MILLION OZ
DEC. 66.140 MILLION OZ//
TOTAL 2023: 1,104.10 MILLION OZ/
JAN ’24 : 78.655 MILLION OZ//
FEB /2024 : 66.135 MILLION OZ./FINAL
MARCH: 143.750 MILLION OZ// 4TH HIGHEST ON RECORD.
APRIL: 161.770 MILLION OZ (THIS MONTH WILL BE A WHOPPER OF ISSUANCE OF EFPS//3RD HIGHEST EVER RECORDED FOR A MONTH)
MAY: 135.995 MILLION OZ //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
JUNE 110.575 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
JULY: 108.870 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH/ A TOUCH OVER 100 MILLION OZ/)
AUGUST; 99.740 MILLION OZ//THIS MONTH WILL BE STRONG FOR ISSUANCE BUT LESS THAN JULY.
SEPT: 112.415 MILLION OZ//WILL BE A HUGE MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
OCT; 97.485 MILLION OZ (WILL BE SMALLER ISSUANCE THIS MONTH )
NOV. 115.970 MILLION OZ ( HUGE THIS MONTH)
DEC: 132.54 MILLION OZ (THIS MONTH WILL BE A HUMDINGER FOR ISSUANCE BUT ISSUANCE SLOWED DRAMATICALLY THESE PAST FIVE DAYS/// WILL NOT EXCEED MARCH 2022 RECORD OF 209 MILLION OZ
YEAR 2024 TOTAL: 1363.84 MILLION OR 1.363 BILLION OZ
JANUARY 2025: 67.230 MILLION OZ///(THIS MONTH’S ISSUANCE OF EXCHANGE FOR PHYSICAL WILL BE SMALL)
FEB. 58.260 MILLION OZ//EXCHANGE FOR PHYSICAL ISSUANCE/FINAL
MARCH: 67.020 MILLION OZ///QUITE SMALL AND BECOMING SMALLER EACH AND EVERY MONTH.
APRIL: 100.895 MILLION OZ///AVERAGE SIZE ISSUANCE
MAY: 28.975 MILLION OZ (ISSUANCE WILL BE QUITE SMALL THIS MONTH)
JUNE: 81.065 MILLION OZ
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 82.020 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
NOVEMBER: 36.425 MILLION OZ
DEC: 45.765 MILLION OZ
JANUARY 2026: 134.270 MILLION OZ (WILL BE A VERY STRONG MONTH FOR EXCHANGE FOR PHYSICAL!)
FEB : 82.130 MILLION OZ
MARCH: 56.075 MILLION OZ
APRIL; 44.44 MILLION OZ//FINAL.. SMALL THIS MONTH.
MAY 59.79 MILLION OZ
JUNE. 64.065 MILLION OZ//FINAL AND FAIR SIZED THIS MONTH.
JULY: 3.450 MILLION OZ
RESULT: WE HAD A HUGE DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3531 CONTRACTS DESPITE OUR HUGE GAIN IN PRICE OF $1.35 IN SILVER PRICING AT THE COMEX// TUESDAY,. THE CME NOTIFIED US THAT WE HAD A HUGE SIZED CONTRACT EFP ISSUANCE OF 690 CONTRACTS ISSUED FOR SEPT, AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS).
INITIAL STANDING: 37.110 MILLION OZ FOLLOWED BY TODAY’S HUGE 1.475 MILLION OZ EXCHANGE FOR PHYSICAL TRANSFER TO LONDON: STANDING THUS REDUCES TO 35.540 MILLION OZ//
LAST 14 MONTHS OF SILVER DELIVERIES
WE FINISHED APRIL WITH A STRONG SILVER OZ STANDING OF 16.050 MILLION OZ NORMAL DELIVERY , PLUS OUR 4.00 MILLION EX FOR RISK
FINAL STANDING APRIL: 19.965 MILLION OZ
AND MAY:
NEW STANDING FOR MAY FINISHES AT: 75.615 MILLION OZ. (INCLUDES 5,000 OZ EFP TRANSFER TO LONDON + 12.93 MILLION OZ EXCHANGE FOR RISK ISSUANCE/PRIOR.//NEW TOTAL STANDING 88.540 MILLION OZ
AND JUNE: FINAL 16.995 MILLION OZ
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 68.040 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING AND EXCHANGE FOR PHYSICAL TRANSFERS) PLUS 3.0 MILLION OZ EX FOR RISK = 71.040 MILLION OZ. (THIS IS THE FIRST AND ONLY ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.)
OCTOBER: 39.565 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
PLUS
2.110 MILLION OZ EXCHANGE FOR RISK//TOTAL OZ STANDING IN OCT ADVAN
NOVEMBER: INITIAL STANDING AT 11.575 MILLION OZ FOLLOWED BY TODAY’S 195,000 OZ QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 9.155 MILLION OZ//STANDING ADVANCES TO 19.670 MILLION OZ/
DECEMBER: INITIAL AMOUNT STANDING FOR DELIVERY: 49.33 MILLION OZ// FOLLOWED BY ANOTHER STRONG 835,000OZ QUEUE JUMP+ DEC. FIRST EXCHANGE FOR RISK 0F .850 MILLION OZ + LAST WEEK.S 495,000 OZ EXCHANGE FOR RISK AND THEN A 3RD ISSUANCE IF 1.00MILLION OZ THEN FINALLY DEC 249ISSUANCE OF 1.35 MILLION OZ EXCHANGE FOR RISK//NEW TOTAL EX FOR RIS IS 3.685 MILLION OZ // STANDING ADVANCES TO 68.415 MILLION OZ//
JANUARY: INITIAL STANDING 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 0.100 MILLLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ
FEB: 13.399 MILLION OZ IS OUR INITIAL STANDING FOR SILVER! TO WHICH WE ADD OUR NEXT QUEUE JUMP FOR 5,000 OZ AND THEN ADD OUR 3 EXCHANGE FOR RISK FOR 3.010 MILLION OZ STANDING ADVANCES TO 28.190 MILLION OZ!!
MARCH: INITIAL AMOUNT OF SILVER STANDING IS 31.076 MILLION OZ FOLLOWED BY A FINAL 0.210 MILLION OZ QUEUE JUMP //NEW TOTAL STANDING ADVANCES TO 46.060 MILLION OZ
APRIL 2026: INITITAL AMOUNT OF SILVER STANDING 7.120 MILLION OZ FOLLOWED BY TODAY’S 5,000 OZ QUUE JUMP //NEW STANDING ADVANCES TO 16.565MILLION OZ PLUS 1.165 MILLION OZ EXCHANGE FOR RISK.NEW TOTALS 17.730 MILLION OZ
MAY: INITIAL AMOUNT OF SILVER WILLING TO STAND; 31.495 MILLION OZ/ TO WHICH WE ADD OUR NEXT EXCHANGE FOR PHYSICAL JUMP OF 15,000 OZ//NEW STANDING REDUCES TO 32.070 MILLION OZ//(FOLLOWING MANY EXCHANGE FOR PHYSICAL TRANSFERS TO LONDON DURING THIS MAY DELIVERY MONTH). THERE SEEMS TO BE A SCARCITY OF SILVER OVER AT THE COMEX). THEN WE ADD OUR FIRST EXCHANGE FOR RISK OF 51 CONTRACTS FOR 255,000 OZ//STANDING ADVANCES TO 32.325 MILLION OZ//
JUNE: INITIAL AMOUNT OF SILVER WILLING TO STAND: 10.935 MILLION OZ PLUS OUR NEXT QUEUE JUMP OF 10,000 OZ//NEW STANDING ADVANCES TO 12.960 MILLION OZ TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 20 CONTRACTS FOR 100,000 OZ//NEW STANDING ADVANCES TO 13.070 MILLION OZ
JULY : INITIAL STANDING: 37.110 MILLION OZ FOLLOWED BY TODAY’S HUGE 1.475 MILLION OZ EXCHANGE FOR PHYSICAL TRANSFER TO LONDON//STANDING THUS REDUCES TO 35.540 MILLION OZ//
THE NEW TAS ISSUANCE FOR TODAY (1182) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED NO DOUBT WITH FUTURE TRADING LIKE TODAY.
WE HAD 301 NOTICE(S) FILED TODAY FOR 1.505 MILLION OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY BANKERS
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A TINY SIZED 226 OI CONTRACTS UP TO 365,048 OI AND THIS OI STILL SURPASSES BY A CONSIDERABLE MARGIN THE ALL TIME LOW AT 326,052 SET JUNE3/2026 AND THIS OI IS MUCH FURTHER FROM THE RECORD HIGH (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. WE HAVE NOW ADVANCED PAST THE PREVIOUS ALL TIME LOWS OF 357,136 SET APRIL 2/.2026AND 354,581 SET AT THE END OF APRIL 2026. WE ARE STILL QUITE A WAY FROM OUR TWO DECADES OLD: 390,000 CONTRACTS LOW SET IN THE YEAR OF 2001 WITH TRADING FOR GOLD AT $260.00. THUS DURING EARLY APRIL WE HAD AN ALL TIME LOW OI IN COMEX (354,531) BUT WITH AN EXTREMELY HIGH PRICE OF GOLD. IN MAY: RECORD LOW OI OF 326,052 WITH A GOLD PRICE OF $4,460 THE SHORT RATS ARE ABANDONING THE COMEX SHIP, NOBODY WANT TO PLAY IN THIS CROOKED CASINO!! (AND THIS CORRELATES WITH SILVER’S LOW OI OF 104,154 CONTRACTS WITH A MUCH HIGHER SILVER PRICE BASE//$58.00)
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED XXX CONTRACTS //.
WE HAD A SMALL LOSS IN COMEX OI (226 CONTRACTS) . THIS LOSS IN OI OCCURRED DESPITE OUR GAIN IN PRICE OF $2.85 //,TUESDAY
DAY///.
LAST 14 MONTHS OF GOLD DELIVERIES: (MAY 2025 THROUGH TO /MAY 2026)
1.MAY SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
FINAL STANDING FOR MAY: 70.174 TONNES OF GOLD TO WHICH WE ADD 1. MONDAY’S (MAY 19) 6.221 TONNES EXCHANGE FOR RISK , 2. THEN WE ADD: 1.35 TONNES TO LAST WEEK”S. THEN WE ADD 3. 1.55 TONNES TO EQUAL 9.591 TONNES// NEW EXCHANGE FOR RISK = 9.591 TONNES WHICH MUST BE ADDED TO OUR NORMAL DELIVERY SCHEDULE OF 80.644 TONNES. THUS STANDING FOR MAY INCREASES TO 90.235 TONNES OF GOLD
2 JUNE CONTRACT MONTH: 93.085 TONNES OF GOLD (WHICH INCLUDES ALL QUEUE JUMPING AND 0 EX FOR RISK)
3.JULY INITIIAL STANDING FIRST DAY NOTICE: 17.847 TONNES. PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK + 2.195 TONNES EX FOR RISK TODAY = 41.106 TONNES STANDING
4. AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.
5.SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
6.OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
7.NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 2.323 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 4.5596 TONNES//NEW STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
8. DECEMBER BEGINS WITH INITIAL STANDING OF 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.0TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR 4 EXCHANGE FOR RISK FOR DECEMBER OF 6.587 TONNES/NEW STANDING ADVANCES TO 121.977 TONNES
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR FIRST EXCHANGE FOR PHYSICAL TRANSFER OF 0.08709 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEB; INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 93.567 TONNES OF GOLD TO WHICH WE ADD OUR NEXT 0.0248 TONNES 0.1555 TONNES QUEUE JUMP TO 41.2082 TONNES/ NEW NET QUEUE JUMP INCREASES TO 41.233 TONNES// AND THEN WE ADD OUR SIX EXCHANGE FOR RISK: 10,080 CONTRACTS OR 31.251 TONNES//NEW STANDING REDUCES TO 157.878 TONNES
MARCH:: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 8.099 TONNES TO WHICH WE ADD TODAY’S FAIR 4600 OZ QUEUE JUMP (0.2320 TONNES) AND THEN WE ADD OUR THREE EXCHANGE FOR RISK OF 22.3818 TONNES //NEW STANDING ADVANCES TO 67.6648 TONNES/
APRIL: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 52.600 TONNES FOLLOWED BY OUR 345 CONTRACT QUEUE JUMP FOR 34,500 OZ/ (1.073 TONNES)/NEW STANDING ADVANCES TO 70.286 TONNES TO WHICH WE ADD OUR 2ND EXCHANGE FOR RISK OF 1498 CONTRACTS FOR 149800 OZ OR 4.659 TONNES. THE NEW TOTAL EXCHANGE FOR RISK FOR THE MONTH OF APRIL IS 2239 CONTRACTS OR 223900 OZ OR 6.964 TONNES AND THIS WILL BE ADDED TO OUR NORMAL DELIVERY TOTALS (70.762 TONNES) TO GIVE US WHAT WILL STAND IN APRIL (77.726 TONNES)
MAY: INITIAL AMOUNT OF GOLD WILLING TO STAND: 12.24 TONNES OF GOLD TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 345 CONTRACTS OR 34500 OZ (1.073 TONNES) TO WHICH WE ADD OUR FIVE EXCHANGE FOR RISK ISSUANCES FOR 24.635 TONNES/STANDING NOW ADVANCES TO 51.554 TONNES OF GOLD.
JUNE; INITIAL AMOUNT OF GOLD WILLING TO STAND; 64.496 TONNES.(CME CORRECTED) TO WHICH WE ADD OUR NEXT EXCHANGE FOR PHYSICAL TRANSFER OF 0.0186 TONNES/NEW STANDING REDUCES TO 127.03 TONNES
JULY: INITIAL AMOUNT OF GOLD WILLING TO STAND: 23.306 TONNES TO WHICH WE ADD OUR FIRST QUEUE JUMP OF 1.2846 TONNES//NEW STANDING ADVANCES TO 24.5909 TONNES
E.F.P. ISSUANCE/FOR OPENING JUNE. GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 730 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 365,048 SURPASSING THE PREVIOUS ALL TIME LOW OF 326,052 SET JUNE 3 AND RISING FROM OUR PREVIOUS RECORD LOW//MAY 28.2026 WE HAVE THUS RECORD LOW COMEX OI WITH A HIGH PRICE OF GOLD
SILVER ALSO HAS AN ULTRA SMALL SIZED AND EXTREMELY LOW COMEX OI OF 104,427 CONTRACTS// STILL ABOVE FROM PREVIOUS ALL TIME LOWS SET DURING THE MONTH OF APRIL AND MAY FIRST.
IN ESSENCE WE HAVE A SMALL GAIN IN TOTAL CONTRACTS IN COMEX GOLD ON THE TWO EXCHANGES OF 504 CONTRACTS WITH 226 CONTRACTS DECREASED AT THE COMEX// AND A SMALL SIZED 730 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON.
THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 504 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A LOT STRONGER SIZED AND CRIMINAL 1740 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED UPON LIKE TODAY.
GOLD PRICE ON TUESDAY ROSE BY $2.85
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT (730 ) ACCOMPANYING THE SMALL LOSS IN COMEX OI OF 220 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES 504 CONTRACTS!! DESPITE THE GAIN IN PRICE.
WE HAVE 1) NOW REVERTED TO OUR FORMAT OF BANKER (FRBNY) GOING ON THE LONG SIDE AND HUGE NUMBERS OF NEWBIE SPECULATORS GOING TO THE SHORT SIDE LED BY THE NOSE BY OUR HIGH FREQUENCY TRADERS.. IT WAS OUR SHORT SPECULATORS THAT WILL BE BRUTALIZED WHEN OUR CENTRAL BANKS TENDER FOR PHYSICAL GOLD WITH THEIR NEWLY BOUGHT GOLD FROM THE SPECS THIS MORNING. THE SPECS WILL BE SCRAMBLING LOOKING FOR PHYSICAL GOLD TO DELIVER TO OUR LONG CENTRAL BANKS.
STANDING FOR THE LAST 5 MONTHS JANUARY TO MAY:
FINAL STANDING FOR GOLD, JANUARY CONTRACT AT 59.2108 TONNES OF GOLD
FEBRUARY: INITIAL STANDING FOR GOLD: 157.878 TONNES!! WHICH INCLUDES ALL QUEUE JUMPING, THREE EXCHANGE FOR PHYSICAL TRANSFERS TO LONDON AND OUR SIX ISSUANCES EXCHANGE FOR RISK!!
MARCH: INITIAL STANDING AT 8.099 TONNES TO WHICH WE ADD OUR FINAL DAY: 0.2320 TONNES QUEUE JUMP AND THEN ADD +22.3818 TONNES EXCHANGE FOR RISK//NEW STANDING ADVANCES TO 67.6648 TONNES
APRIL: INITIAL STANDING 52.600 TONNES PLUS 27,800 OZ QUEUE JUMP (0.8648TONNES): NEW STANDING ADVANCES TO 70.286 TONNES PLUS OUR TWO EXCHANGE FOR RISK FOR 223,900 OZ OR 6.964 TONNES/NEW STANDING: 77.726 TONNES
MAY: INITIAL AMOUNT OF GOLD WILLING TO STAND; 12.24 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP FOR 345 CONTRACTS/34,500 OZ// 1.073 TONNES/ THEN WE MUST ADD OUR EXCHANGE FOR RISK ISSUANCE: TOTAL EXCHANGE FOR RISK MAY// 5 OCCASIONS: 24.635 TONNES///NEW STANDING NOW ADVANCES TO 51.554 TONNES
JUNE: INITIAL AMOUNT OF GOLD WILLING TO STAND: 64.496 TONNES TO WHICH WE ADD OUR NEXT EXCHANGE FOR PHYSICAL TRANSFER JUMP OF 0.0186 TONNES//NEW STANDING REDUCES TO 127.03 TONNES//FINAL
JULY: INITIAL AMOUNT OF GOLD WILLING TO STAND: 23.306 TONNES OF GOLD TO WHICH WE ADD OUR FIRST QUEUE JUMP OF 1.2846 TONNES//NEW STANDING FOR GOLD ADVANCES TO 24.5909 TONNES.
3) HUGE T.A.S. LIQUIDATION IN THE COMEX SESSION AND SOME GOVT LIQUIDATION // WITH A STRONG GAIN OF EQUITY SHARES/JUNE30 HAVING 1)A $2.80 COMEX PRICE GAIN AND WE HAD 2) SPEC PILING HUGELY ON THE SHORT SIDE// +3. EASTERN CENTRAL BANKERS ALSO PILING INTO THE LONG SIDE. WE HAD A SMALL GAIN OF 504 CONTRACTS ON OUR TWO EXCHANGES AND AS WELL A STRONG AMOUNT OF GOLD WILL STAND FOR DELIVERY IN JULY. (24.5909 TONNES). THE SHORT SPECS CONTINUED TO PILE INTO THE SHORT SIDE.//, CENTRAL BANKERS THE LONG SIDE AND THEY THEN TENDERED FOR PHYSICAL WITH THEIR PURCHASES OF CONTRACTS../ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED TUESDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL
4)A SMALL SIZED COMEX OI LOSS 5) V) SMALL SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD(730) AND 6. A STRONG T.A.S. ISSUANCE (1740) FOR RAID PURPOSES.!!!
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JULY :
TOTAL EFP CONTRACTS ISSUED: 730 CONTRACTS OR 73000 OZ OR 2.2395 TONNES IN 1 TRADING DAY(S) AND THUS AVERAGING: 730 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN1 TRADING DAY(S) IN TONNES: 2.2395 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2025, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 2.2395 TONNES DIVIDED BY 3550 x 100% TONNES = 0.06197% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2023 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2024: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES
2025: AND NOW 2026
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STRONG THIS MONTH
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
NOV: 124.74 TONNES
DEC: 190.04 TONNES//GOOD SIZED THIS MONTH FINAL.
TOTAL EXCHANGE FOR PHYSICAL ISSUED FOR YEAR 2025: 2,026.20 TONNES (LOWER THAN LAST YR 2,569.00 TONNES
JANUARY: 209.08 TONNES ( (WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL)
FEB. 176.35 TONNES (WHICH IS A FAIR ISSUANCE)
MARCH: 214.67 TONNES//WILL BE STRONG ISSUANCE THIS MONTH
APRIL; 88.00 TONNES// WILL BE VERY SMALL THIS MONTH
MAY 118.430 TONNES
JUNE: 142.053 TONNES
JULY: 2.2395 TONNES
SPREADERS:
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSIT
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
SILVER:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A MEGA MEGA HUGE 3531 CONTRACTS TO AN OI OF 104,427
EFP ISSUANCE 690 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 690 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 3,531 CONTRACTS AND ADD TO THE 690 E.FP. ISSUED
WE OBTAIN A HUGE LOSS OF 2841 OI OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR GAIN OF $1.35
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 14.205 MILLION PAPER OZ
OCCURRED WITH OUR GAIN IN PRICE.OF $1.35
2.ASIAN AFFAIRS JULY 1 /2025
SHANGHAI CLOSED UP 18.05 PTS OR 0.44%
HANG SENG CLOSED HOLIDAY
Nikkei CLOSED UP 423.68 PTS OR 0.60%
//Australia’s all ordinaries CLOSED DOWN 0.86%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 6.7939
/ OFFSHORE CLOSED DOWN AT 6.7998 Oil DOWN TO 69.40 dollars per barrel for WTI and BRENT DOWN TO 72.87 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN// WITH YUAN TRADING DOWN (6.7939) OFFSHORE YUAN TRADING DOWN TO 6.7998 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
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A SMALL 226 CONTRACTS TO 365,048 STILL 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 MASSIVE COMEX TRADING// ATTEMPTED RAID JUNE 30 IT SEEMS THAT MANY OF THE SPECULATORS THAT HAVE NOW CONTINUED AGAIN TO GO MASSIVELY ON THE SHORT SIDE WITH BANKERS ON THE LONG SIDE WILL BE OBLITERATED TODAY WHEN THE LONGS TENDERED FOR DELIVERY:
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 JULY CONTRACT MONTH!!
THE SMALL SIZED GAIN ON OUR TWO EXCHANGES (504 CONTRACTS) OCCURRED WITH OUR GAIN IN PRICE IN GOLD (UP $2.85)
WE THUS HAD A SMALL SIZED GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 504 CONTRACTS (OR 1.567 TONNES) WITH OUR SMALL GAIN IN PRICE, AS WE WERE INFORMED OF A SMALL CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE, EQUATING TO 730 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 IN GOLD. THUS FOR THE ENTIRE MONTH IN GOLD ZERO NOTICES WERE FILED.
JULY 0
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
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
JULY 0
DETAILS ON OUR NEW JUNE COMEX CONTRACT MONTH//
IN TOTAL WE HAD A SMALL GAIN ON OUR TWO EXCHANGES OF 504 CONTRACTS WITH OUR GAIN IN PRICE($2.85). 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 MUCH STRONGER SIZED T.A.S ISSUANCE CONTRACTS .THE CME NOTIFIES US THAT THEY HAVE ISSUED 1740 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 FOR THE MONTH
JULY: 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 SUBTRACT AN EXCHANGE FOR PHYSICAL TRANSFER TO LONDON OF 0.0186 TONNES//NEW STANDING REDUCES TO 127.03 TONNES// TOTAL QUEUE JUMPING FOR THE MONTH FINALIZES AT 62.4217 TONNES OR AVERAGING 3.285 TONNES PER DAY IN JUNE.
