JULY 10/ANOTHER RAID; GOLD CLOSED DOWN $27.25 TO $4105.00 WITH SILVER CLOSING DOWN $0.67 TO $59.70//PLATINUM CLOSED UP $4.00 TO $1628.00 WITH PALLADIUM UP $18.00 TO $1291.50//GOLD COMMENTARY TONIGHT COURTESY OF ALASDAIR MACLEOD//COMMENNTARIES TONIGHT FROM JAPAN, THE EU, GERMANY AND ENGLAND//ISRAEL/USA VS IRAN UPDATES/ISRAEL TBN// RUSSIA VS UKRAINE//TRUMP TO GIVE F 35 TO TURKEY//COVID VACCINE INJURY REPORTS: MARK CRISPIN MILLER//LAST 24 HOURS DETAILS//GLOBALLY: COURTESY OF RABOBANK//OIL MARKETS DETAILED// USA ECONOMIC REPORTS/SWAMP STORIES FOR YOU TONIGHT//KING NEWS//
Bitcoin morning price:$64,403 DOWN 659 DOLLARS (MANY SWITCHING TO PHYSICAL GOLD)
Bitcoin: afternoon price: $63,744 UP 1040 DOLLARS
Platinum price closed UP 40.00 to $1624.50
Palladium price; UP $29.00 TO $1263.50
JULY 10
DLV615-T CME CLEARING BUSINESS DATE: 07/09/2026 DAILY DELIVERY NOTICES RUN DATE: 07/09/2026 PRODUCT GROUP: METALS RUN TIME: 20:19:08 EXCHANGE: COMEX CONTRACT: JULY 2026 COMEX 100 GOLD FUTURES SETTLEMENT: 4,130.600000000 USD INTENT DATE: 07/09/2026 DELIVERY DATE: 07/13/2026 FIRM ORG FIRM NAME ISSUED STOPPED
092 C DEUTSCHE BANK 1 099 H DEUTSCHE BANK AG 2 363 H WELLS FARGO SECURITI 4 657 H MORGAN STANLEY 6 905 C ADM 1
TOTAL: 7 7 MONTH TO DATE: 9,554
JPMORGAN STOPPED: 0/7
GOLD: NUMBER OF NOTICES FILED FOR JULY/2026: 7 CONTRACTs NOTICES FOR 700 OZ or 0.02177 TONNES
total notices so far: 9554 contracts FOR 955,400 OZ OR 29.7169 TONNES
JULY 10
XXXXXXXXXXXXXXXXXX
SILVER NOTICES: 115 NOTICE(S) FILED FOR 0.575 MILLION OZ /
total number of notices filed so far this month : 5813 CONTRACTS (NOTICES) for 29.065 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 $27.25 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/// HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.138 TONNES OF GOLD FROM THE GLD/
INVENTORY RESTS AT 1005.648 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER DOWN $0.67 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.904 MILLION OZ OZ OUT OF THE SLV/// : INVENTORY RESTS AT THE SLV AT 478.130 MILLION OZ//
CLOSING INVENTORY: 478.130 MILLION OZ
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A MEGA STRONG SIZED 1802 CONTRACTS TO AN OI OF 105.199 STILL A LOT HIGHER FROM ITS NEW RECORD LOW OF 95,999 SET MAY 1/2026. THE RECORD HIGH OI FOR SILVER IS 244,710, SET FEB 25/2020, AND THIS HUGE GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR MONSTER GAIN OF $2.64 IN SILVER PRICING AT THE COMEX WITH RESPECT TO WEDNESDAY’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 HUGE GAIN OF 2677 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A HUGE SIZED SIZED 875 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE , WE HAD LITTLE LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO THURSDAY TRADING// WE HAD A MEGA MEGA HUGE SIZED 815 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 FAILED ON THURSDAY 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 $60.37 UP $2.64. WE ARE NOW WITNESSING HAVING MANY HUGE T.A.S ISSUANCES // TODAY’S WAS A MEGA MEGA HUGE SIZED 815 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!! EXPECT ANOTHER 4 CONSECUTIVE ISSUANCES OF THESE CRIMINAL TA.S. CONTRACTS
THERE IS NO NEXT LINE IN THE SAND ONCE THE 100.00 DOLLAR SILVER IS PIERCED AGAIN. WE HAD A HUGE SIZED 875 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE SIZED 875 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 MEGA HUGE SIZED GAIN OF 2677 CONTRACTS ON OUR TWO EXCHANGES WITH OUR GAIN IN PRICE OF $2.64. 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 THURSDAY NIGHT/FRIDAY MORNING: A MEGA MEGA HUGE SIZED 815 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 STRONG 40 CONTRACT EXCHANGE FOR PHYSICAL TRANSFER OR 0.200 MILLION OZ WHERE DELIVERY WILL OCCUR ON THIS SIDE OF THE LONDON SIDE OF THE POND. THUS STANDING REDUCES TO 36.280 MILLION OZ//
SUMMARY OF OUR JULY 2026 COMEX CONTRACT MONTH:
WE HAD:
/ MEGA STRONG SIZED COMEX GAIN+// HUGE SIZED EFP ISSUANCE CONTRACTS AT 875 CONTRACTS () A HUGE NUMBER OF T.A.S. CONTRACT ISSUANCE 815 CONTRACTS
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 658 SILVER CONTRACT//
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS JULY.. ACCUMULATION
TOTAL CONTRACTS for 7 DAY(S), total 3842 contracts: OR 19.210 MILLION OZ (548 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 19.210 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: 19.210 MILLION OZ
RESULT: WE HAD A MEGA HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1802CONTRACTS WITH OUR GAIN IN PRICE OF $2.64 IN SILVER PRICING AT THE COMEX// THURSDAY,. THE CME NOTIFIED US THAT WE HAD A HUGE SIZED CONTRACT EFP ISSUANCE OF 875 CONTRACTS ISSUED FOR SEPT, AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS).
INITIAL STANDING: 37.110 MILLION OZ FOLLOWED BY TODAY’S STRONG 0.200 MILLION OZ EXCHANGE FOR PHYSICAL TRANSFER: STANDING THUS REDUCES TO 36.280 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 STRONG 0.200 MILLION EXCHANGE FOR PHYSICAL TRANSFER TO LONDON //STANDING THUS REDUCES TO 36.280 MILLION OZ//
THE NEW TAS ISSUANCE FOR TODAY (815) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED NO DOUBT WITH FUTURE TRADING LIKE TODAY.
WE HAD 115 NOTICE(S) FILED TODAY FOR 0.575 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 4981 OI CONTRACTS UP TO 376.411 OI AND THIS OI STILL SURPASSES BY A CONSIDERABLE MARGIN THE ALL TIME LOW AT 326,052 SET JUNE3/2026 AND THIS OI IS MUCH FURTHER FROM THE RECORD HIGH (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. WE HAVE NOW ADVANCED PAST THE PREVIOUS ALL TIME LOWS OF 357,136 SET APRIL 2/.2026AND 354,581 SET AT THE END OF APRIL 2026. WE ARE STILL QUITE A WAY FROM OUR TWO DECADES OLD: 390,000 CONTRACTS LOW SET IN THE YEAR OF 2001 WITH TRADING FOR GOLD AT $260.00. THUS DURING EARLY APRIL WE HAD AN ALL TIME LOW OI IN COMEX (354,531) BUT WITH AN EXTREMELY HIGH PRICE OF GOLD. IN MAY: RECORD LOW OI OF 326,052 WITH A GOLD PRICE OF $4,460 THE SHORT RATS ARE ABANDONING THE COMEX SHIP, NOBODY WANT TO PLAY IN THIS CROOKED CASINO!! (AND THIS CORRELATES WITH SILVER’S LOW OI OF 104,154 CONTRACTS WITH A MUCH HIGHER SILVER PRICE BASE//$58.00)
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED XXX CONTRACTS //.
WE HAD A STRONG GAIN IN COMEX OI (4981 CONTRACTS) . THIS GAIN IN OI OCCURRED WITH OUR GAIN IN PRICE OF $58.60 //,THURSDAY
///.
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 0.0528 TONNES//NEW STANDING ADVANCES TO 29.782 TONNES
E.F.P. ISSUANCE/FOR OPENING JUNE. GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1735 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 376.411 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 105,199 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 6716 CONTRACTS WITH 4981 CONTRACTS INCREASED AT THE COMEX// AND A FAIR SIZED 1735 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON.
THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 6716 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A MEGA MEGA HUGE SIZED AND CRIMINAL 14,090 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED UPON .
GOLD PRICE ON THURSDAY ROSE BY $58.60
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT (1735 ) ACCOMPANYING THE STRONG GAIN IN COMEX OI OF 4981 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES 6716 CONTRACTS!! WITH THE GAIN IN PRICE.
WE HAVE 1) NOW REVERTED TO OUR FORMAT OF BANKER (FRBNY) GOING ON THE LONG SIDE AND HUGE NUMBERS OF NEWBIE SPECULATORS GOING TO THE SHORT SIDE LED BY THE NOSE BY OUR HIGH FREQUENCY TRADERS.. IT WAS OUR SHORT SPECULATORS THAT WILL BE BRUTALIZED WHEN OUR CENTRAL BANKS TENDER FOR PHYSICAL GOLD WITH THEIR NEWLY BOUGHT GOLD FROM THE SPECS THIS MORNING. THE SPECS WILL BE SCRAMBLING LOOKING FOR PHYSICAL GOLD TO DELIVER TO OUR LONG CENTRAL BANKS.
STANDING FOR THE LAST 5 MONTHS JANUARY TO MAY:
FINAL STANDING FOR GOLD, JANUARY CONTRACT AT 59.2108 TONNES OF GOLD
FEBRUARY: INITIAL STANDING FOR GOLD: 157.878 TONNES!! WHICH INCLUDES ALL QUEUE JUMPING, THREE EXCHANGE FOR PHYSICAL TRANSFERS TO LONDON AND OUR SIX ISSUANCES EXCHANGE FOR RISK!!
MARCH: INITIAL STANDING AT 8.099 TONNES TO WHICH WE ADD OUR FINAL DAY: 0.2320 TONNES QUEUE JUMP AND THEN ADD +22.3818 TONNES EXCHANGE FOR RISK//NEW STANDING ADVANCES TO 67.6648 TONNES
APRIL: INITIAL STANDING 52.600 TONNES PLUS 27,800 OZ QUEUE JUMP (0.8648TONNES): NEW STANDING ADVANCES TO 70.286 TONNES PLUS OUR TWO EXCHANGE FOR RISK FOR 223,900 OZ OR 6.964 TONNES/NEW STANDING: 77.726 TONNES
MAY: INITIAL AMOUNT OF GOLD WILLING TO STAND; 12.24 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP FOR 345 CONTRACTS/34,500 OZ// 1.073 TONNES/ THEN WE MUST ADD OUR EXCHANGE FOR RISK ISSUANCE: TOTAL EXCHANGE FOR RISK MAY// 5 OCCASIONS: 24.635 TONNES///NEW STANDING NOW ADVANCES TO 51.554 TONNES
JUNE: INITIAL AMOUNT OF GOLD WILLING TO STAND: 64.496 TONNES TO WHICH WE ADD OUR NEXT EXCHANGE FOR PHYSICAL TRANSFER JUMP OF 0.0186 TONNES//NEW STANDING REDUCES TO 127.03 TONNES//FINAL
JULY: INITIAL AMOUNT OF GOLD WILLING TO STAND: 23.306 TONNES OF GOLD TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.0528 TONNES//NEW STANDING FOR GOLD ADVANCES TO 29.782 TONNES.
3) LITTLE T.A.S. LIQUIDATION IN THE COMEX SESSION AND SOME GOVT LIQUIDATION // WITH A STRONG GAIN OF EQUITY SHARES/JULY 9 HAVING 1)A HUGE COMEX PRICE GAIN ($58.30) 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 6716 CONTRACTS ON OUR TWO EXCHANGES AND AS WELL A STRONG AMOUNT OF GOLD WILL STAND FOR DELIVERY IN JULY. (29.782 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) A FAIR SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD(1735) AND 6. A MEGA MEGA STRONG T.A.S. ISSUANCE (14,090) FOR RAID PURPOSES.!!! EXPECT 3 MORE ISSUANCES OF THESE MEGA ISSUANCES IN T.A.S. IN CONSECUTIVE DAYS ENDING NEXT WEDNESDAY.
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: 13,103 CONTRACTS OR 1,310,300 OZ OR 40.755 TONNES IN 7 TRADING DAY(S) AND THUS AVERAGING: 1871 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN7 TRADING DAY(S) IN TONNES: 40.755 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2025, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 40.755 TONNES DIVIDED BY 3550 x 100% TONNES = 1.15% 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: 40.755 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 ROSE BY A MEGA HUGE SIZED 1802 CONTRACTS TO AN OI OF 105,199
EFP ISSUANCE 875 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 875 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 1802 CONTRACTS AND ADD TO THE 875 E.FP. ISSUED
WE OBTAIN A MEGA HUGE GAIN OF 2,677 OI OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR HUGE GAIN OF $2.64
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 13.365 MILLION PAPER OZ
OCCURRED WITH OUR GAIN IN PRICE.OF $2.64
2.ASIAN AFFAIRS JULY 10 /2025
SHANGHAI CLOSED DOWN 40.43 PTS OR 1.00%
HANG SENG CLOSED DOWN 144.94 PTS OR 0.60%
Nikkei CLOSED UP 1075.15 PTS OR 1,58%
//Australia’s all ordinaries CLOSED UP 0.61%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.7746
/ OFFSHORE CLOSED UP AT 6.7786 Oil DOWN TO 72.24 dollars per barrel for WTI and BRENT DOWN TO 76.51 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN// WITH YUAN TRADING UP (6.7746) OFFSHORE YUAN TRADING UP TO 6.7786 ONSHORE YUAN TRADING ABOVE LEVEL OF OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER/OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG 4981 CONTRACTS TO 376,411 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 LITTLE T.A.S. LIQUIDATION DURING THURSDAY’S MASSIVE COMEX TRADING. 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 (4961 CONTRACTS) OCCURRED WITH OUR HUGE GAIN IN PRICE IN GOLD (UP $58.60)
WE THUS HAD A STRONG SIZED GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 6716 CONTRACTS (OR 20.889 TONNES) WITH OUR STRONG GAIN IN PRICE, AS WE WERE INFORMED OF A FAIR CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE, EQUATING TO 1735 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 AND JULY
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/JULY:
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 JULY COMEX CONTRACT MONTH//
IN TOTAL WE HAD A STRONG GAIN ON OUR TWO EXCHANGES OF 6716 CONTRACTS WITH OUR HUGE GAIN IN PRICE($58.60). 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 MEGA MEGA HUGE SIZED T.A.S ISSUANCE CONTRACTS .THE CME NOTIFIES US THAT THEY HAVE ISSUED THIS MONSTER 14.090 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 AND IF HISTORY SERVES US WELL, EXPECT 3 MORE OF THESE ISSUANCES ON CONSECUTIVE DAYS WHICH COMMENCED ON THURSDAY AND THESE ISSUANCES WILL END NEXT WEDNESDAY AND THUS ANOTHER MONSTER RAID WILL BE UPON US ON ONE OR TWO OF THESE DAYS.
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 0.0528 TONNES//NEW STANDING ADVANCES TO 29.782 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 $28.05)
WE HAD HUGE T.A.S. SPREADER LIQUIDATION THURSDAY // COMEX SESSION// WITH 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
THURSDAY NIGHT//FRIDAY 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 THURSDAY EVENING //FRIDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $58.60
WE HAD 491 CONTRACTS REMOVED AT THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL.
NET GAIN ON THE TWO EXCHANGES: 6716 CONTRACTS OR 671,600 OZ (20.889TONNES)
Total monthly oz gold served (contracts) so far this month
9554 notices 955,400 OZ
29.7169 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month
dealer deposits: 0
0 ENTRY
z
DEPOSITS/CUSTOMER
ENTRIES: 0
xxxxxxxxxxxxxxxxxx
comex withdrawal
0 ENTRIES
adjustments: 1// customer to dealer
Brinks: 578.700 oz
COMEX IS DRAINING GOLD
chaos inside the comex
THE FRONT MONTH OF JULY OI STANDS AT 28 CONTRACTS HAVING A LOSS OF 318 CONTRACTS. WE HAD A GAIN IN OZ STANDING OF 17 CONTRACTS FOR 1700 OZ OR 0.0528 TONNES, ANOTHER QUEUE JUMP AS CENTRAL BANKS CONTINUE TO TAKE PHYSICAL GOLD OUT OF THE COMEX!!
AUGUST LOST 8760 CONTRACTS TO AN OI OF 252,533
SEPTEMBER GAINED 24 CONTRACTS UP TO AN OI OF 1857.
.
We had 7 contracts filed for today representing 700 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 7 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for JULY. /2026. contract month, we take the total number of notices filed so far for the month (9,554) to which we add the difference between the open interest for the front month of JULY (28 CONTRACTS) minus the number of notices served upon today 7 x 100 oz per contract) equals 957,500 OZ OR (29.782 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 (9554) to which we add the difference between the open interest for the front month of JULY( 7) contracts minus the number of notices served upon today 7 x 100 oz per contract) equals 957,500 OZ OR (29.782 Tonnes of gold)
Yesterday’s standing: 29.729 tonnes
new total of gold standing in JULY becomes 29.782 TONNES//
TOTAL COMEX GOLD STANDING FOR JULY 29.782TONNES TONNES WHICH IS NOW REALLY HUGE FOR THIS NON ACTIVE DELIVERY MONTH OF JULY.
confirmed volume THURSDAY confirmed 174,795/ POOR// many have left the arena
COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 1,840,407.826 oz 57.244 tonnes pledged gold lowers
total inventories in gold declining rapidly
total pledged gold: 1,840,407.826 tonnes oz 57.244 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 27,124,352.930oz
TOTAL REGISTERED GOLD 14,760,025.161 tonnes (459.098tonnes)
TOTAL OF ALL ELIGIBLE GOLD 12,364,327.769 oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 12,980,586 oz ((REG GOLD- PLEDGED GOLD)=
401.88 Tonnes //
total inventories in gold declining rapidly
SILVER COMEX
JULY DELIVERY MONTH
JULY 10
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
1 entries
i) Out of Asahi 591,206.200
total withdrawal: 591,206.200 oz
Deposits to the Dealer Inventory
1 entries
ENTRY:1
i) Into Asahi: 324,216.990 oz
total deposit 324,216.990 oz
Deposits to the Customer Inventory
ENTRY:1
i) Into Manfra: 299,539.022 oz
total deposit 299,539.022oz
No of oz served today (contracts)
115 CONTRACT(S) ( 0.575 MILLION OZ)
No of oz to be served (notices)
1443 Contracts (7.215 MILLION oz)
Total monthly oz silver served (contracts)
5813 contracts 29.065 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
ENTRY:1
i) Into Asahi: 324,216.990 oz
total deposit 324,216.990 oz
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
ENTRY:1
i) Into Manfra: 299,539.022 oz
total deposit 299,539.022oz
xxxxxxxxxxxxxxxxxxxxxxxxx
withdrawals: customer side/eligible
1 entries
1 entries
i) Out of Asahi 591,206.200
total withdrawal: 591,206.200 oz
adjustments :
customer to dealer
a) Brinks 295,039.940 oz
b) Delaware: 75,106.635 oz
xxxxxxxxxxxxxx
TOTAL REGISTERED SILVER: 94.143 MILLION OZ//.TOTAL REG + ELIGIBLE. 326.610 Million oz
registered silver dropping in numbers
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JULY
silver open interest data:
FRONT MONTH OF JULY /2026 OI: 1558 OPEN INTEREST CONTRACTS FOR A LOSS OF 279 CONTRACTS.
STANDING FOR SILVER TODAY IS REPRESENTED BY 36.280 MILLION OZ. YESTERDAY’S STANDING: 36.480 MILLION OZ. THUS WE LOST 40 CONTRACTS OR 200,000 OZ TRANSFERRED TO LONDON VIA AN EXCHANGE FOR PHYSICAL TRANSFER.
AUGUST SAW A GAIN OF 64 CONTRACTS UP TO 2008…
SEPTEMBER SAW A GAIN OF 1428 CONTRACTS UP TO AN OI OF 81,569 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 115 or 0.575 MILLION oz
CONFIRMED volume THURSDAY; 35.619// fair//
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 5813 X5,000 oz = 29.065 MILLION oz.
We now take the total number of oz standing today and subtract the total standing yesterday and we have a LOSS of 40 contracts for 200,000 oz and this represents an exchange for physical transfer where they will take delivery over on the London side of the pond.
YESTERDAY: 36.480 MILLION OZ//STOOD FOR DELIVERY// TODAY 36.280 MILLION OZ
Thus the standings for silver for the JULY 2026 contract month: (5813 )Notices served so far) x 5000 oz + OI for the front month of JULY ( 1558) minus number of notices served upon today (7)x 5000 oz equals silver standing for the JULY..contract month equating to 36.280 MILLION OZ. ( 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 94.143 million oz of registered silver
JPMorgan as a percentage of total silver: 137.898/326.616million: 42.25%
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 10/2026/WITH GOLD DOWN $27.25 /HUGE CHANGES IN GOLD AT THE GLD : A DEPOSIT 0F 3.138TONNES OF GOLD INTO THE GLD/ //:/INVENTORY RESTS AT 1002.510 TONNES
JULY 9/2026/WITH GOLD UP $58.60 /SMALL CHANGES IN GOLD AT THE GLD : A WITHDRAWAL OF 0.28 TONNES OF GOLD FROM THE GLD/ //:/INVENTORY RESTS AT 1002.510 TONNES
JULY 8/2026/WITH GOLD DOWN $73.30 /NO CHANGES IN GOLD AT THE GLD //:/INVENTORY RESTS AT 1002.79 TONNES
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: 1005.648 TONNES, TONIGHTS TOTAL GOLD INVENTORY
SILVER
JULY 10 WITH SILVER DOWN $0.67: :SMALL CHANGES IN INVENTORY AT THE SLV A WITHDRAWAL OF 0.904 MILLION OZ INTO THE SLV/ :INVENTORY RESTS AT 478.130 MILLION OZ
JULY 9 WITH SILVER UP $2.64: :SMALL CHANGES IN INVENTORY AT THE SLV A WITHDRAWAL OF 0.497 MILLION OZ INTO THE SLV/ :INVENTORY RESTS AT 479.531 MILLION OZ
JULY 8 WITH SILVER DOWN $2.70: :HUGE CHANGES IN INVENTORY AT THE SLV A DEPOSIT OF 0.497 MILLION OZ INTO THE SLV/ :INVENTORY RESTS AT 479.531 MILLION OZ
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
Goodbye to Western paper. Moving in plain sight, China has set up a new market in Hong Kong ready to take over from London and New York when the dollar dies.
First, let’s look briefly at what happened to gold in the 1973—1974 OPEC crisis.
Note that gold drifted lower when the oil price was hiked by 66% by OPEC led by Sheik Yamani. Having traded down to $90 in late-November, it then began to rise before Yamani hiked the price even further in early-January 1974 to $11.65. Gold went on to double by the year-end. If this was repeated today, we would see gold nearly doubling to $7,750 in less than four months before going on to over $8,000 in just 12.
Food for thought, not a forecast.
Now to today…
Having shaken out the speculators, the PBOC and China’s commercial banks have taken the opportunity to acquire significant quantities of bullion. In 2026 up to May, China imported 692 tonnes of non-monetary gold, with May’s figure of 163 tonnes the highest monthly total for over a year. We have yet to see June’s total but there’s every reason to believe that this rate of gold imports has continued.
Monetary gold is not recorded in customs figures. So far this year, this has amounted to an additional 40 tonnes to end-June, representing sales of foreign currencies by the PBOC, almost all dollars, to the tune of about $60 billion. But that’s not all. She also imported 1,626 tones of silver in Q1, selling a further $4 billion. Add in the non-monetary gold, ridding the banks of a further $100bn up to May.
To this activity we can add other base metals and commodities which she has been buying such as copper. Add in sulphuric acid and fertilisers etc. which she no longer exports for dollars. Perhaps China sees this chart and understands the implications:
Get out of credit, which has been weaponised against her allies and could be weaponised against her. Furthermore, the decline in currency values priced in real money is accelerating. Clearly, the risk that the end of the fiat currency system is nigh is significant, in which case China should get rid of them to buy anything she might need in the future.
Being an ally of Iran, we can bet she sees the situation very clearly. G7 capital markets fail to do so, clinging on to the hope that Hormuz will be opened soon. And anyway, look at the price of oil, which has drifted back to not much higher than it was before America and Israel attacked Iran.
With respect to gold and silver prices, it looks much like the October-November 1973 drift lower. But this oil crisis is potentially worse than the late-1973 OPEC crisis.
In other words, the most important central bank in Asia is acting as if the dollar and attendant fiat currencies will soon be worthless. Meanwhile, her exports are hitting records, totalling $452bn in the five months to May. See the problem? If you have any unwanted gold and silver in return for dollars, the PBOC would like to hear from you.
Meanwhile, paper markets in London and New York are comatose, with only a flicker of interest developing, as the chart of gold’s open interest indicates:
This week, gold was little changed on the week, following last Friday’s Independence Day holiday on Comex, and renewed attacks on Iran by the US. But open interest remains at the lowest levels since 2014. And now China’s banks are looking to close down onshore speculator’s positions by 24 July. We can only guess it is so that they can cover their shorts — ahead of a major development?
That is the problem for traders in this market in a nutshell. They might wake up one morning wrong-footed because the story has radically changed. Only stackers not sidetracked by paper games will secure the value of being free from collapsing credit in the form of fiat currencies.
The story in silver is similar. Open interest on Comex is the lowest for many years, but after a brief uptick is trending lower again. The reason is the same as that facing Chinese banks in gold. The establishment is short and effectively refusing to print more silver-linked paper. In China, they merely command the longs to close their positions. The Swaps don’t have that luxury.
So, what is the PBOC up to? It is extending the SGE (which it owns and directs) into Hong Kong. At the same time, it is freeing up movement of physical gold between Shanghai and Hong Kong, having announced that permission from the PBOC to export gold to the island is no longer required. It has announced a substantial expansion of facilities in Hong Kong, set up a clearing and settlement system facility, is reviving dollar gold futures trading alongside gold-yuan futures, establishing a delivery connection with the SGE, coordinating with Shenzhen for refining and regulatory refinement, giving tax incentives for gold trading in Hong Kong, enhancing yuan liquidity, encouraging new gold-linked investment vehicles even for onshore pension funds, and planning a massive expansion of storage facilities to 2,000 tonnes+.
Quite a list. It is also consistent with earlier steps to permit China to put the yuan on a gold standard. Is that the significance of July 24th when major banks want to see speculative longs closed? Perhaps not but a replay of late-1973 is on the cards as a start.
Watch this space, very closely.
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.
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
5. COMMODITY REPORT/
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS FRIDAY MORNING.7:30 AM
SHANGHAI CLOSED DOWN 40.43 PTS OR 1.00%
HANG SENG CLOSED DOWN 144.94 PTS OR 0.60%
Nikkei CLOSED UP 1075.15 PTS OR 1,58%
//Australia’s all ordinaries CLOSED UP 0.61%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.7746
/ OFFSHORE CLOSED UP AT 6.7786 Oil DOWN TO 72.24 dollars per barrel for WTI and BRENT DOWN TO 76.51 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN// WITH YUAN TRADING UP (6.7746) OFFSHORE YUAN TRADING UP TO 6.7786 ONSHORE YUAN TRADING ABOVE LEVEL OF OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER/OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
ONSHORE YUAN: CLOSED UP AT 6.7746
OFFSHORE YUAN: UP TO 6.7786
1.HANG SANG CLOSED UP 144.94 PTS OR 0.60%
2. Nikkei closed UP 1075.15 PTS OR 1.58%
WEST TEXAS INTERMEDIATE OIL DOWN TO 72.24
BRENT; 76,51
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX DOWN TO 100.71/// EURO RISES TO 1.1432 DOWN 7 BASIS PTS
3b Japan 10 YR bond yield:FALLS TO. +2.720 DOWN 16 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA CROSS NOW AT 161.76… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE ENDING OF THE YEN CARRY TRADE AGAIN AND THE REPATRIATION OF YEN DENOMINATED BONDS TRADING IN THE USA/EUROPE. JAPAN 30 YR BOND YIELD: 3.934 DOWN 9 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: UP( 6.7746) AND OFFSHORE: UP AT 6.7786
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and BRENT DOWN this morning
3h European bond buying continues to push yields LOWER on all fronts in the EU German 10yr bund YIELD DOWN TO +3.0376/ Italian 10 Yr bond yield DOWN to 3.825/ SPAIN 10 YR BOND YIELD DOWN TO 3.516%
3i Greek 10 year bond yield DOWN TO 3.714%
3j Gold at $4102.20 //Silver at: 59.40 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 61/ 100 roubles/76.76
3m oil (WTI) into the 72 dollar handle for WTI and 76 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 161.76 // 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.7211% DOWN 16 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.934 DOWN 9 PTS..: USA/SF this 0.8067 as the Swiss Franc . Euro vs SF: 0.9222
USA 10 YR BOND YIELD: 4.536 DOWN 1 BASIS PTS…
USA 30 YR BOND YIELD: 5.056 UP 1 BASIS PTS/
USA 2 YR BOND YIELD: 4.168 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 46.99 UP 11 BASIS PTS/LIRA GETTING KILLED//IDIOTS FOR SELLING GOLD AND USA DOLLAR RESERVES.
10 YR UK BOND YIELD: 4.8806 DOWN 3 PTS
30 YR UK BOND YIELD: 5.608 DOWN 3 BASIS PTS
10 YR CANADA BOND YIELD: 3.501 DOWN 3 BASIS PTS
5 YR CANADA BOND YIELD: 3.108 DOWN 2 BASIS PTS.
1a New York Opening report
Futures Flat As Traders Brace For Weekend Iran Escalation
Friday, Jul 10, 2026 – 08:07 AM
US equity futures are flat on the final trading session of the week, with Tech lagging, as traders hold off on big bets ahead of the weekend, with the fragile truce in the Middle East keeping geopolitical risk front of mind. Overnight, the US said Iran talks will continue, a positive step amid the recent escalation near the Strait of Hormuz (then again the market never reacted negatively to the latest strikes in the first place). As of 7:45am ET, S&P futures are flat and Nasdaq futures are down 0.2%; pre-market, Mag 7 stocks are mixed: META +1.8%, MSFT +0.9%, while NVDA and AAPL are down 0.6% and 0.4%, respectively. Notably, META has been outperforming since the announcement of its Muse Spark AI model and its strategy for the cloud business. SemiAnalysis, whose “unbiased”, often wrong but never in doubt, views at some point be investigated by a regulator, also struck a positive note on META’s AI development (here). Bond yields are 1–2 bp lower, and USD is mostly unchanged. Commodities are mixed: WTI is down 0.2%; base metals are higher, while precious metals are mostly lower. The US economic data calendar empty for the session. Next week includes June CPI, PPI data. Fed calendar empty for the session.
