JULY 16/PROBABLE CAPITULATION DAY FOR OUR RAIDS ON OUR PRECIOUS METALS: GOLD CLOSED DOWN $110.60 TO $3987.30 WITH SILVER ALSO DOWN BY A CONSIDERABLE $1.48 TO $55.81//PLATINUM CLOSED DOWN $17.00 TO $1625.00 WHILE PALLADIUM CLOSED DOWN $32.00 TO $1263.00//GOLD COMMENTARIES TONIGHT COURTESY OF CHRIS POWELL WITH HIS GATA DISPATCHES//AN EXTREMELY IMPORTANT PODCAST TONIGHT FROM ANDREW MAGUIRE//LIVE FROM THE VAULT NO 281: A MUST VIEW// COMMENTARIES TONIGHT FROM SOUTH KOREA//ENGLAND/CZECH REPUBLIC//EUROPE COMMENTARY ITSELF//AND THE BALTIC STATES//ISRAEL/IRAN/USA UPDATES/ISRAEL TBN PODCASTS//RUSSIA VS UKRAINE UPDATES//COVID VACCINE INJURY REPORT: MARK CRISPIN MILLER//OIL UPDATES//USA VS BRAZIL: USA SLAPS ANOTHER 25% TARIFF ON MOST BRAZILIAN PRODUCTS//USA DATA RELEASES/USA ECONOMIC REPORTS/KING NEWS/SWAMP STORIES FOR YOU TONIGHT//.
092 C DEUTSCHE BANK 245 118 C MACQUARIE FUTURES US 20 363 H WELLS FARGO SECURITI 159 555 C BNP PARIBAS SEC CORP 113 624 H BOFA SECURITIES 14 686 C STONEX FINANCIAL INC 30 905 C ADM 31
TOTAL: 306 306 MONTH TO DATE: 11,606
JPMORGAN STOPPED: 0/306
GOLD: NUMBER OF NOTICES FILED FOR JULY/2026: 306 CONTRACTs NOTICES FOR 30,600 OZ or 0.9331 TONNES
total notices so far: 11,606 contracts FOR 1,160,600 OZ OR 36.099 TONNES
JULY 16
SILVER NOTICES: 92 NOTICE(S) FILED FOR 0.460 MILLION OZ /
total number of notices filed so far this month : 6262 CONTRACTS (NOTICES) for 31.310 million oz
Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation
GLD AND SLV
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
GLD
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD DOWN $110.60 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/// NO CHANGES IN GOLD INVENTORY AT THE GLD:
INVENTORY RESTS AT 1004.45 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER DOWN $1.48 AT THE SLV: NO CHANGES IN SILVER INVENTORY AT THE SLV: : INVENTORY RESTS AT THE SLV AT 480.887 MILLION OZ//
CLOSING INVENTORY: 480.887 MILLION OZ
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A FAIR SIZED 390 CONTRACTS TO AN OI OF 105,413 STILL A LOT HIGHER FROM ITS NEW RECORD LOW OF 95,999 SET MAY 1/2026. THE RECORD HIGH OI FOR SILVER IS 244,710, SET FEB 25/2020, AND THIS GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR HUGE LOSS OF $1.52 IN SILVER PRICING AT THE COMEX WITH RESPECT TO WEDNESDAY’S TRADING. ON THE FIRST OF MAY, WE REACHED OUR RECORD LOW OI OF 95,999 SURPASSING EVERY DAY NEW OI LOWS SET DURING THE LAST WEEK OF APRIL 2026.
NOW ON A NET BASIS OUR SPECULATORS HAVE REVERTED BACK TO GOING SHORT. THE FRBNY ON A NET BASIS IS PROVIDING THE NECESSARY PAPER TO OUR LONG BANKERS AND THEN TENDER FOR PHYSICAL AT 4 PM EACH NIGHT. BECAUSE OF THE HUGE SHORTFALL IN PHYSICAL SILVER IN LONDON THERE IS A LOTTERY TO SEE WHO GETS ANY OF THE PHYSICAL SILVER AVAILABLE THAT WHICH THEY ARE OBLIGATED TO DELIVER. THEY WAIT PATIENTLY FOR THEIR PHYSICAL METAL AND IF NOBODY GETS ANY THEY THEN COME BACK THE NEXT DAY AND SO ON. THIS IS IN LONDON, THE HOME OF PHYSICAL SILVER!! THE FACT THAT WE ARE WITNESSING MANY EXCHANGE FOR PHYSICAL TRANSFERS TO LONDON HIGHLIGHTS THE FACT THAT THE COMEX IS OUT OF SILVER AS WELL.
WE ARE NOW MOVING TO A MUCH LOWER BASE IN SILVER PRICING BREAKING MAJOR SUPPORT LEVEL OF $70.00. SHORTLY WE WILL REVERT BACK TO NUMBERS GREATER THAN 70 DOLLARS PER OZ.
WE HAVE A STRONG GAIN OF 490 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A TINY SIZED SIZED 100 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE , WE HAD CONSIDERABLE LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO TUESDAY TRADING// WE HAD A MEGA MEGA HUGE SIZED 714 CONTRACT T.A.S. ISSUANCE!! / THEY DESPERATELY AGAIN TODAY TRYING TO CONTAIN SILVER’S PRICE LOSS FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $100.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY SUCCEEDED ON WEDNESDAY WITH SILVER’S LOSS IN PRICE
THE PRICE STILL FINISHED BELOW THE MAGIC NUMBER OF $70.00 SILVER SPOT PRICE BUT STILL BELOW THE $100.00 MARK CLOSING AT $57.29 DOWN $1.52. WE ARE NOW WITNESSING HAVING MANY HUGE T.A.S ISSUANCES // TODAY’S WAS A HUGE SIZED 714 T.A.S. CONTRACTS !!. THE CROOKS ARE BECOMING MORE DESPERATE TO STOP SILVER BREAKING ABOVE THE 100.00 DOLLAR MARK!! AND NOW THE HUGE SUPPORT LEVEL OF 70 DOLLARS HAS BEEN BROKEN// //.MAMMOTH SIZE T.A.S ISSUANCES ARE BECOMING THE NORM AT THE COMEX NOW!!
THERE IS NO NEXT LINE IN THE SAND ONCE THE 100.00 DOLLAR SILVER IS PIERCED AGAIN. WE HAD A TINY SIZED 100 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR MEGA STRONG SIZED 714 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED FOR RAID PURPOSES//AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE
IN ESSENCE WE HAD A STRONG SIZED GAIN OF 490 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR LOSS IN PRICE OF $1.52. WE HAD HUGE GOVERNMENT (FRBY) COMEX CONTRACTS TRADING ALL WEEK AND A MAJOR PORTION WILL BE REMOVED BY DAYS END. (I RECORD THIS FOR YOU ON A DAILY BASIS). THE STICKY SPECULATOR LONGS STILL REMAIN STOIC
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE.
THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, THROUGHOUT MONTH. TOTAL TAS ISSUED ON WEDNESDAY NIGHT/THURSDAY MORNING: A HUGE SIZED 714 CONTRACTS. DESPITE MANY COMPLAINTS THAT THESE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED FRBNY BANKERS).
THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS AS ONE UNIT, BUT SELL THE SHORT SIDE FIRST AND THEN LIQUIDATE THE LONG SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS NOW ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1.1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES.
THUS:
INITIAL STANDING FOR JANUARY: 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NEW NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR .100 MILLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ!!
INTIAL STANDING FOR FEBRUARY/SILVER: 13.505 MILLION OZ FOLLOWED BY TODAY’S HUGE 0.005 MILLION OZ QUEUE JUMP / : NEW STANDING FOR SILVER AT THE COMEX ADVANCES TO 25.180 MILLION OZ. BUT WE MUST ADD OUR FIRST EXCHANGE FOR RISK OF 25 CONTRACTS FOR .125 MILLION OZ AND THEN OUR SECOND EXCHANGE FOR RISK OF .0600 MILLION OZ TO OUR THIRD HUGE 2.825 MILLION OZ EXCHANGE FOR RISK!!
INITIAL STANDING FOR MARCH: A SURPRISINGLY LOW 31.076 MILLION OZ/ FOLLOWED BY A TINY QUEUE JUMP OF XX CONTRACTS OR XXX OZ/NEW STANDING ADVANCES TO 46.060 MILLION OZ
INITIAL STANDING FOR APRIL: 7.120 MILLION OZ FOLLOWED BY TODAY’S 1 CONTRACT QUEUE JUMP WHERE 5,000 OZ WILL TAKE DELIVERY OVER ON THIS SIDE OF THE POND. NEW STANDING FOR SILVER AT THE COMEX THUS ADVANCES SLIGHTLY TO 16.565 MILLION OZ PLUS WE MUST ADD OUR 4TH EXCHANGE FOR RISK ISSUANCE OF 17 CONTRACTS OR 0.085 MILLION OZ. THESE WILL BE ADDED TO OUR OTHER 3 ISSUANCES //NEW TOTAL EXCHANGE FOR RISK//1.165 MILLION OZ// NEW TOTAL SILVER STANDING 17.730 MILLION OZ//
INITIAL STANDING FOR MAY: 31.495 MILLION OZ FOLLOWED BY ANOTHER 3 CONTRACT EXCHANGE FOR PHYSICAL JUMP TO LONDON FOR 0.015 MILLION OZ// AND THEN TO BOOT WE HAD OUR FIRST EXCHANGE FOR RISK ISSUANCE FOR 51 CONTRACTS OR 255,000 OZ MAY 21./STANDING BEFORE EXCHANGE FOR RISK: 32.070 MILLION OZ/NEW STANDING THUS REDUCES TO 32.325 MILLION OZ/.//(32.070 MILLION OZ NORMAL STANDING PLUS .255 MILLION OZ EXCHANGE FOR RISK = 32.325 MILLION OZ)
JUNE INITIAL STANDING FOR SILVER:10.935 MILLION OZ TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 10,000 OZ//NEW STANDING ADVANCES TO 12.970 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 20 CONTRACTS FOR 100,000 OZ//NEW STANDING ADVANCES TO 13.070 MILLION OZ. (IN EXCHANGE FOR RISK THE BUYER ASSUMES THE RISK AND ONLY A CENTRAL BANK WOULD TAKE THAT RISK. THE BUYER IS PROBABLY THE CENTRAL BANK OF INDIA.)
JULY INITIAL STANDING: 37.110 MILLION OZ FOLLOWED BY A STRONG 179 CONTRACT QUEUE JUMP OR 0.895 MILLION OZ WHERE DELIVERY WILL OCCUR ON THIS SIDE OF THE POND//STANDING ADVANCES TO 40.135 MILLION OZ///
SUMMARY OF OUR JULY 2026 COMEX CONTRACT MONTH:
WE HAD:
/ STRONG SIZED COMEX GAIN+// TINY SIZED EFP ISSUANCE CONTRACTS AT 100 CONTRACTS () A HUGE NUMBER OF T.A.S. CONTRACT ISSUANCE 714 CONTRACTS
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: ADDED A MONSTER 1168 OI SILVER CONTRACT//
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS JULY.. ACCUMULATION
TOTAL CONTRACTS for 11 DAY(S), total 4700 contracts: OR 23.5000 MILLION OZ (427 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 23.500 MILLION OZ
LAST 24 MONTHS TOTAL EFP CONTRACTS ISSUED IN MILLIONS OF OZ:
MAY 137.83 MILLION
JUNE 149.91 MILLION OZ
JULY 129.445 MILLION OZ
AUGUST: MILLION OZ 140.120
SEPT. 28.230 MILLION OZ//
OCT: 94.595 MILLION OZ
NOV: 131.925 MILLION OZ
DEC: 100.615 MILLION OZ
YEAR 2022:
JAN 2022-DEC 2022
JAN 2022// 90.460 MILLION OZ
FEB 2022: 72.39 MILLION OZ//
MARCH 2022: 207.140 MILLION OZ//A NEW RECORD FOR EFP ISSUANCE
APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE
MAY: 105.635 MILLION OZ//
JUNE: 94.470 MILLION OZ
JULY : 87.110 MILLION OZ
AUGUST: 65.025 MILLION OZ
SEPT. 74.025 MILLION OZ///FINAL
OCT. 29.017 MILLION OZ FINAL
NOV: 134.290 MILLION OZ//FINAL
DEC, 61.395 MILLION OZ FINAL
TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)
JAN 2023/// 53.070 MILLION OZ //FINAL
FEB: 2023: 100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.
MARCH 2023: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 111.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH
JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)
AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD
SEPT: 72.705 MILLION OZ (SMALLER THIS MONTH)
OCT: 97.455 MILLION OZ
NOV. 50.050 MILLION OZ
DEC. 66.140 MILLION OZ//
TOTAL 2023: 1,104.10 MILLION OZ/
JAN ’24 : 78.655 MILLION OZ//
FEB /2024 : 66.135 MILLION OZ./FINAL
MARCH: 143.750 MILLION OZ// 4TH HIGHEST ON RECORD.
APRIL: 161.770 MILLION OZ (THIS MONTH WILL BE A WHOPPER OF ISSUANCE OF EFPS//3RD HIGHEST EVER RECORDED FOR A MONTH)
MAY: 135.995 MILLION OZ //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
JUNE 110.575 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
JULY: 108.870 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH/ A TOUCH OVER 100 MILLION OZ/)
AUGUST; 99.740 MILLION OZ//THIS MONTH WILL BE STRONG FOR ISSUANCE BUT LESS THAN JULY.
SEPT: 112.415 MILLION OZ//WILL BE A HUGE MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
OCT; 97.485 MILLION OZ (WILL BE SMALLER ISSUANCE THIS MONTH )
NOV. 115.970 MILLION OZ ( HUGE THIS MONTH)
DEC: 132.54 MILLION OZ (THIS MONTH WILL BE A HUMDINGER FOR ISSUANCE BUT ISSUANCE SLOWED DRAMATICALLY THESE PAST FIVE DAYS/// WILL NOT EXCEED MARCH 2022 RECORD OF 209 MILLION OZ
YEAR 2024 TOTAL: 1363.84 MILLION OR 1.363 BILLION OZ
JANUARY 2025: 67.230 MILLION OZ///(THIS MONTH’S ISSUANCE OF EXCHANGE FOR PHYSICAL WILL BE SMALL)
FEB. 58.260 MILLION OZ//EXCHANGE FOR PHYSICAL ISSUANCE/FINAL
MARCH: 67.020 MILLION OZ///QUITE SMALL AND BECOMING SMALLER EACH AND EVERY MONTH.
APRIL: 100.895 MILLION OZ///AVERAGE SIZE ISSUANCE
MAY: 28.975 MILLION OZ (ISSUANCE WILL BE QUITE SMALL THIS MONTH)
JUNE: 81.065 MILLION OZ
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 82.020 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
NOVEMBER: 36.425 MILLION OZ
DEC: 45.765 MILLION OZ
JANUARY 2026: 134.270 MILLION OZ (WILL BE A VERY STRONG MONTH FOR EXCHANGE FOR PHYSICAL!)
FEB : 82.130 MILLION OZ
MARCH: 56.075 MILLION OZ
APRIL; 44.44 MILLION OZ//FINAL.. SMALL THIS MONTH.
MAY 59.79 MILLION OZ
JUNE. 64.065 MILLION OZ//FINAL AND FAIR SIZED THIS MONTH.
JULY: 23.5000 MILLION OZ
RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 778 CONTRACTS DESPITE OUR HUGE LOSS IN PRICE OF $1.52 IN SILVER PRICING AT THE COMEX// WEDNESDAY,. THE CME NOTIFIED US THAT WE HAD A TINY SIZED CONTRACT EFP ISSUANCE OF 100 CONTRACTS ISSUED FOR SEPT, AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS).
INITIAL STANDING: 37.110 MILLION OZ FOLLOWED BY TODAY’S STRONG 0.895 MILLION OZ QUEUE JUMP: STANDING THUS ADVANCES TO 40.135 MILLION OZ//
LAST 14 MONTHS OF SILVER DELIVERIES
WE FINISHED APRIL WITH A STRONG SILVER OZ STANDING OF 16.050 MILLION OZ NORMAL DELIVERY , PLUS OUR 4.00 MILLION EX FOR RISK
FINAL STANDING APRIL: 19.965 MILLION OZ
AND MAY:
NEW STANDING FOR MAY FINISHES AT: 75.615 MILLION OZ. (INCLUDES 5,000 OZ EFP TRANSFER TO LONDON + 12.93 MILLION OZ EXCHANGE FOR RISK ISSUANCE/PRIOR.//NEW TOTAL STANDING 88.540 MILLION OZ
AND JUNE: FINAL 16.995 MILLION OZ
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 68.040 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING AND EXCHANGE FOR PHYSICAL TRANSFERS) PLUS 3.0 MILLION OZ EX FOR RISK = 71.040 MILLION OZ. (THIS IS THE FIRST AND ONLY ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.)
OCTOBER: 39.565 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
PLUS
2.110 MILLION OZ EXCHANGE FOR RISK//TOTAL OZ STANDING IN OCT ADVAN
NOVEMBER: INITIAL STANDING AT 11.575 MILLION OZ FOLLOWED BY TODAY’S 195,000 OZ QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 9.155 MILLION OZ//STANDING ADVANCES TO 19.670 MILLION OZ/
DECEMBER: INITIAL AMOUNT STANDING FOR DELIVERY: 49.33 MILLION OZ// FOLLOWED BY ANOTHER STRONG 835,000OZ QUEUE JUMP+ DEC. FIRST EXCHANGE FOR RISK 0F .850 MILLION OZ + LAST WEEK.S 495,000 OZ EXCHANGE FOR RISK AND THEN A 3RD ISSUANCE IF 1.00MILLION OZ THEN FINALLY DEC 249ISSUANCE OF 1.35 MILLION OZ EXCHANGE FOR RISK//NEW TOTAL EX FOR RIS IS 3.685 MILLION OZ // STANDING ADVANCES TO 68.415 MILLION OZ//
JANUARY: INITIAL STANDING 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 0.100 MILLLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ
FEB: 13.399 MILLION OZ IS OUR INITIAL STANDING FOR SILVER! TO WHICH WE ADD OUR NEXT QUEUE JUMP FOR 5,000 OZ AND THEN ADD OUR 3 EXCHANGE FOR RISK FOR 3.010 MILLION OZ STANDING ADVANCES TO 28.190 MILLION OZ!!
MARCH: INITIAL AMOUNT OF SILVER STANDING IS 31.076 MILLION OZ FOLLOWED BY A FINAL 0.210 MILLION OZ QUEUE JUMP //NEW TOTAL STANDING ADVANCES TO 46.060 MILLION OZ
APRIL 2026: INITITAL AMOUNT OF SILVER STANDING 7.120 MILLION OZ FOLLOWED BY TODAY’S 5,000 OZ QUUE JUMP //NEW STANDING ADVANCES TO 16.565MILLION OZ PLUS 1.165 MILLION OZ EXCHANGE FOR RISK.NEW TOTALS 17.730 MILLION OZ
MAY: INITIAL AMOUNT OF SILVER WILLING TO STAND; 31.495 MILLION OZ/ TO WHICH WE ADD OUR NEXT EXCHANGE FOR PHYSICAL JUMP OF 15,000 OZ//NEW STANDING REDUCES TO 32.070 MILLION OZ//(FOLLOWING MANY EXCHANGE FOR PHYSICAL TRANSFERS TO LONDON DURING THIS MAY DELIVERY MONTH). THERE SEEMS TO BE A SCARCITY OF SILVER OVER AT THE COMEX). THEN WE ADD OUR FIRST EXCHANGE FOR RISK OF 51 CONTRACTS FOR 255,000 OZ//STANDING ADVANCES TO 32.325 MILLION OZ//
JUNE: INITIAL AMOUNT OF SILVER WILLING TO STAND: 10.935 MILLION OZ PLUS OUR NEXT QUEUE JUMP OF 10,000 OZ//NEW STANDING ADVANCES TO 12.960 MILLION OZ TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 20 CONTRACTS FOR 100,000 OZ//NEW STANDING ADVANCES TO 13.070 MILLION OZ
JULY : INITIAL STANDING: 37.110 MILLION OZ FOLLOWED BY TODAY’S STRONG 0.895 MILLION QUEUE JUMP //STANDING THUS ADVANCES TO 40.135 MILLION OZ//
THE NEW TAS ISSUANCE FOR TODAY (714) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED NO DOUBT WITH FUTURE TRADING LIKE TODAY.
WE HAD 92 NOTICE(S) FILED TODAY FOR 0.460 MILLION OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY BANKERS
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR SIZED 3181 OI CONTRACTS UP TO 386,830 OI AND THIS OI STILL SURPASSES BY A CONSIDERABLE MARGIN THE ALL TIME LOW AT 326,052 SET JUNE3/2026 AND THIS OI IS MUCH FURTHER FROM THE RECORD HIGH (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. WE HAVE NOW ADVANCED PAST THE PREVIOUS ALL TIME LOWS OF 357,136 SET APRIL 2/.2026AND 354,581 SET AT THE END OF APRIL 2026. WE ARE STILL QUITE A WAY FROM OUR TWO DECADES OLD: 390,000 CONTRACTS LOW SET IN THE YEAR OF 2001 WITH TRADING FOR GOLD AT $260.00. THUS DURING EARLY APRIL WE HAD AN ALL TIME LOW OI IN COMEX (354,531) BUT WITH AN EXTREMELY HIGH PRICE OF GOLD. IN MAY: RECORD LOW OI OF 326,052 WITH A GOLD PRICE OF $4,460 THE SHORT RATS ARE ABANDONING THE COMEX SHIP, NOBODY WANT TO PLAY IN THIS CROOKED CASINO!! (AND THIS CORRELATES WITH SILVER’S LOW OI OF 104,154 CONTRACTS WITH A MUCH HIGHER SILVER PRICE BASE//$58.00)
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: ADDED A WHOPPING 5552 OI CONTRACTS //.
WE HAD A FAIR GAIN IN COMEX OI (3181 CONTRACTS) . THIS GAIN IN OI OCCURRED DESPITE OUR LOSS IN PRICE OF $15.05 //,WEDNESDAY
///.
LAST 14 MONTHS OF GOLD DELIVERIES: (MAY 2025 THROUGH TO /MAY 2026)
1.MAY SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
FINAL STANDING FOR MAY: 70.174 TONNES OF GOLD TO WHICH WE ADD 1. MONDAY’S (MAY 19) 6.221 TONNES EXCHANGE FOR RISK , 2. THEN WE ADD: 1.35 TONNES TO LAST WEEK”S. THEN WE ADD 3. 1.55 TONNES TO EQUAL 9.591 TONNES// NEW EXCHANGE FOR RISK = 9.591 TONNES WHICH MUST BE ADDED TO OUR NORMAL DELIVERY SCHEDULE OF 80.644 TONNES. THUS STANDING FOR MAY INCREASES TO 90.235 TONNES OF GOLD
2 JUNE CONTRACT MONTH: 93.085 TONNES OF GOLD (WHICH INCLUDES ALL QUEUE JUMPING AND 0 EX FOR RISK)
3.JULY INITIIAL STANDING FIRST DAY NOTICE: 17.847 TONNES. PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK + 2.195 TONNES EX FOR RISK TODAY = 41.106 TONNES STANDING
4. AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.
5.SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
6.OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
7.NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 2.323 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 4.5596 TONNES//NEW STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
8. DECEMBER BEGINS WITH INITIAL STANDING OF 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.0TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR 4 EXCHANGE FOR RISK FOR DECEMBER OF 6.587 TONNES/NEW STANDING ADVANCES TO 121.977 TONNES
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR FIRST EXCHANGE FOR PHYSICAL TRANSFER OF 0.08709 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEB; INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 93.567 TONNES OF GOLD TO WHICH WE ADD OUR NEXT 0.0248 TONNES 0.1555 TONNES QUEUE JUMP TO 41.2082 TONNES/ NEW NET QUEUE JUMP INCREASES TO 41.233 TONNES// AND THEN WE ADD OUR SIX EXCHANGE FOR RISK: 10,080 CONTRACTS OR 31.251 TONNES//NEW STANDING REDUCES TO 157.878 TONNES
MARCH:: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 8.099 TONNES TO WHICH WE ADD TODAY’S FAIR 4600 OZ QUEUE JUMP (0.2320 TONNES) AND THEN WE ADD OUR THREE EXCHANGE FOR RISK OF 22.3818 TONNES //NEW STANDING ADVANCES TO 67.6648 TONNES/
APRIL: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 52.600 TONNES FOLLOWED BY OUR 345 CONTRACT QUEUE JUMP FOR 34,500 OZ/ (1.073 TONNES)/NEW STANDING ADVANCES TO 70.286 TONNES TO WHICH WE ADD OUR 2ND EXCHANGE FOR RISK OF 1498 CONTRACTS FOR 149800 OZ OR 4.659 TONNES. THE NEW TOTAL EXCHANGE FOR RISK FOR THE MONTH OF APRIL IS 2239 CONTRACTS OR 223900 OZ OR 6.964 TONNES AND THIS WILL BE ADDED TO OUR NORMAL DELIVERY TOTALS (70.762 TONNES) TO GIVE US WHAT WILL STAND IN APRIL (77.726 TONNES)
MAY: INITIAL AMOUNT OF GOLD WILLING TO STAND: 12.24 TONNES OF GOLD TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 345 CONTRACTS OR 34500 OZ (1.073 TONNES) TO WHICH WE ADD OUR FIVE EXCHANGE FOR RISK ISSUANCES FOR 24.635 TONNES/STANDING NOW ADVANCES TO 51.554 TONNES OF GOLD.
JUNE; INITIAL AMOUNT OF GOLD WILLING TO STAND; 64.496 TONNES.(CME CORRECTED) TO WHICH WE ADD OUR NEXT EXCHANGE FOR PHYSICAL TRANSFER OF 0.0186 TONNES/NEW STANDING REDUCES TO 127.03 TONNES
JULY: INITIAL AMOUNT OF GOLD WILLING TO STAND: 23.306 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.9610 TONNES//NEW STANDING ADVANCES TO 36.161 TONNES
E.F.P. ISSUANCE/FOR OPENING JULY. GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1135 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 386,870 SURPASSING THE PREVIOUS ALL TIME LOW OF 326,052 SET JUNE 3 AND RISING FROM OUR PREVIOUS RECORD LOW//MAY 28.2026 WE HAVE THUS RECORD LOW COMEX OI WITH A HIGH PRICE OF GOLD
SILVER ALSO HAS AN ULTRA SMALL SIZED AND EXTREMELY LOW COMEX OI OF 105,413 CONTRACTS// STILL ABOVE FROM PREVIOUS ALL TIME LOWS SET DURING THE MONTH OF APRIL AND MAY FIRST.
IN ESSENCE WE HAVE A FAIR GAIN IN TOTAL CONTRACTS IN GOLD ON THE TWO EXCHANGES OF 3841 CONTRACTS WITH 3131 CONTRACTS INCREASED AT THE COMEX// AND A SMALL SIZED 660 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON.
THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 3841 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED AND CRIMINAL 1,395 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED UPON LIKE TODAY .
GOLD PRICE ON WEDNESDAY FELL BY $15.05
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT (660 ) ACCOMPANYING THE FAIR GAIN IN COMEX OI OF 3131 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES 3841 CONTRACTS!! DESPITE THE LOSS IN PRICE.
WE HAVE 1) NOW REVERTED TO OUR FORMAT OF BANKER (FRBNY) GOING ON THE LONG SIDE AND HUGE NUMBERS OF NEWBIE SPECULATORS GOING TO THE SHORT SIDE LED BY THE NOSE BY OUR HIGH FREQUENCY TRADERS.. IT WAS OUR SHORT SPECULATORS THAT WILL BE BRUTALIZED WHEN OUR CENTRAL BANKS TENDER FOR PHYSICAL GOLD WITH THEIR NEWLY BOUGHT GOLD FROM THE SPECS THIS MORNING. THE SPECS WILL BE SCRAMBLING LOOKING FOR PHYSICAL GOLD TO DELIVER TO OUR LONG CENTRAL BANKS.
STANDING FOR THE LAST 7 MONTHS JANUARY TO JULY:
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 FINAL 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 FINAL 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 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 0.9610 TONNES//NEW STANDING FOR GOLD ADVANCES TO 36.161 TONNES.
3) HUGE T.A.S. LIQUIDATION IN THE COMEX SESSION AND SOME GOVT LIQUIDATION // WITH A SMALL LOSS OF EQUITY SHARES/JULY 15 HAVING 1)A SMALL COMEX GOLD PRICE LOSS ($15.05) AND WE HAD 2) SPEC PILING HUGELY ON THE SHORT SIDE// SMALL GOLD EQUITY LOSSES/// +3. EASTERN CENTRAL BANKERS ALSO PILING INTO THE LONG SIDE. WE HAD A SMALL LOSS OF 1243 CONTRACTS ON OUR TWO EXCHANGES AND AS WELL A STRONG AMOUNT OF GOLD WILL STAND FOR DELIVERY IN JULY. (36.161 TONNES). THE SHORT SPECS CONTINUED TO PILE INTO THE SHORT SIDE.//, CENTRAL BANKERS THE LONG SIDE AND THEY THEN TENDERED FOR PHYSICAL WITH THEIR PURCHASES OF CONTRACTS../ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED WEDNESDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL
4)A FAIR SIZED COMEX OI GAIN 5) V) A SMALL SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD(100) AND 6. A FAIR T.A.S. ISSUANCE (1325) FOR RAID PURPOSES.!!! AND OUR 5 CONSECUTIVE T.A.S. ISSUANCES HAVE ENDED
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JULY :
TOTAL EFP CONTRACTS ISSUED: 20,205 CONTRACTS OR 2,020,500 OZ OR 62.84 TONNES IN 11 TRADING DAY(S) AND THUS AVERAGING: 1837 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN11 TRADING DAY(S) IN TONNES: 62.84 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2025, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 62.84 TONNES DIVIDED BY 3550 x 100% TONNES = 1.77% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2023 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2024: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES
2025: AND NOW 2026
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STRONG THIS MONTH
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
NOV: 124.74 TONNES
DEC: 190.04 TONNES//GOOD SIZED THIS MONTH FINAL.
