JULY 20/GOLD CLOSED DOWN $1.40 TO $4012.75 WITH SILVER CLOSING UP $0.91 TO $56.97//PLATINUM CLOSED DOWN $8.50 TO $1599.50 WITH PALLADIUM UP $12.509 TO $1258.50//GOLD COMMENTARIES TODAY FROM ALASDAIR MACLEOD AND A PODCAST WITH ANDREW MAGUIRE FEATURING ALASDAIR MACLEOD//COMMODITY REPORT TONIGHT ON URANIUM//COMMENTARY TONIGHT FROM PETER SCHIFF//REPORTS TONIGHT FROM CHINA, EUROPE ITSELF, FRANCE AND THE UK//ISRAEL /USA VS IRAN UPDATES/ISRAEL TBN UPDATES//ISRAELS KNOCK OFF TWO COMMANDERS FROM HAMAS/HEZBOLLAH/LEBANON UPDATES//RUSSIA VS UKRAINE MAJOR UPDATES//COVID VACCINE INJURY REPORTS//DR PAUL ALEXANDER//OIL REPORT//USA SET TO SANCTION CANADA FOR THE WILDFIRE SMOKE INHALATION//USA ECONOMIC REPORTS/SWAMP STORIES FOR YOU TONIGHT//
092 C DEUTSCHE BANK 111 363 H WELLS FARGO SECURITI 79 555 C BNP PARIBAS SEC CORP 29 624 H BOFA SECURITIES 17 686 C STONEX FINANCIAL INC 15 905 C ADM 1
TOTAL: 126 126 MONTH TO DATE: 12,485
JPMORGAN STOPPED: 0/126
GOLD: NUMBER OF NOTICES FILED FOR JULY/2026: 126 CONTRACTs NOTICES FOR 12,600 OZ or 0.3919 TONNES
total notices so far: 12,485 contracts FOR 1,248,500 OZ OR 38.813 TONNES
JULY 20
SILVER NOTICES: 11 NOTICE(S) FILED FOR 55,000 OZ /
total number of notices filed so far this month : 7436 CONTRACTS (NOTICES) for 37.155 million oz
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GLD AND SLV
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
GLD
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD DOWN $1.40 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/// HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.572 TONNES OF GOLD INTO THE GLD
INVENTORY RESTS AT 1004.45 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $0.96 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A DEPOSIT OF 2.17 MILLION OZ INTO THE SLV.. : INVENTORY RESTS AT THE SLV AT 484.232 MILLION OZ//
CLOSING INVENTORY: 484.232 MILLION OZ
SILVER//OUTLINE
SILVER COMEX OI ADDED A SMALL SIZED 59 CONTRACTS TO AN OI OF 104,947 STILL A LOT HIGHER FROM ITS NEW RECORD LOW OF 95,999 SET MAY 1/2026. THE RECORD HIGH OI FOR SILVER IS 244,710, SET FEB 25/2020, AND THIS LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR GAIN OF $0.25 IN SILVER PRICING AT THE COMEX WITH RESPECT TO FRIDAY’S TRADING. ON THE FIRST OF MAY, WE REACHED OUR RECORD LOW OI OF 95,999 SURPASSING EVERY DAY NEW OI LOWS SET DURING THE LAST WEEK OF APRIL 2026.
NOW ON A NET BASIS OUR SPECULATORS HAVE REVERTED BACK TO GOING SHORT. THE FRBNY ON A NET BASIS IS PROVIDING THE NECESSARY PAPER TO OUR LONG BANKERS AND THEN TENDER FOR PHYSICAL AT 4 PM EACH NIGHT. BECAUSE OF THE HUGE SHORTFALL IN PHYSICAL SILVER IN LONDON THERE IS A LOTTERY TO SEE WHO GETS ANY OF THE PHYSICAL SILVER AVAILABLE THAT WHICH THEY ARE OBLIGATED TO DELIVER. THEY WAIT PATIENTLY FOR THEIR PHYSICAL METAL AND IF NOBODY GETS ANY THEY THEN COME BACK THE NEXT DAY AND SO ON. THIS IS IN LONDON, THE HOME OF PHYSICAL SILVER!! THE FACT THAT WE ARE WITNESSING MANY EXCHANGE FOR PHYSICAL TRANSFERS TO LONDON HIGHLIGHTS THE FACT THAT THE COMEX IS OUT OF SILVER AS WELL.
WE ARE NOW MOVING TO A MUCH LOWER BASE IN SILVER PRICING BREAKING MAJOR SUPPORT LEVEL OF $70.00. SHORTLY WE WILL REVERT BACK TO NUMBERS GREATER THAN 70 DOLLARS PER OZ.
WE HAVE A FAIR GAIN OF 254 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A FAIR SIZED SIZED 225 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE , WE HAD HUGE LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO FRIDAY TRADING// WE HAD A STRONG SIZED 522 CONTRACT T.A.S. ISSUANCE!! / THEY DESPERATELY AGAIN TODAY TRYING TO CONTAIN SILVER’S PRICE GAIN FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $100.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED ON FRIDAY WITH SILVER’S GAIN IN PRICE
THE PRICE STILL FINISHED BELOW THE MAGIC NUMBER OF $70.00 SILVER SPOT PRICE BUT STILL BELOW THE $100.00 MARK CLOSING AT $56.06 UP $0.25. WE ARE NOW WITNESSING HAVING MANY HUGE T.A.S ISSUANCES // TODAY’S WAS A VERY STRONG SIZED 522 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 SMALL SIZED 225 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR STRONG SIZED 522 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 FAIR SIZED GAIN OF 254 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR GAIN IN PRICE OF $0.25. 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 FRIDAY NIGHT/SATURDAY MORNING: A VERY STRONG SIZED 522 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 372 CONTRACT QUEUE JUMP OR 2.389 MILLION OZ WHERE DELIVERY WILL OCCUR ON THIS SIDE OF THE POND//STANDING ADVANCES TO 44.385 MILLION OZ///
SUMMARY OF OUR JULY 2026 COMEX CONTRACT MONTH
WE HAD:
/ FAIR SIZED COMEX GAIN+// FAIR SIZED EFP ISSUANCE CONTRACTS AT 225 CONTRACTS () A VERY STRONG NUMBER OF T.A.S. CONTRACT ISSUANCE 522 CONTRACTS
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: ADDED A RECORD 1,169 CONTRACTS OF OI SILVER //
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS JULY.. ACCUMULATION
TOTAL CONTRACTS for 13 DAY(S), total 5243 contracts: OR 26.215 MILLION OZ (403 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 26.215 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: 26.215 MILLION OZ
RESULT: WE HAD A FAIR SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1110 CONTRACTS DESPITE OUR GAIN IN PRICE OF $0.25 IN SILVER PRICING AT THE COMEX// FRIDAY,. THE CME NOTIFIED US THAT WE HAD A FAIR SIZED CONTRACT EFP ISSUANCE OF 225 CONTRACTS ISSUED FOR SEPT, AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS).
INITIAL STANDING: 37.110 MILLION OZ FOLLOWED BY TODAY’S STRONG 2.389 MILLION OZ QUEUE JUMP: STANDING THUS ADVANCES TO 44.385 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 2.389 MILLION QUEUE JUMP //STANDING THUS ADVANCES TO 44.385 MILLION OZ//
THE NEW TAS ISSUANCE FOR TODAY (522) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED NO DOUBT WITH FUTURE TRADING LIKE TODAY.
WE HAD 11 NOTICE(S) FILED TODAY FOR 55,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY BANKERS
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A STRONG SIZED 3575 OI CONTRACTS DOWN TO 381,507 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 98 OI CONTRACTS //.
WE HAD A STRONG LOSS IN COMEX OI (3575 CONTRACTS) . THIS LOSS IN OI OCCURRED DESPITE OUR GAIN IN PRICE OF $26.55 //,FRIDAY
///.
LAST 14 MONTHS OF GOLD DELIVERIES: (MAY 2025 THROUGH TO /MAY 2026)
1.MAY SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
FINAL STANDING FOR MAY: 70.174 TONNES OF GOLD TO WHICH WE ADD 1. MONDAY’S (MAY 19) 6.221 TONNES EXCHANGE FOR RISK , 2. THEN WE ADD: 1.35 TONNES TO LAST WEEK”S. THEN WE ADD 3. 1.55 TONNES TO EQUAL 9.591 TONNES// NEW EXCHANGE FOR RISK = 9.591 TONNES WHICH MUST BE ADDED TO OUR NORMAL DELIVERY SCHEDULE OF 80.644 TONNES. THUS STANDING FOR MAY INCREASES TO 90.235 TONNES OF GOLD
2 JUNE CONTRACT MONTH: 93.085 TONNES OF GOLD (WHICH INCLUDES ALL QUEUE JUMPING AND 0 EX FOR RISK)
3.JULY INITIIAL STANDING FIRST DAY NOTICE: 17.847 TONNES. PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK + 2.195 TONNES EX FOR RISK TODAY = 41.106 TONNES STANDING
4. AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.
5.SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
6.OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
7.NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 2.323 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 4.5596 TONNES//NEW STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
8. DECEMBER BEGINS WITH INITIAL STANDING OF 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.0TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR 4 EXCHANGE FOR RISK FOR DECEMBER OF 6.587 TONNES/NEW STANDING ADVANCES TO 121.977 TONNES
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR FIRST EXCHANGE FOR PHYSICAL TRANSFER OF 0.08709 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEB; INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 93.567 TONNES OF GOLD TO WHICH WE ADD OUR NEXT 0.0248 TONNES 0.1555 TONNES QUEUE JUMP TO 41.2082 TONNES/ NEW NET QUEUE JUMP INCREASES TO 41.233 TONNES// AND THEN WE ADD OUR SIX EXCHANGE FOR RISK: 10,080 CONTRACTS OR 31.251 TONNES//NEW STANDING REDUCES TO 157.878 TONNES
MARCH:: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 8.099 TONNES TO WHICH WE ADD TODAY’S FAIR 4600 OZ QUEUE JUMP (0.2320 TONNES) AND THEN WE ADD OUR THREE EXCHANGE FOR RISK OF 22.3818 TONNES //NEW STANDING ADVANCES TO 67.6648 TONNES/
APRIL: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 52.600 TONNES FOLLOWED BY OUR 345 CONTRACT QUEUE JUMP FOR 34,500 OZ/ (1.073 TONNES)/NEW STANDING ADVANCES TO 70.286 TONNES TO WHICH WE ADD OUR 2ND EXCHANGE FOR RISK OF 1498 CONTRACTS FOR 149800 OZ OR 4.659 TONNES. THE NEW TOTAL EXCHANGE FOR RISK FOR THE MONTH OF APRIL IS 2239 CONTRACTS OR 223900 OZ OR 6.964 TONNES AND THIS WILL BE ADDED TO OUR NORMAL DELIVERY TOTALS (70.762 TONNES) TO GIVE US WHAT WILL STAND IN APRIL (77.726 TONNES)
MAY: INITIAL AMOUNT OF GOLD WILLING TO STAND: 12.24 TONNES OF GOLD TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 345 CONTRACTS OR 34500 OZ (1.073 TONNES) TO WHICH WE ADD OUR FIVE EXCHANGE FOR RISK ISSUANCES FOR 24.635 TONNES/STANDING NOW ADVANCES TO 51.554 TONNES OF GOLD.
JUNE; INITIAL AMOUNT OF GOLD WILLING TO STAND; 64.496 TONNES.(CME CORRECTED) TO WHICH WE ADD OUR NEXT EXCHANGE FOR PHYSICAL TRANSFER OF 0.0186 TONNES/NEW STANDING REDUCES TO 127.03 TONNES
JULY: INITIAL AMOUNT OF GOLD WILLING TO STAND: 23.306 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.3670 TONNES//NEW STANDING ADVANCES TO 38.902 TONNES
E.F.P. ISSUANCE/FOR OPENING JULY. GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 501 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 381.509 SURPASSING THE PREVIOUS ALL TIME LOW OF 326,052 SET JUNE 3 AND RISING FROM OUR PREVIOUS RECORD LOW//MAY 28.2026 WE HAVE THUS RECORD LOW COMEX OI WITH A HIGH PRICE OF GOLD
SILVER ALSO HAS AN ULTRA SMALL SIZED AND EXTREMELY LOW COMEX OI OF 104,947 CONTRACTS// STILL ABOVE FROM PREVIOUS ALL TIME LOWS SET DURING THE MONTH OF APRIL AND MAY FIRST.
IN ESSENCE WE HAVE A STRONG LOSS IN TOTAL CONTRACTS IN GOLD ON THE TWO EXCHANGES OF 3074 CONTRACTS WITH 3679 CONTRACTS DECREASED AT THE COMEX// AND A SMALL SIZED 501 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON.
THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 3074 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A SMALL SIZED AND CRIMINAL 751 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED .
GOLD PRICE ON THURSDAY ROSE BY $26.55
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT (501 ) ACCOMPANYING THE STRONG LOSS IN COMEX OI OF 3575 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES 3178 CONTRACTS!! DESPITE THE GAIN IN PRICE.
WE HAVE 1) NOW REVERTED TO OUR FORMAT OF BANKER (FRBNY) GOING ON THE LONG SIDE AND HUGE NUMBERS OF NEWBIE SPECULATORS GOING TO THE SHORT SIDE LED BY THE NOSE BY OUR HIGH FREQUENCY TRADERS.. IT WAS OUR SHORT SPECULATORS THAT WILL BE BRUTALIZED WHEN OUR CENTRAL BANKS TENDER FOR PHYSICAL GOLD WITH THEIR NEWLY BOUGHT GOLD FROM THE SPECS THIS MORNING. THE SPECS WILL BE SCRAMBLING LOOKING FOR PHYSICAL GOLD TO DELIVER TO OUR LONG CENTRAL BANKS.
STANDING FOR THE LAST 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 0.3670 TONNES//NEW STANDING FOR GOLD ADVANCES TO 38.902 TONNES.
3) HUGE T.A.S. LIQUIDATION IN THE COMEX SESSION AND SOME GOVT LIQUIDATION // WITH A SMALL GAIN OF EQUITY SHARES/JULY 17 HAVING 1)A HUGE COMEX GOLD PRICE GAIN ($26.55) AND WE HAD 2) SPEC PILING HUGELY ON THE SHORT SIDE// /// +3. EASTERN CENTRAL BANKERS ALSO PILING INTO THE LONG SIDE. WE HAD A STRONG LOSS OF 3178 CONTRACTS ON OUR TWO EXCHANGES AND AS WELL A STRONG AMOUNT OF GOLD WILL STAND FOR DELIVERY IN JULY. (38.902 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 FRIDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL
4)A STRONG SIZED COMEX OI LOSS 5) V) A SMALL SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD(501) AND 6. A SMALL T.A.S. ISSUANCE (751) FOR RAID PURPOSES.!!! AND OUR 5 CONSECUTIVE T.A.S. ISSUANCES HAVE ENDED A FEW DAYS AGO.
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: 21,919 CONTRACTS OR 2,191,900 OZ OR 68.177 TONNES IN 13 TRADING DAY(S) AND THUS AVERAGING: 1686 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN13 TRADING DAY(S) IN TONNES: 68.177 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2025, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 68.177 TONNES DIVIDED BY 3550 x 100% TONNES = 1.92% 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: 68.177 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 SMALL 59 CONTRACTS TO AN OI OF 104.947
EFP ISSUANCE 225 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 225 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 1110 CONTRACTS AND ADD TO THE 225 E.FP. ISSUED
WE OBTAIN A FAIR GAIN OF 284 OI OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR GAIN OF $0.25
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 1.420 MILLION PAPER OZ
AND YET WE HAD A MONSTER 2.389 MILLION OZ QUEUE JUMP AS CENTRAL BANKS ARE NOW TAKING SILVER AS OFFICIAL REVERSES (CENTRAL BANK OF INDIA)
OCCURRED WITH OUR GAIN IN PRICE.OF $0.25
2.ASIAN AFFAIRS JULY 20 /2025
SHANGHAI CLOSED UP 32.13 PTS OR 0.85%
HANG SENG CLOSED UP 580.81 PTS OR 2.36%
Nikkei CLOSED DOWN 2694.42 PTS OR 4.03%
//Australia’s all ordinaries CLOSED DOWN 0.36%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.7690
/ OFFSHORE CLOSED UP AT 6.7694 Oil UP TO 81.98 dollars per barrel for WTI and BRENT UP TO 87.90 Stocks in Europe OPENED ALL MOSTLY GREEN
ONSHORE USA/ YUAN// WITH YUAN TRADING UP (6.7690) OFFSHORE YUAN TRADING UP TO 6.7694 ONSHORE YUAN TRADING ABOVE LEVEL OF OFF SHORE AND UP ON THE DOLLAR// / AND THUS STRONGER/OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A STRONG 3575 CONTRACTS TO 381,507 STILL WELL ABOVE ITS NEW LOW OF 326,052 OI SET JUNE 3, CLOSE TO THE PREVIOUS ALL TIME LOW OF 345,705 SET (MAY 28) AND CLOSE TO THE PREVIOUS ALL TIME LOW IN OI OF 353,490 SET MAY 27.. PREVIOUS TO THAT THE ALL TIME LOW IN OI WAS 390,000 SET IN THE YEAR 2001 WHEN GOLD WAS TRADING $260.00. THE CME SHOULD BE PROUD OF THEMSELVES AS MANY HAVE ABANDONED THIS CROOKED ARENA!!THUS OUR NEW ALL TIME LOW OF COMEX OI HAS NOW BEEN SET AT 326,052 //JUNE 3 2026 WITH GOLD AT AN EXTREMELY HIGH $4,450.00 WHICH MAKES ABSOLUTELY NO SENSE!!!
WE HAD HUGE T.A.S. LIQUIDATION DURING FRIDAY’S COMEX TRADING//RAID. IT SEEMS THAT MANY OF THE SPECULATORS THAT HAVE NOW CONTINUED AGAIN TO GO MASSIVELY ON THE SHORT SIDE WITH BANKERS ON THE LONG SIDE WILL BE OBLITERATED TODAY WHEN THE LONGS TENDERED FOR DELIVERY:
CENTRAL BANKS TENDERED THEIR NEW LONG CONTRACTS AT THE END OF THE DAY FOR PHYSICAL GOLD. YOU CAN VISUALIZE THIS WITH THE STRONG AMOUNT OF GOLD STANDING AT THE COMEX FOR THIS JULY CONTRACT MONTH!!
THE FAIR SIZED LOSS ON OUR TWO EXCHANGES (3178 CONTRACTS) OCCURRED DESPITE OUR GAIN IN PRICE IN GOLD (UP $26.55)
WE THUS HAD A STRONG SIZED LOSS IN OI ON BOTH OF OUR EXCHANGES (3074 CONTRACTS), DESPITE OUR GAIN IN PRICE, AS WE WERE INFORMED OF A SMALL CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE EQUATING TO 501 CONTRACTS.
THEN WE WERE NOTIFIED TODAY OF A 0 CONTRACT FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 0 OZ OR 0 TONNES OF GOLD. ON FRIDAY, BY FAR WE HAD THE HIGHEST EVER EXCHANGE FOR RISK EVER ISSUED AT ONE TIME BEATING THE PREVIOUS SINGLE HIGHEST ISSUE BY ONE TONNE. THUS MAY 22 RECORDS THE HIGHEST EVER EXCHANGE FOR RISK AT 12.4416 TONNES. WE HAD OUR FIRST ISSUANCE FOR EXCHANGE FOR RISK IN THE MONTH OF MAY ON MAY 7, THEN OUR 2ND ISSUANCE FOR OUR MAY GOLD MONTH ON MAY 12. THE THIRD ON MAY 18 , THEN MAY 21 OUR 4TH ISSUANCE AND THEN FINALLY FRIDAY, OUR 5TH ISSUANCE. THIS GOLD WILL BE ADDED TO OUR NORMAL MAY DELIVERIES TO GIVE US OUR FINAL AMOUNT OF GOLD WILLING TO STAND AT THE COMEX..
HISTORY OF EXCHANGE FOR RISK ISSUANCE THIS YEAR: FEBRUARY THROUGH JUNE AND JULY
FEBRUARY:
DURING THE MIDDLE OF THE FEBRUARY CONTRACT MONTH, WE HAD TWO IDENTICAL MONSTER 3,000 CONTRACT ISSUED FOR THE SAME 9.33 TONNES OF GOLD, AND THESE WERE THE HIGHEST EVER IN TONNAGE EVER ISSUED BY THE COMEX. ALTOGETHER THE TOTAL ISSUANCE FOR FEB TOTALLED SIX.(31.251 TONNES).
MARCH:
THURSDAY MARCH 17 WE RECEIVED ITS INITIAL 2000 CONTRACT EXCHANGE FOR RISK ISSUANCE FOR 6.22 TONNES. LAST FRIDAY: 0 ISSUANCE OF EXCHANGE FOR RISK. BUT ON MONDAY MARCH 23 WE RECEIVED NOTICE OF OUR SECOND EXCHANGE FOR RISK ISSUANCE FOR 2,200 CONTRACTS (220,000 OZ OR 6.843 TONNES) AND NOW FRIDAY WITH A MONSTER 2996 CONTRACTS FOR 9.3138 TONNES. THESE THREE ISSUANCES WILL NOW BE ADDED TO THE REGULAR AMOUNT OF GOLD STANDING, I.E. 22.3818 TONNES TO OUR NORMAL GOLD STANDING TO GIVE US WHAT WILL STAND FOR PHYSICAL GOLD FOR MARCH!
APRIL;: 2 EXCHANGE FOR RISK SO FAR, I.E. 2239 CONTRACTS FOR 223,900 OZ OR 6.964 TONNES AND THIS TOTAL TONNES WILL BE ADDED TO OUR NORMAL DELIVERY TO GIVE US WHAT WILL STAND IN APRIL
MAY: FIVE ISSUANCES SO FAR FOR 7920 CONTRACTS OR 792,000 OZ OR 24.635 TONNES.
JUNE: 0 IN GOLD. THUS FOR THE ENTIRE MONTH IN GOLD ZERO NOTICES WERE FILED.
JULY 0
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A LITTLE HISTORY OF EXCHANGE FOR RISK DECEMBER THROUGH TO JUNE/JULY:
IN DECEMBER WE HAVE RECORDED 5 ISSUANCES OF EXCHANGE FOR RISK/4 FOR DEC AND THE LAST ONE ON DEC 31 FOR JANUARY. WE NOW HAVE 3 CHOICES FOR THE RECIPIENT OF THIS ISSUANCE AND IT MUST BE A CENTRAL BANK. YOU WILL RECALL THAT THE BUYER ASSUMES THE RISK OF THAT DELIVERY. (THUS TOTAL EXCHANGE FOR RISK FOR THE MONTH OF DECEMBER IS 6.56 TONNES/4 OCCASIONS.
MONTH OF JANUARY/EXCHANGE FOR RISK
IN JANUARY THEY HAVE 6 TOTAL ISSUANCE : 3.446 TONNES EARLY, THEN JAN 9 ISSUANCE OF 9,331 TONNES AND THEN JAN 16: 0.1996 TONNES JAN 26: 1.499 TONNES, JAN 27: 3.160 AND FINALLY JAN 29: 4.659 TONNES TONNES//TOTAL EXCHANGE FOR RISK JANUARY 22.315 TONNES WHICH WAS ADDED TO OUR NORMAL DELVERIES.
AND FEBRUARY:
FEB EXCHANGE FOR RISK: NOW 6 ISSUANCES: 10,080 CONTRACTS FOR 1,008,000 OZ OR 31.251 TONNES!
HERE ARE THE CHOICES FOR THE RECIPIENT OF THOSE ISSUANCES:
1 THE CENTRAL BANK OF ENGLAND. BUT THEY RECEIVED CLEARANCE THAT THEIR GOLD IS BACK SO IT IS NOT LIKELY THAT THEY WOULD LIKE TO ADD TO THEIR RESERVES.
2. THE CENTRAL BANK OF THE USA: THE FED. LOGICAL CHOICE AS THEY CLAMOUR TRYING TO REDUCE THEIR 146+ TONNES OF SHORTAGE. HOWEVER THEY SEEM NOT TO BE IN A HURRY TO COVER THEIR HUGE SHORTFALL
3. THE CENTRAL BANK OF CHINA AS THEY BATTLE WITS WITH THE USA.
TOTAL EXCHANGE FOR RISK FOR DECEMBER IS 6.56 TONNES AND THIS WAS ADDED TO OUR NORMAL DELIVERY TOTALS..
THE JANUARY ISSUANCE OF 17.656 TONNES WAS ADDED TO OUR DAILY DELIVERY TOTALS!!
FEBRUARY ISSUANCES 6 FOR; 31.251 TONNES !! AND THIS WAS ADDED TO OUR DELIVERY TOTALS FOR THIS MONTH.
MARCH: CME ANNOUNCES ITS FIRST EXCHANGE FOR RISK FOR 2000 CONTRACTS FOR 200,000 OZ OR 6.22 TONNES OF GOLD DURING THE FIRST WEEK OF MARCH, AND THEN MONDAY, MARCH 22, WE RECEIVED ITS SECOND NOTICE ISSUANCE OF 2200 CONTRACTS OR 220000 OZ (6.843 TONNES). THEN FINALLY WE RECEIVED NOTICE OF OUR THIRD EXCHANGE FOR RISK OF 2996 CONTRACTS OR 9.3188 TONNES. TOGETHER ALL 3 ISSUANCES TOTAL 22.3818 TONNES WHICH WILL BE ADDED TO OUR NORMAL DELIVERY SCHEDULE.
APRIL: 2 EXCHANGE FOR RISK SO FAR FOR 223,900 OZ OR 6.964 TONNES. AND THIS TOTAL WILL BE ADDED TO OUR NORMAL DELIVERY TO GIVE US WHAT WILL STAND FOR APRIL!!
MAY: FIVE ISSUANCES SO FAR FOR 7920 CONTRACTS, 792,000 OZ OR 24.635 TONNES OF GOLD. THIS TOTAL WILL BE ADDED TO OUR NORMAL DELIVERIES IN MAY TO GIVE US WHAT WILL STAND IN MAY.
JUNE: ZERO
JULY 0
DETAILS ON OUR NEW JULY COMEX CONTRACT MONTH//
IN TOTAL WE HAD A STRONG LOSS ON OUR TWO EXCHANGES OF 3,178 CONTRACTS DESPITE OUR GAIN IN PRICE($26.55). HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT THIS WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY AND OUR SHORT SPECULATORS FOR THEIR THOUGHTFULNESS.
LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO OTHER CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. BOTH COMEX AND LBMA ARE WITNESSING MASSIVE AMOUNTS OF GOLD LEAVING THEIR VAULTS.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE/JULY CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER HOWEVER IS A FAIR SIZED T.A.S ISSUANCE CONTRACTS .THE CME NOTIFIES US THAT THEY HAVE ISSUED 1039 T.A.S CONTRACTS. THESE ARE GENERALLY USED FOR RAID PURPOSES TO STOP GOLD’S RISE AND TO TEMPER HUGE LOSSES IN OTC DERIVATIVE BETS.
IT SURE LOOKS LIKE THE BIS HAS SOMEHOW LOOKED THE OTHER WAY WITH ITS GOLD SWAPS WITH THE FRBNY AS THIS ENTITY FOR THE FED REFUSES THE BIS MARCHING ORDERS TO COVER AND THAT MAY EXPLAIN THE STRONG NUMBER OF T.A.S. ISSUANCES IN DECEMBER , JANUARY AND THROUGHOUT FEBRUARY TO GO ALONG WITH OUR HUGE NUMBER OF EXCHANGE FOR RISK ISSUED DURING THESE MONTHS INCLUDING FEBRUARY’S 6 EXCHANGE FOR RISK WHICH ALSO INCLUDED TWO MONSTER 9.3312 TONNE ISSUANCE (FEB 10 AND FEB 12). TOTAL EXCHANGE FOR RISK/FEB EQUALS 31.251 TONNES!! AND MARCH’S THREE ISSUANCES FOR 22.3818 TONNES! OTHER CENTRAL BANKS ARE PAYING ATTENTION AS THEY TAKE DELIVERY OF HUGE AMOUNTS OF PHYSICAL GOLD. APRIL HAD 2 EXCHANGE FOR RISK ISSUANCES FOR 6.694 TONNES. AND NOW MAY WITH ITS 5TH ISSUANCE FOR 12.4436 TONNES///TOTAL EXCHANGE FOR RISK FOR MAY: 24.635 TONNES ISSUED MAY 6 ,MAY 12, MAY 18 MAY 21 AND NOW MAY 22..
JUNE: ZERO FOR THE MONTH
JULY: ZERO SO FAR
WE MUST ALSO REMEMBER THAT THE FRBNY IS SHORT 146+ TONNES OF GOLD, THIS COMMENCED ON JAN 2 2023 AS THEY REFUSE TO COVER DESPITE THE BIS’S PLEA TO DO SO.
HERE IS A SUMMARY OF GOLD STANDING FOR DELIVERY ON OUR LAST 12 MONTHS:
1.APRIL AT 209 TONNES
2. AND THIS CONTINUED INTO MAY WITH FINAL STANDING AT 90.23 TONNES.
3. JUNE WHICH IS A HUGE DELIVERY MONTH , FINAL STANDING WAS RECORDED AT A STRONG 93.085 TONNES. //(TOTAL NET QUEUE JUMPING FOR THE JUNE MONTH: 31.027 TONNES.)
4. IN JULY WE HAD HUGE DELIVERY NOTICES ESPECIALLY FOR A NON ACTIVE DELIVERY MONTH WITH INITIAL STANDING AT 17.947 TONNES PLUS MANY QUEUE JUMPS + 3.75 TONNES EX FOR RISK = 41.106 TONNES OF GOLD // FINAL TOTAL TONNES STANDING JULY: 41.106 TONNES
5. FOR THE MONTH OF AUGUST:
INITIAL AMOUNT OF GOLD STANDING FOR AUGUST: 60.547 TONNES PLUS THE MONTHS HUGE QUEUE JUMPS OF 47.2312 TONNES +44.696 TONNES EX FOR RISK (7 ISSUANCES) //NEW STANDING 152.208 TONNES WHICH IS MONSTROUS!!!
6. FINAL AMOUNT OF GOLD STANDING FOR SEPT; INITIAL STANDING; 2,602 CONTRACTS OR 260,200 OZ FOR 8.093 TONNES OF GOLD FOLLOWED BY TODAY’S 0.4883 TONNES QUEUE JUMP TO GO ALONG WITH TODAY’S 1.244 TONNES OF EXCHANGE FOR RISK ISSUANCE TODAY AND // TOTAL EXCHANGE FOR RISK ISSUANCE SEPT: 22.923 TONNES//NEW TOTALS STANDING ADVANCES TO 48.801 TONNES OF GOLD!!!
7. OCTOBER:
OCTOBER: INITIAL STANDING FOR GOLD: 90.164 TONNES TO WHICH WE ADD OUR LATEST OCT 30 QUEUE JUMP OF 0.00311 TONNES WHICH FOLLOWS OCT 29 QUEUE JUMP OF .4096 WHICH FOLLOWS; OCT 28 QUEUE JUMP OF .5069 TONNES WHICH FOLLOWS OCT 27 OF 0.3048 TONNES WHICH FOLLOWS: OCT 24 OF 0.8615 TONNES, FOLLOWING OCT 23 QUEUE JUMP OF 1.695 TONNES OCT 22 JUMP OF 8.622 TONNES WHICH FOLLOWS OCT 21: 3.8600 TONNES TO OCT 20 QUEUE JUMP OF 7.695 TONNE
SUMMARY FOR OCTOBER STANDING:
NOVEMBER WHERE INITIAL AMOUNT OF GOLD STANDING IS REGISTERED AT 15.651 TONNES OF GOLD FOLLOWED BY TODAY’S QUEUE JUMP OF 2 TONNES AND FOLLOWED BY ALL OTHER NOV QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE FOR 4.5596 TONNES.
/STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY IN THIS ACTIVE MONTH IS 83.813 TONNES FOLLOWED BY TODAY’S 0.05 TONNES QUEUE JUMP. THIS FOLLOWS ALL OTHER QUEUE JUMPING: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559 TONNES//NEW STANDING THUS INCREASES TO 121.977 TONNES
JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEBRUARY: . FEBRUARY: INITIAL STANDING: 93.566 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.0248 TONNES WHICH MUST BE ADDED ALL OTHER QUEUE JUMPS OF 41.2087 TONNES QUEUE JUMP//TOTAL QUEUE JUMP FOR FEB::ADVANCES TO 41.233 TONNES///STANDING ADVANCES TO 126.628 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 31.251 TONNES/NEW STANDING 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 0.3670 TONNES//NEW STANDING ADVANCES TO 38.902 TONNES. TOTAL QUEUE JUMPING SO FAR: 15.595 TONNES OR 1.199 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 UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $26.55)
WE HAD HUGE T.A.S. SPREADER LIQUIDATION FRIDAY // COMEX SESSION// WITH OUR GAIN IN PRICE , OUR SPECULATORS STILL WENT MASSIVELY TO THE SHORT SIDE LED BY THE NOSE BY OUR HIGH FREQUENCY MOMENTUM PLAYERS WITH CENTRAL BANKERS TAKING THE LONG SIDE.
OTHER EASTERN CENTRAL BANKS TENDERED FOR PHYSICAL EVERY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD THAT STOOD FOR GOLD DURING THESE PAST SEVERAL MONTHS
FRIDAY NIGHT//SATURDAY MORNING
THE CROOKS COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL FRIDAY EVENING //SATURDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $26.55
WE HAD 98 CONTRACTS ADDED TO OUR OI AT THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL.
NET LOSS ON THE TWO EXCHANGES: 3074 CONTRACTS OR 307,400 OZ (9.56 TONNES)
i) Out of Asahi 80,377.500 oz (2500 kilobars) ii) Out of Manfra: 32.15 oz (1 kilobar)
total withdrawal: 80,409.651 oz 2501 kilobars (2.501 tonnes)
Deposit to the Dealer Inventory in oz
0 ENTRY
Deposits to the Customer Inventory, in oz
DEPOSITS/CUSTOMER//gold
ENTRIES: 1
i) Asahi: 32,014.401 oz
total deposit: 32,014.401 oz
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No of oz served (contracts) today
126 CONTRACTS
OR 12,600 OZ
0.3919 TONNES OF GOLD
No of oz to be served (notices)
22 Contracts 2200 OZ 0.0684 TONNES
Total monthly oz gold served (contracts) so far this month
12,485 notices 1,248,500 OZ
38.833 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month
dealer deposits: 0
0 ENTRY
DEPOSITS/CUSTOMER
ENTRIES: 1
i) Asahi: 32,014.401 oz
total deposit: 32,014.401 oz
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comex withdrawal
2 ENTRIES
i) Out of Asahi 80,377.500 oz (2500 kilobars)
ii) Out of Manfra: 32.15 oz (1 kilobar)
total withdrawal: 80,409.651 oz
2501 kilobars
(2.501 tonnes)
adjustments: dealer to customer
Brinks: 875.86 oz
COMEX IS DRAINING GOLD
chaos inside the comex
THE FRONT MONTH OF JULY OI STANDS AT 148 CONTRACTS HAVING A LOSS OF 941 CONTRACTS. WE HAD A GAIN IN OZ STANDING OF 763 CONTRACTS FOR 76,300 OZ OR 2.373 TONNES, ANOTHER QUEUE JUMP AS CENTRAL BANKS CONTINUE TO TAKE PHYSICAL GOLD OUT OF THE COMEX!!
AUGUST LOST 6809 CONTRACTS TO AN OI OF 220,752
SEPTEMBER GAINED 67 CONTRACTS DOWN TO AN OI OF 1867.
.
We had 753 contracts filed for today representing 75,300 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 126 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 (12,485) to which we add the difference between the open interest for the front month of JULY (148 CONTRACTS) minus the number of notices served upon today 126 x 100 oz per contract) equals 1,250,700 OZ OR (38.902 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 (12,485) to which we add the difference between the open interest for the front month of JULY( 148) contracts minus the number of notices served upon today 126 x 100 oz per contract) equals 1,250,700 OZ OR (38.902Tonnes of gold)
new total of gold standing in JULY becomes 38.902 TONNES//
TOTAL COMEX GOLD STANDING FOR JULY 38.902TONNES 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 FRIDAY confirmed 134,763/ 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: 1,861,318.670 oz 57.89 tonnes pledged gold lowers
total inventories in gold declining rapidly
total pledged gold: 1,861,318.670tonnes oz 57.89 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 27,070,506.785oz
TOTAL REGISTERED GOLD 14,779,411.598 tonnes (459.70tonnes)
TOTAL OF ALL ELIGIBLE GOLD 12,338,614.577 oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 12,918,099 oz ((REG GOLD- PLEDGED GOLD)=
401.806 Tonnes //
total inventories in gold declining rapidly
SILVER COMEX
JULY DELIVERY MONTH
JULY 20
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
0 entries
Deposits to the Dealer Inventory
ENTRY:0
Deposits to the Customer Inventory
ENTRY: 0
No of oz served today (contracts)
11 CONTRACT(S) ( 55,000 OZ)
No of oz to be served (notices)
1441 Contracts (7.205 MILLION oz)
Total monthly oz silver served (contracts)
7436 contracts 37.155 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:0
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
ENTRY: 0
xxxxxxxxxxxxxxxxxxxxxxxxx
withdrawals: customer side/eligible
0 entries
adjustments :0
xxxxxxxxxxxxxx
TOTAL REGISTERED SILVER: 95.806 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: 1452 OPEN INTEREST CONTRACTS FOR A LOSS OF 844 CONTRACTS.
STANDING FOR SILVER TODAY IS REPRESENTED BY 44.385 MILLION OZ. YESTERDAY’S STANDING: 41.996 MILLION OZ. THUS WE GAINED 478 CONTRACTS OR AN ADDITIONAL 2.389 MILLION OZ WILL STAND ON THIS SIDE OF THE POND.
