JULY 7//ANOTHER RAID,MARKING TIME BEFORE JULY 24//GOLD CLOSED DOWN $28.05 TO $4146.95 WHILE SILVER WAS ALSO DOWN $1.36 TO $61.03//PLATINUM WAS UP $21.50 TO $1655.00 WHILE PALLADIUM WAS ALSO UP $3.00 TO $1281.50//EXCELLENT PODCAST WITH CHRIS WHALEN//COMMENTARY TONIGHT COURTESY OF MIKE EVERY OF RABOBANK//COMMENTARIES TONIGHT FROM SOUTH KOREA, THE UK, FRANCE/LITHUANIA/THE EU ITSELF//ISRAEL, USA VS IRAN UPDATES/ISRAEL TBN//HAMAS UPDATES/RUSSIA VS UKRAINE UPDATES/COVID VACCINE INJURY REPORT//OIL REPORTS//USA VS CUBA UPDATES: CUBA’S ELECTRIC GRID COLLAPSES/USA ECONOMIC REPORT/KING NEWS/SWAMP STORIES FOR YOU TONIGHT//
092 C DEUTSCHE BANK 194 099 H DEUTSCHE BANK AG 65 363 H WELLS FARGO SECURITI 284 555 C BNP PARIBAS SEC CORP 22 624 H BOFA SECURITIES 3 661 C JP MORGAN SECURITIES 391 737 C ADVANTAGE FUTURES 1 905 C ADM 2
TOTAL: 481 481
JPMORGAN STOPPED: 391/481
GOLD: NUMBER OF NOTICES FILED FOR JULY/2026: 481 CONTRACTs NOTICES FOR 48,100 OZ or 1.486 TONNES
total notices so far: 9222 contracts FOR 922,200 OZ OR 28.684 TONNES
JULY 7
XXXXXXXXXXXXXXXXXX
SILVER NOTICES: 273 NOTICE(S) FILED FOR 1.365 MILLION OZ /
total number of notices filed so far this month : 5459 CONTRACTS (NOTICES) for 27.295 million oz
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GLD AND SLV
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
GLD
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD DOWN $28.05 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/// HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.42 TONNES OF GOLD INTO THE GLD/
INVENTORY RESTS AT 1002.790 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER DOWN $1.35 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.266 MILLION OZ OZ OUT OF THE SLV//
// : INVENTORY RESTS AT THE SLV AT 479.034 MILLION OZ//
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 479.034 MILLION OZ
SILVER//OUTLINE
SILVER COMEX OI FELL BY A STRONG SIZED 598 CONTRACTS TO AN OI OF 105,220 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 LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR LOSS OF $0.51 IN SILVER PRICING AT THE COMEX WITH RESPECT TO MONDAY’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 FAIR LOSS OF 535 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A TINY SIZED SIZED 63 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE , WE HAD CONSIDERABLE LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO MONDAY TRADING// WE HAD A HUMONGOUS SIZED 926 CONTRACT T.A.S. ISSUANCE!! / THEY DESPERATELY AGAIN TODAY TRYING TO CONTAIN SILVER’S PRICE LOSS FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $100.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY SUCCEEDED ON MONDAY 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 $60.07 DOWN $0.51. WE ARE NOW WITNESSING HAVING MANY HUGE T.A.S ISSUANCES // TODAY’S WAS A HUMONGOUS SIZED 926 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 TINY SIZED 63 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUMONGOUS SIZED 926 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED FOR RAID PURPOSES LIKE TODAY//AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE FALL
IN ESSENCE WE HAD A FAIR SIZED LOSS OF 535 CONTRACTS ON OUR TWO EXCHANGES WITH OUR LOSS IN PRICE OF $0.51. 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 MONDAY NIGHT/TUESDAY MORNING: A HUMONGOUS SIZED 926 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 SMALL 37 CONTRACT EXCHANGE FOR PHYSICAL TRANSFER OR 0.1850 MILLION OZ WHERE DELIVERY WILL OCCUR IN LONDON. THUS STANDING REDUCES TO 35.550 MILLION OZ//
SUMMARY OF OUR JUNE 2026 COMEX CONTRACT MONTH:
WE HAD:
/ GOOD SIZED COMEX LOSS+// SMALL SIZED EFP ISSUANCE CONTRACTS AT 63 CONTRACTS () A HUMONGOUS NUMBER OF T.A.S. CONTRACT ISSUANCE 926 CONTRACTS
xx I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 855 SILVER CONTRACT//
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS JULY.. ACCUMULATION
TOTAL CONTRACTS for 4 DAY(S), total 2117 contracts: OR 10.585 MILLION OZ (529 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 10.585 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: 10.585 MILLION OZ
RESULT: WE HAD A GOOD SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 352 CONTRACTS WITH OUR LOSS IN PRICE OF $0.51 IN SILVER PRICING AT THE COMEX// MONDAY,. THE CME NOTIFIED US THAT WE HAD A TINY SIZED CONTRACT EFP ISSUANCE OF 63 CONTRACTS ISSUED FOR SEPT, AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS).
INITIAL STANDING: 37.110 MILLION OZ FOLLOWED BY TODAY’S SMALL 0.180 MILLION OZ EXCHANGE FOR PHYSICAL TRANSFER TO LONDON: STANDING THUS REDUCES TO 35.550 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 SMALL 0.180 MILLION OZ EXCHANGE FOR PHYSICAL TRANSFER TO LONDON//STANDING THUS REDUCES TO 35.735 MILLION OZ//
THE NEW TAS ISSUANCE FOR TODAY (926) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED NO DOUBT WITH FUTURE TRADING LIKE TODAY.
WE HAD 273 NOTICE(S) FILED TODAY FOR 1.365 MILLION OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY BANKERS
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A STRONG SIZED 3851 OI CONTRACTS UP TO 371,968 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 279 CONTRACTS //.
WE HAD A STRONG GAIN IN COMEX OI (3851 CONTRACTS) . THIS GAIN IN OI OCCURRED DESPITE OUR LOSS IN PRICE OF $19.55 //,FRIDAY
///.
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 NEXT QUEUE JUMP OF 1.285 TONNES//NEW STANDING ADVANCES TO 28.765 TONNES
E.F.P. ISSUANCE/FOR OPENING JUNE. GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 3184 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 371,968 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 105,220 CONTRACTS// STILL ABOVE FROM PREVIOUS ALL TIME LOWS SET DURING THE MONTH OF APRIL AND MAY FIRST.
IN ESSENCE WE HAVE A STRONG GAIN IN TOTAL CONTRACTS IN GOLD ON THE TWO EXCHANGES OF 7035 CONTRACTS WITH 3851 CONTRACTS INCREASED AT THE COMEX// AND A STRONG SIZED 3184 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON.
THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 7035 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A LOT STRONGER SIZED AND CRIMINAL 1995 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED UPON LIKE TODAY .
GOLD PRICE ON MONDAY FELL BY $19.55
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT (3184 ) ACCOMPANYING THE STRONG GAIN IN COMEX OI OF 3851 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES 7035 CONTRACTS!! DESPITE THE LOSS 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 NEXT QUEUE JUMP OF 1.285 TONNES//NEW STANDING FOR GOLD ADVANCES TO 28.765 TONNES.
3) HUGE T.A.S. LIQUIDATION IN THE COMEX SESSION AND SOME GOVT LIQUIDATION // WITH A STRONG GAIN OF EQUITY SHARES/JULY 2 HAVING 1)A $19.55 COMEX PRICE LOSS AND WE HAD 2) SPEC PILING HUGELY ON THE SHORT SIDE// +3. EASTERN CENTRAL BANKERS ALSO PILING INTO THE LONG SIDE. WE HAD A STRONG GAIN OF 7035 CONTRACTS ON OUR TWO EXCHANGES AND AS WELL A STRONG AMOUNT OF GOLD WILL STAND FOR DELIVERY IN JULY. (28.765 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 THURSDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL
4)A STRONG SIZED COMEX OI GAIN 5) V) STRONG SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD(3184) AND 6. A STRONG T.A.S. ISSUANCE (1995) 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: 9303 CONTRACTS OR 930,300 OZ OR 28.936 TONNES IN 4 TRADING DAY(S) AND THUS AVERAGING: 2325 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN4 TRADING DAY(S) IN TONNES: 28.936 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2025, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 28.936 TONNES DIVIDED BY 3550 x 100% TONNES = 0.816% 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: 28.936 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 GOOD SIZED 598 CONTRACTS TO AN OI OF 105,466
EFP ISSUANCE 63 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 63 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 598 CONTRACTS AND ADD TO THE 63 E.FP. ISSUED
WE OBTAIN A FAIR LOSS OF 535 OI OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR GAIN OF $1.81
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 2.675 MILLION PAPER OZ
OCCURRED WITH OUR LOSS IN PRICE.OF $0.51
2.ASIAN AFFAIRS JULY 7 /2025
SHANGHAI CLOSED DOWN 51.00 PTS OR 1.26%
HANG SENG CLOSED DOWN 119.43 PTS OR 0.51%
Nikkei CLOSED DOWN 1422.69 PTS OR 2.04%
//Australia’s all ordinaries CLOSED DOWN 0.050%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 6.7941
/ OFFSHORE CLOSED DOWN AT 6.7986 Oil UP TO 69.22 dollars per barrel for WTI and BRENT UP TO 72.82 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN// WITH YUAN TRADING DOWN (6.7941) OFFSHORE YUAN TRADING DOWN TO 6.7986 ONSHORE YUAN TRADING ABOVE LEVEL OF OFF SHORE AND DOWN ON THE DOLLAR// / AND THUS WEAKER/OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS WEAKER
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG 3851 CONTRACTS TO 371,968 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 CONSIDERABLE T.A.S. LIQUIDATION DURING MONDAYDAY’S MASSIVE COMEX TRADING// ATTEMPTED RAID. 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 STRONG SIZED GAIN ON OUR TWO EXCHANGES (7314 CONTRACTS) OCCURRED DESPITE OUR LOSS IN PRICE IN GOLD (UP $19.55)
WE THUS HAD A STRONG SIZED GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 7314 CONTRACTS (OR 22.749 TONNES) DESPITE OUR STRONG LOSS IN PRICE, AS WE WERE INFORMED OF A STRONG CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE, EQUATING TO 3184 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
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A LITTLE HISTORY OF EXCHANGE FOR RISK DECEMBER THROUGH TO JUNE:
IN DECEMBER WE HAVE RECORDED 5 ISSUANCES OF EXCHANGE FOR RISK/4 FOR DEC AND THE LAST ONE ON DEC 31 FOR JANUARY. WE NOW HAVE 3 CHOICES FOR THE RECIPIENT OF THIS ISSUANCE AND IT MUST BE A CENTRAL BANK. YOU WILL RECALL THAT THE BUYER ASSUMES THE RISK OF THAT DELIVERY. (THUS TOTAL EXCHANGE FOR RISK FOR THE MONTH OF DECEMBER IS 6.56 TONNES/4 OCCASIONS.
MONTH OF JANUARY/EXCHANGE FOR RISK
IN JANUARY THEY HAVE 6 TOTAL ISSUANCE : 3.446 TONNES EARLY, THEN JAN 9 ISSUANCE OF 9,331 TONNES AND THEN JAN 16: 0.1996 TONNES JAN 26: 1.499 TONNES, JAN 27: 3.160 AND FINALLY JAN 29: 4.659 TONNES TONNES//TOTAL EXCHANGE FOR RISK JANUARY 22.315 TONNES WHICH WAS ADDED TO OUR NORMAL DELVERIES.
AND FEBRUARY:
FEB EXCHANGE FOR RISK: NOW 6 ISSUANCES: 10,080 CONTRACTS FOR 1,008,000 OZ OR 31.251 TONNES!
HERE ARE THE CHOICES FOR THE RECIPIENT OF THOSE ISSUANCES:
1 THE CENTRAL BANK OF ENGLAND. BUT THEY RECEIVED CLEARANCE THAT THEIR GOLD IS BACK SO IT IS NOT LIKELY THAT THEY WOULD LIKE TO ADD TO THEIR RESERVES.
2. THE CENTRAL BANK OF THE USA: THE FED. LOGICAL CHOICE AS THEY CLAMOUR TRYING TO REDUCE THEIR 146+ TONNES OF SHORTAGE. HOWEVER THEY SEEM NOT TO BE IN A HURRY TO COVER THEIR HUGE SHORTFALL
3. THE CENTRAL BANK OF CHINA AS THEY BATTLE WITS WITH THE USA.
TOTAL EXCHANGE FOR RISK FOR DECEMBER IS 6.56 TONNES AND THIS WAS ADDED TO OUR NORMAL DELIVERY TOTALS..
THE JANUARY ISSUANCE OF 17.656 TONNES WAS ADDED TO OUR DAILY DELIVERY TOTALS!!
FEBRUARY ISSUANCES 6 FOR; 31.251 TONNES !! AND THIS WAS ADDED TO OUR DELIVERY TOTALS FOR THIS MONTH.
MARCH: CME ANNOUNCES ITS FIRST EXCHANGE FOR RISK FOR 2000 CONTRACTS FOR 200,000 OZ OR 6.22 TONNES OF GOLD DURING THE FIRST WEEK OF MARCH, AND THEN MONDAY, MARCH 22, WE RECEIVED ITS SECOND NOTICE ISSUANCE OF 2200 CONTRACTS OR 220000 OZ (6.843 TONNES). THEN FINALLY WE RECEIVED NOTICE OF OUR THIRD EXCHANGE FOR RISK OF 2996 CONTRACTS OR 9.3188 TONNES. TOGETHER ALL 3 ISSUANCES TOTAL 22.3818 TONNES WHICH WILL BE ADDED TO OUR NORMAL DELIVERY SCHEDULE.
APRIL: 2 EXCHANGE FOR RISK SO FAR FOR 223,900 OZ OR 6.964 TONNES. AND THIS TOTAL WILL BE ADDED TO OUR NORMAL DELIVERY TO GIVE US WHAT WILL STAND FOR APRIL!!
MAY: FIVE ISSUANCES SO FAR FOR 7920 CONTRACTS, 792,000 OZ OR 24.635 TONNES OF GOLD. THIS TOTAL WILL BE ADDED TO OUR NORMAL DELIVERIES IN MAY TO GIVE US WHAT WILL STAND IN MAY.
JUNE: ZERO
JULY 0
DETAILS ON OUR NEW JUNE COMEX CONTRACT MONTH//
IN TOTAL WE HAD A STRONG GAIN ON OUR TWO EXCHANGES OF 7314 CONTRACTS DESPITE OUR LOSS IN PRICE($19.55). 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/JULY 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 1995 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.
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 NEXT QUEUE JUMP OF 1.285 TONNES//NEW STANDING ADVANCES TO 28.765 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 JULY,. CONTRACT;
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $19.55)
WE HAD STRONG T.A.S. SPREADER LIQUIDATION MONDAY // COMEX SESSION// DESPITE OUR STRONG LOSS 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.
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
MONDAY NIGHT//SATURDAY 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 MONDAY EVENING //TUESDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $19.55
WE HAD 279 CONTRACTS REMOVED AT THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL.
NET GAIN ON THE TWO EXCHANGES: 7035 CONTRACTS OR 703,500 OZ (21.38TONNES)
i) Out of Asahi: 105,393.389 oz ii) Out of JPMorgan: 65,909.550 oz (2050 kilobars) iii) Out of Loomis: 8037.75 oz (250 kilobars) iv) Out of Manfra: 990.196 oz
total withdrawal: 180,330.885oz or 5.609 tonnes
Deposit to the Dealer Inventory in oz
Deposits to the Customer Inventory, in oz
DEPOSITS/CUSTOMER//gold
ENTRIES: 1
i) Into Manfra 34,281.742 oz
total deposit: 34,281.742 oz
xxxxxxxxxxxxxxxx
No of oz served (contracts) today
481 CONTRACTS
OR 48,100 OZ
1.496 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
9222 notices 922,200 OZ
28.684 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: X
0 ENTRY
DEPOSITS/CUSTOMER
ENTRIES: 1
i) Into Manfra 34,281.742 oz
total deposit: 34,281.742 oz
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comex withdrawal
4 ENTRIES
i) Out of Asahi: 105,393.389 oz ii) Out of JPMorgan: 65,909.550 oz (2050 kilobars) iii) Out of Loomis: 8037.75 oz (250 kilobars) iv) Out of Manfra: 990.196 oz
total withdrawal: 180,330.885oz or 5.609 tonnes
adjustments: 0//
COMEX IS DRAINING GOLD
chaos inside the comex
THE FRONT MONTH OF JULY OI STANDS AT 501 CONTRACTS HAVING A LOSS OF 387 CONTRACTS. WE HAD A GAIN IN OZ STANDING OF 364 CONTRACTS FOR 36,400 OZ OR 1.285 TONNES, ANOTHER HUGE QUEUE JUMP AS CENTRAL BANKS CONTINUE TO TAKE PHYSICAL GOLD OUT OF THE COMEX!!
AUGUST GAINED 82 CONTRACTS TO AN OI OF 274,052
SEPTEMBER GAINED 273 CONTRACTS UP TO AN OI OF 1885.
.
We had 481 contracts filed for today representing 20,500 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 481 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 391 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 (9,222) to which we add the difference between the open interest for the front month of JULY (507 CONTRACTS) minus the number of notices served upon today 481 x 100 oz per contract) equals 924,800 OZ OR (28.765 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 (9222) to which we add the difference between the open interest for the front month of JULY( 597 CONTRACTS) minus the number of notices served upon today 481 x 100 oz per contract) equals 924,800 OZ OR (28.765 Tonnes of gold)
new total of gold standing in JULY becomes 28.765 TONNES//
TOTAL COMEX GOLD STANDING FOR JULY 28.765TONNES TONNES WHICH IS NOW REALLY HUGE FOR THIS NON ACTIVE DELIVERY MONTH OF JULY.
confirmed volume MONDAY confirmed 166.691/ FAIR// many have left the arena
COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 1,870,597.615 oz 58.183 tonnes pledged gold lowers
total inventories in gold declining rapidly
total pledged gold: 1,870,597.615 tonnes oz 58.183 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 27,182,721.882 oz
TOTAL REGISTERED GOLD 14,820,993.638 tonnes (460.995tonnes)
TOTAL OF ALL ELIGIBLE GOLD 12,361,728.239 oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 12,950,396 oz ((REG GOLD- PLEDGED GOLD)=
402.81 Tonnes //
total inventories in gold declining rapidly
SILVER COMEX
JULY DELIVERY MONTH
JULY 7
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
3 entries
i) Out of CNT 22,078.32 oz ii) Out of Delaware 1056.800 oz iii) Out of Manfrea 4021.902 ozz
total withdrawal 27,137.022 oz
Deposits to the Dealer Inventory
1 entries
i) Into Dealer Stonex: 51,849.050 oz
Deposits to the Customer Inventory
ENTRY:3
i) Into Asahi: 1789,773.700 oz ii) Brinks 32,995.900 oz iii) Loomis: 602,950.100 oz
total deposit: 2,714,720.700 oz
No of oz served today (contracts)
273 CONTRACT(S) ( 1.365 MILLION OZ)
No of oz to be served (notices)
1651 Contracts (8.255 MILLION oz)
Total monthly oz silver served (contracts)
5459 contracts 27.296 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
1 entries
i) Into Dealer Stonex:
51,849.050 oz
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
ENTRY:3
i) Into Asahi: 1789,773.700 oz
ii) Brinks 32,995.900 oz
iii) Loomis: 602,950.100 oz
total deposit: 2,714,720.700 oz
xxxxxxxxxxxxxxxxxxxxxxxxx
withdrawals: customer side/eligible
3 entries
i) Out of CNT 22,078.32 oz ii) Out of Delaware 1056.800 oz iii) Out of Manfrea 4021.902 ozz
total withdrawal 27,137.022 oz
adjustments 2; CUSTOMER ACCT TO DEALER
a) Asahi: 685,489.120 oz
b) CNT 34,438.307 oz
c) dealer to customer: Manfra 626,647.787. oz
xxxxxxxxxxxxxx
TOTAL REGISTERED SILVER: 93.005 MILLION OZ//.TOTAL REG + ELIGIBLE. 326.016 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: 1924 OPEN INTEREST CONTRACTS FOR A LOSS OF 114 CONTRACTS.
AUGUST SAW A GAIN OF 16 CONTRACTS UP TO 1962…
SEPTEMBER SAW A LOSS OF 786 CONTRACTS DOWN TO AN OI OF 81,880 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 273 or 1/365 MILLION oz
CONFIRMED volume MONDAY; 43,822// poor//
XXX
AND NOW JULY. 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 5459 X5,000 oz = 27.2395 MILLION oz. We now take the total number of oz standing today and subtract the total standing yesterday and we have a loss of 37 contracts for 18,500 oz and this represents an exchange for physical transfer to London where they will take delivery over on that side of the pond.
Thus the standings for silver for the JULY 2026 contract month: (5459 )Notices served so far) x 5000 oz + OI for the front month of JULY ( 597) minus number of notices served upon today (273)x 5000 oz equals silver standing for the JULY..contract month equating to 35.550 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 93.005 million oz of registered silver
JPMorgan as a percentage of total silver: 137.898/326.016million: 42.02%
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 7/2026/WITH GOLD DOWN $28.05 /HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 1.42 TONNES OUT INTO THE GLD/ ./ //:/INVENTORY RESTS AT 1002.79 TONNES
JULY 6 /2026/WITH GOLD DOWN $19.55 /HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 3.954 TONNES OUT OF THE GLD/ ./ //:/INVENTORY RESTS AT 1001.366 TONNES
JULY 3 /2026/WITH GOLD UP $62.95 /NO CHANGES IN GOLD AT THE GLD: ./ //:/INVENTORY RESTS AT 1005.077 TONNES
JULY 2 /2026/WITH GOLD UP $44,05 /NO CHANGES IN GOLD AT THE GLD: ./ //:/INVENTORY RESTS AT 1005.077 TONNES
JULY 1 /2026/WITH GOLD UP $42.95 /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
GLD INVENTORY: 1002.79 TONNES, TONIGHTS TOTAL GOLD INVENTORY
SILVER
JULY 7 WITH SILVER DOWN $1.36: :HUGE CHANGES IN INVENTORY AT THE SLV A WITHDRAWAL OF 1.266 MILLION OZ OUT OF THE SLV/ :INVENTORY RESTS AT 479.034 MILLION OZ
JULY 6 WITH SILVER DOWN $0.51: :HUGE CHANGES IN INVENTORY AT THE SLV A DEPOSIT OF 940,000 OZ INTO THE SLV/ :INVENTORY RESTS AT 480.300 MILLION OZ
JULY 3 WITH SILVER UP $1.81: :SMALL CHANGES IN INVENTORY AT THE SLV A DEPOSIT OF 940,000 OZ INTO THE SLV.// :INVENTORY RESTS AT 479.360 MILLION OZ
JULY 2 WITH SILVER UP $0.58: : NO CHANGES IN INVENTORY AT THE SLV// :INVENTORY RESTS AT 479.360 MILLION OZ
JULY 1 WITH SILVER UP $0.48: : SMALL CHANGES IN INVENTORY AT THE SLV A DEPOSIT OF 0.233 MILLION OZ OUT OF THE SLV/./ // :INVENTORY RESTS AT 479.360 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
CLOSING INVENTORY 479,034 MILLION OZ OF SILVER
GOLD COMMENTARIES:
1.PETER SCHIFF
2. MATHEW PIEPENBERG/EGON VON GREYERZ
ALASDAIR MACLEOD.\
3. CHRIS POWELL AND HIS GATA DISPATCHES
4. ANDREW MAGUIRE/LIVE FROM THE VAULT; 279 AND 278
China Pulls Gold Revaluation Trigger
by Kinesis Money
Thursday, Jul 02, 2026 – 11:19
In this week’s Live from the Vault, Andrew Maguire reveals how China is clearing the path to take control of global gold price setting, as the PBOC drains Western gold reserves and builds the infrastructure to challenge London and New York’s pricing grip.
With central banks racing to repatriate their gold, June imports into China set to break all records, the London whistleblower outlines why he believes a US Treasury gold revaluation is no longer a distant possibility – but an approaching reality.
MUST VIEW
China takes control of gold pricing this month, Maguire tells LFTV
Submitted by admin on Thu, 2026-07-02 14:59 Section: Daily Dispatches
3:02p ET Thursday, July 2, 2025
Dear Friend of GATA and Gold:
London metals trader Andrew Maguire today tells Kinesis Money’s “Live from the Vault” program that “central bank gold wars have spilled into the daylight” and events in China suggest that an upheaval in the gold market is targeted for July 24.
“The Fed’s 60-year gold short is running out of road,” with central bank repatriations of gold putting impossible pressure on the Fed, since adequate real metal isn’t available, Maguire says.
The recent pounding of derivative gold prices in London and New York by the Fed was meant to produce the “death cross” on gold charts, Maguire says, but has been construed by central banks not as a sell signal but as a buy signal.
China, Maguire says, has been taking three to five tonnes of metal out of London and New York every day and now has the infrastructure in place to take control of gold pricing away from London and New York. As a result, he adds, the Chinese yuan, heavily anchored by gold, will challenge the dollar as a reserve currency.
The program is 42 minutes long and can be viewed at the Kinesis Money channel at YouTube here:
CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. CPowell@GATA.org
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
END
CHRIS WHALEN…MUST LISTEN TO HIM:
Chris Whalen on why easy market gains may fade
by Monetary Metals
Monday, Jul 06, 2026 – 17:00
Chris Whalen argues that investors may be focusing on the wrong risks.
While markets remain captivated by AI and expectations for lower interest rates, he believes tighter liquidity, fragile credit markets, and disruptions to global energy supply chains are quietly reshaping the investment landscape.
Those shifts, he contends, could have far greater consequences for inflation, housing, and portfolio construction than many investors currently appreciate.
In this episode, Whalen examines why he believes the AI boom is approaching a turning point, why credit markets appear more vulnerable than headline indicators suggest, and why geopolitical tensions could keep inflation elevated despite slowing economic growth.
President Trump did the deal with the Iranians because he had to. We were running out of time. The globe is facing a terrible shortage, not so much of oil, but of refined products. And I think as we go into the second half of the year, we may see rationing in some parts of the US simply because they don’t have enough product. I’m particularly talking about gasoline, diesel fuel out on the West Coast.
And the other key thing is things like sulfuric acid, which you need for fertilizer. That’s kind of important. The Chinese have stopped exporting sulfuric acid. These are all products that came from the Persian Gulf. And very interesting, what did the Iranians hit in the Persian Gulf? The 3 most important facilities for producing lubricants, synthetic lubricants particularly. You need those for planes, gas turbines, high-end vehicles, on and on. So I think metals are weak as a result of what’s going on in the markets. We don’t really have a narrative right now. It’s kind of broken down. And meanwhile, I’m buying silver. I love the weakness.
Trump’s Iran deal and the global fuel shortage
Monetary Metals
It’s great. Welcome back to the Gold Exchange Podcast. My name is Benjamin Nadelstein. I’m joined by our good friend Chris Whalen. Chris is the chairman of Whalen Global Advisors. Chris, welcome back to the show.
5. COMMODITY REPORT//COFFEE
Coffee Shorts Get Roasted As Arabica Stages Biggest Jump Since Dot-Com
Tuesday, Jul 07, 2026 – 05:45 AM
Arabica coffee futures jumped the most since the Dot Com era as worsening weather in Brazil and shrinking exchange-managed warehouses intensified concerns about near-term supply. This comes as El Niño threats rise across critical agricultural belts worldwide.
New York prices jumped as much as 18.5% on Monday to $3.57 a pound, the highest since January. This was the largest single-session gain since July 18, 2000.
Context on the squeeze: Traders had been expecting a large Brazilian crop, but rains have slowed the harvest, and growers are holding back sales in hopes of better prices.
Bloomberg noted:
Technical factors also were at play. The Intercontinental Exchange last week raised margin requirements as prices increased, making it costlier for traders to maintain positions and potentially pushing some out of the market, said Judy Ganes, president at J. Ganes Consulting.
“This move is just one of those fear days and people covering,” Ganes said. But it’s hard to justify it fundamentally.”
Bloomberg quoted Rural Clima meteorologist Marco Antonio dos Santos as saying that rain is forecast for a large part of Brazil in mid-July, which will be “detrimental” to crops, including coffee. “This is directly linked to El Niño, which has been gaining strength week after week,” he added.
