GOLD: NUMBER OF NOTICES FILED FOR JULY/2026: 221 CONTRACTs NOTICES FOR 22,100 OZ or 0.6874 TONNES
total notices so far: 9775 contracts FOR 977,500 OZ OR 30.404 TONNES
SILVER NOTICES: 135 NOTICE(S) FILED FOR 0.675 MILLION OZ /
total number of notices filed so far this month : 5948 CONTRACTS (NOTICES) for 29.740 million oz
GLD
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 39 CONTRACT QUEUE JUMP OR 0.195 MILLION OZ WHERE DELIVERY WILL OCCUR ON THIS SIDE OF THE POND//STANDING ADVANCES TO 36.475 MILLION OZ///
SUMMARY OF OUR JULY 2026 COMEX CONTRACT MONTH:
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 82.020 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
NOVEMBER: 36.425 MILLION OZ
DEC: 45.765 MILLION OZ
JANUARY 2026: 134.270 MILLION OZ (WILL BE A VERY STRONG MONTH FOR EXCHANGE FOR PHYSICAL!)
FEB : 82.130 MILLION OZ
MARCH: 56.075 MILLION OZ
APRIL; 44.44 MILLION OZ//FINAL.. SMALL THIS MONTH.
MAY 59.79 MILLION OZ
JUNE. 64.065 MILLION OZ//FINAL AND FAIR SIZED THIS MONTH.
JULY: 20.435 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 0.195 MILLION QUEUE JUMP //STANDING THUS ADVANCES TO 36.475 MILLION OZ//
GOLD//OUTLINE
1.MAY SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
4. AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.
5.SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
6.OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
7.NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 2.323 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 4.5596 TONNES//NEW STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
8. DECEMBER BEGINS WITH INITIAL STANDING OF 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.0TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR 4 EXCHANGE FOR RISK FOR DECEMBER OF 6.587 TONNES/NEW STANDING ADVANCES TO 121.977 TONNES
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR FIRST EXCHANGE FOR PHYSICAL TRANSFER OF 0.08709 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEB; INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 93.567 TONNES OF GOLD TO WHICH WE ADD OUR NEXT 0.0248 TONNES 0.1555 TONNES QUEUE JUMP TO 41.2082 TONNES/ NEW NET QUEUE JUMP INCREASES TO 41.233 TONNES// AND THEN WE ADD OUR SIX EXCHANGE FOR RISK: 10,080 CONTRACTS OR 31.251 TONNES//NEW STANDING REDUCES TO 157.878 TONNES
MARCH:: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 8.099 TONNES TO WHICH WE ADD TODAY’S FAIR 4600 OZ QUEUE JUMP (0.2320 TONNES) AND THEN WE ADD OUR THREE EXCHANGE FOR RISK OF 22.3818 TONNES //NEW STANDING ADVANCES TO 67.6648 TONNES/
APRIL: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 52.600 TONNES FOLLOWED BY OUR 345 CONTRACT QUEUE JUMP FOR 34,500 OZ/ (1.073 TONNES)/NEW STANDING ADVANCES TO 70.286 TONNES TO WHICH WE ADD OUR 2ND EXCHANGE FOR RISK OF 1498 CONTRACTS FOR 149800 OZ OR 4.659 TONNES. THE NEW TOTAL EXCHANGE FOR RISK FOR THE MONTH OF APRIL IS 2239 CONTRACTS OR 223900 OZ OR 6.964 TONNES AND THIS WILL BE ADDED TO OUR NORMAL DELIVERY TOTALS (70.762 TONNES) TO GIVE US WHAT WILL STAND IN APRIL (77.726 TONNES)
MAY: INITIAL AMOUNT OF GOLD WILLING TO STAND: 12.24 TONNES OF GOLD TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 345 CONTRACTS OR 34500 OZ (1.073 TONNES) TO WHICH WE ADD OUR FIVE EXCHANGE FOR RISK ISSUANCES FOR 24.635 TONNES/STANDING NOW ADVANCES TO 51.554 TONNES OF GOLD.
JUNE; INITIAL AMOUNT OF GOLD WILLING TO STAND; 64.496 TONNES.(CME CORRECTED) TO WHICH WE ADD OUR NEXT 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 0.6345 TONNES//NEW STANDING ADVANCES TO 30.4167 TONNES
STANDING FOR THE LAST 5 MONTHS JANUARY TO MAY:
FINAL STANDING FOR GOLD, JANUARY CONTRACT AT 59.2108 TONNES OF GOLD
FEBRUARY: INITIAL STANDING FOR GOLD: 157.878 TONNES!! WHICH INCLUDES ALL QUEUE JUMPING, THREE EXCHANGE FOR PHYSICAL TRANSFERS TO LONDON AND OUR SIX ISSUANCES EXCHANGE FOR RISK!!
MARCH: INITIAL STANDING AT 8.099 TONNES TO WHICH WE ADD OUR FINAL DAY: 0.2320 TONNES QUEUE JUMP AND THEN ADD +22.3818 TONNES EXCHANGE FOR RISK//NEW STANDING ADVANCES TO 67.6648 TONNES
APRIL: INITIAL STANDING 52.600 TONNES PLUS 27,800 OZ QUEUE JUMP (0.8648TONNES): NEW STANDING ADVANCES TO 70.286 TONNES PLUS OUR TWO EXCHANGE FOR RISK FOR 223,900 OZ OR 6.964 TONNES/NEW STANDING: 77.726 TONNES
MAY: INITIAL AMOUNT OF GOLD WILLING TO STAND; 12.24 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP FOR 345 CONTRACTS/34,500 OZ// 1.073 TONNES/ THEN WE MUST ADD OUR EXCHANGE FOR RISK ISSUANCE: TOTAL EXCHANGE FOR RISK MAY// 5 OCCASIONS: 24.635 TONNES///NEW STANDING NOW ADVANCES TO 51.554 TONNES
JUNE: INITIAL AMOUNT OF GOLD WILLING TO STAND: 64.496 TONNES TO WHICH WE ADD OUR NEXT 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 0.6345 TONNES//NEW STANDING FOR GOLD ADVANCES TO 30.4167 TONNES.
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STRONG THIS MONTH
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
NOV: 124.74 TONNES
DEC: 190.04 TONNES//GOOD SIZED THIS MONTH FINAL.
TOTAL EXCHANGE FOR PHYSICAL ISSUED FOR YEAR 2025: 2,026.20 TONNES (LOWER THAN LAST YR 2,569.00 TONNES
JANUARY: 209.08 TONNES ( (WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL)
FEB. 176.35 TONNES (WHICH IS A FAIR ISSUANCE)
MARCH: 214.67 TONNES//WILL BE STRONG ISSUANCE THIS MONTH
APRIL; 88.00 TONNES// WILL BE VERY SMALL THIS MONTH
MAY 118.430 TONNES
JUNE: 142.053 TONNES
JULY: 42.186 TONNES
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSIT
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
SILVER:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A TINY SIZED 45 CONTRACTS TO AN OI OF 104,902
EFP ISSUANCE 245 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 245 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 45 CONTRACTS AND ADD TO THE 245 E.FP. ISSUED
WE OBTAIN A FAIR GAIN OF 290 OI OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR LOSS OF $0.67
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 1.450 MILLION PAPER OZ
OCCURRED DESPITE OUR LOSS IN PRICE.OF $0.67
2.ASIAN AFFAIRS JULY 13 /2025
SHANGHAI CLOSED DOWN 82.37 PTS OR 2.06%
HANG SENG CLOSED UP 38.40 PTS OR 0.16%
Nikkei CLOSED DOWN 1207.73 PTS OR 1,76%
//Australia’s all ordinaries CLOSED UP 0.06%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 6.7775
/ OFFSHORE CLOSED DOWN AT 6.7804 Oil UP TO 73.72 dollars per barrel for WTI and BRENT UP TO 78/54 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN// WITH YUAN TRADING DOWN (6.7775) OFFSHORE YUAN TRADING DOWN TO 6.7804 ONSHORE YUAN TRADING ABOVE LEVEL OF OFF SHORE AND DOWN ON THE DOLLAR// / AND THUS WEAKER/OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS WEAKER
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR 3,357 CONTRACTS TO 377,632 STILL WELL ABOVE ITS NEW LOW OF 326,052 OI SET JUNE 3, CLOSE TO THE PREVIOUS ALL TIME LOW OF 345,705 SET (MAY 28) AND CLOSE TO THE PREVIOUS ALL TIME LOW IN OI OF 353,490 SET MAY 27.. PREVIOUS TO THAT THE ALL TIME LOW IN OI WAS 390,000 SET IN THE YEAR 2001 WHEN GOLD WAS TRADING $260.00. THE CME SHOULD BE PROUD OF THEMSELVES AS MANY HAVE ABANDONED THIS CROOKED ARENA!!THUS OUR NEW ALL TIME LOW OF COMEX OI HAS NOW BEEN SET AT 326,052 //JUNE 3 2026 WITH GOLD AT AN EXTREMELY HIGH $4,450.00 WHICH MAKES ABSOLUTELY NO SENSE!!!
WE HAD CONSIDERABLE T.A.S. LIQUIDATION DURING FRIDAY’S COMEX TRADING//RAID. IT SEEMS THAT MANY OF THE SPECULATORS THAT HAVE NOW CONTINUED AGAIN TO GO MASSIVELY ON THE SHORT SIDE WITH BANKERS ON THE LONG SIDE WILL BE OBLITERATED TODAY WHEN THE LONGS TENDERED FOR DELIVERY:
CENTRAL BANKS TENDERED THEIR NEW LONG CONTRACTS AT THE END OF THE DAY FOR PHYSICAL GOLD. YOU CAN VISUALIZE THIS WITH THE STRONG AMOUNT OF GOLD STANDING AT THE COMEX FOR THIS JULY CONTRACT MONTH!!
THE FAIR SIZED GAIN ON OUR TWO EXCHANGES (38177 CONTRACTS) OCCURRED DESPITE OUR LOSS IN PRICE IN GOLD (DOWN $27.25)
WE THUS HAD A FAIR SIZED GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 3817 CONTRACTS (OR 13.468 TONNES) DESPITE OUR LOSS IN PRICE, AS WE WERE INFORMED OF A SMALL CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE, EQUATING TO 460 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 4330 CONTRACTS DESPITE OUR LOSS IN PRICE ($27.25). 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 11,727 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 2 MORE OF THESE ISSUANCES ON CONSECUTIVE DAYS WHICH COMMENCED ON THURSDAY AND THESE ISSUANCES WILL END THIS COMING 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 0.6352 TONNES//NEW STANDING ADVANCES TO 30.4167 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)
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
COMEX GOLD TRADING BEGINNING JULY,. CONTRACT;
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $27.25)
WE HAD HUGE T.A.S. SPREADER LIQUIDATION FRIDAY // 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
FRIDAY NIGHT//SATURDAY MORNING
THE CROOKS COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL FRIDAY EVENING //SATURDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $27.25
WE HAD 513 CONTRACTS REMOVED AT THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL.
NET GAIN ON THE TWO EXCHANGES: 3817 CONTRACTS OR 281700 OZ (11.872 TONNES)
JULY DELIVERY MONTH
JULY 13
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 2 ENTRIES i) Out of Loomis 21,234.274 oz ii) Out of Manfra: 225.057 oz (7 kilobars) total withdrawal; 21,459.331 oz |
| Deposit to the Dealer Inventory in oz | 0 ENTRY |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER//gold ENTRIES: 0 xxxxxxxxxxxxxxxx |
| No of oz served (contracts) today | 221 CONTRACTS OR 22100 OZ 0.6874 TONNES OF GOLD |
| No of oz to be served (notices) | 4 Contracts 400 OZ 0.0124 TONNES |
| Total monthly oz gold served (contracts) so far this month | 9775 notices 977,500 OZ 30.404 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month |
dealer deposits: 0
0 ENTRY
DEPOSITS/CUSTOMER
ENTRIES: 0
xxxxxxxxxxxxxxxxxx
comex withdrawal
2 ENTRIES
2 ENTRIES
i) Out of Loomis 21,234.274 oz
ii) Out of Manfra: 225.057 oz (7 kilobars)
total withdrawal; 21,459.331 oz
adjustments: 0//
COMEX IS DRAINING GOLD
chaos inside the comex
THE FRONT MONTH OF JULY OI STANDS AT 255 CONTRACTS HAVING A LOSS OF 58 CONTRACTS. WE HAD A GAIN IN OZ STANDING OF 204 CONTRACTS FOR 20,400 OZ OR 0.6345 TONNES, ANOTHER QUEUE JUMP AS CENTRAL BANKS CONTINUE TO TAKE PHYSICAL GOLD OUT OF THE COMEX!!
AUGUST LOST 4203 CONTRACTS TO AN OI OF 247,350
SEPTEMBER GAINED 10 CONTRACTS UP TO AN OI OF 1897.
.
We had 221 contracts filed for today representing 22,100 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 221 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 (9,775) to which we add the difference between the open interest for the front month of JULY (255 CONTRACTS) minus the number of notices served upon today 221 x 100 oz per contract) equals 977,500 OZ OR (30.4167 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 (9775) to which we add the difference between the open interest for the front month of JULY( XX) contracts minus the number of notices served upon today 221 x 100 oz per contract) equals 977,500 OZ OR (30.4167 Tonnes of gold)
Yesterday’s standing: 29.782 tonnes//today: 30.4167 tonnes// (queue jump = 0.6345 tonnes
new total of gold standing in JULY becomes 30.4167 TONNES//
TOTAL COMEX GOLD STANDING FOR JULY 30.4167TONNES TONNES WHICH IS NOW REALLY HUGE FOR THIS NON ACTIVE DELIVERY MONTH OF JULY.
confirmed volume FRIDAY confirmed 130,880/ 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: 1,857,755.696 oz 57.78 tonnes pledged gold lowers
total inventories in gold declining rapidly
total pledged gold: 1,857,755.696 tonnes oz 57.78 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 27,102,993.599oz
TOTAL REGISTERED GOLD 14,760,603.861 tonnes (459.116tonnes)
TOTAL OF ALL ELIGIBLE GOLD 12,342,289.738 oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 12,902,848 oz ((REG GOLD- PLEDGED GOLD)=
401.33 Tonnes //
total inventories in gold declining rapidly
SILVER COMEX
JULY DELIVERY MONTH
JULY 13
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 4 entries i) Out of Asahi 43,613/400 oz ii) Out of CNT 84,662.200 ooz iii) Out of Delaware 20,337.780 oz iv) Out of Manfra: 35,485.110 oz total withdrawal: 185,102.590 oz |
| Deposits to the Dealer Inventory | 1 entries ENTRY:2 i) Into Asahi: 269,925.350 oz ii) Into Brinks 491,017.064 oz total deposit 760,942.417 oz |
| Deposits to the Customer Inventory | ENTRY:0 |
| No of oz served today (contracts) | 135 CONTRACT(S) ( 0.675 MILLION OZ) |
| No of oz to be served (notices) | 1347 Contracts (6.735 MILLION oz) |
| Total monthly oz silver served (contracts) | 5948 contracts 29.740 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
ENTRY:2
i) Into Asahi: 269,925.350 oz
ii) Into Brinks 491,017.064 oz
total deposit 760,942.417 oz
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
ENTRY:0
xxxxxxxxxxxxxxxxxxxxxxxxx
withdrawals: customer side/eligible
4 entries
i) Out of Asahi 43,613/400 oz
ii) Out of CNT 84,662.200 ooz
iii) Out of Delaware 20,337.780 oz
iv) Out of Manfra: 35,485.110 oz
total withdrawal: 185,102.590 oz
adjustments :1
602,147.800 oz removed from Asahi customer acct
xxxxxxxxxxxxxx
TOTAL REGISTERED SILVER: 94.904 MILLION OZ//.TOTAL REG + ELIGIBLE. 327.789 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: 1482 OPEN INTEREST CONTRACTS FOR A LOSS OF 263 CONTRACTS.
STANDING FOR SILVER TODAY IS REPRESENTED BY 36.475 MILLION OZ. YESTERDAY’S STANDING: 36.280 MILLION OZ. THUS WE GAINED 39 CONTRACTS OR AN ADDITIONAL 195,000 OZ WILL STAND ON THIS SIDE OF THE POND.
AUGUST SAW A GAIN OF 69 CONTRACTS UP TO 2077…
SEPTEMBER SAW A GAIN OF 11 CONTRACTS UP TO AN OI OF 81,310 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 115 or 0.575 MILLION oz
CONFIRMED volume FRIDAY; 27,519// extremely poor//
XXX
AND NOW JULY. DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in JULY. we take the total number of notices filed for the month so far at 5948 X5,000 oz = 29.740 MILLION oz.
We now take the total number of oz standing today and subtract the total standing yesterday and we have a GAIN of 39 contracts for 195,000 oz and this represents a queue jump where these guys will take delivery on this side of the pond.
YESTERDAY: 36.280 MILLION OZ//STOOD FOR DELIVERY// TODAY 36.475 MILLION OZ//que jump is thus: 195,000 oz
Thus the standings for silver for the JULY 2026 contract month: (5948 )Notices served so far) x 5000 oz + OI for the front month of JULY ( 1482) minus number of notices served upon today (135)x 5000 oz equals silver standing for the JULY..contract month equating to 36.475 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: 137.898/327.789million: 42.11%
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 13/2026/WITH GOLD DOWN $105.20 /HUGE CHANGES IN GOLD AT THE GLD : A WITHDRAWAL 0F 3.108 TONNES OF GOLD OUT OF THE GLD/ //:/INVENTORY RESTS AT 1002.510 TONNES
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 1005.618 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: 1002.59 TONNES, TONIGHTS TOTAL GOLD INVENTORY
SILVER
JULY 13 WITH SILVER DOWN $2.07: :NO CHANGES IN INVENTORY AT THE SLV/ :INVENTORY RESTS AT 478.130 MILLION OZ
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
CLOSING INVENTORY 478.130 MILLION OZ OF SILVER
GOLD COMMENTARIES:
1.PETER SCHIFF
2. MATHEW PIEPENBERG/EGON VON GREYERZ
ALASDAIR MACLEOD.\
Japan — The world’s largest debt zombie is about to fail
Japan is turning from capital exporter into capital importer, which promises to undermine the entire fiat currency system. This is a rapidly evolving crisis that threatens us all.
We are so familiar with Japan’s massive debt burden that we ignore it. It exists not because investors have been happy to buy its government bonds, but because its central bank has been doing so. The Bank of Japan (BOJ) now owns nearly half the government’s enormous debt mountain — that’s equivalent to 115% of the nation’s GDP.
Suppressing interest rates to almost nothing for the last 30 years has made this possible, but for no longer. Japan relies on imported oil, its derivatives, and LNG almost entirely. The crisis in the Persian Gulf is undermining the economy already, pressuring the government to accelerate its debt funding with no buyers for it in sight. Not even the BOJ can come to the government’s rescue. Instead, the Minister of Finance is pleading with Japanese institutions to buy the extra government debt, which will mean selling higher-yielding US treasuries, UK gilts, and French OATS.
Japan’s ultra-Keynesian experiment has run into the brick wall of reality, with consequences for us all. This article sets out the seriousness of the problem for us all.
History is rhyming
Highlighted in the table above, Japan suffered inflation of at least 25% in the mid-70s when the wholesale price index rose to 30% (not shown). At the time, Japanese government debt to GDP was only 20%, compared with today’s 240%. However, inflation was already running at over 10% in May 1973, five months before the OPEC oil shock.
The Bank of Japan had underestimated earlier economic strength and there was political resistance to a strong yen. And under this pressure, the Bank of Japan lowered the discount rate in mid-1972 to 4.25% when it was already clear that the economy was booming. It was then increased to 9% after the initial increase in OPEC’s oil prices in December 1973 where it remained until April 1975.
These factors are being echoed today not just in Japan but in all G7 nations whose governments are so indebted that higher interest rates and bond yields are deemed unaffordable and would be catastrophic for government finances.
It’s against this background that we learned last week that Japan’s producer prices index surged 7.1% year-on-year. This was fuelled by a 29.7% spike in import prices and rising fuel costs. While these factors are still working through the system into consumer prices, for the Bank of Japan to suppress its deposit rate at only 1% repeats the errors of the mid-1970s. But the BOJ bonding interest rate policy is for a good reason, given the record levels of government debt, half of which is owned by the BOJ itself because it was unsellable to domestic institutions at prevailing yields.
The excuse has been continual Keynesian stimulus, the inflationary consequences of which have been disguised by government price subsidies and offset by Japan’s historically high savings ratio. But while industry still saves about 20-25% of GDP to invest in production and pay down debt, household savings have declined significantly to under 4% of net disposable income, compared with 23% recorded in the mid-70s. In other words, consumption deferred by being saved is no longer a significant factor restraining consumer price inflation.
Much of the decline in household savings is down to an aging population. But notwithstanding that, if consumer price inflation ran as high as 25% in the mid-70s, then the low levels of savings today suggest that the inflationary impact of a repeated oil shock today will be far greater. This is because savings, or deferred consumption, being considerably less today will add to immediate consumer spending.
To summarise so far, the prospects for consumer price inflation are being driven by similar policy errors to those of the mid-seventies. But today, the errors of monetary and interest rate policies are magnitudes greater, there is a minimal savings cushion, and BOJ reference rates have been suppressed far more and for far longer.
Only recently has the Bank of Japan raised its deposit rate to a paltry 1%. From the chart above, we see that interest rate suppression coincides with the BOJ’s aggressive quantitative easing which commenced in 2001. This is confirmed by the next chart, of government debt to GDP, which simply soared from 1990 onwards:
Effectively, the BOJ has reached the limits of its QE and interest rates suppression. The only option left is to raise bond yields even further to entice pension funds and insurance companies to invest. To this end, last week Japan’s finance minister Satsuki Katayama publicly urged pension funds including the Government Pension Investment Fund with nearly $2 trillion in assets “to make substantially greater investments in Japanese financial assets.”
In order to do so, Japanese institutions will have to sell down their holdings in US treasuries, British gilts, and EU government bonds. Japan will turn around from being the single largest source of capital inflows into the other G7s to the largest source of outflows. According to the Ministry of Finance, foreign holdings of Japanese investors at end-2025 are as follows:
· $2.22 trillion in US bonds and equities
· $825 billion in Cayman Islands (mostly destined for the US)
· $180 billion in French bonds etc.
· $150 billion in the UK.
· Other European destinations include Luxembourg, Germany, Netherlands
In all it adds up to roughly $5 trillion, of which over half is in US financial investments.
The risk is that with pension funds being “commanded” to liquidate their foreign positions, insurance companies will be pressured to do so as well. But while JGBs still yield considerably less than US and other alternatives, JGB bond yields will have to rise from here to make it worthwhile. At under 3% yield for the 10-year JGB, there has already been significant damage to the price, but the yield may have to rise further to persuade Japanese institutions to sell foreign bonds and buy JGBs.
There’s little doubt that the damage to import prices from the closure of Hormuz through which most of Japan’s oil and LNG is shipped is only going to get worse and that the BOJ will have to hike interest rates again and again. The yen carry trade which is a further major source of investment capital particularly for US bonds is bound to unwind, leading to further selling of US Treasuries and UK gilts. Compounding the problem for leveraged US investors financing their positions in yen will be the consequences for the yen/dollar exchange rate. Given the magnitude of its decline in recent years, the reversal of Japanese investment outflows and an unwinding of the carry trade could give the exchange rate a temporary boost.
As yet, markets are ignoring the acute danger signs of the impending failure of the biggest debt zombie on earth — a failure which will bring down the entire dollar-based fiat currency system. Japan is the most egregious example of G7 nations all of which face similar debt financing problems. It will be the first domino to fall. It is likely to be a matter of only weeks or months, not years.
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.
END
JULY 24//AI
THE ALL IMPORTANT JULY 24 DATE FOR THE NEW SHANGHAI GOLD AND HONG KONG AND SINGAPORE GOLD EXCHANGES//WHY IS THIS SUCH A GAME CHANGER ACCORDING TO ALASDAIR MACLEOD AND ANDREW MAGUIRE?
July 24, 2026, is tied to Chinese banks (like ICBC and others) ending retail leveraged/speculative precious metals trading linked to the Shanghai Gold Exchange (SGE), with a one-month notice period ending around that date. This coincides with the rollout/trials of Hong Kong’s new gold central clearing and settlement system (Hong Kong Precious Metals Central Clearing Company, or HKPMCC), which integrates closely with the SGE via “Delivery Connect” for physical gold transfers between the two markets. gata.org +1Hong Kong began trial operations of this unallocated (paper-like but backed) clearing system around July 7, 2026, with initial settlements involving major banks, refiners, and miners. It includes a new HAU gold price ticker (with Bloomberg) for Asian hours pricing, expanded vaulting (aiming for thousands of tonnes capacity), and stronger RMB-denominated links to mainland China. Singapore is pursuing a parallel but distinct path for OTC clearing by end-2026.
macaubusiness.com +1
Why Alasdair Macleod and Andrew Maguire See This as a Game Changer.Both analysts view these developments as part of a broader strategic shift of physical gold (and pricing power) from West to East, undermining the dominance of London (LBMA) and New York (COMEX) paper markets, which they argue are heavily leveraged/fractional and vulnerable.
macleodfinance.com
Key points from their perspectives (Macleod emphasizes long-term monetary strategy; Maguire focuses on near-term flows, manipulation, and squeezes):
- End of easy Western paper influence on Asian physical markets: By restricting retail leveraged trading (while encouraging physical accumulation via low-fee gold accounts and ETFs), China reduces speculative volatility and Western “backwash” (e.g., COMEX-driven price suppression affecting Shanghai premiums). After July 24, physical premiums in Shanghai are expected to resume or strengthen. This protects Chinese buyers and central bank accumulation while the new HK infrastructure matures. youtube.com
- Building a credible, RMB-linked physical alternative: Hong Kong’s system (with SGE integration, offshore vaults, and Delivery Connect) creates unallocated clearing similar to London’s but tied to real Asian physical liquidity and yuan settlements. This positions it to capture price discovery during Asian hours and support yuan-gold trade/settlement. Macleod sees this as preparation for a post-dollar world, where China can link the yuan to gold (potentially via fixed convertibility mechanisms) if the dollar faces a crisis. macleodfinance.com +1
- Physical gold drain and revaluation pressure: China (and allies) have been importing massive physical volumes. Macleod highlights accelerating imports and strategic buying during dips. Maguire notes daily tonnes leaving London/NY, central bank repatriations, and infrastructure ready to challenge COMEX/LBMA dominance—potentially triggering a short squeeze on leveraged Western sellers (with the Fed seen as a key short). The timing aligns with broader de-dollarization and BRICS+ moves. gata.org
- Broader monetary reset implications: Macleod argues China is positioning for a dollar collapse or major crisis (e.g., tied to debt, geopolitics), making Western paper markets dysfunctional while Eastern physical/RMB-gold hubs take over. Gold/silver shift East supports yuan (and potentially ruble) stability or gold-backing. This could accelerate a multipolar system where “who has the gold makes the rules.” Both see it as bullish for physical owners long-term. macleodfinance.com
In short: July 24 symbolizes a cleanup of speculative paper trading in China + activation of integrated HK-SGE infrastructure. Analysts like Macleod and Maguire see it as a pivotal step in shifting global gold pricing power eastward, insulating Asia from dollar/fiat risks, and laying groundwork for gold’s remonetization in trade and reserves. This is not an overnight “reset” but part of a multi-year strategy amid high global debt and currency tensions.
macleodfinance.comThese views are interpretive and align with their longstanding theses on fiat vulnerabilities and Eastern gold strategies. Markets remain complex, with ongoing Western volumes still significant for now. For the latest, check sources like Macleod’s Substack or Maguire’s interviews.