TOTAL EXCHANGE FOR PHYSICAL ISSUED FOR YEAR 2025: 2,026.20 TONNES (LOWER THAN LAST YR 2,569.00 TONNES
JANUARY: 209.08 TONNES ( (WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL)
FEB. 176.35 TONNES (WHICH IS A FAIR ISSUANCE)
MARCH: 214.67 TONNES//WILL BE STRONG ISSUANCE THIS MONTH
APRIL; 88.00 TONNES// WILL BE VERY SMALL THIS MONTH
MAY 118.430 TONNES
JUNE: 142.053 TONNES
JULY: 62.84 TONNES
SPREADERS:
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSIT
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
SILVER:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A STRONG 390 CONTRACTS TO AN OI OF 105,413
EFP ISSUANCE 100 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 100 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 390 CONTRACTS AND ADD TO THE 100 E.FP. ISSUED
WE OBTAIN A STRONG GAIN OF 490 OI OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR LOSS OF $1.52
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 2.45 MILLION PAPER OZ
OCCURRED WITH OUR LOSS IN PRICE.OF $1.52
2.ASIAN AFFAIRS JULY 16 /2025
SHANGHAI CLOSED DOWN 73.17 PTS OR 1.85%
HANG SENG CLOSED UP 324.00 PTS OR 1.31%
Nikkei CLOSED DOWN 1809.51 PTS OR 2.63%
//Australia’s all ordinaries CLOSED DOWN 0.43%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.7664
/ OFFSHORE CLOSED UP AT 6.7681 Oil DOWN TO 79.61 dollars per barrel for WTI and BRENT DOWN TO 84.47 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN// WITH YUAN TRADING UP (6.7664) OFFSHORE YUAN TRADING UP TO 6.7681 ONSHORE YUAN TRADING ABOVE LEVEL OF OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER/OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR 3131 CONTRACTS TO 386,870 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 SOME T.A.S. LIQUIDATION DURING WEDNESDAY’S COMEX TRADING. IT SEEMS THAT MANY OF THE SPECULATORS THAT HAVE NOW CONTINUED AGAIN TO GO MASSIVELY ON THE SHORT SIDE WITH BANKERS ON THE LONG SIDE WILL BE OBLITERATED TODAY WHEN THE LONGS TENDERED FOR DELIVERY:
CENTRAL BANKS TENDERED THEIR NEW LONG CONTRACTS AT THE END OF THE DAY FOR PHYSICAL GOLD. YOU CAN VISUALIZE THIS WITH THE STRONG AMOUNT OF GOLD STANDING AT THE COMEX FOR THIS JULY CONTRACT MONTH!!
THE FAIR SIZED GAIN ON OUR TWO EXCHANGES (3841 CONTRACTS) OCCURRED DESPITE OUR LOSS IN PRICE IN GOLD (UP $15.05)
WE THUS HAD A FAIR SIZED GAIN IN OI ON BOTH OF OUR EXCHANGES (3841 CONTRACTS), DESPITE OUR LOSS IN PRICE, AS WE WERE INFORMED OF A SMALL CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE EQUATING TO 660 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
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
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 FAIR GAIN ON OUR TWO EXCHANGES OF 3841 CONTRACTS DESPITE OUR LOSS IN PRICE($15.05). 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 FAIR SIZED T.A.S ISSUANCE CONTRACTS .THE CME NOTIFIES US THAT THEY HAVE ISSUED 1395 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 AS PROMISED THIS ENDS THE STREAK OF 5 CONSECUTIVE T.A.S. ISSUANCES.
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 FINALIZES AT 157.879 TONNES, ITS HIGHEST STANDING RECORDED IN OVER 4 YEARS.
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 0.9611 TONNES//NEW STANDING ADVANCES TO 36.161 TONNES. TOTAL QUEUE JUMPING SO FAR: 12.855 TONNES OR 1.16 TONNES ON EACH TRADING DAY LEAVING COMEX FOR EASTERN SHORES.
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS 2021-2024
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:STANDING FOR GOLD/COMEX
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
COMEX GOLD TRADING BEGINNING JULY,. CONTRACT;
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $15.05)
WE HAD CONSIDERABLE T.A.S. SPREADER LIQUIDATION WEDNESDAY // 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
WEDNESDAY NIGHT//THURSDAY 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 WEDNESDAY EVENING //THURSDAY 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 $15.05
WE HAD 5552 CONTRACTS ADDED TO OUR OI AT THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL.
NET GAIN ON THE TWO EXCHANGES: 3841 CONTRACTS OR 384,100 OZ (11.947 TONNES)
Total monthly oz gold served (contracts) so far this month
11,606 notices 1,160,600 OZ
36.099 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month
dealer deposits: 1
0 ENTRY
DEPOSITS/CUSTOMER
ENTRIES: 0
xxxxxxxxxxxxxxxxxx
comex withdrawal
0 ENTRIES
adjustments: 1//Brinks 2999.99 oz (customer to dealer acc’t)
COMEX IS DRAINING GOLD
chaos inside the comex
THE FRONT MONTH OF JULY OI STANDS AT 326 CONTRACTS HAVING A LOSS OF 1216 CONTRACTS. WE HAD A GAIN IN OZ STANDING OF 309 CONTRACTS FOR 30,900 OZ OR 0.9611 TONNES, ANOTHER QUEUE JUMP AS CENTRAL BANKS CONTINUE TO TAKE PHYSICAL GOLD OUT OF THE COMEX!!
AUGUST LOST 2021 CONTRACTS TO AN OI OF 221,023
SEPTEMBER GAINED 2 CONTRACTS DOWN TO AN OI OF 1546.
.
We had 306 contracts filed for today representing 30,600 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 306 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 (11,606) to which we add the difference between the open interest for the front month of JULY (326 CONTRACTS) minus the number of notices served upon today 306 x 100 oz per contract) equals 1,162,600 OZ OR (36.161 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 (11,606) to which we add the difference between the open interest for the front month of JULY( 326) contracts minus the number of notices served upon today 306 x 100 oz per contract) equals 1,162,600 OZ OR (36.161Tonnes of gold)
new total of gold standing in JULY becomes 36.161 TONNES//
TOTAL COMEX GOLD STANDING FOR JULY 36.161TONNES TONNES WHICH IS NOW REALLY HUGE FOR THIS NON ACTIVE DELIVERY MONTH OF JULY. ALSO THIS MAKES NO SENSE THAT WE HAVE A MASSIVE DEMAND FROM A CENTRAL BANK AND WHILE THIS IS GOING ON THEY RAID?
confirmed volume WEDNESDAY confirmed 143,347/ 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: 1,878,823.886 oz 58.439 tonnes pledged gold lowers
total inventories in gold declining rapidly
total pledged gold: 1,878,823.886tonnes oz 58.439 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 27,118,902.035oz
TOTAL REGISTERED GOLD 14,779,612.287 tonnes (459.70tonnes)
TOTAL OF ALL ELIGIBLE GOLD 12,339,289.748 oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 12,900,078 oz ((REG GOLD- PLEDGED GOLD)=
401.26 Tonnes //
total inventories in gold declining rapidly
SILVER COMEX
JULY DELIVERY MONTH
JULY 16
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
2 entries
i) Out of CNT 630,014.920 oz ii) Out of Delaware 2,897.860 oz
total withdrawaal; 632,912.780 oz
Deposits to the Dealer Inventory
ENTRY:1
i) Into Asahi: 40,767.900 oz
total deposit 40,767.900 oz
Deposits to the Customer Inventory
ENTRY: 1
i) Into Asahi: 271,344.200 oz
total deposit: 271,344.200 oz
No of oz served today (contracts)
92 CONTRACT(S) ( 0.460 MILLION OZ)
No of oz to be served (notices)
1765 Contracts (8.825 MILLION oz)
Total monthly oz silver served (contracts)
6262 contracts 31.310 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:1
i) Into Asahi: 40,767.900 oz
total deposit 40,767.900 oz
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
ENTRY: 1
i) Into Asahi: 271,344.200 oz
total deposit: 271,344.200 oz
xxxxxxxxxxxxxxxxxxxxxxxxx
withdrawals: customer side/eligible
2 entries
i) Out of CNT 630,014.920 oz ii) Out of Delaware 2,897.860 oz
total withdrawaal; 632,912.780 oz
adjustments :2 customer to dealer
i) Brinks 134,867.360 oz
ii) Delaware 24,234.411 oz
xxxxxxxxxxxxxx
TOTAL REGISTERED SILVER: 95.735 MILLION OZ//.TOTAL REG + ELIGIBLE. 328.527 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: 1857 OPEN INTEREST CONTRACTS FOR A LOSS OF 43 CONTRACTS.
STANDING FOR SILVER TODAY IS REPRESENTED BY 40.135 MILLION OZ. YESTERDAY’S STANDING: 39.340 MILLION OZ. THUS WE GAINED 179 CONTRACTS OR AN ADDITIONAL 0.895 MILLION OZ WILL STAND ON THIS SIDE OF THE POND.
AUGUST SAW A GAIN OF 14 CONTRACTS UP TO 2111…
SEPTEMBER SAW A GAIN OF 42 CONTRACTS DOWN TO AN OI OF 80,730 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 92 or 0.460 MILLION oz
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 6262 X5,000 oz = 31.310 MILLION oz.
We now take the total number of oz standing today and subtract the total standing yesterday and we have a GAIN of 179 contracts for 0.895 MILLION oz and this represents a queue jump where these guys will take delivery on this side of the pond.
YESTERDAY: 39.240 MILLION OZ//STOOD FOR DELIVERY// TODAY 40.135 MILLION OZ//queue jump is thus: 0.895 MILLION oz
Thus the standings for silver for the JULY 2026 contract month: (6262 )Notices served so far) x 5000 oz + OI for the front month of JULY ( 1857) minus number of notices served upon today (92)x 5000 oz equals silver standing for the JULY..contract month equating to 40.135 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 95.735 million oz of registered silver
JPMorgan as a percentage of total silver: 137.898/328.527million: 42.00%
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 16/2026/WITH GOLD DOWN $110.60 /NO CHANGES IN GOLD AT THE GLD : //:/INVENTORY RESTS AT 1004.45 TONNES
JULY 15/2026/WITH GOLD DOWN $15.05 /HUGE CHANGES IN GOLD AT THE GLD : A DEPOSIT OF 1.94 TONNES OF GOLD INTO THE GLD/ //:/INVENTORY RESTS AT 1004.45 TONNES
JULY 14/2026/WITH GOLD UP $63.45 /NO CHANGES IN GOLD AT THE GLD : / //:/INVENTORY RESTS AT 1002.510 TONNES
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
GLD INVENTORY: 1004.45 TONNES, TONIGHTS TOTAL GOLD INVENTORY
SILVER
JULY 16 WITH SILVER DOWN $1.48: :NO CHANGES IN INVENTORY AT THE SLV// :INVENTORY RESTS AT 480.887 MILLION OZ
JULY 15 WITH SILVER DOWN $1.52: :HUGE CHANGES IN INVENTORY AT THE SLV/ A DEPOSIT OF 3.30 MILLLION OZ OZ INTO THE SLV// :INVENTORY RESTS AT 480.887 MILLION OZ
JULY 14 WITH SILVER UP $1.18: :HUGE CHANGES IN INVENTORY AT THE SLV/ A WITHDRAWAL OF 543,000 OZ FROM THE SLV// :INVENTORY RESTS AT 477,587 MILLION OZ
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
A look at monetary history reveals that the question of “sound money” was never purely academic in nature but has always been of central importance for economic stability and social order. The past five decades of the pure fiat experiment are, measured against 5,000 years of monetary history, a brief anomaly. And anomalies tend to be corrected.
Our thesis of a remonetization of gold may seem bold at first glance, which makes a clear conceptual framework all the more important. Those waiting for the reintroduction of a classical gold standard will be disappointed: Governments have no incentive to voluntarily relinquish the fiscal and monetary flexibility that the fiat regime offers them. Rather, what is meant is a process in which gold regains monetary relevance. Not necessarily as money in the strict sense, but certainly as the ultimate reference asset for value, trust, and settlement.
This remonetization does not occur by decree, but through function; not through revolution, but through evolution; not a sudden fanfare, but a steadily rising crescendo. Paradigm shifts often creep in through customs, certainties, and economic necessities. Gold is not moving to the center of the system. Rather, driven by fiscal exhaustion, geopolitical fragmentation, and dwindling institutional trust, the system is moving toward gold.
What connects the following six vectors is a shared underlying structure: At each of these junctures, gold regains a key role as a store of value and a safe haven. Not all vectors will become reality simultaneously or in their entirety, but several parallel channels should suffice to sustainably strengthen gold’s monetary relevance.
The six vectors
Vector I: Reserve Function & Sovereignty
Ever since the freezing of Russian reserves in 2022, it has become clear to many market participants that fiat reserves carry not only market risk but also political risk. Gold is the only major reserve asset without issuer risk. Repatriations in Germany, Poland, the Netherlands, and most recently France underscore this trend.
Vector II: Private Remonetization
Not only governments but also institutions are rediscovering gold as a store of value. Pension funds, family offices, insurance companies, and sovereign wealth funds have often held only minimal gold allocations to date. Even small shifts away from the global bond market could trigger enormous demand. Gold is thus evolving from a tactical allocation to a strategic liquidity reserve, from a “satellite” to a “core” investment.
Vector III: Accounting & Recapitalization
Gold functions not only as a reserve but also as an accounting lever. Since 1999, the Eurosystem has regularly valued gold at market prices; the resulting revaluation reserves effectively act as equity. In the US, too, the debate over revaluing gold reserves is gaining traction. In highly indebted countries, gold can thus become an instrument of silent recapitalization.
Vector IV: Anchoring Through Gold-Backed Bonds
Gold-backed government bonds could strengthen confidence and lower financing costs. Proposals such as those by Judy Shelton show that what is at stake is not a new gold standard, but a credibility standard. The difference between an unsecured government bond and a gold-backed one is similar to that between a promise and a pledge.
Vector V: Western Central Banks as Buyers
The major gold buyers in recent years have come primarily from emerging markets. The next phase could begin if Western central banks with low gold holdings—such as Canada, Japan, Australia, or the United Kingdom—replenish their gold reserves. Even moderate target reserves would generate demand equivalent to one year’s worth of mine production.
Vector VI: Digitalization
Tokenization could solve gold’s historical transaction problem. Gold-backed tokens combine physical scarcity with digital transferability. This positions gold as a competitor to fiat payment systems and CBDCs. The key factor remains whether ownership rights, backing, verifiability, and insolvency resilience are robustly structured.
The vectors described do not operate in isolation. A rising gold price improves central bank balance sheets, facilitates policy reassessments, strengthens the appeal of gold-backed bonds, and increases interest in tokenized forms of gold. It is precisely these feedback loops that make remonetization not a single event, but a self-reinforcing process.
Remonetization is taking shape
We are by no means the only analysts pointing to the possible evolution of the monetary system. Zoltan Pozsar had already elevated the debate on a new world monetary order to a new level in 2022 with his article “Bretton Woods III,” against the backdrop of sanctions on Russian currency reserves. He concluded his remarks with the following forecast: “From the Bretton Woods era backed by gold bullion, to Bretton Woods II backed by inside money (Treasuries with unhedgeable confiscation risks), to Bretton Woods III backed by outside money (gold bullion and other commodities).”
There is no question in our minds that we are irrevocably on a journey toward a new global (monetary) order. It will require an internationally recognized anchor of confidence. For several reasons, gold appears to be predestined for this role:
Gold is neutral – it knows neither flag nor ideology and is thus free from geopolitical manipulation.
Gold has no counterparty risk – unlike any claim or digital account entry, it exists independently, without relying on the promise of a third party.
Gold is liquid – with a daily trading volume of around USD 330bn, it ranks among the world’s most liquid assets.
Gold cannot be multiplied at will – gold reserves have been growing steadily by around 1.8% per year for decades. This geologically determined supply discipline is the fundamental difference from any fiat currency.
The composition of global currency reserves shows how far remonetization has already progressed. For decades, US Treasury bonds formed the backbone of official portfolios. Since the global financial crisis, the trend has reversed: The share of US bonds held by foreign central banks is declining, while gold is gaining significantly again. Despite significant purchases, emerging markets still hold considerably less gold than Western institutions.
What Connects the Six Vectors: Feedback Loops
As different as these six vectors may seem, they share a common underlying structure. In every case, gold regains monetary significance precisely where the existing system relies on trust, the quality of collateral, or political neutrality. Gold is not becoming more relevant because it has been modernized. It is becoming more relevant because the weaknesses of the alternatives are becoming apparent.
Feedback instead of addition
The key point is that the vectors do not act in isolation but reinforce one another. The cycle reads like a self-reinforcing engine:
Accumulation (Vector V) and private demand (Vector II) drive the gold price.
A rising gold price improves central banks’ balance sheets (Vector III).
Improved balance sheets reduce political resistance to gold-backed bonds (Vector IV).
Gold-backed bonds legitimize gold as a reserve asset (Vector I).
A higher, legitimized gold price makes tokenized gold products more attractive (Vector VI).
Tokenization, in turn, increases demand – and closes the loop.
This positive feedback loop is the actual catalyst. Once a critical mass is reached, the process accelerates on its own. Remonetization is thus not a binary event but a gradual phase transition. It can begin with reserves, gain traction through private portfolios, become politically relevant through balance sheet logic, and open up new areas of application through technological innovations. Those waiting for one big bang will overlook the crucial point: Systemic turning points are not heralded by decrees but by changing practices.
An Overview of the Vectors
Arguments against the concept – and why we remain convinced
However, there are also factors that argue against the remonetization of gold. The following structural objections deserve serious consideration:
The cash flow argument: Gold generates no current income. As long as government bonds are considered risk-free, the institutional incentive remains limited. Counterargument:It is precisely this status that is eroding – see Vector III.
The systemic risk argument: An erratic rise in the price of gold would destabilize the debt-based monetary system. Political resistance to this stems not from a conspiracy but from rational politics of interest. Counterargument:An orderly process like the Eurosystem model is in any case more attractive to policymakers than market chaos – the question is not if uncontrolled, but when controlled.
The substitution argument: Gold could lose its collateral function to other assets, such as Bitcoin or tokenized commodities. Counterargument: Complementarity is more likely than substitution (see the Bitcoin discussion in Vector III).
What would have to happen for the remonetization thesis to fail? Three scenarios are conceivable:
Significant debt reduction through real economic growth or fiscal consolidation
Substantial geopolitical détente with the lifting of all sanctions and a return to multilateral cooperation
A technological breakthrough in CBDCs that renders gold obsolete as an anchor of trust
Each of these scenarios is possible on its own. However, it is extremely unlikely that they would occur in combination. Remonetization would fail only if several secular trends were to reverse simultaneously.
The burden of proof has shifted
The real flaw in the current debate lies in what is considered normal. Over half a century of fiat regimes has clouded historical memory: The unbacked paper money system is now regarded as the norm, while gold is seen as a relic. Historically speaking, it is exactly the opposite. The past 54 years are the anomaly, and 5,000 years of monetary history are the proper frame of reference.
The burden of proof, therefore, does not lie with those who consider a gradual remonetization plausible. It lies with those who claim that a historically unique fiat regime will be able to function permanently without resorting to monetary anchors.
Back to the monetary future – this is also the title of the 20th-anniversary edition of the In Gold We Trust report 2026. It is not a nostalgic throwback. It is the sober realization that the history of money is longer and more cyclical than a single political cycle. Gold is not returning because it romanticizes the present. It is returning because the present can no longer keep its promises.
The shadow gold price
Should gold return to the center of the monetary system, the question of price consequences inevitably arises. An exact valuation is, by nature, impossible, but analytical approximations at least give us an idea of possible orders of magnitude. The best-known concept is the so-called shadow gold price.
The shadow gold price refers to the theoretical gold price at which the base money supply would be fully backed by gold. In other words: The shadow gold price is the price level at which a return to a fully backed gold currency would be mathematically possible. We do not consider such 100% backing of M0, as is sometimes advocated, to be necessary; it would currently imply a gold price of USD 20,900 per ounce. During the era of the gold standard, the market forced central banks to maintain coverage ratios between one-third and one-half, which corresponds to a current gold price between USD 7,000 and USD 10,400 per ounce.
Let’s take it a step further and look at the global level. The international shadow gold price corresponds to the gold price that would result if the central bank gold reserves were to cover the money supplies of the leading currency areas – the US, the euro area, the UK, Switzerland, Japan, and China – weighted by their share of GDP. The result reveals the extent of monetary expansion: With 100% coverage of the broad money supply M2, the gold price would be just under USD 250,000; even at a moderate 25%, it would be over USD 60,000.
END
ALASDAIR MACLEOD.\
3. CHRIS POWELL AND HIS GATA DISPATCHES
Ghana president’s brother maneuvers to seize big gold project
Submitted by admin on Wed, 2026-07-15 20:15 Section: Daily Dispatches
By Jonathan Clayton MiningMX, Rivonia, South Africa Wednesday, July 15, 2026
A company owned by the billionaire brother of Ghana’s president is accused of waging a campaign of “industrial espionage” to seize a major gold project from international investors, according to allegations supported by leaked emails seen by Miningmx.
The emails, which have been reviewed by this publication, appear to show regular communication between Ghanaian directors of Azumah Resources, the company’s legal adviser, executives of Engineers and Planners Ltd. (E&P), and a director of South African mining giant Gold Fields during a battle for control of the Black Volta gold project, widely regarded as one of the most significant undeveloped gold projects in West Africa.
James Wallbank, managing partner of Ibaera Capital, the international private equity firm behind the investment, alleged that the correspondence revealed a concerted effort to undermine existing shareholders and paved the way for E&P, the mining firm owned by Ibrahim Mahama, the brother of President John Mahama, to take control of an investment he values at approximately $250 million. …
Ghana’s 2026 artisanal gold output expected to surpass record 2025 level
Submitted by admin on Wed, 2026-07-15 09:29 Section: Daily Dispatches
By Christian Akorlie Reuters Tuesday, July 14, 2026
ACCRA — Ghana’s Gold Board bought up to 54 metric tons of gold from artisanal and small-scale mining in the first half of 2026 and output from the sector is on track to match or surpass last year’s record, the state entity’s CEO said on Tuesday.
The figures and prediction point to another strong year for Ghana’s biggest export and foreign exchange earner, helping underpin dollar inflows and support an economy emerging from its worst financial crisis in decades
Africa’s largest gold producer has seen artisanal output surge following sector reforms to stem smuggling losses and boost foreign exchange earnings. Production reached a record 104 metric tons last year, overtaking large-scale mining output for the first time. …
Submitted by admin on Tue, 2026-07-14 08:43 Section: Daily Dispatches
By Nikita Maria Jino Reuters Monday, July 13, 2026
Genesis Minerals has agreed to acquire smaller peer Vault Minerals in a deal that would create Australia’s third-largest gold producer with a market capitalisation of around A$12.6 billion ($8.71 billion).
The development, which was announced in a joint statement on Tuesday, follows Regis Resources’ dropping its pursuit of Vault, stating that the terms required to match Genesis’ offer would not meet its value and return targets. …
Alasdair Macleod: First gold, then markets migrating East
Submitted by admin on Mon, 2026-07-13 09:28 Section: Daily Dispatches
By Alasdair Macleod GoldMoney, Toronto Friday, July 10, 2026
Goodbye to Western paper. Moving in plain sight, China has set up a new market in Hong Kong ready to take over from London and New York when the dollar dies.
First, let’s look briefly at what happened to gold in the 1973-1974 OPEC crisis.
Note that gold drifted lower when the oil price was hiked by 66% by OPEC led by Sheik Yamani. Having traded down to $90 in late-November, it then began to rise before Yamani hiked the price even further in early-January 1974 to $11.65. Gold went on to double by the year-end.
If this was repeated today, we would see gold nearly doubling to $7,750 in less than four months before going on to over $8,000 in just twelve.
First government-owned gold mine aims to increase Burkina Faso’s economic sovereignty
Submitted by admin on Sat, 2026-07-11 11:13 Section: Daily Dispatches
From TeleSUR, Caracas Thursday, July 9, 2026
Burkina Faso on July 9 inaugurated its first state-owned gold mine, marking a major milestone in the government’s strategy to expand public control over the country’s natural resources and strengthen its economic sovereignty.
Located in the municipality of Yako, in the Yatenga region, the project will be operated by the state-owned Societe de Participation Miniere du Burkina and is expected to produce more than seven tons of gold over the next 15 years while creating more than 1,200 direct and indirect jobs.
Gold is the country’s largest export and its primary source of foreign currency, yet successive governments have long argued that much of the wealth generated by the industry has benefited foreign companies rather than contributing to national development. …
4. ANDREW MAGUIRE/LIVE FROM THE VAULT; 281 AND 279
VAULT 281
Central Bank Wars: Fortress China Targets LBMA
by Kinesis Money
Thursday, Jul 16, 2026 – 11:03
In this week’s Live from the Vault, Andrew Maguire details how China’s launch of the Hong Kong SGE gold gateway marks a historic shift in global gold pricing, as Beijing moves to challenge London and New York’s long-held grip on the market.
With the PBOC systematically draining Western gold reserves and central banks accelerating their shift away from dollar holdings, the precious metals expert outlines why he sees a US Treasury gold revaluation as no longer a distant prospect.
279
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.
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS THURSDAY MORNING.7:30 AM
SHANGHAI CLOSED DOWN 73.17 PTS OR 1.85%
HANG SENG CLOSED UP 324.00 PTS OR 1.31%
Nikkei CLOSED DOWN 1809.51 PTS OR 2.63%
//Australia’s all ordinaries CLOSED DOWN 0.43%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.7664
/ OFFSHORE CLOSED UP AT 6.7681 Oil DOWN TO 79.61 dollars per barrel for WTI and BRENT DOWN TO 84.47 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN// WITH YUAN TRADING UP (6.7664) OFFSHORE YUAN TRADING UP TO 6.7681 ONSHORE YUAN TRADING ABOVE LEVEL OF OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER/OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
ONSHORE YUAN: CLOSED UP AT 6.7664
OFFSHORE YUAN: UP TO 6.7681
1.HANG SANG CLOSED UP 324.00 PTS OR 1.31%
2. Nikkei closed DOWN 1809,51 PTS OR 2.63%
WEST TEXAS INTERMEDIATE OIL DOWN TO 79.81
BRENT; 84.47
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX DOWN TO 100.26/// EURO FALLS TO 1.1472 DOWN 2 BASIS PTS
3b Japan 10 YR bond yield:RISES TO. +2.723 UP 5 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA CROSS NOW AT 162.06… 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: 3.8314 UP 7 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: UP( 6.7664) AND OFFSHORE: UP AT 6.7681
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA. CENTRAL BANK OF JAPAN WILL NO LONGER DO QE.
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 DOWN for WTI and BRENT DOWN this morning
3h European bond buying continues to push yields HIGHER on all fronts in the EU German 10yr bund YIELD UP TO +3.1330/ Italian 10 Yr bond yield UP to 3.936/ SPAIN 10 YR BOND YIELD DOWN TO 3.600%
3i Greek 10 year bond yield UP TO 3.806%
3j Gold at $4029.20 //Silver at: 56.89 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 29/ 100 roubles/77.78
3m oil (WTI) into the 79 dollar handle for WTI and 84 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 162.06 // 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.723% UP 5 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE NOW UNWINDING//YEN BOND TRADING OVERSEAS TO BE REPATRIATED.//JAPAN 30 YR: 3.831 UP 7 PTS..: USA/SF this 0.8059 as the Swiss Franc . Euro vs SF: 0.9246
USA 10 YR BOND YIELD: 4.5512 UP 2 BASIS PTS…
USA 30 YR BOND YIELD: 5.099 UP 2 BASIS PTS/
USA 2 YR BOND YIELD: 4.154 UP 3 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 47.06 UP 3 BASIS PTS/LIRA GETTING KILLED//IDIOTS FOR SELLING GOLD AND USA DOLLAR RESERVES.
10 YR UK BOND YIELD: 4.9671 UP 3 PTS
30 YR UK BOND YIELD: 5.660 UP 3 BASIS PTS
10 YR CANADA BOND YIELD: 3.531 DOWN 4 BASIS PTS
5 YR CANADA BOND YIELD: 3.159 DOWN 5 BASIS PTS.
1a New York Opening report
Futures Slide After Another Korea Rout, Momentum Trades Scrutinized
Thursday, Jul 16, 2026 – 08:25 AM
Futures are lower, erasing much of yesterday’s gain with both Nasdaq and Rusell lagging SPX, following a continued rollercoaster in Korea where stocks tumbled after the BOK hired rates for the first time in 3 years. As of 8:15am ET, S&P futures dropped 0.3%, while Nasdaq 100 contracts dropped 0.8%. A strong earnings beat and raised sales outlook from TSMC failed to trigger fresh gains for the sector that has fueled most of this year’s stock market gains. Europe’s Stoxx 600 was down 0.6%.
WTI trading in a tighter range into Trump’s speech, AI / Semis are driving mkts with TSM ADRs indicated -3.5% their print may not be enough to buoy the group. Korea moves to tighten rules around levered ETFs, so more near-term downside may ensue. US to set 25% tariff for Brazil on July 22, ex-beef / coffee / ethanol products. Pre-mkt, bond yields are +2bp with USD flat. Cmdtys are lower across all 3 complexes though base metals are bid. In Eqys, Semis are weaker, Mag7 is stronger (AMZN, GOOG, META, and MSFT all up are least 1.2%) and the mkt has a defensive tilt as the AI theme is poised to move lower. Today’s macro data focus is on Retail Sales where a stronger print may pull some inflows into consumer-related segments, which still have light positioning.
In premarket trading, Mag 7 stocks are mixed (Alphabet +1.3%, Microsoft +1.3%, Amazon +0.7%, Meta +0.3%, Apple +0.4%, Tesla -0.2%, Nvidia -1.5%)
AtaiBeckley (ATAI) leaps 34% as Eli Lilly is in talks to acquire the psychedelic drugmaker, according people familiar with the matter. Analysts are positive about the psychedelic sector; RBC singles out GH Research (GHRS +18%) for a direct read-across.