AUGUST SAW A LOSS OF 23 CONTRACTS DOWN TO 1910…
SEPTEMBER SAW A LOSS OF 312 CONTRACTS DOWN TO AN OI OF 79,238 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 11 or 55,000 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 7436 X5,000 oz = 37.155 MILLION oz.
We now take the total number of oz standing today and subtract the total standing yesterday and we have a GAIN of 478 contracts for 2.389 MILLION oz and this represents a queue jump where these guys will take delivery on this side of the pond.
YESTERDAY: 41.995 MILLION OZ//STOOD FOR DELIVERY// TODAY 44.385 MILLION OZ//queue jump is thus: 2.389 MILLION oz
Thus the standings for silver for the JULY 2026 contract month: (7436 )Notices served so far) x 5000 oz + OI for the front month of JULY ( 1452) minus number of notices served upon today (11)x 5000 oz equals silver standing for the JULY..contract month equating to 44.385 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 95.806 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 20/2026/WITH GOLD DOWN $1.40 /HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 2.572 TONNES OF GOLD OUT OF GLD. : //:/INVENTORY RESTS AT 1004.45 TONNES
JULY 17/2026/WITH GOLD UP $26.55 /HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 2.572 TONNES OF GOLD OUT OF GLD. : //:/INVENTORY RESTS AT 1001.878 TONNES
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: 1001.878 TONNES, TONIGHTS TOTAL GOLD INVENTORY
SILVER
JULY 20 WITH SILVER UP $0.97: :HUGE CHANGES IN INVENTORY AT THE SLV : A DEPOSIT OF 2.17 MILLION OZ INTO THE SLV// :INVENTORY RESTS AT 484.232 MILLION OZ
JULY 17 WITH SILVER UP $0.25: :HUGE CHANGES IN INVENTORY AT THE SLV : A DEPOSIT OF 1.175 MILLION OZ// :INVENTORY RESTS AT 482.062 MILLION OZ
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
CLOSING INVENTORY 484.232 MILLION OZ OF SILVER
GOLD COMMENTARIES:
1.PETER SCHIFF
The Next Phase Of Shrinkflation: Rolling Blackouts
The lights went on at approximately 3pm on September 4, 1882 in New York City.
Thomas Edison (with major funding from JP Morgan) had spent roughly two years building the first-ever commercial power plant, located in Manhattan’s financial district. Its total capacity was about 600 kilowatts… barely enough to power a single rack of GPUs today.
But at the time it was nothing short of miraculous.
Edison’s coal-fired DC power plant initially served just 82 customers, and electricity was nothing more than a luxury flex by the ultra-wealthy.
But over time– especially after Westinghouse and Tesla’s alternating current became the gold standard– electrification rates in the United States skyrocketed.
At the turn of the 20th century, hardly anyone had electricity in their homes. By 1920, it was about 35%. By the time the Great Depression hit in 1929, roughly 70% of US homes were electrified, and urban areas were nearly 85%.
The systems were surprisingly reliable given the rudimentary technology of the day.
Blackouts were not infrequent, but they were generally short and localized, often just affecting a few streets or houses.
And typically the biggest reason for a short, localized blackout was simply because electrical demand was increasing more rapidly than the grid could create new supply. More and more homes were being electrified, and, after World War II, consumer appliances like refrigerators and air conditioners began consuming more power. We’ll come back to that.
In response, the industry began looking for efficiencies to be able to scale more quickly. They built larger, beefier power plants and connected their independent grids to be able to share reserves and load balance.
In short, they planned for speed and scale. Not resilience. And the end result was an incredibly complex network that was highly vulnerable to systemic failure.
That failure first came at 5:16pm on November 9, 1965: a minor maintenance issue near Niagara Falls triggered a chain reaction across the entire grid. 30 million people went without power– most until the next morning, some for a few days.
It was a wake-up call… and the first catastrophic grid failure of many more to come. So naturally the government stepped in to “fix” it.
With the electrical grid’s vulnerabilities laid bare, Congress held inquiries and hearings. New rules and regulations were passed. And, before long, the US electrical industry became a confusing alphabet soup of state, local, and federal authorities– ISOs and RTOs, FERC, PJM, MISO, CAISO, SPP, and so many more.
Layers and layers of bureaucratic agencies didn’t fix anything. But technology was quite fortunately on America’s side, and over the past few decades, advances (like LED bulbs) made consumer appliances more energy efficient. Power plants also became more productive.
In fact, today the US consumes less electricity per capita than it did in 1995. And the grid produces much more power.
But this balance is starting to change rapidly.
We all know the story of data centers and their insatiable appetites for energy. Electricity is such a critical input, in fact, that data centers are typically described by their power consumption.
For example, Softbank recently announced 5GW of new data centers in France. The famous StarGate project in the US is targeting 10GW. Facebook is building a 5GW data center in Louisiana.
And various plans over the next few years go in to several hundred gigawatts.
This trend is similar to the 1950s– utility companies struggled to keep up with surging demand from US consumers who were plugging in air conditioners and refrigerators for the first time.
But supply and demand in the electricity market is a funny thing. Demand can surge very quickly… just like we’ve seen over the past year or so. But electrical supply grows more slowly.
New power plants take years to build. Thanks to the aforementioned alphabet soup, the regulatory burden alone is a minefield.
And most electrical producers aren’t willing to go through the effort, risk, and capital expenditure unless they’re sure the new power plant will be profitable. And profitability depends on the price of electricity.
That’s where politicians and the regulators have stepped in to screw it all up.
Naturally, with demand soaring and supply constrained, electricity prices are rising. You’d think that politicians would respond by making it easier for utilities to build new power plants, i.e. reduce the regulatory and permitting process to increase electricity supply.
But no. Instead, they’re capping prices.
Last year, a whole lot of state officials and federal regulators got together to set a ceiling for certain wholesale electricity prices to roughly $333 per megawatt-day.
Clearly, they’re responding to voters’ demands to rein in inflation and reduce the cost of living.
Unfortunately, $333/MW-day isn’t high enough to justify investment in new power plants.
Existing power plants are old. Sometimes extremely old. They already own their land, and their construction loans are all paid off. So $333/MW-day is sufficient for them to pay for fuel, conduct maintenance, and turn a small profit.
But $333 isn’t enough to build a new plant– to cover the additional costs of construction, land purchases, permitting, etc.
In fact, the regulators themselves estimate that electricity prices need to be about $500/MW-day (i.e. 50% higher) to justify investment in new power plants.
This means there won’t be enough new commercial power plants built to sufficiently supply the grid. In fact the northeast grid (known as PJM) is already in a 6.5 GW deficit against its own reserve requirement for the first time ever, increasing the chance of failure next summer.
This is essentially a form of shrinkflation. i.e. paying the same amount of money but getting less for it. We’ve all seen it at grocery stores and restaurants– same price, smaller portions.
In this case, electricity prices are supposedly remaining flat. But you’re getting less for it– potential grid failure.
All because the maze of political and regulatory authorities won’t do the obvious thing and make it easy for new power plants to be built.
Driven by propaganda and government intervention in oil and other markets, the level of complacency in capital markets is staggering. The wake-up call will be truly dramatic.
Last week the Iran situation degenerated into undeclared open war. The US stepped up its bombing and Iran retaliated against US bases in the region. The former is widely reported in the West’s media more than Iran’s response, but credible analysis from independent observers reveals that Iran’s retaliation is considerably more effective than we are being told in the media.
Consequently, capital markets have sailed on as if nothing material is happening. US government propaganda and media silence are creating a cliff-edge for markets which will wake up with a nasty bump. And there are indications that the situation in the Middle East is about to worsen significantly.
However you look at it, US policy against Iran has failed to achieve any objective and has created an energy, commodity, and logistics crisis which is sure to hit global economic activity hard. Oil prices have been suppressed by the US’s drawdown on strategic oil reserves, which for practical purposes are now running out. There is a mounting diesel crisis, made worse by Russia banning its exports due to refining capacity being hit by Ukrainian drones.
Diesel is the lifeblood of logistics and the way things are going it will not just be a matter of price, but diesel will become unavailable. Trains and trucks will go nowhere. And we can be sure that whatever the blah-blah coming out of the White House, the administration knows that it is imperative and urgent for the US to gain control of Hormuz.
This can only mean that a ground invasion is being planned.
Moves in this direction could become obvious to sleepy markets as soon as this coming week. With US bases in the region degraded by Iranian missiles, the logistics of escalation and putting troops on the ground will be doubly difficult. But unless it is attempted, defeat will have to be accepted by an administration reluctant to accept that its military power is insufficient to at least take control of Hormuz and the surrounding region.
Bear in mind that this is the hottest time of year, with temperatures in the shade approaching and over 40oC, which, with prevailing humidity, feels like at least 55oC. Normally, it requires several weeks for US troops to acclimatise. But merely bombing Bandar Abbas, Qesham, Hormuz and Larak islands will not reopen the Strait. It requires troops on the ground to ensure control.
The White House finds itself in an awful dilemma. It is unused to accepting defeat, and even worse being played by a regime seemingly determined to keep control over this vital chokepoint until the US submits. Against the odds but based on a belief in its military might, under cover of increasing air attacks a ground invasion is inevitable.
The market response
There’s little doubt that a primary objective of US propaganda and that of its pusillanimous NATO allies is to protect capital markets from the adverse consequences of US policy failure in what was meant to be no more than a weekend war in late-February. By supplying all the oil demanded by US markets from strategic reserves to keep prices suppressed, the Iran war has been broadly ignored by investors. Having declined to 6,333 at end-March, the S&P 100 index rallied to 7,600 by early June, gaining 20%. At the same time, gold declined from $5,300 on 2nd March to $4,000 last week. US 10-year bond yields have risen by a mere 0.55%, reflecting beliefs that cuts in the Fed’s fund rate have only been deferred.
Driving this hopium in capital markets has been massive credit expansion, but there are early signs that this expansion is now stalling. It is shown in the chart below:
Most G7 bond yields are now breaking higher, and that is reflected in an uptrend in the yield on the US 10-year note, threatening to take it above the symbolic 5% level:
In summary, not only have financial markets ignored the economic consequences of the US’s blunder in the Middle East, but being driven by excessive levels of credit-backed speculation they are in an extremely fragile condition. US escalation, particularly if it involves troops on the ground, will almost certainly swing markets from investor greed to fear. And rapidly at that.
Gold and therefore silver
Investor fear has a simple consequence, and that is to drive risk premiums higher. Suddenly, the problems faced by the US Treasury in financing its current deficit as well as reassessments of future deficits will drive bond yields significantly higher as bonds are repriced. And foreign investors with some $44 trillion invested in US dollar assets will begin liquidating their positions.
Historically, these are the conditions that lead foreign investors to sell foreign currencies and buy their own. This is because their risk-free position is cash balances in their currency of account. On the margin, some investors will sell foreign currencies to buy gold, silver, and other commodities along with domestic investors hedging out of their own fiat currencies. For these reasons, we can expect gold and silver to soar on a market-cum-currency collapse driven by rising risk premiums and flights to ultimate safety.
Time will tell whether these moves occur simultaneously, but the setup in gold and silver is such that investors are as bearish as they get. They will miss the turn. They don’t understand the consequences of US failure in its war against Iran and the economic chaos it is creating. Its escalation as the White House doubles down on its failure, particularly if the Iranian islands in the Hormuz Strait and Bandar Abbas are invaded will be the mother of all wake-up calls, destroying value in capital markets and rapidly undermining the value of fiat currencies as well.
Now is the time for investors to get out of credit, which includes fiat currencies as well. And you do that by securing real money as final settlement, which is principally gold and silver.
END
3. CHRIS POWELL AND HIS GATA DISPATCHES
Muflih Hidayat: China’s paper gold trading shutdown and its global price impact
Submitted by admin on Sun, 2026-07-19 11:03 Section: Daily Dispatches
11:04a ET Sunday, July 19, 2026
Dear Friend of GATA and Gold:
Australia’s Discovery/Alert internet site published yesterday a brilliant and comprehensive report by its mining journalist, Muflih Hidayat, about China’s plan to replace Western “paper” pricing of gold — derivative-based pricing — with pricing based on trading of real metal in Shanghai and Hong Kong.
The report is headlined “China’s Paper Gold Trading Shutdown and Its Global Price Impact” and its introductory paragraphs are below. It is likely the best reporting that has been done this year about what seem like imminent and profound changes in the gold and currency markets.
Please don’t miss it.
CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. CPowell@GATA.org
By Muflih Hidayat Discovery/Alert, Perth, Australia Saturday, July 18, 2026
Every day millions of investors glance at a number on a screen and assume it tells them what gold is worth. That assumption has rarely been questioned with more structural justification than it is today.
The mechanics of how gold prices are actually formed, and what backs those prices in physical reality, are questions that have moved from the fringes of monetary theory into the center of one of the most significant financial transitions now unfolding in Asia.
The China paper gold trading shutdown is not a story about restricting access to gold. It is a story about removing synthetic price-setting instruments from the world’s largest retail market and replacing them with a framework that demands that real metal moves when trades are made.
The distinction is foundational, and its implications extend far beyond China’s borders. …
4. ANDREW MAGUIRE/LIVE FROM THE VAULT; 281 AND 279
VAULT 281//MUST VIEW
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
282 ALASDAIR MACLEOD…
END
5. COMMODITY REPORT/URANIUM///
India’s Nuclear Push Further Strains The Massive Uranium Supply Gap
Sunday, Jul 19, 2026 – 09:35 PM
Prime Minister Modi secured another major uranium supply line. During his visit to Australia this month, the two sides finalized the administrative arrangements needed to move Australian uranium to India under the previous 2014 nuclear cooperation agreement. The fuel must stay under IAEA safeguards for exclusively peaceful use.
Australia holds roughly 28% of global uranium reserves. New Delhi has eyed those reserves for years, and now the yellowcake spigot can open.
This follows the March deal with Canada’s Cameco. That contract covers nearly 22 million pounds of U3O8 from 2027 through 2035 at market-related pricing, worth around C$2.6 billion.
India already buys from Russia and Uzbekistan, and holds some domestic production. The message is consistent: a country targeting 100 GW of nuclear capacity by 2047 cannot rely on thin indigenous resources alone.
Current operable capacity sits near 8 GW. The gap requires sustained annual additions measured in gigawatts, not megawatts.
Cumulative net deficits keep expanding as reactor builds in China and Russia outpace primary supply response. Goldman models have only recently started taking into account the significant expansion in the SMR space as well, resulting in some relatively alarming supply gaps in the years ahead.
The Cameco agreement already reflected this reality. CEO Tim Gitzel noted that sovereign buyers are locking up volumes in a window where available supply grows more uncertain. Kazakhstan has also moved to build its own strategic reserve.
Couple these data points with Goldman’s estimate of the ongoing lack of long-term uranium supply contracting by the existing global fleet…
We’ve been pointing to the uranium upside trade for several years now. We laid out a longer form of our thesis for the anticipated continued rise of the price of uranium just a few months ago. The idea is incredibly straightforward. There’s not enough mines, and the demand is exploding faster than people can keep track of.
END
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS MONDAY MORNING.7:30 AM
SHANGHAI CLOSED UP 32.13 PTS OR 0.85%
HANG SENG CLOSED UP 580.81 PTS OR 2.36%
Nikkei CLOSED DOWN 2694.42 PTS OR 4.03%
//Australia’s all ordinaries CLOSED DOWN 0.36%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.7690
/ OFFSHORE CLOSED UP AT 6.7694 Oil UP TO 81.98 dollars per barrel for WTI and BRENT UP TO 87.90 Stocks in Europe OPENED ALL MOSTLY GREEN
ONSHORE USA/ YUAN// WITH YUAN TRADING UP (6.7690) OFFSHORE YUAN TRADING UP TO 6.7694 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 6.7690
OFFSHORE YUAN: UP TO 6.7694
1.HANG SANG CLOSED UP 580.81 PTS OR 2.36%
2. Nikkei closed DOWN 2694.42 PTS OR 4.03%
WEST TEXAS INTERMEDIATE OIL UP TO 81.87
BRENT; 87.94
3. Europe stocks SO FAR: ALL MOSTLY GREEN
USA dollar INDEX UP TO 100.61/// EURO FALLS TO 1.1432 DOWN 7 BASIS PTS
3b Japan 10 YR bond yield:RISES TO. +2.710 UP 2 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA CROSS NOW AT 162.39… 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: 3.880 UP 2 FULL BASIS PTS
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: UP( 6.7690) AND OFFSHORE: UP AT 6.7694
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 UP for WTI and UP UP this morning
3h European bond buying continues to push yields HIGHER on all fronts in the EU German 10yr bund YIELD UP TO +3.1327/ Italian 10 Yr bond yield FLAT AT 3.951/ SPAIN 10 YR BOND YIELD UP TO 3.589%
3i Greek 10 year bond yield DOWN TO 3.828%
3j Gold at $4022.50 //Silver at: 56.91 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 38/ 100 roubles/78.55
3m oil (WTI) into the 81 dollar handle for WTI and 83 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 162.39 // 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.710% UP 2 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE NOW UNWINDING//YEN BOND TRADING OVERSEAS TO BE REPATRIATED.//JAPAN 30 YR: 3.889 UP 2 PTS..: USA/SF this 0.8077 as the Swiss Franc . Euro vs SF: 0.9233
USA 10 YR BOND YIELD: 4.556 UP 2 BASIS PTS…
USA 30 YR BOND YIELD: 5.080 UP 1 BASIS PTS/
USA 2 YR BOND YIELD: 4.185 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 47.18 UP 1 BASIS PTS/LIRA GETTING KILLED//IDIOTS FOR SELLING GOLD AND USA DOLLAR RESERVES.
10 YR UK BOND YIELD: 4.9815 UP 4 PTS
30 YR UK BOND YIELD: 5.679 UP 3 BASIS PTS
10 YR CANADA BOND YIELD: 3.566 UP 1 BASIS PTS
5 YR CANADA BOND YIELD: 3.185 UP 4 BASIS PTS.
1a New York Opening report
Futures Rebound On Fresh Bout Of Iran Optimism As Hyperscaler Earnings Loom
Monday, Jul 20, 2026 – 08:33 AM
US equity futures rebound from Friday’s selling, indicating a firmer start to the week with S&P futures rising 0.5% at 8.00am ET, and Nasdaq futures up 1% after a sluggish start to the session, after Iran’s Foreign Ministry said it had received proposals from mediators about the conflict with the US. In premarket trading, semis are higher as are Mag7 names; the AI theme is bid across sectors. Cyclicals are leading Defensives; both are higher in absolute terms, pointing to an ‘Everything Rally’ today. According to JPM, the US / Iran escalation is being faded with WTI lower pre-market and Brent off its highs. Bond yields are flat to up 1bp s the yield curve twists steeper. Commodities are mixed but net higher with US crude/natgas lower. The update from Iran has seen energy prices reverse gains with Brent now down 0.3% and on an $87/bbl handle. European stocks are now a touch higher with the Stoxx 600 up 0.1% Asian stocks were more mixed as a 4.5% plunge in the Kospi was offset by advances in China after two major state funds showed fresh purchases of domestic stocks. Bonds are still down but off session lows with Treasuries off by 3 ticks and yields up around 1bps across the US curve. The Bloomberg Dollar Spot Index has been choppy but ultimately flat with the greenback mixed versus G10 peers. Spot gold is up 0.1%, while silver rises 1.5%. Bitcoin has been on the back foot, down 0.5%. This week is a light macro data with the next Fed mtg on July 29, today we receive the Leading Index.
In premarket trading, Mag 7 stocks are mixed (Nvidia +1.1%, Alphabet (GOOGL) +0.3%, Tesla (TSLA) +0.8%, Amazon (AMZN) -0.01%, Apple (AAPL) -0.6%, Microsoft (MSFT) -0.6%, Meta Platforms (META) -0.3%
AMC Entertainment (AMC) gains 16% after the theater operator posted revenue for the second quarter that beat the average analyst estimate. Shares of peer Imax (IMAX) climbs 3%.
Domino’s Pizza (DPZ) rises 7% after the restaurant chain reported second-quarter revenue that beat analyst estimates. Chief Executive Officer Russell Weiner said the company “drove meaningful order count growth” during the period.
Fervo Energy (FRVO) rises 4% as Jefferies upgrades to buy following the stock’s recent pull-back from its IPO highs.
Global Payments (GPN) gains 1.7% as Morgan Stanley upgrades to overweight, citing constructive checks on Genius and Worldpay businesses.
Hut 8 (HUT) rises 13% after the data center operator and Bitcoin miner announced a second 15-year lease for its Beacon Point data center campus in
Nueces County, Texas, that’s valued at $9.8 billion.
Iren (IREN) climbs 8% after the owner and manager of data centers powered by renewable energy raised its year-end AI cloud annualized run-rate revenue target to more than $4 billion.
LXP Industrial Trust (LXP) climbs 3% as Brookfield Asset Management and CPP Investments agreed to buy the company in an all-cash deal valued at about $5.2 billion.
Urban Outfitters (URBN) rises 4% as Goldman Sachs upgrades to buy noting upside to the stock as the UO brand recovery bolsters profitability.
Yeti Holdings (YETI) is up 4% as Goldman Sachs upgrades to buy, saying the outdoor coolers and insulated bottle maker’s growth outlook is becoming more durable.
Futures are pointing to a positive start to cash trading as markets head into a week of contrasts: as Bloomberg notes, the economic calendar is sparse, but a deluge of earnings reports will test whether company results can match high expectations. S&P 500 futures were 0.5% higher as geopolitics once again dominated weekend news as fighting between the US and Iran escalated. Trump has remained silent so far on his next move, while average gas pump prices climbed back above $4 a gallon — a painful level for consumers. The next 2 weeks we get hyperscaler earnings, which are viewed as the next positive catalyst. As noted above, over the weekend US / Iran escalation is being faded with WTI lower pre-mkt and Brent off its highs, now below $90.
Investors “still think the US and Iran will go back to the negotiation table,” said Joachim Klement, head of strategy at Panmure Liberum. “Only once the US is no longer willing to negotiate do we expect markets to price higher oil prices for longer… The sentiment among investors remains positively biased, despite the setbacks in the tech space last week. This bodes well for renewed market stability this week.”
Still, stock index volatility is creeping higher as it catches up to much higher single stock vol, and demand for hedging is rising, with a measure of Skew jumping to its highest level since April — threatening to pull other volatility measures higher. Meanwhile, as Goldman noted overnight, extreme stock swings are tempting funds into reverse dispersion trades.
High volatility in AI stocks, a plunging momentum factor, and ultra-low correlations across S&P 500 stocks are reasons for renewed interest in investment themes outside AI, according to Goldman.
Meanwhile, pressure is building for the biggest spenders on AI to justify their expenditures to traders, with earnings reports over the next two weeks to be scoured for evidence that the investments are generating bigger returns. Ever the permabulls (since Kolanovich quit), JPMorgan strategists see AI-linked stocks as unlikely to remain under pressure for long, expecting strong earnings growth and improving valuations to reignite demand, led by semiconductor companies.
Meanwhile, last week’s release of Moonshoot Kimi K3 AI model late last week was followed by Alibaba’s Qwen 3.8-Max preview over the weekend — suggesting competition in advanced AI models is broadening beyond US frontier labs.
Alphabet will kick off quarterly earnings from AI hyperscalers on Wednesday. The report comes at a time when chip stocks, the S&P 500’s biggest driver of 2026, have entered a bear market over worries that the likes of Alphabet won’t sustain vast outlays on the global buildout of AI infrastructure. “This week, we wait for the hyperscalers to report and especially pay attention to their monetization efforts and their capex intentions,” said Andrea Gabellone, head of global equities at KBC Securities. “This could calm the market.”
uropean stocks recoup initial losses with the Stoxx 600 little changed at 641.78 as Brent crude advances with the US and Iran engaged in a series of tit-for-tat attacks. Ryanair is one of the day’s biggest laggards, falling as much as 6.9% after the airline’s results were hit by rising oil prices and fare reductions. Here are the biggest movers Monday:
Lagercrantz rallies as much as 5.9%, the most in two months, as the industrial conglomerate receives upgrades from SEB Equities, Pareto and Handelsbanken following its first-quarter result
Munters advances as much as 6.3% after SEB and DNB Carneige upgraded their respective views on the Swedish industrial heating and air company to buy, while Jefferies reiterated its buy rating
DocMorris rises as much as 5.1%, the most in nearly a week, after the stock was upgraded to neutral from sell at UBS, which cited “a more constructive view” on the online pharmacy’s margin prospects
PolyPeptide gains as much as 5.8% to CHF44.15 after Samsung Biologics agreed to acquire the Swiss contract drugmaker in an all-cash deal, with analysts saying the deal is fairly valued overall
Fresenius shares advance as much as 2.5% as Deutsche Bank sees potential for an upgrade to earnings guidance when the German health-care company reports results next month
Prysmian rises as much as 2.8% after the Italian company signed a 10-year agreement with Koch Inc.’s Molex to supply optical cables to data centers. Such a deal had been long awaited and is likely to reassure investors, analysts say
Ryanair shares drop as much as 7.6%, the most since March, after a significant dip in first-quarter profit compared to the previous year as conflict in the Middle East lifted oil prices and impacted demand
Nokian Renkaat falls as much as 10% after Nordea cut the tiremaker to sell from hold following its recent strong run. Analysts said the 10% year-on-year volume increase for the second quarter “cannot be maintained for long”
Belimo shares drop as much as 9%, hitting a two-month low, after strong results from the heating and ventilation specialist were offset by its failure to explicitly reiterate its revenue guidance
Segro shares fall as much as 1.9% to 880p each after the UK warehouse landlord rejected a third proposal from Prologis, which valued the stock at 993p, or about £13.5 billion for the whole company
Corbion shares fall as much as 5.4% after Oddo BHF cut the food and chemicals ingredients producer to neutral. Analyst Robert Jan Vos said he sees a “real risk” of a profit warning at the July 31 earnings announcement
Clariant shares fall as much as 5.2% after Morgan Stanley cut its recommendation on the Swiss chemicals company to underweight from equalweight, seeing continued pressure on earnings due to the Middle East conflict
Asian stocks were mixed as South Korean equities were led lower by chip stocks, while Chinese equities were bolstered after state funds revealed fresh purchases. The MSCI Asia Pacific Index swung between small gains and losses. Korea’s Kospi slid as much as 5.1% after being closed on Friday for a public holiday, with chipmakers Samsung Electronics and SK Hynix the biggest contributors to its decline. Chinese shares rose following last week’s rout, after two major state funds said they made fresh purchases and as regulators are set to meet with key industry participants. Japanese markets are shut for a holiday. Korea’s sharp swings “show that AI and semiconductor de-risking is not over,” said Charu Chanana, a chief investment strategist at Saxo Markets. “China tech is offsetting some of the regional weakness, but this is not a broad Asia risk-on move.” “Cheaper and more efficient Chinese AI is raising the bar for US Big Tech ahead of earnings: talking about another increase in capex may no longer be enough.” Asian sectors to watch
Chinese coal and oil stocks jumped as the US and Iran continued to escalate back-and-forth attacks, heightening to the need to secure energy supplies outside the Strait of Hormuz.
Kweichow Moutai’s shares rise as much as 2.6% after the liquor maker announced price increases, a move that analysts say is intended to defend margins and spur more direct-to-consumer sales.
Chinese optical stocks rally after several major companies delivered solid 1H preliminary earnings.
Chinese molybdenum stocks jump after CCTV reports on surging prices, tight supply and potential growth outlook.
Shares of Alibaba gain as much as 5.4% in Hong Kong after releasing a preview version of its flagship Qwen3.8 Max model, describing it as second only to Anthropic’s Fable 5.
Shares linked to Chinese battery makers mostly decline after the nation said it plans to impose a consumption tax for products including lithium-ion batteries and solar cells.
Asian energy shares follow oil higher after fresh attacks across the Middle East resulted in the US announcing the death of a third service member in the past two days.
In FX, the Bloomberg Dollar Spot Index has been choppy but ultimately flat with the greenback mixed versus G10 peers.
In commodities, news that Iran’s Foreign Ministry said it had received proposals from mediators about the conflict with the US sent energy prices lower with Brent now down 0.3% and on an $87/bbl handle. Bonds are still down but off session lows with Treasuries off by 3 ticks and yields up around 1bps across the US curve. Spot gold is up 0.1%, while silver rises 1.5%. Bitcoin has been on the back foot, down 0.5%.
The only item on today’s economic calendar is at 10:00 am when we get the June Leading Index, est. -0.09%, prior 0.1%.
Market Snapshot
Top Overnight News
U.S. gasoline pump prices crossed the $4 a gallon mark on Monday as renewed hostilities between the U.S. and Iran further disrupt energy flows through the Strait of Hormuz, a critical route for global oil supplies. National average retail gasoline prices have climbed more than 30% since the U.S. and Israel attacked Iran at the end of February. The average pump price on Monday was $4.0030 a gallon, according to AAA data. ReutersChina’s “national team” of funds stepped into the equity market and made sizeable purchases in an attempt to bolster prices following last week’s slump. FT
Chinese officials will contemplate stimulus measures, including accelerating bond issuance, after GDP fell below the government’s target range in Q2. FT
Iran’s currency has sunk to record low levels vs. the USD as the country’s economy comes under further strain. FT
Iraq is using a vast fleet of trucks to carry fuel oil through Syria and reroute flows away from the Strait of Hormuz. BBG
Moonshot is getting ready for a Hong Kong IPO in as early as the next six months as it looks to tap capital markets after wrapping a fundraise that may value it at more than $30 billion BBG
Hong Kong is considering extending equity trading hours to align with most global markets, including a proposal to eliminate the lunch break. BBG
Andy Burnham was named the UK’s Prime Minister today, the country’s seventh premier in just over a decade. BBG
TSMC is adding $100 billion to its investments in Arizona to meet strong US demand and ward off rivals, CFO Wendell Huang said, after beating profit expectations last quarter. BBG
US President Trump posted “Wonderful news! I have just been informed that Giant Eagle, a GREAT American Grocery Company, will be lowering prices, by a lot, across more than 300 products this Summer, through Labor Day, to help hardworking American families”.
Top Iran News
US and Iran engaged in another exchange of strikes after an Iranian attack on Jordan killed two US service members on Friday, while Tehran said it was suspending its commitments under the interim peace deal as strikes ramped up.
US President Trump said we hit Iran very hard again tonight and hit Iran in honour of probably three patriots who died, adding we are ending any chance of Iran having a nuclear weapon.
US Central Command announced the ninth consecutive evening of strikes against Iran, in which targets included Iranian military command centres, air defence and coastal surveillance sites, maritime capabilities, missile and drone launch sites, and communication networks, to further diminish Iran’s ability to attack commercial vessels and civilian mariners transiting the Strait of Hormuz. CENTCOM also announced it redirected 6 commercial vessels and disabled 1 to ensure full compliance, as of July 19th.
Explosions were heard in Iran’s Tabriz and the city of Jask in the Hormozgan province in southern Iran, while explosions were also reported in Sirik and Khormoj, southern Iran. Furthermore, there were explosions in Delijan in the southern Markazi province and Arak in western Iran, while air defences were activated in Konarak city, Sistan and the Baluchestan province in southeastern Iran.
Iran launched missiles from its Lorestan province in western Iran towards enemy targets, and blasts were reported at US bases in Kuwait and Bahrain, while explosions were also reported in the UAE’s Ras Al-Khaimah.
US is said to be planning for a wider war, according to a US official familiar with internal administration discussions, cited by The Washington Post.
US Secretary of State Rubio said the US remains open to a diplomatic resolution regarding Iran, while Rubio also stated that his meeting with the Lebanese President was very positive.
Iran’s nuclear agency condemned a US attack on the site of the nuclear power plant under construction in Darkhovin, which it said violated international law, according to Mehr News Agency, although it didn’t mention when the strike took place.
Iran’s Deputy Foreign Minister Gharibabadi said the US strike on the under-construction power plant was a dangerous attack on Iran’s peaceful infrastructure, and the US must bear full responsibility for any escalation and the resulting insecurity and instability.
IRGC said it destroyed 20 warehouses used by US forces in the Azraq region of Jordan, resulting in the deaths of dozens of soldiers, according to Al Jazeera Mubasher.
IRGC said two ships were involved in an “accident” after attempting to transit the Strait of Hormuz via an unsafe route, and that two other vessels abandoned the route, while it warned that vessels influenced by the US and entering unsafe routes will certainly face accidents. It was later reported that IRGC said two oil tankers were blown up after attempting to transit the southern route in the Strait of Hormuz.
UKMTO said it has received a report of the incident eight nautical miles northwest of Oman’s Khumsar, with a vessel on fire, but the cause has not been verified yet.
Tehran Times noted reports of an unprecedented rise in opposition to the war within various ranks of the US military, while it noted that refusals by US personnel to carry out orders from superiors are increasing at an unprecedented rate, citing multiple intelligence sources.
Kuwait’s Defence Ministry said Iran conducted sustained strikes against civil and critical infrastructure on Kuwaiti territory, which caused multiple fires and severe damage.
Iranian Foreign Ministry spokesperson Baghaei said negotiations with the US could be pursued based on national interests and that intermediaries have shared messages with Tehran in recent days. Mediators are continuing their efforts to prevent escalation, and we have received proposals from them, but we will not go into details now. He added that they will not abandon talks with the US but Iran’s sovereign rights over the Strait of Hormuz are non-negotiable.
Al Jazeera source in Pakistan’s Interior Ministry said the Iranian Interior Minister arrived in Pakistan’s capital Islamabad today. Iran and Pakistan will hold extensive consultations on border management, cross-border security and the implementation of the Islamabad MoU, alongside other issues of mutual concern, Journalist Mallick reported.
The Yemeni Armed Forces said an announcement of an important position to be released at 3pm Sana’a time (13:00BST).
Explosions were sounded in Isfahan, however reports state they were caused by controlled explosions. Additionally, Iran’s Bushehr Governor said Bushehr was targeted twice by the American enemy.
Unofficial reports indicate that one drone struck the grounds of Kuwait’s main power plant, Tasnim reported
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded somewhat mixed following the US-Iran escalation over the weekend, in which the sides ramped up their strikes after two US service members were killed during an Iranian strike on Jordan, while key participants were away owing to the holiday closure in Japan for Marine Day. ASX 200 was rangebound with light pertinent catalyst and a lack of data releases overnight. KOSPI underperformed as the tech-related losses late last week caught up with the index on return from a 3-day weekend, while South Korea had temporarily banned new listings of single-stock leveraged ETFs tied to tech companies like Samsung Electronics and SK Hynix to curb extreme market volatility. Hang Seng and Shanghai Comp rallied with strength seen in energy and tech-related stocks amid higher oil prices and reports that launched a preview of its flagship Qwen3.8 Max model, which is said to be comparable to leading frontier AI models. Furthermore, the PBoC maintained its benchmark LPRs for the 14th consecutive month, while China’s leaders are expected to decide on additional stimulus measures at the Politburo meeting this month.
Top Asian News
HKEX is reportedly mulling longer stock trading hours, and scraps lunch break.
China’s top leaders are expected to decide on additional stimulus measures this month following a sharp slowdown in Q2 GDP, with leaders expected to focus on speeding up bond issuance at their next Politburo meeting, expected to take place during the final week of July, according to FT.
European equity futures are mixed, following on from a similar theme seen across APAC indices. Early morning action saw indices broadly subdued, reacting to the latest round of US-Iran strikes, where Iran officially suspended its cooperation in the Islamabad MoU. However, the Iranian Foreign Minister lifted sentiment after he stated that negotiations with the US could be pursued, based on national interests; he added that intermediaries shared messages with Tehran in recent days. This spurred some mild upticks across European indices. European sectors hold a very slight negative bias. Energy unsurprisingly takes the top spot, given the aforementioned geopolitical developments. Tech and Media complete the top three. The tech strength comes in contrast to the underperformance seen in APAC trade, whereby the likes of Samsung (-4.3%) and SK Hynix (-4.2%) both extended lower. No particular driver for the strength seen across European tech names, but potentially some positioning into a busy tech-earnings slate this week. To the downside, Travel & Leisure has been dragged down by a) elevated energy prices, b) Ryanair earnings. On the latter point, Ryanair extends lower by c. 5.9%, after reporting a miss on its headline metrics and sees lower summer fares citing waning demand. It also suggested that it has no visibility for H2, amidst the ongoing Iran uncertainty.
Top European news
UK’s Andy Burnham is to drop plans for a digital ID in a ‘reset of priorities’ and will focus on cost-of-living policies, when he becomes PM on Monday.
FX
2G10s are mixed, but mostly firmer against the Buck with FX-specific catalysts light, and geopolitics not giving much of a bias. Antipodeans lead after reports of potential Chinese stimulus, GBP performs well into Burnham’s appointment as PM.
USD continues to be driven by geopolitics, with the Greenback reversing earlier gains in tandem with energy benchmarks after Iran’s Foreign Ministry noted the nation is open to returning to talks. Aside from this, fresh drivers are light with last week’s inflation (PPI/CPI) in focus ahead of PCE, with the data slate light in the remainder of this week. DXY saw a modest bid at the Sunday re-open to a 100.80 peak, though reversed as mentioned, to a 100.65 trough.
Burnham is set to become UK PM after midday today. The main focus for GBP is whether he confirms Mahmood as Chancellor, after UK press widely reported last week that she would take the job, alongside any remarks around public control in the water/energy sector, and how this would be funded. Sterling is one of the best G10 performers today, sitting around 0.85 in the EUR cross and below 1.35 in Cable. The UK calendar today is light; the week sees LFS and Inflation data.
Antipodeans are the best performers alongside a broad bid in Chinese assets, where its leaders are expected to decide on additional stimulus measures at the Politburo meeting this month. AUD/USD, NZD/USD +0.3%.