The rally adds to a broader El Niño-driven surge across soft commodities, with sugar, rice, and cocoa also rising.
Arabica inventories in exchange-monitored warehouses are at their lowest levels since March 2024.
END
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS TUESDAY MORNING.7:30 AM
SHANGHAI CLOSED DOWN 51.00 PTS OR 1.26%
HANG SENG CLOSED DOWN 119.43 PTS OR 0.51%
Nikkei CLOSED DOWN 1422.69 PTS OR 2.04%
//Australia’s all ordinaries CLOSED DOWN 0.050%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 6.7941
/ OFFSHORE CLOSED DOWN AT 6.7986 Oil UP TO 69.22 dollars per barrel for WTI and BRENT UP TO 72.82 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN// WITH YUAN TRADING DOWN (6.7941) OFFSHORE YUAN TRADING DOWN TO 6.7986 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
ONSHORE YUAN: CLOSED DOWN AT 6.7941
OFFSHORE YUAN: DOWN TO 6.7986
1.HANG SANG CLOSED DOWN 119.43 PTS OR 0.51%
2. Nikkei closed DOWN 1422,69 PTS OR 2.04%
WEST TEXAS INTERMEDIATE OIL UP TO 69.22
BRENT; 72.82
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 100.75/// EURO FALLS TO 1.1425 DOWN 16 BASIS PTS
3b Japan 10 YR bond yield:RISES TO. +2.844 UP 2 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA CROSS NOW AT 161.93… 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: 4.062 DOWN 2 FULL BASIS PTS
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN /JAPANESE Yen UP CHINESE ONSHORE YUAN: DOWN( 6.7941) AND OFFSHORE: DOWN AT 6.7986
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and BRENT UP this morning
3h European bond buying continues to push yields HIGHER on all fronts in the EU German 10yr bund YIELD DOWN TO +2.9681/ Italian 10 Yr bond yield UP to 3.748/ SPAIN 10 YR BOND YIELD UP TO 3.445%
3i Greek 10 year bond yield UP TO 3.637%
3j Gold at $4031.75 //Silver at: 60.89 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble UP 0 AND 75/ 100 roubles/76.26
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 162.34 // 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.844% UP 2 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 4.062 DOWN 2 PTS..: USA/SF this 0.8069 as the Swiss Franc . Euro vs SF: 0.9219
USA 10 YR BOND YIELD: 4.492 UP 1 BASIS PTS…
USA 30 YR BOND YIELD: 5.002 UP 1 BASIS PTS/
USA 2 YR BOND YIELD: 4.135 UP 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 46.84 UP 2 BASIS PTS/LIRA GETTING KILLED//IDIOTS FOR SELLING GOLD AND USA DOLLAR RESERVES.
10 YR UK BOND YIELD: 4.8166 UP 2 PTS
30 YR UK BOND YIELD: 5.561 UP 2 BASIS PTS
10 YR CANADA BOND YIELD: 3.419 DOWN 3 BASIS PTS
5 YR CANADA BOND YIELD: 3.027 DOWN 3 BASIS PTS.
1a New York Opening report
Futures Fall, Chipmakers Tumble After Samsung Rout; Oil Climbs
Tuesday, Jul 07, 2026 – 08:31 AM
Stocks fell as freash volatility hit chipmakers after blowout earnings from Samsung Electronics were still not good enough (the company missed some buyside estimates) and left investors wanting even more, and sent its stock tumbling as much as 11%, forcing another 20 minute halt of the Kospi. As of 8:00am ET, S&P futures were down 0.2% and Nasdaq futures fall 1%, with chip stocks sliding in premarket trading (both Micron and Sandisk dropped more than 5%), following a tech led selloff in Asia, while SpaceX is joining the index today, potentially leading to positioning adjustments across global tech. European stocks are little changed. Meanwhile, Brent crude futures rise 1.5% and are back above $73 a barrel following another Iran attack on a Qatari LNG ship crossing the Strait of Hormuz near Oman. European natural gas futures are up around 4%. Bonds trade heavy as a result with a decline in Treasuries pushing US 10-year yields up 3 basis points to 4.50%. The Bloomberg Dollar Spot Index inches higher with modest moves across the G-10 complex. Precious metals fall as does Bitcoin. US economic data calendar includes ADP weekly employment change (8:15am), May trade balance (8:30am) and June New York Fed 1-year inflation expectations (11am).
In premarket trading, Magnificent Seven are mixed: Nvidia slips 2.2% afters Reuters reported that China’s DeepSeek is developing its own chip to help power artificial intelligence systems (Amazon +1%, Microsoft +1.5%, Meta +1%, Alphabet +0.4%, Apple +0.6%, Tesla -0.4%)
Chipmakers, neo-cloud firms and AI infrastructure names are under pressure after Samsung Electronics reported preliminary results that failed to meet high investor expectations.
Marvell Technology (-3.2%), Qualcomm (-1.9%), Intel (-3.4%), AMD (-3.1%) and Broadcom (-2.0%) are all lower
Storage and memory stocks are weaker, including Sandisk (-5.3%), Western Digital (-5.6%), Seagate (-4.4%) and Micron (-5.1%) Broadcom (AVGO) falls 3% after Erste Group downgraded the chipmaker to hold, noting the stock’s high valuation.
Cloudflare Inc. (NET) rises 3% as Scotiabank raised its recommendation on the technology company to sector outperform, anticipating upside from artificial intelligence.
Crinetics Pharmaceuticals (CRNX) surges 99% after Vertex Pharmaceuticals entered a definitive agreement to buy the company for $85 per share in cash, for a total equity value of approximately $10 billion.
Fiserv (FISV) is up 5.6% after the Wall Street Journal reported that big Wall Street banks have held preliminary discussions about a deal to acquire a debit network owned by the financial-technology company.
Plug Power (PLUG) climbs 2.3% after receiving an electrolyzer order to power a hydrogen project in Australia.
In other corporate news, Vertex Pharmaceuticals agreed to buy Crinetics Pharmaceuticals for $10 billion in cash — its largest deal ever — to expand into endocrinology. Investors in a KKR retail private credit fund got back all of their requested cash in the second quarter, a sign that individual investors’ skittishness over the asset class may be easing
As reported earlier, Samsung – the world’s biggest memory maker – tumbled as much as 11% in Seoul after its quarterly report failed to wow traders even after profit surged 19-fold. Peers such as Micron Technology and Sandisk tumbled more than 5% in US premarket trading. Nasdaq futures were down more than 1% with SpaceX set to join the index, potentially leading to positioning adjustments across global tech.
“Overnight was ugly, despite a monster Samsung operating profit beat,” said Rich Privorotsky, head of European One Delta trading at Goldman Sachs Group Inc. “Classic ‘travel then arrive’ price action.”
The sell-side is jumping on board Elon Musk’s rocket, with at least six brokers, including Morgan Stanley, Goldman Sachs and UBS, initiating on the stock with buy-equivalent ratings. While investors expect SpaceX’s inclusion in the Nasdaq 100 to trigger some mild swings, the rocket and AI company is winning a clear buy consensus. At least six brokers, including Morgan Stanley, Goldman Sachs Group Inc. and UBS Group AG, have initiated coverage of the stock with buy-equivalent ratings.
“The SpaceX inclusion will undoubtedly cause some volatility today, but ultimately it should benefit shareholders through improved liquidity,” said Michael Field, chief equity strategist at Morningstar. “Short-term pain, long-term gain.”
For Marija Veitmane, head of equity research at State Street Global Markets, the latest tech selloff in tech again creates a buying opportunity. “Samsung earnings confirmed the insatiable demand for everything IT that the AI revolution has created,” she said. “There is no other sector that has similar earnings power.”
Elsewhere, WTI oil is rallying, back above $69 a barrel, after a Qatari ship was attacked in the Strait of Hormuz. Defense is back on traders’ radars as the two-day NATO summit starts in Turkey. Trump meets Zelenskyy there on Wednesday.
European stocks are little changed. Europe’s Stoxx 600 saw a majority of its members rise even though the index was 0.1% lower, as declines in mining and tech sectors fail to offset gains in personal care shares. Here are some of the biggest movers on Tuesday:
Saab shares rise as much as 7.2% after Morgan Stanley double-upgraded the Swedish defense firm to overweight, citing an attractive valuation and strong order momentum.
Carrefour shares rise as much as 4.3% after being named as RBC’s top pick among European food retailers, based on the French grocer’s more focused approach.
Shell shares gain 3.4% after a trading update from the oil major showed strong oil and gas trading profits amid the turmoil caused by the Middle East conflict.
Kion shares rise as much as 5.9% after Morgan Stanley upgraded the industrial firm and upped its price target by a third, pointing to an attractive entry point and scope for a re-rating.
Victrex shares surge as much as 18% after the British thermoplastic company reported revenue growth in the third quarter.
NCC rises as much as 7.5% after the cybersecurity business said it plans to return cash through a tender offer priced at a premium to Monday’s closing price.
Keller Group shares rally as much as 19% as the ground engineering specialist raised its outlook for the year on strength in North America.
European semiconductor stocks are falling across the board after Samsung Electronics, the South Korean memory chipmaker at the heart of the AI trade in the past few months, reported preliminary results that failed to meet higher investor expectations.
Siemens Energy shares fall as much as 6.9% on a broadly weak day for so-called AI winners after Barclays downgraded its recommendation to underweight, seeing limited upside to consensus through 2030.
ITV shares fall as much as 6.4% after JPMorgan downgraded the stock to neutral from overweight, saying terms of the Sky deal failed to meet higher expectations.
DiaSorin falls as much as 3.1% after BNP Paribas cuts the stock to underperform from neutral, saying initial epidemiology data doesn’t support the Italian healthcare company’s guidance for the year.
PolyPeptide drops as much as 8.3% after RBC Capital Markets cut the stock to sector perform from outperform, saying it’s moving to the sidelines following the Swiss company’s recent share outperformance.
Asian stocks fell, led by technology shares as investors rotated into other sectors after earnings from leading memory chipmaker Samsung Electronics. The MSCI Asia Pacific Index dropped more than 1%, with Samsung among the biggest drags along with peers SK Hynix and Kioxia. South Korea’s Kospi tumbled 4.9%, leading declines among regional benchmarks. Stocks rose in Singapore and the Philippines. Samsung’s 19-fold quarterly profit surge underwhelmed the market, sending investors flocking to more defensive sectors. Non-memory AI plays also benefited, with shares of Japanese banks and a gauge of Chinese technology stocks advancing. “Buy side expectations sat well above consensus” for Samsung, said Billy Leung an investment strategist at Global X Management. “My view is this is a positioning reset within a structural story, not the end of it.” The market is also looking ahead to the US trading debut of SK Hynix on Friday. Outside of tech, other key events this week include earnings from heavyweights Fast Retailing and Tata Consultancy Services. Here Are the Most Notable Movers
Kuaishou shares fall in Hong Kong after Tencent’s move to trim its stake in the firm and cease to be a substantial shareholder. Chinese robotics supplier stocks rise as investors’ sentiment is boosted by Shanghai bourse’s approval of Unitree’s IPO registration.
LG Energy shares closed 6.4% lower on the Korean Exchange after the company reported preliminary second-quarter earnings that missed analyst estimates, as lackluster US support for electric vehicles failed to offset surging demand for energy-storage systems.
Sapporo shares gained the most since August 2024 after the firm unveiled a strategic joint venture with Carlsberg.
Shares of Zhipu, which trades as Knowledge Atlas Technology, gained in Hong Kong as investors’ concerns over lockup expiry eased.
Trent shares tumble after first-quarter standalone revenue growth misses some analysts’ estimates.
Meituan shares rose 4.5% in Hong Kong, after its investee Unitree Robotics’ IPO plan was approved by the regulators.
In FX, the Bloomberg Dollar Spot Index inches higher with modest moves across the G-10 complex. The yen was a touch stronger around 161.90 per dollar even as positioning data showed hedge funds turned the most negative on the currency since 2007.
In rates, bonds traded heavy as a result with a decline in Treasuries pushing US 10-year yields up 3 basis points to 4.50%. Treasuries hold small front-end-led losses, lifting 2- to 5-year yields by about 3bp and flattening the curve. US yields are 2bp to 3.5bp cheaper across the curve with 2s10s and 5s30s spreads flatter by 0.5bp and 1.5bp; 10-year, higher by about 2bp near 4.49%, slightly underperforms bunds and gilts in the sector. European bonds are also under pressure from rising oil prices after attacks on shipping in and around the Strait of Hormuz. European government bonds nurse similar sized losses. A major bond issuance announcement from Amazon, which is kicking off an 8-part IG bond deal added further pressure to US yields. IG dollar issuance slate includes a few names already, headed by Italy’s benchmark 5Y/10Y/30Y borrowing. Seven issuers priced nearly $12b of new US investment-grade bonds Monday, paying about 3bps in concessions on deals that were 2.9 times covered. Here is the main event that was just announced:
*AMAZON.COM SEEKS TO RAISE AT LEAST $25B IN US DOLLAR BOND SALE
*AMAZON.COM KICKS OFF EIGHT-PART US INVESTMENT GRADE BOND SALE
July Treasury auctions kick off with $58 billion 3-year new issue, to be followed by $39 billion 10-year and $22 billion 30-year reopenings Wednesday and Thursday. WI 3-year yield near 4.175% is ~2bp richer than last month’s, which tailed by 0.3bp.
In commodities, Brent crude headed for the biggest gain in more than a week., rising 1.5% and are back above $73 a barrel following attacks on shipping in and around the Strait of Hormuz. WTI crude oil futures rose about 1% after reports of vessels being hit around the Strait of Hormuz. European natural gas futures are up around 4%. Precious metals fall as does Bitcoin. Gold slipped to around $4,145 an ounce.
US economic data calendar includes ADP weekly employment change (8:15am), May trade balance (8:30am) and June New York Fed 1-year inflation expectations (11am). Fed speaker slate includes unscripted opening remarks by Governor Bowman at a Financial Stability Board Virtual Outreach Event (7am).
Market Snapshot
Top Overnight News
Samsung’s record profit failed to meet the lofty expectations fueled by the AI chip boom sending Nasdaq futures lower. The company’s shares sank 9%, leading a plunge in the Kospi that triggered a circuit-breaker suspension. BBG
AI giants OpenAI, Anthropic, and others are offering extremely aggressive discounts in computing power to win business from startups. WSJ
Iran’s Islamic Revolutionary Guard Corps fired missiles at two commercial ships near the Strait of Hormuz early Tuesday, according to a senior U.S. official, marking an escalation that threatens to complicate negotiations to end the U.S.-Iran war. WSJ
The boss of the world’s biggest freight forwarder has said using land routes to transport goods into the Gulf is not a sustainable alternative to voyages through the Strait of Hormuz because of extra costs and delays. FT
China has stepped up its purchases of oil from producers in the Middle East in recent days, with deep discounts offered by its main supplier Saudi Arabia on Monday seen as likely to boost its buying. FT
Japan’s 30-year bond sale drew its strongest demand since 2019. BBG
Belarus’s president Alexander Lukashenko has said his army will not take part in Russia’s invasion of Ukraine, seemingly dismissing Kyiv’s fears that Moscow was pressuring Minsk to join its war effort. FT
SpaceX won bullish ratings from at least six Wall Street brokers after its IPO quiet period ended. BBG
Airlines are finally getting some relief at the jet-fuel pump. Fliers may not share in the savings, though. Jet-fuel prices doubled in the weeks after the Iran war started, and carriers raised fares to keep up. Now fuel prices are down 40% from their peak in April, but analysts say fares aren’t likely to follow because travelers keep paying up. WSJ
Trump posted on Truth Social, calling on senators to pass Reconciliation 3.0.
A more detailed look at global markets courtesy of Newsquawk
Asia-Pac stocks traded entirely in the red, failing to follow on from the positive sentiment seen stateside, as Samsung’s Q2 preliminary earnings seemingly disappoint despite beating estimates. ASX 200 fared better vs peers, though still traded with mild losses. IT topped the sector pile while Metals & Mining was the sector underperformer, as precious metals gave back some of last week’s gains. Nikkei 225 traded with losses in excess of 2%, as Kioxia was weighed on by losses in Samsung. KOSPI slumped, with circuit breakers triggered twice, following losses in Samsung. Samsung reported Q2 prelim. figures, in which operating profit beat estimates while revenue printed mid-range of analyst’s expectations (KRW 171tln vs exp. KRW 169-173.9tln). The outlook also included the provisions for employee bonuses, after the Co. agreed to give bonuses equivalent to 10.5% of business performance earnings. Despite the recent selloff, investors are still quite bullish, with analysts citing the increased volatility due to leveraged ETFs as a main reason for the extended selloff, with profit-taking also a key reason. Elsewhere, Hanwha Ocean fell after Canada preferred TKMS (TKMS GY) for its submarine project. Shanghai Comp.and Hang Seng were softer, but to a lesser extent than the Nikkei and KOSPI. Key movers were Tencent and Kuaishou Technology, after the former sold part of its stake in the latter.
Top Asian News
China State Council approved in principle the 15th Five-Year Plan for building China into a tourism power.
Japanese top FX diplomat Mimura said have been in close contact with South Korean FX authorities on FX movement.
China smartphone sales fell 13% Y/Y during the 618 shopping festival as brands raised prices to offset higher memory costs, according to Counterpoint Research. All major Chinese brands except Huawei posted double-digit drops.
HKMA’s Chief Exec. said they are to study 7-day offshore CNY tender mechanism. HKMA’s securities regulator said that China and Hong Kong is to build a new electronic trading platform for bond and forex trading in Hong Kong.
Japanese PM Takaichi is to hold talks with Ishin leader Yoshimura this evening, according to Kyodo.
Japan’s Economy Minister Kiuchi rejects reported that the government is pushing the BoJ to lower rates; said the government blueprint’s reference to monetary policy is no different from its previous approach. Japan is not loosening fiscal discipline but rather showing in verifiable form in the economic blueprint.
European bourses (STOXX 600 +0.1%) opened on a modestly firmer footing after losses on Monday. European Tech is in focus after Samsung Electronics shares fell 9.5% as earnings, which topped most analysts’ expectations, failed to convince investors of its valuation. European sectors opened with a positive bias, with tech the underperformer as chip names slump following Samsung (STMicroelectronics -5% and ASML -4.6%). Optimised Personal Care is the leader (Unilever +2.5%, makes up 30% of the sector) Autos also does well, Renault +2% was said to have been approached by BYD on two separate occasions in recent years to propose acquiring a stake.
Top European News
BoE FSR: Proposes the easing of some bank capital rules; the leverage ratio proposal would reduce the requirement by 20bps.
The EU is set to delay the launch of its European Travel Information and Authorisation system until next year following technical issues and border congestion, the FT reported.
Andy Burnham has decided not to split the treasury as part of a radical drive to boost Britain’s growth, according to FT sources.
FX
G10s are mostly weaker against the Buck, which attempts to return to levels made on Monday above 101 in DXY. Carry continues to be a theme today as it was on Monday, with high-yielders NOK, GBP flat against the Buck and low yielders underperforming, ex-JPY. On that front, the currency appears to be benefiting from commentary via Japan’s Economy Minister who rejected reports that the government is pushing for lower rates.
GBP is flat against the EUR and Buck with the absence of catalysts giving no bias to the currency today. Some political news overnight incl. reports that likely incoming PM Burnham is considering delaying the announcement of his chancellor until the day he is expected to become PM (potentially 20th July).
Elsewhere on politics, EUR looks to the Paris Appeals Court ruling on Le Pen’s misappropriation scandal where she is expected to announce at 19:00BST whether she or Jordan Bardella will run in the 2027 French Presidential election as the candidate for National Rally (RN). To recap stances, POLITICO writes “Bardella appears more of a traditional economic right-winger”. While Le Pen has a “mix of right-wing nationalism on migration and left-wing social policies”. Despite the implications for French policy ING writes “we doubt this event has great market potential”. EUR/USD -0.1% at 1.1428.
Antipodeans are weaker against the Buck. Kiwi looks to the RBNZ tomorrow, where analysts and markets are divided on whether the Bank will hike, or keep rates unchanged (expectations biased to tightening). Westpac’s note this morning opined a relatively market-neutral scenario would be one where the OCR is unchanged and a tightening bias is retained. Meanwhile, Aussie is lacklustre and lacks direction.
Fixed Income
A bearish session for fixed income thus far. The space has been driven lower by renewed energy upside, and while there was some relief from the very strong 30yr Japanese auction, benchmarks have since reverted back to session lows.
USTs lower by 3+ ticks in 109-13+ to 109-22+ confines. Further downside brings into play 109-12+ and 109-12 from last week, before a handful of levels on the way to the figure and then 108-27 from June 11th. The US docket today begins with commentary from Fed’s Bowman before we turn to RCM/TIPP, the SCE and a 3yr auction, while on the lookout for commentary from President Trump.
Bunds on the backfoot, lower by around 30 ticks and the marginal underperformer. Specifics include potential updates to the draft parental savings reform, according to Politico sources. Reforms aim to save around EUR 1.6bln/yr, though it will take several years for that figure to be seen.
OATs await their own political updates, heading into the Paris Appeals Court ruling on Le Pen’s misappropriation scandal. Following the ruling, Le Pen is expected to announce at 19:00BST whether she or Jordan Bardella will run in the 2027 French Presidential election as the candidate for National Rally (RN). Irrespective of the court ruling or the candidate, polling has RN leading into the 2027 campaign.
Gilts opened relatively contained, but saw some choppiness after the BoE FSR. Gilts spiked higher by around 10 ticks, as the BoE is looking at easing some capital rules. However, as the release does not point to a carve-out or similar for Gilts, the move has unwound with Gilts a tick or two beneath pre-FSR levels. Currently down by c. 25 ticks, and holds within a 88.42 to 88.87 range.
UK sold GBP 4bln 4.125% 2033 Treasury Gilt: b/c 3.16x (prev. 3.38x), average yield 4.519% (prev. 4.550%), tail 0.2bps (prev. 0.2bps).
Japan sold JPY 454.9bln 30-yr JGBs; b/c 4.55x (prev. 2.94x, strongest demand since 2019), and average yield 3.993% (prev. 3.860%).
Germany sold EUR 1.318bln vs exp. EUR 1.5bln 1.30% 2027 Green Bobl & 2.60% 2041 Green Bund.
Crude Benchmarks
Crude benchmarks are firmer this morning, having gradually moved higher throughout the APAC session. Action which has been facilitated by reports that Iran’s IRGC fired at least two missiles at ships in the Strait of Hormuz, with one said to be a Qatari LNG tanker another reportedly Saudi-flagged. Fars clarified that the Qatari tanker attempted to pass through the Omani route and ignored repeated warnings.
As it stands, for as long as ships continue to sail through the Strait, the crude complex can remain towards recent lows. Therefore, the mild upward bias seen in the complex this morning appears to be some pricing in of some risk of a wider-escalation, but not another long-term disruption. Brent Sept’26 (+1.2%) currently holds just off the day’s highs, and within a USD 72.04-73.1/bbl range.
Spot gold (-0.9%) is on the backfoot this morning, and trades at the lower end of a USD 4,116-4,168/oz range; the trough today marks the WTD low. Pressure today appears to be a bit of unwind of the strength seen in the prior week, and amidst the slightly firmer USD/firmer yields. For gold specifically, China extended gold purchases for the 20th straight month. China’s gold reserves at the end of June 2026 were 75.44 million troy ounces. Elsewhere, base metals are mixed vs broadly lower overnight. 3M LME Copper is currently flat and trades within a USD 13,325.13-13,427.2/t range.
Saudi Arabia is said to be planning to expand East-West crude oil pipeline capacity by up to 2mln BPD to increase exports via the Red Sea, according to sources. Project aims to reduce reliance on the Strait of Hormuz.
Kazakhstan Energy Ministry said it is trying to fulfil its OPEC+ obligations, while hoping to maintain production plans for 2026.
China has reportedly purchased more soybeans from the US, Bloomberg reported; Cofco has booked at least 6 cargoes for loading between Sep-Oct.
Germany plans emergency gas reserve for up to EUR 1.5bln plus operating costs, according to sources.
Hong Kong chief executive confirms the launch of central clearing system for gold.
Data shows that two Japanese-owned supertankers carrying Saudi crude are transiting through the Strait of Hormuz to exit the Gulf region.
Shanghai Gold Exchange has agreed to admit Hong Kong Precious Metal Central Clearing System as an international member.
Syrian President Shala said the government has signed energy-sector contracts to add around 5k MW of generation capacity and rebuild power plants and is drafting plans to rebuild and modernise state institutions.
Trade/Tariffs
Democratic State AGs object to US President Trump’s plan to impose tariffs of up to 12.5% on 60 countries over forced labour concerns.
Central Banks
ECB said it gives Euro Zone banks until October 31 to draw up plans against AI-powered attacks.
ECB’s Panetta said the latest energy shock does not compare to 2022.
PBoC injected CNY 10bln via 7-day reverse repos with rate maintained at 1.40%.
PBoC set USD/CNY mid-point at 6.8054 vs exp. 6.7838 (prev. 6.8066).
PBoC Governor Pan said monetary policy maintains a supportive stance, will be increasing the southbound bond connect quota to CNY 800bln from CNY 500bln. To support more good companies to list in Hong Kong. Will keep increasing China’s FX reserves allocation in Hong Kong. China will support Hong Kong to launch CNY-denominated commodities futures trading.
Geopolitics: Russia-Ukraine
Russia’s Defence Ministry said 452 Ukrainian drones have been shot down over the regions since Monday evening.
A Russian governor said a fire has broken out at an industrial enterprise in the Kaluga region after a UAV attack.
Russia’s Moscow Mayor said a drone attack on Moscow has been repelled and emergency services are responding to debris, Interfax reported.
Geopolitics: Middle East
UKMTO received a report of an incident 8NM East of Limah, Oman, with the tanker reportedly hit by an unknown projectile and causing a fire.
Iran’s IRGC fired missiles at two commercial ships near the Strait of Hormuz early Tuesday, according to the WSJ citing a senior U.S. official. One of the vessels was an LNG tanker owned by the shipping arm of Qatar’s LNG industry.
Iran’s IRGC fired at least two missiles at ships in the Strait of Hormuz, a US official tells Axios’ Ravid; Two commercial ships were hit and suffered significant damages but no casualties.
A Saudi-flagged crude oil tanker was reportedly damaged near Oman around the Strait of Hormuz after another LNG tanker was struck in the same area.
The Qatari oil tanker was planning to pass through the Omani route in the Strait of Hormuz with the support of the US Navy and was attacked after ignoring repeated warnings, Fars reported citing sources.
Iranian Foreign Minister Araghchi said negotiations on a final deal will not commence if threats continue.
The European Aviation Safety Agency have extended the validity of the warning regarding flights over the airspace of the conflict areas in the Middle East and the Persian Gulf until July 8th.
Lebanese President Aoun is preparing a visit to the White House to meet US President Trump before the end of July, according to Al-Nahar.
Geopolitics: Syria
A series of explosive devices have detonated in proximity to the hotel in Damascus where French President Macron is staying, Reuters reported citing sources.
“Al Arabiya correspondent: Macron’s convoy left his residence in Damascus shortly before the explosion”, Al Arabiya reported.
French President Macron’s motorcade left the hotel in Damascus around one hour before the explosions took place.
Geopolitics: Other
China’s coastguard said it lawfully expelled a Japanese vessel near Senkaku Islands.
US State Department said China launched a nuclear-capable ballistic missile into the Pacific Ocean, urges China to engage in meaningful arms control discussions.
Japan’s military build-up and overseas aggression are a reality, not hypothetical and they are rapidly expanding pre-emptive strike and long-range attack capabilities, KNCA reported.
US Event Calendar
8:30 am: United States May Trade Balance, est. -78.4b, prior -55.9b
11:00 am: NY Fed Inflation expectations,
DB’s Jim Reid concludes the overnight wrap
This year’s “Charts to make you go WOW!” pack returned yesterday for a 2026 edition. The chartbook is designed to surprise, challenge, and reframe the big macro and market stories of the moment. It’s become my favourite pack of the year to produce, and I hope you’ll enjoy and go “WOW!” at least once, and preferably a number of times. You can see it here at the Deutsche Bank Research Institute. One theme in the pack is how astonishing moves in the South Korean equity market have been over the last year. This morning the extreme volatility continues with the KOSPI down -8.03%, with Samsung Electronics -9.3% lower, despite reporting a 19-fold increase in quarterly profit. Results were “only” 6% ahead of estimates and it seems to have brought in a bout of profit taking. The other KOSPI heavyweight SK Hynix is down -10.0% following the official launch of the marketing process for its planned US listing. Other tech heavy Asian markets are also lower with the Nikkei down -1.84%. Nasdaq futures are -1.03%, dragging the S&P equivalent -0.30% lower too. Elsewhere, the CSI and the Shanghai Composite are -0.83% and -1.04% respectively. Additionally, the Hang Seng (-0.42%) and the S&P/ASX 200 (-0.44%) are trading moderately lower.