END
5. COMMODITY REPORT/HELIUM…
China Bans Helium Exports As Qatar Outage Deepens Global Supply Squeeze
Saturday, Jul 11, 2026 – 01:44 PM
China has abruptly banned helium exports, a key component in semiconductors, which adds yet another serious constraint to a global market already reeling from the loss of production in Qatar.
In a two-sentence Friday announcement, China’s Ministry of Commerce and General Administration of Customs said helium covered by customs code 2804290010 was subject to a temporary prohibition on exports, effective immediately. The agencies cited China’s Foreign Trade Law but provided no explanation, expiration date, transition period or exemptions. Any future adjustments, they said, would be announced separately. See the official Chinese government announcement.
The decision is more restrictive than an export-licensing requirement. It appears to prevent covered shipments to all foreign destinations, regardless of buyer or intended use. The announcement does not explain how customs officials will treat previously signed contracts, cargo awaiting departure or helium originally imported into China and subsequently repackaged for re-export.
Nor does it carve out exceptions for hospitals, scientific laboratories, semiconductor manufacturers or humanitarian users.
The physical volume removed from the international market may be relatively small. China accounted for an average of 5 percent of U.S. helium imports between 2021 and 2024, compared with 47 percent from Canada, 28 percent from Qatar and 10 percent from Algeria, according to the U.S. Geological Survey’s 2026 helium commodity summary – but the significance of the move lies in its timing.
China produces only a fraction of the helium it consumes and imports roughly 85 percent or more of its requirements, according to reporting by Reuters, with the Associated Press places China’s domestic production at no more than ~ 15 percent of its needs. This suggests the ban is principally an effort to conserve helium for domestic industry rather than a measure capable, by itself, of depriving foreign buyers of large quantities. It also implies that Beijing expects the present shortage to persist.
Chinese companies have increasingly acted as intermediaries – importing some Russian helium and re-exporting volumes to overseas markets, including Europe. The ban could therefore remove more internationally traded material than China’s domestic production figures alone would suggest.
Qatar Shock Ripples Through A Concentrated Market
The global helium market was already under severe pressure before China’s announcement. Helium is generally recovered as a byproduct of natural-gas processing. When a large gas complex stops operating, helium production cannot simply continue independently. That vulnerability became evident after attacks forced QatarEnergy to stop production of liquefied natural gas and associated products at its Ras Laffan complex – causing them to subsequently declared force-majeure on affected contracts.
Further missile attacks damaged LNG Trains 4 and 6. QatarEnergy said the damaged facilities could take between three and five years to repair and estimated that the attacks had removed 17 percent of Qatar’s LNG export capacity. See the company’s statement on the damage and repair timetable.
Qatar produced an estimated 63 million cubic meters of helium in 2025, close to one-third of estimated world production, according to the USGS. A disruption there is therefore a worldwide rather than regional problem.
Helium prices reacted quickly. Spot prices doubled after the Middle East conflict began, according to industry participants interviewed by Reuters. Some market specialists warned that an extended disruption could push prices toward levels last seen during previous severe shortages.
The problem is compounded by the peculiar logistics of the helium trade. Liquid helium must remain at extraordinarily low temperatures and gradually evaporates during transportation. One industry executive told Reuters that suppliers effectively have about 45 days to move liquefied helium to the end user.
Unlike oil, helium lacks a large and transparent spot market. Most volumes are sold under private, long-term contracts, making real-time prices difficult to observe. Supply stress often emerges through customer allocations, surcharges and force-majeure notices rather than through a widely quoted futures contract.
China’s exposure to Qatar is not accidental. In February 2025, QatarEnergy signed a 20-year agreement to deliver 100 million cubic feet of high-purity helium annually to China. It was the first direct, long-term helium supply agreement between Qatar and a Chinese buyer.
The new ban therefore raises an important question: Is China merely stopping helium produced domestically, or is it also preventing imported Qatari, Russian and other foreign-origin helium from being resold abroad?
END
TOM LUONGO AND LANCI
The World Is Being Rewired: Gold, Oil, China and the New Global Order
by VBL
Saturday, Jul 11, 2026 – 6:07
Authored by GoldFix
In this wide-ranging conversation, Tom Luongo and I explore the forces reshaping the global financial and geopolitical order. We begin with my new book, As Good as Gold: The Return of Real Money, and the idea that collateral sits at the foundation of the financial system. From there, we discuss gold, U.S. Treasuries, oil, the Strategic Petroleum Reserve, refining capacity, China’s gold and yuan strategy, Hong Kong, and Singapore. We then turn to Iran, NATO, Trump’s foreign policy, strategic choke points, and the emergence of a more multipolar world increasingly shaped by real assets, infrastructure, and trusted collateral.- VBL
0:00–3:45 — Introduction and Vince’s New Book
As Good as Gold: The Return of Real Money, the writing process, and the book’s core premise.
3:45–10:00 — Money, Collateral and the Financial System
Why collateral matters more than most people realize, the role of U.S. Treasuries, repo markets, reserve assets, and the return of gold.
10:00–18:30 — Oil and the Strategic Petroleum Reserve
SPR sales versus exchanges, oil loans, replacement barrels, and the idea of the SPR as a form of oil repo.
18:30–28:30 — Refining, Diesel and U.S. Energy Security
Crude quality, refinery capacity, diesel shortages, transportation, industrial policy, and the strategic importance of energy infrastructure.
28:30–40:00 — China’s Gold and Yuan Strategy
Hong Kong, Shanghai, offshore yuan liquidity, gold trading infrastructure, and gold as a bridge toward broader international use of the renminbi.
40:00–47:30 — Gold, Financial Choke Points and the Shifting Global System
Gold as HQLA and repo collateral, Hong Kong versus Singapore, London’s role, and the growing importance of strategic financial and trade hubs.
47:30–54:30 — Social Media, Algorithms and Narrative Control
Information silos, algorithmic feeds, bots, echo chambers, and the difficulty of having open political debate online.
54:30–1:05:30 — Trump, NATO and the Changing U.S. Global Role
American retrenchment, European defense spending, NATO, China and Russia, and the move toward regional spheres of influence.
1:05:30–1:14:45 — Iran, the Middle East and Strategic Escalation
Iran, U.S. military strategy, negotiations, escalation, Hormuz, and the broader restructuring of the Middle East.
1:14:45–1:20:00 — Rewiring Global Trade and the Big Picture
Pipelines, energy routes, choke points, the emerging multipolar system, and the return of real assets and collateral to the center of global finance.
- Tom on X (https://x.com/tfl1728)
- GGnG on Patreon ( / goldgoatsnguns )
Continues here
END
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS MONDAY MORNING.7:30 AM
SHANGHAI CLOSED DOWN 82.37 PTS OR 2.06%
HANG SENG CLOSED UP 38.40 PTS OR 0.16%
Nikkei CLOSED DOWN 1207.73 PTS OR 1,76%
//Australia’s all ordinaries CLOSED UP 0.06%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 6.7775
/ OFFSHORE CLOSED DOWN AT 6.7804 Oil UP TO 73.72 dollars per barrel for WTI and BRENT UP TO 78/54 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN// WITH YUAN TRADING DOWN (6.7775) OFFSHORE YUAN TRADING DOWN TO 6.7804 ONSHORE YUAN TRADING ABOVE LEVEL OF OFF SHORE AND DOWN ON THE DOLLAR// / AND THUS WEAKER/OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS WEAKER
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
ONSHORE YUAN: CLOSED DOWN AT 6.7775
OFFSHORE YUAN: DOWN TO 6.7775
1.HANG SANG CLOSED UP 38.60PTS OR 0.16%
2. Nikkei closed DOWN 1207.73 PTS OR 1.76%
WEST TEXAS INTERMEDIATE OIL UP TO 73.72
BRENT; 78.54
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX DOWN TO 100.68/// EURO RISES TO 1.1434 UP 26 BASIS PTS
3b Japan 10 YR bond yield:RISES TO. +2.781 UP 8 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA CROSS NOW AT 162.07… 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: 3.914 UP 4 FULL BASIS PTS
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN( 6.7775) AND OFFSHORE: DPWM AT 6.7804
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. GOVERMENT ASKED JAPAN PENSION FUNDS AND INSURANCE FUNDS TO BUY MORE JAPANESE BONDS AND REPATRIATE ALL FOREIGN BONDS.
3g Oil UP for WTI and BRENT UP this morning
3h European bond buying continues to push yields HIGHER on all fronts in the EU German 10yr bund YIELD DOWN TO +3.0595/ Italian 10 Yr bond yield UP to 3.845/ SPAIN 10 YR BOND YIELD UP TO 3.537%
3i Greek 10 year bond yield UP TO 3.7334%
3j Gold at $4061.00 //Silver at: 58.45 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble UP 0 AND 8/ 100 roubles/76.81
3m oil (WTI) into the 73 dollar handle for WTI and 78 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 162.07 // 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.784% UP 8 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE NOW UNWINDING//YEN BOND TRADING OVERSEAS TO BE REPATRIATED.//JAPAN 30 YR: 3.914 UP 4 PTS..: USA/SF this 0.8092 as the Swiss Franc . Euro vs SF: 0.9249
USA 10 YR BOND YIELD: 4.573 UP 1 BASIS PTS…
USA 30 YR BOND YIELD: 5.076 UP 1 BASIS PTS/
USA 2 YR BOND YIELD: 4.221 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 47.00 UP 1 BASIS PTS/LIRA GETTING KILLED//IDIOTS FOR SELLING GOLD AND USA DOLLAR RESERVES.
10 YR UK BOND YIELD: 4.9223 UP 5 PTS
30 YR UK BOND YIELD: 5.637 UP 4 BASIS PTS
10 YR CANADA BOND YIELD: 3.540 UP 3 BASIS PTS
5 YR CANADA BOND YIELD: 3.130 UP 0 BASIS PTS.
Futures Slide, Oil Surges As Iran War Returns, Chip Stocks Tumble As Korea, SK Hynix Crash
Monday, Jul 13, 2026 – 08:48 AM
US equity futures are lower on a combination of US/Iran escalation (which is feeding inflationary concerns) and a violent crash in South Korean stocks (which saw SK Hynix plunge by 15% overnight, the most on record, and unironically follows its record ADR launch in the US), which has put Semis and tech under renewed pressure. On the former, this drove oil prices higher overnight, but gains have been cut in half. On the latter, there is some anxiety around excessive capex spend (Goldman IG bond sales team warned over the weekend that demand for new hyperscaler supply has collapsed), but also some technical factors. As of 8:15am ET, S&P futs are down 0.4%, reversing their Friday gains which pushed the index just shy of a record; Nasdaq futures dropped 1% as Semis came for sale and Mag7 are mostly lower. Defensives are leading Cyclicals as the AI theme looks to be sold today but Fins / Energy are bid. Bond yields are up 1bp across the bulk of the curve with USD flat. Energy is leading commodity space those gains are materially off their highs with metals lower due to Precious metals; Ags are mostly lower. Today’s macro data is a non-event (June federal budget balance at 2pm ET) as the market awaits inflation / retail sales data as earnings kick off tomorrow.
In premarket trading, Mag 7 stocks are mixed( Microsoft +0.3%, Alphabet +0.3%, Amazon +0.3%, Apple +0.2%, Meta -0.8%, Nvidia -1.2%, Tesla -0.6%)
- Agenus (AGEN) soars 46% after entering into a securities purchase agreement for a private placement of $85 million in upfront gross proceeds.
- American Express Co. (AXP) inches 1% higher after JPMorgan raised the recommendation on the company to overweight, saying the premium on the stock is warranted given the defensive nature of its revenues.
- Shopify (SHOP) is up 2% after Jefferies raised the stock to buy, saying second-quarter results will likely beat consensus.
- SK Hynix ADRs (SKHY) drop 8% after the stock fell by a record 15% in South Korean trading, underscoring growing investor concerns that its AI-fueled boom has become overstretched.
- TriCo Bancshares (TCBK) rises 7% after First Hawaiian agreed to buy the holding company for Tri Counties Bank. First Hawaiian (FHB) slips 6%.
In other corporate news, TSMC reported quarterly sales rose 36%, meeting high expectations and signaling global demand for AI hardware remains intact. Apple sued OpenAI for trade secret theft, accusing the company of a coordinated campaign to steal information about upcoming products. Stellantis’s shipments climbed 10% in the second quarter fueled by growth in North America, as the maker of Jeep sport utility vehicles and Ram pickup trucks pushes on with a turnaround plan. Elliott is said to have built a large stake in car-insurance software provider CCC Intelligent Solutions, which has been exploring a potential sale. Conmed is said to be exploring options including a potential sale amid takeover interest from private equity firms.
Worries that the artificial-intelligence boom has become overstretched sent chips stocks plunging in Seoul. SK Hynix, which has embodied the retail frenzy for AI and the popularity of leveraged ETFs that have fed wild swings in the stock, fell by the most on record in Seoul. Korea’s Kospi also crashed, and suffered its 7th marketwide circuit breaker for 2026. Nasdaq 100 futures slid 1% as memory stocks such as Micron and Sandisk fell sharply in premarket trading.
South Korea is increasingly shaping sentiment around the AI trade following the Kospi’s chip-driven outperformance this year. The rally has turned volatile in recent weeks as investors question whether AI hyperscalers’ spending will generate sufficiently strong returns to justify continued investment. Traders also pointed to the risk of a rotation into SK Hynix’s newly listed American depositary receipts, which surged on their debut on Friday. The ADR slid 7.9% in early trading on Monday.
An escalation in violence in the Middle East weighed further on sentiment as the US and Iran exchanged strikes into Monday and issued conflicting claims over whether the Strait of Hormuz was open. The flare-up sent Brent as much as 5% higher before paring gains to trade 3.4% higher at around $78.50 a barrel.
“The sharp selloff in Korean equities from the June peak is raising questions with some investors regarding the sustainability of the AI trade more broadly,” said Daniel Murray at EFG Asset Management. “With Middle East tensions rising again, this too has added to market consternation.”
Beyond this morning’s knee-jerk reaction to Middle East escalation, investors face a packed calendar of major catalysts this week, including key US inflation readings, Warsh’s first testimony as Fed chair, major bank earnings and AI updates from ASML and TSMC. The week ahead is likely to herald a ramp-up in earnings volatility “where crowded trades will get audited,” notes Mark Taylor, director of sales trading at Panmure Liberum, who expects reactions to results to be “simple and asymmetric: beats are the baseline; misses are punished without mercy.”
With tech set to dominate this earnings round, Taylor underlines the risk of disappointment “when extreme positioning, leverage and elevated expectations collide with even the faintest hints that AI-driven memory pricing and capex may not compound at the same pace indefinitely.” Investors need to see that AI demand is broadening beyond a narrow customer base, he adds.
In politics, the death of Senate Judiciary Committee member Lindsey Graham leaves the panel without one of Trump’s staunchest allies as senators weigh Todd Blanche’s attorney general nomination. A California business tax credit cap aimed at saving $4 billion threatens to drive away film and television production, according to a letter signed by a bipartisan group of lawmakers.
European stocks are muted with telecommunications and energy shares the biggest outperformers, while the tech and construction sectors lag. Stoxx 600 little changed at 641.30 with 255 members down, 332 up, and 13 little changed. Here are the biggest movers Monday:
- UK homebuilders rise after The Times reported that Andy Burnham, the UK’s presumptive next prime minister, is to be presented with plans to revive the “Help to Buy” program, a potential boost to sales and margins for the sector, according to JPMorgan analysts
- Akzo Nobel shares rise as much as 4.8% after the chemicals firm rejected Nippon Paint’s a €7.5 billion offer for its decorative paints business and said it would continue to pursue an agreed merger with Axalta Coating Systems
- Gjensidige shares jump as much as 4.7%, the most since September, after the Norwegian insurance company reported net income for the second quarter that beat the average analyst estimate
- Fraport gains as much as 3% after BNP Paribas upgraded the airport services company to outperform from neutral, citing improving cash flow outlook as the company’s decade-long investment cycle comes to an end
- Pagegroup shares rise as much as 10% after the recruitment company reported much better figures than feared during the second quarter, as analysts flagged improving trends across its markets
- DocMorris shares gain as much as 12%, the most since April 16, after the Swiss pharma retailer is upgraded to buy from hold at Deutsche Bank, with analysts noting fading funding risks and upside to earnings
- Plus500 shares fall as much as 15%, the most in six years, as the trading platform operator delivers an outlook that met, but did not surpass, current market forecasts
- Kongsberg shares fall as much as 8.5% after the firm reported Ebitda for the second quarter that Morgan Stanley called disappointing with few positive surprises and signifying a challenge to current valuation levels
- Oxford Nanopore shares plunge as much as 20%, the most on record, after the British DNA-sequencing company reported weaker-than-expected first-half revenue
Asian stocks fell to the lowest in a month on renewed tensions in the Middle East and as SK Hynix shares in Seoul tumbled the most on record. The MSCI Asia Pacific Index dropped as much as 2.2%. SK Hynix sank 15%, while Samsung Electronics and Kioxia Holdings also declined. Korea’s Kospi index slumped 9%, triggering a market-wide trading suspension. “The selloff in Korea is a function of crowded positioning in memory stocks, especially in light of the renewed Middle East tensions and post the euphoria of SK Hynix ADR listing, said Vey-Sern Ling, managing director at Union Bancaire Privee. “Near-term rotation into valuation-depressed sectors like China tech could continue.” SK Hynix crashed the most on record in Seoul after its US-listed shares surged 13% on Friday. Traders attributed the selloff to profit-taking and investors shifting into the American depositary receipts. Chinese AI-related stocks also plunged amid concerns over rich valuations.
Taiwanese stocks outperformed the broader Asian market as Taiwan Semiconductor Manufacturing Co. reported quarterly sales that matched analyst estimates. Investors are now shifting their focus to TSMC’s full earnings report on Thursday. Jakarta’s benchmark index gained 1.9%, the most in more than a week, after S&P Global Ratings affirmed Indonesia’s investment-grade score and stable outlook. In other moves, Nippon Paint Holdings fell 2.1% in Tokyo after it made an offer for Akzo Nobel NV’s decorative paints business in the past month. CATL’s shares in Shenzhen climbed 3% as Wall Street banks urged investors to accumulate shares after the recent slide.
In Fx, the dollar barely budged. The yen slumped back below 162 after the GPIF said it does not plan to reallocate assets.
In rates, treasuries are slightly cheaper across the curve. Bonds in Europe and Asia were the hardest hit, with the yield on two-year UK gilts up six basis points to 4.28%. The rate on 10-year Treasuries rose one basis point as traders added to wagers that the Federal Reserve will raise interest rates as soon as September, after a renewed push higher in oil prices as the US and Iran dispute whether the Strait of Hormuz is open, with the US carrying out another wave of strikes against Iran. Two-year Treasury yields touch highest since early 2025. Monday’s US session has few scheduled events. US yields cheaper by 1bp-2bp across a marginally steeper curve, the 10-year around 4.575% with bunds and gilts lagging by 1bp and 3bp in the sector; all are following WTI crude oil prices higher, which are up around 3.5%. IG dollar issuance slate includes three deals so far. No Treasury coupon supply expected until the 20-year bond reopening on July 22.
In commodities, brent trades around $78/barrel to add to last week’s rise, though had come close to $80 earlier in the session and has been paring its gain. Iran said its memorandum of understanding with the US is in “crisis” and the two sides disagree on whether the Strait of Hormuz is open. Gold is dropping to move back below $4,100/oz, and Bitcoin is sinking too.
The US economic data calendar includes June federal budget balance at 2pm; CPI and PPI reports are ahead this week. Fed calendar includes Waller at 12:30pm; Chairman Warsh is scheduled to testify on its Semi-Annual Monetary Policy Report before the House Financial Services and Senate Banking committees over next two days
Market Wrap
Top Overnight News
- The US and Iran exchanged fresh strikes while issuing conflicting declarations over whether the Strait of Hormuz is open to shipping. Oil up 3% BBG
- Over the past several weeks, the investment-grade corporate bond market has struggled to absorb a combined $75 billion of bond issuance from NVDA, SPCX, and AMZN. That marks a shift from earlier in the year, when investors were generally happy to hand money to so-called AI hyperscalers by any possible means. WSJ
- Warsh’s first big call will be whether or not to undo last year’s cuts. A steadier economy and stubborn inflation have put a rate increase in play. The new chairman, who testifies this week, hasn’t tipped his hand. WSJ
- Three prominent artificial intelligence developers released new models over the past week. They all promise to be more advanced, but their biggest immediate selling point may not be what they can do but how little they charge to do it. BBG
- China’s crude imports look poised to recover from a months-long slump as the country relaxes fuel export curbs, raises run rates and snaps up prompt Middle East supplies, with analysts and traders forecasting a return to strategic stockpiling later this year. BBG
- Taiwan Semiconductor Manufacturing Co reported a 67.9% year-on-year rise in its June sales on Monday, ahead of its second-quarter earnings release later this week. CNBC
- The yen weakened after Reuters reported that Japan has no plans to overhaul the GPIF’s asset allocation. Chief Cabinet Secretary Minoru Kihara said the GPIF routinely undertakes an appropriate review of its portfolio and will make amendments if required. BBG
- Meta plans to spend an additional $40 billion on its data center campus in Louisiana, bringing total costs to above $250 billion. BBG
- Companies from Silicon Valley to Europe are turning to Chinese AI models as they try to cut the cost of using the technology and reduce their dependence on US frontier labs. FT
- The distribution of investor views surrounding the path of monetary policy in coming months is wide. Goldman economists’ baseline forecast is that the FOMC will leave the policy rate unchanged this year but they assign a 25% probability to a scenario where the Fed hikes. Market pricing is more hawkish, reflecting a base case of nearly 50 bp of hikes through mid-2027, with uncertainty around that outlook. Option pricing signals greater than a 50% likelihood of hikes, but also substantial probabilities to scenarios where the Fed cuts or remains on hold. Conversations with clients reflect a similarly wide range of expectations. Investors also express an unusually wide distribution of views regarding the implications of any given Fed policy path for equities. Goldman
Iran War
- Explosions were heard around Iran’s Bandar Abbas and Qeshm Island on Monday afternoon, Mehr News reported, while there is also the possibility of clashes in the Persian Gulf and the Strait of Hormuz.
- Reported fire at Kharg Island appears to be a result of routine flaring, according to Nour News.
- Iran’s Foreign Ministry spokesperson said the US violated all clauses of the MoU in less than a month and stated that Iran will not execute commitments in the MoU as long as the US is not fulfilling its commitments. He added that the MoU is in “crisis” phase. Muscat talks with Oman were solely focused on the Strait of Hormuz. On the recent strikes, none of the US bases in any country in the region have been removed from the target list and that the defensive strikes of Iran are solely against the bases, facilities and positions used by the US to attack Iran, including their logistical and support facilities. In terms of further talks, mediators are still continuing their efforts to mediate between Iran and the US in recent days and Iran is in contact with mediators.
- Iran’s IRGC said only way to open the Strait of Hormuz is to end US military interventions and respect the sovereignty of the countries bordering it.
- There is no clear timetable for Israel’s withdrawal from the experimental areas in southern Lebanon amid a policy of consolidation and non-compliance with the framework agreement, Al Araby reported citing sources.
- US President Trump threatened that the US military would “completely decimate and destroy all areas” of Iran if its leaders attempted or carried out an assassination on him.
- US forces said they struck 140 Iranian military targets on Saturday and were also reported to have carried out another round of strikes on Sunday, while Iran targeted at least five US allies across the Middle East in drone and missile assaults early on Sunday, as well as announced that the Strait of Hormuz would be closed until further notice. However, the Joint Maritime Information Centre said the path along the Omani coastline is still available for transit, while it was separately reported that a Chinese tanker transited through Hormuz via an Iran-designated route.
- US official said around 20 commercial vessels transited through the Strait of Hormuz in coordination with the US military over the last 24 hours, in addition to several vessels without US coordination, according to Axios.
- US military announced on Sunday evening that it began a new wave of strikes against Iran to continue degrading its ability to attack civilian mariners and commercial ships transiting the Strait of Hormuz, while Iranian TV reported explosions in Qeshm, Jask, Bandar Abbas and Sirik.
- US Central Command denied a claim by Iran that three US service members were killed in Kuwait, while it stated that there have been no reports of US casualties in the region, with all personnel accounted for and safe. CENTCOM later commented that it completed a new wave of offensive strikes on Iran, hitting dozens of targets at multiple locations to degrade Iran’s ability to continue attacking international shipping flowing through the Strait of Hormuz.
- Kuwait’s military said three border posts were attacked and that a drilling platform owned by the Kuwait Oil Company was struck in a drone attack, while it was separately reported that US intelligence sources noted observations that Iran was preparing to carry out a massive attack on the UAE and Kuwait.
- Iran said it caused heavy damage to Jordan’s Prince Hassan Airbase, as well as claimed it targeted the Al-Udeid Airbase in Qatar and a US Navy logistics base in Dukm, Oman. Furthermore, Iran also targeted Kuwait and the US base in Bahrain.
- Iranian Supreme Leader Mojtaba Khamenei issued a written statement, vowing to avenge the death of his father and said that it was the demand of the nation.
- Iran’s Foreign Ministry condemned US attacks on Iranian infrastructure, which it said were a violation of the ceasefire deal and the UN Charter, while it warned Gulf states over the use of territory for US attacks.
- Iran’s Deputy Foreign Minister Gharibabadi said no action against Iran should go unanswered and called for a pre-set response to any attempt against Iran, its military, Supreme Leader and officials.
- Iranian lawmaker and member of the Iranian Parliament’s National Security and Foreign Policy Committee, Kashkavi, said Iran prefers to manage the Strait of Hormuz through cooperation with regional states, particularly Oman, and stated that the clear official position is that future management of the Strait will be arranged by Iran.
- Iran denied social media reports that claimed the Bushehr nuclear power plant had been attacked, while its nuclear agency said all units continue to operate normally and that the plant is in a safe and stable condition.
- Iraq’s PM is to visit Washington on Monday, while oil and gas deals are expected to be announced, although the Islamic Resistance in Iraq warned the government against US economic deals and demanded a US troop withdrawal.
- Yemen’s Foreign Ministry reiterated that Yemen would continue its support of Iran in the face of ongoing US and Israeli aggression.
