GOLD CLOSED UP $73.30 TO $4145/5-
SILVER CLOSED UP $1.45 TO $59.91
JULY 22
EXCHANGE: COMEX
CONTRACT: JULY 2026 COMEX 100 GOLD FUTURES
SETTLEMENT: 4,071.100000000 USD
INTENT DATE: 07/21/2026 DELIVERY DATE: 07/23/2026
FIRM ORG FIRM NAME ISSUED STOPPED
099 H DEUTSCHE BANK AG 19
363 H WELLS FARGO SECURITI 27
555 C BNP PARIBAS SEC CORP 24
661 C JP MORGAN SECURITIES 45 6
686 C STONEX FINANCIAL INC 6
905 C ADM 25
TOTAL: 76 76
MONTH TO DATE: 12,777
GOLD: NUMBER OF NOTICES FILED FOR JULY/2026: 76 CONTRACTs NOTICES FOR 7,600 OZ or 0.2363 TONNES
total notices so far: 12,777 contracts FOR 1,277,700 OZ OR 39.741 TONNES
SILVER NOTICES: 19 NOTICE(S) FILED FOR 95,000 OZ /
total number of notices filed so far this month : 8844 CONTRACTS (NOTICES) for 44.2200 million oz
GLD AND SLV
GLD
INITIAL STANDING FOR JANUARY: 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NEW NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR .100 MILLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ!!
INTIAL STANDING FOR FEBRUARY/SILVER: 13.505 MILLION OZ FOLLOWED BY TODAY’S HUGE 0.005 MILLION OZ QUEUE JUMP / : NEW STANDING FOR SILVER AT THE COMEX ADVANCES TO 25.180 MILLION OZ. BUT WE MUST ADD OUR FIRST EXCHANGE FOR RISK OF 25 CONTRACTS FOR .125 MILLION OZ AND THEN OUR SECOND EXCHANGE FOR RISK OF .0600 MILLION OZ TO OUR THIRD HUGE 2.825 MILLION OZ EXCHANGE FOR RISK!!
INITIAL STANDING FOR MARCH: A SURPRISINGLY LOW 31.076 MILLION OZ/ FOLLOWED BY A TINY QUEUE JUMP OF XX CONTRACTS OR XXX OZ/NEW STANDING ADVANCES TO 46.060 MILLION OZ
INITIAL STANDING FOR APRIL: 7.120 MILLION OZ FOLLOWED BY TODAY’S 1 CONTRACT QUEUE JUMP WHERE 5,000 OZ WILL TAKE DELIVERY OVER ON THIS SIDE OF THE POND. NEW STANDING FOR SILVER AT THE COMEX THUS ADVANCES SLIGHTLY TO 16.565 MILLION OZ PLUS WE MUST ADD OUR 4TH EXCHANGE FOR RISK ISSUANCE OF 17 CONTRACTS OR 0.085 MILLION OZ. THESE WILL BE ADDED TO OUR OTHER 3 ISSUANCES //NEW TOTAL EXCHANGE FOR RISK//1.165 MILLION OZ// NEW TOTAL SILVER STANDING 17.730 MILLION OZ//
INITIAL STANDING FOR MAY: 31.495 MILLION OZ FOLLOWED BY ANOTHER 3 CONTRACT EXCHANGE FOR PHYSICAL JUMP TO LONDON FOR 0.015 MILLION OZ// AND THEN TO BOOT WE HAD OUR FIRST EXCHANGE FOR RISK ISSUANCE FOR 51 CONTRACTS OR 255,000 OZ MAY 21./STANDING BEFORE EXCHANGE FOR RISK: 32.070 MILLION OZ/NEW STANDING THUS REDUCES TO 32.325 MILLION OZ/.//(32.070 MILLION OZ NORMAL STANDING PLUS .255 MILLION OZ EXCHANGE FOR RISK = 32.325 MILLION OZ)
JUNE INITIAL STANDING FOR SILVER:10.935 MILLION OZ TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 10,000 OZ//NEW STANDING ADVANCES TO 12.970 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 20 CONTRACTS FOR 100,000 OZ//NEW STANDING ADVANCES TO 13.070 MILLION OZ. (IN EXCHANGE FOR RISK THE BUYER ASSUMES THE RISK AND ONLY A CENTRAL BANK WOULD TAKE THAT RISK. THE BUYER IS PROBABLY THE CENTRAL BANK OF INDIA.)
JULY INITIAL STANDING: 37.110 MILLION OZ FOLLOWED BY A STRONG 62 CONTRACT QUEUE JUMP OR 0.310 MILLION OZ WHERE DELIVERY WILL OCCUR ON THE THIS SIDE OF THE POND//STANDING ADVANCES TO 44.500 MILLION OZ///
SUMMARY OF OUR JULY 2026 COMEX CONTRACT MONTH
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 82.020 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
NOVEMBER: 36.425 MILLION OZ
DEC: 45.765 MILLION OZ
JANUARY 2026: 134.270 MILLION OZ (WILL BE A VERY STRONG MONTH FOR EXCHANGE FOR PHYSICAL!)
FEB : 82.130 MILLION OZ
MARCH: 56.075 MILLION OZ
APRIL; 44.44 MILLION OZ//FINAL.. SMALL THIS MONTH.
MAY 59.79 MILLION OZ
JUNE. 64.065 MILLION OZ//FINAL AND FAIR SIZED THIS MONTH.
JULY: 33.630 MILLION OZ
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 68.040 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING AND EXCHANGE FOR PHYSICAL TRANSFERS) PLUS 3.0 MILLION OZ EX FOR RISK = 71.040 MILLION OZ. (THIS IS THE FIRST AND ONLY ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.)
OCTOBER: 39.565 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
PLUS
2.110 MILLION OZ EXCHANGE FOR RISK//TOTAL OZ STANDING IN OCT ADVAN
NOVEMBER: INITIAL STANDING AT 11.575 MILLION OZ FOLLOWED BY TODAY’S 195,000 OZ QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 9.155 MILLION OZ//STANDING ADVANCES TO 19.670 MILLION OZ/
DECEMBER: INITIAL AMOUNT STANDING FOR DELIVERY: 49.33 MILLION OZ// FOLLOWED BY ANOTHER STRONG 835,000OZ QUEUE JUMP+ DEC. FIRST EXCHANGE FOR RISK 0F .850 MILLION OZ + LAST WEEK.S 495,000 OZ EXCHANGE FOR RISK AND THEN A 3RD ISSUANCE IF 1.00MILLION OZ THEN FINALLY DEC 249ISSUANCE OF 1.35 MILLION OZ EXCHANGE FOR RISK//NEW TOTAL EX FOR RIS IS 3.685 MILLION OZ // STANDING ADVANCES TO 68.415 MILLION OZ//
JANUARY: INITIAL STANDING 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 0.100 MILLLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ
FEB: 13.399 MILLION OZ IS OUR INITIAL STANDING FOR SILVER! TO WHICH WE ADD OUR NEXT QUEUE JUMP FOR 5,000 OZ AND THEN ADD OUR 3 EXCHANGE FOR RISK FOR 3.010 MILLION OZ STANDING ADVANCES TO 28.190 MILLION OZ!!