In premarket trading, Magnificent 7 stocks are mixed with Meta rising 3% after research firm SemiAnalysis posted a positive report on the social media giant’s AI compute business (Microsoft +0.4%, Amazon unchanged, Alphabet +0.1%, Apple -0.4%, Tesla unchanged, Nvidia -0.4%).
CCC Intelligent Solutions (CCC) jumps 9% after Reuters reports that the insurance software company is exploring a sale.
Circle Internet Group (CRCL) gains 13% after the stablecoin issuer received approval from the US Comptroller of the Currency to establish “First National Digital Currency Bank, N.A.,” a national trust bank that will offer digital asset services.
Delta Air Lines (DAL) slips 2.8% after the airline posted second quarter results.
EquipmentShare.com (EQPT) gains 13% after the company announced a $500 million share buyback.
Fermi (FRMI ) down -17% after offering $350 million in convertible senior notes
Twilio (TWLO) climbs 2% as Stifel upgrades to buy on the company’s potential to capitalize on the current AI cycle.
WD-40 (WDFC) rises 14% after the lubricant spray maker boosted its net sales forecast for the full year.
In other AI news, JPMorgan has built an array of AI-powered investing agents that beat 60/40 portfolio in back-tests. OpenAI and Google confirmed they have been supplying AI services to Singapore-based subsidiaries of Alibaba, Baidu and Tencent, the Financial Times reports. Netflix is said to be considering steps to deal with signs of declining subscriber engagement, according to the WSJ. Bayer sold a minority stake in its contraceptives business to Apollo for €3 billion ($3.4 billion) and will use the funds raised to help cover its ballooning litigation costs tied to the herbicide Roundup. Polymarket is seeking regulatory approval to offer margin trading in the US, which would let users bet on events with less capital upfront.
We end a week characterized by thematic rotations, signs of a summer trading lull and low volatility at the index level. Brent crude traded near $76.50 a barrel, swinging between small gains and losses after a volatile stretch. Talks between the US and Iran are continuing despite days of fighting that drove a steep drop in traffic through the Strait of Hormuz. The risk of further escalation is expected to keep investors cautious as they close out the week.
“Over the weekend, discussions between the US and Iran are expected to continue,” said David Manso, chief investment officer at CaixaBank AM. “Oil prices could provide a useful gauge of investor sentiment and expectations regarding the evolution of the situation.”
Yet away from geopolitics, things are about to get busier soon, with Tuesday’s blitz of five major US bank results heralding the start of the earnings season. And speaking of rotation, Lilian Chovin at Coutts in London, notes that the firm has moved a bit underweight US equities. “Other regions are probably better placed right now to navigate the coming few months. Obviously by reducing our US exposure, we have reduced our exposure to tech mega cap.” The Coutts team remains positive on the AI theme, he explains. “It’s more nuanced than people selling tech to go into defensive sectors. We’ve seen a rotation within tech, caused by some noise around semiconductors.”
After an unprecedented rally in chipmakers and other AI buildout stocks helped markets shrug off higher oil prices and elevated bond yields, the bar is now high for companies to justify their lofty valuations. For hyperscalers, the onus is on proving that the spending can generate strong returns.
“What remains to be confirmed is whether growth can hold up despite that pressure, with the AI capex cycle continuing to support investment, revenues and earnings,” said Florian Ielpo, head of macro at Lombard Odier Investment Managers. “Expectations are high, but the real test is whether earnings can keep validating the expansion story.”
This morning another company capitalized on the chip bubble when SK Hynix raised $26.5 billion in its ADR offering, the largest ever US first-time share sale by a foreign company. The company sold 177.9 million ADRs for $149 apiece, each equivalent to a 10th of a Seoul-traded common share. Hynix’s US debut is set to spur a wave of leveraged ETF product launches.
Analysts have upgraded S&P 500 earnings estimates ahead of the second-quarter reporting season, setting the bar high in “an atypical move,” according to HSBC strategists. The Street now expect profits to rise 22% from a year earlier, the highest in the post-pandemic period. Meanwhile, with Q2 reports due shortly, an interesting set-up is emerging between earnings season expectations and headline risk, notes Bloomberg’s equity derivatives specialist Christian Dass. Persistently low implied correlation leaves the VIX vulnerable to a sharp repricing if markets become increasingly driven by macro headlines rather than stock specific fundamentals.
In politics, Trump fired two Democratic members of the US Election Assistance Commission, while the Republican member resigned. Graham Platner’s exit from the Maine Senate race has set off a scramble to find a replacement to take on Republican incumbent Senator Susan Collins, with at least six Democrats entering the field.
In other assets, carry trades are seeing the most compelling backdrop in more than two decades, according to Goldman Sachs, while an unprecedented divergence in the oil-market crack spread gauge are prompting Vanguard to buy insurance against stickier-than-expected US inflation.
Trade during the European session has been indecisive and non-committal alongside a particularly slow news cycle. The Stoxx 600 has oscillated around the unchanged mark: tech and energy sectors are the worst performers, while telecoms and miners are the biggest gainers. Here are some of the biggest movers on Friday:
EasyJet shares jump as much as 15% after the budget airline received a fresh bid from private equity firm Apollo that beats a rival proposal from Castlelake. The shares remain below both offer prices.
Vodafone shares soar as much as 14% after its biggest shareholder Emirates Telecommunications Group agreed to sell its entire 16% stake in the firm to a vehicle controlled by billionaire Xavier Niel.
Voestalpine, Salzgitter and ArcelorMittal rose after JPMorgan upgraded the steel producers. The bank says it expects 2Q reporting to focus on the impact of cuts to EU steel imports and import tariffs effective from July, which have the potential to transfer demand to EU steel producers.
EMS-Chemie shares gain as much as 3.5% after it reported better-than-expected first-half sales and profit and raised its net sales forecast for the year.
Hays shares rise as much as 13% after the recruitment company reported stronger-than-expected fourth-quarter fees and forecast full 2026 profit to be at top end of the consensus range.
St James’s Place shares fall as much as 7% after Financial News reported that one of the wealth manager’s largest advice firms has decided to exit the group, spotlighting ongoing retention troubles.
Duerr shares fall as much as 4% as Berenberg downgrades the German stock to hold from buy and slashes its price target almost in half, citing dependency to automotive original equipment manufacturers.
Glenveagh Properties drops as much as 5.1% after being downgraded at Deutsche Bank, as analysts believe the Irish housebuilder is fairly valued following recent gains.
Troax shares fall as much as 6.6% after Berenberg downgraded the Swedish maker of machinery parts and warehouse fittings to hold from buy, citing a tough automotive end-market and the likelihood of a slow margin recovery.
The mood in Asia was more upbeat with the MSCI APAC index up 0.8%, boosted by a rally in tech shares. Asian stocks climbed, boosted by a rally in tech shares amid optimism ahead of the US listing by South Korean chipmaker SK Hynix. The MSCI Asia Pacific Index jumped as much as 1.7%, the most in a week. Shares of Samsung Electronics and SK Hynix were the top contributors to the benchmark’s advance and led a 5% surge in the Kospi. Japan’s Nikkei 225 was up almost 2%. SK Hynix raised $26.5 billion in its American depositary receipt offering, powering through recent volatility in global semiconductor stocks. Meanwhile, Samsung Electronics’ Executive Chairman Jay Lee is seeking to meet with Nvidia’s Jensen Huang in the US late July to discuss the former’s investment plans in South Korea’s southwest area, according to a media report. Elsewhere, trading in Taiwan was halted as a strong typhoon approached the island. Japan called on its pension funds, which include one of the world’s largest, to invest in domestic assets. Here Are the Most Notable Movers
Shares of Japanese wafer maker Sumco rallied as much as 15% to hit their upper daily limit after Micron’s plan to invest in Taiwan’s GlobalWafers was seen as a sign of rising demand in the sector.
Lenovo’ shares rise as much as 9.2% after Morgan Stanley upgrades the Chinese device maker and more than doubles the price target, citing its ability to pass through higher component costs amid AI-driven demand.
Zhipu shares drop as much as 9.7% in Hong Kong, paring a sharp three-day rally, after Goldman initiated coverage at neutral, saying their valuation fairly reflects the competitiveness of the company’s AI models.
Mitsubishi Motors shares climbed as much as 17%, the most since December 2024, after the vehicle maker announced a tie-up to produce humanoid robots with a Tokyo-based startup.
Fast Retailing shares slipped as much as 3.7%, the most since May 12, after the Uniqlo owner’s 3Q earnings beat was seen as priced in
In FX, the dollar dipped 0.1% in a third straight day of losses. Bonds extended a rebound, with the yield on 10-year Treasuries falling two basis point to 4.54%. The yen outperformed major currencies, rising 0.4% after Japanese Finance Minister Satsuki Katayama said the government wants pension funds to increase investment in domestic assets.
In rates, treasuries are slightly richer across the curve following similar price action across European bonds with oil prices steady. US yields are 1bp-2bp lower with curve spreads within a basis point of Thursday’s close, 10-year near 4.535% with bunds and gilts in the sector also about 1.5bp richer on the day. During Asia session, yen and JGBs advanced after Japan’s Finance Minister Satsuki Katayama called on pension funds, including the GPIF, to invest in domestic assets. Long-end JGB yields ended more than 10bp lower. US session has no major scheduled events. IG dollar issuance slate empty so far. Four borrowers priced $2.25b in new US investment-grade bonds Thursday, pushing weekly volume through $51b and more than double forecasts. Issuers paid about 2bps in new issue concessions on deals that were 4.2 times covered.
In commodities, Brent crude futures are down 0.5% and around the $76/bbl mark with traders awaiting further directional clues from events in the Middle East. WTI crude oil futures little changed as US and Iran continue talks despite a flare-up in fighting. Precious metals are on the back foot with spot gold and silver down 0.6% and 0.8% respectively. Bitcoin is higher by 1.5%.
The US economic data calendar empty for the session. Next week includes June CPI, PPI data. Fed calendar empty for the session. Next week Federal Reserve Chairman Warsh testifies before the House Financial Services and Senate Banking Committees on its Semi-Annual Monetary Policy Report.
Market Snapshot
Top Overnight News
US-Iran negotiations on a permanent peace deal are continuing, according to an American official, despite two days of clashes that threatened to unravel the ceasefire. BBG
Israel shared new intelligence with the U.S. that it said indicated a fresh Iranian plan to kill President Trump, people familiar with the matter said, a finding that would mark an escalation in the war between Washington and Iran. This news that comes just 24 hours after Trump unexpectedly switched back to the old Air Force One for his return flight from the NATO summit in Turkey as a “security precaution” (the New Air Force One doesn’t have the same security features as the old one). Iran for years has vowed openly to retaliate against Trump for the assassination of Qassem Soleimani, who was a top general in the Islamic Revolutionary Guard Corps, in the president’s first term. WSJ
The UAE boosted crude production to an all-time high last month, pumping 4.1 million b/d on average in June. IEA
Global diesel market faces a significant supply crunch as Russia bans exports due to domestic shortages following Ukraine strikes. FT
Japan’s Finance Minister, Satsuki Katayama, sparked a jump in the yen on Friday when she said the government would pursue policies to encourage pension funds to buy more Japanese assets. Japan’s biggest public pension fund will likely ignore the call to boost domestic investment, at least in the short run, because of strict rules governing asset allocation and its public mandate. BBG
Japan’s producer prices picked up in June to the fastest pace since early 2023, reinforcing the case for the BOJ to keep hiking rates. BBG
Taiwan halted trading on its stock exchange and closed schools as Typhoon Bavi approached the island. TSMC postponed its monthly sales disclosure to Monday. BBG
South African economic growth is on an upswing as efforts to improve governance and critical infrastructure are lifting bottlenecks that have held it back for years, according to Standard Bank’s chief economist. BBG
SemiAnalysis thinks Meta should be talked about alongside OpenAI and Anthropic as the top three frontier AI labs in the world (of the hyperscalers, SemiAnalysis thinks Meta, not Google, has the best chance of catching up with Anthropic and OpenAI). SemiAnalysis, which may or may not have a conflict of interest
Trump fired two Democratic members of the US Election Assistance Commission, while the Republican member resigned.
Graham Platner’s exit from the Maine Senate race has set off a scramble to find a replacement to take on Republican incumbent Senator Susan Collins, with at least six Democrats entering the field: BBG
A more detailed look at global markets courtesy of Newsqauwk
Asia-Pac stocks traded entirely in the green, as they followed the tech-led gains seen stateside. Military strikes continued on Thursday, but energy prices and equity markets seemed to have brushed it aside and instead took a stronger liking to President Trump’s comments, in which he said Iran had reached out to the US and wanted to make a deal, easing concerns over a further escalation that could threaten energy infrastructure. To note, the Taiwan markets were closed due to the typhoon, and worries of the typhoon hitting China and Japan. ASX 200 initially opened with modest losses but has since reversed and printed modest gains. Metals & Mining topped the sector pile, cutting 4 consecutive days of losses, while Health Care was the sector laggard. Nikkei 225 gained, with SUMCO leading the way as it benefited from the semiconductor strength stateside. On the earnings front, Seven & I and Fast Retailing both posted strong earnings and raised their FY guidance; however, shares traded lower after highlighting the effects of a weaker yen. KOSPI surged, helped by gains in Samsung Electronics while SK Hynix shares traded choppy ahead of its US ADR listing. The choppiness in SK Hynix comes as investors position themselves for the ADR, with analysts stating that the US ADR may be preferred over its domestic listing, due to US ADRs commonly trading at a premium (typically at a 5-15% premium). Shanghai Comp. and Hang Seng were firmer, with another set of IPOs in Hong Kong, resulting in 15 listings this week. Today, markets were focused on Nexchip Semiconductor. The IPO price was set at HKD 32.30/shr, and shares rose at the open and briefly topped HKD 36/shr but have since come off.
Top Asian News
Japanese Finance Minister Katayama said they are to pursue steps to promote investment in Japanese assets by GPIF and others.
Japanese Finance Minister Katayama does not comment on specific bond yield levels; specific monetary tools are up to the BoJ, closely monitoring economic indicators and market situations. Important that the government position secures market confidence. Will ensure fiscal sustainability to gain market trust. BoJ can adjust monetary policy regardless of what the government said. Predicts gradual increases in interest rates as the government is engaged in a proactive fiscal policy. Want to speed up discussions on expansion of JGB products targeting households.
Japan’s GPIF spokesperson said they are aware of Finance Minister Katayama’s comments but declines to comment.
Japan’s Economy Minister Kiuchi said the government has consistently communicated its stance of taking policy that heeds to fiscal sustainability.
European bourses (STOXX 600 -0.1%) began the session on a weaker footing despite APAC optimism ahead of SK Hynix’s US debut (KOSPI +2.5% at close). Geopolitical newsflow quietened overnight, as such energy benchmarks are off best levels with Brent around USD 75/bbl. IBEX continues to outperform after it slumped earlier in the week (also has more defensive composition), while tech heavy AEX is the worst performer as top constituent ASML looks to SK’s ADR debut. European sectors opened with a positive bias and continue this way. Comms and Travel/Leisure outperform, Tech and Energy are the laggards for the above factors. In terms of individual movers, Infineon (-2.7%) said it is raising prices in some segments; EasyJet (+14%) agreed to a GBP 5.7bln takeover by Apollo at 715p/shr; Vodafone (+11%) French telecom tycoon Niel acquired E&’s stake for a GBP 0.15/shr premium.
Top European News
UK Chancellor Reeves is to announce a new City “skills compact” that will commit financial firms to retraining thousands of workers for the AI revolution, The Guardian reported.
FX
G10s are mixed against the Buck. JPY leads after FinMin Katayama touted measures to promote domestic inflows, Kiwi continues to eek gains post-RBNZ as markets look to price a cumulative 50bps tightening by year end and NOK is the worst performer after broadly cool inflation data.
USD a touch weaker as JPY firms alongside the tempered recent Gulf updates. Geopolitical newsflow quietened overnight, with energy benchmarks off best levels with Brent around USD 75/bbl, about 5 Bucks off the week’s highs. DXY slipped throughout APAC as the JPY firmed, but found buyers below 21DMA at 100.85 which has proven support in recent sessions.
JPY digests updates from FinMin Katayama who said she was to pursue steps to promote investment in Japanese assets by GPIF and others. This, on the face of it, would be a textbook tactic to encourage domestic investment and passively limit outflows, especially with a large composition (50%) of pension funds allocated to foreign investments. Several strategists note this is a positive sign in attempts to shore up the currency; though CapEco said “Much of its domestic bond portfolio is invested passively, and shifting more assets into domestic bonds would come at a sizeable fiscal cost if it requires selling equities”, and others highlight Katayama is not in a position to direct changes, it would be under the jurisdiction of the Labour Ministry. USD/JPY gradually trundled lower from a 162.50 peak, to mark a trough below 161.30 (session low 161.28), with a modest kneejerk lower on not-too-surprising BoJ sources. ING notes the JPY-funded carry keeps risks to the upside for the pair.
NOK is the clear underperformer vs. both the USD and SEK after the soft inflation data series. Most metrics cooled beneath expectations, core Y/Y the sole figure rising above consensus, albeit unch. from May. CPI-ATE, the Norges Bank’s preferred gauge of inflation fell was 2.9%, well below the Bank’s estimate of 3.3%, will likely provide conviction for doves with the bank likely to remain on hold in the August meeting; then tighten in September should the next (August) CPI metrics not provide a dovish surprise. NOK/SEK fell from a 0.9940 peak to mark a trough at 0.9882. 8th July low at 0.9861 is the next level below.
South Korean Forex Authority said USD/KRW market remains misaligned with economic fundamentals.
Fixed Income
Overall, fixed benchmarks are firmer in reaction to the modest but increasing pullback seen in the energy space overnight and as JGBs lead on domestic updates.
JGBs got to a high of 127.76 in the European morning, continuing the overnight rally after comments from Japanese Finance Minister Katayama, who said that pension funds should be encouraged to invest more in the domestic market. Commentary that underpinned Japanese assets across the board, and sent the 10yr yield lower by around 16bps on the day, down to 2.71% and now essentially flat on the month, reversing from the 2.89% YTD high.
Commentary that also lifted peers at the time. While the shift would be a positive for the Japanese market generally, there are a few unknowns, most pertinently being whether Katayama can make such an announcement as the GPIF is under the Labour Ministry, not the Finance Ministry. As such, for FX in particular, there is an argument that Katayama’s commentary is conducting another form of jawboning, and therefore the move may well fade in the days/weeks ahead, unless a relevant official to the GPIF (i.e. Ueno, or PM Takaichi) backs the shift publicly.
USTs got to a 109-12 peak in the early morning, as energy hit a low and the JGB-driven move topped out. Since, newsflow has been particularly light with the market essentially waiting for a resumption of negotiations or strikes, though as is often the case we might not get clarity on the next step until the weekend.
Bunds followed suit, peaking at 125.74 with gains of around 35 ticks. Specifics limited. Continued focus on the EU funding plans, and the lack of agreement on the next 7yr plan is arguably supporting EGBs for net-contributing nations, as no agreement would see the current EUR 1.4tln figure continue as opposed to the planned uplift to EUR 2tln.
Gilts opened lower by a few ticks, before then swiftly moving above the 88.00 mark to a 88.07 peak, in-fitting with the above. Action that leaves it just above Wednesday’s high but someway shy of the 88.93 opening level at the start of the week. Last night the first tally was done for the Labour nominations, and while the count theoretically leaves space for a challenger it is not realistic and therefore Burnham is now formally, for all intents and purposes, the incoming UK PM.
Italy sold EUR 7.5bln vs exp. 6.0-7.5bln 3.00% 2029, 3.35% 2033 & 3.95% 2041 BTPs.
China’s MOF sold 2-year and 3-year bonds. 2-year sold at 1.2305%. 3-year sold at 1.2629%.
Australia sold AUD 900mln 1.75% 2032 AGBs: b/c 3.16x (prev. 4.10x), average yield 4.6189% (prev. 4.1987%).
Commodities
The geopolitical situation appears to have calmed down this morning, with no fresh reports of strikes on Iran/regional neighbours. However, the situation remains tense given some of yesterday’s actions. Iran reported a couple of strikes at two military bases, but US officials denied any involvement of this. Despite the earlier reports, some Iranian officials denied any explosions taking place.
Despite the recent flare-up, a US official stated that the US remains committed to a resolution with Iran and technical discussions are ongoing. This, alongside the lack of new strikes overnight has led to a bearish bias in crude benchmarks this morning. Brent Sep’26 (-0.2%) is only mildly lower and trades at the towards the mid-point of a USD 75.36-76.95/bbl range. Some mild downticks were seen in the benchmark after the release of the IEA Oil Market Report. It cut 2026 oil demand, noted that the UAE is upping its supply and oil transits are passing through the Hormuz.
Spot gold (-0.6%) trades lower this morning, hovering on either side of the USD 4.1k/oz mark; currently within a USD 4,094-4,134/oz band. The range today is very thin, amidst the lack of pertinent newsflow and fairly steady USD. Elsewhere, base metals hold a negative bias. 3M LME Copper trades within a USD 13,455-13,562/t range. For aluminium, analysts at Morgan Stanley recently stated that they see a smaller supply deficit in 2026, and likely to move into a surplus from 2027.
Oman has set its OSP at USD 69.29/bbl for September delivery.
IEA OMR: forecasts global oil demand in 2026 to fall by 1.05mln BPD (prev. exp. 1.12mln); global oil demand recovery is under way. Global oil demand estimated at 103.46mln bpd for 2026 and is expected to grow by 2mln BPD in 2027 and reach 105.47mln BPD. Oil supply may expand 7.5mln BPD in 2027 if transits improve.
A fire broke out at two oil product storage facilities due to a UAV attack in the Rostov region, according to the governor; fires are being pushed out in Taganrog’s Seaport, reported no injuries.
Krasnodar task force said a fire has broken out at the Ilsky oil refinery due to the fall of a drone’s debris, Interfax reported.
QatarEnergy set August Marine Crude OSP at Oman/Dubai -USD 5/bbl; Land Crude OSP at -USD 4.50/bbl, according to a pricing document.
China National Summer grain output reached 150.7mln tonnes, +0.7% Y/Y.
Trade/Tariffs
China’s MOFCOM announces a temporary ban on helium exports.
US White House announces the adjustment of imports of commercial aircraft, jet engines, and aircraft and engine parts into the US; no immediate tariffs be imposed under section 232 to address the threatened impairment to the national security.
Central Banks
BoJ reportedly to keep rates unchanged in July but maintain policy guidance and also raise growth outlook, according to sources.
PBoC injected CNY 20bln via 7-day reverse repos with rate maintained at 1.40%.
PBoC set USD/CNY mid-point at 6.7989 vs exp. 6.7931 (prev. 6.8036); strongest midpoint since February 2023.
NBP’s Wnorowski said signal about possible motion to cut interest rates in September is premature; do not see space for more than one cut this year.
Geopolitics: Middle-East
Qatar, Pakistan and other regional mediators are trying to de-escalate tensions between the US and Iran and revive negotiations on a nuclear deal, Axios reported citing sources.
A member of the National Security Commission of Iran’s parliament said the UAE will pay the price for cooperating with America.
A US official said talks with Iran will continue, Fox’s Hasnie reported; The administration is still committed to finding a resolution so technical talks continue to prevent Iran from having a nuclear weapon. Iran’s attacks on ships in the streets are acts of terrorism. The MoU is performance-based, and Iran’s actions constitute failed performance at an unacceptable level.
Israel reportedly shared new intelligence with the US that indicated a new Iranian plan to kill US President Trump, WSJ reported citing sources.
A US official said the US remains committed to a resolution with Iran and technical discussions are ongoing.
Turkey has decided it will not join the Canadian Defence Bank initiative at this point, sources suggest.
The Israeli army said “we will continue our operations to eliminate any threat and will not allow Hezbollah to harm us”, Al Jazeera reported.
Al Jazeera reported that Israeli forces are conducting extensive demolitions in southern Lebanon.
Krasnodar task force said a fire has broken out at the Ilsky oil refinery due to the fall of a drone’s debris, Interfax reported.
Pakistan has begun mediating between Libya’s rival eastern and western data centres with the backing of the US and Saudi Arabia, Nikkei reported citing sources.
Lebanese media reported of new Israeli drone strikes in southern Lebanon, Tasnim reported.
Four Japanese-linked vessels remain in the Persian Gulf, Kyodo reported.
Konarak Governor said this area was targeted by enemy fighter jets in two stages on Thursday evening.
Geopolitics: Ukraine
Ilsky (138k BPD), Russia oil refinery fire has now been extinguished.
US Event Calenadar
The US economic data calendar empty for the session
DB’s Jim Reid concludes the overnight wrap
I was hoping that by now the latest on the Iranian conflict wouldn’t be the lead story but it has of course returned to the top of the headlines this week. The latest is that Bloomberg reports overnight indicate that “technical talks” continue between US and Iranian officials despite the clashes this week. There were also Bloomberg reports that President Trump and PM Netanyahu spoke Thursday according to the PM’s office. To be fair sentiment turned back more positively late Wednesday night when Trump suggested that the Iranians were desperate for a deal. So markets have generally been more positive since.
So for now we can go back to trying to guess whether we’ll wake up to the KOSPI being up or down more than 5%. If you guessed in the positive side this morning you’d be correct as it’s surging +5.11% as I type, after officially entering bear-market territory yesterday. The rally has of course been driven by strong gains in semiconductor stocks with the record-breaking $26.5 billion listing by chipmaker SK Hynix helping to reinforce confidence that the AI investment cycle remains intact. Elsewhere in the region, Hong Kong’s Hang Seng Index (+1.85%) has climbed to its highest level since June 17, while Japan’s Nikkei 225 (+1.77%) is also posting strong gains. The CSI 300 (+0.49%), Shanghai Composite (+0.75%), and S&P/ASX 200 (+0.51%) are also up. US and European futures are down between a tenth and two tenths of a percent though. 10yr USTs are -1.2bps lower trading at 4.54% and oil is fairly flat.
In Japan, long-dated government bond yields are falling and the yen strengthening after Finance Minister Satsuki Katayama indicated that the government intends to encourage pension funds, including the Government Pension Investment Fund (GPIF), to increase allocations to domestic financial assets. The 20-year JGB yield is down -7.8bps at 3.78%, while the 10-year is -8.7bps lower at 2.778%. The Japanese yen (+0.51%) is rallying for a second consecutive session, trading at 161.54 against dollar as we go to print. There is some scepticism here internally as to whether it’ll be easy to encourage domestic pension funds to automatically buy more JGBs. The view is that asset allocations decisions are more slow moving and might actually favour equities first. However for now the move is being seen as a sign that action is being considered.
Ahead of all that, markets saw a bit of a relief rally yesterday, thanks to easing geopolitical fears, decent tech headlines, and a respectable batch of data. So collectively, that helped to power bonds and equities on both sides of the Atlantic, particularly as falling oil prices reassured concerns about a fresh surge of inflation. So by the close, that meant the S&P 500 (+0.81%) and Europe’s STOXX 600 (+0.78%) both advanced, whilst yields on 10yr Treasuries (-4.2bps) and bunds (-0.8bps) also fell back.
Those oil price declines followed headlines suggesting that the escalation between the US and Iran might not prove as serious as initially feared. Most notably, sentiment was supported by comments from President Trump late on Wednesday night, that we mentioned yesterday, saying that Iran wanted “to make a deal so badly”. So when US and European markets reopened yesterday, they were buoyed by the fact that Trump was still talking about some kind of agreement. So that supported oil prices lower, with Brent crude down -2.20% on the day to $76.30/bbl. And in turn, that eased fears around inflation, with the 1yr Euro inflation swap (-9.0bps) falling to 2.05%, after rising 27bps on Wednesday.
This backdrop meant that investors dialled back their expectations for imminent rate hikes again, particularly in Europe. For instance, the amount of ECB rate hikes priced by December came down -8.5bps on the day to 31bps. And over at the Fed, the probability of a hike at the upcoming July meeting fell back from 31% to 24%. So that provided a decent tailwind for sovereign bonds in turn, with yields on 10yr bunds (-0.8bps), OATs (-7.2bps) and BTPs (-7.0bps) all coming down.
Whilst lower oil prices helped sentiment, markets got another boost yesterday from the latest tech headlines, which saw the Philly semiconductor index (+3.06%) post its best daily performance in 3 weeks. That included a very strong gain for Micron (+4.52%), who raised their planned spending on new US plants to $250bn by 2035, which was $50bn on top of previously announced commitments. The rally also saw the SK Hynix ADR officially became the largest foreign company offering as the South Korean chipmaker raised $26.5bn – greater than expected and just ahead of the $25bn previously raised by Alibaba.
So that chip rally helped to lift US equities more broadly, with the S&P 500 (+0.81%) recovering after back-to-back declines on Tuesday and Wednesday. The rally was fueled by investors rotating from defensives industries back into growth and cyclical names. Autos (+2.91%), Tech Hardware (+1.99%), Semis, +(1.90%), and Banks (+1.61%) were the best performing S&P 500 industry groups, while Consumer Staples (-2.04%), Food & Bev (-1.77%), and Household Products (-1.58%) lagged. And in Europe, the STOXX 600 (+0.78%) advanced for the first time this week with a similar rotation from defensives into cyclicals.
Speaking of tech, there was an interesting acknowledgement of AI-driven inflation from New York Fed President Williams. He spoke about the potential for demand driven by AI to raise inflation, and said if it “creates a sustained impulse to demand relative to supply in inflation, I do think that’s the kind of situation where you don’t look through this”. Meanwhile on inflation more generally, he said that if core PCE were at “two-tenths a month in the second half of this year, that would be consistent with my view of a disinflationary process that’s continuing”. But he also said if it were higher, “ that would be a sign of inflation a bit more persistent.”