JULY: INITIAL AMOUNT OF GOLD WILLING TO STAND: 749,300 OZ OR 23.306 TONNES OF GOLD TO WHICH WE ADD OUR FIRST QUEUE JUMP OF 1.2646 TONNES//NEW STANDING ADVANCES TO 24.5906 TONNES
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS 2021-2024
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:STANDING FOR GOLD/COMEX
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
COMEX GOLD TRADING BEGINNING JUNE,. CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $58.30)
WE HAD HUGE T.A.S. SPREADER LIQUIDATION TUESDAY // COMEX SESSION// DESPITE OUR SMALL GAIN IN PRICE , OUR SPECULATORS STILL 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 WERE ANNIHILATED ON THURSDAY AND FRIDAY.
OTHER EASTERN CENTRAL BANKS TENDERED FOR PHYSICAL EVERY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD THAT STOOD FOR GOLD DURING THESE PAST SEVERAL MONTHS
TUESDAY NIGHT//WEDNESDAY MORNING
THE CROOKS COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL TUESDAY EVENING //WEDNESDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $2.85
WE HAD XXX CONTRACTS REMOVED AT THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL.
NET GAIN ON THE TWO EXCHANGES: 504 CONTRACTS OR 50,400 OZ (1.567 TONNES)
total withdrawal: 149,084.187 oz (4637 kilobars or 4.637 tonnes)
Deposit to the Dealer Inventory in oz
1 ENTRY
i) Into Asahi Dealer: 32,013.902 oz
total deposit 32,013.902 oz
Deposits to the Customer Inventory, in oz
DEPOSITS/CUSTOMER//gold
ENTRIES: 0
xxxxxxxxxxxxxxxx
No of oz served (contracts) today
2172 CONTRACTS
OR 217,200 OZ
6.756 TONNES OF GOLD
No of oz to be served (notices)
26 Contracts 2600 OZ 0.0808 TONNES
Total monthly oz gold served (contracts) so far this month
7880 notices 788,000 OZ
24.510 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month
dealer deposits: 1
1 ENTRY
1 ENTRY
i) Into Asahi Dealer: 32,013.902 oz
total deposit 32,013.902 oz
DEPOSITS/CUSTOMER
ENTRIES: 0
xxxxxxxxxxxxxxxxxx
comex withdrawal
2 ENTRIES
i) Out of Brinks: 133,008.687 oz (4137 kilobars)
ii) Out of Loomis: 16,075.500 oz
(500 kilobars)
total withdrawal: 149,084.187 oz
(4637 kilobars or 4.637 tonnes)
adjustments: 1// customer account to dealer account
a)Brinks: 7999.99 oz
COMEX IS DRAINING GOLD
chaos inside the comex
THE FRONT MONTH OF JULY OI STANDS AT 2198 CONTRACTS HAVING A LOSS OF 5295 CONTRACTS. WE HAD 5708 NOTICES FILED ON TUESDAY SO WE GAINED 413 CONTRACTS OR 41,300 OZ. WE THUS HAD A STRONG QUEUE JUMP OF 1.2846 TONNES.
AUGUST GAINED 1467 CONTRACTS TO AN OI OF 276,056
SEPTEMBER GAINED 257 CONTRACTS UP TO AN OI OF 1253.
.
We had 2172 contracts filed for today representing 217,200oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 1875 notices issued from their client or customer account. The total of all issuance by all participants equate to 2172 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 128 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for JULY. /2026. contract month, we take the total number of notices filed so far for the month (7880) to which we add the difference between the open interest for the front month of JULY (2198 CONTRACTS) minus the number of notices served upon today 2172 x 100 oz per contract) equals 790,600 OZ OR (24.5909 Tonnes of gold)
THUS: INITIAL total number of gold ounces standing for JULY. /2026. contract month, we take the total number of notices filed so far for the month (7880) to which we add the difference between the open interest for the front month of JULY( XXX CONTRACTS) minus the number of notices served upon today 2172 x 100 oz per contract) equals 790,600 OZ OR (24.5906 Tonnes of gold)
new total of gold standing in JULY becomes 24.5906 TONNES//
TOTAL COMEX GOLD STANDING FOR JULY 24.5906TONNES TONNES WHICH IS NOW REALLY HUGE FOR THIS NON ACTIVE DELIVERY MONTH OF JULY.
confirmed volume TUESDAY confirmed 118,805/ 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: 1,693,594.921 oz 52.67 tonnes pledged gold lowers
total inventories in gold declining rapidly
total pledged gold: 1,693,594.921 tonnes oz 52.67 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 27,559,820.257 oz
TOTAL REGISTERED GOLD 14,828,446.185 tonnes (461.226tonnes)
TOTAL OF ALL ELIGIBLE GOLD 12,731,374.072 oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 13,134,852oz ((REG GOLD- PLEDGED GOLD)=
408.54 Tonnes //
total inventories in gold declining rapidly
SILVER COMEX
JULY DELIVERY MONTH
JULY 1
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
0 entries
Deposits to the Dealer Inventory
0 entries
Deposits to the Customer Inventory
1 entries
i) Into Manfra: 301,024.934 oz
total deposit: 301,024.934 oz
No of oz served today (contracts)
301 CONTRACT(S) ( 1.505MILLION OZ)
No of oz to be served (notices)
2032 Contracts (10.160 MILLION oz)
Total monthly oz silver served (contracts)
5076 contracts 25.380 MILLION oz
Total accumulative withdrawal of silver from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
DEPOSITS INTO DEALER ACCOUNTS
0 entries
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
ENTRY:1
i) Into Manfra: 301,024.934 oz
total deposit: 301,024.934 oz
xxxxxxxxxxxxxxxxxxxxxxxxx
withdrawals: customer side/eligible
0 entries
adjustments 3; ALL CUSTOMER ACCT TO DEALER ACCT
a) Asahi: 242,085.200 oz
b) CNT 519,721.540 oz
c) Delaware: 120,507.438 oz
xxxxxxxxxxxxxx
TOTAL REGISTERED SILVER: 92.604 MILLION OZ//.TOTAL REG + ELIGIBLE. 322.536 Million oz
registered silver dropping in numbers
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE
silver open interest data:
FRONT MONTH OF JULY /2026 OI: 2333 OPEN INTEREST CONTRACTS FOR A LOSS OF 5070 CONTRACTS. WE HAD 4775 CONTRACTS SERVED ON TUESDAY SO WE LOST 295 CONTRACTS OR A HUGE 1.475 MILLION OZ UNDERWENT AN EXCHANGE FOR PHYSICAL TRANSFER TO LONDON WHERE THEY WILL TAKE DELIVERY OVER ON THAT SIDE OF THE POND.
AUGUST SAW A LOSS OF 64 CONTRACTS UP TO 1887…
SEPTEMBER SAW A GAIN OF 1399 CONTRACTS UP TO AN OI OF 81,518 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 301 or 1.505 MILLION oz
CONFIRMED volume TUESDAY; 40,847// poor//
XXX
AND NOW JUNE. DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in JULY. we take the total number of notices filed for the month so far at 5076 X5,000 oz = 25.380 MILLION oz
to which we add the difference between the open interest for the front month of JULY(2333) AND the number of notices served upon today (301 )x (5000 oz)
Thus the standings for silver for the JULY 2026 contract month: (5076 )Notices served so far) x 5000 oz + OI for the front month of JULY ( 2333) minus number of notices served upon today (301)x 5000 oz equals silver standing for the JULY..contract month equating to 35.540 MILLION OZ. (still a very strong delivery month)
We must also keep in mind that there is considerable silver standing in London coming from our longs
There are ONLY 92.604 million oz of registered silver
JPMorgan as a percentage of total silver: 137.898/322.536 million: 42.75%
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
JULY 1 /2026/WITH GOLD UP $2.85 /NO CHANGES IN GOLD AT THE GLD: ./ //:/INVENTORY RESTS AT 1005.077 TONNES
JUNE 30 /2026/WITH GOLD UP $2.85 /NO CHANGES IN GOLD AT THE GLD: ./ //:/INVENTORY RESTS AT 1005.077 TONNES
JUNE 29 /2026/WITH GOLD DOWN $58.30 /HUGE CHANGES IN GOLD AT THE GLD: A MASSIVE WITHDRAWAL OF 8.223 TONNES OF GOLD FROM THE GLD // ./ //:/INVENTORY RESTS AT 1005.077 TONNES
JUNE 26 /2026/WITH GOLD UP $49.10 /HUGE CHANGES IN GOLD AT THE GLD: A MASSIVE WITHDRAWAL OF 4.287 TONNES OF GOLD FROM THE GLD // ./ //:/INVENTORY RESTS AT 1013.350 TONNES
JUNE 25 /2026/WITH GOLD UP $42.70 /NO CHANGES IN GOLD AT THE GLD: // ./ //:/INVENTORY RESTS AT 1017.637 TONNES
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: 1005.077 TONNES, TONIGHTS TOTAL GOLD INVENTORY
SILVER
JULY 1 WITH SILVER UP $1.35: : HUGE CHANGES IN INVENTORY AT THE SLV A WITHDRAWAL OF 1.447 MILLION OZ OUT OF THE SLV/./ // :INVENTORY RESTS AT 479.127 MILLION OZ
JUNE 30 WITH SILVER UP $1.35: : HUGE CHANGES IN INVENTORY AT THE SLV A WITHDRAWAL OF 1.447 MILLION OZ OUT OF THE SLV/./ // :INVENTORY RESTS AT 479.127 MILLION OZ
JUNE 29 WITH SILVER DOWN $1.08: : HUGE CHANGES IN INVENTORY AT THJE SLV A WITHDRAWAL OF 1.402 MILLION OZ OUT OF THE SLV/./ // :INVENTORY RESTS AT 480.574 MILLION OZ
JUNE 26 WITH SILVER UP $0.86: : HUGE CHANGES IN INVENTORY AT THJE SLV A DEPOSIT OF 2.352 MILLION OZ INTO THE SLV/./ // :INVENTORY RESTS AT 481.976 MILLION OZ
JUNE 25 WITH SILVER UP $0.69: : SMALL CHANGES IN INVENTORY AT THJE SLV A WITHDRAWAL OF 769,000 OUT OF THE SLV/./ // :INVENTORY RESTS AT 479.624 MILLION OZ
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
The UK’s next prime minister, Andy Burnham, was schooled in old fashioned socialism, hobnobbing with London’s Labour elite since leaving university, first becoming an MP in 2001. This King of the North stuff is just an act.
While politics is always about image, it is particularly so with socialists. They promote themselves as representing the downtrodden masses at the expense of evil capitalists. But it always turns out to be impossible to improve on capitalism, for one simple fact which was exposed in the socialist calculation debate triggered by Ludwig von Mises’s 1920 article pointing out the impossibility of economic calculation in the socialist state.
MacleodFinance Substack is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Mises demonstrated that Marxist dogma about the state owning and distributing the means of production was nonsense, because the economic calculations to make the division of labour work for society’s benefit could only be made by businesses in free markets. The less the intervention from the state, the more effective the economic delivery and progress both become. Socialism travels in the opposite direction.
You only had to compare the free market success of Hong Kong with communist mainland China under Chairman Mao. John Cowperthwaite was instrumental in Hong Kong’s recovery from the economic and monetary ruins left by the Japanese army and is a story well told. He oversaw this recovery by refusing to intervene, kept the state small, and kept taxes low.
Contrast that with China’s misery under Mao which led to an estimated 40 to 70 million deaths attributable to his communist policies. Same ethnic people, just different politics.
The truth about communism, which is simply a severe form of socialism was fully revealed when the Berlin Wall fell, and the corruption in Eastern European states was revealed. Honecker, Jaruzelski, Husak, Kadar, Zhivkov, and Ceausescu — all Warsaw Pact leaders living high on the hog while their populations were suppressed and starved. It is a characteristic of socialism that while it fails, those deemed “more equal than others” become increasingly divorced from economic reality and personally corrupt. Hark! Did someone say Brussels?
Over fifty years ago, there was another King of the North called T. Dan Smith aka Mr Newcastle, leader of that city’s council, who along with bent architect John Poulson and another council leader Andrew Cunningham in nearby County Durham were jailed for corruption. Mini-Honeckers and Ceausescus all of them.
I recall discussing this with an acquaintance back in the seventies. He was in the business of developing car parks in city centres, negotiating with planning departments and Labour councillors all the time. He was clear that the further left a councillor, the easier he was to bribe. His cynical observation appears to be confirmed by the facts.
Imagine you have a social conscious and become a socialist politician. You rapidly find that everything you do suffers from unintended consequences, but lobbyists come to you simply because you have power. Dinners, visits to the races, fact-finding missions and conferences in luxury resorts all paid for, and finally some deals on the side are quietly offered. The chances are your head is turned. The Brussels elite which doesn’t even have to face a plebiscite is a supreme example of a socialist political class which in terms of luxury and indulgence gives the Warsaw Pact leaders a close run for their money.
Burnham and his appointees may or may not succumb to the most obvious forms of bribery, but when things don’t pan out too well, almost certainly he will follow Starmer for the photo opportunities, the dinners, and all the other trappings of NATO, EU, and G7 meetings whose attendees meet to simply reassure themselves of their importance.
Importance abroad offsets impotence at home. Nothing changes, because socialism doesn’t deliver. As Mises correctly observed, there’s no such thing as economic calculation in a socialist state. Formally the most powerful nation in the world, Britain under socialism is now becoming a third world country. It is extraordinary that no one seems to think that the problem is too much government and regulation. Instead, the solution is to double down: more government, more regulation, more taxes, more Burnhams. Any complainer is an enemy of the state and his right to a contrary opinion is vigorously denied.
3. CHRIS POWELL AND HIS GATA DISPATCHES
GREAT FOR GOLD
For first time, more central banks plan to shrink dollar holdings, survey finds
Submitted by admin on Tue, 2026-06-30 13:37 Section: Daily Dispatches
By Libby George Reuters Tuesday, June 30, 2026
LONDON — More of the world’s central banks plan to cut dollar allocations than increase them in the coming decade as political risks associated with the U.S. currency rise, an OMFIF survey of public investors released on Tuesday showed.
It is the first time the survey, carried out by the Official Monetary and Financial Institutions Forum, has found such a shift away from the dollar.
The findings dovetail with a global debate about the U.S. dollar’s role as the primary reserve currency that has been stoked by U.S. policy uncertainty and heightened geopolitical risks.
The London-based thinktank set up in 2010 also found an eagerness among the 90 central banks, public pension funds and sovereign funds surveyed to significantly increase the use of AI from current levels. …
Submitted by admin on Mon, 2026-06-29 17:39 Section: Daily Dispatches
By Brien Lundin Gold Newsletter / Golden Opportunities Monday, June 29, 2026
While the headlines continue to validate my skepticism regarding any peace deal with Iran, metals bulls might be justified in feeling singled out for punishment today.
Because while the rest of the “risk assets” are up, gold and silver are taking it on their respective chins, with both metals down about 1.5% as I write.
The good news, such that it is, is that gold has remained above the key $4,000 line, after rising back above it late last week. …
All this points to the simple fact that Western investors have all but given up on gold. And because Western markets continue to set the price, well … you’ve seen the charts.
Now here’s where it gets interesting.
While the West is setting the gold price, China has been taking it. …
END
The U.S. Mint gold coin that broke the circle
Submitted by admin on Sun, 2026-06-28 12:20 Section: Daily Dispatches
From Coin Week, Silver Springs, Florida Sunday, June 28, 2026
The 1915-S Panama-Pacific $50 Octagonal gold coin did something no other legal-tender United States coin had done.
It broke the circle.
For more than a century this massive gold commemorative stood alone as the only non-round legal-tender coin ever issued by the United States Mint. That distinction now feels more important than ever.
On July 16, 2026, the Mint will release its Freedom Ringing–Liberty Bell gold coins and Silver Medal for the Semiquincentennial. Those new Liberty Bell-shaped gold coins will finally add a modern chapter to a story that began in San Francisco in 1915.
However, the original remains the original.
The 1915-S Panama-Pacific $50 Octagonal still carries the drama of the Gold Rush, the triumph of the Panama Canal, and the rebirth of a city that refused to stay broken. …
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
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 18.05 PTS OR 0.44%
HANG SENG CLOSED HOLIDAY
Nikkei CLOSED UP 423.68 PTS OR 0.60%
//Australia’s all ordinaries CLOSED DOWN 0.86%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 6.7939
/ OFFSHORE CLOSED DOWN AT 6.7998 Oil DOWN TO 69.40 dollars per barrel for WTI and BRENT DOWN TO 72.87 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN// WITH YUAN TRADING DOWN (6.7939) OFFSHORE YUAN TRADING DOWN TO 6.7998 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 6.7939
OFFSHORE YUAN: DOWN TO 6.7998
1.HANG SANG CLOSED HOLIDAY
2. Nikkei closed UP 423.68 PTS OR 0.60%
WEST TEXAS INTERMEDIATE OIL DOWN TO 69.40
BRENT; 72.82
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX UP TO 101.10/// EURO FALLS TO 1.1399 DOWN 13 BASIS PTS
3b Japan 10 YR bond yield:RISES TO. +2.704 UP 1 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA CROSS NOW AT 162.67… 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: 3.964 UP 0 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( 6.7939) AND OFFSHORE: DOWN AT 6.7998
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 HIGHER on all fronts in the EU German 10yr bund YIELD UP TO +2.9355/ Italian 10 Yr bond yield UP to 3.634/ SPAIN 10 YR BOND YIELD UP TO 3.378%
3i Greek 10 year bond yield UP TO 3.5171%
3j Gold at $3976.95 //Silver at: 57.66 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble UP 0 AND 90/ 100 roubles/77.72
3m oil (WTI) into the 69 dollar handle for WTI and 72 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 162.67 // 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.704% UP 1 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.964 UP 0 PTS..: USA/SF this 0.8100 as the Swiss Franc . Euro vs SF: 0.9234
USA 10 YR BOND YIELD: 4.467 UP 5 BASIS PTS…
USA 30 YR BOND YIELD: 4.960 UP 6 BASIS PTS/
USA 2 YR BOND YIELD: 4.176 UP 4 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 46.68 UP 2 BASIS PTS/LIRA GETTING KILLED//IDIOTS FOR SELLING GOLD AND USA DOLLAR RESERVES.
10 YR UK BOND YIELD: 4.8145 UP 5 PTS
30 YR UK BOND YIELD: 5.541 UP 7 BASIS PTS
10 YR CANADA BOND YIELD: 3.382 UP 1 BASIS PTS
5 YR CANADA BOND YIELD: 3.0150 UP 2 BASIS PTS.
1a New York Opening report
Futures Fall To Start Now Quarter With Warsh Sintra Comments On Deck
Wednesday, Jul 01, 2026 – 08:35 AM
US equity futures point to a softer start to the third quarter as investors await a fresh batch of economic data and the first major overseas appearance by Fed Chair Kevin Warsh. As of 8:20am ET, S&P futures are down 0.2%, off session lows, while Nasdaq futures are down 0.6: techs lags following NDX’s 3.9% gain over the last 2 days; in premarket trading, chipmakers, which did much of the heavy lifting as investors piled into AI beneficiaries, were weaker with Mag7s mostly lower. Nike dropped 2% following a cautious outlook. Software names including Microsoft gained. Cyclicals are under pressure with HC and Staples leading a Defensives bid. Overnight the US removed Anthropic’s foreign access restrictions. Bond yields are flat to down 1bp, and USD is bid as positive progress is reported in US / Iran talk. In commodities, crude prices are lower as distillates rise; WTI futures are down about 0.8% following the biggest quarterly drop since the pandemic.Metals are under pressure, with Ags bid as the group has been the recent outperformer. US economic data calendar includes June ADP employment change (8:15am), June final S&P Global manufacturing PMI (9:45am) and June ISM manufacturing (10am).
In premarket trading, Microsoft outperforms Magnificent 7 peers in premarket trading. Business Insider reports that the company is planning to announce job cuts, impacting thousands of roles, citing people it didn’t identify. Shares are up 1.7%. Other Mag 7 stocks are mixed early Wednesday (Alphabet -0.4%, Nvidia -0.6%, Apple -0.09%, Tesla -0.4%, Amazon +0.9%, Meta Platforms +0.3%). Here are some of the biggest US movers today:
Abbott Lab (ABT) shares are up 0.03% in premarket trading after Baird initiated coverage of the stock with an outperform rating, saying a clearer path to upside for the medical device maker is “beginning to emerge.”
Alcoa Corp. (AA) is down 5.0% after the mining company agreed to buy South32 Ltd.’s bauxite, alumina and aluminum assets in a deal worth as much as $5.6 billion. Morgan Stanley expects a negative reaction on the transaction multiple and limited visibility on synergies.
Bloom Energy (BE) shares rise 8.3% in premarket trading on Wednesday after the company expanded its partnership with Brookfield from $5 billion to $25 billion to help grow the fuel cell partnership globally.
Dow Inc. shares are down 0.7% in premarket trading, after RBC Capital Markets downgraded the chemical company to sector perform from outperform. Mizuho cut its price target to $35 from $43.
FMC shares rise 7.0% after the company said Tessenderlo Group will make a strategic minority equity investment of about $400 million at $13.30 per share. Shares in Tessenderlo gain 3.4% in Brussels.
General Mills shares are up 4.89% after the packaged food company’s adjusted earnings per share for the fourth quarter beat the average analyst estimate.
Grindr shares gain 6.9% ahead of the bell after Morgan Stanley upgrades the LGBTQ community dating company to overweight from equal-weight, highlighting monetizing opportunities. The upgrade leaves the stock with only buy-equivalent ratings.
NASA selected Astrobotic, Firefly Aerospace and Intuitive Machines for four moon missions in late 2028 as part of the Moon Base Program. Intuitive and Firefly shares are up 7.2% and 2.7%, respectively.
Nike shares fall 1.6% in premarket trading on Wednesday after the sneaker company said on its conference call revenue expectations for the next two quarters are now seen down low-to-mid single digits from down low single digits earlier.
Klarna shares rise 6.9% after a Swedish Patent and Market court ordered Google to pay SEK14.3b ($1.47b) to Klarna’s subsidiary PriceRunner International following antitrust damages proceedings.
Microsoft outperforms Magnificent 7 peers in premarket trading. Business Insider reports that the company is planning to announce job cuts, impacting thousands of roles, citing people it didn’t identify. Shares are up 1.7%.
Shares in ServiceNow, Salesforce and Check Point Software rise in premarket trading as Guggenheim upgraded all three to buy from neutral, saying that the fatal AI bear case on software is a “hallucination.” ServiceNow +5.0%, Salesforce +3.3% and Check Point Software +3.1%.
US stocks just posted their best quarter in six years with fresh signs of economic resilience bolstering confidence in corporate earnings. The rally added more than $8 trillion to the S&P 500’s market value over the past three months. The SOX semiconductor index posted its strongest quarter on record.
“As long as earnings continue to be good and broaden out, I think we will get continued gains through the second half — probably lower than what we saw in the first half — but I think it will quite broadly based,” said Goldman’s Chief Global Equity Strategist Peter Oppenheimer. Technology remains the main driver of earnings growth even as hyperscalers have “derated” on concerns about longer-term returns, Oppenheimer said. Their heavy spending should continue to underpin growth and “trickle out” into parts of the economy supporting the AI infrastructure buildout, he told Bloomberg TV.
Meanwhile, concentrated market leadership, passive investing, retail flows, leverage and a new volatility regime are increasingly dictating price action, Citadel Securities’ Scott Rubner wrote in a Tuesday note.
In other assets, the global oil market is set to swing back into oversupply even after strategic reserves are replenished, according to Goldman Sachs. Japan’s currency chief suggested intervention was an effective strategy.