- Israeli artillery conducted further shelling in southern Lebanon, according to Lebanon’s National News Agency.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were pressured with the major regional indices all in the red following a fresh exchange of strikes between the US and Iran, which underpinned oil prices and yields, while Iran also declared the Strait of Hormuz would be closed until further notice. ASX 200 was dragged lower by underperformance in the tech, utilities, mining, materials and resources sectors, but with the downside cushioned by resilience in the top-weighted financial industry. Nikkei 225 pulled back from resistance around the 69,000 level with Japanese exporters pressured by higher oil prices and concerns of renewed shipping disruptions. KOSPI was pressured by chip-related selling amid heavy losses in the likes of Samsung Electronics and SK Hynix, despite the latter’s strong debut last Friday on the Nasdaq. Hang Seng and Shanghai Comp conformed to the negative mood, albeit with the downside limited in Hong Kong as participants also digested preliminary H1 earnings updates and with China raising Southbound Bond Connect quota to USD 118bln.
Top Asian News
- China raised the Southbound Bond Connect quota to USD 118bln, while the new quota represents a 60% increase for Hong Kong debt access.
- China’s nationwide electricity load hit a record high of 1.518bln kilowatts on Friday.
- China is cracking down on top ratings for corporate bonds with regulators pressuring agencies to limit AAA designations for high-interest borrowers, according to FT.
- Chinese AI lab Zhipu’s founder said frontier AI should remain broadly accessible instead of being controlled by select individuals.
- Japanese Chief Cabinet Secretary Kihara said GPIF to tweak its basic portfolio as needed.
- Japan entered the reusable rocket race with its first experimental rocket taking off and returning in a limited test flight by JAXA.
- South Korea July 1st-10th Exports rose 53.9% Y/Y (prev. +85.9%), Imports rose 17.4% Y/Y (prev. +35.6%), Trade Balance is at a provisional surplus of USD 6.36bln.
European bourses (STOXX 600 -0.1%) start the week on the back foot but off worst levels, with price action being primarily driven by energy prices and the re-escalation of US-Iran tensions. European sectors have improved at the open, now printing a mixed picture. Telecoms (+1.9%) top the sector pile, followed by Energy (+1.2%) and Media (+0.6%). To the downside are Travel & Leisure (-0.4%), Construction (-0.8%) and Tech (-0.7%).
Top European News
- BoE is said to be hit by internal divisions over shake-up, with critics stating that a failure to give clear signals is ‘confusing’ and risks wrongfooting the bond markets, according to FT.
- UK’s Burnham reportedly explores holding an expanded autumn Budget, with the incoming PM considering combining the fiscal statement with a spending review to set out his political strategy, according to FT.
- UK Chancellor Reeves is to focus on AI opportunities in her speech to the City on Tuesday, which is likely to be her last City of London event and final opportunity to defend her legacy.
- Spain approved a USD 8bln housing plan that would triple government spending in public housing over four years.
FX
- G10s are mixed against the Buck. Kiwi continues to benefit from rate repricing; JPY underperforms amid the familiar terms of trade/differentials factors.
- USD fails to benefit from the lift in energy benchmarks, following constructive Iranian Foreign Ministry rhetoric this morning: “defensive strikes of the Islamic Republic of Iran are solely against the bases” and “Iran is in contact with mediators”. This pulled both the Buck and Energy off session highs. In addition to the focus on geopolitics, the Greenback positions into a number of key risk events this week including CPI and Warsh’s testimony. Price action since the emergence of London participants has been bearish, with DXY falling from an overnight 101.22 peak to a session low of 100.79.
- JPY underperforms amid the factors mentioned above, alongside the view that Finance Minister Katayama’s GPIF remarks last week were another episode of attempted verbal intervention. Source reports this morning noted Japan has no immediate plan to change target asset allocations of its state pension funds but could work within existing allowable ranges to direct more investment to domestic assets. A report which pressured the currency and saw it rise to a 162.35 peak as the source report further reduces the credibility of Katayama’s remarks (see 08:09 BST analysis).
- Kiwi is the best G10 performer as markets add to RBNZ tightening bets with two 25bp hikes now fully priced – a handful of bps more than the close on Friday. AUD/NZD trundled lower since the Sunday re-open, marking a session trough just below 1.20.
Fixed Income
- Fixed income benchmarks initially fell at the open, as energy prices rose and a re-escalation of US-Iran tensions, but have come off worst levels at the start of European cash trade. Over the weekend, US forces struck 140 Iranian military targets on Saturday and took further action on Sunday, while Iran attacked US bases in the Gulf and announced that the Strait of Hormuz is closed.
- USTs (-1 tick) rotate in a 108-26+ to 109-01 range, with yields falling a touch from 4.60%. On the Fed speaker front, Fed’s Waller is slated to speak later today, while a flurry of speakers are expected throughout the week. In terms of market pricing, the October meeting is the first fully-priced hike by the Fed, with a further hike fully priced by Apr’27.
- Bunds (-5 ticks) fell to a trough of 125.20 before coming off their lows, currently trading at session highs of 125.51. The data front from the EZ is quiet, with final inflation figures across the euro area slated for the week. On the supply front, the EU is to sell 3-, 7-, and 15-year Bonds. The sale should go fine, with the 3-year to receive decent demand.
- Gilts (-18 ticks) underperform. There has been plenty of political news over the weekend: 1) Burnham is considering a big budget in November, 2) a review of the Help to Buy scheme is on the table from Burnham, and 3) Chancellor Reeves to focus on AI opportunities at her Mansion House speech. The November budget will be highly-watched, as usual, with allies and experts reportedly pushing Burnham, who is set to become PM on July 20th, to consider a land tax, greater public control of utilities and a more ambitious devolution strategy. Some of the underperformance can be explained by the strength in the crude complex, given the UK’s high reliance on external energy.
Commodities
- Crude benchmarks jumped c. 3.7% overnight (vs current +2.3%) amidst the latest bout of US-Iran strikes, and after the Iranian’s announce that the Strait of Hormuz is shut until further notice. Traffic through the Strait has slipped to multi-week lows, with only 6 vessels passing on Sunday (lowest in five-weeks).
- As the European morning got underway, price action was fairly rangebound; however, some volatility was seen following comments by the Iranian Foreign Minister. He began the presser fairly hawkish, where he stated that Iran would not fulfil the MoU as long as the US doesn’t. Some modest upside was seen in benchmarks, but this was soon reversed after he stated that strikes against regional neighbours are “solely” against US bases. He also added that they are in contact with mediators.
- It is interesting that the FM has chosen to say that Iran is “solely” acting against US bases, rather than also mentioning energy facilities. It indicates, at least for now, that the country is attempting to avoid a wider escalation. However, overnight, the Kuwait Oil Company said that its drilling platform was struck. Brent Aug’26 trades firmer by c. 2.3% and holds towards the lower end of a USD 77.72-79.80/bbl range.
- Spot gold (-1.3%) extends lower this morning amidst the reemergence of inflationary woes, as energy prices grind higher this morning. Currently holding within a USD 4,044-4,075/oz range. Elsewhere, base metals are entirely in the red given the negative risk tone. 3M LME Copper (-0.3%) trades within a USD 13,364-13,480/t range.
- OPEC MOMR is expected at 13:00BST/08:00EDT.
- Kuwait has set its August OSP for extra-light crude to Asia at USD 5/bbl discount to the Oman/Dubai average.
- ADNOC sets the August OSP for Murban crude at USD 80.01/bbl.
- Iranian Customs has issued a directive to lift the ban on the export of chemical, polymer and petrochemical products.
Trade/Tariffs
- EU is developing a “solidarity instrument” to support companies diversifying critical supplies away from China and cushion the impact of any Chinese retaliation in the event of a trade war.
Geopolitics: Ukraine
- Ukrainian military announced a drone attack that hit 15 Russian ships in the Sea of Azov, including 7 oil tankers. Additionally, the Ukraine Security Service said it struck a Russian oil depot in the Stavropol region, as well as storage tanks at Kavkaz port.
- Ukraine’s military said it hit an oil refinery in Russia’s Samara region, while Russia also said that Ukraine struck a tanker in the Sea of Azov.
- Ukrainian President Zelensky ousted Ukraine’s premier Svyrydenko as part of a shift in political strategy and is mulling naming Naftogaz CEO Koretskyi or former PM Shmyhai for the role.
- EU failed to agree on the 21st round of Russian sanctions after negotiations on Sunday.
- Slovakia’s President Pellegrini said Slovakia will not be involved in the new EUR 70bln aid package for Ukraine, nor will it supply weapons to Ukraine or fund further rearmament.
US Event Calendar
- 2:00 pm: United States Jun Federal Budget Balance, est. -128.25b, prior -292.65b
- 5:25 am: United States Fed’s Bowman Speaks on Financial Regulation
- 12:30 pm: United States Fed’s Waller Speaks at NYABE
DB’s Jim Reid
As well as two epic World Cup semi-finals before that, and the start of the Open golf it’s a packed week ahead in markets. The headline events are tomorrow’s US CPI and Wednesday’s US PPI, alongside Fed Chair Warsh’s first Humphrey–Hawkins testimony before the House Financial Services Committee (tomorrow) and the Senate Banking Committee (Wednesday). Elsewhere, key data includes China’s Q2 GDP and their monthly data dump (Wednesday) and the UK’s May monthly GDP (Thursday) as well as the announcement of a new leader of the ruling UK Labour Party as a special conference on Friday. And just to keep everyone busy, Q2 US earnings season kicks off tomorrow with results from five major US banks. Q1 marked the strongest non-recessionary rebound since the late 1990s, so the bar is high. ASML (Wednesday) and TSMC (Thursday) should also provide an early read on global tech trends.
Since Friday night, the US–Iran conflict has intensified sharply, with Washington launching multiple rounds of strikes targeting Iranian air defences, radar systems and missile and drone capabilities, while Tehran has responded with attacks across the region and against shipping. The exchange has increasingly centred on the Strait of Hormuz, where Iran has claimed the waterway is effectively closed and warned vessels against transiting, even as US officials insist it remains open and are actively escorting commercial traffic. Reports of damage to vessels, intercepted missiles and drones, and strikes on military and energy-linked sites across the Gulf underscore the widening scope of the conflict. Oil markets have reacted, with Brent (+4.12%) climbing above $79 per barrel and US Treasuries back up a couple of basis points across the board. S&P (-0.56%), Nasdaq (-1.34%) and Stoxx (-0.95%) futures are all lower.
In addition, the Asia tech trade is seeing another slump overnight with the KOSPI (-7.96%) again the weakest performer, amid renewed semiconductor losses. The Nikkei (-2.31%) is also sharply lower. Elsewhere, the Hang Seng (-0.12%) is posting more modest declines, while mainland Chinese equities are under greater pressure, with the CSI 300 (-1.34%) and Shanghai Composite (-1.54%) both trading significantly lower. So a challenging start to the week.
Looking forward now, let’s run through the key details of the week ahead we previewed at the top. Front and centre is tomorrow’s US CPI report. Our economists expect lower gas prices to pull headline CPI down by -0.16% (vs. +0.47% in May), with core at +0.23% (vs. +0.21% previously). On a year-over-year basis, headline inflation is projected to fall from 4.25% to 3.81%, while core eases only marginally by 2bps to 2.83%.
Wednesday’s PPI will help complete the picture for core PCE. Our economists’ forecast is for a +0.23% increase (vs. +0.32% last month), which would see the year-over-year rate decline by 3bps to 3.38%. Within the details, the price index for portfolio management and investment advice will be worth watching, particularly given the boost from May’s equity rally.
After a relatively quiet spell for Fed speakers, this week brings a wave of communication ahead of the blackout period starting at the end of the week. Governor Waller begins today with a speech at NYABE. Chair Warsh follows with his testimony on Tuesday and Wednesday, while additional commentary comes after the CPI release (Governor Cook on Wednesday, and Vice Chair Jefferson, Dallas Fed’s Logan, and Kansas City Fed’s Schmid on Friday).
This week effectively represents the final window for policymakers to signal their thinking ahead of the July FOMC meeting. We expect Warsh to broadly stick to recent messaging and avoid firm guidance on near-term policy moves. In contrast, Waller has historically been more explicit about their reaction function, so today’s speech will be closely scrutinised for clues on their preferred policy path—even though it arrives before the CPI data.
Turning to the rest of the data calendar, Thursday’s June US retail sales and Friday’s industrial production will feed into estimates for Q2 real GDP growth. The preliminary University of Michigan survey (52.0 expected at DB vs. 49.5) on Friday will also be in focus, particularly inflation expectations, which have started to moderate from a high level after recent energy-driven increases.
On earnings, tomorrow features JPMorgan, Bank of America, Goldman Sachs, Wells Fargo and Citigroup. Wednesday brings Morgan Stanley alongside ASML, Johnson & Johnson and BlackRock, offering a useful cross-sector snapshot. Thursday is especially busy, with TSMC, Netflix, General Electric and UnitedHealth reporting across tech, industrials and healthcare. By Friday, attention shifts to European names including Volvo, Sandvik and Saab, rounding out the global picture.
Staying with the global theme, central bank decisions from the Bank of Canada (Wednesday, no change expected) and the Bank of Korea (Thursday, DB forecast a +25bp hike) will also be in focus. In China, growth is expected to slow to 4.4% YoY in Q2 (from 5% in Q1), with June activity data released alongside. More detail is available in our Chinese economists’ full week-ahead note here. Finally, the UK reports May monthly GDP on Thursday, the day before Andy Burnham is expected to be confirmed as Labour Party leader, ahead of him officially taking the PM reins a week today and tapping into the England World Cup winning celebrations. Oh wait this must be another major hallucination.
Recapping last week now and the main news was the re-escalation between the US and Iran, which led to a decent jump in oil prices as investors priced in more disruption around the Strait of Hormuz. Indeed, Brent crude was up +5.39% last week (-0.38% Friday) to $76.01/bbl. And even though it still left oil prices well beneath their peak earlier in the year, it still revived fears about more persistent inflation.
That oil price spike hit European assets in particular, given the continent’s greater exposure to an energy shock. So sovereign bond yields saw a decent jump, with those on 10yr bunds up +13bps (-1.7bps Friday) to 3.06%. Moreover, investors also priced in a more hawkish ECB, with the amount of further hikes priced by December up +12.9bps on the week to 34bps. For equities, there was also a decent hit, with the STOXX 600 down -1.79% (+0.04% Friday), marking its biggest weekly decline since April.
Over in the US, markets put in a relatively stronger performance, with equities supported by a stabilisation in chip stocks. That saw the Philly semiconductor index recover +2.70% (+0.06% Friday), with the S&P 500 ultimately up +1.23% (+0.42% Friday). Meanwhile, US Treasury yields also saw a more muted rise relative to Europe, with the 10yr yield only up +7.8bps (+1.0bps Friday) to 4.56%.
Otherwise, there weren’t too many headlines from other asset classes. In FX, the dollar index was marginally unchanged, with a +0.09% rise. And in US credit the moves were also fairly muted, with US IG (+1.9bps) and HY (-4.3bps) spreads seeing small moves. However, there were slightly bigger moves in European credit, where Euro IG (-1.9bps) and HY spreads (-12bps) both tightened.
1b European opening report
SK Hynix weighs on Tech, NQ -1%; Crude bid, but off best as US-Iran exchange fire – Newsquawk US Market Open
Monday, Jul 13, 2026 – 06:19 AM
- The US and Iran exchanged strikes over the weekend, with the US military targeting 140 Iranian military targets on Saturday and took further action on Sunday, while Iran attacked US bases across the Gulf and closed the Strait of Hormuz.
- Iran’s Foreign Ministry spokesperson said the US violated all clauses of the MoU in less than a month and stated that Iran will not execute commitments in the MoU as long as the US is not fulfilling its commitments.
- Furthermore, the spokesperson said mediators are still continuing their efforts to mediate between Iran and the US in recent days and Iran is in contact with mediators. Energy benchmarks pulled back following the constructive rhetoric, Brent +2.3%.
- US equity futures are off worst levels but the NQ is the clear underperformer, weighed down by the losses in SK Hynix (-15.4%).
- DXY reverse earlier gains; JPY hit on GPIF chatter, NZD continues to benefit on tightening bets.
- Looking ahead, highlights include OPEC MOMR (Jul), US Monthly Budget Statement (Jun), Coalition of the Willing Summit, Speakers including Fed’s Waller, BoE’s Pill, ECB’s Schnabel & RBNZ’s Conway.
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IRAN CONFLICT
WEEKEND GEOPOLITICAL HEADLINES
- US President Trump threatened that the US military would “completely decimate and destroy all areas” of Iran if its leaders attempted or carried out an assassination on him.
- US forces said they struck 140 Iranian military targets on Saturday and were also reported to have carried out another round of strikes on Sunday, while Iran targeted at least five US allies across the Middle East in drone and missile assaults early on Sunday, as well as announced that the Strait of Hormuz would be closed until further notice. However, the Joint Maritime Information Centre said the path along the Omani coastline is still available for transit, while it was separately reported that a Chinese tanker transited through Hormuz via an Iran-designated route.
- US official said around 20 commercial vessels transited through the Strait of Hormuz in coordination with the US military over the last 24 hours, in addition to several vessels without US coordination, according to Axios.
- US military announced on Sunday evening that it began a new wave of strikes against Iran to continue degrading its ability to attack civilian mariners and commercial ships transiting the Strait of Hormuz, while Iranian TV reported explosions in Qeshm, Jask, Bandar Abbas and Sirik.
- US Central Command denied a claim by Iran that three US service members were killed in Kuwait, while it stated that there have been no reports of US casualties in the region, with all personnel accounted for and safe. CENTCOM later commented that it completed a new wave of offensive strikes on Iran, hitting dozens of targets at multiple locations to degrade Iran’s ability to continue attacking international shipping flowing through the Strait of Hormuz.
- Kuwait’s military said three border posts were attacked and that a drilling platform owned by the Kuwait Oil Company was struck in a drone attack, while it was separately reported that US intelligence sources noted observations that Iran was preparing to carry out a massive attack on the UAE and Kuwait.
- Iran said it caused heavy damage to Jordan’s Prince Hassan Airbase, as well as claimed it targeted the Al-Udeid Airbase in Qatar and a US Navy logistics base in Dukm, Oman. Furthermore, Iran also targeted Kuwait and the US base in Bahrain.
- Iranian Supreme Leader Mojtaba Khamenei issued a written statement, vowing to avenge the death of his father and said that it was the demand of the nation.
- Iran’s Foreign Ministry condemned US attacks on Iranian infrastructure, which it said were a violation of the ceasefire deal and the UN Charter, while it warned Gulf states over the use of territory for US attacks.
- Iran’s Deputy Foreign Minister Gharibabadi said no action against Iran should go unanswered and called for a pre-set response to any attempt against Iran, its military, Supreme Leader and officials.
- Iranian lawmaker and member of the Iranian Parliament’s National Security and Foreign Policy Committee, Kashkavi, said Iran prefers to manage the Strait of Hormuz through cooperation with regional states, particularly Oman, and stated that the clear official position is that future management of the Strait will be arranged by Iran.
- Iran denied social media reports that claimed the Bushehr nuclear power plant had been attacked, while its nuclear agency said all units continue to operate normally and that the plant is in a safe and stable condition.
- Iraq’s PM is to visit Washington on Monday, while oil and gas deals are expected to be announced, although the Islamic Resistance in Iraq warned the government against US economic deals and demanded a US troop withdrawal.
- Yemen’s Foreign Ministry reiterated that Yemen would continue its support of Iran in the face of ongoing US and Israeli aggression.
- Israeli artillery conducted further shelling in southern Lebanon, according to Lebanon’s National News Agency.
EUROPEAN UPDATES
- Explosions were heard around Iran’s Bandar Abbas and Qeshm Island on Monday afternoon, Mehr News reported, while there is also the possibility of clashes in the Persian Gulf and the Strait of Hormuz.
- Reported fire at Kharg Island appears to be a result of routine flaring, according to Nour News.
- Iran’s Foreign Ministry spokesperson said the US violated all clauses of the MoU in less than a month and stated that Iran will not execute commitments in the MoU as long as the US is not fulfilling its commitments. He added that the MoU is in “crisis” phase. Muscat talks with Oman were solely focused on the Strait of Hormuz. On the recent strikes, none of the US bases in any country in the region have been removed from the target list and that the defensive strikes of Iran are solely against the bases, facilities and positions used by the US to attack Iran, including their logistical and support facilities. In terms of further talks, mediators are still continuing their efforts to mediate between Iran and the US in recent days and Iran is in contact with mediators.
- Iran’s IRGC said only way to open the Strait of Hormuz is to end US military interventions and respect the sovereignty of the countries bordering it.
- There is no clear timetable for Israel’s withdrawal from the experimental areas in southern Lebanon amid a policy of consolidation and non-compliance with the framework agreement, Al Araby reported citing sources.
EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 -0.1%) start the week on the back foot but off worst levels, with price action being primarily driven by energy prices and the re-escalation of US-Iran tensions.
- European sectors have improved at the open, now printing a mixed picture. Telecoms (+1.9%) top the sector pile, followed by Energy (+1.2%) and Media (+0.6%). To the downside are Travel & Leisure (-0.4%), Construction (-0.8%) and Tech (-0.7%).
- US equity futures have come off worst levels, with the majority of indices flat outside of the NQ (-0.9%), given the slump in tech names overnight. SK Hynix’s US-ADR is indicated lower by 10%, as it narrows the premium from its domestic listing, which reached as much as 25% overnight.
- TSMC (2330 TT) – June revenue (TWD) 442.68bln (+67.9% Y/Y), Q2 1.27tln (exp. 1.26tln).
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
FX
- G10s are mixed against the Buck. Kiwi continues to benefit from rate repricing; JPY underperforms amid the familiar terms of trade/differentials factors.
- USD fails to benefit from the lift in energy benchmarks, following constructive Iranian Foreign Ministry rhetoric this morning: “defensive strikes of the Islamic Republic of Iran are solely against the bases” and “Iran is in contact with mediators”. This pulled both the Buck and Energy off session highs. In addition to the focus on geopolitics, the Greenback positions into a number of key risk events this week including CPI and Warsh’s testimony. Price action since the emergence of London participants has been bearish, with DXY falling from an overnight 101.22 peak to a session low of 100.79.
- JPY underperforms amid the factors mentioned above, alongside the view that Finance Minister Katayama’s GPIF remarks last week were another episode of attempted verbal intervention. Source reports this morning noted Japan has no immediate plan to change target asset allocations of its state pension funds but could work within existing allowable ranges to direct more investment to domestic assets. A report which pressured the currency and saw it rise to a 162.35 peak as the source report further reduces the credibility of Katayama’s remarks (see 08:09 BST analysis).
- Kiwi is the best G10 performer as markets add to RBNZ tightening bets with two 25bp hikes now fully priced – a handful of bps more than the close on Friday. AUD/NZD trundled lower since the Sunday re-open, marking a session trough just below 1.20.
FIXED INCOME
- Fixed income benchmarks initially fell at the open, as energy prices rose and a re-escalation of US-Iran tensions, but have come off worst levels at the start of European cash trade. Over the weekend, US forces struck 140 Iranian military targets on Saturday and took further action on Sunday, while Iran attacked US bases in the Gulf and announced that the Strait of Hormuz is closed.
- USTs (-1 tick) rotate in a 108-26+ to 109-01 range, with yields falling a touch from 4.60%. On the Fed speaker front, Fed’s Waller is slated to speak later today, while a flurry of speakers are expected throughout the week. In terms of market pricing, the October meeting is the first fully-priced hike by the Fed, with a further hike fully priced by Apr’27.
- Bunds (-5 ticks) fell to a trough of 125.20 before coming off their lows, currently trading at session highs of 125.51. The data front from the EZ is quiet, with final inflation figures across the euro area slated for the week. On the supply front, the EU is to sell 3-, 7-, and 15-year Bonds. The sale should go fine, with the 3-year to receive decent demand.
- Gilts (-18 ticks) underperform. There has been plenty of political news over the weekend: 1) Burnham is considering a big budget in November, 2) a review of the Help to Buy scheme is on the table from Burnham, and 3) Chancellor Reeves to focus on AI opportunities at her Mansion House speech. The November budget will be highly-watched, as usual, with allies and experts reportedly pushing Burnham, who is set to become PM on July 20th, to consider a land tax, greater public control of utilities and a more ambitious devolution strategy. Some of the underperformance can be explained by the strength in the crude complex, given the UK’s high reliance on external energy.
- The EU sells EUR 6.455 vs exp. EUR 7bln 2.375% 2029, 3.125% 2033 & 0.45% 2041 EU Bonds.
COMMODITIES
- Crude benchmarks jumped c. 3.7% overnight (vs current +2.3%) amidst the latest bout of US-Iran strikes, and after the Iranian’s announce that the Strait of Hormuz is shut until further notice. Traffic through the Strait has slipped to multi-week lows, with only 6 vessels passing on Sunday (lowest in five-weeks).
- As the European morning got underway, price action was fairly rangebound; however, some volatility was seen following comments by the Iranian Foreign Minister. He began the presser fairly hawkish, where he stated that Iran would not fulfil the MoU as long as the US doesn’t. Some modest upside was seen in benchmarks, but this was soon reversed after he stated that strikes against regional neighbours are “solely” against US bases. He also added that they are in contact with mediators.
- It is interesting that the FM has chosen to say that Iran is “solely” acting against US bases, rather than also mentioning energy facilities. It indicates, at least for now, that the country is attempting to avoid a wider escalation. However, overnight, the Kuwait Oil Company said that its drilling platform was struck. Brent Aug’26 trades firmer by c. 2.3% and holds towards the lower end of a USD 77.72-79.80/bbl range.
- Spot gold (-1.3%) extends lower this morning amidst the reemergence of inflationary woes, as energy prices grind higher this morning. Currently holding within a USD 4,044-4,075/oz range. Elsewhere, base metals are entirely in the red given the negative risk tone. 3M LME Copper (-0.3%) trades within a USD 13,364-13,480/t range.
- OPEC MOMR is expected at 13:00BST/08:00EDT.
- Kuwait has set its August OSP for extra-light crude to Asia at USD 5/bbl discount to the Oman/Dubai average.
- ADNOC sets the August OSP for Murban crude at USD 80.01/bbl.
- Iranian Customs has issued a directive to lift the ban on the export of chemical, polymer and petrochemical products.
TRADE/TARIFFS
- EU is developing a “solidarity instrument” to support companies diversifying critical supplies away from China and cushion the impact of any Chinese retaliation in the event of a trade war.
NOTABLE EUROPEAN HEADLINES
- BoE is said to be hit by internal divisions over shake-up, with critics stating that a failure to give clear signals is ‘confusing’ and risks wrongfooting the bond markets, according to FT.
- UK’s Burnham reportedly explores holding an expanded autumn Budget, with the incoming PM considering combining the fiscal statement with a spending review to set out his political strategy, according to FT.
- UK Chancellor Reeves is to focus on AI opportunities in her speech to the City on Tuesday, which is likely to be her last City of London event and final opportunity to defend her legacy.