The other Fed news from yesterday was the release of the leadership teams of the five task forces that Chair Warsh announced to examine the Fed’s current approach and processes. The areas that the Fed are examining are the communications strategy, the use of the balance sheet, the quality and reliance on existing data sources, productivity and jobs, and inflation framework. The teams are mix of former policy makers, academics, and corporate leaders.
Staying on central banks, yesterday also brought the minutes of last month’s ECB meeting, where they hiked rates for the first time since 2023. It spoke of inflation pressures, and said how “Further indirect effects were in the pipeline, pointing to more broadening of inflationary pressures across the economy”. Moreover, there was an acknowledgment that “memories of the 2022 high-inflation episode could make households and firms react more quickly than in the past, increasing the risk that price-setting and wage-bargaining behaviour would adjust.” Interestingly, there was also a discussion about what happened in 2011, when the ECB hiked rates before reversing course shortly after as the sovereign debt crisis became more severe. But the view was there were key differences with that period, including the lack of financial stress.
Finally, the latest US data yesterday offered fresh reassurance on the labour market, with the weekly initial jobless claims coming in at 215k in the week ending July 4 (vs. 217k expected). So that took the 4-week moving average down to 218.75k, and so far at least, claims remain well beneath their summer peaks in 2023, 2024 and 2025. However, existing home sales unexpectedly fell in June, falling back to an annualised rate of 4.09m (vs. 4.20m expected).
Looking at the day ahead now, and data releases include Italy’s industrial production for May, and Canada’s employment for June. Otherwise, central bank speakers include the ECB’s Vujcic and Stournaras.
1b) European opening report
NQ tentative approaching SK Hynix US debut; Japanese assets bid as FinMin touts domestic investment measures – Newsquawk US Market Open
Friday, Jul 10, 2026 – 06:53 AM
Mediators are working to get the US and Iran back at the negotiating table, CNN reported, citing sources, later echoed by Axios.
Brent is softer by around USD 0.20/bbl, with the market essentially waiting for a resumption of negotiations or strikes.
Japanese assets lead after Finance Minister Katayama said pension funds should be encouraged to invest more in the domestic market.
European bourses are on a modestly firmer footing, Euro Stoxx 50 +0.1%. US futures are mixed; NQ lags, potentially ahead of SK Hynix’s ADR debut on the 13th.
USD under pressure, JPY leads given the above, NZD continues to climb, CAD flat into its jobs report.
Looking ahead, highlights include Canadian Jobs Report (Jun). Earnings from Delta Air Lines and Credit Ratings from Fitch on the Netherlands, Morningstar DBRS on Switzerland and Scope Ratings on Japan.
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EUROPEAN TRADE
EQUITIES
European bourses (STOXX 600 -0.1%) began the session on a weaker footing despite APAC optimism ahead of SK Hynix’s US debut (KOSPI +2.5% at close). Geopolitical newsflow quietened overnight, as such energy benchmarks are off best levels with Brent around USD 75/bbl. IBEX continues to outperform after it slumped earlier in the week (also has more defensive composition), while tech heavy AEX is the worst performer as top constituent ASML looks to SK’s ADR debut.
European sectors opened with a positive bias and continue this way. Comms and Travel/Leisure outperform, Tech and Energy are the laggards for the above factors. In terms of individual movers, Infineon (-2.7%) said it is raising prices in some segments; EasyJet (+14%) agreed to a GBP 5.7bln takeover by Apollo at 715p/shr; Vodafone (+11%) French telecom tycoon Niel acquired E&’s stake for a GBP 0.15/shr premium.
Stateside, index futures pull back a touch after solid gains on Thursday. NQ (-0.6%) is the laggard after outperformance on Thursday, ES and RTY are resilient and only post modest -0.2% losses.
G10s are mixed against the Buck. JPY leads after FinMin Katayama touted measures to promote domestic inflows, Kiwi continues to eek gains post-RBNZ as markets look to price a cumulative 50bps tightening by year end and NOK is the worst performer after broadly cool inflation data.
USD a touch weaker as JPY firms alongside the tempered recent Gulf updates. Geopolitical newsflow quietened overnight, with energy benchmarks off best levels with Brent around USD 75/bbl, about 5 Bucks off the week’s highs. DXY slipped throughout APAC as the JPY firmed, but found buyers below 21DMA at 100.85 which has proven support in recent sessions.
JPY digests updates from FinMin Katayama who said she was to pursue steps to promote investment in Japanese assets by GPIF and others. This, on the face of it, would be a textbook tactic to encourage domestic investment and passively limit outflows, especially with a large composition (50%) of pension funds allocated to foreign investments. Several strategists note this is a positive sign in attempts to shore up the currency; though CapEco said “Much of its domestic bond portfolio is invested passively, and shifting more assets into domestic bonds would come at a sizeable fiscal cost if it requires selling equities”, and others highlight Katayama is not in a position to direct changes, it would be under the jurisdiction of the Labour Ministry. USD/JPY gradually trundled lower from a 162.50 peak, to mark a trough below 161.30 (session low 161.28), with a modest kneejerk lower on not-too-surprising BoJ sources. ING notes the JPY-funded carry keeps risks to the upside for the pair.
NOK is the clear underperformer vs. both the USD and SEK after the soft inflation data series. Most metrics cooled beneath expectations, core Y/Y the sole figure rising above consensus, albeit unch. from May. CPI-ATE, the Norges Bank’s preferred gauge of inflation fell was 2.9%, well below the Bank’s estimate of 3.3%, will likely provide conviction for doves with the bank likely to remain on hold in the August meeting; then tighten in September should the next (August) CPI metrics not provide a dovish surprise. NOK/SEK fell from a 0.9940 peak to mark a trough at 0.9882. 8th July low at 0.9861 is the next level below.
South Korean Forex Authority said USD/KRW market remains misaligned with economic fundamentals.
FIXED INCOME
Overall, fixed benchmarks are firmer in reaction to the modest but increasing pullback seen in the energy space overnight and as JGBs lead on domestic updates.
JGBs got to a high of 127.76 in the European morning, continuing the overnight rally after comments from Japanese Finance Minister Katayama, who said that pension funds should be encouraged to invest more in the domestic market. Commentary that underpinned Japanese assets across the board, and sent the 10yr yield lower by around 16bps on the day, down to 2.71% and now essentially flat on the month, reversing from the 2.89% YTD high.
Commentary that also lifted peers at the time. While the shift would be a positive for the Japanese market generally, there are a few unknowns, most pertinently being whether Katayama can make such an announcement as the GPIF is under the Labour Ministry, not the Finance Ministry. As such, for FX in particular, there is an argument that Katayama’s commentary is conducting another form of jawboning, and therefore the move may well fade in the days/weeks ahead, unless a relevant official to the GPIF (i.e. Ueno, or PM Takaichi) backs the shift publicly.
USTs got to a 109-12 peak in the early morning, as energy hit a low and the JGB-driven move topped out. Since, newsflow has been particularly light with the market essentially waiting for a resumption of negotiations or strikes, though as is often the case we might not get clarity on the next step until the weekend.
Bunds followed suit, peaking at 125.74 with gains of around 35 ticks. Specifics limited. Continued focus on the EU funding plans, and the lack of agreement on the next 7yr plan is arguably supporting EGBs for net-contributing nations, as no agreement would see the current EUR 1.4tln figure continue as opposed to the planned uplift to EUR 2tln.
Gilts opened lower by a few ticks, before then swiftly moving above the 88.00 mark to a 88.07 peak, in-fitting with the above. Action that leaves it just above Wednesday’s high but someway shy of the 88.93 opening level at the start of the week. Last night the first tally was done for the Labour nominations, and while the count theoretically leaves space for a challenger it is not realistic and therefore Burnham is now formally, for all intents and purposes, the incoming UK PM.
Italy sold EUR 7.5bln vs exp. 6.0-7.5bln 3.00% 2029, 3.35% 2033 & 3.95% 2041 BTPs.
China’s MOF sold 2-year and 3-year bonds. 2-year sold at 1.2305%. 3-year sold at 1.2629%.
Australia sold AUD 900mln 1.75% 2032 AGBs: b/c 3.16x (prev. 4.10x), average yield 4.6189% (prev. 4.1987%).
COMMODITIES
The geopolitical situation appears to have calmed down this morning, with no fresh reports of strikes on Iran/regional neighbours. However, the situation remains tense given some of yesterday’s actions. Iran reported a couple of strikes at two military bases, but US officials denied any involvement of this. Despite the earlier reports, some Iranian officials denied any explosions taking place.
Despite the recent flare-up, a US official stated that the US remains committed to a resolution with Iran and technical discussions are ongoing. This, alongside the lack of new strikes overnight has led to a bearish bias in crude benchmarks this morning. Brent Sep’26 (-0.2%) is only mildly lower and trades at the towards the mid-point of a USD 75.36-76.95/bbl range. Some mild downticks were seen in the benchmark after the release of the IEA Oil Market Report. It cut 2026 oil demand, noted that the UAE is upping its supply and oil transits are passing through the Hormuz.
Spot gold (-0.6%) trades lower this morning, hovering on either side of the USD 4.1k/oz mark; currently within a USD 4,094-4,134/oz band. The range today is very thin, amidst the lack of pertinent newsflow and fairly steady USD. Elsewhere, base metals hold a negative bias. 3M LME Copper trades within a USD 13,455-13,562/t range. For aluminium, analysts at Morgan Stanley recently stated that they see a smaller supply deficit in 2026, and likely to move into a surplus from 2027.
Oman has set its OSP at USD 69.29/bbl for September delivery.
IEA OMR: forecasts global oil demand in 2026 to fall by 1.05mln BPD (prev. exp. 1.12mln); global oil demand recovery is under way. Global oil demand estimated at 103.46mln bpd for 2026 and is expected to grow by 2mln BPD in 2027 and reach 105.47mln BPD. Oil supply may expand 7.5mln BPD in 2027 if transits improve.
A fire broke out at two oil product storage facilities due to a UAV attack in the Rostov region, according to the governor; fires are being pushed out in Taganrog’s Seaport, reported no injuries.
Krasnodar task force said a fire has broken out at the Ilsky oil refinery due to the fall of a drone’s debris, Interfax reported.
QatarEnergy set August Marine Crude OSP at Oman/Dubai -USD 5/bbl; Land Crude OSP at -USD 4.50/bbl, according to a pricing document.
China National Summer grain output reached 150.7mln tonnes, +0.7% Y/Y.
TRADE/TARIFFS
China’s MOFCOM announces a temporary ban on helium exports.
US White House announces the adjustment of imports of commercial aircraft, jet engines, and aircraft and engine parts into the US; no immediate tariffs be imposed under section 232 to address the threatened impairment to the national security.
NOTABLE EUROPEAN HEADLINES
UK Chancellor Reeves is to announce a new City “skills compact” that will commit financial firms to retraining thousands of workers for the AI revolution, The Guardian reported.
NOTABLE EUROPEAN DATA RECAP
Italian Industrial Production MoM (May) M/M -0.3% vs. Exp. 0.1% (Prev. 0.5%).
Italian Industrial Production YoY (May) Y/Y 1.1% vs. Exp. 1.3% (Prev. 1.3%).
French Inflation Rate YoY Final (Jun) Y/Y 1.8% vs. Exp. 1.8% (Prev. 2.4%).
French Inflation Rate MoM Final (Jun) M/M -0.3% vs. Exp. -0.2% (Prev. 0.1%).
German Inflation Rate MoM Final (Jun) M/M -0.3% vs. Exp. -0.3% (Prev. -0.2%).
German Inflation Rate YoY Final (Jun) Y/Y 2.3% vs. Exp. 2.3% (Prev. 2.6%).
BRC said the number of people visiting British shops fell 3.4% in June, due to the heatwave keeping shoppers indoors.
CENTRAL BANKS
BoJ reportedly to keep rates unchanged in July but maintain policy guidance and also raise growth outlook, according to sources.
PBoC injected CNY 20bln via 7-day reverse repos with rate maintained at 1.40%.
PBoC set USD/CNY mid-point at 6.7989 vs exp. 6.7931 (prev. 6.8036); strongest midpoint since February 2023.
NBP’s Wnorowski said signal about possible motion to cut interest rates in September is premature; do not see space for more than one cut this year.
NOTABLE US HEADLINES
US President Trump reportedly fired all 3 federal election commission members.
GEOPOLITICS
RUSSIA-UKRAINE
Ilsky (138k BPD), Russia oil refinery fire has now been extinguished.
MIDDLE EAST
Qatar, Pakistan and other regional mediators are trying to de-escalate tensions between the US and Iran and revive negotiations on a nuclear deal, Axios reported citing sources.
A member of the National Security Commission of Iran’s parliament said the UAE will pay the price for cooperating with America.
A US official said talks with Iran will continue, Fox’s Hasnie reported; The administration is still committed to finding a resolution so technical talks continue to prevent Iran from having a nuclear weapon. Iran’s attacks on ships in the streets are acts of terrorism. The MoU is performance-based, and Iran’s actions constitute failed performance at an unacceptable level.
Israel reportedly shared new intelligence with the US that indicated a new Iranian plan to kill US President Trump, WSJ reported citing sources.
A US official said the US remains committed to a resolution with Iran and technical discussions are ongoing.
Turkey has decided it will not join the Canadian Defence Bank initiative at this point, sources suggest.
The Israeli army said “we will continue our operations to eliminate any threat and will not allow Hezbollah to harm us”, Al Jazeera reported.
Al Jazeera reported that Israeli forces are conducting extensive demolitions in southern Lebanon.
Krasnodar task force said a fire has broken out at the Ilsky oil refinery due to the fall of a drone’s debris, Interfax reported.
Pakistan has begun mediating between Libya’s rival eastern and western data centres with the backing of the US and Saudi Arabia, Nikkei reported citing sources.
Lebanese media reported of new Israeli drone strikes in southern Lebanon, Tasnim reported.
Four Japanese-linked vessels remain in the Persian Gulf, Kyodo reported.
Konarak Governor said this area was targeted by enemy fighter jets in two stages on Thursday evening.
CRYPTO
Bitcoin is a little firmer and trades back towards USD 64.5k; Ethereum also extends higher but still remains shy of USD 1.8k.
APAC TRADE
Asia-Pac stocks traded entirely in the green, as they followed the tech-led gains seen stateside. Military strikes continued on Thursday, but energy prices and equity markets seemed to have brushed it aside and instead took a stronger liking to President Trump’s comments, in which he said Iran had reached out to the US and wanted to make a deal, easing concerns over a further escalation that could threaten energy infrastructure. To note, the Taiwan markets were closed due to the typhoon, and worries of the typhoon hitting China and Japan.
ASX 200 initially opened with modest losses but has since reversed and printed modest gains. Metals & Mining topped the sector pile, cutting 4 consecutive days of losses, while Health Care was the sector laggard.
Nikkei 225 gained, with SUMCO leading the way as it benefited from the semiconductor strength stateside. On the earnings front, Seven & I and Fast Retailing both posted strong earnings and raised their FY guidance; however, shares traded lower after highlighting the effects of a weaker yen.
KOSPI surged, helped by gains in Samsung Electronics while SK Hynix shares traded choppy ahead of its US ADR listing. The choppiness in SK Hynix comes as investors position themselves for the ADR, with analysts stating that the US ADR may be preferred over its domestic listing, due to US ADRs commonly trading at a premium (typically at a 5-15% premium).
Shanghai Comp. and Hang Seng were firmer, with another set of IPOs in Hong Kong, resulting in 15 listings this week. Today, markets were focused on Nexchip Semiconductor. The IPO price was set at HKD 32.30/shr, and shares rose at the open and briefly topped HKD 36/shr but have since come off.
NOTABLE ASIA-PAC HEADLINES
Japanese Finance Minister Katayama said they are to pursue steps to promote investment in Japanese assets by GPIF and others.
Japanese Finance Minister Katayama does not comment on specific bond yield levels; specific monetary tools are up to the BoJ, closely monitoring economic indicators and market situations. Important that the government position secures market confidence. Will ensure fiscal sustainability to gain market trust. BoJ can adjust monetary policy regardless of what the government said. Predicts gradual increases in interest rates as the government is engaged in a proactive fiscal policy. Want to speed up discussions on expansion of JGB products targeting households.
Japan’s GPIF spokesperson said they are aware of Finance Minister Katayama’s comments but declines to comment.
Japan’s Economy Minister Kiuchi said the government has consistently communicated its stance of taking policy that heeds to fiscal sustainability.
NOTABLE APAC DATA RECAP
Japanese PPI MoM (Jun) M/M 0.4% vs. Exp. 0.3% (Prev. 0.9%).
Japanese PPI YoY (Jun) Y/Y 7.1% vs. Exp. 6.8% (Prev. 6.3%).
1 c) Asian opening report
Europe primed for a quiet open despite APAC rally – Newsquawk EU Market Open
Friday, Jul 10, 2026 – 02:35 AM
Sources suggested Iranian air defence systems were activated. However, the US said they were not involved, and Iran then denied any explosions at all; Bushehr’s officials said they intercepted projectiles.
Mediators are working to get the US and Iran back at the negotiating table, CNN reported, citing sources, later echoed by Axios.
Brent is firmer by USD 0.30/bbl, in a narrow range as the magnitude of geopolitical updates slowed throughout the APAC session into Friday.
APAC bourses were entirely firmer, European futures point to a flat start to the day, while US futures are marginally softer, NQ -0.2%.
USD remains under pressure, with the JPY the primary beneficiary. Support came from Finance Minister Katayama, who spoke on increasing investment in domestic financial funds.
Fixed income mixed but broadly contained, taking the lead from energy performance. JGBs outperformed on the above remarks.
Looking ahead, highlights include German/French Inflation Final (Jun), Norwegian Inflation (Jun), Canadian Jobs Report (Jun), IEA OMR (Jul), Speakers include ECB’s Vujcic, Supply from Italy, Earnings from Delta Air Lines and Credit Ratings from Fitch on the Netherlands, Morningstar DBRS on Switzerland and Scope Ratings on Japan.
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
IRAN CONFLICT
Iranian sources reported air defense system activations in the cities of Chabahar in southeastern Iran and Bushehr in southwestern Iran, according to Kann’s Roi Kais. This was further confirmed by reporter Stein. However, there have been no explosions on Kharg Island so far.
A senior American official claimed that the US military did not carry out the attacks on Iran in recent hours, according to N12’s Ravid. This was further reported by an Al Arabiya report, citing sources.
The Iranians denied that there were any explosions at all in the places where explosions were reported, according to the Jerusalem Post.
Deputy Political and Security Governor of Bushehr said the explosion heard was due to the timely response of the air defense and said a military HQ on outskirts of Bushehr was violated and hit by US-Israeli projectile.
Iran National Security Commission Spokesperson warned that transportation and oil and gas infrastructure in Saudi Arabia, Kuwait, the UAE, Qatar, Jordan and Bahrain will be legitimate targets of Iran’s response to recent attacks, Fars reported.
A member of the National Security Commission of Iran’s parliament said the UAE will pay the price for cooperating with America.
A US official said the US remains committed to a resolution with Iran and technical discussions are ongoing. A Fox reporter later stated, citing a US official, that the administration is still committed to finding a resolution so technical talks continue to prevent Iran from having a nuclear weapon.
US CENTCOM said Iran does not control the Strait of Hormuz, and that US forces have helped over 800 commercial vessels and 380mln barrels of crude oil through the Strait of Hormuz since early May.
Pakistan and Qatar are working to bring the US and Iran back to the negotiating table following the collapse of a fragile ceasefire, according to CNN citing regional sources. Axios then later reported something similar, stating Qatar, Pakistan and other regional mediators are trying to de-escalate tensions between the US and Iran and revive negotiations on a nuclear deal.
Lebanese media reports of new Israeli drone strikes in southern Lebanon, Tasnim reported.
Israel is willing to join future US attacks on Iran should Washington seek help after President Trump declared the cease-fire with Tehran “over,” sources in Jerusalem told The Post.
A US official, on Lebanon-Israel talks, said we have moved to the implementation stage of the framework and the first pilot zone will launch in a matter of days.
US TRADE
EQUITIES
US stocks closed higher on Thursday, with sector performance mixed, as geopolitical headlines dominated price action. While the US struck multiple Iranian targets overnight and Iran retaliated, risk sentiment improved after President Trump said Iran had reached out to the US and wanted to make a deal, easing concerns over a further escalation that could threaten energy infrastructure.
SPX +0.81% at 7,544, NDX +1.62% at 29,727, DJI +0.27% at 52,492, RUT +1.22% at 2,993
TARIFFS/TRADE
US White House announced the adjustment of imports of commercial aircraft, jet engines, and aircraft and engine parts into the US. Stated that no immediate tariffs be imposed under section 232 to address the threatened impairment to the national security.
CENTRAL BANKS
Fed announced leadership and objectives for monetary policy task forces; each to be co-led by three experts external to the Fed and be supported by Fed staff.Click here to see a detailed breakdown
BoE Chief Economist Pill said interest rates may need to increase this year to keep rising prices under control. “The speed limit at which you can run the economy is a bit lower than it’s been in the past”.
ECB President Lagarde said they need inflation at target in roughly 3 years time.
NOTABLE HEADLINES
OpenAI and Google (GOOGL) confirmed that they have been supplying AI services to blacklisted Chinese tech giants Alibaba (9988 HK/BABA), Baidu (9888 HK/BIDU) and Tencent (0700 HK), the FT reported.
APAC TRADE
EQUITIES
Asia-Pac stocks traded entirely in the green, as they followed the tech-led gains seen stateside. Military strikes continued on Thursday, but energy prices and equity markets seemed to have brushed it aside and instead took a stronger liking to President Trump’s comments, in which he said Iran had reached out to the US and wanted to make a deal, easing concerns over a further escalation that could threaten energy infrastructure. To note, the Taiwan markets were closed due to the typhoon, and worries of the typhoon hitting China and Japan.
ASX 200 initially opened with modest losses but has since reversed and printed modest gains. Metals & Mining topped the sector pile, cutting 4 consecutive days of losses, while Health Care was the sector laggard.
Nikkei 225 gained, with SUMCO leading the way as it benefited from the semiconductor strength stateside. On the earnings front, Seven & I and Fast Retailing both posted strong earnings and raised their FY guidance; however, shares traded lower after highlighting the effects of a weaker yen.
KOSPI surged, helped by gains in Samsung Electronics while SK Hynix shares traded choppy ahead of its US ADR listing. The choppiness in SK Hynix comes as investors position themselves for the ADR, with analysts stating that the US ADR may be preferred over its domestic listing, due to US ADRs commonly trading at a premium (typically at a 5-15% premium).
Shanghai Comp. and Hang Seng. were firmer, with another set of IPOs in Hong Kong, resulting in 15 listings this week. Today, markets were focused on Nexchip Semiconductor. The IPO price was set at HKD 32.30/shr, and shares rose at the open and briefly topped HKD 36/shr but have since come off.
US equity futures are softer across the board, albeit very modestly. Thursday’s session was another big day of tech announcements; Micron revealed a USD 3bln investment to strengthen US semiconductor supply chains, while Meta unveiled a paid AI developer model.
European equity futures are indicative of a mixed open with the Euro Stoxx 50 future -0.2% after cash closed +1.3% on Thursday.
FX
DXY continued to trade on the softer side, trading at the low end of its 100.60-100.94 range. The recent downward pressure came amid comments by Japanese Finance Minister Katayama, which lifted Japanese assets (see JPY below). Geopolitical newsflow has been light, allowing energy prices to rotate in tight ranges and having a limited effect on the USD.
EUR and GBP extended on from Thursday’s modest gains, as EUR/USD topped the 1.1460 mark while GBP/USD peaked at 1.3450. No specific regional driver for the recent upside; just benefiting from a softer USD.
USD/JPY slipped back below the 162.00 handle, and traded at the lower end of its 161.28-162.43 range. The recent Yen strength came amid comments by Japanese FinMin Katayama, in which she said the government wants to encourage pension funds, including the GPIF, to increase investment in domestic financial funds. These remarks suggest of a potential shift that would support debt while reducing structural selling on the JPY, as the funds would allocate more to domestic assets and less to overseas products.
Antipodeans were firmer, with the Kiwi continuing to surge. The RBNZ rate hike was the origin of the recent strength, as markets nearly fully price 2 rate hikes by year-end.
CNH strengthened after the PBoC set the USD/CNY mid-point at 6.7989 (prev. 6.8036), which was its strongest midpoint since February 2023.
FIXED INCOME
UST Futures were quiet, trading in a tight 5-tick range, following a rebound in Thursday’s session as energy prices fell. A quiet docket ahead in the US coming into the weekend.
Bund Futures rose to a peak of 125.61 but came off best levels as JGBs started to pull back. Bunds were unreactive following the ECB minutes, in which it stated that policymakers see core inflation above the 2% target across the entire projection horizon, despite the policy tightening. This signals a hawkish tilt and keeps further rate hikes on the table. Markets fully price in a rate hike in 2026 and a 60% chance of two hikes by year-end.
JGB Futures outperformed, as it trended from its 126.50 trough to a 127.46 peak. The bid higher came following comments by Japanese Finance Minister Katayama, in which she said the government wants to encourage pension funds, including the GPIF, to increase investment in domestic financial funds. The 10yr yield fell 10bps to 2.775%.
US sells USD 22bln of 30-year bonds; Stop through 0.3bps.
Australia sells AUD 900mln 1.75% 2032 AGBs: b/c 3.16x (prev. 4.10x), average yield 4.6189% (prev. 4.1987%).
COMMODITIES
Crude futures rotated in narrow ranges amid a lack of geopolitical updates thus far in Friday’s session. Despite the recent strikes on US bases in the Gulf and several areas in Iran, worries have eased over further escalation that could involve energy infrastructure. A US official stated late on Thursday that the US remains committed to a resolution with Iran and that technical discussions are ongoing. Furthermore, regional mediators continue to try and de-escalate tensions and revive a nuclear deal. WTI traded in a USD 71.22-72.48/bbl range, while Brent held above USD 76/bbl.
Precious Metals oscillated in tight ranges, but was helped by the softer dollar. Spot gold traded either side of the USD 4120/oz mark, while spot silver regained USD 60/oz.
3M LME Copper reversed earlier losses and regained the USD 13.5k/t handle amid the positive risk tone across Asia-Pac markets.
QatarEnergy sets August Marine Crude OSP at Oman/Dubai -USD 5/bbl; Land Crude OSP at -USD 4.50/bbl, according to a pricing document.
CRYPTO
Bitcoin extended higher and looks set to regain the USD 64k handle as Friday progresses.
NOTABLE ASIA-PAC HEADLINES
Japanese Finance Minister Katayama said they are to pursue steps to promote investment in Japanese assets by GPIF and others. She added that the government wants to speed up discussions on expansion of JGB products targeting households. On markets and policy, she did not comment on specific bond yield levels, stated specific monetary tools are up to the BoJ and will closely monitoring economic indicators and market situations.
Japan’s Economy Minister Kiuchi said the government has consistently communicated its stance of taking policy that heeds to fiscal sustainability. The effect of the weak yen on local inflation is delayed and not necessarily significant. There is no change to government’s stance on monetary policy. Policy tool remains the BoJ’s decision. Government will not convey to the BoJ its preference on timing, pace and direction of policy changes.
DATA RECAP
Japanese PPI MoM (Jun) M/M 0.4% vs. Exp. 0.3% (Prev. 0.9%).
Japanese PPI YoY (Jun) Y/Y 7.1% vs. Exp. 6.8% (Prev. 6.3%).
GEOPOLITICS
RUSSIA-UKRAINE
Krasnodar task force said a fire has broken out at the Ilsky oil refinery due to the fall of a drone’s debris, Interfax reported.
A fire broke out at two oil product storage facilities due to a UAV attack in the Rostov region, according to the governor. Fires were being pushed out in Taganrog’s Seaport but reported no injuries.
EU/UK
NOTABLE HEADLINES
Andy Burnham gets 322 nominations from Labour MPs for the party leadership.
UK Chancellor Reeves is to announce a new City “skills compact” that will commit financial firms to retraining thousands of workers for the AI revolution, The Guardian reported.
BRC said the number of people visiting British shops fell 3.4% in June, due to the heatwave keeping shoppers indoors.
NORTH AND SOUTH KOREA AND JAPAN
SOUTH KOREA
JAPAN
3 CHINA
4. EUROPEAN AND SCANDINAVIAN COMMENTARIES PLUS NATO
FRANCE/SYRIA
France Pushes Syria Strategic Energy Corridor Vision Despite Bombing During Macron Visit
French Foreign Minister Jean-Noel Barrot on Thursday said that Paris is developing “alternative routes” following a return to war between the US and Iran, singling out Syria as a primary gateway to Persian Gulf oil.
“Among all the efforts we have made since the start of this crisis, there is the idea of preparing alternative routes so that we are not dependent on blockages here or there,” Barrot said.
The foreign minister noted that Syria is currently reunifying after the collapse of former Syrian president Bashar al-Assad’s government, and could emerge as a “new regional hub.” He also identified Syria as a strategic corridor for Gulf oil to mitigate supply disruptions in the Strait of Hormuz.
Barrot emphasized that France intends to expand trade and economic cooperation with Damascus while securing a pathway for Gulf producers.
The transition requires comprehensive infrastructure assessments and security guarantees, the foreign minister said, viewing these efforts as essential to securing global energy markets.
The announcement follows French President Emmanuel Macron’s visit to Damascus on Tuesday, where he met with former Al-Qaeda chief and self-appointed Syrian President Ahmad al-Sharaa to discuss regional stability.
Joining Macron on his visit, TotalEnergies head Patrick Pouyanne described the nation as being “at the crossroads of the Middle East,” positioning it as a vital transit link between Iraq and the Mediterranean Sea.
Syria is not united. When Shara’a failed to take Suwayda, his forces massacred well over a 1,000 Druze civilians. And the last move, Rojava, ended the only democratic and inclusive structure within Syria.
Since April, Iraq has been transporting oil through Syria by truck for re-export, exporting over 600,000 tons of fuel oil between April and June to bypass the closure of the Strait of Hormuz.
Last month, officials from both countries discussed rehabilitating the shared Kirkuk-Baniyas oil pipeline and establishing energy transit mechanisms.
While TotalEnergies has signed a memorandum of understanding (MoU) for an offshore exploration block in the Mediterranean, Pouyanne clarified that no other specific projects are underway.
He acknowledged that current conditions remain volatile, stating, “Today, it’s clear that the security situation still doesn’t allow us to operate, but I think it is a positive initiative to come here, to Damascus.”