Fixed Income
Global fixed income benchmarks are softer across the board, but are off their worst levels following recent remarks by the Iranian Foreign Ministry spokesperson Baghaei, who noted that negotiations with the US could be pursued based on national interests, that intermediaries have shared messages with Tehran in recent days and that Iran will not abandon talks with the US. This constructive rhetoric by the spokesman comes amid a ninth straight day of strikes between the US and Iran. Iran killed two service members in Jordan and one in Iraq over the weekend, while the US continued to target Iranian military capabilities.
Gilts (-16 ticks) are in focus today as Labour leader Burnham is set to become PM. He is to meet the King around noon to accept his appointment and then give his first speech between 12:30-13:00BST in front of 10 Downing Street. Although this will be widely watched, the key will be on who he appoints as the Chancellor. It has been widely touted that the current Home Secretary, Mahmood, will be given the role of Chancellor. Analysts see the 2s-30s curve flattening if Burnham’s choice of chancellor aligns with market expectations, given Mahmood is seen as fiscally prudent.
Bunds (-8 ticks) follow the broader space higher, given the recent fall in energy prices. This week’s focus will be on the ECB policy announcement on Thursday, in which the Bank is expected to keep rates steady at 2.25%, with only a 16% chance of a hike in July. However, analysts continue to see further hikes in 2026, with 22bps priced in for a hike in September.
USTs (-3 ticks) have returned to their opening price, trading at the upper end of their 109-00+ to 109-06 range. Not much on the docket this week, given Fed officials are on blackout ahead of their policy meeting.
Commodities
WTI and Brent Front-month futures are off their best levels after opening higher overnight in reaction to the military escalation, before waning in early European hours on continued efforts for diplomacy. To recap, the US and Iran ramped up their exchange of strikes following the death of a couple of US service members due to Iran attacking Jordan on Friday, while CENTCOM announced the 9th consecutive night of strikes against Iran, and Iran continued to retaliate against US interests and allies. Thereafter, initial weakness this morning emanated from reports that Pakistan’s Interior Ministry says the Iranian Interior Minister arrives in Pakistan’s capital, Islamabad, today. The downside was further exacerbated by commentary from Iranian Foreign Ministry spokesperson Baghaei, who said negotiations with the US could be pursued based on national interests; Intermediaries have shared messages with Tehran in recent days. Further, the Iranian Foreign Ministry said it will not abandon talks with the US, but Iran’s sovereign rights over the Strait of Hormuz are non-negotiable.
Price action this morning has largely followed headlines. Brent Sep’26 hit an overnight peak of USD 91.42/bbl before moving back to lows of USD 87.72/bbl. Similarly, WTI Sep’26 notched a current high at 84.60/bbl before falling to a USD 81.11/bbl trough at the time of writing. Ahead, there could be some risk around 13:00BST as the Yemeni Armed Forces said “an announcement of an important position” will be made at that time.
Precious metals remain in a narrow range but have lifted off worst levels in tandem with the Dollar easing in lockstep with oil. Spot gold resides in a USD 3,982-USD 4,030/oz range. Spot silver has picked up momentum in recent trade, back on a USD 57/oz handle vs lows of USD 55.50/oz.
Base metals are mixed and continue with similar price action seen during APAC hours. Copper futures eke out mild gains alongside the outperformance in red metal’s largest buyer overnight.
Iraq’s SOMO is reportedly looking to buy Aug-Sep gasoil deliveries, according to documents.
Syria has emerged as a regional hub for Iraqi fuel oil exports, with more than a quarter of Middle East fuel oil shipments transiting Syrian Mediterranean ports, according to the Syrian state news agency.
Oil loadings at the Caspian Pipeline Consortium’s terminal on the Black Sea coast were suspended following a drone attack.
Trade/Tariffs
US President Trump said maybe Canada should pay some damages for wildfires, and that he spoke with Canada’s PM Carney regarding the fires, while Trump added that they have a good relationship with Canada and have no tension with anybody regarding trade.
UK trade negotiators made last-minute concessions to India that could undermine Tata Steel UK’s Llanwern plant in Newport, to secure a much-lauded trade deal, according to some industry insiders cited by FT.
Geopolitics
Russia and Ukraine exchanged fresh strikes on warehouses and ports over the weekend.
Ukrainian President Zelensky said that they struck three oil depots in Russia’s Stravpol region, while Foreign Minister Sybiha said Russia conducted its largest ballistic missile barrage against Kyiv since the beginning of the Russia-Ukraine war, involving around four dozen ballistic missiles.
Moscow’s Mayor reported overnight drone incidents, and TASS estimated that the attempted drone attack on Moscow is one of the largest in several years, while Russian authorities said that 400 marches were launched towards Moscow although most were neutralised.
Russia’s Salavat refinery has reportedly restored some of its damaged capacities following a drone strike.
EU is facing a collapse in support for new economic sanctions against Russia, with members refusing to back measures that could damage their corporate champions, according to FT citing diplomats.
US Event Calendar
10:00 am: Jun Leading Index, est. -0.09%, prior 0.1%
DB’s Jim Reid concludes the overnight wrap
From the World Cup to “Mapping the World’s Prices 2026”, released last week and already attracting extensive global coverage along with more than 30,000 downloads. The standout theme from this year’s edition is just how inexpensive Japan has become, although the report is packed with data across 69 financially important cities worldwide. You can find the report here at the Deutsche Bank Research Institute.
Just as you thought it was safe to relax into the summer, last week brought a reminder that there remain some big unresolved themes that could become an issue in thin summer liquidity. Brent saw its largest weekly increase (+15.9%) since April as the US and Iran continued to exchange blows, with European natural gas seeing its highest close since March.
Over the weekend, the conflict has intensified markedly, with a fresh wave of tit-for-tat attacks underscoring how quickly the situation is deteriorating. Three US service members were killed in separate incidents in Jordan and Iraq, while US strikes hit targets including Qeshm Island and multiple locations in southern Iran. At the same time, Iran broadened its retaliation beyond military sites, targeting critical infrastructure across the Gulf, including power and desalination facilities in Kuwait, as well as launching drone and missile attacks towards US bases and regional allies. And prospects for any diplomatic breakthrough remained dim, with Iran’s Foreign Minister Araghchi suggesting that some nuclear issues may “remain unresolvable”.
Tensions also escalated further in the Strait of Hormuz, with Iran signalling a far more assertive stance over shipping flows and claiming to have intercepted vessels attempting to transit the waterway.
In response, this morning Brent is up +2.45% to $90.26/bbl after a ninth consecutive night of US strikes against Iran. Given the escalation US futures are performing relatively well with S&P (+0.15%) and Nasdaq (+0.47%) contracts higher. In Asia markets are generally higher but the KOSPI (-3.22%) continues its wild ride, though has improved from being down -5% as I’ve been writing this.
Chinese related equities are strong, with the Hang Seng (+2.04%), CSI 300 (+1.55%) and Shanghai Composite (+1.18%) all higher. Elsewhere the S&P/ASX 200 (+0.17%) is edging higher, and Japanese markets are closed today for the Marine Day holiday. This means no cash US Treasury trading but bond futures are down on the higher oil prices.
Staying in Asia, concerns continued to mount over the competitive progress of China’s AI ecosystem last week. We’ve been tracking the rapid climb of Chinese models and token use in various CoTDs with data updated in the WOW! pack (link here) showing the intelligence vs cost comparison of US and Chinese models. Chinese labs are seemingly catching up fast.
The micro implications are as important as some Chinese models are being priced at levels broadly comparable to mid-tier US models (e.g. Anthropic Sonnet), despite performance that approaches higher-end systems, implying a materially lower cost-to-intelligence ratio. That challenges the economics of the current US-led AI stack, where frontier capability has been associated with very high compute and capital intensity. A key differentiator is approach: Chinese models are increasingly released as open-weight systems, allowing developers and enterprises to download, modify and run them locally, whereas US leaders have largely pursued closed, proprietary models delivered via APIs. This open approach accelerates adoption, innovation and cost competition, as it decentralises development and reduces reliance on a small number of providers, but also undermines pricing power and control. The immediate market reaction—pressure on AI and semiconductor names—reflects a reassessment of whether the industry’s current capex trajectory is sustainable if similar performance can be delivered more cheaply. More broadly, successive Chinese releases are eroding the scarcity premium embedded in proprietary models, accelerating a shift toward commoditisation, tighter margins and faster global diffusion as open-weight systems lower barriers to entry.
At the macro level, this could encourage faster, wider and cheaper adoption of AI which will be more positive for productivity. However, it also raises the risk of a capex overcycle in the US if returns on AI infrastructure come under pressure, while also intensifying geopolitical fragmentation as competing technology stacks evolve. So an absolutely fascinating development to watch. It’s hard to underestimate its importance.
Back to the more mundane, and for the week ahead, the ECB decision on Thursday and the global flash PMIs on Friday will be the main macro highlights. Alongside this, a new Prime Minister in the UK today, and a heavy run of global earnings will keep markets busy, with key reports from Alphabet, Tesla, Intel, SK Hynix and SAP, among others, offering an important read on tech as we see a major wobble in the sector.
In the US, the calendar is comparatively quiet, with Fed officials in blackout ahead of the upcoming FOMC meeting next week. Thursday brings initial jobless claims, which we expect to continue signalling a stable labour market, consistent with the recent downward trend in both initial and continuing claims. This week’s release coincides with survey week for payrolls, which gives it slightly more importance. On Friday, the July flash PMIs will be the main focus.
The week begins today with the UK seeing a change in leadership as Andy Burnham takes office as Prime Minister, with ministers beginning to be appointed, and policy plans starting to take shape. Tomorrow, UK labour market data will be released, followed by Wednesday’s June inflation report, where our UK economist expects headline CPI to ease to 2.70% year-on-year, core CPI to 2.55%, and services inflation to moderate to 3.45%. The UK week concludes on Friday with retail sales, the GfK consumer confidence index, and the Bank of England’s DMP survey, all of which will provide further colour on the consumer backdrop. Elsewhere in Europe, tomorrow sees the release of the German and Eurozone ZEW surveys, while Thursday’s ECB decision is the key focal point. Markets are currently pricing a hold, which aligns with our European economists’ expectations, with a further rate increase more likely in September. The ECB will also publish its bank lending survey tomorrow and its consumer expectations survey on Friday, offering additional insight into credit conditions and inflation expectations.
In Asia, the main focus will be on Japan, where Wednesday’s trade balance will provide an update on external dynamics, followed by Friday’s national CPI. Our Japan economist expects core CPI to rise to 1.7% year-on-year, with core-core inflation edging up to 1.9%, pointing to a gradual firming in underlying price pressures. Elsewhere, Australia’s labour force survey on Thursday will be the key regional release.
Finally, the Q2 earnings season accelerates significantly over the week. Momentum gets going tomorrow with a broad set of financials and industrials reporting including Novartis, Charles Schwab and General Motors. Wednesday is one of the busiest days, with major technology names such as Alphabet and Tesla reporting alongside IBM, ServiceNow and Texas Instruments, as well as a range of European corporates including Banco Santander and Deutsche Boerse. Thursday continues the heavy flow with Intel, SK Hynix and SAP among the highlights, alongside a wide range of US and European names including Roche, Nestlé, Lockheed Martin and BNP Paribas. The week concludes on Friday with results from American Express, NextEra Energy and Verizon, among others.
Recapping last week now, geopolitics remained top of the agenda for markets, with a sharp rise in oil prices as the strikes between the US and Iran showed no sign of easing. Indeed, Brent crude oil prices ended the week up +15.91% (+4.59% Friday) at $88.10/bbl, marking their biggest weekly jump since April. So that revived fears about a more persistent inflation shock, particularly with European natural gas prices also rising, and the front-end future rose +19.95% last week (+5.79% Friday) to its highest level since March at €58.01/MWh.
Geopolitical fears also interacted with fresh concerns around the AI trade, which meant that equities took a hit around the world. That was particularly clear for chip stocks, with the Philly semiconductor index down -9.97% last week (-1.63% Friday), marking its biggest weekly decline since the week of the Liberation Day tariff announcements last year. Moreover, that meant the index moved into a bear market, having now shed -20.23% since its closing peak back on June 22. In turn, that coincided with other equity declines, with the S&P 500 down -1.55% (-1.01% Friday), and Japan’s Nikkei also had its biggest decline since the week of Liberation Day, falling -6.44%. However, European equities were relatively resilient, with the STOXX 600 up +0.07% over the week (-0.34% Friday).
As all that was going on, US Treasuries rallied last week thanks to a softer than expected US CPI print. So that meant investors priced out the chance of a July rate hike, which fell from 34% to 14% over the course of the week. Meanwhile, the 2yr Treasury yield fell -2.9bps (+3.8bps Friday) to 4.18%, and the 10yr Treasury yield fell -1.3bps (-0.5bps Friday) to 4.55%. But whilst inflation fears fell back in the US, they returned strongly in Europe thanks to the rise in energy prices, with the 1yr Euro inflation swap up +46.9bps last week to 2.50%. So sovereign bond yields moved higher across the continent, with the 10yr bund yield up +6.0bps (-0.8bps Friday) to 3.12%.
Finally, the dollar index weakened -0.19% last week, as investors dialled back the prospect of an imminent Fed rate hike, while gold fell below $4,000 for the first time this year before ending the week at $4,017/oz (-2.49% on the week). Otherwise, credit spreads mostly widened, with US IG (+1bps) and HY (+2bps) spreads rising marginally, along with Euro IG (+1bps) and HY (+3bps).
1 b European opening report
Stocks firm as Oil pares opening bid; Fixed softer, Gilts await Burnham appointment – Newsquawk US Market Open
Monday, Jul 20, 2026 – 06:12 AM
The Iranian Foreign Ministry spokesperson said negotiations with the US could be pursued based on national interests and will not abandon talks with the US.
US and Iran continued to exchange strikes; Iran killed two US service members in Jordan and one in Iraq. The US continued to target Iranian military capabilities.
US equity futures rebound given the broader positive tone.
DXY flat; Antipodeans lead on China stimulus hopes, while GBP awaits Burnham.
Fixed income pare earlier losses while gilts remain in focus as Burnham gets ready for his first day as PM.
Choppy crude trade as geopolitics dictate the tape while precious metals holds steady.
Looking ahead, highlights include Canadian Inflation (Jun), New Zealand Inflation (Q2) & Comments by incoming UK PM Burnham.
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IRAN CONFLICT
OVERNIGHT HEADLINES
US and Iran engaged in another exchange of strikes after an Iranian attack on Jordan killed two US service members on Friday, while Tehran said it was suspending its commitments under the interim peace deal as strikes ramped up.
US President Trump said we hit Iran very hard again tonight and hit Iran in honour of probably three patriots who died, adding we are ending any chance of Iran having a nuclear weapon.
US Central Command announced the ninth consecutive evening of strikes against Iran, in which targets included Iranian military command centres, air defence and coastal surveillance sites, maritime capabilities, missile and drone launch sites, and communication networks, to further diminish Iran’s ability to attack commercial vessels and civilian mariners transiting the Strait of Hormuz. CENTCOM also announced it redirected 6 commercial vessels and disabled 1 to ensure full compliance, as of July 19th.
Explosions were heard in Iran’s Tabriz and the city of Jask in the Hormozgan province in southern Iran, while explosions were also reported in Sirik and Khormoj, southern Iran. Furthermore, there were explosions in Delijan in the southern Markazi province and Arak in western Iran, while air defences were activated in Konarak city, Sistan and the Baluchestan province in southeastern Iran.
Iran launched missiles from its Lorestan province in western Iran towards enemy targets, and blasts were reported at US bases in Kuwait and Bahrain, while explosions were also reported in the UAE’s Ras Al-Khaimah.
US is said to be planning for a wider war, according to a US official familiar with internal administration discussions, cited by The Washington Post.
US Secretary of State Rubio said the US remains open to a diplomatic resolution regarding Iran, while Rubio also stated that his meeting with the Lebanese President was very positive.
Iran’s nuclear agency condemned a US attack on the site of the nuclear power plant under construction in Darkhovin, which it said violated international law, according to Mehr News Agency, although it didn’t mention when the strike took place.
Iran’s Deputy Foreign Minister Gharibabadi said the US strike on the under-construction power plant was a dangerous attack on Iran’s peaceful infrastructure, and the US must bear full responsibility for any escalation and the resulting insecurity and instability.
IRGC said it destroyed 20 warehouses used by US forces in the Azraq region of Jordan, resulting in the deaths of dozens of soldiers, according to Al Jazeera Mubasher.
IRGC said two ships were involved in an “accident” after attempting to transit the Strait of Hormuz via an unsafe route, and that two other vessels abandoned the route, while it warned that vessels influenced by the US and entering unsafe routes will certainly face accidents. It was later reported that IRGC said two oil tankers were blown up after attempting to transit the southern route in the Strait of Hormuz.
UKMTO said it has received a report of the incident eight nautical miles northwest of Oman’s Khumsar, with a vessel on fire, but the cause has not been verified yet.
Tehran Times noted reports of an unprecedented rise in opposition to the war within various ranks of the US military, while it noted that refusals by US personnel to carry out orders from superiors are increasing at an unprecedented rate, citing multiple intelligence sources.
Kuwait’s Defence Ministry said Iran conducted sustained strikes against civil and critical infrastructure on Kuwaiti territory, which caused multiple fires and severe damage.
EUROPEAN UPDATES
Iranian Foreign Ministry spokesperson Baghaei said negotiations with the US could be pursued based on national interests and that intermediaries have shared messages with Tehran in recent days. Mediators are continuing their efforts to prevent escalation, and we have received proposals from them, but we will not go into details now. He added that they will not abandon talks with the US but Iran’s sovereign rights over the Strait of Hormuz are non-negotiable.
Al Jazeera source in Pakistan’s Interior Ministry said the Iranian Interior Minister arrived in Pakistan’s capital Islamabad today. Iran and Pakistan will hold extensive consultations on border management, cross-border security and the implementation of the Islamabad MoU, alongside other issues of mutual concern, Journalist Mallick reported.
The Yemeni Armed Forces said an announcement of an important position to be released at 3pm Sana’a time (13:00BST).
Explosions were sounded in Isfahan, however reports state they were caused by controlled explosions. Additionally, Iran’s Bushehr Governor said Bushehr was targeted twice by the American enemy.
Unofficial reports indicate that one drone struck the grounds of Kuwait’s main power plant, Tasnim reported.
EUROPEAN TRADE
EQUITIES
European equity futures are mixed, following on from a similar theme seen across APAC indices. Early morning action saw indices broadly subdued, reacting to the latest round of US-Iran strikes, where Iran officially suspended its cooperation in the Islamabad MoU. However, the Iranian Foreign Minister lifted sentiment after he stated that negotiations with the US could be pursued, based on national interests; he added that intermediaries shared messages with Tehran in recent days. This spurred some mild upticks across European indices.
European sectors hold a very slight negative bias. Energy unsurprisingly takes the top spot, given the aforementioned geopolitical developments. Tech and Media complete the top three. The tech strength comes in contrast to the underperformance seen in APAC trade, whereby the likes of Samsung (-4.3%) and SK Hynix (-4.2%) both extended lower. No particular driver for the strength seen across European tech names, but potentially some positioning into a busy tech-earnings slate this week. To the downside, Travel & Leisure has been dragged down by a) elevated energy prices, b) Ryanair earnings. On the latter point, Ryanair extends lower by c. 5.9%, after reporting a miss on its headline metrics and sees lower summer fares citing waning demand. It also suggested that it has no visibility for H2, amidst the ongoing Iran uncertainty.
US equity futures are firmer this morning, with very mild outperformance in the NQ. On the tech front, AMD (+0.9% pre-market) is reportedly to unveil EPYC Venice processors and Instinct MI450, MI455 and MI550 accelerators.
G10s are mixed, but mostly firmer against the Buck with FX-specific catalysts light, and geopolitics not giving much of a bias. Antipodeans lead after reports of potential Chinese stimulus, GBP performs well into Burnham’s appointment as PM.
USD continues to be driven by geopolitics, with the Greenback reversing earlier gains in tandem with energy benchmarks after Iran’s Foreign Ministry noted the nation is open to returning to talks. Aside from this, fresh drivers are light with last week’s inflation (PPI/CPI) in focus ahead of PCE, with the data slate light in the remainder of this week. DXY saw a modest bid at the Sunday re-open to a 100.80 peak, though reversed as mentioned, to a 100.65 trough.
Burnham is set to become UK PM after midday today. The main focus for GBP is whether he confirms Mahmood as Chancellor, after UK press widely reported last week that she would take the job, alongside any remarks around public control in the water/energy sector, and how this would be funded. Sterling is one of the best G10 performers today, sitting around 0.85 in the EUR cross and below 1.35 in Cable. The UK calendar today is light; the week sees LFS and Inflation data.
Antipodeans are the best performers alongside a broad bid in Chinese assets, where its leaders are expected to decide on additional stimulus measures at the Politburo meeting this month. AUD/USD, NZD/USD +0.3%.
FIXED INCOME
Global fixed income benchmarks are softer across the board, but are off their worst levels following recent remarks by the Iranian Foreign Ministry spokesperson Baghaei, who noted that negotiations with the US could be pursued based on national interests, that intermediaries have shared messages with Tehran in recent days and that Iran will not abandon talks with the US. This constructive rhetoric by the spokesman comes amid a ninth straight day of strikes between the US and Iran. Iran killed two service members in Jordan and one in Iraq over the weekend, while the US continued to target Iranian military capabilities.
Gilts (-16 ticks) are in focus today as Labour leader Burnham is set to become PM. He is to meet the King around noon to accept his appointment and then give his first speech between 12:30-13:00BST in front of 10 Downing Street. Although this will be widely watched, the key will be on who he appoints as the Chancellor. It has been widely touted that the current Home Secretary, Mahmood, will be given the role of Chancellor. Analysts see the 2s-30s curve flattening if Burnham’s choice of chancellor aligns with market expectations, given Mahmood is seen as fiscally prudent.
Bunds (-8 ticks) follow the broader space higher, given the recent fall in energy prices. This week’s focus will be on the ECB policy announcement on Thursday, in which the Bank is expected to keep rates steady at 2.25%, with only a 16% chance of a hike in July. However, analysts continue to see further hikes in 2026, with 22bps priced in for a hike in September.
USTs (-3 ticks) have returned to their opening price, trading at the upper end of their 109-00+ to 109-06 range. Not much on the docket this week, given Fed officials are on blackout ahead of their policy meeting.
COMMODITIES
WTI and Brent Front-month futures are off their best levels after opening higher overnight in reaction to the military escalation, before waning in early European hours on continued efforts for diplomacy. To recap, the US and Iran ramped up their exchange of strikes following the death of a couple of US service members due to Iran attacking Jordan on Friday, while CENTCOM announced the 9th consecutive night of strikes against Iran, and Iran continued to retaliate against US interests and allies. Thereafter, initial weakness this morning emanated from reports that Pakistan’s Interior Ministry says the Iranian Interior Minister arrives in Pakistan’s capital, Islamabad, today. The downside was further exacerbated by commentary from Iranian Foreign Ministry spokesperson Baghaei, who said negotiations with the US could be pursued based on national interests; Intermediaries have shared messages with Tehran in recent days. Further, the Iranian Foreign Ministry said it will not abandon talks with the US, but Iran’s sovereign rights over the Strait of Hormuz are non-negotiable.
Price action this morning has largely followed headlines. Brent Sep’26 hit an overnight peak of USD 91.42/bbl before moving back to lows of USD 87.72/bbl. Similarly, WTI Sep’26 notched a current high at 84.60/bbl before falling to a USD 81.11/bbl trough at the time of writing. Ahead, there could be some risk around 13:00BST as the Yemeni Armed Forces said “an announcement of an important position” will be made at that time.
Precious metals remain in a narrow range but have lifted off worst levels in tandem with the Dollar easing in lockstep with oil. Spot gold resides in a USD 3,982-USD 4,030/oz range. Spot silver has picked up momentum in recent trade, back on a USD 57/oz handle vs lows of USD 55.50/oz.
Base metals are mixed and continue with similar price action seen during APAC hours. Copper futures eke out mild gains alongside the outperformance in red metal’s largest buyer overnight.
Iraq’s SOMO is reportedly looking to buy Aug-Sep gasoil deliveries, according to documents.
Syria has emerged as a regional hub for Iraqi fuel oil exports, with more than a quarter of Middle East fuel oil shipments transiting Syrian Mediterranean ports, according to the Syrian state news agency.
Oil loadings at the Caspian Pipeline Consortium’s terminal on the Black Sea coast were suspended following a drone attack.
TRADE/TARIFFS
US President Trump said maybe Canada should pay some damages for wildfires, and that he spoke with Canada’s PM Carney regarding the fires, while Trump added that they have a good relationship with Canada and have no tension with anybody regarding trade.
UK trade negotiators made last-minute concessions to India that could undermine Tata Steel UK’s Llanwern plant in Newport, to secure a much-lauded trade deal, according to some industry insiders cited by FT.
NOTABLE EUROPEAN HEADLINES
UK’s Andy Burnham is to drop plans for a digital ID in a ‘reset of priorities’ and will focus on cost-of-living policies, when he becomes PM on Monday.
NOTABLE EUROPEAN DATA RECAP
German PPI MoM (Jun) M/M -0.3% vs. Exp. -0.2% (Prev. 0.3%).
German PPI YoY (Jun) Y/Y 1.8% (Prev. 2.2%).
UK Rightmove House Prices MM (Jul) -1.0% (Prev. -0.6%).
UK Rightmove House Prices YY (Jul) -0.4% (Prev. -0.5%).
NOTABLE US HEADLINES
US President Trump posted “Wonderful news! I have just been informed that Giant Eagle, a GREAT American Grocery Company, will be lowering prices, by a lot, across more than 300 products this Summer, through Labor Day, to help hardworking American families”.
GEOPOLITICS
RUSSIA-UKRAINE
Russia and Ukraine exchanged fresh strikes on warehouses and ports over the weekend.
Ukrainian President Zelensky said that they struck three oil depots in Russia’s Stravpol region, while Foreign Minister Sybiha said Russia conducted its largest ballistic missile barrage against Kyiv since the beginning of the Russia-Ukraine war, involving around four dozen ballistic missiles.
Moscow’s Mayor reported overnight drone incidents, and TASS estimated that the attempted drone attack on Moscow is one of the largest in several years, while Russian authorities said that 400 marches were launched towards Moscow although most were neutralised.
Russia’s Salavat refinery has reportedly restored some of its damaged capacities following a drone strike.
EU is facing a collapse in support for new economic sanctions against Russia, with members refusing to back measures that could damage their corporate champions, according to FT citing diplomats.
CRYPTO
Bitcoin slipped lower and back below the USD 65k handle, despite the improving risk tone.
APAC TRADE
APAC stocks traded somewhat mixed following the US-Iran escalation over the weekend, in which the sides ramped up their strikes after two US service members were killed during an Iranian strike on Jordan, while key participants were away owing to the holiday closure in Japan for Marine Day.
ASX 200 was rangebound with light pertinent catalyst and a lack of data releases overnight.
KOSPI underperformed as the tech-related losses late last week caught up with the index on return from a 3-day weekend, while South Korea had temporarily banned new listings of single-stock leveraged ETFs tied to tech companies like Samsung Electronics and SK Hynix to curb extreme market volatility.
Hang Seng and Shanghai Comp rallied with strength seen in energy and tech-related stocks amid higher oil prices and reports that launched a preview of its flagship Qwen3.8 Max model, which is said to be comparable to leading frontier AI models. Furthermore, the PBoC maintained its benchmark LPRs for the 14th consecutive month, while China’s leaders are expected to decide on additional stimulus measures at the Politburo meeting this month.
NOTABLE ASIA-PAC HEADLINES
HKEX is reportedly mulling longer stock trading hours, and scraps lunch break.
China’s top leaders are expected to decide on additional stimulus measures this month following a sharp slowdown in Q2 GDP, with leaders expected to focus on speeding up bond issuance at their next Politburo meeting, expected to take place during the final week of July, according to FT.
NOTABLE APAC DATA RECAP
Chinese Loan Prime Rate 1Y (Jul) 3.00% vs. Exp. 3.00% (Prev. 3.00%).
Chinese Loan Prime Rate 5Y (Jul) 3.50% vs. Exp. 3.50% (Prev. 3.50%).
1c) Asian opening report
Crude firms as US-Iran strikes continue; Europe primed for modestly weaker open – Newsquawk EU Market Open
Monday, Jul 20, 2026 – 02:25 AM
Iran said it has suspended the implementation of the MoU, suggesting that the US had “violated” commitments within the framework; Brent +2.4%.
US and Iran continued to exchange strikes; Iran killed two US service members in Jordan and one in Iraq. The US continued to target Iranian military capabilities.
US is said to be planning for a wider war, according to a US official, cited by the Washington Post.
APAC stocks were mixed; tech underperformance weighed on the KOSPI. European equity futures are indicative of a flat open.
DXY traded steady; Antipodeans led the gains, whilst the CHF and JPY were flat.
Looking ahead, highlights include Canadian Inflation (Jun), New Zealand Inflation (Q2).
2. Listen to this report in the market open podcast (available on Apple and Spotify)
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IRAN CONFLICT
US and Iran engaged in another exchange of strikes after an Iranian attack on Jordan killed two US service members on Friday, while Tehran said it was suspending its commitments under the interim peace deal as strikes ramped up.
US Central Command announced the ninth consecutive evening of strikes against Iran, in which targets included Iranian military command centres, air defence and coastal surveillance sites, maritime capabilities, missile and drone launch sites, and communication networks, to further diminish Iran’s ability to attack commercial vessels and civilian mariners transiting the Strait of Hormuz. CENTCOM also announced it redirected 6 commercial vessels and disabled 1 to ensure full compliance, as of July 19th.
Explosions were heard in Iran’s Tabriz and the city of Jask in the Hormozgan province in southern Iran, while explosions were also reported in Sirik and Khormoj, southern Iran. Furthermore, there were explosions in Delijan in the southern Markazi province and Arak in western Iran, while air defences were activated in Konarak city, Sistan and the Baluchestan province in southeastern Iran.
Iran launched missiles from its Lorestan province in western Iran towards enemy targets, and blasts were reported at US bases in Kuwait and Bahrain, while explosions were also reported in the UAE’s Ras Al-Khaimah.
US is said to be planning for a wider war, according to a US official familiar with internal administration discussions, cited by The Washington Post.
US Secretary of State Rubio said the US remains open to a diplomatic resolution regarding Iran, while Rubio also stated that his meeting with the Lebanese President was very positive.
US service member was killed in northern Iraq while conducting a controlled explosion of an unexploded ordnance from a downed Iranian drone.
Iran’s nuclear agency condemned a US attack on the site of the nuclear power plant under construction in Darkhovin, which it said violated international law, according to Mehr News Agency, although it didn’t mention when the strike took place.
Iran’s Deputy Foreign Minister Gharibabadi said the US strike on the under-construction power plant was a dangerous attack on Iran’s peaceful infrastructure, and the US must bear full responsibility for any escalation and the resulting insecurity and instability.
IRGC said it destroyed 20 warehouses used by US forces in the Azraq region of Jordan, resulting in the deaths of dozens of soldiers, according to Al Jazeera Mubasher.
IRGC said two ships were involved in an “accident” after attempting to transit the Strait of Hormuz via an unsafe route, and that two other vessels abandoned the route, while it warned that vessels influenced by the US and entering unsafe routes will certainly face accidents. It was later reported that IRGC said two oil tankers were blown up after attempting to transit the southern route in the Strait of Hormuz.
Iran’s interior minister will meet Pakistan’s leadership in Islamabad on Monday, while it was reported that Iraq’s PM is to visit Tehran in the week ahead.
Tehran Times noted reports of an unprecedented rise in opposition to the war within various ranks of the US military, while it noted that refusals by US personnel to carry out orders from superiors are increasing at an unprecedented rate, citing multiple intelligence sources.
Kuwait’s Defence Ministry said Iran conducted sustained strikes against civil and critical infrastructure on Kuwaiti territory, which caused multiple fires and severe damage.
Yemen’s Houthi group said it will issue a statement on Monday to announce an important position.
US TRADE
EQUITIES
US stocks ended the final trading session of the week in the red, with Communication Services, Consumer Discretionary, and Technology the laggards ahead of the start of Mag-7 earnings next week. Energy was the only sector in the green and buoyed by the gains in the crude complex amid continued escalation in US/Iran relations. On the data front, import and export prices sent mixed signals as export prices declined by more than expected, while import prices rose 0.3% M/M, well above the expected 0.7% decline. Elsewhere, the University of Michigan Consumer Sentiment Index exceeded expectations, while one-year inflation expectations fell to 4.2% from 4.6%, below the 4.3% consensus. However, five-year inflation expectations were unchanged at 3.3%, disappointing expectations for a decline to 3.1%.
SPX -1.01% at 7,458, NDX -1.49% at 28,593, DJI -0.77% at 52,151, RUT -0.42% at 2,962.
US President Trump said maybe Canada should pay some damages for wildfires, and that he spoke with Canada’s PM Carney regarding the fires, while Trump added that they have a good relationship with Canada and have no tension with anybody regarding trade.
US Secretary of State Rubio said he anticipates Chinese President Xi will visit the US in September, and that China is sending teams to the US to prepare for the Xi visit.
UK trade negotiators made last-minute concessions to India that could undermine Tata Steel UK’s Llanwern plant in Newport, in order to secure a much-lauded trade deal, according to some industry insiders cited by FT.
NOTABLE HEADLINES
US President Trump posted “Wonderful news! I have just been informed that Giant Eagle, a GREAT American Grocery Company, will be lowering Prices, by a lot, across more than 300 products this Summer, through Labor Day, to help hardworking American families”.
US hurricane centre said Tropical Depression Two formed off Florida’s west coast.
APAC TRADE
EQUITIES
APAC stocks traded somewhat mixed following the US-Iran escalation over the weekend, in which the sides ramped up their strikes after two US service members were killed during an Iranian strike on Jordan, while key participants were away owing to the holiday closure in Japan for Marine Day.
ASX 200 was rangebound with light pertinent catalyst and a lack of data releases overnight.
KOSPI underperformed as the tech-related losses late last week caught up with the index on return from a 3-day weekend, while South Korea had temporarily banned new listings of single-stock leveraged ETFs tied to tech companies like Samsung Electronics and SK Hynix to curb extreme market volatility.
Hang Seng and Shanghai Comp rallied with strength seen in energy and tech-related stocks amid higher oil prices and reports that launched a preview of its flagship Qwen3.8 Max model, which is said to be comparable to leading frontier AI models. Furthermore, the PBoC maintained its benchmark LPRs for the 14th consecutive month, while China’s leaders are expected to decide on additional stimulus measures at the Politburo meeting this month.
US equity futures were mixed amid US-Iran escalation and ahead of key earnings.
European equity futures indicated a positive cash market open with Euro Stoxx 50 futures up 0.3% after the cash market closed with losses of 0.8% on Friday.
FX
DXY traded little changed amid a lack of pertinent catalysts for the US outside of geopolitics and with the Fed in a blackout period. On the trade front, US President Trump said maybe Canada should pay some damages for wildfires, and he spoke to Canadian PM Carney regarding the fires, but added that they have a good relationship with Canada and have no tension with anybody regarding trade.
EUR/USD pared early losses and eked slight gains, but with upside limited in the absence of FX-related drivers and with the bloc facing a collapse in support for new economic sanctions against Russia as some members refuse to back measures that could damage their corporate champions. Looking ahead, the ECB will decide on rates later in the week and is widely expected to stand pat, after hiking last month, but keep the option open for a September move.
GBP/USD reversed initial declines to just about trade in the green as Andy Burnham prepares to take over as PM today, while he is reportedly to drop plans for a digital ID in a ‘reset of priorities’, and will focus on cost-of-living policies. There were also conflicting comments regarding North Sea oil as US President Trump posted that Burnham “stated that he will be opening up, all the way, the invaluable North Sea Oil!”, although FT reported that Labour Party Deputy Leader Powell said Burnham will stick to the ban on new exploration licences in the North Sea.
USD/JPY was indecisive amid the mixed risk appetite and absence of Japanese participants for Marine Day.
Antipodeans rebounded from an early dip alongside higher oil prices and resilience in the metals complex.
PBoC set USD/CNY mid-point at 6.7948 vs exp. 6.7821 (prev. 6.7934)
FIXED INCOME
10yr UST futures were subdued as higher oil prices stoked inflationary pressures, and with cash treasuries trading shut overnight due to the holiday in Japan.
Bund futures revisited last week’s trough amid the rise in oil prices, while participants look to the ECB meeting later in the week, with the central bank expected to stand pat, but keep the option open for a hike in September.
COMMODITIES
Crude futures rallied with Brent back above USD 90/bbl after the US and Iran ramped up their exchange of strikes following the death of a couple of US service members due to Iran attacking Jordan on Friday, while CENTCOM announced the 9th consecutive night of strikes against Iran, and Iran continued to retaliate against the US and allies.
Syria has emerged as a regional hub for Iraqi fuel oil exports, with more than a quarter of Middle East fuel oil shipments transiting Syrian Mediterranean ports, according to the Syrian state news agency.
Oil loadings at the Caspian Pipeline Consortium’s terminal on the Black Sea coast were suspended following a drone attack.
Spot gold was indecisive and traded on both sides of the USD 4,000/oz level, with initial pressure seen as oil prices climbed, before gradually returning to flat territory.
Copper futures eked out mild gains alongside the outperformance in red metal’s largest buyer.
CRYPTO
Bitcoin lacked direction with price action choppy beneath the USD 65,000 level.
NOTABLE ASIA-PAC HEADLINES
Chinese Loan Prime Rate 1Y (Jul) 3.00% vs. Exp. 3.00% (Prev. 3.00%)
Chinese Loan Prime Rate 5Y (Jul) 3.50% vs. Exp. 3.50% (Prev. 3.50%)
China’s top leaders are expected to decide on additional stimulus measures this month following a sharp slowdown in Q2 GDP, with leaders expected to focus on speeding up bond issuance at their next Politburo meeting, expected to take place during the final week of July, according to FT.