- Spain approved a USD 8bln housing plan that would triple government spending in public housing over four years.
GEOPOLITICS
RUSSIA-UKRAINE
- Ukrainian military announced a drone attack that hit 15 Russian ships in the Sea of Azov, including 7 oil tankers. Additionally, the Ukraine Security Service said it struck a Russian oil depot in the Stavropol region, as well as storage tanks at Kavkaz port.
- Ukraine’s military said it hit an oil refinery in Russia’s Samara region, while Russia also said that Ukraine struck a tanker in the Sea of Azov.
- Ukrainian President Zelensky ousted Ukraine’s premier Svyrydenko as part of a shift in political strategy and is mulling naming Naftogaz CEO Koretskyi or former PM Shmyhai for the role.
- EU failed to agree on the 21st round of Russian sanctions after negotiations on Sunday.
- Slovakia’s President Pellegrini said Slovakia will not be involved in the new EUR 70bln aid package for Ukraine, nor will it supply weapons to Ukraine or fund further rearmament.
CRYPTO
- Bitcoin sold off and slipped back below the USD 64k mark and briefly below the USD 63k handle amid the risk-off tone.
APAC TRADE
- APAC stocks were pressured with the major regional indices all in the red following a fresh exchange of strikes between the US and Iran, which underpinned oil prices and yields, while Iran also declared the Strait of Hormuz would be closed until further notice.
- ASX 200 was dragged lower by underperformance in the tech, utilities, mining, materials and resources sectors, but with the downside cushioned by resilience in the top-weighted financial industry.
- Nikkei 225 pulled back from resistance around the 69,000 level with Japanese exporters pressured by higher oil prices and concerns of renewed shipping disruptions.
- KOSPI was pressured by chip-related selling amid heavy losses in the likes of Samsung Electronics and SK Hynix, despite the latter’s strong debut last Friday on the Nasdaq.
- Hang Seng and Shanghai Comp conformed to the negative mood, albeit with the downside limited in Hong Kong as participants also digested preliminary H1 earnings updates and with China raising Southbound Bond Connect quota to USD 118bln.
NOTABLE ASIA-PAC HEADLINES
- China raised the Southbound Bond Connect quota to USD 118bln, while the new quota represents a 60% increase for Hong Kong debt access.
- China’s nationwide electricity load hit a record high of 1.518bln kilowatts on Friday.
- China is cracking down on top ratings for corporate bonds with regulators pressuring agencies to limit AAA designations for high-interest borrowers, according to FT.
- Chinese AI lab Zhipu’s founder said frontier AI should remain broadly accessible instead of being controlled by select individuals.
- Japanese Chief Cabinet Secretary Kihara said GPIF to tweak its basic portfolio as needed.
- Japan entered the reusable rocket race with its first experimental rocket taking off and returning in a limited test flight by JAXA.
NOTABLE APAC DATA RECAP
- South Korea July 1st-10th Exports rose 53.9% Y/Y (prev. +85.9%), Imports rose 17.4% Y/Y (prev. +35.6%), Trade Balance is at a provisional surplus of USD 6.36bln.
1c) Asian opening report
Risk-off as US-Iran exchange fire; SK Hynix tumbles after broker expects Q2 profit below consensus – Newsquawk EU Market Open
Monday, Jul 13, 2026 – 02:30 AM
- US forces struck 140 Iranian military targets on Saturday and took further action on Sunday. Iran attacked bases in Jordan, Qatar, Kuwait & Bahrain.
- Crude rallied following this and Iran announcing the Strait of Hormuz would now be closed, though the US said transit has since happened, Brent +4.3%.
- APAC bourses were pressured, KOSPI underperformed as SK Hynix fell 13%, weighing on the NQ -1.2%.
- European futures in the red, Euro Stoxx 50 -0.8%. DXY is modestly firmer against G10 peers across the board.
- Fixed income underpressure as yields lift across the curve. Spot gold lost USD 4.1k/oz, down to USD 4050/oz. Base peers followed the tone lower.
- Looking ahead, highlights include German Current Account (May), OPEC MOMR (Jul), US Monthly Budget Statement (Jun), Coalition of the Willing Summit, Speakers including Fed’s Waller, BoE’s Pill & RBNZ’s Conway, Supply from the EU.
- Click for the Newsquawk Week Ahead.
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IRAN CONFLICT
- US President Trump threatened that the US military would “completely decimate and destroy all areas” of Iran if its leaders attempted or carried out an assassination on him.
- US forces said they struck 140 Iranian military targets on Saturday and were also reported to have carried out another round of strikes on Sunday, while Iran targeted at least five US allies across the Middle East in drone and missile assaults early on Sunday, as well as announced that the Strait of Hormuz would be closed until further notice. However, the Joint Maritime Information Centre said the path along the Omani coastline is still available for transit, while it was separately reported that a Chinese tanker transited through Hormuz via an Iran-designated route.
- US official said around 20 commercial vessels transited through the Strait of Hormuz in coordination with the US military over the last 24 hours, in addition to several vessels without US coordination, according to Axios.
- US military announced on Sunday evening that it began a new wave of strikes against Iran to continue degrading its ability to attack civilian mariners and commercial ships transiting the Strait of Hormuz, while Iranian TV reported explosions in Qeshm, Jask, Bandar Abbas and Sirik.
- US Central Command denied a claim by Iran that three US service members were killed in Kuwait, while it stated that there have been no reports of US casualties in the region, with all personnel accounted for and safe. CENTCOM later commented that it completed a new wave of offensive strikes on Iran, hitting dozens of targets at multiple locations to degrade Iran’s ability to continue attacking international shipping flowing through the Strait of Hormuz.
- Kuwait’s military said three border posts were attacked and that a drilling platform owned by the Kuwait Oil Company was struck in a drone attack, while it was separately reported that US intelligence sources noted observations that Iran was preparing to carry out a massive attack on the UAE and Kuwait.
- Iran said it caused heavy damage to Jordan’s Prince Hassan Airbase, as well as claimed it targeted the Al-Udeid Airbase in Qatar and a US Navy logistics base in Dukm, Oman. Furthermore, Iran also targeted Kuwait and the US base in Bahrain.
- Iranian Supreme Leader Mojtaba Khamenei issued a written statement, vowing to avenge the death of his father and said that it was the demand of the nation.
- Iran’s Foreign Ministry condemned US attacks on Iranian infrastructure, which it said were a violation of the ceasefire deal and the UN Charter, while it warned Gulf states over the use of territory for US attacks.
- Iran’s Deputy Foreign Minister Gharibabadi said no action against Iran should go unanswered and called for a pre-set response to any attempt against Iran, its military, Supreme Leader and officials.
- Iranian lawmaker and member of the Iranian Parliament’s National Security and Foreign Policy Committee, Kashkavi, said Iran prefers to manage the Strait of Hormuz through cooperation with regional states, particularly Oman, and stated that the clear official position is that future management of the Strait will be arranged by Iran.
- Iran denied social media reports that claimed the Bushehr nuclear power plant had been attacked, while its nuclear agency said all units continue to operate normally and that the plant is in a safe and stable condition.
- Iraq’s PM is to visit Washington on Monday, while oil and gas deals are expected to be announced, although the Islamic Resistance in Iraq warned the government against US economic deals and demanded a US troop withdrawal.
- Yemen’s Foreign Ministry reiterated that Yemen would continue its support of Iran in the face of ongoing US and Israeli aggression.
- Israeli artillery conducted further shelling in southern Lebanon, according to Lebanon’s National News Agency.
US TRADE
EQUITIES
- US 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 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.
- SPX +0.42% at 7,575, NDX +0.33% at 29,825, DJI +0.29% at 52.642, RUT -0.49% at 2,978.
- Click here for a detailed summary.
TARIFFS/TRADE
- EU is developing a “solidarity instrument” to support companies diversifying critical supplies away from China and cushion the impact of any Chinese retaliation in the event of a trade war.
NOTABLE HEADLINES
- US Senator Graham died on Saturday, with the cause of death “a brief and sudden illness”, according to his office.
APAC TRADE
EQUITIES
- APAC stocks were pressured with the major regional indices all in the red following a fresh exchange of strikes between the US and Iran, which underpinned oil prices and yields, while Iran also declared the Strait of Hormuz would be closed until further notice.
- ASX 200 was dragged lower by underperformance in the tech, utilities, mining, materials and resources sectors, but with the downside cushioned by resilience in the top-weighted financial industry.
- Nikkei 225 pulled back from resistance around the 69,000 level with Japanese exporters pressured by higher oil prices and concerns of renewed shipping disruptions.
- KOSPI was pressured by chip-related selling amid heavy losses in the likes of Samsung Electronics and SK Hynix, despite the latter’s strong debut last Friday on the Nasdaq.
- Hang Seng and Shanghai Comp conformed to the negative mood, albeit with the downside limited in Hong Kong as participants also digested preliminary H1 earnings updates and with China raising Southbound Bond Connect quota to USD 118bln.
- US equity futures gradually declined amid headwinds from the fresh exchange of US-Iran strikes, while participants also brace for the start of earnings season.
- European equity futures indicate a lower cash market open with Euro Stoxx 50 futures down 0.8% after the cash market closed with losses of 0.2% on Friday.
FX
- DXY mildly strengthened in risk-off conditions after a fresh exchange of US-Iran strikes over the weekend, which spurred a rally in oil prices and stoked inflationary concerns, while the focus this week for the dollar will be on Fed Chair Warsh’s testimony to Congress and US Inflation data starting on Tuesday.
- EUR/USD retreated beneath the 1.1400 handle amid a firmer buck and with very few fresh catalysts from the bloc, which also failed to agree on the 21st round of Russian sanctions.
- GBP/USD trickled lower at sub-1.3400 territory amid the negative risk appetite and reports that the UK’s widely expected next PM is exploring holding an expanded Autumn Budget.
- USD/JPY just about reclaimed the 162.00 status amid a firmer buck and higher oil prices.
- Antipodeans were subdued with headwinds from the downbeat mood and decline in metal prices.
- PBoC set USD/CNY mid-point at 6.7972 vs exp. 6.7850 (prev. 6.7989).
FIXED INCOME
- 10yr UST futures declined to sub-109.00 territory as higher oil prices stoked inflationary pressures and underpinned yields. Furthermore, weekend newsflow outside of geopolitics was light, while participants await Warsh delivering his first semi-annual testimonies as Fed Chair to the House on Tuesday, followed by his report to the Senate on Wednesday
- Bund futures resumed its downtrend amid higher energy prices and looming EU supply.
- 10yr JGB futures pulled back following last Friday’s surge and amid reports that Japan’s government is to nudge the GPIF to dive deeper into alternative investments.
COMMODITIES
- Crude futures rallied following the fresh US-Iran strikes over the weekend, which continued overnight, while Iran also announced that the Strait of Hormuz would be closed until further notice, although the US side claimed that vessels had continued to transit through Hormuz.
- China instructed some major refiners to maintain high fuel output in an effort to protect domestic consumers as the Iran conflict drags on.
- Spot gold slipped to beneath the USD 4,100/oz level as rising oil prices added to the inflationary pressures, as well as supported the dollar and yields.
- Copper futures retreated amid the risk-off mood following the latest US-Iran exchange of strikes.
CRYPTO
- Bitcoin steadily declined overnight and fell beneath the USD 63,000 level.
NOTABLE ASIA-PAC HEADLINES
- China raised the Southbound Bond Connect quota to USD 118bln, while the new quota represents a 60% increase for Hong Kong debt access.
- China’s nationwide electricity load hit a record high of 1.518bln kilowatts on Friday.
- China is cracking down on top ratings for corporate bonds with regulators pressuring agencies to limit AAA designations for high-interest borrowers, according to FT.
- Chinese AI lab Zhipu’s founder said frontier AI should remain broadly accessible instead of being controlled by select individuals.
- Japan entered the reusable rocket race with its first experimental rocket taking off and returning in a limited test flight by JAXA.
GEOPOLITICS
RUSSIA-UKRAINE
- Ukraine’s military said it hit an oil refinery in Russia’s Samara region, while Russia also said that Ukraine struck a tanker in the Sea of Azov.
- Ukrainian President Zelensky ousted Ukraine’s premier Svyrydenko as part of a shift in political strategy and is mulling naming Naftogaz CEO Koretskyi or former PM Shmyhai for the role.
- EU failed to agree on the 21st round of Russian sanctions after negotiations on Sunday.
- Slovakia’s President Pellegrini said Slovakia will not be involved in the new EUR 70bln aid package for Ukraine, nor will it supply weapons to Ukraine or fund further rearmament.
EU/UK
NOTABLE HEADLINES
- UK’s Burnham reportedly explores holding an expanded autumn Budget, with the incoming PM considering combining the fiscal statement with a spending review to set out his political strategy, according to FT.
- UK Chancellor Reeves is to focus on AI opportunities in her speech to the City on Tuesday, which is likely to be her last City of London event and final opportunity to defend her legacy.
- Spain approved a USD 8bln housing plan that would triple government spending in public housing over four years.
NORTH AND SOUTH KOREA AND JAPAN
SOUTH KOREA
JAPAN
3 CHINA
4. EUROPEAN AND SCANDINAVIAN COMMENTARIES PLUS NATO
ENGLAND
Leftists Celebrate Murder Of Conservative British Politician
Saturday, Jul 11, 2026 – 08:10 AM
Authored by Steve Watson via Modernity News,
The savage killing of 78-year-old Reform UK spokeswoman Ann Widdecombe has unleashed a torrent of vile celebration from left-wing activists, revealing the depths of ideological hatred among the left in the UK.
Widdecombe, the outspoken former Conservative MP and prisons minister, was found dead with serious injuries at her Dartmoor home, prompting an immediate murder investigation by Devon and Cornwall Police.
Police keenly informed the public that a 26-year-old white British man has been arrested on suspicion of the crime. The incident is not being treated as terrorism, but the public reaction – particularly from leftist corners – has shocked many and exposed a chilling tolerance for violence against political opponents.
Detective Chief Inspector Ilona Rosson emphasized the tragedy: “This is an extremely tragic incident and our thoughts are very much with the family and friends of Ann Widdecombe at this difficult time. Our murder enquiry is in its early stages but moving at a significant pace.” The force urged against speculation while deploying resources for house-to-house inquiries.
What followed was a mask-off moment. Rather than universal condemnation, platforms like Bluesky – often touted as a “kinder” alternative – filled with jubilation, with users openly celebrating the death of the elderly conservative.
The stream of derogatory and celebratory posts include accusations that Widdecombe was a “racist old bitch” and a comment that “Science produced an answer to Ann Widdecombe,” referencing her past comments on gender ideology.
Users shared cartoons, GIFs, and barbs that treat her violent end as punchline or progress.
Widdecombe served as MP for Maidstone for many years and held roles including Minister of State for Prisons and Shadow Home Secretary. A staunch Eurosceptic, she backed Brexit and later joined Reform UK. Her socially conservative views – opposition to abortion, support for traditional marriage, and criticism of leftist policies – made her a lightning rod. Yet she commanded respect for consistency and wit, appearing on entertainment shows while maintaining principles.
Leftist celebrations aren’t anomalies; they stem from years of framing conservatives as villains. Terms like “bigot” or “racist” dehumanize, paving the way for glee at misfortune. This echoes reactions to other figures, revealing a worldview where ideological purity trumps basic humanity. Platforms shielding such content while censoring dissent exacerbate division.
Critics rightly note two-tier dynamics. Emphasis on the suspect’s description here contrasts with vagueness elsewhere, fueling skepticism. Broader failures – open borders straining cohesion, cultural erosion, elite dismissal of native concerns – create fertile ground for extremism. Widdecombe warned against these trends. Her death amplifies those warnings.
Reform UK figures now face heightened risks. Leader Nigel Farage’s security needs underscore the stakes. Media and activist demonization of “the right” as fascistic contributes to a climate where violence seems justifiable to some.
Widdecombe’s passing, tragic as it is, spotlights the stakes. A principled voice silenced violently amid cheers reveals civilizational fragility. Defenders of freedom – pro-sovereignty, anti-woke, pro-debate – must push back. The alternative is descent into the very barbarism celebrated by the unhinged.
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END
EU
Visualizing Europe’s Soaring Youth Unemployment
Saturday, Jul 11, 2026 – 07:35 AM
Breaking into the workforce looks very different depending on where you live in Europe. While some countries have relatively smooth transitions from education into employment, others continue to struggle with stubbornly high youth unemployment.
This visualization, created by DataPulse Research via Visual Capitalist, uses Eurostat data alongside additional analysis from DataPulse Research to compare unemployment rates among 15- to 24-year-olds across the EU in June 2025. Under Eurostat’s methodology, unemployed young people are those actively seeking work and available to start within two weeks.
Europe’s Youth Employment Divide
The table below ranks youth unemployment rates across EU member states in June 2025.
The spread is striking. Estonia’s 26.9% rate is more than four times Malta’s 6.2%, highlighting how dramatically employment prospects can differ across the bloc even as the EU-wide average remained steady at 14.8%.
Southern European countries continue to feature many of the highest rates of youth unemployment, with Spain (24.0%), Italy (20.1%), Portugal (18.9%), and Greece (18.8%) all posting elevated numbers. France also remained above the EU average at 18.7%, while Nordic economies presented a mixed picture, with Finland and Sweden ranking among the highest despite generally strong labor markets.
Why Are the Gaps So Large?
Youth unemployment reflects more than the health of an economy. Structural factors such as education-to-work transitions, labor market regulations, skills mismatches, and regional economic differences all influence how easily young people secure their first job. Research has long shown that these structural differences help explain why some European countries consistently experience higher unemployment than others.
Spain illustrates this complexity. Although the country continues to record one of Europe’s fastest-growing economies, youth unemployment remains among the continent’s highest, partly due to skill mismatches and regional labor market frictions.
At the same time, Spain has expanded pathways for international workers through new visa programs aimed at attracting talent in sectors facing labor shortages. Similar initiatives are appearing elsewhere in Europe as governments attempt to address demographic pressures and reduce hiring bottlenecks.
Why Some Countries Perform Better Than Others
Countries such as Germany (6.3%), Malta (6.2%), and the Netherlands (8.7%) have benefited from tighter labor markets, strong vocational training systems, and robust employer demand for apprentices and skilled workers. These economies have generally been more successful at connecting education with employment, reducing the time many young people spend searching for their first job.
The uneven outlook also helps explain broader migration trends across Europe, as workers often relocate in search of stronger employment opportunities, contributing to Europe’s shifting talent landscape.
To explore more global demographic and migration trends, check out Ranked: Countries With the Fastest Immigration Growth (2019–2024) on the Voronoi app.
UK
Muhammad Tops Baby Boys’ Names In England And Wales For Third Straight Year
Saturday, Jul 11, 2026 – 09:55 AM
Official Office for National Statistics (ONS) data released today shows Muhammad – including variant spellings – has once again claimed the top spot as the most popular name for newborn boys in England and Wales.
This marks the third consecutive year Muhammad has led the boys’ chart, continuing a trend that has drawn significant public attention and debate about demographic changes.
The ONS figures for 2025 births confirm Muhammad’s dominant position. In previous years, when spellings are combined, it has frequently outranked traditional English names like Oliver and Noah.
Commentators have linked the sustained popularity to the UK’s growing Muslim population, which now makes up a significant and increasing share of births in many areas.
Reform UK MP Rupert Lowe responded strongly to the news, posting: “Muhammad has comfortably topped the list for the most popular boy name for the third year running. You can call me Islamophobic, I really don’t care… This is awful and demonstrates the rapidly changing demographics of our country.”
Lowe, who recently chaired an independent Rape Gang Inquiry Report, has highlighted concerns about integration, cultural shifts, and failures in addressing grooming gangs. His report estimates that at least 250,000 young, mostly white British girls have been victims of systematic abuse by predominantly Pakistani Muslim grooming networks over decades, with institutional cover-ups exacerbating the crisis.
The report and Lowe’s comments tie into broader discussions about rapid demographic transformation, with critics arguing that names like Muhammad’s dominance reflect communities that have not fully integrated and, in some cases, parallel issues seen in grooming gang scandals where perpetrators often shared similar names and backgrounds.
Broader Implications
While many celebrate Britain’s multiculturalism, others like Lowe warn of parallel societies and strain on social cohesion. The baby name data is often cited alongside grooming gang reports as evidence of deeper cultural challenges.
Full ONS rankings for 2025 are expected to provide more context on rising and falling names across both genders.
END
GERMANY
Afghan Asylum Seeker Walks Free After Sexually Assaulting Multiple Young Girls At German Pool
Saturday, Jul 11, 2026 – 07:00 AM
Authored by Steve Watson via Modernity News,
A 21-year-old Afghan asylum seeker stands accused of sexually assaulting at least four girls between the ages of 12 and 14 at the Bud Spencer outdoor pool in Schwäbisch Gmünd, southwestern Germany.
According to police accounts detailed in German media coverage, the suspect touched the victims on their buttocks or thighs and attempted to pull down their bikini bottoms. In one instance he reportedly tried to penetrate a girl’s intimate area with his fingers. The girls resisted and fought him off before he stopped.
Police reports confirm the attacks occurred in the adventure pool area, yet an arrest warrant was suspended under limited conditions that do little to shield the public from further risk.
Authorities have indicated they do not rule out additional victims and continue to seek witnesses. The suspect was arrested, but a judge suspended the arrest warrant subject to conditions, including a ban on entering public swimming pools. Incredibly he has walked free pending the outcome of the investigation.
This case fits a recurring pattern of sexual violence and harassment targeting women and children in German public swimming facilities.
Prior investigations have laid bare the scale of the problem through official statistics and internal assessments that reveal stark disparities in perpetrator backgrounds.
Research established that 65 percent of sexual assault suspects in swimming pools were foreigners.
Germany: 65% Of Sexual Assault Suspects In Swimming Pools Were Foreigners
“More than two-thirds of the suspects in sexual offenses there have a migration background”
Separate analysis showed foreigners vastly overrepresented in sexual assaults as well as other crimes committed at these locations.
Germany: Foreigners Vastly Overrepresented In Sexual Assaults, Other Crimes At Swimming Pools
Overall, crime at swimming pools soared 65% in just one year, with one AfD politician
Another examination concluded that German authorities have not been fully honest about the identities of those assaulting children at swimming pools, with patterns of omission in official and media descriptions.
Coverage of the Schwäbisch Gmünd incident itself drew attention to selective reporting practices. Some German outlets described the suspect only as a 21-year-old man without noting his Afghan nationality, consistent with earlier criticisms of incomplete disclosure around perpetrator backgrounds in similar cases.
An internal assessment cited in reporting on the broader trend confirmed a surge in sex crimes at bathing establishments. It stated particular concern over rape and the sexual abuse of children, noting that the perpetrators are for the most part immigrants.
The president of the Federal Association of German Swimming Champions previously warned that he could no longer recommend families visit outdoor pools on weekends, adding that he would be acting irresponsibly if he took his own three grandchildren.
These documented realities have prompted concrete policy adjustments at some facilities.
Certain German swimming pools have begun barring visitors who cannot speak German, citing safety concerns tied to communication failures and behavioral patterns that complicate supervision and intervention in shared spaces.
Germany Is Not Being Honest About Who Is Assaulting Children At Swimming Pools
The conditions imposed in the current case – a pool ban while the suspect otherwise remains free – illustrate the narrow tools available under current practices.
A targeted restriction does nothing to address potential risks in other public settings or to deter future incidents involving the same individual.
Girls who fought off the attacker at the adventure pool now rely on the hope that he complies with the limited order while the investigation proceeds.
Recurring episodes at pools, schools, and other everyday venues have exposed the downstream effects of rapid demographic change without corresponding integration or enforcement standards.
Cultural and language barriers frequently surface in official descriptions of incidents, yet public discourse often treats acknowledgment of these factors as off-limits. The result is a cycle where statistics accumulate, incidents repeat, and responses remain incremental.
Families seeking ordinary recreation at public pools encounter an environment shaped by these accumulated failures. The statistical overrepresentation, the documented reluctance to identify patterns clearly, and the narrow conditions placed on released suspects combine to shift the burden of vigilance onto parents and children themselves.
Official appeals for witnesses after each new case underscore how many incidents may go unreported or unresolved.
The Schwäbisch Gmünd events add to a ledger of cases stretching back years, where similar profiles of suspects and similar gaps in transparency have appeared repeatedly.
Germany’s experience with these issues at swimming pools offers a clear window into the practical limits of policies that prioritize volume of migration over selection, vetting, and assimilation.
The pattern of incidents, the data on disparities, and the incremental restrictions now appearing at some pools all point to the same conclusion: current approaches have produced measurable costs in security and social cohesion that continue to mount.
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END
AWFUL/IRELAND
Pro-Palestine Activist Reportedly Murdered By Migrant Boyfriend
Saturday, Jul 11, 2026 – 06:05 PM
The phrase “suicidal empathy” has exploded like wildfire across social media in the past year largely because there are so many tragic stories of migrant crime against people who advocate for open immigration. Liberal women and devout leftist activists work in immigration centers or open their homes to third world migrants, only to be brutally assaulted or murdered by those same people.
It’s important to understand that the third world views the west not as a new home or an opportunity for integration, they view the west as a target for conquest. By extension, they see western citizens as people to be subdued; as fat cattle to be culled. Coexistence is simply impossible, but woke activists consistently risk their own lives and the lives of others in a foolish attempt prove the opposite.
Case in point: Prominent Irish Pro-Palestine activist Jamey Carney was found dead by her 13-year-old daughter in their rented home in Killarney, Ireland on July 7th, 2026 – Her skull was violently bludgeoned, though the official cause of death is listed as “suffocation”.
The one and only suspect? Ahmad Al-Saqar, a Jordanian migrant who Carney met at a Pro-Palestine rally. She invited the man to stay at her home on occasion, though his primary residence was the government run asylum center (migrant hotel) in Killarney. Neighbors report a loud argument between Al-Saqar and Carney just before she was found dead.
The couple were in a romantic relationship and Al-Saqar often referred to Carney as his “bride” and his “princess” on social media.
The migrant is now on the run and is believed to have fled the UK for Turkey immediately after the murder. The chances of apprehension and punishment are slim. UK authorities are more likely to sweep migrant crimes under the rug than they are to pursue international suspects. Al-Saqar is believed to be Muslim (95% of Jordanians are Muslim), though official reports do not mention his religious background.
Jamey Carney was previously a US citizen, living in New York and working in real estate and insurance. Her reasons for moving to Ireland and diving into the activist movement in 2021 are not clear. However, relocation to Europe has been a growing trend among American liberals since 2016.
The irony of a woke activist being murdered by a migrant from Jordan is not surprising. The cultural divide in how women are treated in Islamic society vs western society is vast and violence against women is common. A number of progressive activists have been attacked by migrants across the US and Europe while engaging in advocacy programs. Yet, progressives continue to deny that third world immigration is dangerous.