His remarks preceded reports of two bombs detonating near the Four Seasons Hotel where the French delegation stayed.
#Syria | The Syrian Interior Ministry says the two explosive devices were planted only a short time before they were discovered in the area. Surveillance cameras covering the site are the primary source of evidence in the ongoing investigation. Officials also say CCTV footage… pic.twitter.com/WQeKIhVVgq— Basha باشا (@BashaReport) July 7, 2026
Pouyanne noted, “We should give the government time to take control of the country. We shouldn’t ask too much,” concluding, “We need to be a little patient.”
END
GERMANY/USA
Germany Inks Deal To Buy US Tomahawks, Filling Long-Range Capability Gap
Friday, Jul 10, 2026 – 06:55 AM
German Chancellor Friedrich Merz newly announced Thursday that his government has struck a deal with the United States to buy American-made Tomahawk cruise missiles and station them in Germany.
“On the sidelines of the NATO summit in Ankara we also agreed with the American government that Tomahawk missiles would be purchased by us and stationed in Germany,” Merz said. “With this we are closing an important strategic gap in our defense. And at the same time we will work on developing our own European systems and deploying them in Europe.”
He announced this while informing parliament that the results of this week’s NATO summit in Turkey “exceeded all of my expectations” – which he said bolstered the alliance as a “united, strong and self-confident” one.
Russia loomed large in the background of his speech, given he offered a final goal of moving toward “a future where our country is not susceptible to blackmail, but rather can confidently meet every threat posed to our free way of life using its own strength.”
Germany makes its own cruise missiles, the Taurus, but their range of just over 300 miles is three to five times shorter than the Tomahawk.
With this deal, Berlin is seen as greatly bolstering its long-range strike abilities, at a moment this has also been a big focus in Ukraine, in terms of inflicting damage deep inside Russian territory.
When it comes to actual deep-strike deterrence, Washington has long had the biggest monopoly on long-range capabilities in comparison to European militaries and EU domestic production.
The operational range of a Tomahawk missile varies between about 800 to 1,700 miles, depending on the specific block variant and flight profile.
While the missile is relatively slow compared to more recent developments in missile technology, it is effective as it’s able to fly so low, almost at tree line level, thus better evading radar.
“Operational missiles are launched by a solid-fueled booster rocket and carried to their target by a turbofan jet engine,” one source reviews.
“The Tomahawk flies near the surface at 550 mph and uses satellite-assisted navigation and TERCOM (Terrain Contour Matching) radar to guide it to a target up to approximately 1,500 miles distant,” the source notes. “It can carry either a conventional or a nuclear warhead.”
END
EU
THOUGHT POLICE!!! THEY PASS IT ANYWAY THROUGH QUIRK IN VOTING
Europe Votes Against Thought-Policing ‘Chat Control’, Brussels Passes It Anyway…
Friday, Jul 10, 2026 – 04:15 AM
On Thursday in Strasbourg, 314 Members of the European Parliament voted to reject the return of “Chat Control,” the legal regime allowing tech companies to scan the private messages of roughly half a billion Europeans.
So naturally, the scanning regime won – thanks to a ‘quirky’ voting procedure in Brussels that allowed legislation to survive even though most MEPs who cast a vote opposed it. That should alarm anyone who still believes the word “parliament” is supposed to mean something.
Losing by Winning
The vote took place at second reading, under an urgent procedure pushed through just two days earlier by Parliament’s largest bloc, the centre-right European People’s Party.
At second reading, the arithmetic is rigged toward passage. Rejecting or amending the text does not require a majority of votes cast. It requires an absolute majority of all 720 MEPs: 361 votes.
That means every absent MEP and every abstention effectively counts in favor of the law.
On Thursday, 607 members voted: 314 to reject, 276 to proceed, and 17 abstained. Another 113 were not in the chamber. The rejection therefore fell 47 votes short of the required threshold. A clear majority of voting MEPs opposed the measure – and the measure became law again anyway. Not coincidentally, the vote was scheduled for the final sitting day before Parliament dispersed for its summer recess, when absenteeism is at its annual peak.
The path to this outcome is as important as the result. Parliament had already rejected an extension of these same rules on 26 March. The regulation then expired on 3 April. In any functioning democratic system, that would have been the end of it. Instead, the Council returned on 2 July with essentially the same text, repackaged as a new proposal. Then, on 7 July, the EPP secured an urgency procedure by a narrow 331-to-304 vote, bypassing committee scrutiny and setting up Thursday’s vote under second-reading rules.
Marketa Gregorova, the Greens/EFA negotiator on the file, accused the EPP of violating Parliament’s own rules of procedure and abusing its position to force a re-run of a question the chamber had already answered. She was right to do so.
When a legislature can be made to vote on the same question repeatedly, under progressively worse rules, until it produces the desired answer, the word “vote” begins to look decorative.
What was revived on Thursday is “Chat Control 1.0” – the ePrivacy derogation first adopted in 2021 – not the broader permanent proposal commonly known as Chat Control 2.0.
The revived regime permits, rather than requires, providers such as Meta, Google and Microsoft to scan private messages, emails and uploaded images on unencrypted services for child sexual abuse material. It will now run until April 2028, unless permanent legislation replaces it first.
Parliament did manage to push through two concessions. Amendments exempting end-to-end encrypted services passed with 369 and 362 votes, carried by an unusual coalition spanning liberals, the left and parts of the right. That matters: Parliament is now formally on record against breaking encryption.
But as civil-rights campaigner Patrick Breyer notes, the victory is partly symbolic. Providers cannot meaningfully scan end-to-end encrypted content in the first place without undermining the encryption itself.
The more revealing vote was the one that failed. An amendment to restrict scanning to individuals actually identified as suspects by the judiciary won a clear plurality, 322 to 255. But because it also needed 361 votes, it died.
In other words, a majority of voting MEPs wanted scanning limited to actual suspects. Europe got suspicionless scanning of everyone instead.
Migrants continue to treat Britain’s streets, parks, and waterways like a personal hunting ground, with fresh footage exposing the grim reality of unchecked mass immigration.
A disturbing new video circulating on X shows a woman – widely identified in comments as a migrant – seemingly actively hunting birds.
She uses a sheet to capture a seagull perched on a gate or property edge. After securing the bird, she looks around for more prey, scanning the area as if on a deliberate hunt.
When locals spot her and begin filming while questioning what she is doing with the bird, she gestures dismissively – as if to say “what’s your problem?” and implying this is totally normal behaviour and none of their business.
The clip has sparked widespread outrage, with many slamming the trespass and illegal taking of wildlife.
This latest incident fits a clear pattern. Migrants have been repeatedly filmed hunting pigeons, with their bare hands in UK streets, and even using fishing rods to try and catch them.
The depravity doesn’t stop at birds. On the continent, a Nigerian migrant was caught cooking a cat in a public park next to a children’s playground, drawing fury from locals.
Officials vow zero tolerance for imported “barbaric customs”
These cases echo reports from Springfield, Ohio, where Haitian migrants faced accusations of snatching and consuming local wildlife, including ducks and geese in parks.
Residents described scenes of animals being grabbed by the neck, decapitated, and taken for food – claims that amplified national debate over mass migration’s impact on communities and norms.
British wildlife laws under the Wildlife and Countryside Act strictly protect many of these species. Yet enforcement seems inconsistent when it involves certain arrivals who show little regard for local customs, laws, or basic animal welfare.
Locals filming these confrontations repeatedly highlight the same point: these individuals have housing, clothing, and food provided, yet they hunt urban birds as if in a survival scenario from their countries of origin.
The cultural clash is undeniable. Britain, long a nation of animal lovers with strong traditions of protecting wildlife, now contends with behaviors that treat public spaces as open butcheries. Pigeons and seagulls in cities scavenge in polluted environments, raising health risks from diseases, but that hasn’t deterred the hunters.
This is a visible symptom of failed open-border policies that prioritize globalist ideals over national cohesion and rule of law. While politicians lecture about tolerance, everyday Brits watch their parks and streets transformed, and communities on edge.
Mass immigration without assimilation imports incompatible practices that erode Britain’s way of life. Strong borders, enforced laws, and putting citizens first aren’t radical – they’re essential to preserving what remains of civilized society.
Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.
END
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS//
ISRAEL USA/IRAN THURSDAY NIGHT
LAST 24 HRS:
Israel Hands US Curiously-Timed Intelligence Saying Iran Plotting To Assassinate Trump
Thursday, Jul 09, 2026 – 09:00 PM
Update(21:00ET): Here’s what President Trump said from Ankara on Wednesday which left many wondering just what he was referring to: “They want to take out the U.S. leader—me,” he said in reference to the Iranians. “I’m on every list. I saw this morning, I’m on every single one of their lists. And so far, I guess I’ve been a little bit lucky, but that maybe doesn’t last very long.”
The Wall Street Journal in a Thursday evening report says that Israel has provided fresh intelligence to the White House indicating just such a Tehran-linked plot. The timing is quite curious and interesting given it comes just as the warring sides standing on the brink of returning once again to full-scale war:
Israel shared new intelligence with the U.S. that it said indicated a fresh Iranian plan to kill President Trump, people familiar with the matter said, a finding that would mark an escalation in the war between Washington and Iran.
Iran for years has vowed openly to retaliate against Trump for the assassination of Qassem Soleimani, who was a top general in the Islamic Revolutionary Guard Corps, in the president’s first term.
The Israeli embassy in Washington declined to comment. Iran’s Mission to the United Nations didn’t immediately respond to a request for comment. The White House referred The Wall Street Journal to comments the president made on Wednesday.
The Israelis have remained deeply dissatisfied with terms laid out in the previously agreed-to MoU, and so have every incentive to goad Washington further into the conflict. Certainly many within the US administration know this, and so might be taking this new ‘intelligence warning’ – which was leaked rather quickly to major media – with the appropriate degree of skepticism.
Meanwhile the US says it is still engaged in ‘technical talks’ with Iran, despite the past days of tit-for-tat bombings. “Technical talks between the US and Iran are continuing, according to a US official, following two days of clashes that threatened to shatter an already fragile ceasefire between the two nations,” reports Bloomberg, also late in the day Thursday. “The US is still committed to finding a solution with Iran, the official said Thursday, speaking on condition of anonymity to discuss the matter.”
So it appears there’s still hope that things might not spiral further. As for the alleged assassination plot, this isn’t the first time Iran has faced such accusations, and each time Tehran officials have vehemently denied them.
* * *
Just as the US nighttime strikes were significantly bigger than prior rounds in June, so has Iran’s ‘retaliation’ been bigger – chiefly on Gulf states and American bases there.
In the overnight and Thursday daytime hours, Iranian ballistic missiles and drones have targeted Kuwait, Qatar, Bahrain, and even faraway Jordan. The country is reporting that it has intercepted several missiles, which targeted Muwaffaq Salti Air Base – jointly operated by US and Jordanian forces. Oil prices have persisted above prewar levels on Thursday.
“Jordan has intercepted eight Iranian missiles in its airspace after sirens sounded across the country, according to the armed forces,” reports Al Jazeera. “Falling shrapnel did not cause any casualties or material damage, it added.”
Following the US bombing of the Islamic Republic for a second consecutive night, which came after Iranian forces sought to enforce its own shipping route and protocol on the Strait of Hormuz (which saw several international vessels attacked), Tehran has newly confirmed it in turn struck “US bases and strategic centers” in Bahrain, Kuwait, and Qatar.
In particular the IRGC has claimed that two US bases in Kuwait and two base in Bahrain were attacked – and the Iranian elite force is threatening more to come. US Central Command (CENTCOM) says the rate of its strikes have grown to about 14 times the number of targets hit in the last late June flare-up in fighting.
U.S. forces have struck more than 170 Iranian military targets in the past two days, including air defense systems, drone and missile storage sites, military speed boats, and logistics infrastructure along the coast near the Strait of Hormuz, according to the U.S. Central Command.
CENTCOM released footage of some of the fresh strikes:
In some instances civilian infrastructure like rail lines and bridges have reportedly been hit, which marks a return to the opening months of Operation Epic Fury, when targets all across the country were damaged or obliterated.
Little that’s confirmable in the way of damage has come out of the Gulf states at this point:
Kuwait said that it had intercepted three ballistic missiles, a cruise missile and 10 drones early Thursday morning and that falling debris had injured one person and caused material damage. Bahrain’s military said it had intercepted and destroyed several drones and missiles after Iran launched attacks on Thursday.
Iran also said that it had launched an attack in Qatar, a key mediator in Iran’s talks with the United States. The Qatari authorities did not confirm any strikes but did issue a public security alert early this morning that it later lifted.
Iranian state sources have said the two days of renewed American attacks have killed 14 people and wounded 78. The casualty count could be much higher given that strikes and counterstrikes could be extended as an offramp becomes more elusive. Explosions have been observed along the Iranian coast, including Bushehr, Chabahar, Bandar Abbas, and Sirik.
As for potential offramp, President Trump is still claiming that Tehran wants to make a deal “badly” – and even specified to reporters aboard Air Force One that Iran “called a while ago” make just such a request. Most pundits and reporters, after hearing the same line literally dozens of times over the past months, are skeptical to say the least.
While this remains Trump’s public-facing rhetoric, a fresh Thursday report in The Wall Street Journal offers a contrasting account. “Angered by the strikes, Trump pressed them on whether they believed Iran was serious about reaching a final deal,” WSJ writes. “In the end, after discussing it with his senior aides, the president decided they weren’t.”
Trump had later (on Wednesday) said from Ankara at the NATO summit, “To me, I think it’s over.” He then emphasized: “I don’t want to deal with them…They’re liars, they’re cheats, they’re sick people.”
As for Tehran’s position, “An Iranian diplomat said Wednesday that the US had violated the peace deal by setting up a shipping lane that wasn’t coordinated with Tehran, contending that it justified the Islamic Republic’s decision to fire at traffic,” according to the same report.
From there, Secretary of War Pete Hegseth warned alongside Trump that the United States would hit Iran “even more, and even deeper” – after that the Pentagon announced it would “further degrade their ability to threaten freedom of navigation in the Strait of Hormuz.”
A US official was also quoted in the WSJ as saying Iran had chosen “the path of violence” and so will face the consequences.
Economist Daniel Lacalle argues that the geopolitical and economic balance of power has fundamentally shifted in favor of the United States, meaning Washington does not need to rush negotiations with Tehran. [1]
His core perspectives on the U.S.-Iran conflict include:
Strait of Hormuz As Leverage: Lacalle points out that while the Strait of Hormuz was historically Iran’s primary strategic weapon, it has now become its greatest liability. Because the U.S. has established itself as the world’s largest oil and gas producer, a blockade hurts Iran far more than Western consumers. [1, 2, 3, 4]
Iran’s Weakened Economic Position: He stresses that Iran’s economy was already devastated by its own domestic monetary policies and has been completely crushed by recent military engagements. With distressed, idle oil tankers stranded in Asian waters, Iran has ruined its credibility as a reliable energy supplier. [1, 2, 3]
U.S. Controls The Agenda: Lacalle asserts that the U.S. holds all the cards in peace negotiations. Washington possesses a superior combination of financial control, energy dominance, and military coordination, effectively leaving time on the side of the U.S.. [1]
The New Global Chess Match: He emphasizes that the indirect fallout of the conflict primarily impacts China and the European Union. By controlling the energy narrative, the U.S. is effectively forcing major buyers like China to negotiate from a weaker, dependent position. [1, 2]
Guns Fall Silent As Qatar Races To Revive US-Iran Talks
Friday, Jul 10, 2026 – 09:05 AM
The guns have actually been silent in the Middle East overnight, after two days of deadly strikes between the United States and Iran, amid a general return to premarket open headlines of ‘peace imminent again’ as mediators desperately work to get diplomacy back on track.
For example, The New York Timeswrites early Thursday that “Qatar, which helped broker the U.S.-Iran truce last month, has been in talks with Washington and Tehran to de-escalate the crisis, according to two officials with knowledge of the matter, who requested anonymity to discuss sensitive diplomacy. In recent days, several other regional countries — Bahrain, Kuwait and Jordan, all of which host U.S. military facilities — said they have come under Iranian attack.”
The same report further says, “Even as the fighting appeared to subside on Friday, it remained unclear whether the latest mediation efforts could prevent that cycle from repeating.” The situation has devolved into a “dangerous test of wills, with each side trying to show that it can absorb the other’s attacks and respond forcefully, without tipping the conflict back into full-scale war,” NYT continues.
And separately Bloomberg also reports, “Talks between the US and Iran on a permanent peace deal are continuing, according to a US official, despite two days of clashes that threatened an already fragile ceasefire. The renewed hostilities risk undermining efforts to rebuild depleted global oil inventories, the International Energy Agency said.”
Bloomberg continues: “Oil prices steadied on Friday after a bumpy week. While gasoline prices have fallen since the fragile ceasefire, they’ve lagged crude’s sharp decline, prompting one asset manager to buy protection against stickier-than-expected US inflation.”
There appears real movement on this, given also that Reuters is freshly reporting that Qatar negotiators are currently in Iran to meet Iranian officials, as part of the effort to immediately de-escalate tensions and create conditions for broader negotiations.
Still, the crisis is on edge and full-scale war could return at any moment, also as the UK Maritime Trade Operations agency is once again alerting global vessels security threat in the Strait of Hormuz remains at its highest level.
In Iran, the burial of the slain Supreme Leader Ayatollah Ali Khamenei has finally concluded, and the IRGC’s top commander, Brigadier-General Ahmad Vahidi, has pledged vengeance against the US and Israel for the assassination, saying it won’t “be erased from the historical memory.”
The Revolutionary Guard chief called for the “full realization of justice and a fitting response to the criminals, especially the child-killing American army.” An estimated 41-43 million people attended the six-day funeral for the late Khamenei, according to Iranian media.
In the meantime we commented overnight on who is not seeking permanent Iran peace at this point, on lingering concerns about the Islamic Republic’s nuclear program. The Wall Street Journal in a Thursday evening report says that Israel has provided fresh intelligence to the White House indicating just such a Tehran-linked plot.
The timing is quite curious and interesting given it comes just as the warring sides standing on the brink of returning once again either to talks, or to full-scale war:
Israel shared new intelligence with the U.S. that it said indicated a fresh Iranian plan to kill President Trump, people familiar with the matter said, a finding that would mark an escalation in the war between Washington and Iran.
Iran for years has vowed openly to retaliate against Trump for the assassination of Qassem Soleimani, who was a top general in the Islamic Revolutionary Guard Corps, in the president’s first term.
The Israeli embassy in Washington declined to comment. Iran’s Mission to the United Nations didn’t immediately respond to a request for comment. The White House referred The Wall Street Journal to comments the president made on Wednesday.
The Israelis have remained deeply dissatisfied with terms laid out in the previously agreed-to MoU, and so have every incentive to goad Washington further into the conflict. Certainly many within the US administration know this, and so might be taking this new ‘intelligence warning’ – which was leaked rather quickly to major media – with the appropriate degree of skepticism.
The US has still – somewhat surprisingly – affirmed it remainsengaged in ‘technical talks’ with Iran, despite the prior days of tit-for-tat bombings. “Technical talks between the US and Iran are continuing, according to a US official, following two days of clashes that threatened to shatter an already fragile ceasefire between the two nations,” reports Bloomberg, also late in the day Thursday. “The US is still committed to finding a solution with Iran, the official said Thursday, speaking on condition of anonymity to discuss the matter.”
So it appears there’s still hope that things might not spiral further. As for the alleged assassination plot, this isn’t the first time Iran has faced such accusations, and each time Tehran officials have vehemently denied them.
ISRAEL TBN…
END
HEZBOLLAH
Withdrawal cannot be a gesture of faith: US, Israel must align on Lebanon – editorial
“We did not ask anyone’s permission to enter Lebanon, and we do not need permission to stay in Lebanon,” Israel Katz said, adding that Israeli forces would remain until Hezbollah is disarmed.
US President Donald Trump gestures as he steps off Air Force One to board the new Qatari-gifted Boeing plane, enroute to the United States following his participation in the NATO Summit at Royal Air Force Mildenhall on July 08, 2026 in Mildenhall, England.(photo credit: Win McNamee/Getty Images)ByJPOST EDITORIALJULY 10, 2026 06:00
US President Donald Trump believes Israel will withdraw from southern Lebanon. Defense Minister Israel Katz says Israel is staying.
Those two positions cannot simply coexist.
Speaking at the NATO summit in Ankara on Wednesday, Trump said he believed Israel would withdraw its forces from southern Lebanon, citing ongoing discussions and a mutual desire to move forward. A day later, Katz rejected that suggestion in unusually blunt terms.
“We did not ask anyone’s permission to enter Lebanon, and we do not need permission to stay in Lebanon,” he said, adding that Israeli forces would remain until Hezbollah is disarmed.
The disagreement is not a minor matter of messaging. It concerns the future of Israel’s northern border, the fate of Hezbollah, the sovereignty of Lebanon, and the credibility of the US-Israel alliance.
Pepole walk next to a large banner depicting U.S. President Donald Trump with the slogan “The Deliverer” hangs on a building in Jerusalem, April 19, 2026. (credit: YONATAN SINDEL/FLASH90)
Hezbollah entrenched itself despite international arrangements in the past
Israel has every reason to be skeptical of promises concerning Lebanon. For years, international arrangements were supposed to prevent Hezbollah from entrenching itself along the border. Instead, the terrorist organization built an arsenal, dug in across southern Lebanon, and turned Lebanese territory into a forward base for Iran.
Israel cannot return to the conditions that existed before the war. No Israeli government can responsibly ask residents of the North to return home on the basis of another promise that Hezbollah will eventually be disarmed.
On that point, Katz is right. Withdrawal cannot be a gesture of faith. It must follow verifiable changes on the ground.
But Katz’s formulation is also needlessly confrontational. The United States is not just “anyone.” It is Israel’s most important ally, the mediator of the recent Israel-Lebanon security arrangement, and the country whose diplomatic and military support has been indispensable throughout the regional conflict.
Strategic independence does not require publicly dismissing Washington.
Trump, for his part, should not announce an Israeli withdrawal before Israel has agreed to one. The US may be eager to advance a broader regional settlement, and that goal deserves serious consideration. But Israel, not Washington, will live with the consequences if Hezbollah reestablishes itself along the border.
The problem is not simply that Trump and Katz disagree. Allies disagree all the time. The problem is that the public is being presented with two incompatible policies.
Is Israel’s presence in southern Lebanon temporary?
Is Israel’s presence in southern Lebanon temporary? If so, what are the conditions for withdrawal? What does “disarming Hezbollah” mean in practice? Who will verify it? What role will the Lebanese Armed Forces play? What happens if the Lebanese state proves unwilling or unable to enforce the agreement?
These questions need answers.
The US-Israel relationship has always been strongest when disagreements are handled seriously rather than theatrically. Strategic ambiguity can be useful when directed at enemies. Among allies, it can create confusion that enemies exploit.
Hezbollah should not be left wondering whether Washington is pressuring Israel to leave or whether Israel intends to stay indefinitely. The Lebanese government should not be allowed to play one ally against the other. Israelis living near the northern border deserve to know what security arrangement is supposed to protect them.
There is also a larger opportunity.
Lebanon has a chance – perhaps its best in decades – to restore genuine sovereignty over its own territory. A weakened Hezbollah and a changing regional order have created possibilities that once seemed remote. Israel should not remain in Lebanon one day longer than its security requires. But it should not leave one day before a credible alternative is in place.
That alternative cannot be another document filled with promises. It must include enforceable benchmarks: the removal of Hezbollah’s military infrastructure from the border region, the deployment of effective Lebanese state forces, mechanisms for verification, and clear consequences for violations.
Washington and Jerusalem should be working together to define those conditions now.
Trump’s instinct to seek a diplomatic breakthrough is understandable. Katz’s insistence that Israel will not outsource its security is equally understandable. But diplomacy and security are not opposing goals. A durable agreement requires both.
The US should not promise an Israeli withdrawal that Jerusalem has not approved. Israeli ministers should not speak about America as though its position were irrelevant.
Before either side makes another public declaration, the two governments need to agree on the answer to a simple question: What must happen for Israel to leave Lebanon?
Until they can answer it together, both would be wiser to speak less.
END
IRAN TODAY AFTER THE USA STRIKE
Train services cancelled after the strike!!
Several explosions heard in southeastern Iran, air defense systems activated – report
US officials told The Jerusalem Post that America was not responsible for the explosions. However, a Bushehr official told IRNA that a military site in the region was hit by a US-Israeli projectile.
Smoke rises from explosions at an unknown location, following what US Central Command (CENTCOM) said were strikes on Iranian military targets, in this screen grab from a video released on July 8, 2026.(photo credit: US CENTRAL COMMAND/HANDOUT VIA REUTERS)What was the alleged US strike’s goal?➤What disrupted Iran’s train services?➤Who reported the US strike?➤Why were passengers chanting?➤
Several explosions were heard in southern parts of Iran, including Bushehr, where one of Iran’s nuclear plants is located, Konarak, and Choghadak, Iran’s Mehr news agency reported on Thursday.
Iran had activated its air defense systems in three different regions shortly beforehand, according to Ma’ariv citing local reports.
US officials told The Jerusalem Post that America was not responsible for the explosions. However, a Bushehr official told IRNA that a military site in the region was hit by a US-Israeli projectile.
US reportedly strikes Bushehr nuclear power plant, over 90 sites across Iran
A Russian-built nuclear power plant was reportedly hit in US strikes on Iran’s Bushehr province early Thursday morning, according to Iranian state media.
According to the deputy governor of Bushehr Province, a US projectile hit the perimeter area of the facility, which had already been hit several times during the current conflict prior to the April 8 ceasefire.
Fire and smoke rise from explosions at an unknown location, following what US Central Command (CENTCOM) said were strikes on Iranian military targets, in this screen grab from a video released on July 8, 2026. (credit: US CENTRAL COMMAND/HANDOUT VIA REUTERS)
The most recent round of US strikes on Iran was completed early Thursday morning. The US military struck approximately 90 sites throughout southern Iran “to further degrade Iran’s ability to attack commercial shipping and innocent civil mariners in the Strait of Hormuz,” the US Central Command (CENTCOM) said in a statement on X/Twitter.
Iranian officials said the US attacks had killed 14 people and injured 78 across five provinces on Wednesday and Thursday, state media reported.
Civilian infrastructure targeted, rail services disrupted as bridge struck by US
Iranian passenger train services between Tehran and Mashhad were temporarily suspended following a reported US strike on a railway bridge connecting the two cities, state broadcaster Islamic Republic of Iran Broadcasting (IRIB) claimed.
“Following the criminal US attack early this morning on a section of the Tehran-Mashhad railway, passenger train services have been disrupted,” IRIB posted on X/Twitter on Thursday.
Passengers stranded due to the disruption reportedly began chanting, “Iranians do not accept humiliation, even at the cost of their own lives.”
Erdogan Taunts Israel & Greece After Trump Hands Turkey F-35, Sanctions Win
by Tyler Durden
Friday, Jul 10, 2026 – 02:45 AM
Turkish President Recep Tayyip Erdogan has responded to ongoing Israeli and Greek objections to the possible US sale of F-35 fighter jets to Turkey by mocking the Turkish enemies and rivals.
Opposition to the potential stealth fighter transfer raised by Prime Minister Benjamin Netanyahu and Greece’s Kyriakos Mitsotakis “has no place in my world,” Erdogan said in his characteristically bellicose manner.
“Hopefully, when the F-35s are delivered to Turkey, the whole world will say America kept its promise,” Erdogan said at a Wednesday closing news conference for the NATO summit hosted in Ankara.
Netanyahu told Fox News on Monday that “Turkey is a great country, but it’s governed by a man who calls openly for the annihilation of Israel” – in reference to Erdogan. “He occupies half of Cyprus, a NATO country. He’s threatening Greece, another NATO country, and he talks openly about conquering Jerusalem.”
The Israeli leader also said that giving Ankara F-35s or fighter jet engines would “upset the power balance in the Middle East, which is ultimately guaranteed by Israeli air superiority and also by, I think, by America’s posture in the Middle East.” He’s been urgently requestion that the White House reign in Erdogan and his provocative rhetoric.
However, Israeli pressure did nothing to sway Trump while the US President was in Turkey. Trump strongly signaled he’s ready to go through with the sale of F-35s, saying of Erdogan, “We are great friends”.
What’s more is that Trump declared – to the surprise of US Congress (who will want a word on this) that he’ll be removing US sanctions which were imposed on Turkey during his own prior administration:
In response to that purchase, Washington in 2020 imposed sanctions on a major Turkish defense company and removed Turkey from the F-35 stealth fighter jet program, where Ankara was also a production partner.
“We’re going to be taking the sanctions off,” Trump told reporters just before his meeting with Erdogan during a visit to Turkey for a NATO summit. He added that his secretary of state and Treasury secretary were working on the issue.
In the moment, Secretary of State Marco Rubio looked a bit surprised, while President Erdogan beamed with a sense of victory…
Later, Erdogan voiced that in reality the United States is “not enforcing any sanctions against us” and that “by and large, those measures have already been lifted.”
He said of his top national security officials, “They have all witnessed firsthand that these sanctions are not being applied to Türkiye. So, we have no such problem. And whenever an issue does arise, Mr. Trump, thankfully, returns our call within 24 hours whenever we reach out to him. Within that same 24-hour period, we receive the response we need.”
The Turkish foreign ministry has also hit back at recent Israeli statements, saying, “The baseless allegations recently circulated by Israeli officials in a coordinated manner and with calculated timing are part of a disinformation campaign.” The statement added: “Netanyahu and his partners in crime deliberately distort any criticism directed at them and seek to divert attention through a systematic propaganda effort.”
END
IRAN
Iran: Israel will ‘not be spared’ in future attacks, Qatari negotiators in Iran to defuse tensions
The warning came after US President Donald Trump said Washington was considering strikes on Iranian energy and desalination infrastructure if tensions escalate.
A poster of Benjamin Netanyahu with a message of revenge is carried by a demonstrator appears in front of a huge banner of Ayatollah Ali Khamenei as people gather to bid farewell to Iran’s Supreme Leader Ayatollah Ali Khamenei in Revolution Square on July 6, 2026 in Tehran, Iran.(photo credit: Kaveh Kazemi/Getty Images)ByJERUSALEM POST STAFF, REUTERSJULY 10, 2026 14:56Updated: JULY 10, 2026 15:24
The Secretary of Iran’s Supreme National Security Council, Mohammad Bagher Zolghadr, stated on Friday that any attacks on Iranian infrastructure will be met with retaliation, adding that “Israel will not be spared from the response,” according to Iranian state media.