In other corners of the market, Japan’s 30-year government bond auction saw its strongest demand since 2019, with a bid-to-cover ratio of 4.55, up from 2.94 previously and above the 12-month average of 3.41, as higher yields ahead of the auction attracted investors. JGBs are fairly flat on the day now.
Before all that, markets put in a decent performance yesterday, with a generally quiet session as the US reopened after the holiday. On paper the headlines were pretty decent, with the S&P 500 (+0.72%) hitting a 3-week high thanks to a rebound in chip stocks, closing back within 1% of its record high. But under the surface, things weren’t quite as robust as they seemed. For instance, most of the S&P’s constituents actually fell on the day, as it was primarily the chip rally that lifted the index higher. Moreover, some of that US strength was just a post holiday catch-up to last Friday’s global performance. So over in Europe (which was open on Friday), the STOXX 600 fell -0.35% instead, and the 10yr bund yield (+1.3bps) rose as well.
In the meantime, US Treasuries also saw a modest rally yesterday as they returned after the holiday, with the 2yr yield (-2.7bps) down to 4.11%, whilst the 10yr yield (-1.4bps) also fell modestly to 4.47%. That came as we heard from Fed Governor Waller later in the session, who argued that the risks facing policymakers have “completely flipped around” over the last year. Previously those concerns were focused on labour market weakness, but he said that employment conditions now appear to be stabilising whilst inflation has been “taking off”. As such, Waller made clear that the Fed’s commitment to its 2% inflation target was unwavering, describing it as both credible and non-negotiable. And interestingly, market pricing for a July rate hike continued to creep back up again (after slumping on Thursday following the jobs report), with futures now pricing the chance at 25%. Meanwhile, Waller also stressed that the Fed would not keep rates artificially low to help finance growing US fiscal deficits, a timely comment given ongoing concerns around the US debt trajectory and the prospect of persistent budget shortfalls.
Waller’s comments also fed into the increasingly lively debate on central bank communication. He said he’d personally prefer an inflation target range rather than a precise point target, but he acknowledged that adjusting the framework now would risk undermining credibility. And on forward guidance, he argued that if the Fed’s reaction function is clearly understood, policymakers shouldn’t need to say very much about the future policy path. Interestingly, he interpreted recent comments from Fed Chair Kevin Warsh at Sintra about the demise of forward guidance as a reaffirmation of the primacy of the 2% inflation target rather than a shift in regime.
Whilst rates were subdued, things were a bit more eventful on the equity side, with the Philly semiconductor index (+2.17%) recovering after last week’s decline. That included a decent gain for Broadcom (+3.73%), which followed the news that they’d be partnering with Apple (+1.31%) on developing new custom chips, with an expanded partnership that will now go through 2031. So that helped to lift the S&P 500 (+0.72%), which closed back within 1% of its record high. With the tech sell-off in Asia we’ll see how much of this reverses today.
Looking forward, one of the main highlights this week will be the NATO leaders’ summit, which is taking place today and tomorrow. Given President Trump’s recent criticisms of NATO, particularly around the Iran conflict, it could be an eventful one, and this summit is expected to advance the emerging “NATO 3.0” agenda, under which European NATO members take on more responsibility for their own conventional defence.
Earlier in Europe, markets struggled by comparison, with equities and bonds both selling off. In part, that followed hawkish comments from the ECB’s Schnabel, who said that the peace deal didn’t mean they were back to the pre-war situation, pointing out that gas prices “are still around 40% higher than before the war.” So investors grew more confident that the ECB would still hike rates this year, with markets now pricing in an 89% chance of a hike by the December meeting up from around 70% last Thursday after Sintra. And in turn, yields moved higher on the day, with those on 10yr bunds (+1.3bps), OATs (+1.1bps) and BTPs (+0.9bps) all rising. Equities lost ground too, with the STOXX 600 down -0.35%, although Germany’s DAX (+0.15%) outperformed modestly yesterday. There appears to be growing optimism that Germany’s recent reform announcements may finally translate into something meaningful, particularly when combined with the significant fiscal stimulus unveiled last year. Enthusiasm for the German trade faded towards the end last year, with the Iran conflict adding another layer of uncertainty. However, some green shoots of optimism now seem to be re-emerging.
Staying in Europe, today is the day we find out, via a key court ruling, whether Marine Le Pen will be eligible to stand in next year’s French presidential election.
Amidst everything else, we did get a few data releases yesterday, but they didn’t provide much excitement. Indeed, the ISM services index for June was exactly in line with consensus at 54.0. And there wasn’t much of a story to write from the subcomponents either, as the prices paid reading was also broadly as expected at 67.7 (vs. 67.5 expected). So the direct market reaction was pretty limited, although there was some relief after the employment component (51.2) was back in expansionary territory for the first time since February.
Looking at the day ahead now, data releases include German industrial production and the US trade balance for May. From central banks, speakers include the ECB’s Panetta and Kocher, whilst the BoE will release their Financial Stability Report. Otherwise, the NATO leaders’ summit begins today.
1b) European opening report
Energy benchmarks firm as IRGC strikes vessels in Strait of Hormuz; NQ underperforms with semis hit post-Samsung – Newsquawk US Market Open
Tuesday, Jul 07, 2026 – 06:41 AM
Iran’s IRGC fired at least two missiles at ships in the Strait of Hormuz, Axios reported, citing a US official. It was separately reported that one was a Qatari LNG tanker. Brent Sept’26 +1.2%.
Fars reported that the Qatari tanker attempted to pass through the Omani route and ignored repeated warnings.
Iranian Foreign Minister Araghchi said negotiations on a final deal will not commence if threats continue.
Global tech stocks fall after Samsung Electronics (-6.9%) shares plummeted post-earnings; NQ -1%.
DXY is incrementally firmer, JPY marginally outperforms after a Japanese official pushed back on reports that the government is urging the BoJ to lower interest rates.
Looking ahead, highlights include US ADP Employment Change Weekly, Trade Balance (May), New York Fed SCE (Jun), Atlanta Fed GDP (Q2), Canadian Trade Balance (May), Ivey PMI (Jun), EIA STEO (Jul), NATO Ankara Summit. Supply from the US. Speakers include BoE’s Mann.
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EUROPEAN TRADE
EQUITIES
European bourses (STOXX 600 +0.1%) opened on a modestly firmer footing after losses on Monday. European Tech is in focus after Samsung Electronics shares fell 9.5% as earnings, which topped most analysts’ expectations, failed to convince investors of its valuation.
European sectors opened with a positive bias, with tech the underperformer as chip names slump following Samsung (STMicroelectronics -5% and ASML -4.6%). Optimised Personal Care is the leader (Unilever +2.5%, makes up 30% of the sector) Autos also does well, Renault +2% was said to have been approached by BYD on two separate occasions in recent years to propose acquiring a stake.
US equity futures are mixed this morning, with clear underperformance in the NQ (-1%), whilst the RTY (+0.2%) holds afloat.
G10s are mostly weaker against the Buck, which attempts to return to levels made on Monday above 101 in DXY. Carry continues to be a theme today as it was on Monday, with high-yielders NOK, GBP flat against the Buck and low yielders underperforming, ex-JPY. On that front, the currency appears to be benefiting from commentary via Japan’s Economy Minister who rejected reports that the government is pushing for lower rates.
GBP is flat against the EUR and Buck with the absence of catalysts giving no bias to the currency today. Some political news overnight incl. reports that likely incoming PM Burnham is considering delaying the announcement of his chancellor until the day he is expected to become PM (potentially 20th July).
Elsewhere on politics, EUR looks to the Paris Appeals Court ruling on Le Pen’s misappropriation scandal where she is expected to announce at 19:00BST whether she or Jordan Bardella will run in the 2027 French Presidential election as the candidate for National Rally (RN). To recap stances, POLITICO writes “Bardella appears more of a traditional economic right-winger”. While Le Pen has a “mix of right-wing nationalism on migration and left-wing social policies”. Despite the implications for French policy ING writes “we doubt this event has great market potential”. EUR/USD -0.1% at 1.1428.
Antipodeans are weaker against the Buck. Kiwi looks to the RBNZ tomorrow, where analysts and markets are divided on whether the Bank will hike, or keep rates unchanged (expectations biased to tightening). Westpac’s note this morning opined a relatively market-neutral scenario would be one where the OCR is unchanged and a tightening bias is retained. Meanwhile, Aussie is lacklustre and lacks direction.
FIXED INCOME
A bearish session for fixed income thus far. The space has been driven lower by renewed energy upside, and while there was some relief from the very strong 30yr Japanese auction, benchmarks have since reverted back to session lows.
USTs lower by 3+ ticks in 109-13+ to 109-22+ confines. Further downside brings into play 109-12+ and 109-12 from last week, before a handful of levels on the way to the figure and then 108-27 from June 11th. The US docket today begins with commentary from Fed’s Bowman before we turn to RCM/TIPP, the SCE and a 3yr auction, while on the lookout for commentary from President Trump.
Bunds on the backfoot, lower by around 30 ticks and the marginal underperformer. Specifics include potential updates to the draft parental savings reform, according to Politico sources. Reforms aim to save around EUR 1.6bln/yr, though it will take several years for that figure to be seen.
OATs await their own political updates, heading into the Paris Appeals Court ruling on Le Pen’s misappropriation scandal. Following the ruling, Le Pen is expected to announce at 19:00BST whether she or Jordan Bardella will run in the 2027 French Presidential election as the candidate for National Rally (RN). Irrespective of the court ruling or the candidate, polling has RN leading into the 2027 campaign.
Gilts opened relatively contained, but saw some choppiness after the BoE FSR. Gilts spiked higher by around 10 ticks, as the BoE is looking at easing some capital rules. However, as the release does not point to a carve-out or similar for Gilts, the move has unwound with Gilts a tick or two beneath pre-FSR levels. Currently down by c. 25 ticks, and holds within a 88.42 to 88.87 range.
UK sold GBP 4bln 4.125% 2033 Treasury Gilt: b/c 3.16x (prev. 3.38x), average yield 4.519% (prev. 4.550%), tail 0.2bps (prev. 0.2bps).
Japan sold JPY 454.9bln 30-yr JGBs; b/c 4.55x (prev. 2.94x, strongest demand since 2019), and average yield 3.993% (prev. 3.860%).
Germany sold EUR 1.318bln vs exp. EUR 1.5bln 1.30% 2027 Green Bobl & 2.60% 2041 Green Bund.
COMMODITIES
Crude benchmarks are firmer this morning, having gradually moved higher throughout the APAC session. Action which has been facilitated by reports that Iran’s IRGC fired at least two missiles at ships in the Strait of Hormuz, with one said to be a Qatari LNG tanker another reportedly Saudi-flagged. Fars clarified that the Qatari tanker attempted to pass through the Omani route and ignored repeated warnings.
As it stands, for as long as ships continue to sail through the Strait, the crude complex can remain towards recent lows. Therefore, the mild upward bias seen in the complex this morning appears to be some pricing in of some risk of a wider-escalation, but not another long-term disruption. Brent Sept’26 (+1.2%) currently holds just off the day’s highs, and within a USD 72.04-73.1/bbl range.
Spot gold (-0.9%) is on the backfoot this morning, and trades at the lower end of a USD 4,116-4,168/oz range; the trough today marks the WTD low. Pressure today appears to be a bit of unwind of the strength seen in the prior week, and amidst the slightly firmer USD/firmer yields. For gold specifically, China extended gold purchases for the 20th straight month. China’s gold reserves at the end of June 2026 were 75.44 million troy ounces. Elsewhere, base metals are mixed vs broadly lower overnight. 3M LME Copper is currently flat and trades within a USD 13,325.13-13,427.2/t range.
Saudi Arabia is said to be planning to expand East-West crude oil pipeline capacity by up to 2mln BPD to increase exports via the Red Sea, according to sources. Project aims to reduce reliance on the Strait of Hormuz.
Kazakhstan Energy Ministry said it is trying to fulfil its OPEC+ obligations, while hoping to maintain production plans for 2026.
China has reportedly purchased more soybeans from the US, Bloomberg reported; Cofco has booked at least 6 cargoes for loading between Sep-Oct.
Germany plans emergency gas reserve for up to EUR 1.5bln plus operating costs, according to sources.
Hong Kong chief executive confirms the launch of central clearing system for gold.
Data shows that two Japanese-owned supertankers carrying Saudi crude are transiting through the Strait of Hormuz to exit the Gulf region.
Shanghai Gold Exchange has agreed to admit Hong Kong Precious Metal Central Clearing System as an international member.
Syrian President Shala said the government has signed energy-sector contracts to add around 5k MW of generation capacity and rebuild power plants and is drafting plans to rebuild and modernise state institutions.
TRADE/TARIFFS
Democratic State AGs object to US President Trump’s plan to impose tariffs of up to 12.5% on 60 countries over forced labour concerns.
NOTABLE EUROPEAN HEADLINES
BoE FSR: Proposes the easing of some bank capital rules; the leverage ratio proposal would reduce the requirement by 20bps.
The EU is set to delay the launch of its European Travel Information and Authorisation system until next year following technical issues and border congestion, the FT reported.
Andy Burnham has decided not to split the treasury as part of a radical drive to boost Britain’s growth, according to FT sources.
NOTABLE EUROPEAN DATA RECAP
UK BBA Mortgage Rate (Jun) 6.6% (Prev. 6.6%).
UK Halifax House Price Index MoM (Jun) M/M 0.2% vs. Exp. 0.1% (Prev. -0.1%).
UK Halifax House Price Index YoY (Jun) Y/Y 0.6% (Prev. 0.5%).
French Balance of Trade (May) -6.9B vs. Exp. -5.2B (Prev. -5.6B).
French Imports (May) 60.5B (Prev. 60.2B).
French Exports (May) 53.6B (Prev. 54.6B).
German Industrial Production MoM (May) M/M 0.9% vs. Exp. 0.2% (Prev. 0.4%).
CENTRAL BANKS
ECB said it gives Euro Zone banks until October 31 to draw up plans against AI-powered attacks.
ECB’s Panetta said the latest energy shock does not compare to 2022.
PBoC injected CNY 10bln via 7-day reverse repos with rate maintained at 1.40%.
PBoC set USD/CNY mid-point at 6.8054 vs exp. 6.7838 (prev. 6.8066).
PBoC Governor Pan said monetary policy maintains a supportive stance, will be increasing the southbound bond connect quota to CNY 800bln from CNY 500bln. To support more good companies to list in Hong Kong. Will keep increasing China’s FX reserves allocation in Hong Kong. China will support Hong Kong to launch CNY-denominated commodities futures trading.
NOTABLE US HEADLINES
US President Trump posted on Truth Social, calling on senators to pass Reconciliation 3.0.
GEOPOLITICS
RUSSIA-UKRAINE
Russia’s Defence Ministry said 452 Ukrainian drones have been shot down over the regions since Monday evening.
A Russian governor said a fire has broken out at an industrial enterprise in the Kaluga region after a UAV attack.
Russia’s Moscow Mayor said a drone attack on Moscow has been repelled and emergency services are responding to debris, Interfax reported.
MIDDLE EAST
UKMTO received a report of an incident 8NM East of Limah, Oman, with the tanker reportedly hit by an unknown projectile and causing a fire.
Iran’s IRGC fired missiles at two commercial ships near the Strait of Hormuz early Tuesday, according to the WSJ citing a senior U.S. official. One of the vessels was an LNG tanker owned by the shipping arm of Qatar’s LNG industry.
Iran’s IRGC fired at least two missiles at ships in the Strait of Hormuz, a US official tells Axios’ Ravid; Two commercial ships were hit and suffered significant damages but no casualties.
A Saudi-flagged crude oil tanker was reportedly damaged near Oman around the Strait of Hormuz after another LNG tanker was struck in the same area.
The Qatari oil tanker was planning to pass through the Omani route in the Strait of Hormuz with the support of the US Navy and was attacked after ignoring repeated warnings, Fars reported citing sources.
Iranian Foreign Minister Araghchi said negotiations on a final deal will not commence if threats continue.
The European Aviation Safety Agency have extended the validity of the warning regarding flights over the airspace of the conflict areas in the Middle East and the Persian Gulf until July 8th.
Lebanese President Aoun is preparing a visit to the White House to meet US President Trump before the end of July, according to Al-Nahar.
SYRIA
A series of explosive devices have detonated in proximity to the hotel in Damascus where French President Macron is staying, Reuters reported citing sources.
“Al Arabiya correspondent: Macron’s convoy left his residence in Damascus shortly before the explosion”, Al Arabiya reported.
French President Macron’s motorcade left the hotel in Damascus around one hour before the explosions took place.
OTHERS
China’s coastguard said it lawfully expelled a Japanese vessel near Senkaku Islands.
US State Department said China launched a nuclear-capable ballistic missile into the Pacific Ocean, urges China to engage in meaningful arms control discussions.
Japan’s military build-up and overseas aggression are a reality, not hypothetical and they are rapidly expanding pre-emptive strike and long-range attack capabilities, KNCA reported.
CRYPTO
Bitcoin is a little firmer this morning and trades just above the USD 63k mark, whilst Ethereum holds just shy of the USD 1.8k mark.
APAC TRADE
Asia-Pac stocks traded entirely in the red, failing to follow on from the positive sentiment seen stateside, as Samsung’s Q2 preliminary earnings seemingly disappoint despite beating estimates.
ASX 200 fared better vs peers, though still traded with mild losses. IT topped the sector pile while Metals & Mining was the sector underperformer, as precious metals gave back some of last week’s gains.
Nikkei 225 traded with losses in excess of 2%, as Kioxia was weighed on by losses in Samsung.
KOSPI slumped, with circuit breakers triggered twice, following losses in Samsung. Samsung reported Q2 prelim. figures, in which operating profit beat estimates while revenue printed mid-range of analyst’s expectations (KRW 171tln vs exp. KRW 169-173.9tln). The outlook also included the provisions for employee bonuses, after the Co. agreed to give bonuses equivalent to 10.5% of business performance earnings. Despite the recent selloff, investors are still quite bullish, with analysts citing the increased volatility due to leveraged ETFs as a main reason for the extended selloff, with profit-taking also a key reason. Elsewhere, Hanwha Ocean fell after Canada preferred TKMS (TKMS GY) for its submarine project. Shanghai Comp.and Hang Seng were softer, but to a lesser extent than the Nikkei and KOSPI. Key movers were Tencent and Kuaishou Technology, after the former sold part of its stake in the latter.
NOTABLE ASIA-PAC HEADLINES
China State Council approved in principle the 15th Five-Year Plan for building China into a tourism power.
Japanese top FX diplomat Mimura said have been in close contact with South Korean FX authorities on FX movement.
China smartphone sales fell 13% Y/Y during the 618 shopping festival as brands raised prices to offset higher memory costs, according to Counterpoint Research. All major Chinese brands except Huawei posted double-digit drops.
HKMA’s Chief Exec. said they are to study 7-day offshore CNY tender mechanism. HKMA’s securities regulator said that China and Hong Kong is to build a new electronic trading platform for bond and forex trading in Hong Kong.
Japanese PM Takaichi is to hold talks with Ishin leader Yoshimura this evening, according to Kyodo.
Japan’s Economy Minister Kiuchi rejects reported that the government is pushing the BoJ to lower rates; said the government blueprint’s reference to monetary policy is no different from its previous approach. Japan is not loosening fiscal discipline but rather showing in verifiable form in the economic blueprint.
Chinese Foreign Exchange Reserves (Jun) 3.416T (Prev. 3.442T).
Japanese Coincident Index Prel (May) 118.5.
Japanese Leading Economic Index Prel (May) 116.8 vs. Exp. 116.9.
Japanese Foreign Exchange Reserves (Jun) 1287.5B (Prev. 1305.9B).
Japanese Household Spending MoM (May) M/M 3.7% vs. Exp. 1.4% (Prev. 1.6%).
Japanese Overtime Pay YoY (May) Y/Y 2.90% (Prev. 4.2%).
Japanese Household Spending YoY (May) Y/Y -0.3% vs. Exp. -2.5% (Prev. -0.5%).
Japanese Average Cash Earnings YoY (May) Y/Y 3.2% vs. Exp. 3.4% (Prev. 3.5%); Same Sample Base Cash Earnings Y/Y 2.9% (prev. 2.9%).
1c) Asian opening report
Europe primed for a weaker open as KOSPI slumps post-Samsung – Newsquawk EU Market Open
Tuesday, Jul 07, 2026 – 02:22 AM
Iran’s IRGC fired at least two missiles at ships in the Strait of Hormuz, Axios reported, citing a US official. It was separately reported that one was a Qatari LNG tanker.
Fars reported that the Qatari tanker attempted to pass through the Omani route and ignored repeated warnings.
Iranian Foreign Minister Araghchi said negotiations on a final deal will not commence if threats continue.
KOSPI slumped following post-earnings losses in Samsung Electronics (-9.7%). Co. topped forecasts, but failed to calm fears surrounding elevated valuations. European equity futures are indicative of a weaker open.
DXY is incrementally firmer, whilst the JPY marginally outperforms after a Japanese official pushed back on reports that the government is urging the BoJ to lower interest rates.
Looking ahead, highlights include German Industrial Production (May), French Trade Balance (May), US ADP Employment Change Weekly, Trade Balance (May), New York Fed SCE (Jun), Atlanta Fed GDP (Q2), Canadian Trade Balance (May), Ivey PMI (Jun), EIA STEO (Jul), NATO Ankara Summit. Supply from the UK, Germany and the US. Speakers include BoE’s Mann.
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US TRADE
EQUITIES
US stocks closed higher on Monday following the long Independence Day weekend, with the Nasdaq outperforming as Technology led the advance. Semiconductor stocks were among the strongest performers (SOXX +3%), while memory names rallied around 7% ahead of Samsung’s preliminary earnings release overnight. Alongside Technology, Communication Services, and Consumer Discretionary outperformed, while the traditional defensive sectors of Health Care, Consumer Staples and Real Estate lagged.
SPX +0.72% at 7,537, NDX +1.26% at 29,698, DJI +0.29% at 53,061, RUT +0.45% at 3,009
TARIFFS/TRADE
Democratic State AGs object to US President Trump’s plan to impose tariffs of up to 12.5% on 60 countries over forced labour concerns.
NOTABLE HEADLINES
US President Trump posted on Truth Social, calling on senators to pass Reconciliation 3.0.
US President Trump said Chinese President Xi is coming here this September and may be September 24th.
Fed’s Waller said the risks have flipped around, the labour market seems stabilised, and inflation has been taking off, which changes how you think about policy.
BoC survey: Q2 balance of opinion on indicators of future sales is +15 (prev. +24 in Q1). The Consumer Survey showed inflation expectations declined after the Iran ceasefire was signed in mid-June and the survey of consumers for next 12 months showed 54.6% of Canadians expect a recession (prev. 55.7% in Q1).
APAC TRADE
EQUITIES
Asia-Pac stocks traded entirely in the red, failing to follow on from the positive sentiment seen stateside, as Samsung’s Q2 preliminary earnings seemingly disappoint despite beating estimates.
ASX 200 fared better vs peers, though still traded with mild losses. IT topped the sector pile while Metals & Mining was the sector underperformer, as precious metals gave back some of last week’s gains.
Nikkei 225 traded with losses in excess of 2%, as Kioxia was weighed on by losses in Samsung.
KOSPI slumped, with circuit breakers triggered twice, following losses in Samsung. Samsung reported Q2 prelim. figures, in which operating profit beat estimates while revenue printed mid-range of analyst’s expectations (KRW 171tln vs exp. KRW 169-173.9tln). The outlook also included the provisions for employee bonuses, after the Co. agreed to give bonuses equivalent to 10.5% of business performance earnings. Despite the recent selloff, investors are still quite bullish, with analysts citing the increased volatility due to leveraged ETFs as a main reason for the extended selloff, with profit-taking also a key reason. Elsewhere, Hanwha Ocean fell after Canada preferred TKMS (TKMS GY) for its submarine project.
Shanghai Comp.and Hang Seng were softer, but to a lesser extent than the Nikkei and KOSPI. Key movers were Tencent and Kuaishou Technology, after the former sold part of its stake in the latter.
US equity futures trade mixed, with the tech-heavy NQ underperforming, weighed on by memory names.
European equity futures are indicative of a slightly softer open with the Euro Stoxx 50 future -0.3% after cash closed -0.3% on Monday.
FX
DXY rotated in a narrow 100.80-100.91 range. Similar to crude benchmarks, the dollar index was unfazed following the reports of IRGC strikes on commercial ships. Despite the pullback in recent days, recent CFTC data shows that aggregate dollar long increased by USD 5.6bln to just shy of USD 40bln, the biggest dollar long in over a decade.
EUR/USD lacked any clear direction, oscillating in a 1.1436-1.1448 range. Focus this week remains on the Fed and ECB minutes, as traders get to interpret how much of a divergence the two central banks’ rate paths are.
GBP/USD found a ceiling at 1.3400; however, it continued to test the key level for a potential break to the upside. In comparison to its G7 peers (ex. US), CFTC data showed GBP was the most in-demand currency, with USD 3.6k of buying.
USD/JPY held comfortably above the 162.00 handle at the start of the session before it came under brief pressure after comments by Japanese Economy Minister Kiuchi rejected reports that the government is pushing for lower rates. USD/JPY fell c. 40 pips to a trough of 161.69 before paring back the majority of the move. Wage data also came out, in which nominal wages printed at 3.2%, weaker than expectations, but held above 3% for a fourth straight month; however, no move was seen in the JPY.
Antipodeans trade flat, with the Kiwi trading either side of 0.5700 ahead of the RBNZ policy announcement on Wednesday, in which a 25bps rate hike to 2.50% is expected.
FIXED INCOME
UST futures initially started modestly higher but pared back as energy prices steadily bid higher. However, following the firm JGB auction (see below), USTs reversed back to its opening price of 109-21+. Ahead is a 3-year note auction, in which the lower yield on offer should present a modest headwind for demand. For reference, the 3-year yield currently trades at 4.15%, below the previous auction high yield.
Bund futures traded ever-so-slightly lower and has found a base at 126.40 before reversing higher. Following on from the stronger-than-expected Factory Orders, May’s Industrial Production figure is expected to hold steady of 0.4%.
JGB futures outperformed their peers, despite the modest downside at the start of trade. Wages rose in May with nominal wages printing at 3.2%, weaker than forecasted, but held above 3% for a fourth straight month. The main catalyst for JGBs, which also lifted the broader fixed income space, was the strong 30-year auction. Demand reached its strongest level since 2019, with a very narrow price tail. 10-year JGBs rose from 127.02 to a peak of 127.19 before paring back slightly to 127.11. As time passed, the gains have been completely reversed.
Japan sells JPY 454.9bln 30-yr JGBs; b/c 4.55x (prev. 2.94x, strongest demand since 2019), and average yield 3.993% (prev. 3.860%). Lowest accepted price 100.05 vs prev. 97.40. Average accepted price 100.09 vs prev. 97.78. Tail in price 0.04 vs prev. 0.38.
COMMODITIES
Crude futures edged higher but remained in relatively tight ranges despite multiple reports that Iran’s IRGC struck two commercial ships and caused significant damage. Further reporting stated that the Qatari tanker was using the Omani route through Hormuz with the assistance of the US Navy and ignored repeated warnings. WTI oscillated in a USD 68.58-69.32/bbl range. In other news in the Strait, two Japanese supertankers carrying Saudi crude were heading to the Strait to exit the Gulf, according to data.
Precious Metals traded on the softer side, as spot silver led losses. For its yellow metal counterpart, it handed over to European traders at the low end of its USD 4125-4169/oz range. An update out of China, the Hong Kong chief executive announced the launch of a central clearing system for gold.
3M LME Copper opened lower amid the risk-off tone, driven by the selloff in Asia-Pacific equities.
Germany plans emergency gas reserve for up to EUR 1.5bln plus operating costs, according to sources.