Brenda Blainey, An 87-year-old woman in Thornton-le-Dale, North Yorkshire, befriended and invited Shahin Darvish-Narenjbon (a failed Iranian asylum seeker she met in a restaurant years earlier) to live with her. She treated him like a grandson, but he murdered her in her home in a vicious attack in 2023. He was later convicted of manslaughter (diminished responsibility).
Jean Dussine, a well-known 63-year-old French activist who headed a local migrant assistance organization and frequently hosted migrants in his personal home was bludgeoned to death in his sleep in May 2020. Police arrested a 21-year-old Afghan migrant who had confessed to the attack.
Numerous assaults, sexual assaults and murders have been reported across the UK and Europe in relation to migrant hotels. In many cases, these attacks target the very people working or volunteering at the hotels. However, most countries in Europe purposely avoid tracking the immigration status of suspects to prevent public backlash against multicultural projects.
END
FRANCE
The Big Lie: France Urged To Embrace Robotics Over Immigration
Monday, Jul 13, 2026 – 03:30 AM
French political figure Éric Zemmour is arguing that robotics represents the true economic future of France, offering a technological solution to labor shortages in factories and farms rather than relying on mass immigration.
“Robotics is the economic future of France. Robots will provide our factories and our farmers with the arms they are missing. France can choose technology rather than migratory submersion through work. For an eternal, powerful, and sovereign France in modernity: more robots, fewer immigrants,” wrote Zemmour on X.
Zemmour’s post directly references an interview conducted by French outlet Le Journal du Dimanche with Éric Marchiol, Renault’s director of industrial metaverse and quality.
In the interview, Marchiol detailed Renault’s development of Calvin, a new humanoid robot created in partnership with French company Wandercraft. Designed for industrial environments, Calvin is compact, capable of handling heavy loads of up to 40 kilograms (88 pounds), and adaptable to real factory conditions — such as navigating uneven packaging or small steps on assembly lines.
Renault already operates around 11,000 traditional industrial robots and 8,000 autonomous guided vehicles. The Calvin robot represents the next generation: more flexible, intelligent, and space-efficient than older fixed-arm systems. The company is testing it for repetitive, physically demanding tasks like tire handling on fast-moving production lines.
Marchiol emphasized that robotization is essential for competitiveness: “Without automation and without robotization, there is no more competitive industry.” He noted France currently has about 190 robots per 10,000 workers — significantly behind China at 380 and Germany.
The goal, he said, is to deploy these humanoid robots widely across Renault and its suppliers within the next four to five years, targeting difficult-to-fill, physically strenuous jobs.
Robots over mass immigration
As Remix News has extensively reported over the last years, automation, robotics, and now artificial intelligence are increasingly seen as the primary solution to labor shortages, and mass immigration may even hinder the development of these technologies. Western employers, instead of developing this groundbreaking technology to work in factories and agriculture, are often still relying on human labor promised to them by Western liberal leaders. Often, this human labor comes with enormous welfare and cultural assimilation costs.
Zemmour, like many others, is pointing to this automation drive as the real solution to labor shortages. He wrote that Renault’s initiative as proof that France can solve its industrial labor gaps through innovation instead of large-scale immigration.
Remix News has run a series entitled “the big immigration lie” detailing the shift in thinking on immigration, with the Asian countries serving as the main counter example to Europe’s present course of open borders. Instead of embracing cheap labor and millions of culturally alien immigrants, Asian countries like Japan, China, South Korea, and Taiwan have focused on their native populations and implementing harsh immigration restrictions.
These Asians countries now lead in many areas over Europe, including AI, robotics, renewable energies, electric cars, and automation technology in factories.
Larry Fink, the CEO of BlackRock and arguably one of the most powerful men on the planet, openly said last year that the countries with xenophobic immigration policies are going to have a higher standard of living, faster productivity growth, and will be better able to accommodate the social impact of artificial intelligence advances over the coming years.
“You know, we always used to think shrinking population is a cause for negative growth. But in my conversations with the leadership of these large developed countries that have xenophobic immigration policies, they don’t allow anybody to come in, shrinking unemployment, excuse me, shrinking demographics. These countries will rapidly develop robotics and AI and technology. And if the promise, I didn’t say it’s going to happen, but as a promise of all that transforms productivity, which most of us think it will, we’ll be able to elevate the standard of living of countries and the standard of living of individuals even with shrinking populations,” said Fink.
“And so the paradigm of negative population growth is going to be changing. And the social problems that one will have in substituting humans for machines is going to be far easier in those countries that have declining populations,” he said.
When Fink talks about xenophobic countries, he is talking about countries like South Korea, China, and Japan, where robotics and AI are being used to deal with the demographic situation instead of mass immigration.
END
UK/HYDO POWER
finally they are abandoning renewables for this:
Britain Bets On Hydropower To Boost Energy Security
Monday, Jul 13, 2026 – 05:00 AM
Authored by Felicity Bradstock via OilPrice.com,
- Britain has provisionally approved three major pumped storage hydropower projects in Scotland, the first of their kind in more than 40 years.
- Pumped storage facilities will act as large-scale energy storage systems, helping balance intermittent wind and solar generation.
- The projects are expected to improve energy security, reduce reliance on imported fossil fuels, and support the U.K.’s decarbonisation strategy.
After years of neglect, the United Kingdom has big plans for hydropower as part of broader plans for a green transition. The government is supporting the development of three large-scale hydro-storage projects as part of its plans to diversify the U.K. energy mix, support a green transition, and boost energy security.
Hydropower is one of the oldest and largest sources of renewable energy. It works by converting the energy of running water into electricity. Many hydropower projects rely on reservoirs created by dams to store large quantities of water and produce electricity as needed. Meanwhile, hydropower plants without reservoirs are typically called run-of-river power plants. In these types of facilities, production is controlled by the amount of water flowing past at any given time. Just four countries – China, Brazil, Canada, and the United States – produce roughly half of the world’s hydroelectricity.
The U.K. has been producing electricity from hydropower projects since the 1800s, and the energy source now contributes around 2 per cent of the country’s electricity generation. Two-thirds of hydropower-generated electricity is produced during the winter months. There are almost 1,700 hydropower schemes across the U.K. with an installed capacity of around 2 GW.
As part of plans for a green transition, the U.K. is expected to invest heavily in hydropower in the coming years. In October 2024, the U.K. government announced a new policy to promote investment in Long Duration Energy Storage (LDES) as part of the country’s decarbonisation plans.
The global demand for energy storage has risen dramatically in recent years, as many countries shift to less stable renewable energy sources to produce low-carbon power. LDES, also known as pumped hydropower storage (PHS), is a type of hydroelectric energy storage. It works by using two reservoirs at different heights to generate power by moving water from one to the other (discharging) as it passes through a turbine. The water can also be pumped back up to the higher reservoir (recharging) during off-peak electricity hours for reuse during peak demand. The system effectively functions as a massive battery, storing power for release as required.
The U.K. government aims to diversify the country’s energy mix to reduce reliance on fossil fuels and help strengthen energy security. Having invested heavily in intermittent clean energy sources, such as wind and solar power generation, it is looking to other energy sources, including hydro and geothermal power, to fill the gap.
There are currently four PSH schemes in the U.K., all of which were funded publicly from the 1960s to the 1980s to store overnight nuclear generation. By 2025, 11 PSH were under development across the U.K., with an expected combined power storage capacity of more than 10 GW and 200 GWh, or 25 per cent of the country’s power demand, once completed. A study from Imperial College London suggests that just 4.5 GW of new PHS with 90 GWh of storage could save up to £690 million a year in energy system costs by 2050.
Last month, the U.K. energy regulator provisionally greenlit the first major new hydropower projects in over four decades, as part of plans to reduce the U.K.’s dependence on energy imports, in response to ongoing geopolitical tensions in the Middle East and severe disruptions to energy supply chains. Three new PHS power stations will be developed in Northern Scotland, using the region’s famous lochs to supply hydropower, pending final approval.
Statera Energy’s Loch Kemp project will use water from Loch Ness, while SSE’s Coire Glas project will rely on water from Loch Lochy, which is situated between Fort William and Inverness. Meanwhile, Gilkes Energy’s Earba project, expected to be the U.K.’s largest pumped storage hydro facility, will pump water from both Loch Leamhain and Loch Earba.
The three projects are expected to be completed by the early 2030s and will be the first PHS power projects since the Dinorwig hydropower plant was completed in north Wales in 1984. Dinorwig, also known colloquially as the “electric mountain”, can generate enough electricity to power nearly 2 million homes in a matter of seconds.
The U.K. Energy Minister, Michael Shanks, stated, “Forty years after the country’s last pumped storage facility, this government is getting Britain building again. The lesson from the conflict in Iran is clear: Britain cannot afford to remain at the mercy of volatile fossil fuel markets and leave families exposed to the next price shock.”
The new hydropower projects are expected to enhance the reliability of Britain’s renewable energy and help the country reduce dependence on fossil fuels once and for all. They will help reduce reliance on energy imports, support the government’s goals for a green transition, and enhance energy security through diversification. PHS projects also provide an alternative to lithium-ion battery storage, helping reduce imports of raw materials and batteries from China.
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS//
ISRAEL USA/IRAN FRIDAY NIGHT
Saturday Deadline: US Orders Iran To Declare Hormuz Open, Toll-Free…Or Else
Friday, Jul 10, 2026 – 07:00 PM
Update(1855): The US is back to setting deadlines, coupled with new military threats, apparently. Judging by this week, which marked a dangerous return to guns-a-blazing in the Persian Gulf, it seems Trump is ready to back these warnings with new bombing raids. The only question will be the extent to which the Islamic Republic escalates in return. So far it has shown willingness to ‘answer’ US attacks with its own missile and drone launches, against US and allied bases and facilities among the Arab Gulf states.
Axios newly reports (…just after market-closing on Friday, it should be noted), that if Tehran doesn’t declare the complete opening of the Strait of Hormuz and safe passage to all ships by close of Saturday, then the… or else!
“The Trump administration is demanding that Iran publicly acknowledge that the Strait of Hormuz is open and pledge to stop firing on commercial ships,” the report says. The US has also renewed calls for Iran to immediately hand over its “nuclear dust” – amid the warnings. Axios reports the message was conveyed “directly” and “through regional mediators” – citing three officials.
Both sides have already accused the other of severely violating the terms of the MoU. And US Treasury issued fresh sanctions on Tehran Friday, which violates the ‘no new sanctions’ clause of the memorandum. So the MoU is clearly on life support as it is. Diplomacy is still moving on some fronts: “Iranian Foreign Minister Abbas Araghchi and Omani Foreign Minister Sayyid Badr al-Busaidi are expected to meet Saturday in Muscat to discuss the Hormuz crisis,” Axios continues. But here’s the deadline:
The U.S. officials said they expect Iran to issue a statement after Saturday’s meeting in Oman.
Iran has not appeared in the mood to ‘compromise’ or admit defeat on any level, and so the world might witness yet more waves of US attacks by Saturday night and into Sunday. A big question remains is whether Israel will continue sitting on the sidelines. Recent reports suggest Washington has been behind the scenes pressuring the Israelis not to act against Iran unilaterally. But the Netanyahu government remains a big wild card in all this.
* * *
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. The White House position is that the ceasefire is over but that Washington has agreed to reengage Tehran in mediated talks.
Trump indicates US has agreed to Iran talks, but United States has stated to them, in no uncertain terms, that cease fire is over.
The New York Times writes early Friday 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 remains engaged 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.
END
FRIDAY NIGHT
With Friday Treasury Action, There Goes The ‘No New Sanctions’ Clause Of The MOU
by Tyler Durden
Friday, Jul 10, 2026 – 09:25 PM
The United States unveiled new sanctions on Iran Friday, an act which crucially breaks a key aspect of the Memorandum of Understanding (MoU) agreement signed last month – namely that no new sanctions can be imposed while the warring sides negotiate to reach a lasting peace.
The ceasefire itself is already out the window, President Trump has said late this week, amid contradictory reports over indirect talks being back on. The new US Treasury action specifically targets an Iranian businessman accused of managing a global financial network for the country’s Supreme Leader Mojtaba Khamenei
The US is also going after multiple exchange houses that Washington says seek to get around sanctions and maintain access to foreign currency. The three entities named are Mohammad Darbani and Partners, Lavasani and Partners, and Mohsen Khandan and Partners – along with their managing partners.
After earlier boasting that he helped engineer a currency collapse in order to get masses into the streets – related to the last January protests – Treasury Secretary Scott Bessent now says he cares about the “Iranian people”…
The new Friday action is perhaps the single biggest indicator that the United States is ready to abandon the MoU, and that it is already in effect crumbling and defunct, following a couple nights of major tit-for-tat attacks between the US, Iran, and involving strikes on Gulf countries by Iranian forces. But the bombs have stopped as of Thursday night through Friday.
There are a couple of key MoU points which deal with the question of sanctions on Iran during the negotiating process. Number seven of the 14-points reads as follows [emphasis by ZH]:
The United States of America undertakes to terminate all types of sanctions against the Islamic Republic of Iran, including the United Nations Security Council resolutions, IAEA Board of Governors resolutions, and all unilateral US sanctions, primary and secondary, in an agreed upon schedule as part of the final deal. The Islamic Republic of Iran and the United States of America acknowledge the critical importance of the sanctions termination issue above mentioned, and expressed their intentions to immediately address these issues in the negotiations in order to achieve mutual agreement on them.
And point number nine spells out no new sanctions:
Pending the final deal, the United States of America and the Islamic Republic of Iran agree to maintain the status quo. The Islamic Republic of Iran will maintain the current status quo of its nuclear program, and the United States of America will not impose any new sanctions and will not deploy additional forces in the region.
It is not only the ceasefire that’s now effectively dead, but the MoU itself is clearly on life-support.
Both sides have already repeatedly accused the other of violating the terms of the MoU, but in many ways these new sanctions are confirmation that a ‘new MoU’ will have to be worked out, if there is a way forward.
END
ISRAEL/USA IRAN/SATURDAY…
Iran Rejects US Talks As Mojtaba Calls For ‘Vengeance’; Trump Warns 1,000 Missiles Are ‘Locked & Loaded’
Saturday, Jul 11, 2026 – 01:25 PM
Iran has thrown Trump’s ultimatum and Saturday deadline right back at Washington, saying that instead it is the United States that must first meet the agreed-upon conditions in order to normalize shipping and energy transit in the Strait of Hormuz.
Fars news agency reports Saturday that Iranian leadership is demanding that the US implement “agreed-upon understandings” before any talks take place. While the White House has declared the ceasefire to be ‘over’ – it has also indicated ongoing contacts and talks with Iran via mediators. But this appears to have been reduced to simple ultimatums being shuttled between capitals by Qatari mediators. There are no actual sit-down talks on the horizon after two rounds of fresh tit-for-tat attacks broke out this past week.
The memorandum of understanding (MoU) itself is barely alive at this point, also with Iran’s ambassador to the United Nations, Amir-Saeid Iravani, separately announcing that Tehran could stop honoring the MoU if US attacks continue.
“Should the United States continue to violate its obligations under the MoU, Iran will no longer be bound to fulfil its obligations under the MoU,” Iravani told reporters at UN headquarters.
But he did make clear that Iran is still committed to the agreement “provided that the United States fully and faithfully complies with its own obligations.”
President Trump has meanwhile continued to issue his own warnings and threats. He said Friday that the US military would “completely decimate” Iran if its leaders attempted or carried out his assassination. He took it a step further in an overnight Truth Social Post, saying he has 1,000 missiles “locked and loaded” – aimed at Iran – should he be targeted by Tehran’s agents.
Strangely, the US President signed off with his puzzling “praise be to Allah!” reference – perhaps mockingly or sarcastically.
Meanwhile, Supreme Leader Mojtaba Khamenei still hasn’t been seen in public after the Feb.28 US-Israeli airstrikes took out his father, killed members of his family, and reportedly badly wounded him. Mojtaba is said to be observing a private memorial for his slain father, and made no known appearance at the week-long funeral processions and burial.
But on Saturday he did call for revenge in a rare public message. “It is our certain and undeniable duty that this revenge be carried out,” he said.
“We pledge to avenge your pure blood and the blood of all the martyrs of these two [recent] wars by taking revenge against the criminal, disgraceful murderers,” the Ayatollah also stated. “This vengeance is what our nation is demanding, and this must definitely be done.”
He issued a series of statements tinged with Shia Islamic references. His words contain repeat vows to enacting vengeance, including this not so veiled threat to kill Iran’s enemies:
As for the big picture of where things stand, University of Chicago political scientist Robert Pape, who authors “The Escalation Trap,” has pointed out that that the millions of Iranians who took to the streets last week to attend the late Ayatollah’s funeral demonstrate growing nationalist resolve. He explained that this only makes further escalation more likely later this summer, as public sentiment gets hardened against the US.
“The balance of military capabilities did not change over the weekend,” Pape said. “The balance of political will shifted.“
Referencing the now unraveling ceasefire and negotiations process, Pape is predicting: “The pause appears to be another stage in the escalation process rather than the beginning of de-escalation.”
END
LATE SATURDAY NIGHT/EARLY SUNDAY MORNING;
Iran Begins ‘Retaliation’ Attack On Gulf After Overnight US Launched 3rd Round Of Strikes, Following IRGC Hit On Cargo Ship
Saturday, Jul 11, 2026 – 10:40 PM
Update 10:40pm ET.
Somewhat predictably, as has been the pattern of this war – Iran is in the very early morning hours (local) launching retaliatory strikes on Arab Gulf nations, or as the Iranians say against US assets and bases in the Gulf. Per state media:
IRAN LAUNCHES SERIES OF STRIKES AGAINST US TARGETS: PRESS TV
Last week Kuwait and Bahrain were favored targets, but there are signs that Iran – now with reports of Tehran having been hit tonight (CBS) – could begin widening its attacks to include the UAE, or even potentially the Saudis (though there have yet to be signs of this).
What’s clear is that things are back to square one – with the MoU agreement clearly effectively dead, unless diplomacy gets into overdrive and both sides show some measure of restraint. But restraint is not evident currently, only a widening up the escalation ladder.
To recount from where we started Saturday morning, we wrote…
As for the big picture of where things stand, University of Chicago political scientist Robert Pape, who authors “The Escalation Trap,” has pointed out that that the millions of Iranians who took to the streets last week to attend the late Ayatollah’s funeral demonstrate growing nationalist resolve. He explained that this only makes further escalation more likely later this summer, as public sentiment gets hardened against the US.
“The balance of military capabilities did not change over the weekend,” Pape said. “The balance of political will shifted.“
Referencing the now unraveling ceasefire and negotiations process, Pape is predicting: “The pause appears to be another stage in the escalation process rather than the beginning of de-escalation.”
* * *
Update 8:40pm ET.
At 7:15pm ET, the US launched its third round of strikes on Iran this week after Tehran declared that it’s closing the Strait of Hormuz “until further notice”, and Iranian forces attacked a Cyprus-flagged container ship, the M/V GFS Galaxy, transiting the Strait of Hormuz.
US Central Command said that President Donald Trump ordered the fresh strikes, which targeted Iran’s ability to attack commercial vessels, after the latest Iranian attack on the Hormuz-crossing vessel. Central Command said a civilian crew member is missing and the ship was unable to continue its journey after suffering significant damage.
Shortly after the Iran’s state-run media reported explosions at multiple areas along the country’s southern coasts, including the energy and petrochemical hubs of Bushehr and Asalouyeh. Blasts were also reported at the port cities of Bandar Abbas and Bandar-e Dayyer, as well as the Sirik area near the Strait of Hormuz.
According to unconfirmed reports, the US strikes on Iran have reached all the way north to the Capital of Iran, Tehran as the US goes “full scale from bases in Kuwait and Bahrain.”
“Iran made a poor choice,” Pentagon chief Pete Hegseth said on social media. “Now they pay.”
The Islamic Revolutionary Guard Corps announced the Hormuz closure, saying it won’t allow any vessels to pass through until foreign interference ends, according to state-run IRIB News. The IRGC said it halted a cargo ship after firing a warning shot because it tried to transit the strait on Saturday despite being told not to, the outlet added.
The developments cast significant doubts over the potential for talks aimed at trying to reach a more lasting peace deal. The rhetoric had been getting more heated on both sides in recent days even as the two parties had suggested there was still room for conversations.
Earlier on Saturday, Iran’s Foreign Minister Abbas Araghchi traveled to Oman on Saturday for talks on the future of Hormuz, but there was no sign of involvement by senior US envoys. Also Earlier, Iran demanded that the US implement key commitments under a recent deal before more talks take place, rejecting Trump’s contention that negotiations could continue without a ceasefire. Tehran said Washington must meet Iran’s conditions for resolving transit issues through the Strait of Hormuz and normalizing its oil exports.
On Friday Trump threatened to shower Iran with “1000 Missiles” if it acted on a threat to kill the US leader, “in this case, ME!”
The US had also demanded that Iran publicly declare all channels of the Hormuz open to shipping and pledge not to attack civilian vessels transiting the waterway. Tehran would face consequences if it fails to deliver the public assurance, senior Trump administration officials told reporters. Those demands followed several days of US airstrikes and Iranian retaliation that sent oil prices higher this week.
The Islamic Republic is holding a three-day memorial ceremony for the late Supreme Leader Ayatollah Ali Khamenei, following a days-long funeral that drew large crowds to cities in Iran and neighboring Iraq. Khamenei was killed in an attack as the US and Israel began their war on Iran at the end of February.
His son and successor, Mojtaba Khamenei, on Saturday called for revenge for the killing of his father.
“It is our certain and undeniable duty that this revenge be carried out,” he said in a post on X.
Earlier
Iran has thrown Trump’s ultimatum and Saturday deadline right back at Washington, saying that instead it is the United States that must first meet the agreed-upon conditions in order to normalize shipping and energy transit in the Strait of Hormuz.
Fars news agency reports Saturday that Iranian leadership is demanding that the US implement “agreed-upon understandings” before any talks take place. While the White House has declared the ceasefire to be ‘over’ – it has also indicated ongoing contacts and talks with Iran via mediators. But this appears to have been reduced to simple ultimatums being shuttled between capitals by Qatari mediators. There are no actual sit-down talks on the horizon after two rounds of fresh tit-for-tat attacks broke out this past week.
The memorandum of understanding (MoU) itself is barely alive at this point, also with Iran’s ambassador to the United Nations, Amir-Saeid Iravani, separately announcing that Tehran could stop honoring the MoU if US attacks continue.
“Should the United States continue to violate its obligations under the MoU, Iran will no longer be bound to fulfil its obligations under the MoU,” Iravani told reporters at UN headquarters.
But he did make clear that Iran is still committed to the agreement “provided that the United States fully and faithfully complies with its own obligations.”
President Trump has meanwhile continued to issue his own warnings and threats. He said Friday that the US military would “completely decimate” Iran if its leaders attempted or carried out his assassination. He took it a step further in an overnight Truth Social Post, saying he has 1,000 missiles “locked and loaded” – aimed at Iran – should he be targeted by Tehran’s agents.
Strangely, the US President signed off with his puzzling “praise be to Allah!” reference – perhaps mockingly or sarcastically.
Meanwhile, Supreme Leader Mojtaba Khamenei still hasn’t been seen in public after the Feb.28 US-Israeli airstrikes took out his father, killed members of his family, and reportedly badly wounded him. Mojtaba is said to be observing a private memorial for his slain father, and made no known appearance at the week-long funeral processions and burial.
But on Saturday he did call for revenge in a rare public message. “It is our certain and undeniable duty that this revenge be carried out,” he said.
“We pledge to avenge your pure blood and the blood of all the martyrs of these two [recent] wars by taking revenge against the criminal, disgraceful murderers,” the Ayatollah also stated. “This vengeance is what our nation is demanding, and this must definitely be done.”
He issued a series of statements tinged with Shia Islamic references. His words contain repeat vows to enacting vengeance, including this not so veiled threat to kill Iran’s enemies:
As for the big picture of where things stand, University of Chicago political scientist Robert Pape, who authors “The Escalation Trap,” has pointed out that that the millions of Iranians who took to the streets last week to attend the late Ayatollah’s funeral demonstrate growing nationalist resolve. He explained that this only makes further escalation more likely later this summer, as public sentiment gets hardened against the US.
“The balance of military capabilities did not change over the weekend,” Pape said. “The balance of political will shifted.“
Referencing the now unraveling ceasefire and negotiations process, Pape is predicting: “The pause appears to be another stage in the escalation process rather than the beginning of de-escalation.”
END
ISRAEL/USA/IRAN/ SUNDAY
Tehran Declares Hormuz Closed, But Ships Are Still Transiting
Sunday, Jul 12, 2026 – 09:20 AM
The Strait of Hormuz’s southern shipping channel remained open Sunday morning despite a sharp escalation in tit-for-tat attacks, with the US launching a third round of airstrikes on Iran and Tehran retaliating against US-linked targets across Arab Gulf states.
“Commercial traffic through the Strait of Hormuz continued at reduced levels, with vessels transiting via both the southern Omani corridor and the northern Iranian-controlled route,” the Joint Maritime Information Center wrote in a note early Sunday.
JMIC added, “Traffic patterns continued to reflect operator caution following recent attacks.”
US Central Command said the overnight strikes on Iran were to neuter its ability to attack commercial ships in the Hormuz chokepoint after a Cyprus-flagged container vessel was heavily damaged near the critical waterway. Iranian media reported explosions across key coastal and energy facilities, including Bushehr, Asalouyeh, and Bandar Abbas.
Our overnight US-Iran wrap detailed that Tehran retaliated with missile and drone attacks on US-linked military facilities in Jordan, Qatar, Kuwait, Bahrain and Oman. Qatar said it intercepted incoming missiles, while air-defense sirens were reported across several Gulf states. Read the report here.
Despite Tehran declaring the Hormuz chokepoint “closed until further notice,” JMIC’s update on the southern Omani shipping corridor and Bloomberg data show a trickle of activity, which may only suggest Tehran’s total control of the strait is waning.
As for the normalization of tanker flows in the Hormuz chokepoint, the timeline now appears to be slipping. Many institutional desks had already priced in a gradual reopening and lowered their Brent and WTI forecasts (Citi was the latest), but that outlook now looks on hold.
END
ISRAEL/USA/IRAN/ SUNDAY
US Engaged In Sustained Attack Waves On Iran As Trump Boasts ‘We Bombed The Hell Out Of Them’
Sunday, Jul 12, 2026 – 05:45 PM
update(1745ET): The Pentagon has confirmed late in the day Sunday that US forces have continues launching more strikes on Iran throughout the day, describing that the latest wave of strikes are aimed to “degrade Iran’s ability to attack civilian mariners.”
US Central Command has been providing more frequent updates throughout the day, as the conflict intensifies. “At 5 p.m. ET today, U.S. Central Command forces began launching more strikes against Iran to continue degrading their ability to attack civilian mariners and commercial ships freely transiting the Strait of Hormuz,” it stated. “The Commander in Chief has directed the strikes to hold Iranian forces accountable.” According to some emerging targeting info:
- Explosions have also been heard in Iran’s Qeshm Island as well as Jask, state TV is reporting.