His comments followed a statement from US President Donald Trump indicating that Washington is considering strikes on Iranian electrical manufacturing facilities, power plants, and desalination plants if tensions escalate.
Zolghadr also referred to Trump as “the world’s most hated figure” and criticized remarks he claimed were directed at the Iranian people, according to an Iran International report.
Qatari negotiators in Iran for talks to de-escalate US-Iran tensions, source says
Qatari negotiators are in Iran to meet Iranian officials to de-escalate tensions and create conditions for broader negotiations to continue, a source with knowledge of the situation told Reuters on Friday, adding that the talks are being conducted in coordination with the United States.
The talks aim to address the implementation of the US-Iran memorandum of understanding and the issues that triggered the recent escalation between Washington and Tehran, including disputes over navigation in the Strait of Hormuz, the source said.
This is a developing story.
As Iran fades, Turkey emerges as Israel’s biggest strategic threat
DIPLOMATIC AFFAIRS: Netanyahu’s campaign against selling F-35s to Ankara reflects a growing conviction in Jerusalem that Turkey is shaping up to be Israel’s principal long-term challenge.
Recep Tayyip Erdogan, President of Turkey holds a press conference at Beştepe Presidential Compound during the NATO Summit on July 8, 2026 in Ankara, Turkey.(photo credit: Sedat Suna/Getty Images)ByHERB KEINONJULY 10, 2026 12:40
History, Prime Minister Benjamin Netanyahu said in a recent Channel 14 interview, “teaches that when one regional power declines, another rises. Our task is to make sure Israel continues rising faster than anyone else.”
This explains why Netanyahu launched a public campaign in the US this week against President Donald Trump’s apparent willingness to sell the state-of-the-art F-35 fighter to Recep Tayyip Erdogan’s Turkey, the state now furiously jockeying to replace Iran as the region’s dominant power.
Indeed, with the sun setting on Iran’s regional hegemony, despite diplomatic missteps that let Tehran off the ropes before a knockout blow, its military capabilities and web of regional proxies have been severely degraded, the sun is rising on Turkey’s ambitions.
Already entrenched in Syria, steadily expanding an indigenous defense industry capable of producing sophisticated drones, naval vessels, and eventually advanced fighter aircraft, and seeking a foothold in Gaza, Ankara increasingly appears intent on filling the regional vacuum Iran leaves behind.
PRIME MINISTER Benjamin Netanyahu told CNN that Turkey ‘has aggressive aspirations,’ ‘is not a force for peace and security,’ and F-35 planes in its hands would ‘destroy the power balance’ in the region. (credit: SAUL LOEB / AFP via Getty Images)
Turkey is interested in surrounding Israel with a Sunni ring of fire
As former national security adviser Giora Eiland observed this week, Iran sought to surround Israel with a Shi’ite ring of fire. Turkey, he warned, increasingly appears interested in building a Sunni one.
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That explains why Netanyahu went on American television networks to lobby publicly against an administration policy still under consideration. If Iran’s decline is creating a regional vacuum, Israel fears Turkey is positioning itself to fill it, and that American F-35s, coupled with Trump’s embrace of Erdogan, might help it do so.
Trump, however, sees matters much differently.
Standing beside Erdogan during the NATO summit, the president again spoke warmly of the Turkish leader. “I like Erdogan,” Trump said. “He’s an extraordinary leader.”
N, disputed that assessment. Erdogan’s Turkey, he said, “has aggressive aspirations,” “is not a force for peace and security,” and F-35 planes in its hands would “destroy the power balance” in the region.
A day later, Trump appeared to temper his remarks, saying no final decision had yet been made regarding the aircraft.
The fact that Trump appeared to soften his position only a day later suggests the proposal may already have encountered headwinds in Washington. Netanyahu’s intervention appears designed not to create those headwinds, but to make them considerably stronger. If the decision is still reversible, now is the moment to mobilize opposition.
The issue is sufficiently important for Netanyahu to do something he has generally avoided doing with Trump as president: publicly take issue with one of the president’s policies in an attempt to get it overturned. This is no trifling matter.
Trump has repeatedly emphasized his close relationship with Erdogan.
Indeed, he has gone even further, portraying himself as the man who prevented Turkey from entering the recent war against Iran on the opposite side.
“He could have gone into the war,” Trump said. “He didn’t because of me.”
Why the president would want to sell state-of-the-art weaponry to a leader who he himself said had contemplated joining a war against the United States and Israel is almost beside the point. The point is that Trump has made clear both where he stands and what he wants.
Netanyahu willing to take on ‘the boss’
Netanyahu “knows who the boss is,” Trump said on Saturday. That might be the case, but Netanyahu showed this week that he is willing to take on “the boss” over an issue that he deems cardinal to Israel’s security: preserving qualitative military superiority over any potential regional rival.
“Turkey is a great country, but it is governed by a man who openly calls for the annihilation of Israel,” Netanyahu said on Fox News, adding that it occupies half of Cyprus and regularly threatens Greece.
Netanyahu continued: “[Erdogan’s] foreign minister, his number two, has said that the Jewish state has no place among humanity and, essentially, has to be wiped out. His interior minister has said that he looks forward to becoming the governor of Jerusalem. This is a regime infected by the Muslim Brotherhood, an extremist movement that hates America and chants ‘Death to America’ from that side [the Sunni side] of the [Islamic] ideological spectrum.”
Selling them the F-35s or engines for their own fighter planes, he argued, would upset the balance of power in the Middle East, which is “ultimately guaranteed by Israel’s air superiority.”
Those are fighting words. Not so much against Erdogan, Netanyahu has minced no words in the past when it came to what he thinks of Turkey’s president, but against a Trump foreign policy objective.
But here Netanyahu, at least at the start of the battle, appears to be doing what military strategists caution against: fighting the current war with the playbook from the last one.
In previous clashes over US foreign policy, Israel’s strategy was to appeal over the administration’s head to Congress and the American public, where for decades it could count on broad bipartisan support.
When Yitzhak Shamir battled President George H.W. Bush over loan guarantees in the early 1990s, he sought to take his case directly to Congress. When Netanyahu fought Barack Obama’s nuclear agreement with Iran two decades later, he again appealed over the administration’s head, making his case directly to the American public and to lawmakers on Capitol Hill.
Neither effort ultimately succeeded. Shamir lost the loan guarantee battle. Netanyahu failed to stop the Iran nuclear agreement, and that was when public opinion and Congress were more favorably disposed toward Israel than they are today.
At first glance, Netanyahu appears to be returning to a familiar tactic: use American television to appeal directly to the US public, hoping to build enough political opposition on Capitol Hill to block, or at least complicate, the administration’s plans.
But this time there is one crucial difference. Although Israel no longer enjoys the level of public and congressional support it could count on during those earlier battles, it may not have to fight this battle alone.
Why not? Because Turkey’s ambitions are hardly viewed with alarm only in Jerusalem.
Israeli Air Force F-35s seen arriving to an Israeli base, on March 15, 2025 (credit: IDF SPOKESPERSON’S UNIT)
For Greece, Ankara’s increasingly assertive posture is reflected in repeated airspace violations over the Aegean and long-running disputes over maritime boundaries. For Cyprus, it is embodied in Turkey’s continued occupation of half of the island. For Armenians, opposition to a stronger Turkey is rooted in the national trauma of the Armenian Genocide and Ankara’s continued refusal to acknowledge it.
The reasons differ. The conclusion does not: Turkey should not emerge from the current regional upheaval significantly stronger militarily.
That convergence matters because Washington is influenced not only by governments but also by constituencies.
The American Israel Public Affairs Committee is by no means the only influential lobby in Washington. Greek-American organizations have spent decades mobilizing congressional opposition to Turkish policies toward Greece and Cyprus. Armenian-American organizations have done the same over the Armenian Genocide.
With characteristic arrogance, Erdogan, at the closing press conference ending the two-day NATO summit, dismissed objections to the sale registered by Netanyahu and Greek Prime Minister Kyriakos Mitsotakis. These objections, he said, “have no place in my world.”
They should. The question is not whether Israel can defeat the sale alone. It is whether several different constituencies, approaching the issue from entirely different directions, can together create sufficient political resistance to scuttle the sale.
Interestingly, but by no means coincidentally, Netanyahu’s offensive against the sale comes just a couple of weeks after the cabinet voted to recognize the Turkish slaughter of Armenians at the onset of World War I as a genocide.
Why now, after so many years? many asked.
The conventional answer was that relations with the Israel-baiting Erdogan had deteriorated to such a low point that there was no realistic prospect of salvaging them. If that was the case, Israel had nothing left to lose by recognizing the genocide and little reason to remain concerned about Turkish sensitivities.
Seen within the context of the F-35 debate, however, there may be another layer to the timing of the Armenian Genocide recognition: what diplomats sometimes call “weaponizing history,” using historical memory in pursuit of political or military objectives.
The target audience here was not Erdogan. This was not Israel trying to get back at the Turkish leader for his implacably hostile rhetoric and actions. The audience was Washington.
Whether that was the government’s intention or merely a by-product, recognizing the Armenian Genocide has the effect of placing Israel alongside one of Washington’s oldest and best-organized ethnic lobbying communities. By recognizing the genocide, Israel is aligning itself with a powerful domestic constituency, most notably Armenian-American organizations, that have long opposed strengthening Turkey militarily.
The move also reinforces efforts by Israel and organizations already opposed to the sale to portray Turkey as an erratic, unrepentant human rights violator that cannot be trusted with fifth-generation stealth technology.
In addition, Congress has already passed a legally binding law barring Turkey from receiving F-35s due to its purchase of the Russian S-400 missile system, and the powerful Greek lobby can help use this to deflate the sale. It is unlikely to be a coincidence that a joint resolution to block a $700 million sale of jet engines for Turkey’s homemade fighter plane was introduced last month by Dina Titus, a prominent Greek-American lawmaker from Nevada and a leading voice in the Hellenic Caucus.
Netanyahu has spent years developing an alliance in the Eastern Mediterranean with Greece and Cyprus as a way to counterbalance Turkey. Cooperation between the countries also translates into cooperation between lobbying organizations in Washington.
Clearly, Israel is increasingly worried about Turkey’s strength and ambitions. But, as Eiland said this week in his radio interview, “complaining is not a work plan.”
His point was that Israel cannot simply warn about Erdogan’s ambitions and hope Washington reaches the same conclusion. It needs partners. And in this case, it actually has some.
If Netanyahu is right that the Middle East is entering a post-Iran era, then stopping the F-35 sale is not the end of the story. It is merely the opening battle in what could become Israel’s defining strategic competition over the next decade.
END
RUSSIA VS UKRAINE…
Russia Warns NATO Leaders To ‘Stop & Think’ Before Leading World To Catastrophic Confrontation
Thursday, Jul 09, 2026 – 07:40 PM
Another night has passed, and the usual major Ukrainian drone attacks on Russian oil and facilities and tankers have occurred, this time impacting at least three Russian regions, authorities said Thursday. Strikes hit oil depots in the Stavropol and Tver regions, as well as an oil pumping station in the republic of Bashkortostan and a marine loading terminal in the Rostov region – along with other reported impacts, Amsterdam-based Moscow Times reports.
During this week’s NATO summit, Ukraine’s President Zelensky was touting his country’s drone capabilities as among the best in the world, and that now, essentially no place is safe in Russia.
This was perhaps on display Monday, when long-range drones apparently set a new distance record in striking a sprawling oil refinery in the city of Omsk in western Siberia
“Today, our long-range sanctions reached the oil refinery in Omsk – nearly 2,500 kilometers from Ukraine,” Zelensky had announced in a nightly address soon after the attack.
“Upgraded Fire Point drones have put Siberia within reach of Ukrainian precision. This is a significant blow to Russia’s oil economy and an important achievement for the Armed Forces of Ukraine,” Zelensky said.
The messaging from NATO leaders gathered in Ankara had clearly been one of support. For example, President Trump had commented, “It’s an escalation but it’s also an escalation that can help lead to an end [of the war].”
Trump also said, “We have a lot of pressure on President Putin. I don’t think he likes what’s going on.“ He added: “But I talked to President Putin a lot. He wants to end the war.”
Following these developments, the Kremlin is freshly warning Western strategists to ‘stop and think’ before leading the world to the brink of disaster by confronting nuclear-armed Russia.
Russian Foreign Ministry spokeswoman Maria Zakharova stated Thursday, “European elites are positioning themselves as leaders in the confrontation between the ‘collective West’ and our country,” Zakharova said.
“They likely don’t realize that all this entails not only creating threats and problems for Russia, but also a significant depletion of resources and the creation of hotbeds of military tension within Europe itself,” she added.
She also underscored how pursuing peace with Russia was glaringly absent NATO proceedings at the Turkey summit. “A constructive agenda remains a low priority for NATO,” the Kremlin spokesperson continued.
“It’s a shame that if NATO strategists had stopped and reflected, they might not have made such irresponsible decisions that could lead to disaster not only for the alliance, but for the entire world,” she said.
According to more of her comments via English-language state publications:
The Russian spokeswoman also took aim at NATO’s pledge to provide $80 billion in military aid to Ukraine in 2027, while ignoring mounting socio-economic problems across the continent. She accused the alliance of treating Ukrainians as “expendable material for their geopolitical ambitions.””In fact, the current European elites are positioning themselves for leadership positions in the confrontation with our country,” she stated.
Some European officials actually voiced something similar, but they remain in a tiny minority:
Prominent Russian writer and political philosopher Alexander Dugin has also commented, “The summit of NATO is a clear sign of all spectrum escalation. The growth of Russophobia and new phase of war against Iran.”
Indeed both the Ukraine and Iran conflict theatres are growing hotter once again, and there’s simultaneous escalation. Dugin has also warned that the “MoU is over. The new phase of the war begins. The escalation with Russia is going to grow.”
There was a time when the arms dealer waited in the corridor. He financed the campaign, endowed the think tank, took the general to dinner, and hoped the man inside the office would remember him when the contract came up. The wall between the money and the decision was thin, often corrupt, but it was there. Someone held the public trust, and someone else tried to buy it, and you could at least tell the two apart.
That wall is gone. The financier no longer waits in the corridor. He holds the office. He signs the checks. He is the buyer and the seller, the regulator and the regulated, the public interest and the private portfolio, fused into a single man in a single suit, and the arrangement is entirely legal, which is the whole problem.
One of these men may already be familiar from a previous article. His name is Friedrich Merz.
The chancellor was the warm-up act
From 2016 to 2020, Merz chaired the supervisory board of BlackRock’s German arm, the local office of the largest pool of private capital on earth – a fact confirmed, without embarrassment, by his own party’s foundation. Then he climbed back into politics, and in March 2025, as chancellor-in-waiting, he drove through the outgoing Bundestag — deliberately before the newly elected parliament could convene – the constitutional amendment that exempted defense spending from Germany’s debt brake. The borrowing limit Germans had treated as sacred since 2009 was gone. German military spending rose 24 percent in a single year to $114 billion, the largest in NATO Europe, and BlackRock held stakes in the very contractors – Rheinmetall, Hensoldt – that the money would flow toward.
He broke no law. He simply spent four years learning, from the inside, how the machinery paid out, and then went and pulled the lever. The arrangement was a particular kind that no scandal quite captures, because nothing in it is hidden. It sits in plain view, in regulatory filings and procurement requests, and it works precisely because everyone involved can say, truthfully, that they broke no rule.
It reads as a German problem only until you cross the Atlantic. There the same face turns up in an American suit, several of them, installed not adjacent to the war machine but at its controls.
The banker who became the Navy
Consider John Phelan, who until March 2025 had no connection to the military beyond a seat on a charity board. His career was money: he co-founded MSD Capital, the private investment firm that managed the personal fortune of Michael Dell, and later founded his own firm, Rugger Management. He gave Trump’s joint fundraising committee $834,600 in April 2024. Months later he was nominated to run the United States Navy, and in March he was confirmed, handed a $263.5 billion budget and command of nearly a million sailors and Marines.
Before his confirmation, Senator Elizabeth Warren wrote to him about the obvious. He had recently earned over $5 million in capital gains from Palantir, a defense-software contractor that took in $541 million from the Pentagon in fiscal 2024 alone, and whose relationships Phelan’s own acquisition vehicle had once advertised. She asked him to divest his defense holdings and to recuse himself, for four years, from matters touching his former clients and employers, noting that a dozen Biden appointees had voluntarily gone beyond what the ethics laws required. Phelan declined to make the stronger commitment. He was confirmed anyway, 62 to 30, with eleven Democrats joining every Republican in the room.
The man overseeing the Navy’s shipbuilding budget was, weeks earlier, a private investor with money in the companies the Navy buys from. Nobody hid it. It was printed in his disclosures and read aloud at his hearing, and it changed nothing.
The private-equity takeover of the Pentagon
Phelan is the modest case. The full expression of the thing sits one floor up, in the office of the deputy secretary of defense, where Stephen Feinberg runs the day-to-day of the entire department.
Feinberg co-founded Cerberus Capital Management and led it for thirty-three years; in his own sworn testimony to the Senate he put the firm’s portfolio at over $65 billion. He was a major Trump donor, and by the time he was confirmed in March 2025 he was, at a listed minimum net worth of $2 billion, the wealthiest official in the administration. What he has built since is not influence over the Pentagon. It is ownership of its investment arm.
Feinberg has surrounded himself with a circle of advisers drawn from his old firm. The group includes former Cerberus managing director John Gallagher and a deal team led by Cerberus alumnus George Kollitides – who was, until 2015, chairman and chief executive of Remington, the gunmaker Cerberus owned. Industry executives nicknamed the squad “Deal Team Six,” a joke on the SEAL unit that killed bin Laden, and Kollitides told a Milken Institute audience he found the name both fun and fitting while explaining that economic warfare has been a part of all successful nations for thousands of years. A Stanford professor watching this described it plainly: private equity has just acquired its largest organization.
The organization it acquired writes checks the size of nations. Under Feinberg, the Pentagon stopped merely buying weapons and began buying companies. It took a $400 million preferred-equity stake in the rare-earth miner MP Materials, enough to make the United States government the firm’s largest single shareholder at roughly 15 percent – ahead, as it happens, of BlackRock. It put $1 billion into an L3Harris rocket-motor unit slated to go public in 2026. Stakes in Trilogy Metals, Vulcan Elements, and ReElement Technologies followed, a portfolio that a group of House members warned was locking federal policy to the fortunes of individual firms – picking winners, and by definition creating losers.
Whose companies get the contracts
Here is where the fusion stops being abstract… Feinberg signed an ethics agreement before confirmation. He would divest from Cerberus and recuse himself from matters involving the firm. But the fine print left the door open: he could transfer his Cerberus holdings into trusts benefiting his adult children, a maneuver legal under conflict-of-interest law but one ethics experts say hollows out its purpose, and he could keep contracting with Cerberus for administrative services. That contract was meant to end in April 2026. In January, he reversed course and extended it with no end date. The financial relationship between the deputy secretary of defense and the private equity firm he used to run now continues indefinitely.
Meanwhile the department began handing out contracts for Golden Dome, Trump’s missile-defense shield, a program that has already ballooned to an estimated $185 billion. The Pentagon at first refused to name the companies winning the work. When it finally released a list, at least four of the winners turned out to be owned or partly owned by Cerberus: North Wind, Stratolaunch, Red River Technology, and NetCentrics. The department still will not disclose what those contracts are worth, and by law is required to announce only those above $9 million.
Does Feinberg personally pick the contractors? The department says he has no direct responsibility for Golden Dome acquisitions. But the general who runs the program, Michael Guetlein, described his own chain of command without ambiguity: I report to the deputy secretary and only to the deputy secretary, he said. He is the only official who can tell me no. The man who can say no to the entire missile-defense program is the man whose old firm owns the companies being paid to build it, and whose family may still profit from that firm’s returns. No single email needs to be produced. The architecture does the work.
The recruiting pitch says it out loud
For anyone wondering how normal this has become, the sales brochure settles it. To staff its new investment operation – an “Economic Defense Unit” meant to deploy up to $200 billion over three years – the Pentagon hired the headhunting firm Heidrick & Struggles, whose recruiting deck went hunting for bankers at Goldman Sachs, Morgan Stanley, JPMorgan, and Bank of America.
The pitch promised recruits unmatched access to top-level government officials and privileged information flow — whatever you need, you can get. It offered salaries reaching $600,000 through a government-aligned nonprofit, against a federal average near $100,000. And it described the job not as public service but as a two-year secondment leading to exceptional exit opportunities, including the chance to launch a new fund with members of the team. Come into the government, use the access, leave richer, on the strength of relationships built on the public payroll. This is not a leak of something embarrassing. It is a document written to attract people, on the assumption that the merger of private profit and public office is the perk.
A former assistant director on the White House technology-security staff, reading the same deck, warned that an effort this size has the potential to distort national-security-critical industries in ways he did not think anyone had seriously contemplated. There is, he added, obvious potential for truly egregious corruption. But corruption is almost the smaller point. Corruption implies a rule being broken. What is happening here is a rule being dissolved.
The same men, both shores
Line them up. Merz chaired an asset manager and then commanded the German rearmament that manager profits from. Phelan ran a billionaire’s money and then took command of the Navy that buys from the companies he held. Feinberg ran a private equity empire and then took the Pentagon’s second chair and filled the building with his former partners. Different countries, different uniforms, one profession and one move: from owning the assets of war to commanding the state that pays for them.
The line worth repeating from Merz’s own story turns out not to have been about Germany at all. The buildup manufactures the danger it claims to answer. Every European budget hardens Moscow’s conviction that it is being encircled, which justifies the next budget, around and around, while the men who profit count their dividends and call it security. That was true of one chancellor. It is true of an entire class of men who have stopped seeing daylight between the public interest and their own book, because across their whole careers there never was any.
The old fear, the one Eisenhower named in 1961, was that the military-industrial complex would acquire unwarranted influence over the government. That fear is quaint now. Influence is what you need when you are standing in the corridor. These men are not in the corridor. They are behind the desk, and the desk has a checkbook with no ceiling, and the recruiting brochure is on the table telling the next banker that whatever he needs, he can get.
Thomas Karat writes investigative work published at karat.substack.com and the Libertarian Institute, drawing on a corporate career and academic training as a behavior analyst to examine how institutions manufacture consent and influence.
The Department of Health and Human Services (HHS) and one of its divisions said in a description of a proposed rule released on July 1 that they plan to establish an injury table for COVID-19 vaccines through the Countermeasures Injury Compensation Program (CICP).
“The Table will list and explain injuries that, based on compelling, reliable, valid, medical, and scientific evidence, are presumed to be caused by covered COVID-19 countermeasures, and set forth the time periods in which the onset of these injuries must occur after the administration or use of these covered COVID-19 countermeasures,” a summary of the rule, which has not been made public, stated.
COVID-19 vaccines fall under the CICP because previous health secretaries declared and extended emergency declarations for COVID-19, which opened up the option of emergency clearance of vaccines and other countermeasures under the Public Readiness and Emergency Preparedness Act.
Health Secretary Robert F. Kennedy Jr., who just announced that he was ending the emergency declaration, is authorized under the declarations to provide benefits to people injured by the vaccines under the act, HHS officials noted in the proposal summary.
“Under the leadership of Secretary Kennedy, HHS is restoring transparency and accountability because the American people deserve clear, evidence-based information about both the benefits and the known risks associated with medical countermeasures,” an HHS spokesperson told The Epoch Times in an email.
The spokesperson said that more information will be available when the notice is published in the Federal Register.
Aaron Siri, Kennedy’s former lawyer, wrote to Kennedy in 2025, urging him to create a COVID-19 vaccine-injury table. He pointed to the readiness and preparedness law, which states that the health secretary “shall by regulation establish a table identifying covered injuries that shall be presumed to be directly caused by the administration or use of a covered countermeasure.”
An injury table would help people injured by vaccines apply successfully to the congressionally created program, which requires “compelling, reliable, valid, medical, and scientific evidence” that an injury was a direct result of a countermeasure, Siri wrote on behalf of the Informed Consent Action Network, which advocates for government transparency and change.
“A well-constructed injury table is needed for the CICP,” Richard Hughes IV, a former Moderna executive who is representing health groups in litigation against the administration that has halted some of its changes to vaccine guidance, told The Epoch Times in an email. “The real question is whether this administration would promulgate such a table or weaponize it to further platform misinformation.“
Dr. Joel Wallskog, who suffered the neurological disorder transverse myelitis and other issues from COVID-19 vaccination and has sued the government over the CICP, told The Epoch Times in an email that the HHS proposal “is more appearance than substance.”
“It appears to do little more than streamline the process for the relatively small number of individuals whose injuries – primarily anaphylaxis and myocarditis/pericarditis – are already recognized under the current system,” added Wallskog, also the co-chair of the React19 nonprofit, which offers support to people injured by COVID-19 vaccines. “For everyone else who has been denied, nothing changes.”
Erica Samp, who says she was injured by a COVID-19 vaccine, said in a post on X that she supported the plan but that she’s watching to see what details are included, including the covered injuries.
The CICP is both administered and adjudicated by HHS officials. It has compensated some people who have said COVID-19 vaccination caused health issues, but rejected others, including people such as Wallskog, whom doctors diagnosed as being injured by COVID-19 vaccines, The Epoch Times previously reported.
The CICP has, through June, compensated 60 COVID-19 vaccine injury claims, nearly all for myocarditis, a form of heart inflammation. The average compensation has been $4,000, aside from a few large payments, and about 99 percent of applications have been rejected.
The National Academies of Sciences, Engineering, and Medicine said in 2024 that COVID-19 vaccines definitely cause myocarditis and shoulder injuries, but that other possible harms could not be conclusively linked to the shots.
Some outside organizations, such as React19, have said that the available evidence supports a link between the vaccines and additional problems.
end
CYCLOSPORA//GAINING IN PREVALANCE: CURE SEPTRA DS
This State Is Ground Zero For The “Explosive” Diarrhea Parasite As Cases Explode 400%
Thursday, Jul 09, 2026 – 06:00 PM
Michigan is getting hit hardest in a fast-spreading nationwide outbreak of a stomach parasite, with cases exploding more than fourfold in a matter of days.
The state saw infections skyrocket from 170 to 681 by Monday, the biggest single jump reported anywhere in the country, according to health officials.
New York has logged 120 cases since May 1, a state official told The Post, while Texas has confirmed 48 cases as of Monday. Illinois has also seen a sharp rise, with reports ranging from 11 to 80 cases through mid-June, according to CDC data.
Michigan health authorities, who are investigating what they call a “large and growing outbreak,” now put the state’s count at roughly 700 as of Monday – about 13 to 14 times Michigan’s typical annual total of 40 to 50 cases. Dr. Natasha Bagdasarian, the state’s chief medical executive, said the cases are concentrated in eight southeast Michigan counties: Monroe, Lenawee, Washtenaw, Wayne, Shiawassee, Jackson, Oakland, and Livingston.
Federal officials have urged caution about linking the spikes together. The Centers for Disease Control and Prevention said there is “no evidence of a single, multistate Cyclospora outbreak linking cases” being reported now, and the Food and Drug Administration said it was “not in a position at this time to characterize the current numbers as definitively unusual” while its investigation continues. Nationally, the CDC counted 145 cases across 17 states between May 1 and June 16 – a tally that excludes Michigan’s surge – with 20 hospitalizations and no deaths, in patients ranging in age from 5 to 86. Ohio, not among the states the outbreak was first reported in, has separately confirmed at least 177 cases this year.
Many people who catch the parasite – called cyclosporiasis – show no symptoms at all. But for those who do, it’s brutal. Those who catch the parasite experience watery, “explosive” diarrhea that can leave victims running to the bathroom dozens of times a day, along with severe cramping, vomiting, nausea, fatigue and fever.https://www.youtube.com/embed/6AVMcJa77PM?si=Wq9q8PMN3gCIl3rV&start=55
The illness is caused by Cyclospora cayetanensis, a microscopic parasite that spreads through food or water contaminated with feces – most often fresh produce – and is not known to spread from person to person, because the parasite needs one to two weeks outside the body to become infectious. It is treated with the oral antibiotic trimethoprim-sulfamethoxazole, sold as Bactrim, typically over a 10-day course; untreated, symptoms can last from a few days to more than a month and may relapse. The CDC advises washing all fruits and vegetables thoroughly under running water before eating, cutting, or cooking.
Cristy Cooper spoke to The Post from her hospital bed as she battles the infection.
“This is worse than like any flu I’ve ever gotten or anything, it’s just so… it’s miserable. I’m worn out from it. I really am,” she said.
Within days came crushing gas, exhaustion, vomiting, nausea, painful cramps and a 100.2-degree fever. Doctors are treating her with a sulfa-based antibiotic, and she’s now on the road to recovery.