Today’s main event takes place in Sintra, Portugal and the ECB’s annual symposium, where Warsh joins President Christine Lagarde and Bank of England Governor Andrew Bailey at 9 a.m. New York time. Bloomberg Economics expects Warsh to strike a carefully balanced tone after signaling different messages to hawks and doves at the June FOMC meeting. After his pledge last month to deliver price stability sent the dollar and shorter-dated Treasury yields higher, traders will be looking for further clues on the rate path for the year ahead.
“Given the absence of forward guidance from the Fed now, there is going to be intense focus on any comments” from Warsh, wrote Chris Turner, a foreign-exchange strategist at ING Bank NV. “A focus on price stability can keep the dollar bid.”
Investors are increasingly shifting focus to growing price pressures in an economy that’s firing strongly, with expectations building for a solid payrolls report on Thursday.
European stocks also slipped in early Wednesday trading, with indexes dragged down by mining companies on the back of weaker commodity prices. The Stoxx 600 falls 0.2% to 640.52 with 229 members up, 361 down, and 10 unchanged. Among individual stocks, Switzerland’s Galderma fell the most in over a year after the US FDA turned down the firm’s Botox rival Relfydess. CMC Markets jumped to a fresh record high after raising its guidance. Here are the biggest movers Wednesday:
CMC Markets shares soar as much as 25% to a fresh record after the UK financial derivatives dealer raised its guidance for 2027 net operating income citing strong momentum
Renault shares rise as much as 4.5% after the French carmaker hosted a pre-close call with analysts ahead of its first-half results scheduled for the end of the month
Tecan shares rise as much as 10% after UBS raised its recommendation in the Swiss laboratory technology group to buy from hold, saying top-line growth has bottomed out and expected margin improvements are not yet priced in
Aker ASA gains as much as 11%, the most since January, after it agreed to sell its shares in Cognite Holding to Schneider Electric, which meanwhile dropped as much as 3%
ASOS shares gain as much as 12% after announcing it will sell its Atlanta fulfilment center and associated automation assets for net proceeds of ~£48 million
RS Group rises as much as 5.1%, the most since May 20, as Deutsche Bank upgrades the distributor of electrical and industrial products to buy from hold on a strengthening recovery case
Galderma shares slump as much as 6.6%, the most in more than a year, after the US Food and Drug Administration turned down the Swiss dermatology firm’s rival Botox treatment Relfydess
AB Foods shares fall as much as 3.6%, the most in over two months, after the conglomerate delivered an underwhelming third-quarter update and downgraded the outlook for its sugar business in the 2026 and 2027 fiscal years
Bucher shares fall as much as 3.6%, the most since April 28, after Kepler Cheuvreux cut its price target on the Swiss agricultural machinery company, citing capex sentiment indicators in Europe that are nearing recession territory
Medacta drops as much as 4.1%, the most in a month, as Stifel cuts its full-year organic revenue growth estimates for the Swiss medical-implant firm to the midpoint of guidance
Earlier, Asian stocks fluctuated on Wednesday after capping their best quarter in 17 years, as investors paused to assess the outlook for the AI rally that has been a major driver of the gains. The MSCI Asia Pacific Index swung between gains and losses for most of the day. Declines in South Korean chipmakers Samsung Electronics and SK Hynix were a major drag, offsetting gains in Japan and Taiwan — which together account for about half of the benchmark. Hong Kong markets were closed for a public holiday. The Kospi declined as the National Pension Service was set to resume rebalancing its domestic stock holdings after a temporary suspension.
The Asian benchmark climbed 21% last quarter while a subgauge of tech shares soared a record 74%. However, the sector’s rally slowed in June as rising concerns over the payoff from hefty AI investments, coupled with elevated valuations and crowded positioning, sparked intermittent pullbacks, particularly in Korean shares. The AI trade within Asia has been “quite narrow,” Hebe Chen, senior market analyst at Vantage Global Prime, said in a Bloomberg Television interview. “That overcrowding is often exposed to a higher and sharper fall if the tide changes, because this rally has attracted so much liquidity,” she added.
In FX, The Bloomberg Dollar Spot index rises 0.2% to its highest level this week before Fed Chairman Kevin Warsh appears on a policy panel alongside peers from Europe and the UK.
Treasuries are narrowly mixed with yields less than a basis point away from their closing levels on Tuesday, when they climbed 7bp-9bp amid a flurry of month-end selling in futures. WTI crude oil futures are down, underpinning Treasuries, as traders monitor peace talks between the US and Iran. US 10-year yields are down 1bp to around 4.46%, Treasuries are little changed on the day while curve spreads are marginally steeper. European bonds lag Treasuries, following the late weakness in futures into the US month-end index rebalancing, which also saw the day’s steepening move accelerate. Focal points of US session include key manufacturing data and unscripted comments by Fed Chairman Kevin Warsh.
In commodities, Brent extended declines, falling 1% to $72.20 a barrel. US negotiators held positive discussions in Qatar and progress is being made on technical talks with Iran, according to a senior administration official, as the countries seek to turn an interim peace deal into a permanent end to the war. That’s been of little support to European government bonds, however. UK and German 10-year borrowing costs rise 2 basis points each. Precious metals decline, with spot silver down over 1%.
US economic data calendar includes June ADP employment change (8:15am), June final S&P Global manufacturing PMI (9:45am) and June ISM manufacturing (10am). Fed speaker slate includes only Warsh, participating in an ECB panel in Sintra, Portugal at 9am New York time
Market Snapshot
Top Overnight News
Iran and U.S.-allied Oman are moving forward with plans to collect payment for ships transiting the Strait of Hormuz, despite public American objections. NYT
US negotiators Steve Witkoff and Jared Kushner held positive discussions in Qatar and progress is being made on technical talks with Iran, according to a senior administration official, as the countries seek to turn an interim peace deal into a permanent end to the war. BBG
The US removed foreign access restrictions on Anthropic’s Fable 5 AI model. The company said it will restore global access across its platforms starting today. BBG
Xi Jinping signaled China’s ambition to play a more high-profile role, a strategy that involves rallying developing nations as a counterweight to what he views as fading US influence. BBG
The yen pared some losses after Japan’s top FX official said past intervention efforts were successful, adding that Washington remains in close communication with Tokyo over FX policy. South Korea’s won slid toward its weakest level since the global financial crisis. BBG
Euro-area inflation eased more than anticipated in June. Consumer prices rose 2.8% from a year ago, down from 3.2% a month earlier. BBG
President Trump has weighed a return to all-out war with Iran, holding multiple conversations in recent days with Defense Secretary Pete Hegseth and Chairman of the Joint Chiefs of Staff Gen. Dan Caine on more strikes, but has decided to stick with diplomatic talks for now, according to U.S. officials familiar with the discussion. WSJ
Microsoft plans thousands of job cuts, impacting less than 2.5% of workforce. Business Insider
Republicans’ cash advantage just got a lot more powerful thanks to the Supreme Court — and the Democratic National Committee’s fundraising struggles just got a lot more concerning for their party. Democrats argue that the court’s Tuesday decision, which allows political parties to freely coordinate with candidates, will give the GOP the ability to offset Democratic candidates’ fundraising lead in battlegrounds. Politico
The value of global M&A rose around 30% year-on-year to $2.6 trillion in the first half, on course to potentially pass 2021’s record haul. Companies struck 38 deals valued at $10 billion or more, the most ever in a six-month period. BBG
US Challenger Job Cuts (Jun) 45.849K (Prev. 97.006K); cuts remain concentrated in tech, with AI continuing to reshape how companies think about headcount.
A more detailed look at global markets courtesy of Newqsuawk
APAC stocks were mixed, in which bourses partially sustained the positive momentum from the tech-led gains on Wall St, where the S&P 500 and Nasdaq posted their best quarter in six years. The region also digested a slew of data, including the stronger-than-expected BoJ Tankan survey and numerous PMIs. ASX 200 was dragged lower by weakness in the consumer, financial, tech and telecom sectors, while sentiment was also not helped by a surprise contraction in Building Approvals data. Nikkei 225 rallied following the stronger-than-expected Tankan survey, which showed Large Manufacturing Sentiment was at the highest in 8 years, although the index gradually wiped out the majority of its gains amid intervention risks and as the data supported the case for the BoJ to continue normalising policy. KOSPI pared opening gains and lingered in the red as SK Hynix and Samsung Electronics retreated. Shanghai Comp was underpinned on the 105th anniversary of the founding of the Communist Party of China, and as participants digested the latest RatingDog Manufacturing PMI, which remained in expansion territory, while Hong Kong markets were closed for a holiday.
Top Asian News
Japanese top FX diplomat Mimura said they are in touch with US counterparts more than most imagine and that a US official made supportive remarks about FX action, while he also commented that recent intervention had meaning.
BoJ official noted regarding the recent Tankan survey that most firms replied before the US-Iran peace deal on June 15th, so the impact of the deal is likely not reflected much in the Tankan outcome.
European bourses (STOXX 600 -0.1%) start Q3 on a softer footing, with Germany’s DAX 40 (+0.4%) the only index printing modest gains; perhaps welcoming recent pension reform progress and the possible involvement of the Bundesbank. Final manufacturing PMI figures were broadly positive, with the majority of PMIs being revised higher. Commentary was relatively upbeat, with S&P stating that the sustained growth was accompanied by a welcome cooling of cost pressures. European sectors tilt to the negative side. Industrial Goods & Services (+0.5%), Technology (+0.5%) and Optimised Personal Care (+0.5%) are the top 3 sectors. To the downside lies Media (-1.7%), Consumer Products & Services (-1.5%) and Travel & Leisure (-0.1%).
Top European News
French Presidential vote to be held on April 18th and May 2nd next year, with the official announcement expected on Wednesday, according to AFP citing sources.
UK Labour MPs reportedly want Burnham to appoint McFadden as Chancellor, in order to block Miliband, Huffington Post reported citing sources.
FX
Snapshot: G10s are mostly lower against the USD this morning, with clear underperformance in the Aussie, whilst the Kiwi fares a little better vs peers. USD/JPY continues to hold at elevated levels beyond the 162.50 mark, with further jawboning attempts seen overnight.
DXY is firmer this morning and trades at the upper end of a 101.21-101.39 range (WTD peak at 101.43). The strength which comes amidst the markets’ continued hawkish shift at the Fed, seen following the last FOMC meeting. Markets also appear to be positioning for a hawkish commentary from Chair Warsh today, and then the NFP report on Thursday. On that note, Treasury Sec Bessent said he expects a strong jobs number, though clarified that he had not seen the report. Key releases today include: US ADP Employment, Challenge Job Cuts and ISM Manufacturing PMI.
EUR and GBP have both been weighed on by the USD strength. The single currency has had a number of ECB members to digest, who are currently hosting the Sintra conference. Broadly speaking the remarks have been balanced, and with policymakers stressing data dependency heading into the July/September meetings. On the inflation front, today’s HICP release from the EZ saw the headline Y/Y cool from the prior (2.8% vs exp. 3%, prev. 3.2%). The Services figure also edged lower to 3.2% (prev. 3.5%). Some very mild pressure was seen in the EUR, and plays in favour of a hold in July. On the activity side of things, today’s Manufacturing PMI finals were subject to mild upward revisions, and the accompanying commentary was upbeat.
JPY continues to remain in focus, with another jawboning attempt proving impotent. The latest attempt was by Top FX Diplomat who stated that Japan is in touch with US counterparts more than most imagine and that a US official made supportive remarks about FX action. This spurred some very mild pressure in the pair (05:30 BST / 00:30 EDT), falling from 162.79 to 162.56, before retracing about half of that move. A breach beyond the 163.00 mark could be difficult, given expectations that Japan may use the low-volume / holiday-thinned conditions on Friday (US Independence Day) to deliver effective intervention. Nonetheless, a hawkish Warsh and a strong NFP report on Thursday pose risk to the 163.00 level, which some have touted as the new “line in the sand”.
Fixed Income
Global fixed income benchmarks are softer across the board, given Tuesday’s post-settlement selloff. However, price action across the board has been range-bound, as markets look ahead to Fed Chair Warsh’s first public appearance and updates from the US-Iran indirect Doha talks.
Bunds (-18 ticks) have found support at the 127.00 handle, finding some stability after Tuesday’s weakness, which was primarily driven by USTs. EZ inflation printed cooler than expected, with the headline figure at 2.8% Y/Y from 3.2% (exp. 3.0%) and ex-E, F, A & T dipping to 2.4% Y/Y from 2.6% (exp. 2.6%). Bunds did see some fleeting upside following the data, notching a new session high of 127.23 before falling back into the prior established daily range. ECB policymakers should find some comfort from the report, with some GC members starting to sound a bit more cautious on further rate hikes. On the supply front, a 2032 Bund auction was weak, with a poor b/c, though the average yield was less than the prior outing.
USTs (-8+ ticks) oscillate in a narrow 109-18 to 109-23 band ahead of comments by Fed Chair Warsh at Sintra and the US jobs report on Thursday. Since his first remarks at the FOMC press conference, core PCE printed at 3.4% Y/Y, consumer confidence has surprised to the upside, and May payrolls printed strong (June payrolls due on Thursday). Given the backdrop, it would be hard for Warsh to soften his hawkish tone.
OATs (-21 ticks) follow their European peers, but will come into greater focus as we near the Presidential elections in 2027. A date for the first round of elections has reportedly been set for April 18th, 2027, with a run-off set for May 2nd. The current President, Macron, cannot run in this election.
UK sells GBP 1.25bln 0.125% 2031 I/L Treasury Gilt: b/c 4.26x (prev. 3.75x), real yield 0.933% (prev. 0.651%).
Australia sells AUD 800mln 4.25% December 2035 bonds b/c 4.34, avg yield 4.748%
Commodities
A contained start for the energy complex, but with modest pressure emerging across the European morning. As the benchmarks pullback from the highs in yesterday’s session and the brief, but within existing ranges, uptick seen in the US late-afternoon as tensions flared somewhat. Currently, the waiting game continues amid the Doha gathering, but there is a positive skew to current expectations as the US and Iran are expected to hold in-direct talks and after President Trump’s openness to extending deadlines over taking military action.
As the morning progressed the downside extended with participants looking to the Doha indirect meeting, and indeed sources since suggest that has commenced, no move on that latest report. Kushner and Witkoff are reportedly not involved in the technical exchange.
Action that pushed Brent to a USD 71.62/bbl base, printing a fresh WTD low and falling below the USD 71.93/bbl trough. The next leg higher/lower will potentially be determined by the readout and/or sources around the talks, before we look to possible comments from President Trump or others on the state of relations.
Spot gold saw pressure overnight, moving below the USD 4k/oz handle once again. The yellow metal is currently trading at the bottom-end of a USD 3,960-4,018/oz range, with the trough approaching the WTD low at USD 3,942/oz range. The recent pressure has been attributed to the markets’ continued hawkish shift at the Fed, stronger USD and rising US yields. Price action for the remainder of the day will be dictated by key US data (ADP/ISM Manufacturing) and Fed Chair Warsh.
Base metals are entirely in the red, following the subdued risk sentiment seen in Asia, which has filtered through into the London session. 3M LME Copper (-1.67%) has traded lower throughout the day, and currently holds at the bottom end of a USD 13,134.08-13,384/t range.
US Private Inventory Data (bbls): Crude -6.1mln (exp. -4.1mln), Distillates +2.9mln (exp. -0.9mln), Gasoline -2.1mln (exp. -0.9mln), Cushing +0.5mln.
Petrobras executive said they will cut diesel prices beginning July 1st.
Central Banks
ECB’s Nagel pushed back on a “insurance hike” narrative in an interview with Bloomberg TV. He added that inflation will stay high in 2026 and remain above target in 2027, while stressing data dependency and a meeting-by-meeting approach. On the future rate path, he kept options open for July and September. He finished by stating that the first round effects continue, which increases the chance of second round effects and that he is currently seeing pass-through of first round effects on wages.
ECB’s Wunsch told Econostream that the case for further tightening is receding and any surprise in EZ inflation before the July meeting is more likely to be on the downside. He added he would need stronger second-round effects to justify further tightening and that one hike could suffice if shock fades before significant second-round effects. More than one hike to depend on more persistence and stronger second-round effects.
ECB’s Demarco said the ECB should not rush into a further rate hike after the decline in oil prices, while he added the central bank can wait until next projections to decide if further hikes are needed, and that there are no signs of second-round effects, excessive wage pressures, or unanchored expectations.
Geopolitics
Indirect US-Iran technical talks are reportedly underway in Doha, with Qatar and Pakistan acting as mediators. The sessions are to involve chief negotiators and specialist teams, sources suggest, however US envoy Witkoff and Kushner will not be attending the talks themselves.
Iran is reportedly insisting on retaining control over the Strait of Hormuz, according to sources citing a senior Iranian official. Could see a recommence charging ships to transit from mid-August and are not going to discuss other points until Hormuz is agreed.
US President Trump was briefed on all-out war options on Iran, but opted to stick with talks, while he told aides he’s okay if talks go past the August 18th deadline, according to WSJ.
US VP Vance said President Trump is ready to drop bombs again, while he added that they have two options, which are either to pursue a long-term agreement with Iran on the condition that it changes its behaviour, or consolidate the gains that they made. Furthermore, he said Trump asked them to use the memorandum of understanding to resupply the global economy with oil, then they will see how things develop, and they want permanent, verifiable commitments from Iran regarding its nuclear disarmament.
US admin official said the US has not released any of the USD 6bln in Iranian frozen funds, and won’t until Tehran “performs”, according to NY Post’s Doornbos.
US official said ships are transiting the Strait of Hormuz at higher levels.
Iran State Media said that a foreign container ship ran aground in the Strait of Hormuz after using a route which was undesignated by Iran.
Oman presented a proposal regarding the future administration of the Strait of Hormuz to the US and other allies, while the proposal outlines a system for shipping companies to pay “service fees” for using the waterway, though sources differ on whether Oman is actively pushing for a fee-based structure, according to CNN citing sources.
Qatar’s PM and Foreign Minister met with US envoys Witkoff and Kushner, while they discussed the latest developments in the ongoing talks between the US and Iran, according to Qatar’s Foreign Ministry.
Israeli Broadcasting Authority cited a source that stated the start of the pilot phase in Lebanon has been postponed until a monitoring mechanism is reached between the Lebanese and Israeli armies.
Israeli Defence Minister Katz said the IDF will remain in the security zones in Lebanon, Syria and Gaza.
UKMTO said it received a report of an incident 76NM south of Yemen; the vessel being approached by multiple small craft but the crew reported safe.
North Korean leader Kim pledged to deepen ties with China on shared socialist values and dispatched a congratulatory message to Chinese President Xi, on the Chinese Communist Party’s founding anniversary, according to KCNA.
Pakistan’s air defence system shot down four rudimentary drones launched by Afghanistan’s Taliban regime, while Pakistan’s armed forces warned that continued provocation by the Taliban would be met with a befitting response that would cost them heavily.
US Event Calendar
7:00 am: Jun 26 MBA Mortgage Applications, prior 1%
8:15 am: Jun ADP Employment Change, est. 120k, prior 122k
9:45 am: Jun F S&P Global US Manufacturing PMI, est. 55.7, prior 55.7
10:00 am: Jun ISM Manufacturing, est. 53.85, prior 54
10:00 am: Jun ISM Prices Paid, est. 77.5, prior 82.1
10:00 am: May Construction Spending MoM, est. 0.1%, prior 0.4%
9:00 am: Fed’s Warsh Appears on Panel at ECB Forum
DB’s Jim Reid concludes the overnight wrap
There must be a lot of illness going round our floor today — looking at the team diary, an awful lot of people seem to be seeing a doctor. In fact, at 5pm sharp, it looks like everyone’s booked in with Dr Congo… let’s hope we all get a positive result.
As it’s the start of the new quarter, Henry will shortly release our regular performance review for Q2 and indeed H1. The main headline was the signing of the interim US-Iran deal, which meant Brent crude oil prices (-38.4%) saw their biggest quarterly decline since the start of the pandemic in Q1 2020. So that meant stagflation fears receded, supporting bonds and equities across the board. In fact, the S&P 500 saw its best quarter since the post-pandemic rebound in Q2 2020, with a +15.2% gain in total return terms. That included an exceptional performance for chip stocks, with the Philly semiconductor (+88.0%) posting its best quarter since the index started in the early 1990s. See the full report in your inboxes shortly.
Risk assets largely finished Q2 on a strong footing yesterday, with the S&P 500 (+0.79%) gaining for a second consecutive day. The biggest factor was the recovery in tech stocks, with the Mag 7 (+1.30%) up for a third consecutive day, whilst the Philly semiconductor index (+3.92%) posted another large gain. The rally was somewhat narrow with a majority of S&P 500 constituents lower on the day and just 8 of the 25 industry groups gaining. This left the equal-weighted S&P 500 -0.12% lower, while the small cap Russell 2000 underperformed (+0.46%) its large cap peers.
US data was mixed yesterday as strong job opening numbers were matched with weak housing and sentiment data. The JOLTS report for May added to the picture of labour market resilience from other recent releases. Job openings surprised on the upside, with 7.594m openings in May (vs. 7.296m expected). So that meant that the ratio of job openings per unemployed individuals reached 1.039, which takes it to the highest reading since January 2025. Moreover, the quits rate of those voluntarily leaving their jobs (a good barometer for tightness in the labour market) held steady at 1.9%. And yet the Conference Board’s consumer confidence reading missed expectations, coming in at 91.2 (vs. 94.4 expected), with the present labour market sentiment the weakest since 2021. Moreover, the overall present situation indicator fell to 116.4 (vs. 123.0 expected), marking its lowest level since February 2021 when the economy was still coming out of the pandemic. Consumer sentiment/confidence numbers have long decoupled from economic growth so we can’t read too much into it, but the data is still striking. On housing, the FHFA House Price index showed a month-on-month decline in house prices (-0.1% vs +0.2% expected), with year-over-year home price appreciation now near its lowest levels since 2012.
However, the market keyed in on the strong job openings number and hawkish comments from Cleveland Fed President Hammack shortly after their release. She said in a CNBC interview that the US may “need higher interest rates to bring inflation back down to target”, and when asked about a July hike, said she was keeping an open mind at every meeting. So that raised speculation about a rate hike in just 4 weeks’ time, and market pricing for a July hike ticked up a bit to 34% by the close, up from 32% the previous day. Stand by for both Warsh and Lagarde speaking at Sintra today.
Ahead of that, the hawkish newsflow led to a fresh selloff for US Treasuries, with the 2yr Treasury yield (+6.8bps) rising to 4.17%, whilst the 10yr yield (+9.1bps) hit 4.465%. There was a more muted reaction for European government bonds as yields on 10yr bunds (+0.3bps), OATs (+1.3bps) and BTPs (+4.8bps) all moved higher. This followed comparatively dovish European newsflow, with the flash CPI prints surprising on the downside in several member states. So the German print fell more than expected to +2.4% on the EU-harmonised measure (vs. +2.5% expected), whilst the French print also fell more than expected to +2.0% (vs. +2.3% expected).
So that raised hopes that today’s Euro Area-wide print might surprise on the softer side, and investors also dialled back expectations for ECB rate hikes this year, with just 23bps priced by the December meeting at the close, down from 27bps the previous day. Here in the UK however, 10yr gilt yields (+4.1bps) rose by more than elsewhere, which came as BoE Governor Bailey warned that inflation could still rise later this year. Otherwise in Europe, equities advanced across the board, with the STOXX 600 up +0.88% to a new all-time high. The move was clear across the continent, with gains for the DAX (+1.50%), the CAC 40 (+0.44%) and the FTSE MIB (+1.01%) as well.