Syrian President Shala said the government has signed energy-sector contracts to add around 5k MW of generation capacity and rebuild power plants and is drafting plans to rebuild and modernise state institutions.
Hong Kong chief executive confirmed the launch of central clearing system for gold.
CRYPTO
Bitcoin returned to trading on the softer side and fell back below the USD 64k level.
NOTABLE ASIA-PAC HEADLINES
PBoC Governor Pan said monetary policy maintains a supportive stance and will be increasing the southbound bond connect quota to CNY 800bln from CNY 500bln. Pan added that they are to support more good companies to list in Hong Kong and will keep increasing China’s FX reserves allocation in Hong Kong. Furthermore, China will support Hong Kong to launch CNY-denominated commodities futures trading.
Japan’s Economy Minister Kiuchi rejected reports that the government is pushing the BoJ to lower rates. Kiuchi said the government blueprint’s reference to monetary policy is no different from its previous approach Japan is not loosening fiscal discipline but rather showing in verifiable form in the economic blueprint.
DATA RECAP
Japanese Household Spending MoM (May) M/M 3.7% vs. Exp. 1.4% (Prev. 1.6%).
Japanese Household Spending YoY (May) Y/Y -0.3% vs. Exp. -2.5% (Prev. -0.5%).
Japanese Overtime Pay YoY (May) Y/Y 2.90% (Prev. 4.2%).
Japanese Average Cash Earnings YoY (May) Y/Y 3.2% vs. Exp. 3.4% (Prev. 3.5%); Same Sample Base Cash Earnings Y/Y 2.9% (prev. 2.9%).
GEOPOLITICS
MIDDLE EAST
Iran’s IRGC fired at least two missiles at ships in the Strait of Hormuz, a US official told Axios’ Ravid. Two commercial ships were hit and suffered significant damages but no casualties. A similar report by the WSJ later, but added that one of the vessels was an LNG tanker owned by the shipping arm of Qatar’s LNG industry.
The Qatari oil tanker was planning to pass through the Omani route in the Strait of Hormuz with the support of the US Navy and was attacked after ignoring repeated warnings, Fars reported citing sources.
UKMTO received a report of an incident 8NM East of Limah, Oman, with the tanker reportedly hit by an unknown projectile and causing a fire
Iranian Foreign Minister Araghchi said negotiations on a final deal will not commence if threats continue.
Lebanese President Aoun is preparing a visit to the White House to meet US President Trump before the end of July, according to Al-Nahar.
Reported ceasefire violation in Lebanon again, according to Fars News citing sources. Lebanese sources reported an artillery attack by the Israeli occupying army on the town of “Qabreikha” in the Marjayoun region in southern Lebanon.
Israeli artillery hit southern Lebanon.
Data showed that two Japanese-owned supertankers carrying Saudi crude are transiting through the Strait of Hormuz to exit the Gulf region.
The European Aviation Safety Agency have extended the validity of the warning regarding flights over the airspace of the conflict areas in the Middle East and the Persian Gulf until July 8th.
RUSSIA-UKRAINE
Russia’s Moscow Mayor said a drone attack on Moscow has been repelled and emergency services are responding to debris, Interfax reported.
A Russian governor said a fire has broken out at an industrial enterprise in the Kaluga region after a UAV attack.
OTHER
US State Department said China launched a nuclear-capable ballistic missile into the Pacific Ocean and urged China to engage in meaningful arms control discussions.
China’s coastguard said it lawfully expelled a Japanese vessel near Senkaku Islands.
Japan’s military build-up and overseas aggression are a reality, not hypothetical and they are rapidly expanding pre-emptive strike and long-range attack capabilities, KNCA reported.
EU/UK
NOTABLE HEADLINES
ECB’s Wunsch said it seems the Iran shock has disappeared and have not seen much second round effects. Maybe we have to do more, but situation does not ask for a significant tightening However, Wunsch is not excluding another move, but let’s not wait too long.
Andy Burnham has decided not to split the treasury as part of a radical drive to boost Britain’s growth, according to FT sources
NORTH AND SOUTH KOREA AND JAPAN
SOUTH KOREA
Priced Beyond Perfection: Samsung Electronics Tumbles As Soaring Profit Not Good Enough
Monday, Jul 06, 2026 – 08:19 PM
The memory bubble appears to be rapidly deflating.
After the semiconductor/memory sector was walloped in Monday US trading without any clear negative catalyst, the semiconductor-chasing world was eagerly waiting to hear what Samsung – the world’s largest memory maker – would report in its preliminary Q2 earnings report as investors sought to justify sky-high investments and valuations around AI. In the end, it was not good enough, and the stock is down 5% at last check.
Samsung Electronics’s quarterly profit surged 19-fold due to relentless demand for memory chips needed in AI data centers. For the 3 months ended June 30, the company reported preliminary operating income of 89.4 trillion won ($58 billion) not only beating the median analyst estimate of 84.2 trillion won, but dwarfing its performance for all of 2025. Revenue more than doubled to 171 trillion won, also modestly beating expectations (Samsung will release a full financial statement, including net income and divisional breakdowns, around the end of the month).
Yet while the historicals were clearly strong, they were not strong enough for a company that had been priced beyond perfection, and where it didn’t take much to disappoint investors just looking for a hint to take profit. And they go it:
*SAMSUNG DROPS 4.5% IN PRE-MARKET ON NEXTRADE AFTER 2Q GUIDANCE
Indeed, investors had harbored extremely high hopes for Samsung, its peer SK Hynic and other chipmakers that are posting unprecedented profit margins thanks to a historic buildout of AI infrastructure worldwide. Yet that capex buildout is likely ending, after META lobbed the first shot across the bow of unlimited capital spending last week and sparked the biggest 2-day selloff of high beta momentum stocks since covid.
“We will be looking for signs that this represents a sustainable step change in the company’s annual free cash generation,” said Brian Cho, a portfolio manager at Causeway Capital Management, adding that he would also be looking at management’s shareholder return policy.
A shortage in memory chips has become a key bottleneck for AI development, executives including Nvidia CEO Jensen Huang and OpenAI COO Brad Lightcap have warned. Manufacturers are giving priority to high-end memory development to meet data centers’ needs, leading to inadequate volumes of conventional memory as well. Analysts expect shortages to last through 2027 at least, giving Samsung and rivals SK Hynix and Micron enormous pricing power. Meanwhile, China’s own DRAM giant, CXMT, is rapidly catching up to its Korean peers, and rapidly taking market share, sparking concerns that China may soon do to commodity memory chips as it has done to, well, pretty much every other product it has competed against: sparked a deflationary tsunami.
But not yet: the average operating profit margin for the big three chipmakers is projected to trend around 75% to 80% in the June quarter, according to market research firm Counterpoint. Some argue that such margins constitutes excessive profiteering, it said in a report. “There can be regulatory pressure on memory players if this situation continues,” it said.
Shares of Samsung, which has broad portfolio of chips and consumer electronic, have underperformed cross-town rival SK Hynix’s, which is more focused on high-end memory geared for AI’s computation needs. Samsung’s shares, which were hurt by a selloff in the five days to Friday, are up 165% this year, compared with SK Hynix’s roughly 260% gain.
Korea is hoping that the cartel pricing of Samsung and SK Hynix ends up creating an impenetrable moat which benefits the entire country: the two chipmakers are central to South Korea’s ambitions to pull ahead of other countries to take leadership in AI. Samsung Group and SK Group plan to build two chipmaking plants apiece in the nation’s southwest for a total of 800 trillion won to expand capacity quickly. The country aims to double its memory production capacity within five years. For 2026, Samsung has announced plans to spend over $70 billion in production capacity expansion and research. However, as we reported last night, one thing Seoul apparently forgot is the Chinese threat, and contrary to conventional wisdom that Chinese memory tech is far behind, Korean experts have warned that CXMT is closing the gap with Korea “far faster than expected.”
And with Korea opening for trading, it’s not surprising that Samsung stock, which was priced beyond perfection, is down as much as 5% in early trading
JAPAN
3 CHINA
4. EUROPEAN AND SCANDINAVIAN COMMENTARIES PLUS NATO
UK
UK Police Crack Down On Dangerous New Threat – People Standing Around Doing Nothing
British policing has reached new depths of absurdity and authoritarianism. Officers are inventing pre-crimes, harassing citizens for lawful filming or standing in public, and deploying to pubs to warn people off tweeting about councillors.
All while the same forces stand guard over brand-new taxpayer-funded houses handed to migrants and turn a blind eye to patterns of two-tier enforcement that have defined recent years.
In one widely shared incident, a female officer was caught on camera confronting a man peacefully filming in a public space.
In the footage she claims his mere presence “might” wind people up and lead someone else to lose their temper, threatening arrest to “prevent a breach of the peace.”
No actual crime had occurred. No law was being broken. As the man pointed out, the logic is straight out of the dystopian story Minority Report: punish the law-abiding person in case an offence is later committed.
The man was simply exercising his right to record in public. The response is to treat him as the threat.
This is far from an isolated incident.
Another viral video shows a male officer with wild, agitated behaviour confronting a citizen for filming. He threatens arrest for a “technically public order offence,” then pivots to demands for details, ultimately detaining the man.
Observers note the officer appears erratic, with exaggerated facial expressions and eye movements that have sparked widespread comment about his fitness for duty. The citizen was going about lawful business. The officer escalated without clear legal basis.
In Birmingham, police harassed a citizen journalist for filming in public, repeatedly citing “breach of the peace” while one officer grew visibly agitated and another followed the filmer continuing the same vague threat. The man being targeted remained calm and pointed out he was doing nothing illegal. The officers created the tension.
Sheffield saw similar overreach. After police used significant force on a 17-year-old boy during a protest, slamming him into a metal bollard, officers then turned on a journalist filming the aftermath. They put hands on him solely for recording the incident up close. The pattern is consistent: document police actions and you become the problem.
A female Merseyside officer was caught on camera calling a man legally filming in public a “nonce.” Public filming remains lawful. The verbal abuse was not. Calls for her dismissal followed, but the incident fits the broader climate where officers feel empowered to insult citizens exercising basic rights.
Another citizen journalist was arrested at a Chesterfield hotel protest for alleged breach of Section 14. Critics argue the application was selective and aimed at silencing documentation of events authorities prefer not to highlight.
When the situation is inverted and police are standing around or filming the public, complaints have ironically led to further harassment of the public.
Officers have grabbed people and demanded details for the “offence” of shielding their features on the street from facial recognition cameras. Covering your face while walking is not a crime. Yet compliance with mass surveillance is apparently now enforced with physical intervention.
When not targeting cameras or idle citizens, officers turn to social media. In Chiswick, two policemen entered a pub, asked a man to step outside, and threatened him over a tweet criticising a councillor’s plan to ban outdoor seating at pubs.
The officers admitted on camera that he had broken no law. Their visit was pure intimidation – a warning to watch what he posted about local officials. This is modern Britain: police resources deployed to police tweets rather than actual crime.
Similar visits and warnings over “insults” or critical posts have been reported repeatedly. The message is clear: lawful criticism of those in power can bring uniformed officers to your door or local pub for a “chat.”
These developments arrive against a backdrop of documented two-tier policing. In Birmingham, three black individuals assaulted a white British teenager. Footage shows a female officer shielding the aggressors and directing aggression toward the white victim.https://modernity.news/2026/07/02/watch-shocking-footage-of-two-tier-policing/embed/
The attackers walked away. Multiple officers then swarmed the victim, used foul language, shoved him into a police car the wrong way, dragged him out after the botched attempt, and restrained him forcefully. A bystander trying to explain that the white lad was the victim was ignored.https://www.youtube.com/embed/IZNbrlPqYLc/embed/
West Midlands Police have been accused of trying to limit circulation of the footage rather than addressing conduct. When pressed, they reportedly reviewed material and found nothing wrong.
The same pattern appears in Rotherham, where South Yorkshire Police used aggressive force against teenage girls at a school leavers’ event – shoves, batons swung, girls knocked down, a punch, Tasers pointed. Rotherham carries the heavy legacy of grooming gang failures that saw an estimated 1,400 young victims, mostly native British girls, betrayed by authorities terrified of racism accusations. Now the same forces apply heavy hands to the daughters of those communities.https://modernity.news/2026/06/22/outrage-as-police-attack-teenage-girls/embed/
While officers invent reasons to arrest or intimidate native Britons for filming, standing, or tweeting, other resources are visibly committed elsewhere. Police have been filmed providing 24-hour guard for empty £250,000 new-build homes prepared for migrants.
This is not policing in any traditional sense. It is selective enforcement that protects certain groups and narratives while treating ordinary citizens exercising their liberties as the threat. Pre-crime logic, facial recognition enforcement, pub visits over tweets, and aggressive handling of native Britons in disputes all point to the same direction: a state that has lost sight of its duty to the people it serves and has instead become an instrument for managing dissent and demographic change.
The public is noticing. Trust is eroding. When officers spend time threatening people for holding cameras or posting opinions rather than confronting real violence, the social contract frays.
Britain deserves police who protect lawful behaviour, not invent crimes to justify targeting it. Until that changes, the dangerous new trend will remain the one the authorities have embraced: treating the governed as the problem.
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END
LITHUANIA
Lithuania To Lift Ban On Nuclear Weapons, Following Finland
Tuesday, Jul 07, 2026 – 02:45 AM
First it was Finland which lifted its ban on the deployment of nuclear weapons, declaring its willingness to host NATO’s arsenal (which is largely provided by the US), and now Lithuania has become the latest European country to move to do the same.
Lithuania, which has been a NATO member state since 2004, has newly declared its willingness to be part of the alliance’s nuclear sharing program. “We would like to be the integral part of this nuclear deterrence,” Lithuanian President Gitanas Nauseda said at a conference in Berlin on Friday, according to AFP.
“A few days ago, I initiated a constitutional amendment to remove the existing restriction on the possible deployment of nuclear weapons in Lithuania,” Nauseda added.
Soon on the heels of this speech, a group of 50 Lithuanian lawmakers submitted an amendment, but which is still expected to be formally presented before parliament.
Nauseda touted that there is “practically unanimous” support among lawmakers for repealing the ban outlined in Article 137 of Lithuania’s Constitution.
“Almost all parliamentary faction leaders expressed the view that Article 137 has become obsolete and should not merely be amended but removed,” Nauseda said.
As for the current constitutional prohibition in question:
Article 137 of Lithuania’s Constitution currently states that weapons of mass destruction and foreign military bases may not be located on Lithuanian territory.
Finland’s parliament has already voted on its own reversal last month, after which Russia moved to secure more border areas with NATO countries.
This is expected to further severely impact trade and worsen official relations with these countries:
Russia has closed seven railway border checkpoints with Finland, Estonia and Latvia, according to a government decree published Tuesday.
The suspension, which takes effect July 1, halts the movement of individuals, vehicles and cargo through the designated rail crossings. Five of the shuttered checkpoints are located on the Finnish border, while Estonia and Latvia each have one crossing affected.
Officials have not disclosed the reasons for the closures or when the checkpoints might reopen.
In Estonia, the Ivangorod freight and passenger crossing will remain open, and in Latvia, the Sebezh crossing will also stay open. However, the closures leave Finland with no open railway crossings with Russia, which normally exports fertilizer to Finland by rail.
Finland shut its eastern vehicle and pedestrian border crossings with Russia indefinitely in December 2023 following an influx of asylum seekers.
Since the Ukraine war began, and in context of ratcheting tensions with NATO over its military support to Kiev, Moscow has steadily militarized its border regions with Baltic and Scandinavian states.
The most significant source of NATO’s nuclear-sharing program remains the United States. But lately France has expressed a desire to station some of its atomic arsenal in partner countries, and this could include in Finland, Sweden, Denmark and others.
END
EU
EU Parliament Banning The ESN Party Alliance Is A ‘Realistic Scenario’ Warns German MEP
For the first time in European history, an EU party alliance could be outright banned in the European Parliament, which would mark a major blow to democracy and rule of law.
The Europe of Sovereign Nations Group (ESN), which includes nine right-wing European parties, has been relentlessly attacked by the EU establishment since its founding in 2024. The ESN’s largest party member, the Alternative for Germany (AfD), has also been the target of efforts for an outright ban at the national level in Germany. While left-wing and establishment parties are struggling to implement a ban on the AfD in Germany, at the European federal level, democratic checks and balances and the rule of law are far weaker.
Now, the Authority for European Political Parties and European Political Foundations (APPF) is seeking to de-register the ESN, which would strip it of all its funding and de facto lead to the end of the party.
German MEP Alexander Sell of the Alternative for Germany (AfD) party is a founding member of the ESN and has since become the president of the Sovereignty Foundation (SF), the foundation formally associated with the ESN. He said he is speaking as the president of the SF and discussed the efforts his party is taking to fight this de-registration, how much of the APPF’s actions are an extension of the political warfare being waged against the AfD at the national level, and even touches on his own personal motivations for participating in politics as an AfD member despite the massive degree of personal attacks and even physical threats.
There is a lot of discussion about your party facing a potential ban from this European watchdog [Authority for European Political Parties and European Political Foundations (APPF)], but how realistic is it that your party will actually be banned in the near future?
It’s a realistic scenario because the authority — the European Authority for Political Parties and Foundations (APPF) — has the power to de-register parties. They register European parties and they also have the authority to de-register a European party, and that is what they are planning to do.They have a couple of accusations against us. They have a 300-page dossier on our party.
So they will start the investigation, but they will give us the chance to answer the accusations. And then they have the authority to ban our party.
And do you have any idea of what the political leanings of the people in this watchdog are? Does your party view a negative outcome as already a foregone conclusion?
Well, there are some indications that this is a political maneuver, because the director of this authority, [Pascal Schonard,] is German and he used to work for the CDU. He was a member of Klaus Welle’s cabinet. For almost a decade, Klaus Welle was Secretary-General of the European People’s Party and the EPP–ED group in the European Parliament.
So I think there are political intentions behind this attempt to de-register our party. But still, I don’t think it is 100% guaranteed, because in the end you have to acknowledge that on the European level there are many parties like ours. There is a shift to the right all over Europe.You have governments — for example in Italy, the Czech Republic or Slovakia — that are led by patriotic forces. So I don’t think it will be that easy.
The majorities in the European Parliament are also shifting to the right because that is what voters want.They want patriotic, realistic and more free-market-oriented policies, and that is what we are seeing on the European level. We want to get rid of bureaucracy, we want to get rid of climate policy, we want to secure our borders — and we have majorities for that.
So I think this attempt to ban our party will not be easy, because European voters are demanding something else.I mean, you have to take into account that the AfD is the strongest political party in Germany, polling at around 29%, which is a large margin ahead of the CDU. So I think it will be very controversial to ban our European party.
But what real checks and balances are there if they move forward with a ban? Would you appeal?
Yes, we will appeal the decision by the authority. Definitely. And I think we have good reasons to appeal, because what they are accusing us of is that we are not respecting European values. Well, I don’t agree with that. We are very democratic — the AfD is very democratic. Our partner parties from other countries are very democratic. We would never come up with the idea of banning political competition. That is not how we work. We are working for democratic majorities.
So I think we are respecting European values of democracy in a more serious manner than other parties. Also, talking about the rule of law: we have always criticised the European Union for breaking its own laws. For example, in the attempt to rescue the euro and in the migration crisis, they violated the laws that the EU itself had decided on — and that is what we have criticised from the beginning.
So I would say that we are actually the defenders of the rule of law within the European Union, and those are the arguments we will bring forward in court if we have to appeal the decision by the European authorities.
So, during this appeal process, would your grouping be banned right away or would it continue to exist during the appeal?
The authority has the right to ban or de-register a party. So from the moment the authority takes a decision, our party is banned.
The efforts at EU level almost seem to mirror what is happening in Germany itself. Do you feel that this is simply an extension of what is already happening in Germany?
Yes, definitely. I think this is the easier route for them than banning the AfD at national level. There is less attention on the European political party, and in Germany they would need a decision by the Constitutional Court, which is harder to obtain than a decision by the APPF. So I think they chose to attack us at the European level.
There is also still no money for an AfD political foundation, even though this is normally standard for any political party of our size in the Bundestag, right?
Talking about the political foundations, just to give you an idea of the amounts involved: around 700 million euros per year is distributed to the political foundations of the CDU, SPD, the Greens, the liberals and the Communist party (editor’s note: Left Party).
These are incredible figures. They use that money, for example, to recruit in the universities. That is something we are not able to do, because they are denying us those funds and they keep changing the rules on how to obtain the money. It used to be available after two terms in parliament, and they changed it. They are still denying us that money, which puts us at a huge disadvantage, because we would have access to 60 to 70 million euros that we could use for scholarships in universities or to fund research.It is a really important instrument in the political debate, and we are being denied it on an unlawful basis.
That is the situation. You have to understand: they are still talking about banning the most successful party in Germany, according to the polls. We are the strongest party in the polls by a large margin, and the losing parties are seriously considering prohibiting our party and calling it “protecting democracy” while actually prohibiting democracy. That is the situation in Germany.
I think it is an unprecedented case, and it shows that true democracy is still not very well established in Germany, unfortunately.
[Chancellor Friedrich] Merz has already said that he did not want to ban the AfD because it “stinks of attacking a political rival.” There would also be electoral consequences for the CDU, since knocking out the AfD could create a huge vacuum that the left would fill. The CDU could then be sidelined. Do you think it is realistic that the CDU will go along with this?
I think at national level they will not, because there is also international attention on this case. The Americans and others around the world are watching what is happening in Germany. It would be a huge scandal, and I think it would seriously weaken Friedrich Merz’s position internationally if he ended up abolishing democracy in Germany. So I don’t think they will go that far.
But at European level it is a different story. I think the CDU itself — or at least a majority within the CDU delegation in the European Parliament — would very much go along with it. On the other hand, I see that the EPP is not united on this.
You have to remember that some members of the EPP, such as Forza Italia and the Partido Popular in Spain, are already in coalition with right-wing parties — members of the Patriots for Europe or the ECR. So the so-called cordon sanitaire, the firewall as it is called in Germany, is not working at European level.
I think the same will apply to this decision to ban us: they will not have all their EPP members on side. Many of them, especially outside Germany, realize that voters want different policies and that we are driving these new policies. They understand that cooperation will eventually be necessary — and they are already seeing this in Italy, Spain and France.
You had the deportation regulation, where a French MEP worked together with one of our MEPs. So to go so far as to prohibit, for the first time in history, a European political party would create tensions inside the EPP — and rightly so. I hope there are still some democrats left within the EPP.
The APPF even cited the term “remigration” as a basis for this ban. But this term is also being used by the Patriots for Europe grouping. How long before that party is targeted in the same way?
Well, we could talk about a lot of comments. If you look at the left, the way they talk about Israel and the right of the state of Israel to exist, you could also argue that this goes against the idea of human dignity. The same applies to slogans like “From the river to the sea.” It is not as if accusations could not also be made against other parties.
These terms are so vague that you could find something against almost any party. They researched statements by members of our national member parties long before we even founded the ESN. So they are holding us responsible for comments made years ago, when the ESN did not even exist.It is the same for all the other European parties — including the EPP and the Social Democrats.
You will always find some member somewhere, perhaps in Spain or Slovakia, who has said something that could be argued to go against “European values.” It is simply a question of resources. This authority has the resources to produce a 300-page dossier, and we do not. But it would be easy to produce a similar report on any other European political party.
I understand that your grouping wants to give its members freedom of speech and that there are probably differing views among the parties in your grouping. But how much can this watchdog punish the entire party for comments made in the past by individual politicians?
Well, that is exactly what we are doing. I do accept that, as a European political party — and this is also in our statutes — we have to ensure that our national member parties adhere to so-called European values. I also share these values: the rule of law, democracy and respect for human dignity.I think we need better methods to ensure we can sanction members who contradict these values, so that our national parties respect them.
That is what we are doing. We changed our statutes last Friday at a general assembly. For example, we expanded the board. Until now we did not have a representative from each member party on the board. Now we will have representatives of every national member party on the ESN board. So if something controversial is said or published in one of our member states, we will have a contact person we can talk to — someone who is also responsible for taking corrective measures.
We have implemented these changes because we recognize our responsibility for all our national member parties, and the new structure will allow us to intervene more effectively when necessary.
Just a personal question. AfD members and politicians face a constant stream of attacks, and this potential ban could be seen as an extension of that. In Eastern Europe, even parties considered more right-wing operate in a more right-leaning environment without a large Antifa scene that wants to set your car on fire. As an AfD politician, how do you deal with the psychological pressure of facing extremely high levels of personal attacks and even the threat of physical attacks on an almost constant basis?
One of the main characteristics of the German mindset is conformism — a conformism that can even extend to violence against non-conformists. That is what we are seeing now. They burn our cars, they attack our houses. They try to debank us. We are still looking for a bank account for the foundation.
For foreigners it is sometimes hard to understand how this can happen in Germany. Germany is a very conformist society: you are not supposed to step out of line. The AfD is stepping out of line because too many things are going wrong in Germany. It started with migration, well, actually it started with the euro crisis, I recently saw figures from UBS in Switzerland on average wealth distribution in Europe. Germany is behind Greece and far behind Spain, Italy and France — yet we remain the biggest net contributor to the European Union, even though we are significantly poorer than those countries.
If you travel to Italy, Spain or France, you can see there is more wealth there. But people are not allowed to say this.
The same applies to migration. The problems are obvious if you look at German cities, but we are not allowed to point them out. This is due to the very strong conformism in Germany. You are supposed to support the European Union, open borders and migration. You are supposed to support Ukraine against Russia. It is very hard for Germans to object to any of this.
This differentiates us from countries like France, which has a history of revolution, or the Anglo-Saxon world, which has a tradition of healthy mistrust towards government. Germans have very high trust in their government. They do not dare to criticize those in power.
That is one of the reasons I can live with the attacks and the social ostracism. I am convinced that we have the better arguments. People are suffering, and eventually the suffering will become so great that they will realize they have been betrayed by their government. They will understand that we were right from the beginning — and we are already seeing this in the polls.
In some eastern German states we are polling at around 42%, at least above 40%.This is also because East Germans have already experienced one government collapsing. They saw socialism fail and they saw that all the propaganda produced by the socialist regime was a lie. That is why they do not believe the propaganda of the current German government, and they are voting for the opposition — which is us.
Farage Resigns As MP To Force ‘People Vs. The Establishment’ By-Election
Tuesday, Jul 07, 2026 – 10:15 AM
Nigel Farage, leader of Britain’s Reform UK party, said Tuesday he is resigning as the member of Parliament for Clacton to trigger a by-election in the Essex constituency, which he intends to contest as the party’s candidate.
Farage, who won the seat in the 2024 general election, cast the upcoming vote as a direct challenge to political and media elites. “This will be a people vs. the establishment by-election,” he said in a statement. “A chance to stick two fingers up to the entire establishment.”
The announcement came during a statement on his “future in public life” after days of intense scrutiny over his personal finances and political donations. Farage has been under investigation by Parliament’s standards commissioner since May over a £5 million gift he received in early 2024 from cryptocurrency billionaire Christopher Harborne, a major Reform UK donor. Critics say the gift should have been declared because it was received in the 12 months before Farage became an MP.
Additional questions have arisen over undeclared support Farage allegedly received from longtime associate George Cottrell, who was convicted of wire fraud in the United States in 2017. Reports also detailed media coverage of Farage’s family home, prompting the politician to accuse outlets of harassing his daughter and other relatives.
Farage has repeatedly denied wrongdoing, describing the gifts and support as personal matters and calling the investigations an “establishment hit job.” He said he has “done nothing wrong” and has not broken any laws.
The move allows Farage to bypass a potential parliamentary suspension and recall petition process and instead put his future directly before voters in Clacton. He has long portrayed himself as an outsider battling entrenched interests, a message that has resonated with a significant portion of the British public.
Latest polling shows Reform UK competitive nationally. A YouGov survey conducted July 5-6 and published Tuesday put the party at 25%, ahead of the Conservatives on 21% and Labour on 20%. Farage’s personal favorability ratings remain lower, however, reflecting deep polarization around his leadership.
Clacton has been a stronghold for Farage’s brand of politics. He captured the seat in 2024 with 46% of the vote and a majority of more than 8,400. A by-election there is widely expected to be winnable for Reform UK, though it will draw intense national attention as a test of whether recent controversies have damaged the party’s momentum.
The date of the by-election has not yet been set. Preparations for the contest are already under way following earlier speculation about a possible recall petition.