- Iran’s state TV is reporting explosions near Sirik and west of Bandar Abbas.
- CNN: Within past hour, IRGC fired at commercial shipping
- Trump was on NBC’s Meet the Press a few hours ago, and described Saturday’s US strikes on the Iranian military by saying, “We bombed the hell out of them.”
And more of the latest from Trump:
Also Sunday,President Donald Trump told NBC’s “Meet the Press” that the strait was open to commercial traffic.
“It’s open. We bombed the hell out of them last night. They’re very, very evil and sick people,” Trump said. He said that the Iranians agreed to “a perfect deal for us” the day prior — “no nuclear, no this, no that, no nothing. They gave up everything.”
“And then after that, they left the room. And then within an hour, they launched a drone at a ship,” Trump said.
In the meantime The Washington Post has on Sunday issued an investigative report from the opening days of the war. Washington Post on Sunday is reporting that six Americans were killed in an Iranian drone attack on Kuwait during the second day of sustained exchanges of fire, on March 1st. Military sources cited in WaPo allege this was after American military commanders failed to act on warnings that the targeted facility was vulnerable. The emerging details point toward a severe failure of operational oversight:
Update 1210ET.
The escalation cycle intensified overnight and into early Sunday as the US conducted its third round of strikes this week, while Iran enforced its declared closure of the Strait of Hormuz and launched retaliatory attacks across multiple Gulf states.
CENTCOM confirmed strikes began around 7:15 p.m. ET Saturday night, hitting approximately 140 Iranian military targets. These focused on degrading IRGC capabilities to threaten commercial shipping, including radars, missile/drone sites, launch systems, and coastal assets. Explosions were widely reported in southern and eastern Iran, with state media noting activity in Bandar Abbas, Sirik, Qeshm, Bushehr, Asalouyeh, Jask (10+ blasts), Minab, and other areas. Some unconfirmed reports indicated strikes reached farther north toward Tehran, with Iranian air defenses active over the capital.
The immediate trigger was the IRGC attack on the Cyprus-flagged container ship M/V GFS Galaxy in the Strait of Hormuz. The vessel suffered significant engine-room damage and fire; the crew abandoned ship in lifeboats, with one civilian crew member reported missing. Iran described it as a “warning shot” on an unauthorized route.
Iranian Response And Hormuz Closure
The IRGC declared the Strait of Hormuz closed “until further notice” and until the end of “American interventions.” Tehran framed its actions as defensive and retaliatory, launching ballistic missiles and drones at US-linked targets in Kuwait, Bahrain, Qatar, Jordan (including Muwaffaq Salti Airbase), and Oman.
Reports noted multiple salvos, with some impacts claimed at Jordanian facilities housing US assets (e.g., potential F-35 hangars). Gulf states reported interceptions and minor damage in places.
Leadership And Diplomatic Context
President Trump and Defense Secretary Pete Hegseth emphasized accountability, with statements underscoring that violations would carry costs. On the Iranian side, Supreme Leader Mojtaba Khamenei reiterated calls for revenge, tying them to national sentiment following the funeral observances for his father. The June Memorandum of Understanding (MoU) appears effectively suspended, with both sides accusing the other of bad faith. Qatari-mediated contacts continue but show no breakthrough, as Iran insists the US must first fulfill commitments on Hormuz transit and oil exports.
This round represents the most significant breach of the fragile ceasefire to date, with risks to global energy flows heightened by the Hormuz closure. Oil prices remain volatile amid the uncertainty. Casualty figures from the latest strikes are still emerging (Iranian reports cite deaths and injuries), and the situation continues to evolve rapidly. Further monitoring of CENTCOM, IRGC statements, and regional air defense activity is critical, as both sides signal readiness for sustained pressure while leaving narrow diplomatic off-ramps.
* * *
LATE SUNDAY NIGHT
Oil Jumps, Futures Drop On Fresh Iran Strikes, Hormuz Confusion
Sunday, Jul 12, 2026 – 08:20 PM
Oil jumped and US equity futures fell after the US launched another round of strikes against Iran, while conflicting claims over the status of the Strait of Hormuz heightened uncertainty.
S&P 500 futures dropped 0.2% in early trading Monday after the cash index closed 0.4% higher on Friday.
WTI crude climbed 3% at the open, trading around $74, while the dollar rose against most major peers.
Risk crept in after the US military launched several rounds of strikes in recent days, culminating with the latest barrage around 5pmET on Sunday aimed at further weakening Iran’s ability to strike civilian vessels transiting the Strait of Hormuz, the US Central Command said. The latest action followed Iranian drone and missile attacks on US allies including Kuwait, Jordan and Qatar in response to earlier US strikes.
Confusion over the status of the Strait of Hormuz only added to the uncertainty, after Iran said it had closed the waterway while the US military and maritime authorities said shipping continued through its southern route. According to Axios, a US official said “around 20 commercial vessels transited through the Strait of Hormuz in coordination with the US military over the last 24 hours, in addition to several vessels without US coordination.”
“The latest developments over the weekend suggest markets may face a volatile start to trading which could test the glass half full mentality we have seen recently,” Nick Twidale, chief market analyst at AT Global Markets, wrote in a note to clients.
Besides a return to hostilities, investors are also bracing for a pivotal earnings season, with results from JPMorgan, BofA, Citi, Goldman and Wells all due Tuesday. According to Bloomberg, S&P 500 companies are expected to post a 24% jump in second-quarter profits, though the benchmark’s rally has become increasingly reliant on gains outside the technology megacaps that have driven markets in recent years.
In Europe, Deutsche Bank expects Stoxx 600 firms to report a 12% jump in second-quarter earnings, following a 7% rise in the first quarter. Profits for MSCI Asia Pacific constituents are estimated to rise 39%, up from 6.9% in the previous three months, largely driven by chip-exporting powerhouses such as Korea and Japan.
The outlook is being tested by persistent inflation, higher energy prices and growing expectations the Federal Reserve may resume raising interest rates, threatening corporate margins. Just last week, several Fed officials warned that surging memory prices are rising core inflation, with Goldman calculating that the impact on core PCE by year-end will be +0.5% due to surging chip costs.
With US and global equities trading near record highs and valuations elevated, investors see little room for disappointing results.
Investors will also keep a close eye on this week’s US CPI data, after oil’s biggest weekly gain since mid-May revived concerns that higher energy costs could further complicate the disinflation story. Consumer and producer price reports – the last inflation readings before the Fed meets later this month – will offer fresh clues on the path of interest rates.
Traders have ramped up bets on further tightening, with swaps pricing almost 40 basis points of Fed hikes by December, up from about 15 basis points in early June. Economists surveyed by Bloomberg expect both headline and core inflation to have eased slightly in June, though both are forecast to remain well above the Fed’s 2% target.
Fed Chair Kevin Warsh will also make his first congressional appearance since taking the helm after pledging to scale back forward guidance on the rate outlook.
end
LATE SUNDAY
US Unleashes More Attack Waves On Iran As Trump Boasts ‘We Bombed The Hell Out Of Them’; 5th Fleet Navy HQ Reportedly Struck
Sunday, Jul 12, 2026 – 10:10 PM
update(2210ET): The Pentagon has confirmed late in the day Sunday that US forces have continued launching more strikes on Iran throughout the day, describing that the latest wave of strikes are aimed to “degrade Iran’s ability to attack civilian mariners.”
US Central Command has been providing more frequent updates throughout the day, as the conflict intensifies. “At 5 p.m. ET today, U.S. Central Command forces began launching more strikes against Iran to continue degrading their ability to attack civilian mariners and commercial ships freely transiting the Strait of Hormuz,” it stated. “The Commander in Chief has directed the strikes to hold Iranian forces accountable.” According to some emerging targeting info:
- Direct hits reported on US Navy’s 5th Fleet HQ in Bahrain: WSN and Noor News
- Explosion reported at US bases in Kuwait: Tasnim
- Explosions have also been heard in Iran’s Qeshm Island as well as Jask, state TV is reporting.
- Iran’s state TV is reporting explosions near Sirik and west of Bandar Abbas.
- CNN: Within past hour, IRGC fired at commercial shipping
- Trump was on NBC’s Meet the Press a few hours ago, and described Saturday’s US strikes on the Iranian military by saying, “We bombed the hell out of them.”
And more of the latest from Trump:
Also Sunday,President Donald Trump told NBC’s “Meet the Press” that the strait was open to commercial traffic.
“It’s open. We bombed the hell out of them last night. They’re very, very evil and sick people,” Trump said. He said that the Iranians agreed to “a perfect deal for us” the day prior — “no nuclear, no this, no that, no nothing. They gave up everything.”
“And then after that, they left the room. And then within an hour, they launched a drone at a ship,” Trump said.
US Navy 5th Fleet headquarters in Bahrain reported struck by Iranian ballistic missiles this weekend:
In the meantime The Washington Post has on Sunday issued an investigative report from the opening days of the war. Washington Post on Sunday is reporting that six Americans were killed in an Iranian drone attack on Kuwait during the second day of sustained exchanges of fire, on March 1st. Military sources cited in WaPo allege this was after American military commanders failed to act on warnings that the targeted facility was vulnerable. The emerging details point toward a severe failure of operational oversight:
END
MONDAY
Dispute Whether Hormuz Is Open Intensifies As Ships Continue Transiting
Monday, Jul 13, 2026 – 08:05 AM
The US and Iran exchanged another round of strikes overnight, extending a weeklong surge in fighting and casting dark clouds of uncertainty over whether the Strait of Hormuz remains open to commercial shipping.
US Central Command revealed US forces unleashed air-delivered munitions on dozens of Iranian air-defense systems, coastal radar systems, missile launch sites, and drone capabilities, bringing the weekend total to about 140 targets. This move aimed to degrade the IRGC’s ability to threaten commercial shipping in the Hormuz chokepoint, which it has done over the past week.
Iran responded with attacks on US-linked facilities in Kuwait, Bahrain, Jordan, and Oman, while also claiming it intercepted two vessels using what it called an “illegal route” through Hormuz.
Early Monday, Iranian state TV reported that IRGC forces fired “warning shots” at multiple ships attempting to transit the Hormuz chokepoint.
“This morning, two ships that were attempting to cross the Strait of Hormuz illegally were targeted and stopped by warning shots fired by the navy of the Revolutionary Guards,” said a correspondent on state TV.
Tehran has declared the strait closed until further notice, but the US military, President Trump, and maritime monitors say the southern route remains passable.
Bloomberg data shows the LNG tanker Al Hamra safely transited the Hormuz chokepoint over the weekend and is now full steam ahead in the Gulf of Oman. Axios noted earlier that 20 commercial ships managed to transit the Hormuz chokepoint in coordination with the US military.
Bloomberg data only tracks ships with transponders on.
Brent crude futures traded up 3.5% to the midpoint of $78 a barrel, while WTI futures are up around 3.4% to $73.85 amid increasingly heated tit-for-tat attacks.
Here is Deutsche Bank equity research analyst Chris Robertson’s summary of developments last week and through the weekend:
Last week, Iran declared that the Strait of Hormuz is closed until further notice. Iran attacked a commercial container ship attempting to transit the region, causing a fire aboard the vessel.
The Joint Maritime Information Center (JIMC) said on Sunday that the southern Omani route remains available, but that the threat level is rated as “severe”.
Regardless of any claims around the Strait being closed or open, what matters is that commercial ship owners are likely not willing to risk transit in an active war zone, putting ships and crews at risk of attack.
We reiterate our initial concerns that despite major destruction of traditional Iranian naval vessels and assets, the ongoing threat that shipowners face is asymmetric warfare technologies such as drones and missiles. These types of threats are much harder to predict or plan for, thereby maximizing uncertainty related to mitigating voyage risks.
We expect transit activity will slow, especially as it relates to vessels planning to enter the Gulf through the Strait which, unlike exiting activity, is the real sign that conditions are normalizing. We believe that an ongoing closure of the Strait of Hormuz will lead to downward pressure on shortterm tanker rates as ships remain in other regions, thereby increasing effective supply of those ships.
As of Monday morning, it is clear that US-Iran diplomacy is unraveling, while US forces are systematically degrading the IRGC’s ability to close the maritime chokepoint. Commercial ships continue to transit the waterway, undermining Tehran’s claim that the critical waterway is effectively shut.
Tehran must also recognize the longer-term strategic risk: every disruption accelerates global investment in pipelines, export terminals, and other infrastructure designed to bypass Hormuz. Once those alternatives are operational (Read Here), Tehran’s greatest source of geopolitical leverage will evaporate. Then what?
* * *
Overnight/Weekend Developments
- US President Trump threatened that the US military would “completely decimate and destroy all areas” of Iran if its leaders attempted or carried out an assassination on him.
- US forces said they struck 140 Iranian military targets on Saturday and were also reported to have carried out another round of strikes on Sunday, while Iran targeted at least five US allies across the Middle East in drone and missile assaults early on Sunday, as well as announced that the Strait of Hormuz would be closed until further notice. However, the Joint Maritime Information Centre said the path along the Omani coastline is still available for transit, while it was separately reported that a Chinese tanker transited through Hormuz via an Iran-designated route.
- US official said around 20 commercial vessels transited through the Strait of Hormuz in coordination with the US military over the last 24 hours, in addition to several vessels without US coordination, according to Axios.
- US military announced on Sunday evening that it began a new wave of strikes against Iran to continue degrading its ability to attack civilian mariners and commercial ships transiting the Strait of Hormuz, while Iranian TV reported explosions in Qeshm, Jask, Bandar Abbas and Sirik.
- US Central Command denied a claim by Iran that three US service members were killed in Kuwait, while it stated that there have been no reports of US casualties in the region, with all personnel accounted for and safe. CENTCOM later commented that it completed a new wave of offensive strikes on Iran, hitting dozens of targets at multiple locations to degrade Iran’s ability to continue attacking international shipping flowing through the Strait of Hormuz.
- Kuwait’s military said three border posts were attacked and that a drilling platform owned by the Kuwait Oil Company was struck in a drone attack, while it was separately reported that US intelligence sources noted observations that Iran was preparing to carry out a massive attack on the UAE and Kuwait.
- Iran said it caused heavy damage to Jordan’s Prince Hassan Airbase, as well as claimed it targeted the Al-Udeid Airbase in Qatar and a US Navy logistics base in Dukm, Oman. Furthermore, Iran also targeted Kuwait and the US base in Bahrain.
- Iranian Supreme Leader Mojtaba Khamenei issued a written statement, vowing to avenge the death of his father and said that it was the demand of the nation.
- Iran’s Foreign Ministry condemned US attacks on Iranian infrastructure, which it said were a violation of the ceasefire deal and the UN Charter, while it warned Gulf states over the use of territory for US attacks.
- Iran’s Deputy Foreign Minister Gharibabadi said no action against Iran should go unanswered and called for a pre-set response to any attempt against Iran, its military, Supreme Leader and officials.
- Iranian lawmaker and member of the Iranian Parliament’s National Security and Foreign Policy Committee, Kashkavi, said Iran prefers to manage the Strait of Hormuz through cooperation with regional states, particularly Oman, and stated that the clear official position is that future management of the Strait will be arranged by Iran.
- Iran denied social media reports that claimed the Bushehr nuclear power plant had been attacked, while its nuclear agency said all units continue to operate normally and that the plant is in a safe and stable condition.
- Iraq’s PM is to visit Washington on Monday, while oil and gas deals are expected to be announced, although the Islamic Resistance in Iraq warned the government against US economic deals and demanded a US troop withdrawal.
- Yemen’s Foreign Ministry reiterated that Yemen would continue its support of Iran in the face of ongoing US and Israeli aggression.
- Israeli artillery conducted further shelling in southern Lebanon, according to Lebanon’s National News Agency.
- Explosions were heard around Iran’s Bandar Abbas and Qeshm Island on Monday afternoon, Mehr News reported, while there is also the possibility of clashes in the Persian Gulf and the Strait of Hormuz.
- Reported fire at Kharg Island appears to be a result of routine flaring, according to Nour News.
- Iran’s Foreign Ministry spokesperson said the US violated all clauses of the MoU in less than a month and stated that Iran will not execute commitments in the MoU as long as the US is not fulfilling its commitments. He added that the MoU is in “crisis” phase. Muscat talks with Oman were solely focused on the Strait of Hormuz. On the recent strikes, none of the US bases in any country in the region have been removed from the target list and that the defensive strikes of Iran are solely against the bases, facilities and positions used by the US to attack Iran, including their logistical and support facilities. In terms of further talks, mediators are still continuing their efforts to mediate between Iran and the US in recent days and Iran is in contact with mediators.
- Iran’s IRGC said only way to open the Strait of Hormuz is to end US military interventions and respect the sovereignty of the countries bordering it.
- There is no clear timetable for Israel’s withdrawal from the experimental areas in southern Lebanon amid a policy of consolidation and non-compliance with the framework agreement, Al Araby reported citing sources.
END
MONDAY
Trump Says US To Seize Control Of Hormuz, Get Paid For It – Iran Quickly Blasts Proposal
Monday, Jul 13, 2026 – 09:30 AM
Summary
- Trump proposes US control of Hormuz: Says the US will “run” the Strait of Hormuz and should be paid for securing it.
- Strikes escalated over weekend: US hit over 140 Iranian military targets; Iran attacks US-linked facilities across the Gulf.
- Shipping tensions boil: Iran claims the strait is closed, but commercial vessels continue transiting under US protection.
- Oil prices climb: on rising risk to global shipping & energy markets, as diplomacy clearly unraveling.
Trump: US to Take Over Strait & Get Paid For It
President Trump in surprising commentary issued to “Fox & Friends” has said the United States will probably take over the Strait of Hormuz and should be reimbursed for controlling it. His words have raised eyebrows given Washington’s stance has been that no one can collect tolls for transit through the vital international waterway. He said once the US gains control of it, following a weekend bombing campaign on Iranian coastal sites, “we’ll probably run it” and “we should be reimbursed for that.”
“We’re going to keep the strait, and we’ll probably run it. We’ll become the guardian of the strait. Maybe we’ll call it the guardian angel of the strait. And we should be reimbursed for that,” he says in the Fox phone interview.
Again, US officials have throughout Operation Epic Fury voiced that it is an illegal outrage for Iran to suggest it would charge fees, but now…
Below is a fuller transcript of the Monday morning exchange:
Fox: It looks like they’re back to trying to take control of the Strait, what’s your response?
Trump: Well, we’re taking over the straight. They have nothing, they’ve got nothing. So…. something that nobody knows, yesterday they had an eleven hour meeting, everything’s eleven hours with these guys you know you can’t settle a one sentence in, one hour, in one minute… It should be one minute—But we had a deal, but nobody knows, we had a deal, it was a done deal, but then they broke it, they always break it. And so we’re just going to hit them very hard. And we’re gonna keep the uh Strait, and we’ll probably run it, we’ll become the guardian of the Strait, maybe we’ll call it “The guardian angel of the Strait”. And we should reimbursed for that, when we do that we’re gonna be reimbursed because the other nations are very wealthy, they’re on our side. We guarded the Strait for 50 years, more, and, we never got paid for it. They made all the money and the US was just, you know, not, it’s just amazing. We guarded it for nothing.
The Iranians have been quick to respond, with its top military command asserting that Iran will not allow the US to intervene in the management of the strait. State-run IRNA also states:
Iran says we will not be forced to pay the ‘enemy’ for ship passage.
So this sets up the warring sides for further clashes in the Persian Gulf region, as absolutist demands continued to be adhered to, and red lines continue to be tested and blown past. Below is more from the Iranian Foreign Ministry articulating enforcement of its passage protocol:
END
MONDAY
Trump Reinstates Iranian Blockade, Stuns With 20% ‘Reimbursement Plan’ On Cargo Transit, Oil Prices Surge
Monday, Jul 13, 2026 – 10:30 AM
Summary
- Trump says US blockade of Iran ports ‘reinstated’: states that US to be reimbursed at rate of 20% of cargo shipped for vessels wishing to transit.
- Strikes escalated over weekend: US hit over 140 Iranian military targets; Iran attacks US-linked facilities across the Gulf.
- Shipping tensions boil: Iran claims the strait is closed, but commercial vessels continue transiting under US protection.
- Oil prices climb: on rising risk to global shipping & energy markets, as diplomacy clearly unraveling.
Trump: Blockade Reinstated, US To Be ‘Reimbursed’ on 20% of Cargo
A stunning new Trump statement via Truth Social, proposing that the United States will collect an astounding rate of 20% of cargo shipped for vessels wishing to transit the Strait of Hormuz. He has declared the US military is “reinstating the Iranian blockade” due to the IRGC continuing to try and enforce Iran’s own protocol. This could of course amount to a US ‘fee’ of tens of millions of dollars for each vessel, significantly more than what Iran was seeking to impose.
Oil jumps this morning on the bellow succession of headlines…
- IRAN’S REVOLUTIONARY GUARDS SPOKESPERSON: WE CONTINUE TO ASSERT OUR AUTHORITY AND CONTROL OVER THE STRAIT OF HORMUZ
- TRUMP: REINSTATING THE IRANIAN BLOCKADE
- TRUMP: US WILL BE REIMBURSED 20% ON CARGO FROM HORMUZ
Trump: US to Take Over Strait & Get Paid For It
President Trump in surprising commentary issued to “Fox & Friends” has said the United States will probably take over the Strait of Hormuz and should be reimbursed for controlling it. His words have raised eyebrows given Washington’s stance has been that no one can collect tolls for transit through the vital international waterway. He said once the US gains control of it, following a weekend bombing campaign on Iranian coastal sites, “we’ll probably run it” and “we should be reimbursed for that.”
“We’re going to keep the strait, and we’ll probably run it. We’ll become the guardian of the strait. Maybe we’ll call it the guardian angel of the strait. And we should be reimbursed for that,” he says in the Fox phone interview.
Again, US officials have throughout Operation Epic Fury voiced that it is an illegal outrage for Iran to suggest it would charge fees, but now…
Below is a fuller transcript of the Monday morning exchange:
Fox: It looks like they’re back to trying to take control of the Strait, what’s your response?
Trump: Well, we’re taking over the straight. They have nothing, they’ve got nothing. So…. something that nobody knows, yesterday they had an eleven hour meeting, everything’s eleven hours with these guys you know you can’t settle a one sentence in, one hour, in one minute… It should be one minute—But we had a deal, but nobody knows, we had a deal, it was a done deal, but then they broke it, they always break it. And so we’re just going to hit them very hard. And we’re gonna keep the uh Strait, and we’ll probably run it, we’ll become the guardian of the Strait, maybe we’ll call it “The guardian angel of the Strait”. And we should reimbursed for that, when we do that we’re gonna be reimbursed because the other nations are very wealthy, they’re on our side. We guarded the Strait for 50 years, more, and, we never got paid for it. They made all the money and the US was just, you know, not, it’s just amazing. We guarded it for nothing.
The Iranians have been quick to respond, with its top military command asserting that Iran will not allow the US to intervene in the management of the strait. State-run IRNA also states:
Iran says we will not be forced to pay the ‘enemy’ for ship passage.
So this sets up the warring sides for further clashes in the Persian Gulf region, as absolutist demands continued to be adhered to, and red lines continue to be tested and blown past. Below is more from the Iranian Foreign Ministry articulating enforcement of its passage protocol:
END
Oil Soars On Saudi-Houthi Missile Attack; Trump Reinstates Iran Blockade, Floats 20% ‘Reimbursement’
Monday, Jul 13, 2026 – 02:15 PM
Summary
- Reports of Houthi missiles launched on Saudi Arabia: oil extends gains near month-highs.
- Trump says US blockade of Iran ports ‘reinstated’: states that US to be reimbursed at rate of 20% of cargo shipped for vessels wishing to transit. CENTCOM affirms with closure message.
- Strikes escalated over weekend: US hit over 140 Iranian military targets; Iran attacks US-linked facilities across the Gulf.
- Shipping tensions boil: Iran claims the strait is closed, but commercial vessels continue transiting under US protection.
- Oil prices climb: on rising risk to global shipping & energy markets, as diplomacy clearly unraveling.
Oil Surges To Month-Highs on Yemen Missile Attack on Saudi Arabia
Reports are emerging out of Saudi Arabia of inbound ballistic missile attacks on its air bases and/or an international airport. With Houthi potential involvement unfolding, there are fears that this war is now rapidly expanding. Oil is reacting to what is both the complete unraveling of the MoU and new signs of the Houthis joining the war on Iran’s side:
- US blockade encompasses entirety of Iranian coastline: RTRS
- Saudi defenses dealing with Houthi missile attack: Alekhbariya
- Tasnim reports of an attack on Abha International Airport in Saudi Arabia
- Yemeni war media identifies the coordinates of important airports and ports in Saudi Arabia that will likely be targeted by Houthi attacks, reports Tasnim
WTI climbs to near $78 around one month highs…
CENTCOM statement affirming Trump’s blockade announcement:
At the Commander in Chief’s direction, U.S. Central Command (CENTCOM) forces will resume blockading maritime traffic entering and exiting Iranian ports on July 14 at 4 p.m. ET.
CENTCOM forces will enforce the blockade against vessels transiting to or from Iranian ports and coastal areas. The U.S. military continues to support traffic flow through regional waters for all vessels not violating the blockade.
The resumption of the U.S. blockade against Iran follows the initial implementation from April 13 to June 18. CENTCOM forces redirected more than 140 compliant vessels, disabled nine non-compliant ships, and allowed over 50 commercial vessels supporting humanitarian aid to pass through the blockade during the two-month period.
All mariners are advised to monitor Notice to Mariners broadcasts and contact U.S. naval forces on bridge-to-bridge channel 16 when operating in the Gulf of Oman and Strait of Hormuz approaches.
Trump: Blockade Reinstated, US To Be ‘Reimbursed’ on 20% of Cargo
A stunning new Trump statement via Truth Social, proposing that the United States will collect an astounding rate of 20% of cargo shipped for vessels wishing to transit the Strait of Hormuz. He has declared the US military is “reinstating the Iranian blockade” due to the IRGC continuing to try and enforce Iran’s own protocol. This could of course amount to a US ‘fee’ of tens of millions of dollars for each vessel, significantly more than what Iran was seeking to impose. Iran’s retaliation continues? New reports of major incident in Saudi Arabia:
Oil extends gains, rise 7% to session highs:
Oil jumps this morning on the bellow succession of headlines…
- IRAN’S REVOLUTIONARY GUARDS SPOKESPERSON: WE CONTINUE TO ASSERT OUR AUTHORITY AND CONTROL OVER THE STRAIT OF HORMUZ
- TRUMP: REINSTATING THE IRANIAN BLOCKADE
- TRUMP: US WILL BE REIMBURSED 20% ON CARGO FROM HORMUZ
Trump: US to Take Over Strait & Get Paid For It
President Trump in surprising commentary issued to “Fox & Friends” has said the United States will probably take over the Strait of Hormuz and should be reimbursed for controlling it. His words have raised eyebrows given Washington’s stance has been that no one can collect tolls for transit through the vital international waterway. He said once the US gains control of it, following a weekend bombing campaign on Iranian coastal sites, “we’ll probably run it” and “we should be reimbursed for that.”