MARCH: INITIAL AMOUNT OF SILVER STANDING IS 31.076 MILLION OZ FOLLOWED BY A FINAL 0.210 MILLION OZ QUEUE JUMP //NEW TOTAL STANDING ADVANCES TO 46.060 MILLION OZ
APRIL 2026: INITITAL AMOUNT OF SILVER STANDING 7.120 MILLION OZ FOLLOWED BY TODAY’S 5,000 OZ QUUE JUMP //NEW STANDING ADVANCES TO 16.565MILLION OZ PLUS 1.165 MILLION OZ EXCHANGE FOR RISK.NEW TOTALS 17.730 MILLION OZ
MAY: INITIAL AMOUNT OF SILVER WILLING TO STAND; 31.495 MILLION OZ/ TO WHICH WE ADD OUR NEXT EXCHANGE FOR PHYSICAL JUMP OF 15,000 OZ//NEW STANDING REDUCES TO 32.070 MILLION OZ//(FOLLOWING MANY EXCHANGE FOR PHYSICAL TRANSFERS TO LONDON DURING THIS MAY DELIVERY MONTH). THERE SEEMS TO BE A SCARCITY OF SILVER OVER AT THE COMEX). THEN WE ADD OUR FIRST EXCHANGE FOR RISK OF 51 CONTRACTS FOR 255,000 OZ//STANDING ADVANCES TO 32.325 MILLION OZ//
JUNE: INITIAL AMOUNT OF SILVER WILLING TO STAND: 10.935 MILLION OZ PLUS OUR NEXT QUEUE JUMP OF 10,000 OZ//NEW STANDING ADVANCES TO 12.960 MILLION OZ TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 20 CONTRACTS FOR 100,000 OZ//NEW STANDING ADVANCES TO 13.070 MILLION OZ
JULY : INITIAL STANDING: 37.110 MILLION OZ FOLLOWED BY TODAY’S STRONG 0.310 MILLION OZ QUEUE JUMP //STANDING THUS ADVANCES TO 44.500 MILLION OZ//
GOLD//OUTLINE
1.MAY SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
4. AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.
5.SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
6.OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
7.NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 2.323 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 4.5596 TONNES//NEW STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
8. DECEMBER BEGINS WITH INITIAL STANDING OF 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.0TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR 4 EXCHANGE FOR RISK FOR DECEMBER OF 6.587 TONNES/NEW STANDING ADVANCES TO 121.977 TONNES
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR FIRST EXCHANGE FOR PHYSICAL TRANSFER OF 0.08709 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEB; INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 93.567 TONNES OF GOLD TO WHICH WE ADD OUR NEXT 0.0248 TONNES 0.1555 TONNES QUEUE JUMP TO 41.2082 TONNES/ NEW NET QUEUE JUMP INCREASES TO 41.233 TONNES// AND THEN WE ADD OUR SIX EXCHANGE FOR RISK: 10,080 CONTRACTS OR 31.251 TONNES//NEW STANDING REDUCES TO 157.878 TONNES
MARCH:: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 8.099 TONNES TO WHICH WE ADD TODAY’S FAIR 4600 OZ QUEUE JUMP (0.2320 TONNES) AND THEN WE ADD OUR THREE EXCHANGE FOR RISK OF 22.3818 TONNES //NEW STANDING ADVANCES TO 67.6648 TONNES/
APRIL: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 52.600 TONNES FOLLOWED BY OUR 345 CONTRACT QUEUE JUMP FOR 34,500 OZ/ (1.073 TONNES)/NEW STANDING ADVANCES TO 70.286 TONNES TO WHICH WE ADD OUR 2ND EXCHANGE FOR RISK OF 1498 CONTRACTS FOR 149800 OZ OR 4.659 TONNES. THE NEW TOTAL EXCHANGE FOR RISK FOR THE MONTH OF APRIL IS 2239 CONTRACTS OR 223900 OZ OR 6.964 TONNES AND THIS WILL BE ADDED TO OUR NORMAL DELIVERY TOTALS (70.762 TONNES) TO GIVE US WHAT WILL STAND IN APRIL (77.726 TONNES)
MAY: INITIAL AMOUNT OF GOLD WILLING TO STAND: 12.24 TONNES OF GOLD TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 345 CONTRACTS OR 34500 OZ (1.073 TONNES) TO WHICH WE ADD OUR FIVE EXCHANGE FOR RISK ISSUANCES FOR 24.635 TONNES/STANDING NOW ADVANCES TO 51.554 TONNES OF GOLD.
JUNE; INITIAL AMOUNT OF GOLD WILLING TO STAND; 64.496 TONNES.(CME CORRECTED) TO WHICH WE ADD OUR NEXT EXCHANGE FOR PHYSICAL TRANSFER OF 0.0186 TONNES/NEW STANDING REDUCES TO 127.03 TONNES
JULY: INITIAL AMOUNT OF GOLD WILLING TO STAND: 23.306 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.2177 TONNES//NEW STANDING ADVANCES TO 39.828 TONNES
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 0.2177 TONNES//NEW STANDING FOR GOLD ADVANCES TO 39.828 TONNES.
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STRONG THIS MONTH
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
NOV: 124.74 TONNES
DEC: 190.04 TONNES//GOOD SIZED THIS MONTH FINAL.