FRANCE
French Bond Yields Rise After Le Pen Cleared To Run In 2027 Presidential Election
Tuesday, Jul 07, 2026 – 08:34 AM
Marine Le Pen can enter the race to become France’s next president after judges confirmed her embezzlement conviction on appeal but handed her a reprieve on an election ban.
Presiding Judge Michèle Agi confirmed Le Pen’s conviction, saying that she and several others at the National Rally party misused European Union funds earmarked to pay for aides.
But the appellate judges reduced her ban to 15 months, thus paving the way for her to lead her party into the next election.
“The court found that the enforcement of this penalty since March 31, 2025, has already remedied the breach of integrity to an extent compatible with the fundamental guarantees afforded to citizens, and that disregarding this would undermine the principle of freedom of candidacy, an essential condition for the democratic exercise of universal suffrage,” Judge Agi said in court.
Le Pen was initially convicted in March 2025 by first-instance judges, who gave her an election ban lasting five years and a two-year jail term that’s on hold while she appeals.
Her party was quick to react, with Bardella quipping on TV against what he described as the “tyranny of judges.”
Jordan Bardella, whom she has groomed as her chosen successor for years, is ready to take her spot as the lead candidate for the National Rally.
The 30-year-old would offer voters a somewhat different profile to Le Pen who has gained ground among voters in three successive presidential campaigns.
A recent poll suggested that either would lead the French election after a first round vote.
French bond yields are up modestly after the news, but were already higher before the decision…
For now, prediction markets show Le Pen’s odds of victory improving modestly from an admittedly low level, while Bardella, has consolidated his position as favorite to win…
While Le Pen can still lodge a top court challenge, she has promised to announce whether she’ll run or not after this ruling.
Still, the court gave Le Pen a one-year jail sentence that it indicated she would likely serve with an electronic tag, for at least a portion of the term, and she has indicated she would likely withdraw if she was forced to wear the bracelet during the campaign.
The decision now rests with Len Pen as to her future – she is scheduled to speak in a television interview at 8 p.m. local time.
END
NATO/EUROPE/USA
As NATO Summit Braces For Trump, Ambassador Warns Allies: ‘We’re Not Going Away, Just Doing Less’
Tuesday, Jul 07, 2026 – 08:05 AM
Just on the eve of the annual NATO summit, and as President Trump is en route to attend the Ankara-hosted meeting, Washington has reaffirmed its vision of withdrawing from NATO leadership in order to allow other countries to shoulder the collective defense burden.
America’s ambassador to the alliance told CNBC on Monday that pressuring allies to spend more – which has created tension among some European allies – reflects necessary “growing pains” rather than a crisis,
“The target is that Europe takes over the conventional defense of the European continent,” Ambassador Matthew Whitaker stated. That’s when he emphasized: “We’re not going away, we’re just doing less.“
“I see these as just the challenges that we’ve worked through before,” he continued, while commenting that there are still “laggards” which still have to reach higher and higher commitments to catch up.
At last year’s summit President Trump laid out before allies the bold new defense spending target of 5% of gross domestic product (GDP) for each member country, more than doubling the prior 2% benchmark.
Leading NATO members are reportedly ready to tout a success story when it comes to a higher defense spending bar:
European NATO allies are heading into this week’s summit in Ankara convinced they have a compelling case to present to Donald Trump on defense spending, industrial cooperation and aid for Ukraine, but diplomats privately acknowledge the president remains the biggest source of uncertainty.
Speaking in the run-up to the annual summit in the Turkish capital, diplomats said the two-day gathering should showcase allies’ increased defense spending and include a string of defense industry announcements, including new letters of intent, joint projects and more transatlantic co-production.
“There is a good story to tell,” one NATO diplomat said, pointing to a sustained shift in the alliance’s burden-sharing. “The numbers don’t lie.”
The same publication writes that “According to figures compiled by the Stockholm International Peace Research Institute, military outlay by European countries that are also members of NATO rose more quickly than at any time since 1953 through last year, with Germany and Spain – two countries often singled out by Trump as laggards – seeing booms in defense spending.”
Hudson Institute think tank senior fellow Can Kasapoğlu has described of the view from Washington and Brussels, “When the alliance is back to its Cold War default, the question of what you are bringing to the table is getting more important.”
Rutte preps a positive narrative ahead of Trump’s arrival…
He added in comments to Fox: “The nations bringing hard-power capability to NATO are going to get VIP treatment.” They see Russia as a major looming threat to long-term European security, as the Ukraine war only shows signs of likely escalation, now it its fifth year.
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS//
ISRAEL USA/IRAN TUESDAY
YOU WHACK YOUR FRIENDS?
Qatari LNG Tanker Hit By Iranian Missile In Hormuz Chokepoint
Tuesday, Jul 07, 2026 – 07:20 AM
A fully loaded Qatari LNG tanker was struck by a projectile near the Omani coast while exiting the Strait of Hormuz, raising fresh concerns that disruptions across the key energy maritime chokepoint could persist longer than traders had expected. Brent crude rose more than 1% to $72.76 a barrel as traders reassessed the war-risk premium in the Gulf area.
The Al Rekayyat, owned by Qatar’s state shipping company Nakilat, was struck early Tuesday about 8 nautical miles east of Limah, Oman, according to Bloomberg, which cited people familiar with the matter and an alert from EOS Risk Group.
EOS said the maritime incident involved either an Iranian suicide drone or a missile strike that resulted in a fire on the Al Rekayyat. No casualties were reported.
Al Rekayyat was fully loaded at Qatar’s Ras Laffan export terminal, making it the first Qatari LNG carrier targeted since the US-Iran conflict began in late February. The tanker appeared to be transiting part of the Hormuz chokepoint with its transponder off, indicating it was not on an Iranian-approved shipping route.
Following the attack, another Qatari-loaded LNG carrier, Al Areesh, made an abrupt U-turn before entering the strait and began circling, Bloomberg ship tracking data showed. Other tankers continued to sail through the highly contested chokepoint, including oil tankers and LPG carriers, using both Iran-approved and US-managed routes.
Later today, President Trump heads to a NATO summit in Ankara, where the Iran conflict is expected to be the center of discussion among world leaders.
US-Iran talks remain suspended while Tehran holds funeral ceremonies for late Supreme Leader Ali Khamenei. Qatar has said negotiations will resume after the ceremonies.
UBS analyst Justinus Steinhorst commented on market reaction:
Energy {UBXEENER} is among the best sectors on Tuesday after an LNG tanker was hit at Hormuz, rekindling fears around longer term disruption. Progress to normalise flows through strait appears to be stalling slightly with crossings still well below pre-conflict levels.
UBS analyst Aditi Samajpati noted:
Oil prices may remain under pressure in the near term as additional barrels from previously stranded ships in the Strait of Hormuz reach the market. UBS Wealth Management CIO however believes the current price level overestimates how quickly traffic through the waterway will normalize as it takes time for shipping confidence to be fully restored and for tankers to return to the Persian Gulf to load oil for export. The Strait is now accommodating fewer ships than before the conflict began, and the recovery of shut-in production is likely to be slower than expected, CIO says, adding that broad commodity exposure continues to offer diversification benefits in a portfolio.
Vessel flows on the Hormuz chokepoint (transponders on) remain elevated but well below pre-war levels. This may only suggest the normalization process will take longer than expected.
Kpler analyst Muyu Xu said:
The continued use of different shipping lanes suggests that traffic through the strait remains operational, but is fragmented as shipowners adopt different routing strategies based on their individual risk assessments.
Latest Iran and Hormuz headlines (courtesy of Bloomberg):
Strait of Hormuz Attacks
• Iran reportedly fired at least two missiles at commercial ships in the Strait of Hormuz on Monday night, with both vessels suffering significant damage but no casualties
• A Qatari LNG carrier, Al Rekayyat, was struck by a projectile near the Omani coast on Tuesday morning as it exited the Strait of Hormuz
• Another loaded LNG tanker, Al Areesh, appears to have U-turned in the Persian Gulf on Tuesday following the strikes
• The attacks are testing a late-June US-Iran deal intended to halt attacks in the waterway as the two sides work toward a peace agreement
Diplomatic Developments
• Iran’s Foreign Minister Abbas Araghchi warned on Tuesday that negotiations on a final deal will not commence if threats continue, referencing a memorandum of understanding with the US
• Iranian President Masoud Pezeshkian will travel to Iraq on Tuesday to attend funeral processions for former Supreme Leader Ali Khamenei, scheduled for Wednesday in Najaf and Karbala
Market Impact
• European natural gas prices surged as much as 6% on Tuesday, the most in a month, following the attacks on ships in the Strait of Hormuz
• Oil prices climbed on Tuesday, with Brent trading near $73 a barrel, as the attacks highlighted continued risks to vessels in the critical waterway
• Gold fell for a second day on Tuesday, dropping as much as 1.2% to below $4,120 an ounce, as the Hormuz attacks rekindled inflation concerns
• France lowered its 2026 GDP growth forecast to 0.7% from 0.9%, citing the Middle East conflict as a factor holding back output
Oil Trade Developments
• India’s state-run refiners are in talks with traders marketing Iranian crude and preparing to buy barrels if the US extends waivers beyond August or eases restrictions
• Two supertankers hauling Saudi crude are heading to the US for the first time since February, following the reopening of the Strait of Hormuz
• Russia’s Urals crude price averaged $41.66 a barrel at western ports in early July, falling to pre-Iran war levels and less than half the level during the height of oil market turmoil in April
END
Iran fires missiles at two commercial ships in Strait of Hormuz, causing major damage
Two commercial vessels were reportedly struck by Iranian missiles in the Strait of Hormuz, while a tanker near Oman caught fire after being hit by an unknown projectile.
Vessels at the Strait of Hormuz, as seen from Musandam, Oman, June 16, 2026.(photo credit: STRINGER/FILE/REUTERS)ByDANYA SAPERSTEIN, REUTERSJULY 7, 2026 04:03Updated: JULY 7, 2026 16:07
Iran fired at least two missiles at commercial ships transiting through the Strait of Hormuz, Axios reported late Monday night, citing a US official.
According to the report, both ships were damaged significantly, but there were no casualties. Shortly before the report, the United Kingdom Maritime Trade Operations agency (UKMTO) stated that a tanker was hit by an unknown projectile while traveling about eight nautical miles (14.8 km) east of Oman’s Limah, causing a fire.
“Mayday mayday mayday. This is vessel Al Rekayyat, LNG vessel Al Rekayyat. We are being hit by drone on port side, top of engine room,” the Al Rekayyat’s captain said in a recorded radio call reviewed by Reuters. “Status: engine room fire and full of smoke. Unable to assess further damage.”
Qatar’s foreign ministry spokesperson, Majed Al Ansari, said on Tuesday the targeting of the Qatari tanker Al Rekayyat near the Strait of Hormuz was an unacceptable attack on the security of international navigation and global energy supplies.
Describing the incident as a clear violation of international law, he urged Iran to immediately halt actions threatening regional security and maritime navigation, and said Tehran bore full legal responsibility for the attack and any resulting damage or consequences.
Vessels at the Strait of Hormuz, as seen from Musandam, Oman, June 15, 2026. (credit: REUTERS/STRINGER)
Iran’s Islamic Revolutionary Guard Corps (IRGC) has warned ships in recent days to remain on Iranian-designated routes rather than the US-designated route near the coast of Oman.
“Our missiles and drones are ready to fire at you,” the IRGC told ships over the weekend, The Wall Street Journal reported.
Saudi, Qatari tankers damaged while crossing the Strait
The ships were a Saudi-flagged crude oil tanker damaged near the coast of Oman and a Qatari liquefied natural gas tanker, the Al Rekayyat, which was struck in the same area, according to maritime security sources.
The cause of the blast was unknown, and the crude tanker that hit was believed to be the Wedyan supertanker, the sources said.
The Wedyan’s last position was in the Gulf on July 3, according to ship-tracking data on the MarineTraffic platform. Saudi officials could not be immediately reached for comment.
The crew of the Qatari tanker was being evacuated after the hit, three sources said later on Tuesday.
Ship’s condition unknown
The Al Rekayyat was loaded with LNG and sent out distress signals seeking assistance after it was hit on its port side, another source said earlier on Tuesday.
The vessel’s condition was not known at this stage, the three sources said.
Early on Tuesday, a crew member on a ship near the Al Rekayyat heard a message from the ship stating that it had been hit on the port side, at the top of the engine room, according to a recording shared with the WSJ.
“Engine room fire and full of smoke. Unable to assess further damage. All crew are safe and mustered on the starboard side,” the WSJ cited the recording as saying.
Three maritime incidents reported on Hormuz in last 24 hours
Another unidentified vessel hit by a Drone
IRGC forces hit a Saudi Tanker
IRGC forces hit a Qatari LNG tanker
IRGC forces hit a Qatari LNG tanker, a Saudi crude tanker, and an unidentified vessel in the Hormuz shipping channel in the last 24 hours.
Earlier, we reported that a fully loaded Qatari LNG tanker was struck by a projectile near the Omani coast while exiting the Strait of Hormuz. Bloomberg later reported that a Saudi oil tanker suffered damage after being hit by IRGC projectiles.
Now, UKMTO is reporting a third incident:
UKMTO has received a report of a further incident involving a tanker transiting the Strait of Hormuz. The tanker was struck by an unknown Uncrewed Aerial Vehicle (UAV) and has sustained minor structural damage. No casualties or environmental impact reported, and vessel is continuing to its next port of call.
Three attacks on the Hormuz shipping channel today will create significant unease among shipping companies and seriously test the US-Iran interim peace deal, which halted attacks several weeks ago and ended the US naval blockade on the critical waterway, allowing the normalization process to begin.
These attacks could deter shipowners from transiting the Hormuz chokepoint – slowing the normalization process – and may also derail UK and French plans to begin immediate naval mine-clearing operations.
Qatari LNG Tanker Hit By Iranian Missile In Hormuz Chokepoint
A fully loaded Qatari LNG tanker was struck by a projectile near the Omani coast while exiting the Strait of Hormuz, raising fresh concerns that disruptions across the key energy maritime chokepoint could persist longer than traders had expected. Brent crude rose more than 1% to $72.76 a barrel as traders reassessed the war-risk premium in the Gulf area.
The Al Rekayyat, owned by Qatar’s state shipping company Nakilat, was struck early Tuesday about 8 nautical miles east of Limah, Oman, according to Bloomberg, which cited people familiar with the matter and an alert from EOS Risk Group.
EOS said the maritime incident involved either an Iranian suicide drone or a missile strike that resulted in a fire on the Al Rekayyat. No casualties were reported.
Al Rekayyat was fully loaded at Qatar’s Ras Laffan export terminal, making it the first Qatari LNG carrier targeted since the US-Iran conflict began in late February. The tanker appeared to be transiting part of the Hormuz chokepoint with its transponder off, indicating it was not on an Iranian-approved shipping route.
Following the attack, another Qatari-loaded LNG carrier, Al Areesh, made an abrupt U-turn before entering the strait and began circling, Bloomberg ship tracking data showed. Other tankers continued to sail through the highly contested chokepoint, including oil tankers and LPG carriers, using both Iran-approved and US-managed routes.
Later today, President Trump heads to a NATO summit in Ankara, where the Iran conflict is expected to be the center of discussion among world leaders.
US-Iran talks remain suspended while Tehran holds funeral ceremonies for late Supreme Leader Ali Khamenei. Qatar has said negotiations will resume after the ceremonies.
UBS analyst Justinus Steinhorst commented on market reaction:
Energy {UBXEENER} is among the best sectors on Tuesday after an LNG tanker was hit at Hormuz, rekindling fears around longer term disruption. Progress to normalise flows through strait appears to be stalling slightly with crossings still well below pre-conflict levels.
UBS analyst Aditi Samajpati noted:
Oil prices may remain under pressure in the near term as additional barrels from previously stranded ships in the Strait of Hormuz reach the market. UBS Wealth Management CIO however believes the current price level overestimates how quickly traffic through the waterway will normalize as it takes time for shipping confidence to be fully restored and for tankers to return to the Persian Gulf to load oil for export. The Strait is now accommodating fewer ships than before the conflict began, and the recovery of shut-in production is likely to be slower than expected, CIO says, adding that broad commodity exposure continues to offer diversification benefits in a portfolio.
Vessel flows on the Hormuz chokepoint (transponders on) remain elevated but well below pre-war levels. This may only suggest the normalization process will take longer than expected.
Kpler analyst Muyu Xu said:
The continued use of different shipping lanes suggests that traffic through the strait remains operational, but is fragmented as shipowners adopt different routing strategies based on their individual risk assessments.
Latest Iran and Hormuz headlines (courtesy of Bloomberg):
Strait of Hormuz Attacks
• Iran reportedly fired at least two missiles at commercial ships in the Strait of Hormuz on Monday night, with both vessels suffering significant damage but no casualties
• A Qatari LNG carrier, Al Rekayyat, was struck by a projectile near the Omani coast on Tuesday morning as it exited the Strait of Hormuz
• Another loaded LNG tanker, Al Areesh, appears to have U-turned in the Persian Gulf on Tuesday following the strikes
• The attacks are testing a late-June US-Iran deal intended to halt attacks in the waterway as the two sides work toward a peace agreement
Diplomatic Developments
• Iran’s Foreign Minister Abbas Araghchi warned on Tuesday that negotiations on a final deal will not commence if threats continue, referencing a memorandum of understanding with the US
• Iranian President Masoud Pezeshkian will travel to Iraq on Tuesday to attend funeral processions for former Supreme Leader Ali Khamenei, scheduled for Wednesday in Najaf and Karbala
Market Impact
• European natural gas prices surged as much as 6% on Tuesday, the most in a month, following the attacks on ships in the Strait of Hormuz
• Oil prices climbed on Tuesday, with Brent trading near $73 a barrel, as the attacks highlighted continued risks to vessels in the critical waterway
• Gold fell for a second day on Tuesday, dropping as much as 1.2% to below $4,120 an ounce, as the Hormuz attacks rekindled inflation concerns
• France lowered its 2026 GDP growth forecast to 0.7% from 0.9%, citing the Middle East conflict as a factor holding back output
Oil Trade Developments
• India’s state-run refiners are in talks with traders marketing Iranian crude and preparing to buy barrels if the US extends waivers beyond August or eases restrictions
• Two supertankers hauling Saudi crude are heading to the US for the first time since February, following the reopening of the Strait of Hormuz
• Russia’s Urals crude price averaged $41.66 a barrel at western ports in early July, falling to pre-Iran war levels and less than half the level during the height of oil market turmoil in April
END
Hormuz Crisis Returns As Iran Targets Tankers, Threat Level Raised To “Severe”; How Will Trump Respond?
Tuesday, Jul 07, 2026 – 01:44 PM
Summary:
Hormuz Threat Level Raised To “Severe”
Three maritime incidents reported on Hormuz in last 24 hours
Another unidentified vessel hit by a Drone
IRGC forces hit a Saudi Tanker
IRGC forces hit a Qatari LNG tanker
Hormuz Threat Level Raised To “Severe”
The Joint Maritime Information Center has upgraded the Hormuz chokepoint threat level to “Severe” after several tankers were targeted in the critical waterway.
Eurasia Group analyst Gregory Brew warned that at least three vessels were attacked in the Hormuz over the last 24 hours, with the possibility that as many as five ships were struck in the strait. “Traffic is continuing but has gone dark, with ships switching off AIS.”
Brew noted, “Hard to see how US can let this stand–reckon some kind of kinetic response is coming.”
Bloomberg commodities expert Javier Blas noted that while Iran attacked at least three tankers in the Strait of Hormuz today, it was simultaneously loading its own tankers at Kharg Island, the country’s key energy export hub.
“This just shows me that the Omani Route isn’t viable. Iran can still strike vessels. It’s really as simple as that. It’s not a solution,” Brett Erickson of Obsidian Risk Advisors wrote on X.
The latest Bloomberg ship-tracking data show vessel traffic through the Hormuz is declining today.
This could suggest that shipowners are refusing to transit the waterway amid the latest flare-up in IRGC drone and missile attacks. Another possibility is that more ships are going dark by switching off transponders before crossing, meaning the decline in visible traffic may understate actual flows through the chokepoint.
3rd Ship Attack Reignites Hormuz Crisis
IRGC forces hit a Qatari LNG tanker, a Saudi crude tanker, and an unidentified vessel in the Hormuz shipping channel in the last 24 hours.
Earlier, we reported that a fully loaded Qatari LNG tanker was struck by a projectile near the Omani coast while exiting the Strait of Hormuz. Bloomberg later reported that a Saudi oil tanker suffered damage after being hit by IRGC projectiles.
Now, UKMTO is reporting a third incident:
UKMTO has received a report of a further incident involving a tanker transiting the Strait of Hormuz. The tanker was struck by an unknown Uncrewed Aerial Vehicle (UAV) and has sustained minor structural damage. No casualties or environmental impact reported, and vessel is continuing to its next port of call.
Three attacks on the Hormuz shipping channel today will create significant unease among shipping companies and seriously test the US-Iran interim peace deal, which halted attacks several weeks ago and ended the US naval blockade on the critical waterway, allowing the normalization process to begin.
These attacks could deter shipowners from transiting the Hormuz chokepoint – slowing the normalization process – and may also derail UK and French plans to begin immediate naval mine-clearing operations.
Qatari LNG Tanker Hit By Iranian Missile In Hormuz Chokepoint
A fully loaded Qatari LNG tanker was struck by a projectile near the Omani coast while exiting the Strait of Hormuz, raising fresh concerns that disruptions across the key energy maritime chokepoint could persist longer than traders had expected. Brent crude rose more than 1% to $72.76 a barrel as traders reassessed the war-risk premium in the Gulf area.
The Al Rekayyat, owned by Qatar’s state shipping company Nakilat, was struck early Tuesday about 8 nautical miles east of Limah, Oman, according to Bloomberg, which cited people familiar with the matter and an alert from EOS Risk Group.
EOS said the maritime incident involved either an Iranian suicide drone or a missile strike that resulted in a fire on the Al Rekayyat. No casualties were reported.
Al Rekayyat was fully loaded at Qatar’s Ras Laffan export terminal, making it the first Qatari LNG carrier targeted since the US-Iran conflict began in late February. The tanker appeared to be transiting part of the Hormuz chokepoint with its transponder off, indicating it was not on an Iranian-approved shipping route.
Following the attack, another Qatari-loaded LNG carrier, Al Areesh, made an abrupt U-turn before entering the strait and began circling, Bloomberg ship tracking data showed. Other tankers continued to sail through the highly contested chokepoint, including oil tankers and LPG carriers, using both Iran-approved and US-managed routes.
Later today, President Trump heads to a NATO summit in Ankara, where the Iran conflict is expected to be the center of discussion among world leaders.
US-Iran talks remain suspended while Tehran holds funeral ceremonies for late Supreme Leader Ali Khamenei. Qatar has said negotiations will resume after the ceremonies.
UBS analyst Justinus Steinhorst commented on market reaction:
Energy {UBXEENER} is among the best sectors on Tuesday after an LNG tanker was hit at Hormuz, rekindling fears around longer term disruption. Progress to normalise flows through strait appears to be stalling slightly with crossings still well below pre-conflict levels.
UBS analyst Aditi Samajpati noted:
Oil prices may remain under pressure in the near term as additional barrels from previously stranded ships in the Strait of Hormuz reach the market. UBS Wealth Management CIO however believes the current price level overestimates how quickly traffic through the waterway will normalize as it takes time for shipping confidence to be fully restored and for tankers to return to the Persian Gulf to load oil for export. The Strait is now accommodating fewer ships than before the conflict began, and the recovery of shut-in production is likely to be slower than expected, CIO says, adding that broad commodity exposure continues to offer diversification benefits in a portfolio.
Vessel flows on the Hormuz chokepoint (transponders on) remain elevated but well below pre-war levels. This may only suggest the normalization process will take longer than expected.
Kpler analyst Muyu Xu said:
The continued use of different shipping lanes suggests that traffic through the strait remains operational, but is fragmented as shipowners adopt different routing strategies based on their individual risk assessments.
Latest Iran and Hormuz headlines (courtesy of Bloomberg):
Strait of Hormuz Attacks
• Iran reportedly fired at least two missiles at commercial ships in the Strait of Hormuz on Monday night, with both vessels suffering significant damage but no casualties
• A Qatari LNG carrier, Al Rekayyat, was struck by a projectile near the Omani coast on Tuesday morning as it exited the Strait of Hormuz
• Another loaded LNG tanker, Al Areesh, appears to have U-turned in the Persian Gulf on Tuesday following the strikes
• The attacks are testing a late-June US-Iran deal intended to halt attacks in the waterway as the two sides work toward a peace agreement
Diplomatic Developments
• Iran’s Foreign Minister Abbas Araghchi warned on Tuesday that negotiations on a final deal will not commence if threats continue, referencing a memorandum of understanding with the US
• Iranian President Masoud Pezeshkian will travel to Iraq on Tuesday to attend funeral processions for former Supreme Leader Ali Khamenei, scheduled for Wednesday in Najaf and Karbala
Market Impact
• European natural gas prices surged as much as 6% on Tuesday, the most in a month, following the attacks on ships in the Strait of Hormuz
• Oil prices climbed on Tuesday, with Brent trading near $73 a barrel, as the attacks highlighted continued risks to vessels in the critical waterway
• Gold fell for a second day on Tuesday, dropping as much as 1.2% to below $4,120 an ounce, as the Hormuz attacks rekindled inflation concerns
• France lowered its 2026 GDP growth forecast to 0.7% from 0.9%, citing the Middle East conflict as a factor holding back output
Oil Trade Developments
• India’s state-run refiners are in talks with traders marketing Iranian crude and preparing to buy barrels if the US extends waivers beyond August or eases restrictions
• Two supertankers hauling Saudi crude are heading to the US for the first time since February, following the reopening of the Strait of Hormuz
• Russia’s Urals crude price averaged $41.66 a barrel at western ports in early July, falling to pre-Iran war levels and less than half the level during the height of oil market turmoil in April
END
Crude Spikes As US Scraps Iran Oil Waiver Ahead Of Expected Retaliation
Tuesday, Jul 07, 2026 – 03:05 PM
Summary:
Oil rises as Treasury revokes June 21 Iran oil waiver
Hormuz Threat Level Raised To “Severe”
Three maritime incidents reported on Hormuz in last 24 hours
Another unidentified vessel hit by a Drone
IRGC forces hit a Saudi Tanker
IRGC forces hit a Qatari LNG tanker
* * *
Treasury Revokes Iran Oil Waiver
Per breaking BBG: “US official says negotiators continue to work in good faith towards a final and Iran’s actions in the Strait were wholly unacceptable to the US and will be met with consequences.” An initial salvo perhaps, preparing for more direct action to come…
US Treasuries extended losses as oil prices climbed to session highs after the Treasury Department revoked the June 21 waiver related to Iranian oil. However, while rescinding the exemption, Treasury said it will allow certain Iranian oil-related transactions during a limited wind-down period to facilitate an orderly transition.
US OFFICIAL, TO AXIOS ON REVOKED WAIVER, CITES IRANIAN ATTACKS
IRAN’S ACTIONS TO BE MET W/ CONSEQUENCES: US OFFICIAL TO AXIOS
But ultimately, this means Washington has switched back to in effect giving the US Navy carte blanche to seize Iranian tankers, also as the Gulf region awaits likely American retaliation for the earlier Tuesday Iranian attacks (see below) on several international vessels in the Strait of Hormuz.
As a reminder, exactly a week a go we wrote the following…
Iran was euphoric when as part of the Trump MOU, it got permission to flood the world with its oil after Trump effectively eliminate sanctions that had been in place for multiple decades. However, it has quickly run into another, potentially far bigger problem: as the armada of Iranian oil tankers exits the Persian Gulf, it is now struggling to find buyers before the expiry of a 60-day window granted by Washington.
Hormuz Threat Level Raised To “Severe”
The Joint Maritime Information Center has upgraded the Hormuz chokepoint threat level to “Severe” after several tankers were targeted in the critical waterway.
Eurasia Group analyst Gregory Brew warned that at least three vessels were attacked in the Hormuz over the last 24 hours, with the possibility that as many as five ships were struck in the strait. “Traffic is continuing but has gone dark, with ships switching off AIS.”
Brew noted, “Hard to see how US can let this stand–reckon some kind of kinetic response is coming.”
Bloomberg commodities expert Javier Blas noted that while Iran attacked at least three tankers in the Strait of Hormuz today, it was simultaneously loading its own tankers at Kharg Island, the country’s key energy export hub.