GLOBAL ISSUES
MARK CRISPIN MILLER
What the “vaccine” has done to 60 pols & royals all around the worldIf you think this is normal, you too have been lethally impairedMark Crispin MillerJul 9READ IN APP EUROPEAN COMMISSIONUrsula von der Leyen has ‘severe’ pneumoniaJanuary 3, 2025European Commission President Ursula von der Leyen [now 67] has canceled engagements in the coming days after contracting pneumonia. Her illness was confirmed by a Commission spokesperson on Friday, who added that she would not be attending a Polish EU presidency inauguration event. “The president has canceled her external engagements for the first two weeks of January. She is dealing with a severe pneumonia,” said European Commission spokesperson Stefan de Keersmaecker.News from Underground by Mark Crispin Miller is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.Upgrade to paidResearcher’s note – From December 2021: Time to think about mandatory vaccination’ across the ENTIRE EU, Ursula von der Leyen warns after Austria and Germany announced plans to force jabs on all adultsEU Parliament President David Sassoli dies at age 65January 11, 2022BRUSSELS — David Sassoli, the Italian journalist who worked his way up in politics while defending the downtrodden and repressed to become president of the European Union’s parliament, died at a hospital in Italy early Tuesday, his spokesperson said. No details were provided in a tweet by spokesperson Roberto Cuillo. Sassoli, a 65-year-old socialist, had been hospitalized since Dec. 26 due to abnormal functioning of his immune system, Cuillo said in a statement released the day before Sassoli’s death. Sassoli had been struggling for months with poor health after he suffered pneumonia caused by the legionella bacteria in September. His health steadily declined afterward and he was forced to miss several important legislative meetings. Yet, as much as possible, he stayed on the job, where his vigor and easy smile were a trademark.‘I wasn’t well’: Mairead McGuinness on health issues that prompted presidential election withdrawalFeb 07 2026Former European commissioner Mairead McGuinness has said she withdrew from last year’s presidential election campaign as a result of a severe bout of post-viral fatigue syndrome. The former MEP and broadcaster cited health reasons when she announced last August that she would not be contesting the election for Fine Gael. She said the diagnosis came as “a bolt from the blue” and left her “knocked sideways” and with no choice other than to pull out of the campaign. “Every part of me, I wasn’t well. I was physically drained. I had lost loads of weight. I wasn’t sleeping, and it crept up in me very quickly,” she said in an interview on RTÉ Radio’s Brendan O’Connor show. McGuinness (66) also said she was shocked by rumours about her having a terminal illness and only months to live that circulated after she pulled out. She said she is feeling good now but was very weak at the time. Post-viral fatigue syndrome happens when people have an extended period of feeling unwell and fatigued after a viral infection. Other symptoms include brain fog and muscle pain that persist for weeks or months.UNITED KINGDOMKing Charles III has cancer, receiving treatment, Buckingham Palace saysFebruary 5, 2024LONDON – King Charles III, 75, has cancer, Buckingham Palace announced on Monday. “During The King’s recent hospital procedure for benign prostate enlargement, a separate issue of concern was noted,” Buckingham Palace said in a statement. “Subsequent diagnostic tests have identified a form of cancer.” On Monday, Charles started “a schedule of regular treatments, during which time he has been advised by doctors to postpone public-facing duties,” the palace said, and during this time he’ll “continue to undertake State business and official paperwork as usual.” The palace has not specified the type of cancer, the stage of cancer or the type of treatment.Queen Camilla Speaks Out on Ongoing Illness, Reveals Reason for Extended AbsenceDecember 3, 2024Queen Camilla is opening up about her health after reducing her duties for the Qatar state visit while recovering from a chest infection. On Dec. 3, the Queen, 77, told guests at the Buckingham Palace festivities for the incoming state visit that her recent chest infection was a form of pneumonia. It’s understood that Queen Camilla is recovering well, but continues to experience episodic symptoms of post-viral fatigue from the chest infection that the palace announced she had on Nov. 5. It was confirmed on the eve of the state visit that the Queen was also reducing her role at the glam state banquet later on Dec. 3 in light of her health. Queen Camilla is expected to pose for photos with the Amir and Sheikha Jawaher, but will retire during the traditional receiving line. She is expected to attend the dinner, and will participate in farewells on Dec. 4, the final day of the two-day stay.Kate Middleton’s cancer diagnosis, the crisis of the British monarchy and the politics of diversion29 March 2024The blanket media coverage and public fascination over the absence of Kate Middleton, Princess of Wales, from public duties since she underwent abdominal surgery in January has barely abated after the March 22 video announcement that she is undergoing “preventive” chemotherapy treatment for cancer. Her two-minute address, watched by millions, dominated news, online and print media in Britain for days. Since January 17, when Kensington Palace issued a statement revealing the princess had been admitted to hospital for surgery and would be absent from royal duties until after Easter, media speculation had mounted.Sarah Ferguson Says Her Cancer Diagnosis ‘Felt Like a Death Sentence’ As She Supports Teenagers with the DiseaseApril 23, 2025Sarah Ferguson is opening up about her double cancer diagnosis. Ahead of an outing with her daughters, Princess Beatrice and Princess Eugenie, to raise awareness of cancer in young people, she told U.K. newspaper The Times that the medical news “felt like a death sentence.” The Duchess of York, 65, was diagnosed with breast cancer (and underwent a single mastectomy) in 2023 and then received a diagnosis of malignant melanoma (a form of skin cancer) six months later in January 2024. “I was 63 when I was diagnosed with cancer for the first time, and cancer at any age is traumatic. But as adults, we have maturity and life experience to help us advocate for ourselves and cope with challenges,” Fergie explained. “We can seek help if we need it, and most importantly, your voices are, sadly, often taken more seriously.”Princess Anne in Hospital: Everything We KnowJun 24, 2024Princess Anne has been taken to hospital after experiencing concussion and minor injuries following an incident in the vicinity of horses. King Charles III wished his sister a speedy recovery after the drama unfolded while she was out walking on her Gatcombe Park Estate, in Gloucestershire, on Sunday evening. One of the royal family’s hardest-working members has had to postpone her attendance at a banquet for the Emperor and Empress of Japan and a tour of Canada. The Princess Royal, 73, was within the protected perimeter of the expansive grounds of the country estate bought for her by Queen Elizabeth II in the 1970s. It is not known for sure exactly what happened, which is perhaps unsurprising given the palace have said she experienced concussion, which can cause memory loss. “Her Royal Highness is recovering well, is in a comfortable condition and is being kept in hospital as a precautionary measure for further observation,” a Buckingham Palace spokesperson said. In terms of her treatment though, the palace is keeping tight-lipped, choosing to maintain a boundary around her medical privacy.Alex Salmond died as he opened bottle of ketchup, witness claims15 October 2024Former first minister of Scotland Alex Salmond diedas he opened a bottle of ketchup, a witness has claimed. The Alba Party leader died suddenlyin North Macedonia on Saturday aged 69. He had made a speech at the Institute for Cultural Diplomacy Forum in the city of Ohrid before collapsing at lunch in a crowded room. A post-mortem examination confirmed Mr Salmond’s cause of death as a heart attack, the Alba Party said on Monday. Eyewitness Mark Donfried, director of the Academy for Cultural Diplomacy, has explained what he saw in the moments before Mr Salmond’s death. Mr Donfried told Times Radio: “He came together with Tasmina Ahmed-Sheikh, also from the Alba Party in Scotland, and they were eating. Later on Tasmina told me she was having trouble opening the ketchup and she reached over and said, ‘Hey, can you give me a hand?’. And he was helping her with that when literally he fell back in his chair, totally out of the blue, without warning. Next to him was the former chief executive of the stock exchange of Cyprus and he basically took him in his arms. He was convinced – he told me later – that immediately he was unconscious.” Paramedics tried to resuscitate Mr Salmond for half an hour before pronouncing him dead, according to Mr Donfried.Labour MP Tony Lloyd dies surrounded by family at age of 7317 Jan 2024MPs across the political spectrum have paid tribute to the veteran Labour MP Sir Tony Lloyd, who has died aged 73. Lloyd’s family said the MP for Rochdale died peacefully on Wednesday morning surrounded by his family, “as was his wish”. Their statement said: “He was working until a few days before his death as his passion was helping others. He devoted his life to serving and making a difference to the lives of those he met, including his constituents, colleagues, friends, and family.” Lloyd had represented the Greater Manchester region for more than 40 years after entering the Commons at the 1983 general election. Last Thursday, he revealed that he had been receiving chemotherapy for an “aggressive and untreatable” form of blood cancer, and said he wished to spend the time he had left with his family.Politicians and MPs pay tribute following ‘truly heartbreaking’ news of death of 28-year-old Milton Keynes councillorJuly 3, 2026Politicians and MPs have paid tribute to Milton Keynes Labour councillor Shanika Mahendran, after the shock news of her death was announced yesterday. Shanika, 28, died following a short illness, with the Milton Keynes Labour Group saying it was ‘completely heartbroken’ following the news.Party leaders’ shock at death of ex-MEP Patrick O’Flynn21 May 2025Political journalists and senior politicians have expressed shock at the sudden death of former Daily Express political editor and Member of the European Parliament Patrick O’Flynn, aged 59. He was a prolific commentator for the Express titles and other publications and a loyal supporter of Nigel Farage, serving as a United Kingdom Independence Party MEP from 2014 until 2019. Mr O’Flynn is understood to have died from cancerwhich advanced rapidly. Friends said he went to the doctor after feeling unwell, was diagnosed with stage four liver cancer and told he only had weeks to live.Former UK minister James Brokenshire dies of cancerOctober 8, 2021LONDON — Former U.K. minister and Conservative MP James Brokenshire has died after a long fight against lung cancer. The death of Brokenshire, who represented the English constituency of Old Bexley and Sidcup since 2010, was announced by his family in a statement Friday. He was 53. His last government role was security minister at the Home Office between February 2020 and earlier this year, when the disease forced him to take a leave of absence from his ministerial post in preparation for a pneumonectomy. In August, Brokenshire announced his cancer had progressed and was starting a new line of treatment.Calm, logical, decisive – Alistair Darling was the perfect crisis chancellor2 Dec 2023The death of former chancellor Alistair Darling at the age of 70 has come as a shock. The fact that he had been suffering from an aggressive form of cancer was known only to his doctors and his immediate family circle. As chancellor of the exchequer from 2007 to 2010, he found himself in the eye of the storm of the worst financial crisis to hit the UK and much of the world since the 1920s. As one of the closely knit group of Scottish politicians at the top of the Labour party, he was asked to serve as chancellor when Gordon Brown finally took over the premiership from Tony Blair in the summer of 2007.Former Labour Minister Phil Woolas dies of brain cancer14 March 2026Former MP Phil Woolas, who served in both the governments of Tony Blair and Gordon Brown, has died at the age of 66 from brain cancer, his family and close friends have announced. Mr Woolas, who died in the early hours of Saturday, served as a minister in both the Blair and Brown governments, and as MP for Oldham East and Saddleworth between 1997 and 2010. A statement attributed to his family and close friends announcing his death said he had “battled the brain cancer, glioblastoma [for more than a year].Former South West MP’s cause of death revealed [sic]12 September 2025The cause of death of former South West MP David Warburton has been revealed by a Coroner’s Court. David served as a Conservative MP for the constituency of Somerton and Frome, in Somerset, from 2015 to 2023. It was reported that he was found deadin his flat in Chelsea, London, on Tuesday, August 26. His death was not being treated as suspicious according to emergency services. The West London Coroner’s Court told SomersetLive that the former MP’s death was due to natural causes. As a result, there will be no inquest to his death.Health Minister Ashley Dalton Resigns After Being Diagnosed with Incurable Breast CancerMarch 2, 2026A health minister has announced her resignation from the government amid a challenging personalhealth crisis, disclosing her diagnosis of incurablebreast cancer. Ashley Dalton, 53, who served as the minister for public health and prevention, has opted to step back from her ministerial duties after being diagnosed with metastatic breast cancer. Despite her difficult circumstances, she plans to continue serving as the Member of Parliament for West Lancashire, emphasizing that her role is “central” to her identity.Researcher’s note – Ashley Dalton The Parliamentary Under-Secretary for Health and Social Care: I am today announcing that the year-round vaccination [sic] programme to protect older adults against Respiratory Syncytial Virus (RSV) will be extended from 1st April 2026 to also include those aged 80 years and older, and all residents in care homes for older adults, supporting the 10 Year Health Plan ambition to shift from sickness to prevention: https://www.theyworkforyou.com/wms/?id=2026-02-02.hcws1294.hNorthumberland Reform councillor steps down following cancer diagnosisFebruary 27, 2026A Northumberland county councillor has chose to step down from his position amid an ongoing cancer battle. Coun Shaun Knowles, who represented the Cramlington South West ward, said he was suffering from ongoing health issues following a kidneycancer diagnosis. Coun Knowles was first elected last May, winning the new seat for Reform ahead of Labour. His resignation, effective from February 27, will trigger a by-election in the ward.Labour MP Wes Streeting recovers from kidney cancer27 July 2021Wes Streeting, Labour’s shadow child poverty secretary, has fully recovered from kidney cancer and is returning to work, he has said in a video message. The Ilford North MP, 38, said the treatment involved removing a kidney, but that he had not undertaken chemotherapy or radiotherapy, and was now “back at work, fighting fit and cancer-free”. Streeting, a former head of the National Union of Students who has been an MP since 2015, announced he had been diagnosed with the cancer in mid-May, only days after Keir Starmer moved him into the shadow cabinet as part of a frontbench reshuffle. At the time he said the prognosis was good because the cancer had been detected early, but that the diagnosiswas “an enormous shock”.
Emergency medical services radio traffic confirms that Sen. Mitch McConnell was found “unconscious“ at his Washington, D.C., home before he was hospitalized on Sunday, June 14. According to radio traffic reported by Punchbowl News, emergency services responded to his D.C. home, where the former Republican Senate Majority Leader was found unconscious before being transported to a hospital. “Just before 9 a.m. on June 14, the dispatcher directed an ALS (Advanced Life Support) ambulance to the address of the former Senate GOP leader’s home. Audio of the EMS dispatch was circulating online earlier this week and was posted by journalist Desiree Townsend,” Punchbowl reported. On June 30, the Kentucky Republican’s spokesperson stated that he is recovering and remains in close contact with his staff, but would not be participating in Senate votes during the final week of June. It remains unknown if the senator is still in the hospital, but Senate Majority Leader John Thune said he has spoken with McConnell and said he is “dialed in” on Senate happenings. His office has officially directed inquiries to previous statements, which emphasize that the 84-year-old McConnell is “receiving excellent care.” However, they have declined to release details on his specific medicaldiagnosis or condition. In February, the ailing senator was hospitalizedfor over a week due to severe flu-like symptoms. Sen. Mitch McConnell’s latest health scare has sparked death concerns. The senator, who suffered from polio as a child, has dealt with several recent health complications, including a concussion and fractured ribs following a hotel fall in 2023, public freezing episodes later that summer, and a minor facial cut from a fall at the Capitol in December 2024. McConnell, who has served in the Senate since 1985, previously announced that he would not seek reelection in the 2026 midterms. His current term is set to conclude in January 2027.
News from Underground by Mark Crispin Miller is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Researcher’s note – McConnell was “vaccinated”. He was extremely influential in pushing people, especially Republicans, to “trust the science”. “Not enough people are vaccinated [sic],’ said McConnell, a polio survivor. ‘So we’re trying to get them to reconsider and get back on the path to get us to some level of herd immunity.’ McConnell, who was vaccinated [sic] for COVID-19 in December and has been promoting vaccinations [sic] in public remarks ever since, plans to run 60-second radio ads on more than 100 Kentucky radio stations in the coming days promoting the vaccine [sic] with money from his re-election campaign.”https://www.reuters.com/world/us/mcconnell-strives-counter-bad-advice-boost-us-republican-vaccination-rate-2021-07-28/
Country fans were gearing up to see the great Clint Black this Friday at the Pearl River Resort in Choctaw, Mississippi, prior to a concerning announcement that was made today through the country star’s social media. The show that was supposed to take place on July 3 has been canceled, and it’s because Black was hospitalized due to a severe tonsil infection. The post described the news – and the treatment that Clint Black is receiving – as follows: “Clint Black’s performance at the Pearl River Resort Casino, scheduled for Friday, July 3, 2026, has been cancelled due to a medical emergency. Clint was admitted to the hospital on Sunday with infected tonsilsrequiring emergency intravenous antibiotic treatment.” Most of the time, intravenous antibiotic treatments are reserved for those that are facing infections that have progressed to severe and sometimes life threatening levels. The good news is that, according to the statement that was released, Clint Black is responding to the medication well, and is expected to make a full recovery and be released from the hospital in the next couple of days. Here’s to hoping that Clint Black recovers quickly and gets out of the hospital sooner rather than later. It sounds like the tonsil infection that he’s suffering from ended up being very serious.
Alkaline Trio fans received disappointing news on Friday after the band abruptly pulled the plug on the remainder of its 2026 European tour due to frontman Matt Skiba’s health. Just hours before the group’s scheduled performance in Birmingham, England, the punk rock veterans announced they would no longer be able to continue the run. “We are immensely sorry, but we must cancel our dates in England,” the band wrote in a statement shared on their Instagram, adding that the decision was made because of “medical issues Matt has been suffering from that have worsened.” While the group didn’t specify what those medical issues were, they reassured fans that, “He’s gonna be okay but needs to be treated stateside as soon as possible. We will be back healthier and stronger.” The update came just one week after Skiba, 50, revealed he’d been injured in a motorcycle accident before leaving Los Angeles for Europe. Sharing a photo of his injured leg on Instagram, the singer wrote, “Elevating and hydrating as best as possible for today’s show @vainstream_rockfest party people. Jacked up but hoping to play on my feet today. Fingers crossed.” He continued, “Had a lil motorbike crash before leaving Los Angeles for Europa. I’m gonna do my best.” Although the band never confirmed whether the crash was connected to the worseningmedical issues, many fans speculated the two could be related. And many also expressed frustration about the short notice of the announcement. Skiba has since shared a brief update of his own, thanking fans for their support while explaining why he couldn’t continue touring. Speaking from London’s Heathrow Airport before returning to the U.S., he said in an Instagram video that fans “deserve a better show than I can throw right now,” revealing that he had lost feeling in his hands and feet and was also struggling with his voice. Despite the frightening symptoms, he reassured supporters, “I’m OK,” adding that he’ll head home to get checked out before returning to the stage “as soon as we can.”
Researcher’s note – Some of Skiba’s health problems may not be fully explained by his motorcycle accident. In late 2021, Alkaline Trio resumed playing live shows for Live Nation, who required all artists, crews, and attendees to show proof of COVID “vaccination”, or a negative test: Link
Rush have postponedanother pair of concerts amid their ongoing Fifty Something reunion tour. The announcement camejust hours before the band was set to hit the stage for their June 30 show at the Dixies Arena in Fort Worth, Texas. “We are deeply sorry to share that we must postpone our June 30 and July 2 shows,” the band explained via social media. “Geddy [Lee, 72] has been diagnosed with laryngitis and bronchitis. After being evaluated by his doctors, he has been advised that he needs additional time to rest and recover before returning to the stage.” Rush announced that the June 30 show would be rescheduled for July 11, while the concert originally planned for July 2 will now take place on July 13. All previously purchased tickets will be honored for the new dates, and ticket holders unable to attend will be able to get refunds at their point of purchase. The trek, which began June 7 in Los Angeles, has been widely hailed as a triumphant return for the prog rock greats.
Researcher’s note – Geddy Lee was very likely “vaccinated”, as he encouraged fans to “trust the science”. In March 2020, he posted, “I am self-isolating (with my pups) as is my family – so I urge you all to do the right thing… social distance, trust the science, wash your hands and we will get through this…”
One of the biggest acts of the 80s is no longer able to play at Kitchener’s Wayback Festival this summer. The city has announced that Loverboy has cancelled their appearance “due to a health-related issue within the band’s touring party.” A replacement act is already being finalized, and a statement from the city said details are expected to be announced soon. That statement went on to say, “We know fans were looking forward to seeing Loverboy, and we wish everyone involved a full and speedy recovery.”
Broadcaster Eddie Nestor has revealed he has been diagnosedwithcancer. The comedian and BBC Radio London presenter took to Instagram to reveal he would be taking time away from his show. The 62-year-old explained he had already started chemotherapy treatment and never imagined he’d be writing such a post. He wrote: “You may have noticed I’ve been quieter than usual. I’ve been diagnosed with cancer. The good news is that, thank to an incredible medical team, I’ve now had my first chemotherapy treatment.” Eddie did not share what cancer he was battling. Back in 2007, he was diagnosed with Hodkin’sLymphoma but is believed to have been in remission for several years.
Thai actor Yim Pharinyakorn [26] was forced to cancel his appearance at a scheduled event after suddenlyfeeling unwell. His management confirmed the news in an official announcement. Yim was originally set to attend “The Era of TERRANOX EXCLUSIVE EVENT by PHOTOPIA” alongside Tutor. After arriving at the venue, he unexpectedly experienced health problems and was immediately taken to the hospital for medical treatment. The management stated that Yim’s health and safety are their top priorities. As a result, the decision was made to send him to the hospital without delay to ensure he received proper care. The company also apologized for the sudden change and thanked fa
DR PAUL ALEXANDER..
RABOBANK/MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
No Takers, Nor Tankers
Friday, Jul 10, 2026 – 10:45 AM
By Molly Schwartz, cross-asset macro strategist at Rabobank
Daily crossings through the Strait of Hormuz increased substantially after the US and Iran announced a “peace” agreement in mid-June. However, those numbers have started to dwindle as the ceasefire—peacefire, shmeasefire—appears increasingly shaky. According to Bloomberg, the Joint Maritime Information Center said that traffic through the Strait remains at “reduced levels,” (around 24% of pre-war transit) even though US-assisted vessel transits have been largely uninhibited.
Reuters reports that “some war insurers advise shipowners to pause Hormuz voyages after attacks,” adding that “war insurance for ships inside the Gulf has already ticked higher towards 3% of a vessel’s value, up from 2% at the end of last week.” Meanwhile, quotes for coverage as high as 5% are still circulating. So even though the Strait is technically open, there don’t seem to be many takers—nor tankers.
Trump did declare just a few days ago that the ceasefire was “over,” with the US commencing strikes on Iranian sites, including the Iranshahr airbase, and Iran responding by attacking its neighbors in Kuwait and Jordan. Yesterday afternoon, explosions were heard in Bushehr, which is—likely not coincidentally—home to Iran’s only nuclear power plant. Initial reports suggest that the power plant itself was not hit. Brent crude oil prices did not move in reaction to the announcement.
Whether the ceasefire is truly “over,” or whether another MOU will emerge in the coming days (weeks? months?), remains very much an open question. Oil markets, however, remain as optimistic as ever. While Brent crude climbed by roughly $8, briefly trading above $80/bbl for the first time since 22 June, more than half of that move was retraced yesterday, with prices closing at around $76/bbl.
In other news, Anthropic has tapped former Federal Reserve Chair Ben Bernanke to join its Oversight Trust, which seeks to “keep the artificial intelligence company accountable to its public mission.” The importance of the Oversight Trust has only intensified following earlier events this year, when Anthropic delayed the release of its Mythos model and triggered an emergency meeting among global leaders to address concerns about its potentially dangerous capabilities.
New York Fed President, John Williams, made several notable comments today on inflation, that seem to be at odds with those of current Fed Chair Warsh. In a speech organized by the New York Fed, Williams highlighted his concerns about the inflationary effects of AI, saying that “if [AI demand] creates a sustained impulse to demand relative to supply in inflation, I do think that’s the kind of situation where you don’t look through.” Some readers may recall Warsh’s manifesto published to the Wall Street Journal in November of last year titled “The Federal Reserve’s Broken Leadership,” where Warsh calls attention to the disinflationary effects of AI, saying that “AI will be a significant disinflationary force, increasing productivity and bolstering American competitiveness.” While Williams also notes the potential for AI to “play out in a more benign way,” his aforementioned base case shines a light into the varying schools of thought and the potential for “good family fights” when the Fed next convenes.
Task Force Warsh also announced the individuals who will be leading each of his five Fed task forces:
Communication: Former BoE governor Mervyn King, UW professor Peter Fisher, and former BCB President Arminio Fraga.
Balance sheet: Harvard University professors Karen Dynan and Jeremy Stein, and former RBI governor Raghuram Rajan.
Data sources: Harvard University’s Raj Chetty, former Walmart CEO, Doug McMillon, and UChicago’s Kevin Murphy.
Productivity and jobs: Marc Andreessen of Andreessen Horowitz, Stanford’s Carles I. Jones, and Asha Sharma from Microsoft.
Inflation framework: Harvard University’s Greg Mankiw, NYU’s Thomas Sargent, and the BIS’s former economic advisor, William White.
Canada’s Mark Carney spoke with the Saudi Crown Prince Mohammed bin Salman in Jeddah (the first Canadian PM to make the trip since the year 2000) to discuss the war between the US and Iran, as well as opportunities for economic collaboration. This resulted in the signing of several MOUs, including one to “strengthen cooperation across key defense, economic, trade and investment, cultural, educational, scientific, and consular priorities. Saudi Arabia’s Public Investment Fund (PIF) is now also scheduled to attend the Canada Investment Forum in September.
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7. OIL AND NATURAL GAS//ENERGY COMMENTARIES
WHAT TOOK THEM SO LONG!!
Justice Department Agrees To End Biden-Era Oil & Gas Leasing Restrictions In Alaska
The U.S. Department of Justice said July 7 the Biden administration’s oil and gas leasing restrictions in northern Alaska’s Arctic region violated federal law and asked the court to dismiss lawsuits by the state and its industrial development and export authority challenging the regulations.
The lawsuits were filed in 2025 over the Biden administration’s 2024 restrictions on oil and gas lease auctions in the Coastal Plain of the Arctic National Wildlife Refuge. Alaska argued that the administration essentially sabotaged bidding with its restrictions on surface use and occupancy, which made “any development economically and practically impossible.”
“The Biden era Alaska oil and gas leasing program violated the law and improperly limited Alaska’s energy potential with unreasonable regulation,” U.S. Acting Attorney General Todd Blanche said in a July 7 press release.
“This settlement supports the Trump administration’s commitment to secure American energy independence and our national security for generations to come,” he added.
Congress set aside 1.5 million acres along the Alaska coast in 1980 for potential oil and gas development, and in 2017 instructed a federal agency to develop the resources on the land. Alaska’s lawsuit claims the Biden administration negated Congress’s directive.
“These resources not only help our energy independence as a nation but also grows the Alaska economy and puts more money in the Alaska Permanent Fund for future generations,” Gov. Mike Dunleavy said in a January 2025 statement.
The settlement says the 2024 leasing program violated the 2017 Tax Cuts and Jobs Act by abdicating the government’s duty to conduct a second lease sale, closing 75 percent of the 1.56 million-acre Coastal Plain to exploration and leasing, imposing unreasonable surface use restrictions on the remaining 25 percent, and unreasonably restricting surface disturbance.
“This settlement sets the record straight that the Biden administration’s 2024 restrictions on oil and gas production in Alaska were overly restrictive and contrary to Congress’s clear command to establish a competitive oil and gas leasing program in Alaska’s Coastal Plain,” Associate Attorney General Stanley Woodward said in a statement.
Alaska’s governor’s office and the industrial development and export authority didn’t immediately return requests for comment about the settlement.
The Justice Department also settled a decades-old lawsuit with Alaska on July 7 over a botched federal expansion project at the Don Young Port of Alaska in Anchorage, agreeing to pay the state $180 million.
Alaska Gov. Mike Dunleavy speaks at the White House in Washington on July 16, 2020. Jim Watson/AFP via Getty Images
The funds will go toward rebuilding the Don Young Port, according to Dunleavy.
The port serves about 90 percent of Alaska’s population with food, fuel, building materials, and other goods.
Confirming reports from earlier this week, the latest estimates from the International Energy Agency signaled that the United Arab Emirates (UAE), which unexpectedly quit OPEC earlier this year in a shock move that threatened the cohesion of OPEC, produced 4.1 million barrels per day (bpd) of crude oil in June, its highest output ever.
The UAE’s crude oil production jumped from 3.3 million bpd in May to 4.1 million bpd in June after the country left OPEC effective May 1, started raising output, and managed to sneak a lot of exports out of the Middle East even as the Strait of Hormuz was mostly blockaded for the first half of June.
The crude oil production in June, at 4.1 million bpd, was the highest ever on record for the UAE, nearly double the output in March 2026 at the start of the Hormuz crisis. The production level also topped the previous record of 4 million bpd from the spring of 2020 when the OPEC+ producers were fighting for market share in a brief price war during peak Covid, according to OilPrice.com
The UAE has sought to adapt to the closure of the Strait of Hormuz by sneaking tankers in dark mode through the Strait and increasingly offering to sell many of its crude grades for loading offshore Fujairah and at Sohar in Oman, outside the Strait.
Moreover, the Abu Dhabi national oil company ADNOC accelerated plans to have a new pipeline operational in 2027 that would double its oil export capacity through Fujairah, which sits outside the Strait of Hormuz.
ADNOC plans to build a new project, the West-East 1 Pipeline, which is expected to become operational next year and double the UAE’s energy giant’s export capacity through the Emirate of Fujairah to meet global demand for energy supplies.
The national oil company also plans to plans to award as much as $55 billion (200 billion UAE dirhams) on upstream and downstream projects over the next two years. The announcement of accelerated growth came days after the UAE said it would quit OPEC effective May 1 to pursue its national interests.
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IEA Warns Escalation In US-Iran Hostilities Could Upend Oil Surplus Forecast
Friday, Jul 10, 2026 – 11:01 AM
Despite the tentative recovery of oil flows through the Strait of Hormuz and the first build-up in global stocks since the war began, this week’s re-escalation of the U.S.-Iran hostilities could flip the outlook for an oil market surplus for next year, the International Energy Agency said on Friday.
Oil prices have plunged since the United States and Iran signed the memorandum of understanding (MoU) in the middle of June, with North Sea Dated prices down by $31 per barrel in June to $68 a barrel by early July, their lowest since January and $2 per barrel below pre-war levels, OilPrice reported.
And while the oil market is still expected to move to significant surplus towards the end of the year, IEA said that this is heavily predicated on the assumption that tanker flows through the Strait will gradually recover: “An escalation in hostilities on 7-8 July, however, clouds the outlook and could upend the forecast that sees the market flipping to a surplus next year,” the IEA said in its closely watched Oil Market Report for July.
Since the reopening of the Strait of Hormuz, tankers have rushed to exit the Persian Gulf, including millions of barrels of Iranian crude that Tehran couldn’t move past the U.S. blockade between mid-April and mid-June. As a result, global oil supply rebounded by a massive 4.1 million barrels per day (bpd) to 98.8 million bpd in June, amid a partial recovery in Gulf production, the IEA said.
However, global oil output remained about 9.4 million bpd below pre-war levels, with supply on track to decline by an average of 3.7 million bpd to 102.6 million bpd in 2026, “contingent on a swift de-escalation of renewed hostilities.” Meanwhile tanker crossings have slowed to a trickle, while insurers are reportedly demanding a pound of flash, with Reuters reported that “war insurance for ships inside the Gulf has already ticked higher towards 3% of a vessel’s value, up from 2% at the end of last week.” Meanwhile, quotes for coverage as high as 5% are still circulating.
At the same time, global demand – which was hit by demand destruction when crude prices topped $100 early this year – is starting to recover from the lows seen in the second quarter, with annual declines easing from 4.8 million bpd in April-June to an expected yearly drop of 1.7 million bpd in the third quarter, the IEA reckons.
Despite the wave of crude managing to clear the Strait of Hormuz in recent weeks, product supply and deliveries are much slower to rebound, with the markets still tight, the agency noted.
“The disconnect between apparently well supplied crude oil markets and tight product markets underpinned a rally in cracks and refinery margins to four-year highs by early July,” said the IEA.
“While concerns over jet fuel shortages have eased in recent weeks after refiners pushed output to new highs, diesel and gasoline markets have tightened, with gasoline cracks moving sharply higher.”