TOTAL EXCHANGE FOR PHYSICAL ISSUED FOR YEAR 2025: 2,026.20 TONNES (LOWER THAN LAST YR 2,569.00 TONNES
JANUARY: 209.08 TONNES ( (WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL)
FEB. 176.35 TONNES (WHICH IS A FAIR ISSUANCE)
MARCH: 214.67 TONNES//WILL BE STRONG ISSUANCE THIS MONTH
APRIL; 88.00 TONNES// WILL BE VERY SMALL THIS MONTH
MAY 118.430 TONNES
JUNE: 142.053 TONNES
JULY: 76.276 TONNES
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSIT
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
SILVER:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A MEGA MEGA HUGE 1911 CONTRACTS TO AN OI OF 106,410
EFP ISSUANCE 925 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 925 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 1911 CONTRACTS AND ADD TO THE 925 E.FP. ISSUED
WE OBTAIN A MEGA HUGE GAIN OF 2836 OI OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN OF $1.89
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 13.601 MILLION PAPER OZ
AND YET WE HAD A STRONG 0.310 MILLION OZ QUEUE JUMP
STANDING ADVANCES TO 44.500 MILLION OZ
OCCURRED WITH OUR GAIN IN PRICE.OF $1.89
2.ASIAN AFFAIRS JULY 22 /2025
SHANGHAI CLOSED UP 2.67 PTS OR 0.07%
HANG SENG CLOSED DOWN 239.63 PTS OR 0.95%
Nikkei CLOSED DOWN 248.19 PTS OR 0.37%
//Australia’s all ordinaries CLOSED UP 0.64%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 6.7730
/ OFFSHORE CLOSED DOWN AT 6.7742 Oil UP TO 87.18 dollars per barrel for WTI and BRENT UP TO 94.05 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN// WITH YUAN TRADING DOWN (6.7730) OFFSHORE YUAN TRADING UP TO 6.7742 ONSHORE YUAN TRADING ABOVE LEVEL OF OFF SHORE AND UP ON THE DOLLAR// / AND THUS WEAKER/OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS WEAKER
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR 2579 CONTRACTS TO 383,368 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 ZERO T.A.S. LIQUIDATION DURING TUESDAY’S COMEX TRADING/. IT SEEMS THAT MANY OF THE SPECULATORS THAT HAVE NOW CONTINUED AGAIN TO BE ON THE SHORT SIDE WITH BANKERS ON THE LONG SIDE AND THESE GUYS WERE OBLITERATED YESTERDAY WHEN THE LONGS TENDERED FOR DELIVERY:
CENTRAL BANKS TENDERED THEIR NEW LONG CONTRACTS AT THE END OF THE DAY FOR PHYSICAL GOLD. YOU CAN VISUALIZE THIS WITH THE STRONG AMOUNT OF GOLD STANDING AT THE COMEX FOR THIS JULY CONTRACT MONTH!!
THE STRONG SIZED GAIN ON OUR TWO EXCHANGES (4373 CONTRACTS) OCCURRED WITH OUR STRONG GAIN IN PRICE IN GOLD (UP $59.75)
WE THUS HAD A STRONG SIZED GAIN IN OI ON BOTH OF OUR EXCHANGES (4373 CONTRACTS), WITH OUR GAIN IN PRICE, AS WE WERE INFORMED OF A FAIR CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE EQUATING TO 1774 CONTRACTS.
THEN WE WERE NOTIFIED TODAY OF A 0 CONTRACT FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 0 OZ OR 0 TONNES OF GOLD. ON FRIDAY, BY FAR WE HAD THE HIGHEST EVER EXCHANGE FOR RISK EVER ISSUED AT ONE TIME BEATING THE PREVIOUS SINGLE HIGHEST ISSUE BY ONE TONNE. THUS MAY 22 RECORDS THE HIGHEST EVER EXCHANGE FOR RISK AT 12.4416 TONNES. WE HAD OUR FIRST ISSUANCE FOR EXCHANGE FOR RISK IN THE MONTH OF MAY ON MAY 7, THEN OUR 2ND ISSUANCE FOR OUR MAY GOLD MONTH ON MAY 12. THE THIRD ON MAY 18 , THEN MAY 21 OUR 4TH ISSUANCE AND THEN FINALLY FRIDAY, OUR 5TH ISSUANCE. THIS GOLD WILL BE ADDED TO OUR NORMAL MAY DELIVERIES TO GIVE US OUR FINAL AMOUNT OF GOLD WILLING TO STAND AT THE COMEX..
HISTORY OF EXCHANGE FOR RISK ISSUANCE THIS YEAR: FEBRUARY THROUGH JUNE AND JULY
FEBRUARY:
DURING THE MIDDLE OF THE FEBRUARY CONTRACT MONTH, WE HAD TWO IDENTICAL MONSTER 3,000 CONTRACT ISSUED FOR THE SAME 9.33 TONNES OF GOLD, AND THESE WERE THE HIGHEST EVER IN TONNAGE EVER ISSUED BY THE COMEX. ALTOGETHER THE TOTAL ISSUANCE FOR FEB TOTALLED SIX.(31.251 TONNES).
MARCH:
THURSDAY MARCH 17 WE RECEIVED ITS INITIAL 2000 CONTRACT EXCHANGE FOR RISK ISSUANCE FOR 6.22 TONNES. LAST FRIDAY: 0 ISSUANCE OF EXCHANGE FOR RISK. BUT ON MONDAY MARCH 23 WE RECEIVED NOTICE OF OUR SECOND EXCHANGE FOR RISK ISSUANCE FOR 2,200 CONTRACTS (220,000 OZ OR 6.843 TONNES) AND NOW FRIDAY WITH A MONSTER 2996 CONTRACTS FOR 9.3138 TONNES. THESE THREE ISSUANCES WILL NOW BE ADDED TO THE REGULAR AMOUNT OF GOLD STANDING, I.E. 22.3818 TONNES TO OUR NORMAL GOLD STANDING TO GIVE US WHAT WILL STAND FOR PHYSICAL GOLD FOR MARCH!
APRIL;: 2 EXCHANGE FOR RISK SO FAR, I.E. 2239 CONTRACTS FOR 223,900 OZ OR 6.964 TONNES AND THIS TOTAL TONNES WILL BE ADDED TO OUR NORMAL DELIVERY TO GIVE US WHAT WILL STAND IN APRIL
MAY: FIVE ISSUANCES SO FAR FOR 7920 CONTRACTS OR 792,000 OZ OR 24.635 TONNES.
JUNE: 0 IN GOLD. THUS FOR THE ENTIRE MONTH IN GOLD ZERO NOTICES WERE FILED.
JULY 0
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A LITTLE HISTORY OF EXCHANGE FOR RISK DECEMBER THROUGH TO JUNE/JULY:
IN DECEMBER WE HAVE RECORDED 5 ISSUANCES OF EXCHANGE FOR RISK/4 FOR DEC AND THE LAST ONE ON DEC 31 FOR JANUARY. WE NOW HAVE 3 CHOICES FOR THE RECIPIENT OF THIS ISSUANCE AND IT MUST BE A CENTRAL BANK. YOU WILL RECALL THAT THE BUYER ASSUMES THE RISK OF THAT DELIVERY. (THUS TOTAL EXCHANGE FOR RISK FOR THE MONTH OF DECEMBER IS 6.56 TONNES/4 OCCASIONS.