China’s Foreign Ministry said it will closely monitor the UK’s nationalisation of British Steel, which was previously owned by Jingye, while it said it will take appropriate measures to safeguard legitimate rights and interests if warranted.
China warned of severe flood risks with the flood control system remaining severe and complex, as the country’s main rain belt shifted south.
Alibaba (9988 HK) launched a preview of its flagship Qwen3.8 Max model, which is said to be comparable to leading frontier AI models, and second only to Anthropic’s Fable 5.
GEOPOLITICS
RUSSIA-UKRAINE
Russia and Ukraine exchanged fresh strikes on warehouses and ports over the weekend.
Ukrainian President Zelensky said that they struck three oil depots in Russia’s Stravpol region, while Foreign Minister Sybiha said Russia conducted its largest ballistic missile barrage against Kyiv since the beginning of the Russia-Ukraine war, involving around four dozen ballistic missiles.
Moscow’s Mayor reported overnight drone incidents, and TASS estimated that the attempted drone attack on Moscow is one of the largest in several years, while Russian authorities said that 400 marches were launched towards Moscow although most were neutralised.
EU is facing a collapse in support for new economic sanctions against Russia, with members refusing to back measures that could damage their corporate champions, according to FT citing diplomats.
EU/UK
NOTABLE HEADLINES
UK’s Andy Burnham is to drop plans for a digital ID in a ‘reset of priorities’ and will focus on cost-of-living policies, when he becomes PM on Monday.
US President Trump posted “The People of Aberdeen, in Scotland, are dancing in the streets because the new Prime Minister, Andy Burnham, has stated that he will be opening up, all the way, the invaluable North Sea Oil!”. However, FT reported that Labour Party Deputy Leader Lucy Powell said Burnham will stick to the ban on new exploration licences in the North Sea.
German Chancellor Merz sees an opportunity for a cabinet reshuffle following the resignation of the conservative bloc’s parliamentary group head Spahn.
DATA RECAP
UK Rightmove House Prices MM (Jul) -1.0% (Prev. -0.6%)
UK Rightmove House Prices YY (Jul) -0.4% (Prev. -0.5%)
end
NORTH AND SOUTH KOREA AND JAPAN
SOUTH KOREA
JAPAN
3 CHINA/
China Is Building A System To Track Asteroids That Could Potentially Smash Into Earth
Monday, Jul 20, 2026 – 02:45 AM
China is expanding its planetary defense efforts with a new asteroid detection network aimed at spotting dangerous space rocks long before they become a threat to Earth, according to the South China Morning Post.
SCMP writes that the planned system will pair a network of powerful ground-based telescopes with satellites in orbit, giving scientists the ability to monitor the sky around the clock. Space-based sensors can also detect asteroids approaching from the sun’s direction—objects that are especially difficult for Earth-based observatories to see.
Li Mingtao, the chief scientist overseeing the project, said there are currently no known asteroids expected to strike Earth. Even so, he cautioned that many medium-sized objects capable of causing widespread regional destruction have yet to be discovered.
According to Li, astronomers have already identified more than 95% of near-Earth asteroids larger than one kilometer in diameter, which are large enough to trigger global consequences. But the search is far less complete for smaller bodies. Scientists estimate they’ve located only about 45% of asteroids roughly 140 meters across—large enough to wipe out a city or devastate an entire region.
Li said these missing asteroids represent the biggest concern because they are difficult to detect until they are relatively close, and some can approach from blind spots created by the sun’s glare.
If the system identifies a potentially hazardous object, it will analyze the asteroid’s orbit, estimate the odds of an impact, and notify authorities if the risk reaches a dangerous level.
China has also stepped up research into planetary defense in recent years, hiring specialists and refining software used to predict collision risks. Officials believe the most effective defense remains a kinetic impact mission—crashing a spacecraft into an asteroid to slightly alter its course before it reaches Earth. Other proposed methods, such as lasers, particle beams, or using a spacecraft’s gravity to tug an asteroid off course, remain largely theoretical and would generally require much longer to work.
END
‘Going Dark’: The High-Tech Tricks Behind Illegal Chinese Fishing In The Pacific
The interception of a Chinese vessel accused of illegal fishing highlights the technical lengths many use to remain undetected across millions of square kilometres of open ocean.
The vessel was allegedly running with its navigation light turned off and transmitting false data showing it to be in different area – an increasingly common practice known as “spoofing.”
After boarding the ship, officers found it did not hold a valid permit to fish the area, detaining the vessel and escorting it to the Port of Funafuti for further investigation.
Sea Shepherd Australia Chair Peter Hammarstedt said illegal fishers were increasingly “going dark” by switching off their automatic identification systems, or using them to broadcast false information.
“It’s very common practice, especially in the Pacific Ocean, for Chinese fishing vessels to transmit false positions,” Hammarstedt told AAP.
“If you go onto some vessel tracking software websites, you’ll see some Chinese fishing vessels appear on land, like in the Mongolian desert, for example.
“Obviously the fishing vessel isn’t there, but is operating elsewhere and simply inputting false data to mislead investigators.”
In the case of the Lu Rong Yuan Yu 138, it was allegedly transmitting a location that put it squarely on the equator at 0 degrees, raising the suspicions of investigators.
Sea Shepherd has partnered with Tuvalu Police for the past two years, since the nation’s only operational patrol boat was damaged in a cyclone.
The small island nation monitors a marine domain covering roughly 750,000 square kilometres, with limited assets to keep an eye on such a large area, meaning most illegal fishing operations go undetected.
“The fishing vessels that do this kind of behaviour operate under the expectation that they’re just not going to get caught,” Mr Hammarstedt said.
Australia and Pacific nations have recently ramped up efforts to clamp down on illegal fishing under the Pacific Islands Forum Fisheries Agency Fishing Authorisation.
“The Tuvaluans live by the sea, with the sea, and have done so for hundreds and hundreds of years,” Hammarstedt said.
“When I see illegal fishing on an industrial scale happening in the Tuvaluan waters, I see this as theft from the Tuvaluans.”
END
CHINA
Taiwan’s President Ratchets Anti-China Rhetoric In Party Speech: Must Resist ‘Red Terror’ Of Beijing
Sunday, Jul 19, 2026 – 07:50 PM
President Lai Ching-te said on Sunday that Taiwan must renew efforts to protect its democracy and never become part of China. He urged members of his Democratic Progressive Party (DPP) to oppose the “red terror” coming from Beijing.
The ruling DPP champions Taiwan’s separate identity from China, and is working to combat what Lai called China’s “legal warfare”.
“I also expect comrades within the party to stand on the front lines, unite as one, and jointly oppose the threat posed by China’s ‘red terror’ to Taiwanese society,” Lai added, speaking in Taiwanese, rather than the main language of government, Mandarin.
“We must work together to protect our democratic and free way of life, and absolutely never allow ‘democratic Taiwan’ to turn back and become ‘China’s Taiwan’,” he said.
“Regardless of ethnic group, regardless of who came earlier or later, anyone who identifies with Taiwan is a master of the country. Taiwan’s future must be decided jointly by the 23 million people of Taiwan,” he said.
One establishment US publication has held up a prime example of Beijing’s “legal warfare” against an autonomous Taiwan in the following:
On March 12, China’s legislature adopted the Law on Promoting Ethnic Unity and Progress (Chinese; English translation), a sweeping new statute that codifies Beijing’s approach toward China’s 56 officially recognized ethnic groups. Substantively, the law enshrines a decades-long shift towards aggressive assimilationist policies. Structurally, it reflects a deepening merger of Party ideology and state law that is becoming increasingly prevalent under Xi Jinping.
This new law is the culmination of a policy trajectory that has been building for over a decade, dating back to the 2014 Central Ethnic Work Conference. Under Xi, Beijing is steering away from the post-1949 legal framework of nominal ethnic autonomy (albeit under tight Party control) imported from the Soviet Union. In its place, officials have steadily been pivoting towards what scholars have termed “second-generation ethnic policies”—an aggressive assimilationist approach that emphasizes a common Chinese national identity over accommodation of ethnic differences. Provincial and municipal authorities across China have enacted a wave of local “ethnic unity and progress” regulations in recent years, such as those in Xinjiang (2015) or Inner Mongolia (2021). The new national legislation elevates this approach to the level of a national statute governing all of China.
The new law’s core concept is captured in the term zhulao – to “forge” or “cast” metal – and its instruction that “forging the communal consciousness of the Chinese nation” is core to the Party’s ethnic policies. As James Leibold has pointed out, this phrasing reflects a hardening of Beijing’s political line under Xi Jinping – explicitly written into the Party’s Charter at the 19th Party Congress in 2017 – aimed at “melting” subnational and ethnic identities into a shared collective one.
Meanwhile, on a global stage Beijing has continued to present itself as the only peace guarantor and as a force for stability and is seeking ‘Taiwan’s willing participation’ – at a moment the Middle East is on fire largely as a result of American policy and quickness to result to force and surprise attacks.
And yet, President Trump has of late publicly touted his personal relationship with Chinese President Xi Jinping as “amazing”. Planned weapons deal with Taiwan have been indefinitely put on hold as Washington tries to repair relations with Beijing.
END
4. EUROPEAN AND SCANDINAVIAN COMMENTARIES PLUS NATO
A British woman out for a long countryside hike with her daughters found herself being shadowed by a creepy migrant male for miles.
The footage is clinical, relentless, and deeply unsettling. No confrontation is shown. No words are exchanged on camera. Just the steady pursuit across English fields and paths that once felt like the safest places in the country.
This is the England being delivered by successive governments that treat rural communities as dumping grounds for unchecked military aged foreigners.
In an instagram post, the woman wrote “This is what it’s come to. Yesterday, in broad day light; I was out with my 3 little girls and this guy appears from no where, we were literally in the middle of a field and he just popped up and followed us until I managed to get us on the road where he then just stood and watched us.”
She added, “My heart was racing as he was pretty close until he saw I was filming. My girls were absolutely petrified, I kept telling them, don’t be scared, don’t look back, just keep going. No one should be made to feel like this and we should be able to walk around, where we live without having to look over our shoulders, especially in broad day light.”
Here are the original clips with a further commentary on the incident from the woman who says the migrant was making sexual noises at them.
The clip, shared widely this week, lands at the exact moment other stories reveal the same pattern. At Dungavel Immigration Removal Centre in South Lanarkshire, Scotland, male detainees were caught peering into women’s bedrooms from outside.
A review by the Chief Inspector of Prisons found groups of men hanging outside the windows of female rooms. Forty-three per cent of the women, who need constant chaperones, said they felt unsafe going outside.
One woman told inspectors: “We cannot go outside because of the males and our time to do things are quick because of them.”
The centre was also holding a man assessed as a risk of harm to women and another with impending prosecutions for sexual offences.
The few female asylum seekers there were so distressed by the behaviour that staff escorts became standard. The men, according to the report, asked inspectors why they were not allowed to “mix with female detainees.”
This is the same system now preparing to drop large numbers of single adult males into quiet English villages with almost no consultation.
In the tiny Oxfordshire village of Piddington, population around 370, residents recently voted 96 per cent in favour of a symbolic independence referendum. Nearly 180 adults cast ballots. One hundred and seventy-five said yes.
The trigger was the Home Office plan to house up to 1,250 single adult male asylum seekers at a former Ministry of Defence site sitting between Piddington and Upper Arncott.
Utility companies have already been instructed to prepare connections. Work is eyed for late summer. No detailed public proposal or full impact assessment has been published.
Parish Council Chairman Tim McNally described the result as “truly astonishing.” He said: “Self-determination is what people want whilst they are being ignored and driven into a corner. This is a natural human instinct and reaction.”
Local resident Graham Rixon put it more bluntly: “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.”
He added that most would probably not speak the language and that “inadequate provision has been made.” Another resident, Gwen McEwan from nearby Arncott, called the prospect “frightening.”
The site sits next to a children’s play area. The nearest shop is more than two miles away with no pavement along the B-road. Residents note that people currently walk the village at night without consequence. That comfort is precisely what is being put at risk.
Similar plans have targeted other small communities. In one case a village of just 150 people faced 121 migrants placed in new-build houses next to a playground and primary school. Teenage girls began taking longer routes home.
In Barnham, Suffolk, a village of 600 faces over 1,000 asylum seekers at a disused RAF site two minutes from a primary school.
Residents have started teaching children to lock doors and stay quiet. Fencing already has holes.
In Crowborough, East Sussex, locals formed volunteer security patrols after hundreds of single male asylum seekers arrived at a former training camp. Women began carrying personal alarms and taking self-defence classes in daylight. One volunteer described the patrols as “a visible presence to provide safety and security. We are a deterrent.”
The pattern is consistent. Single adult males, many arriving illegally by boat, are moved out of hotels and into rural sites with minimal infrastructure and even less local say.
Projections show migrants absorbing a large share of new housing while British households remain on long social housing waiting lists.
The policy is sold as ending the “hotel” image. In practice it simply relocates the same pressures onto communities that never asked for them and lack the policing or services to absorb sudden demographic change.
Rural England was once defined by the freedom to walk its paths without looking over your shoulder. That freedom is being eroded by design. The government treats small villages as surplus capacity.
The safety of women and children is treated as secondary to the political imperative of dispersing arrivals as quickly and quietly as possible.
Piddington’s near-unanimous vote will not legally detach the village from the United Kingdom. It does something more important. It records, in public, the precise moment ordinary people decided they would no longer pretend this is sustainable.
The English countryside is not a warehouse. The people who live there are not collateral.
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END
UK
UFinnish MEP Warns Britain Is ‘Worst Example’ Of Free Speech In Europe After Entry Ban
Finnish MEP Sebastian Tynkkynen has warned that Britain is fast becoming the worst example in Europe when it comes to defending free speech after he became the latest elected European politician to be banned from entering the country ahead of his appearance at the inaugural Conservative Political Action Conference (CPAC) Great Britain.
In a video posted on social media, the conservative politician said, “I was just banned from entering the U.K. I am an elected member of the European Parliament and was invited to speak at the very first conservative CPAC conference in the U.K.
“We had the adverts out, flights and hotel booked, and I was supposed to head to the airport in just two hours.
“Then, only moments ago, I was informed that my presence wouldn’t be conducive to the public good.
“Throughout my political career, I have defended our girls and women from the threats posed by mass migration. For some, like U.K. Prime Minister Keir Starmer, this is hate speech.
“For me, it is simply what all politicians should be doing: addressing the problem, changing the legislation and sending them home.”
Tynkkynen then warned the British people that something is “deeply wrong” with their country, and that it was “becoming the worst example in Europe of the death of freedom of speech.”
He urged them to change their leadership if they wanted to change their lives “for the better.”
Tynkkynen is a member of the co-governing Finns Party, a right-wing populist party that is currently the second-largest in the Finnish parliament. The party holds seven of the 19 ministerial positions in Prime Minister Petteri Orpo’s coalition government.
He is also a member of the European Conservatives and Reformists Group (ECR), the European parliamentary faction originally founded by the U.K. Conservative Party when Britain was still a member of the European Union.
Tynkkynen is the latest in a growing list of European and US politicians and political commentators to be banned from Britain after the Home Office deemed their conservative views not to be “conducive to the public good.”
This is the phrase used by the U.K. government in notices handed to individuals when they are informed that their Electronic Travel Authorisation (ETA) has been revoked.
In May, Polish MEP Dominik Tarczyński vowed to sue U.K. Prime Minister Keir Starmer personally after the Home Office cancelled his permission to travel to Britain ahead of a major patriotic rally in London.
“This is what communism looks like in the 21st century,” Tarczyński said.
“Starmer will be sued by me. Not the government, not the Home Office, but Starmer personally. Once you lose the next election, communist, we’ll meet in court!” the conservative politician added.
Other figures banned ahead of speaking at the London rally back in May included Dutch conservative activist Eva Vlaardingerbroek, US commentator Joey Mannarino, MAGA influencer Valentina Gomez and Spanish political commentator Ada Lluch.
Over the past decade our political system has chewed through and spat out Prime Ministers at a faster rate than Premier League football teams burn through managers. As Andy Burnham enters 10 Downing Street, why would we think there is any reason he will do much better – in terms of longevity – than his immediate predecessors? I’m keeping my eyes peeled for a bookmaker offering odds on Burnham being removed from office before the next election rather than at it.
As the Labour Party slowly coalesced around a consensus that Starmer simply had to go there was an oft repeated refrain of, ‘We have to get this right first time if we are going to do it, we only have one chance.’
The theory here seems to be that ditching a leader – however unpopular – and finding a fresh one is not the sort of thing that the electorate approve of. They have passed their judgement at the ballot box and are usually unimpressed when the powers-that-be decide to second guess that decision.
More generally, ditching an incumbent leader against their will gives the impression of chaos and instability. It gives such an impression precisely because chaos and instability are typically what have brought about the decision to make a change.
The circumstances around removing a Prime Minister are always different but can be broadly batched into three categories – they are based on aesthetics, ideology or health. The last two are easier to explain to the public than the first. Margaret Thatcher was removed for ideological reasons – she was unwilling to retreat on the hugely unpopular poll tax and was also pursuing a European policy that a large chunk of her party disapproved of. On the basis of needing to wholly reset our approach to the EU, David Cameron jumped and Theresa May was pushed.
These sorts of switches of leader seem to have a fair chance of working. Indeed, each of Thatcher’s, Cameron’s and May’s successors went on to retain office at a General Election.
But changing Prime Minister just on the basis that the outgoing leader wasn’t very good and without a clear and explicit shift in an area of policy seems fraught with electoral danger. Callaghan and Brown went on to lose elections having entered office mid-term. Both had different approaches to their predecessor but there wasn’t a single, specific and explicable change in policy.
Similarly, the switch from Johnson to Truss and then swiftly onto Sunak didn’t appear to improve the standing of the Conservatives amongst the electorate. In fact, it probably worsened it.
Burnham finds himself in the same vague, messy scenario. He didn’t launch a coup against Starmer because he fundamentally disagrees with him on, say, the war in Iran or Net Zero or membership of the ECHR. Instead, it’s simply based on Labour’s abysmal poll ratings, Starmer’s catastrophic approval ratings and the hope that a fresh approach to ‘comms’ can somehow revive the party’s fortunes.
It’s early days (indeed, we are not yet even in the early days of a new administration as I write these words), but the evidence of recent polls suggests little or no Burnham bounce for Labour.
The governing party remains stubbornly stuck on only around 20% in the polls. If there was a wave of national enthusiasm – or even a noticeable trickle – about Burnham entering Downing Street, one would have expected some sort of uplift in the polls in anticipation of it happening. So far, nothing.
Burnham’s supporters will insist – or at least hope – that once we see their man in action as our actual PM the electorate will warm to him. He is certainly a more charismatic politician and a better communicator than Starmer, but I’m sceptical that this will meaningfully move the dial of public opinion.
If our new Prime Minister has a markedly different economic strategy to that of the last two years, I’ve yet to hear it (or at least I’m yet to understand what the various vague analyses and prescriptions put forward actually amount to).
He lamented a “series of wrong turns in the 1980s” – his teenage years – which, he believes, sent the country on the path to ruin.
“Political power was centralised and economic power was privatised,” he said in his coronation speech as Labour leader on Friday.
“The country surrendered control of the essentials, housing, water, energy, transport and left people exposed to higher costs.”
He lumps the Thatcher years and everything that followed, Tory or Labour, as “four decades of the neoliberalism that began in the 1980s [which] have not been kind to the places that built our party”.
His solution is “control” – more state ownership, more diktats from politicians.
All of this suggests to me that we are likely to continue on the pathway of taxes being dialled up, growth being low, debt increasing and public spending ballooning (particularly welfare spending). I suspect if there is any Burnham honeymoon at all, it will be very brief.
If this is so, what happens if in a year or so the Labour Parliamentary party is still staring down the barrel of electoral oblivion? Having decided to twist rather than stick when it came to Starmer, might the same apply to Burnham? In such a scenario, it will likely be too late to change policy direction in any dramatic fashion – the party will be locked in as a government that seeks to tax and spend to the maximum. However, desperate folk in politics are prone to throw the dice. Having set the precedent of throwing the captain overboard because the polling numbers look bleak it can easily become habit-forming. Historically, the Conservatives have had a much greater propensity for regicide than Labour, but there’s no persuasive reason why the latter couldn’t adopt the same psychopathy.
This is why I’m looking forward to a book opening on Andy Burnham’s departure date, even if it seems a bit mean-spirited to do so right at the start of his reign.
Samuel Johnson once wrote that “when a man is tired of London, he is tired of life.” Today, however, there seems to be one group that is tired of London: millionaires.
In the last week of June 2026, one of the world’s most famous antique fairs, the Treasure House Fair, took place in London, attracting collectors and dealers from around the globe. But this year, what attracted attention wasn’t only the antiques; it was the drop in foot traffic. At the time, the New York Times reported that “many dealers are facing a significant drop in foot traffic, or can no longer afford to have a showroom at all.”
The lack of customers for high-end items hints at the shift—the UK has recently surpassed China as the world leader in millionaire emigration. In 2025, roughly 16,500 millionaires left the country. China ranked second, with fewer than half that number. But Samuel Johnson should take note, because these millionaires aren’t tired of life; they’re tired of a mission-led government.
When the Labour government came to power in 2024, it had a clear vision of the model of governance it wanted to pursue: mission-led government. Following the advice of Mariana Mazzucato (professor in the Economics of Innovation and Public Value at University College, London), the government embraced the idea that the state should become more entrepreneurial, stop viewing public spending as merely an expense, and subsidize key sectors in pursuit of a mission-directed economy.
After nearly two years, one lesson has become clear: nothing is worse for entrepreneurs than an entrepreneurial state.
One simple fact about mission-directed governance is that it requires more money—and that money has to come from somewhere. Since taking office, the government has introduced £40 billion ($53.4 billion) in tax rises in its first budget and added £186 billion ($248 billion) to the national debt, which is now close to the UK’s annual GDP.
Labour’s mistake began from the outset. It assumed that Britain’s fundamental problem was simply that the government didn’t spend enough. Chancellor Rachel Reeves argued that “the only way to drive economic growth is to invest, invest, invest. There are no shortcuts.” But the mission Reeves’s government believes in is not necessarily the mission Britain’s businesses believe in.
Mariana Mazzucato’s mission-driven model has attracted supporters from across the political spectrum—from the nationalist right, which wants to revive American manufacturing, to the left, which wants to achieve net zero or reduce inequality. But the central problem remains: Which mission should we choose?
Mazzucato herself might prioritize net zero, inclusive employment, or reducing inequality. But achieving any mission requires the government to direct economic outcomes. As Friedrich Hayek famously warned, “To be controlled in our economic pursuits means to be controlled in everything.” Every government mission requires government direction. Yet governments lack the knowledge to determine which direction an economy should take, as the Labour government’s experience already illustrates. If politicians truly knew which industries represented the future, they probably wouldn’t be in government. As Deirdre McCloskey has asked social engineers: If you’re so smart that you know where the economy should go, why aren’t you rich?
The consequence of this mission-led approach has been an ever-growing search for new sources of tax revenue. As one cabinet minister reportedly complained in a leaked WhatsApp message, “Every meeting I have is who can we tax in order to pay benefits to others.”
That mindset has helped drive millionaires out of the UK; but it’s not confined to Labour alone. In March 2024, the previous Conservative government abolished the long-standing non-domicile tax regime, ending tax exemptions on foreign income and gains. Then came further increases to capital gains tax, inheritance tax, and corporation tax. Someone has to pay for the mission, I suppose.
The outlook also appears increasingly uncertain. Prime Minister Sir Keir Starmer has resigned, and Andy Burnham, the former mayor of Manchester, has become the new prime minister, after returning to the House of Commons by winning in the Makerfield by-election. Journalist Andrew Neil once remarked that every time Burnham “opens his mouth, he adds to public spending.”
Markets no longer appear to trust the government’s fiscal direction. UK government bond yields are now the highest in the G7, and the borrowing costs that forced Liz Truss from office after less than two months have become the new normal.
But what the Labour government needs isn’t more public spending. It needs a theory of growth. Growth does not require an entrepreneurial state. It requires a government willing to step aside. The UK government wants to be entrepreneurial while also redistributive, to raise taxes while remaining business-friendly. The new prime minister tellingly described his ideology as “business-friendly socialism.”
Economic growth does not emerge from offices in Whitehall. It emerges from the garages, workshops, and start-ups of entrepreneurs. Growth has microeconomic foundations: businesses take risks because they expect to enjoy the rewards of success, not to see them redistributed elsewhere.
The government does not need to push entrepreneurs, assign them missions, or direct their investments. What Professor Mazzucato and the Labour government fail to appreciate is that the great strength of the free market is precisely that it has no single mission or master plan. Instead, it is guided by millions of individuals pursuing different plans, each tested through competition.
Britain should once again embrace individual autonomy in economic life, and reject politicians who believe they know better than everyone else which direction the economy should take.
Flights Cancelled Across Europe As Spain, Germany, France, Austria, And More Cancel 85 And Delay 2,448, Disrupting Air France, Austrian Airlines, Lufthansa, And Others
Thousands of travelers across Europe are facing a difficult day after 2,448 flight delays and 85 cancellations disrupted travel across France, Germany, Spain, the Netherlands, the United Kingdom, Austria, Switzerland, Denmark, Ireland, and Iceland. Frankfurt recorded the greatest delays, while London, Paris, Zurich, Amsterdam, Vienna, Madrid, Berlin, and Edinburgh also experienced significant disruptions. Austrian Airlines emerged as the hardest hit with over a hundreds delayed flights, followed by British Airways, Air France, Lufthansa, and KLM. The widespread disruption is being driven by a combination of operational challenges, congestion at major European hubs, and continuing geopolitical uncertainty as a result of the escalating hostilities between the US and Iran.
Frankfurt recorded the highest number of delays with 283 flights.
Austrian Airlines recorded the highest number of delayed flights across the affected airports with 153.
United Airlines recorded the highest number of cancellations among airlines with 15.
What Led To The Disruptions In Europe Today?
Today’s disruption stems from a combination of operational challenges, and busy summer travel demand, all of which can quickly spread delays. Because major hubs such as Frankfurt, London, Paris, and Vienna are closely connected through thousands of daily flights, even localized operational issues can create knock-on delays across Europe.
The wider geopolitical environment has also remained under close watch. On July 17, an Iranian ballistic missile and drone attack targeted a U.S. base in Jordan, killing two American service members. In direct response, the United States launched a large wave of airstrikes. This lead to a surge in interest for “us base in jordan” and “strait of hormuz us strikes” online as the situation remains volatile.
While European airports have continued operating, heightened security concerns, changing airspace considerations, and cautious airline planning linked to instability in the Middle East have added further pressure to an already complex operating environment, contributing to ripple effects for some international services.
Worst-Hit European Airports
Frankfurt, Germany
Frankfurt experienced 283 delays and 5 cancellations, making it the busiest disrupted airport in Europe today. Lufthansa accounted for the largest share of delayed flights, followed by Condor, Discover, and Air Dolomiti, reflecting pressure on one of Europe’s largest aviation hubs.
Paris Charles de Gaulle, France
Paris Charles de Gaulle reported 255 delays and 10 cancellations. Air France saw the highest number of disrupted flights, with easyJet, HOP!, Delta Air Lines, and United Airlines also affected.
Zurich, Switzerland
Zurich handled 247 delayed flights alongside 10 cancellations. Swiss experienced the largest number of delays, while Air Baltic, Helvetic, Austrian Airlines, and Lufthansa also faced operational disruption.
Vienna, Austria
Vienna recorded 243 delays and 7 cancellations. Austrian Airlines accounted for the overwhelming majority of delayed flights, with additional disruption affecting Lauda Europe, Air Baltic, Eurowings, and Ryanair.
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London Heathrow, England
London Heathrow recorded 268 delays and 10 cancellations. British Airways was by far the most disrupted airline at the airport, while United Airlines, American Airlines, Delta Air Lines, and Emirates also experienced delays affecting international passengers.
Airlines Most Disrupted by Flight Cancellations & Delays
Austrian Airlines
Austrian Airlines recorded 153 delayed flights and 8 cancellations, making it the most disrupted carrier across the affected European airports, largely driven by extensive delays at Vienna and additional operational impacts in Zurich.
British Airways
British Airways experienced 139 delays and 4 cancellations, with most disruption concentrated at London Heathrow, Europe’s busiest international gateway.
Air France
Air France registered 125 delayed flights and 3 cancellations, primarily at Paris Charles de Gaulle, where heavy traffic and operational constraints slowed flight movements.
United Airlines
Although not among the most delayed carriers, United Airlines recorded the highest number of cancellations with 15, affecting services through Heathrow, Paris, Zurich, Frankfurt, Dublin, Edinburgh, and Keflavik.
What Can Impacted Passengers Do?
Check your airline’s latest flight status before leaving for the airport.
Allow additional travel time if flying through airports such as Frankfurt, London Heathrow, Paris Charles de Gaulle, or Amsterdam Schiphol, where operations may remain busy.
Monitor airline notifications for gate changes, revised boarding times, or possible rebooking options.
Keep essential medicines, chargers, travel documents, and a change of clothes in your cabin baggage if your journey is extended.
If your connection is affected, contact your airline as early as possible to discuss available alternatives.
Keep receipts for eligible expenses if your airline advises reimbursement under its applicable policies.
Stay informed through official airport and airline updates as conditions can change throughout the day.
Overview of Flight Cancellations And Delays
Europe’s aviation network continues to feel the strain as thousands of delayed flights ripple through some of the continent’s busiest cities. Travelers departing from or connecting through London, Paris, Frankfurt, Madrid, Barcelona, Amsterdam, Vienna, Zurich, Dublin, Berlin, Copenhagen, Edinburgh, and Reykjavik have encountered schedule changes ranging from modest delays to outright cancellations. Major carriers including Austrian Airlines, British Airways, Air France, Lufthansa, Ryanair, easyJet, KLM, Swiss, United Airlines, and Iberia have all experienced operational disruption. Because these airlines operate extensive connecting networks, delays in one city can quickly affect aircraft and crews scheduled for later flights in another. As Europe’s busy summer travel season continues, passengers are being urged to closely monitor their flight status and remain prepared for further operational adjustments throughout the day.
Data Verification Notice
The Data is extensively curated by me with figures derived from Flightaware dated 19th July 1:00 pm ET USA
Primary Source: Real-time data aggregated via FlightAware.
Verification Protocol: Statistics are cross-checked by our human editorial desk. Timestamped logs and feed snapshots are securely archived internally to maintain historical accuracy.
Note: Real-time tracking figures represent active airspace data and may experience minor variances from local airport terminal gates.
Travelers are advised to check respective airline and airports for more latest information and updates
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Germany To Join French Nuclear Exercise, Deepening ‘Counter-Russia’ Deterrence
Sunday, Jul 19, 2026 – 07:35 AM
In the latest development related to what some analysts have called the ‘new Cold War’ and nuclear saber-rattling between Russia and the West, Germany and France are planning a major nuclear exercise later this year.
The atomic drills were announced Friday, after a joint top-level meeting of the French and German governments near Cologne. “Alongside this work on a shared doctrine, German conventional forces will this year take part in a nuclear exercise of the French military,” German Chancellor Friedrich Merz unveiled.
He detailed while at a press event alongside French President Emmanuel Macron that a “strategic steering group” established by the leading European allies would continue looking at deterrence in the future, with an eye on Russia.
“This is complementary to our nuclear participation and deterrence within NATO, which we still hold to,” he added. He also previewed “a maneuver in the autumn held on the initiative of France” – while speaking of the Ukraine war.
“We will clarify together what form exactly this participation will take,” he said.
France is newly positioning itself at the forefront of nuclear deterrence for Europe, a role that the United States has long assumed, and currently still does.
According to some of Macron’s statements at the same event: “Patriotism, yes; nationalism, never. At a time when Europe is rearming, to think that each of us separately accumulating capabilities is the way history is going is absurd.” More details have been offered in the following:
Mr Macron and Mr Merz began the defence council at Nörvenich air base beside a French Rafale and a German Eurofighter – a symbolic backdrop after the aircraft designed to replace them was scrapped.
Nuclear deterrence offers one field where the strained partnership can still move forward.
German troops would play a conventional supporting role and would not control French weapons. Berlin will also help develop radar and space-based systems for detecting ballistic and hypersonic missiles.
Currently the United States and the UK, which both maintain nuclear arsenals, form the core of NATO’s nuclear deterrence strategy. While France also possesses nuclear weapons, it does not yet participate on a leadership level in NATO’s nuclear planning group. The US military also contributes F-35, refueling aircraft, and other support planes.
Russia has not infrequently held its own strategic drills over the course of the last several years of war in Ukraine. It has also become the ‘new normal’ for Russia and Europe to hold rival conventional war games, amid threats, warnings and ongoing miliary flexing.
Europe’s heatwave is disrupting energy and transport, with low river levels restricting barge traffic on the Rhine and driving up shipping costs for fuel, coal, and other goods.
High river temperatures have forced France to cut nuclear power generation, reducing electricity output as reactors face cooling constraints.
The extreme weather is adding to Europe’s energy challenges, increasing inflationary pressures and threatening economic growth alongside ongoing disruptions from the Strait of Hormuz crisis.
The intense early summer heatwave in Europe is warming the biggest rivers and drying up their water levels, disrupting energy deliveries, power generation, and key supply chain routes.
The heatwaves in Europe started as early as June, with record-breaking temperatures for weeks on end in Europe’s biggest economies, Germany and France.
As a result, rainfall was severely limited, and key inland transportation river routes were affected by navigation restrictions, with curbs on the freight volumes a barge can ship. This, in turn, has raised shipping costs and added additional strains to the economies at a time when the protracted Strait of Hormuz crisis is already hiking Europe’s energy costs and inflation.
On top of economic and inflationary effects in Germany, the heatwave actually curbed electricity supply in France.
Early this week, France’s nuclear power generation was slashed by 6.4 gigawatts (GW), or about 14% of the country’s total power demand for the day, amid the heatwave that hiked river temperatures and limited the ability of the nuclear power plants to use the water to cool reactors.
This is not the first time France has had to curb output at reactors and limit nuclear power production due to high summer temperatures.
France still exported electricity to its neighbors despite reduced nuclear power output, but these events appear to be becoming more frequent as heatwaves last longer with more extreme temperatures.
The same goes for disruption to shipping on the 800-mile-long Rhine River, the biggest inland shipping corridor in Europe, which is critically important for Germany’s and central Europe’s supply of coal, diesel, and goods.
The Rhine handles an enormous amount of supplies for Europe, including fuel and coal, adding to supply chain issues that the Hormuz crisis has created for sea routes.
The Rhine River, which runs northwest from Switzerland through Germany, France, and the Netherlands into the North Sea, is a major petroleum product transportation corridor in Europe. Due to the heatwaves and drought, the levels on the river are low and have now become too shallow for many barges shipping petroleum products to pass. Barges are not being fully loaded to keep them lighter on the water, which lifts shipping costs and delays shipments of coal, fuels, and other goods.
The Kaub gauge, on the Middle Rhine between Koblenz and Mainz, sits at the shallowest chokepoint on the river. It sets the maximum draft and, therefore, the laden weight for every barge moving between the Amsterdam-Rotterdam-Antwerp ARA seaports and the industrial hinterland of the Rhine valley, shared by Germany, France, and Switzerland.
The previous major crisis with low Rhine water levels was in 2022, and in 2018 before that.
The 2022 critically low Rhine levels occurred when the first energy crisis hit Europe and its economy after the Russian invasion of Ukraine.
This summer, the low Rhine level due to scarce rainfall and intense heatwaves coincides with the Middle East crisis to mount additional pressure on industry, energy supply and prices, transportation costs, and ultimately, inflation.
Water level at the Kaub chokepoint is now at its lowest level in decades for mid-July, which has hiked the freight cost to ship diesel from Rotterdam to southern Germany by more than 50% in the past week.
The early heatwaves and low river levels could pressure Germany’s industry and economy, which has just managed to shake off the initial shock from the Middle East crisis.
Back in 2018, the low Rhine levels in November 2018 led to a 1.5% decline in Germany’s industrial production, which in turn lowered Germany’s GDP by 0.4%, according to the Kiel Institute for the World Economy.
This year, the end-June heatwave cost the German economy more than $6.8 billion, or 6 billion euros, an exclusive analysis by economic research firm Prognos for German business daily Handelsblatt showed this week.
In the future, Germany could see three or four intense heatwaves each summer with temperatures exceeding 35 C, or 95 F. Prognos has estimated that Germany could lose 1 billion euros, or $1.14 billion, on each day in which temperatures exceed 35 C. Thus, the annual damage to the German economy could top 20 billion euros, or $23 billion.
END
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS//
SATURDAY//ISRAEL/IRAN/USA
Kuwait Pounded By Iranian Barrage As Oil And Desalination Plants Come Under Attack
Saturday, Jul 18, 2026 – 08:45 AM
Kuwait was bombarded overnight in one of the fiercest Iranian retaliatory strikes since the US-Iran conflict erupted in late February, with missiles and one-way drones targeting power infrastructure and other critical energy assets.
Local outlet Kuwait News Agency reports an unspecified site of the Kuwait Petroleum Corporation suffered “significant material losses” as the week-long flare-up in Gulf tensions has derailed any near-term normalization of tanker flows through the Strait of Hormuz.
There was a report that the Al-Subiya power station was struck. This marks the second attack on Kuwaiti power infrastructure in just days, after a transformer at the Zour South electricity and desalination complex was hit on Friday.
Authorities disconnected several power-generating units as a precaution and urged residents to conserve electricity. A Kuwaiti army base was also struck during the latest escalation, injuring several personnel.
Bahrain and Jordan intercepted Iranian missiles and drones. The overnight barrage followed a seventh consecutive night of US strikes targeting Iranian surveillance sites, weapons storage, logistics infrastructure and maritime offensive capabilities as the Department of War seeks to erode Tehran’s leverage on the Hormuz waterway.