Here are the key highlights from the report:
On demand, there has been significant sequential improvement with +1.2mbd YoY growth forecast in 4Q vs. -1.7mbd YoY in 3Q and -4.8mbd YoY in 2Q. For context, Asia accounted for 2/3 of the peak demand drop. Overall, demand forecast increased slightly vs. last month report with 2026 now -1mbd YoY and 2027 +2mbd YoY (vs. -0.7mbd and +2.1mbd GS Research forecasts).
On supply, June increased by 4.1mbd MoM to 98.8mbd, although still 9.4mbd below pre-war levels. Focusing on the Gulf, total June exports increased 6.5mbd MoM to 16.1mbd vs. 24mbd pre-war average. In particular, it is worth noting that UAE (who recently left OPEC+) produced record volumes in June with further growth expected.
Inventory data showed 21mb increase in June, the first increase in four months following 360mb decline from March to May. The IEA said that 69% of the proposed 400mb emergency inventory release has been completed, with uncertainty over the timing of release of the balance.
A recovery in world oil demand is underway, with consumption set to rise from its May nadir on seasonal trends and as pent-up demand is released in line with a rebound in product supplies. Annual contractions ease from 4.8 mb/d in 2Q26 to 1.7 mb/d in 3Q26, followed by a rise of 1.2 mb/d in 4Q26, for an overall decline of 1 mb/d this year. Forecast growth of 2 mb/d in 2027 results in a two-year pace of expansion well below historical trends.
Global oil supply rebounded by a sharp 4.1 mb/d to 98.8 mb/d in June, as a resumption of flows through the Strait of Hormuz underpinned a partial recovery in Gulf production. World output was nevertheless some 9.4 mb/d below pre-war levels, with supply on track to decline by an average of 3.7 mb/d to 102.6 mb/d in 2026, contingent on a swift de-escalation of renewed hostilities. If transit volumes improve, oil supply will expand by 7.5 mb/d next year.
Refined product cracks and margins surged to four-year highs in early July, as increased crude supplies pushed oil prices sharply lower, while product markets remained tight. Global refinery runs rose by 1.5 mb/d in June, down 6 mb/d y-o-y, with Middle East export refineries yet to restart, Russian throughputs curtailed by attacks and Asia still running at reduced rates. Global runs are expected to decline by 2.4 mb/d this year and rebound by 3.1 mb/d in 2027.
Global observed oil inventories rose for the first time in four months in June, by 21 mb, as sharply higher oil on water volumes more than offset continued draws in onshore tanks. Following a decline of 73 mb in May, total OECD stocks fell by a further 62 mb in June, of which an estimated 44 mb came from government stock releases. Non-OECD crude stocks eased by 37 mb in June, led by a 41 mb draw in China.
Benchmark crude oil prices continued to spiral lower in June, erasing all of their wartime gains, as tanker traffic out of the Gulf picked up and market focus shifted to the prospect of oversupply. North Sea Dated crude plunged by $22/bbl m-o-m, to around $68/bbl, with prompt time spreads reverting to contango. Prices rose after the ceasefire agreement was breached on 7-8 July, with Dated trading around $77/bbl at the time of writing.
Here is the full visual recap, courtesy of Goldman
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ROBERT H…
The Sour Crude Problem: Why America’s Refineries Depend on Imports and Why It is Relevant to the Strait of Hormuz
One should read and understand this problem America has as it is not isolated to America.
The last boat of diesel destined for America from Russia is on the water for the eastern seaboard. There will be NO MORE. Russia does not take well to seeing its’ refineries hit deep within Russia by Ukraine with American assistance. And constantly warns about this.
Many events will soon collide as the picture cannot be seen from a one dimensional view.
Yes “tank bottom” is a reality whenever it occurs. At the same time the situation with Iran will worsen. If there is an off ramp; it is out of sight.
Russian relationships with NATO and America will continue to decline. This will lead to a broader conflict soon. Zelensky may have 2 months or so to beat up Russia before Russia crushes Ukraine to pulp. In mid September there are state elections for the DUMA and after this expect a general mobilization in Russia. Every week a new Oreshnik is rolled off the assembly lines. There are several variants of this missile now with differing warheads. And the Russians have successfully tested on the battlefield their new EW systems ( cost $2MM a piece) to block out Starlink for a 20 kilometer square. And yes this past week Kiev was the recipient of 2 missiles that were never seen by radar. Yes this was a test of a new type of missile. Unseen missiles give no warning of destruction.
China is not sleeping. Whether they do a Hong Kong style takeover of Taiwan or a simple blockade it entirely within their capability. Their technolgy is excluding America on every turn. Remember that China saw the shift in America earlier than most. Unchecked plunder by Private interests over the public trust rarely brings trust or confidence but does provide opportunity to exploit.
Fall is defining time for a directional shift to greater conflict and turmoil leading into 2027. It is simply the result of force in play for some time. Talk of deescalation of conflict is balderdash as the cast is cast. There is no honest desire to change direction. Nor is there time as countries run out room to fund spending by debt.
Whether it is war or collapse of confidence the result will be the same and the next 5 years will write the history of upheaval to a new norm.
Fiber-Optic Kamikaze Drone Found In Mexico Signals New Drone Threat South Of Border
Thursday, Jul 09, 2026 – 11:00 PM
The global proliferation of low-cost suicide drones is setting off alarm bells across the US military and among national security officials and experts. The race to harden high-value assets in the homeland, from military bases and airports to power substations, crude oil refineries, stadiums, and data centers, is already underway as officials fear the next major threat could come from a cheap drone equipped with a warhead.
The latest warning that Ukrainian-style drones are just south of the US-Mexico border comes from a new report by the Mexican newspaper El Sol de Durango, which states that Mexican federal forces discovered an unjammable fiber-optic kamikaze drone during a raid on a compound.
The raid took place at a compound in the Dolores del Río neighborhood, located deep inside north-central Mexico, about 500 miles from the US border and about 560 miles from Mexico City by road.
The Mexican Army and National Guard secured the perimeter of the compound, while Durango’s regional federal prosecutor’s office and other law enforcement agencies found the fiber-optic suicide drone, guns, ammunition, ATVs, and other vehicles.
From the local outlet:
The operation stemmed from a citizen complaint received by the Attorney General’s Office (FGR ) through the Single Window for Attention (VUA), in which a member of the National Guard (GN) reported potentially criminal activity at the aforementioned address. In response, the Federal Public Prosecutor (MPF) requested and executed a search warrant for the location.
During the operation , supported by agents of the Federal Ministerial Police (PFM) and the Criminal Investigation Agency (AIC), authorities seized an explosive device , two magazines and 78 rounds of ammunition of various calibers, a drone, two ATVs, and four vehicles . The perimeter was secured by personnel from the Mexican Army ( Sedena ) and the National Guard (GN).
The importance of this find is that fiber-optic kamikaze drones, once largely confined to major war zones across Eurasia, from the Russia-Ukraine conflict to the Gulf area, now appear to be spreading worldwide.
Even more troubling, this drone was found roughly 500 miles south of the US-Mexico border. The discovery points to one unavoidable conclusion drawn from today’s conflict zones: the US must supercharge the hardening of high-value assets against this drone threat (read here).
Military bases, airports, power substations, refineries, ports, data centers, and other critical infrastructure are entering a whole new risk environment in which cheap drones can cause outsized damage.
We recently penned a note for readers on how to profit from the “asymmetric warfare boom.”
The use of carbon capture, utilization, and storage (CCUS) technology as a key component of Canada’s climate policy is unlikely to meet the federal or provincial emissions goals, a new study suggests.
A Fraser Institute report published this week argues that the proposed scaling-up of carbon capture technology through Alberta’s Pathways project is unlikely to succeed because of the technology’s high costs, infrastructure needs, and mixed track record.
The findings come two months after Prime Minister Mark Carney and Alberta Premier Danielle Smith reached an agreement for a new West Coast oil pipeline in conjunction with the Pathways carbon capture and storage project in northeastern Alberta’s oilsands.
Ottawa and Alberta have agreed the pipeline will not proceed without development of the Pathways Project, which seeks to mitigate oilsands emissions and guarantee that heavy crude leaves Canada with a lower carbon intensity.
Fraser Institute Senior Fellow Kenneth P. Green, who authored the study, said the combination of existing technology, current knowledge, and historical applications of carbon capture technology raises doubts about its viability as fundamental climate policy.
“The idea that carbon capture, utilization and storage will provide large-scale carbon reduction is unlikely to be as successful as its proponents envision, at least with the technology as it exists today,” he said in a press release.
That’s because, historically, most CCUS projects have been developed to enhance oil and gas recovery rather than to store carbon, said Green, an expert in environmental science and engineering.
The technology has been “tested and deployed in numerous projects spanning many years,” he noted in his report. Approximately 73 percent of CCUS deployment has been used for Enhanced Oil Recovery (EOR)—a commercial method in which captured CO2 is injected underground to extract additional oil.
The application of this technology for true long-term greenhouse gas sequestration, as opposed to fossil fuel extraction, remains largely untested at scale and costs remain excessive, Green argued.
Large-scale CCUS projects have fallen short of expectations, he wrote, routinely capturing less than 80 percent of predicted capture levels and quantities. Green also noted that capturing carbon is only the first step. From there, the gas must be compressed, transported, and permanently stored.
Building the pipeline networks to move CO2 to suitable geological storage formations is a massive undertaking that comes with a prohibitive price tag, he said, adding that environmental opposition, local resistance, and regulatory hurdles could further increase costs and delay projects.
“Based on experience from both Canada and the United States, it is reasonable to expect significant resistance to the construction of CCUS pipelines by Canadian environmental groups and some local governments and public-interest organizations,” he wrote. “This, in turn, is likely to delay and increase the cost of developing the infrastructure necessary to adopt CCUS at scale in the Canadian context.”
Carney has called the pipeline-Pathways deal with Alberta a “grand bargain” and has described the Pathways Project as a “necessary condition” for pipeline approval.
The prime minister has not floated any figures about the overall cost of implementing carbon capture technology and Ottawa’s deal with Alberta did not update 2022 estimates that the first phase of the carbon capture project would cost $16.5 billion.
Carney has instead focused on the potential financial benefits of the Pathways Project and oil pipeline, saying in a speech last week that they will “catalyze well over $200 billion in direct investments in Canada and create over 175,000 new jobs across the country.”
END
U.S./GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS FRIDAY 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: 1.1432 DOWN 0.0007
USA/ YEN 161.76 DOWN 0.603 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 1.3429 UP 0.0016 OR 16 BASIS PTS
USA/CAN DOLLAR: 1.4168 UP 0.0006 //CDN DOLLAR DOWN 6 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED DOWN 40.43 PTS OR 1.00%
Hang Seng CLOSED UP 144.94 PTS OR 0.60%
AUSTRALIA CLOSED UP 0.61%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 144.94 PTS OR 0.60%
/SHANGHAI CLOSED DOWN 40.43 PTS OR 1.00%
AUSTRALIA BOURSE CLOSED UP 0.61%
(Nikkei (Japan) CLOSED UP 1075.15 PTS OR 1.58%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: $4106.25
silver:$59/47
USA DOLLAR VS TRY (TURKISH LIRA): 46.99 PLUS 11 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: 76.76 ROUBLE// DOWN 0 ROUBLE AND 61 BASIS PTS. WOULD YOU BELIEVE THAT THE RUSSIAN ROUBLE AND THE ISRAEL SHEKEL ARE THE STRONGEST CURRENCIES BESIDES THE DOLLAR .
UK 10 YR BOND YIELD: 4.8806 DOWN 3 BASIS PTS
UK 30 YR BOND YIELD: 5.608 DOWN 3 BASIS PTS
CDN 10 YR BOND YIELD: 3.501 DOWN 3 BASIS PTS
CDN 5 YR BOND YIELD; 3.108 DOWN 2 BASIS PTS
USA dollar index early FRIDAY MORNING: 100.71 DOWN 5 BASIS POINTS FROM THURSDAY’s CLOSE
FRIDAY MORNING NUMBERS ENDS
And now your closing FRIDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.413% DOWN 3 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.761% DOWN 12 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.924 DOWN 10 BASIS PTS//
SPANISH 10 YR BOND YIELD: 3.516 DOWN 3 in basis points yield
ITALY 10 YR BOND: 3.823 DOWN 4 points in basis points yield ./
GERMAN 10 YR BOND YIELD: 3.0340 DOWN 4 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY FRIDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/10:00 AM
Euro/USA 1.1428 DOWN 0.0005 OR 5 basis points
USA/Japan: 161.81 DOWN 0.560 OR YEN IS UP 56 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.8877 DOWN 5 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.604 DOWN 4 BASIS POINTS.
REAR VIEW: Trump said ceasefire is over; Qatar negotiators are reportedly in Iran to meet Iranian officials to create conditions for negotiations to continue; Iranian media downplays reports of US-Iran talks next week; BoJ reportedly to keep rates unchanged in July; Japanese official said they are to pursue steps to promote investment in Japanese assets by GPIF; META CEO said new model outperforms Gemini 3.1 Pro; DAL earnings & guidance beat fails to impress.
COMING UP: Data: German Current Account (May). Events: OPEC MOMR (Jul), US Monthly Budget Statement (Jun), Coalition of the Willing Summit (Jul). Speakers: Fed’s Waller; BoE’s Pill; RBNZ’s Conway. Supply: EU.
WEEK IN FOCUS: US Inflation and Retail Sales, Fed Chair Warsh Testimony, BoC, China Activity Data, and UK GDP. Click here for the full report.
2. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
MARKET WRAP
Stocks closed higher on Friday, with only healthcare trading in the red. Breadth was strong, led in Materials, Staples, and Communications. A rally in Meta supported the Comms sector despite a slight downside in Alphabet following Zuckerberg saying the new model outperforms Gemini 3.1 Pro. Separately, US Global Jets (ETF) traded 1% lower after a Delta Air Lines earnings and guidance beat failed to impress investors.
US data and trade updates were light, meaning geopolitical events became the main focus to end the week. New developments included US President Trump being more assertive that the US-Iran ceasefire is over, “in no uncertain terms, that the ceasefire is over (prev. said “I think”) and reiterated that talks are to continue. Overall, crude prices were modestly lower, perhaps as strikes in the region lessened, although traffic has slowed in the Strait of Hormuz in the last couple of days.
Despite the move lower in energy prices, US yields were higher across the curve, particularly on the short-end. This likely put a floor under the dollar, which has struggled this week despite the renewed geopolitical risk.
Elsewhere, JPY outperformed following comments from the Japanese Finance Minister Katayama, “they are to pursue steps to promote investment in Japanese assets by GPIF and others”. Meanwhile, CAD saw a limited reaction towards a better-than-expected June jobs report.
Ahead of Fed Chair Warsh’s testimony to the House and Senate next week, the Fed’s semi-annual Monetary Policy Report reiterated that inflation remains elevated, citing tariffs alongside developments in the Middle East and AI as contributing factors; a limited reaction was seen.
FIXED INCOME
T-NOTE FUTURES (U6) SETTLED 7+ TICKS LOWER AT 109-01
T-notes flatten in quiet trade with eyes on geopolitics. At settlement, 2-year +3.4bps at 4.208%, 3-year +3.1bps at 4.244%, 5-year +2.8bps at 4.308%, 7-year +2.2bps at 4.429%, 10-year +1.8bps at 4.567%, 20-year +0.9bps at 5.080%, 30-year +0.9bps at 5.070%.
THE DAY: The Treasury curve flattened on Friday, with front-end yields edging higher while longer-dated yields were little changed. Price action largely tracked a choppy session in the crude complex, with oil ultimately settling lower despite bouts of strength after President Trump said he had told Iran the ceasefire was not over. However, he also reiterated that Iran had reached out to the US and wanted to hold talks.
Elsewhere, trading conditions were relatively quiet with no major US economic data released. Attention now turns to next week’s CPI and PPI reports, where headline CPI is expected to ease on the month as it reflects the unwind in energy prices following the US-Iran memorandum of understanding signed in June, although the subsequent breakdown in the ceasefire leaves upside risks to the inflation outlook. Reports had suggested that US-Iran talks would continue next week, but the Iranian press denied the report.
The Fed’s semi-annual Monetary Policy Report reiterated that inflation remains elevated, citing tariffs alongside developments in the Middle East and AI as contributing factors. The report also acknowledged that the labour market remains broadly stable and that longer-term inflation expectations remain well anchored. The report comes ahead of Chair Warsh’s testimony to the House on Tuesday and the Senate on Wednesday. Warsh is likely to reiterate his recent emphasis on price stability while continuing to avoid providing explicit forward guidance.
Overall, it was a quiet session for the Treasury market. However, a sizeable 10.6k block trade at 102-317 in September 2026 2-year Treasury note futures crossed the tape at 08:41ET, while Deere (DE) Funding Canada also entered the debt market with a USD-denominated offering.
SUPPLY
Bills
US sold 17-wk bills at high-rate 3.790%, B/C 3.41x
US to sell USD 100bln of 4-week bills (prev. 85bln) and USD 95bln of 8-week bills (prev. 85bln) on July 9th.
STIRS / OPERATIONS
Fed Pricing: Dec 33bps (prev. 33bps)
EFFR at 3.62% (prev. 3.62%), volumes at USD 126bln (prev. USD 131bln) on July 9th
SOFR at 3.53% (prev. 3.58%), volumes at USD 3.126tln (prev. USD 3.158tln) on July 9th
NY Fed RRP op demand at 0.545bln (prev. 5.77bln) across 3 counterparties (prev. 6) on July 10th
CRUDE
WTI (Q6) SETTLES USD 0.67 LOWER AT 71.41/BBL; BRENT (U6) SETTLES USD 0.29 LOWER AT 76.01/BBL
The crude complex was lower on Friday, as geopolitical headlines seemingly took a pause as participants await any weekend updates. Despite saying that, there were a couple of market moving headline which moved benchmarks. As US players entered for the day, the energy space saw downside amid reports that Qatar negotiators are in Iran to meet Iranian officials in an effort to de-escalate tensions and create conditions for broader negotiations to continue, and talks conducted in coordination with the US. However, reversing this price action and seeing a broad-based risk-off market reaction was Trump stating, “Iran has asked us to continue ‘talks. We have agreed to do so, but the US has stated to them, in no uncertain terms, that the Cease Fire is OVER!”. Overall, WTI traded between USD 70.77-73.16/bbl and Brent USD 75.30-77.52/bbl as attention turns to the aforementioned weekend rhetoric. On that, there have been conflicting reports as some suggested another round of negotiations between the US and Iran is expected next week, possibly in Switzerland, but Fars later pushed back on this.
EQUITIES
CLOSES: SPX +0.42% at 7,575, NDX +0.33% at 29,825, DJI +0.29% at 52.642, RUT -0.49% at 2,978
SECTORS: Health -0.82%, Consumer Discretionary +0.05%, Financials +0.29%, Industrials +0.45%, Real Estate +0.50%, Technology +0.59%, Energy +0.60%, Utilities +0.61%, Consumer Staples +0.85%, Communication Services +0.93%, Materials +1.12%.
EUROPEAN CLOSES: European Closes: Euro Stoxx 50 -0.27% at 6,268, Dax 40 -0.13% at 25,085, FTSE 100 +0.24% at 10,497, CAC 40 +0.15% at 8,339, FTSE MIB +0.44% at 52,614, IBEX 35 +0.32% at 19,385, PSI -0.19% at 9,107, SMI +0.14% at 14,235, AEX +0.08% at 1,084
STOCK SPECIFICS:
Meta (META) CEO Zuckerberg said new model outperforms Gemini 3.1 Pro.
Delta Air Lines (DAL): Earnings & guidance beats.
Circle Internet Group (CRCL) received final OCC approval to establish National Trust Bank.
Fermi (FRMI) announced its intention to offer $350M of convertible senior notes due 2031.
Energy Fuels (UUUU) CEO bought 74k shares of common stock, size $968k.
Sensient (SXT) 2.05mln share block trade within a price range of USD 114-116.
Shopify (SHOP) was upgraded at Stifel to ‘Buy’ from ‘Hold’.
Paramount (PSKY) merger with Warner Bros Discovery (WBD) receives antitrust approval from South Korea, according to Semafor, citing sources
FX
USD was little changed to end the week with mixed signals out of the Middle-East, ultimately leaving US yields higher W/W. Data was absent, meaning the focus was on geopolitics, in which US President Trump reaffirmed that Iran has requested talks, which will continue, but sounded more affirmative that the ceasefire is over. Overall, US yields move higher on Friday despite the move lower in crude prices, limiting USD downside amid the risk-on sentiment. DXY hit intraday lows of 100.60 before paring to 100.960.
JPY outperformance came amid remarks from Finance Minister Katayama. She noted that they are to pursue steps to promote investment in Japanese assets by GPIF and others. Bart Wakabayashi, Tokyo branch manager at State Street Bank & Trust said that this story could really change the narrative, though it’s a six or 12 months down the road type of thing. “The sustainability of further yen buying would need to be backed by further commitment”. Additionally, reports noted that the BoJ is reportedly to keep rates unchanged in July but maintain policy guidance and also raise growth outlook. USD/JPY set a trough of 161.28 before bouncing to 161.69.
CAD was slightly firmer than the buck to finish the week. Today’s jobs report had a limited reaction on USD/CAD. Employment growth was better than expected at 18.2k (exp.10k) due to private sector growth being at 56k, leaving the unemployment rate lower at 6.5% from 6.6%. Following the data, Oxford Economics believes excess slack in the labour market will help keep the BoC on hold until late 2027.
USA DATA RELEASES/
USA ECONOMIC REPORTS
Federal Agents Targeting Illegal Truck Drivers At Weigh Stations Nationwide
Federal immigration agents are now working alongside state troopers at commercial truck weigh stations across the country as the Trump administration intensifies its crackdown on illegal commercial drivers, according to U.S. Border Czar Tom Homan.
Appearing on Fox News on Tuesday, Homan said the Department of Homeland Security is partnering with the U.S. Department of Transportation and state law enforcement agencies to identify commercial drivers who are operating trucks with improperly issued commercial driver’s licenses.
“We’ve got a lot of people we’re looking for,” Homan said. “Actually, some states we’re actually working weigh stations with the troopers, trying to get these people as they’re coming through.”
Homan said more than 28,000 non-domiciled commercial driver’s licenses have been revoked nationwide and acknowledged that obtaining driver records from some states has complicated enforcement efforts.
“We’re working very closely with many states,” Homan said, adding that DHS is coordinating with Transportation Secretary Sean Duffy while the Department of Justice pursues legal action against jurisdictions that refuse to share driver information.
Enforcement expands beyond paperwork
The latest announcement builds on a series of recent commercial vehicle enforcement operations by state agencies focused on licensing violations, unsafe equipment, hours-of-service compliance and immigration-related offenses.
Last week, FreightWaves reported that law enforcement agencies in Texas, Arizona and California had expanded commercial vehicle inspections targeting unqualified drivers and unsafe trucks. Those operations resulted in immigration arrests, equipment citations and drivers being placed out of service.
Homan suggested the latest federal effort goes beyond revoking licenses by focusing on locating drivers who remain behind the wheel after their commercial driving privileges have been canceled.
According to Homan, DHS agents are working directly with state troopers at weigh stations to identify those drivers during routine commercial vehicle inspections.
Arizona stop highlights safety concerns
The enforcement push comes as Arizona authorities continue reporting cases involving commercial drivers operating without required credentials.
In a Facebook post, the Arizona Department of Public Safety said on Tuesday a Highway Patrol Commercial Vehicle Enforcement trooper stopped a hotshot truck on June 26 along State Route 202 near Arizona State University after discovering numerous violations.
Investigators said the driver lacked both a commercial driver’s license and a required USDOT medical certificate. Inspectors also found that none of the trailer’s brakes were functioning, meaning only the tow vehicle could stop the fully loaded 14,900-pound trailer.
Arizona troopers also cited exposed hubcaps and a missing emergency brake cable before placing the driver and vehicle out of service.
END
113 Active Spies From Foreign Countries Arrested: FBI Director
The arrests of foreign spies “means our tech stays home and our defense secrets stay locked down,” a video shared by Patel on X said. “But the FBI didn’t stop there. They forced 62 removals of Chinese spies in 2026 alone.”
The video added that this has shattered the Chinese Communist Party’s (CCP’s) deep cover operations against the United States.
The House Committee on Homeland Security released a report in February 2025 detailing multiple cases of espionage conducted by the CCP in the United States since 2021.
The cases, spread across 20 U.S. states, involved the transmission of sensitive military information to Beijing, stealing trade secrets to benefit the regime, transnational repression schemes targeting Chinese dissidents, and obstruction of justice. Every 12 hours, the FBI opened new cases to counter Beijing’s intelligence operations, according to the report.
The report noted that the CCP’s theft of U.S. intellectual property amounts to roughly $4,000 to $6,000 annually per American family of four after paying taxes.
In one prominent case, a senior adviser to the State Department was arrested in October 2025, accused of taking thousands of top-secret documents and meeting with Chinese officials. The individual allegedly downloaded and saved documents related to U.S. fighter jets and weapons capabilities.
On Jan. 12 this year, the Department of Justice (DOJ) announced that a former U.S. Navy sailor was sentenced to 200 months in prison for spying for Beijing.
The person had access to sensitive national defense information about the amphibious assault ship U.S.S. Essex, such as its weapons, propulsion, and desalination systems. These ships are a “cornerstone of the U.S. Navy’s amphibious readiness and expeditionary strike capabilities,” according to the DOJ statement. The sailor sold critical information to a Chinese intelligence officer for $12,000.
More recently, on June 4, the DOJ announced that a U.S. citizen pleaded guilty to acting as an agent for China. The man, who lived in China, would travel to the United States to meet with individuals who could provide him, and ultimately the Chinese Ministry of State Security, with important information.
Digital Threats, Cartels
The video shared by Patel also said that the FBI has been successful in countering cyber threats.
On Jan. 8, the FBI issued an alert warning about a North Korean state-sponsored cyber threat group targeting American entities with a QR code phishing scheme to steal sensitive information. As of last year, threat actors from the group targeted academic institutions, think tanks, and U.S. and foreign government entities.
Last month, the DOJ said that 13 internet domains backed by suspected Chinese agents were seized by authorities. The domains were used to target Americans with security clearance to access classified government information.
The FBI is now targeting cartels as foreign terrorists, which has led to around 4,800 cartel members getting arrested, the video said.
Despite the ongoing crackdown, cartels are shifting drug trafficking tactics. During a Senate committee hearing on May 12, top law enforcement officials raised concerns about some Mexican cartels moving operations to Canada in order to manufacture and distribute fentanyl.
Terry Cole, head of the Drug Enforcement Administration, said there have been “significant seizures” of fentanyl in Canada over the previous months.
At the hearing, Patel said: “The drug traffickers got smart with the securitization of the southern border and moved it up there [to Canada]. So we’re tackling that with our seize partners.”
END
KING NEWS
The King Report July 10, 2026 Issue 7780
Independent View of the News
Bloomberg @business: Federal Reserve Bank of New York President John Williams said he’s most focused on AI-driven demand as a driver of US inflation, warning persistent strength could force the Fed to raise interest rates.
From the Greenspan Fed to Bernanke to Yellen to Powell, Fed Chairs are loathe to admit to stock bubbles. It is crystal clear that there is an AI Bubble. However, Fed convention will NOT allow Fed officials to cite or criticize or halt the AI Bubble. But clever Fed officials can whine about AI fostering inflation when they are concerned about the AI Bubble.
Easy Al Greenspan infamously stated that because a central bank cannot see bubbles and bubbles were hard to identify, the Fed should just wait it out and clean up after they burst.
Federal Reserve’s Historical Blind Spot on Asset Bubbles Fuels Growing Anxiety Among Economists – The Federal Reserve’s long-standing difficulty in identifying and responding to asset price bubbles before they burst is once again drawing scrutiny from economists and market observers, raising concerns about systemic financial vulnerability at a time of elevated valuations across multiple asset classes. Critics argue that the central bank’s traditional reluctance to use monetary policy as a tool for deflating speculative excess has repeatedly left the broader economy exposed to severe downturns — and that structural blind spots within the Fed’s analytical framework remain unresolved… https://political.org/2026/06/23/federal-reserves-historical-blind-spot-on-asset-bubbles-fuels-growing-anxiety-among-economists/
CNBC, March 18, 2010: Alan Greenspan, the former Federal Reserve chairman, acknowledges that the Fed failed to grasp the magnitude of the housing bubble but argued that its policy of low interest rates from 2002 to 2005 did not cause the bubble… stood by his conviction that little can be done to identify a bubble before it bursts, much less pop it. “We had been lulled into a sense of complacency by the only modestly negative economic aftermaths of the stock market crash of 1987 and the dot-com boom,” Mr. Greenspan wrote. “Given history, we believed that any declines in home prices would be gradual. Destabilizing debt problems were not perceived to arise under those conditions.”… I fear that preventing bubbles will in the end turn out to be infeasible,” Mr. Greenspan wrote. “Assuaging their aftermath seems the best we can hope for.”… https://www.cnbc.com/2010/03/18/greenspan-concedes-that-the-fed-failed-to-gauge-the-bubble.html
White House prepares for extended military exchange with Iran, for control over the Strait of Hormuz, that could stretch for days or several weeks – Axios
US CENTCOM: U.S. Central Command (CENTCOM) forces completed an additional round of strikes against Iran, July 8, to further degrade Iran’s ability to attack commercial shipping and innocent civilian mariners in the Strait of Hormuz. U.S. forces struck approximately 90 Iranian military targets including air defense systems, coastal surveillance assets, missile and drone storage sites, naval capabilities, and military logistics infrastructure along Iran’s coastline. The latest strikes follow successful execution of offensive strikes in Iran the night before. CENTCOM forces hit approximately 80 Iranian military targets July 7, including more than 60 Islamic Revolutionary Guard Corps small boats, to impose heavy costs for Iran violating the ceasefire by attacking three commercial vessels navigating the Strait of Hormuz. U.S. forces remain vigilant, lethal, and prepared to execute operations directed by the Commander in Chief. @DeItaone: U.S. STRIKES HIT KEY IRAN TRADE LINK – U.S. overnight strikes damaged Iran’s Aq Taqeh Khan railway bridge, according to Fars news agency.The route connects Iran with China and Russia through Turkmenistan and Kazakhstan and has become increasingly important amid restrictions on Iran’s Gulf ports. Repairs are expected to be completed quickly.