MONTH OF JANUARY/EXCHANGE FOR RISK
IN JANUARY THEY HAVE 6 TOTAL ISSUANCE : 3.446 TONNES EARLY, THEN JAN 9 ISSUANCE OF 9,331 TONNES AND THEN JAN 16: 0.1996 TONNES JAN 26: 1.499 TONNES, JAN 27: 3.160 AND FINALLY JAN 29: 4.659 TONNES TONNES//TOTAL EXCHANGE FOR RISK JANUARY 22.315 TONNES WHICH WAS ADDED TO OUR NORMAL DELVERIES.
AND FEBRUARY:
FEB EXCHANGE FOR RISK: NOW 6 ISSUANCES: 10,080 CONTRACTS FOR 1,008,000 OZ OR 31.251 TONNES!
HERE ARE THE CHOICES FOR THE RECIPIENT OF THOSE ISSUANCES:
1 THE CENTRAL BANK OF ENGLAND. BUT THEY RECEIVED CLEARANCE THAT THEIR GOLD IS BACK SO IT IS NOT LIKELY THAT THEY WOULD LIKE TO ADD TO THEIR RESERVES.
2. THE CENTRAL BANK OF THE USA: THE FED. LOGICAL CHOICE AS THEY CLAMOUR TRYING TO REDUCE THEIR 146+ TONNES OF SHORTAGE. HOWEVER THEY SEEM NOT TO BE IN A HURRY TO COVER THEIR HUGE SHORTFALL
3. THE CENTRAL BANK OF CHINA AS THEY BATTLE WITS WITH THE USA.
TOTAL EXCHANGE FOR RISK FOR DECEMBER IS 6.56 TONNES AND THIS WAS ADDED TO OUR NORMAL DELIVERY TOTALS..
THE JANUARY ISSUANCE OF 17.656 TONNES WAS ADDED TO OUR DAILY DELIVERY TOTALS!!
FEBRUARY ISSUANCES 6 FOR; 31.251 TONNES !! AND THIS WAS ADDED TO OUR DELIVERY TOTALS FOR THIS MONTH.
MARCH: CME ANNOUNCES ITS FIRST EXCHANGE FOR RISK FOR 2000 CONTRACTS FOR 200,000 OZ OR 6.22 TONNES OF GOLD DURING THE FIRST WEEK OF MARCH, AND THEN MONDAY, MARCH 22, WE RECEIVED ITS SECOND NOTICE ISSUANCE OF 2200 CONTRACTS OR 220000 OZ (6.843 TONNES). THEN FINALLY WE RECEIVED NOTICE OF OUR THIRD EXCHANGE FOR RISK OF 2996 CONTRACTS OR 9.3188 TONNES. TOGETHER ALL 3 ISSUANCES TOTAL 22.3818 TONNES WHICH WILL BE ADDED TO OUR NORMAL DELIVERY SCHEDULE.
APRIL: 2 EXCHANGE FOR RISK SO FAR FOR 223,900 OZ OR 6.964 TONNES. AND THIS TOTAL WILL BE ADDED TO OUR NORMAL DELIVERY TO GIVE US WHAT WILL STAND FOR APRIL!!
MAY: FIVE ISSUANCES SO FAR FOR 7920 CONTRACTS, 792,000 OZ OR 24.635 TONNES OF GOLD. THIS TOTAL WILL BE ADDED TO OUR NORMAL DELIVERIES IN MAY TO GIVE US WHAT WILL STAND IN MAY.
JUNE: ZERO
JULY 0
DETAILS ON OUR NEW JULY COMEX CONTRACT MONTH//
IN TOTAL WE HAD A STRONG GAIN ON OUR TWO EXCHANGES OF 4373 CONTRACTS WITH OUR GAIN IN PRICE ($59.75). 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 1063 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 0.277 TONNES//NEW STANDING ADVANCES TO 39.828 TONNES. TOTAL QUEUE JUMPING SO FAR: 16.582 TONNES OR 1.015 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)
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
COMEX GOLD TRADING BEGINNING JULY,. CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $59.75)
WE HAD ZERO T.A.S. SPREADER LIQUIDATION TUESDAY // COMEX SESSION// WITH OUR GAIN IN PRICE
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
TUESDAY NIGHT//WEDNESDAY 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 TUESDAY EVENING //WEDNESDAY 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 $59.75
WE HAD 582 CONTRACTS REMOVED TO OUR OI AT THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL.
NET GAIN ON THE TWO EXCHANGES: 4373 CONTRACTS OR 437,300 OZ (13.601 TONNES)
JULY DELIVERY MONTH
JULY 22
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | ONE ENTRY i) Out of Brinks: 34,894.647 oz total withdrawal; 34,884.667 oz |
| Deposit to the Dealer Inventory in oz | 1 ENTRY i) Asahi: 33,769.692 oz total deposit; 33,769..692 oz |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER//gold ENTRIES: 1 i) Into Asahi Customer acct: 32.151 oz (one kilobar) total deposit: Customer acct 32.151 oz xxxxxxxxxxxxxxxx |
| No of oz served (contracts) today | 76 CONTRACTS OR 7600 OZ 0.2363 TONNES OF GOLD |
| No of oz to be served (notices) | 28 Contracts 2800 OZ 0.0871 TONNES |
| Total monthly oz gold served (contracts) so far this month | 12,777 notices 1,277,700 OZ 39.741 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month |
dealer deposits: 1
1 ENTRY
i) Asahi: 33,769.692 oz
total deposit; 33,769..692 oz
DEPOSITS/CUSTOMER
ENTRIES: 1
i) Into Asahi Customer acct: 32.151 oz (one kilobar)
total deposit: Customer acct 32.151 oz
xxxxxxxxxxxxxxxxxx
comex withdrawal
ONE ENTRY
i) Out of Brinks: 34,894.647 oz
total withdrawal; 34,884.667 oz
adjustments: 1//customer to dealer Asahi
32,014.401 oz
COMEX IS DRAINING GOLD
chaos inside the comex
THE FRONT MONTH OF JULY OI STANDS AT 104 CONTRACTS HAVING A LOSS OF 272 CONTRACTS. WE HAD A GAIN IN OZ STANDING OF 70 CONTRACTS FOR 7000 OZ OR 0.2177 TONNES, ANOTHER QUEUE JUMP AS CENTRAL BANKS CONTINUE TO TAKE PHYSICAL GOLD OUT OF THE COMEX!!