“We’re going to keep the strait, and we’ll probably run it. We’ll become the guardian of the strait. Maybe we’ll call it the guardian angel of the strait. And we should be reimbursed for that,” he says in the Fox phone interview.
Again, US officials have throughout Operation Epic Fury voiced that it is an illegal outrage for Iran to suggest it would charge fees, but now…
Below is a fuller transcript of the Monday morning exchange:
Fox: It looks like they’re back to trying to take control of the Strait, what’s your response?
Trump: Well, we’re taking over the straight. They have nothing, they’ve got nothing. So…. something that nobody knows, yesterday they had an eleven hour meeting, everything’s eleven hours with these guys you know you can’t settle a one sentence in, one hour, in one minute… It should be one minute—But we had a deal, but nobody knows, we had a deal, it was a done deal, but then they broke it, they always break it. And so we’re just going to hit them very hard. And we’re gonna keep the uh Strait, and we’ll probably run it, we’ll become the guardian of the Strait, maybe we’ll call it “The guardian angel of the Strait”. And we should reimbursed for that, when we do that we’re gonna be reimbursed because the other nations are very wealthy, they’re on our side. We guarded the Strait for 50 years, more, and, we never got paid for it. They made all the money and the US was just, you know, not, it’s just amazing. We guarded it for nothing.
The Iranians have been quick to respond, with its top military command asserting that Iran will not allow the US to intervene in the management of the strait. State-run IRNA also states:
Iran says we will not be forced to pay the ‘enemy’ for ship passage.
So this sets up the warring sides for further clashes in the Persian Gulf region, as absolutist demands continued to be adhered to, and red lines continue to be tested and blown past. Below is more from the Iranian Foreign Ministry articulating enforcement of its passage protocol:
O
ISRAEL TBN
iran
Fmr. Iranian president under house arrest after regime uncovers ties to Israel, Mossad – report
For years, Israel conducted a covert operation aimed at recruiting former Iranian president Ahmadinejad as an intelligence asset and, at a later stage, even planned to install him as Iran’s leader.
Former Iranian president Mahmoud Ahmadinejad at former supreme leader Ali Khamenei’s funeral, July 6, 2026.(photo credit: SECTION 27A COPYRIGHT ACT)Which official invited Ahmadinejad to Budapest?➤Why is Ahmadinejad under house arrest?➤Who recruited the former Iranian president?➤What was the secret conference cover for?➤
ByAMIT AVITAN, TZVI JASPERJULY 13, 2026 13:53Updated: JULY 13, 2026 14:33
Former Iranian president Mahmoud Ahmadinejad is under house arrest by the Islamic Revolutionary Guard Corps’ intelligence arm after Iranian authorities uncovered a significant portion of his contacts with Israel, The New York Times reported on Monday, citing four senior Iranian officials.
For years, Israel conducted a covert operation aimed at recruiting Ahmadinejad as an intelligence asset and, at a later stage, even planned to install him as Iran’s leader following the overthrow of the regime, according to an extensive New York Times investigation.
According to the report, one of the operation’s more unusual stages took place in early 2024, when a senior Hungarian government official asked Gergely Deli, rector of the Ludovika University of Public Service in Budapest, to invite Ahmadinejad to a conference on climate change.
Deli said he was told that the conference would in fact serve as cover for secret talks between Ahmadinejad and Israeli intelligence officials. Despite concerns about potential damage to his own reputation and that of the university, he agreed to invite Ahmadinejad because he believed that if “you have two enemies, and if these enemies want to talk with each other, then it’s best to do what you can to make them talk.”
Former American officials said that former Shin Bet (Israel Security Agency) head David Barnea personally traveled to Budapest in order to meet with Ahmadinejad.
Israel made payments to Ahmadinejad
In the years that followed, Israel made several secret payments to Ali Akbar Javanfekr, a spokesman for Ahmadinejad, and Israeli agents met with him several more times before the beginning of Operation Roaring Lion.
In February, the New York Times reported, Ahmadinejad’s home compound was hit by an Israeli airstrike targeting his bodyguards and armored car, after which he was picked up by Mossad operatives and taken to a secret safe house. He eventually left the safe house for unclear reasons, and was not seen again until making an appearance at former supreme leader Ali Khamenei’s funeral.
According to senior Iranian officials, he has been taken into custody by the Islamic Revolutionary Guard Corps’ intelligence wing, and placed under house arrest.
Mossad officials and Ahmadinejad’s spokesman Javanfekr declined to comment to the New York Times.
Ahmadinejad motivated by power, not money
According to Abdolreza Davari, a former advisor and associate of Ahmadinejad, the former president would not have worked with Israel for money.
“He has money; he has a wide economic network. He would do it for power. He wants to be at the helm of power,” Davari told the New York Times in a phone interview.
Another associate said that Ahmadinejad had spoken about his ambitions to become Iran’s new ruler with the help of foreign powers, and had been concerned that a war would cause the US and Israel to choose a destabilizing figure instead.
After being disqualified three times in Iran’s presidential race, the associate added, Ahmadinejad had become distrustful of the Iranian system.
He had also expressed frustration and resentment with members of the Iranian regime, such as Khamenei. His associate told the New York Times that he had stated in the past that, if he returned to power, he would normalize relations with Israel through the Abraham Accords.
end
HAMAS
Hamas raids WFP distribution point in Gaza Strip, drawing condemnation from UN official
Though Hamas went unnamed in the statement, Alakbarov labeled Israel’s expansive control of the territory as a major threat to humanitarian supplies in the Palestinian territory.
Terrorists from Hamas and Palestinian Islamic Jihad stand on a street during Eid al-Fitr in Gaza City, March 20, 2026.(photo credit: Dawoud Abu Alkas/Reuters)ByDANIELLE GREYMAN-KENNARDJULY 13, 2026 12:34Updated: JULY 13, 2026 12:55
“De facto authorities” invaded and assaulted staff at the Abu Rashid food distribution point in Jabalia on Saturday, United Nations Deputy Special Coordinator for the Middle East Peace Process Dr. Ramiz Alakbarov complained on Sunday, while notably failing to name Hamas in his statement.
Hamas terrorists invaded the warehouse, operated by the World Food Programme (WFP), and assaulted two drivers who were delivering humanitarian supplies, according to the UN.
Asserting that he “strongly” condemned the incident, Alakbarov acknowledged there was a “dangerous pattern of intimidation, violence and obstruction, including smuggling attempts, targeting and abusing humanitarian operations” being carried out by the “de facto authorities.”
Though Hamas went unnamed in the statement, Alakbarov labeled Israel’s expansive control of the territory as a major threat to humanitarian supplies in the Palestinian territory.
“The expansion of areas under Israeli control is further reducing the space available to civilians, making it imperative that humanitarian assistance is able to move safely and reach people in need without interference,” he wrote. “Under international humanitarian law, all parties must respect and protect humanitarian personnel, facilities and relief supplies, and refrain from actions that obstruct humanitarian operations…”
“The people of Gaza have already endured immense suffering. They cannot be subjected to further delays or disruptions in the delivery of life-saving assistance. I reiterate that humanitarian organizations must be able to carry out their work safely, independently, impartially and without fear of intimidation or violence.”
COGAT condemns incident as part of Hamas intimidation
The Coordinator of Government Activities in the Territories (COGAT) also condemned the incident, noting that it is part of a pattern of intimidation employed by the terror group.
“This constitutes further clear evidence that Hamas cynically exploits the humanitarian space and the aid intended for the residents of the Gaza Strip for its own purposes,” COGAT wrote. “The facts are clear: humanitarian aid is entering the Gaza Strip. Hamas is the party undermining the distribution mechanisms, seizing humanitarian aid, and preventing it from reaching the civilian population.”
END
SAUDI ARABIA/YEMEN:
Saudi Jets Bomb Sanaa International Airport To Stop Iranian Passenger Plane From Landing
Monday, Jul 13, 2026 – 08:55 AM
Renewed conflict continues to be potentially breaking out over Yemen, as on Monday Saudi Arabia struck the runway of the Houthi-controlled Sanaa International Airport, amid growing allegations that Iranian flights have increasingly made use of Yemen’s airspace.
The Saud-backed Yemeni government which has long been locked in a civil war for the country’s future has singled out the Houthi rebels for hosting Iranian flights, warning that its “patience has run out” and that it will respond to any airspace violations.
Illustrative prior image of an Iranian passenger plane operating at Sanaa airport, after over the years direct flights from Tehran have taken place over Saudi objections. via AP
“The Yemeni legitimate government, in cooperation with the regional and international community, and by all diplomatic and legal means, has tried to convince the Iranian regime and the Houthi coup militias in Sana’a to return to the armed forces and not to penetrate the Yemeni airspace with the Iranian planes,” an official statement said.
Residents of the Houthi-controlled capital of Sanaa have reported seeing warplanes flying overhead, after Houthi-affiliated Al-Masirah channel indicated the strikes targeted the airport’s landing and takeoff runways.
“In an unjust aggression, the Saudi enemy carried out several airstrikes against Sanaa International Airport,” Houthi military spokesman Yahya Saree responded. “The Saudi aggression against Sanaa airport has ended the phase of de-escalation, and it must bear the consequences of its aggression,” he added.
Another senior Houthi official, Hazem al-Assad, also threatened in follow-up remarks: “The Saudi regime will discover that it has dug its own grave.”
The Iranian plane in question reportedly hasn’t been hit or damaged, and was safely diverted to Yemen’s Hodeidah International Airport.
The “internationally recognized” Yemeni government has long been propped up by Saudi Arabia, the UAE, and the US, after a lengthy half-decade long UAE/Saudi/US coalition air war failed to dislodge Houthi power. The pro-Saudi government operates out of Aden in southern Yemen, after the country’s president fled there a decade ago.
Earlier this month there was another attempted Saudi warplane intercept of an Iranian civilian airliner, which was reportedly carrying Yemenis who had been stranded in Iran back to their home country.
The Houthis at the time of the prior incident said it was “breaking the Saudi-American siege on our people and expelling the occupiers.”
As we featured previously, since 2015 Saudi Arabia has imposed a blockade on Yemen’s land, sea, and air ports, severely restricting vital commercial and humanitarian imports, including fuel and food.
The blockade triggered what the UN called one of the most severe humanitarian crises globally, leading millions towards famine and drastically damaging healthcare and water systems.
The Houthis continue to be an important side-player related to the US-Iran war, given they’ve continually threatened to block the key Bab el Mandab Strait and return the war to the Red Sea region.
END
RUSSIA VS UKRAINE
Ukraine Prime Minister’s Shock Resignation Marks Start Of Broader Zelensky Cabinet Reshuffle
Monday, Jul 13, 2026 – 04:15 AM
Ukrainian President Zelensky is undertaking a dramatic cabinet reshuffle, at a moment Kiev sees itself as having military momentum against Russia with its non-stop drone assaults on Russian energy sites.
The country’s Prime Minister Yulia Svyrydenko has confirmed Sunday her shock resignation, which has come as a major surprise to many lawmakers and unleashed speculation about what’s behind it. She has held the office since July 2025, and helped spearhead major reconstruction funding deals with the United States and Europe.
Svyrydenko announced on social media she was “proud to have had the honor of leading the government during one of the most difficult periods in Ukraine’s modern history.”
She further described that she discussed “next steps” with Zelensky but without providing any details. “I remain ready to serve the Ukrainian state and carry out every task aimed at strengthening Ukraine’s position, defending our national interests and bringing a just peace closer,” she said.
According to a backgrounder on Svyrydenko:
Svyrydenko, Ukraine’s former economy minister, was named prime minister in July 2025 at the age of 39 after playing a lead role in securing a mineral agreement between Ukraine and the U.S., seen as an important way of tying U.S. interests to Ukraine’s security.
…He also said he had offered Svyrydenko the opportunity to lead “a new, important area” in Ukraine’s relations with a key international partner.
One unnamed Ukrainian lawmaker conceded to national media that “It’s a strange situation” given that “Cabinet resignations are generally a last resort.“
The official continued, “They’re usually something you would expect in the fall, when the political season begins, and people expect some political changes, since there are no elections.”
“Maybe there are some extraordinary reasons for the reshuffle… It looks like a preemptive move,” the person added, while expressing that lawmakers sees no obvious reason behind the prime minister’s removal.
Zelensky in a statement suggested a broader government overhaul is underway. “Ukraine is changing its political strategy.”
“The Cabinet of Ministers needs to be renewed,” Zelensky said. “Each priority area of foreign policy will be assigned to a specific person with substantial experience who is capable of implementing what we agree on at the leaders’ level and what the Ukrainian people expect,” he described further of an impending reshuffle. Who is next on the chopping block?
6/.GLOBAL ISSUES, COVID ISSUES, VACCINE INJURIES/HEALTH ISSUES
The COVID Reckoning That Never Came
Saturday, Jul 11, 2026 – 04:20 PM
Authored by Ed Dowd via ‘Beyond The Narrative’ substack,
The COVID Reckoning That Never Came… And the Silence That Proves the Psyop
Over the last several years I have been posting nonstop on X about the same nightmares we’ve been living through…the COVID psyop, the experimental mRNA shots, the mandates that destroyed lives, the injuries, the excess deaths, and the relentless propaganda machine that tried to silence anyone who noticed the bodies piling up. I have watched it all in real time: the fear porn, the goalpost moving, the “safe and effective” lies repeated like gospel while real-world data told a different story.
Now we have fresh, documented revelations that should have blown the lid off of everything. Instead? Crickets from the media and, more disappointingly, from the current administration that promised accountability.
Senator Ron Johnson dropped another devastating report and hearing in late April 2026: “Unmasked: How Biden Health Officials Purposely Turned a Blind Eye Toward COVID-19 Vaccine Safety Signals.” Internal records show FDA officials knew their VAERS monitoring was inadequate to say least. They had better data-mining tools ready to flag clear safety signals: cardiac deaths, strokes, pulmonary issues, Bell’s palsy but they chose not to use them. Why? To avoid “vaccine hesitancy.”
This was not screw-up territory. It was deliberate. Vaccine-injured people sat across from Peter Marks and other top FDA brass begging for acknowledgment. They got stonewalled. Johnson rightly calls this one of the biggest scandals in his decades in public service. Then in early June he held another hearing exposing potential cancer links to the mRNA shots and the systematic suppression of critical studies. Same playbook: inconvenient science gets buried or attacked.
Around the same time, Tulsi Gabbard, in one of her final moves as DNI, declassified documents laying out Fauci’s role in funding gain-of-function research at Wuhan, the lab-leak cover-up, the intelligence manipulation, and the retaliation against truth-tellers. Millions of taxpayer dollars funneled into risky biolabs, followed by the full narrative-control machine kicking in to blame nature instead of the obvious.
These are not anonymous X threads. This is a sitting Senator with subpoena power and the former Director of National Intelligence dropping official records.
So where is the firestorm? Where are the front-page exposés, the prime-time specials, the demands for real hearings and prosecutions? In 1976 the swine flu vaccine was pulled after 25 deaths and 500 cases of Guillain Barre Syndrome. In the covid shot era we have approximately 39,000 deaths reported to VAERS following the shot. Apparently lives got cheaper over the last 50 years. The legacy media has mostly ignored it, downplayed it, or run the usual “right-wing conspiracy” dismissals. Paid to lie… and crickets on recent FDA COVID vax revelations. Their complicity is not an understatement, rather it was essential to the entire psyop.
Even more frustrating is the relative silence from the current Trump administration. After years of vowing to expose the lies and drain the swamp on the pandemic response, these revelations land and… not much follow-through. No aggressive push for accountability. No sustained public reckoning for the officials who covered up safety signals or manipulated the origins story. That silence hits hard. Additionally the vaccines are still on the market and this administration is now complicit. What an epic failure!
A lot of us did not need Johnson’s reports or Gabbard’s declassifications to see the fraud. Back in 2022 and 2023, my team at Phinance Technologies was already digging into the data and uncovering the real narrative through our Humanity Projects. We analyzed excess deaths, disability surges, absence rates, and the human and economic costs of mass inoculations when almost no one else wanted to touch it. Check out the full body of work here: Humanity Projects
What we found through cold, hard numbers lined up with what the bodies on the ground were showing. We weren’t surprised by the latest revelations from Senator Johnson. We had been sounding the alarm years earlier, while getting labeled conspiracy theorists for it.
We watched the institutionally well-established benefits of natural immunity get summarily dismissed and memory holed. We saw “two weeks to flatten the curve” turn into endless boosters for the compliant and job losses for the unvaccinated. We saw friends and family injured or worse, then told it was “rare,” “coincidence,” or “misinformation.” Those of us who protested the mandates and the experimental mRNA shots were labeled Russian disinformation, dangerous spreaders, even domestic terrorists. It did not stick, but they tried.
For those who saw through the propaganda early, resisted it, and watched peers fall for it our worldview has forever changed. The greatest cover-up ever. But despite the MSM blackout, word has gotten out through underground channels, thanks in no small part to Senator Ron Johnson and others who refused to let subject die.
The betrayal runs deep. These new revelations do not surprise us but rather they confirm what the data and our own eyes showed years ago. They lied. They knew they were lying. They censored, gaslit, and destroyed lives to protect the narrative. Many institutions including public health, intelligence, media, Big Pharma were all in on it and still propagating the lies today.
That loss of trust is profound and permanent for millions of us. We no longer default to believing official statements. We demand primary data. We assume self-preservation and narrative control from authorities until proven otherwise. The COVID era did not just damage credibility on one issue instead it shattered how an entire group of people view government, “experts,” and authority. “Doing your own research” proved to be a critical lifesaver.
The people in authority still defending the garbage jab or pretending none of this matters can keep taking their 12 boosters (dirty little secret… they are not). The rest of us are done. We are profoundly changed. More skeptical. More data driven. Less willing to comply. Team Humanity was born out of this mess.
The window for real accountability is slamming shut. Even if these official revelations get memory-holed, the lesson is clear: they never planned to come clean. They want us to forget and move on to the next crisis.
I am not forgetting. And from what I see every day, millions are not either. As time rolls forward and the cognitive dissonance of those who took the vaccine wears off…our numbers will continue to grow.
“For nothing is hidden that will not be made manifest, nor is anything secret that will not be known and come to light.” — Luke 8:17
GLOBAL ISSUES
MARK CRISPIN MILLER
DR PAUL ALEXANDER.
Lindsey Graham is dead! Did the Malone Bourla Bancel Sahin Pfizer Moderna BioNTech Weissman Kariko et al. mRNA vaccine kill him? Many have died due to Malone mRNA vaccine that RFK Jr. REFUSE to remove
from US market that we THOUGHT in supporting him he was going to do; now we know it was all a lie to get donor money & camera & fame & pose, all of them, turncoats, duplicitous LIARS! All!
| Dr. Paul AlexanderJul 12 |  |
Money making duplicitous liars! Lindsey Graham may have died due to it, in some manner and we cannot discount the role of the deadly Malone mRNA vaccine that POTUS Trump still wrongfully says saved millions of lives with the deadly Operation warp speed lockdowns, that it too killed people. Not ONE life was saved by the mRNA vaccine nor COVID fraud fake non-pandemic lockdowns!
I say place the Malone Bourla RFK Jr. Pfizer Outlaw Josie Susie Wales Wiles mRNA vaccine at core of the debate of cause. Until we can say it is not.
END
.RABOBANK/MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL AND NATURAL GAS//ENERGY COMMENTARIES
Dubai’s New East Coast Port Signals The Beginning Of End For Iran’s Hormuz Leverage
Monday, Jul 13, 2026 – 01:45 PM
Less than a week into the US-Iran conflict, specifically on March 3, we began to see the writing on the wall: Tehran’s leverage over the Strait of Hormuz would eventually erode. That would happen not only because the US military could systematically destroy IRGC’s radar sites, coastal missile batteries and drone launch sites along the maritime chokepoint, but also because Gulf states would eventually respond with a generational infrastructure buildout, from new pipelines to coastal ports, designed to entirely bypass Hormuz altogether.
Surprising Fujairah is not a bigger oil terminal: it bypasses the straits completely.
Expect major infrastructure push here after the war. https://t.co/Do1gK7KBDQ— zerohedge (@zerohedge) March 3, 2026
The emerging theme gained momentum on Monday morning with a new Financial Times report stating that Dubai’s state-owned ports and logistics giant, DP World, is considering a massive new port and container terminal on the UAE’s east coast, in Fujairah, to bypass the Hormuz chokepoint.
Jebel Ali’s port, which handled 15.6 million 20-foot containers last year, is located southwest of central Dubai, toward Abu Dhabi, and was battered over the last several months when Iran closed the strait, sending containerized volume down nearly 95%. That shipping shock, according to an FT source, was enough for DP’s executives to begin looking for alternative routes.
Here’s more from the report:
DP World was now discussing a term sheet with government officials, with the new project’s structure and financing yet to be finalised, the people said. The new port could be completed as soon as within a year and a half, a senior company official said.
The Jebel Ali Port is DP’s crown jewel, the largest port and the anchor of the Jafza free zone, which hosts about 12,000 companies.
“Jebel Ali will continue to be Jebel Ali,” a senior DP official told the FT. “It will never be downsized.”
“We do have our own plan, and we’ve been very active in terms of looking at the eastern coast as far as DP World is concerned,” the senior official said. “It’s defensive in case things go wrong,” the senior DP official continued.
Shifting part of the port’s capacity outside Dubai is a seismic change but not surprising given that UAE’s Minister of Foreign Trade Thani Al Zeyoudi recently told Bloomberg in an exclusive interview, “We’re moving toward having zero Hormuz dependency and that’s regardless of whether it’s open or not. It’s going to open and we hope that will happen quickly, but we will not stop the new plan.”
The plan includes major investments in pipelines, rail, and road links from UAE ports in the Persian Gulf to Dibba, Fujairah, Khor Fakkan and at least one new harbor on the Gulf of Oman coast.
In the early months of the conflict, Saudi Arabia’s Hormuz-bypassing East-West pipeline was the prime example of being hedged for a Hormuz closure, able to shift 7 million barrels a day from Persian Gulf loading terminals to those at Yanbu on the Red Sea.
Related:
With US-aligned Gulf states in the process of shifting critical energy and container supply chains away from the Hormuz area, this will only accelerate the erosion of Tehran’s geopolitical leverage over the chokepoint.
… and now with President Trump reinstating the Hormuz blockade…
… this will only supercharge the bypass theme.
Tank bottom calling on line 1
ROBERT H…
Cushing, Oklahoma’s 90 million Barrel Commercial Oil Reserves are already completely empty, and the Strategic Petroleum Reserve is only about 19 Million Barrels away from “operational minimum.”
I do not know why oil is not much higher. But when you see gas stations without gas 
️ prices will rise.
Why anyone thinks the Iran conflict will end anytime soon is a mystery. As it is yesterday and today both sides are trading missile strikes.
Inflation is already a done deal as food and transportation costs will rise. There is no time left to avoid what comes forth.
END
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
CUBA
Cuba Plunges Into Second Island-Wide Blackout As Communist System Unravels
Saturday, Jul 11, 2026 – 08:45 AM
Cuba suffered its second nationwide blackout in a matter of days late Friday, another sign that the communist-controlled island is sliding deeper into economic collapse amid tightening US sanctions and renewed pressure from the Trump administration.
Havana blames US “gunboat diplomacy” and the financial sanctions for its economic demise, but the roots of the crisis are decades of communist rule, chronic underinvestment, widespread economic mismanagement and a crumbling power grid.
Yet America’s Democratic Party is increasingly embracing socialism and communist ideology, a deeply misguided political messaging campaign at a time when Cuba is offering a real-world case study in how such systems repeatedly fail, leaving economic ruin, institutional decay and human suffering in their aftermath.
The latest islandwide blackout came as four US lawmakers urged the Trump administration to sanction Cuba’s state-run overseas medical-services operator, arguing it exploits healthcare workers and generates revenue for the communist regime.
As we’ve described, the Feds are in the process of dismantling the command and control structure of a Cuba/China foreign subversion network with alleged links to left-wing NGOs and Democratic Party socialists:
- Leaked Memo Shows ‘Pro-Cuba’ NGO Network Preparing To Target ICE, US Bases, Federal Buildings
- “No Longer Tolerate Radical Marxists”: Rubio Sanctions Revolutionary Cuban Influence Network Tied To U.S. Left-Wing NGOs
- Feds Nab Alleged Member Of “Sprawling” Cuban Communist Subversion Network Linked To Hasan Piker’s Havana Trip
- DOJ Grand Jury Probes Neville Roy Singham’s Marxist NGO Empire: Report
Even top Democrats are calling for investigations:
Back to the blackout. Just before the first nationwide outage earlier this week, Raúl Castro’s grandson, Raúl Guillermo Rodríguez Castro, told USA Today that he was prepared to negotiate with President Trump.
The timing is notable. The Trump administration is intensifying pressure on Havana as Cuba’s communist regime continues to implode, and at some point, will eventually force the regime toward market reforms and a greater role for capitalism.
END
U.S./GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS MONDAY 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: 1.1434 UP 0.0026
USA/ YEN 162.07 UP 0.470 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 1.3395 UP 0.0007 OR 7 BASIS PTS
USA/CAN DOLLAR: 1.4129 DOWN 0.0017 //CDN DOLLAR UP 17 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED DOWN 82.37 PTS OR 2.06%
Hang Seng CLOSED UP 38.60 PTS OR 0.16%
AUSTRALIA CLOSED UP 0.06%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 38.60 PTS OR 0.16%
/SHANGHAI CLOSED DOWN 82.37 PTS OR 2.06%
AUSTRALIA BOURSE CLOSED UP 0.06%
(Nikkei (Japan) CLOSED DOWN 1207.73 PTS OR 1.76%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: $4061.00
silver:$58.45
USA DOLLAR VS TRY (TURKISH LIRA): 47.00 PLUS 1 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: 76.91 ROUBLE// UP 0 ROUBLE AND 8 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: 4.9223 UP 5 BASIS PTS
UK 30 YR BOND YIELD: 5.6370 UP 2 BASIS PTS
CDN 10 YR BOND YIELD: 3.540 UP 3 BASIS PTS
CDN 5 YR BOND YIELD; 3.130 UP 0 BASIS PTS
USA dollar index early MONDAY MORNING: 100.68 DOWN 7 BASIS POINTS FROM FRIDAY’s CLOSE
MONDAY MORNING NUMBERS ENDS
And now your closing MONDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.433% UP 2 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.787% UP 8 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.914 UP 4 BASIS PTS//
SPANISH 10 YR BOND YIELD: 3.534 UP 2 in basis points yield
ITALY 10 YR BOND: 3.842 UP 3 points in basis points yield ./
GERMAN 10 YR BOND YIELD: 3.0562 UP 2 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY MONDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/10:00 AM
Euro/USA 1.1429 UP 0.0020 OR 20 basis points
USA/Japan: 162.11 UP 0.512 OR YEN IS DOWN 51 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.9356 UP 6 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.645 UP 5 BASIS POINTS.