Surge in more large US refueling planes headed to Mideast, signaling likely expansion of strikes on Iran.
US attacks hit Iranian energy and transport infrastructure.
Iran threatens stronger retaliation and claims strike on US base in Qatar – and deepens attacks to include US outposts in Jordan, Syria.
Iran urges power conservation; Hormuz shipping traffic declines further.
Oil prices rise to session highs on fears of broader regional conflict.
Brent chart
The latest Hormuz tanker transit data via Bloomberg shows that activity at the maritime chokepoint has all but ceased. This data is based on ships activating their transponders and doesn’t account for ships that ‘go dark’…
Latest overnight headlines (courtesy of Bloomberg):
US-Iran Escalation
The US launched its seventh consecutive night of strikes against Iran on Friday at 3 p.m. ET, aimed at degrading Iran’s military capabilities, including hitting bridges, energy infrastructure, and a port facility in southern Iran, according to Iranian state media.
The conflict has intensified beyond military targets, with the US striking six road bridges and reports of attacks near Bushehr’s nuclear power plant and the province of Lorestan, raising fears of a return to full-scale war.
The hostilities were triggered by an Iranian drone strike on a cargo ship in the Strait of Hormuz on June 25, just days after the US and Iran signed a preliminary ceasefire deal, setting off a chain of escalating attacks.
Iran has threatened a “full-scale offensive” in response to US strikes, with the Strait of Hormuz remaining virtually closed as of Saturday.
Iran Attacks Kuwait
Iran launched a heavy barrage on Kuwait on Saturday morning, striking a vital oil facility and causing significant material losses and injuries, according to Kuwait Petroleum Corporation via state news agency KUNA.
Kuwait airport suspended flights following the Saturday attacks, which triggered multiple rounds of sirens from around dawn.
Iran also struck a power and desalination plant and a transformer at the Zour South facility, causing a fire and marking Tehran’s first targeting of power infrastructure during the current escalation.
Kuwait’s foreign ministry accused Iran of systematically targeting civilian sites and vital infrastructure, saying it “endangers the lives and safety of civilians.”
Iran’s Counterstrikes
Iran has been targeting US bases in Kuwait, Jordan, and Bahrain in retaliation for US strikes. The IRGC claimed its 20th wave of “Nasr 2” operations destroyed several American aircraft at a US airbase in Jordan.
US-sanctioned Iranian tankers are U-turning and zig-zagging in the Gulf of Oman as the US enforces an aggressive blockade of Iranian shipping, having redirected three merchant ships, boarded one vessel, and disabled a non-compliant tanker.
Energy Market Impact
Crude oil prices surged sharply, posting their biggest rise since April, as fears of renewed escalation grew and shipping traffic through the Strait of Hormuz slumped significantly.
The Strait of Hormuz shutdown is expected to spark massive investments aimed at permanently reducing reliance on the chokepoint, restructuring global energy infrastructure and trade flows, according to Bloomberg Intelligence.
END
END
Iran claims coordinated attacks on US military sites in Kuwait, Jordan, Bahrain
Sirens, missile interceptions, and reported damage followed as Iran claimed attacks on US bases in Kuwait, Jordan, and Bahrain.
A satellite view shows the Ali Al Salem Base, after Iranian strikes, near Al Jahra, Kuwait, March 1, 2026.(photo credit: Planet Labs PBC/REUTERS)ByJERUSALEM POST STAFFJULY 18, 2026 13:37Updated: JULY 18, 2026 15:05
Iran’s Islamic Revolutionary Guard Corps (IRGC) claimed responsibility for numerous attacks on US military sites in Kuwait, Jordan, and Bahrain on Saturday morning, according to Iranian state media outlets.
Sirens sounded early Saturday morning in Kuwait when drones targeted US ammunition stores and communication assets at Ali Al Salem Air Base, along with other installations, according to a statement from Kuwaiti Army forces, and Iranian state media.
Following these attacks, a fire reportedly broke out at a power generation and water desalination plant in Kuwait, as stated by the country’s Electricity, Water, and Renewable Energy Ministry. The ministry added that several power generation units were shut down and that efforts were ongoing to contain the fire and carry out repairs.
The Kuwait Fire Force later reported that firefighters and workers sustained injuries while responding to fires caused by the Iranian attacks.
In its subsequent statement claiming responsibility for the Kuwait attacks, the IRGC warned that countries hosting US forces should expect “corresponding responses” if their territory is used for attacks on Iran, as reported by the IRGC-linked Tasnim news agency.
Smoke rises following a strike on the Bapco Oil Refinery, amid the U.S.-Israeli conflict with Iran, on Sitra Island Bahrain, March 9, 2026; Illustrative. (credit: REUTERS/STRINGER/FILE PHOTO)
IRGC strikes Jordan with drones, ballistic missiles
The IRGC also claimed to have targeted US military assets at the Muwaffaq Salti Air Base and the Al-Azraq Base in Jordan.
Jordanian authorities later reported that their forces intercepted a total of ten Iranian ballistic missiles and four drones on Saturday, according to Jordanian media citing the country’s military.
No casualties or material damage were reported as a result of the attack.
Additionally, the IRGC also claimed responsibility for an earlier attack in Bahrain at Sheikh Isa Air Base, where US combat aircraft were stationed, as well as at an intelligence data center known as Batelco, according to Iranian state media.
Sirens sounded in Bahrain several times over the course of Saturday morning, according to reports from the Bahraini Interior Ministry.
END
USA/ISRAEL/IRAN
US Strikes Take Out 116 Telecoms Towers In Southern Iran
Saturday, Jul 18, 2026 – 09:55 AM
Communications and even the supply of drinking water has been severely impacted in some places of southern Iran, amid continuing US airstrikes on civic and national infrastructure, amid the seventh consecutive day of war.
“Hormozgan’s chief of communications and information technology says the US’s overnight attacks disrupted telecommunications in Bandar Abbas and Hajiabad, in the northern part of the province,” Al Jazeera reports
Authorities there have tallied at least 116 telecommunication towers which were taken out of service due to the US onslaught. This has resulted in outages and disruptions of fixed-line, mobile, and internet services, per Tasnim news agency.
This suggests the US is returning to a strategy which seeks to create destabilization within, targeting the ability of the public to communicate and access information, returning the situation to the early weeks of the war, which saw Tehran authorities themselves curb internet and some telecoms access for the citizenry.
It might also be that the US simply perceives infrastructure like telecommunications towers as utilized chiefly by the government and military, in a dual-use way, and so is ready to punish entire swathes of the country in order to cripple this ability.
It could be Washington still maintains the fantasy of fomenting a mass uprising against government leadership by imposing as much daily hardship and disruption, and economic pain as possible. Of course, the biggest squeeze is the blockade of Iranian ports and disallowing the country’s ability to sell oil.
The Wall Street Journal this week observed that it will continue to be ordinary Iranians feeling the immense strain:
Iran’s economy is already buckling under the combined weight of years of sanctions and soaring inflation. The conflict has intensified those pressures by damaging factories, disrupting trade and payments, shutting down internet access and further weakening the currency.
Consumer prices in June were up 88.6% from a year earlier, according to official statistics. Just in the first few days of July, the price of a tray of eggs in Tehran shot up by 40%, to the equivalent of $3.30, according to Iran’s Fars news agency, which is close to the paramilitary Islamic Revolutionary Guard Corps.
It seems the US wants to create the conditions of a return to the January economic protests, which resulted in thousands of deaths, which involved protesters and rioters clashing with police and security services, the latter which suffered deaths too as clearly some of the anti-government elements were armed.
According to more of the Iranian economy’s spiral via the WSJ report:
Iran’s gross domestic product is expected to shrink by 5.4% this year, according to forecasts by the International Monetary Fund prepared before the recent uptick in fighting.
According to Kahalzadeh’s calculations, only the top 3% of Iranian households are able to afford the full food basket recommended by Iranian health officials. Many families are buying basic groceries like rice, meat and pasta on credit via a government program. Others are eliminating meat from meals and purchasing staples one at a time as their wages lose value.
Below: Despite US bombs blowing up vital telecoms infrastructure, there’s a renewed effort by Saudi-Israeli aligned opposition media to accuse the regime of imposing a new internet blackout…
Meanwhile the war on infrastructure is only growing more aggressive and somewhat unprecedented. Power is one thing, but going after the population’s water supply?…
“Iranian authorities also said the supply of drinking water to several villages in the south had been cut off, accusing the US of striking power facilities and desalination plant pumps in the village of Bonji, according to Tasnim,” Al Jazeera writes.
Already Iranians nationwide have been urged to conserve electricity – for example by switching off air conditioners during peak hours, amid an ongoing severe strain on the power grid. Things look to get a lot worse for Iranians, and the outlook for broader war, before they get better.
END
IRAN/ISRAEL SAUDI ARABIA
SATURDAY
Two American Troops Killed In Attacks On Jordan Base As Iran Declares MoU Deal Is Over
Saturday, Jul 18, 2026 – 01:35 PM
Summary
CENTCOM says two US troops killed in Iranian attack on Jordan base.
Iran formally suspends MoU with the US, declaring agreement is over & commitments will no longer be fulfilled.
Fighting escalates into seventh strait day of heavy bombings.
Iran reportedly struck a US base in Saudi Arabia for the first time in four months.
US strikes disrupt southern Iran’s telecom network, knocking out 116 communication towers amid new infrastructure war.
Iran pounds Kuwait’s energy infrastructure, damaging power & desalination facilities.
Footage has been widely circulating over the past half-day showing massive Iranian ballistic missile strikes on Jordan. Iran said it targeted a US base there, and took out various aerial and radar assets, and caused casualties among American troops.
But the Pentagon has been radio silent on the extent of potential damage, until now: US officials are reporting that two American service members were killed in the overnight Iranian attack. According to emerging details in Axios:
Two U.S. service members were killed and more wounded in an Iranian ballistic missile attack on an airbase in Jordan on Saturday, military officials said.
This is the first time U.S. troops have been killed since the fighting resumed two weeks ago. The incident raises the number of U.S. service members killed in the war to 16.
On Saturday at least two Iranian ballistic missiles hit the Muwaffaq Salti Air Base in Jordan, which hosts U.S. troops and fighter jets.
CENTCOM posted to X, officially confirming the news: “On July 17, two U.S. service members in Jordan were killed in action as U.S. Central Command (CENTCOM) and partner forces defended against Iranian ballistic missile and drone attacks. Additionally, one service member is currently missing in action.”
The statement has noted additional injuries: “Four American service members were medically evacuated to Jordanian hospitals. They have since been discharged. Other personnel who were evaluated for minor injuries have returned to duty,” CENTCOM said.
Iran Formally Suspends MoU
It is now “official”: the Iranians have declared that the signed Memorandum of Understanding (MoU) with the United States is dead. Tasnim is reporting Saturday that Iran will no longer fulfill its MoU obligations amid alleged repeat US violations. The past weeks have seen each side hurl warnings and threats to pull out, while attaching conditions that must be fulfilled.
But after what is now a full week of renewed fighting, it has been effectively torn up, with negotiations no longer happening. Al Jazeera is citing a top Iran official’s precise statement on suspending the MoU in the following:
Previously, we have seen again and again Iranian officials accusing the US of violating the MoU and also putting some conditions if the aggression continues.
What we’re seeing is Kazem Gharibabadi, Iran’s deputy foreign minister, who is also head of the Iranian technical negotiating team, saying that in practice, the US has violated all the commitments and suspended the MoU entirely.
“We also likewise have suspended all of our commitments as a result; we are no longer implementing those commitments,” he added.
So, officially, this is the first time the Iranians are saying the MoU is over and they’re not going to implement any clause.
Given President Trump has apparently just ordered dozens more aerial refueling planes to the region, the conflict looks to continue going up the escalation ladder for at least the next week or longer. Each side will seek to impose more economic and military pain, while waiting for the other to blink. Battle of narratives over damage and retaliation:
Saudi Arabia has come under attack by Iranian missiles in the last 24 hours, the kingdom is confirming on Saturday, in a major escalation given that this is a first since near the start of the war several months ago. According to Reuters:
The Saudi civil defense early on Saturday issued two early warnings for Al-Kharj city and Yanbu to be alert to “potential danger,” but it later says the danger has passed in both areas, without providing details on the danger that triggered the warnings.
A US official tells the Axios news site that Iran targeted an American military base in Saudi Arabia with a ballistic missile, the first time that the Islamic Republic has directly attacked the kingdom in four months.
Locations in Jordan and even Syria have also been hit in recent salvos, but the US military has downplayed these attacks – and there’s a battle of narratives over just how destructive these have been amid the fog of war.
As we featured earlier, Iranian communications and even the supply of drinking water have been severely impacted in some places of southern Iran, amid continuing US airstrikes on civic and national infrastructure, amid the seventh consecutive day of war. “Hormozgan’s chief of communications and information technology says the US’s overnight attacks disrupted telecommunications in Bandar Abbas and Hajiabad, in the northern part of the province,” Al Jazeera reports
Authorities there have tallied at least 116 telecommunication towers which were taken out of service due to the US onslaught. This has resulted in outages and disruptions of fixed-line, mobile, and internet services, per Tasnim news agency.
This suggests the US is returning to a strategy which seeks to create destabilization within, targeting the ability of the public to communicate and access information, returning the situation to the early weeks of the war, which saw Tehran authorities themselves curb internet and some telecoms access for the citizenry.
Kuwait Power & Desalination Plant Hit
Kuwait was bombarded overnight in one of the fiercest Iranian retaliatory strikes since the US-Iran conflict erupted in late February, with missiles and one-way drones targeting power infrastructure and other critical energy assets.
Local outlet Kuwait News Agency reports an unspecified site of the Kuwait Petroleum Corporation suffered “significant material losses” as the week-long flare-up in Gulf tensions has derailed any near-term normalization of tanker flows through the Strait of Hormuz.
There was a report that the Al-Subiya power station was struck. This marks the second attack on Kuwaiti power infrastructure in just days, after a transformer at the Zour South electricity and desalination complex was hit on Friday.
Authorities disconnected several power-generating units as a precaution and urged residents to conserve electricity. A Kuwaiti army base was also struck during the latest escalation, injuring several personnel.
Bahrain and Jordan intercepted Iranian missiles and drones. The overnight barrage followed a seventh consecutive night of US strikes targeting Iranian surveillance sites, weapons storage, logistics infrastructure and maritime offensive capabilities as the Department of War seeks to erode Tehran’s leverage on the Hormuz waterway.
Surge in more large US refueling planes headed to Mideast, signaling likely expansion of strikes on Iran.
US attacks hit Iranian energy and transport infrastructure.
Iran threatens stronger retaliation and claims strike on US base in Qatar – and deepens attacks to include US outposts in Jordan, Syria.
Iran urges power conservation; Hormuz shipping traffic declines further.
Oil prices rise to session highs on fears of broader regional conflict.
Brent chart
The latest Hormuz tanker transit data via Bloomberg shows that activity at the maritime chokepoint has all but ceased. This data is based on ships activating their transponders and doesn’t account for ships that ‘go dark’…
Overnight headlines
…courtesy of Bloomberg:
US-Iran Escalation
The US launched its seventh consecutive night of strikes against Iran on Friday at 3 p.m. ET, aimed at degrading Iran’s military capabilities, including hitting bridges, energy infrastructure, and a port facility in southern Iran, according to Iranian state media.
The conflict has intensified beyond military targets, with the US striking six road bridges and reports of attacks near Bushehr’s nuclear power plant and the province of Lorestan, raising fears of a return to full-scale war.
The hostilities were triggered by an Iranian drone strike on a cargo ship in the Strait of Hormuz on June 25, just days after the US and Iran signed a preliminary ceasefire deal, setting off a chain of escalating attacks.
Iran has threatened a “full-scale offensive” in response to US strikes, with the Strait of Hormuz remaining virtually closed as of Saturday.
Iran Attacks Kuwait
Iran launched a heavy barrage on Kuwait on Saturday morning, striking a vital oil facility and causing significant material losses and injuries, according to Kuwait Petroleum Corporation via state news agency KUNA.
Kuwait airport suspended flights following the Saturday attacks, which triggered multiple rounds of sirens from around dawn.
Iran also struck a power and desalination plant and a transformer at the Zour South facility, causing a fire and marking Tehran’s first targeting of power infrastructure during the current escalation.
Kuwait’s foreign ministry accused Iran of systematically targeting civilian sites and vital infrastructure, saying it “endangers the lives and safety of civilians.”
Iran’s Counterstrikes
Iran has been targeting US bases in Kuwait, Jordan, and Bahrain in retaliation for US strikes. The IRGC claimed its 20th wave of “Nasr 2” operations destroyed several American aircraft at a US airbase in Jordan.
US-sanctioned Iranian tankers are U-turning and zig-zagging in the Gulf of Oman as the US enforces an aggressive blockade of Iranian shipping, having redirected three merchant ships, boarded one vessel, and disabled a non-compliant tanker.
Energy Market Impact
Crude oil prices surged sharply, posting their biggest rise since April, as fears of renewed escalation grew and shipping traffic through the Strait of Hormuz slumped significantly.
The Strait of Hormuz shutdown is expected to spark massive investments aimed at permanently reducing reliance on the chokepoint, restructuring global energy infrastructure and trade flows, according to Bloomberg Intelligence
END
END
SATURGAY NIGHT//ISRAEL/IRAN/USA
State Department Issues “Worldwide Caution” As US-Iran Tit-For-Tat Spirals Into Regional Crisis
Saturday, Jul 18, 2026 – 05:55 PM
Summary
CENTCOM Says US Forces Launch New Strike On Iran
State Dept. Issues Worldwide Warning
CENTCOM says two US troops killed in Iranian attack on Jordan base.
Iran formally suspends MoU with the US, declaring agreement is over & commitments will no longer be fulfilled.
Fighting escalates into seventh straight day of heavy bombings.
Iran reportedly struck a US base in Saudi Arabia for the first time in four months.
US strikes disrupt southern Iran’s telecom network, knocking out 116 communication towers amid new infrastructure war.
Iran pounds Kuwait’s energy infrastructure, damaging power & desalination facilities.
CENTCOM said US forces struck Iranian missile and radar systems stationed along the Strait of Hormuz, further dismantling Tehran’s surveillance and strike capabilities while eroding its ability to control the maritime chokepoint.
“Today at 6 p.m. ET, U.S. forces began launching new airstrikes against Iran at the Commander in Chief’s direction,” CENTCOM wrote on X.
CENTCOM added, “The strikes are designed to further degrade Iran’s ability to threaten commercial shipping in the Strait of Hormuz and swiftly punish Islamic Revolutionary Guard Corps forces who launched attacks against American service members in Jordan last night.”
Iranian ballistic missile strikes on Jordan’s Muwaffaq Salti Air Base, which killed two U.S. service members and injured others, are likely to trigger a major U.S. retaliation.
The U.S. State Department issued a worldwide caution, warning: “Due to heightened tensions in the Middle East, the security environment remains complex, with the potential for unforeseen escalation.”
Will tensions ease before the NY futures open on Sunday evening?
END
ISRAEL/IRAN/USA/SUNDAY
US-Iran Tit-For-Tat Spirals Towards Broader Conflict
Sunday, Jul 19, 2026 – 08:45 AM
The escalation pathway in the renewed tit-for-tat conflict between the US and Iran is becoming increasingly alarming and has been underway for eight days.
US forces reportedly struck Qeshm Island and the southern Iranian cities of Shadegan, Sirik and Hajiabad, while Tehran retaliated with drone and missile attacks targeting US bases and critical infrastructure across Kuwait, Qatar and Bahrain, according to Bloomberg, citing Iranian state media.
The latest escalation could open the door for Israel to rejoin the fight. Itamar Ben Gvir, an Israeli security cabinet minister, told listeners on Israeli radio that he hoped President Trump would strike Iran hard.
Iran’s latest attacks moved beyond military targets to now civilian infrastructure, which has been troubling.
Kuwaiti Ministry of Electricity warned earlier today that its power and desalination plants have come under attack for the second straight day by Iranian projectiles.
US Central Command described the latest US strikes as seeking to reduce Tehran’s offensive capabilities on the Strait of Hormuz that threaten commercial shipping and “swiftly punish” Islamic Revolutionary Guard Corps forces behind the Jordan attack that killed two US soldiers and left another missing in action.
By now, the interim ceasefire deal signed by the US and Iran is in flames, as US forces have renewed their blockade of Iranian ports and the Trump team has tightened sanctions on Tehran’s oil exports
Latest overnight headlines (courtesy of Bloomberg):
US-Iran Military Tit-For-Tat Escalation
Two US service members were killed and another went missing in action during Iranian ballistic missile and drone attacks in Jordan on Friday; four others were evacuated to Jordanian hospitals.
The US launched fresh strikes on Iran overnight Saturday, hitting Qeshm Island in the Persian Gulf and southern cities including Shadegan, Sirik and Hajiabad, according to Iranian media.
Iran suspended its commitments under the interim deal with the US as both sides continued exchanging strikes on infrastructure and military targets.
Bahrain said it intercepted several Iranian aerial attacks on Sunday.
Jordan evacuated Aqaba’s airport and seaport due to a specific and credible threat, with the US embassy advising Americans to avoid both locations.
Hormuz Chokepoint Tensions
Iran’s Revolutionary Guards said four vessels attempted to transit the Strait of Hormuz via an unauthorized route; two were stopped after accidents and two turned back.
Iran accused the ships of attempting to disrupt transit through the strait with “support from American terrorists” and said they had turned off their navigation systems.
Iran rushed out approximately $6 billion of oil during a brief truce with the US in mid-June to mid-July, with around 20 Iranian tankers arriving off Malaysia’s east coast, with China as the likely ultimate destination, according to analysts, per the Wall Street Journal.
Regional Impact & Kuwait Strikes Crisis
Kuwait suffered some of its worst Iranian retaliatory attacks, with strikes on a vital oil facility causing significant damage and injuries, and a second power plant hit in as many days.
Kuwait airport suspended flights and Kuwait Airways rescheduled the majority of its flights following the attacks.
Iraq is using a large fleet of trucks to carry fuel through Syria to bypass the Strait of Hormuz, rapidly making Syria the Middle East’s top export hub, accounting for more than a quarter of regional volumes.
Oil Market Woes
Renewed fighting is raising the risk of an oil price spike as global supply buffers have been worn thin, with emergency stockpile releases and reduced Chinese imports having previously helped avert a crisis when the Strait of Hormuz first closed in March.
Concerns over re-escalation of the war pushed oil prices sharply higher following Iran’s heavy attacks on Kuwait.
Ahead of US futures opening later today, IG’s Weekend Oil and US Crude are up about 2%.
The IG oil market is a weekend CFD market that lets traders speculate on where WTI crude will reopen when regular futures trading resumes Sunday evening.
On Friday, Brent crude futures jumped 4% to nearly $88 a barrel, putting the crude oil on track for its biggest weekly gain since April.
A must-read this weekend as Hormuz normalization dramatically slows:
Iran’s IRGC continues to insist that it along is in control of the Strait of Hormuz, as it continues firing on foreign vessels seeking to traverse the Strait of Hormuz outside of Iran’s ‘approved’ zone and protocol. According to some of the latest developments on this front, via regional media:
One of two Greek-owned tankers hit by projectiles in the Strait of Hormuz has been abandoned by its crew after fire was reported on the vessel.
The crew was rescued by a tugboat after abandoning the Maltese-flagged Kavomaleas owned by Greece’s Dynacom Tankers.
Earlier, UKMTO reported fire onboard the tanker north of Kuzmar, Oman. It had been stranded in the Arabian Gulf after spending months offshore of Saudi Arabia.
It appeared to exit the Strait of Hormuz on July 2 although its AIS tracking was turned off.
Various locations across Iran meanwhile continued to get pummeled by US aerial attacks. Iran in turn has been heavily targeting Bahrain on Monday.
“The US launched an aerial attack on one of the areas in Shiraz, it resulted in no casualties, and the situation is under control,” IRIB reports. Currently, FM Araghchi is said to be en route to Pakistan, as mediators scramble to contain the war.
Air war alone cannot dislodge a large military/regime, hence the dilemma of restraint vs. quagmire and new forever war…
The US military is bombing Iran for what is now the ninth straight day of renewed fighting, in a campaign which has expanded to include both civic and military infrastructure, also as Iranian retaliatory attacks keep up the pressure on the Gulf states, and have reached into Jordan, which deadly effect on an American base there.
Iranian authorities have said at least 50 people were killed and more than 500 after the return to war in the last three weeks. State media has reported that eight were killed in a single bridge strike on Friday.
American deaths have become evident as well, with US soldiers confirmed killed in a Saturday CENTCOM announcement. The Pentagon said Sunday a third US servicemember was killed in northern Iraq Sunday, in what’s being described as an accidental death during a “controlled detonation” of a downed Iranian attack drone.
The US has identified that Lieutenant Tyler James Feehan, 25, of Ewa Beach, Hawaii, and Private Isabella Gonzales, 19, of Carrollton, Texas, were killed in the Jordan attacks Friday. They were there as part of the ongoing ‘counter-ISIS’ mission, the Pentagon further indicated.
Proposed Ceasefire, Efforts to Reboot Talks
Despite what has been several days of running escalation, Iran has it has received mediation proposals to restart negotiations with the United States, according to Foreign Ministry spokesperson Esmaeil Baghaei on Monday. Baghaei told state media that the country will continue to defend itself resolutely.
“I emphasize once again that the diplomatic apparatus continues to pursue its tasks jointly and in line with the defenders of the homeland in the armed forces. The proposals submitted through mediators have been communicated to us and have been received,” the spokesman said.
This as a new ceasefire proposal is said to be in the works, with the headline resulting in a drop in oil prices:
MEDIATORS PROPOSE 10-DAY CEASEFIRE BETWEEN IRAN, US: REUTERS
Miscalculation & ‘Full-Scale War’
According to more details of the fresh push for regional ceasefire via The Wall Street Journal:
Mediators were working to push the U.S. and Iran into a new ceasefire Monday, fearful the two foes could settle into a pattern where they keep conflict below the level of all-out war but disrupt regional economies indefinitely and run the risk of a miscalculation that escalates the fighting.
The efforts come after the U.S. carried out a ninth straight night of attacks, Iran retaliated against Arab allies including Kuwait and Bahrain, and another vessel in the Strait of Hormuz was hit by a projectile that started a fire and led the crew to abandon ship.
Qatar has floated the idea of a 10-day ceasefire and an end to restrictions on shipping in the strategic waterway, mediators said. It wasn’t clear whether either side was ready to accept a new halt to the fighting after the preliminary peace deal they signed in mid-June collapsed earlier this month, they said.
Joachim Klement, head of strategy at Panmure Liberum, has newly commented that investors “still think the US and Iran will go back to the negotiation table,” and stipulated that “Only once the US is no longer willing to negotiate do we expect markets to price higher oil prices for longer.”
However, statements out of Iran do not suggest de-escalation, with President Masoud Pezeshkian having said Monday his country is engaged in a “full-scale war” with the US and that Iranians must be ready accept the repercussions of the conflict.
“The reality is that today the Islamic Republic of Iran is engaged in a full-scale war. We must be realistic and accept the natural consequences of this resistance,” Pezeshkian said.
END
LATE MONDAY
Trump Vows Iran Will Pay ‘Many Times Over’ For US Troop Deaths, As Mediators Push 10-Day Ceasefire
Monday, Jul 20, 2026 – 01:00 AM
Summary
Fresh Strait of Hormuz attacks: Two Greek-owned tankers were hit, further escalating threats to shipping.
War keeps widening: US airstrikes continue as Iran retaliates with regional attacks, including on Bahrain.
Casualties rise: Deaths mounting on both sides of the conflict – especially after Iranian attacks on Jordan airbase.
Desperate ceasefire efforts: Mediators are proposing a 10-day ceasefire and renewed US-Iran talks.
Houthis escalate: Announce a maritime embargo on Saudi shipping, expanding regional tensions.
Trump: Iran Will Pay ‘Many Times Over’ For US Troop Deaths
After at least three more American troops were reported killed in Iranian attacks on Jordan and Iraq, President Trump has newly warned Monday that “Every time Iran kills an American soldier they will pay for that killing many times over!”
The Commander-in-Chief says further he’s given “directives” on a presumably impending US military response to Pentagon chief Pete Hegseth, as well as his generals.
Trump had on Saturday said the deaths of service members in Jordan are “a very sad thing.” He stated: “We hate to see it happen.” In follow-up he described that the retaliation on Iran would be in ‘honor’ of these fallen ‘patriots’.
Greek Tankers Hit, Also as Iran Targets Bahrain
Iran’s IRGC continues to insist that it along is in control of the Strait of Hormuz, as it continues firing on foreign vessels seeking to traverse the Strait of Hormuz outside of Iran’s ‘approved’ zone and protocol. According to some of the latest developments on this front, via regional media:
One of two Greek-owned tankers hit by projectiles in the Strait of Hormuz has been abandoned by its crew after fire was reported on the vessel.
The crew was rescued by a tugboat after abandoning the Maltese-flagged Kavomaleas owned by Greece’s Dynacom Tankers.
Earlier, UKMTO reported fire onboard the tanker north of Kuzmar, Oman. It had been stranded in the Arabian Gulf after spending months offshore of Saudi Arabia.
It appeared to exit the Strait of Hormuz on July 2 although its AIS tracking was turned off.
Various locations across Iran meanwhile continued to get pummeled by US aerial attacks. Iran in turn has been heavily targeting Bahrain on Monday.
“The US launched an aerial attack on one of the areas in Shiraz, it resulted in no casualties, and the situation is under control,” IRIB reports. Currently, FM Araghchi is said to be en route to Pakistan, as mediators scramble to contain the war.
Air war alone cannot dislodge a large military/regime, hence the dilemma of restraint vs. quagmire and new forever war…
Bahrain statement: “Bahrain’s Civil Aviation Affairs said Monday that an Iranian drone attack targeted civilian air navigation systems used to manage the country’s Flight Information Region as military escalation continues to rage on between Iran and the US.” Latest from CENTCOM:
The US military says it has disabled one ship and redirected seven in its continuing blockade of Iranian ports.
“As of July 20, the US military has redirected 7 commercial vessels and disabled 1 to prevent the ships from leaving or entering Iranian ports,” CENTCOM wrote on X.
Casualties Mount on Both Sides
The US military is bombing Iran for what is now the ninth straight day of renewed fighting, in a campaign which has expanded to include both civic and military infrastructure, also as Iranian retaliatory attacks keep up the pressure on the Gulf states, and have reached into Jordan, which deadly effect on an American base there.
Iranian authorities have said at least 50 people were killed and more than 500 after the return to war in the last three weeks. State media has reported that eight were killed in a single bridge strike on Friday.
American deaths have become evident as well, with US soldiers confirmed killed in a Saturday CENTCOM announcement. The Pentagon said Sunday a third US servicemember was killed in northern Iraq Sunday, in what’s being described as an accidental death during a “controlled detonation” of a downed Iranian attack drone.
The US has identified that Lieutenant Tyler James Feehan, 25, of Ewa Beach, Hawaii, and Private Isabella Gonzales, 19, of Carrollton, Texas, were killed in the Jordan attacks Friday. They were there as part of the ongoing ‘counter-ISIS’ mission, the Pentagon further indicated.
END
TBN ISRAEL SUNDAY
MONDAY/ISRAEL/IRAN/USA
Iran Says Two Tankers Exploded In Hormuz Chokepoint As Ship Traffic Near Standstill
Monday, Jul 20, 2026 – 06:55 AM
Visible maritime traffic through the Hormuz chokepoint remained subdued into the new week after Iranian forces allgedly targeted tankers attempting to transit the narrow waterway, including routes close to Oman. This comes as the US and Iran have been locked in a dangerous tit-for-tat escalation that has entered its ninth day.
UK maritime authorities reported an unverified vessel fire near Oman late Sunday. Reuters reports that Iran’s Revolutionary Guards claimed two crude oil tankers exploded and were immobilized while using what Tehran called an unsafe southern route in the Hormuz.
Bloomberg ship-tracking data shows that vessels crossing the Hormuz chokepoint have come to a near standstill as Gulf escalation has surged for the ninth day, with Iran targeting not just the maritime chokepoint but also US military assets at Jordan’s Aqaba airport with ballistic missiles, as well as US assets at Kuwait’s Al-Adiri camp and Ali Al Salem Air Base, and in Syria. Iran also hit civilian infrastructure, notably power generation and water desalination plants in Kuwait.
There is a power struggle for control over the critical strait. The US launched a series of airstrikes along the waterway to degrade Iran’s offensive capabilities.
US Central Command said overnight that it had begun “a new wave of strikes” aimed at “degrading” Iran’s ability to attack ships in the strait.
US Secretary of State Marco Rubio was quoted overnight by the outlet as saying that US forces would continue targeting Iran while it attacks global shipping lanes in the strait.
“The Strait of Hormuz are international waterways, and they continue to launch against the ships in that international waterway,” Rubio said.
He continued, “As long as Iran insists on controlling an international waterway, we’re gonna have to respond to that. The United States always remains open to a diplomatic solution.”
In markets, Brent crude futures are flat this morning around 06:30 ET. Brent trades around $88 a barrel, while WTI futures are around $82.
Brent briefly traded above the $90 handle for the first time since early June in the overnight hours but has since reversed the move.
“A near-term escalation in the Mideast now appears to be the key left tail risk which could tip the index lower. Broader infrastructure strikes or a Houthi-led Red Sea disruption likely sees Brent over $100 again,” UBS analyst Justinus Steinhorst noted, adding, “The desk’s preferred hedges are long Mideast Resilient {UBXEMERR} and E&Ps {UBXEXPO}.”
END
M ONDAY
Mediators Float 10-Day Ceasefire As Pezeshkian Tells Citizens Iran Engaged In ‘Full-Scale War’
Monday, Jul 20, 2026 – 08:55 AM
The US military is bombing Iran for what is now the ninth straight day of renewed fighting, in a campaign which has expanded to include both civic and military infrastructure, also as Iranian retaliatory attacks keep up the pressure on the Gulf states, and have reached into Jordan, which deadly effect on an American base there.
Iranian authorities have said at least 50 people were killed and more than 500 injured after the return to war in the last three weeks. State media has reported that eight were killed in a single bridge strike on Friday.
American deaths have become evident as well, with US soldiers confirmed killed in a Saturday CENTCOM announcement. The Pentagon said Sunday a third US servicemember was killed in northern Iraq Sunday, in what’s being described as an accidental death during a “controlled detonation” of a downed Iranian attack drone.
The US has identified that Lieutenant Tyler James Feehan, 25, of Ewa Beach, Hawaii, and Private Isabella Gonzales, 19, of Carrollton, Texas, were killed in the Jordan attacks Friday. They were there as part of the ongoing ‘counter-ISIS’ mission, the Pentagon further indicated.
Despite what has been several days of running escalation, Iran has it has received mediation proposals to restart negotiations with the United States, according to Foreign Ministry spokesperson Esmaeil Baghaei on Monday. Baghaei told state media that the country will continue to defend itself resolutely.
“I emphasize once again that the diplomatic apparatus continues to pursue its tasks jointly and in line with the defenders of the homeland in the armed forces. The proposals submitted through mediators have been communicated to us and have been received,” the spokesman said.
This as a new ceasefire proposal is said to be in the works, with the headline resulting in a drop in oil prices:
MEDIATORS PROPOSE 10-DAY CEASEFIRE BETWEEN IRAN, US: REUTERS
Joachim Klement, head of strategy at Panmure Liberum, has newly commented that investors “still think the US and Iran will go back to the negotiation table,” and stipulated that “Only once the US is no longer willing to negotiate do we expect markets to price higher oil prices for longer.”
However, statements out of Iran do not suggest de-escalation, with President Masoud Pezeshkian having said Monday his country is engaged in a “full-scale war” with the US and that Iranians must be ready accept the repercussions of the conflict.
“The reality is that today the Islamic Republic of Iran is engaged in a full-scale war. We must be realistic and accept the natural consequences of this resistance,” Pezeshkian said.
The situation on the ground does suggest this, amid reports that the US side is concealing or downplaying the true extent of damage on its regional bases as casualties mount:
Dozens of US military personnel were wounded and helicopters damaged during three Iranian strikes on American forces in Jordan last week, The New York Times reports.
Citing anonymous US officials, it said the Pentagon did not disclose the casualties and damage inflicted during the attacks, which came before Iran’s strike that killed two soldiers and left one missing on Friday in Jordan.
The total number of US personnel killed in the US-Israel war on Iran now stands at 17 with more than 400 wounded since the war was launched on February 28.
“Central Command is not required to release information about injured service members,” a US military official told the Times as part of the weekend report.
US and Iran engaged in another exchange of strikes after an Iranian attack on Jordan killed two US service members on Friday, while Tehran said it was suspending its commitments under the interim peace deal as strikes ramped up.
US President Trump said we hit Iran very hard again tonight and hit Iran in honour of probably three patriots who died, adding we are ending any chance of Iran having a nuclear weapon.
US Central Command announced the ninth consecutive evening of strikes against Iran, in which targets included Iranian military command centres, air defence and coastal surveillance sites, maritime capabilities, missile and drone launch sites, and communication networks, to further diminish Iran’s ability to attack commercial vessels and civilian mariners transiting the Strait of Hormuz. CENTCOM also announced it redirected 6 commercial vessels and disabled 1 to ensure full compliance, as of July 19th.
Explosions were heard in Iran’s Tabriz and the city of Jask in the Hormozgan province in southern Iran, while explosions were also reported in Sirik and Khormoj, southern Iran. Furthermore, there were explosions in Delijan in the southern Markazi province and Arak in western Iran, while air defences were activated in Konarak city, Sistan and the Baluchestan province in southeastern Iran.
Iran launched missiles from its Lorestan province in western Iran towards enemy targets, and blasts were reported at US bases in Kuwait and Bahrain, while explosions were also reported in the UAE’s Ras Al-Khaimah.