“This just shows me that the Omani Route isn’t viable. Iran can still strike vessels. It’s really as simple as that. It’s not a solution,” Brett Erickson of Obsidian Risk Advisors wrote on X.
The latest Bloomberg ship-tracking data show vessel traffic through the Hormuz is declining today.
This could suggest that shipowners are refusing to transit the waterway amid the latest flare-up in IRGC drone and missile attacks. Another possibility is that more ships are going dark by switching off transponders before crossing, meaning the decline in visible traffic may understate actual flows through the chokepoint.
ISRAEL TBN
END
SYRIA
Double-Tap Bombing Rips Through Damascus Near French President Macron’s Hotel
Tuesday, Jul 07, 2026 – 08:20 AM
Major explosions ripped through an area in of the Syrian capital near the hotel where French President Emmanuel Macron had been staying, during an official visit of the French leader to Nusrah Front (Syrian AQ) founder and now self-appointed Syrian President Ahmed al-Sharaa.
Macron is said to be safe, after talks with Sharaa at the presidential palace, but at least 18 people were injured when explosive devices went off – an attack which was captured on video from various angles.
It appeared a double-tap explosion, leading some pundits to speculate that it could have been a drone attack. It also happened near the Ministry of Tourism in central Damascus, home to some high-end hotels as well as government buildings.
They said that while security forces were searching for suspicious objects after the first bomb detonated, “a second explosion occurred approximately 20 meters from the site of the first blast”.
“The first explosion caused material damage but no casualties. The second explosion, however, caused injuries to several members of the public security forces and the traffic police,” the eyewitness told the BBC.
Security forces later indicated one bomb had been detonated from inside a parked vehicle while another had been in a bin on the street.
The Associated Press notes that “It was the second blast to rock the capital in a few days, and a setback for the country’s new president as he welcomed his first visit from a western leader since ousting longtime dictator Bashar al-Assad. Syria’s new rulers have wrestled with outbreaks of violence as they work to assert control, but the capital has been been largely peaceful.”
And specifically of the French leader’s whereabouts during the attack, “Emmanuel Macron was inside the presidential palace when the explosions happened.”
“An official from the Elysee Palace said he was safe and that the meeting with Syrian President Ahmad al-Sharaa continued, speaking on condition of anonymity to discuss Macron’s whereabouts and security,” the report continued.
No group has initially claimed responsibility for the attack. In the wake of Assad’s overthrow by Western/Gulf sponsored jihadist groups, various foreign fighters as well as Syrian al-Qaeda and ISIS groups have pretty much had free reign in Syria.
President Macron will head to Ankara, Turkey next for the NATO summit and there are reports that even Sharaa is expected to be there.
HAMAS
Hamas Announces Dissolution Of Gaza Government, But Israel Warns It’s A Sham
Tuesday, Jul 07, 2026 – 04:15 AM
Hamas formally announced Monday the final dissolution of its government in Gaza amid preparations to hand power to a technical committee backed by the United Nations as part of a Trump-brokered ceasefire deal.
The hardline Islamist group, which has fought Israel in a war for survival – especially since its brutal Oct.7 2023 terror attacks on southern Israel – has not indicated whether it will fully disarm, however. There’s as yet no indication it will comply with handing over security to an international force. A fragile truce has remained in force, but there has been sporadic flare-ups in fighting over the last months, which has also at times seen renewed Israeli aerial assaults.
For this reason, the development has been met with mixed reactions, with Israeli officials asserting this is a deceptive PR stunt with no real significance.
“The alleged resignation of the Hamas government, where all of the Hamas members stay in their positions, is a spin that has no significance,” an Israeli official told the Times of Israel.
The response came on the heels of Ismail al-Thawabta, general director of the Hamas-run Government Media Office, having announced that “only technical and professional staff” would remain in their positions to run the Gaza Strip’s daily administrative affairs.
“All employees working in service provision are ‘state employees’ and are fully prepared to work under the National Committee for the Administration of Gaza,” he said at the press event held in the courtyard of Al-Aqsa Hospital in Deir al-Balah.
Additionally, Hamas spokesman Hazem Qassem touted that it marks “a positive step forward on the path to implement the ceasefire deal.“
At the start of this year, back in January, special envoy Steve Witkoff said the second phase of the ceasefire plan would move the Palestinian enclave into a period that will see the demilitarization of Hamas and the establishment of a technocratic governance model.
This phase, now being implemented, is expected to also mark the start of reconstruction for the war-torn territory.
The Board of Peace, which is led by President Trump himself, issued a fresh statement linking any legitimate handover of power with a handover of weapons. “The core principle remains one authority, one law and one weapon,” the board said on X. “This means the consolidation of all weapons under the control of the NCAG as provided for in the Comprehensive Gaza Peace Plan and United Nations Security Council Resolution 2803,” it continues.
“A genuine transfer of authority must enable the NCAG to exercise its mandate independently, including taking the administrative and governance decisions entrusted to it,” the statement says, which strongly suggests the Board of Peace itself is also skeptical of the Hamas announcement.
As for the committee which is to assume responsibility in the interim, the Associated Press describes that “The committee of technocrats, which is based in Cairo, is chaired by Ali Shaath, a Gaza-born engineer and former official with the Palestinian Authority. It has a mandate to restore essential services and oversee civilian affairs under the supervision of the U.N. and Board of Peace.” At this point Hamas militants probably worry they will be massacred if they give up their arms. For this reason not all armed members are likely to agree even if they are ordered to lay down their weapons by commanders.
END
JORDAN/ISRAEL
A ‘stab in the back’: Israel’s refusal to extend Jordanian water agreement may spark crisis
The 1994 peace treaty signed by Amman and Jerusalem required Israel to supply Jordan with 50 million cubic meters of water annually, an amount doubled in a 2021 commitment that expired in 2025.
Water discharging from a desalination plant into the Zalmon River and into the Sea of Galilee, March 4, 2026.(photo credit: MICHAEL GILADI/FLASH90)ByDANIELLE GREYMAN-KENNARDJULY 7, 2026 12:50
Jerusalem’s refusal to extend a water agreement with Amman until it changes its rhetoric on Israel will likely be interpreted by Amman as a “stab in the back” after the support Jordan gave to Israel during the Iran war, Dr. Ronen Yitzhak, an expert in Israeli-Jordanian relations from the Moshe Dayan Center for Middle Eastern and African Studies, told The Jerusalem Post on Tuesday.
The 1994 peace treaty signed by Amman and Jerusalem required Israel to supply Jordan with 50 million cubic meters of water annually, an amount doubled in a commitment made in 2021 which expired in 2025.
After a series of extensions, Jerusalem conditioned the resumption of supply on Amman softening its rhetoric on Israel and on the thawing of relations, which grew increasingly hostile over the course of the Israel-Hamas war.
Yitzhak said the disagreement “reflects the political crisis between the countries,” but added that the issue was not surprising given Amman’s “fear” of Israeli annexation of the West Bank and the potential imposition of sovereignty, including “changing the status quo on the Temple Mount.”
Jordan is furious about Israel’s continued refusal to renew a 2021 water agreement between the two neighbors, the Kan public broadcaster reported Monday.
Israeli walks along the edge of the ancient archaeological site of ”Herod’s Pool” near the Jewish settlement of Petzael, in the Israeli occupied Palestinian West Bank, in the Jordan Valley, after water was recently diverted into the site from a nearby spring on June 15, 2026. (credit: Ilia Yefimovich/AFP via Getty Images)
Peace treaty mandates Israel supply Jordan with water
The 1994 peace treaty between Israel and Jordan mandates that Jerusalem supply 50 million cubic meters annually to its eastern neighbor. In 2021, during the Naftali Bennett-Yair Lapid government, Israel agreed to double the amount of fresh water it provides to Jordan, one of the world’s most water-deficient countries.
The 2021 agreement expired in late 2025 after a series of extensions, though Israel still supplies the initial 50 million cubic meters laid out in the peace treaty. Israel reportedly conditioned the supply of the additional volume on Jordan moderating its rhetoric toward Israel and restoring full diplomatic ties.
A Jordanian source close to the royal family told Israeli broadcaster Kan that “The water issue is very important to us, and is part of the peace treaty.”
Ynet reported that an Israeli official told the site that though there was no legal obligation for Israel to provide Jordan with water, “there is goodwill between the two countries.”
“Jordan needs the water, but when you help your neighbors, you expect warmer relations,” the official said. “If there is a meeting, everything will be on the table – normalization, water, and strengthening bilateral ties.”
Though the unnamed official said that the exchange of the vital resource might lead to the expectation of warmer ties, Yitzhak pointed out that Amman has provided Israel with support some might consider more significant than softened public statements.
Jordan acts in defense of Israel during Iran war
Jordan has previously shot down Iranian missiles and drones targeting Israel above its sovereign airspace.
“The timing of the Israeli announcement not to renew the agreement is not good for Jordan because it comes at the height of the war with Iran and the aid that Jordan gave to Israel during the war. Public opinion in Jordan did not like Jordan’s support for the United States and Israel in the war against Iran, and now that this news has been published in Jordan, they feel like they have been stabbed in the back,” Yitzhak explained.
“They supported Israel against Iran, and now Israel is returning evil for good. This is another card for those opposed to Israel in Jordan.”
Israel’s reported demands that Amman soften its statements on Jerusalem are being interpreted as “blackmail,” he continued. Should Amman now comply with Israel’s request, it will be seen as “selling support for Palestinians” in exchange for water, an exchange that would be heavily criticized in a country comprised of a population where upwards of 50% are estimated to be of Palestinian origin.
Jordan is considered to be one of the most water-scarce countries globally, according to the United States Commerce Department. Jordan currently has 61 cubic meters of renewable freshwater available per capita per year, and its situation is only worsening due to population growth, economic development, and unsustainable agriculture.
“Ultimately, this will not harm the strategic cooperation between the countries, but it expresses the political crisis that exists between them,” Yitzhak predicted.
“I assume that behind the scenes, in discreet and secret talks, the issue will be resolved because Israel also has an interest in maintaining the stability of the Jordanian regime, and harming the water supply could create tension and unrest in Jordan and strengthen opponents of peace within Jordan.”
Beyond Ukraine’s increasing kamikaze drone attacks on key Russian energy infrastructure, which appear to be fueling a domestic fuel crisis, Kyiv has now widened the pressure campaign of drone swarm attacks on Russia’s shadow fleet of tankers.
Reuters cites a statement from Ukraine’s drone forces that said a swarm of loitering munitions struck eight Russian shadow fleet tankers with a deadweight of around 7,000 tons in the Sea of Azov.
The drone swarm attack came a day after Ukraine’s special forces hit two other shadow-fleet tankers in the same area.
Ukraine said it was targeting Russia’s naval supply chain to induce fuel shortages and a broader push to isolate Crimea. The peninsula was annexed by Russia in 2014 and serves as a staging ground for Moscow’s war effort.
“Striking the enemy’s naval logistics complicates the supply of fuel and ammunition necessary to support the activities of Russian troops, primarily in the temporarily occupied territory of Crimea,” the drone forces said.
A new Financial Times report, citing data from Rochan Consulting, showed that recent Ukrainian drone strikes on Russian refineries hit a record monthly high of 16 in May.
Since the start of this year, refineries have been hit at least 194 times, an 11-fold increase from the same period one year ago.
Russia is now intercepting an average of roughly 600 Ukrainian drones per day, highlighting the scale of Kyiv’s ability to mass-produce low-cost drones.
Ukraine has sharply increased attacks on Russia’s critical energy infrastructure over the past year, with refineries and fuel logistics emerging as core targets.
That pressure campaign expanded again in June, as Kyiv simultaneously ramped up strikes on Russian military production sites.
Moscow, meanwhile, has been escalating its own drone swarm attacks on Ukrainian cities, infrastructure and military targets.
The takeaway here is very clear as both sides are moving deeper into massive drone warfare, and neither appears prepared to de-escalate.
RUSSIA VS UKRAINE
Monaco Bombing Attack Suspect Shot Dead In Ukraine, Intelligence Officer In Custody
Tuesday, Jul 07, 2026 – 09:00 AM
The saga of the Monaco package bomb attack carried out last week against an exiled Ukrainian oligarch just got even wilder and more mysterious, as the prime suspect has been found shot dead near Kiev.
The Guardian reports that “Ukrainian prosecutors said on Tuesday the woman had been found with a gunshot wound to the head and that two men had been arrested in connection with the case, including an officer with Ukraine’s military intelligence agency (HUR) and a former law enforcement officer.”
The gunshot victim is reported to be Anastasiia Berezovska, 39-year old Ukrainian national who speaks German – and who has been on the run, and especially since the Friday issuance of a ‘red notice’ by Interpol for her immediate apprehension. There are reports that the would-be assassin had disguised herself as a man while carrying out the parcel bombing.
The victims of the June 29 bombing were Vadym Iermolaiev and his family, which all survived the bombing that took place at the entrance of his luxury Monaco apartment building (however, he and is girlfriend were very seriously injured). The suspected would-be assassin was seen fleeing to the French border, after which a massive police and security search, along with helicopters, ensued across Monaco, France, and even in Italy. Per Euronews:
After the explosion, she is believed to have walked to the nearby French town of Beausoleil, where she retrieved her rental car and drove through Italy to Germany, her last known country of residence, Morgan Raymond, Monaco’s deputy public prosecutor, told reporters.
“The relative sophistication of the explosive device and the modus operandi appear to indicate that the person who planted the device did not act alone,“ the prosecutor said, confirming that the individual was “a woman posing as a man.”
Given that Ukrainian businessman 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 has come under the spotlight for possible involvement in the Monaco bomb attack – a first of its kind in the small, wealthy principality.
Le Figaroreported 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.”
It certainly looks curious that Berezovska fled strait to the Ukrainian capital. According to more details from The Guardian:
Prosecutors said in a statement that Berezovska received cryptocurrency payments from the two men who were later arrested, leading investigators to treat them as “individuals potentially involved in the attempted murder in Monaco”. They added that the serving HUR officer was “acting on his own initiative” and did not inform his superiors about his contacts with Berezovska.
Prosecutors also released footage showing a blood-stained “torture chamber”, containing hammers and other equipment, which they said was discovered during searches of the men’s properties.
So already the Zelensky government is desperately trying to distance itself from the ordeal, claiming that Ukraine’s own intelligence officer was merely “acting on his own”. More details are as follows:
Ukrainian authorities said they detained two men on suspicion of murdering Berezovska “by prior conspiracy.”
Police said that one of the men – a current employee of the Ukrainian Defense Ministry’s Main Intelligence Directorate – confessed to the murder of Berezovska and claimed that the second suspect, who is a former law enforcement officer, was an accomplice.
Prince Albert II of Monaco had condemned the bombing as “an odious act” – and this was widely reported to be the first such terror bombing incident on the small, wealthy principality’s soil in history.
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.
There has already been an ideological and propaganda campaign to do something about the group of wealthy Ukrainian businessmen and politicians living in exile in Monaco. Government-aligned and independent Ukrainian media has long labelled this group the “Monaco battalion”.
RUSSIA UKRAINE
Hours After Biggest Drone Blitz On Moscow In Two Years, Zelensky Turns Up Heat At NATO
Tuesday, Jul 07, 2026 – 11:05 AM
Ukraine’s President Zelensky is in Ankara for the annual NATO summit, trying to bring the pressure on the alliance to step up more defense backing amid the grinding war with Russia, which has increasingly turned into a ‘battle of the skies’.
Over 430 Ukrainian drones targeted Moscow and the surrounding region overnight, soon after which Zelensky appeared on the NATO stage Tuesday, urging allies to prioritize the production of anti-ballistic missile systems. Already Britain has said it plans to lead the way in the Western alliance developing and providing long-range missiles for Kiev.
“The one thing we still need to do here in Europe is build a strong defense against Russia’s ballistic missiles,” Zelensky said. “It’s a big challenge; this is Russia’s last major advantage.”
He cast Russia’s own ballistic missile attacks on Ukraine as an issue of global importance. “We already see each other as reliable partners, and it would be only natural to become a part of one common security community,” Zelensky told European leaders, also with President Trump in attendance.
The overnight drone attack on the Moscow region is being described as the largest air raid on the Russian capital in two years, though no significant damage or injuries were reported – as air defenses were busy and apparently successful this time.
Moscow Mayor Sergey Sobyanin said “most” of the inbound UAVs were “neutralized by air defense forces on distant approaches.” Across the whole nation, Russia’s Defense Ministry separately indicated it intercepted 452 Ukrainian drones Monday night into Tuesday morning.
As a result of the heavy attack wave, all four of Moscow’s major airports suspended services or else imposed serious flight restrictions, which has by this point happened many times before.
Zelensky has vowed to bring the war to Russia – and in particular it has been rare massive attacks on Moscow which have been particularly devastating. Key energy sites have continued to be pummeled, and fuel shortages and restrictions have been reported across various regions – especially in Crimea – after which the Kremlin says it will begin to import gasoline from some key partners.
Don’t call it ‘safe’: Public records suggest Canada didn’t accurately track COVID vaccine injuries | Just The News
What a surprise? Who can forget that so called Health Officials were trotted out to make us believe to force vaccination?
Zero credibility going forward and we are never going to see a full picture. We only know that families were hurt over this and poor people will suffer for a long time.
This is a story that likely is true in many countries. It just part of the big picture where house losing the confidence of the public. Government mistrust is growing around the world with an awakening public.
Do you notice that you are seeing mass government spending instead of industrial spending? This is part of the illusion that everything is alright when it is not. As this occurs government spending will crowd the capital available for the private sector. As more companies depend on government expenditure to maintain business activity. This is how communism occurs when government is the business cycle. Ask anyone who remembers what it was like under the Soviet Union or anyone in China today.
Don’t call it ‘safe’: Public records suggest Canada didn’t accurately track COVID vaccine injuries
As roughly 3,000 reportedly injured Canadians demand reforms to compensation system, communications show government’s internal tracking of injuries and vaccine safety data was far less reliable than senior officials publicly let on.
As the Public Health Agency of Canada internally discussed the rationale it would give the public for no longer publishing reported COVID-19 vaccine injuries on its vaccine safety webpage two years ago, its executive director made a startling request: Don’t call the immunizations “safe.”
Records requested by Just the News under Canada’s Access to Information Act show the Canadian government’s internal tracking of COVID vaccine adverse events and vaccine safety data was far less reliable than senior officials publicly let on, as documented by communications within PHAC from October 2023 to September 2024.
Even as the agency’s tracking was crippled by mismatched data production timelines and disagreements with the overarching federal health agency, Health Canada, about what counted as “serious” medical events, planners chose to discontinue the public website rather than address underlying data production issues.
While the government operated on a standard five-week data lag to generate its public updates, intended to capture adverse events within 30 days of jabs, internal communications show tracking was backlogged for months.
The revelations come as more than 3,000 Canadians who have reported COVID vaccine injuries are slated to share their stories in Ottawa later this year, to press for reforms to the vaccine injury program, Global News reported.
PHAC and Oxaro, a third-party consulting firm that formerly managed the vaccine injury compensation program, underestimated the number of injured Canadians for the claims, predicting just 40 claims a year, according to a Global News investigation.
They have in fact received 400 claims a year, with 3,317 applications filed and 1,738 people still waiting on their claims, the investigation found. PHAC took over the program in April following investigations showing that Oxaro had spent $34 million of $50 million on administrative costs rather than helping patients.
Systemic failure to accurately track and report COVID vaccine adverse events is not unique to Canada.
Wisconsin GOP Sen. Ron Johnson presented evidence that the U.S. Food and Drug Administration used flawed algorithms that hid serious safety signals to track COVID vaccine adverse events under the Biden administration.
A whistleblower claims senior FDA officials had been shown adverse events associated with the vaccines such as cardiac death, pulmonary infarction, Bell’s palsy, and various types of strokes, but chose to use an algorithm that masked such signals to avoid creating vaccine hesitancy.
The World Health Organization says more than 13 billion COVID vaccine doses have been administered internationally to date, including more than 100 million in Canada and 676 million across the United States, according to PHAC and the CDC, respectively.
The public ‘might worry we’re hiding things’
Just the News sought records explaining and supporting the government’s decision to discontinue updates to its “Reported side effects following COVID-19 vaccination in Canada” website, including briefing notes, decision records, internal correspondence, analyses, or communications created, reviewed or relied upon to make or justify the update cutoff, including records addressing COVID vaccine safety surveillance or adverse event reporting.
The COVID vaccine safety page says it was last updated Jan. 19, 2024, with data up to and including Jan. 5, 2024. As the COVID response evolves into “an ongoing health issue,” and “extensive evidence on COVID-19 vaccine safety has been gathered globally,” there’s no reason to keep updating the site, it says.
However, the records shared by PHAC with Just the News, which made the production searchable, show significant discrepancies in the data behind the agency’s regular updates to the page from 2021 to 2024.
Epidemiologist Ashley Weeks sent PHAC colleagues a draft document Jan. 15, 2024, of “considerations for [the] future” of reports on COVID adverse events following immunization (AEFI), with a section on “emerging issue[s].”
She cited a “misalignment of timing of vaccine administered data availability and the Online report schedule,” whose five-week data lag relies on the assumption that side effects will appear within 30 days of vaccination and another week will be needed to enter data into the system.
An online report for Dec. 22, 2023, using data pulled two weeks earlier, would require vaccination records up to Nov. 3 to reflect recent vaccinations, but the most recent data available at the agency for that date was stuck at Sept. 14, Weeks’ draft said.
She said that another emerging issue was that they did not “receive denominator information on the coadministration of vaccines,” further diluting the government’s ability to track the total number of shots actually given.
According to the documents, the federal tracking system was entirely dependent on provincial registries, which were not tracking instances in which a patient received the vaccine at the same time as another shot like the flu vaccine, skewing the baseline of the data.
Tracking was also complicated by conflicting definitions between federal agencies. At the time, Health Canada’s Canada Vigilance Database was tracking “adverse events of special interest” for conditions such as anaphylaxis, Bell’s palsy, Guillain-Barré syndrome, multisystem inflammatory syndrome and myocarditis/pericarditis.
Though PHAC was integrating the CVD data at the time it was tracking AEFI reports for the public, Weeks’ draft cited “limitations with including Canada Vigilance,” such as “differences in serious definition.”
She noted Health Canada inflates the numbers by including “other medically important events as serious,” and considered removing the data altogether.
“We should anticipate lots of public pushback if we were to completely remove CVD,” Weeks wrote in an entry for a table on options to consider for the future of the online COVID report, including its advantages and considerations.
She warned that “the public may not understand why the sudden change, might worry we’re hiding things, and may claim that our previous way of reporting wasn’t proper.”
As of Jan. 26, 2026, CVD had received 2,040 domestic and 29,619 foreign adverse events for myocarditis and pericarditis alone, according to the March 11, 2026, Order paper Q-766, requested by Conservative Member of Parliament Ted Falk that legally forced disclosure of numbers in Health Canada’s CVD database.
Health Canada has said that these do not necessarily imply a causal relationship, and that the risks of COVID illness outweigh the harms of being vaccinated, “including the rare risk of myocarditis or pericarditis which, despite hospitalization, is relatively mild and resolves quickly in most individuals.”
Don’t call COVID vaccines ‘safe,’ just backed by ‘extensive evidence’
Documents show that officials spent months debating public messaging on the reasons for discontinuing online reporting, instead of trying to reconcile conflicting federal definitions or resolve data delays.
PHAC Executive Director Susanna Ogunnaike-Cooke gave the Director General’s Office talking points on reasons for ending AEFI public reporting ahead of a meeting with the Office of Chief Public Health Officer, then led by Theresa Tam.
The Jan. 19, 2024, email pointed to the “transition from pandemic to endemic,” declining vaccine uptake and a “decrease in [Health Canada’s] COVID-19 specific resources” as reasons for ending public reports.
She noted it had already scaled back reporting from weekly to monthly, then quarterly from January 2021 and spring 2023, before discontinuing the report altogether that same day of Jan. 19.
Four days earlier, epidemiologist Weeks’ draft on the future of AEFI reports identified another “emerging issue,” bureaucratic burnout, namely the “desire from [Health Canada] and PHAC to shift demands for data including AEFI data from CVD to pre-pandemic levels.”
By February 2024, the agency was planning an alternative system “aiming to transition to a new webpage inclusive of all vaccines,” as Weeks’ planning document said. That would ultimately launch STARVAX, which lumps COVID vaccine statistics into routine shots like the flu vaccine.
Weeks’ planning document for AEFI surveillance includes a table of “minimum key variables” to be included in the new system. Under “seriousness,” the document says officials should communicate that most reported issues were “non-serious to increase confidence in the vaccine.”
“It could be interesting to create a new seriousness definition and see if there are any reports MAE [Medically Important Adverse Event] deem serious which are not picked up in the new definition,” a footnote also said.
PHAC’s Ogunnaike-Cooke put her foot down a month later when communications staff and senior officials pored over the wording of the “Draft Blurb For the Vaccine Safety Website,” as the email subject line calls it.
“Sorry to be difficult, but we can’t/shouldn’t say” that “COVID-19 vaccines are safe,” she wrote March 26, 2024, since “there have been a few (though rare) causally associated adverse events that caused serious morbidity and even some deaths.”
Instead, Ogunnaike-Cooke suggested the ambiguous statement that would end up in the blurb: “extensive evidence on COVID-19 vaccine safety has been gathered globally.”
At least one member of the public noticed the absence of reported side effects, emailing Health Canada in April to learn when the next report would be posted. This triggered a back-and-forth between departments to clarify official public messaging that carried on for nearly three months.
Even as the report had already been discontinued in January, staff debated how to avoid public scrutiny for months. One internal instruction suggested keeping the links live until May instead of archiving them “in case people are searching,” delaying public realization that the program had been killed.
PA state rep Bridget Kosierowski has breast cancer: SP: Sevilla manager Joaquin Caparros has colon cancer; IN: TV actor Jasmin Bhasin, 36, has terminal ileitis; & more
Media Take Out has been tracking the incredible, unshakeable legacy of Uncle Charlie Wilson—the 73-year-old former frontman of The Gap Band who has blessed the world with timeless anthems like “Outstanding” and “You Dropped a Bomb on Me.” While fans have been screaming his lyrics for decades, Uncle Charlie just pulled up to a deeply candid, raw interview on Off Air with Big Boy to drop a massive bombshell about a terrifying, life-threatening medical emergency. He revealed for the very first time that he was secretly struck down by a rapid series of multiple strokes that completely stole his ability to walk and nearly ended his iconic career for good! During the deeply emotional sit-down broadcast, the 13-time Grammy nominee pulled back the curtain on the exact moment his world completely flipped upside down around October 2025. Charlie recalled that he had just wrapped up a string of high-energy live performances and returned home feeling completely altered. Charlie admitted the emergency was so severe that he suffered multiple strokes simultaneously, completely erasing his memory of the initial hospital check-in completely. The medical aftermath was nothing short of an uphill battle for the music icon. The strokes aggressively attacked his motor skills, completely stripping away his leg movement and forcing him into an intense, grueling six-month physical rehabilitation facility just to re-learn how to place one foot in front of the other.
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A routine medical checkup can instantly shift into a life-or-death situation, completely upending a patient’s world. In mid-June 2026, Emmy-, Grammy- and Tony Award-winning actor Billy Porter shared a deeply personal health update on CBS Mornings. The 56-year-old entertainer revealed he is celebrating a true “new lease on life” as he prepares to return to the New York stage in Robert O’Hara’s highly anticipated, all-Black revival of La Cage Aux Folles. Porter’s return to the rehearsal studio marks an incredible triumph following a near-fatal battle with urosepsis (a severe bloodstream infection originating from the urinary tract) in September 2025. The suddenmedical crisis forced him to abruptly leave his starring role in the Broadway production of Cabaret and resulted in an extended stay in intensive care on advancedlife support. Reflecting on the ordeal, Porter noted that his leg and foot were severely affected, calling himself a “walking miracle” for surviving the trauma. His experience highlights just how quickly sepsis can take hold of the human body and underlines the critical importance of recognizing its earliest symptoms. The life-threatening struggle Billy Porter had with the condition began with a very specific, hidden complication: urosepsis. According to the Cleveland Clinic, urosepsis is a particular type of sepsis that starts in the urinary tract, often when a urinary tract infection (UTI) overcomes its initial defenses and spreads upward to the kidneys. Billy Porter’s harrowing 2025 health crisis serves as a powerful reminder that urosepsis is a swift, life-threateningmedical emergency that can occur when a routine infection travels into the blood.