GE Aerospace (GE) declines 4% after the world’s largest jet-engine manufacturer posted second quarter results and provided an updated forecast.
United Airlines (UAL) falls 3% after the airline’s updated full-year adjusted EPS forecast trailed the average analyst estimate.
UnitedHealth Group (UNH) is up 7% after the health conglomerate raised its outlook for the year and reported quarterly profit well ahead of Wall Street’s views, helping to solidify the company’s earnings recovery after a historic collapse. Shares of peer insurers are up on the news: Humana (HUM) +5%, Centene (CNC) +3%.
In other corporate news Hyundai Motor is moving to acquire SoftBank’s remaining stake in Boston Dynamics, securing full ownership of the robotics pioneer at a steep discount. ABB agreed to buy British industrial components company Rotork for an enterprise value of around $5.5 billion to expand its electrification and automation businesses. Japan is planning to buy 27,500 next-generation Rubin chips from Nvidia to build a homegrown foundational AI model for robots. Jensen Huang said Nvidia’s next-generation AI accelerator systems were in production and on track for delivery. The AI frenzy is showing up in Asia airlines’ cargo bays helping to mitigate the surge in jet fuel costs.
Chipmakers’ leading role in this year’s equity advances is increasingly coming under strain as traders grapple with lofty stock valuations and whether AI hyperscalers are building more capacity than they will need. Investors are also looking for opportunities to rotate to other sectors within the AI trade that will benefit from the global buildout at more attractive prices.
The latest rout in Korean stocks (full discussion in a subsequent post), sparked selling in tech names, even after Taiwan chip giant TSMC raised its spending and revenue projections for the year, reflecting its confidence that torrid growth in demand for chips and data centers will extend into 2027. TSMC also plans to spend an additional $100 billion to expand US chipmaking capacity. Still, such strong earnings alone aren’t sustaining the momentum trade, signaling that investors are reducing risk. Indeed, as Goldman noted yesterday, we have now seen the worst monthly plunge in high beta momentum since the Global Financial Crisis.
With signs of memory capacity expansion, and Chinese competition ramping – investors might begin to look through perceived low P/E multiples and focus on a more cyclical measure of price/book, which paints a contrasting picture.
Korea’s Kospi was hit particularly hard, down 6.4%, as its two main heavyweights, Samsung and SK Hynix both fell more than 10%. Korean authorities moved to curb volatility, announcing a temporary halt on new listings of single-stock leveraged exchange-traded products tied to the chipmakers.
“There’s been a lot of concentration in the market and that means there’s little room for error,” said Richard Flynn, managing director at Charles Schwab UK. “Global geopolitical risk is elevated and so there’s a relative tone of caution fundamentally looking at the macro outlook.”
“There’s been a lot of rotation within the AI trade, and a small rotation more broadly,” said Toni Meadows, head of investments at BRI Wealth Management. “It’s probably a healthy thing to have consolidation. The further things go, the more stretched they get and then the reaction is bigger.”
After two days in which softer-than-expected inflation data saw traders dial back their expectations for Federal Reserve interest rate hikes this year, June retail sales numbers will put the spotlight on the strength of American consumers.
In geopolitics, the IEA boss warned the global economy is in peril if the Hormuz crisis persists. US Trade Representative Jamieson Greer offered praise for Switzerland’s stance in trade negotiations and its investments in the US, a positive sign for the European nation as it looks to secure a 15% tariff and avoid further confrontation with Trump. The US will begin charging a 25% tariff on imports of certain goods from Brazil following an investigation alleging that the country engaged in unfair trade practices.
In hedge fund news, King Street Capital Management told clients it’s significantly restricting withdrawals from its main hedge fund, moving investors who want to exit to a separate vehicle that will sell off the assets over time.
European equities edged lower on Thursday with the Stoxx 600 down 0.4%, as utilities and telecommunications shares led declines, while the biggest outperformers are media and banking stocks. Here are the biggest movers Thursday
Indutrade shares surge as much as 14% after the Swedish flow control equipment firm’s second-quarter results beat estimates. Analysts at SB1 Markets said the company is poised to win consensus upgrades
Diploma shares rise as much as 5.4%, the most in nearly two months, as the equipment supplier upgrades full-year guidance again
Publicis shares rise as much as 4% after the advertising agency raised the low-end of its organic revenue growth guidance, saying new business wins are contributing about 2 percentage points of extra growth on FY basis
De’Longhi rises as much as 4.9% in Milan, the most since May, after Goldman Sachs initiated coverage with a buy rating, citing the household appliance maker’s exposure to the growing espresso coffee market
Dunelm shares rise as much as 5.6%, hitting a four-month high, after the homeware retailer reported better sales growth in the fourth quarter compared to the exit rate coming out of the third
Telenor shares fall as much as 13%, the steepest drop since October 2008, after the Nordic telecom operator reported second-quarter results that missed estimates and lowered its full-year guidance
ABB falls as much as 4.1%, erasing an initial gain of 1%, after the industrial group reported second-quarter results with focus on the company’s announcement that it would buy Rotork for $5.5 billion
Partners Group shares fall as much as 8.2%, the most in six weeks, after the Swiss alternative asset manager’s first-half net inflows disappointed analysts
Experian shares fell as much as 7.1%, as the credit checking company’s first-quarter organic revenue growth moderates. Analysts say the results were largely expected
Frasers shares drop as much as 5.9%, underperforming the FTSE 250 Index on Thursday morning, after the UK retailer reported weaker-than-expected adjusted pretax profit for the year
Ocado shares slide as much as 17%, to the lowest price since 2013, after the online grocery firm confirmed further delays to multiple customer fulfillment centers
Asian stocks slumped as investors accelerated semiconductor selling, dragging down sector‑heavy markets and souring broader sentiment. The MSCI Asia Pacific Index slid as much as 2% before paring some losses, as the stock markets in South Korea, Japan and mainland China registered losses. Korea’s Kospi was hit particularly hard, down 6.4%, as its two main heavyweights, Samsung and SK Hynix both fell more than 10%. Korean authorities moved to curb volatility, announcing a temporary halt on new listings of single-stock leveraged exchange-traded products tied to the chipmakers. Hong Kong’s Hang Seng Index bucked the trend to gain 1.3%, as investors rotated into the Chinese internet giants such as Alibaba and Tencent. Most Southeast Asian markets, such as Thailand, Malaysia and Indonesia, also traded higher.
Korea, Taiwan and Japan have been among the global leaders this year, but face mounting scrutiny as investors question whether the AI rally can last. A gauge of Asian chipmakers fell as much as 4.6%. Still, Taiwan Semiconductor Manufacturing Co. provided more signs of sustained AI demand, when it raised its spending and revenue projections for the year. With leading Korean chip names down, investors are rotating out of the country, said Yi Ping Liao, portfolio manager at Franklin Templeton. “But interestingly it doesn’t look like a broad based rotation out of tech as Taiwan tech and China tech remain well supported.”
“Now that selling momentum builds in the Korean semis, investors are returning to China where valuations are depressed,” Vey-Sern Ling, managing director at Union Bancaire Privee, said, adding China’s tech performance has been inversely correlated with high-flying Korean memory names recently.
In FX, the Bloomberg Dollar Spot Index is near flat with muted moves across the G-10 complex.
In rates, treasuries fall despite a pullback in oil prices that correlations suggest should be accompanied by gains for bonds. That’s not been the case however with US 10-year yields rising 2 bps to 4.57%. UK and German government bonds are nursing similar sized declines. Long-end yields cheaper by around 3bp and the curve slightly steeper, amid similar moves in European bonds. The price action unwinds a portion of the sharp rally over the past two days spurred by soft CPI and PPI prints. Treasury yields are 2bp-3bp cheaper across the curve with 5s30s spread steeper by around 1bp, adding to its sharp widening since Tuesday. 10-year is around 4.57% with bunds and gilts similarly cheaper. IG dollar issuance slate includes a couple of deals. JPMorgan and Morgan Stanley headlined a $23.6 billion slate Wednesday with $9 billion offerings. Issuers paid an average of about two basis points in new issue concessions on deals that were 4.1 times covered. Focal points of US session include June retail sales data and several Fed speakers.
In commodities, Brent crude futures fall 0.8% to around $84.30 a barrel even after the US struck Iran for a fifth straight day. European natural gas futures are down 1%. Bitcoin falls over 1% while precious metals are also in the red.
US economic data calendar includes July New York Fed services activity, weekly jobless claims, July Philadelphia Fed business outlook index, and June retail sales (8:30am), July NAHB housing market index, May business inventories and June pending home sales (10am). Fed calendar includes Dallas Fed’s Logan (12:30pm), Kansas City Fed’s Schmid (1:25pm) and Vice Chair Jefferson (7pm)
Market Snapshot
Top Overnight News
The US struck Iran for a fifth straight day overnight and hit a sanctioned oil tanker near the country’s main export terminal. Iran fired at US bases in Kuwait and Jordan. BBG
Iran allowed an American citizen to go free after preventing her from leaving the country for a year and a half, a move President Trump called a “gesture of good will” amid a deepening standoff between the two foes. WSJ
The Trump administration said on Wednesday that it would impose a new 25 percent tariff on Brazil next week, arguing that the country had adopted a range of unfair trade practices against the United States. The tariff will apply to thousands of Brazilian products, but will exempt several major categories of exports, including oil and gas, beef, coffee, oranges, and aircraft parts. The tariff will apply to Brazilian ethanol, and take effect next Wednesday. NYT
South Korea’s central bank raised interest rates for the first time in over three years, joining its global peers to tighten policy in the face of inflation fueled by the U.S.-Iran conflict. Bank of Korea Gov. Shin Hyun-song said that the bank would tighten policy further in coming months, citing stronger-than-expected economic growth and inflation. WSJ
South Korea’s top financial regulator unveiled measures to curb risks from single-stock leveraged exchange-traded funds, seeking to stabilize a local stock market that has seen wild swings, as individual investors use debt to chase profits amid artificial-intelligence-related jitters. The Financial Services Commission said Thursday that it would suspend new listings of single-stock leveraged ETFs, ban securities firms and asset managers from advertising or marketing such products. WSJ
Baidu plans to pursue a dual primary listing in the US and Hong Kong, a move that will allow it to tap mainland Chinese investors. BBG
UK economic data for May was mixed, with modestly better GDP and manufacturing production while industrial production fell slightly short . BBG
Smoke blanketed parts of the Northeast, Midwest and Great Lakes as hundreds of wildfires burned across Canada. New Yorkers face unhealthy air again today and are advised to stay indoors, according to state data. BBG
The dip in SpaceX’s shares below its blockbuster IPO price of $135 a share is an ominous sign for Elon Musk’s internet and rocket company as it faces more potential volatility in early August, when the number of shares available for trading on the Nasdaq stands to increase significantly from the lockup expiration. Reuters
The market has priced a large US growth upgrade and more hawkish policy views versus before the war. Goldman
BofA week-to-July 11th total card spending +4.5% (prev. 4.8%); spending growth slowed but remains solid.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were ultimately mixed, albeit with a mostly negative bias in the major indices, as risk sentiment was dampened by a sell-off in semiconductor stocks. ASX 200 was subdued with the index pressured by losses in miners after BHP reported lower output. Nikkei 225 slid below 67,000 with chip-related stocks over-represented in the list of worst performers. KOSPI triggered sidecars as Samsung Electronics and SK Hynix slumped alongside the semiconductor sell-off, while the BoK also raised its key rate by 25bps to 2.75%, as expected, and signalled further action. Hang Seng and Shanghai Comp were mixed with the mainland in the red following disappointing loans and financing data, while the Hong Kong benchmark rallied amid strength in hyperscalers following reports that US companies were increasingly adopting open-weight Chinese AI models and that Alibaba’s Qwen AI would be integrated into Apple Intelligence in China.
Top Asian News
South Korea Financial Regulator said they are to revise rules on single-stock leveraged ETFs to temporarily halt new single leveraged products from listing. The minimum required investor deposit is to be raised to KRW 30mln from KRW 10mln.
Japanese Finance Minister Katayama reiterated they will take appropriate action on FX anytime as needed, although she won’t comment on specific FX levels, and stated they will monitor market developments and economic indicators to achieve fiscal sustainability.
European bourses (STOXX 600 -0.3%) begin Thursday’s trade entirely in the red, with underperformance in the SMI (-0.9%) after earnings from Partners Group and ABB. On the data front, UK GDP M/M printed 0.1% M/M, in line with expectations, while the 3M ticked down to 0.7%, from 0.8%, but beat the 0.5% consensus; no reaction seen in the FTSE 100. Sectors highlight the negative bias, with Media (+0.6%) the only sector printing modest gains after earnings from Publicis (+2.1%), raising its FY revenue guidance. Underperformance is seen in Utilities (-1.1%), followed by Industrial Goods & Services (-1.0%) and Financial Services (-1.1%). US equity futures follow their European peers, trading entirely in the red, despite strong TSMC earnings and an Nvidia announcement. For TSMC, the Co. reported Q2 metrics that beat estimates and raised its Q3 revenue guidance. Additionally, the Co. is to add another USD 100bln of US investment. For Nvidia, the Co. announced that Japan, through Noetra, will buy 27,500 Rubin chips to build AI models for robots.
Top European News
Italy PM Meloni’s electoral reform has been approved by Italy’s lower house in a vote.
FX
G10s lack direction against the Buck in light newsflow. GBP, CHF and NOK all lower after recent gains.
DXY is marginally firmer, but USD gains are mixed against other G10 peers. Today’s calendar sees a few Fed speakers, Logan, Schmid and Jefferson, and the data slate features Retail Sales and weekly jobless claims.
NOK and CHF are the worst performers against the Greenback, which attempts to retrace lost ground with energy prices weighing on NOK, and USD/CHF garnering support around 0.8050.
Not too much was learned from the UK GDP reading for May, which rose but fell short of expectations. On Wednesday, GBP rallied after a number of outlets reported that Mahmood was set for the Chancellor role. Currently, GBP/USD is holding onto gains just above the 1.35 mark.
EUR is flat against the USD and slightly firmer against GBP, with bloc-specific newsflow light. For now, EUR trades within a narrow 1.1460-74 range. EZ calendar light with ECB on its quiet period ahead of its policy meeting next week.
Fixed Income
Global fixed income benchmarks are modestly softer across the board, with a lack of clear drivers, and as US-Iran strikes continue to stoke fears of prolonged inflation.
Gilts (-15 ticks) trade at the lower end of its 87.15-87.60 range, giving back some of Wednesday’s gains. This morning, UK GDP printed 0.1% M/M, in line with expectations, while the three-month gauge ticked down to 0.7% (from 0.8%), but still beat the 0.5% consensus. Politics remain front and centre: reports on Wednesday suggest that incoming PM Andy Burnham is likely to appoint Home Secretary Mahmood as the next Chancellor. Markets have taken this as a positive as she is seen as fiscally conservative, though many still seek clarity on her broader positions. Polymarket gives Mahmood a 63% chance vs Miliband’s 9% to become the next Chancellor. The UK had a decent auction, however demand did fall from the prior auction
OATs (-22 ticks) follow their European peers lower. Politics remains in focus; recently, RN’s Le Pen was found guilty of embezzlement by the Paris court, but given the timing of the first round of the Presidential Election, she is eligible to run for President. Since then, she announced she would appeal the court’s decision and has launched her Presidential campaign. Polls show that Le Pen has extended her lead, with support rising to above 35% from 33% before she announced her bid. Today’s auctions came broadly in line with priors, with demand holding near 3x.
USTs (-7 ticks) look ahead for more Fedspeak, with Logan, Schmid and Jefferson all set to speak on the economy and economic outlook today (note: Jefferson is after hours). On the data front, initial jobless claims and retail sales are the highlights.
The UK sells GBP 4.25bln 4.875% 2036 Treasury Gilt: b/c 3.13x (prev. 3.46x), average yield 5.040% (prev. 4.858%), tail 0.1bps (prev. 0.1bps).
France sells EUR 13.999bln vs exp. EUR 12-14bln 2.40% 2029, 1.50% 2031, 3.25% 2032 and 3.50% 2033 OAT.
Spain sells EUR 5.974bln vs exp. EUR 5-6bln 2.35% 2029, 3.55% 2033 and 3.95% 2056 Bono.
Commodities
The situation between the US and Iran remains volatile. Overnight, the US completed another round of strikes on various parts of Iran, targeting military capabilities. Tehran responded with its own attacks on Kuwait and Jordan.
The path to peace currently remains uncertain. President Trump said that strikes would expand next week; a recent report via the WSJ suggested that Trump is leaning toward expanding US military operations in Iran after days of briefings from top aides. If this proves to be the case, then the risk is that Iran responds with a harsher response against its regional peers. Thus far, Iran has generally avoided energy infrastructure across Gulf nations, but a US expansion could see Iran begin to target Gulf energy facilities, posing risks for oil supply. In the immediate term, the Strait remains shut and near-term flows have been slowed; longer-term, severe facility damage could see halts to production for several months/years, analysts say.
Despite these risks, crude benchmarks are trading lower this morning; Brent Sep’26 (-0.5%) trades within a USD 84.30-85.55/bbl range. Price action was lacklustre overnight and into the European morning. However, some modest upticks (c. USD 0.30/bbl) were seen after an Iranian Top Military Commander stated that the Strait of Hormuz is a red line and added that all infrastructure in the region will be “crushed” if the US continues its interference.
Spot gold (-0.6%) moved lower throughout the APAC session. The subdued action filtered through into London hours; currently holding at session lows of USD 4,024/oz (vs peak of USD 4,064/oz). Action, which is a bit of a paring back from the gains seen in the past couple of sessions. Elsewhere, base metals hold a modest positive bias. 3M LME Copper (+0.3%) holds within a USD 13,541-13,648/t range.
Crude oil flows were suspended at all Iraqi oil loading terminals following a drone crash into an oil tanker at Iraq’s Basra terminal; no damage or fires were reported, security sources said.
Trade/Tariffs
The US is to set a 25% tariff on some Brazil goods from July 22nd, with coffee and beef exempted.
USTR Greer said that Canada offers no concessions and that Mexico is pragmatic in USMCA talks.
Central Banks
BoK raised its 7-day Repo Rate by 25bps to 2.75%, as expected. BoK said the rate decision was unanimous and growth rate this year is expected to considerably surpass the May forecast of 2.6%. Will assess timing of further increase in inflation pressure, improvement trend in the economy and financial stability.
BoE’s Breeden said it is important firms are stress testing AI valuations. The Iran war shock is less likely to become embedded and lead to inflationary dynamics that members might need to lean against.
NBP’s Zarzecki said the base case is for rates to remain unchanged until the turn of 2026/27, with rates likely to rise in 2027.
SNB Minutes (Jun): Although inflation risks have increased in recent months and stronger second-round effects are possible, there is no immediate need for action.
Geopolitics
US President Trump posted that Iran allowed a US citizen who was wrongly detained in December 2024 to leave the country. Trump added that the citizen is now safely outside of Iran and in good condition, while he stated that the US appreciates the gesture of goodwill by Iran.
US VP Vance said Israel is more effective than most at influencing the US, and that some people in the Israeli government want war indefinitely. Furthermore, Vance said they are not going to send ground troops for regime change and that the US will not simply engage in endless bombing of Iran.
US CENTCOM said forces conducted operations for a second wave of strikes on Wednesday against Iran and that US forces disabled a non-compliant vessel in the Arabian Gulf, while it denied Iranian claims that US forces struck a civilian wheat storage facility in Hoveyzeh on July 14th and described the reports as false.
Explosions were heard in Iran’s Khorramabad, and US air strikes targeted areas in Tehran. Explosions were also heard in Iran’s Qeshm and Bandar Abbas, while US projectiles hit near Sirik.
Iran attacked economic interests and US facilities in Kuwait, while at least 10 explosions were heard at the US Navy’s Fifth Fleet Headquarters in Bahrain, and Iran also targeted Jordan.
Kuwait said its armed forces intercepted four cruise missiles and 21 drones from Iran on Wednesday, while Iranian aggression targeted a number of vital facilities, resulting in material damage, although no injuries were reported.
Iran’s Top Joint Military Command said the Strait of Hormuz is a red line and added that all infrastructure in the region will be “crushed” if the US continues its interference.
Houthis were reportedly laying the groundwork and quietly extending their reach to the Horn of Africa, according to the Telegraph citing sources in Yemen, with Houthi rebels reportedly preparing to shut the Bab el-Mandeb Strait on behalf of Iran. Furthermore, sources said the effort was a deliberate Iranian attempt to control “the other side of the Red Sea” and create a situation similar to its grip on the Strait of Hormuz.
Israeli Defence Minister said US operations against Iran was discussed in the phone call with the US Secretary of State Rubio, and said Israel will remain in security zones in Syria, Gaza and Lebanon.
Ukraine’s security service said it struck two Russian shadow fleet tankers in the Black sea and hit six more tankers and two tug boats in the Sea of Azov and Black sea.
US and Iraq to announce USD 60bln in commercial deals as Trump pivots US-Iraq ties towards commerce over military, according to Semafor.
US Event Calendar
8:30 am: Jul Philadelphia Fed Business Outlook, est. 12.5, prior 10.3
8:30 am: Jun Retail Sales Advance MoM, est. 0.2%, prior 0.9%
8:30 am: Jun Retail Sales Ex Auto MoM, est. -0.1%, prior 0.8%
8:30 am: Jul 4 Continuing Claims, est. 1817.5k, prior 1814k
10:00 am: Jun Pending Home Sales MoM, est. -0.5%, prior 3.8%
Central Bank speakers
12:30 pm: Fed’s Logan Speaks on the Economy and Monetary Policy
1:25 pm: Fed’s Schmid Speaks at Kansas City Fed Economic Forum
7:00 pm: Fed’s Jefferson Speaks on Economy and Monetary Policy
DB’s Jim Reid concludes the overnight wrap
As hearts were broken in England, markets continued to shrug off the recent escalations in the Middle East and have mostly had a positive last 24 hours. Admittedly, there’s been some weakness among chip stocks in Asia this morning, but otherwise, markets benefited from a soft US PPI print which continued to drive a dovish repricing. Indeed, the probability of a Fed rate hike in a couple of weeks’ time now stands at just 10% this morning, the lowest it’s been since the Fed’s last meeting that led to the imminent hike speculation in the first place. Moreover, oil prices finally stabilised after their jump earlier this week, with Brent crude (+0.26%) up only marginally yesterday, and they’ve since fallen back -0.22% overnight to $84.76/bbl. Meanwhile, risk appetite also remained resilient, with the S&P 500 (+0.38%) closing just half a percent from its record high last month, and futures for the index are up another +0.13% this morning.
As on Tuesday, that US inflation print really cemented investor confidence in the dovish narrative this week. Notably, headline PPI was down -0.3% in June (vs. unch expected), but we also had a big downward revision to the May reading, which fell half a point to +0.6%. So the recent inflation picture was softer than originally thought, with the year-on-year PPI reading down to +5.5% (vs. +6.2% expected). And significantly for investors, there wasn’t any obvious alarm either from the components that feed into PCE inflation (the Fed’s target measure). See our US economists’ inflation recap here.
That backdrop meant investors continued to dial back the chances of a Fed hike, with US Treasury yields coming down across the curve. For instance, the 2yr yield (-5.9bps) was down to 4.14%, whilst the 10yr yield (-4.2bps) fell to 4.55%. We also heard from Fed Chair Warsh once again, who was appearing before the Senate Banking Committee. The new Chair said he “repeatedly” told Trump that he would be independent, but there were no major policy headlines from his session and little to point towards an imminent hike. Separately, Fed Governor Cook maintained a hawkish-leaning tone, saying that the FOMC can take its time to observe more data but that “If we do not see signs of disinflation soon, I am prepared to act”.
As all that was happening, oil prices fluctuated amidst the competing headlines out of the Middle East, but they ultimately stabilised after their sharp jump earlier in the week. In terms of the latest developments, oil prices initially eased back yesterday but then edged higher as US forces conducted new strikes overnight and the WSJ reported that Trump was leaning towards expanding military operations against Iran. But overall, Brent crude has been broadly flat, with a modest +0.26% increase yesterday to $84.95/bbl, and overnight it’s since fallen back -0.22% to $84.76/bbl.
For US equities there was another decent performance as well yesterday, aided by the dovish repricing. Moreover, the latest earnings results added further support, with BlackRock (+6.63%) as the second-best performer in the S&P 500 yesterday after its results beat expectations. So that helped the S&P 500 (+0.38%) to post a second daily increase, despite a drag from chip stocks, as the Philly semiconductor index fell -2.08%. But other tech stocks fared better, with the NASDAQ up +0.62%. Moreover, the Mag-7 rallied +2.31%, led by Apple (+4.01%) after it received government approval to roll out Apple Intelligence in China.
Those themes have continued overnight, with weakness among chip stocks dragging down some of the major indices in Asia. For instance, it’s been another volatile day for the KOSPI (-6.55%), which is currently on track for a two-month low as it stands, having shed over -25% since its peak less than a month ago. And we’ve seen weakness in Japan as well overnight, with the Nikkei down -2.48%, and in mainland China the CSI 300 (-0.91%) and the Shanghai Comp (-0.82%) have also fallen. The one exception to that is the Hang Seng, which is up +1.93% this morning.
In other news overnight, the Bank of Korea delivered their first rate hike since 2023, with a 25bp hike that took the policy rate to 2.75%. The move was in line with consensus, and their statement said that “inflation is expected to remain above the target level for a considerable time”, and they said that growth this year “is expected to considerably exceed the May forecast of 2.6%.” Meanwhile, they also signalled further hikes ahead, saying that “it is judged that it will be necessary to continue a policy stance consistent with further rate hikes”.
Staying on central banks, we also heard from the Bank of Canada yesterday, who kept rates unchanged as the consensus expected. There was some optimism however, as their statement said that the economy was “showing signs of improvement”. But the market reaction was pretty muted, and the decline in 10yr Canadian bond yields (-4.3bps) was almost exactly in line with that for 10yr US Treasuries.
Earlier in Europe, there was also a weaker performance yesterday, with yields moving higher as concern grew on the inflation side. The problem was that even as oil prices fell back, natural gas prices continued to tick higher, with European futures hitting a fresh 3-month high yesterday of €54.35/MWh. So that backdrop saw yields on 10yr bunds (+0.7bps), OATs (+1.8bps) and BTPs (+2.6bps) all move higher, although the STOXX 600 (+0.10%) managed to eke out a modest gain, even as the DAX (-0.59%) and FTSE-MIB (-0.85%) saw larger declines.
Finally, with Andy Burnham set to become UK Prime Minister next week, the FT reported that the next Chancellor of the Exchequer was likely to be Shabana Mahmood, the current home secretary. This had been a key focus for UK markets in recent days, and the pound strengthened on the headlines, ending the day up +1.12% against the US dollar at $1.3540. Moreover, gilts also extended their outperformance after the news, with the 10y yield (-3.8bps) down to 4.94%, the opposite direction to yields in continental Europe.
Looking at the day ahead, US data releases include retail sales and pending home sales for June, the NAHB’s housing market index and the Philadelphia Fed’s business outlook survey for July, and the weekly initial jobless claims. Meanwhile in the UK, we’ll get the monthly GDP print for May. Otherwise, central bank speakers include the Fed’s Logan and Schmid. Finally, today’s earnings releases include Netflix, Morgan Stanley and Johnson & Johnson.
1b European opening report
Equity futures lower despite TSMC beat and raise and large NVIDIA Rubin order from Japan – Newsquawk US Market Open
Thursday, Jul 16, 2026 – 06:35 AM
The US has completed another round of strikes on various parts of Iran, targeting military capabilities; Tehran responded with its own attacks on Kuwait and Jordan.
TSMC reported Q2 metrics that beat estimates, while raising its Q3 revenue guidance above expectations. In addition, the co. is to add another USD 100bln of US investment.
US equity futures lower despite strong TSMC earnings and Japan’s large investment for Nvidia’s Rubin chips.
DXY rangebound while CHF and NOK outperforms; GBP unreactive following GDP data.
Fixed income benchmarks softer despite lower energy; UK and French politics in focus.
Crude benchmarks take a breather despite ongoing US-Iran strikes, spot gold moves a bit lower.
Looking ahead, highlights include US Retail Sales (Jun), Jobless Claims, Philly Fed Index (Jul), Pending Home Sales (Jun), Atlanta Fed GDP, Speakers including Fed’s Logan & Schmid, Earnings from Netflix, Alcoa, GE Aerospace, US Bancorp, Abbott & State Street.
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
EUROPEAN TRADE
EQUITIES
European bourses (STOXX 600 -0.3%) begin Thursday’s trade entirely in the red, with underperformance in the SMI (-0.9%) after earnings from Partners Group and ABB. On the data front, UK GDP M/M printed 0.1% M/M, in line with expectations, while the 3M ticked down to 0.7%, from 0.8%, but beat the 0.5% consensus; no reaction seen in the FTSE 100.
Sectors highlight the negative bias, with Media (+0.6%) the only sector printing modest gains after earnings from Publicis (+2.1%), raising its FY revenue guidance. Underperformance is seen in Utilities (-1.1%), followed by Industrial Goods & Services (-1.0%) and Financial Services (-1.1%).
US equity futures follow their European peers, trading entirely in the red, despite strong TSMC earnings and an Nvidia announcement. For TSMC, the Co. reported Q2 metrics that beat estimates and raised its Q3 revenue guidance. Additionally, the Co. is to add another USD 100bln of US investment. For Nvidia, the Co. announced that Japan, through Noetra, will buy 27,500 Rubin chips to build AI models for robots.
G10s lack direction against the Buck in light newsflow. GBP, CHF and NOK all lower after recent gains.
DXY is marginally firmer, but USD gains are mixed against other G10 peers. Today’s calendar sees a few Fed speakers, Logan, Schmid and Jefferson, and the data slate features Retail Sales and weekly jobless claims.
NOK and CHF are the worst performers against the Greenback, which attempts to retrace lost ground with energy prices weighing on NOK, and USD/CHF garnering support around 0.8050.