Alongside the lower inflation prints, sentiment was also supported by oil prices holding steady, with Brent crude (-0.31%) down slightly on the day. This came as Bloomberg reported that US officials held positive discussions with GCC leaders in Qatar on Tuesday. There was further reporting from the Wall Street Journal overnight that President Trump had been briefed on potential war options but was opting to stay in talks and that he told aides that he was ok with talks continuing past the initial August 18th deadline. The dovish mood from the White House continues as the President seems reticent to restart the kinetic action and risk higher energy prices ahead of the November midterms.
Asian equity markets have started H2 on a mixed footing this morning. The KOSPI (-0.70%) is leading regional declines, coming off one of its strongest quarterly runs in recent years. By contrast, improved manufacturing activity in Japan and China is supporting gains in Tokyo and mainland markets. The Nikkei (+0.63%) is moving higher, alongside both the CSI (+0.44%) and the Shanghai Composite (+1.08%), while Hong Kong markets are closed for a public holiday. S&P 500 (-0.23%) and Nasdaq (-0.24%) futures are both edging lower.
Early data suggested that China’s manufacturing activity moderated slightly in June relative to May, although robust export performance helped keep overall activity in expansionary territory. The RatingDog Manufacturing PMI edged down to 51.7 from 51.8, a three-month low, but still capped the strongest quarterly performance for the sector since Q4 2020.
In South Korea, exports surged by +70.9% year-on-year in June, accelerating from +53.4% in May and comfortably exceeding expectations. The increase was largely driven by strong semiconductor demand amid the global AI investment boom, reinforcing the Bank of Korea’s increasingly hawkish stance ahead of its July 16 decision. Separately, while factory activity expanded for a seventh consecutive month, the pace of growth eased slightly, reflecting softer export demand at the margin.
Elsewhere, the yen weakened to its lowest level against the dollar since 1986 overnight, currently at 162.72 (-0.10%) and fuelling speculation that Tokyo may be nearing direct intervention.
To the day ahead now, data releases include the US June ISM manufacturing index, ADP report, and May construction spending, along with the Euro Area flash CPI print for June. Central bank speakers include the Fed’s Warsh, the ECB’s Lagarde, Vujcic, Cipollone and Lane, the BoE’s Bailey, and the BoC’s Macklem.
1b) European opening report
Crude slips as talks in Doha commence; Markets await the appearance of Fed Warsh at Sintra – Newsquawk US Market Open
Wednesday, Jul 01, 2026 – 06:15 AM
Indirect US-Iran technical talks are reportedly underway in Doha, with Qatar and Pakistan acting as mediators. However, US envoy Witkoff and Kushner will not be attending the talks themselves.
Iran is reportedly insisting on retaining control over the Strait of Hormuz and could charge ships to transit from mid-August, according to sources. The source added that Iran are not going to discuss other points until Hormuz is agreed.
Global equities start Q3 with modest losses but off worst levels, with disappointing NKE outlook weighing on sporting names.
DXY trades slightly firmer; G10s are softer across the board, AUD underperforms as metals continue to slump (XAU/USD -0.7%)
Fixed income benchmarks weaker but off worst levels; EZ inflation surprise to the downside, briefly lifting EGBs.
Crude futures fall as Doha talks begin (Brent -1.0%).
Looking ahead, highlights include US ADP Employment Change (Jun), Revelio PLS (Jun), S&P Manufacturing PMI Final (Jun), ISM Manufacturing PMI (Jun), Atlanta Fed GDP (Q2), speakers include ECB’s Lane & Lagarde, Fed’s Warsh, BoE’s Bailey, BoC’s Macklem.
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
EUROPEAN TRADE
EQUITIES
European bourses (STOXX 600 -0.1%) start Q3 on a softer footing, with Germany’s DAX 40 (+0.4%) the only index printing modest gains; perhaps welcoming recent pension reform progress and the possible involvement of the Bundesbank. Final manufacturing PMI figures were broadly positive, with the majority of PMIs being revised higher. Commentary was relatively upbeat, with S&P stating that the sustained growth was accompanied by a welcome cooling of cost pressures.
European sectors tilt to the negative side. Industrial Goods & Services (+0.5%), Technology (+0.5%) and Optimised Personal Care (+0.5%) are the top 3 sectors. To the downside lies Media (-1.7%), Consumer Products & Services (-1.5%) and Travel & Leisure (-0.1%).
US equity futures are softer across the board, with underperformance in the NQ (-0.5%). Overnight, Business Insider reported that Microsoft (+1.6% pre-market) is planning to announce fresh job cuts of under 2.5%. Elsewhere, Nike (-4.0% pre-market) slips despite reporting strong headline metrics, though sales declined in China.
Snapshot: G10s are mostly lower against the USD this morning, with clear underperformance in the Aussie, whilst the Kiwi fares a little better vs peers. USD/JPY continues to hold at elevated levels beyond the 162.50 mark, with further jawboning attempts seen overnight.
DXY is firmer this morning and trades at the upper end of a 101.21-101.39 range (WTD peak at 101.43). The strength which comes amidst the markets’ continued hawkish shift at the Fed, seen following the last FOMC meeting. Markets also appear to be positioning for a hawkish commentary from Chair Warsh today, and then the NFP report on Thursday. On that note, Treasury Sec Bessent said he expects a strong jobs number, though clarified that he had not seen the report. Key releases today include: US ADP Employment, Challenge Job Cuts and ISM Manufacturing PMI.
EUR and GBP have both been weighed on by the USD strength. The single currency has had a number of ECB members to digest, who are currently hosting the Sintra conference. Broadly speaking the remarks have been balanced, and with policymakers stressing data dependency heading into the July/September meetings. On the inflation front, today’s HICP release from the EZ saw the headline Y/Y cool from the prior (2.8% vs exp. 3%, prev. 3.2%). The Services figure also edged lower to 3.2% (prev. 3.5%). Some very mild pressure was seen in the EUR, and plays in favour of a hold in July. On the activity side of things, today’s Manufacturing PMI finals were subject to mild upward revisions, and the accompanying commentary was upbeat.
JPY continues to remain in focus, with another jawboning attempt proving impotent. The latest attempt was by Top FX Diplomat who stated that Japan is in touch with US counterparts more than most imagine and that a US official made supportive remarks about FX action. This spurred some very mild pressure in the pair (05:30 BST / 00:30 EDT), falling from 162.79 to 162.56, before retracing about half of that move. A breach beyond the 163.00 mark could be difficult, given expectations that Japan may use the low-volume / holiday-thinned conditions on Friday (US Independence Day) to deliver effective intervention. Nonetheless, a hawkish Warsh and a strong NFP report on Thursday pose risk to the 163.00 level, which some have touted as the new “line in the sand”.
FIXED INCOME
Global fixed income benchmarks are softer across the board, given Tuesday’s post-settlement selloff. However, price action across the board has been range-bound, as markets look ahead to Fed Chair Warsh’s first public appearance and updates from the US-Iran indirect Doha talks.
Bunds (-18 ticks) have found support at the 127.00 handle, finding some stability after Tuesday’s weakness, which was primarily driven by USTs. EZ inflation printed cooler than expected, with the headline figure at 2.8% Y/Y from 3.2% (exp. 3.0%) and ex-E, F, A & T dipping to 2.4% Y/Y from 2.6% (exp. 2.6%). Bunds did see some fleeting upside following the data, notching a new session high of 127.23 before falling back into the prior established daily range. ECB policymakers should find some comfort from the report, with some GC members starting to sound a bit more cautious on further rate hikes. On the supply front, a 2032 Bund auction was weak, with a poor b/c, though the average yield was less than the prior outing.
USTs (-8+ ticks) oscillate in a narrow 109-18 to 109-23 band ahead of comments by Fed Chair Warsh at Sintra and the US jobs report on Thursday. Since his first remarks at the FOMC press conference, core PCE printed at 3.4% Y/Y, consumer confidence has surprised to the upside, and May payrolls printed strong (June payrolls due on Thursday). Given the backdrop, it would be hard for Warsh to soften his hawkish tone.
OATs (-21 ticks) follow their European peers, but will come into greater focus as we near the Presidential elections in 2027. A date for the first round of elections has reportedly been set for April 18th, 2027, with a run-off set for May 2nd. The current President, Macron, cannot run in this election.
UK sells GBP 1.25bln 0.125% 2031 I/L Treasury Gilt: b/c 4.26x (prev. 3.75x), real yield 0.933% (prev. 0.651%).
Australia sells AUD 800mln 4.25% December 2035 bonds b/c 4.34, avg yield 4.748%
COMMODITIES
A contained start for the energy complex, but with modest pressure emerging across the European morning. As the benchmarks pullback from the highs in yesterday’s session and the brief, but within existing ranges, uptick seen in the US late-afternoon as tensions flared somewhat. Currently, the waiting game continues amid the Doha gathering, but there is a positive skew to current expectations as the US and Iran are expected to hold in-direct talks and after President Trump’s openness to extending deadlines over taking military action.
As the morning progressed the downside extended with participants looking to the Doha indirect meeting, and indeed sources since suggest that has commenced, no move on that latest report. Kushner and Witkoff are reportedly not involved in the technical exchange.
Action that pushed Brent to a USD 71.62/bbl base, printing a fresh WTD low and falling below the USD 71.93/bbl trough. The next leg higher/lower will potentially be determined by the readout and/or sources around the talks, before we look to possible comments from President Trump or others on the state of relations.
Spot gold saw pressure overnight, moving below the USD 4k/oz handle once again. The yellow metal is currently trading at the bottom-end of a USD 3,960-4,018/oz range, with the trough approaching the WTD low at USD 3,942/oz range. The recent pressure has been attributed to the markets’ continued hawkish shift at the Fed, stronger USD and rising US yields. Price action for the remainder of the day will be dictated by key US data (ADP/ISM Manufacturing) and Fed Chair Warsh.
Base metals are entirely in the red, following the subdued risk sentiment seen in Asia, which has filtered through into the London session. 3M LME Copper (-1.67%) has traded lower throughout the day, and currently holds at the bottom end of a USD 13,134.08-13,384/t range.
US Private Inventory Data (bbls): Crude -6.1mln (exp. -4.1mln), Distillates +2.9mln (exp. -0.9mln), Gasoline -2.1mln (exp. -0.9mln), Cushing +0.5mln.
Petrobras executive said they will cut diesel prices beginning July 1st.
TRADE/TARIFFS
The US is seeking alternative tungsten supplies to reduce reliance on China, according to the NYT.
NOTABLE EUROPEAN HEADLINES
French Presidential vote to be held on April 18th and May 2nd next year, with the official announcement expected on Wednesday, according to AFP citing sources.
UK Labour MPs reportedly want Burnham to appoint McFadden as Chancellor, in order to block Miliband, Huffington Post reported citing sources.
EU Inflation Rate MoM Flash (Jun) M/M -0.1% vs Exp. 0.1% (Prev. 0.1%).
EU HICP ex-energy, food, alcohol & tobacco Y/Y Flash (Jun) Y/Y 2.4% vs. Exp. 2.6% (Prev. 2.6%).
EU HICP ex-Food & Energy Y/Y Flash (Jun) 2.2% (prev. 2.3%).
EU S&P Global Manufacturing PMI Final (Jun) 51.4 vs. Exp. 51.3 (Prev. 51.6, Low. 51.3, High. 51.6).
German S&P Global Manufacturing PMI Final (Jun) 50.3 vs. Exp. 50 (Prev. 50.1, Low. 50, High. 50.1).
French S&P Global Manufacturing PMI Final (Jun) 51.2 vs. Exp. 50.7 (Prev. 49.7, Low. 50.7, High. 50.7).
Italian S&P Global Manufacturing PMI (Jun) 52.2 vs. Exp. 52.6 (Prev. 52.9).
Spanish S&P Global Manufacturing PMI (Jun) 49.7 vs. Exp. 51 (Prev. 51.2).
Swissprocure.ch Manufacturing PMI (Jun) 54.3 vs. Exp. 56.3 (Prev. 57.3).
UK S&P Global Manufacturing PMI Final (Jun) 52.5 vs. Exp. 53.1 (Prev. 53.9).
UK Nationwide Housing Prices YoY (Jun) Y/Y 2.2% (Prev. 1.7%).
UK Nationwide Housing Prices MoM (Jun) M/M 0% vs. Exp. 0% (Prev. -0.6%).
CENTRAL BANKS
ECB’s Nagel pushed back on a “insurance hike” narrative in an interview with Bloomberg TV. He added that inflation will stay high in 2026 and remain above target in 2027, while stressing data dependency and a meeting-by-meeting approach. On the future rate path, he kept options open for July and September. He finished by stating that the first round effects continue, which increases the chance of second round effects and that he is currently seeing pass-through of first round effects on wages.
ECB’s Wunsch told Econostream that the case for further tightening is receding and any surprise in EZ inflation before the July meeting is more likely to be on the downside. He added he would need stronger second-round effects to justify further tightening and that one hike could suffice if shock fades before significant second-round effects. More than one hike to depend on more persistence and stronger second-round effects.
ECB’s Demarco said the ECB should not rush into a further rate hike after the decline in oil prices, while he added the central bank can wait until next projections to decide if further hikes are needed, and that there are no signs of second-round effects, excessive wage pressures, or unanchored expectations.
NOTABLE US HEADLINES
US Challenger Job Cuts (Jun) 45.849K (Prev. 97.006K); cuts remain concentrated in tech, with AI continuing to reshape how companies think about headcount.
White House official said the Commerce Department was expected to lift export controls on Fable, while Commerce Secretary Lutnick confirmed they collaborated with Anthropic to review and authorise Fable 5.
GEOPOLITICS
MIDDLE EAST
Indirect US-Iran technical talks are reportedly underway in Doha, with Qatar and Pakistan acting as mediators. The sessions are to involve chief negotiators and specialist teams, sources suggest, however US envoy Witkoff and Kushner will not be attending the talks themselves.
Iran is reportedly insisting on retaining control over the Strait of Hormuz, according to sources citing a senior Iranian official. Could see a recommence charging ships to transit from mid-August and are not going to discuss other points until Hormuz is agreed.
US President Trump was briefed on all-out war options on Iran, but opted to stick with talks, while he told aides he’s okay if talks go past the August 18th deadline, according to WSJ.
US VP Vance said President Trump is ready to drop bombs again, while he added that they have two options, which are either to pursue a long-term agreement with Iran on the condition that it changes its behaviour, or consolidate the gains that they made. Furthermore, he said Trump asked them to use the memorandum of understanding to resupply the global economy with oil, then they will see how things develop, and they want permanent, verifiable commitments from Iran regarding its nuclear disarmament.
US admin official said the US has not released any of the USD 6bln in Iranian frozen funds, and won’t until Tehran “performs”, according to NY Post’s Doornbos.
US official said ships are transiting the Strait of Hormuz at higher levels.
Iran State Media said that a foreign container ship ran aground in the Strait of Hormuz after using a route which was undesignated by Iran.
Oman presented a proposal regarding the future administration of the Strait of Hormuz to the US and other allies, while the proposal outlines a system for shipping companies to pay “service fees” for using the waterway, though sources differ on whether Oman is actively pushing for a fee-based structure, according to CNN citing sources.
Qatar’s PM and Foreign Minister met with US envoys Witkoff and Kushner, while they discussed the latest developments in the ongoing talks between the US and Iran, according to Qatar’s Foreign Ministry.
Israeli Broadcasting Authority cited a source that stated the start of the pilot phase in Lebanon has been postponed until a monitoring mechanism is reached between the Lebanese and Israeli armies.
Israeli Defence Minister Katz said the IDF will remain in the security zones in Lebanon, Syria and Gaza.
UKMTO said it received a report of an incident 76NM south of Yemen; the vessel being approached by multiple small craft but the crew reported safe.
OTHER
North Korean leader Kim pledged to deepen ties with China on shared socialist values and dispatched a congratulatory message to Chinese President Xi, on the Chinese Communist Party’s founding anniversary, according to KCNA.
Pakistan’s air defence system shot down four rudimentary drones launched by Afghanistan’s Taliban regime, while Pakistan’s armed forces warned that continued provocation by the Taliban would be met with a befitting response that would cost them heavily.
CRYPTO
Bitcoin briefly dipped below last week’s trough of USD 58k before bidding slightly higher and currently nearing USD 59k.
Citigroup cuts its 12-month Bitcoin forecast to USD 82,000 from a prior forecast to USD 112,000, while it cut its 12-month Ethereum forecast to USD 2,240 from a previous USD 3,175
APAC TRADE
APAC stocks were mixed, in which bourses partially sustained the positive momentum from the tech-led gains on Wall St, where the S&P 500 and Nasdaq posted their best quarter in six years. The region also digested a slew of data, including the stronger-than-expected BoJ Tankan survey and numerous PMIs.
ASX 200 was dragged lower by weakness in the consumer, financial, tech and telecom sectors, while sentiment was also not helped by a surprise contraction in Building Approvals data.
Nikkei 225 rallied following the stronger-than-expected Tankan survey, which showed Large Manufacturing Sentiment was at the highest in 8 years, although the index gradually wiped out the majority of its gains amid intervention risks and as the data supported the case for the BoJ to continue normalising policy.
KOSPI pared opening gains and lingered in the red as SK Hynix and Samsung Electronics retreated.
Shanghai Comp was underpinned on the 105th anniversary of the founding of the Communist Party of China, and as participants digested the latest RatingDog Manufacturing PMI, which remained in expansion territory, while Hong Kong markets were closed for a holiday.
NOTABLE ASIA-PAC HEADLINES
Japanese top FX diplomat Mimura said they are in touch with US counterparts more than most imagine and that a US official made supportive remarks about FX action, while he also commented that recent intervention had meaning.
BoJ official noted regarding the recent Tankan survey that most firms replied before the US-Iran peace deal on June 15th, so the impact of the deal is likely not reflected much in the Tankan outcome.
NOTABLE APAC DATA RECAP
Japanese Tankan Large Manufacturers Index (Q2) 22 vs. Exp. 16 (Prev. 17)
Japanese Tankan Large Manufacturing Outlook (Q2) 17 vs. Exp. 13 (Prev. 14).
Japanese Tankan Large Non-Manufacturing Index (Q2) 37 vs. Exp. 35 (Prev. 36).
Japanese Tankan Non-Manufacturing Outlook (Q2) 28 vs. Exp. 30 (Prev. 29).
Japanese Tankan Large All Industry Capex (Q2) 11.5% vs. Exp. 11% (Prev. 3.3%).
Japanese Consumer Confidence (Jun) 33.8 vs. Exp. 34 (Prev. 33.6).
Japanese S&P Global Manufacturing PMI Final (Jun) 54.8 vs. Exp. 54.9 (Prev. 54.5).
Chinese RatingDog Manufacturing PMI (Jun) 51.7 vs. Exp. 51.7 (Prev. 51.8, Low. 51, High. 52.3).
Australian Building Permits MoM Prel (May) M/M -1.1% vs. Exp. 1.0% (Prev. -3.4%).
1 c) Asian opening report
NORTH AND SOUTH KOREA AND JAPAN
SOUTH KOREA
JAPAN
3 CHINA
4. EUROPEAN AND SCANDINAVIAN COMMENTARIES PLUS NATO
DENMARK
Will Denmark Really Ban The Islamic Call To Prayer?
Denmark’s government, led by the center-left Social Democrats, has once again announced plans to pursue a nationwide ban on the public broadcast of the Islamic call to prayer via loudspeakers. This now amounts to the third time the center-left government is trying to ban the call to prayer.
Immigration and Integration Minister Morten Bødskov stated that the government is investigating a legal framework to prohibit amplified calls to prayer from mosques.
“The call to prayer should not ring out above the Danish rooftops. It has no place in Denmark; one should not wonder if one is in a suburb of Islamabad when walking around the country,” he told the press.
However, this is the third attempt by the ruling party, with previous efforts in 2020 and 2025 failing to pass. Will the third time be a charm?
One of the major hurdles is that Danish law protects religious freedom, and any blanket national ban on amplified calls to prayer has raised concerns about violating the rights of Muslims. The government needed to investigate whether such a prohibition could withstand legal scrutiny when balanced against residents’ rights to a quiet environment. Past efforts stalled during this review process without advancing to enforceable legislation.
Furthermore, many areas of the country have already banned the call to prayer, such as the biggest city, Copenhagen. These areas have achieved this through existing local noise bylaws or municipal regulations, reducing the urgency for a sweeping national law. This has historically made a new nationwide framework harder to justify or pass.
One attempt to ban the call to prayer was also reportedly interrupted by parliamentary elections, which led to a shift in government priorities at the time.
Denmark is arguably the Scandinavian nation most hostile to mass immigration, with the left-wing parties there considered to have right-wing policies on the issue. However, parties to the right, which call for remigration and even stricter action, argue that legal migration, including from Third World and Muslim countries, has been steadily increasing under the left-wing Social Democrat government.
The current immigration minister, Bødskov, is actually considered “softer” on immigration than his predecessors, such as Rasmus Stoklund and Kaare Dybvad Bek, who were known for their harsher rhetoric against mass immigration. His tough public statements are often viewed as necessary political positioning to align with the party’s established tough stance towards immigration under Prime Minister Mette Frederiksen, rather than his personal views on the subject.
Nevertheless, it remains unclear how far Bødskov is willing to go or if this announcement is more political posturing. The Danish government is reviewing legality, including compatibility with religious freedom protections in the constitution. The current effort would move beyond local noise regulations to a national prohibition, but no final bill has been introduced yet, and implementation details, such as the exact scope and potential penalties, are still at the discussion phase.
While this renewed push builds on Denmark’s stricter immigration and integration policies, including a recent ban on Islamic full-face veils like the niqab and burqa, it remains to be seen if the government can pull this new proposal off.
As outgoing Kier Starmer prepares to depart amid cratering approval ratings and deep public disillusionment, his ‘Pride’ reception remarks this week reveal a leader more focused on cultural signalling than addressing Britain’s pressing crises.
Starmer took to the stage at a Downing Street Pride reception to defend his government’s LGBTQ+ record, even as scepticism grows within parts of that broad community and his wider popularity sits at dismal lows.
Starmer struck a defiant tone, insisting his administration would continue championing these issues. “I want to be clear that all lesbians, all gay, all bi and trans people – that this government will defend your rights,” he declared. “We have to stand against the politics of division.”
He praised what he called global leadership in representation, stating Westminster is “the gayest parliament… anywhere in the world” and telling attendees to “celebrate that.”
Starmer highlighted a “full trans-inclusive ban on abusive conversion practices,” describing conversion therapy as “a very sinister idea… trying to suggest that identities aren’t legitimate.”
As we have highlighted, under Starmer’s watch, authorities advanced measures on this front that risk criminalising parents who question their child’s rush toward gender transition. A draft bill on “conversion practices” carries penalties of unlimited fines and up to five years in prison. Equalities Minister Olivia Bailey framed it as protecting against abuse driven by the “false belief that being LGBTQ+ is shameful.”https://modernity.news/2026/06/27/uk-parents-face-five-year-jail-terms-for-questioning-their-childs-gender-transition/embed/
Critics argue the vague language could ensnare normal family discussions, exploratory talks, or references to evidence questioning youth medical transitions.
Elsewhere during his Pride ramble, Starmer pointed to the HIV Action Plan aiming to end new transmissions by 2030 and changes to equalise hate crime strands, and announced £21 million for global LGBTQ+ rights and a new Special Envoy, framing the fight as “global.”