Chris Johnson was a dominant running back at one point in his NFL career. He was named the 2009 Offensive Player of the Year and made the Pro Bowl in 2009 thanks to his statistical prowess that season. Johnson, 40, on Monday announced a new and harrowing battle. He said he was diagnosed with ALS. “There’s no history of ALS in my family,” he said on ABC’s “Good Morning America.” “My doctors believe my case is what’s called sporadic ALS, which is actually how the vast majority of ALS cases happen. Johnson said he started to notice a weakness in his right hand and that his grip hadn’t been as strong as it previously was. “It’s continued to progress much faster than I ever imagined. I want people to understand just how quickly ALS can attack your body,” Johnson said. “Just over a year ago, I was picking up my 7-year-old daughter so she’d make a wish with her birthday cake. Today, I couldn’t do that.”
Pennsylvania – State Rep. Bridget Kosierowski announced Tuesday she’s been diagnosed with breast cancer. She posted the personal news on her official state representative Facebook page. “I was recently diagnosed because of screening, because of early detection, and I really wanted to share this news with everybody, because I want to remind everybody how important it is to be able to have access to that kind of care,” Kosierowski, 54, said. “Early detection and cancer means a better outcome. We have cancers that we can treat and we can cure, and breast cancer sometimes is one of them.” Kosierowski assured constituents she will continue as a representative. Kosierowski, a registered nurse, and her husband, Joseph, helped their son, Jacob, win a four-year battle with leukemia when he was only 4 years old.
Researcher’s note – State Rep. Bridget Kosierowski receives vaccinations [sic] against the seasonal flu, COVID-19 and the RSV virus Tuesday, during a free vaccination [sic] event at the Taylor Community Center sponsored by the Lackawanna County Area Agency on Aging: Link
U.S. Sen. Chris Coons [63] was a passenger in a car that was involved in a multi-vehiclecrash on Savannah Road in Lewes [Del.] June 28. The accident happened at about 10:30 a.m., when the driver of another vehicle experienced amedical emergency. Coons was treated for minor injuries at Beebe Healthcare. A statement released by his office said he is home and expected to make a full and swift recovery. The driver who had the medical emergency was driving toward the beach when the medical emergency happened. His pickup truck hit several vehicles before crashing through the front yard of the home at the corner of Savannah Road and Massachusetts Avenue. Lewes Police Chief Tom Spell said five or six people were taken to Beebe. He said the driver of the pickup temporarily passed out because of the medical condition. No impairment is suspected. He said the driver suffered a few broken ribs in the crash.
The celebrity daughter was sent to the doctor, and from there it took off. A bike ride on the way to work was the start of 2.5 violent weeks for Reimer Bo Christensen and his ex-partner Pernille Louise Rahbek’s daughter, Astrid. She fainted on the trip, and when she landed at work, colleagues insisted that she go straight to her doctor. That doctor’s visit ended up turning into a longer hospitalization and countless examinations. “Throughout the entire process, there was a risk ofcardiac arrest, and therefore Astrid was not allowed to leave her living room and wander out into the summer that beckoned on the other side of the scaffolding, which of course covered her window. Astrid, you are the strongest and most insightful 19-year-old girl I know. And I know that everyone knows someone who has had a pacemaker. But few have tried getting one themselves.” It is not clear when the celebrity daughter will have the pacemaker implanted.
Former Sevilla manager Joaquin Caparros has been diagnosed with coloncancer. The 70-year-old, who holds a club record for managing 248 official matches across various competitions, is undergoing treatment.
Television actor Jasmin Bhasin [36] recently travelled to Dubai to celebrate her birthday with boyfriend Aly Goni. However, the trip took an unexpectedturn after she suffered a severe infection and was admitted to a hospital. In a video posted on her Instagram Story, Jasmin shared that the doctors in Dubai advised her to stay admitted there, but she wanted to continue her treatment in her own country. Aly shared the update on social media on Sunday. Hours later, Jasmin informed her fans that she had been diagnosed with terminalileitis. In her latest post, the actor revealed that she is now returning to India and will be admitted to a hospital here for further treatment.
Researcher’s note – Terminal ileitis is the inflammation of the terminal ileum, the final section of the small intestine. Bhasin is “vaccinated” against COVID-19. Instagram jab brag: “Fully Vaccinated [sic]”: Link
For Dave Dobbyn [69], it’s “huge” to be playing a one-night-only concert at the beautiful Auckland Civic Theatre on 25 July, following his sold-out Selected Songs tour last year. Diagnosed with Parkinson’s disease in 2022, Dobbyn says he has to pace himself and gets some good camaraderie via “boxing lessons with other Parkinson’s people“. “I think the most annoying part is the cognitive troubles. Some days, I can’t put a sentence together and finish it because I’ll forget what I was talking about. That could be just an age thing, but I’m pretty sure it’s a Parkinson’s symptom,” he tells Sunday Morning.
Auckland – Sonny Bill Williams has been rushed to hospital after a neck surgery earlier this month resulted in an infection. The former All Blacks centre updated his fans on social media with a video from his hospital bed, about going under the knife again. “So, back up here in the hospital post surgery,” Williams said. “A few days later, woke up in the morning, fever, spewing, pus coming out of my wound. My wound got infected from the surgery, so I had to rush up to the hospital, went up to the emergency ward. Been up here for a couple of days now, the worrying bit about this whole thing is it’s so close to my spinal cord, the infection.
No age reported.
END
DR PAUL ALEXANDER
RABOBANK/MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
Welcome To Realpolitik, Which Will Be Co-Hosting Every World Cup From Now On
Tuesday, Jul 07, 2026 – 10:35 AM
By Michael Every of Rabobank
It’s easy to talk of the ‘collapse of the rules-based order’, but for most people it’s too abstract to impact on their day-to-day lives. Then the US president –who claims he didn’t know what a red card was– calls up the head of FIFA to ask if the US World Cup team’s leading scorer Balogun can have one suspended to play the round of 16 game vs Belgium – and it is. That prompted outrage from Belgium, UEFA, and billions of football fans.
Could this intervention ruin the competition or even the Beautiful Game? Those asking the question –perhaps during a previously non-existent, FIFA-approved ‘hydration break’ (for advertising) that breaks up the flow– overlook that neither FIFA nor UEFA are paragons of transparency and this red card shenanigan already happened in November 2025, when advert-magnet Christiano Ronaldo had his 3-match red card ban suspended under the same disciplinary process Balogun just benefited from so he could take part in this World Cup.
In that regard, the rules-based order has been collapsing for some time. Russia hosted the World Cup in 2018 after seizing parts of Ukraine that Europe today is insistent must be returned. In 2022, we got a winter World Cup in football giant Qatar, which nobody else wanted due to the disruption it brought to other football leagues’ seasons. One can make the argument that the US is now acting at the same level as those who make phone calls to get what they want – and it is. Yet it’s the global bodies that pliantly allow those calls to have an impact, which can be read to mean there’s little incentive in not giving it a try. England, for example, still led by a former human rights lawyer PM for now (but without him calling FIFA), are asking if they can have the red card they just picked up vs. Mexico suspended… just as Mexico would have done the same if the roles were reversed. Welcome to realpolitik, which will be co-hosting every World Cup from now on.
At the more serious ‘Great Game’ level, today has a NATO summit in Ankara at which there are serious questions about if the alliance can hold together for the long term. There are more over how it will fund what it needs to do either way: Germany is to increase defense spending by 1/3 in 2027 via borrowing more and few else in Europe come anywhere close. Then there is the issue of how that money will be spent, regarding systems and production facilities; in big lumps at big sites or networks of smaller drone manufacturers, etc., as Japan says converting auto factories to the latter doesn’t work; buying from whom, as Canada opts for German submarines; and state- or private-owned given the latter keep refusing to step up capex? Moreover, will Trump grant Turkey F-35s at last when it already has the counterpart Russian S-400 antiaircraft system, which could render the NATO benchmark fighter jet’s air superiority void if its tech were to leak? (NB Turkey with F-35s would only increase rising Israel-Turkey tensions.)
Meanwhile, Ukraine’s Zelenskyy claims the “battle in the sky” will determine the outcome of that war, so not peace talks?, and Finland’s president says NATO backs Ukraine hitting Russia harder, as the FT talks of the risks of Russian escalation, even including the use of tactical nuclear weapons, but perhaps ‘just’ settling for grey-zone destabilisation of the European economy.
Likewise, Iran is seeing millions march at the last Supreme Leader’s funeral calling for death to America and Israel and trolling the Saudis and Turkey, as Trump repeated if there’s no deal, he’ll ‘finish the job.’ Markets might think they can shrug that off, even though it’s our base case, but will have to note another attack on an oil tanker just off Oman during this ‘peacefire.’
There’s no movement in Lebanon, but in Gaza Hamas has offered to hand over authority to a US-backed administration – while not promising to disarm unilaterally. Some cynics are wondering if the timing is based around the Turkish NATO summit, where F-35s are potentially on the table and Turkish help may be needed on the ground.
In Asia, the US just rebuked China’s “opaque” nuclear buildup after it carried out a Pacific missile test; and North Korea is lobbying to be included in future China-Russia military drills after its own recent missile test, making the teams and other fronts even clearer.
There’s no FIFA to issue or suspend red cards in these kinds of situations – just the UN, with no referees on the pitch or agreement on the rules from the big players, whose Secretary General has now called for “killer robots” to be banned. I’m sure Skynet will take his call as major militaries all try to fuse AI with automation. I’m less sure that killer tech will be red carded as a result.
In markets, a paradigm-shift dynamic is also evident. It’s not just an expected headline, like hedge fund managers being the most negative on JPY since 2007 at a time when it already trades like 1986(!)
It’s that the Fed’s Waller has joined new Chair Warsh in wanting to shake up Fed communications to do so less: ahead of the FOMC minutes today, one wonders if they could just be a truncated, “We talked about stuff,” leaving analysts to… well, analyze, rather than being spoon-fed.
It’s that the WSJ reporting JPMorgan, Bank of America, and other banks are exploring a deal to shake up the payments world.
It’s Jim O’Neill, when not advising Andy Burnham, saying that a BRICS alternative to the US dollar is “no longer a fantasy.” (Perhaps: but it’s still going to be an Odyssey, I’d wager, and it won’t look or act like a dollar as is now, if it appears.)
It’s China’s banking regulators having to take over online lender Zhongbang from Wuhan over “severe credit risks” in an economy running epic trade surpluses that should provide equally epic levels of domestic liquidity.
Perhaps things will just ‘sort themselves out’, as some in markets like to think always happens. After all, Belgium just beat the US 4-1, the latter crashing out with a limp performance and a bizarre gift of a goal to their opponent.
However, four-one’d is not forearmed. Will we really see Russia, Iran, China, or North Korea all losing in a great global competition the same? That said, we can all see a lot more presidential phone calls being made to global acronyms.
END
7. OIL AND NATURAL GAS//ENERGY COMMENTARIES
UAE Crude Output Nears Record High Following OPEC Exit Amid Surge In Chinese Buying
Monday, Jul 06, 2026 – 08:55 PM
The United Arab Emirates raised its crude output to near record highs above 3.8 million barrels per day in June, after the Gulf nation quit OPEC to escape production caps, Reuters reported citing two sources familiar with production data said on Monday. Bloomberg data showed even higher UAE exports, rising to 3.94mmb/d, just shy of the record hit in late 2025.
June’s output was the highest since April 2020, according to Reuters estimates, exceeding levels seen before the Iran war and providing an early vindication of the UAE’s decision to leave OPEC and OPEC+ on May 1 to free production from quota restrictions.
The UAE told OPEC it pumped 2.11 million bpd of crude in May at the height of the conflict shut-ins, down from about 3.40 million bpd in February. The International Energy Agency, however, assessed a much higher production level for both months, seeing May output at 2.8 million bpd and February at 3.64 million.
Underscoring the supply surge, Abu Dhabi National Oil Company (ADNOC) has been selling crude through tenders at discounted prices, traders told Reuters. The rebound has outpaced that of other Gulf producers, many of whom have restored exports through the Strait of Hormuz but remain well below pre-conflict production levels.
Abu Dhabi has argued that years of investment in production capacity justified greater freedom to produce oil, with Energy Minister Suhail al-Mazrouei saying at the time of the OPEC exit that the UAE owed it to investors to supply what global markets required “without restrictions”.
The jump in output comes as oil markets have shifted from concerns over severe supply disruptions during the Iran war, to worries about surplus supply. Brent crude, which hit a four-year high above $126 in late April, was trading at about $72 a barrel on Monday, around levels seen before the outbreak of the Iran war in late February.
Other Gulf nations also saw a surge in output: combined crude and condensate exports from Saudi Arabia, the UAE, Kuwait, Iraq and Iran rose by more than 3.5 million bpd from May to 10.07 million bpd, Kpler data shows. Vortexa, another cargo analytics company, estimated June flows at 10.2 million bpd, up from 7 million bpd in May but still way short of the 16.5 million bpd a year earlier.
Saudi crude exports averaged 4.32 million bpd in June, according to Vortexa data, around 3 million bpd below February levels. Kuwaiti output rose to 1.65 million bpd in June, roughly triple May levels but still nearly 1 million bpd short of pre-conflict production. Iraq, OPEC’s second-largest producer, exported about 780,000 bpd in June, roughly one-fifth of volumes shipped before the conflict, Vortexa data showed.
Since the June 17 agreement between the U.S. and Iran to halt the conflict and restore shipping through the Strait of Hormuz, the backlog of crude stranded in the Gulf cleared more quickly, leaving about 23 million barrels still to transit the waterway, said Kpler analyst Johannes Rauball.
Meanwhile, in a curious twist, Sparta senior oil market analyst June Goh said that Chinese teapot refineries have emerged as buyers in Adnoc’s latest oil tender, drawn by wider discounts amid a short-term glut. Adnoc sold about 18 million barrels of crude via in fifth tender for loading through August; Upper Zakum was the main grade sold, while some Das also changed hands.
The observation in this tender is that the Chinese teapots are now out buying, whereas in previous tenders they were not even in the buyer list, indicating that the current discounts are now at a level that competes with Iranian and Russian alternatives.
According to Sparta, the current ‘mini-glut’ reflects mismatch of prompt availability vs usual trading window two months ahead, where Mideast barrels should now be trading for September loading instead. However, unless Asian buyers pile up to refill empty SPRs, these extra barrels will need to first fill up commercial storage and then relieve the pressure in arbitrage trades to the West.
It wasn’t just China: California is also buying UAE oil – some cargoes of Adnoc grades moved to US buyers via private negotiations, with likely destinations to US West Coast refineries.
Brent-Dubai EFS doesn’t necessarily need to widen that much more because diving crude differentials are doing most of the heavy lifting to keep the arbs open into northwest Europe
END
RUSSIA URAL OIL
Russia’s Oil Windfall Vanishes As Urals Crashes To $42 A Barrel
Russian crude oil prices have fallen back to where they were before the Middle East war, with its flagship Urals averaging just $41.66 a barrel during the first three days of July.
The drop wipes out the revenue boost Moscow received from the conflict and pressures a federal budget that assumes oil prices of about $59 a barrel.
Urals had averaged more than $59 a barrel every month since March and climbed to $60.92 in June after the U.S. and Iran reached an agreement to restore shipping through the Strait of Hormuz. Higher prices gave the Kremlin room to replenish its reserve fund for the first time in nearly a year and delay planned spending cuts. With Urals now back near $42 a barrel, that relief could be short-lived. Oil and gas account for roughly one-third of Russia’s federal budget revenues.
Reuters reported Monday that a European intelligence assessment warned the country’s banking sector is becoming increasingly vulnerable after years of war-driven lending, with rising bad loans and deteriorating asset quality risking a wider financial crisis.
According to the assessment, Russian banks have absorbed much of the financial burden of the war by extending subsidized loans to defense contractors, state-backed companies and households. The report estimates that roughly 10% of corporate loans are now considered doubtful, while some major lenders have retail non-performing loan ratios as high as 15%. It also cites more than 500,000 personal bankruptcies in 2025.
Ukraine also continues with campaigns targeting Russia’s energy infrastructure. Bloomberg reported Monday that drones were intercepted near the Baltic ports of Ust-Luga and Primorsk, two of Russia’s key crude export hubs. There were no reports of damage or disruptions to oil exports.
END
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUE
CUBA/USA
Cuba’s Entire Power Grid Collapses As Castro’s Grandson Seeks Talks With Trump
Tuesday, Jul 07, 2026 – 04:00 AM
Summary:
Cuba’s Power Grid Collapses
Castro’s Grandson Ready To Talk With Trump
Cuba Goes Dark
Hours after USA Today published an interview between one of its journalists and Cuban President Castro’s grandson, Raúl Guillermo Rodríguez Castro, the communist-run island experienced an island-wide power grid collapse.
The electrical workers’ union said the entire power grid went offline and that officials were investigating the cause. Cuba’s energy ministry confirmed the blackout and said crews were working to restore service.
“A total disconnection of the National Electric Power System is occurring. The causes are being investigated,” the electrical workers’ union wrote on X.
Time is ticking for the communists in Havana to make a deal with Trump or face further economic collapse, as Havana is a case study in the failure of communism and how that economic system has never succeeded. Yet the Democratic Party is trying to convince people otherwise as it embraces the far left.
“I Can Negotiate”: Castro’s Grandson Says He’s Ready To Discuss Cuba’s Future With President Trump
Raúl Guillermo Rodríguez Castro, former Cuban president Castro’s grandson and one of the more important shadow figures inside Cuba’s communist ruling circle, told USA Today in an exclusive interview that he is prepared to speak directly with President Trump, signaling publicly a potential back-channel opening as the Trump administration intensifies economic pressure on Havana.
“I’ve never been interested in politics. It’s never been a calling of mine,” Rodríguez Castro told the outlet over the course of several days in June in Havana. “But if at some point the revolution needs me to step up, I will do it.” He said that he would never abandon the principles of Cuba’s 1959 revolution or the nation’s sovereignty.
Rodríguez Castro is a lesser-known figure outside Havana’s communist circles. He holds no formal government position, rarely appears on state television and has never spoken to a US news outlet before.
But the Castro family name gives him unique status inside Havana’s opaque power structure and the ability to act as a back-channel liaison with access to the island’s communist elite.
Now, the younger Castro is signaling he is ready to negotiate Cuba’s future, saying he wants to deal directly with President Trump.
“I can negotiate with anyone designated by the U.S.,” Rodríguez Castro said. “If given the opportunity, claro que con Trump.” Of course, with Trump.
Why would Rodríguez Castro want to negotiate now and not earlier this year? Well, that’s because Trump’s gunboat diplomacy has unleashed an economic stranglehold on the communist-run island, and it continues to work, with pressure now crushing the already poorly managed economy and collapsing its tourism sector.
The island drew just 360,000 tourists in the first five months of 2026, down 58% from a year earlier, according to Cuban government data. The neighboring Dominican Republic attracted more than 10 times that number over the same period.
The Trump administration says the pressure campaign is aimed at forcing the communist government to open its political system after generations of economic misery under failed communism.
Havana can’t turn to help from the socialists in Venezuela because the Maduro regime was taken out by US Delta Force operators. The Chinese and Russians won’t dare send their militaries to the island en masse because of the US naval presence in the region.
For Havana, the regime’s external lifelines have been disappearing one by one over the last six months.
Recall that CIA Director John Ratcliffe was recently in Havana meeting with communist officials. Now, Rodríguez Castro speaking with a US media outlet is another promising signal, suggesting that back-channel talks are likely already underway as pressure builds on the island’s ruling elite.
END
U.S./GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS TUESDAY MORNING 6;30AM//OPENING AND CLOSING
OPENING LEVELS OF CURRENCIES// AND CLOSING ASIAN STOCK MARKET AND OPENING EUROPEAN STOCKS:6 AM EST
EURO VS USA DOLLAR: 1.1425 DOWN 0.0016
USA/ YEN 161.93 DOWN 0.164 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 1.3381 DOWN 0.0013 OR 13 BASIS PTS
USA/CAN DOLLAR: 1.4213 UP 0.0005 //CDN DOLLAR DOWN 5 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED DOWN 51.00 PTS OR 1.26%
Hang Seng CLOSED DOWN 119.43 PTS OR 0.51%
AUSTRALIA CLOSED UP 0.50%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 119.43 PTS OR 0.51%
/SHANGHAI CLOSED DOWN 51.00 PTS OR 1.26%
AUSTRALIA BOURSE CLOSED DOWN 0.05%
(Nikkei (Japan) CLOSED DOWN 1422.69 PTS OR 2.04%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: $4031.55
silver:$60.99
USA DOLLAR VS TRY (TURKISH LIRA): 46.84 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: 77.75 ROUBLE// DOWN 0 ROUBLE AND 75 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: 4.8166 UP 2 BASIS PTS
UK 30 YR BOND YIELD: 5.561 UP 2 BASIS PTS
CDN 10 YR BOND YIELD: 3.419 DOWN 3 BASIS PTS
CDN 5 YR BOND YIELD; 3.027 DOWN 3 BASIS PTS
USA dollar index early TUESDAY MORNING: 100.75 UP 14 BASIS POINTS FROM MONDAY’s CLOSE
TUESDAY MORNING NUMBERS ENDS
And now your closing TUESDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.355% UP 1 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.831% UP 1 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 4.066 DOWN 2 BASIS PTS//
SPANISH 10 YR BOND YIELD: 3.456 UP 3 in basis points yield
ITALY 10 YR BOND: 3.757 UP 3 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 2.9746 UP 3 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY TUESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/10:00 AM
Euro/USA 1.1436 DOWN 0.0005 OR 5 basis points
USA/Japan: 161.89 DOWN 0.205 OR YEN IS UP 20 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.8131 UP 2 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.552 UP 2 BASIS POINTS.
REAR VIEW: Iran attacks ships in Strait of Hormuz, including Qatari & Saudi vessel; US Treasury revokes Iran-waiver; US say Iran actions will be met with consequences; Japan Economy Minister rejects reports of pushing for lower rates; Deepseek is reportedly developing its own AI chip; AMZN files for 8-parter; US trade deficit widens; Fed’s Williams said monpol is in a good place; UK Reform leader Farage resigns as MP, calling Clacton-on-Sea by-election; NY Fed SCE rise; Stellar 3-year note auction.
COMING UP: Data: Swedish Inflation Prelim. (Jun), US Atlanta Fed GDP (Q2) Events: RBNZ Policy Announcement (Jul), NBP Policy Announcement (Jul), NBH Minutes (Jun), Fed Minutes (Jun), NATO Ankara Summit Speakers: RBNZ’s Breman; US President Trump Supply: Australia, UK, Germany, US
2. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
MARKET WRAP
Stocks were sold on Tuesday, with the Nasdaq the clear underperformer as Technology led the downside, particularly across semiconductor and memory names. The primary catalyst was Samsung’s preliminary Q2 earnings, which disappointed lofty investor expectations and prompted a reassessment of valuations following the recent rally in the memory sector. Industrials also lagged, with sharp weakness in GE Vernova (GEV) weighing on the AI theme given its exposure to supplying power infrastructure for energy-intensive data centres.
Energy was the clear outperforming sector as crude prices moved higher on renewed geopolitical tensions. Iran attacked commercial vessels from Qatar and Saudi Arabia in the Strait of Hormuz, before the US later responded by revoking Iran’s General License X, which had allowed the country to produce, deliver and sell energy products. The announcement came late in the session and sparked another leg higher in crude prices after the energy settlement.
The late oil rally also weighed on broader risk sentiment. Equity futures, which had been paring earlier losses, moved lower once again, while Treasury yields rose across the curve as higher energy prices reignited inflation concerns. Treasuries also faced some technical pressure during the session as Amazon (AMZN) launched an eight-part bond offering reportedly targeting around USD 25bln, with associated rate-lock hedging likely contributing to the weakness. Meanwhile, the USD 58bln 3-year Treasury auction was met with very strong demand, although it generated little market reaction.
In FX, the Dollar found support following the geopolitical developments, while the Swiss Franc and the antipodean currencies underperformed. Precious metals extended their declines as the stronger Dollar and higher Treasury yields weighed on gold and silver.
Elsewhere, the US trade deficit widened largely as expected, while the New York Fed’s Survey of Consumer Expectations showed inflation expectations rising alongside an improvement in perceptions of the labour market. New York Fed President Williams reiterated that forward guidance is not appropriate given the current level of uncertainty, echoing recent comments from Chair Warsh.
US
NY FED SCE (Jun): The New York Fed’s Survey of Consumer Expectations showed median one-year inflation expectations rose 0.2ppts to 3.7% in June, the highest since September 2023, while three-year inflation expectations also increased by 0.2ppts to 3.3%, the highest since June 2022. Five-year inflation expectations were unchanged at 3.0%, suggesting longer-term inflation expectations remained anchored. Elsewhere, consumers expected slower gasoline price growth, with expectations falling 3.5ppts to 1.5%, the lowest since August 2022. Labour market perceptions improved, with the perceived probability of losing a job over the next year falling to 14.1% from 15.1%, while the perceived probability of finding a new job after losing one’s current job rose to 44.9% from 43.7%. Household financial perceptions also improved, with fewer respondents reporting their financial situation had deteriorated over the past year, although expectations for future credit availability weakened slightly, with more respondents expecting it to become harder to obtain credit over the next 12 months.
FED’S WILLIAMS: The US economy continues to grow at a steady trend-like pace, with the labour market remaining stable and risks to employment broadly balanced. He reiterated that monetary policy is well-positioned to achieve the Fed’s goals and emphasised that future policy decisions will continue to depend on incoming data and the evolving balance of risks, adding that explicit forward guidance is not appropriate given the current uncertainty. On inflation, Williams noted that while price pressures remain too high, he is becoming more optimistic about the near-term outlook as declining energy prices should help cool inflation further. He also suggested the economy is likely near the peak impact of tariffs on inflation. Looking further ahead, Williams expects strong investment in AI to continue, supporting the economy over time.
BALANCE OF TRADE: The US trade deficit widened to USD 77.6bln in May from USD 54.6bln in April, although it was marginally narrower than the expected USD 78.8bln deficit. Imports rose 3.3% to USD 395.3bln, while exports declined 3.2% to USD 317.7bln. The increase in imports was driven primarily by consumer goods (+USD 3.5bln), industrial supplies and materials (+USD 3.1bln), and automotive vehicles, parts and engines (+USD 2.2bln). On the export side, the largest declines were seen in industrial supplies and materials (-USD 5.5bln) and capital goods (-USD 3.5bln). Oxford Economics notes that with petroleum exports falling considerably in June, exports are likely to remain weak through the final month of Q2. As a result, the consultancy expects net trade to subtract more than 2 percentage points from Q2 GDP growth, representing a larger drag than currently incorporated in its baseline forecast. The desk also highlighted that capital goods imports—including computers, computer accessories and semiconductors—rose modestly in May and are now up 42% Y/Y, reflecting continued demand for AI-related hardware. However, Oxford Economics argues that the heavy reliance on imported electronic equipment means AI investment has, so far, provided only a limited boost to US GDP.
FIXED INCOME
T-NOTE FUTURES (U6) SETTLED 10 TICKS LOWER AT 109-10+
T-notes sold as Amazon (AMZN) enters the market and as oil rises on renewed Hormuz tensions and as the US revokes Iran’s license to sell oil. At settlement, 2-year +5.4bps at 4.166%, 3-year +5.6bps at 4.190%, 5-year +5.6bps at 4.260%, 7-year +5.8bps at 4.390%, 10-year +6.2bps at 4.533%, 20-year +6.1bps at 5.046%, 30-year +5.7bps at 5.043%.
THE DAY: Treasuries were weaker across the curve on Tuesday, with yields rising by around 5-6bps. The move was driven primarily by higher oil prices as renewed tensions in the Strait of Hormuz lifted crude benchmarks. Iran reportedly attacked several commercial vessels, including a Qatari LNG tanker and a Saudi tanker, over the past 24 hours, fuelling concerns over a potential US response, while Tehran maintained the view its actions remained within the guidelines of the recently agreed MoU. Ahead of the Treasury settlement, the US revoked Iran’s licences to produce, deliver and sell energy products, sending crude prices higher into the settlement and adding further pressure to Treasuries.
Aside from escalating geopolitical tensions, Amazon (AMZN) entered the debt market with an 8-parter, and it is reportedly looking to raise USD 25bln, with potential rate-lock hedging adding pressure to the Treasury curve as the offering spans maturities from 3 to 40 years. Bloomberg reported that it saw USD 62bln of demand for the offering, so we will be looking to see if it upsizes the offering.