Not too much was learned from the UK GDP reading for May, which rose but fell short of expectations. On Wednesday, GBP rallied after a number of outlets reported that Mahmood was set for the Chancellor role. Currently, GBP/USD is holding onto gains just above the 1.35 mark.
EUR is flat against the USD and slightly firmer against GBP, with bloc-specific newsflow light. For now, EUR trades within a narrow 1.1460-74 range. EZ calendar light with ECB on its quiet period ahead of its policy meeting next week.
FIXED INCOME
Global fixed income benchmarks are modestly softer across the board, with a lack of clear drivers, and as US-Iran strikes continue to stoke fears of prolonged inflation.
Gilts (-15 ticks) trade at the lower end of its 87.15-87.60 range, giving back some of Wednesday’s gains. This morning, UK GDP printed 0.1% M/M, in line with expectations, while the three-month gauge ticked down to 0.7% (from 0.8%), but still beat the 0.5% consensus. Politics remain front and centre: reports on Wednesday suggest that incoming PM Andy Burnham is likely to appoint Home Secretary Mahmood as the next Chancellor. Markets have taken this as a positive as she is seen as fiscally conservative, though many still seek clarity on her broader positions. Polymarket gives Mahmood a 63% chance vs Miliband’s 9% to become the next Chancellor. The UK had a decent auction, however demand did fall from the prior auction
OATs (-22 ticks) follow their European peers lower. Politics remains in focus; recently, RN’s Le Pen was found guilty of embezzlement by the Paris court, but given the timing of the first round of the Presidential Election, she is eligible to run for President. Since then, she announced she would appeal the court’s decision and has launched her Presidential campaign. Polls show that Le Pen has extended her lead, with support rising to above 35% from 33% before she announced her bid. Today’s auctions came broadly in line with priors, with demand holding near 3x.
USTs (-7 ticks) look ahead for more Fedspeak, with Logan, Schmid and Jefferson all set to speak on the economy and economic outlook today (note: Jefferson is after hours). On the data front, initial jobless claims and retail sales are the highlights.
The UK sells GBP 4.25bln 4.875% 2036 Treasury Gilt: b/c 3.13x (prev. 3.46x), average yield 5.040% (prev. 4.858%), tail 0.1bps (prev. 0.1bps).
France sells EUR 13.999bln vs exp. EUR 12-14bln 2.40% 2029, 1.50% 2031, 3.25% 2032 and 3.50% 2033 OAT.
Spain sells EUR 5.974bln vs exp. EUR 5-6bln 2.35% 2029, 3.55% 2033 and 3.95% 2056 Bono.
COMMODITIES
The situation between the US and Iran remains volatile. Overnight, the US completed another round of strikes on various parts of Iran, targeting military capabilities. Tehran responded with its own attacks on Kuwait and Jordan.
The path to peace currently remains uncertain. President Trump said that strikes would expand next week; a recent report via the WSJ suggested that Trump is leaning toward expanding US military operations in Iran after days of briefings from top aides. If this proves to be the case, then the risk is that Iran responds with a harsher response against its regional peers. Thus far, Iran has generally avoided energy infrastructure across Gulf nations, but a US expansion could see Iran begin to target Gulf energy facilities, posing risks for oil supply. In the immediate term, the Strait remains shut and near-term flows have been slowed; longer-term, severe facility damage could see halts to production for several months/years, analysts say.
Despite these risks, crude benchmarks are trading lower this morning; Brent Sep’26 (-0.5%) trades within a USD 84.30-85.55/bbl range. Price action was lacklustre overnight and into the European morning. However, some modest upticks (c. USD 0.30/bbl) were seen after an Iranian Top Military Commander stated that the Strait of Hormuz is a red line and added that all infrastructure in the region will be “crushed” if the US continues its interference.
Spot gold (-0.6%) moved lower throughout the APAC session. The subdued action filtered through into London hours; currently holding at session lows of USD 4,024/oz (vs peak of USD 4,064/oz). Action, which is a bit of a paring back from the gains seen in the past couple of sessions. Elsewhere, base metals hold a modest positive bias. 3M LME Copper (+0.3%) holds within a USD 13,541-13,648/t range.
Crude oil flows were suspended at all Iraqi oil loading terminals following a drone crash into an oil tanker at Iraq’s Basra terminal; no damage or fires were reported, security sources said.
TRADE/TARIFFS
The US is to set a 25% tariff on some Brazil goods from July 22nd, with coffee and beef exempted.
USTR Greer said that Canada offers no concessions and that Mexico is pragmatic in USMCA talks.
NOTABLE EUROPEAN HEADLINES
Italy PM Meloni’s electoral reform has been approved by Italy’s lower house in a vote.
NOTABLE EUROPEAN DATA RECAP
UK GDP YoY (May) Y/Y 1.3% vs. Exp. 1.4% (Prev. 1.2%).
UK GDP 3-Month Avg (May) 0.7% vs. Exp. 0.5% (Prev. 0.7%, Low. 0.4%, High. 0.6%).
UK GDP MoM (May) M/M 0.1% vs. Exp. 0.1% (Prev. -0.1%, Low. -0.3%, High. 0.1%).
UK Goods Trade Balance (May) -18.66B vs. Exp. -23.6B (Prev. -26.05B).
UK Manufacturing Production MoM (May) M/M 0.1% vs. Exp. -0.1% (Prev. 0.4%, Low. -0.5%, High. 0.3%).
UK Manufacturing Production YoY (May) Y/Y 2.3% vs. Exp. 1.9% (Prev. 1%, Low. 1.7%, High. 2.6%).
UK Industrial Production MoM (May) M/M -0.5% vs. Exp. 0.1% (Prev. 0%, Low. 0.5%, High. 1.4%).
UK Industrial Production YoY (May) Y/Y 1.0% vs. Exp. 1.2% (Prev. -0.2%, Low. 0.5%, High. 1.4%).
Italian Inflation Rate MoM Final (Jun) M/M 0% vs. Exp. 0.0% (Prev. 0.4%).
Italian Inflation Rate YoY Final (Jun) Y/Y 3.0% vs. Exp. 3% (Prev. 3.2%).
CENTRAL BANKS
BoK raised its 7-day Repo Rate by 25bps to 2.75%, as expected. BoK said the rate decision was unanimous and growth rate this year is expected to considerably surpass the May forecast of 2.6%. Will assess timing of further increase in inflation pressure, improvement trend in the economy and financial stability.
BoE’s Breeden said it is important firms are stress testing AI valuations. The Iran war shock is less likely to become embedded and lead to inflationary dynamics that members might need to lean against.
NBP’s Zarzecki said the base case is for rates to remain unchanged until the turn of 2026/27, with rates likely to rise in 2027.
SNB Minutes (Jun): Although inflation risks have increased in recent months and stronger second-round effects are possible, there is no immediate need for action.
NOTABLE US HEADLINES
BofA week-to-July 11th total card spending +4.5% (prev. 4.8%); spending growth slowed but remains solid.
GEOPOLITICS
MIDDLE EAST
US President Trump posted that Iran allowed a US citizen who was wrongly detained in December 2024 to leave the country. Trump added that the citizen is now safely outside of Iran and in good condition, while he stated that the US appreciates the gesture of goodwill by Iran.
US VP Vance said Israel is more effective than most at influencing the US, and that some people in the Israeli government want war indefinitely. Furthermore, Vance said they are not going to send ground troops for regime change and that the US will not simply engage in endless bombing of Iran.
US CENTCOM said forces conducted operations for a second wave of strikes on Wednesday against Iran and that US forces disabled a non-compliant vessel in the Arabian Gulf, while it denied Iranian claims that US forces struck a civilian wheat storage facility in Hoveyzeh on July 14th and described the reports as false.
Explosions were heard in Iran’s Khorramabad, and US air strikes targeted areas in Tehran. Explosions were also heard in Iran’s Qeshm and Bandar Abbas, while US projectiles hit near Sirik.
Iran attacked economic interests and US facilities in Kuwait, while at least 10 explosions were heard at the US Navy’s Fifth Fleet Headquarters in Bahrain, and Iran also targeted Jordan.
Kuwait said its armed forces intercepted four cruise missiles and 21 drones from Iran on Wednesday, while Iranian aggression targeted a number of vital facilities, resulting in material damage, although no injuries were reported.
Iran’s Top Joint Military Command said the Strait of Hormuz is a red line and added that all infrastructure in the region will be “crushed” if the US continues its interference.
Houthis were reportedly laying the groundwork and quietly extending their reach to the Horn of Africa, according to the Telegraph citing sources in Yemen, with Houthi rebels reportedly preparing to shut the Bab el-Mandeb Strait on behalf of Iran. Furthermore, sources said the effort was a deliberate Iranian attempt to control “the other side of the Red Sea” and create a situation similar to its grip on the Strait of Hormuz.
Israeli Defence Minister said US operations against Iran was discussed in the phone call with the US Secretary of State Rubio, and said Israel will remain in security zones in Syria, Gaza and Lebanon.
RUSSIA-UKRAINE
Ukraine’s security service said it struck two Russian shadow fleet tankers in the Black sea and hit six more tankers and two tug boats in the Sea of Azov and Black sea.
OTHER
US and Iraq to announce USD 60bln in commercial deals as Trump pivots US-Iraq ties towards commerce over military, according to Semafor.
CRYPTO
Bitcoin fell just shy of the USD 64k handle while Ethereum holds above USD 1880.
APAC TRADE
APAC stocks were ultimately mixed, albeit with a mostly negative bias in the major indices, as risk sentiment was dampened by a sell-off in semiconductor stocks.
ASX 200 was subdued with the index pressured by losses in miners after BHP reported lower output.
Nikkei 225 slid below 67,000 with chip-related stocks over-represented in the list of worst performers.
KOSPI triggered sidecars as Samsung Electronics and SK Hynix slumped alongside the semiconductor sell-off, while the BoK also raised its key rate by 25bps to 2.75%, as expected, and signalled further action.
Hang Seng and Shanghai Comp were mixed with the mainland in the red following disappointing loans and financing data, while the Hong Kong benchmark rallied amid strength in hyperscalers following reports that US companies were increasingly adopting open-weight Chinese AI models and that Alibaba’s Qwen AI would be integrated into Apple Intelligence in China.
NOTABLE ASIA-PAC HEADLINES
South Korea Financial Regulator said they are to revise rules on single-stock leveraged ETFs to temporarily halt new single leveraged products from listing. The minimum required investor deposit is to be raised to KRW 30mln from KRW 10mln.
Japanese Finance Minister Katayama reiterated they will take appropriate action on FX anytime as needed, although she won’t comment on specific FX levels, and stated they will monitor market developments and economic indicators to achieve fiscal sustainability.
1 c) Asian opening report
Europe primed for modesty firmer open despite soft APAC trade – Newsquawk EU Market Open
Thursday, Jul 16, 2026 – 01:56 AM
The US has completed another round of strikes on various parts of Iran, targeting military capabilities; Tehran responded with its own attacks on Kuwait and Jordan.
US President Trump stated Iran wants to meet, though warned that strikes would expand next week. Nonetheless, crude benchmarks take a breather following recent gains; Brent -0.6%.
APAC stocks held a mostly negative bias, with the KOSPI (-6.4%) dragged by losses in Samsung Electronics (-8.6%) and SK Hynix (-11.9%). European equity futures are indicative of a slightly firmer open.
DXY is flat and holds around 100.50; G10s are mixed against the USD.
Looking ahead, highlights include UK GDP (May), Italian HICP Final (Jun), EZ Balance of Trade (May), US Retail Sales (Jun), Jobless Claims, Philly Fed Index (Jul), Pending Home Sales (Jun), Atlanta Fed GDP, SNB Minutes (Jul), Speakers including Fed’s Logan & Schmid, Supply from Spain, France & UK.
Earnings from Netflix, Alcoa, UnitedHealth, GE Aerospace, US Bancorp, Abbott, State Street & ABB.
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
IRAN CONFLICT
US President Trump said Iran had better behave and that he does not like giving deadlines, while he also said that Iran wants to meet. Trump also stated Iran wants to settle so badly, and we will find out if we settle with them or finish it off.
US President Trump said strikes against Iran would expand next week, while it was separately reported that Trump is leaning toward expanding US military operations in Iran after days of briefings from top aides, according to WSJ.
US President Trump posted that Iran allowed a US citizen who was wrongly detained in December 2024 to leave the country. Trump added that the citizen is now safely outside of Iran and in good condition, while he stated that the US appreciates the gesture of goodwill by Iran.
US VP Vance said Israel is more effective than most at influencing the US, and that some people in the Israeli government want war indefinitely. Furthermore, Vance said they are not going to send ground troops for regime change and that the US will not simply engage in endless bombing of Iran.
US CENTCOM said forces conducted operations for a second wave of strikes on Wednesday against Iran and that US forces disabled a non-compliant vessel in the Arabian Gulf, while it denied Iranian claims that US forces struck a civilian wheat storage facility in Hoveyzeh on July 14th and described the reports as false.
US strikes on Iran are strengthening options for potential US escalation, according to sources.
Explosions were heard in Iran’s Khorramabad, and US air strikes targeted areas in Tehran. Explosions were also heard in Iran’s Qeshm and Bandar Abbas, while US projectiles hit near Sirik.
Iran attacked economic interests and US facilities in Kuwait, while at least 10 explosions were heard at the US Navy’s Fifth Fleet Headquarters in Bahrain, and Iran also targeted Jordan.
Kuwait said its armed forces intercepted four cruise missiles and 21 drones from Iran on Wednesday, while Iranian aggression targeted a number of vital facilities, resulting in material damage, although no injuries were reported.
Iran’s Parliamentary Speaker Ghalibaf said Iran has never welcomed war and does not, but must always be ready to fight and stand to the end to safeguard its national security and interests, while he stated that Iran must also use diplomacy and negotiations to realise and secure its national interests.
Houthis were reportedly laying the groundwork and quietly extending their reach to the Horn of Africa, according to the Telegraph citing sources in Yemen, with Houthi rebels reportedly preparing to shut the Bab el-Mandeb Strait on behalf of Iran. Furthermore, sources said the effort was a deliberate Iranian attempt to control “the other side of the Red Sea” and create a situation similar to its grip on the Strait of Hormuz.
US TRADE
EQUITIES
US stocks were ultimately mixed as most major indices finished in the green, although the Nasdaq 100 reversed early gains and underperformed. ASML’s earnings initially lifted Nasdaq futures after the company delivered strong quarterly results. However, the stock reversed course during the US session after management guided EUV lithography machine sales slightly below consensus expectations, weighing on both ASML and the broader semiconductor sector. Sectors were varied as Communication Services and Consumer Discretionary led the gains, but Energy and Utilities lagged. Attention was also on data as a softer-than-expected PPI report supported the broader market by reinforcing the inflation picture shifting benignly following Tuesday’s CPI release.
SPX +0.38% at 7,572, NDX -0.28% at 29,503, DJI +0.29% at 52,664, RUT +0.39% at 2,976.
USTR Greer said Canada offers no concessions and that Mexico is pragmatic in USMCA talks, while Greer said he spoke with President Trump regarding Brazil.
US announced to set 25% tariff on some Brazilian goods from July 22nd, but with coffee and beef exempted, while Brazil later announced it will invoke the reciprocity law to contest US tariffs
NOTABLE HEADLINES
Fed’s Cook (voter) said it is prudent to wait a little longer for inflation to slow, but she was prepared to act if that did not occur soon, while she stated that inflation expectations remained anchored, although that depended on appropriate monetary policy, and the Fed could not take its eye off the ball. Cook said there was reason to expect further disinflation but warned tariffs, the Middle East conflict and AI investment posed upside inflation risks, as well as stated that risks had shifted noticeably towards higher inflation since last summer, while the labour market remained stable. Furthermore, Cook said policy was currently mildly restrictive, and the FOMC could take more time to observe incoming data, while she added that one month of CPI and PPI data did not establish a trend and said the Fed had methods to compensate for low response rates in government surveys.
Fed Beige Book stated that prices increased moderately overall, with nine Districts reporting moderate growth, two robust growth, and one slight growth; compared with the last reporting period, price growth was the same or slower in all Districts.
US President Trump’s speech on Thursday night will partially touch on previously unreported Chinese meddling in US elections, according to CBS News.
US Vice President Vance said the administration was trying to lower interest rates. Vance stated it had been a major mistake not to pursue antitrust action against Big Tech in the 2000s and said authorities must be willing to use it in the 21st century, while he added that the biggest AI risk was a hyper-monopolist dominating the sector and influencing government.
Several senators will meet with President Trump at the White House on Thursday afternoon to discuss progress on a broad cryptocurrency regulatory bill, according to Politico.
US and Iraq are to announce USD 60bln in commercial deals as Trump pivots US-Iraq ties towards commerce over military, according to Semafor.
APAC TRADE
EQUITIES
APAC stocks were ultimately mixed, albeit with a mostly negative bias in the major indices, as risk sentiment was dampened by a sell-off in semiconductor stocks.
ASX 200 was subdued with the index pressured by losses in miners after BHP reported lower output.
Nikkei 225 slid below 67,000 with chip-related stocks over-represented in the list of worst performers.
KOSPI triggered sidecars as Samsung Electronics and SK Hynix slumped alongside the semiconductor sell-off, while the BoK also raised its key rate by 25bps to 2.75%, as expected, and signalled further action.
Hang Seng and Shanghai Comp were mixed with the mainland in the red following disappointing loans and financing data, while the Hong Kong benchmark rallied amid strength in hyperscalers following reports that US companies were increasingly adopting open-weight Chinese AI models and that Alibaba’s Qwen AI would be integrated into Apple Intelligence in China.
US equity futures traded rangebound following recent choppy price action amid softer inflation metrics and the ongoing geopolitical backdrop, while the spotlight gradually shifts to earnings.
European equity futures indicate a slightly higher cash market open with Euro Stoxx 50 futures up 0.1% after the cash market closed with losses of 0.2% on Wednesday.
FX
DXY got some slight reprieve from the data-induced selling pressure in which the DXY weakened against its major peers and money markets shifted to just about pricing one 25bps rate hike by year-end. This came after PPI followed suit to the recent CPI data and printed beneath expectations on all watched gauges. In terms of Fed rhetoric, Williams said current policy is well-positioned to bring inflation back to the 2% target, but didn’t have a clear direction about which way interest rates are going or when. Elsewhere, Fed Chair Warsh largely reiterated comments during the second day of his Congress testimony, including commitment to the inflation target, and described the labour market as in good shape.
EUR/USD held on to prior spoils after climbing on the back of a weaker dollar, although further upside in the single currency was capped, and comments from ECB speakers did little to shift the dial.
GBP/USD took a breather after yesterday’s outperformance, which coincided with reports that the UK’s incoming PM is expected to name current Home Secretary Mahmood as Chancellor. Markets believe she would be fiscally conservative given her history in the current ministerial role, while participants look ahead to monthly GDP and output data.
USD/JPY traded rangebound at the 162.00 handle in the absence of any tier-1 data and with little reaction seen to the familiar jawboning by Japan’s Finance Minister, who reiterated they will take appropriate action on FX anytime as needed.
Antipodeans were little changed amid the mixed risk appetite and quiet overnight calendar.
FIXED INCOME
10yr UST futures took a breather after bull steepening yesterday as PPI data added to the soft inflation narrative, while more data looms, including Retail Sales and Initial Jobless Claims.
Bund futures traded little changed after oscillating through the 125.00 level, with price action indecisive following recent supply and after the latest ECB rhetoric provided little to shift the dial.
10yr JGB futures trickled lower in the absence of tier-1 data and amid supply across the curve through an enhanced-liquidity auction.
COMMODITIES
Crude futures paused after recent gains and despite continued US-Iran strikes, while President Trump was said to be leaning toward expanding US military operations in Iran after days of briefings from top aides.
IEA Executive Director Birol said Hormuz must reopen within weeks to avoid a crisis, adds markets are nervous about renewed Iran conflict.
US President Trump said oil prices will yo-yo for a while, and suggested oil will be USD 55/bbl when Iran settles down.
White House was reportedly weighing an additional extension of Jones Act waivers as the renewed Iran conflict stirred concerns over higher prices.
EU is to maintain the Russia oil price cap at its current level until 23 July.
Russia will seek more gasoline from India after Ukraine attacked refineries.
Spot gold faded gains with price action choppy after recent upside in oil and softer US inflation.
Copper futures saw two-way trade amid the mixed risk appetite and following softer-than-expected Chinese lending data.
CRYPTO
Bitcoin traded sideways with price action choppy on both sides of USD 64,500.
NOTABLE ASIA-PAC HEADLINES
BoK raised its 7-day Repo Rate by 25bps to 2.75%, as expected, with the rate decision unanimous. BoK stated that the growth rate this year is expected to considerably surpass the May forecast of 2.6%, while it will assess the timing of a further increase in inflation pressure, the improvement trend in the economy and financial stability. BoK also stated that it needs to monitor high exchange rate volatility, the housing market and household debt growth, as well as acknowledged that core inflation for this year is likely to be somewhat higher than the previous forecast of 2.4%.
BoK Governor Shin said they will raise the interest rate on the BoK’s special loan programs, and that all parts of the components making up South Korea’s GDP are robust. Shin stated that the demand side price pressure may need careful monitoring as it can turn into stronger inflation pressure if a robust increase in GDI is sustained. Furthermore, he said they will respond until inflation stabilises at the BoK’s target level, and that how actively the BoK would respond to inflation risks will depend on the data, with Q2 GDP data to be thoroughly assessed.
Japanese Finance Minister Katayama reiterated they will take appropriate action on FX anytime as needed, although she won’t comment on specific FX levels, and stated they will monitor market developments and economic indicators to achieve fiscal sustainability.
GEOPOLITICS
RUSSIA-UKRAINE
Kyiv official announced an attack by Russia on Ukraine’s capital with ballistic missiles.
Ukrainian President Zelensky nominated Sergii Koretskyi as Ukraine’s PM, while it was also reported that Ihor Klymenko will be named as the new Defence Minister, according to FT
Greece opposed new EU sanctions on Russia to shield a Greek shipping company, according to FT
OTHER
US Pentagon officials are reportedly quietly eyeing Cuba, as the US-Iran war restarts following the collapse of the ceasefire, according to CBS.
EU/UK
NOTABLE HEADLINES
ECB’s Moulin said the ECB needed to be ready for any eventuality on inflation.
end
NORTH AND SOUTH KOREA AND JAPAN
SOUTH KOREA
1 In 30 Koreans Margin-Called As Kospi Crashes, Regulator Suspends New Levered ETFs, Hikes Margins
Thursday, Jul 16, 2026 – 10:45 AM
For the first time in over three years, South Korea’s central bank raised its policy interest rate by 0.25% points to 2.75%, inline with expectations, and kicking off a monetary tightening cycle aimed at containing inflationary pressures spurred by the AI-driven semiconductor boom. It also helped spark a fresh rout in Korean stocks whose daily volatility has become borderline farcical with daily 5% swings having become the norm.
The move on Thursday was the Bank of Korea’s first rate increase in more than three years as well as its first under Shin Hyun-song, a renowned international economist who took over leadership of the central bank in April. Before Thursday’s move, the BoK had held rates at 2.5% since May 2025 at the conclusion of an easing cycle.
As the FT notes, Shin has stressed the need for tighter monetary policy in recent weeks, pointing to robust economic growth driven by a surge in demand for memory chips on the one hand and persistent weakness in the won, elevated inflation and growing financial imbalances on the other (these, are of course, connected, as the collapsing currency helps cheap chip exports, which raises core inflation for consumer electronics both domestically and globally).
“Korea is expected to see the effects of the semiconductor boom spill over into domestic demand. Therefore, underlying inflationary pressures are likely to be stronger and persist for longer than previously anticipated,” he told a press conference on Thursday. “We will respond until we are convinced that inflation stabilizes at our target level.”
Shin has said that the semiconductor export boom was feeding through to stronger household spending, wage growth and investment, increasing the risk that inflation would remain elevated for a considerable period.
Indeed, as shown in the chart above, Korean consumer inflation is running well above the bank’s 2% rate, rising 3.2% in June from a year earlier, its fastest rate since December 2023. The country’s reliance on imported energy has also raised concerns as the conflict in the Middle East has roiled global energy markets.
The central bank also highlighted sizeable bonus payments at leading chipmakers Samsung Electronics and SK Hynix, which it said could contribute to broader wage gains and stronger consumer demand.
One reason for the hike was the relentless plunge in the won: despite South Korea’s record current account surplus, the won has remained under pressure, weakening 5% against the dollar year to date to its lowest level since the 2008 global financial crisis and ranking among Asia’s worst-performing currencies.
Analysts blame the currency’s weakness on exporters retaining overseas earnings for reinvestment and overseas equity purchases by Korean institutional and retail investors. The weaker won has pushed up import costs, including for energy. Surging housing prices in Seoul and surrounding areas, coupled with high household debt, are also a concern for Korean authorities.
The crashing won has benefited the country’s exporters: the central bank said that the economy is continuing to benefit from the AI boom. Exports surged 70.9% in June from a year earlier, the fastest growth rate in nearly half a century. The near record exports helped boost the country’s economy: Korea posted its strongest growth last quarter in nearly six years, and the government this week upgraded its economic growth forecast for 2026 to 3% from 2%, exceeding the IMF’s 2.6% projection.
Of course, the tighter financial conditions did not help the stock market which slumped 6.4% and reversed all of Wednesday’s gains.
However, the bigger catalyst behind the latest Korean rout which sent the Kospi back into bear-market territory after falling about 27% from its June peak, and to the lowest level since April, triggering another set of KOSPI/KOSDAQ sell sidecars in the early-morning…
… was an emergency market monitoring meeting for the Korea’s financial regulator, which unveiled measures to curb risks from single-stock leveraged exchange-traded funds, seeking to stabilize a local stock market that has seen wild swings, as individual investors use record amounts of debt to chase profits amid artificial-intelligence-related jitters.
The Financial Services Commission said Thursday that it would suspend new listings of single-stock leveraged ETFs, ban securities firms and asset managers from advertising or marketing such products, and triple the minimum cash deposit for new investments to 30 million won, equivalent to around $20,000.
The measures, which are long overdue and should have been implemented while millions of retail investors were piling into the bubble earlier this year, are aimed at curbing speculative trading and reducing risks tied to highly leveraged investment products following recent bouts of market volatility.
Most of these ETFs, launched in South Korea in May to track surging and often volatile memory-chip stocks, have been blamed for recent stock-market volatility. They are largely tied to Samsung Electronics and SK Hynix, which together account for about half of the benchmark Kospi’s market capitalization.
At the center of the volatility are Samsung Electronics and SK Hynix, whose shares fell 8.8% and 12%, respectively, on Thursday. Even so, Samsung shares have more than doubled and SK Hynix shares have nearly tripled this year. Such leveraged ETFs are designed to amplify daily moves in the underlying stocks by two times, and according to most traders they exacerbate volatility through the daily rebalancing needed to maintain their investment objective.
Yes, they help accelerate gains on the way up, but once momentum turns, what ensues is a historic destruction of wealth. Nowhere is this more obvious than in the 3x levered Kospi ETF, KORU, which is down 70% from its all time high hit on June 1, and is back to where it was at the end of January.
Herald van der Linde, HSBC’s head of equity strategy for Asia Pacific, said in a note Thursday that risks include intensifying retail participation, much of it through newly issued leveraged single-stock ETFs and margin lending, estimated at $23 billion, in South Korea. Foreign investors’ exposure to South Korean memory-chip stocks is rising, likely keeping market volatility elevated and reinforcing the case for diversification, he said.
Foreigners, however, were not hanging around for today’s rout: they, together with local institutions, jointly turned back as net sellers in KOSPI, with selling focused on Tech (-$1.0bn/-$1.6bn), while retail investors were net buyers (+$2.6bn in Tech). Local instos were the main net sellers today (selling -$1.6bn in KOSPI), while their ETF net-selling (-$738mn) amounted to c.46% of the total net-selling.
At the forefront of today’s rout were the usual suspects: SK Hynix plunged -11.5% and Samsung Electronics tumbled -8.8%, giving back all of yesterday’s gains to retrace towards the 100DMAs as they tracked US overnight weakness in the SOX/SKHY.
Unfortunately, the “emergency measures” are too little too late. as we said earlier this week, the party for Retail Kospi investors – who have bought everything foreign investors had to sell – is ending: retail Margin Calls are soaring, hit 5% last Friday and on Monday will be far higher. Finally, retail brokerage deposits plunge by 30trn won to lowest level since feb 20
Retail Kospi investors bought everything foreign investors had to sell. But the retail party is ending: retail Margin Calls are soaring, hit 5% last Friday and on Monday will be far higher. Finally, retail brokerage deposits plunge by 30trn won to lowest level since feb 20 https://t.co/XuxMwzBx3Gpic.twitter.com/rwhQtDOYLT— zerohedge (@zerohedge) July 13, 2026
What’s worst of all is that as Ioannis Blekos on Goldman’s trading desk noted, as of July 13, “a total of over 1.2 million leveraged retail accounts across the Korean market triggered margin calls. Approximately 320,000–360,000 accounts were fully liquidated by brokers. South Korea has an adult population (aged 15–64) of 35.7 million people… i.e. 1 in 30 (3.4%) adults got margin called.”
And so, once again regulators are “boldly” stepping in only after the market tumbles, and millions of local investors are left with nothing. If only they had been more proactive, and popped the Korean stock bubble before it reached record proportions and assured huge losses…
So what happens next, now that the Korean bubble has burst: look for all that capital to shift to China.
“Now that selling momentum builds in the Korean semis, investors are returning to China where valuations are depressed,” Vey-Sern Ling, managing director at Union Bancaire Privee, said, adding China’s tech performance has been inversely correlated with high-flying Korean memory names recently.
With leading Korean chip names down, investors are rotating out of the country, said Yi Ping Liao, portfolio manager at Franklin Templeton. “But interestingly it doesn’t look like a broad based rotation out of tech as Taiwan tech and China tech remain well supported.”
Commercial shipping through the Strait of Hormuz is once again off-limits in the near term as the renewed hostilities and threats to vessels led to another spike in risks of transiting the key tanker and container shipping lane, according to Masahiro Okafuji, chair of the Japan Foreign Trade Council.