Starmer positioned his government as restoring the UK’s reputation after predecessors damaged it: “We are here to restore it.” He closed by reaffirming personal commitment: “I will always fight for respect and dignity. It didn’t start when I became Prime Minister. It won’t end when I don’t.”
These remarks come as Starmer exits following his June 2026 resignation announcement, with approval ratings plunging to joint historic lows around net -46 or worse – among the poorest for any modern prime minister. Public sentiment has turned sharply against him, reflecting frustration with a tenure marked by perceived failures on everyday concerns.
While Starmer celebrates certain milestones, a closer look at his record reveals policies that have alarmed parents, heightened security risks, strained social cohesion, and eroded basic freedoms.
Persistent Failures on Grooming Gangs
Starmer’s government has drawn intense scrutiny for its handling of grooming gang scandals, where systemic issues involving organised abuse in certain communities have long demanded robust action. Public trust eroded further amid perceptions of inadequate accountability and prevention efforts.https://modernity.news/2026/06/30/you-simply-will-not-believe-this/embed/
Mass migration as a tool of undermining social cohesion
Starmer’s administration continued policies seen as weaponising migration while cracking down on those noticing demographic impacts and security failures.https://www.youtube.com/embed/oe-qRTTdLsY/embed/
Former Prime Minister Liz Truss recently directly linked surges in random violence to mass migration policies, arguing left-wing approaches deliberately erode the nation state and family. Relentless stabbings and assaults have fueled fury, with responses often focusing on suppressing discussion rather than root causes.
In contrast, Starmer expressed delight at welcoming Alaa Abd el-Fattah, an activist with a track record of extreme posts including hatred toward white people, calls for violence against police and Zionists, and praise for figures like Osama bin Laden.
Proposals emerged to compel platforms to prioritise BBC content against “disinformation,” part of broader controls including a thought police unit on migration narratives, crisis information blocking, and social media bans framed as safety measures but risking total oversight.
Starmer’s exit leaves a country transformed by these priorities. As everyday Britons face rising costs, safety concerns, and restricted speech, the emphasis on niche cultural victories over national cohesion stands in stark relief.
It currently appears Stamer will simply be replaced by Andy Burnham, the former mayor of Manchester, without a leadership contest. Burnham is by all accounts even more left-wing and more focused on ideological virtue signalling causes than Starmer.
Only when a new general election is called will the British people be offered a chance to refocus on restoring seriousness, security, and the freedoms that once defined the country – before ideology supplanted reality.
Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.
END
HOLLAND/MIGRANTS
Police Flee During Riots In The Hague After Morocco Knocks Netherlands Out Of World Cup
After Morocco knocked the Dutch national football team out of the World Cup, rioting broke out this morning in The Hague, with dramatic footage showing Dutch motorcycle police fleeing from Moroccan supporters. Police also deployed water cannons to control the crowd and at least a dozen people were reportedly arrested.
The video of the Dutch police fleeing prompted a sharp reaction from anti-immigration political leader Geert Wilders, who wrote: “Sweep those streets clean and ship the riffraff with their families off to Morocco. This is our country. Get lost!”
Moroccans gathered in the streets, blocking traffic, and chanting with Moroccan flags. Some supporters danced on car roofs. Many of them are Dutch citizens and second- and even third-generation citizens.
Police regrouped and conducted baton charges, deployed water cannons, and made targeted arrests. A spokesperson said that water cannons were deployed after police were targeted with stones and fireworks.
With the Moroccan football team advancing in the World Cup, police across Europe are likely to be nervous about upcoming football games involving the North African team.
In previous years, Moroccan victories at football sporting events have led to mayhem and mass riots. In fact, it was already in 2022 that Wilders was urging mass deportations in reactions to major riots following victories of the Moroccan national team.
“If you’re telling me that the international community and hundreds of countries cannot rally behind that, then I don’t know what the utility of the UN system is.”
Severing all ties to the UN could require an act of Congress, but the US is moving in this direction. On February 4, 2025, Executive Order 14199 directed the US to withdraw from 31 UN organisations. A great deal hinges on how highly Rubio still prizes America’s permanent seat on the UN Security Council which comes with a veto.
The UN is often viewed as an ineffectual bureaucracy that occasionally does some good. It is nothing so benevolent. Its origins may have been well-meaning, but the current UN has become what it claims to oppose. The US should leave the UN altogether and immediately, especially since its unjust policies are likely to get worse…and soon.
WE THE PEOPLES OF THE UNITED NATIONS DETERMINED…to reaffirm faith in fundamental human rights, in the dignity and worth of the human person, in the equal rights of men and women…
Whereas recognition of the inherent dignity and of the equal and inalienable rights of all members of the human family is the foundation of freedom, justice and peace in the world,
Everyone is entitled to all the rights and freedoms set forth in this Declaration, without distinction of any kind, such as race, colour, sex…
‘All human beings are equal’ is the basis of Western justice, whether the equality is under nature, God, or law. Instead of pursuing equality, however, the UN is now a woke and corrupt actor that creates inequality and division. The UN’s financial malfeasance, the sexual abuse by field personnel, its demonization of the West…are well documented in the 104-page report From Watchdogs to Ideologues: How Politicized UN Rapporteurs Are Subverting Human Rights by the Geneva-based NGO UN Watch.
The UN’s demonstrated commitment is to social justice or a wokeness rooted in equity, not equality. Equity seeks the redistribution of wealth and power to those who are considered oppressed from those who are considered oppressors. Equity is the opposite of equality under the law.
Consider its treatment of men who clearly are not viewed as equal to women, as the UN’s mission claims. An obvious example is the prominent presence of the UN Women commission that claims to be “the global champion for gender equality.” The commission identifies its goal as ensuring “every woman and girl lives up to her full potential.” No mention of men or boys. No comparable UN Men agency, although males are included peripherally by recognizing a need to train them to oppose patriarchy. The United Nations Population Fund (UNFPA) explains,
UNFPA works with men and boys around the world to advance gender equality and end violence. These programmes are encouraging men and boys to abandon harmful stereotypes, embrace respectful, healthy relationships, and support the human rights of all people, everywhere.
Men face many of the same global problems as women, however, including poverty, lack of education, violence, disease and harmful stereotypes. Men also face unique problems, including male-only conscription, paternity fraud, false rape accusations, and longer sentences for the same crimes. Nevertheless, compared to the UN’s emphasis on women, men are virtually ignored. And deliberately so.
The UN Convention on the Elimination of All Forms of Discrimination against Women (CEDAW) is considered by many to be the international bill of rights for women. Again, no comparable agency exists for men. The FAQ of one CEDAW branch speaks of substantive justice for women.
Substantive justice judges fairness by results rather than a process; it favors the equitable distribution of rights, not equal rights. CEDAW states, “The concept of substantive equality arose out of the recognition that formal equality may not be sufficient to ensure that women enjoy the same rights as men. An ostensibly gender-neutral policy, while not excluding women per se, may result in a de facto discrimination against women.”
Instead, in the name of equality, the UN discriminates against men. It denounces the “poison of patriarchy,” decries the manosphere, and discusses the anti-gender movement. The anti-gender movement is defined as groups with an agenda of harming radical feminist and LGBTQIA+ policies. Even questioning these policies or advocating parallel ones for men seems to be anti-gender.
Earlier, I stated the UN’s policies are likely to get worse and soon. Secretary-General Antonio Guterres steps down on December 31, 2026. The leading contender as his replacement is the aggressively woke Michelle Bachelet, who launched UN Women and served as its Executive Director from 2010 to 2013. After this, she acted as United Nations High Commissioner for Human Rights (2018 to 2022).
In between stints at the UN, Bachelet served two terms as President of Chile. A prominent member of the Socialist Party of Chile, she mandated 50% female representation in her Cabinet and instituted political quotas to boost women’s presence in government, as well as establishing a Ministry of Women and Gender Equality; again, no comparable Ministry of Men exists.
And, again, the equality pursued was equity because it applied privileges to women.
While at the UN, some of the global initiatives championed by Bachelet included:
Safe Cities Free of Violence Against Women and Girls to address sexual violence in public spaces. The word “sexual” is key. Even the U.N. admits men experience more physical violence in public (81%) compared to women (19%). It is not clear the rate at which men experience sexual violence, however, as men report such abuse at a far lower rate than women.
Fund for Gender Equality to provide money exclusively to women toempower them at the grassroots level. Males can access other U.N. gender funds but only in order to dismantle gender inequality, not to empower themselves. Men are to act as gender allies and “agents of change.”
Everyone has the right to discriminate peacefully on his own time and dime. But the UN is primarily funded by mandatory assessed and voluntary contributions from its member nations; that is, by tax dollars extracted from individuals, half of whom are men and many who are dissenting women, like me.
The good news: there are rumors of the UN’s financial collapse since some member states—most prominently the US—are withholding their contributions. The US alone owes $2.196 billion to the regular budget and $1.8 billion to separate peacekeeping operations, which amounts to about one-quarter of UN funding. Without it, the UN will be sorely diminished in status.
Good. And if the UN does collapse, then better.
END
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS//
ISRAEL USA/IRAN WEDNESDAY MORNING
Trump Briefed On All-Out War Plans, Still Eyes Diplomacy, As Iran Reminds US: ‘Muzzle Your Pets In Tel Aviv’
Wednesday, Jul 01, 2026 – 08:25 AM
President Trump started this week by claiming that Iran had “requested” direct talks in Qatar, but as of yet the ground reality in Doha is that Iranian officials have refused, leaving US representatives Steve Witkoff and Jared Kushner to just bide their time and deal with Qatari and Pakistani intermediaries.
In this context of Tehran putting direct contacts on hold, Trump has reportedly been briefed on options for a possible return to broader war with Iran, but has for now opted to continue diplomatic negotiations, according to a report by the Wall Street Journal citing admin officials.
The late Monday report described that discussions on “all-out war” planning involved War Secretary Pete Hegseth and Joint Chiefs Chairman Gen. Dan Caine, with the focus of the briefing described as assessing whether the United States should abandon talks with Tehran and resume full-scale military strikes. The Journal characterized, citing the officials, the latter option as—
…a move some of them describe as “finishing the job.” While not making a final decision, Trump has told aides he believes another round of full-scale attacks could derail diplomacy and hurt Washington’s chances of ultimately dismantling Iran’s nuclear program.
While Trump is said to be leaning toward diplomacy, the report suggests he had not made a final decision yet, as new large-scale strikes would certainly destroy already fragile negotiations.
The WSJ further specified the president has told advisers he is ready to allow nuclear negotiations with Tehran to extend beyond an August 18 deadline, giving breathing room and flexibility for talks to produce real results.
It should be noted that the Pentagon and US intelligence community routinely present ‘options’ for the Commander-in-Chief:
Pentagon briefings on a president’s military options in a conflict aren’t unusual, with Trump routinely holding formal and impromptu meetings on Iran. But the latest discussions suggest he is looking for ways to break the deadlock with Tehran and hasn’t yet ruled out a return to fighting. Resuming the conflict, some officials acknowledge, would be a tacit admission that the much-touted Iran deal failed.
Central sticking points remain the initial release of $6 billion in Iranian frozen assets, and the question of tolls or fees for Hormuz Strait passage. The US side has yet to see enough good behavior from Iran to release the funds – but perhaps the administration is more worried about domestic criticism from the hawks. Neither side has found agreement for moving forward.
In the meantime so-called hardliners within Iran are putting pressure on their negotiators to make Washington ‘pay’ if it won’t honor its agreements outlined in the MoU. As geopolitical blog Moon of Alabama has laid out:
The U.S. is obviously not willing to fulfill the conditions set out in its Memorandum of Understanding with Iran. It will need more pressure from Iran to make the U.S. agree to its demands.
The current team of Iranian leaders who had negotiated and signed the MoU are President Masoud Pezeshkian -a good heart surgeon but unexperienced politician-, Speaker of the Parliament Mohammad Bagher Ghalibaf -a former IRGC leader and professional politician-, and Foreign Minister Abbas Araghchi -a longtime professional diplomat.
All three are now under critique for multiple breaches of the MoU by the U.S. and the perceived lack of Iranian responses to those.
Some 68 members of 88 men strong Assembly of Experts have published (in Farsi, in in English) a strong admonishing advice to the negotiators to stick to the ten points the Supreme Leader of Iran had defined.
The Assembly of Experts is the elected board of senior Islamic jurists which can elect and disposes of the Supreme Leader. It is residing in Qom. Its assembly building had been destroyed in one of the U.S. attacks on Iran.
The Assembly’s statement from just days stated in part, “In accordance with the commitment of the respected officials to the leadership and the people, it is expected that any breach of the agreement and violation of the clauses of the memorandum of understanding will be responded to immediately.”
The Iranian Foreign Minister’s own rhetoric has grown more pointed and heated at this point:
So far, the White House has tended to ignore such strong rhetoric coming from Araghchi – again, likely not willing to damage negotiations all based on some social media tit-for-tat exchanges.
But all of this without doubt demonstrates that Tehran won’t so easily bend, and the two sides could be headed toward more direct clashes as absolutist demands and interpretations keep being presented.
ISRAEL TBN
END
ISRAEL/LASER GUIDED IRON DOME:
Israel Tests Upgraded Laser-Guided Iron Dome System After Harsh ‘Lessons’ Of Iran War
Tuesday, Jun 30, 2026 – 11:00 PM
Israel’s famed Iron Dome air defense system has undergone a significant upgrade, and the country’s defense ministry is hailing new successful advanced tests, touting that it is now immensely better at countering aerial threats such as cruise missiles and drones.
Israeli officials are tacitly admitting that a major overhaul was needed based on lessons learned both in the June 2025 aerial war with Iran and the Iranian retaliatory attacks in the opening month of Operation Epic Fury.
By pretty much all accounts both within and outside Israel, Iran’s missiles – some of them reportedly hypersonic – inflicted severe damage on Israeli cities, bases, and infrastructure. A key Tel Aviv military-intelligence headquarters in the heart of Tel Aviv was also struck, possibly on several occasions.
Israel’s censorship regimen worked in overdrive both during the June war and Operation Epic Fury, with critics charging that the true extent of Iranian projectiles evading Israel’s anti-missile defenses will never ultimately be known.
But open-source videos and live-action info alone confirmed the failures on many levels of the country’s multi-layered defense, including of the Iron Dome.
This is why Israel has a deep political incentive to signal both its domestic population and the world that “all is well” and that the Iron Dome has been “upgraded”. According to Israeli media:
The trials were led by the Ministry of Defense’s “Wall” Directorate, part of the Directorate of Defense Research and Development (DDR&D), in partnership with Rafael Advanced Defense Systems. The testing incorporated operational lessons learned during the ongoing war and recent operations against Iran.
According to the Ministry of Defense, the upgraded Iron Dome demonstrated enhanced capabilities against complex attack scenarios while introducing technological improvements aimed at handling higher volumes of incoming fire and longer-range threats.
This included the testing of the new high-power Or Eitan laser weapon system into system’s command-and-control network. The laser is meant to assist as an additional layer of defense in pinpointing inbound threats.
WATCH: Israel touts successful tests of the upgraded Iron Dome, which integrates high-power laser in advanced air defense trials:
Moshe Fattal, head of the Ministry of Defense’s “Wall” Directorate, stated “The Iron Dome remains a central pillar of Israel’s multi-layered defense concept. During the test, we also practiced integrating the laser system into Iron Dome’s command-and-control network, taking the system’s defensive capabilities to new heights.”
So far Iran’s ballistic missile and drone arsenal has proven quite capable at evading Israeli defenses, but perhaps in a future round of fighting Israel’s upgrade will prove its worth. In the meantime Iran has already reconstituted much of its missile production capability. The Trump administration seems to have dropped its demand that Iran drop its missile program, which was obviously a non-starter in negotiations, given no country would just willingly give up its main method of defense from external attack.
HEZBOLLAH
When Hezbollah escalated the war with a record drone assault
Northern Israel has been under immense strain. Though the headlines have faded and the fighting has subsided, thousands of families still need urgent support to rebuild.
Civilians and security forces at the scene where a missile fired by Hezbollah from Lebanon struck a parking area in Safed, causing heavy damage, April 10, 2026.(photo credit: David Cohen/Flash90)ByJERUSALEM POST STAFF, IN COLLABORATION WITH PAAMONIMMAY 26, 2026 13:54Updated: JUNE 28, 2026 16:52
The Daily Giving Israel Emergency Fund is providing immediate assistance to those facing war, trauma, and financial hardship.
Israel’s security establishment has identified a significant escalation in Hezbollah’s drone threat following a large-scale attack on northern Israel – an incident described by a security official as “the most powerful drone attack ever launched against Israel.” Several drones penetrated Israeli territory, causing fires and injuring both soldiers and civilians, while others reportedly hovered above Israeli towns and strategic sites in the north, further deepening residents’ fear and sense of insecurity.
As fighting in the north continues and sirens repeatedly sound throughout border communities, daily life for thousands of families has become one of constant tension. Sleepless nights. Children afraid to leave their homes. Parents trying to maintain some sense of routine in a reality that is anything but normal. And alongside all of this, the economic burden continues to deepen. Businesses have been severely affected, workplaces disrupted, and many families are struggling to keep up with daily expenses.
Israeli soldiers take position as civilians take cover during a Hezbollah attack near the Israeli border with Lebanon in northern Israel, May 19, 2026. (Credit: AYAL MARGOLIN/FLASH90)
At a time when many families are struggling to go to work or even purchase basic necessities, food aid organizations are delivering meals, food packages, medication, and essential supplies directly to the homes of residents, children, and families in distress.
The Daily Giving Israel Emergency Fund was established with the support of leading rabbis, including Rabbi Hershel Schachter, Rabbi Moshe Tuvia Lieff, Rabbi Paysach Krohn, and Rabbi Shmuel Greenberg, with the goal of enabling Jews around the world to take a direct role in supporting Israeli civilians in the North during wartime.
The fund supports frontline organizations, including Magen David Adom and United Hatzalah, whose teams continue operating under fire to save lives and provide immediate medical treatment.
A view of a house damaged by a missile fired by Hezbollah from Lebanon in Misgav Am in northern Israel, May 1, 2026. (Credit: MICHAEL GILADI/FLASH90)
The Paamonim organization is also working on the ground to help Israeli families cope with financial crises created by the war through guidance, support, and practical tools that help them maintain stability amid extreme uncertainty. For many families in the north, this assistance is the difference between financial collapse and simply keeping their heads above water.
Together with Paamonim, Brothers for Life and other resilience organizations are working around the clock to provide emotional support, emergency equipment, and assistance to soldiers, wounded veterans, and reservists coping with trauma, loss, and prolonged displacement.
This initiative allows Jews around the world to become part of something greater – to stand beside the citizens of Israel during their darkest moments and offer them real hope.
Because in moments like these, the strength of the Jewish people is revealed in full force – as Jews across the globe unite to stand with the people of Israel and remind them of one essential truth: Am Yisrael Chai.
END
HEZBOLLAH IRAN/ISRAEL
Israel sanctions IRGC-linked crypto accounts funneling millions to Hezbollah, other proxies
These funds, totaling approximately NIS 24 million, were used to fund various Iranian terror proxies, including Hezbollah.
An illustrative image of Iran and Hezbollah’s flags.(photo credit: hapelinium/Shutterstock)ByJERUSALEM POST STAFFJULY 1, 2026 10:42Updated: JULY 1, 2026 11:17
Defense Minister Israel Katz has issued sanctions against 37 cryptocurrency wallets associated with the Islamic Revolutionary Guard Corps, his office announced on Wednesday.
These funds, totaling approximately NIS 24 million, were used to fund various Iranian terror proxies, including Hezbollah. Further investigation uncovered the fact that tens of millions of dollars were funneled to terror organizations through these crypto wallets over the past several years.
“The campaign against Iran is not only being waged on the battlefield – but also in the fight for the money that drives terrorism,” Katz said.
Advertisement
“Every dollar that is kept from the IRGC is a dollar that will not reach Hezbollah, Hamas, the Houthis and Iran’s terrorist proxies. We will continue to target all the financing routes of the Iranian terrorist axis, everywhere and by any means.”
US imposes sanctions targeting Iran’s covert ‘shadow banking’ financial network
This comes several weeks after the US launched Operation Economic Fury, which aimed to disrupt Iran’s shadow banking networks and has frozen nearly half a billion dollars’ worth of cryptocurrency linked to Iran’s regime.
Defense Minister Israel Katz attends a conference at Binyanei HaUma (Jerusalem International Convention Center) in Jerusalem, June 17, 2026. (credit: OREN BEN HAKOON/FLASH90)
Advertisement
Iranian “shadow banking” networks allow the regime to evade sanctions, despite the US “maximum pressure” campaign against the Islamic Republic, according to the US State Department.
Most US Treasury sanctions are imposed on individuals, companies, and other entities that are added to its Specially Designated Nationals List, which contains tens of thousands of designees that are cut off from the dollar-based financial system and see assets frozen. Anyone who transacts with designated entities risks being sanctioned themselves.
“To sharpen national security outcomes, Treasury is tailoring our sanctions program for the 21st century. We are reviewing outdated and obsolete designations to help financial institutions focus on the most sophisticated terrorist financing and sanctions evasion schemes,” US Treasury Secretary Scott Bessent told Reuters in May.
Reuters contributed to this report.
end
IRAN/HORMUZ…
A REAL MESS!!
Container Ship Runs Aground In Hormuz Chokepoint
Wednesday, Jul 01, 2026 – 07:20 AM
Hormuz vessel traffic continues to flow, but at a sharply reduced pace compared to the previous week, as US-Iran technical talks resume in Doha without senior negotiators meeting face-to-face.
Data research firm Kpler noted, “Hormuz traffic holds steady.”
The latest disruption in the strait, beyond the persistent threat of Iranian naval mines and suicide drones, was caused by a foreign container ship running aground after entering shallow waters outside the Iranian-designated shipping route.
Qatar-funded international news network Al Jazeera cites Iran’s state media, which provided more details on the maritime incident early Wednesday:
A foreign container ship has run aground in the Strait of Hormuz after entering shallow waters outside the shipping route designated by Iranian authorities, Iran’s state media says.
The news report reiterated the Revolutionary Guard’s warning that vessels should transit only through the corridor south of Iran’sLarak island, which Tehran says is the sole approved entry and exit route for ships passing through the strait.
In a separate report, Bloomberg cites the Iranian Navy as saying that it “has repeatedly warned ship captains, owners and officials of global shipping companies that any entry or exit via routes other than the authorized one could lead to irreparable incidents.”
Beyond the Strait, and focusing on markets, the beginning of the normalization process to reopen the critical waterway sent commodity prices sliding 9% month on month in June, as conflict fears eased following the US-Iran interim peace deal.
HSBC analyst Jamie Culling told clients:
Global commodity prices fell in June, with our index down by an average of 9% m-o-m, after having reached its highest level since Q3 2022 in May. In June, this left commodity prices up 14% year-to-date, down from 25% year-to-date in May.
The decline largely reflected the impacts of an improving outlook surrounding the US-Iran conflict, including increased traffic flow through the Strait of Hormuz (see Commodity Economic Comment: Better, but the Hormuz disruption is not over yet, 25 June 2026). After the signing of the Memorandum of Understanding between the US and Iran, traffic through the Strait of Hormuz picked up. The Brent oil benchmark fell to its pre-conflict level, reflecting an improved supply outlook.
Nonetheless, it is still early days. Transit rates through the Strait are still well below pre-war levels. Insurance is still expensive. Risks and uncertainty remain high, and the situation is fragile, highlighted by missile strikes from both sides over the past week which saw transits through the Strait of Hormuz dip (Bloomberg, 26 June).