US is said to be planning for a wider war, according to a US official familiar with internal administration discussions, cited by The Washington Post.
US Secretary of State Rubio said the US remains open to a diplomatic resolution regarding Iran, while Rubio also stated that his meeting with the Lebanese President was very positive.
Iran’s nuclear agency condemned a US attack on the site of the nuclear power plant under construction in Darkhovin, which it said violated international law, according to Mehr News Agency, although it didn’t mention when the strike took place.
Iran’s Deputy Foreign Minister Gharibabadi said the US strike on the under-construction power plant was a dangerous attack on Iran’s peaceful infrastructure, and the US must bear full responsibility for any escalation and the resulting insecurity and instability.
IRGC said it destroyed 20 warehouses used by US forces in the Azraq region of Jordan, resulting in the deaths of dozens of soldiers, according to Al Jazeera Mubasher.
IRGC said two ships were involved in an “accident” after attempting to transit the Strait of Hormuz via an unsafe route, and that two other vessels abandoned the route, while it warned that vessels influenced by the US and entering unsafe routes will certainly face accidents. It was later reported that IRGC said two oil tankers were blown up after attempting to transit the southern route in the Strait of Hormuz.
UKMTO said it has received a report of the incident eight nautical miles northwest of Oman’s Khumsar, with a vessel on fire, but the cause has not been verified yet.
Tehran Times noted reports of an unprecedented rise in opposition to the war within various ranks of the US military, while it noted that refusals by US personnel to carry out orders from superiors are increasing at an unprecedented rate, citing multiple intelligence sources.
Kuwait’s Defence Ministry said Iran conducted sustained strikes against civil and critical infrastructure on Kuwaiti territory, which caused multiple fires and severe damage.
European Updates
Iranian Foreign Ministry spokesperson Baghaei said negotiations with the US could be pursued based on national interests and that intermediaries have shared messages with Tehran in recent days. Mediators are continuing their efforts to prevent escalation, and we have received proposals from them, but we will not go into details now. He added that they will not abandon talks with the US but Iran’s sovereign rights over the Strait of Hormuz are non-negotiable.
Al Jazeera source in Pakistan’s Interior Ministry said the Iranian Interior Minister arrived in Pakistan’s capital Islamabad today. Iran and Pakistan will hold extensive consultations on border management, cross-border security and the implementation of the Islamabad MoU, alongside other issues of mutual concern, Journalist Mallick reported.
The Yemeni Armed Forces said an announcement of an important position to be released at 3pm Sana’a time (13:00BST).
Explosions were sounded in Isfahan, however reports state they were caused by controlled explosions. Additionally, Iran’s Bushehr Governor said Bushehr was targeted twice by the American enemy.
Unofficial reports indicate that one drone struck the grounds of Kuwait’s main power plant, Tasnim reported.
END
ISRAEL TBN FRIDAY
END
HEZBOLLAH//LEBANON
Lebanese Army to deploy planned pilot program securing Hezbollah-free zones, sources tell ‘Post’
An Israeli official said after last week’s talks that the sides had reached an agreement on the two designated pilot areas.
A man on a motorcycle tries to convince Lebanese army officers to let him cross as they cordon off the site of an Israeli strike in the southern suburbs of Beirut, Lebanon, June 14, 2026.(photo credit: REUTERS/ZOHRA BENSEMRA)ByAMICHAI STEINJULY 20, 2026 10:33Updated: JULY 20, 2026 10:40
A pilot program under which Lebanese Armed Forces (LAF) troops will enter designated areas in southern Lebanon to verify they have been cleared of Hezbollah operatives and weapons is expected to begin in the near future, two sources familiar with the matter told The Jerusalem Post on Monday.
The development follows last week’s meeting in Rome between the Israeli and Lebanese delegations, led by Israeli Ambassador to the US Yechiel Leiter and Lebanese Ambassador to the United States Nada Hamadeh Mouawad, under the auspices of senior US administration officials.
An Israeli official said after last week’s talks that the sides had reached an agreement on the two designated pilot areas.
The official added that the discussions were constructive and further reinforced the understanding that Israel and Lebanon agree on the need to disarm Hezbollah.
“The pilot areas will serve as a test of Lebanon’s ability to exercise its sovereignty in practice by implementing the agreed-upon conditions through the Lebanese Armed Forces, under the supervision of [the United States],” the official said.
Lebanese President Joseph Aoun attends a cabinet session to discuss the army’s plan to disarm Hezbollah, at the Presidential Palace in Baabda, Lebanon. (credit: REUTERS/MOHAMED AZAKIR/FILE PHOTO)
US Secretary of State Marco Rubio and Lebanese President Joseph Aoun discussed the implementation of the trilateral framework agreement between the US, Lebanon, and Israel during Aoun’s visit to Washington on Sunday.
Aoun, according to a statement released by his office on X/Twitter, emphasized to Rubio the necessity for Lebanon and the US to remain in alignment regarding the implementation of the framework, specifically regarding the withdrawal of Israeli troops from designated pilot zones in southern Lebanon.
He also highlighted the importance of US support in strengthening the Lebanese military and investment in improving Lebanese energy, communications, and transportation infrastructure.
According to Aoun’s office, Rubio asserted that full Lebanese sovereignty “can only be achieved by a Lebanese decision issued by the Lebanese constitutional institutions.
Goldie Katz contributed to this report.
END
ISRAEL/HAMAS/HEZBOLLAH
Israel Advances Plan For Palestinian Prisons With Crocodile-Filled Moats
The Israeli government has stripped Nile crocodiles of their protected status, paving the way for a proposal to build a detention facility for Palestinians surrounded by the reptiles, Israeli media reported on Thursday.
Environment Minister Idit Silman signed a decree on Wednesday reclassifying Nile crocodiles as a “specially managed wild animal” – a new legal category that allows the state to keep the animals for security purposes, according to Israeli news site Ynet. In the decree, Silman said Israel’s security forces could now keep crocodiles under specific conditions.
According to Ynet, the move went against the advice of the Environment Ministry’s legal adviser and environmental groups. The decision follows months of pressure from National Security Minister Itamar Ben Gvir, who in December proposed building a prison encircled by crocodiles.
Ben Gvir, who oversees the Israel Prison Service (IPS), said he was inspired by Florida’s controversial immigration detention centre, dubbed “Alligator Alcatraz”.
Officials at the Israel Nature and Parks Authority had previously argued that crocodiles should only be kept for education and research. The Environment Ministry’s legal adviser, Neta Drori, also opposed the plan, saying it lacked a sufficient legal and professional basis.
The IPS argued its staff could handle crocodiles because of their experience working with attack dogs, an argument Drori rejected. “The IPS does not appear to have expertise in raising dangerous wild animals such as crocodiles,” she wrote, concluding that the legal requirements for the declaration had not been met.
Despite that opinion, Silman approved the measure this week.
Ben Gvir celebrated the decision on Facebook on Thursday, posting an AI-generated image of himself holding a crocodile on a lead. “Damn terrorist, thinking of trying to escape? Think again,” the minister wrote.
Since what critics allege is genocide in Gaza began in October 2023, Ben Gvir has overseen a sharp deterioration in conditions for Palestinians held in Israeli prisons, including torture, starvation and degradation. Human rights organizations have accused Israel of widespread abuses and have described some detention facilities as “torture camps”.
‘Significant risks’
Silman’s decision drew opposition from the Israel Nature and Parks Authority (INPA) and environmental groups, which argued the move is unlawful and puts both crocodiles and the public at risk.
The INPA said there was “no sufficient professional basis” to permit crocodiles to be kept at security facilities. The agency, which is responsible for protecting Israel’s wildlife, warned that introducing crocodiles into IPS facilities would create “significant risks”, adding that it doubted the prison service could provide appropriate care for the animals.
In a joint statement, several environmental organizations said they “strongly object to the use of animals as a means of guarding and deterrence”.
“Crocodiles are sentient beings, with complex needs for space, water, temperature and natural behavior,” the groups said, arguing that prisons should rely on conventional security measures instead.
They also questioned the proposal’s effectiveness, noting that crocodiles “slow down their metabolic rate, become very sluggish and stop eating” during winter.
“Security should be achieved through real means, not through animals,” the statement concluded.
Nile crocodiles have been a protected species in Israel since 2013. Before then, crocodile farms operated as tourist attractions, but many switched to breeding the animals for their skins as visitor numbers declined.
Last year, the Israeli military killed more than 250 Nile crocodiles at a farm in an Israeli settlement in the occupied West Bank, prompting condemnation from animal welfare groups, which accused it of slaughtering protected animals.
END
HAMAS/ISRAEL
IDF kills two PIJ terrorists, one of whom commanded Inbar Hayman’s abduction at Nova festival
PIJ terrorists Salah Subhi Salah Qatrawi and Taher Ahmad Salem Abd al-Wahed were killed in strikes directed by the Shin Bet.
IDF kills PIJ terrorists Salah Subhi Salah Qatrawi and Taher Ahmad Salem Abd al-Wahed, July 17, 2026.(photo credit: IDF SPOKESPERSON’S UNIT)ByJERUSALEM POST STAFFJULY 20, 2026 19:25Updated: JULY 20, 2026 19:28
The IDF killed two Palestinian Islamic Jihad (PIJ) terrorists in separate strikes directed by the Shin Bet (Israel Security Agency) in the Gaza Strip, the military said on Monday.
The first PIJ terrorist, Taher Ahmad Salem Abd al-Wahed, infiltrated the Nova music festival on October 7, 2023, and commanded the abduction of Haifa resident Inbar Hayman’s remains, after she was killed by infiltrating terrorists.
The IDF killed him in a strike on Friday, the military confirmed.
The other PIJ terrorist, Salah Subhi Salah Qatrawi, was also killed on Friday after planning attacks against IDF soldiers in the area of Gaza Humanitarian Foundation (GHF) aid distribution centers, the IDF stated.
This is a developing story.
END
HOUTHIS/SAUDIA ARABIA
Houthis Announce Blockade On Saudi Shipping, Threaten Drone & Missile Attacks On Kingdom
Monday, Jul 20, 2026 – 10:25 AM
Yemen’s Houthi rebels have announced they are imposing a new maritime embargo against Saudi Arabia in response for a recent attack on Sanaa Airport, and after years of the kingdom leading a blockade of Houthi-controlled Yemeni ports.
A military statement by Houthi spokesman Yahya Saree said the maritime ban on all Saudi shipping will be effective immediately in what he declared as an “equation of ‘an eye for an eye.'”
However, details of what this ’embargo’ will look like, in terms of where or what chokepoints the Houthis might seek to blockade were not given.
Last week the Saudi-led coalition in Yemen attacked the Houthi-controlled Sanaa International Airport, threatening a fragile truce that has been in place since 2022. Saudi jets hadprevented an Iranian passenger plane from landing there, after the US-Saudi recognized Yemeni government warned against any Iranian planes entering the divided country’s airspace.
Within days of that incident, the Houthis reportedly sent missiles on Saudi Arabia – which was a first after years of relative peace. In addition to unveiling the anti-Saudi embargo, the Houthis spokesman warned that if the Saudi siege on Yemen is not lifted, then Houthi armed forces will move towards a full-scale war.
Saree declared, “if Saudi Arabia turns to all-out aggression against Yemen, all of Saudi Arabia’s energy facilities and its vital facilities will be targets for missiles and drones.”
He described that the blockade of Sanaa airport “is unacceptable and cannot be tolerated” – following the Iran airline incident. Saree vowed to retaliate “to the blockade with a blockade and to respond to all escalation with escalation.”
July 13: Yemen’s internationally recognized, Saudi-backed government says its forces targeted Sanaa Airport, under Houthi control, to prevent an Iranian aircraft from landing there…
“The Yemeni Armed Forces affirm their complete readiness for all options and any foolish act committed by the reckless Saudi enemy,” the statement continued.
“We call upon the people of our great nation to continue the general mobilization and general call to arms, and to be fully prepared for all scenarios and developments, and to support the fronts with fighters.”
The “internationally recognized” Yemeni government has long been propped up by Saudi Arabia, the UAE, and the US, after a lengthy half-decade long UAE/Saudi/US coalition air war failed to dislodge Houthi power. The pro-Saudi government operates out of Aden in southern Yemen, after the country’s president fled there a decade ago.
Earlier this month there had been an initial attempted Saudi warplane intercept of an Iranian civilian airliner, which was reportedly carrying Yemenis who had been stranded in Iran back to their home country.
The Houthis at the time of the prior incident said it was “breaking the Saudi-American siege on our people and expelling the occupiers.”
As we featured previously, since 2015 Saudi Arabia has imposed a blockade on Yemen’s land, sea, and air ports, severely restricting vital commercial and humanitarian imports, including fuel and food.
RUSSIA VS UKRAINE
Zelensky Boasts Of Hits On 3 Russian ‘Shadow Fleet’ Tankers After Kiev Military Depot Leveled
Sunday, Jul 19, 2026 – 12:15 PM
Russia overnight and into early Sunday morning unleashed what Ukrainian officials have described as its largest barrage of ballistic missiles focused on Kiev of the war.
Among the key targets was a large complex owned and operated by UKRTAC, a Ukrainian producer of military gear and personal protective equipment. Its manufacturing facilities and warehouses in the capital were destroyed in the assault.
UKRTAC, confirmed on social media that facilities and production equipment were entirely wiped out due to a direct hit, but said there were no casualties at the plant.
But elsewhere in the capital there were significant casualties, with at least one person killed and 16 others wounded. President Volodymyr Zelensky said Sunday it was one of the single biggest missile barrages of the war:
A series of powerful explosions thundered across the darkened city in an attack that involved 41 missiles of various types and ravaged buildings across several districts.
Also, Ukrainian foreign minister Andrii Sybiha has described the raid involved “around four dozen” ballistic missiles.
However, Zelensky has said Ukrainian forces continue to strike back, including a new attack on three oil depots and a fuel facility in Russia’s southern Stavropol Sunday morning. Zelensky added three Russian ‘shadow fleet’ tankers were also struck in the Black Sea.
“Today, Ukraine’s long-range sanctions reached designated targets that support and finance Russia’s aggression. SSU units struck three oil depots in the Stavropol region at once, while units of our Armed Forces hit another fuel facility in the same region,” he said.
“Direct hits were recorded on three Russian shadow fleet tankers in the Black Sea.”
The Kremlin over the weekend has boasted of new ground advances along the front lines, but the war has long been focused in the air of late.
As for the Ukrainian capital, emergency crews have been scrambling on an almost nightly basis of late. Concerning the new attack, “The Kyiv government said firefighters were responding to blazes in five different districts after the attack, one of the biggest in recent weeks, hit residential buildings, office and industrial sites, a dormitory and vehicles,” The Independent describes.
END
RUSSIA UKRAINE
400+ Ukrainian Drones Launched On Moscow In One Of Biggest Attack Waves To Date
Monday, Jul 20, 2026 – 11:00 AM
The Russian capital has been hit with a massive drone wave from Ukraine, which injured at least ten people – including three Chinese citizens – local authorities say.
Moscow Mayor Sergei Sobyanin has stated that more than 400 UAVs were launched toward Moscowand its suburbs overnight in one of the largest single raids since the war’s start.
He described that most of the inbound drones were intercepted far from the capital, and that another 85 were downed as they got closer, but emerging images suggest there were some big strikes that landed.
Russia’s RT provided the following details, noting that the biggest impact was felt in the Moscow suburbs:
Two women were injured in Podolsk, while an 11-year-old girl in the Odintsovo district was diagnosed with an acute stress reaction but did not require hospitalization.
The main consequences of the raid were recorded in Podolsk, Domodedovo, and the Odintsovo urban district, Vorobyov said. Falling drones damaged several private homes and civilian infrastructure facilities and sparked multiple fires, he added.
In Odintsovo, a car and a private home were damaged, although no injuries were reported. In Podolsk, fires broke out and several civilian infrastructure sites were damaged, along with a private home in the village of Maloye Tolbino.
Regions bordering Ukraine also came under heavy overnight attack from Ukraine, including Belgorod, Bryansk and Kursk. These oblasts have frequently been targeted throughout the years-long war. Nationwide, at least four people were killed and dozens more injured in the large-scale drone assault.
Ukraine’s President Zelensky has long touted the effectiveness of the drone war on Russian oil depots and energy facilities, but by all appearances this fresh drone attack targeted civilian areas as well as general manufacturing centers. According to more from Russian media:
The same wave of strikes hit two logistics centers operated by the Russian online retailer Wildberries in Kotovsk, Tambov Region, and Elektrostal, near Moscow. The attacks killed eight people and injured dozens more, according to regional officials.
Wildberries, often called the Russian version of Amazon, is one of the country’s most popular online retailers. Kiev confirmed that it had deliberately targeted the warehouses, claiming they stored components used in drone and navigation equipment.
Crimea was also once again heavily targeted, with the Russian Defense Ministry saying it intercepted many drones over the peninsula between Sunday night and Monday.
Reuters: damage recorded in Podolsk & other areas of Moscow region…
It seems this was Zelensky’s ‘answer’ to the massive Russian ballistic missile attacks on Kiev of the last days.
While the Kremlin over the weekend boasted of new ground advances along the front lines, the war has been focused in the air of late. As for the Ukrainian capital, emergency crews have been scrambling on an almost nightly basis.
Concerning a weekend attack, “The Kyiv government said firefighters were responding to blazes in five different districts after the attack, one of the biggest in recent weeks, hit residential buildings, office and industrial sites, a dormitory and vehicles,” The Independent described.
RUSSIA/UKRAINE/UAV’S
Watch: Aerial Drone Airlifts Kamikaze Ground Bot Into Battle As Warfare Automation Accelerates
Monday, Jul 20, 2026 – 04:15 AM
The evolution of autonomous warfare will center on teams of FPV drones, unmanned aircraft, and ground robots operating across a single network. Our view is that the battlefield of the 2030s has already been pulled forward by conflicts across Eurasia, from the Russia-Ukraine war to the US-Iran conflict.
It was only a matter of time before Ukrainian forces paired heavy UAVs with unmanned ground vehicles to conduct offensive missions deep inside no-man’s-land, where the majority of deaths are caused by kamikaze drones. Swamping human soldiers with robotics has been the evolution of warfare.
With FPVs now responsible for the majority of battlefield casualties, combining aerial and ground robotic systems will become the new normal.
X user Drone Wars published a new video that shows a Ukrainian UAV airlifting a UGV deep into the front lines.
A separate account, Counter Unmanned Systems, showcased the possible UGV featured in the video above.
“Meet GNOM from Polish firm Macro-System ( @macro_system_ms ). With speed up to 80 km/h and weighing 7 kg with warhead is a light weight attritable system that has been part of various European armed force exercises,” Counter Unmanned Systems wrote in the X post.
The combination of aerial drones and ground robots working together was inevitable.
The deeper national security threat is the democratization of this technology. Drones, once restricted to militaries, can now be assembled and produced using commercially available parts, 3D printers, and components sourced through Chinese supply chains.
Those low barriers to entry will only ensure that these drones spread far beyond Eurasia’s war zones and into the hands of proxy forces, insurgent groups and terrorist networks worldwide. The battlefield of the 2030s is already being built from commercially available parts.
The world is becoming a dark and dangerous place as robots become weaponized. Humanoids will be next.
The Story the Media — and the Government — Don’t Want You to Hear
Senator Ron Johnson exposes the biggest government scandal that legacy newspapers won’t touch.
Jun 19, 2026
By Sen. Ron Johnson
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On April 29, 2026, as Chairman of the Senate Permanent Subcommittee on Investigations, I held a hearing and released a report titled “Unmasked: How Biden Health Officials Purposely Turned a Blind Eye Toward COVID-19 Vaccine Safety Signals.” There has not been a bigger government scandal during my lifetime, and yet even now that we have documented proof of corruption, most of the legacy media refuses to report on it.
My report details how in March 2021, Peter Marks — director of the FDA center that approves vaccines and is responsible for safety surveillance (CBER) — was briefed that the algorithm they were using to analyze the Vaccine Adverse Event Reporting System (VAERS) would mask or hide COVID-19 vaccine adverse event safety signals. Twenty-six days later, using an updated algorithm, senior FDA officials were shown 25 safety signals, including sudden cardiac death, pulmonary infarction, cerebral artery occlusion, basal ganglia stroke, agonal rhythm, and Bell’s palsy.
For the next three months, they received updates showing more serious safety signals. Instead of warning or informing the public, they ordered the data analyst to “cease and desist” and then lied to the American public that “they weren’t seeing safety signals” and that any adverse events were “rare and mild.” The whole point of using sophisticated algorithms to analyze VAERS is to find needles in the haystack — nonobvious potential harms that doctors and patients should be alerted to.
With the COVID-19 injections, we didn’t need sophisticated algorithms. The sheer volume of adverse event reports overwhelming VAERS was enough to trigger my oversight efforts. We faced impenetrable stonewalling until Secretary Kennedy’s commitment to radical transparency provided my Subcommittee with 11 million pages of documents. The documents make clear that FDA and CDC officials did not use an “err on the side of caution” standard to alert the public. Rather, they insisted on definitive proof of causation — a standard they knew would never be met.
They were far more concerned about not causing vaccine hesitancy than they were about informing the public of adverse events. They wanted to ensure that the injections would receive full licensure approval so that President Biden could mandate them to the military and millions of civilians, including healthy college students.
Perhaps the most egregious coercion involved healthy children who had virtually zero chance of serious harm from COVID-19. That coercion was based on another false claim that the injections would stop transmission. Some children were killed and others have been permanently disabled from the COVID-19 injections. Imagine being the parent who believed all the lies they were told and decided to have their now deceased or injured child injected.
Also in March 2021, Dr. Avindra Nath, clinical director at the National Institute of Neurological Disorders and Stroke (NINDS), began leading a team of clinical researchers who were diagnosing and treating individuals with serious COVID-19 injection injuries. Twenty-three study participants were diagnosed and treated, then instructed to “not talk about the study” until the NIH could release its findings and conclusions. Dr. Nath maintained that early recognition and intervention were crucial for effective treatment. Yet no guidance was provided to physicians — one participant remarked that the NIH scientists had “taken the data and left us hanging.”
Adding insult to injury, in April 2021 the CDC published a report stating that similar adverse events were “anxiety” — not a problem with the shots. It was not until study participants began speaking publicly in 2022 that the NIH quietly posted its study on a preprint server that virtually no one read, leaving medical teams nationwide in the dark and the injection-injured left untreated.
We will never know the full extent of the harms (or the benefits) of the COVID-19 injections. But we do know that federal health officials were aware that serious harm was being done within months of them granting Emergency Use Authorization. We also know that those same officials turned a blind eye toward the safety signals that were screaming at them, but they refused to warn the public. The public pays federal health officials to evaluate drugs for safety and efficacy, and we have the right to be informed.
How many deaths and injuries could have been avoided had federal health officials simply done the job we paid them to do?
Currently, VAERS shows 1,676,100 cumulative worldwide adverse events and 39,099 deaths associated with the COVID-19 injection, with 9,332 (24%) of the deaths occurring within 2 days of injection. Most of these tragic adverse events occurred well after federal health officials should have informed the public about the risks they knew existed. Instead, they hid or downplayed those risks. As a result, millions were harmed after being denied their right to fully informed consent.
That’s why I consider this to be the biggest government scandal in my lifetime, and one that is crying out for full media attention and coverage.
The Wall Street Journal, The New York Times, The Washington Post, USA TODAY and Fox Digital have all declined or ignored requests to publish this op-ed.
NBC, ABC, PBS, CNN and MSNow have all refused to cover my report.
This fruit is called soursop or guanabana and has been proven to be 10,000 times more effective than chemotherapy at reversing the affects of cancer. However it does this very differently to chemo though, instead of killing all the cells surrounding the cancer cells often resulting in hair loss, fatigue, nausea, vomiting, anemia, infection, easy bruising/bleeding plus many more! On the contrary “the compound extracted from the Graviola tree selectivelyhunts down and kills only cancer cells. It does not harm healthy cells!”
Why haven’t you heard of this amazing fruit?! Well long story short a large company years ago spent millions to find a cure for cancer. However in order for them to have made their money back and further profit from their finding they needed to create a synthetic duplicate of the compound found in the soursop as they could not pattern something natural. Unfortunately for them they were unable to do this so they left it all and didn’t publish their findings. Luckily there was one scientist who was unable to let this amazing finding slip under the rug, so he contacted a company that is dedicated to harvesting medical plants in the Amazon rain forest.
Hopefully this post gives you a better understanding at how powerful plants are and why more and more people are becoming plant-powered/vegan to be as healthy as possible and to reverse and avoid chronic disease like coronary heart disease.
Technology has an unusual habit of revealing itself twice.
The first version appears quietly, almost unnoticed, inside research papers, patent filings, laboratory demonstrations and corporate presentations that attract little attention beyond specialists.
The second version arrives years later, polished into a consumer product that suddenly convinces everyone the breakthrough happened overnight. History repeatedly favors this illusion. By the time society begins discussing a technological revolution, thousands of engineers have already spent years solving problems the public never realized existed.
That gap between discovery and public awareness has become one of the defining characteristics of the twenty-first century, and nowhere is it more apparent than in the race to build machines that no longer resemble machines at all.
During the last three years alone, humanoid robotics has advanced at a pace few analysts considered realistic even a decade ago. Tesla continues developing Optimus as a general-purpose humanoid assistant, Figure AI has demonstrated robots capable of performing increasingly complex industrial tasks while collaborating with advanced language models, Boston Dynamics has introduced an entirely electric generation of Atlas after retiring one of the most recognizable research robots ever built, and companies such as Sanctuary AI, Agility Robotics and Apptronik are openly competing to place human-shaped machines inside factories, warehouses and commercial environments. Simultaneously, breakthroughs in computer vision, reinforcement learning, synthetic materials and multimodal artificial intelligence have dramatically reduced the distance between experimental prototypes and practical deployment. None of these developments belong to science fiction anymore. They are unfolding in plain sight, documented through academic publications, investor briefings and live demonstrations watched by millions around the world.
Yet an uncomfortable pattern has begun emerging alongside this extraordinary progress. Every major technological leap seems to generate a parallel conversation taking place far from universities and conference halls, unfolding instead across anonymous forums, encrypted chat groups and obscure corners of the internet where speculation often grows faster than evidence. Some theories disappear within hours because they collapse under the weight of obvious contradictions. Others survive for years despite the complete absence of proof, not because they successfully explain reality but because they ask questions that remain surprisingly difficult to dismiss. One recurring idea has become particularly persistent: if companies publicly demonstrate machines capable of walking, reasoning and manipulating objects with human-like dexterity today, what might exist inside research facilities whose work will not become public until five or even ten years from now?
No credible evidence has ever answered that question.
The absence of evidence, however, has never prevented the internet from trying.
Among the countless stories that circulate through speculative technology communities, one in particular continues resurfacing despite never being independently verified. It describes an invitation-only exhibition allegedly organized inside an anonymous research complex where visitors were shown humanoid entities unlike anything previously demonstrated in public. According to archived discussions that periodically reappear online, the event itself was almost deliberately ordinary. There were no theatrical presentations, no dramatic product launches and no executives standing beneath oversized screens announcing the future of artificial intelligence. The building resembled a research facility more than a convention center, its corridors illuminated with clinical precision and stripped of nearly every identifying feature that could reveal who financed or operated the installation. Whatever attracted attention that day was not the architecture. It was what stood behind the glass.
The descriptions vary in countless small details while remaining strangely consistent about the central image. Long rows of transparent containment chambers reportedly filled an immense exhibition hall, each enclosing a female humanoid whose appearance challenged the very definition of robotics. Visitors allegedly expected exposed actuators, composite frames or polished metallic joints similar to those displayed by contemporary engineering prototypes. Instead, they found figures possessing skin that reflected light with subtle biological imperfections, naturally distributed hair, nearly imperceptible facial asymmetry and eyes that appeared disturbingly capable of maintaining silent attention. Some accounts insisted they were sophisticated androids. Others argued they were advanced synthetic organisms. A few dismissed the entire story as an elaborate digital art project designed to exploit growing public fascination with artificial intelligence. None of these interpretations has ever been supported by verifiable evidence, yet none has managed to erase the story either.
Perhaps that persistence says less about the photographs than it does about the era in which they allegedly appeared.
Only a few years ago, generating a convincing human face required painstaking digital artistry. Today, artificial intelligence routinely produces images, voices and video sequences capable of deceiving experienced observers under ordinary viewing conditions. Simultaneously, roboticists are steadily solving challenges once considered decades away from practical implementation. Artificial muscle systems continue improving. Synthetic skin capable of sensing pressure and temperature is advancing through laboratories across Europe, Asia and North America. Neural networks increasingly interpret visual information with remarkable precision, while large language models have transformed natural conversation into something machines perform with astonishing fluency. Each breakthrough, taken individually, appears understandable. Together they create an unsettling possibility that public imagination often races ahead to explore long before reality catches up.
The modern conspiracy landscape thrives inside precisely that narrow space between demonstrated capability and undocumented possibility. It rarely invents technology from nothing. Instead, it observes genuine scientific progress, extends every trend several years into the future and asks whether society is already witnessing carefully selected fragments of a much larger picture. Throughout history, classified aviation projects, cryptographic systems and surveillance technologies have all existed years before their official acknowledgment. That historical precedent fuels endless speculation whenever another rapidly advancing field begins transforming the world. Humanoid robotics, perhaps more than any emerging technology today, naturally invites the same questions—not because hidden laboratories have been proven to exist, but because technological acceleration has repeatedly surprised even the experts attempting to measure it.
THE EXHIBIT THAT ARRIVED BEFORE THE FUTURE
Technology rarely introduces itself with a dramatic announcement. More often, it arrives disguised as another research paper, another patent application, another demonstration watched by a few thousand engineers before disappearing beneath the next day’s headlines. Looking backward, every technological revolution appears inevitable. Looking forward, it almost always resembles coincidence. That contradiction has become increasingly difficult to ignore over the past several years as artificial intelligence and humanoid robotics have advanced at a pace that even optimistic forecasts struggled to anticipate. What seemed extraordinary in 2020 became commercially viable by 2024, and by 2025 discussions that once belonged exclusively to science fiction had quietly entered boardrooms, government agencies, and manufacturing plants around the world.
Unlike previous waves of automation, today’s race is no longer centered around machines built exclusively for factories. The objective has shifted toward creating systems capable of operating naturally inside environments originally designed for people. That distinction changes everything. Companies such as Tesla continue refining Optimus, Figure AI has demonstrated humanoid robots performing industrial tasks alongside advanced language models, Boston Dynamics has transitioned to an entirely electric version of Atlas, while Sanctuary AI, Apptronik, and Agility Robotics are openly competing to deploy human-shaped machines into warehouses, logistics centers, hospitals, and commercial environments. None of these developments are hidden behind classified documents. They are documented through public demonstrations, engineering conferences, investor presentations, and peer-reviewed research. The world is not waiting for humanoid robots to arrive. They have already arrived; the only remaining question concerns how quickly they become ordinary.
What makes this timeline remarkable is not any single breakthrough, but the compression between them. Technologies that previously evolved over decades are now progressing within months. Computing power continues expanding, neural networks become more efficient with every iteration, synthetic materials increasingly mimic biological tissue, and robotic dexterity improves through reinforcement learning systems trained inside simulated environments before ever touching the physical world. Several research groups are now experimenting with electronic skin capable of detecting pressure, temperature and texture, while others are developing artificial muscle fibers designed to reproduce the flexibility of biological movement. Independently, each achievement appears incremental. Viewed together, they begin resembling pieces of a much larger puzzle whose final image remains frustratingly incomplete.
Throughout history, transformative technologies have almost always existed in limited forms before becoming public knowledge. Stealth aircraft remained classified long before their official acknowledgment. Modern cryptographic systems evolved inside government programs years before entering consumer electronics. Satellite reconnaissance, advanced computing and even the internet itself all followed similar trajectories, transitioning gradually from restricted environments into everyday life. None of this proves that humanoid robotics follows the same path, yet it explains why discussions surrounding undisclosed research facilities continue appearing wherever technological acceleration outpaces public understanding.
Among the countless stories circulating across futurist forums, one recurring narrative refuses to disappear despite the complete absence of verifiable evidence. According to these accounts, anonymous images allegedly depicting a private exhibition began surfacing shortly after several major robotics announcements captured international attention. The photographs themselves were unremarkable at first glance. There were no dramatic explosions of light, no cinematic laboratories filled with exposed machinery and certainly no science-fiction aesthetic designed to impress an audience. Instead, they portrayed an environment whose greatest source of discomfort came from its overwhelming normality. Clean architectural lines, carefully controlled lighting, visitors quietly observing transparent containment chambers, and inside those chambers, female humanoids whose appearance blurred the distinction between biological life and engineered design so effectively that many viewers struggled to identify where one ended and the other supposedly began.
What fascinated online communities was not the imagery itself but the possibility it represented. If the photographs were fabricated, they reflected an extraordinary understanding of contemporary robotics and human anatomy. If they depicted an elaborate artistic installation, the creators had achieved precisely the emotional response they intended. Yet if—purely as a matter of speculation—they represented a glimpse into technology more advanced than anything publicly demonstrated, they suggested something profoundly unsettling about the pace at which artificial intelligence and embodied robotics might already be evolving beyond public awareness.
WHEN MACHINES STOP LOOKING LIKE MACHINES
Perhaps the most significant shift occurring today has little to do with processing power or mechanical engineering. It concerns perception. Early industrial robots never attempted to resemble humans because efficiency mattered more than familiarity. Modern humanoid research pursues the opposite objective. Engineers increasingly recognize that machines designed to work alongside people benefit from recognizable gestures, natural movement and intuitive communication. Artificial intelligence no longer exists solely inside software; it is gradually acquiring a physical presence capable of navigating environments originally built for biological life. That transition introduces questions extending far beyond engineering specifications. It touches psychology, ethics, economics and identity itself.
Researchers studying the uncanny valley have documented for decades that human beings respond differently to machines once they become almost—but not entirely—indistinguishable from living people. Small imperfections that might otherwise pass unnoticed suddenly become psychologically significant. A smile held a fraction too long. Eyes that maintain uninterrupted focus without natural micro-adjustments. Facial muscles moving with perfect synchronization rather than subtle asymmetry. These details rarely appear frightening in isolation, yet together they produce an instinctive discomfort difficult to explain rationally. As synthetic materials improve and artificial intelligence becomes increasingly sophisticated, the boundary responsible for that sensation continues narrowing.
Whether humanity ultimately embraces lifelike humanoids or resists them remains impossible to predict. What can be stated with confidence is that the underlying technology continues advancing regardless of public opinion. Investment in embodied AI has accelerated dramatically, governments have begun drafting regulatory frameworks for autonomous systems, and major technology companies increasingly describe robotics as one of the next defining industries of the coming decade. Against that backdrop, it becomes easier to understand why fictional stories about hidden laboratories, invitation-only exhibitions and technologies existing several years ahead of public demonstrations continue capturing the imagination of millions.
BEYOND THE GLASS
Whether the exhibition ever existed eventually became the least interesting question.
The discussions that followed took on a life of their own, gradually shifting away from anonymous photographs and toward something far more unsettling. Engineers began debating theoretical manufacturing limits. Neuroscientists questioned whether synthetic cognition would eventually require emotions rather than simply simulating them. Military analysts speculated about autonomous decision-making systems, while ethicists found themselves asking an entirely different question: if a machine could imitate every observable characteristic of human behavior, what objective measurement would still separate the creator from the creation?
Within the universe surrounding the alleged exhibition, researchers supposedly referred to the project using an unusual expression that later appeared across several archived discussion boards: “Convergence.” The name carried no technical explanation, only a philosophical one. According to the mythology that slowly developed online, the objective had never been to construct machines capable of replacing human labor. That milestone had already become commercially achievable through ordinary automation. The real ambition was allegedly something considerably more difficult—to construct artificial beings capable of existing inside society without ever being recognized as artificial in the first place.
The concept itself had already escaped.
The documents discussed by online communities described laboratories unlike conventional research facilities. Engineers supposedly worked alongside psychologists, behavioral scientists, linguists, neurologists and artists, each responsible for solving a different aspect of the same impossible equation. Mechanical movement alone could never convince an observer they were looking at genuine life. Human beings unconsciously detect thousands of microscopic behavioral patterns every hour without realizing it. Eye contact lasts for predictable intervals. Facial muscles contract unevenly. Breathing changes with emotion. Tiny pauses interrupt ordinary conversation. Even silence possesses rhythm.
An anonymous character allegedly summarized the problem in a single sentence that became strangely popular among the hidden communities based on these controversial topics:
“People don’t recognize humanity because of perfection. They recognize it because perfection never survives long enough to become human.”
THE FINAL PROTOTYPE WAS NEVER A MACHINE
As years passed, technological progress accelerated alongside real industry developments. Every genuine breakthrough in artificial intelligence strengthened public conviction regarding the rapid pace of innovation. Public demonstrations showed humanoid robots becoming smoother, quieter, and more capable each year. Language models learned to hold increasingly natural conversations. Synthetic voices lost their unmistakable mechanical cadence. Artificial vision systems improved beyond what many experts believed possible only a few years earlier. Observers interpreted every public announcement as confirmation that society was witnessing technologies whose foundational frameworks had already been quietly developed over the preceding years.
That progression reflected a psychological phenomenon repeatedly observed throughout technological history. Human imagination rarely invents futures from nothing. Instead, it extends visible trends until they become predictable realities. Steam engines became locomotives before becoming intercontinental railways. Primitive computers became smartphones through thousands of incremental improvements rather than one miraculous discovery. In much the same way, the Convergence Program mapped a future assembled not through impossible inventions, but through the gradual integration of disciplines already advancing today.
According to unpublished data, the exhibition itself was never intended to impress investors or government officials. It served another purpose entirely. Visitors unknowingly became participants in a behavioral experiment. Cameras hidden throughout the exhibition allegedly measured eye movement, hesitation, emotional response, interpersonal distance and unconscious reactions as guests walked past each observation chamber.