AUGUST LOST 10,017 CONTRACTS TO AN OI OF 202,194
SEPTEMBER GAINED 1 CONTRACT UP TO AN OI OF 2322.
.
We had 76 contracts filed for today representing 7600 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 45 notices issued from their client or customer account. The total of all issuance by all participants equate to 76 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 6 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 (12,777) to which we add the difference between the open interest for the front month of JULY (104 CONTRACTS) minus the number of notices served upon today 76 x 100 oz per contract) equals 1,280,500 OZ OR (39.828 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 (12,777) to which we add the difference between the open interest for the front month of JULY( 104) contracts minus the number of notices served upon today 76 x 100 oz per contract) equals 1,280,500 OZ OR (39.828Tonnes of gold)
Yesterday’s standing: 39.611 tonnes//today: 39.828 tonnes// (queue jump = 0.2177 tonnes)
new total of gold standing in JULY becomes 39.828 TONNES//
TOTAL COMEX GOLD STANDING FOR JULY 39.828TONNES 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 RAIDED HUGELY THESE PAST FEW WEEKS?
confirmed volume TUESDAY confirmed 153,850/ 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: 1,825,758.183 oz 56.788 tonnes pledged gold lowers
total inventories in gold declining rapidly
total pledged gold: 1,825,758.183tonnes oz 56.788 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 27,069,413.951oz
TOTAL REGISTERED GOLD 14,845,195.681 tonnes (461.748tonnes)
TOTAL OF ALL ELIGIBLE GOLD 12,224,218.270 oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 13,019,437 oz ((REG GOLD- PLEDGED GOLD)=
404.959 Tonnes //
total inventories in gold declining rapidly
SILVER COMEX
JULY DELIVERY MONTH
JULY 22
| 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: 1 i) Into CNT 11,992.760 oz total deposit: 11,992.760 oz |
| No of oz served today (contracts) | 19 CONTRACT(S) ( 95,000 OZ) |
| No of oz to be served (notices) | 56 Contracts (280,000 oz) OR .280 MILLION |
| Total monthly oz silver served (contracts) | 8844 contracts 44.220 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: 1
ENTRY: 1
i) Into CNT 11,992.760 oz
total deposit: 11,992.760 oz
xxxxxxxxxxxxxxxxxxxxxxxxx
withdrawals: customer side/eligible
0 entries
adjustments :0
xxxxxxxxxxxxxx
TOTAL REGISTERED SILVER: 96.340 MILLION OZ//.TOTAL REG + ELIGIBLE. 330.327 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: 75 OPEN INTEREST CONTRACTS FOR A LOSS OF 1338 CONTRACTS.
STANDING FOR SILVER TODAY IS REPRESENTED BY 44.500 MILLION OZ. YESTERDAY’S STANDING: 44.190 MILLION OZ. THUS WE GAINED 62 CONTRACTS OR A STRONG QUEUE JUMP OF 310,000 OZ WHERE THESE GUYS WILL TRY AND STAND FOR DELIVERY ON THIS SIDE OF THE POND.
AUGUST SAW A GAIN OF 16 CONTRACTS UP TO 2005…
SEPTEMBER SAW A GAIN OF 1605 CONTRACTS UP TO AN OI OF 81,212 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 19 or 95,000 oz
CONFIRMED volume TUESDAY; 43,149// extremely poor//
XXX
AND NOW JULY. DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in JULY. we take the total number of notices filed for the month so far at 8844 X5,000 oz = 44.220 MILLION oz.
We now take the total number of oz standing today and subtract the total standing yesterday and we have a GAIN of 23 contracts for 0.115 MILLION oz and this represents a strong queue jump of 115,000 oz
YESTERDAY: 44.190 MILLION OZ//STOOD FOR DELIVERY// TODAY 44.500 MILLION OZ// THUS A STRONG QUEUE JUMP OF 62 CONTRACTS OR 310,000 OZ
Thus the standings for silver for the JULY 2026 contract month: (8825 )Notices served so far) x 5000 oz + OI for the front month of JULY ( 75) minus number of notices served upon today (19)x 5000 oz equals silver standing for the JULY..contract month equating to 44.500 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 96.340 million oz of registered silver
JPMorgan as a percentage of total silver: 137.898/330.327million: 41.81%
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 22/2026/WITH GOLD UP $73.30 /HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 2.28 TONNES OF GOLD INTO THE GLD. : //:/INVENTORY RESTS AT 1005.87 TONNES
JULY 21/2026/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 20/2026/WITH GOLD UP $59.75 /HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 0.860 TONNES OF GOLD OUT OF GLD. : //:/INVENTORY RESTS AT 1003.59 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: 1005.87 TONNES, TONIGHTS TOTAL GOLD INVENTORY
SILVER
JULY 22 WITH SILVER UP $1.45: :SMALL CHANGES IN INVENTORY AT THE SLV : A WITHDRAWAL OF 0.217 MILLION OZ OUT OF THE SLV// :INVENTORY RESTS AT 483.690 MILLION OZ
JULY 21 WITH SILVER UP $1.89: :HUGE CHANGES IN INVENTORY AT THE SLV : A WITHDRAWAL OF 0.217 MILLION OZ OUT OF THE SLV// :INVENTORY RESTS AT 483.961 MILLION OZ
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 483.690 MILLION OZ OF SILVER
GOLD COMMENTARIES:
1.PETER SCHIFF
2. MATHEW PIEPENBERG/EGON VON GREYERZ
ALASDAIR MACLEOD.