Even as the broader news cycle has moved on and fatigue sets in, all things Hormuz, whether vessel traffic rates, insurance coverage, shipping costs, and Gulf export flows, will remain in focus this summer. The question is whether Tehran still retains full leverage over the waterway, or whether the normalization process has begun to dilute its ability to weaponize the world’s most important maritime chokepoint.
RUSSIA VS UKRAINE
Ukraine’s Desperate Propaganda Campaign While Russia Advances Along The Entire Front
Volodymyr Zelensky and his Western backers have launched a desperate 40-day “campaign of terrors” — which includes a mix of military escalations and a massive information/psyops operation designed to portray Russia as collapsing and Putin as facing an imminent uprising or coup. The goal is to force Russia into a ceasefire. Western audiences are being flooded with social media and regular media articles that paint a dire picture of Russia’s military campaign, while touting Ukraine’s incredible accomplishments. It is all a load of crap, but that is all the West has left in its quiver as Russia’s campaign of attrition continues to pulverize Ukraine.
The Western-led propaganda campaign consists of the following elements:
Information Warfare — Heavy push of 24/7 propaganda about Putin’s “imminent downfall,” including staged videos of supposed Russian soldiers announcing a mutiny.
Fake Psyops — Coordinated attempts to stoke panic in Russia (e.g., false claims of fuel/gas shortages, which were partly caused by panic buying triggered by the rumors).
Symbolic Actions — Staged drone flag-drops (e.g., on the Kinburn Spit near Crimea) meant to symbolize Russian retreat and collapse — quickly debunked and mocked.
Broader Objective — Combine these narratives with actual strikes on Russian infrastructure to create the impression of regime instability, pressuring Putin politically.
Now for the reality. Yes, Ukraine has hit some Russian refineries and created some spectacular visuals of billowing smoke and fire. However, this is nothing more than military political theater that is intended to distract from Ukraine’s setbacks all along the front. As a side note, Russian oil exports have increased during this same period, putting to bed the narrative that Russia’s oil industry in suffering catastrophic losses.
Here is a summary of Russian activity, starting in the Northern section of the front:
Sumy Direction
In the Sumy direction, the “North” assault groups advanced on 19 sectors, and some units of Ukraine’s 104th Territorial Defense Brigade abandoned their positions in Bachevsk. Russian forces continued active operations along the border, conducting strikes on Ukrainian positions and logistics. They reported repelling multiple Ukrainian attempts to cross into Russian territory and inflicting significant losses on enemy manpower and equipment. Russian soldiers are now only a few kilometers from Sumy itself.
Kharkiv Direction
Russian troops advanced in several sectors north and northeast of Kharkiv. The MOD reported the liberation of additional border settlements and improvement of tactical positions. Russian Geran drones conduct a series of high-precision strikes on gas infrastructure in Kharkiv region overnight. A gas distribution station near Panyutino was struck — disabling gas storage tanks, gas pumping plants, and a gas treatment facility. The Skvortsovskaya gas treatment system near Kosogorovka was also hit. Ukrainian counterattacks were repelled, with Russian artillery and aviation playing a key role in degrading enemy capabilities.
Donetsk Direction (Primary Focus)
Donetsk remains the main direction of Russian offensive operations. Russian troops are steadily advancing on the Pokrovsk axis, with Russian forces capturing multiple settlements and pushing toward key logistical nodes. The most notable achievement is in Konstantinovka, where Russian units have taken control of most of the city and disrupted Ukrainian supply lines. With both Pokrovsk and Konstantinovka gone, Russia controls the two southern and eastern approaches that previously buffered the Kramatorsk-Sloviansk agglomeration. The H-32 Pokrovsk-Konstantinovka highway and the T-0504 Bakhmut-Pokrovsk highway — both of which Russian forces had been fighting to seize specifically to link these two axes — now forms a contiguous corridor under Russian control, allowing logistics and force concentration to flow directly toward Druzhkivka and Kramatorsk without contesting two separate urban battles.The Russians also are advancing around Chasiv Yar and Toretsk, including gains in urban fighting and elevated positions.
Overall, the Russian MOD described consistent liberation of territory, high daily Ukrainian losses, and effective use of glide bombs, drones, and artillery to support ground advances.
Dnipropetrovsk Oblast (Dnipro region)
In the Dnipropetrovsk direction, the 36th Guards Motorized Rifle Brigade captured Bogodarivka, the third settlement in three days since crossing the Dnieper River. Russian forces continue conducting regular long-range strikes (missiles and drones) on military-industrial targets, energy infrastructure, and logistical hubs in the oblast. Key targets included defense factories, repair facilities, and rail nodes supporting the Ukrainian front.
Zaporizhzhia Direction
In the Zaporozhye area, Russian forces have blocked a Ukrainian bridgehead in Aleksandrovka and have reached the southern outskirts of Pokrovskoye. After Russian forces took control of Novy Donbass, they advanced towards Shevchenko and Svetloye, isolating Ukrainian forward positions with drones. Russian forces maintain pressure through artillery, drone strikes, and localized assaults, destroying Ukrainian strongholds and equipment while holding defensive lines.
Kherson Direction
Operations remained largely positional along the Dnipro River. The Russian MOD highlighted successful strikes on Ukrainian crossings, logistics, and manpower concentrations on the right bank. Russian units conducted raids and maintained control over left-bank positions.
In other words, the Russian summer offensive is underway and Ukraine, despite its propaganda offensive, is retreating to the west.
Russia has confirmed its government is currently in negotiations with other countries to purchase gasoline while desperately seeking to stabilize its domestic market after months drone mayhem out of Ukraine.
“Discussions are actively being held,” Kremlin spokesman Dmitry Peskov said at a press briefing Tuesday, though without specifying which countries. “If agreements can be reached at acceptable price points, then [imports] will move forward,” he added.
The development is surprising given that Russia remains the world’s second-largest crude oil exporter and third-largest supplier of refined petroleum products – and yet it is now facing the somewhat humiliating prospect of importing gasoline.
Last week, Reuters dropped a bombshell citing industry insiders who revealed that Moscow has been in backroom talks to import a staggering 50,000 metric tons of AI-92 grade gasoline from neighboring Kazakhstan. India has also been mentioned in reports.
President Putin just over the weekend estimated Russia’s total gasoline reserves to be at at 1.7 million metric tons, which would constitute a 4% decline compared to the same period last year. Politico notes further:
Deputy Prime Minister Alexander Novak has described imports as one of the government’s key tools for stabilizing the market, while Russian lawmakers last week approved tax changes creating subsidies to help finance gasoline purchases from abroad.
Putin had further in a speech and separate interview belatedly acknowledged Sunday that his country is facing a “certain shortage” of fuel following weeks of ramped-up drone warfare coming out of Ukraine, which has chiefly targeted oil refineries and domestic supply facilities, including in the Moscow region.
“As for strikes against critical infrastructure in general, and energy infrastructure in particular, of course, these attacks on our infrastructure facilities create problems,” Putin said. “That’s obvious.“
“Right now we’re observing a certain shortage, but it’s not critical,” he added. He also made wide-ranging public remarks at a major summit of the ruling ‘United Russia’ party.
Some Western pundits have agreed that the situation is not yet critical, and that a fuel squeeze has been a long-running Ukrainian goal of its intensified drone attacks…
A state of emergency for all citizens was also declared in Crimea last week – with fuel only being provided to military and state entities at this point.
Putin further acknowledged in his recent comments that small, slow-moving drones have proven a problem for Russia’s anti-air defense systems, which were conventionally designed to intercept large fast projectiles like missiles or warplanes.
This has been big on Russians’ minds, as this month they beheld unprecedented scenes of massive smoke plumes overtaking Moscow’s skyline, as a key refinery there burned.
END
RUSSIA/UKRAINE
Zelensky’s Secret Police Being Looked At By Investigators For Monaco Bomb Attack
Wednesday, Jul 01, 2026 – 09:25 AM
The manhunt continues, chiefly focused in France or also nearby Italy, for the culprit who committed a Monday parcel bomb attack on an exiled Ukrainian oligarch and his family at their luxury apartment building in Monaco.
The victims – Vadym Iermolaiev, his ‘partner’ (or wife, according to contradictory reports) and his 13-year-old child, all survived the bombing, with Iermolaiev and his partner having sustained serious injuries and in critical condition. The suspected would-be assassin was seen fleeing to the French border, after which “Dozens of officers were deployed in Monaco, while two helicopters and some 30 gendarmes scoured neighboring France for a man who left a package in a residential building near the border, according to the police and gendarmerie.”
Given that Iermolaiev had long ago been declared an enemy of the Ukrainian state, and has been under sanctions for years for his extensive business dealings in Crimea, Ukrainian intelligence is coming under the spotlight for possible involvement in the Monaco bomb attack – a first of its kind in the small, wealthy principality.
Le Figaro is reporting that the investigation focuses on Zelensky’s secret police (SBU) in the Monaco bomb attack: “According to several concurring sources at Le Figaro, investigators are focusing on the possibility that the attack was orchestrated by the SBU, the Ukrainian intelligence service.”
The report continues, “Vadim Ermolaev, a wealthy businessman residing in Monaco since 2021, as the magistrate specified, had distanced himself from his native country, exchanging his Ukrainian citizenship for a Cypriot passport in 2019, before being targeted by personal sanctions imposed by Kyiv in December 2023.”
And Le Figaro notes further:
According to our information, the attack appears to have been more of a “warning” than a deliberate attempt at murder.
However, police did call it a “powerful explosion” – so significant that parts of Iermolaiev’s partner (or wife’s) legs were lost, reports said.
According to more background of the Ukrainian tycoon’s past:
“Iermolaiev is a real estate developer who was born and raised in the Ukrainian city of Dnipro. His company, the Alef Group, also has interests in agriculture and vodka production. In 2018 the oligarch gave up his Ukrainian passport and acquired EU citizenship from Cyprus. As well as Monaco, he is a frequent visitor to London and Paris.
In 2022, the newspaper Ukrainskaya Pravda identified the oligarch as a member of the “Monaco battalion”, an ironic reference to wealthy Ukrainians who live in comfort abroad while their fellow citizens experience daily Russian drone and missile attacks. Iermolaiev enjoyed the high life and drove a £250,000 Bentley Flying Spur, it noted.
The following year, Ukraine imposed personal sanctions on Iermolaiev after an investigation by the country’s SBU security agency. It said the 58-year-old oligarch continued to trade alcohol in occupied Crimea and paid millions of dollars in taxes to the Russian treasury. His assets were frozen and he was prohibited from doing business.
While Russia has long been accused of deploying intelligence-linked assassin squads in Europe to hunt down political enemies, there’s lately been increasingly acknowledgement that Ukraine has been engaged in its own ‘dirty war’ of assassination hits, both within and outside of Russia.
Health Secretary Robert F. Kennedy Jr. is ending emergency declarations for COVID-19 vaccines, treatments, and medical devices, after determining that the circumstances that resulted in the declarations are no longer in place.
The health secretary in office in early 2020 issued emergency declarations, providing liability protections for companies that made products for COVID-19 and enabling regulators to issue emergency authorizations, which have a lower evidentiary threshold than regular approval.
The declarations were extended multiple times, most recently in 2024 by then-Health Secretary Xavier Becerra through the end of 2029.
They provided broad immunity to manufacturers of the products, as well as people who administered them to others.
Becerra said in the latest extension that while the COVID-19 public health emergency expired in May 2023, COVID-19 “continues to present a credible risk of a future public health emergency” and that keeping the protections in place was necessary to keep the United States prepared for that threat.
Kennedy disagreed, writing in a notice of termination that “circumstances no longer exist to justify emergency use of drugs and biological products during the COVID-19 pandemic.”
He cited how regulators in 2025 revoked emergency authorization for COVID-19 vaccines, transitioning to typical approval for all the shots across all available ages.
“Americans deserve a regulatory system that is transparent, accountable, and rooted in the rule of law,” Kennedy said in a statement.
“By ending these COVID-19 emergency use authorization declarations, we’re reinforcing public confidence that emergency authorities are temporary and targeted.”
To terminate emergency declarations, a health secretary has to provide advance notice that would give a reasonable amount of time to companies to withdraw the products that have been generated under the declarations.
The Food and Drug Administration determined that 12 months is a sufficient period of time, according to health officials. The declarations for vaccines and drugs will thus terminate effective June 29, 2027.
The declarations for medical devices such as COVID-19 tests will only stay in place for 180 days, or until Dec. 26, 2026.
The FDA has been working with manufacturers of all products still under emergency authorization about seeking approval for continued use, and it is reasonable to conclude that manufacturers will be able to generate data that would support fresh filings to regulators, the notice stated.
Officials plan to notify Congress of the development, the Department of Health and Human Services said.
GLOBAL ISSUES
MARK CRISPIN MILLER
DR PAUL ALEXANDER
RABOBANK/MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL AND NATURAL GAS//ENERGY COMMENTARIES
The Next Oil Rally Could Be Driven By Stockpile Refilling
The Middle East conflict has disrupted more than 1 billion barrels of oil supply, but China’s massive strategic crude stockpile helped offset the shock by sharply reducing imports, preventing oil prices from surging even higher.
Countries are now racing to build or replenish strategic petroleum reserves, with the IEA planning to refill the 400 million barrels it released during the crisis and major importers like India looking to expand their emergency stockpiles.
This wave of reserve rebuilding could create a major new source of oil demand, supporting crude prices once the Middle East crisis fully subsides as governments prioritize energy security alongside the energy transition.
The war in the Middle East has cost the world over a billion barrels in cumulative supply losses. Yet luckily, China had built a reserve of about the same size before the closure of Hormuz, so it stopped buying so much oil, arresting the inevitable price jump. Now, everyone wants to build an oil reserve—or needs to replenish the ones they already have.
Back in March, soon after the U.S. and Israeli attacks on Iran began, prompting the latter to retaliate by closing the Strait of Hormuz, the International Energy Agency said it would release 400 million barrels of crude from its joint emergency reserve. The reserve was set up, along with the IEA, as a response to the Arab oil embargo and other supply disruptions from the 70s, when the world was even more dependent on Middle Eastern crude than it is today.
The release announced in March worried oil market observers because it was set to be the largest ever made, much larger than what the IEA member states released in 2022 when Western sanctions on Russia following its incursion into Ukraine prompted a price spike. Back then, the IEA only released 182 million barrels. Now, member states stood ready to release 400 million barrels, plus millions of barrels from the U.S. strategic petroleum reserve.
All these millions of barrels would need to be replenished once the crisis is over, or even before it is over if it drags on. Analysts have been warning about it and about the potential of this replenishment drive to lift international prices, which have remained stubbornly depressed, even amid fresh reports of new strikes between Iran and the United States. Yet on top of the replenishment drive, there are nations seeking to build their own strategic reserves to insulate themselves from future shocks.
Reuters noted in a recent report that nations that had limited oil reserves at home had felt the pain from the closure of Hormuz more sharply than those with ample reserves. Such a conclusion is, of course, a no-brainer, but it is indicative of something besides the obvious, namely, that crude oil remains the ultimate fuel of the global economy, regardless of the acceleration of transition efforts in the past decade.
Multiple reports following the outbreak of war in the Middle East said it would prompt energy importers to switch to things like wind and solar in order to reduce their dependence on those imports of crude from the Middle East. Indeed, many governments across Asia—the most vulnerable region—did double and triple down on wind and solar, but at the same time signaled they are aware these cannot replace hydrocarbons to any meaningful degree. So they also started thinking about building an oil reserve. China was the inspiration.
There seems to be a pretty comprehensive agreement among energy analysts that China played an instrumental role in keeping the world from drowning in three-digit oil prices. It did this thanks to its tendency to plan well ahead and prepare for adverse events, such as a war in the Middle East. China had been buying oil on the cheap from Iran, Russia, and Venezuela for years, building the most massive oil reserve in the world. Funnily enough, reports about the gap between Chinese crude imports and refinery run rates served to keep a lid on prices, keeping oil cheaper for longer, helping China build its reserve. And when the war came, China slashed imports and dug into its oil inventories.
Following China’s example may be quite a challenge, though it seems simple on the face of it. The challenge, of course, is financial. India, for instance, wants to boost its own oil reserve, which is currently unacceptably low, covering just eight days of imports. The government has already instructed state major ONGC to add 13 million barrels to its crude reserve, but those 13 million barrels will not go a long way in case of shortages—and buying enough oil to help in case of shortages would cost tens of billions of dollars. India, by the way, is not the only large oil importer thinking of boosting its oil reserves. And China will need to refill its reserve, as will IEA members.
What this means is that demand for crude oil is about to rise the moment there is an indication that the crisis in the Middle East is over, for real this time. Even the International Energy Agency—of peak oil demand fame—said in its latest monthly oil report that it expected global oil demand to rebound to 2 million barrels daily in 2027, after dipping by 1.1 million barrels daily this year due to the crisis and its effect on supply and prices. In good news for buyers, the news of stronger demand would probably push oil prices lower.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUE
VENEZUELA
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: 1.1399 DOWN 0.0013
USA/ YEN 162.67 UP 0.049 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 1.3243 DOWN 0.0007 OR 7 BASIS PTS
USA/CAN DOLLAR: 1.4222 UP 0.0014 //CDN DOLLAR DOWN 14 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED UP 18.05 PTS OR 0.44%
Hang Seng CLOSED HOLIDAY
AUSTRALIA CLOSED DOWN 0.86%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED HOLIDAY
/SHANGHAI CLOSED UP 18.05 PTS OR 0.44%
AUSTRALIA BOURSE CLOSED DOWN 0.86%
(Nikkei (Japan) CLOSED UP 594.21 PTS OR 0.86%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: $3975.60
silver:$57.75
USA DOLLAR VS TRY (TURKISH LIRA): 46.68 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: 77.72 ROUBLE// UP 0 ROUBLE AND 96 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: 4.8145 UP 5 BASIS PTS
UK 30 YR BOND YIELD: 5.5441 UP 7 BASIS PTS
CDN 10 YR BOND YIELD: 3.382 UP 0 BASIS PTS
CDN 5 YR BOND YIELD; 3.0150 UP 1 BASIS PTS
USA dollar index early WEDNESDAY MORNING: 101.10 UP 14 BASIS POINTS FROM TUESDAY’s CLOSE
WEDNESDAY MORNING NUMBERS ENDS
And now your closing WEDNESDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.297% UP 5 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.704% UP 1 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.967 UP 0 BASIS PTS//
SPANISH 10 YR BOND YIELD: 3.398 UP 5 in basis points yield
ITALY 10 YR BOND: 3.655 UP 6 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 2.9465 UP 4 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 1.1373 DOWN 0.0041 OR 41 basis points
USA/Japan: 162.74 UP 0.101 OR YEN IS DOWN 10 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.8107 UP 5 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.539 UP 6 BASIS POINTS.
The actual print was a disappointing +98k, but still represented the 12th straight month of employment gains…
Source: Bloomberg
Once again Small Business led the charge with hiring, but the gains were seen across all firm sizes…
Interestingly, only the Natural Resources & Mining sector saw job losses…
The median pay gain for job-stayers was little changed at 4.4 percent, while year-over-year pay growth for job-changers accelerated to 6.6 percent.
“The pace of hiring is telling a story of both supply and demand,” said Dr. Nela Richardson Chief Economist, ADP.
“We know it’s taking people longer to find work, but there also are signs of labor supply constraints in certain industries. For now, the overall effect is a slowdown in job creation.“
Still, this is hardly the collapse in labor market sentiment that surveys are suggesting..
end
US Manufacturing Expanded For 6th Straight Month In June As Inflation Fears Ease
Wednesday, Jul 01, 2026 – 10:05 AM
With ‘hard data’ having deteriorated recently (except in the labor market), ‘soft’ survey data has been surprisingly strong (especially in the Manufacturing side of the economy).
S&P Global’s US Manufacturing PMI dipped from multi-year highs at 55.1 to 53.9 final in June (below the 55.7 expected).
ISM Manufacturing also dipped from 54.0 to 53.3 (slightly below the 53.9 exp).
Both solidly above the ’50’ line suggesting growth…
Source: Bloomberg
Put simply: US manufacturing activity expanded for a sixth straight month in June as a war-driven surge in input costs eased.
Prices paid for raw materials, meanwhile, rose at a much slower pace in June.
The group’s price measure dropped 9.1 points to 73, the largest single-month drop since July 2022, as an interim agreement between the US and Iran sent oil prices tumbling.
New orders growth moderated, but remained solid, while ISM’s production gauge dropped to a six-month low.
Despite the slight decline from the flash print, the final June data is extending the growth spurt that has been reported since the outbreak of the war in the Middle East.
“Employment was nevertheless cut sharply as firms often sought to offset the rising cost of energy and raw materials.
“Supply chain delays and upward price pressures continued to be widely reported, albeit moderating thanks to recent news of an improving situation in the Middle East.”
On the bright side, while still elevated, Input and Output prices are falling back, according to S&P Global survey respondents.
However, Williamson concludes that despite the recent drop in energy prices and brighter outlook for shipping, business confidence has fallen sharply, “in part reflecting concerns that an end to war-related inventory building could start to act as a drag on sales.”
USA ECONOMIC REPORTS
Did META Just Expose The First Crack In the AI CapEx Boom?
Wednesday, Jul 01, 2026 – 08:52 AM
If you’re wondering why the Nasdaq is suddenly tumbling this morning, wonder no more…
Nasdaq moves lower after Meta announces it is to build a cloud business to sell its excess AI compute, weighing on cloud peers like AMZN, ORCL, MSFT and chip and memory names like NVDA, MU, INTO. As Bloomberg reports:
Meta, which has been rushing to secure expensive data centers and other infrastructure to fuel its own artificial intelligence ambitions, is forming a business to generate revenue from excess computing power sold to outside customers, according to people familiar with the matter, who asked not to be named as the details aren’t public.
One potential plan includes selling access to various AI models that are hosted on Meta’s existing AI infrastructure, an approach similar to AWS’s Bedrock offering, the people said.
Meta would run the data centers and chips that power the models, including its own Muse Spark models, and charge developers to access them.
…
Despite the complexities, Meta Chief Executive Officer Mark Zuckerberg has signaled to investors that he’s open to selling excess computing infrastructure, or even a so-called API service where customers would pay for AI usage — a business that’s usually measured in “tokens,” or the amount of data used and generated for a customer query.
“It’s definitely on the table,” Zuckerberg said during a call with shareholders in May.
“Almost every week there are different companies that come to us from the outside asking us to both stand up an API service or asking if we have compute that they could buy from us at some premium to what we’ve bought it at.”
This move comes after SpaceX started leasing its ‘excess compute’ raising questions about the potential for cutting CapEx which has perhaps overshot token demand…
…did META just shatter the market’s central premise has been that compute is scarce…
As Goldman Sachs 1-Delta desk-head, Rich Privorotsky, has been warning:
“The market’s central premise has been that compute is scarce. If scarcity persists, prices should remain firm and justify continued capex. If supply rises and rental prices continue to drift lower, that is a direct challenge to the shortage narrative. The first place that pain shows up is hardware.
ORNN H100 index rolling over last couple days worth watching.
The beneficiaries are the companies selling the complete platform and monetizing usage rather than simply selling picks and shovels. My working conclusion remains that hyperscalers are the structural winners through this phase. The first moment they demonstrate they can deliver equivalent output with lower spend, the market will reward them.
The bigger risk sits further upstream in the hardware and infrastructure stack where expectations remain built around persistent scarcity.”