“No one would go there, because it’s dangerous,” Okafuji told a media conference on Wednesday, as carried by Bloomberg.
Renewed re-routing of the shipping lanes around the Cape of Good Hope on Africa’s southern tip would hike transportation costs by over 30%, according to Okafuji, who is also chief executive at major Japanese trading house Itochu Corporation.
Following the re-escalation in regional hostilities in recent days, the Joint Maritime Information Center (JMIC) reaffirmed on Tuesday its regional threat level for the Strait of Hormuz at “severe”, which it had raised last week after the first signs emerged of the collapse of the U.S.-Iran ceasefire.
“The regional maritime security threat level remains SEVERE with further deliberate hostile activity likely under current conditions,” JMIC said.
“Mariners should expect sustained naval presence, increased IRGC hailing and monitoring along transit routes, and possible diversion of AIS-equipped vessels to the northern Iranian-controlled route. Enhanced force protection measures, increased VHF hailing, and congestion near anchorage areas should also be anticipated.”
Japan, meanwhile, has been scrambling for alternative oil supply in recent months as its key import route, the Strait of Hormuz, was blocked.
Before the Iran war, Japan and its refiners relied on the Middle East for a massive 95% of all crude imports. But the shock loss of supply forced refiners to seek alternatives and the government to release oil from strategic reserves to offset the lack of supply through the Strait of Hormuz.
Japan in April imported the lowest volume of crude oil from the Middle East on record dating back to 1979 as the Iran war and the closure of the Strait of Hormuz choked supply from the region.
The oil stocks release, Japan’s biggest ever, has helped refiners increase throughput in recent weeks. So has alternative supply from producers outside the Middle East, including the United States, as well as rare cargoes from Azerbaijan and Latin America.
3 CHINA
special thanks to Robert H for sending this to us;
China tops US in global favorability, poll finds
While it is easy to pass judgement on a future like Trump, cleaning up the rot is America is a dirty job that requires a hardened character to stand half a chance at success. Meanwhile one can also expect a bought and paid for media to be controlled to portray image of change that may well be contrary to reality of what is being attempted. Even most recently NBC announced that the death of Kennedy was a CIA conspiracy. No doubt missed by most people and burned in the news cycle.
However this article is worth paying attention to. Why? Because when you convince 85% of any population of anything you can move them like sheep in any direction you want. China understands this and is playing the big board game where in PR America is losing under Trump on this board of play. It does not help that the business of America is war while the business of China is business. This is quite stark and it was not always this way as once upon a time the Business of America was business. This changed when Kennedy was killed and America was highjacked by Neocons to serve their war ambitions. Today America has been sufficiently pillaged by greed and influence to no longer be able to fight a Peer Competitor as is being shown with Iran. The biggest danger for America is to escalate this to a nuclear level because that will ruin America on a global stage. Hopefully it does not come to this.
If China is to seize the mantle of being the global leader they will do so by allowing America to reposition itself in minds of the world as unworthy. And that should be of concern to all people. Because under the hood and face of PR China is not what its’ PR image is thought to be. Realism of what it is needs clarity. Otherwise only experience will allow understanding.
And as for the dot.com mentality of building mass data centers this is passé. Technology says its day is over. China has surpassed the need to have this with light connected chips in tandem so data does not need to be transferred back and forth. It moves as one mass. While i wrote about this some time ago, today China is actively pursuing faster chips where the race is on. And even here where Intel made break throughs in design and creation they forget that production is key. China did not invent the new design but will be the first to mass produce while american ingenuity plays second fiddle.
President Trump shakes hands with China’s President Xi Jinping at the Great Hall of the People in Beijing on May 14. Photo: Kenny Holston/AFP via Getty Images
China is now viewed more favorably than the U.S. in most of the 36 countries surveyed by the Pew Research Center, according to a new report spanning six continents.
Why it matters: The findings suggest the global standing of the U.S. has slipped as President Trump advances his “America First” agenda, while China’s international image has improved.
It’s the first time in some 20 years of Pew global opinion polls that China has surpassed the U.S. in being viewed more positively among many of those surveyed, Laura Silver, associate director of Pew’s Global Attitudes Research, told AFP.
Driving the news: Interviews were conducted from Feb. 8 to May 13, a period during which the U.S. and Israel launched military strikes against Iran.
What they found: The survey of 42,151 people found that more have confidence in Chinese leader Xi Jinping than in Trump — reversing a trend seen when former President Biden led the U.S., though many of those surveyed lack confidence in both leaders.
The U.S. leads in only six countries: India, Japan, the Philippines, South Korea and two others.
Representatives for the White House did not immediately respond to Axios’ request for comment.
Per a Pew Facebook post, “across the 20 countries we have surveyed annually since 2023, median confidence in Xi is now higher than confidence in Trump by 10 points.” Photo: Pew Research Center/Facebook
Stunning stat: U.S. favorability in Canada has fallen from 57% in 2023 to 33% this year, while China’s has risen from 14% to 44%.
The pattern is similar among other U.S. allies, including France, Germany and the U.K.
Yes, but: The U.S. still scores higher than China on respecting personal freedoms. However, that advantage has narrowed considerably since 2021 as confidence in the U.S. has fallen across much of Europe and elsewhere.
In Sweden, for example, the share saying the U.S. respects personal freedoms has fallen from 61% to 27%. Similar declines have occurred in Canada, France, Germany, Italy, the Netherlands, South Korea and Spain.
The big picture: Many respondents view China as a more reliable partner and as more likely to promote peace and stability. Respondents in many middle-income countries also view China as the better partner. Among the 17 middle-income countries surveyed:
A median of 75% say the U.S. interferes in other countries’ affairs.
Just 45% say the same about China.
Between the lines: “There was just an actual relationship between the outbreak of the war and the sense that the US is just not contributing to peace and stability and that people have less confidence in Donald Trump,” said Silver, a researcher on the study, according to AFP.
Context: Pew surveyed people living in Argentina, Australia, Bangladesh, Brazil, Canada, Chile, Colombia, France, Germany, Ghana, Greece, Hungary, India, Indonesia, Israel, Italy, Japan, Kenya, Malaysia, Mexico, the Netherlands, Nigeria, Pakistan, Peru, the Philippines, Poland, Singapore, South Africa, South Korea, Spain, Sri Lanka, Sweden, Thailand, Turkey, the U.K., and the West Bank and East Jerusalem.
end
4. EUROPEAN AND SCANDINAVIAN COMMENTARIES PLUS NATO
UK
REVOLT TIME!! SMALL TOWN VOTES TO ABANDON THE UK
(WATSON/MODERNITY NEWS)
You Will Not Believe What’s Happening In This Tiny English Village
Residents of the small leafy Oxfordshire village of Piddington have delivered a thunderous rebuke to Westminster’s latest asylum experiment.
With roughly 180 adults casting ballots on July 4, 175 backed holding a referendum on breaking away from the United Kingdom in protest against plans to house up to 1,250 single adult male asylum seekers at an adjacent former Ministry of Defence Site.
That works out to a 96% yes vote in a community of around 370 people where decisions about their future are being made without them.
The move comes after the Home Office announced in late June it would convert the redundant military storage facility – sitting right between Piddington and Upper Arncott – into basic accommodation for single men aged 18 to 65.
Utility companies have already received instructions to prepare power, water and sewage connections, with work eyed for late August or early September. No detailed public proposal or full impact assessment has been published. Locals say the site was never built for this purpose and sits next to a children’s play area and reserve.
Piddington resident Ian Darby captured the frustration felt by many when he spoke out against the total lack of engagement from officials.
Parish Council Chairman Tim McNally framed the vote as a natural response to being driven into a corner.
“We had an incredible result with almost two-thirds of the village voting, the rest were children, and an acceptance of 96%. It was truly astonishing. Self-determination is what people want whilst they are being ignored and driven into a corner. This is a natural human instinct and reaction. The Principality of Piddington, the village that roared, will put together their council and representatives to empower themselves.”
Local resident Graham Rixon called the scale “completely inappropriate.” “We’re a village of 350 people – there’s another village down the road of even less people, and they’re going to dump 1,200 people here.”
“Most of them probably won’t speak the language, so there’s going to be communication problems, and as far as I know, no help’s been set up for language,” he continued, adding “We haven’t had any detail of how it’s going to work, so if it does go through, it’ll be a mess – inadequate provision has been made. We’re supposed to live in a democracy, and this is just trying to bypass democracy and get it all done before anyone notices.”
Another resident from nearby Arncott, Gwen McEwan, described the prospect as “frightening.” She asked why her village should be penalised while British people wait for housing and noted that local children already pay £300 a term for the bus to school. “If they come here, I won’t be paying any council tax.”
Chairman McNally highlighted the human side: “We have young children, we’ve got elderly people. People actually have the comfort to walk at night through the village without consequence.”
Concerns centre on groups of bored single men potentially roaming near homes and the play area, language barriers, and pressure on already limited rural services in a place over two miles from the nearest shop with no pavement along the B-road.
Liberal Democrat MP Calum Miller for Bicester and Woodstock has called the isolated site unsuitable and demanded ministers pause the plan, publish a full impact assessment, and come to the area to explain themselves directly. He said the decision feels like one taken in secret in Whitehall and imposed on local people treated as an afterthought.
The Home Office maintains the move forms part of closing asylum hotels and shifting claimants into basic ex-military accommodation to end the perception that illegal arrival leads to hotel stays.
It points to falling hotel numbers and reduced overall asylum costs. Critics note the approach simply relocates the same pressures into small communities that never asked for them and lack the infrastructure or policing to absorb sudden demographic change.
This is not an isolated outburst. Across Britain, similar top-down placements of large numbers of single adult male asylum seekers into former military sites or new housing have triggered the same pattern of ignored residents, safety worries for women and children, and strained local resources.
In one case a village of just 150 people faced 121 migrants placed in 21 new-build houses originally meant for social housing, sited next to a children’s playground and primary school. Locals reported teenage girls taking longer routes to avoid the area.
Another former RAF base targeted for up to 1,500 people sat on contaminated ground with no power, water or phone lines initially, requiring massive taxpayer upgrades while the base exit opened onto a resident’s driveway.
The pattern continues in Barnham, Suffolk – a peaceful village of just 600 people now facing plans to house over 1,000 asylum seekers at the nearby disused RAF site. That influx would nearly triple the local population. The base sits only two minutes from a primary school and beside a nature reserve.
Residents report teaching their children basic safety measures such as locking doors and staying quiet. Fencing around the site already has holes that allow easy exit. Public meetings on the plans have been restricted, and critics describe the broader approach as “Operation Scatter” – deliberately dispersing claimants into rural areas with limited facilities and minimal local input.
Watch how the policy has already played out in other small places:
In Crowborough, East Sussex, residents formed a volunteer security patrol after hundreds of single male asylum seekers were moved into a former training camp, creating what locals described as a village within a village.
Women reported carrying personal alarms and taking self-defence classes even in daylight. One volunteer stated the group provided “a visible presence to provide safety and security. We are a deterrent.
The policy of clearing hotels by dispersing claimants into rural and suburban sites simply shifts the burden onto native communities already competing for homes, schools and GP appointments.
Piddington’s symbolic independence vote stands as the latest expression of a growing refusal by ordinary Britons to accept being treated as collateral damage in a national experiment they never consented to.
The village that roared on July 4 has drawn its line. Whether Westminster hears it or continues treating rural England as disposable real estate for imported populations remains to be seen. Self-determination, once stirred at the smallest scale, has a habit of spreading.
Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.
END
CZECH REPUBLIC//(EU MEMBER)
“Free Speech Has Its Limits”, Rules Czech Supreme Court
The Czech Supreme Court has upheld a suspended prison sentence imposed on a former dissident who publicly wore clothing displaying symbols associated with Russia’s invasion of Ukraine.
According to Echo24, botanist Pavel Křivka walked through Pardubice in April 2024 wearing a black sweatshirt bearing a large white letter ‘Z’ and the Russian words “For Victory.”
Lower courts convicted him of publicly approving a crime against peace and sentenced him to six months in prison, suspended for two years. An appeal to the Supreme Court has now been rejected.
“Freedom of expression is one of the fundamental rights of a democratic society, but it has its limits,” court spokeswoman Gabriela Tomíčková said.
“According to the Supreme Court, public support or approval of the most serious international crimes exceeds the limits of expression which is entitled to full constitutional protection,” she added.
The court said a person does not need to make a speech or explicitly attempt to persuade others to commit an offense. Publicly displaying symbols can itself constitute a crime when their meaning is sufficiently clear.
Judges also rejected Křivka’s argument that the Z symbol does not appear on an official list of prohibited imagery. They ruled that its meaning must be assessed in context and said the combination of the letter Z and the “For Victory” slogan could not reasonably be interpreted as anything other than support for Russian aggression.
The court said Křivka’s education and experience in public and political life meant he would have understood the symbolism. He had also repeatedly expressed opinions on Russia and Ukraine.
Prosecutors described the hoodie as “warmonger clothing” and argued that Křivka intended to stir hostility toward Ukraine and Ukrainians. His lawyer maintained that wearing clothing he liked was not illegal.
The letter Z first appeared on Russian military vehicles during the February 2022 invasion before becoming a wider propaganda symbol used at rallies, on billboards, on clothing and across Russian social media.
Křivka had previously criticized the rulings of the lower Czech courts. “I did not commit any propaganda for war or genocide or anything like that. I walked down the street in standard clothes, clothes that I bought in China when I was there to teach Czech. We have much more freedom in China than in the Czech Republic,” he said in February, as cited by Novinky.cz.
The Largest Foreign Buyer Of US Stocks (EUROPEANS) Is Getting Cold Feet/SIMON WHITE
AI
geopolitical tensions is causing Europeans to back away from USA stocks.
Europe (or Europeans) has been one of the largest foreign buyers of US stocks in recent years, but there are signs of cooling enthusiasm or diversification (“getting cold feet”).
finance.yahoo.com
Simon White is a Bloomberg macro strategist who has written on US “exceptionalism,” heavy foreign inflows into US equities (especially post-pandemic), associated risks, and shifts in capital flows. While I didn’t find an exact article with that precise title, the theme aligns closely with his analyses and broader market commentary around 2025–2026.
notion.so
Key Context on Foreign Buying of US Stocks
Record inflows in 2025: Foreign investors bought a net ~$720 billion in US stocks (up 134% from 2024), part of ~$1.55 trillion in long-term US assets. This defied “Sell America” talk amid tariffs and geopolitics. finance.yahoo.com +1
Top buyers (ex-fund hubs like Cayman/Ireland): Norway (~$82B), Singapore (~$79B), South Korea (~$74B). Europe as a region contributed massively. finance.yahoo.com
Europeans own roughly $10T+ in US stocks (~49% of foreign-held US equities). finance.yahoo.com
Signs of cooling/diversification:
European asset managers (e.g., Amundi) reported clients accelerating diversification away from the US starting around April 2025, partly due to US policy uncertainty, tariffs, and better opportunities elsewhere. finance.yahoo.com
Broader flows: Some outflows or reduced buying in US equities in 2026 periods, with money rotating to Japan, Europe, EM, etc. US equity funds saw redemptions (e.g., $1.72B in one week in mid-2026). moneyandbanking.co.th
Foreigners own record shares of US stocks (~15–16% outstanding, over $18T total), but equity flows are less “sticky” than bonds. Valuations are stretched, and inflows helped drive the premium. notion.so
Simon White’s Relevant Views
White has highlighted risks in US exceptionalism:
Massive post-pandemic equity inflows (~$9T since then) funded US current account deficits, but this makes the market more vulnerable to return-sensitive private foreign capital pulling back.
Foreigners now hold more US stocks than Treasuries/corporate bonds.
US stocks/bonds can no longer fully rely on dollar reserve status; they depend more on commercial returns. A slowdown in inflows (or outflows) could pressure valuations and the dollar. notion.so +1
Recent data (as of mid-2026) shows record net foreign inflows into US equities in some periods, often tied to AI exposure unavailable elsewhere, but with hedging increasing and rotations to non-US markets accelerating.
apollo.comBottom line:
Foreign (especially European) buying powered much of the US rally, but geopolitical tensions, valuations, relative performance elsewhere, and policy risks are prompting caution and diversification. This doesn’t mean a full reversal yet—capital often chases performance—but it introduces downside risks for US assets if the trend builds. White and others flag this as a key vulnerability in the “exceptionalism” narrative. For the latest, check Bloomberg or Treasury TIC data.
END
BALTIC STATES/RUSSIA
Baltic Leaders Claim Moscow Eyeing Wave Of Infrastructure Attacks In Europe
Thursday, Jul 16, 2026 – 04:15 AM
NATO’s ‘eastern flank’ members are at it again, seeking to hype an imminent Russian threat which they now say will target their critical infrastructure.
The presidents of Poland, Lithuanian and Latvia have joined together and issued a dire warning over an impending plot on Wednesday, citing intelligence reports.
“We are talking about energy and transport infrastructure, facilities where damage could… disrupt the functioning of the entire energy system,” Lithuanian President Gitanas Nauseda said at a joint press conference in Vilnius, alongside his Latvian counterpart, Edgars Rinkevics.
“This planning is taking place at the highest level, effectively in Moscow,” Nauseda stated.
And Rinkevics followed by asserting, “Even without a total Ukrainian victory, Russia may indirectly test Article 5 and response mechanisms at the alliance and European Union levels,” he said.
Kremlin spokesman Dmitry Peskov quickly disputed the allegations that Russia is planning sabotage operations or some kind of invasion of Europe..
“This is just another fresh batch of scare stories designed to keep the brainwashing going and prepare the population for further militarization,” he said.
Baltic governments have especially been warning about a Russian ‘invasion’ in some form or the other going back years into the Ukraine war.
Even lower security officials have chimed in, for example back in 2025, Renatas Požéla, head of Lithuania’s fire and rescue service, warned:
“It is possible that we will see a massive army along the Baltic borders with the obvious goal of conquering all three countries within three days to a week.”
In that prior instance he was talking about Estonia, Latvia, and Lithuania. Their leaders and officials have been among the most outspoken anti-Russia hawks throughout the Ukraine conflict.
Moscow has long insisted that it has no intention of invading any EU or NATO member state. Tensions have soared, however, due to somewhat frequent drone incursions into European territory. But the Kremlin has said these are chiefly Ukrainian drones spilling over.
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS//
ISRAEL USA/IRAN WEDNESDAY NIGHT
US Navy Disables Tanker Defying Blockade, As Pentagon Initiates 2nd Strike Wave Of Day After Iran Snubs Talks
Wednesday, Jul 15, 2026 – 03:20 PM
Summary
Pentagon announces second wave of strikes later Wednesday, the after initial 90-minute attack to start the day.
Trump threatens wider strikes unless Iran returns to talks – says attacks to ‘expand’ next week.
Wednesday saw 5th strait day of US bombardment on chiefly Iranian coastal sites.
Iran hits US-Gulf bases and warns on regional oil exports, says it is in ‘control’ of Hormuz Strait.
No evidence de-escalation: Tehran rejects talks and vows more retaliation.
US launches new wave of strikes on Iran, Kuwait intercepts Iranian missiles, drones
Meanwhile, US President Trump stated that Iran badly wants to settle with the United States, adding that Washington would decide whether or not to take such a step.
A US Navy fighter jet aboard the top deck of the USS George H.W. Bush in the Arabian Sea, published July 15, 2026; illustrative.(photo credit: X/CENTCOM)ByREUTERSJULY 15, 2026 22:52Updated: JULY 16, 2026 00:31
The US struck Iran’s coastal defenses and missile sites on Wednesday after reimposing a naval blockade of its ports, while Iran threatened to shut off more regional energy exports, saying it was engaged in an “existential war” with America.
The latest escalation comes days after a fragile truce collapsed, raising the specter of a return to full-scale war, though analysts generally see that as less likely.
Hostilities have intensified since Iran said late on Saturday it had closed the Strait of Hormuz. Military operations are also keeping ships from transiting the vital artery, which carried about a fifth of global oil and gas shipments before the war. Brent crude oil, the international benchmark, closed at a one-month high at $84.95 a barrel on Wednesday.
US Central Command (CENTCOM) said the military had attacked coastal defense systems and cruise missile storage and launch sites on Iran’s Greater Tunb Island starting around 6 a.m. EDT, and had completed the wave of strikes within around 90 minutes.
Nine hours later, CENTCOM reported a second wave of strikes.
Smoke rises from an explosion at an unknown location, during what US Central Command (CENTCOM) says are strikes on Iran, in this screen grab taken from a handout video released on July 14, 2026. (credit: US CENTRAL COMMAND/HANDOUT VIA REUTERS)
US strikes enforce free transit in Hormuz, target Iran’s military capabilities
“The strikes are targeting Iranian military capabilities used to threaten vessels freely transiting through the Strait of Hormuz, an international waterway vital to global commerce. The US military is holding Iran accountable at the Commander in Chief’s direction,” CENTCOM said on X/Twitter.
Three US officials told Reuters that US strikes aimed at forcing open the strait are also targeting Iranian military capabilities the US would want to destroy before executing more complex operations.
Following the latest round of strikes, Iran’s Mehr news agency said four locations around the city of Ahvaz came under attack, just inland from the northern end of the Persian Gulf, as did Bandar Abbas, Iran’s principal port city on the Strait of Hormuz. In neither case were casualties reported, Mehr said. Iran’s Tasnim news agency said explosions were heard in Konarak city, at the southern end of Iran on the Gulf of Oman.
Nonetheless, Iranian state broadcaster IRIB reported the US attacks struck near a hospital in Ahvaz that houses a pediatric cancer center, forcing the temporary evacuation of the hospital. Families have come out to the streets around the hospital to care for their children, IRIB said.
Following the first wave, which Iran said hit a location on its Hengam Island in the strait, Tehran’s top negotiator Mohammad Baqer Qalibaf issued a statement declaring that Iranian security depended on maintaining what he called “Iranian arrangements” in the strait.
“We are in an essential and existential war with America,” Qalibaf said.
The war has killed thousands of people and displaced millions, mainly in Iran and Lebanon, where conflict restarted between Israel and Iran-backed militant group Hezbollah.
Iran wants to settle, Trump says
Trump struck a triumphant note, as he has repeatedly since the US and Israel started hostilities on Feb. 28, saying, “We’ll have Iran defeated soon. They’ll be defeated very soon.”
Speaking at a roundtable event at the Pennsylvania Defense and Innovation Summit, Trump also claimed the Iranians want to “settle so badly.”
“They don’t like what we’re doing, and they do want to settle. We’ll find out whether or not we settle with them, or we just finish it off,” Trump said.
On Tuesday, Trump said US negotiators had been in touch with their Iranian counterparts to tell them “you better make a deal.”
Iran threatens other shipping routes
Iran has been trying to assert permanent control over shipping in the Strait of Hormuz and to impose fees on vessels passing through it, in what would be a major shift in the balance of power in a region where the US has long acted as guarantor of security.
The Islamic Revolutionary Guard Corps (IRGC) said on Wednesday it had struck US military targets in the region, including in Bahrain, Kuwait and Jordan.
Kuwait said its armed forces intercepted four missiles and 21 drones from Iran on Wednesday, but that no injuries or material damage were reported.
Non-compliant vessel disabled in Arabian Gulf
According to an X post by CENTCOM, an unladen oil tanker that attempted to sail towards an Iranian port in the Arabian Gulf was disabled by US Hellfire missiles that were fired into the ship’s smokestack.
The Curacao-flagged crude oil tanker, named BELMA, was reportedly struck on its way to Kharg Island, after ignoring multiple warnings to stop violating the US blockade.
MoU, Ceasefire deal falters
An interim ceasefire deal signed last month was meant to lead to further negotiations, including on Iran’s nuclear program, and to a permanent truce, but a return to talks has faltered.
“We have no plans for negotiations at the moment and are focused on defense,” Tasnim news agency quoted Iranian Foreign Ministry spokesperson Esmaeil Baghaei as saying.
Qalibaf, who is also speaker of Iran’s parliament, said that if Iran did not benefit from its memorandum of understanding with the US, “we have no reason to adhere to such an understanding.”
Iran never welcomed war, but it must always be ready to fight and “stand to the end” to protect national security and Iranian interests, Qalibaf said. He added Iran must also use “the tools of diplomacy and negotiation,” and choosing either negotiation or war as the sole course of action would be a strategic error.
Danya Saperstein and Jonah Davidov contributed to this report.
END
ISRAEL USA/IRAN/THURSDAY
US Launches 6th Consecutive Night Of Strikes On Iran Amid Threats Of “Infrastructure For Infrastructure” War
Thursday, Jul 16, 2026 – 03:20 PM
Update(1520ET): The Pentagon has announced that a sixth night of airstrikes on Iran have commenced: “At 2 p.m. ET today, U.S. forces began conducting a new wave of strikes against Iran for the sixth consecutive night to further degrade Iranian military capabilities,” US Central Command stated on X.
Some latest developments from the region on Iran’s retaliation:
Iranian strikes targeted a number of vital facilities in Kuwait, the Reuters news agency reports, citing the country’s defence ministry. The strikes resulted in material damage, it added.
The US Embassy in Baghdad has advised US citizens in Iraq to be on alert following a drone attack on Erbil on Wednesday.
Dubai has warned of “necessary measures” against any media publishing false news after Reuters reported sounds of explosions in the city center of the UAE’s financial hub.
Thursday’s strikes appear to be focused further north in Iran, also after earlier reports of having forcibly turned back another tanker accused of seeking to bypass the US naval blockade.
So far amid what is approaching one week of renewed US air raids, Iranian officials say the attacks have killed more than 35 people and wounded over 300 others.
Since the prior day’s handover of American detainee Dena Karari back to the US, which President Trump said he “appreciated” as a rare “gesture of goodwill” from Iran, Washington’s bombs over the Islamic Republic appear to have ceased or slowed, for now at least.
But that doesn’t mean Iran’s retaliatory missiles and drones on America’s Gulf allies have halted. On Thursday, Kuwait has announced its air defenses continue to be active, confronting inbound assaults by “hostile drones”.
“The General Staff of the Army notes that any explosion sounds heard are the result of air defense systems intercepting the hostile attacks,” the Kuwaiti military said in a statement, blasting “the sinful Iranian aggression.” It added: “Everyone is requested to adhere to the security and safety instructions issued by the competent authorities.”
After five consecutive days of US attack waves, the Iranian military has yet to show signs of backing off its assertions of ‘control’ over the Strait of Hormuz, and its military has newly warned that the energy transit waterway is an “unbreakable red line” which it will enforce.
On Wednesday President Trump warned that if Iran doesn’t come back to the negotiating table – while relinquishing control of Hormuz – that by next week strikes will expand to include civic and energy infrastructure, such as bridges.
Tehran has in turn counter-threatened to destroy “all infrastructure throughout the region” if Trump acts on this threat to attack Iran’s vital infrastructure cites.
New: “Infrastructure for Infrastructure” – Iran’s Khatam Al-Anbiya Joint HQ Colonel Ibrahim Zolfaghari:
There are already signs that Iran could be making good on this threat, with Reuters reporting that “Iraq briefly suspended oil loadings on Thursday before resuming them after a drone hit an oil tanker at its Basra terminal, four Iraqi oil and security sources told Reuters.”
However, no fire or damage resulted from the attack, with sources indicating it wasn’t immediately clear who launched it (whether directly from the Iranians, or perhaps from Tehran-aligned Iraqi paramilitaries). Iraqi oil officials have downplayed the incident:
“It is not targeting Basra Oil Terminal. Its target is another place. Loading is at normal rates depending on the vessels’ availability,” Ali Nazar said.
An oil ministry spokesperson said loadings were ongoing at Iraq’s southern ports and that the ministry is investigating the matter.
Iranian officials are meanwhile accusing Washington of more war crimes, specifically of carrying out a “barbaric attack” after a cancer hospital in Iran’s southwest was forced to evacuate due to heavy airstrikes on the area.
“This barbaric attack – reminiscent of Israel’s atrocities against healthcare facilities – caused severe suffering and anxiety upon the hospitalised children,” Foreign Ministry spokesman Esmaeil Baghaei posted on X. He stated there were “211 patients undergoing chemotherapy” which had to be evacuated Wednesday. No response has been immediately forthcoming by the US side.
The US military says it launched another wave of strikes on Iran with Iranian media reporting explosions on Qeshm Island, Bandar Abbas and Chabahar.
The US military also says it “disabled” an oil tanker attempting to sail towards an Iranian port in the Strait of Hormuz by firing Hellfire missiles.
Iran says it carried out retaliatory attacks targeting US assets in Kuwait, Bahrain and Jordan.
As for the situation of global shipping through the Strait, Kpler has recorded that merely 13 merchant ships transited the waterway on Wednesday, including eight that departed the Persian Gulf and five having entered.
Among those, only one – a bulk carrier entering the Gulf – used the US-approved route for safe passage, which hugs the Omani coast. Iran has been busy boasting that a huge array of companies and countries have sought to negotiate passage with Tehran on its terms of late.
This has settled into a waiting game amid dangerous escalatory tit-for-tat strikes, with each seeking to outlast in terms of absorbing pain.
As for the fact that the US military hit an ‘unapproved’ oil tanker Wednesday near Iran’s main export terminal for the first time since the restart of the blockade on the Islamic Republic’s ports, CIC economists including Anne-Lise Cornen summarized where things stand for the White House in a note to clients…
“The challenge for Donald Trump will be to prevent a further rise in inflationary pressures and their detrimental effects on the economy, at a time when the situation was beginning to improve in June,” they said.
ISRAEL USA/IRAN/THURSDAY
US Launches 6th Consecutive Night Of Strikes On Iran Amid Threats Of “Infrastructure For Infrastructure” War
Thursday, Jul 16, 2026 – 03:20 PM
Update(1520ET): The Pentagon has announced that a sixth night of airstrikes on Iran have commenced: “At 2 p.m. ET today, U.S. forces began conducting a new wave of strikes against Iran for the sixth consecutive night to further degrade Iranian military capabilities,” US Central Command stated on X.
Some latest developments from the region on Iran’s retaliation:
Iranian strikes targeted a number of vital facilities in Kuwait, the Reuters news agency reports, citing the country’s defence ministry. The strikes resulted in material damage, it added.