3. CHRIS POWELL AND HIS GATA DISPATCHES
4. ANDREW MAGUIRE/LIVE FROM THE VAULT; 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/
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
SHANGHAI CLOSED UP 2.67 PTS OR 0.07%
HANG SENG CLOSED DOWN 239.63 PTS OR 0.95%
Nikkei CLOSED DOWN 248.19 PTS OR 0.37%
//Australia’s all ordinaries CLOSED UP 0.64%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 6.7730
/ OFFSHORE CLOSED DOWN AT 6.7742 Oil UP TO 87.18 dollars per barrel for WTI and BRENT UP TO 94.05 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN// WITH YUAN TRADING DOWN (6.7730) OFFSHORE YUAN TRADING UP TO 6.7742 ONSHORE YUAN TRADING ABOVE LEVEL OF OFF SHORE AND UP ON THE DOLLAR// / AND THUS WEAKER/OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS WEAKER
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
ONSHORE YUAN: CLOSED DOWN AT 6.7730
OFFSHORE YUAN: DOWN TO 6.7742
1.HANG SANG CLOSED DOWN 239.63 PTS OR 0.95%
2. Nikkei closed DOWN 248.19 PTS OR 0.37%
WEST TEXAS INTERMEDIATE OIL UP TO 87.18
BRENT; 94.05
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 100.97/// EURO RISES TO 1.1406 UP 3 BASIS PTS
3b Japan 10 YR bond yield:RISES TO. +2.730 UP 1/2 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA CROSS NOW AT 163.02… 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 DOWN 1 FULL BASIS PT
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen UP CHINESE ONSHORE YUAN: DOWN( 6.7730) AND OFFSHORE: UP AT 6.7742
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 +3.1740/ Italian 10 Yr bond yield UP AT 4.004/ SPAIN 10 YR BOND YIELD UP TO 3.675%
3i Greek 10 year bond yield UP TO 3.903%
3j Gold at $4117.00 //Silver at: 59.34 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 4/ 100 roubles/78.41
3m oil (WTI) into the 87 dollar handle for WTI and 94 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 163.02 // 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.730% UP 1/2 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE NOW UNWINDING//YEN BOND TRADING OVERSEAS TO BE REPATRIATED.//JAPAN 30 YR: 3.880 DOWN 1 PTS..: USA/SF this 0.8127 as the Swiss Franc . Euro vs SF: 0.9208
USA 10 YR BOND YIELD: 4.622 DOWN 1 BASIS PTS…
USA 30 YR BOND YIELD: 5.133 DOWN 0 BASIS PTS/
USA 2 YR BOND YIELD: 4.257 DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 47.22 UP 2 BASIS PTS/LIRA GETTING KILLED//IDIOTS FOR SELLING GOLD AND USA DOLLAR RESERVES.
10 YR UK BOND YIELD: 5.0337 UP 1 PTS
30 YR UK BOND YIELD: 5.745 UP 1 BASIS PTS
10 YR CANADA BOND YIELD: 3.562 UP 0 BASIS PTS
5 YR CANADA BOND YIELD: 3.160 UP 0 BASIS PTS.
Futures Slide Ahead Of Google Earnings As Brent Surges Above $95
by Tyler Durden
Wednesday, Jul 22, 2026 – 07:45 AM
US futures are lower following a chipmaker-powered jump in Tuesday’s session, with Nasdaq 100 futures falling by 0.8%, which appears to be more of a retracement to yesterday’s strength than a move tied to oil or de-risking into today’s Tech earnings. Alphabet earnings are coming after the close. As of 7:00am ET, S&P futures are down 0.3% and Nasdaq futures slide 0.6%. In premarket trading, Mag 7 stocks are mixed ahead of key earnings from Alphabet, Tesla and IBM due later in the afternoon. Nvidia is underperforming the group as chipmakers declin; GOOG leads. Defensives and Energy are leading; within Cyclicals Financials are outperforming. Today’s macro focus is wholly on GOOG and the AI trade. Crude is leading the commodity complex with WTI at $88/bbl and Brent above $95/bbl for the fist time in 6 weeks, so far Equities have not been derailed as investors continue to think that Trump pivots back to a deal. In metals, Precious is leading Base; Ags are mixed but net higher. Dollar is indicated a touch lower as bond yields are flat. Looking at the day ahead, it’s a fairly quiet one. But we’ll get the UK CPI print for June, and earnings releases after the US close include Alphabet and Tesla.
With second-quarter earnings driving markets in an otherwise light week for economic data, Alphabet kicks off megacap tech reporting tonight, with investors focused on cloud growth and the company’s capital spending ambitions. Capex is expected to hit $262 billion in 2027 — nearly three times what it was in 2025, according to the average of estimates compiled by Bloomberg. Google Cloud’s sales are expected to jump nearly 65% from a year ago to $22.4 billion. More coverage can be found in today’s Tech Watch column.
On the other side of AI momentum, IBM will provide more color to the spending delays it flagged in a surprise warning earlier this month. Many on Wall Street expect a cut to outlook, while Evercore ISI analyst Amit Daryanani wonders how much of demand lost in the June quarter is recovered in the second half rather than being “destroyed.” Smaller software company Pegasystems similarly called out clients’ delayed purchasing decisions amid “unprecedented changes in the AI market” on Tuesday evening. Early signs this reporting season are encouraging with a measure of profit guidance momentum climbing to a record, according to Bloomberg Intelligence data going back to 2011.
Elsewhere, generic drug manufacturers will have two years to move production to the US or face a 100% import duty from August 2028, Trump said, threatening the supply of low-cost medicines that millions of Americans rely on. In finance, JPMorgan and Goldman are among global banks set to generate more than $100 million in fees from SoftBank’s $40 billion bridge loan for its investment in OpenAI. Private equity firms in some of the world’s hottest markets are facing headwinds as they try to place experienced managers in the companies they buy, hampering the pace of investments at a time when the amount of dry powder that fund managers have to deploy is climbing again.
IBM and Texas Instruments are also due to report after the close. Super Micro Computer Inc. shares jumped in premarket trading on strong demand for its servers. Pegasystems plummeted after the software firm missed earnings estimates.
Europe’s Stoxx 600 is up by 0.7%, with energy stocks the biggest gainers along with utilities and miners.
Asian stocks gave up almost all of their early Wednesday gains as a rally in regional chip shares lost steam ahead of keenly awaited earnings from global tech heavyweights Alphabet and Tesla. The MSCI Asia Pacific Index was up just 0.1% after rising as much as 1.7%. Tencent Holdings was the biggest drag on the benchmark as the stock fell the most in over a year and dragged Chinese tech peers lower amid investor concerns over its mobile gaming business. The Hang Seng Tech Index lost 3%. South Korea’s Kospi — which has become a closely watched barometer of global sentiment toward AI-linked equities — ended up 0.7% following an intraday surge of over 6%.
A subgauge of Asian chip shares was up 0.3% versus a jump of over 3.5% earlier in the session. Geopolitical tensions likely added to the caution, with oil extending gains as the US and Iran played down the prospect of talks and disruptions to global supplies continued to mount. Vietnamese stocks posted Asia’s steepest decline as margin calls forced leveraged investors to liquidate holdings after the benchmark index extended its losses to more than 13% from this year’s peak. Key gauges in other markets sensitive to higher oil prices — such as the Philippines, Thailand and India — also declined.
“Rising oil prices and jitters ahead of Alphabet earnings, the first big tech to report, may be impacting sentiment,” said Marvin Chen, analyst at Bloomberg Intelligence. “Anticipation for upcoming earnings from US tech giants beginning this week may dictate the outlook for whether the recovery in hardware can carry on.”