Simply put, confessions of ‘excess capacity’ will crush the hyperbolic dreams of the CapEx cycle that underpins so much of the market’s recent incredible performance.
And the pivot to rewarding CapEx cutters begins…
“Lots of underperformance in hyperscalers. Everyone still appears convinced they must keep spending simply to remain competitive, while token cost compression/advent of neoclouds puts pricing pressure on core business. If token prices continue to compress alongside falling compute costs, the benefits may accrue to users faster than providers. Ironically, the first hyperscaler to signal that it can slow the pace of spending will likely see its share price rewarded.
If that happens, others will take notice.
That is the reflexivity that ultimately stalls the capex cycle… not a lack of demand, but investors deciding that incremental returns on the next dollar of spend are no longer attractive.
Watch hyperscalers share price as leading indicator.”
Don’t say you weren’t warned.
META shares are notably higher on the news…
Chipmakers are hurting…
Buckle Up!
Deflation Is Not The Villain – The Overleveraged Fiat System Is
While mainstream economists, the financial media, academia, and other gatekeepers of the rotten fiat currency system howl about the dangers of deflation, it is worth taking a moment to consider whether it is really such a bad thing.
First, it is important to define our terms.
The correct and true meaning of inflation is an increase in the money supply. So the correct and true meaning of deflation is a decrease in the money supply. But that is not what most people mean when they refer to deflation, because the money supply rarely contracts in a fiat monetary system. When most people say deflation, they mean a general fall in prices.
One of the biggest popular misconceptions in economics is that a general fall in prices is a “bad thing.”
It is an enormous misnomer. Falling prices caused by increases in productivity are actually a good thing. Who does not want to see their money go farther?
Technology is naturally deflationary. It drives down costs, increases efficiency, and makes goods and services cheaper over time.
In an honest monetary system, that would mean falling prices and rising purchasing power. In other words, your money would buy more as technology advances.
But that is not how the current system is designed to work. In fact, it does the opposite. It is like running on a treadmill that keeps accelerating.
In a fiat currency system, deflationary increases in productivity are more than offset by inflation, which benefits people who own stocks, houses, and other assets that rise with inflation, and hurts those who depend on wages denominated in the debased currency.
In short, in a fiat currency system, the benefits of deflationary technology primarily accrue to asset holders, because the forced inflation created by central banks pumps up asset values.
If we were living under an honest, hard-money monetary system, where the benefits of technology would not be offset by central banks debasing the currency, those gains would accrue more evenly across the population.
That is why I think the chart below is instructive.
It is a long-term view of real wages versus productivity.
The two tracked together well for decades, showing that as productivity increased, real wages did too. In other words, most people benefited from increases in productivity through higher real wages.
Then something changed around 1971, when that strong positive correlation broke. It was the year the US government cut the dollar’s last link to gold and the dollar became a pure fiat currency.
Since 1971, there has been a growing gap between productivity and real wages.
If you could transport yourself back to the early 1970s, just as the divergence between productivity and real wages began, and ask people what they thought 2026 would look like, they might have said something like The Jetsons – flying cars, advanced technology, and a society in which everyone was better off.
They probably would not have believed you if you told them that, in reality, people would be worse off in many ways in 2026 than they were in the early 1970s, despite enormous technological progress. We may not have flying cars or The Jetsons, but there have still been significant advances. Yet people’s standard of living has declined in many ways.
Today, many people are bewildered by how people could be worse off now than they were then. The answer is in this chart, which shows that the fiat system and currency debasement are the problem.
Despite advances in technology, the shocking level of currency debasement has not merely kept pace with the natural deflation that comes from increased productivity, but has vastly outpaced it… which is why people are, in many ways, worse off today than they were in the early 1970s. That prosperity has been stolen by inflation and fiat currency.
Since 1971, productivity has continued to increase, largely thanks to advances in technology, but those gains have not translated into growth in real wages as they had in the past under an honest money system. That is because under a fiat currency system, the central bank – the Federal Reserve – has created significantly more inflation than the gains in productivity, which meant real wages did not keep up.
However, those productivity gains from advancing technology did not just disappear. They were redirected somewhere else. They accrued primarily to asset holders, as wage earners chased rapidly depreciating fiat currency.
In short, the fiat currency system is a mechanism for transferring wealth created by technological productivity gains to asset holders and politically connected insiders closest to the money printer.
Frankly, it is a disgusting, dishonest system that operates at the expense of honest people.
But that is the nature of the monetary system we are all forced to live under. And it is wise to acknowledge it, understand it, and take action to protect yourself.
And now, with AI bringing a mind-bending level of productivity gains, this dynamic is about to go into overdrive.
I suspect we will see the gap in the chart above explode even further as AI, and future breakthrough technologies, produce the biggest productivity gains in human history, even as the US government is forced to create the largest amount of inflation in history to try to keep the debt-ridden fiat system going in the face of this historic disruption.
In other words, as technology becomes exponentially more deflationary and debt grows exponentially larger, the central bank’s response will have to become exponentially more aggressive.
That means more debasement of your purchasing power to fight the very force that should be making your life cheaper.
Clearly, you want to be an asset owner in this environment so you can protect yourself from currency debasement and also benefit from tech-driven productivity gains.
But what assets should you own? I will get to that soon.
If we lived under an honest monetary system anchored in hard-to-produce money like gold, I think there would be far fewer worries about AI automation and disruption. That is because we would not live under a debt-ridden fiat system in which the government is forced to debase the currency. That would mean increases in productivity from technology would benefit far more people, as their money would go farther, prices would generally fall, and the cost of living would decline. And the government would not try to offset that with inflation.
In such a world, I do not think AI would be nearly as controversial, because it would be seen as making the average person wealthier by reducing the cost of living.
So technological deflation that increases productivity and lowers prices is most certainly not a bad thing, as the fiat economists would have you believe. It is a wonderful thing and should create more abundance and make most people wealthier… in an honest monetary system.
That is why the whole framing around this issue needs to be challenged. It is not technology that is the problem. It is the fiat currency and the highly leveraged system that is the problem.
It is also why you see charlatans promote things like universal basic income (UBI) as a solution to the supposed AI problem.
The solution to the non-problem of technological increases in productivity is most certainly not a UBI, but rather an honest hard-money monetary system in which everyone generally benefits from increases in productivity – not just asset holders and politically connected insiders closest to the money printer.
Throwing the plebs a few crumbs with a UBI to help prop up a failing debt-based fiat currency scam is not a real solution. But thankfully, there is a real solution.
It starts with understanding the monetary, economic, and political forces driving this crisis – and taking practical steps before the next major wave of instability hits.
The fiat system is already under enormous pressure from sky-high debt, endless money printing, and accelerating technological disruption. The people who understand what is happening will be in a far better position than those who are blindsided by it.
That is why I put together a free special report focused on practical solutions – the top three strategies to help protect your money, preserve your freedom, and prepare for what comes next.
END
It’s Time To Stop Pretending That Migrants Are Entitled To Equal Citizenship
Yet another civil conflict is brewing this week as the Supreme Court tackles a number of foreign citizenship debates, including Temporary Protection Status (TPS) and Birthright Citizenship. The court has ruled that hundreds of thousands of Haitian and Syrian migrants residing in the US under TPS are no longer safe from mass deportations (a win). But, they have also ruled in favor of migrant anchor babies (a big loss).
Both issues deal with changing American perceptions on what is “constitutional” when it comes to foreign access to citizenship. The Supreme Court’s decisions aside, I find it mind boggling that this debate has been ongoing for so many decades. Frankly, foreigners should not have any citizenship rights under the constitution until they have demonstrated assimilation. Until that time, there should be a separate set of rules handling newcomers (and invaders).
When it comes to TPS and the Haitians, the leftists are raging. Despite this status supposedly being “temporary” (the Obama Administration originally claimed these people would only be in the US for 18 months), many of these foreign transplants have been enjoying the benefits of unearned American citizenship for 16 years or more. Yet, when Haitians protest the TPS decision, what flag do you see them flying? That’s right – They fly the Haitian flag, not the American flag. This tells us everything we need to know.
The liberal position on this issue is crystal clear: They believe that the constitution protects foreign migrants and their cultures from overt scrutiny. Meaning, foreigners don’t have to prove themselves worthy of citizenship, they get access regardless. Liberals also believe that it should be extremely difficult to remove migrants once they enter the country.
Keep in mind, this is the LIBERAL position. The woke position is much worse.
The radical left argues that western borders should not exist at all. For other countries, borders are fine. For the US and Europe, borders must be erased. Furthermore, they assert that the American economy must be treated as an open marketplace rather than a closed system. In other words, foreigners should be allowed to feed on the system whenever they please, transfer that wealth back to their third world hovels, and then come back for more.
The “empathetic” liberal position creates the foundation for the militant woke position. It’s rooted in a propaganda narrative created in the early 20th century: The claim that America’s entire identity is a “melting pot” of cultures and nationalities and that there is no original source identity. This false origin story was produced by New York socialists and it’s been spread by Hollywood for decades.
The famous poem called “The Colossus” imprinted on the Statue of Liberty is often used to elevate the melting pot myth. It was added in 1903, over 20 years after the statue was built. It’s author, Emma Lazarus, was a Zionist feminist with ties to numerous socialist movements. The fantasy of the melting pot of “huddled masses yearning to breathe free” was then popularized heavily in the 1960s and 1970s by far-left activist groups and the establishment media.
The melting pot is not our identity and never was. Historically speaking, America has always had a guarded relationship to immigration and we operated on “origin-based rules”. Meaning, Europeans from the north and west were welcomed, everyone else was limited. There was nothing wrong with this model.
America’s source identity is western civilization and European influence. There is no cultural melting pot.
The notion that the US is somehow legally required to accept everyone from everywhere regardless of their beliefs or background was not a thing until after the liberal era of the 1960s – 1990s. Until this time period, America had numerous regulations on who was allowed in. After the 1990s, the melting pot ideal became sacrosanct, as if it had always been a part of our constitutional legacy.
George Washington instituted the Naturalization Act of 1790 which restricted immigration to people mostly from European nations. John Adams instituted the Alien Friends Act 1798 which allowed the quick deportation of migrants found to be initiating civil disruption and sedition. He also enforced an extended probation period of 14 years before any migrant gained citizenship rights (instead of the original five year period).
Even Thomas Jefferson, who opposed the Alien Friends Act and had a highly liberal (and I would argue naive) ideal of America as an “open asylum for the oppressed”, supported some restrictions and regulations to immigration. It was a different time, but the rules still make sense today.
Teddy Roosevelt enforced the Immigrant Act of 1907, which banned the citizenship of any foreigners from cultures that practiced polygamy (which included Muslims) and focused on migration among groups that could easily assimilate into American society. Once again, this is perfectly acceptable and rational. There’s nothing wrong with enforcing logical standards.
Now, more than ever, we need such rules in place. Just because they were overturned once does not mean they can’t be brought back again as the conditions demand.
As far as the 1st Amendment is concerned, we’ve had exceptions to these protections when it comes to dangerous ideologies. For example, the US banned communist organization for decades, right up until the 1990s.
Why? Because the proliferation of communism will inevitably lead to the destruction of the same 1st Amendment rights that liberals claim to be protecting. Even in a republic, there are certain groups who cannot be allowed to exist because they represent a clear and present danger to the very framework that our country is built on. They are at war with our culture. To give citizenship to the barbarians at the gate is suicide.
By extension, one could argue that Muslim ideology is much like communism in that Muslims have a tendency to seek dominance and authoritarianism rather than integration. Their presence in the US is an obvious threat to the Bill of Rights. Therefore, we may have to make exceptions for them, just as we made exceptions for communism (globalism is also another important target for removal).
We can argue over the bureaucratic labyrinth that has been created to make expulsion of these groups difficult, but it doesn’t matter. Again, regardless of what the courts say, these people are not entitled to the same rights as natural born citizens, and we need to stop pretending as if they are owed something.
It is true that under current liberal precedents the constitution restricts the Federal Government from taking action to remove people based on identity, but this does not apply to the American public. If the government isn’t allowed to remove these threats, then make no mistake, the American people will eventually do it themselves. The film “Citizen Vigilante” is not fiction, it’s a warning. It’s wildly popular for a reason.
At the very least, the TPS decision shows that the Supreme Court is beginning to realize that it’s better to allow managed deportations than it is to drive the population to adopt vigilantism.
America has NEVER been a country of equal treatment for everyone all the time, and that’s because this is a foolish concept. The closer the Overton Window moves us towards multicultural equality the worse things get for everyone. As we’ve witnessed over the past decade, some groups tend to sabotage everything they touch. They don’t view American life as a privilege, they see it as something that can be pillaged, and liberal movements are enabling this behavior.
There are two key pillars to the liberal argument that need to be abandoned before it’s too late:
First, that immigration is some kind of sacred duty of the American people. It is our “historical identity” and a tradition that must not be forsaken. They suggest that migrants, as if by magic, become Americans as soon as they cross the border or drop a newborn child on the soil, and thus they must be given all the opportunities and legal protections afforded to true citizens.
Second, the constitutional laws in place are liberal in the application of rights, even for foreigners fresh off the boat. In other words, we’re violating the constitution by making exceptions.
This is simply not so. History shows us that logical exceptions have always been made. Why, for example, is a migrant allowed to slip across our border illegally, squeeze out a kid on this side of the line and by default that kid becomes a citizen? It makes no sense and almost no other country in the world allows it.
The absolutist vision of the constitutional shield might be sacred for people who are born and raised in America under American ideals and by American parents. This does not, however, apply to foreign invaders with intentions of exploiting loopholes and ransacking the nation while maintaining loyalties to their home countries.
Hell, I would even argue that exceptions can and should be made for radical communists. We had it right in the 1950s. And the answer is simple: Deport them all.
Is a group of people seeking to sabotage western civilization? Deport them. Are they acting like parasites feeding off subsidies while giving nothing in return? Deport them. Does a group have a religion or ideology that is clearly antithetical to western values? Deport them.
And what about the argument that we must accommodate refugees from war-torn regions; that we must provide safe haven? No, we don’t.
Since when are we not allowed to be selective in who we help? No other country in the world is treated with the same expectations as the US when it comes to immigration. When did it become our responsibility to fix every problem in the world? This is a role that was foisted on us by a century of progressive propaganda.
Maybe Haitian refugees need to be sent back home to fix their own problems in their own country? Maybe the only way these places will ever be reformed is if the US stops acting as a steam valve for the discontented? Maybe anchor babies need to be shipped off with their illegal migrant parents, instead of letting them all stay in the country on a technicality?
Is it a slippery slope? Could these same rules be turned back on American conservatives and patriots? No, because who would be left to use them against us? This is not a call for an end to constitutional rights. Nor is it a call for an end to all immigration. Rather, it is plea for nuance, sanity and selectivity.
We used to have more practical rules for these problems, and I guarantee, the Founding Fathers would be FAR more aggressive in enforcing those rules than we are today. Some people do not deserve the same rights as US citizens and some people do not deserve the same access as US citizens.
It’s okay to admit it. This is a fact that we need to accept as a society. We need to stop the benevolent liberal charade which is designed to make us feel obliged to the rest of the world.
Views expressed in this article are opinions of the author and do not necessarily reflect the views of ZeroHedge.
END
Wave Of TESLA Cybertruck Owners Report “Zero Ability To Charge” As Power Conversion System Nightmare Deepens
Tuesday, Jun 30, 2026 – 05:20 PM
For months, several auto news outlets and EV forums and auto-focused YouTubers have been tracking what some are calling a “hidden time bomb” inside Tesla’s Cybertruck: a growing number of owner complaints linked to Power Conversion System failures.
The PCS failure, according to those reports, can paralyze charging and key electrical functions, in some cases leaving the roughly 7,000-pound stainless truck immobilized until service or replacement parts are available.
“Tesla is risking a backlash from Cybertruck owners affected by Power Conversion System (PCS) failures. This prevents trucks from using Level 2 (AC) charging. While Tesla is aware of these issues, it has only offered a fix on a case-by-case basis rather than issuing a recall to replace the faulty parts across the fleet,” Autoevolution wrote in a report.
Here’s where things get weird. The report continued:
Tesla fans are always happy that the EV maker has far fewer recalls than other carmakers. On the other hand, critics point out that Tesla prefers to deal with failures quietly by forcing owners to sign NDAs. This makes it appear that Tesla EVs have fewer problems than other car models. It also allows Tesla to address failures without notifying the NHTSA and issuing a recall.
For Cybertruck owners, this approach has become increasingly obvious during the past months. An unusually large number of Cybertruck owners have been affected by a wave of PCS failures that can prevent the truck from charging via AC. This negates one of the most important advantages of an EV: cheap overnight charging at home. The good news is that, in most cases, DC charging remains available.
Another report suggests that early 2024 and 2025 Foundation Series trucks are the most discussed, and there is concern that repairs could become expensive once the basic 4-year/50,000-mile warranty expires.
Despite the clear pattern of failure affecting dozens of confirmed vehicles, and reports that some service centers proactively replace the PCS when trucks come in for unrelated tire or trim service, there is no official NHTSA recall or proactive owner notification specifically addressing the PCS hardware defect.
For now, early Cybertruck owners are left hoping their PCS either fails safely within the initial 50,000-mile warranty window or survives long enough for Tesla to officially acknowledge the defect and issue a sweeping recall.
The Power Conversion System (PCS2) is quietly breaking down on Cybertruck owners across the country — bricking their trucks, killing AC charging, and leaving them with a $2,500+ repair bill that Tesla won’t warn you about. There’s no recall yet, and most owners have no idea it’s happening.
Watch: Your Cybertruck Has a Hidden Time Bomb (PCS2 Failure)
We hear that Tesla is providing free Supercharging to affected Cybertruck owners, and service staff have acknowledged this as a growing problem.
end
NIKE…
Nike Turnaround Falters As UBS Says There’s “No Reason To Buy” Stock
Wednesday, Jul 01, 2026 – 08:05 AM
Nike shares fell 3% in premarket trading after the struggling athletic apparel giant warned on its earnings call that revenue declines over the next two quarters will be worse than previously expected, underscoring that there is still no immediate turnaround to halt a multi-year bear market that has driven the stock to decade lows.
“We are not expecting the environment to improve meaningfully over the next six months,” Nike’s outgoing CFO Matt Friend told investors on Tuesday evening.
Customers are “under pressure around the world, and we can particularly see it having a larger impact on sportswear,” Friend added.
Nike now sees sales falling in the low-to-mid single digits, down from an earlier view of a low-single-digit decline. The slowdown is expected over the next six months and is mostly due to slower wholesale shipments in North America, among other factors.
The downbeat commentary offset better-than-expected fourth-quarter sales and profits, which were largely in line with expectations. Management warned that the operating environment became “increasingly challenging” as the quarter progressed, with North America slowing by mid-April.
Our immediate takeaway is that Nike’s reset remains ongoing, and any turnaround plan will likely take much longer than initially anticipated, continuing to pressure the stock.
UBS equity analyst Jay Sole, focused on retail, department stores, specialty softlines, apparel, footwear, and consumer discretionary stocks, was blunt with clients: “We don’t see a reason to buy the stock.“
Sole explained why clients should hold off for now from attempting to bottom-fish the stock, which is currently trading at 2014 levels:
The pivotal Nike question remains “Is all the ‘bad news’ now priced in?” Despite the pullback in Nike’s stock price, we still don’t see a good entry point. Nike’s stock price is still not cheap at ~27x our FY27 EPS estimate, in our view, and this suggests a solid rebound remains priced in. We continue to see a balanced upside/downside skew. The main upside risk is Nike returns to positive sales growth with expanding gross margin faster than expected. Yet the main downside risk is the rebound takes much longer than the market anticipates. Nike’s 4Q report did not cause us to change our thesis much.
Nike’s 4Q report underscores upside and downside sales and margin risks:
1. Nike lowered its CY26 sales guidance, but there were bright spots within the outlook. Nike lowered its CY26 sales growth forecast to -L to -MSD% from -LSD %. We believe the main negative factor is Nike’s fashion business continues to struggle. The issue is Nike’s fashion business remains 50% of its sales mix. Nike may need to take this percentage much lower over time in order to reestablish itself at the world’s best sports brand. If so, it could serve as a major, multiyear drag on Nike’s top line. This is the main downside sales risk. At the same time, Nike’s performance business grew 5% in Q4. Plus, the company sounded like it is in the process of replicating the operational improvements made in categories like running to other sports categories such as basketball, training, outdoor, and tennis. If so, this could lead to upside sales growth surprises over the NTM. This is the main upside risk, in our view.
2. Nike offset its lowered sales expectation with raised margin guidance. Nike boosted its GM% outlook slightly and trimmed its SG&A outlook in order to maintain its CY26 guidance. This was a mild positive surprise to us and Nike is citing its ability to continue to tightly manage costs as one means of restoring its EBIT margin back to 10% over time. However, Nike’s average annual SG&A growth rate over the past 4 years (FY27e included) is just 0%. Our concern is Nike is underinvesting in future growth in order to limit near-term downward EPS revisions. Thus, a main downside margin risk is that Nike will have to ramp up SG&A more than expected to return to sustainable top-line growth.
We maintain our FY27, FY28, and FY29 EPS estimates:
We lower our FY27 sales growth forecast given Nike’s plan to reduce its inventory buys. Plus, we see greater revenue pressure post Q1 as Nike moves past major sporting events like the world cup and laps elevated promotions on its digital channel. At the same time, we raise our operating margin forecast related to annualizing new efficiencies in Nike’s supply chain and technology divisions. Plus we see slightly lower risk Nike’s promotions
Separate analyst commentary (courtsey of Bloomberg):
Bloomberg Intelligence analyst Poonam Goyal
“Nike’s sales recovery is likely to take longer as management tightens buys and sell-in to clear sportswear, Jordan, streetwear and China inventory, even as margin can expand sooner”
Citi analyst (neutral, PT to $45 from $47)
Nike’s sales are looking a little weaker, while margins are a little better.
“After sales slowed in mid-April within 4Q26, June (1QTD) has improved, helped by excitement around global football”
Guggenheim analyst Simeon Siegel (buy, PT $60 from $74)
The bottom line is that “we assume investors will still question whether Nike has ‘ripped the band-aid’ on earnings revisions”
Trim price target on “recognizing ongoing noise and a general reduction in retail multiples”
Jefferies analyst Randal Konik (buy, PT to $75 from $90)
The fourth-quarter report “came in ahead with kernels of progress solidifying in the base business”
“Sportswear/Jordan Streetwear still the overhang, but not getting worse”
RBC Capital analyst Piral Dadhania (sector perform, PT $50)
Revenues remain reliant on wholesale, whilst direct-to- consumer trends remain soft, which is “not likely sustainable mid-term”
“Nike has delivered a mixed 4Q26 quarter (ex US tariff refund) with anticipated lack of underlying revenue momentum offset by more favourable FX translation benefit which flatters absolute gross profit”
According to Bloomberg data, there are 17 “Buy” ratings on the stock, with 23 “Neutral” ratings and 3 “Sell” ratings.
Microsoft Plans Thousands Of Job Cuts As Stock Suffers Worst Start In Years
by Tyler Durden
Wednesday, Jul 01, 2026 – 10:30 AM
Microsoft shares are on track for one of their worst starts to a year in two decades, down roughly 21% year to date as of Tuesday’s close, as a cloud and sales hiring freeze and a broader “reset” of the Xbox unit have made recent headlines. This comes on top of growing concern over Microsoft’s AI spending boom.
Like much of the technology sector, Microsoft and other tech giants became labor-heavy after years of overhiring before and during the early Covid period. Now, the AI capex boom is forcing a major reassessment.