The US Embassy in Baghdad has advised US citizens in Iraq to be on alert following a drone attack on Erbil on Wednesday.
Dubai has warned of “necessary measures” against any media publishing false news after Reuters reported sounds of explosions in the city center of the UAE’s financial hub.
Thursday’s strikes appear to be focused further north in Iran, also after earlier reports of having forcibly turned back another tanker accused of seeking to bypass the US naval blockade.
So far amid what is approaching one week of renewed US air raids, Iranian officials say the attacks have killed more than 35 people and wounded over 300 others.
Since the prior day’s handover of American detainee Dena Karari back to the US, which President Trump said he “appreciated” as a rare “gesture of goodwill” from Iran, Washington’s bombs over the Islamic Republic appear to have ceased or slowed, for now at least.
But that doesn’t mean Iran’s retaliatory missiles and drones on America’s Gulf allies have halted. On Thursday, Kuwait has announced its air defenses continue to be active, confronting inbound assaults by “hostile drones”.
“The General Staff of the Army notes that any explosion sounds heard are the result of air defense systems intercepting the hostile attacks,” the Kuwaiti military said in a statement, blasting “the sinful Iranian aggression.” It added: “Everyone is requested to adhere to the security and safety instructions issued by the competent authorities.”
After five consecutive days of US attack waves, the Iranian military has yet to show signs of backing off its assertions of ‘control’ over the Strait of Hormuz, and its military has newly warned that the energy transit waterway is an “unbreakable red line” which it will enforce.
On Wednesday President Trump warned that if Iran doesn’t come back to the negotiating table – while relinquishing control of Hormuz – that by next week strikes will expand to include civic and energy infrastructure, such as bridges.
Tehran has in turn counter-threatened to destroy “all infrastructure throughout the region” if Trump acts on this threat to attack Iran’s vital infrastructure cites.
New: “Infrastructure for Infrastructure” – Iran’s Khatam Al-Anbiya Joint HQ Colonel Ibrahim Zolfaghari:
There are already signs that Iran could be making good on this threat, with Reuters reporting that “Iraq briefly suspended oil loadings on Thursday before resuming them after a drone hit an oil tanker at its Basra terminal, four Iraqi oil and security sources told Reuters.”
However, no fire or damage resulted from the attack, with sources indicating it wasn’t immediately clear who launched it (whether directly from the Iranians, or perhaps from Tehran-aligned Iraqi paramilitaries). Iraqi oil officials have downplayed the incident:
“It is not targeting Basra Oil Terminal. Its target is another place. Loading is at normal rates depending on the vessels’ availability,” Ali Nazar said.
An oil ministry spokesperson said loadings were ongoing at Iraq’s southern ports and that the ministry is investigating the matter.
Iranian officials are meanwhile accusing Washington of more war crimes, specifically of carrying out a “barbaric attack” after a cancer hospital in Iran’s southwest was forced to evacuate due to heavy airstrikes on the area.
“This barbaric attack – reminiscent of Israel’s atrocities against healthcare facilities – caused severe suffering and anxiety upon the hospitalised children,” Foreign Ministry spokesman Esmaeil Baghaei posted on X. He stated there were “211 patients undergoing chemotherapy” which had to be evacuated Wednesday. No response has been immediately forthcoming by the US side.
The US military says it launched another wave of strikes on Iran with Iranian media reporting explosions on Qeshm Island, Bandar Abbas and Chabahar.
The US military also says it “disabled” an oil tanker attempting to sail towards an Iranian port in the Strait of Hormuz by firing Hellfire missiles.
Iran says it carried out retaliatory attacks targeting US assets in Kuwait, Bahrain and Jordan.
As for the situation of global shipping through the Strait, Kpler has recorded that merely 13 merchant ships transited the waterway on Wednesday, including eight that departed the Persian Gulf and five having entered.
Among those, only one – a bulk carrier entering the Gulf – used the US-approved route for safe passage, which hugs the Omani coast. Iran has been busy boasting that a huge array of companies and countries have sought to negotiate passage with Tehran on its terms of late.
This has settled into a waiting game amid dangerous escalatory tit-for-tat strikes, with each seeking to outlast in terms of absorbing pain.
As for the fact that the US military hit an ‘unapproved’ oil tanker Wednesday near Iran’s main export terminal for the first time since the restart of the blockade on the Islamic Republic’s ports, CIC economists including Anne-Lise Cornen summarized where things stand for the White House in a note to clients…
“The challenge for Donald Trump will be to prevent a further rise in inflationary pressures and their detrimental effects on the economy, at a time when the situation was beginning to improve in June,” they said.
ISRAEL USA/IRAN/THURSDAY
Iran Warns US Of ‘Infrastructure For Infrastructure’ War, Will Control Hormuz As ‘Unbreakable Red Line’
Thursday, Jul 16, 2026 – 09:15 AM
Since the prior day’s handover of American detainee Dena Karari back to the US, which President Trump said he “appreciated” as a rare “gesture of goodwill” from Iran, Washington’s bombs over the Islamic Republic appear to have ceased or slowed, for now at least.
But that doesn’t mean Iran’s retaliatory missiles and drones on America’s Gulf allies have halted. On Thursday, Kuwait has announced its air defenses continue to be active, confronting inbound assaults by “hostile drones”.
“The General Staff of the Army notes that any explosion sounds heard are the result of air defense systems intercepting the hostile attacks,” the Kuwaiti military said in a statement, blasting “the sinful Iranian aggression.” It added: “Everyone is requested to adhere to the security and safety instructions issued by the competent authorities.”
After five consecutive days of US attack waves, the Iranian military has yet to show signs of backing off its assertions of ‘control’ over the Strait of Hormuz, and its military has newly warned that the energy transit waterway is an “unbreakable red line” which it will enforce.
On Wednesday President Trump warned that if Iran doesn’t come back to the negotiating table – while relinquishing control of Hormuz – that by next week strikes will expand to include civic and energy infrastructure, such as bridges.
Tehran has in turn counter-threatened to destroy “all infrastructure throughout the region” if Trump acts on this threat to attack Iran’s vital infrastructure cites.
New: “Infrastructure for Infrastructure” – Iran’s Khatam Al-Anbiya Joint HQ Colonel Ibrahim Zolfaghari:
There are already signs that Iran could be making good on this threat, with Reuters reporting that “Iraq briefly suspended oil loadings on Thursday before resuming them after a drone hit an oil tanker at its Basra terminal, four Iraqi oil and security sources told Reuters.”
However, no fire or damage resulted from the attack, with sources indicating it wasn’t immediately clear who launched it (whether directly from the Iranians, or perhaps from Tehran-aligned Iraqi paramilitaries). Iraqi oil officials have downplayed the incident:
“It is not targeting Basra Oil Terminal. Its target is another place. Loading is at normal rates depending on the vessels’ availability,” Ali Nazar said.
An oil ministry spokesperson said loadings were ongoing at Iraq’s southern ports and that the ministry is investigating the matter.
Iranian officials are meanwhile accusing Washington of more war crimes, specifically of carrying out a “barbaric attack” after a cancer hospital in Iran’s southwest was forced to evacuate due to heavy airstrikes on the area.
“This barbaric attack – reminiscent of Israel’s atrocities against healthcare facilities – caused severe suffering and anxiety upon the hospitalised children,” Foreign Ministry spokesman Esmaeil Baghaei posted on X. He stated there were “211 patients undergoing chemotherapy” which had to be evacuated Wednesday. No response has been immediately forthcoming by the US side.
The US military says it launched another wave of strikes on Iran with Iranian media reporting explosions on Qeshm Island, Bandar Abbas and Chabahar.
The US military also says it “disabled” an oil tanker attempting to sail towards an Iranian port in the Strait of Hormuz by firing Hellfire missiles.
Iran says it carried out retaliatory attacks targeting US assets in Kuwait, Bahrain and Jordan.
As for the situation of global shipping through the Strait, Kpler has recorded that merely 13 merchant ships transited the waterway on Wednesday, including eight that departed the Persian Gulf and five having entered.
Among those, only one – a bulk carrier entering the Gulf – used the US-approved route for safe passage, which hugs the Omani coast. Iran has been busy boasting that a huge array of companies and countries have sought to negotiate passage with Tehran on its terms of late.
This has settled into a waiting game amid dangerous escalatory tit-for-tat strikes, with each seeking to outlast in terms of absorbing pain.
As for the fact that the US military hit an ‘unapproved’ oil tanker Wednesday near Iran’s main export terminal for the first time since the restart of the blockade on the Islamic Republic’s ports, CIC economists including Anne-Lise Cornen summarized where things stand for the White House in a note to clients…
“The challenge for Donald Trump will be to prevent a further rise in inflationary pressures and their detrimental effects on the economy, at a time when the situation was beginning to improve in June,” they said.
END
IRAN/USA/HOUTHIS BAB EL STRAIT
Iran Tells Houthis To Close Red Sea Energy Chokepoint If Trump Bombs Power Grid
Thursday, Jul 16, 2026 – 03:20 PM
Yemen’s Houthis have long warned of their ability to close the Red Sea oil route, but have by and large stayed on the sidelines of the expanding Gulf regional conflict which is focused on Iran since Operation Epic Fury began.
Things began changing dramatically this month, however, after Saudi warplane incursions into Yemen – which bombed Sanaa International Airport on July 13 – in an effort to prevent an Iranian commercial jet from landing there.
The Houthis responded by sending missile and drones on Saudi Arabian airbases and infrastructure, opening up the possibility of renewed Saudi-Houthi war (hearkening back to the more intense war of the prior decade).
Houthi rhetoric is growing, related to the US-Israel war on Iran:
The leader of Yemen’s Houthi movement has denounced US and Israeli collaboration as the source of the problems in the Middle East.
In a televised address, Abdel-Malik al-Houthi also blamed Saudi leaders for advancing US and Israeli objectives in the region. “The United States and Israel are the source of evil and instability in the world,” al-Houthi said.
In a rare moment of the now long-running conflict, on Thursday reports have emerged that Tehran is actively requesting that the Houthis join the war in the scenario that Washington begins attacking Iran’s power infrastructure.
This is after President Trump told Fox News on Tuesday evening that “Next week it gets really bad for them because next week comes the power plants.”
“Next week comes the bridges. We’re going to knock out all their power plants. We’re going to knock out all their bridges unless they get to the table and negotiate,” he warned.
But according to Reuters, Iran still has another escalatory card of its own to play:
Iran has asked Yemen’s Houthi rebels to stand ready to close the Red Sea oil route if the United States strikes Iranian power infrastructure, three sources told Reuters on Thursday, posing a potent new threat to global energy supplies.
The idea has been discussed within the Islamic Republic’s leadership, and the message has been conveyed to Iran’s Houthi allies, two senior Iranian sources and a regional source familiar with the matter said, speaking on condition of anonymity. The sources said the Houthis had been informed recently of Tehran’s request, which has not been previously reported.
It’s long been reported that the Houthis have indeed been making preparations to attack shipping by deploying missiles and drones near Bab el-Mandeb Strait, which is the crucial entry point to the Red Sea.
This could obviously greatly exacerbate the global energy crisis – and would likely set off a new round of regional escalation – which might also see Houthi missiles once again targeting southern Israel, but also Saudi Arabia and the GCC allies.
ISRAEL TBN
END
HEZBOLLAH
WATCH: IDF kills three Hezbollah terrorists within southern Lebanon buffer zone
/IDF kills three armed Hezbollah terrorists within southern Lebanon buffer zone on July 15, 2026.
(CREDIT: IDF SPOKEPERSON’S UNIT)
The IDF killed three armed Hezbollah terrorists identified within the military’s buffer zone in southern Lebanon on Wednesday.
According to the military, the terrorists were carrying combat equipment and posed an immediate threat to Israeli troops operating in the area.
end
IRAN
ROBERT H,..
The Hormuz Letter on X: “BREAKING: The US has struck a wheat storage silo in Hoveizeh County and a silo location in Dasht Azadegan County, southwestern Iran, an hour ago, per the Deputy Governor of Khuzestan Province. This is the first US strike on Iranian food supply infrastructure of the war.” / X
It goes to a new level now
BREAKING: The US has struck a wheat storage silo in Hoveizeh County and a silo location in Dasht Azadegan County, southwestern Iran, an hour ago, per the Deputy Governor of Khuzestan Province.
This is the first US strike on Iranian food supply infrastructure of the war.
In a sudden and very surprising Wednesday evening development, President Trump announced that Iran has released an American woman from prison who had been deemed wrongfully detained since December 2024.
“Iran has allowed an American Citizen, who was wrongfully detained in December of 2024 under the ‘presidency’ of Sleepy Joe Biden, to leave the Country. She is now safely outside of Iran, and in good condition,” Trump said on Truth Social. And then most surprisingly: “The United States of America appreciates this gesture of Goodwill by Iran!” Trump added.
She’s been identified in a breaking report from The Hill:
The American citizen was later identified as Dena Karari by her lawyer Jared Genser on the social media platform X. He said his client has been trapped in Iran since December 2024 “on bogus charges” and that “this would not have happened but for the extraordinary and relentless efforts” of President Trump.
“Dena is now safe and traveling back to the United States,” Genser concluded.
The New York Times reported last year that an Iranian American woman who was first imprisoned and prevented from leaving the country in December 2024, but released from custody, “works for an American technological company and runs a charity for underprivileged children in Iran”.
After the US joined Israel in bombing Iran in 2025, she was charged with espionage.
Trump has further confirmed, “She is now safely outside of Iran, and in good condition.”
There’s a possibility the White House could use this as an ‘opening’ with Tehran, in order to get diplomacy back on track, after days of bombing – especially Trump just appeared to give a rare positive shoutout to the Iranians.
After striking 116 vessels linked to Russia’s shadow fleet in the Sea of Azov in recent weeks, Ukraine’s military is turning its sights on ships in the Black Sea, hitting in drone attacks as many as 20 vessels overnight on Wednesday.
Ukrainian forces struck 17 Russia-linked oil tankers, 2 gas carriers, and one tugboat early on July 15, drone unit commander Robert Brovdi said on Telegram today, adding that an official report with video evidence would follow later in the day.
“The first round of the naval battle is over,” the commander wrote, referring to the Sea of Azov, where Ukraine had focused its drone attack efforts in the past few weeks, alongside targeting refineries deep into Russian territory.
“Now, the Black Sea,” Brovdi said, hinting that Ukraine’s campaign to strike oil and gas vessels is expanding to the Black Sea, a key export route for crude and fuels from the south of Russia.
Ukraine has ramped up drone attacks against Russian shipping in the Sea of Azov and Taganrog Bay. Ukrainian officials reported striking 15 vessels in a single overnight operation on July 14, bringing their total to over 105 targeted ships within an eight-day window. These strikes have been targeting tankers and cargo ships suspected of belonging to Russia’s “shadow fleet” or transporting looted Ukrainian grain and fuel supplies.
Russia has also attacked commercial vessels near Odesa. A Tuesday attack killed five seafarers and injured 12 others in one of the deadliest single strikes on commercial shipping since the start of the war. According to Odesa authorities, a Russian drone struck a Togo-flagged general cargo ship while it was unloading fertilizer, sparking a major fire, while the Russian defense ministry claims the strikes were targeting military cargo.
The ramp-up of the naval strikes comes alongside a months-long Ukrainian campaign to hit Russian refineries to cripple fuel supply and deepen the fuel crisis in Russia.
RABOBANK/MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL AND NATURAL GAS//ENERGY COMMENTARIES
RUSSIA
not only crude oil deliveries are a problem but also the refined products. This will be devastating to the western world;
Russia Struggles To Deliver Crude Oil As It Hits 135 Million Barrel Traffic Jam
Thursday, Jul 16, 2026 – 02:45 AM
Russia is struggling to deliver all of the crude it’s being forced to ship overseas in the face of escalating Ukrainian drone strikes on its refineries.
Nearly 135 million barrels of Russian crude oil are currently stranded at sea as a result of Ukraine’s airstrike campaign targeting refineries with the intent to cripple crude processing. The offshore backlog is forcing Moscow to significantly ramp up export volumes according to OilPrice.com.
Intensive Ukrainian drone strikes, including recent hits on the Gazprom Neftekhim Salavat and Afipsky processing facilities, have knocked out roughly one-third of Russian domestic refining capacity bringing it to ~3.91 million barrels per day, the lowest level seen since 2005.
As a result, Moscow is now being forced to divert more barrels to international markets despite the country pumping just 8.93 million barrels a day in June–roughly 830,000 b/d below its OPEC+ quota.
However, major export hubs are experiencing massive gridlock with limited buyers of sanctioned Russian crude, with Sokol and Sakhalin Blend cargoes facing week-long delays transferring from shuttle tankers to ocean-going vessels, while ESPO crude is piling up near the Kozmino terminal.
Russia’s shadow fleet tankers are now accumulating near Egypt’s Mediterranean coast and Indonesia’s Riau Islands. Many are masking destinations or sitting idle because international buyers increasingly refuse to touch sanctioned cargo due to secondary penalties.
Russia’s oil revenues are shrinking despite high export volumes due to a combination of lower global crude prices, widening discounts for Russian Urals and delivery delays.
Russia’s seaborne crude exports averaged 4.13 million barrels per day during the four weeks through June 28, the highest four-week rate since early 2022.
However, Russia’s four-week crude export revenues fell by about $200 million to $1.68 billion a week as Urals prices retreated sharply from their Iran-war highs. China and India accounted for roughly 1.8 million barrels per day of identified purchases, while Turkey and Syria imported about 160,000 bpd and 40,000 bpd, respectively, according to Bloomberg data. Another 1.9 million bpd was listed as “unknown destination” in Bloomberg’s tanker-tracking data, suggesting the final buyers were not disclosed while the cargoes remained in transit.
END
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
AUSTRALIA
Australia Slaps Power, Water, And Copyright Rules On Data Centers After Anthropic Lobbying Push
Wednesday, Jul 15, 2026 – 10:10 PM
Over the last year or so, several US states have taken measures to regulate or prevent data centers from being built, citing local concerns over electricity and water use, pollution (noise and otherwise), and the fact that they’re a godawful eyesore. On Tuesday, New York became the first state to enact a one-year ban on data centers. Pennsylvania, meanwhile, is slapping heavy new regulations on them. DCI Data Centers facility in Adelaide (ADL02)
The revolt has gone worldwide – as Australia will impose mandatory national rules on large-scale artificial-intelligence data centers, requiring operators to minimize water consumption, fully fund their power needs and underwrite new electricity generation, Prime Minister Anthony Albanese announced Wednesday.
The measures, part of a broader push to define AI’s “social licence,” come after extensive engagement with AI companies – including Anthropic – and reflect the government’s determination to balance investment attraction with protections for energy resources, the environment, creators, and national interests.
In a major speech at the University of Sydney, Albanese warned of a narrow window to set conditions before major foreign investments lock in – suggesting that the new rules are in response to intense industry lobbying and consultations, while rejecting softer approaches on copyright favored by some tech players.
He also gave assurances to Australian musicians, writers, artists and journalists, declaring that they must retain ownership and control of their work – including the right to name their price in any AI licensing deals.
“Anything less is theft,” he said. “No company should use Australian books, music, art or news to build or train AI without the artist’s control.”
The remarks push back against proposals from AI developers, including Anthropic, which had advocated for alternatives such as a shared creative fund. Albanese made clear the government would not dilute existing copyright principles. He told reporters he was unconcerned that the firm stance would deter investment, noting direct meetings with companies including Anthropic where the position was conveyed plainly.
“We’re confident the advantages that Australia provides will see significant investment here,” he said.
Anthropic’s general counsel, Jeff Bleich, responded positively, saying the company respects the process and takes seriously its responsibility to meet the Australian government’s terms for AI developers. He noted that societal-level solutions are needed given AI’s benefits and challenges for economies and national security.
Data-Center Rules Target Resource Strain
The mandatory standards, to be agreed at a National Cabinet meeting next month and legislated early next year, will replace fragmented state-level approaches. They will specify permissible locations for data centers and impose obligations on power and water use.
Operators must pay the full cost of grid connections, underwrite new generation capacity, and contribute at least as much energy to the grid as they consume – including renewables backed by firming power – so households do not bear the burden. Water use must be minimized, with companies covering additional infrastructure costs where needed.
Albanese framed the rules as essential for sovereign capability. “Our great country can be much more than a data warehouse for AI products made overseas,” he said.
The approach aims to provide investor certainty while preserving community confidence. South Australia already maintains a dedicated framework, while Queensland has expressed caution on national renewable-energy proposals.
Coordinated Oversight and Worker Input
A new Office of AI will be established within the Department of the Prime Minister and Cabinet to coordinate efforts across portfolios ranging from education and employment to energy, copyright and defence.
On the labor front, Albanese encouraged workers to engage actively in shaping AI deployment in their workplaces rather than being sidelined. Businesses could reap “massive productivity benefits,” he said, but employees have a stake in ensuring those gains translate into better conditions. ACTU Secretary Sally McManus welcomed the coordinated national approach and stressed employers’ duty to consult and mitigate harms.
US Slaps Brazil With 25% Tariffs After Rubio Says Socialist Leader “Failed To Negotiate In Good Faith”
Thursday, Jul 16, 2026 – 10:25 AM
US Secretary of State Marco Rubio revealed on X late Wednesday night that the Office of the United States Trade Representative (USTR) is set to impose a 25% tariff on “most Brazilian imports.”
“Let there be no confusion about why: President Lula and his government have not negotiated with the US in good faith,” Rubio said.
He added, “His economic policies are bad for Americans and bad for Brazilians. For the past year, Lula has put his own ego ahead of making a deal for the welfare of the Brazilian people, and these tariffs are the price for that.”
USTR released a statement saying the 25% tariffs on certain Brazilian goods come after a yearlong Section 301 investigation that found trade and regulatory practices in the South American country unfairly restricted US commerce.
“Safeguarding American economic interests against unfair trade practices is the bedrock of President Trump’s America First policies,” Trade Representative Jamieson Greer wrote in a statement.
Bloomberg cited a senior administration official who said imports of coffee, beef and certain ethanol products would be exempt from the new duties.
Honing in on Rubio’s X post, which said Lula’s “economic policies are bad for Americans and bad for Brazilians,” the bigger issue here is that Lula is an unhinged socialist.
The Trump team, along with folks adjacent to the administration, has been working to reshape Latin America’s political landscape by shifting the region away from socialist governments sympathetic to China and toward right-wing, capitalist governments more aligned with the US. The effort is part of a broader Western Hemisphere defense strategy.
Americas Political Map: Presidential Shift From Left To Right
Country-by-country presidential shift tracker
Following the stunning Colombian presidential race, in which Trump-backed Abelardo de la Espriella won the election, the next major race to watch will be Brazil’s. Lula is expected to face right-wing Senator Flávio Bolsonaro in the run-up to October’s presidential election.
END
U.S./GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS THURSDAY 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: 1.1472 DOWN 0.0002
USA/ YEN 162.06 DOWN 0.10 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!! BANK OF JAPAN WILL NO LONGER DO QE. URGES PENSION AND INSUANCE FUNDS TO BUY JAPANESE BONDS
GBP/USA 1.3533 DOWN 0.0005 OR 5 BASIS PTS
USA/CAN DOLLAR: 1.4045 UP 0.0007 //CDN DOLLAR DOWN 7 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED DOWN 73.17 PTS OR 1.85%
Hang Seng CLOSED UP 324.00 PTS OR 1.31%
AUSTRALIA CLOSED DOWN 0.43%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 324/00 PTS OR 1.31%
/SHANGHAI CLOSED DOWN 73.17 PTS OR 1.85%
AUSTRALIA BOURSE CLOSED DOWN 0.43%
(Nikkei (Japan) CLOSED DOWN 1809.51 PTS OR 2.63%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: $4029.70
silver:$56.89
USA DOLLAR VS TRY (TURKISH LIRA): 47.06 UP 3 BASIS PTS AND NOW WE SEE THEIR STUPIDITY OF SELLING SOME OF THEIR GOLD AND ALL OF THEIR USA DOLLAR RESERVES. THE COUNTRY IS IN BIG FINANCIAL TROUBLE
USA DOLLAR VS RUSSIAN ROUBLE: 77.75 ROUBLE// DOWN 0 ROUBLE AND 29 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: 4.9671 UP 3 BASIS PTS
UK 30 YR BOND YIELD: 5.660 UP 3 BASIS PTS
CDN 10 YR BOND YIELD: 3.531 DOWN 4 BASIS PTS
CDN 5 YR BOND YIELD; 3.139 DOWN 5 BASIS PTS
USA dollar index early THURSDAY MORNING: 100.26 DOWN 1 BASIS POINTS FROM WEDNESDAY’s CLOSE
THURSDAY MORNING NUMBERS ENDS
And now your closing THURSDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.507% UP 10 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.747% UP 7 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.839 UP 6 BASIS PTS//
SPANISH 10 YR BOND YIELD: 3.612 UP 4 in basis points yield
ITALY 10 YR BOND: 3.971 UP 6 points in basis points yield ./
GERMAN 10 YR BOND YIELD: 3.1483 UP 3 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY THURSDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/10:00 AM
Euro/USA 1.1453 DOWN 0.0017 OR 17 basis points
USA/Japan: 162.25 UP 0.173 OR YEN IS DOWN 17 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.9877 UP 5 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.687 UP 5 BASIS POINTS.
REAR VIEW: US Retail Sales as expected; Jobless claims fall; Logan calls for modestly higher policy rate; Iran reportedly tells Yemen’s Houthis to close Bab El Mandeb gateway to the Red Sea if the US hits power network; TSM earnings beat, raises capex; Japan to buy 27.5k NVDA Rubin chips to build AI for robots; UNH & ABT earnings beat; GOOGL Gemini launch delayed
COMING UP: Data: EZ CPI Final (Jun), US Building Permits (Jun), Export/Import Prices (Jun), Industrial Production (Jun), UoM Consumer Expectations (Jul), Atlanta Fed GDP. Speakers: ECB’s Cipollone. Supply: Australia. Earnings: Volvo AB.
2. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
MARKET WRAP
Stocks were lower on Thursday, with the Nasdaq leading the downside as concerns over AI valuations weighed on the technology sector. TSMC (TSM) reported strong quarterly earnings, but the results failed to satisfy lofty investor expectations alongside a capex raise, with the stock ultimately closing lower alongside the broader semiconductor complex. Adding further pressure late in the session, Alphabet (GOOGL) fell after reports it had delayed the launch of Gemini 3.5 after the model failed to meet internal performance targets.
Looking beneath the headline indices, however, underlying market breadth was more constructive. The equal-weight S&P 500 rose around 0.75%, while a slight majority of sectors finished in positive territory. Consumer Staples led the gains, with Health Care and Real Estate also outperforming. By contrast, Communication Services, Technology and Industrials lagged, highlighting that much of the weakness was concentrated within AI-related names rather than the broader market.
Crude prices were volatile but ultimately settled lower despite continued geopolitical tensions. Reports of explosions in Dubai were later denied by the Dubai Media Office, while Qatar rejected Israeli media reports claiming it had agreed to participate in military action against Iran. Those denials, alongside continued comments from the White House that Iran wants to make a deal, helped crude reverse earlier gains.
Treasury yields edged higher across the curve, with the front end underperforming following another round of encouraging US economic data and hawkish Fed commentary. Initial jobless claims fell below expectations, retail sales broadly matched forecasts and the Philadelphia Fed Manufacturing Index surprised sharply to the upside, although pending home sales disappointed. Fed speak was led by Dallas Fed President Logan, who became the first policymaker to explicitly call for “modestly higher” interest rates ahead of the end-July FOMC meeting. Nevertheless, the reversal lower in oil prices helped limit the rise in yields by keeping inflation expectations contained.
The Dollar outperformed on the stronger macro backdrop and hawkish Fed rhetoric, while the Swiss Franc and Pound lagged. The Franc underperformed as higher US Treasury yields widened rate differentials, while Sterling gave back some of its recent gains. UK MP Burnham is set to take over as PM next week, and reports suggest he is looking to hit the ground running with early announcements on cost of living, North Sea energy, social care and devolution.
Precious metals came under pressure despite the decline in oil prices, with gold and silver weighed down by the firmer Dollar and higher Treasury yields as resilient economic data and hawkish Fed commentary kept the prospect of further policy tightening alive.
US
JOBLESS CLAIMS: Initial jobless claims fell to 208k in the week ending July 11th (exp. 217k, prev. 216k revised from 215k), the lowest level since early May and below expectations, while the four-week moving average declined to 214.3k from 219.0k, pointing to continued resilience in the labour market. Continuing claims fell to 1.805mln (exp. 1.820mln, prev. 1.821mln revised from 1.814mln), with the insured unemployment rate unchanged at 1.2%. In the unadjusted data, initial claims rose by 18,834 to 244,826, although this was below the seasonal factors’ expected increase of 28,574. Looking at the advance state breakdown, the largest increase in non-seasonally adjusted initial claims were seen in New York (+12,838), Michigan (+3,136), Texas (+2,664), Florida (+2,598), and South Carolina (+2,003), while the largest declines were in New Jersey (-5,723), Missouri (-5,557), California (-1,876), Massachusetts (-1,001), and Rhode Island (-1,041). Pantheon Macroeconomics highlights that claims remain low and stable but hiring indicators point to a gentle rise in Q3.
RETAIL SALES: US retail sales rose 0.2% M/M in June (exp. 0.2%, prev. 1.0% revised from 0.9%), while sales excluding autos fell 0.2% M/M (exp. -0.1%, prev. 0.8%). However, the details were firmer, with retail sales excluding autos and gasoline rising 0.4% M/M (prev. 0.5%) and the closely watched control group increasing 0.5% M/M (exp. 0.5%, prev. 0.7%), in line with expectations. Within the report, the strongest monthly gains were seen in motor vehicle & parts dealers (+1.9%), nonstore retailers (+1.9%), sporting goods, hobby, musical instrument & book stores (+1.3%), and electronics & appliance stores (+0.8%), while gasoline stations (-5.3%) posted by far the largest decline, alongside weaker sales at health & personal care stores (-0.8%), clothing & clothing accessories (-0.3%), miscellaneous retailers (-0.3%), and food & beverage stores (-0.2%). On an annual basis, headline retail sales rose 6.7% Y/Y. Analysts at ING suggest the retail sales data appears consistent with Q2 GDP real consumer spending growth of a touch above 2%, a marked improvement on the 0.5% annualised rate in Q1.