“The oil-price spike, on the back of continuing reciprocal strikes, is a problem for most Asian net importers,” said Hasnain Malik, head of EM equity and geopolitics strategy at Tellimer.
In Fx, the Bloomberg Dollar Spot Index was little changed in London, after edging up in Asian trade. USD/JPY slipped as much as 0.3% to 162.69 following a Bloomberg report that Bank of Japan officials are open to raising the pace of interest rate rises. Still, the yen trades near a 40-year low of 163.24 hit on Tuesday, even as Japanese authorities reiterated threats to intervene in the currency market.
In rates, the 10-year Treasury yield was flat at 4.63%. European bonds have recovered too and gilts are outperforming, brushing off the rise in oil prices and following a slowdown in UK headline inflation.
In commodities, brent oil is rallying and rose past $95/barrel with few visible signs that relations between the US and Iran are cooling off. The US widened the scope of its attacks on Iran overnight and both sides have played down the prospect of negotiations. The rise for crude initially weighed on stock and bond markets, but that has reversed. Gold is stronger and above $4,100/oz.
Looking at the day ahead, it’s a fairly quiet one. But we’ll get the UK CPI print for June, and earnings releases after the US close include Alphabet and Tesla.
Market Snapshot
Top Overnight news
- Russia is no longer willing to return some occupied territories to Ukraine under any future peace deal, people familiar said. The Kremlin views recent confrontational US messaging as a sign Vladimir Putin’s talks with Trump failed to take root.
- BoJ officials are open to raising interest rates at a faster pace than the consensus among economists, as the yen’s continued weakness adds to upside inflation risks. The currency rebounded from a 40-year low.
- British inflation cooled by more than expected last month as a brief de-escalation in the Iran war reduced fuel prices, but the slowdown is likely to offer only temporary relief to new Prime Minister Andy Burnham as he seeks to ease living costs. Consumer prices rose by 2.6% in annual terms in June — the weakest increase since March 2025 and down from 2.8% in May.
- The US widened the scope of its airstrikes on Iran overnight, as President Donald Trump and officials in Tehran signaled a renewal of peace talks is unlikely in the near-term.
- U.S. Secretary of State Marco Rubio on Wednesday accused Iran of not honoring the Strait of Hormuz deal, while reiterating that Washington was “committed to diplomacy” in the Middle East. He said a key sticking point between Teheran and Washington is that Iran “demands the right” to control traffic in the Strait of Hormuz.
- Tehran-backed Houthi militants in Yemen are ready to attack shipping from positions near the Bab el-Mandeb strait at the southern end of the Red Sea, according to a global monitoring body for naval security.
- President Trump has formally approved a landmark agreement with Saudi Arabia that will provide the country with a civilian nuclear program and potentially open the door to uranium enrichment in the kingdom’s territory, according to administration officials.
- Oil options open interest hit a record as renewed US-Iran hostilities fueled demand for protection against sharp price swings. We see risks to our price forecast as tilted to the upside on net, especially in the near term.
- The House passed stopgap funding to keep the government open past the midterm elections. The measure now faces demands for changes in the Senate.
- The US House will vote today on a plan to ban members from trading stocks, according to Fox.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded mostly in the green following on from the tech-led rebound on Wall Street, which was facilitated by several positive sector-specific headlines, and heading into some of the Mag-7 earnings. ASX 200 mildly gained amid strength in the commodity-related sectors, but with the upside capped by weakness in defensives, as well as domestic consumer and tech stocks. Nikkei 225 initially rallied at the open amid AI-related optimism and after PM Takaichi’s Cabinet approved its first comprehensive economic and fiscal policy guidelines on Tuesday, targeting JPY 370tln in combined public and private investment by 2040, while sentiment was also helped by the stronger-than-expected exports and imports data from Japan. Hang Seng and Shanghai Comp were ultimately mixed, with underperformance in the Hong Kong benchmark in a resumption of the rotation out of hyperscalers.
Top Asian News
- Japanese Finance Minister Katayama said she won’t comment on specific FX levels, but reiterated will take appropriate action on FX as needed and that they can take bold steps anytime as needed.
- China is said to have told all market participants not to re-discount bills at rates below 0.5%, sources said.
European equity futures are mostly in the green, following on from a positive APAC session; upside which comes despite the ongoing US-Iran conflict and elevated energy prices. For the UK, a cooler/in-line inflation report lessens the need for a BoE hike, though the ongoing geopolitical environment will keep policymakers wary on the path ahead. As it stands, money markets assign a 12% chance of a hike next week, and fully priced in by November. European sectors hold a positive bias; Energy and Insurance tops the pile, whilst Tech lags, joined by Travel & Leisure. European pharma names have been in focus, after US President Trump stated that generic drugs will not be subject to US tariffs until 2028 but will then face 100% levies. Given European pharma names typically produce exclusive/high-patented drugs, for reference, the Indian pharma sector fell as much as 2% in APAC trade. However, the likes of Sandoz (-4%) and Bayer (-2%) have extended lower this morning.
Top European News
- The US House will vote today on a plan to ban members from trading stocks, according to Fox.
- The US House voted 220-205 to pass a stopgap measure to fund federal agencies through November elections.
FX
- G10s are mixed against the USD, with slight outperformance in the EUR and JPY while antipodeans lag. Geopolitics remains constructive for the Greenback on paper with oil prices firmer once again, but the environment fails to translate into Buck strength. USD specific catalysts are light with an extremely light data calendar, so focus will be on GOOGL earnings due after the NY closing bell, potentially a report which could give the Buck a bias.
- JPY moved sharply lower, USD/JPY falling 45 pips from recent highs, before paring some of the move. A Bloomberg source report said the BoJ is said to be open to a hike faster than every 6 months, adding the recent JPY weakness is seen as an upside risk to inflation. Despite the move lower in USD/JPY, markets seem inclined to buy dips in the pair, looking to push it towards the 165.00 region, where option structures last week were believed would be the next pain point for the MoF. USD/JPY is a little weaker and just below 163.00.
- GBP/USD has been choppy throughout the session and ultimately lacks direction within a 1.3370-1.3390 range, despite a broadly positive inflation report. Headline Y/Y cooled at a faster rate than expected, and 0.5ppts below BoE’s April MPR forecast; Services cooled in line with BoE forecast due to volatile airfares, while core metric stood at 2.6%, in line with BoE forecast. Within the series, one element likely to be welcomed by policymakers is the food component, slowing to its lowest since August 2024, at 1.1ppts below the BoE forecast. Overall, a report which supports the narrative of a BoE unchanged for the remainder of the year.