Hyperscalers are pouring hundreds of billions into data center buildouts, while AI chatbots and automation tools are beginning to replace white-collar tasks. The result is a broad workforce reset across Big Tech, with companies such as Microsoft rethinking headcount.
Business Insider reports that Microsoft is preparing to announce yet another round of job cuts as early as next week. The report was based on people familiar with upcoming labor restructuring efforts.
The layoffs are expected to affect thousands of employees across sales, consulting, and Xbox, though the reductions will be smaller than last year’s reductions. The next round is expected to be around 2.5% of Microsoft’s roughly 220,000-person workforce.
Last year, Microsoft eliminated 6,000 jobs in May and another 9,000 in July, or about 4% of its total workforce.
A separate report from Bloomberg says that payroll data across the financial activities and information sectors, where AI adoption has been fastest, is currently shrinking jobs by about 28,000 a month on average so far this year.
Goldman analyst Sarah Dong wrote in a note on Tuesday that the current AI adoption rate across corporate America stands at around 20.6% and is increasing.
These white-collar layoffs are likely only beginning to accelerate.
Our assessment is that displaced workers should not be looking to downshift into low-wage service jobs, such as bartending and server work, as in previous cycles, but instead toward the physical buildout of the AI economy. Data centers, power infrastructure, grid upgrades, cooling systems, and electrical construction are where labor demand is rising, wages are strong, and jobs are plentiful.
VICTOR DAVIS HANSON
KING NEWS
The King Report July 1, 2026 Issue 7774
Independent View of the News
@IranNuances Iran’s Foreign Ministry Spokesperson: We have had no plans to meet with the US at any level in the coming days. Tomorrow’s talks in Doha with Qatari officials will focus on MoU implementation, including unfreezing Iran’s assets. I emphasize; no meetings with US are planned.
CNN’s @alaynatreene: Steve Witkoff & Jared Kushner are expected to meet with Qatari Prime Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani and other mediators in Doha on Tuesday, a White House official tells me. On Wednesday, delegations from the US & Iran are expected to participate separately in technical talks with mediators from Qatar and Pakistan, the official said. As of now the two sides are not expected to hold direct talks.
Witkoff, Kushner to Hold Indirect Talks with Iran in Qatar – BBG 9:01 ET (Yes, Virginia, the early Sunday night US-Iran talks reports were fake news to boost equity futures!)
@HormuzReport: Qatar’s Foreign Ministry just openly contradicted Trump’s claim of a scheduled Doha meeting with Iran — confirming that while U.S. envoys Witkoff and Kushner will arrive in Qatar to meet with mediators, no high-level meeting between American and Iranian officials is planned, per Al Jazeera. Trump had posted earlier on Truth Social: “IRAN HAS REQUESTED A MEETING. IT WILL TAKE PLACE TOMORROW IN DOHA!” Trump’s market manipulation trick!!
@JewishWarrior13: Iranian Foreign Ministry: Access of IAEA inspectors to damaged nuclear facilities is BLOCKED. We will NOT hold a meeting with the US in the coming days; we have emphasized this very clearly.
@Osint613: Iran designed the MOU to trap Israel, pit the U.S. against its ally, and protect Hezbollah. 2. Israel bypassed the trap by signing an expedited deal directly with Lebanon. (Brokered by Sec. Rubio) 3. The new framework between Israel and Lebanon ties Israeli withdrawal to Hezbollah’s disarmament. 4. Hezbollah has just become the obstacle to Lebanon regaining full control of the south. 5. Now the Islamic regime is complaining that the U.S. is breaching clause 1 of the MOU. 6. U.S. says this was deal between two sovereign nations. 7. Iran is not really sure what to do.
Axios: Trump’s “Swiss Army” tools on Iran: Vance and Rubio Vance negotiated the deal with Trump envoys Steve Witkoff and Jared Kushner, and the vice president thought Trump should sign off on the deal to end the war, reopen the Strait of Hormuz and stabilize the economy ahead of the midterm elections, according to several U.S. sources. Rubio, with CIA Director John Ratcliffe and Secretary of Defense Pete Hegseth, was skeptical about the MOU and the chances it could lead to a comprehensive nuclear deal… On Rubio’s track, the parties worked to block Iran from interfering in Lebanon. But Vance’s track gave the Iranians a say in the ceasefire between Israel and Hezbollah, which the U.S. classifies as an Iran-backed terrorist group destabilizing Lebanon. The issue was so confusing that both Israeli and Lebanese negotiators last week asked U.S. mediators to clarify which of the tracks represents the administration’s policy. A senior U.S. official involved in the talks said Vance and Trump both signed off on Rubio’s accord. https://www.axios.com/2026/06/30/trump-rubio-vance-iran-deal
Iran deal, or trap? Rift in Trump team over Lebanon Substantive disagreements are roiling the US administration between the Vance group, which is responsible for negotiations with Iran, and the State Department under Secretary of State Marco Rubio over the Lebanon issue… the State Department strongly opposed the creation of the “cell” announced after the talks in Switzerland, a body made up of Qatar, Pakistan and the US that is intended to resolve the issue of the war in Lebanon. The State Department’s position, as expressed in position papers and closed-door discussions, was that Iran’s goal was to sabotage direct negotiations between Israel and Lebanon by creating a bypass route… Qatar came to the aid of its Iranian allies and secured the agreement of Vance and his team to establish the new body, which is supposed to bring about implementation of the ceasefire and the terms of the memorandum of understanding between Iran and the US. https://www.israelhayom.com/2026/06/23/iran-deal-or-trap-rift-in-trump-team-over-lebanon/
April FHFA house Price Index -0.1% m/m 0.2% m/m expected April S&P Cotality 20 city house prices -0.4% m/m 1.14% y/y, -0.1% m/m & & 0.9% y/y expected June Chicago PMI 56.7, 55.4 expected June Conference Board Consumer Confidence 91.2, 94.6 exp, Prior revised to 90.6 from 93.1 Present Situation 116.4, 123 exp, Prior revise to 119.4 from 121.2; Expectations 74.4, 75.2 exp, Prior revised to 71.4 from 74.4 Jolts jab opening 7.594m, 7.288m exp; Quits Level 3.065 m, 3.007m exp; Quits Rates 1.9% as expected. Layoff Level 1.708m, 1.682m exp; Layoffs Rate 1.1% as expected.
On the last day of Q2, bonds declined moderately; oil and gasoline declined modestly; the DJTA declined smartly; Fangs and AI bubble stocks rallied robustly on manipulation to game performance. The yen/$ made a new multi-decade high (162.67).
ESUs opened soft on Monday night and fell to a daily low of 7481.75 (-18.50) at 20:30 ET. They then commenced a rally, abetted by the manipulation to game Q2 performance in Japan, to 7515.00 at 1:00 ET. After a plodding decline to 7494.75 at 4:47 ET, ESUs formed a double top of 7517.50 at 7:14 ET and 7:49 ET. After a retreat to 7491.50 at 8:31 ET, the rally for the NYSE opening commenced. ESUS surged to 7541.75 at 10:34 ET. After a waterfall drop to 7516.75 at 10:58 ET. ESU surged to a daily high of 7567.75 (+67.50) at 15:18 ET. There was only one minor retreat on the rally leg.
Late selling appeared; ESUs slid to 7540.75 at 16:00 ET. The following story might have been a factor
@N12News: WSJ: Iran will close the Strait of Hormuz if it does not receive guarantees for exclusive control over it, and if the US and Western countries do not abandon the plans to sail through the southern route in the adjacent strait off the coast of Oman…
Positive aspects of previous session Manipulation to game Q2 performance appeared; AI stocks and Fangs led the charge. Gasoline fell 4.70 cents WTI Oil lost .65 cents.
Negative aspects of previous session The yen continues to sink versus the dollar. Bonds got crushed; USUs closed -1 10/32.
Ambiguous aspects of previous session Who can be trusted in reports about US-Iran? Gold fell modestly; silver rallied modestly.
First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour:Up; Last Hour: Down a tad
Pivot Point for S&P 500 Index [above/below indicates daily trend to day traders]: 7481.90 Previous session (S&P 500 Index) High/Low: 7508.29 (15:17 ET); 7438.04 (9:30 ET)
Q2 Stars: Info Tech +31.6%, Industrials + 14.53% (SOX Index +99.47%, NY Fang+ Index +27.8%) Q2 Duds: Energy -14.03%, Utilities -1.23%
The S&P 500, due to the AI Bubble and Fangs, posted its biggest quarterly gain (+14.53%) since 2020. Nasdaq rose 26.06% and the Nasdaq 100 jumped 31.9% in Q2.
@Newsforce: 14 House Republicans joined Democrats to block a key procedural vote, freezing the House floor and stalling the NDAA and other legislation. The move came after conservatives rejected Speaker Johnson’s plan to attach the SAVE America Act to the defense bill. Hardliners argued the strategy was too weak to force the Senate to actually pass the measure.
WSJ: Trump Briefed on All-Out War Options in Iran but Opts to Stick with Talks The president has told aides that he is fine if negotiations with Tehran blow past an Aug. 18 deadline for a nuclear deal, officials say The conversations have centered on whether the U.S. should abandon negotiations and resume full-scale attacks on Iran, the officials said, a move some of them describe as “finishing the job.” While not making a final decision, Trump has told aides he believes another round of full-scale attacks could derail diplomacy and hurt Washington’s chances of ultimately dismantling Iran’s nuclear program… https://www.wsj.com/world/middle-east/trump-briefed-on-all-out-war-options-in-iran-but-opts-to-stick-with-talks-98304b5b
Today – Traders will play for start-of-July buying near the NYSE close by indexers and others as well as the pre-4th of July Rally. However, bonds are sinking anew on the cashing yen. Most equity jockeys are oblivious to the dangerous of a falling yen that foments global bond liquation.
ESUs are -4.50, NQUs are -9.00; WTI is +$0.54 & gasoline is +1.61¢; and USUs are +1/32 at 20:27.
Expected Impact Economic Data: June ADP Employment Change 120k; June S&P Global US Mfg. 55.7; June ISM Manufacturing 53.8, Prices Paid 77.8, New orders 57, Employment 4 8.8, May Construction Spending 0.2% m/m; June OMDIA Total Vehicle Sales16.1m; Fed CEO Warsh at ECB forum 9 ET
S&P Index 50-day MA: 7379; 100-day MA: 7074; 150-day MA: 7008; 200-day MA: 6934 DJIA 50-day MA: 50,423;100-day MA: 49,182; 150-day MA: 48,9951; 200-day MA: 48,375 (Green is positive slope; Red is negative slope)
S&P 500 Index (7499.36 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 6248.85 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 positive – a close below 7468.06 triggers a sell signal
As expected, Justice Roberts and Barrett sided with the 3 libs and struck down Trump’s EO that halted birthright citizenship.
“All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside.” This is the precise wording of the 14th Amendment of the United States.” – 14th Amendment
@AndrewKolvet: Official transcript from the US Senate on May 30, 1866. Senator Jacob Howard, who introduced the 14th Amendment: “This will not, of course, include persons born in the United States who are foreigners, aliens…” SCOTUS got this ruling 100% wrong. A total travesty. https://x.com/AndrewKolvet/status/2071988065326030931
@FoxNews: Justice Clarence Thomas pens a scathing dissent after the Supreme Court upheld birthright citizenship. Thomas accuses the majority of “repurposing” the 14th Amendment “to protect its own set of preferredrights that the Reconstruction Congress never contemplated and that cannot find support in its text.” “Today, the Court does so again by recognizing a constitutional right to citizenship for the children of all foreign birth tourists and illegal aliens.” “I am not sure that today’s opinion will stand the test of time. The Citizenship Clause ‘added greatly to the dignity and glory of American citizenship.’ Today’s opinion devalues that citizenship.” “I respectfully dissent.”
@nicksortor: Justice Alito is absolutely FUMING over SCOTUS giving the green light to birthright citizenship“In my judgment, the court has made a mistake that will seriously affect the country’s future.” “Suppose that a person’s only connection to this country is that he was born here to a mother who was present just long enough to give birth and then quickly return to her native country. Suppose that country is a strategic adversary or enemy of the United States. Suppose the child NEVER visited the United States while grow and was inculcated with hatred of this country. According to this court, now, that person is a citizen of the United States. He can enter and leave the country as he pleases. He can travel the world on a United States passport. Even if he plots to harm this country, he cannot be deprived of his status as a citizen, at least under current precedent.” — Justice Samuel Alito in his dissent
Justice Alito: Birthright Citizenship Is ‘Grotesque’ “This is one of the most important decisions in the history of the Court, and in my judgment, the Court has made a serious mistake,” Justice Samuel Alito wrote…The Court’s interpretation is not only contrary to the original meaning of the Fourteenth Amendment, it produces grotesque results… https://www.breitbart.com/immigration/2026/06/30/justice-alito-birthright-citizenship-is-grotesque/
GOP Sen. @SenMikeLee: Neither the Founding Fathers, nor the authors of the 14th Amendment, nor the millions of Americans who fought and died for their country through the ages intended to establish a nation whose citizenship could so easily be purchased, whether through birth tourism of China’s communist party members or a vast border invasion enabled by faithless presidents. This is the cheap and cheated citizenship the Supreme Court upholds today. The long fight for a constitutional amendment begins now. We must explicitly exclude foreign nationals who break our laws, violate our borders, or exploit loopholes to make their families American citizens.
@shipwreckedcrew: How about this: a visa granted to an alien to enter and remain in the U.S. is automatically terminatedif the female alien become pregnant, and medical care providers are obligated by law to report positive pregnancy tests under threat of criminal prosecution for failure to do so.
Trump: “The Supreme Court upheld Birthright Citizenship, which is too bad for our Country, but we can easily make it up in Congress through Legislation, with the support of the President, that has now been determined during this process. No long and unwieldy Constitutional Amendment is necessary! Congress should start TODAY to work on ending expensive and unfair to our Country, Birthright Citizenship. They will have my Complete and Total Support!”
@AnnCoulter: The Court says that the Citizenship Clause incorporated the English feudal principle that subjects owed lifetime servitude to the King who owned the soil on which they were born, but Americans—unsurprisingly—rejected this feudal principle. Exactly the point I made in Adios, America. It’s one thing for Roberts to forget the Civil War, another to forget the American Revolution.
@shipwreckedcrew: John Roberts will retire when there is a Democrat President to appoint his replacement. His decision today to reach the constitutional question on birthright citizenship is completely contrary to his entire tenure as CJ when he has always cautioned the Court to not wander into controversial subjects unnecessarily. The EO on birthright citizenship conflicted with a statute passed by Congress. He needed to go no farther than that, as Justice Kavanaugh’s concurring opinion makes clear. It seems that — again — his desire to address the dissents on the merits, rather to accept them as countervailing views, like he did with Cook, became more important than his cautions approach of only resolving the issues that need to be resolved, and leaving for later other subjects not necessary to deciding the case.
Fox’s @WillRicci: Today’s birthright citizenship decision turned on one fatal move:The majority collapsed political jurisdiction into territorial jurisdiction… Everyone inside the US is subject to our laws. Illegal aliens, tourists, visa overstays, foreign criminals — all of them. That is territorial jurisdiction. But the Citizenship Clause did not say “within the jurisdiction.” It says “subject to the jurisdiction.” Equal Protection protects persons within the jurisdiction. Citizenship asks who is subject to the jurisdiction. Protection is not membership. The dissents understood that distinction. The Citizenship Clause was about political belonging — allegiance, jurisdiction, and membership in the American people — not mere physical presence. The majority effectively read the two phrases as one. A clause about who belongs to the political community became a rule about who happens to be standing here. Not because Congress passed that rule. Not because the text clearly commands it. But because the Court read the harder phrase as if it said the easier one. And institutional habit has now become law.
Reality check: Due to the Chinese birth-in-America tourism business, in coming decades, millions of mail-in ballots from China could determine US elections.
Fox’s @BillMelugin_: In department wide memo, DOJ leadership directs all of its U.S. Attorneys across the country to prioritize investigations and prosecutions of birth tourism schemes. https://x.com/BillMelugin_/status/2072061950893129808
@toddstarnes: Who got to Justice Barrett and Chief Justice Roberts? It’s a fair question to ask. They’ve either been compromised, or they’ve harbored leftist tendencies all along and misrepresented themselves at their confirmation hearings. Either way, deceptive Supreme Court justices have plagued Republican presidents going back to Eisenhower.
@AndrewTWalker: Disagree with Justice Barrett’s jurisprudence all you want—that’s your prerogative. But discrediting her reasoning by appeal to her sex or her status as an adoptive mother—as some on the populist right now do—is a category error…
@EmeraldRobinson: The reason Amy Coney Barrett felt free to go rogue: she faces no blowback or penalty from the Right. Take a page from the Left. Trump should cancel her. At every level. Investigate her. Her book contract. Her law clerks. Her money. Make an example.
@Peoples_Pundit: The truth is, most stupid Republicans pushed Amy Coney Barrett on Trump because they believed the identity politics bulls*t line that everyone was selling about suburban women back then. It was always wrong, and she was never the pick. (Allegedly, ACB was McConnell’s pick.)
Asking for a friend, when an anchor baby is born (in US) what is the baby’s address, hometown, and state – and does it change when the anchor baby returns to China/Mexico/etc.? @FoxNews: “Understood the assignment.” That’s the phrase Justice Ketanji Brown Jackson used in her dissent in the Supreme Court’s birthright citizenship case. She wrote that the lawmakers behind the Fourteenth Amendment “understood the assignment” when they chose language that expanded freedom for all Americans. The phrase became popular through social media and pop culture and has since taken on a life of its own online. Critics argue it’s an awkward example of internet slang showing up in a Supreme Court opinion and a display of immaturity by the Biden-appointed justice. https://x.com/FoxNews/status/2072063638505164806
@MrAndyNgo: The Supreme Court had ruled that states can ban male athletes from competing in women and girls’ sports at universities and schools. The three liberal female Justices disagreed, deciding along left-wing partisan lines as they always do.
@canncon: Did Justice Alito just Canary Trap the Dobbs v Jackson leaker???? NPR posted the story, prewritten and condemning Alito to history as the Dobbs decision maker (huge positive IMO). Then they retracted. Certainly feels like a canary trap. (Leak different items to different people) Re: Alito “retiring” as per NPR “sources” in their retracted article: We started to read through the article in its original form this morning on Badlands Daily. It attempted to condemn Alito as “the Justice that overturned Roe v Wade” Then, the pre-written article is retracted, and Alito is going nowhere…That’s an odd tip for NPR to go on. And have something written up that quickly. Was it pre-written? Maybe it was AI with a prompt to paint him as “the Roe guy”??? (NPR headline at link) https://x.com/scotus_wire/status/2071990136120771057/photo/1
@ErikaCA47: (Justice) Sotomayor and Nina Totenberg (NPR) have had a close relationship for decades. Notably, she reported on a spat between the two justices last week highlighting tensions. Did Justice Alito canary trap Justice Sotomayor herself?! https://x.com/ErikaCA47/status/2072039882688499914
No one has been prosecuted for leaking the Dobbs Decision. This is a felony. Some pundits believe it was Roberts’ clerk or a liberal justice. If Alito is outraged enough by the birthright decisions, is he providing the breadcrumbs to the Dobbs leaker – and a possible justice resignation/prosecution?
Actor @RealJamesWoods: The hysteria over the unsurprising resent decisions of the Roberts Court shines a light on the real problem facing America… Of the three branches of government, we currently have an activist Judiciary, a powerful Executive, but a flat tire when it comes to the Legislative branch. Birthright citizenship, for example, was not expected to be overturned by the Supreme Court. Congress could easily establish common sense legislation that would define more clearly the original purpose and boundaries intended by the 14th Amendment. That would, however, require John Thune to act like an American statesman rather than a RINO hack, so there is, as usual, no hope. As long as the pansy-ass Republicans mince around the halls of Congress, we are doomed.
The NY Post Editorial Board: Hunter Biden-style sleaze is just as slimy when the Trump boys do it Insider deals, finders’ fees and backdoor introductions to family members are business-as-usual in Third World banana republics, but these slimy practices have now been normalized in the White House, to the shame of the nation… https://nypost.com/2026/06/29/opinion/hunter-biden-style-sleeze-is-just-as-slimy-when-the-trump-boys-do-it/
@ErikaCA47: REPORTED 911 Dispatch regarding Sen. Mitch McConnell: Dispatched 8:36 to his home in DC on June 14th… Requesting EMS stating “unconscious and needing ALS (advanced life support).” Is Mitch McConnell even alive? We the people deserve to know. https://x.com/ErikaCA47/status/2072032215089791026
GOP Rep. Anna Paulina Luna @RepLuna: According to today’s expert witnesses: JACK RUBY AND CHARLES MANSON WERE MKULTRA ASSETS. I am following up directly with the CIA to demand the full release of MKUltra records. The American people deserve and will be delivered the truth. https://x.com/RepLuna/status/2071994565981053389
Scientist and inventor Weston Warren is back with more news about the so-called Black Star. Get used to earthquakes like the big ones recently in Japan and Venezuela because this electromagnetic anomaly is going to continue shaking the Earth. The Black Star entered our solar system more than two decades ago. It’s slow moving, and it’s an event that only happens about every 4,000 years. It causes earth changes and destruction because its electromagnetic field makes Earth’s iron and nickel core to move. It’s all replaying in our time. Weston says, “Past geological events such as the Great Flood (of Noah’s day), the system harmonics are matching. This is why we are having predictions of weather changes and geological Earth changes or stresses.”
Weston points out recent weather events such as 131-mph windstorm in South Dakota that snapped wind turbines in half. It was not tornado activity, just very high winds. Warren also points out weird weather recently, “Norway is a lot further north than Montana. While Montana is getting two feet of snow, Norway is 104 degrees Fahrenheit today. Norway had 300,000 lightning strikes and a tornado in the last 24 hours. Explain that. So, the stresses are here, and they will get more intensified. The purpose of these interviews is to give people a heads up if they are in danger zone areas (such as along the coast). Then you want to be best prepared as possible. Remember, about a year back, I talked about cutting tree limbs back and get ready for high winds? You need to get protective covering like tarps and plywood in case your roof gets compromised. That all still stands. Looks what is going on in Venezuela. You need a current first aid kit, bottles of water, protein bars, flashlights and a cheap AM/FM radio.”
Warren says, “With the Earth activity becoming more active, you will see volcanic activity becoming more active. The Axial Seamount off the coast of Oregon will start becoming very active. When magma starts breaching the surface . . . you will see the magma start pushing through the sea floor first before you see it pushing through continents at the surface. . .. This will be global news because new land masses will start to appear because the magma punches through the ocean floor. That would tell you that other coastal areas in the United States and around the world would be next. It’s going to happen. There is no other way around this. Old buildings around the world don’t have seismic protections, so they pancake down. Just be aware of it. . ..We want everyone to be prepared and not be caught off guard, and we will get through this.”
Weston also talks about new communities popping up that can counter what is going to happen because of the Black Star. Warren’s technology is being put in many of these small survival towns. Weston talks about them in detail in the interview.
There is much more in the 62-minute interview.
For any of The Wellness Company products, click here. Don’t forget you get 15% off and free shipping if you use the promo code USAWATCHDOG. You can also call The Wellness Company at (800) 758-1584 and talk to a real human.
Join Greg Hunter of USAWatchdog as he goes One-on-One with Weston Warren, scientist and inventor of the bipolar ionization technology. He will update us on the Black Star and damage of Biblical proportions coming for 6.30.26.
Subscribed
harveyorganblog.com 