Every moment of curiosity became data. Every expression of uncertainty refined the next generation of synthetic behavior.
The humanoids behind the glass were not being evaluated.
The observers were.
That single twist transformed the entire legend from an ordinary tale into something psychologically far more disturbing. It suggested that humanity had misunderstood the experiment from the beginning.
This ongoing focus on rapid technological evolution reflects a broader recognition that modern civilization is crossing a significant historical threshold with profound long-term implications. Artificial intelligence is actively transforming key sectors, including education, medicine, finance, manufacturing, and scientific research. Concurrently, humanoid robotics continues to advance at an accelerated pace, while brain-computer interfaces are successfully progressing through human clinical trials. Furthermore, synthetic materials are increasingly replicating the functional properties of biological tissue. While each of these advancements represents an isolated milestone, their combined integration shapes a highly complex and rapidly changing socio-technological landscape.
RABOBANK/MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL AND NATURAL GAS//ENERGY COMMENTARIES
“We’ve Burned Through All Buffers”: Oil Traders Warn Market Running On Fumes
Saturday, Jul 18, 2026 – 06:05 PM
Brent crude futures jumped a little more than 4% to nearly $88 a barrel, putting the crude oil benchmark on track for its biggest weekly gain since April. That move followed an Axios report that said the Trump administration had notified Israel it was deploying additional aerial assets to the region, signaling the US military could expand strikes on Iran as soon as this weekend.
Financial Times spoke with energy traders at the end of the week who warned that slowing tanker traffic through the Strait of Hormuz could trigger a more severe supply crunch than the first round of the US-Iran war because emergency reserves and stockpiles around the world that cushioned the earlier disruption have been mostly depleted.
“We’ve burned through all of the buffers we had. Everything,” said one trader. “All of that’s now gone.
Fuel markets strengthened again, with the ICE gasoil crack closing at the highest on record and the Nymex heating oil crack the strongest since March. More narrow Brent put spreads around the low $70s traded in sizable numbers.
Earlier today, the International Energy Agency revealed that member countries released three-quarters of the planned 400 million-barrel emergency reserves announced in March.
Amrita Sen, founder of Energy Aspects, pointed out that heading into the US-Iran war, the global oil market had around 400 million barrels of excess inventories, not including strategic reserves controlled by governments.
“Now we have close to nothing … and market complacency around Hormuz flows is being severely tested,” Sen warned.
UBS analyst Henri Patricot wrote in the daily “Hormuz tracker” note that further Hormuz escalation has occurred, Gulf tanker crossings remain limited, and there is a sharp pullback in Gulf loadings:
Further escalation
The conflict in the Middle East is escalating further as Iran reportedly targeted power plants and desalinisation plants in Kuwait. Previous strikes had focused on US military targets. These followed US strikes on bridges and an airport in Iran.
Limited Gulf tanker crossings
Increased attacks continue to weigh heavily on flows via Hormuz. The latest UBS Evidence Lab data (> Access Dataset) show that oil and gas tanker crossings fell to one, with only one product tanker entering the Gulf (Figure 1).
July-to-date crossings have averaged 10, down from the mid-to-high teens recorded in late June and early July, and remain well below the c.50 level seen in February. Oil on water in the Gulf is ticking up again, up ~5Mb in recent days (Figure 10).
The absence of outbound oil and gas flows takes the July average down to 5.4Mboe/d, compared with 3.7Mboe/d in June and 1.3Mboe/d in May (Figure 4).
Capacity entering the Gulf fell to 0.7Mboe/d and has averaged 5.2Mboe/d month to date (Figure 5).
Meanwhile, flows via the Bab al Mandeb Strait have not been disrupted so far and increased further to 9.7Mb/d yesterday, above the July-to-date average of 6.7Mb/d.
A sharp pullback in Gulf loading
Gulf crude loadings ex-Iran fell sharply to 1.0Mb/d yesterday from 6.0Mb/d on Wednesday, with the past-week average at 3.2Mb/d vs 5.1Mb/d in July and 3.4Mb/d in June. Iranian loadings rose to 5.0Mb/d yesterday, lifting the July average to 1.5Mb/d, still below the typical 1.7-1.8Mb/d range, but above June’s 0.8Mb/d (Figure 9).
Crude loadings at ports outside the Strait (Yanbu in Saudi Arabia and Fujairah in the UAE) eased following a sharp rebound, falling to 3.6Mb/d yesterday below the July-to-date average of 5.9Mb/d and June’s 6.9Mb/d. Yanbu declined to 2.7Mb/d, below the month-to-date level of 4.2Mb/d and June’s 4.8Mb/d. Product loadings inside the Gulf remain close to May-June levels (Figure 15).
The normalization pathway of tanker flows appears to have been disrupted as the US and Iran become locked in an escalation spiral, with neither side willing to back down. Any sustained reopening of the Strait of Hormuz has now been postponed.
With or without Tehran’s cooperation, US-allied Gulf countries are in the beginning innings of what we’ve described as a “great energy rewiring” to bypass the Hormuz chokepoint.
“Ultimately, the market was pricing an optimistic flow trajectory that now is clearly not on the table, at least . . . not until we get another round of diplomacy,” Natixis Bank analyst Joel Hancock wrote in a note.
END
US Gas Prices Cross Politically Sensitive $4 Level Closely Watched By Trump
Monday, Jul 20, 2026 – 11:20 AM
The U.S. national average for a gallon of regular 87-octane gasoline has climbed back above the politically sensitive $4 threshold as U.S. military forces and Tehran enter a ninth day of tit-for-tat strikes. This level is significant because it is where fuel costs begin to alter spending and driving behavior among working-poor households, while also weighing more broadly on consumer sentiment, making it a key pressure point closely watched by the Trump administration ahead of the midterm election cycle.
Regular unleaded gasoline climbed above $4 a gallon on Monday, according to new data from the American Automobile Association, ending roughly one month below the politically sensitive threshold after the interim peace deal that temporarily eased Gulf area tensions.
With the U.S.-Iran conflict now caught in an escalation spiral and domestic retail fuel prices rising sharply, pressure on the Trump administration to pursue a diplomatic off-ramp is likely to intensify.
Brent crude futures jumped above $90 a barrel earlier – the highest since early June – but faded in European trading. There were reports earlier that Iran targeted tankers in the Hormuz chokepoint and a Kuwaiti oil facility was attacked.
Let’s not forget: last week, the writing was on the wall.
We suggest readers revisit Daan Struyven, Goldman’s leading commodity expert, on why gas prices are likely to remain elevated (read the note here).
END
ROBERT H…
Senate advances sweeping Russia sanctions bill targeting top oil buyers, provoking China – NaturalNews.com
The goodwill of the Alaska meeting is long gone.
Empires never end by external force they end by internal decision.
America is embarking on quest beyond its’ ability.
Trade in dollar settlement is seeing new lows. This move will only serve to guide nations away from America and the Federal Reserve Dollar. As world opinion shifts favorably away from America to China one might assume that China will serve its’ own wrath upon America. As it is America is being hollowed out to last missile due to rare earth shortages. And the gift of Chinese satellite guidance to Iranian missiles that no longer use GPS to hit targets. One can safely assume that Iran is getting all that it needs from China as it is used as the Chinese proxy to hollow out America. No doubt it is with some relish that Iran awaits American land invasion. China sees this as America’s new Vietnam that will break the back of the hegemony illusions. Once the bait is taken Taiwan will face an embodied China who demands a peaceful integration or the alternative of outright war.
Asia has no illusions about what will happen. It will not be the first time.
As for Russia they will finish off the Ukraine as the NATO proxy and ensure that it never sees the light of day as a threat. The gloves in this fight are coming off. And Russia has already turned its’ back on the West not to be changed for a generation or more. The outstanding question is the choices made by other nations.
Today the Houthis announced a naval blockade on Saudi Arabia from the Red Sea. This blockade cuts off Saudi oil exports through the Bab al-Mandeb strait. The pipeline used to move oil to the Red Sea was carrying between 5 and 7 million barrels of oil per day. Now the world‘s oil shortage will get very much worse much faster than before. Just emphasize the point Bank of America publisher report this morning, revealing that there are only 43 days of oil remaining in the United States. This is the lowest US inventory in 45 years since it’s clear that the closure of the Strait of Hormuz will not be ending soon the flow of oil will not be resuming soon and whatever occurs in the future, it is very clear that we will go through some very significant shortages or allocations of fuel in the not to distant future. One should note that every time a military jet flies in a time of fuel scarcity it is fuel that serves military priority over civilian needs. Since there is not enough fuel for both.
“Sanctions, Asset Freezes, Visa Bans, Tariffs”: GOP Senator Readies Bill Against Canada Over Toxic Wildfire Smoke
Saturday, Jul 18, 2026 – 09:25 AM
Summary:
Questions Swirl Whether Ecoterrorism May Have Accelerated Wildfires
Economic Activity Impacted in Some States
WaPo Warns Smoke Plume To Worsen
GOP Members Blast Canada Over Toxic Smoke; Sanction Bill Against Canada Set To Be Introduced
Toxic Smoke Plume Over Great Lakes, Ohio Valley, Mid-Atlantic, Northeast
Canada’s Wildfire Management Failures Choke Millions Of Americans With Toxic Smoke
GOP Sen. Prepares Sanctions Bill On Lefties in Canada
Sen. Bernie Moreno (R-Ohio) appeared on Fox News’ The Ingraham Angle, hosted by Laura Ingraham, on Friday and provided new color about his bill to sanction Canada over the toxic wildfire smoke that has created an environmental disaster across parts of the U.S.
Air-quality map as of Saturday morning:
“We’re going to put sanctions on them, hold their assets, make sure they don’t have visas, and impose tariffs because we have to ensure that the people suffering are compensated,” Moreno told Ingraham.
Moreno continued, “This is an abject, avoidable disaster. And the left, who by the way, talks about climate change every single day, this is the worst environmental disaster you could ever imagine!”
“This is totally avoidable. And it’s not due to climate change. It’s due to leadership change in Canada that’s caused this problem,” he added.
Where are the Democrats demanding accountability from progressives in Canada for an environmental crisis that could have been mitigated through proper forest management?
Tens of millions of Americans across the Midwest and eastern U.S. are being exposed to toxic wildfire smoke, with a full day outdoors in metro areas resulting in pollution exposure comparable to smoking 10 cigarettes.
Yet the outrage from Democrats, who champion climate issues, is nowhere to be found because they are not allowed to criticize their own.
Toxic Wildfire Smoke Begins To Disrupt Local Economic Activity As GOP Senator Readies Canada Sanctions Bill
The Washington Post’s Capital Weather Gang reports that deteriorating air quality across the Great Lakes, Ohio Valley, Mid-Atlantic, and Northeast could be “as bad as or worse than during the historic 2023 wildfire event.”
“It could get worse before it gets better,” Capital Weather warned.
“Canada is burning: 700+ active wildfires, 8.2 million acres already destroyed. Smoke choking North America again. This doesn’t feel like normal wildfire season anymore. It feels like a war on our forests,” Our Country Our Choice wrote on X. Notably, OCOC is run by retired US Army Col. Douglas Macgregor.
Earlier, Sen. Bernie Moreno (R-Ohio) said he will “introduce a bill next week to sanction Canada and the responsible Canadian government officials for this atrocity.”
Ohio Sen. Moreno To Introduce Bill To Sanction Canada Over Wildfire Smoke
Tens of millions of Americans are choking on toxic wildfire smoke drifting south from Canada. Years of inadequate forest management, often justified in the name of climate change, have intensified focus on the country’s liberal government.
Across the Northeast on Friday morning, an eerie haze blanketed major cities. Even a brief step outside exposed people to air so toxic, it was like smoking multiple cigarettes.
“The Canadian parliament & Mark Carney’s decision not to do the most basic forest maintenance out of climate activism stupidity is now threatening hundreds of millions of Americans with carcinogens,” Daily Signal’s Tony Kinnett wrote on X.
On Thursday, Sen. Bernie Moreno (R-Ohio) said he will be “introducing a bill next week to sanction Canada and the responsible Canadian government officials for this atrocity.”
Additionally, four Republican members of the House blasted left-wing Canadian Prime Minister Mark Carney in a letter, criticizing his liberal government for not doing enough in terms of forest prevention management.
“This is the third consecutive year we have had to write to Canadian officials about a crisis that Canada has the tools to prevent and has chosen not to,” wrote Republican Reps. John James (Mich.), Jack Bergman (Mich.), John Moolenaar (Mich.) and Lisa McClain (Mich.).
Time for accountability.
Canada’s Wildfire Management Failures Choke Millions Of Americans With Toxic Smoke
Canada’s wildfire management policies are once again falling short, as toxic smoke plumes blanket much of the northeastern US and drive air pollution to dangerously high levels.
Air quality readings in cities including Detroit, Milwaukee, and Toledo exceeded 500, well above the 300 threshold considered unsafe. Chicago, Cleveland, Minneapolis, and Toronto also recorded unsafe levels, while conditions in Washington, Philadelphia, and New York deteriorated into unhealthy territory.
“Canada continues to fail to manage its forests. Controlled burns, thinning and clearing debris would go a long way toward preventing this from happening every summer,” the conservative environmental nonprofit American Conservation Coalition wrote on X.
It should be investigated whether arson or inadequate forest management has contributed to the wildfire chaos in Canada, which is imposing major health risks on the US. Much of the left-wing media points to climate change, while rarely covering forest management failures.
END
U.S./GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS MONDAY MORNING 6;30AM//OPENING AND CLOSING
OPENING LEVELS OF CURRENCIES// AND CLOSING ASIAN STOCK MARKET AND OPENING EUROPEAN STOCKS:6 AM EST
EURO VS USA DOLLAR: 1.1432 DOWN 0.0007
USA/ YEN 162.39 UP 0.005 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 1.3469 UP 0.0031 OR 31 BASIS PTS
USA/CAN DOLLAR: 1.4020 UP 0.0003 //CDN DOLLAR DOWN 3 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED UP 32.13 PTS OR 0.32%
Hang Seng CLOSED UP 580.81 PTS OR 2.36%
AUSTRALIA CLOSED DOWN 0.36%
// EUROPEAN BOURSE: ALL MOSTLY GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL MOSTLY GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 580.81 PTS OR 2.36%
/SHANGHAI CLOSED UP 32.13 PTS OR 0.85%
AUSTRALIA BOURSE CLOSED DOWN 0.36%
(Nikkei (Japan) CLOSED DOWN 2694.42 PTS OR 4.03%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: $4022.50
silver:$56.91
USA DOLLAR VS TRY (TURKISH LIRA): 47.18 UP 1 BASIS PTS AND NOW WE SEE THEIR STUPIDITY OF SELLING SOME OF THEIR GOLD AND ALL OF THEIR USA DOLLAR RESERVES. THE COUNTRY IS IN BIG FINANCIAL TROUBLE
USA DOLLAR VS RUSSIAN ROUBLE: 78.44 ROUBLE// DOWN 0 ROUBLE AND 35 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: 4.9816 UP 4 BASIS PTS
UK 30 YR BOND YIELD: 5.6790 UP 3 BASIS PTS
CDN 10 YR BOND YIELD: 3.566 UP 1 BASIS PTS
CDN 5 YR BOND YIELD; 3.185 UP 4 BASIS PTS
USA dollar index early MONDAY MORNING: 100.61 UP 2 BASIS POINTS FROM FRIDAY’s CLOSE
MONDAY MORNING NUMBERS ENDS
And now your closing MONDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.487% UP 1 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.719% UP 2 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.880 UP 2 BASIS PTS//
SPANISH 10 YR BOND YIELD: 3.590 UP 1 in basis points yield
ITALY 10 YR BOND: 3.959 UP 0 points in basis points yield ./
GERMAN 10 YR BOND YIELD: 3.1346 UP 2 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY MONDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/10:00 AM
Euro/USA 1.1415 DOWN 0.0020 OR 20 basis points
USA/Japan: 162.43 UP 0.099 OR YEN IS DOWN 9 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.983 UP 4 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.686 UP 4 BASIS POINTS.
Messy! Big-Tech & Bitcoin Bounce As Gamma Unclenches; Bond Yields & Black Gold Higher
WRAP UP;
USA DATA RELEASES
USA ECONOMIC REPORTS
$100 Billion & Climbing: Iran War Price Tag Believed Far Higher Than WH Estimates
Friday, Jul 17, 2026 – 08:30 PM
While the Pentagon publicly clings to a $30 billion price tag for its war against Iran, internal Defense Department assessments (unsurprisingly) paint a far more staggering picture: the true cost is rapidly closing in on the $80 billion to $100 billion range, according to NBC News.
The Pentagon’s Office of Management and Budget told Congress on June 30 that US military operations against Iran so far is $30 billion: “We’ve spent about $30 billion,” OMB Director Russel Vought told the House Appropriations Committee.
NBC’s new assessment bluntly states the following, however: “The cost of the war with Iran could be more than triple the most recent estimate of roughly $30 billion, according to three U.S. officials and three people familiar with the internal cost estimates.”
The lower figure was reportedly initially floated based a classic Washington accounting trick which only evaluates the cost of expended missiles and munitions while conveniently ignoring the charred remnants of American hardware and damaged bases littering the Gulf states after Iranian retaliatory attacks, the report explains.
The estimate featured in the NBC report accounts for actually rebuilding those installations previously attacked by Iran. Judging by how things are going this week – after five consecutive days of renewed fighting – the final bill from damage will only keep pushing up from here.
It has been well documented that while American troops at Gulf bases across the Strait of Hormuz and Persian Gulf were by and large pulled back from near ‘front lines’ – large US military assets like refueling tankers were in some cases left behind, resulting in scenes like the following:
“Five U.S. Air Force refueling planes were struck and damaged on the ground at Prince Sultan air base in Saudi Arabia, according to two U.S. officials,” The Wall Street Journal reported in mid-March. Each one costs hundreds of millions.
“The tankers were hit during an Iranian missile strike on the Saudi base in recent days, the officials said,” WSJ detailed at the time. “U.S. Central Command declined to comment. The tankers were damaged but not fully destroyed and are being repaired, one of the officials said. No one was killed in the strikes.”
And in Bahrain, home of the US Navy’s Fifth Fleet, damage to military facilities is already estimated at $1 billion. Heavily fortified installations in Kuwait have also taken a severe beating, with both these tiny Arab Gulf states being favored targets of IRGC projectiles of late.
In the meantime, with a $1.5 trillion budget battle looming this autumn, the Pentagon is currently urging Congress to approve $68 billion supplemental funding package just to keep the lights on, but as the Iran war drags on with few clear objectives outlining an endgame, defense officials are hitting a wall of bipartisan skepticism among lawmakers.
One D.C. watchdog group, Public Citizen, has stated this week: “The American people are fed up with spending more on bombs and less on basic needs. And they are furious with a pointless, deadly, illegal, unconstitutional and protracted war that is costing lives and driving up gas prices.”
END
More Than 227,000 US Property Foreclosure Filings In First Half Of 2026
A total of 227,548 properties in the United States made foreclosure filings in the first six months of this year, a 21 percent increase from the same period last year, according to real estate analytics company ATTOM.
The first half foreclosure filings are also up by 28 percent from the same period two years back, ATTOM said in a July 16 report.
In states with a minimum of 500 foreclosure filings, Idaho registered the largest year-over-year increase: 59 percent. This was closely followed by Colorado with 57 percent, Georgia with 52 percent, and North Carolina with 47 percent.
Foreclosure is a legal process by which a mortgage lender repossesses a property after the borrower fails to make mortgage payments on time. Initially, the lender issues a notice of default once payments are missed for 90 days. If the borrower fails to settle the claim within 30 days, the lender can repossess the property and sell it off.
In the first half of the year, 0.16 percent of all housing units made a foreclosure filing, according to ATTOM.
Florida had the highest rate, with 0.27 percent of housing units making a filing. South Carolina was in the second spot with a 0.26 percent rate, followed by Indiana and Delaware, both with a rate of 0.25 percent.
“Foreclosure activity continued to increase in the first half of 2026, but the broader picture remains one of a market that is gradually returning to more typical patterns,” Rob Barber, CEO at ATTOM, said in a statement.
Foreclosure filings in a year’s first half hit their lowest level in 2021 amid the COVID-19 pandemic, but have risen since. Prior to the pandemic, first-half filing numbers were higher than the 2026 figure for every single year between 2008 and 2019.
However, the filing increase in the first half of 2026 also suggests “that some homeowners may be facing greater financial strain than they were a year ago,” Barber said.
In a June 12 post, legal services company Nolo predicted foreclosure rates would gradually rise in the latter part of 2026.
The company cited factors such as high interest rates and reduced buyer demand as contributing to a growing housing crisis. Unless there is significant relief or intervention, the trend of rising foreclosures is likely to continue, it said.
High Mortgage Rates, Avoiding Foreclosure
The average weekly rate on a 30-year fixed-rate mortgage has mostly remained above the 6 percent level since September 2022, according to data from Freddie Mac.
Since mid-May, rates have been hovering around the 6.5 percent level. For the week ending July 15, rates were at 6.55 percent.
Meanwhile, demand in the housing market has subsided, with some house hunters backing off due to high costs, real estate brokerage Redfin said in a July 16 statement.
“High mortgage rates mean that even homes in the most affordable price point—under $350,000 in the Grand Rapids area—are a stretch for a lot of buyers, and they’re hard to find and competitive,” Christine Kooiker, a Redfin Premier agent in Grand Rapids, Michigan, said in a statement.
Elevated mortgage rates can raise monthly payments for homeowners who have taken loans at variable rates. This can squeeze them financially, potentially pushing some properties into foreclosure.
For homeowners struggling to pay their monthly mortgages, there are some ways they can avoid having their properties foreclosed. One way is to refinance the mortgage, according to a Sept. 26, 2025, post by financial services company Rocket Mortgage.
Refinancing can help a homeowner shift to a more affordable monthly payment plan in case the current one is financially challenging.
Another option is to seek mortgage forbearance from the lender. If a lender approves, mortgage payments may be temporarily paused or lowered to give the homeowner enough time to get their finances back in shape.
END
“Start Spreadin’ The News”: New York Losing Billions As Millionaires Flee Big Apple
Below is my column in the New York Post on the sharp decline in millionaires in New York, costing the state billions as many flee. The exodus has been building for years but may now be accelerating. As Mayor Mamdani holds another press conference promising to end the “violence of evictions,” businesses are reading the writing on the wall. Rather than work to make the state more attractive to wealthy residents and businesses, Democrats are seeking to diminish the appeal of two-tax states. They want to tap into a long-barred area of taxation: the wealth rather than just the income of citizens. By passing a national wealth tax, Democrats will reduce the benefit of fleeing high-tax states like California and New York.
“Start spreadin’ the news, I’m leavin’ today” — that’s how the famous song “New York, New York” captures the Big Apple’s draw.
Today, the line is becoming more ironic than iconic: Many people are indeed leaving … from New York, New York.
Worse yet, those “vagabond shoes” that “are longing to stray” are on the feet of the wealthiest New Yorkers.
And as they flee, according to a new study, they’re taking away billions in badly needed tax revenue.
As Mayor Zohran Mamdani and others pledge massive social programs and free services by taxing the wealthy, the wealthy are just melting away.
The reason is simple: if “you can make it there, you can make it anywhere.”
In today’s economy, it’s no longer necessary or even particularly beneficial to be in New York to make money in financial and other areas.
When any business meeting is a screen and a click away, you can go to a low-tax state like Florida or Texas and do as well as you can in the Big Apple.
Not surprisingly, many are choosing the money over the mystique and the madness.
This week the Citizens Budget Commission reported that New York’s share of millionaires fell from 12.7% in 2010 to 8.7% in 2022 — the largest drop of any state.
By denouncing the remaining wealthy as effectively freeloaders who are “not paying their fair share,” Mamdani is only spurring them on.
It’s a demonstrably false claim that I discuss in my book Rage and the Republic — and part of a growing class-warfare theme the left is deliberately using to fuel political rage.
Yet it’s easy to form a mob — and far more difficult to control it.
That is particularly the case when your economic policies destroy your economy, and your ability to pay for all the free services that you’ve promised.
There’s a good-faith debate to be had over optimal tax levels, but the fact is that the top 10% of Americans pay more in taxes than the other 90% of the country. The top 1% pays roughly 40% of federal taxes.
As rational actors flee the state, Mamdani and New York Democrats are forced to cull the shrinking herd of high-end taxpayers who remain, layering on special fees like a pied-à-terre tax to be imposed on NYC’s luxury property owners.
And rather than change course to make New York a more attractive place to do business and live, national Democrats are moving to make other states no better — by nationalizing wealth taxes and by taxing fleeing citizens as if they still lived in the state.
Many are following Sen. Bernie Sanders’ and Rep. Ro Khanna’s call to impose a federal wealth tax they’ve dubbed the Billionaire Tax.
The idea is to stem the exodus from California and New York by giving the highest earners no place to go . . . except out of the country.
And Khanna recently confirmed what some of us have been saying for years: The Billionaire Tax isn’t only for billionaires.
“The tax should not stop at billionaires,” he said in a pitch to his party’s rising socialist movement; “it must reach centimillionaires. The tax has to reach all fortunes $50 million and up.”
Khanna and others hope that, once taken nationally, a wealth tax would destroy the benefit of moving to low-tax states — and open up literally trillions in new potential revenue.
In the meantime, New York will continue to burn billions as it taps its dwindling number of millionaires.
As their wealthy neighbors depart, those remaining will have to make up for their loss.
Being among the last to leave New York will be a costly distinction.
They will indeed “wake up” — and find that they’re “king of the hill, top of the list” for wealth redistribution.
The cost of living has become absolutely suffocating for millions of Americans. For years, the bureaucrats in Washington have been feeding us numbers that show that the rate of inflation is low, but it is obvious to everyone that what they are telling us is simply not true. Many of the items that I regularly purchase at the grocery store have more than doubled in price over the past decade. Some have more than tripled in price. When I get to the register to check out, I feel like asking the cashier which organ I should donate to pay for my groceries.
We have reached a stage where grocery prices are causing extreme financial stress for families all over America. One man recently caused quite a stir on social media when he revealed that a grocery order from Target that cost $64.50 in 2020 is now $158.30 in 2026…
This post has already been viewed a million times.
The reason why it is so popular is because it instantly resonates with people.
Everyone knows that grocery prices have risen to absurd levels, and yet the statisticians in Washington keep assuring us that everything is fine.
I don’t believe them.
Do you?
The Washington Post just conducted a poll that found that 66 percent of Americans consider the cost of groceries to be unaffordable.
That figure has risen by 21 percent just since February…
Americans are feeling worse about the price of groceries than they were before the war with Iran began, a Washington Post-Ipsos poll finds.
About two-thirds, or 66 percent, of Americans say they would describe the cost of groceries as unaffordable, up sharply from the 45 percent who said the same thing in February before the conflict started.
Partisanship continues to play a big role in perceptions, with half of Republicans saying groceries are affordable in the latest poll, compared with about one-quarter of independents and Democrats.
With a landmark housing affordability bill in political limbo, U.S. home prices have hit an all-time high.
The median price of existing homes in June was $440,660, up 1.8% from $432,700 a year ago, according to new data from the National Association of Realtors (NAR). Home prices have risen for 36 straight months.
“Housing affordability remains low under slowing wage growth and stronger home price growth,” Ershang Liang, an economist with PNC Economics Research, said in a report.
Who can afford to pay that much for a house?
Rental prices have also gone through the roof.
If you can believe it, the average rent on a one bedroom apartment in Manhattan is now a whopping $5,408 a month…
The city’s housing crisis has hit “DefCon 1” — with average rents for a one-bedroom in Manhattan hitting an all-time high of nearly $5,500 last month, and Brooklyn following suit, according to new data and critics.
“We need bold action. This is a crisis,’’ New York City Comptroller Mark Levine posted on X over the weekend, along with a link to the latest figures from the inhabit blog by real-estate giant Corcoran Group.
The dismal June stats reveal that renters paid an average of $5,408 for a one-bedroom in Manhattan, with studio prices not far behind at $4,014.
It isn’t a mystery why most Americans are struggling in this sort of an environment.
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.
Unfortunately, when you keep piling up debt a day of reckoning eventually arrives.
And the number of foreclosures in the U.S. is way above the highly elevated pace that we witnessed last year…
Foreclosures across the U.S. ballooned in the first half of the year, a sign of the increasing financial strain facing the nation’s homeowners.
Foreclosure filings reached nearly 228,000 from January to June, up 21% from a year ago and 28% from two years ago, according to data released Thursday from real estate data company ATTOM.
Rising foreclosure rates indicate that more homeowners are in financial distress, Rob Barber, CEO of ATTOM, said in a statement. Homes go into foreclosure when the owner falls behind on mortgage payments, often due to extenuating life circumstances such as a job loss. ATTOM defines foreclosures as default notices, scheduled auctions or bank repossessions.
This reminds me so much of the conditions that we experienced just before the financial crisis of 2008.
Unfortunately, the cost of living is only going to go higher.
The cost of energy directly affects the cost of everything else, and it appears that the Strait of Hormuz is going to be closed for an extended period of time.
The average price of a gallon of gasoline in the U.S. has nearly reached four dollars again, and the average price of a gallon of diesel has already risen above the five dollar mark…
US gas prices have rocketed higher during the on-again, off-again war with Iran.
After a brief respite, the average price for gas has surged 15 cents in a week to $3.94 a gallon and appears headed north of $4 again. Diesel, which shows up in customers’ shipping costs, topped $5 a gallon again Thursday for the first time in 3 weeks, according to AAA.
It serves as a painful reminder of how the military conflict in the Persian Gulf has a direct effect on your wallet.
Of even greater importance is what the closure of the Strait of Hormuz means for the global fertilizer market.
As Mike Adams has pointed out, without sufficient quantities of nitrogen fertilizer we won’t even come close to producing enough food for everyone…
Admittedly, I have failed to explain the stakes clearly enough. For months, I have written about fertilizer supply chains, the Haber-Bosch process, and the vulnerability of the Strait of Hormuz. But the gravity of this crisis has not sunk in for most people. Let me put it as plainly as I can: The global population of more than 8 billion people depends on a fragile web of natural gas, oil, and downstream chemistry that took 60+ years to build on this planet. If we lose 25 percent of these critical substances, we lose 25 percent of the population. That is 2 billion people. Here is why that math is inescapable.
As I documented in my article “The Haber-Bosch House of Cards,” the single chemical reaction that fixes nitrogen from the air into fertilizer is responsible for feeding roughly half of humanity [1]. That process requires vast quantities of natural gas. The Persian Gulf region, especially Qatar and Iran, supplies much of that gas. When the Trump administration launched its war on Iran in February 2026 and the Strait of Hormuz was effectively closed, the global fertilizer supply chain began to collapse. This is not a prediction of future famine. The famine is already baked in. But it could still get a whole lot worse depending on how things go from here.
We could be facing multiple years when global food production is at depressed levels.
That means that food prices will go even higher in wealthy countries, and in poor countries there will be shortages.
For the most recent week, the mortgage rate was at 6.55 percent, according to a July 16 statement by Freddie Mac. This is the highest level since the week ending Aug. 27, 2025, when the rate was at 6.56 percent. Since mid-May, rates have consistently hovered around 6.5 percent.
Rates have risen consecutively over the past two weeks, from 6.43 percent for the week ending July 1 to 6.55 percent currently.
Meanwhile, pending home sales in the country declined 2.2 percent for the four weeks ending July 12 compared to the four-week period ending July 5, according to a statement from real estate brokerage Redfin.
First-time homebuyers are facing a “tough time” breaking into the housing market, Christine Kooiker, a Redfin Premier agent in Grand Rapids, Michigan, said in the statement.
“High mortgage rates mean that even homes in the most affordable price point – under $350,000 in the Grand Rapids area – are a stretch for a lot of buyers, and they’re hard to find and competitive,” Kooiker said.
Many buyers are “sitting on the sidelines, too, because they’re locked into low mortgage rates or can’t find a new home they love.”
Similar findings were made by the National Association of Realtors (NAR), which, in a July 16 statement, reported a 5.4 percent month-over-month dip in pending sales in June.
The decrease was most pronounced in the Midwest, followed by the West, South, and Northeast.
“The highest mortgage rates in nearly a year and the record-high national median home price together are contributing to a tepid housing market that is especially difficult for first-time homebuyers,” NAR Chief Economist Dr. Lawrence Yun said in the statement.
Housing Affordability
Lawmakers have taken action to ease the burdens on prospective homebuyers and make housing more affordable for Americans.
On July 11, the 21st Century ROAD to Housing Act became law. The legislation aims to ensure housing affordability through various measures, such as rolling back permits and regulations, and offering financial support to homebuyers, builders, and state and local governments.
The bill was passed by the House and Senate last month. However, President Donald Trump refused to sign the bill until the election integrity bill, the SAVE America Act, was passed by Congress.
According to Article I of the U.S. Constitution, if a bill is not returned by the president within 10 days after being presented, it shall become law. Trump’s deadline to veto the bill was July 10.
The bill “will cut red tape, lower costs, and boost the supply of housing,” Rep. Sam Liccardo (D-Calif.) said in a July 13 statement.
“We need to build on this momentum and keep rolling up our sleeves to tackle the housing crisis confronting far too many American families.”
Meanwhile, builder confidence in the market for newly built single-family homes declined in July from the previous month, according to a July 16 statement from the National Association of Home Builders (NAHB).
The NAHB/Wells Fargo Housing Market Index was at 36 in July, the 15th straight month it has remained below the 40 level. This is the longest stretch of monthly values below 40 since 2012.
NAHB chief economist Robert Dietz cited housing affordability as the “primary challenge” facing the home building industry.
NAHB chairman Bill Owens said that many potential buyers continue to hesitate to purchase homes as they wait for mortgage rates to come down and for more clarity on inflation and the economic outlook.
While the 21st Century ROAD to Housing Act has some important provisions addressing obstacles faced by buyers and builders, “these reforms will take time to implement,” Owens said.
The Data-Center Revolt Goes National: Tea Party Veteran Leads 142 Rallies Across 42 States
Sunday, Jul 19, 2026 – 09:00 PM
The backlash against the AI data-center build-out – which we’ve been tracking since it was a smattering of county fights across 28 states – staged its first coordinated day of action on Saturday: 142 protests across 42 states, from Wasilla, Alaska to Naples, Florida, organized by Humans First, the nonprofit that Tea Party veteran Amy Kremer co-founded and chairs. The crowds spanned both sides of the aisle…uniting a MAGA stalwart in a ‘faith, family, freedom’ T-shirt in New Jersey, a first-time activist in Texas, and a left-leaning organizer in California’s Imperial Valley.
The fight looked like Kenilworth, New Jersey. Residents of the 8,500-person borough gathered outside the municipal court at mid-morning with drums, plastic horns, and sidewalk chalk to protest the $1.8 billion CoreWeave AI data center their planning board approved in May 2025 on the former Merck campus – a project that has since drawn more than 12,000 petition signatures against it, several thousand more names than the town has people. The woman in the “faith, family, freedom” T-shirt marched beside neighbors holding “Build community, not data centers” signs. When heavy rain arrived later in the day, they pulled on ponchos, shared umbrellas, and kept marching. One sign, caught by Business Insider’s photographer on the scene: “You think this is pressure? Wait ’til there’s no water pressure.”
Texas, the country’s hottest data-center market, hosted the most rallies – 18 – with Georgia at 11, California at eight, and Pennsylvania, Florida, and Indiana at seven apiece. In Imperial Valley, where a proposed facility could pull 260 million gallons a year from the Colorado River, Ivan DelSol, 54, told Reuters that around 50 people turned out in 100-degree heat. “It’s dystopian that you would use this much fresh water for AI,” he said. Organizers released no headcounts; turnout ran below expectations in some rural areas and in Atlanta, where about a dozen showed – most of them, a volunteer there said, driving in from the smaller Georgia towns where the biggest data centers are going up.
Kremer is a founding figure of the Tea Party movement who went on to found Women for Trump, and an organizer of the January 6, 2021 rally that preceded the Capitol riot (she neither planned nor took part in the riot itself). She has spent months calling data centers the defining fight of her lifetime, warning the technology could threaten humanity itself, and she is open about running the old playbook: grassroots pressure, town by town, aimed at both parties.
Her crowds bear that out. One of Saturday’s Texas rallies, in Tyler, was organized by Eva Cardona, a 31-year-old self-described political nomad and first-time activist who told Reuters she wanted something more hands-on than posting on Facebook; about a dozen people came. And in Imperial Valley, the man who helped lead the rally leans left. The polling explains why a coalition that broad holds. A June Reuters/Ipsos survey found only 14 percent of Americans would support a data center in their own community.Gallup polling fielded in March found 71 percent oppose building an AI data center in their area – 48 percent strongly – a worse number than a local nuclear plant gets. And Morgan Stanley told clients in a July 14 note that support for local data-center bans runs strongest among Republican, higher-income, and urban voters, while Morning Consult’s national tracker crossed a line of its own in May: “stop building” (about 45 percent) overtook “keep building while expanding energy supply” (about 38 percent) for the first time since last October.
For all the movement’s reputation, Kremer’s demands stop well short of a shutdown. She opposes a national moratorium and statewide moratoriums alike, telling Business Insider that each community should choose what gets built inside it, and that too many of those choices are made behind closed doors. Humans First’s platform runs to transparent approval processes, environmental review before permits are granted, union construction jobs, and binding developer commitments of the kind lawyers call community benefits agreements. She has aimed as much fire at her own side, accusing Republicans of giving Big Tech a free pass and predicting the industry will cozy up to Democrats the moment the majority flips. The fix, she argues, belongs to Congress.Amy Kremer is the cofounder of Women for Trump and Women for America First. Now she’s taking on AI data centers. Jacquelyn Martin/AP
The organization is a narrower thing than the crowds it convened. Humans First announced in April that its non-conservative team members would spin off into a separate group, with Kremer promising “a topflight team of conservatives” to fight Big AI and its lobbyists. The banner over Saturday’s rallies, in other words, was a conservative one – which makes the mix of people who marched beneath it all the more striking.