Canadian dollar UP 11 BASIS pts to 1.4134
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY 6.7775 ON SHORE ..DOWN
THE USA/YUAN OFFSHORE// CNH DOWN TO 6.7785
TURKISH LIRA: 47.00 PLUS 1 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
Your closing 10 yr US bond yield UP 1 in basis points from FRIDAY at 4.576% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 5.077 UP 1 basis points /10:00 AM
USA 2 YR BOND YIELD: 4.225 UP 2 BASIS PTS.
GOLD AT 10;00 AM 4066.80
SILVER AT 10;00: 58.67
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates MONDAY
DAY CLOSING TIME 10:00 AM///
London: CLOSED DOWN 2.90 PTS OR 0.03%
GERMAN DAX: CLOSED UP 12.15 PTS OR 0.07%
FRANCE: UP 8.28 OR 0.10 PTS
Spain IBEX CLOSED DOWN 55.90 PTS OR 0.29 %
Italian MIB: CLOSED UP 133.01 PTS OR 0.25%
WTI Oil price 74.22 10.00 EST/
Brent Oil: 78.68 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 77.77 ROUBLE DOWN 0 AND 77 / 100
CDN 10 YEAR RATE: 3.543 UP 3 BASIS PTS.
CDN 5 YEAR RATE: 3.130 UP 0 BASIS PTS
CLOSING NUMBERS: 4 PM//
Euro vs USA 1.1383 DOWN 0.0028 OR 28 BASIS POINTS//
British Pound: 1.3393 DOWN 0.0036 OR 36 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.9895 UP 8 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.694 UP 8 IN BASIS PTS.
JAPAN 10 YR YIELD: 2.780 DOWN 1 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.898 UP 2 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 162.43 UP 0.830 OR YEN DOWN 83 BASIS PTS//GETTING FURTHER AWAY FROM 160.00/DANGEROUS
USA dollar vs Canadian dollar: 1.4198 UP 0.0012 PTS// CDN DOLLAR DOWN 12 BASIS PTS
West Texas intermediate oil: 77.69
Brent OIL: 82.95
USA 10 yr bond yield UP 5 BASIS pts to 4.611
USA 30 yr bond yield: UP 3 PTS to 5.100%
USA 2 YR BOND 4.267 UP 6 PTS
CDN 10 YR RATE 3.563 UP 6 BASIS PTS
CDN 5 YEAR RATE: 3.188 UP 1 BASIS PTS
USA dollar index: 100.76 UP 6 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 47.01 UP 3 BASIS PTS GETTING QUITE CLOSE TO BLOWING UP/IDIOTS SOLD GOLD
USA DOLLAR VS RUSSIA//// ROUBLE: 77.31 DOWN 1 AND 15/100 roubles //
GOLD $3999.60 3:30 PM)
SILVER: 57.49 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: DOWN 131.01 POINTS OR 2.15%
NASDAQ 100 DOWN 561.01 PTS OR 1.88%
VOLATILITY INDEX 17.24 UP 2.21 PTS OR 14.70%
GLD: $ 367.13 DOWN 9.88 PTS OR 2.62%
SLV/ $52.16 PTS DOWN 1.79 OR 3.32%
TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 100.97 PTS OR 0.29%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
‘Trump-Tehran Tensions Spike Oil; Waller Whacks Bonds & Bullion; Semis Slammed Amid AI Angst
WRAP UP;
USA DATA RELEASES/
USA ECONOMIC REPORTS
Senator Lindsey Graham, staunch Israel supporter, dies at 71 from ‘brief and sudden illness’
Graham, 71, was a prominent Republican senator from South Carolina. Earlier in his career, he was a vocal critic of US President Donald Trump before becoming one of his most loyal allies.
Senator Lindsey Graham speaks at the David Kempinski hotel in Tel Aviv, February 16, 2026.(photo credit: AVSHALOM SASSONI/MAARIV)ByJERUSALEM POST STAFF, REUTERSJULY 12, 2026 09:12Updated: JULY 12, 2026 12:34
Hardline supporter of Israel, US Senator Lindsey Graham, passed away on Saturday evening after a brief and sudden illness, the communications director for his office said in a post on Twitter/X early on Sunday.
“Senator Graham’s family appreciates prayers at this time and asks for privacy during this incredibly difficult period,” the statement read.
Emergency personnel responded to a call for “cardiac arrest” at Graham’s home on Saturday night, according to police scanner audio obtained by NBC News.
Photographs reviewed by NBC News showed that paramedics carried a person on a stretcher from Graham’s home to an awaiting ambulance. Police cars and fire trucks were also on site, NBC reported.
Lindsey Graham’s recent trip to Kyiv
On Friday, Graham said China could play a decisive role in pressuring Russia towards peace talks, helping end its war in Ukraine. Graham, a frequent visitor to Ukraine, met President Volodymyr Zelensky in Kyiv. They discussed Ukraine’s air defense needs and a Russian sanctions bill, Zelensky said.
Graham said bolstering Ukraine’s military capabilities and aligning sanctions with a diplomatic push could force Moscow into talks.
“The road to ending this war, the road to peace, passes through Beijing more than it does (through) Washington, Kyiv, or Moscow,” Graham told reporters at Kyiv’s Mykhailivska Square. “China has an oversized influence. I’d like them to use their influence for the good of the world.”
“I don’t believe (Russian President Vladimir) Putin is there yet, but it wouldn’t take much to get him there.”
Graham’s early life, career, and entrance into politics
Graham, 71, was a prominent Republican senator from South Carolina. Earlier in his career, he was a vocal critic of US President Donald Trump before becoming one of his most loyal allies on Capitol Hill.
Graham was born in 1955 in Central, South Carolina, where his parents ran a restaurant and a pool hall, according to Graham’s official website. He was the first member of his family to earn an undergraduate degree. At the time of his death, he was not married and lived in Seneca, South Carolina.
A former Air Force lawyer and member of the South Carolina Air National Guard, Graham was elected to the Senate in 2002. Before that, he was elected to the House of Representatives in 1994 for South Carolina’s 3rd congressional district, according to his website.
Graham was re-elected to the Senate in 2008, 2014, and 2020.
END
“What Makes It Even Stranger…”: Trump Describes Saturday Night Phone Call With Lindsey Graham Hours Before Senator’s Death
Sunday, Jul 12, 2026 – 09:35 AM
Update (1815ET):
Officially, Graham died of an aortic dissection due to Arteriosclerotic Cardiovascular Disease, according to preliminary findings by the DC Medical Examiner – so who knows. An aortic dissection is characterized as a tearing of the aortic wall.
Update (1135ET): President Trump has weighed in on Graham’s death, telling Meet the Press that Graham called him in the ‘early evening,’ to tell Trump he was ‘all set for the Save America Act,’ and that it may have been the last call Graham made.
“what makes it even stranger is that I got a call last night sometimes in, you know, the early evening, maybe in the 7:00’s. And he called and he said, “We’re all set for the Save America Act,”” Trump told host Kristen Walker. “He was pushing the Save America Act like crazy. He got back, said he just landed from Ukraine. I said, “That’s a long trip to make.””
Graham notably toured a top secret Ukrainian ‘Skyfall’ drone factory (see more below) days before his death, where the country’s deadly ‘Baba Yaga’ Vampire bomber drones are manufactured. He also announced an upcoming Russian sanctions package, and said that the US can learn a lot from Ukraine’s UAV advancements.
“I believe that it would be a huge mistake for America not to cooperate with Ukraine in the field of drones. They are ready to help us, because we were ready to support Ukraine in the most difficult times,” Graham said.
When asked about a replacement for Graham, Trump said “I have somebody that I think would be great. But I don’t want to say it now because, you know, it’s too soon with Lindsey. I don’t want to even talk about anybody. But I do have somebody that I think is really good.”
International Response
In reaction to Graham’s death, Ukrainian President Volodymyr Zelenskyy paid tribute, describing Graham as “a true defender of freedom and of the values that make our world safer.” He highlighted that Graham had visited Ukraine ten times during the war, noting they were in constant dialogue. Zelenskyy added that Graham had been working on key initiatives in recent weeks to advance peace, including stronger sanctions against Russia. Ukrainian Foreign Minister Andrii Sybiha called Graham a “true friend” and “one of the strongest voices” supporting Ukraine in its war against Russia. He praised Graham for pushing to bolster sanctions on Russia and for helping provide Ukraine with the means to defend itself.
NATO Secretary-General Mark Rutte described Graham as “a powerful advocate for America who believed strongly in the NATO Alliance” and noted that he was actively working to end Russia’s war against Ukraine.
* * *
END
Obamacare Premiums Likely To Rise In 2027, Analysts Say
Sunday, Jul 12, 2026 – 10:10 PM
Authored by Lawrence Wilson via The Epoch Times,
Affordable Care Act premiums rose sharply in 2026 and are likely to continue to do so in 2027, based on early rate change filings by some insurers.
A pedestrian walks past an insurance agency that offers Affordable Care Act plans, in Miami on Jan. 28, 2021. Joe Raedle/Getty Images
Of the 77 insurers whose proposed rates are now publicly available, the median proposed premium increase is 14 percent, according to a July 8 report by health information group Peterson-KFF Health System Tracker.
The primary reason given for the proposed rate hikes is that the insured population under the Affordable Care Act – former President Barack Obama’s health care law, known as Obamacare – is likely to be smaller and sicker than this year’s.
Enrollment in the program dropped by about 3 million this year, and the report estimates that healthier people were more likely to withdraw from the program.
Some experts say that the fall-off in participation was driven by the fall-off of fraudulent enrollments or of participants who had been enrolled unknowingly.
This would be the fifth consecutive year of premium increases in the program. Last year’s median proposed change was 18 percent. The final median change was 20 percent, according to the report.
The benchmark silver premium, which is used to set subsidy rates, increased by about 25 percent in 2026, according to KFF.
Initial premium rates for 2027 were filed in mid-June and will be finalized by Aug. 12, according to the Centers for Medicare and Medicaid Services.
The Peterson-KFF analysis was based on 77 plans across 17 jurisdictions.
Those were Connecticut, the District of Columbia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Maine, Maryland, Massachusetts, Minnesota, New York, Oregon, Rhode Island, Texas, Vermont, and Washington. However, only partial data were available for Hawaii, Illinois, and Texas.
For 2026, 183 health plan issuers are participating in Obamacare, according to the Centers for Medicare and Medicaid Services.
Despite the expiration of the enhanced subsidies, the vast majority (87 percent) of 2026 Obamacare enrollees receive an advance premium tax credit, according to the Healthcare Financial Management Association.
The average enrollee who gets a federal subsidy receives a $650 credit, leaving a $96 monthly premium, according to data provided by KFF.
Subsidies are available to Americans with a household income of between 100 percent and 400 percent of the federal poverty level. That equates to about $15,600 to $62,600 for an individual or about $32,200 to $128,600 for a family of four.
Current Obamacare enrollment is about 19.2 million – the highest for any year except 2025.
Georgetown University’s Center on Health Insurance Reforms published a similar preliminary analysis of 2027 rates on June 18. That report forecasted an enrollment decline of 17 percent to 26 percent in the individual market.
The Georgetown report estimates rate hikes ranging from about 7 percent in Vermont to about 22 percent in Washington.
Final rates for Obamacare plans will be posted in October. Open enrollment begins on Nov. 1.
END
Mamdani’s Affordability Agenda Flops As NYC Rents Surge To Record Highs
Monday, Jul 13, 2026 – 11:00 AM
New York City’s socialist mayor, Zohran Mamdani, and his radical-left lieutenants in City Hall promised voters free bus rides, government-run grocery stores, cheap housing, and much more. Yet the dream of a left-wing utopia has not materialized. In fact, rents in the NYC metro area just hit a record high.
New data from The Corcoran Group, a major residential real estate brokerage founded in NYC, shows that rents in the metro area have climbed to a new record high.
Manhattan’s median rent rose 8% from a year earlier to $5,295, while Brooklyn reached $4,350, also up 8%, according to the report. Manhattan’s vacancy rate narrowed to 1.49%. In Queens, Rego Park posted particularly sharp increases, with one-bedroom rents up 12% and studio rents up more than 20%.
“Manhattan renters are chasing a shrinking pool of available apartments, and the result has become predictable — record rents. Available listings dropped 16% year-over-year in June, while the borough’s median rent climbed to a new high of $5,295 . Leasing activity clocked in 7% below last year’s pace due to the lack of inventory, causing competition to remain fierce. Additionally, June marked one year since implementation of the FARE Act, a milestone that may still be influencing pricing trends, particularly within the non-doorman market. Across the board, quality apartments are commanding a premium, and renters have little room to negotiate,” Corcoran COO Gary Malin wrote in the report.
Malin continued, “Brooklyn’s rental market is also rewriting the record books. Median rent jumped 8% year-over-year to an all-time high of $4,350 and apartments spent 30% fewer days on the market. This steep annual decline underscores how tight the market has become, with flat inventory and strong demand strong causing available units to rent far faster than a year ago. While lease signings were lower on an annual basis, activity picked up from May as renters moved quickly to secure apartments ahead of the busiest stretch of the summer season. Throughout the borough, competition.”
City Comptroller Mark Levine commented on the new report, saying, “NYC’s housing affordability crisis is at DEFCON 1. We need to push harder on every front to address our housing shortage.”
“Update zoning, invest more City $ in affordable units, lower the time & cost City bureaucracy imposes on construction, get 1000s of vacant regulated units back on the market. We need bold action. This is a crisis,” Levine added.
Yet, as Libs of TikTok on X pointed out, “We don’t have a housing shortage. We have an illegal alien invasion,” adding, “Forty percent of NYC rentals are occupied by people born outside the US.”
Last week, the Federal Reserve Bank of Dallas published a new report showing that the “unprecedented boom in unauthorized immigration” sparked a nationwide housing demand shock in the presence of a relatively fixed short-run housing supply, accounting for 30% of home price growth and 20% of rent growth in the average local market during the boom period.
Mamdani and the Democratic Socialists of America bloc at City Hall will never acknowledge the illegal alien invasion has played a major role in tightening NYC’s housing market. Instead, the response from far-left clowns is blaming “racist capitalism” and arguing that the existing system must be dismantled for one that actually has never worked anywhere in the world – look at Cuba.
That leaves a fundamental policy contradiction: Mamdani and his socialist allies claim they can solve the affordability crisis by building more housing, yet that will take years. The easiest solution would be to cooperate with ICE or support deportations, which could reduce pressure on housing, schools, and other public services almost immediately. Good luck reconciling those positions.
KING NEWS
SWAMP STORIES FOR YOU TONIGHT
McConnell Watch: CNN Duped Into Running Fake X Post Mocking Its Own Analyst
Sunday, Jul 12, 2026 – 05:30 PM
Authored by Ben Sellers via Headline USA,
Since last year’s corporate takeover of CNN’s parent company, Warner Brothers, by Paramount Skydance and its Trump-friendly CEO, David Ellison, the notoriously left-slanted network has been braced for the inevitable fallout.
A humiliating on-air mistake that involved quoting a fake member of Congress may be just the catalyst needed for some heavy-handed house-cleaning.
On Wednesday, “CNN This Morning” anchor Audie Cornish shared a series of social-media statements from GOP insiders who claimed to have been in contact with AWOL Sen. Mitch McConnell, R-Ky.
The roundup included statements from spokespeople for Senate Majority Leader John Thune, R-S.D. and John Barrasso, R-Wyo., as well as former McConnell campaign adviser Scott Jennings, himself a regular CNN panelist.
“He’s still recovering in the hospital. We talked for just shy of 20 minutes,” Jennings wrote Tuesday in an X post.
Many found the “trust me” posts to be unconvincing amid mounting speculation that McConnell may be braindead, if not altogether deceased, following a June 14 medical emergency, and a growing clamor for proof-of-life evidence.
Jennings’s post spawned several imitators, also claiming to have spoken to McConnell on a disparate array of unlikely topics.
Among the dubious claims was one from the spoof account of fake lawmaker Rep. Jack Kimble, representing California’s 54th district (it currently has only 52).
“We talked for just shy of 45 minutes,” the post said, following a familiar template.
“He’s so sharp,” it continued. “Just like always he let me do all of the talking. He’s a great listener. After that we prayed silently for awhile and had a staring contest. Just like always, he beat me.”
Kimble’s prank drew positive responses from both sides of the aisle.
Professional Trump hater George Conway, who recently lost his bid to be a Democrat congressman from New York, wrote, “You are my favorite Congressman.”
Meanwhile, Brendan Carr, a Trump ally and current chair of the Federal Communications Commission, seemed to take particular note of the allegations that CNN was exposing its left-wing biases once again, writing “oof” on a post that was commenting on the subject.
Cornish corrected the record on Thursday’s broadcast, stating “Obviously we should not have done that, and we regret the error.”
According to the New York Post, the parody Kimble account claims to be “the brainchild of a Chicago school teacher.” The account, launched in 2009, has previously fooled the Washington Post and the Huffington Post website.
Kimble also has a book for sale on Amazon, titled Detective Jesus No. 1: Thou Shalt Not Kill.
Kimble claims in his X biography to be the co-sponsor of Poe’s Law, which the Post described as “a reference to the internet adage that parodies of extreme political views are often mistaken for genuine statements unless clearly marked as satire.”
END
MINNESOTA:
(UTTER/AMERICAN THINKER.COM)
Muslims, Marxists, And Mayhem In Minnesota
Sunday, Jul 12, 2026 – 11:20 PM
Authored by Eric Utter via AmericanThinker.com,
Many have been asking lately if the onslaught of Islam or the rapid rise of Marxism is more likely to destroy the United States.
The correct answer is that they both have the capability to do so.
If unchecked, together they will undoubtedly see to our demise.
Which one would ultimately prevail has been the subject of a few articles of late and will be the subject of one of mine in the not-too-distant future.
This one, however, will focus on Muslims and Islam. I will attempt to address the advance of the Democratic Socialists of America/Marxism/communism in the coming days, as well.
First off, it should not need to be said (yet again) that Islam and Sharia law are utterly, irretrievably incompatible with a free democratic republic, let alone a country founded on Christian principles and the Judeo-Christian work ethic.
Islam demands the subjugation of all non-Muslims, or “infidels.” Virtually all the nations of the Middle East and part of Asia that are now Muslim were once Christian. There is a reason for that. And it is not peaceful, logical, rational persuasion. The simple, inarguable historical fact is that, whenever Muslim populations swell in a given country, that country is almost certainly fated to be ruled by the dictates of the Quran. This is a virtual certainty unless “good” Christians (and others) find it in themselves to fight back. (And, at some point, one has to ask how “good, decent and moral” is a person who lets his family, neighbors, and nation be usurped by those who are O.K. with child rape and who worship violence and death.)
And then there is the staggering fraud. It appears that much of the money local, state, and federal governments extract from hard-working taxpayers is subsequently stolen, much of it by Somali fraudsters.
This is over and above the mind-blowing amounts of free stuff bestowed on illegal aliens, many of whom are Muslim.
Contemptible asshats like Govs. Gavin “Slick” Newsom and “Tampon” Timmy Walz pretend to disapprove of this unprecedented and illegal transfer of wealth from citizens to “undocumented immigrants,” even as they foster and cover for it.
And they are both still in office. Sad and incredible.
So New York City Mayor Mamdani‘s wife flies off to an Islamic retreat on the island of Mallorca on July 3rd, the day before America’s 250th birthday celebration, and one of his top officials made plans to meet with Iran’s ambassador and permanent representative to the United Nations without informing anyone, a meeting called off after the State Department got wind of it.
The People’s Republic of Minnesota sports the highest Somali population in the nation, one buttressed by scams of almost unimaginable magnitude.
From the Feeding Our Future scam to countless childless daycares to sham trucking companies, autism centers, and home health care firms, this state sports more than one town nicknamed “Little Mogadishu.”
One of those cities, St. Cloud, hosted a Somalia Independence Day celebration on July 3rd, during which a U.S. flag was flown upside down on a city flagpole.
Event organizers outlandishly claimed that it was an accident, unintentional, a mistake. Sure. Not one of the event organizers, 500-plus attendees, local politicians, or members of organizations such as the AFL-CIO and the absurdly named Minnesota Democratic-Farmer-Labor Party (DFL), who had booths at the festive extravaganza, noticed the “error?” The folks who slowly ran Old Glory up the pole never noticed that it was inverted? Right. And Dr. Fauci was entirely unaware of the gain-of function research at the Wuhan Lab.
Speaking of New Somalia Minnesota, which has already changed its flag, apparently to honor its countless Somali Muslim “refugees,” an increasing number of kids in ever-growing Somali youth gangs are expressing their appreciation for all the state has done to welcome and care for them by shooting some of its residents.
Ramsey County Sheriff Bob Fletcher said that there have been more than 100 Somali gang-related shootings in just the past two years. Predictably, this fact prompted far-left Democratic Minneapolis City Council vice president Jamal Osman to state: “Somali youth deserve investment, dignity, opportunity, and respect — not public officials using their platform to stereotype them.” Shockingly, Osman himself is a Somali immigrant. I mean, so they shot a few people. They’re just rambunctious kids. Cut them some slack! Right?
If the stupefying immigrant fraud and attendant violence isn’t reined in by “authorities,” fewer and fewer people will keep playing by the rules. Understandably. Societal collapse will shortly ensue.
Views expressed in this article are opinions of the author and do not necessarily reflect the views of ZeroHedge.
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CRAZY!!
Obama Appointed Federal Judge Blocks Trump Admin’s Anti-DEI Grant Conditions
Monday, Jul 13, 2026 – 10:40 AM
A federal judge in California has blocked the Trump administration’s push to attach anti-DEI strings to federal grant money. The court ruled this week that the executive branch overstepped its constitutional authority by imposing the conditions on a group of West Coast cities and counties.
Obama-nominated U.S. District Judge William Orrick granted a preliminary injunction Thursday barring the Departments of Homeland Security, Justice and the Interior from enforcing the contested conditions against 11 local governments, concluding in a 68-page order that the restrictions likely run afoul of both the separation-of-powers doctrine and the Administrative Procedure Act.
“What defendants seek to do likely violates the Constitution (separation of powers and Spending Clause) and the Administrative Procedures Act,” Orrick wrote.
The suit was filed by the cities of Fresno, Santa Clara, Redwood City, Santa Cruz, Stockton, Beaverton, Corvallis and Hillsboro, along with Los Angeles, San Diego and Santa Barbara counties, all of which argued the administration attached ideological requirements to grants Congress had already approved for public safety, disaster preparedness, policing, fire protection, water conservation and crime victim services.
Orrick sided with the localities, finding the new certification requirements “have nothing to do with or contradict the Congressional purpose” behind the underlying grant programs, and affirming that spending authority ultimately rests with Congress rather than the White House.
“Plaintiffs maintain that ‘[n]othing in the Constitution or federal statutes authorizes Defendants to impose the Challenged Conditions, or anything of the kind, on funds administered through congressional grant programs,’” Orrick wrote. “I agree.”
The conditions at issue required grant recipients to certify they were not running programs that promote diversity, equity and inclusion in violation of federal anti-discrimination law, along with separate provisions encouraging cooperation with federal immigration enforcement and compliance with related executive orders.
The administration has said such conditions are a legitimate use of executive authority to ensure federal dollars aren’t used to fund discriminatory practices, and the Justice Department is expected to appeal Thursday’s ruling.
Orrick found that letting the conditions stand while the case proceeds would jeopardize funding for programs including anti-terrorism initiatives, disaster mitigation, flood protection, wildfire preparedness, law enforcement training, forensic science, and human trafficking and crime-victim services — writing that the disruption would “irreparably injure plaintiffs and their ability to provide critical services, as well as would threaten public safety.”
The preliminary injunction will remain in effect while the underlying lawsuit moves forward, leaving the administration’s broader anti-DEI funding strategy in legal limbo pending the expected appeal.
GREG HUNTER….INTERVIEWING DINESH D.SOUZA
God’s Last Warning – Dinesh D’Souza
By Greg Hunter On July 12, 2026 In Political Analysis8 Comments
By Greg Hunter’s USAWatchdog.com
Filmmaker and best-selling author Dinesh D’Souza says America is under attack from evil demons. He warned about it on USAW more than 10 years ago. Fast forward to today, and you can see the see evil still trying to take over with voter rolls that Dems use to cheat their candidates into office. D’Souza says, “Voter rolls are obsolete. They are padded with people who are no longer alive or no longer live in that state. This allows all kinds of opportunities for all kinds of fraud. Democrats in the Blue states always fight when you want to clean up the voter rolls. They act like that is some sort of voter suppression, but the reason they fight against it is because they are the party of cheating.”
If they cleaned up the voter rolls, what would happen? D’Souza says, “They would lose all of the close races that would go their way because the cheating supplies that critical margin. . .. You have all of the unfairness built into the system. It’s almost like being in the Olympics where some of the runners get to start three of four yards ahead. Then they call it a fair race, even though it’s quite obviously not.”
Now, some new demonic evil is taking the Democrat party by storm. Even famously loyal Dems like James Carville are upset with the DSA. The Democrat Socialists of America (DSA) are promoting socialism and communism. These are political parties that do not believe in Jehovah or his Son Jesus. These people seem to represent Satan or the Dragon in Revelation. D’Souza says, “Socialism gets its inspiration from Karl Marx, who was a resolute Atheist and who wanted to create a new type of human being different from the one that God created. That’s why every communist society keeps talking about the ‘new man.’ Now, their new man is generally a monster, and the people in society tend to become slaves or exploited people. We see this in Cuba, Venezuela and the old Soviet Union. It is really amazing that after a record of uninterrupted failure, socialism has the worst record since slavery, and yet, it’s back. Socialism is back. Imagine if somebody would say about slavery, ‘you know, it’s been tried, but it hasn’t been done the right way. We want to do it right this time.’ People would consider this to be preposterous, and yet, this is exactly what people say socialism is and new forms of the application of Marxist ideas.”
D’Souza is out with a new book this fall called “The Stones Cry Out.” D’Souza says that God exists, and modern archaeology proves God the Father is real. D’Souza says, “The place I got the title for this book is where Jesus is coming into Jerusalem and his disciples are yelling and praising Jesus, and the Pharisees get really irritated and tell Jesus to quiet those people down. They shouldn’t be making all this noise. Jesus says even if I quiet them down, ‘the stones themselves will cry out.’ That’s the source of my book title, but I am referring to the stones of Biblical archaeology. If you ask yourself why now? Why is God using this way of communicating with the world? It could very well be God’s last warning. It’s like, alright, you want proof (of God’s existence), I’ll show you proof. Now, if you still choose not to believe, it’s not because the evidence is not there. It’s really because of your hardness of heart. You are choosing not to believe even in the face of evidence.”
There is much more in the 36-minute interview.
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Join Greg Hunter of USAWatchdog as he goes One-on-One with best-selling author of the upcoming new book “The Stones Cry Out” and hit filmmaker Dinesh D’Souza for 7.12.26.
After the Interview:
You can find Dinesh on X here.
If you want to pre-order “The Stones Cry Out,” click here.
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