PHILLY FED: The Philly Fed Manufacturing Index for July jumped to 41.4 from 10.3, much above the expected 12. New orders rose to 37.0 from 27.3, while employment edged higher to 10 from 7.9. Prices paid were more-or-less unchanged at 53.9 (prev. 53.2), although business conditions tumbled to 34.4 from 50.2. Capex came in at 30.1 from 41.2. Overall, responses to the July Manufacturing Business Outlook Survey suggest overall expansion in the region’s manufacturing activity. The indicators for current activity, new orders, and shipments all rose this month, and the firms continued to report an overall increase in employment. Both price indexes remained elevated. The survey’s broad indicators for future activity continued to suggest expectations for growth over the next six months, although most readings moderated.
LOGAN (2026 voter, hawk): The Dallas Fed President openly called for “modestly higher” interest rates, becoming the first Fed official to explicitly advocate for explicit tightening. She argued that modestly higher rates would better balance the outlook and risks, stressing that it is time to finish the job of restoring price stability. Logan said one month of soft CPI data is not enough to change the inflation outlook and that some degree of policy restriction remains necessary to return inflation to target. She argued inflation does not appear to be moving sustainably back to 2% on its own and warned that inflation risks remain skewed to the upside. On AI, she said demand effects are already being felt and cautioned that the ongoing investment boom could lead to non-linear price increases, although any productivity benefits are likely to materialise later. Logan said downside risks to employment have faded, describing the labour market as well balanced and even strengthening somewhat. She suggested that labour market, consumer spending and financial market data all indicate that monetary policy is not materially restraining the economy, reinforcing her view that somewhat higher interest rates may be appropriate.
SCHMID (2028 Voter, hawk): Said inflation is proving persistent across a broad selection of goods and services, and remains concerning. Accountability requires the Fed to talk about how it makes decisions, provides transparency and allows for open criticism. He added he is focused on inflation in setting monetary policy, noting inflation shocks are not intrinsically transitory, and disagrees that the Fed should look through certain types of increases.
FIXED INCOME
T-NOTE FUTURES (U6) SETTLED 5 TICKS LOWER AT 109-04+
Treasuries were little changed on Thursday despite encouraging US economic data and hawkish Fed commentary, with lower oil prices helping keep inflation expectations contained. At settlement, 2-year +2.1bps at 4.158%, 3-year +2.1bps at 4.205%, 5-year +1.6bps at 4.280%, 7-year +1.7bps at 4.414%, 10-year +1.8bps at 4.567%, 20-year +1.1bps at 5.095%, 30-year +1.2bps at 5.096%.
THE DAY: Oil prices ultimately settled lower despite a volatile session. Crude initially rallied after reports that Iran had instructed Yemen’s Houthis to close the Bab el-Mandeb Strait if the US were to strike Iran’s power infrastructure. Separately, the Houthi leader warned that all Saudi energy facilities would become targets should Saudi Arabia launch all-out aggression against Yemen. While both headlines were conditional rather than signalling imminent action, they highlighted the risk of a broader regional escalation. Reports of explosions in Dubai were later denied by the Dubai Media Office, while Qatar rejected Israeli media reports that it had agreed to participate in military action against Iran. Those denials, alongside continued comments from the White House that Iran wants to make a deal, helped crude reverse earlier gains.
US economic data painted a constructive picture of the economy. Initial jobless claims fell below expectations, continuing to point to a resilient labour market, while retail sales broadly matched forecasts, reinforcing the view of a healthy consumer. ING said the data are consistent with around 2% annualised Q2 GDP growth. Elsewhere, the Philadelphia Fed Manufacturing Index surged to 41.4 from 10.3, well above the 12.0 consensus, driven by a sharp rise in new orders, improving employment and broadly stable price pressures.
Fed speakers maintained a hawkish tone. Dallas Fed President Logan (2026 voter) became the first Fed official to explicitly call for “modestly higher” interest rates, arguing it is time to finish the job of restoring price stability and that some policy restriction remains necessary to return inflation to target. Kansas City Fed President Schmid (2028 voter) also warned that inflation remains persistent across a broad range of goods and services, although he stopped short of explicitly calling for further rate hikes.
Despite the stronger data and hawkish Fed rhetoric, Treasury yields finished little changed, rising only 1-2bps across the curve, as the reversal lower in crude prices helped offset upside pressure on inflation expectations.
SUPPLY
Notes
US to sell USD 13bln of 20yr bonds on July 22nd, to settle on July 24th; to sell USD 21bln of 10-year tips on July 23rd; to settle on July 31st
Bills
US sold 4-wk bills at high rate 3.660%, B/C 2.57x; sold 8-wk bills at high-rate 3.650%, B/C 2.84x
US to sell USD 92bln of 13-week bills and USD 79bln of 26-week bills on July 20th, to settle on July 23rd.
US to sell USD 95bln of 6-week bills on July 21nd, to settle on July 23rd.
STIRS / OPERATIONS
Fed Pricing: Dec 23.7bps (prev. 25.1bps)
EFFR at 3.63% (prev. 3.63%), volumes at USD 109bln (prev. USD 111bln) on July 15th
SOFR at 3.64% (prev. 3.63%), volumes at USD 3.104tln (prev. USD 3.092tln) on July 15th
NY Fed RRP op demand at 0.12bln (prev. 0.15bln) across 1 counterparties (prev. 2) on July 16th
Treasury Buyback (20-30 year liquidity support, max USD 2bln): Accepted USD 2bln of 30.5bln offers, Offer to cover 15.27x
CRUDE
WTI (Q6) SETTLED USD 0.65 LOWER AT 78.95/BBL; BRENT (U6) SETTLED USD 0.72 LOWER AT 84.23/BBL
The crude complex was choppy, but ultimately settled lower, despite the situation between US and Iran remaining tense. Overnight, the US completed another round of strikes on various parts of Iran, targeting military capabilities, and Iran responded with its own attacks on Kuwait and Jordan. The next steps seem unclear, whether it is a path back to peace, or further escalations, as Trump said that strikes would expand next week; WSJ suggested that Trump is leaning toward expanding US military operations in Iran after days of briefings from top aides. Benchmarks moved higher after a Reuters report suggested that the IRGC-backed Houthis are to close the Bab El Mandeb Strait, if the US hits Iran’s power network. Meanwhile, crude saw fleeting upside amid headlines that booms were heard in Dubai’s downtown area. However, a move lower was seen on the Dubai media official denying the reports, while Qatar officially pushed back on reports in Israeli media that Qatar agreed to participate in military action against Iran. Nonetheless, benchmarks came off lows into settlement as US CENTCOM said it is carrying out new strikes on Iran.
EQUITIES
CLOSES: SPX -0.51% at 7,534, NDX -1.62% at 29,026, DJI -0.20% at 52,554, RUT +0.01% at 2,977.
SECTORS: Consumer Staples +2.90%, Health +2.23%, Real Estate +2.08%, Energy +1.00%, Utilities +0.56%, Materials +0.46%, Financials +0.40%, Industrials +0.06%, Consumer Discretionary -0.29%, Technology -1.77%, Communication Services -2.84%.
EUROPEAN CLOSES: Euro Stoxx 50 +0.25% at 6,281, Dax 40 -0.53% at 24,866, FTSE 100 +0.54% at 10,572, CAC 40 -0.05% at 8,378, FTSE MIB -0.07% at 52,374, IBEX 35 -0.19% at 19,238, PSI -0.52% at 9,037, SMI -0.22% at 14,276, AEX +0.41% at 1,102
STOCK SPECIFICS:
TSMC (TSM): Hiked CapEx, but quarterly numbers & guidance was strong
United Airlines (UAL): Next Q guidance light
J.B. Hunt (JBHT): Top & bottom line surpassed exp.
AtaiBeckley (ATAI): To be acquired by Eli Lilly (LLY)
Abbott (ABT): Strong Q numbers & lifted FY profit outlook
Distribution Solutions Group (DSGR): To be taken private for $35/shr in cash.
Lululemon (LULU): Downgraded at Truist to ‘Sell’ from ‘Hold’.
Google (GOOGL) Gemini launch delayed as tech falls short of goals.
FX
The dollar and US yields were firmer together, reversing some of the WTD downside seen in response to softer-than-expected CPI & PPI reports. Today, US data showed initial and continuing claims dipping beneath expectations to unalarming levels, while Retail Sales and its core component matched expectations in June. Elsewhere, the focus was on geopolitics as oil prices proved volatile amid fresh threats surrounding the closure of the Bab El Mandeb strait by Yemen’s Houthis in the event the US hits the power network. The development leaves tensions even more elevated, particularly after Trump said on Tuesday, “will hit Iran’s power plants and bridges next week unless they come to the negotiating table”. The geopolitical risk has limited further USD downside, allowing DXY to rebound to 100.77 from WTD lows of 100.37.
G10 FX reversed some WTD strength amid the dollar rebound today, with CHF and GBP the biggest laggards, while CAD was little changed. In the UK, GDP rose 0.1% M/M in May (in line/firmer than exp.), revisions saw April’s data remaining in contractionary territory; little reaction was seen, as focus remains on the political situation, in which confirmation of the next chancellor is awaited. Recent reports point towards Mahmood.
USD was the preferred haven on Thursday, meaning USD/JPY was modestly higher at 162.40. Bloomberg, citing options data, notes sizeable expiries are clustered in the 162-164 area, suggests traders see a move to the 165 handle as providing a possible trigger for the central bank to step in.
KRW outperformed despite USD strength, set for a third consecutive week of gains. Overnight, the BoK raised its 7-day Repo Rate by 25bps to 2.75%, as expected in a unanimous decision, for the first time since January 2023.. The central bank expects the growth rate this year to considerably surpass the May forecast of 2.6%, and will assess the timing of further increases in inflation pressure, the improvement trend in the economy and financial stability.
USA DATA RELEASES/
Despite Slumping Sentiment & Lower Gas Prices, The American Consumer Is Still Spending Strongly
Thursday, Jul 16, 2026 – 08:38 AM
While headline spend at gas stations is expected to decline (due to tumbling pump prices), BofA’s almost omniscient analysts forecast a stronger than consensus print for today’s US Retail Sales data.
After a big jump in May (revised up), June’s Headline retail sales rose 0.2% MoM (as expected), with sales up 6.7% YoY (down modestly)…
Gasoline Stations sales saw the biggest decline (along with small drops in Health Personal Care and Food and Beverage). Nonstore Retailers saw the biggest jump in spend along with Motor Vehicle and Parts Dealers…
That was the biggest monthly drop in gasoline station sales since Dec 2022…
Nonstore Retailers, Gasoline Station, & Motor Vehicle sales are the biggest drivers of annual (NSA) growth…
Core (Ex-Autos) fell 0.2% MoM and Ex-Autos and Gas rose 0.4% MoM (so declining gas spend was notable), but annual growth in spend remains strong…
Most notably, the Control Group – which feeds directly into the GDP calc – jumped 0.5% MoM (as expected)
Interestingly, ‘real’ retail sales (admittedly crudely adjusted via CPI) continue to rebound from a negative print in December to its highest since March 2022…
Finally, the American consumer appears to still be spending despite survey-based catastrophic slump in sentiment…
Admittedly, lower-income households have indeed felt the pinch of the gas shock more: they’ve seen a larger increase in necessary spending, which has led to a widening of the “K” in discretionary outlays.
Will that start to ease now that gas prices are starting to tumble? (although rising in recent days).
USA ECONOMIC REPORTS
very inflationary
US Utilities Requested $9.2BN In Rate Hikes In Q2, Up 26% From Previous Year
Electric and gas utilities in the second quarter asked state regulators to approve $9.2 billion in rate hikes, up 26% from the $7.3 billion in rate increase proposals filed in the same period last year, according to an updated report released Tuesday by the advocacy group PowerLines.
In the first half this year, utilities asked for $18.6 billion in rate hikes, down from about $25 billion in the same period last year, according to data collected by the nonprofit.
The report comes as average U.S. residential electric rates increased 7.3% from the year before to 18.8 cents/kWh in April, according to the U.S. Energy Information Administration. As a result,“regulators face mounting pressure to scrutinize utility spending plans while balancing the infrastructure investments that a modernizing grid genuinely requires,” PowerLines said.
The utility sector appears to be entering a capital investment “super-cycle” amid growing affordability concerns. Backlash to rising bills has prompted protests by consumers and their advocates, as well as new state laws intended to tackle the issue.
The Edison Electric Institute, a trade group for investor-owned utilities, estimates that IOUs will spend about $1.4 trillion from this year through 2030 on capital investments. EEI expects capital expenditures will jump 17% this year to nearly $239 billion, from about $204 billion in 2025.
Some utilities contend they can make the investments without significantly affecting their rates. FirstEnergy, for example, is proposing to increase its electric rates in Ohio over three years by about $392 million — partly to cover roughly $2.5 billion in planned capital expenditures. The company says this will increase average annual residential customer bills by less than 3% a year.
According to PowerLines and public filings, other rate hike proposals utilities filed in the second quarter include:
Dominion Energy in Virginia is seeking about $1.5 billion across three rate requests;
Oncor in Texas requested the largest single increase in the second quarter, at $1.2 billion, driven largely by transmission and distribution investments to meet demand from the oil and gas industry and data centers in the Permian Basin;
We Energies in Wisconsin is seeking about $606 million in rate increases;
DTE Energy in Michigan is seeking an increase of $474 million; and,
Consumers Energy in Michigan is asking for a rate hike of $456 million.
The proposed rate increases in the Midwest total about $193 per customer, followed by $172 per customer in the South, $135 per customer in the Northeast and $110 per customer in the West, according to the data from PowerLines.
Utility regulators will scrutinize the rate hike proposals in the coming months.
“These requests, while often approved at a lower cost than utilities propose, have a high chance of reaching consumer bills in some form,” PowerLines said.
State regulators approved 58% of the total costs utilities sought to add to their rates from 2023 through 2024, the organization said.
Those costs ranged from 12.4 cents/kWh in North Dakota to 46.6 cents/kWh in Hawai’i. The other highest cost states for residential customers were California at 35.3 cents/kWk, Connecticut at 32.2 cents/kWh and Massachusetts and New York at 29.5 cents/kWh.
Eversource Energy’s Connecticut Light and Power subsidiary is preparing to seek a $503 million rate increase, according to a May 20 filing at the Connecticut Public Utilities Regulatory Authority. If approved, it would increase residential rates by about 13%, the utility estimated.
CL&P said it would show PURA it has strategies to keep customer bills as stable and affordable as possible, while keeping the distribution system reliable.
end
Increasing Number Of US Families Took On Debt, Tapped Savings To Meet Food Needs: Report
Many American families are struggling to make ends meet on their incomes alone and have resorted to credit cards, payday loans, and Buy Now Pay Later (BNPL) options for groceries, according to nonprofit research center Urban Institute.
The findings are based on a survey of 18-to 64-year-old working-age adults conducted in December 2025. About 8.7 percent of adults said they used a credit card for groceries and were unable to make the minimum payment, up from 7.1 percent in 2023, the Urban Institute said in a July 13 report. This suggests “worsening financial distress” among families.
Almost one in 10 used BNPL to pay for groceries, out of which more than a third missed a timely repayment last year.
About 19.6 percent used savings not meant for daily expenses to buy groceries, while 5.2 percent used cash from a payday loan.
The report highlighted that groceries are one of the largest household budget items for families and that food costs have jumped by about 32 percent over the past five years, posing a challenge for many households.
Adults who reported that their grocery costs increased significantly last year were more likely to use their savings or credit to buy food. According to the report, 51.3 percent of adults said grocery costs rose a lot during the 12 months preceding December 2025.
Data from the Bureau of Labor Statistics show that among bread, chicken, eggs, beef, and milk, only beef recorded a price increase between December 2024 and December 2025.
The price of a pound of ground 100 percent beef rose from $5.58 to $6.52 during this period. In contrast, the price of a pound of white bread declined from $1.91 to $1.83, a pound of fresh whole chicken fell from $2.06 to $2.02, a dozen large grade A eggs decreased from $4.15 to $2.71, and a gallon of fresh whole fortified milk declined from $4.10 to $4.05.
When families are unable to pay for groceries from their regular income, they resort to using credit, drawing down savings, and cutting down grocery spending, the Urban Institute report said.
Low- and moderate-income adults were more likely to report paying for groceries with a credit card, though they didn’t always pay the required minimum payment, the nonprofit said.
Steaks for sale at a store in Elkridge, Md., on Feb. 27, 2026. Madalina Kilroy/The Epoch Times
Amid straining finances, U.S. household debt rose last year. By the end of the fourth quarter of 2025, total U.S. household debt stood at $18.77 trillion, up $740 billion from a year ago, according to data from the Federal Reserve Bank of New York.
For the first quarter of 2026, household debt rose marginally by 0.1 percent from the previous quarter to $18.8 trillion, the bank said in a May 12 statement.
More Americans are also filing for bankruptcy. In 2025, individual bankruptcy filings rose by 12 percent from 2024, according to the American Bankruptcy Institute (ABI).
In the first six months of 2026, individual bankruptcy filings rose by 12 percent from the same period last year, ABI said.
Unemployment, GDP Growth
For the week ending July 4, initial unemployment claims fell to 215,000, down from the previous week and the lowest level since late May. Overall employment conditions show signs of stability, with the four-week average of unemployment claims declining,
According to minutes from June’s Federal Reserve policy meeting, the central bank believes the labor market will “remain stable in the near term, with the unemployment rate staying close to current levels.”
People shop for meat at a store in Mount Laurel, N.J., on Feb. 5, 2025. Samira Bouaou/The Epoch Times
GDP grew by 2.1 percent in 2025 from the previous year, according to data from the Bureau of Economic Analysis. For the January–March quarter this year, GDP rose by 2.1 percent. Consumer spending rose by 0.5 percent despite inflationary pressures.
In a recent Consumer Checkpoint report, Bank of America noted that consumer spending momentum was “remarkably robust.”
Consultancy Deloitte predicted in a July 1 report that in its baseline scenario, real U.S. GDP growth is expected to grow by a “healthy” 2 percent this year and 1.8 percent in 2027.
end
Will be a game changer but it is in the future, still working out the kinks
(zero hedge)
“Sub-Second Detect- To-Fire”: Futuristic Dome Turret Could Be US Military’s Answer To Drone Swarms
Wednesday, Jul 15, 2026 – 11:00 PM
Picket Defense Systems is developing a next-generation counter-drone turret designed to eliminate the delays conventional systems face when targeting fast-moving, one-way attack drones or incoming swarms. This is a major vulnerability confronting the US military and allied forces as drone threats proliferate across modern battlefields that Picket plans to solve.
Its Inferno RTC uses a 54-barrel hemispherical array that continuously maintains 360-degree coverage, allowing the turret to select and fire the optimal barrel without needing to rotate and lock onto the target first.
“Fixed multi-barrel hemispherical array — no slewing delay. Sub-second detect- to-fire. No dead zones, no blind spots, no reaction time,” Picket wrote in a slide deck.
Defense Blog recently explained why Picket’s 54-barrel hemispherical array could represent the next evolution in turret design for defeating fast-moving drone swarms:
The aiming latency problem the Inferno is designed to solve is one of the most technically challenging aspects of close-in drone defense, and it has become increasingly urgent as adversaries have adopted tactics specifically designed to exploit it.
Conventional counter-drone gun systems, whether mounted on vehicles or fixed at a site, must physically slew a barrel to point at an incoming threat before firing, a process that takes measurable time even on fast-actuating electromechanical systems. Against a single drone approaching at moderate speed, that delay is manageable.
Against a coordinated swarm of fast-moving targets approaching from multiple directions simultaneously, it creates engagement sequencing problems that single-barrel systems have no mechanical solution for.
The Inferno’s continuously rotating architecture eliminates that sequencing problem by having a barrel already in approximately the right position for any threat vector at any moment.
Picket appears to be targeting the civilian counter-drone market with a dual-use turret designed for critical infrastructure, data centers, energy facilities, airports, stadiums, and commercial ports.
About a month later, we published a report that showed the first-ever data center in the world was hit by an Iranian attack drone in the Gulf region. This was a major wake-up call for the US, hyperscalers, militaries, and other governments that are now racing to harden airspace against these small but deadly threats.
What we suspect is coming down the pipe is a procurement supercycle for drone and counter-drone systems, which we believe is already in the early chapters and will accelerate in 2027. How to profit.
end
New Poll Shows American Voters Overwhelmingly Reject Communism, Dealing A Blow To DSA
Thursday, Jul 16, 2026 – 07:45 AM
The Democratic Socialists of America are intensifying their consolidation of power within the Democratic Party, winning low-turnout local elections as establishment Democrats struggle to contain the spread of socialism and Marxism within their DEI kingdom.
DSA leaders and politicians have openly embraced anti-American rhetoric centered on dismantling capitalism and calling for revolution, while their unofficial spokesperson, Hasan Piker, has amplified inflammatory calls to “kill capitalists.”
The larger question is whether mainstream America is prepared to follow DSA revolutionaries toward a violent revolution from within the nation to sow chaos, as federal investigations grow over the group’s alleged links to foreign subversion networks connected to Cuba and China.
Convincing average voters to embrace a far-left agenda, especially one wrapped in revolution and anti-capitalist rhetoric, will be an extraordinarily difficult sell to folks who just want to live life and own property.
Washington, DC-based research and polling firm Echelon Insights has captured a new sentiment snapshot of voters from a poll last week that showed just how unpopular DSA, socialism, and communism are…
The clearest takeaway is that voters strongly prefer market-oriented ideas:
Free-market economy: 53% favorable, 12% unfavorable, a +41 net rating
Capitalism: 49% favorable, 29% unfavorable, +20
MAHA: 39% favorable, 33% unfavorable, +6
Social democracy: 36% favorable, 31% unfavorable, +5
Most political parties, figures, and left-wing movements are underwater, with socialism and communism ranking the worst:
The survey suggests that Americans remain strongly supportive of free markets and very negative toward socialism and communism, even as both major political parties and many top political figures suffer from plunging ratings.
Nate Silver’s January 2026 ratings gave Echelon an A- score, with its predictive score indicating that the polling firm is expected to outperform the average pollster. Echelon also performed well during the 2024 election cycle, recording an average polling error of roughly 2 percentage points.
The polling data help explain why establishment Democrats have become increasingly alarmed by the rise of DSA, which they view as derailing the party in future elections because revolution is just not popular with the average voter.
Even a former Bill Clinton adviser wrote in a Wall Street Journal op-ed last week calling for investigations into DSA for possible foreign influence and subversion networks.
Ultimately, DSA is making a massive political gamble that it can persuade enough Americans and migrants to embrace class struggle and pursue a revolution. The problem is that such a move risks provoking a federal response, particularly as U.S. officials increasingly examine whether elements of DSA’s revolutionary movement are intertwined with foreign influence and subversion networks.
After all, DSA has admitted that it is a “partner” of the sanctioned ICAP…
Perhaps that helps explain why the group is so eager to pursue Marxist revolution.
Most of us have heard the horrific figures: Communism/Marxism was responsible for more than 100 million deaths in the 20th century alone.
There are two preconditions necessary for people to accept or even welcome Communism: one, frustration with current economic and/or political conditions, and two, a moral decay that generates a disdain for work and an excessive entitlement mentality that demonizes others’ success, accomplishments, and wealth. For far too many, this demonization of what others have leads not unto desire to make the right decisions and work hard enough to earn it yourself, but unto envy, greed, wrath and sloth, four of the Seven Deadly Sins. And a demand that much of what others’ have be confiscated and handed over to one’s self and one’s demographic group…without one having to work for it. This, as history clearly shows, is an automatic death sentence for a society. Every time. In every case. Whether it be the erstwhile Soviet Union, its satellite in Cuba, Pol Pot’s Cambodia, or, more recently, previously wealthy Venezuela.
It could not possibly be otherwise. If I work hard, say, for 60-hour weeks, and I and my family are not going to be very appreciably better off than someone who is unemployed and able to sit on his couch all day because of my tax money, it would literally be immoral, as well as against human nature, for me to continue to do so. Why? Because I would not only be allowing the excessive and arbitrary taxation of my earned labor, while robbing myself of precious time with my family, but quite possibly, in the long term, degrading my health. And subjecting myself to various opportunity costs/losses.
Margaret Thatcher famously said, “The problem with Socialism is that you eventually run out of other people’s money.” That in itself is spot-on, but there is far more to it than that.
Ayn Rand: “There is no difference between Communism and Socialism, except in the same ultimate end: Communism proposes to enslave men by force, Socialism by the vote. It is merely the difference between murder and suicide.”
When people address this issue, they almost always start by saying, “Capitalism with all its faults…” I am not willing to do that. This is life. This is Earth, not heaven. In this sense, Capitalism doesn’t have any faults. True Capitalism does not discriminate on the basis of race, religion, color, sex…or anything else. The supply and demand curve determines what price any given product can bear. Charging less than that is not altruistic, but stupid and fraught with possible bias. Nothing can be truly worth other than what people will pay for it. That is why art is so subjective. One person looks at a painting and thinks, “I’d pay anything for that masterpiece,” another says to herself, “You couldn’t pay me to take this ridiculous piece of crap home.”
In command (Communist/Marxist/Socialist) economies, one or a very few people determine what the cost of any given item “should be.” Since there is no market feedback, their biases come into play. Lots of them. Shockingly, these biases always lead to a handful of leaders living well, and everyone else being paupers and puppets.
It is anything but a coincidence, a fluke, that the United States quickly became the largest and most innovative economy on planet Earth. Entrepreneurship explodes when people are potentially rewarded for their effort, creativity, and dogged determination. All ships do rise with the tide. The “poor” in America are still better off than all but the rich of many nations today. But supporters of Communism would rather everyone be less well off but closer in income than everyone being far better off with a greater income disparity. There is a word for that. It’s called evil.
Capitalism pulled countless millions – perhaps even billions – out of poverty in recent decades. Even China, Laos, and Vietnam were forced to go to market economies, despite their Communistic social policies.
Younger members of today’s Democrat Party – or should I say, the Democrat-Socialist Party – have recently and rather suddenly embraced the “teachings” of Karl Marx’s The Communist Manifesto and Das Kapital.
That kind of ignorance and immorality does not just show up organically. It has to be very carefully inculcated. And that is what our colleges and universities are for.
The U.S., under JFK and Ronald Reagan, ultimately won the Cold War, essentially without firing a shot. Now it appears a Cold Civil War may be looming at some point in the future. One that, sadly, would have to be fought and won if this nation were to survive. Because, as Churchill said, “It is better to perish than live as slaves.” And make no mistake, if you are living under Communism, you are a slave…to the state.
(Highly recommended reading: The 5000 Year Leap – The 28 Great Ideas That Changed the World, by W. Cleon Skousen and the National Center for Constitutional Studies)
END
“Fatal Cancer On Civilization”: Trump’s War On Marxism Enters Action Phase As Rubio, Miller And Bessent Address 65 Nations
Rubio, Miller, Bessent Address Rise Of Far-Left Terrorism To Delegations From 65 Countries
Trump Team Declares War On Radical Left Groups
Rubio, Miller, Bessent Address Delegations From 65 Countries On Far-Left Terrorism
Secretary of State Marco Rubio, White House Deputy Chief of Staff Stephen Miller and Treasury Secretary Scott Bessent addressed delegations from more than 65 countries on the alarming rise of far-left terrorism.
The broader message from all three speakers was very clear: Just as the US and its allies confronted the spread of Marxism in previous generations, Washington now believes the West needs an all-of-government, multinational strategy to counter far-left political violence, foreign influence networks and subversion movements seeking to destabilize Western institutions.
Rubio called for the civilized world to unite against an “encroaching darkness,” urging all leaders in the room to defend what they have built and fight back against those who seek to destroy it. The enemy Rubio is referring to is the rise of transnational far-left terrorism.
Rubio said, “In the United States, the share of left-wing terrorist attacks and plots has risen to levels not seen in DECADES. In Germany, far-left violence has jumped by more than 40% in just the last year alone.”
Rubio added that Antifa is being directly aided by Iran and Cuba through a massive international network that seeks to attack the West with terrorism and propaganda.
After Rubio, Miller addressed the hundreds of high-level officials in the room, saying, “Here in the United States, we have taken the necessary and essential action formally recognizing left-wing violence as a form of political terrorism that is a direct threat to our national security and the survival of our republican form of government.”
He called left-wing political violence: “This is a fatal cancer to civilization… The greatest risk that we have is that our institutions have grown too soft and too cowardly to be able to defend themselves against a mortal threat.”
Last but not least, Bessent then describes how the US Treasury will dismantle the foreign subversion networks that use nonprofits to wage war against the US:
Treasury is expanding its efforts to identify organizations that abuse charitable and nonprofit structures as vehicles for illicit finance.
We are examining where tax exempt status has been exploited, where charitable entities have become financial conduits for foreign influence activity and how those entrusted with stewardship of these organizations have instead enabled violence, where the evidence leads we will not hesitate to follow and of course we will hold these organizations, officers, directors, accountable and just as financial institution must know their clients they must know their grantees.
All in all, the meeting should be viewed as a signal that the Trump administration has entered the action phase to dismantle the command-and-control structures of foreign subversion networks routed through Marxist groups and nonprofits seeking to destabilize the West.
Watch Live: Rubio, Bessent Convene 65 Nations For Global Crackdown On “Far-Left Political Terrorism”
Secretary of State Marco Rubio will host delegations from 65 countries in Washington on Thursday morning to coordinate a specialized international response to combat what the Trump administration describes as a “resurgence” of far-left political terrorism.
Watch Live here (due to start at 0910ET):
CNN cited a senior State Department official who said the delegations will come from “across the Western Hemisphere, Asia, Europe, and beyond.”
The meeting will focus on countering the spread of far-left political violence and terrorism across the West, including riots, attacks on critical infrastructure and acts of industrial sabotage.