Elsewhere, the 3-year T-note auction was very strong, continuing the trend of healthy demand seen at recent front-end auctions following the June FOMC meeting. Despite some moderation in Fed rate hike expectations after last week’s softer nonfarm payrolls report, the combination of still-elevated outright yields, lower rate volatility and reduced geopolitical uncertainty appears to be supporting demand for front-end Treasuries. Overall, the auction suggests investors remain comfortable buying front-end Treasuries at current yield levels despite the recent pullback in yields.
Economic data saw the US balance of trade deficit widen to USD 77.6bln from 55.9bln, a touch narrower than the expected USD 78.8bln deficit. Also, the NY Fed Survey of consumer expectations saw the year ahead expectations rise further to 3.7% from 3.5%, while the three-year-ahead rose to 3.3% from 3.1%, while the 5-year was maintained at 3.0%. Fed speak saw NY Fed President Williams express he feels more positive about inflation near term due to lower energy prices, but said inflation still feels quite high. He said policy is in a good place, and what happens with policy depends on risks and data. He also shared the view of Warsh that amid the uncertainty, forward guidance is not appropriate.
Attention turns to the 10-year supply on Wednesday, as well as the FOMC Minutes, while next week sees the US CPI and PPI reports for June.
US Treasury to sell USD 39bln of 10-year notes July 8th, and USD 22bln of 30-year bonds on July 9th; all to settle July 15th
Bills
US sold 1-year bills at a high rate of 3.860%, B/C 3.14x; Sold six-week bills at a high rate of 3.635%, B/C 2.74x
US to sell USD 100bln of 4-week bills (prev. 85bln) and USD 95bln of 8-week bills (prev. 85bln) on July 9th; to sell USD 72bln of 17-week bills (unch.) on July 8th; all to settle July 14th
STIRS/OPERATIONS
Fed Pricing: 32bps (prev. Dec 30bps)
EFFR at 3.63% (prev. 3.63%), volumes at USD 117bln (prev. USD 121bln) on July 6thSOFR at 3.63% (prev. 3.64%), volumes at USD 3.212tln (prev. USD 3.208tln) on July 6th
NY Fed RRP op demand at 4.48bln (prev. 2.72bln) across 14 counterparties (prev. 13) on July 7th
NY Fed T-Bill Purchases (4-11 month): Accepts USD 3.32bln of USD 24.52bln offered; Offer-to-cover 7.39x
CRUDE
WTI (Q6) SETTLED USD 1.89 HIGHER AT 70.44/BBL; BRENT (U6) SETTLED USD 2.17 HIGHER AT 74.16/BBL
The crude complex was firmer, and supported amid numerous reported strikes in the Strait of Hormuz. The first reported attack was overnight, amid reports the IRGC fired at least two missiles at ships in the Strait of Hormuz, hitting two commercial ships. One of them, a Qatari oil tanker, was planning to pass through the Omani route in the Strait of Hormuz with the support of the US Navy and was attacked after ignoring repeated warnings, Fars reported. Following this, UKMTO said it had received reports of two further incidents, which supported benchmarks even further. Saudi Arabia later confirmed one of the vessels struck was a Saudi Tanker and that it holds Iran fully responsible for such attacks and its repercussions.
On the supply side of things, the Omsk refinery, Russia, reportedly had been halted following on from a drone attack on Monday. Meanwhile, Iraq reportedly boosts West Qurna 1 and Rumaila oil output to full capacity. Finally, Saudi Arabia is said to be planning to expand East-West crude oil pipeline capacity by up to 2mln BPD to increase exports via the Red Sea, according to sources, and the project aims to reduce reliance on the Strait of Hormuz.
EIA STEO: 2026 World Oil Demand at 102.8mln BPD (prev. 102.9mln BPD); 2027 World Oil Demand at 104.8mln BPD (prev. 105.3mln BPD).
Brent traded between USD 72.04-74.41/bbl and WTI USD 68.58-72.04/bbl, and settled just off peaks as benchmarks grinded higher through the duration of the US session.
EQUITIES
CLOSES: SPX -0.48% at 7,501, NDX -1.77% at 29,173, DJI -0.25% at 52,925, RUT -0.91% at 2,982.
SECTORS: Energy +3.01%, Health +1.55%, Real Estate +1.50%, Consumer Staples +0.99%, Utilities +0.91%, Communication Services +0.60%, Financials -0.17%, Consumer Discretionary -0.44%, Materials -0.98%, Technology -1.62%, Industrials -1.67%.
EUROPEAN CLOSES: Euro Stoxx 50 -1.24% at 6,319, DAX -1.27% at 25,489, FTSE 100 +0.13% at 10,666, CAC 40 -0.51% at 8,436, AEX -0.32% at 1,079, IBEX 35 -0.22% at 19,640, FTSE MIB -0.95% at 52,455, SMI +0.41% at 14,360, PSI +0.35% at 9,249,
STOCK SPECIFICS:
Samsung Electronics shares fell overnight after it announced prelim. Q2 figures, which disappointed lofty investor expectations.
DeepSeek developing its own AI chip & would be used for inference, not for training AI models.
JPM, BAC & other large banks held prelim. talks to acquire a Fiserv (FISV) debit-card network.
Rivian (RIVN) filed to sell 75mln shares of common stock, although provided strong next Q rev. outlook.
Crinetics Pharmaceuticals (CRNX) to be acquired by VRTX for $85/shr in cash; CRNX closed Mon. at $42.03/shr.
First Solar (FSLR) upgraded at Deutsche Bank.
Walmart (WMT) is lowering prices on thousands of items, including beef, soda and household goods.
Trimble (TRMB) working with Goldman Sachs to sell its transportation unit, Axios reports.
Microsoft (MSFT) replaces OpenAI and Anthropic with it’s own AI in some apps.
FX
The Dollar was broadly firmer against its G10 peers on Tuesday, with the Greenback seeing its strongest gains late in the US session after Washington adopted a more aggressive stance towards Iran. The US Treasury revoked Iran’s General License X, which had authorised the production, delivery and sale of Iranian energy products, while a senior US official warned Iran would face consequences for its actions in the Strait of Hormuz. The developments supported the Dollar alongside higher Treasury yields and oil prices.
Prior to the geopolitical headlines, G10 FX had traded in relatively contained ranges with mixed performance against the Greenback. Following the late move, the Swiss Franc, Euro, Sterling and the antipodean currencies were among the weakest performers, while both the Canadian Dollar and Yen ended little changed.
The Yen had initially outperformed overnight after Japan’s Economy Minister Kiuchi rejected reports that the government was pressuring the Bank of Japan to lower interest rates, stating the government’s policy framework remained unchanged.
Political developments also featured in Europe. In France, Marine Le Pen was found guilty of embezzlement by a Paris court, although she later reiterated her intention to run in the 2027 presidential election without an electronic bracelet. In the UK, Reform UK leader Nigel Farage announced he would resign as an MP to trigger a by-election and confirmed he intends to contest the Clacton-on-Sea seat, describing the contest as “the people versus the establishment”.
Elsewhere, New York Fed President Williams said monetary policy remains well-positioned to achieve the Fed’s objectives and reiterated that future policy decisions will depend on incoming data and evolving risks, although his comments generated little market reaction. Attention now turns to the RBNZ policy decision overnight ahead of the FOMC Minutes on Wednesday.
For Yuan watchers, PBoC Governor Pan said monetary policy remains supportive and announced the southbound Bond Connect quota will be increased to CNY 800bln from CNY 500bln.
END
USA DATA RELEASES//JOB REPORT
1 Year Inflation Expectations Jump To 3 Year High In Latest NY Fed Consumer Survey
Tuesday, Jul 07, 2026 – 12:40 PM
Inflation as measured by the CPI may have peaked, but Americans’ expectations for inflation over the near and medium term rose notably in June according to a Federal Reserve Bank of New York survey released Tuesday, with strong increases anticipated for medical care costs and rent,
Consumers now see inflation at 3.7% over the next year, up from 3.5% in May, the highest since September 2023. Expectations for inflation in three years increased to 3.3%, the highest since June 2022, up from 3.1%, while estimates for inflation in five years remained steady at 3%.
After months of facing higher energy costs, consumers said they see gas prices rising at the lowest rate since mid-2022. Their outlook for food prices also improved slightly in June, though households expect higher bills for medical care and rent. As shown below, median year-ahead commodity price change expectations increased by 0.5% point for the cost of medical care to 9.4%, and by 0.9 percentage point for rent to 8.3%. Median year-ahead price change expectations decreased by 0.8 percentage point for food to 5.0%, by 2.3 percentage points for the cost of college education to 5.7%, and by 3.5 percentage points for gas to 1.5%. The June reading for gas is the lowest since August 2022.
Energy prices have declined in recent weeks, following an interim peace deal between the US and Iran. Earlier on Tuesday, New York Fed President John Williams said he now sees a positive near-term outlook for inflation, which rose 4.2% in May from a year earlier.
Despite the jump in near-term inflation expectations, sentiment improved when it comes to jobs: the mean perceived probability of losing one’s job in the next twelve months decreased by 1.0% to 14.1%, and the mean perceived probability of finding a job if one’s current job was lost increased by 1.2% to 44.9%.
The data also pointed to an improvement in consumers’ finances. The share of households saying their financial situation was better than last year increased in June, a smaller share of households reporting a worse financial situation and a larger share reporting a better financial situation, and expectations for future finances also improved.
…. however, expectations for future credit availability deteriorated slightly, with a larger share of respondents expecting that it will be harder to obtain credit in the year ahead.
The mean perceived probability that U.S. stock prices will be higher 12 months from now increased by 2.9 percentage points to 40.9%, the highest level of the series since April 2021.
Median one-year-ahead earnings growth expectations increased by 0.1 percentage point to 2.8% in June. This is the highest reading since March 2025.
Mean unemployment expectations—or the mean probability that the U.S. unemployment rate will be higher one year from now—decreased by 1.5 percentage points to 41.7%, remaining above the 12-month trailing average of 41.3%.
The mean perceived probability of losing one’s job in the next 12 months decreased by 1.0 percentage point to 14.1%, falling below the 12-month trailing average of 14.5%. The mean probability of leaving one’s job voluntarily in the next 12 months (or the expected quit rate), declined by 3.5 percentage points to 17.3%, falling below the 12-month trailing average of 18.6%.
The mean perceived probability of finding a job if one’s current job was lost increased by 1.2 percentage points to 44.9%, though it remains below the 12-month trailing average of 46.3%. The increase was driven by respondents with household incomes under $50,000.
Household Finance
The median expected growth in household income increased by 0.2 percentage point to 3.0% in June. The series has been moving in a narrow range between 2.8% and 3.0% since June 2025.
Median one-year-ahead nominal household spending growth expectations remained unchanged at 5.0%.
Perceptions of credit access compared to a year ago improved, with the net share of households reporting it is harder to get credit decreasing. Expectations for future credit availability deteriorated slightly, with a larger share of respondents expecting it will be harder to obtain credit and a smaller share expecting it will be easier to obtain credit in the year ahead.
The average perceived probability of missing a minimum debt payment over the next three months decreased by 1.8 percentage points to 10.8%, the lowest reading since April 2023. The decline was broad-based across age and education groups.
The median expectation regarding a year-ahead change in taxes at current income level remained unchanged at 3.1%.
Median year-ahead expected growth in government debt decreased by 0.4 percentage point to 9.5%, remaining above the 12-month trailing average of 8.7%.
The mean perceived probability that the average interest rate on saving accounts will be higher in 12 months increased by 2.0 percentage points to 26.6%.
Perceptions about households’ current financial situations compared to a year ago improved, with a smaller share of households reporting a worse financial situation and a larger share of households reporting a better financial situation. Year-ahead expectations about households’ financial situation also improved, with a smaller share of households expecting a worse financial situation and a larger share of households expecting a better financial situation in one year from now.
The report comes as some investors see the Fed raising rates later this year to address elevated inflation, although others such as Morgan Stanley are pretty steadfast the Fed will not hike. Fed officials have kept interest rates steady in 2026, though economic projections released last month showed nine officials see the need for at least one rate increase by year end.
USA ECONOMIC REPORTS
Trump Says Walmart Will Slash Ground Beef Prices In “Huge Deal” For Consumers
Monday, Jul 06, 2026 – 09:45 PM
President Trump said retail giant Walmart will slash prices on a range of products at his administration’s request, including a 15% reduction in ground beef prices. The move comes on top of falling gasoline and diesel pump prices as the administration intensifies its affordability push and makes it clear that capitalists, not socialists, will solve the cost-of-living crisis.
“Walmart will, in particular, be dropping the price for a pound of ground beef by almost 15%, among many other products. This is a huge deal for the many millions of Americans who, smartly, shop at Walmart, which is truly patriotic,” Trump wrote on Truth Social.
Trump continued, “My Administration is lowering prices that Joe Biden incompetently raised with the worst inflation crisis in history, a total disaster along with the Southern Border, the botched withdrawal from Afghanistan, and many other failures.”
Ground beef prices have skyrocketed in recent years, reaching a national average just below $7 per pound, according to USDA data.
Prices have jumped from roughly $4 to nearly $7 over the last six years as a shrinking U.S. cattle herd tightened supplies, turning beef prices and the broader supermarket bill into politically charged topics for both Democrats and Republicans.
President Trump is attempting to solve the affordability crisis through normal market forces, including finding additional supplies wherever possible to lower energy and food prices. The administration has already shown a playbook for curbing food inflation, such as finding new supplies to bring down egg prices.
Socialists, meanwhile, have no serious medium- or long-term supply-side fix. Their answer is usually government-run grocery stores, price controls, or the seizure of production under the fantasy that food can simply be made free for everyone.
But without solving the underlying supply problem, those socialist policies only create shortages, rationing, and empty shelves – the same failed economic model seen in Cuba and other socialist hellholes.
The Trump administration is likely to remain hyperfocused on affordability through the summer and into the midterms, as it seeks to show voters that market-based capitalism, not government intervention or socialist experiments, is the best path to lowering prices and easing household financial pressure.
Another source of the Biden-Harris regime’s inflation was right in front of us the entire time: the millions of illegal aliens the previous administration allowed to invade the country. This was detailed in a new Federal Reserve Bank of Dallas report, which found that the influx of illegals contributed to a 30% increase in home prices and a 20% rise in rents over the period from 2021 to 2024.
Ramping up deportations may be one path towards achieving affordability.
Saudis slash main oil price to rear discount as market dives – BBG Saudi Arabia made big reductions to its main crude oil prices for buyers in Asia, selling barrels at a discount for the first time since it embarked on a price war in 2020. State producer Saudi Aramco will lower Arab light oil for next month by $11 a barrel to $1.50 discount over the regional benchmark…
@kshaughnessy2: But it’s okay to ignore the obvious manipulation of paper oil prices?? “According to CBS News, the U.S. Department of Justice (DOJ) and the Federal Trade Commission (FTC) sent a letter Friday to state attorneys general stating that federal regulators are monitoring oil markets for evidence of price-fixing, market allocation, monopolization, or other conduct that could violate antitrust laws….” https://x.com/kshaughnessy2/status/2073951352141566091
Despite Saudi Arabia’s oil price cut and Trump’s direct and indirect manipulation of oil prices, WTI Oil was flat, but gasoline rallied sharply.
On Monday, the usual suspects poured into AI bubble stocks and Fangs. The SOX Index was +4.55% at 10:09 ET. The DJIA was -238.77. The DJTA was -4.45 points. USUs were -3/32. Precious metals and copper were moderately higher. August Gasoline was +9.47 cents; August WTI Oil was +6 cents.
The AI bubble stock rally extended after Trump proclaimed that he does NOT want regime change in Iran; “we’ve gotten concessions;” and, for the zillionth time, claimed Iran wants to make a deal.
DJT also said, “we’re in talks” and we’re getting much closer” to making a Ukraine-Russia peace deal.
@FoxNews: President Trump issues a stark warning to Iran, declaring the U.S. is prepared to completely dismantle the country’s infrastructure “in a small part of an afternoon” if a diplomatic deal cannot be reached. “We’re going to win one way or the other. We’re going to make a deal or we’re going to finish the job, okay. And it won’t be tough to finish the job.” “I’d rather make a deal because I don’t want to affect 91 million people. We can knock down their bridges in one hour. We can knock out their energy supply.” “We can knock out their electricity and power generating plants. And I would say in a small part of an afternoon, every plant will be gone. And they know that.” https://x.com/FoxNews/status/2074138368082952515
Trump rang the opening bell for the NYSE and Nasdaq from the Oval Office to promote ‘Trump Accounts.’ Trump: “We’re putting the power of the stock market into the hands of our kids from day one… It’s going to go up I think the market’s going to go through the roof… I’m a big fan of crypto.”
Trump: “I’ve become a big crypto guy… if we don’t have it, China’s gonna have it… I got involved in a little bit for politics, you know, because I realized that a lot of people love crypto…” https://x.com/Osint613/status/2074140372888920091
Trump: “I’m very much for crypto. It’s not a question of a personal thing, because I let my kids do whatever the hell they do. I don’t ever talk to them ever about it. I’m allowed to! I think. I’m allowed to. But I don’t bother … I make as president essentially $2.5 million for four years… We’ve had other wealthy presidents… George Washington had two desks in his pre-White House. One was for business; one was for the presidency…” https://x.com/Osint613/status/2074141310009700665
@FoxNews: President Trump contrasts his new Trump Accounts with what he called the rise of socialism and communism. “They’re not socialists. They’re communists,” Trump said, arguing the investment accounts will encourage children to become entrepreneurs by giving them a stake in the stock market from an early age. He says the goal is to bring more Americans into the economic mainstream. https://x.com/FoxNews/status/2074137747908936068
Trump: “We’re riding the hottest stock market in history… 81 days we hit record highs… A guys went short; those pour bastardsare getting wiped out!… We’re going to make young children, born without money in many cases, rich…” https://x.com/RealAmVoice/status/2074163662516879760
Trump commanded his followers, “Go out and buy a Dell computer; they’re great.” DJT honored Mike Dell in the Oval Office for contributing stock to “Trump Accounts.” Dell hit +8.99% at 10:51 ET.
On January 21, 2026, Dell hit a low of 110.22; it hit a high of 469.47 on June 1, 2026. Dell is trading at 33X trailing 12-months month earnings and 23X forward 12-month earnings.
The SOX Index hit +4.96% at 10:17 ET. The NY Fang+ Index hit +0.98% at 9:34 ET and retreated.
Trump ended his remarks from the Oval Office at 10:43 ET. ESUs and stocks rolled over. This is nothing but a price S&P 500 Index quarterly – The 1987 Crash is negligible due to the historic bubble.
With retail speculation and participation in the stock market at historic highs, what could possibly go wrong with another inducement to stocks?
@ThierryBorgeat: The S&P put/call skew just collapsed to 0.71…The lowest reading on record.The 10-year average is 12. The 2020 panic peaked at 34. We’re at 0.71.What this measures: how much investors pay to protect against a crash versus betting on a rally. At 0.71, crash protection is essentially free. Nobody wants it… After two years of gains, at record concentration, with households at record equity exposure, the options market has priced hedging like insurance on a house that cannot burn. History’s lesson is consistent: markets don’t crash when everyone fears a crash. Fear is the hedge. This chart says the hedge is gone. Nobody buys insurance at the top. That’s what makes it the top? https://x.com/ThierryBorgeat/status/2074188076125991190
Fed Gov Waller: Fed will not keep rates down for the purpose of helping the US government finance its deficit; would prefer inflation target be set as a range but changing the target at this would not be credible. Benzinga Newswire 12:16 ET
ESUs opened sharply higher on Sunday night and ran to a high of 7574.25 at 20:14 ET. After a plodding retreat to 7538.25 at 23:52 ET, ESUs rallied to 7566.25 at 4:09 ET. After a modest retreat, ESUs settled into a 10-handle trading range until they broke modestly lower just before the NYSE opening. After hitting 7551:75 at 9:20 ET, ESUs jumped to 7573.00 at 8:29 ET on buying for the NYC opening. ESUs then vacillated in a 16-handle range until they broke higher at 10:25 ET. Abetted by Trump’s shilling for stocks, ESUs marched to a high of 7594.75 (+66.50) at 13:06 ET.
An afternoon retreat took ESUs to 7575.25 at 13:42 ET. ESUs marched to a daily high of 7602.50 at 15:21 ET. ESUs fell to 7587.75 at 15:55 ET. The late manipulation forced ESUs to 759.75 at 16:00 ET.
Positive aspects of previous session AI bubble stocks soared; Fangs rallied sharply, abetted by Trump’s stock market touting.
Negative aspects of previous session USUs fell modestly; gasoline rallied sharply; the DJTA declined.
Ambiguous aspects of previous session Will Trump continue to pump up a bubbling stock market into the November Elections? What does the Fed think about Trump pumping up a bubbling stock market? First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour:Up; Last Hour: Down
Pivot Point for S&P 500 Index [above/below indicates daily trend to day traders]: 7529.90 Previous session (S&P 500 Index) High/Low: 7551.31 (15:24 ET); 7500.97 (9:38 ET)
Biden’s illegal immigration surge triggered 30% rise in home prices, $ 20% in rents, Fed paper findshttps://trib.al/c3M9oC6
Trump: I have just been informed that one of the biggest, best, and smartest Retailers in America, Walmart, will be lowering prices, by a lot, at my Administration’s request to celebrate our great Country’s 250th birthday. Walmart will, in particular, be dropping the price for a pound of ground beef by almost 15%, among many other products. This is a huge deal for the many millions of Americans who, smartly, shop at Walmart, which is a truly patriotic Company who loves the U.S.A. My administration is lowering prices that Joe Biden incompetently raised with the worst inflation crisis in history, a total disaster along with the Southern Border, the botched withdrawal from Afghanistan, and many other failures. Just as I promised, Oil Prices are plummeting FAST, and Gas Prices at the pump are dropping too, just like egg and Prescription Drug prices which I am bringing down by historic levels. Walmart is stepping up in a big and bold way, and other Retailers should follow the lead of these absolute Patriots.
Today – The SOX Index hit its Monday high at 10:17 ET. It then fell from 13252.547 to 12898.344 at 13:42 ET. That 354 handles. This implies that traders great and small got too jiggy on AI stocks, and some astute operators unloaded into the early buying. The action yesterday suggests weakness today.
Stocks should retrench after wise guys played the Monday Rally and the Trump Account touts yesterday.
To reiterate: Never in US history has a president so fervently touted stocks – and with stocks at historic levels and with historic levels of participation, leverage, and speculation. Is it possible that everyone that owns stocks will ‘get rich’ and no day of reckoning will occur?
ESUs are -1.50, NQUs are -78.75; WTI is +$0.33 & gasoline is +0.75¢; and USUs are -1/32 at 20:20.
S&P Index 50-day MA: 7403; 100-day MA: 7092; 150-day MA: 7025; 200-day MA: 6948 DJIA 50-day MA: 50,627;100-day MA: 49,273; 150-day MA: 49,075; 200-day MA: 48,479 (Green is positive slope; Red is negative slope)
S&P 500 Index (7537.43 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 7391.72 triggers a sell signal Hourly: Trender and MACD are positive – a close below 7512.49 triggers a sell signal
DJT confidant @LauraLoomer: A very high-level source told me Mitch McConnell is officially brain dead and machines are keeping him alive… and “never coming back.” So why is his wife @ElaineChao in China instead of by his side? Is she a Chinese CCP spy? How does the wife of one of the most powerful US Senators just travel to China? Is she coming back from China? Who is she meeting with in China? Will she be the one to pull the plug?
(Seante Majority Leader) Thune says McConnell is ‘dialed in’ after Sunday hospitalization Majority Leader John Thune said Monday he has spoken with Sen. Mitch McConnell after his Sunday hospitalization. “He sounded good. He wants to be back,” Thune said. In a statement issued just after Thune spoke, McConnell’s office said the senator was “fully engaged with staff.”… June 15, 2026 https://abcnews.com/Politics/sen-mitch-mcconnell-hospitalized-undisclosed-condition-spokesperson/story
If Thune lied, he should be dismissed as Senate Majority Leader. PS – McConnell is the head of the Senate Rules Committee.
SWAMP STORIES FOR YOU TONIGHT
Key Dems Pull Out After Platner Campaign Rocked By Sexual Assault Allegations
Monday, Jul 06, 2026 – 06:29 PM
Update: That didn’t take long… key democrats including Sen. Ruben Gallego (D-AZ) and Rep. Ro Khanna have pulled their endorsements of Platner following the allegations, according to Fox News‘ Bill Melugin.
Graham Platner’s Senate campaign was thrown into turmoil Monday after a woman publicly accused him of sexual assault in a detailed report published by Politico.
Jenny Racicot, a 41-year-old Maine woman, told reporters Jessica Piper and Adam Wren that Platner sexually assaulted her in late 2021, near the end of an on-and-off consensual relationship that began after the two matched on Bumble in 2019. Before publishing the allegations, Politico interviewed Racicot three times over two weeks, spoke with a man she dated after Platner, and reviewed therapist emails and years-old Facebook messages.
Racicot said she texted Platner that night, telling him not to come over. Then she heard footsteps on the stairs. Platner had let himself into her unlocked rural home, and by her account, he smelled of alcohol and hovered near blackout drunk. She said he climbed on top of her on the couch and kept grabbing her as she told him to stop, knocking over an antique sewing kit and scattering needles without pausing. When she tried to leave the room, he followed her into the bedroom and had sex with her against her will.
“I remember him grabbing my pelvis and being really forceful of me,” she said. “I remember the specific moment where I thought to myself, like, ‘This is no longer my choice.'”
He fell asleep in her bed. She said she considered forcing him out but feared a blackout-drunk driver on rural Maine roads might kill someone. The next morning, when he tried to put his arm around her, she pushed him away and asked if he remembered the night before. He said he did not. She told him to leave and never contact her again.
Racicot waited several weeks, making sure she was sure she was not pregnant from the assault, before sending Platner an Instagram message stating the encounter was not consensual. That message no longer exists because Racicot deleted her old texts and social media exchanges with him and could not recover them for Politico. Nor did she file a police report, citing shock, confusion, and fear of retaliation. Her therapist heard the account at the time, and emails Racicot shared with the paper show that she sought help to corroborate it. A man Racicot began dating in 2022 also said she described the incident in pieces before sharing the full account in 2023, and his version matched hers.
Politico also reviewed Facebook messages from 2023 in which Racicot warned an acquaintance against getting involved with Platner, telling her that he does not listen when he is drunk. A friend she confided in last summer recalled her describing him as very drunk and unwilling to accept no as an answer.
Platner’s campaign called the allegations a coordinated hit by outside political operatives and noted the story landed about a week before Maine’s ballot deadline, echoing the timing of allegations that surfaced before the primary. The problem is that Racicot’s politics align with Platner’s, and her hesitation to come forward stemmed from a conflict between supporting his platform and disapproving of him as a person; she wanted voters to have a full picture of who he is.
The New York Times contacted her in spring 2026, and she shared the assault claim off the record; the resulting article described his behavior in general terms while coverage centered on accuser Lyndsey Fifield, whose Republican ties gave Platner’s allies an angle to deflect the accusations, which ultimately did not impact his campaign. His candidacy had already survived offensive online comments and earlier claims he mistreated women, which he denied while attributing past behavior to mental health struggles and alcohol abuse. Prior to the New York Times story, Platner had assured Senate Democrats that no more scandals would come out about him.
Despite the damning allegations in the New York Times story, Platner raised more than $200,000 after the story came out, his best fundraising day since Gov. Janet Mills exited the race. After seeing Fifield’s account get minimized because of her politics, Racicot was convinced she had to come forward.
In a video statement posted on social media, Platner denied the allegations but said he was taking time off to reflect on the path forward.
“I wanted to directly address the troubling, serious, and false allegations against me,” Platner said. “Any accusation of non-consensual behavior is categorically false.” He thanked supporters for building “the largest volunteer base in the history of Maine politics” before arriving at the sentence that counts. “So regardless of the inaccuracy of the reporting, but mindful of the political reality it will inflict, we are taking the time to reflect on the best path forward for the state that I love, the people that I love, the movement I belong to, and the goal of defeating Susan Collins,” he said. He closed with a vow that “you never turned your back on me, and I will not turn my back on you now,” and the sign-off, “As Maine goes, so goes the nation.”
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