As we warned in recent missives, the usual suspects are inured to Trump’s threats, measured attacks on Iran, and histrionics. ‘They’ also know Trump wants to inflate the stock bubble further. So, ‘they’ see NO downside risks to stocks. Therefore, they will keep buying stocks, particularly AI Bubble issues and trading sardines.
On Thursday morning, the DJTA and the SOX Index rallied sharply early while Fangs declined moderately. Precious metals rallied smartly; bonds traded flat; oil and gasoline fell moderately.
ESUs opened moderately lower on Wednesday night and hit a daily low of 75126.25 (-12.50) at 18:52 ET. An intractable rally took ESUs to a double top of 7557.75 at 3:51 ET and 7558.00 at 4:05 ET. Trader liquidation pushed ESUs down to 7528.00 at 6:50 ET.
After a rally to 7554.50 at 8:35 ET, ESUs went wild: a drop to 7530.25 at 9:31 ET, frantic buying on the opening pushed ESUs to 7566.50 at 9:55 ET; a pro dump precipitated a waterfall drop to 7529.50 at 10:20 ET; and manic dip buying created a near-vertical rally to 7578.00 at 11:45 ET.
After a brief pause, ESUs plodded higher and hit a daily high of 7595.00 at 13:47 ET. The rally halted on reports that explosions appeared in Chabahar in southeastern Iran, Bushehr, and Ahvaz (Khuzestan Province, an oil region) in southwestern Iran. The US denied it had attacked Iran.
Channel 11 (ISR) claimed Gulf states (Kuwait and Bahrain?) launched joint strikes against Iran.
ESUs fell to 7581.25 at 15:08 ET and then labored to 7588.50 at 16:00 ET.
WSJ: Fight Over Hormuz Boils Down to a Poorly Worded Clause in Trump’s Deal Paragraph 5 hands Iran a leading role in opening the waterway, but one the U.S. and its allies aren’t comfortable with… (The US & Gulf states interpret it as requiring free passage; Iran sees total control.)
WSJ Editorial Board: Trump Tells the Truth About Iran The Age of Innocence ushered in by JD Vance lasted three weeks. … “They’re liars, they’re cheats, they’re sick people… I don’t want to deal with them anymore…” The goal is to free the U.S… from dependence on the cooperation of Iran’s regime. We’ve played that game before, and maybe Mr. Trump is tired of it. Better to reopen the Strait or destroy the nuclear program ourselves and let Iran’s regime struggle…while it’s at its weakest… https://www.wsj.com/opinion/trump-tells-the-truth-about-iran-4620ed02?mod=opinion_lead_pos2
Positive aspects of previous session Aug Gasoline -2.54% and Aug WTI oil -2.18% at NYSE close The DJTA rallied 449.69; SOX Index +3.06%, NY Fang+ Index +1.08%
Ambiguous aspects of previous session Most traders expect Trump to Taco. Will he?
First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour:Up;Last Hour: Up
Pivot Point for S&P 500 Index [above/below indicates daily trend to day traders]: 7524.09 Previous session (S&P 500 Index) High/Low: 7546.89 (13:47 ET); 7481.73 (10:20 ET)
@JewishWarrior13: Israeli Prime Minister’s Office: “As part of the ongoing relationship between Prime Minister Netanyahu and President Trump, another conversation took place between the two leaders this evening… Trump updated Prime Minister Netanyahu on US initiatives in the Gulf region. For his part, the prime minister raised the severity of the statements made by Erdogan and his associates against the existence of the State of Israel and the need to establish security zones along Israel’s borders.”
Here’s why Trump switched to Air Force One (old) from Air Force One (new) when exiting Turkey:
WSJ: Iran Hatched Fresh Plot to Kill Trump, Israel Told US – Israel recently shared new intelligence with the U.S. that they said showed Iran was considering a new plan to assassinate the president (And perhaps why Trump renewed attacks on Iran!)
There are reports on social media that Bibi asked Trump to allow Israel to massively attack Iran.
Fed Balance Sheet: +$11.045B on +$9.956B of T-Bills; Reserves +$ 132.014B
Here’s Team Trump verbally intervening to lift stocks via their favorite conduit @BarakRavid: “A U.S. official said on Thursday the Trump administration is “still committed to finding a resolution, and technical talks continue” to reach a nuclear deal.” 6:21 PM (Futures open 6 PM) · Jul 9, 2026
Today – The SOX Index hit its low at 15:54 ET after peaking at 9:38 ET (+5.38%). When this dynamic (early peak/late low) occurred earlier this week, the SOX Index got slammed in the ensuing session.
The conflict: Some day traders want to play for the Friday Rally; others, recalling recent history, fear Trump will hammer Iran on Friday and announce a deal on Sunday night. This will confound day traders.
Swing (short-to-medium term) traders that do their homework are aware that the S&P 500 Index is poised to breakout to the upside. Given the chance, and it probably means waiting until Monday, the usual suspects will ‘shoot for the number’ at 7600 and the all-time high of 7620.90 (June 2, 2026).
ESUs are -6.75; NQUs are -64.50; USUs are -8/32; WTI Oil is -0.22; Gasoline is -2.68 at 20:13 ET.
S&P Index 50-day MA: 7424; 100-day MA: 7110; 150-day MA: 7038; 200-day MA: 6961 DJIA 50-day MA: 50,828;100-day MA: 49,353; 150-day MA: 49,177; 200-day MA: 48,576 (Green is positive slope; Red is negative slope)
S&P 500 Index (7543.64 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 and MACD are positive – a close below 7408.74 triggers a sell signal Hourly: Trender and MACD are positive – a close below 7512.96 triggers a sell signal
Trump on Truth Social: Signs and Billboards are being put up all over our Southern Border, and Mexico, advertising BIRTHRIGHT CITIZENSHIP, with “Deliveries starting at $4000.” Likewise, similar signs going up all over our Country. Billions of Dollars will be illegally made by this SCAM, with Citizenship going to anyone willing to pay. It will be, by far, the number one way of becoming a citizen, and then the entire family will be allowed to follow. Not sustainable. NOBODY SAW THIS COMING!!! AMERICAN CITIZENSHIP IS NOT FOR SALE! In fact, that is a crime, and therefore, the Supreme Court’s ruling is wrong. I will be asking for a Rehearing by the United States Supreme Court, IMMEDIATELY.This miscarriage of justice will destroy America if they don’t change their absolutely insane decision. Thank you for your attention to this matter! President DONALD J. TRUMP
GOP Sen. @SenRickScott: Here’s why people in both parties don’t want to use or lose the filibuster: control. Hiding behind the 60-vote threshold and the cloture rule makes it easier to control the chamber, control debate, and control the schedule. That way there are no surprises and everyone gets to leave town after lunch on Thursday without fail. Open debate, open amendments, and majority threshold make things less predictable. And that makes comfortable people uncomfortable. If we want to secure our elections and pass the rest of the America First agenda, we’re going to need to shake some things up.
The White House Killed an RFK Jr. Ad Campaign. He Can Blame Kristi Noem. Trump officials abruptly canceled the health campaign focused on processed food and diabetes over cost and image concerns… The White House, skittish about generating negative attention and spending money on contracts amid widespread government cuts, didn’t want Kennedy featured in a campaign. It had recently received heat for the Noem ads, which cost tens of millions of dollars in contracts and featured the secretary telling illegal immigrants to self-deport… https://www.notus.org/health-science/white-house-rfk-jr-ad-campaign-kristi-noem
@ImMeme0: Illegal immigrant has been arrested after firebombing 2 churches in New York City.Yogesh Sayrange, a Guyanese citizen who is living in the U.S. illegally, has pending criminal cases involving threats with a knife and an ax… https://x.com/ImMeme0/status/2075340800200765744
Prosecutors with the office of former special counsel Jack Smith left classified materials unsecured and provided materials to at least one person without confirming that person needed to see them, a senator said on July 8.
A set of messages from Smith’s team showed that in 2024, the team left a facility designated for the review of sensitive information open overnight, and potentially longer.
“Who opened the [facility] yesterday?” one member of the team asked in a message.
“No one opened it yesterday because no one closed it the day before,” another member replied.
A second set of messages from 2024 outlined how the team provided classified materials to an unidentified person despite not having confirmation that the person needed to see the materials.
The incidents took place as Smith’s team, which was part of the Department of Justice (DOJ), was prosecuting then-presidential candidate and former President Donald Trump for allegedly mishandling classified materials during his first term as president.
“Talk about the pot calling the kettle black,” Grassley said in a statement.
“According to these messages, Biden DOJ personnel may have committed the very offense for which Jack Smith was prosecuting President Trump. These records expose yet another double standard of justice.”
Grassley also wrote in a post on X that the messages “indicate hypocritical [and] careless behavior” and “merit further investigation.”
He pointed to how some former officials, such as former Secretary of State Hillary Clinton, mishandled classified information but were not charged.
Grassley asked Todd Blanche, the acting attorney general, for more records, including whether the facility that was left unlocked contained any material that was part of Smith’s prosecution of Trump, and whether the DOJ investigated Smith’s team for giving classified information without the need-to-know confirmation.
“The Department is aware of the concerns raised in Senator Grassley’s letter and takes the safeguarding of classified information very seriously. Every official entrusted with sensitive materials must follow strict security protocols without exception — a standard Jack Smith’s team apparently failed to meet as they pursued a politically weaponized prosecution of President Trump,” a DOJ spokesperson told The Epoch Times in an email.
“As with any alleged security lapse, the Department reviews such matters through established internal processes to determine whether protocols were followed, whether classified information was compromised, and whether any corrective steps are warranted. The Department will continue to apply those procedures rigorously, consistent with our longstanding commitment to protecting national security and maintaining the integrity of our operations.”
Smith, who has said his investigation was proper, was appointed in November 2022 by then-Attorney General Merrick Garland to manage investigations into Trump, who at the time was out of office.
Federal prosecutors later charged Trump with violations of federal law governing the handling of classified information, as well as other charges such as illegally interfering in the 2020 presidential election.
Prosecutors dropped the cases after Trump won the 2024 election, noting that he would soon be president.
Part of Smith’s final report was released to the public prior to the start of Trump’s second term, outlining how Smith believed the evidence against Trump would have resulted in a conviction. A federal judge later ruled that the other part shall never be made public.
END
Trump Refuses To Sign Landmark Housing Bill In Protest Over Stalled Elections Legislation
In a Friday morning Truth Social post, Trump said he was withholding his signature “in PROTEST” over the Senate’s inability to pass the SAVE America Act, a comprehensive elections overhaul that would require photo identification to vote and proof of citizenship to register, and would bar most mail-in balloting, with exceptions for military service, disability, illness and travel.
The president asserted that the elections bill is “polling at 97% with the Republican Party” – a figure he offered without citing a source – and called its failure “a serious threat to any politician who votes against it.” He renewed his demand that Senate Republicans “TERMINATE THE FILIBUSTER,” warning that Democrats would abolish the 60-vote rule “in their very first hour” back in power. Rendering “Democrats” throughout with a derisive misspelling, Trump added that the “title of DUMB” would revert to Republicans if the party allowed the stalemate to stand.
A Deadline, Not A Veto
This is of course performative unless Trump actually vetoes it. Under the Constitution, a bill becomes law automatically if the president neither signs nor vetoes it within 10 days, excluding Sundays, while Congress is in session. That clock on the housing measure – the 21st Century ROAD to Housing Act – runs out at the end of Friday.
Because Congress has remained formally in session through the window, the “pocket veto” that would let the bill die quietly is widely viewed as unavailable. That leaves Trump two choices: veto the legislation outright, or let it lapse into law. His post on Friday, notably, promised only not to sign it.
A veto would face long odds. The Senate approved the package 85-5 on June 22, and the House passed it 358-32 – margins far beyond the two-thirds needed in each chamber to override. Congressional observers caution, though, that override votes can scramble such numbers, as some members retreat rather than be seen defying the president. Lawmakers overrode a Trump veto of a defense bill once before, in the final weeks of his first term.
House Speaker Mike Johnson, R-La., a close Trump ally, has already conceded the likely endgame. “If he doesn’t, it’s still law,” Johnson said last week of the president’s refusal to sign.
The Housing Bill
The bipartisan measure marks the most comprehensive federal housing legislation in decades. It aims to expand supply and lower costs by cutting regulatory barriers to construction, streamlining reviews, encouraging local zoning reform and restricting large institutional investors from buying up single-family homes, alongside pilot programs to expand access to smaller mortgages.
Republicans had planned to campaign on the law this fall. With the average 30-year fixed mortgage hovering near 6.5 percent, affordability consistently ranks as voters’ top concern heading into November’s midterm elections – and Trump’s approval on housing has slipped since he began blocking the bill.
Trump upended the bill’s rollout on June 24, canceling a Capitol signing ceremony roughly an hour before it was to begin – with the stage, desk and presidential seal already set in Statuary Hall – and declaring on social media that he would not sign until Congress passed the SAVE America Act, which he labeled “a National Emergency.” He has since dismissed the housing package as being “of minor importance” and a “yawn” next to the elections bill.
The tactic is familiar: earlier this year, the president derailed a bipartisan deal on surveillance authorities to press the same demand.
The SAVE America Act has passed the House but failed five times on the Senate floor, where Democrats are unified against it and Republicans’ 53 seats fall short of the 60 needed to break a filibuster. Four Republicans – Sens. Thom Tillis of North Carolina, Lisa Murkowski of Alaska, Susan Collins of Maine and Mitch McConnell of Kentucky – have twice voted no.
Senate Majority Leader John Thune, R-SD, has flatly refused to gut the filibuster, telling Fox News that Republicans are “bound by arithmetic.” Sen. Mike Lee of Utah, the bill’s most vocal Senate champion, has countered that the party is only “10 votes shy of cloture” and should force Democrats into a grinding floor fight. Roughly two dozen House conservatives, meanwhile, have vowed to block other legislation until the voting bill moves – a rebellion that stalled the annual defense bill and sent the House home early for its July Fourth recess.
Friday’s post also appears to walk back a compromise Trump embraced only days ago. On Tuesday, he endorsed House GOP leaders’ plan to pass pieces of the SAVE Act through the filibuster-proof budget reconciliation process – a package Johnson has dubbed “reconciliation 3.0.” The president’s return to demanding the filibuster’s termination suggests that détente may already be fraying.
And Of Course, Outrage Ensues
Sen. Elizabeth Warren, D-MA, who helped steer the housing bill through the Senate, urged Trump in a video posted to X to “sign the damn bill.” Sen. Mark Kelly, D-AZ, accused the president of holding the legislation “hostage.”
Republican patience is thinning in public, too. Tillis, who is retiring, reduced his objection to a sentence: “It’s quite simple: It’s a math problem.” Rep. Steve Womack of Arkansas quipped that any colleague not at least a little frustrated by now should question their own sanity. Thune, asked about the canceled signing last month, would say only that the decision was the president’s call to make.
Trump has shown no sign of relenting. He promoted the SAVE Act from the National Mall during his July Fourth address, and in a weekend post warned that without it, “I don’t want to be the last Republican President!”
SoCal Education Leaders Stole Nearly $20M From Schools; Report
A new report has revealed that a pair of Southern California school leaders separately stole nearly $20 million from their schools in order to fund lavish personal lifestyles.
According to The New York Post, the report was co-authored by the State Financial Officers Foundation, a watchdog made up of state treasurers and auditors, and OpenTheBooks, a nonprofit focused on transparency in government spending.
The cases of the two Southern California educators were among the most expensive examples of K-12 education fraud documented nationwide.
Jorge Armando Contreras, the former fiscal services director for the Magnolia Elementary School District in Orange County, was charged with altering school checks over several years to funnel $16.7 million into his personal accounts.
Contreras was spending the money on everything from a luxury home and a BMW to designer clothes and pricey tequila and federal investigators found stacks of cash stuffed into a mini-fridge and luxury designer bags at his home.
He was sentenced to nearly six years in federal prison in 2024 and order to pay $16.7 million in restitution to the Magnolia School District in Orange County.
Another case highlighted in the report revealed that Janis Bucknor, the head of the Community Preparatory Academy charter school in Los Angeles, stole more than $3 million in taxpayer funds to cover travel, restaurants, shopping and private school tuition for her children.
Bucknor also pleaded guilty to spending more than $220,600 on Disney cruise line vacations, theme park admissions, and other Disney-related expenses.
In a statement to Fox News Digital, State Financial Officers Foundation CEO OJ Oleka said:
All fraud is harmful, but defrauding education dollars meant to help kids learn and succeed is especially hideous. The findings in this report should alarm every family, teacher, and civic leader.
The California cases were part of nearly 90 cases identified by a coalition of auditors over the past six years involving embezzlement, phony invoices, inflated enrollment, bid-rigging and kickbacks, among other crimes.
The report follows the Trump administration’s promise to crack down on government waste, with Vice President JD Vance leading a nationwide “War on Fraud” that has raised new questions about oversight of federal education spending.
Health Secretary Robert F. Kennedy Jr. in Minneapolis on May 21, 2026. David Berding/Getty Images
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EUROPEAN COMMISSIONUrsula von der Leyen has ‘severe’ pneumoniaJanuary 3, 2025
European Commission President Ursula von der Leyen [now 67] has canceled engagements in the coming days after contracting pneumonia. Her illness was confirmed by a Commission spokesperson on Friday, who added that she would not be attending a Polish EU presidency inauguration event. “The president has canceled her external engagements for the first two weeks of January. She is dealing with a severe pneumonia,” said European Commission spokesperson Stefan de Keersmaecker.News from Underground by Mark Crispin Miller is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.Upgrade to paidResearcher’s note – From December 2021: Time to think about mandatory vaccination’ across the ENTIRE EU, Ursula von der Leyen warns after Austria and Germany announced plans to force jabs on all adultsEU Parliament President David Sassoli dies at age 65January 11, 2022
BRUSSELS — David Sassoli, the Italian journalist who worked his way up in politics while defending the downtrodden and repressed to become president of the European Union’s parliament, died at a hospital in Italy early Tuesday, his spokesperson said. No details were provided in a tweet by spokesperson Roberto Cuillo. Sassoli, a 65-year-old socialist, had been hospitalized since Dec. 26 due to abnormal functioning of his immune system, Cuillo said in a statement released the day before Sassoli’s death. Sassoli had been struggling for months with poor health after he suffered pneumonia caused by the legionella bacteria in September. His health steadily declined afterward and he was forced to miss several important legislative meetings. Yet, as much as possible, he stayed on the job, where his vigor and easy smile were a trademark.‘I wasn’t well’: Mairead McGuinness on health issues that prompted presidential election withdrawalFeb 07 2026
Former European commissioner Mairead McGuinness has said she withdrew from last year’s presidential election campaign as a result of a severe bout of post-viral fatigue syndrome. The former MEP and broadcaster cited health reasons when she announced last August that she would not be contesting the election for Fine Gael. She said the diagnosis came as “a bolt from the blue” and left her “knocked sideways” and with no choice other than to pull out of the campaign. “Every part of me, I wasn’t well. I was physically drained. I had lost loads of weight. I wasn’t sleeping, and it crept up in me very quickly,” she said in an interview on RTÉ Radio’s Brendan O’Connor show. McGuinness (66) also said she was shocked by rumours about her having a terminal illness and only months to live that circulated after she pulled out. She said she is feeling good now but was very weak at the time. Post-viral fatigue syndrome happens when people have an extended period of feeling unwell and fatigued after a viral infection. Other symptoms include brain fog and muscle pain that persist for weeks or months.UNITED KINGDOMKing Charles III has cancer, receiving treatment, Buckingham Palace saysFebruary 5, 2024
LONDON – King Charles III, 75, has cancer, Buckingham Palace announced on Monday. “During The King’s recent hospital procedure for benign prostate enlargement, a separate issue of concern was noted,” Buckingham Palace said in a statement. “Subsequent diagnostic tests have identified a form of cancer.” On Monday, Charles started “a schedule of regular treatments, during which time he has been advised by doctors to postpone public-facing duties,” the palace said, and during this time he’ll “continue to undertake State business and official paperwork as usual.” The palace has not specified the type of cancer, the stage of cancer or the type of treatment.Queen Camilla Speaks Out on Ongoing Illness, Reveals Reason for Extended AbsenceDecember 3, 2024
Queen Camilla is opening up about her health after reducing her duties for the Qatar state visit while recovering from a chest infection. On Dec. 3, the Queen, 77, told guests at the Buckingham Palace festivities for the incoming state visit that her recent chest infection was a form of pneumonia. It’s understood that Queen Camilla is recovering well, but continues to experience episodic symptoms of post-viral fatigue from the chest infection that the palace announced she had on Nov. 5. It was confirmed on the eve of the state visit that the Queen was also reducing her role at the glam state banquet later on Dec. 3 in light of her health. Queen Camilla is expected to pose for photos with the Amir and Sheikha Jawaher, but will retire during the traditional receiving line. She is expected to attend the dinner, and will participate in farewells on Dec. 4, the final day of the two-day stay.Kate Middleton’s cancer diagnosis, the crisis of the British monarchy and the politics of diversion29 March 2024
The blanket media coverage and public fascination over the absence of Kate Middleton, Princess of Wales, from public duties since she underwent abdominal surgery in January has barely abated after the March 22 video announcement that she is undergoing “preventive” chemotherapy treatment for cancer. Her two-minute address, watched by millions, dominated news, online and print media in Britain for days. Since January 17, when Kensington Palace issued a statement revealing the princess had been admitted to hospital for surgery and would be absent from royal duties until after Easter, media speculation had mounted.Sarah Ferguson Says Her Cancer Diagnosis ‘Felt Like a Death Sentence’ As She Supports Teenagers with the DiseaseApril 23, 2025
Sarah Ferguson is opening up about her double cancer diagnosis. Ahead of an outing with her daughters, Princess Beatrice and Princess Eugenie, to raise awareness of cancer in young people, she told U.K. newspaper The Times that the medical news “felt like a death sentence.” The Duchess of York, 65, was diagnosed with breast cancer (and underwent a single mastectomy) in 2023 and then received a diagnosis of malignant melanoma (a form of skin cancer) six months later in January 2024. “I was 63 when I was diagnosed with cancer for the first time, and cancer at any age is traumatic. But as adults, we have maturity and life experience to help us advocate for ourselves and cope with challenges,” Fergie explained. “We can seek help if we need it, and most importantly, your voices are, sadly, often taken more seriously.”Princess Anne in Hospital: Everything We KnowJun 24, 2024
Princess Anne has been taken to hospital after experiencing concussion and minor injuries following an incident in the vicinity of horses. King Charles III wished his sister a speedy recovery after the drama unfolded while she was out walking on her Gatcombe Park Estate, in Gloucestershire, on Sunday evening. One of the royal family’s hardest-working members has had to postpone her attendance at a banquet for the Emperor and Empress of Japan and a tour of Canada. The Princess Royal, 73, was within the protected perimeter of the expansive grounds of the country estate bought for her by Queen Elizabeth II in the 1970s. It is not known for sure exactly what happened, which is perhaps unsurprising given the palace have said she experienced concussion, which can cause memory loss. “Her Royal Highness is recovering well, is in a comfortable condition and is being kept in hospital as a precautionary measure for further observation,” a Buckingham Palace spokesperson said. In terms of her treatment though, the palace is keeping tight-lipped, choosing to maintain a boundary around her medical privacy.Alex Salmond died as he opened bottle of ketchup, witness claims15 October 2024
Former first minister of Scotland Alex Salmond died as he opened a bottle of ketchup, a witness has claimed. The Alba Party leader died suddenly in North Macedonia on Saturday aged 69. He had made a speech at the Institute for Cultural Diplomacy Forum in the city of Ohrid before collapsing at lunch in a crowded room. A post-mortem examination confirmed Mr Salmond’s cause of death as a heart attack, the Alba Party said on Monday. Eyewitness Mark Donfried, director of the Academy for Cultural Diplomacy, has explained what he saw in the moments before Mr Salmond’s death. Mr Donfried told Times Radio: “He came together with Tasmina Ahmed-Sheikh, also from the Alba Party in Scotland, and they were eating. Later on Tasmina told me she was having trouble opening the ketchup and she reached over and said, ‘Hey, can you give me a hand?’. And he was helping her with that when literally he fell back in his chair, totally out of the blue, without warning. Next to him was the former chief executive of the stock exchange of Cyprus and he basically took him in his arms. He was convinced – he told me later – that immediately he was unconscious.” Paramedics tried to resuscitate Mr Salmond for half an hour before pronouncing him dead, according to Mr Donfried.Labour MP Tony Lloyd dies surrounded by family at age of 7317 Jan 2024
MPs across the political spectrum have paid tribute to the veteran Labour MP Sir Tony Lloyd, who has died aged 73. Lloyd’s family said the MP for Rochdale died peacefully on Wednesday morning surrounded by his family, “as was his wish”. Their statement said: “He was working until a few days before his death as his passion was helping others. He devoted his life to serving and making a difference to the lives of those he met, including his constituents, colleagues, friends, and family.” Lloyd had represented the Greater Manchester region for more than 40 years after entering the Commons at the 1983 general election. Last Thursday, he revealed that he had been receiving chemotherapy for an “aggressive and untreatable” form of blood cancer, and said he wished to spend the time he had left with his family.Politicians and MPs pay tribute following ‘truly heartbreaking’ news of death of 28-year-old Milton Keynes councillorJuly 3, 2026
Politicians and MPs have paid tribute to Milton Keynes Labour councillor Shanika Mahendran, after the shock news of her death was announced yesterday. Shanika, 28, died following a short illness, with the Milton Keynes Labour Group saying it was ‘completely heartbroken’ following the news.Party leaders’ shock at death of ex-MEP Patrick O’Flynn21 May 2025
Political journalists and senior politicians have expressed shock at the sudden death of former Daily Express political editor and Member of the European Parliament Patrick O’Flynn, aged 59. He was a prolific commentator for the Express titles and other publications and a loyal supporter of Nigel Farage, serving as a United Kingdom Independence Party MEP from 2014 until 2019. Mr O’Flynn is understood to have died from cancer which advanced rapidly. Friends said he went to the doctor after feeling unwell, was diagnosed with stage four liver cancer and told he only had weeks to live.Former UK minister James Brokenshire dies of cancerOctober 8, 2021
LONDON — Former U.K. minister and Conservative MP James Brokenshire has died after a long fight against lung cancer. The death of Brokenshire, who represented the English constituency of Old Bexley and Sidcup since 2010, was announced by his family in a statement Friday. He was 53. His last government role was security minister at the Home Office between February 2020 and earlier this year, when the disease forced him to take a leave of absence from his ministerial post in preparation for a pneumonectomy. In August, Brokenshire announced his cancer had progressed and was starting a new line of treatment.Calm, logical, decisive – Alistair Darling was the perfect crisis chancellor2 Dec 2023
The death of former chancellor Alistair Darling at the age of 70 has come as a shock. The fact that he had been suffering from an aggressive form of cancer was known only to his doctors and his immediate family circle. As chancellor of the exchequer from 2007 to 2010, he found himself in the eye of the storm of the worst financial crisis to hit the UK and much of the world since the 1920s. As one of the closely knit group of Scottish politicians at the top of the Labour party, he was asked to serve as chancellor when Gordon Brown finally took over the premiership from Tony Blair in the summer of 2007.Former Labour Minister Phil Woolas dies of brain cancer14 March 2026Former MP Phil Woolas, who served in both the governments of Tony Blair and Gordon Brown, has died at the age of 66 from brain cancer, his family and close friends have announced. Mr Woolas, who died in the early hours of Saturday, served as a minister in both the Blair and Brown governments, and as MP for Oldham East and Saddleworth between 1997 and 2010. A statement attributed to his family and close friends announcing his death said he had “battled the brain cancer, glioblastoma [for more than a year].Former South West MP’s cause of death revealed [sic]12 September 2025
The cause of death of former South West MP David Warburton has been revealed by a Coroner’s Court. David served as a Conservative MP for the constituency of Somerton and Frome, in Somerset, from 2015 to 2023. It was reported that he was found dead in his flat in Chelsea, London, on Tuesday, August 26. His death was not being treated as suspicious according to emergency services. The West London Coroner’s Court told SomersetLive that the former MP’s death was due to natural causes. As a result, there will be no inquest to his death.Health Minister Ashley Dalton Resigns After Being Diagnosed with Incurable Breast CancerMarch 2, 2026
A health minister has announced her resignation from the government amid a challenging personal health crisis, disclosing her diagnosis of incurable breast cancer. Ashley Dalton, 53, who served as the minister for public health and prevention, has opted to step back from her ministerial duties after being diagnosed with metastatic breast cancer. Despite her difficult circumstances, she plans to continue serving as the Member of Parliament for West Lancashire, emphasizing that her role is “central” to her identity.Researcher’s note – Ashley Dalton The Parliamentary Under-Secretary for Health and Social Care: I am today announcing that the year-round vaccination [sic] programme to protect older adults against Respiratory Syncytial Virus (RSV) will be extended from 1st April 2026 to also include those aged 80 years and older, and all residents in care homes for older adults, supporting the 10 Year Health Plan ambition to shift from sickness to prevention: https://www.theyworkforyou.com/wms/?id=2026-02-02.hcws1294.hNorthumberland Reform councillor steps down following cancer diagnosisFebruary 27, 2026
A Northumberland county councillor has chose to step down from his position amid an ongoing cancer battle. Coun Shaun Knowles, who represented the Cramlington South West ward, said he was suffering from ongoing health issues following a kidney cancer diagnosis. Coun Knowles was first elected last May, winning the new seat for Reform ahead of Labour. His resignation, effective from February 27, will trigger a by-election in the ward.Labour MP Wes Streeting recovers from kidney cancer27 July 2021
Wes Streeting, Labour’s shadow child poverty secretary, has fully recovered from kidney cancer and is returning to work, he has said in a video message. The Ilford North MP, 38, said the treatment involved removing a kidney, but that he had not undertaken chemotherapy or radiotherapy, and was now “back at work, fighting fit and cancer-free”. Streeting, a former head of the National Union of Students who has been an MP since 2015, announced he had been diagnosed with the cancer in mid-May, only days after Keir Starmer moved him into the shadow cabinet as part of a frontbench reshuffle. At the time he said the prognosis was good because the cancer had been detected early, but that the diagnosis was “an enormous shock”.
FBI Director Kash Patel testifies on Capitol Hill in Washington on May 12, 2026. Madalina Kilroy/The Epoch Times
President Donald Trump attends an event to mark the launch of “Trump Accounts” in the Oval Office at the White House in Washington, D.C., July 6, 2026. Photo by Evan Vucci/ Reuters
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