Here’s color from the outlet on today’s meeting:
According to sources, many of the delegations will not be led by the foreign ministers of the countries, but rather more working-level and technical officials. Several cited scheduling, with invitations to the event only being issued at the beginning of July.
Countries that had worked with the administration on the topic were among those invited, the official said, noting they’ve had “very productive engagements with Germany, with Greece, with Italy, and that’s often where the problem is most pronounced in Europe.”
Another State Department official told CNN that Rubio plans to describe left-wing terrorism as “the result of a unique evil rooted in a deep resentment towards civilization.”
The threat of left-wing terrorism “has not really been addressed collectively in an effective way,” the official said.
According to the official, partners have said they “have a handle” on other forms of political violence but “this one is more difficult for us.”
We noted at the time, “While the cases appear separate, both point to a broader concern: revolutionary and radical-left rhetoric is increasingly bleeding into an alarming pattern of real-world violence, with younger and younger extremists resorting to violence targeting wealthy individuals or even right-leaning political figures.”
Far-left extremist Hasan Piker calls on his followers to kill capitalists…
Treasury Secretary Scott Bessent and White House deputy chief of staff Stephen Miller are also expected to be at today’s meeting.
Bessent signaled in late May to reporters that “in the weeks and months” there will be a lot to talk about in terms of dark-money-funded NGOs fueling chaos and revolution in the US.
Ahead of today’s meeting, a State Department official spoke with Breitbart News about foreign subversion networks sowing chaos in America:
“The State Department will be issuing a report detailing the Cuban regime’s longstanding campaign to foment left-wing extremism in the United States and internationally. The report finds that for nearly seven decades, the Cuban regime has played an indispensable role in nearly every notable far-left insurgency, revolution, and militant movement across the Western Hemisphere and beyond.”
Last week, Jim “Fergie” Chambers, the Communist centi-millionaire and heir to the massive Cox media fortune, was arrested in Spain at the request of the US Justice Department and is awaiting possible extradition on federal charges linked to “international money laundering… with the intent to provide material support to and resources to foreign terrorist organizations.”
City Journal’s Stu Smith wrote in a recent report, “Chambers is one of the main funders of America’s radical Left. His money has flowed to a host of projects in the “anti-imperialism” organizing space,” adding, “Chambers claims that he and Singham are effectively the two primary financiers of the US radical left.” Despite this, the two have apparently been at loggerheads—a conflict that has now gone public.”
And all of this raises one obvious question: Why is the Democratic Socialists of America a “partner” of ICAP, a US-sanctioned, Castro-era Cuban organization created to export Marxist ideology and cultivate foreign political networks?
ICAP can be viewed as an ideological intake valve, providing political cover and access points that could be exploited for influence or intelligence operations.
That relationship provides new context for statements from DSA leaders, such as: “The most important thing we can do is take that American empire down from within.”
You know it’s bad for Democrats when one of their own has to write a WSJ op-ed, calling for “Lawmakers, law-enforcement agencies and journalists should investigate the DSA to see if it is being funded by foreign governments and interests.”
end
Trump Expected To Accuse China Of Helping Joe Biden Win 2020 Election
Thursday, Jul 16, 2026 – 12:05 PM
President Donald Trump is expected to use a prime-time address Thursday night to discuss election integrity and potentially unveil ‘four sets’ of newly declassified intelligence concerning alleged foreign interference in recent U.S. elections, according to reports.MSNBC; Getty Images
Trump is scheduled to address the nation at 9 p.m. ET tonight – only revealing that it would focus on election security and related concerns.
“Our country has to shape up,” Trump said during an Oval Office appearance with Iraqi Prime Minister Ali al-Zaid. “Without free and fair elections, you don’t have a country.”
Journalist Paul Sperry reported on X that the address could include allegations that U.S. intelligence and law-enforcement agencies recently uncovered evidence of foreign interference involving China – not Russia – in recent elections, including the 2020 presidential contest.
Citing an unnamed administration source who had reportedly reviewed a draft of Trump’s speech, Sperry claimed the evidence includes allegations that Chinese actors penetrated state voter-registration databases and obtained information concerning tens of thousands of voters.
According to Sperry, officials believe the stolen information may have been intended for use in manufacturing fraudulent mail-in ballots supporting Joe Biden. He also claimed that CIA Director John Ratcliffe and FBI Director Kash Patel would appear with Trump or otherwise certify the evidence presented by the administration.
The documents were reportedly drawn from previously undisclosed or suppressed FBI, CIA, and ODNI records. Sperry’s source alleged that the intelligence had been buried as part of a broader effort to conceal Beijing’s cyber capabilities and influence operations.
The “really big news” President Trump plans to announce in Thursday’s primetime address, according to an administration source who’s read a draft of his speech, includes bombshell evidence China interfered in the 2020 election to help Joe Biden win, including hacking into state voter registration databases and stealing information on tens of thousands of voters ostensibly to manufacture mail-in ballots for Biden.
The evidence, which details “alarming vulnerabilities” of election infrastructure, is based on four (4) sets of declassified documents (set for release Friday) which were recently unearthed from suppressed FBI, CIA and ODNI records, according to the well-placed source. The intelligence had been buried in a “massive cover-up” of Beijing’s hacking capabilities and influence operations aimed at supporting Biden.
Other vulnerabilities compromising the U.S. election system, according to a draft of the president’s speech, include the existence of more than 100,000 non-citizens, including illegal immigrants, on voter rolls. –Paul Sperry
The source characterized the alleged penetration of the 2020 election system as more extensive than the Russian interference described by U.S. officials following the 2016 election.
Sperry also reported that a draft of Trump’s address references more than 100,000 noncitizens – including people living in the country illegally – appearing on voter rolls. It was not immediately clear which states or databases were included in that figure, how the administration calculated it, or whether all the registrations were active.
The address comes as the Trump administration and congressional Republicans intensify their efforts to change federal election policy before the midterms.
Earlier in July, Trump fired members of the bipartisan Election Assistance Commission, the federal agency that assists state and local election officials and oversees the certification of voting systems. The administration has also pursued the creation of a nationwide database of eligible voters and expanded citizenship-verification efforts. Several of those initiatives have encountered resistance in federal court. On June 25, a federal district judge in Massachusetts sided with states challenging the administration’s voter-list initiative, ruling that the Constitution leaves states with significant authority over elections. Meanwhile, a federal judge in Washington blocked an updated citizenship-verification database the following day, finding that the program conflicted with federal privacy and Social Security laws.
Then on July 7, a federal judge in Georgia quashed Justice Department subpoenas seeking information about election workers involved in Fulton County’s administration of the 2020 election.
Harmeet Dhillon, who leads the Justice Department’s Civil Rights Division, has also sent letters to election officials in all 50 states and the District of Columbia. The letters warned that officials could face criminal liability if they knowingly allow ineligible noncitizens to remain on voter rolls.
Democrats, Of Course, Freak Out
Democratic lawmakers are of course in full-on panic mode over the 2020 claims, suggesting that Trump could use the address to revive disputed allegations about the 2020 election or justify new federal intervention in the midterm election process.
Sen. Mark Warner of Virginia, the ranking Democrat on the Senate Intelligence Committee, questioned whether the administration could possess significant new intelligence that had not previously been provided to congressional overseers. Warner told the Epoch Times; “having been deeply involved with the intelligence community for the last decade plus, I would be shocked if there was some major new piece of intelligence that never was shared.” He also warned against using questionable or selectively presented intelligence as the basis for government action affecting elections.
Senate Minority Leader Chuck Schumer of New York said Democrats were preparing for several possible scenarios involving the address and the administration’s next steps.
Sperry separately reported that the White House had encountered resistance from the three major broadcast television networks over requests to carry the address live. He attributed the hesitation to concerns that the speech might repeat claims that the 2020 election was stolen.
The networks’ plans and the White House’s reported discussions with them had not been publicly confirmed.
Trump has described the forthcoming announcement as “really big news.” Whether the address produces verifiable new evidence – or intensifies the existing partisan conflict over election administration – will likely depend on the contents, sourcing, and independent authentication of any documents released by the government.
SAVE America Act Remains Stalled
Trump has repeatedly called on Congress to approve the Republican-backed SAVE America Act, which would require documentary proof of citizenship when registering to vote and photo identification when casting a ballot.
The legislation passed the House but has stalled in the Senate, where most bills need 60 votes to overcome a filibuster. Republican leaders have considered incorporating similar provisions into a third budget-reconciliation package. The reconciliation process would allow legislation to pass the Senate with a simple majority, although provisions must comply with rules requiring them to have a direct effect on federal spending or revenue.
The Senate parliamentarian previously determined that certain SAVE America provisions did not comply with those restrictions. House Republicans released a $95 billion framework for the reconciliation package on July 15. The proposal could include federal funding to help states establish voter-identification requirements.
The House Budget Committee scheduled a markup of the legislation for July 16. Committee Chairman Jodey Arrington of Texas said the package would help protect the integrity of U.S. elections.
KING NEWS
The King Report July 16, 2026 Issue 7784
Independent View of the News
June PPI -0.3% m/m & 6.2% y/y, 0.0% m/m & 5.5% y/y expected; Core PPI 0.3% m/m & 5.2% y/y, PPI 0.2% m/m & 4.7% y/y expected. The BLS has Energy -6.4% m/m and ‘Crude food’ -3.2% in June. https://www.bls.gov/news.release/pdf/ppi.pdf
UAE’s @amjadt25: Informed sources: Trump held a Situation Room meeting on Tuesday to discuss a significantly broader attack on Iran, going far beyond the current strikes.
The main morning theme on Wednesday morning was the rotation out of AI stocks and into Fangs because investors and traders ‘know’ that Fangs will report great results in coming days.
Near 10:42 ET: SOX Index -3.5%; the NY Fang+ Index +1.1% and DJIA + 0.06% at 10:19 ET. Apple was +2.81%, Amazon +2.52%, Google +2.5%, Microsoft +2.48% and Meta +2.6% near 11:00 ET.
At the Senate Banking Committee yesterday, Fed Chair Warsh repeated the prepared remarks he made to the House Financial services committee on Tuesday.
Warsh Q&A Highlights My view is these inflation data are imperfect measures In the near term I think AI investment is good for jobs Moved my investments to cash equivalent T-bills Basel end game is not America’s end game We see AI impact on demand more quickly than on supply One time change in prices isn’t necessarily inflationary Suspect AI will increase measured prices next 12 months Whether AI is inflationary or not will be up to the Fed Believe AI is a long-term job creator but could be disruptive AI price surge is real, don’t want to be dismissive If AI firms disappoint investors, capital would dry up but there are alternative uses for capex spent Would rather see companies investing than buying back their stock Think productivity will be structurally disinflationary (It’s supposed to be!) Policy decisions to drive balance sheet plumbing Interest rates should be primary monetary policy driver Would like to have a leaner meaner balance sheet Balance sheet should be small as practical to conduct operations Control over inflation in medium term is Fed’s job Don’t want to share about conversations with President Trump Would keep head down if Trump tried to influence policy I’m not happy with any of the inflation measures Labor market looks like it’s broadly in balance Inflation part of our mandate looks less good I do not show up here as a monetarist Addition of M2 measure to Fed report was done on purpose May have seen problem in 2021 if we watched money supply Fed is consensus LED organization don’t have magic wand Surge in valuations of AI companies is notable (sees the bubble) Plenty of people on Wall Street upset with me already
Democratic gadfly, Senator Elizabeth Warren, badgered Warsh, constantly asking who gave him a $100 million payment for the Juggernaut Fund shares and other investments that he sold before he became Fed Chair. Warren asked Warsh if the payment was from Stanley Druckenmiller, whose Duquesne Family Office paid Warsh $10.2 million in consulting fees.
CNBC: Federal Reserve Chair nominee Kevin Warsh has disclosed more than $100 million in investments with Duquesne Family Office. Warsh joined Duquesne, the personal investment firm of billionaire Stanley Druckenmiller, in 2011 as a partner and advisor… The Federal Reserve chair nominee has two stakes worth at least $50 million each in a vehicle called the Juggernaut Fund, according to the filings. The fund is managed by Duquesne Family Office, the personal investment firm of billionaire hedge fund manager Stanley Druckenmiller… https://www.cnbc.com/2026/04/23/kevin-warsh-family-office.html
Warren was connecting dots between Druckenmiller, Treasury Secretary Bessent, and Warsh.
Most important remark: The Fed ‘may have seen problem in 2021 if we watched money supply. If it had used them in 2021, I might have seen inflation sooner.’
We have complained for years that while the Fed kept professing, ‘we’ve learned the lessons of past Fed mistakes regarding inflation,’ they were repeating the Fed’s monster mistake during the ‘70s: trying to control inflation via the Fed Funds Rate. Volcker’s restriction on reserve growth halted the inflation.
There are indications that Warsh understands that and might be more apt to reduce the Fed Balance Sheet (“I hate that we bought MBS.”) and restrict reserve growth.
Warsh made two glaring contradictions: 1) I’m not here as a monetarist; but we will watch M2 more closing; and 2) must reduce balance sheet but interest rates will be primary monetary tool.
Warsh concluded his testimony near 12:10 ET.
ESUs traded modestly lower when they opened on Tuesday night. At 19:17 ET ESs turned positive and rallied to 7613.50 at the 1:00 ET Nikkei close. After an irregular ABC decline to 7593.50 at 3:27 ET ESUs traded in 20 handle range until they broke higher for NYSE opening.
After making an effective double top of 7626.25 (+35.00) at 9:34 ET and 7626.00 at 10:16 ET, with the final up leg being the normal rally in front of Fed chair appearance, ESUs sank to a daily low of 7571.75 (-19.50) at 12:40 ET after a Noon Balloon spike to 7593.25 at 12:43 ESUs rolled over.
After a retreat to 7579.50 at 12:54 ET, someone aggressively bought ESUs, driving them to 7616.25 at 13:54 ET. After inching up to 7619.75 at 14:33 ET, ESUs sank to 7600.50 at 15:00 ET. They then jumped to 7618.25 at 16:00 ET on the late manipulation and Trump.
Trump Says Iran Wants to Meet – BBG 15:23 ET (We are NOT making this up!) President Trump tells Fox Business that he just got a call from Iran in a country wants to meet
Trump: Doing Really Well with Iran, Iran Wants to Settle So Badly – Will Find Out Whether We ‘Settle or Finish It Off’ (Please, make it stop!!!!)
President Trump Leans Toward Expanding U.S. Military Operations in Iran: WSJ 3:32pm ET
CBS’s @JenniferJJacobs: “President Trump is leaning toward expanding U.S. military operations in Iran after days of briefings from top aides, U.S. officials said. Options include stepping up airstrikes, sending ground forces to seize Iranian islands near the Strait of Hormuz and bombing a fortified site that could be used for covert nuclear work. Trump hosted a Situation Room meeting Tuesday evening to discuss the potential seizure of Kharg Island and other territory along the Strait of Hormuz using U.S. troops, as well as the potential bombing of a tunnel complex at Pickaxe Mountain, a nuclear-linked site the U.S. has yet to target. Expanding airstrikes against more targets in Iran, including energy sites, also remains a possibility,” per @WSJ
NY Fed President Williams, who is beholden to Wall Street and ‘manages’ the markets claimed that ‘there are encouraging reasons that inflation has peaked.’ 8:42 ET
Fed Governor Lisa Cook issued hawkish remarks when the afternoon arrived.
Cook: “If we do not see signs of disinflation soon, I am prepared to act. I am fully committed to reaching our inflation target, and this commitment is unwavering… Risk on the unemployment side have diminished. The balance of risk has is toward the inflation mandate… The recent acceleration inflation is not only an energy price story…” There is a risk that “the high inflation we have seen boosts inflation going forward…”
WSJ’s @NickTimiraos: Cook’s speech should make plain that the hawkish evolution on the FOMC is not really an oil/war story. She points to one specific cause: “the AI buildout does not show signs of slowing.” And she points to a more generalized concern about an economy with cumulating shocks after years of elevated inflation.
@SullyCNBC notes that the EIA report shows the SPR fell 86 million barrels to 316 million.
@SullyCNBC: There is some concern that 300m barrels may be the ‘operational low’ because its unclear if some of the salt caverns would function properly below certain levels. Not saying it is, but the worry is out there. Something to pay attention to.
Positive aspects of previous session A ‘good’ June PPI Report appeared. Fangs rallied smartly on buying expected ‘great’ results that will appear in coming days. Bonds rallied modestly.
Negative aspects of previous session Oil and gasoline rallied moderately. AI-related stocks declined smartly. The DJTA fell 0.58%; The Nas 100 declined 0.28%; the SOX Index fell SPCX fell below $135 IPO price for the first time (1215 low) but closed at $135.27.
Ambiguous aspects of previous session Will Warsh be more like Volcker that recent squishy Fed Chairs?
First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour:Up; Last Hour: Up
Pivot Point for S&P 500 Index [above/below indicates daily trend to day traders]: 7560.28 Previous session (S&P 500 Index) High/Low: 7581.50 (9:36 ET); 7526.95 (13:40 ET)
VP Vance is taking heat for unambiguously anti-Israel comments. Israel more effective than most at influencing US Some people in Israeli government want war indefinitely
Vance, speaking on Joe Rogan’s podcast, also said the US is not going to send ground troops for regime change in Iran. “People said I’m influenced by Qatar, foreign governments, I take my marching orders from Tucker Carlson. There’s so much bulls#*t out there.” Numerous pundits allege that Trump selected the inexperienced Vance, who had previously denigrated Trump repeatedly, on Carlson’s advice.
The NYT: How Tucker Carlson Helped Sell J.D. Vance as Trump’s Running Mate 7/16/24 The former Fox News host warned Donald J. Trump that two other running-mate contenders, Senator Marco Rubio of Florida and Gov. Doug Burgum of North Dakota, could not be trusted… Mr. Carlson told Mr. Trump in that phone call that he believed that if he chose a “neocon” as his V.P. — an abbreviation for Republicans who favor using U.S. power to implant democracy abroad — then the U.S. intelligence agencies would have every incentive to assassinate Mr. Trump in order to get their preferred president… https://www.nytimes.com/2024/07/16/us/politics/tucker-carlson-jd-vance-trump.html
@JewishWarrior13: Vance is blaming Israel again on Joe Rogan, claiming that members of the Israeli government pay to activate a malicious campaign against him, and they can all “go to hell.” https://x.com/JewishWarrior13/status/2077485298443759687
Drop Site: Iran Sent Message to JD Vance Warning that Kushner and Witkoff Were “Abusing” Their Inside Access to Negotiations – A senior Iranian official said Tehran privately told Vance the pair were exploiting the negotiations for financial gain. The Trump administration says it never happened… In June, Iran calculated profits from such alleged manipulation had reached $9 billion and formally requested, in writing, that Iran should share in the proceeds. “We have conveyed through intermediaries that $4.5 billion of this sum should also be allocated to the Iranian side,” the Iranian official said. “The exchanged texts will ultimately become part of the historical record.”… The Iranian official said that during the diplomatic talks in Oman and Switzerland before the war, Witkoff and Kushner showed up with no subject area or nuclear experts and appeared oblivious to the technical aspects of negotiating the nuclear issue… https://www.dropsitenews.com/p/iran-jd-vance-kushner-witkoff-exploiting-negotiations
Google AI: Drop Site News is widely considered an independent, left-leaning, and anti-establishment investigative news outlet… Trump: Iran has allowed an American Citizen, who was wrongfully detained in December of 2024 under the “presidency” of Sleepy Joe Biden, to leave the Country. She is now safely outside of Iran, and in good condition. The United States of America appreciates this gesture of Goodwill by Iran! 6:54pm ET
Today – August Gasoline has risen from its June 25, 2026 low of 275.65 cents to 330.71! Ultra Sulphur Diesel fuel has soared from its June 18, 2026 low of 300.13 to 407.74, an all-time high. July CPI and PPI should be very ugly! For eons, Street pundits have proclaimed that ‘the market is forward looking.’ Yet ‘they’ over hype last month data! June CPI and PPI should have been digest already.
The market is in the process of digesting July inflation data.
August WTI Oil has rebounded from its June low, but not as sharply as gasoline and diesel because Team Trump is manipulating oil prices lower via SPR liquidation and allegedly selling futures.
Traders want to be long Fangs for expected great results, and Netflix begins Fangs season today.
ESUs are +8.25; NQUs are +36.25; USUs are -3/32; WTI Oil is +0.42; Gasoline is -.15 at 20:10 ET.
Expected Impact Economic Data: June Retail Sales 0.2% m/m, Ex-Autos -0.1%, Ex-Auto and Gas 0.4%; Initial Jobless Claims 217k, Continuing Claims 1.82m; July NAHB Housing Market Index 35; May Business Inventories 0.3%; June Pending Home Sales -0.5% m/m
Expected impact earnings: GE 1.86, UNH 4.87, USB 1.28, ABT 1.28, NFLX .79
Fed Speakers: Dallas President Logan 12:30 ET on monetary policy, KC President Schmid 13:25 ET
S&P 500 Index (7,572.40 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 6248.85 triggers a sell signal Weekly: Trender and MACD are positive – a close below 6897.18 triggers a sell signal Daily: Trender and MACD are positive – a close below 7447.77 triggers a sell signal Hourly: Trender and MACD are positive – a close below 7526.90 triggers a sell signal
@Jon_Gross: Amy Barrett voted with the leftist judges to uphold the unlawful J6 indictments under 18 USC 1512(c)(2). FBI used this charge to justify armed raids with guns and lasers pointed at children. She’s concerned about her children? Where was her concern for those children?
Justice Barrett was savaged for a second strait day on social media. Women were especially upset with her, stating that ACB fostered negative female stereotypes, i.e. women being too emotional.
We occasionally complain that US politicians and judges enact ‘soft on crime & criminals’ policies that average Americans must suffer while they utilize taxpayer funded private security.
@rising_serpent: The craziest part of the supreme Court justice testimony was how they complained about their security being compromised at the hands of a few nutjobs while allowing millions of crazy violent illegals to compromise national security and jeopardize our lives through birthright citizenship. @ArthurGriffin25: All of their security should be taken away. Let them live like us, especially since they just compromised the entire country’s security.
@wesyang: I have no basis for thinking that Barrett has allowed fear of assassination to change any decisions. I do know that a federal court judge told a trans-identified man who brought a semi-automatic rifle to Bret Kavanaugh’s house after Googling the addresses of three of the other justices that she was “heartened” that his murder plot had led his family to start affirming his claim to be a woman and cited a Trump administration order requiring that male federal prisoners be housed with men even if they say they are women as one of the reasons she reduced his sentence from the 30 years dictated by the guidelines to eight years. The man explicitly declared that he had targeted the justices for murder in order to preempt the overturning of Roe v Wade with violence. With time already served, he’ll be out in four years.
NY Post: Chuck Schumer Appears to Let Out Loud Fart on Senate Floor…even suppressing a light chuckle after the now-viral delivery… https://trib.al/B7pkT7P
GOP Sen. Kennedy (LA) on ex-Chicago Mayor Lori Lightfoot: “She thinks if a cop shoots a criminal, it’s automatically the cop’s fault. But if a criminal shoots a cop, it’s automatically the gun’s fault.”
SWAMP STORIES FOR YOU TONIGHT
BOASBERG AGAIN..
Obama-Appointed Judge Halts US Visa Restrictions On Disinformation Gurus Accused Of Censorship
A federal judge on Tuesday blocked the Trump administration from enforcing a policy that denied visas and ordered deportations of “disinformation” expert foreign nationals whom it accused of being leading figures in the global “censorship-industrial complex.”
Last year, the United States issued a visa policy targeting foreign nationals whom it claimed censor Americans’ free speech abroad.
“For too long, Americans have been fined, harassed, and even charged by foreign authorities for exercising their free speech rights,” Secretary of State Marco Rubio said on X at the time.
In Washington on July 14, Chief U.S. District Judge James Boasberg sided with the Coalition for Independent Technology Research (CITR) in finding that the administration’s policy likely “burdens” the speech of noncitizen researchers in the United States in violation of the U.S. Constitution’s First Amendment.
The group’s lawsuit alleged that the U.S. State Department had been engaged in a campaign of censorship against anti-disinformation advocates.
“What began as a visa-restriction policy later expanded, according to plaintiff Coalition for Independent Technology Research, into a broader campaign against noncitizens who work on misinformation, disinformation, fact checking, content moderation, compliance and trust and safety,” the judge wrote.
“The Department has since invoked that policy to bar individuals from the country or seek their removal, including leaders of CITR member organizations.”
In December 2025, the State Department imposed visa bans on five Europeans, including a former European Union commissioner, and anti-disinformation activists whom Rubio called “leading figures of the global censorship-industrial complex.”
“But when you turn disinformation into a weapon, a political weapon, a label that you can use to go after people you don’t like, and say, oh, anything that person’s saying is disinformation—well, listen, I read mainstream newspapers every day, or I watch mainstream broadcasts—mainstream broadcasts every day that I know are disinformation, okay?” Rubio said in a May 2025 conversation with free speech activist Mike Bentz.
Among those hit by the visa ban were Imran Ahmed, the British CEO of U.S.-based Center for Countering Digital Hate (CCDH), and Clare Melford, co-founder of Global Disinformation Index.
Their groups are members of the Coalition for Independent Technology Research, according to the lawsuit.
Rubio accused them of having “led organized efforts to coerce American platforms to censor, demonetize, and suppress American viewpoints they oppose.”
CCDH, a British nonprofit, researches what it calls “online hate and disinformation,” which it defines as online lies “weaponized by movements and individuals for their own political, social and economic ends.”
For example, in one report, it partnered with a major abortion provider, MSI Reproductive Choices, and highlighted what it described as “false claims” online that abortion drugs pose high risks to women.
CCDH also produced its 2021 “Disinformation Dozen” report targeting 12 individuals, including Robert F. Kennedy Jr., Joseph Mercola, and Sherri Tenpenny, as “top spreaders“ of COVID vaccine ”misinformation.”
It urged social media platforms and governments to ban private groups that traffic primarily in “vaccine disinformation” and to prevent groups requiring a Facebook disclaimer from existing as private or secret groups.
A 2023 Republican-led congressional investigation by the House Judiciary Committee and the Select Subcommittee on the Weaponization of the Federal Government into the Election Integrity Partnership detailed how “disinformation” efforts disproportionately flagged conservative content.
This included posts from President Donald Trump, Speaker Newt Gingrich, and other Republicans, often to justify censorship.
Carrie DeCell, a lawyer for the coalition at the Knight First Amendment Institute at Columbia University, welcomed the judge’s ruling, which she said “recognized the serious constitutional harms this policy is already causing.”
“This policy punishes researchers for work the public needs, and the First Amendment protects,” DeCell said.
In a May 26 statement, CITR said that the policy “has created a chilling effect” across disinformation researchers.
“Researchers have dropped out of conferences and opted out of travel to meet with colleagues, shifted research topics entirely to avoid negative attention, and in some cases, even stepped back from affiliating with the coalition out of fear for their safety,” it said.
“The policy is affecting researchers in how they live and labor, with the fear of being detained or deported from the United States because of their work helping people navigate social media and AI safely.”
A State Department spokesperson told The Epoch Times by email:
“The Trump administration believes that aliens who are or were involved or complicit in censoring American citizens must face appropriate consequences.
“An American visa is a privilege, not a right. Specific questions about this lawsuit should be referred to the Department of Justice.”
GREG HUNTER….INTERVIEWING DANE WIGINGTON
Climate Engineered Drought, Heat Dome & Wildfires – Dane Wigington
At the end of April, renowned climate engineering researcher Dane Wigington was on USAW to warn about increasing extreme weather caused by geoengineering or manmade weather modification in the sky. Wigington predicted a “Summer from Hell.” With record high temperatures all over the country, he was right — again. Let’s start with the drought in the Southwest that has water sources like Lake Powell hitting record lows. One story last week said, “Lake Powell reaching critically low elevation levels, nearing ‘dead power pool,’ experts say.” The water level in the reservoir is so low it is approaching a point where “water can no longer flow past Glen Canyon Dam by gravity.” Wigington explains, “There is 110 feet of sedimentation behind the Hoover Dam. That means that’s not water that’s dirt now. This means these incredibly low numbers of how much water is in these basins . . . is probably half of what the official figure is. We are hurtling toward impact right now. There is no way out of this.”
What would Wigington do if he lived in Phoenix or Las Vegas? Wigington says, “Move. . .. Yes, we have drought/deluge scenarios, and that is a hallmark of climate engineering. While we are seeing the Southwest dry up completely, what are we seeing in places like Texas right now? We are seeing emergency flash flood warnings. The scenarios of nothing but deadly deluge or devastating drought are hallmarks of climate engineering operations completely disrupting the entire global hydrological cycle.”
Then, there is the so-called ‘heat dome’ problem that is affecting most of the United States right now. Wigington says, “In Montana, record highs, and a week later, three feet of snow. A week after that, a record obliterating high of 115 degrees. The train is totally off the rails, and the vast majority has no idea how grave our situation is. They are caught up in politics and sports games, and we are about to hit the wall. People need to wake the hell up.”
Another problem is a huge smoke layer over North America. Wigington says they are burning forests in Canada to get smoke to do temporary cool downs with wildfires. Millions of square miles are torched, according to Wigington. Again, what makes this all much worse is climate engineering. Wigington says, “There is a psychological operation for climate engineering that serves those in power. Also, we have a covert weapon of war with which they can and continue to control populations and then blame nature. They can crush crops and cause unimaginable misery and blame nature. This is the crown jewel weapon of the controllers.”
There is much more in the 43-minute interview.
To get a “Medical Emergency Kit” from The Wellness Company, click here. You get $45 off (15%) and free shipping with the promo code USAWATCHDOG. You can also call The Wellness Company at (800) 758-1584 where you can talk to a real human for more information or to help you order.
Join Greg Hunter of USAWatchdog as he goes one-on-one with Dane Wigington, founder of GeoEngineeringWatch.org, as the huge damage caused by geoengineering continues unabated as the obvious environmental collapse unfolds before our eyes for 7.15.26.
DCI Data Centers facility in Adelaide (ADL02)
MSNBC; Getty Images
harveyorganblog.com 