Official Backlash
The rallies capped a fast-moving week. On Tuesday, New York Governor Kathy Hochul signed an executive order imposing the nation’s first statewide moratorium on new hyperscale data centers – an immediate pause of up to a year on state environmental permits for projects of 50 megawatts or more while regulators draft standards covering energy demand, water use, and air quality. Her office promised localities community-benefit guidance within 60 days, and Hochul will pursue repeal of the state’s sales-tax exemptions for massive data centers. A tougher bill passed by the legislature, with a 20-megawatt threshold, remains unsigned on her desk; her office has called it complicated, and Hochul said the state wants to be “the first to get it right.”
New York was not alone. Virginia’s new tax on data-center electricity – 1.1 cents per kilowatt-hour – took effect July 1. Pennsylvania’s House passed a ban on non-disclosure agreements in data-center deals by a 171-31 vote, and separately voted 197-5 to repeal the industry’s sales-tax exemption, a break worth roughly $517 million a year by 2030. Arizona’s governor signed a three-year moratorium on new data-center tax breaks in June. Legislators have filed more than 300 data-center bills this year; local pauses have passed at the county, city, and tribal level in at least 15 states.
Meanwhile In China
Nothing comparable is happening on the other side of the Pacific. Two days before the marches, Beijing-based Moonshot AI released Kimi K3, a 2.8-trillion-parameter system billed as the largest open-weight model ever built and claimed to perform level with America’s best frontier models. Bloomberg has reported that Beijing plans to spend roughly $295 billion over five years on a nationwide network of AI computing hubs – and none of it will face a zoning board. Under the state’s “Eastern Data, Western Computing” program, the buildout is steered into the arid, sparsely populated west; provincial governments compete to attract data centers with tax holidays, cheap land, and compute vouchers, and the state absorbs up to half of operators’ energy costs, so the strain never shows up on a household bill. No Chinese county has passed a moratorium, because no Chinese county gets a vote.
The financial toll is no longer hypothetical. Third-party trackers cited by Morgan Stanley in its July 14 note put the value of cancelled or delayed projects at roughly $156 billion in 2025 and another $130 billion in the first quarter of 2026 alone – about $286 billion in all – set against the bank’s own estimate of $877 billion in AI capital spending this year. The underlying quarterly count comes from Data Center Watch, a tracker run by 10a Labs, an intelligence firm whose client list includes AI companies, which logged at least 75 projects blocked or delayed from January through March – matching in one quarter the number of projects derailed in all of 2025 – as active opposition groups more than doubled from 396 to 833 and spread to 49 states.
Saturday itself stayed peaceful – chalk, chants, drums, umbrellas – though the wider fight has had harder edges: developers of the Piedmont transmission line into Northern Virginia’s data-center corridor asked a federal court last summer for U.S. Marshals to escort survey crews after landowners threatened workers, an episode we covered at the time.
The industry answered forcefully. The Data Center Coalition warned that New York’s moratorium tells investors the state is “closed for business” and will push jobs and tax revenue to neighboring states. Seven major AI and cloud companies – Amazon, Google, Meta, Microsoft, OpenAI, Oracle, and xAI – point to the Ratepayer Protection Pledge they signed at the White House in March, a voluntary commitment to cover the grid costs their facilities create. And White House AI czar David Sacks went after Hochul’s case point by point on the All-In podcast, calling data centers “the scapegoat for all of the angst that people have about AI.” His answer to the utility-bill complaint: let developers build their own generation behind the meter instead of competing with households for grid power.
Some industry allies go further, pointing to OpenAI’s June disclosure that it banned a China-linked network using ChatGPT to mass-produce comics and comments blaming data centers for rising power bills. OpenAI itself found the operation gained almost no authentic traction – and the crowds in Kenilworth and Imperial County were unambiguously homegrown.
Kremer spent Saturday evening thanking volunteers and looking past the weekend. “America is not for sale, and our communities are not collateral,” she wrote on X. She expects data centers on the ballot in November, and again in 2028. The midterms are less than four months away.
KING NEWS
The King Report July 20, 2026 Issue 7786
Independent View of the News
Due to the carnage in Japan and Taiwan on Friday on tumbling tech stocks, US stocks opened sharply lower. However, years of conditioning induced the usual suspects to buy the opening dip. And because Fang reporting season is upon us and it was Friday, traders manically bought the opening tumble.
The DJIA hit a daily low of 51,986.74 at 9:31 ET; it soared to 52,610.97 at 10:16 ET, +624 points in 45 minutes! The SOX Index hit a low of 11194.603 at 9:43 ET; it jumped to 11746.484 at 10:17 ET and turned positive at 13:00 ET. The SOX hit a high of 11,939.445 (+745 handles from low) at 13:10 ET.
When the SOX Index was at its Friday low, it was down 23.8% from its June 22, 2026 high of 14,655.29. This meant the SOX Index was in a bear market according to recent Street convention about 20% drops. So, someone rescued the index to prevent momentum and panic selling.
Chip stocks fall to bear market brink in AI Unwind – BBG 15:04 ET
11,724.232 is 20% from the Sox Index’s June 22 high. The SOX Index ticked 11,612.238 at 15:17 ET. A desperate late manipulation forced the SOX Index to 11,754.633 at 15:49 ET. Alas, trapped longs had to sell for the weekend. The SOX Index closed at 11,673.891 and signaled ‘bear market.’
The NY Fang+ Index hit a low of 16869.01 at 9:46 ET. But its bounce was not nearly as robust as the DJIA and SOX Index rebounds. The Fang+ Index rallied to17190.66 at 10:38 ET and rolled over.
Gasoline and oil surged higher on Friday due to reports that the US will escalate attacks on Iran. Diesel hit a new all-time high. August Gasoline hit 343.21 cents, just 4.6 cents from its May 5 high of 347.81. July CPI and PPI should be sharply higher than June!
ESUs opened modestly lower on Thursday night and intractably declined, with only a 31-handle rally from 4:37 ET to 6:39 ET interruption, to a daily low of 7473.00 (-104.75) at 9:34 ET. The usual suspects manically bought the opening tumble; ESUs soared to 759.00 at 10:16 ET. After a retreat to 7504.75 at 11:23 ET, ESUs made an effective double top 7538.50 at 12:51 ET.
ESUs then sank to 7486.25 at 15:24 ET. The late manipulation was tepid. ESUs hit 7509.25 at 15:56 ET and rolled over. ESUs fell to 7490.75 at 16:01 ET.
SpaceX was rescued by this: SpaceX in Talks to Provide Computing Power for Pentagon’s AI Push: WSJ – 3:03 PM ET It would provide billions of dollars’ worth of data-center capacity…
June Import Price Index +0.3% m/m & 7.1% y/y, -0.7% m/m & 6.7% y/y exp; Ex-petrol 0.5%, 0.4% exp; Export Price Index -0.7% m/m, 0.6% exp
June Housing Starts 1.427m, 1.312m exp; Permits 1.376m, 1.402m exp
June Industrial Production 0.1% m/m, 0.2% exp; Mfg. Production 0.2% m/m, 0.1% exp; June Capacity Utilization 76.1%. 76.2% exp
July UM Sentiment 54.4, 51 exp; Current Conditions 54.9, 48.5 exp; Expectations 54, 51.9 exp; 1-year Inflation 4.2%, 4.4% exp; 5-10 year-Inflation 3.3% as expected
Cleveland Fed President Hammack: Inflation is too high and is broad-based – BBG 10:04 ET Hammack: Firms Saying Fed Needs to Take Action on Inflation – BBG 10:04 ET Hammack: Persistently High Inflation Is the Bigger Concern- BBG 10:04 ET Hammack: The labor market is right around my level of maximum employment.
BBG: “There is no conflict in our mandate,” Hammack wrote in a LinkedIn post published Friday. “Inflation is too high. The labor market is right around my level of maximum employment… For the first time in my tenure, I’m hearing from businesses who say they think we need to take action to curb inflation, and from consumers who can’t make ends meet about a growing sense of despair.”
@WallStreetMav: The US govt debt just reached a new all-time high of $39.5 trillion. It will reach $40 trillion within 3 or 4 months. 42% of all income tax revenue goes to paying interest on the national debt.
Wall Street erupts as Trump family plots brazen cash grab off president’s market-moving posts Donald Trump’s social media company is planning to charge as much as $100,000 per month for early access to the president’s market-moving posts… (Is this ethical? Never-ending grifting!) https://www.dailymail.com/news/article-15985941/trump-family-wall-street-cash-grab.html
@jsolomonReports: United to offer free flight changes to passengers wanting to avoid Trump International airport (Severe TDS and abject cowardice!)
Positive aspects of previous session USUs were +11/32 at the NYSE close.
Negative aspects of previous session Fangs and AI-related stocks got hammered, trapping operators and traders long for results. The S&P 500 Index closed below 7500. The DJIA closed -406.55. The SOX Index closed in a bear market according to pundit’s 20% convention. Gasoline, oil, and diesel fuel rallied sharply.
Ambiguous aspects of previous session Are equities starting to ‘get it?’
First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour:Up; Last Hour: Down
Pivot Point for S&P 500 Index [above/below indicates daily trend to day traders]: 7462.47 Previous session (S&P 500 Index) High/Low: 7498.47 (12:51 ET); 7431.26 (9:35 ET)
@peruvian_bull: If we divide the S&P 500 by the fed’s balance sheet, the line is basically flat since 2008. The correlation coefficient between central bank quantitative easing and the price of stock indexes is nearly 1. The money printed by the Fed, because of the structure of the Open Market Operations, is plugged directly into the Treasury markets, and from there, flows into equities and derivatives… The entire rally has been an illusion, financed by the Fed and maintained through QE. https://x.com/peruvian_bull/status/2078342440944074970
Former Adviser to Federal Reserve Board of Governors Sentenced to Federal Prison Term From 2010 until 2021, Rogers worked as a senior adviser in FRB’s Division of International Finance where he was entrusted with confidential FRB information. Beginning in 2017, Rogers developed a clandestine relationship with Hummin Lee, a Chinese intelligence operative, whom he met at a conference in China. Over the following years, Rogers met Lee and associates in hotel rooms in China under the guise of teaching academic “classes,” using the sessions to convey Federal Reserve information that Lee had specifically tasked him to collect… https://www.justice.gov/usao-dc/pr/former-adviser-federal-reserve-board-governors-sentenced-federal-prison-term
Rogers: I was on the staff of the Federal Reserve Board’s International Finance Division beginning in 1994, after being an assistant and (tenured) associate professor at Penn State University. I retired from the Fed in May 2021 and have joined Fudan University in Shanghai as Professor in the Fudan International School of Finance.https://www.johnrogerseconomist.net/
As has become the custom, the US launched fresh strikes on Iran after the NYSE close on Friday.
@hahussain: Islamic Iran regime strikes electricity and water desalination facilities in Kuwait. Don’t expect the friends of Iran in America or Palestinians to cry war crimes.
@CENTCOM: On July 17, two U.S. service members in Jordan were killed in action as U.S. Central Command (CENTCOM) and partner forces defended against Iranian ballistic missile and drone attacks. Additionally, one service member is currently missing. Four American service members were medically evacuated to Jordanian hospitals. They have since been discharged. Other personnel who were evaluated for minor injuries have returned to duty. Out of respect for the families, CENTCOM will withhold additional information, including the identities of the fallen warriors, until 24 hours after the next of kin have been notified.
@HormuzLetter: Iran has struck the Kuwait National Petroleum Company North Pier crude oil export facility at the Mina Al Ahmadi hub in Kuwait, with the facility on fire and smoke visible on Sentinel-2 satellite imagery. Kuwait relies on this hub for 90% of its economy.
@AJENews: Iran attacks Kurdish opposition group bases in northern Iraq, according to Iranian state broadcaster (It’s time to unleash the Kurds on Iran and ignore Turkey’s Erdogan!)
@EYakoby: Rep. Adam Smith says he voted to cut off military aid to Israel because of sustained threats against his family and staff, describing a violent, relentless intimidation campaign by far-left anti-Israel activists. Threats and fear should never dictate public policy.https://x.com/EYakoby/status/2077883364304932905
Today – Over the weekend numerous equity pundits warned stocks would tank on Monday due to escalation of the Iran War. However, the usual suspects have NOT been harmed by betting against Iran conflict-inspired equity declines. Plus, ‘they’ expect the Monday Rally and buying for Fang results.
This makes for a very, very dangerous situation. Nevertheless, traders are NOT bearish on Sunday night.
ESUs are +10.75; NQUs are 135.25; USUs are 15/32; WTI Oil is +1.91; Gasoline is +5.23 at 21:07 ET.
IBM, Tesla, and Google report Wednesday. Intel reports Thursday.
Expected Impact Economic: June LEI -0.1%; Fed in blackout ahead of July 28-29 FOMC Meeting
S&P 500 Index (7533.87 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 6930.55 triggers a sell signal Daily: Trender and MACD are negative – a close above 7584.07 triggers a buy signal Hourly: Trender and MACD are negative – a close above 7541.51 triggers a buy signal
S&P Index 50-day MA: 7465; 100-day MA: 7151; 150-day MA: 7066; 200-day MA: 6987 DJIA 50-day MA: 51,220;100-day MA: 49,538; 150-day MA: 49,367; 200-day MA: 48,764 (Green is positive slope; Red is negative slope)
Babylon Bee: Democrats Say They Are Perfectly Capable of Rigging Elections Without Any Help from China
@jsolomonReports: Hey @bariweiss, when Biden admin announced China obtained 40 million of Great Britain’s publicly available voter files CBSNews covered it seriously. But when DJT announced China got 240 million of Americans voter files your team dismissed like it was no big deal. Why?
@jimrowe77268: Reminder as I watched @CBSNews try to downplay China role. CBS gets billions from China. @ABC owned by Disney gets billions from China was wondering why they had no problem accusing Russia of interfering because they get ZERO from Russia but push when it’s China
Democrats fabricated ballots in Michigan to make quotas in 2020 elections The Federal Bureau of Investigation (FBI) has also interviewed numerous subjects who were canvassers hired by GBI Strategies. The Democratic National Committee is one of the largest funders of GBI Strategies, a Democrat-aligned voter registration and get-out-the-vote (GOTV) organization. During the 2020 election, GBI reportedly received payments nearing $5 million from campaigns and committees. These canvassers, who were illegally paid per ballot, were allegedly instructed that if at the end of the day they had not met their quota of ballots signed and received, to sign ballots themselves… https://justthenews.com/government/white-house/trump-details-fresh-foreign-interference-findings-validating-many-his-2020
@GAballots: Something has never added up in Fulton County. They officially reported 59,000 Election Day votes on Nov 3, 2020 but as of 5 pm that day only 14,152 people voted. That means 45,000 people rushed to the polls in the final two hours of vote. That simply did not happen because local news crews were all over Fulton polls. This anomaly has yet to be explained by Fulton County or the Sec of State.
@TheSCIF: Fulton County ordered over 1,000,000 EXTRA ABSENTEE BALLOTS without STUBS or ENVELOPES for the 2020 Election and lied about it. The total number of ballots ordered in addition to what was mailed to voters was 1,058,910. This should tell you everything you need to know. Fulton County ordered 1,058,910 absentee ballots at the last minute, without envelopes, without stubs, and after they could have realistically been mailed. The “extra” ballots were not ordered for the reasons given, and what ballots from the order that remained after the election were destroyed. For reference, a total of 528,777 ballots were cast for the 2020 General Election, and of those only approximately 148,000 were absentee. The majority of which were sent by Runbeck Election Services directly to the voter… Fulton County then tried to conceal the order and denied the existence of corresponding documents. In response to a narrowly targeted open records request, Fulton County returned, “No responsive records.” It wasn’t until we provided Fulton County’s accounting code for the invoice, funding line, and invoice number that Fulton County acquiesced and finally produced the records… Fulton County was required to have 83,656 emergency ballots available, not over one million. Georgia’s absentee, provisional, and emergency ballots are indistinguishable… The ballot order was placed on October 16th. Also, the ballots were explicitly ordered with “no stubs,” which emergency ballots are required to have stubs for tracking purposes and to prevent them from being used nefariously… It is important to note that no other counties are known to have ordered an excessive number of absentee ballots, and both of Gabriel Sterling’s excuses would have affected the entire state. Because a conflicting number of ballots were said to be destroyed, the physical ballots themselves can no longer be consulted to determine the number remaining, and more importantly, the number missing. Fulton County’s efforts to conceal the suspect ballot order, the timing of the ballot order, the illogical, massive number of ballots ordered, the fact that ballots were ordered with no stubs, and the destruction of the ballots, raise very serious questions… https://x.com/TheSCIF/status/2077870640518910306
@ItsYourGov: THE CHINESE IIR SUPPRESSION: Sept 25, 2020: FBI Albany’s source detailed a CCP scheme using stolen TikTok data to produce fake driver’s licenses for fraudulent Biden votes. Analysts rated the source “very, very confident;”; the handling was called “textbook.”Minutes after Albany released it, HQ recalled it, “at the direct request of officials including Nikki Floris.” The reason, per Sen. Grassley’s released emails: “the reporting will contradict Director Wray’s testimony.” That testimony: Wray telling the Senate on Sept 24, 2020, one day earlier, the FBI had “not seen… any kind of coordinated national voter fraud.” Floris’s division buried the one report that said otherwise.. THE WRAY LINK: The Oversight Project’s June 26, 2025 criminal referral names Floris explicitly as the evidentiary bridge; she knew of the Chinese threat, and “Wray had to have also known,” given her daily briefings to him. THE CENSORSHIP APPARATUS: Floris publicly championed FITF’s “Protected Voices” program, which ran FBI back-channels into Facebook, Twitter & Google to flag “foreign disinformation.” The FITF deplatformed countless social media accounts that had zero nexus to malign foreign influence because the woke FITF didn’t like the content of their 1st Amendment speech. Per congressional records and the Twitter Files, most content flagged through those channels wasn’t foreign at all, it was domestic conservative speech, including the already-authenticated Hunter Biden laptop story. TARGETING DISSIDENTS: The same FITF, under Floris’s authority, opened inquiries into FBI sources and employees who tried to report Biden family conduct. A foreign-influence section turned inward on its own workforce. ARCTIC FROST: The counterintel case that became Jack Smith’s Trump probe opened Feb 2022, inside the same Counterintelligence Division Floris led through May 2022, built on the same tools (Round River, ODNI’s Notification Framework) her office ran. Where it stands: FITF was disbanded Feb 2025. Wray’s criminal referral is with DOJ. Sen. Grassley’s records requests for her communications are pending and Floris is now “Director of Insider Risk” at Microsoft. https://x.com/ItsYourGov/status/2077954011391471748
@JamesHartline: This is Nikki Floris, the FBI analyst who claimed she was running a “shadow” government across the FBI according to a just released declassified document. According to her LinkedIn page she is now employed at Microsoft as the Director of Insider Risk. https://x.com/JamesHartline/status/2077934937014243659
@C_3C_3: “I’m basically running a shadow government across the FBI at this point.” Arrest Nikki Floris for sedition. After this she was put in charge of the Intelligence Division of the Washington Field Office by Chris Wray. Now she is at Microsoft with Lisa Monaco…
@mirandadevine: And Nikki Floris was one of the agents who gave Senators Ron Johnson and Chuck Grassley a bogus “defensive” briefing in August 2020, undermining their Hunter Biden investigation by framing it as a Russian disinformation operation (heard that before), after which *somebody* leaked to the Washington Post, making it harder to subpoena witnesses and convince their RINO colleagues to support their efforts. Apr 7, 2025
@LauraLoomer: Microsoft still holds a federal contract with the United States which allows them to control the entire cyber infrastructure of the federal government on the Microsoft Government Azure platform, which China/ CCP has penetrated as they continue hiring Deep State Trump haters… Following the declassification of documents last night which prove China and the CCP illegally interfered in the 2020 Presidential election to make sure it was stolen from President Trump, it was revealed that US Intel agents helped the CCP and China cover this up and kept this information away from President Trump, deliberately and maliciously. It can be said with 100% certainty that Microsoft hired Nikki Floris, the FBI analyst who bragged about running a ‘shadow government’ inside the FBI in 2020 to keep this intel away from President Trump. Despite this damming and seditious information being revealed in newly-released and declassified documents, @Microsoft hired Floris to work as the Director of Insider Risk at Microsoft… 1. I exposed how @Microsoft hired Lisa Monaco to be their new President of Global Affairs. Monaco served as the Deputy Attorney General of the United States from April 2021 until January 2025 under Joe Biden. Prior to that, she held significant roles under Barack Obama, including Assistant Attorney General for National Security (2011–2013) and Homeland Security and Counterterrorism Advisor (2013–2017). Additionally, Trump hater, Democrat mega-donor & Jeffrey Epstein associate Reid Hoffman @reidhoffman is on the board of Microsoft. Hoffman was very committed to seeing President Trump lose his elections in 2016, 2020 & 2024. Hoffman even funded lawfare against President Trump. 2. The second story I broke alongside Navy Whistleblower Tom Schiller exposed how Microsoft, through their contract with the US government, has been allowing Chinese nationals based in China to provide tech support for DOD Cyber Systems on the Microsoft Government Azure platform , allowing China to have full access to Classified information out of the Pentagon… for 11 YEARS! After my stories broke, President Trump @POTUS called me & he posted a Truth Social post about how Microsoft should FIRE Lisa Monaco. Microsoft didn’t comply. When my other story broke, @SecWar had an emergency meeting at the Pentagon with Microsoft & @USWREMichael & ordered Microsoft to conduct a third-party audit of their systems, which he also forced Microsoft to pay for. The report led to new policies being implemented at the Pentagon and Secretary of War Hegseth ordering Microsoft to stop hiring Chinese nationals BASED IN CHINA to work as digital escorts on the Department Of War’s classified systems via the Azure program, which is used by our entire federal government. Personally, I think @satyanadella should have been charged for treason for this, but of course Microsoft got a slap on the wrist because nobody is ever held accountable. Not only did Microsoft allow for Chinese nationals tied to the CCP to have access to the Government Azure platform, which is used by our entire federal government, but I have proven… time again that they deliberately keep hiring Obama era Deep State operatives who engaged in the malicious sabotage of President Trump & our national security in support of the CCP, & declassified documents prove this. Microsoft should lose their government contracts immediately for allowing Chinese nationals to gain access to our classified information. Their hiring practices alone pose a massive national security threat to our country given their access to the cyber infrastructure of the entire US federal government. Guess who authorized the contract with Microsoft in 2016 to allow them to control the entire cyber infrastructure of the federal government? BARACK HUSSEIN OBAMA, LISA MONACO’S BOSS! https://x.com/LauraLoomer/status/2078108614061924746
@TheSCIF: Declassified email shows Director Christopher Wray signed off on a downgraded ICA about foreign involvement, including China interfering in our elections.https://x.com/TheSCIF/status/2077954179549540526
@paulsperry_: Despite the president breaking stunning news of a massive Beijing hack of US voter data and a massive cover-up of its election interference by the FBI and CIA, CNN, ABC and NBC blacked out his prime-time address, and CBS and MSNBC cut away from it. Only NewsNation, Fox and C-Span covered it in full. Trump accused NBC, CNN and ABC of being “part of a plot to help this [election] fraud going” and called for the FCC to revoke NBC’s and ABC’s broadcasting licenses.
@JewishWarrior13: A classified document released by the WH reveals that China produced tens of thousands of fake driver’s licenses and sent them to the US. The plot would then have Chinese nationals in the US cast mail-in ballots.https://x.com/JewishWarrior13/status/2077943134449733788
@cameron_arcand: DECLASSIFIED: January 15, 2020, National Intelligence Council Memorandum: “We assess that at least Russia, China, Iran, and North Korea have the capability to access and potentially manipulate data in US election-related computer systems, but we do not know whether they have specific plans to interfere with the functioning of these systems.”… https://x.com/cameron_arcand/status/2077933143189864950
@BuzzPatterson: This is simply astounding! Democrats created a smokescreen about Trump and Russia; and the whole time DNC was working with China. These are thousands of pages of foreign IP addresses sending and receiving data to election precincts and servers outside the United States during the 2020 Election. CISA, DHS, the FBI, and the CIA knew all about it because they were in on it. We’ve been right the whole time. Trump won…and I probably did too. https://x.com/BuzzPatterson/status/2078102420656193710
@SecMullinDHS o Friday: “We know that Iran hacked our state voter files and attempted to compromise our systems where military members use to vote… what’s frustrating again in this is that the Biden administration knew this and our Intel Community knew this… they withheld this information from the public, they withheld it from Congress. That should NEVER happen again, and because of @POTUS’ leadership, we’re not allowing that to happen.” https://x.com/RapidResponse47/status/2078137483133374726 “We’ve identified 250,000 noncitizens registered to vote in just four states… We also worked with proactive states to identify 28,000 noncitizens on their voter rolls, PLUS 400,000 individuals that are still registered to vote that are deceased.”
@OANN: @DHSgov @SecMullinDHS: “The major networks are not willing to carry the president of the United States address to the nation on election security. How shameful is that? Why? What are they trying to cover up?”https://x.com/OANN/status/2078152634872295454
@ColonelTowner: Having listened to Trump’s speech, none of the ppl who have been on the journey of uncovering the CIA and their nefarious activities were surprised by anything he said. I’d like to point out a few very important things: 1) the documents Trump declassified will expedite everything happening in the grand juries in Ft Pierce because the fact that they were classified draws out the timeline exponentially… 2) he mentioned that the intel agencies, journalists, large US corporations, unions, etc were all involved with the US government and China as early as 2018 in interfering in elections, creating negative stories and undermining Trump…that is TREASON. 3) he specifically called out Obama’s involvement in all of it. 4) he confirmed that everyone that was involved in challenging the 2020 election, showed up in DC on 1/6 were all RIGHT. 5) he noted that the FBI, DHS, CIA and other government agencies worked to coup the country 6) they systematically, overtly, and consistently worked to hide critical intelligence from the president and that is TREASON. 7) he noted the FBI put critical intel and proof of election interference in burn bags to destroy the evidence. 8) he noted the CIA sat on information confirming the election systems were compromised and overtly hid it 9) he noted the on-going cover up of the criminal conspiracy to overthrow the government is being hidden by NBC and ABC. 10) by notifying the state governments that their election data is compromised he will force them to take action OR they will be guilty of conducting known fraudulent elections. 11) the FBI discovered that China was manufacturing ballots for Biden and they covered it up 12) the CIA is required to inform the Congress and they didn’t and instead signed documents stating it was the most secure election in history 13) over 250,000 non citizens are registered to vote in the US. While many ppl will say we knew all of this already, this wasn’t for those who knew all of this… it was to ensure the legal system can use declassified documents to expedite what will begin to occur tomorrow: accountability. It will provide the impetus to make drastic changes to the election process in the US. It now publicly forces Congress to act. My caution: This requires the same organizations (DHS, CIA, FBI, etc) that committed treason to launch investigation of their own organizations which from my experience inside government never works. It’s my opinion we have moved to another phase of the operation. The speed will increase exponentially.
@jsolomonreports says additional intelligence is being prepared for release, including unredacted information on major data breaches that he says the public “should be scared about.” https://x.com/RealAmVoice/status/2078127275233399179
@GAballots: In 2022, in DeKalb County Georgia, there was a Democrat primary for county commissioner district 2. Michelle Long Spears was the expected winner but she lost huge and even received ZERO votes in her home precinct where she and her husband voted for her. She demanded a recount. The state resisted. DeKalb County said count them by hand. The result. She won. In the recount, it was learned that not only did a software error give her votes to another candidate but 1,802 votes were skipped by the machines. No reason was ever given. https://x.com/GAballots/status/2078067734655410554
Critics slam Mamdani for threatening to arrest Netanyahu in NYC: ‘Delusional’ and ‘reckless’https://trib.al/WURqhLX
@AJManaseer: Chicago pensions are the undefeated final boss of Luxury Boomer Communism. Sobering piece by my friend @StuLoren about the pension mess. “What the unions fail to understand is that financial reality eventually trumps legal reality because it bends legal reality to its will. The constitution can’t generate money from thin air.”https://x.com/chitribopinions/status/2078065971177132283 No chance of a federal bailout. This would need congressional approval, which will never come. It’s far more likely the Feds would lean on the state to allow bankruptcy.
Paul Pelosi, husband of Rep. Nancy Pelosi (D-Calif.), was charged with misdemeanor hit-and-run on July 17 after authorities alleged he struck another vehicle parked on the side of a road on July 3 in Napa County, California.
The Napa County District Attorney’s Office also charged Pelosi, 86, of St. Helena, with making an unlawful turn.
A witness who saw the accident called 911. Napa County Sheriff’s deputies responded to the scene in Yountville, California, on July 3 and found Pelosi sitting inside his brown convertible, about one-quarter mile away from the damaged car that was struck on the shoulder of a roadway, the department reported.
According to deputies, Pelosi’s car sustained damage to the front.
Pelosi allegedly told deputies he hit something but he did not know what or when, and had continued driving, according to the sheriff’s department statement.
He did not test positive for alcohol, authorities said.
Deputies did not arrest Pelosi at the scene. No injuries were reported at the time, and he was allowed to go home with a misdemeanor citation for leaving the scene of an accident.
The sheriff’s office recommended Pelosi to the California Department of Motor Vehicles to determine whether he should be allowed to continue driving, which is common for older drivers.
The maximum sentence for a hit-and-run offense is one year of probation, according to the district attorney’s office.
Paul Pelosi’s first court appearance is scheduled for Aug. 14.
This is the second time in four years that Pelosi has been charged by the Napa County District Attorney following an auto accident in the county.
He was convicted in Napa County Superior Court in 2022 of drunk driving and causing injury after pleading guilty to the charges.
Paul and Nancy Pelosi attend the 66th GRAMMY Awards Pre-GRAMMY and GRAMMY Salute to Industry Icons Honoring Jon Platt at The Beverly Hilton in Beverly Hills, Calif., on Feb. 3, 2024. Amy Sussman/Getty Images
Pelosi was sentenced to three years of probation and ordered to pay nearly $5,000 in restitution to the accident victim for medical bills, serve five days in jail, and submit to blood, breath, or urine tests if requested by an officer.
He was also mandated to enroll in a program for three months and install an ignition interlock device on his vehicle for one year as part of the sentence.
In an unrelated incident that same year, he was attacked and beaten with a hammer inside the couple’s San Francisco home.
A spokesperson for the Pelosi family did not immediately return a request for comment.
END
White DSA Member Inadvertently Exposes Socialist Playbook: “Secret Nazis” Are Fine If They Advance Agenda
Saturday, Jul 18, 2026 – 10:45 PM
Far-left podcaster and Democratic Socialists of America member Emma Vigeland appeared to inadvertently expose the far-left movement’s ends-justify-the-means political calculus: Even a “secret Nazi” would be acceptable if the candidate advanced a national socialist agenda.
Vigeland, a former field reporter, producer, and commentator for The Young Turks and identified as a DSA member, also co-hosts The Majority Report with Sam Seder. She explained on a separate Vox podcast that she doesn’t care if a progressive or socialist candidate has “Nazi” skeletons in their closet.
“I am wary of over-focusing on an individual’s personal character over their platform. You know, I’ve said this before. I don’t really care if say like Bernie Sanders or AOC go home and they’re a secret Nazi, but they go out and they vote for the right things. Like we’re talking about politician,” the DSA member said earlier this month.
Vox host Astead Herndon was astonished by Vigeland’s remarks, and asked: “You don’t care?”
Why is anyone surprised anymore? This comes after the political collapse of DSA’s Graham Platner, who had a large “Totenkopf” tattoo- a symbol associated with the Nazi SS.
Mamdani’s New York: West Side Homeless Camp Stretching 12 Blocks Now Allegedly Stealing City Power
Sunday, Jul 19, 2026 – 02:35 PM
You’ve likely seen it if you’ve the nearby Hell’s Kitchen entrance to the Lincoln Tunnel…
What began as a growing homeless encampment on Manhattan’s West Side has now escalated to alleged utility theft, according to the NY Post.
According to reports, one resident of the sprawling encampment was seen Tuesday tapping into city electrical lines to power a makeshift shelter near West 34th Street between 11th and 12th Avenue. The camp now stretches roughly a dozen blocks, from 34th Street to 46th Street near the Intrepid Museum, and has become an increasingly visible flashpoint for residents, commuters, and tourists.
The NY Post writes that bus drivers and local workers say the encampment has continued to expand over the past several weeks, with tents multiplying and sidewalks becoming increasingly obstructed.
“It’s been almost a month now and it gets a little bigger every time I come back,” one FlixBus driver told the New York Post. He said garbage piled along the sidewalk forces passengers waiting for buses into the street, while some people living in the encampment have reportedly approached travelers asking for money. He added that complaints to city officials have produced little visible response.
Police officers were seen Tuesday ordering the individual accused of siphoning electricity to disconnect from the utility line. Elsewhere along the encampment, officers reportedly seized extension cords and power strips from another makeshift shelter. Despite those actions, there appears to be little expectation that the enforcement will significantly reduce the camp’s size.
Mayor Zohran Mamdani has defended the city’s broader approach, saying the priority is moving homeless individuals into shelters and ultimately permanent housing rather than simply dispersing encampments from one neighborhood to another. Asked specifically about the West Side encampment, he said the city would review the situation.
Despite growing attention, reports indicate that no sanitation crews or homeless outreach teams had been seen at the site in the days following news coverage of the encampment.
The camp itself has reportedly continued to grow, with additional tents appearing over the weekend. Reports also claim that the area has attracted people struggling with addiction, along with sex workers, adding to concerns from nearby businesses and residents who say conditions continue to deteriorate.
GREG HUNTER….INTERVIEWING DR JEROME CORSI
Big Arrests Coming for Massive Voter Fraud – Dr. Jerome Corsi
Dr. Jerome Corsi, who has a Harvard PhD in political science and has written more than 50 books, predicted last month that “President Trump was Not Going to Allow Dems to Steal Midterms.” With Trump’s big election and voter fraud announcement on national television Thursday night, it is taking shape how he’s going to stop the steal in the midterms and beyond. Dr. Corsi says, “Donald Trump is doing exactly what I thought he would do. He’s setting up the case that there is voter fraud on a massive scale. Now, especially, President Trump said the Chinese have penetrated our computers and are manipulating our elections. That’s extremely important because the most important thing established is that we are under attack by a foreign enemy. It’s another nation in our election system. That’s a national security emergency right there. That’s what President Trump needs to establish, that one point, in order to have a National Emergency Declaration to protect the nation against a foreign enemy. People are missing the point. That was the most important point he made (Thursday night 7/16/26–Trump voter fraud speech starts at about the 16 min. mark). Also, there is Venezuela, and it was able to affect our elections, and they cheated in their own election utilizing the same computers and the same systems.”
Why is the Lying Legacy Media and the Democrats hyperventilating over this? Dr. Corsi says, “The mainstream media is going nuts because they know if President Trump does a National Security Emergency, it will take a two thirds majority in both houses (House and Senate) to overturn it. That’s unlikely to happen. There is nothing they could do about it, and I doubt the Supreme Court would take up the case.”
We are also finding out that the intel agencies and law enforcement knew about the China election breach in 2020 and hid it from President Trump. Dr Corsi says, “All the big culprits are the intelligence agencies, and Donald Trump called them out (Thursday), and he let them know he knows their game. That was a very serious speech. He laid down some big markers. Treason and major crimes were committed by our intelligence agencies against the President of the United States. The media was attempting to lie to destroy his Presidency and continuing to do so even today. The Democrats are turning into communists and babbling their nonsense out into the streets.”
Dr. Corsi has long said the voter rolls have to be cleaned up and purged of dead people and all non-eligible voters. Corsi says, “The voter rolls are a mess because Democrats want them to be a mess. A lot of Republicans are happy with stealing too. . .. Is the Trump Administration going to stop asking to look at state voter rolls and start forcing states to reveal what is on them? Dr. Corsi says, “First, they are going to arrest them, then they will send in the others to have a look. They are going to say you are committing voter fraud, and you are under arrest.”
So, this is going to get ugly? Dr. Corsi says, “Yes, and the American people won’t mind seeing heads of state, Brad Raffensperger (GA Secretary of State), charged with criminal offences. You can’t commit voter fraud and say I am going to protect the illegals on my voter list and I am not going to let ICE arrest anybody. These are crimes. If these government officials want to commit crimes, then fine, let’s arrest them and prosecute them. . .. Trump said this in his speech. He said there are crimes that are being committed that are raised to the level of treason. . .. The gloves are coming off in a big way. . .. All these guys ought to be lawyering up right now. I am not sure the Democrat Party will survive this.”
There is much more in the 35-minute interview.
Join Greg Hunter of USAWatchdog as he goes one-on-one with Dr. Jerome Corsi of GodsFiveStones.com. Dr. Corsi gives us an update on President Trump’s voter fraud speech this past week. Brace yourselves for a nasty fight going into the midterms as the gloves are coming off for 7.18.26.
In a supplied image, fish found on board Chinese longlining vessel, the Lu Rong Yuan Yu 138, at the time it was detained for alleged illegal fishing in NA, Tuvalu on July 9, 2026 PR Image/Supplied by Sea Shepard
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evidence to support it.” (86) Reports of genomic integration of vaccine RNA in tumors provides irrefutable evidence that these “vaccines” are oncogenic. (84)’4
COVID-19 mRNA-Induced “Turbo Cancers”By Paul Marik, MD and Justus Hope MD.‘COVID-19 mRNA-Induced “Turbo Cancers”By Paul Marik, MD and Justus Hope MD.Cancer & Metabolic Healing
A home for sale in Alhambra, Calif., on Aug. 28, 2025. Frederic J. Brown/AFP via Getty Images
Amy Kremer is the cofounder of Women for Trump and Women for America First. Now she’s taking on AI data centers. Jacquelyn Martin/AP
harveyorganblog.com 