Fixed Income
- Global fixed income benchmarks initially came under pressure given the rise in energy prices (Brent +3.2%); however, fixed income has reversed off its earlier lows, despite a clear driver.
- Gilts (-8 ticks) trade at the top end of a 86.33-86.69 range, reversing the earlier losses. The broadly positive inflation figure initially failed to support UK gilts. To recap, headline inflation ticked lower to 2.6% Y/Y (exp. 2.7%, prev. 2.8%), while core inflation held at 2.6% Y/Y (exp. 2.5%). Services inflation also fell to 3.6% Y/Y from 3.8%, while food prices fell for a second consecutive month. ING sees the BoE holding rates throughout 2026, with the trend of lower core service inflation and low private-sector wage growth.
- JGBs (-18 ticks) traded rangebound throughout the Asia-Pac session but have come under recent pressure following a Bloomberg scoop. The report stated that the BoJ is open to a hike faster than every 6 months, while adding that the recent JPY weakness is seen as an upside risk to inflation. The Bank is close to a stage of anchoring, not spurring inflation, the report added. Following this, markets are fully pricing a rate hike in December. Elsewhere, the 40-year JGB auction drew its strongest demand since March 2025 (b/c 2.82x vs prev. 2.70x).
- USTs (-1+ ticks) hold steady, just shy of last week’s trough of 108-17, seemingly unaffected by the higher energy prices.
- Germany sells EUR 1.708bln vs exp. EUR 2bln 2.60% 2041 and 3.40% 2047 Bund.
- Australia sells AUD 900mln 2.75% 2035 AGBs: b/c 4.37x (prev. 3.65x), average yield 4.9457% (prev. 4.4140%).
Commodities
- Crude futures are firmer following several escalatory updates overnight and in the European morning. To recap, US CENTCOM confirmed the US military completed its 11th night of airstrikes against Iran. Iran retaliated by launching drone attacks targeting a US military base at Camp Doha in Kuwait, as well as locations in Bahrain and Jordan. On the diplomatic front, an Iranian Interior Ministry spokesperson said there is currently no ongoing negotiation, and it may only involve the exchange of messages. Further, Iranian lawmaker Qashqavi said US President Trump’s claim about Iran’s request for negotiations is not true.
- On Hormuz, the Iranian Army Commander-in-Chief says Iran controls the Hormuz Strait and will fire upon American forces.
- Further, the Houthis’ maritime blockade against Saudi Arabia saw several tankers moving to avoid the Bab el-Mandeb Strait. If Bab el-Mandeb, voyages to Asia may only occur via the Suez Canal, which adds notable time and expenses. On that note, CMA CGM (the third-largest container shipping company globally) will impose an emergency fuel surcharge effective August 1 following the renewed escalation of hostilities in the Strait of Hormuz.
- WTI and Brent are higher by over 4% intraday at the time of writing, with Brent towards the top end of a USD 91.31-95.24/bbl range, while WTI resides towards the upper end of its 84.44-88.25/bbl band. The Middle East situation and soaring insurance costs have also prompted Dutch TTF to surge, with the front-month closer to EUR 62/MWh vs yesterday’s sub-EUR 60/MWh prints.
- Precious metals are firmer intraday but off worst levels, feeling opposing forces from higher oil prices and some technical factors after the yellow metal topped USD 4,100/oz. Spot gold trades between 4,076-4,141/oz at the time of writing. Spot silver is more contained between USD 58.73-60.06/oz. Base metals are mostly firmer to varying degrees, but copper gives back some recent gains amid the rise in oil prices and its subsequent effect on inflation and growth.
- 3M LME copper trades around the middle of a USD 13,769.00- 13,919.00/t parameter.
- US Private Inventory Data (bbls): Crude +2.6mln (exp. -0.5mln), Distillates +1.8mln (exp. +1.0mln), Gasoline -1.4mln (exp. -1.8mln), Cushing -0.7mln.
- US President Trump formally approved a landmark nuclear deal with Saudi Arabia that will provide the country with a civilian nuclear program and potentially open the door to uranium enrichment in the kingdom’s territory, according to US officials cited by WSJ.
- Goldman Sachs analysts raised TTF forecasts for Q3 and Q4 to EUR 60/MWh (prev. saw 41/MWh) and EUR 53/MWh (prev. 40/MWh), following an assumed delay to Persian Gulf LNG export normalisation to October 2026.
Geopolitics: Middle East
- US Secretary of State Rubio said China is displeased with Iran’s actions in the Strait of Hormuz and that Iran is in “a lot” of trouble. Rubio added that China has been cooperative in Iran in some cases. Additionally, he said the Strait of Hormuz remains a key source of energy and that Iran can never possess nuclear weapons.
- US Secretary of State Rubio said the US is committed to diplomacy in the Middle East and Iran, but added Iran is not serious about talks, while the US remains open and willing to engage in negotiations.
- US Secretary of War Hegseth said we have multiple options for striking Iran’s nuclear facilities in Jabal al-Fas.
- US CENTCOM said forces conducted the 11th consecutive night of strikes against Iran in which they targeted Iranian military operations centres, maritime capabilities, aircraft hangars, drone storage facilities, and military logistics infrastructure to further degrade Iran’s ability to threaten commercial shipping in the Strait of Hormuz. CENTCOM also stated that the Strait of Hormuz remains open to commercial traffic, with US forces facilitating the movement of approximately 900 vessels and 450mln barrels of crude since early May.
- US strikes were reported on Behbahan, Mahshahr, Bandar Abbas, Chabahar, Bushehr, west of Tabriz and Urmia, while several explosions were heard in Iran’s Tabriz. Furthermore, Arab media reported that missiles were fired from Kuwaiti territory to Iran and drone and missile attacks were reported on US bases in Kuwait and Bahrain. More recently, there were explosions heard in Sirik.
- IRGC said it targeted a tactical radar complex near Ali Al-Salem base and another radar system in Bubiyan Island in Kuwait, while Iran’s army also said it shot down a one-way attack drone in the country’s northwest, according to Tasnim. Additionally, Iran’s military said it struck US targets at Jordan’s Azraq base and Bahrain’s Sheikh Isa Air Base, according to Iranian state media.
- Iranian Interior Ministry spokesperson said there is currently no ongoing negotiation and that it may only involve the exchange of messages, Mehr News reported.
- Iranian Army Commander-in-Chief said Iran controls the Hormuz Strait and will fire upon American forces, Press TV reported.
- Iran’s top joint military command warned that all interests of the US and its allies in the region will be targeted if the US attacks Iran’s nuclear sites.
- Iranian lawmaker Qashqavi said US President Trump’s claim about Iran’s request for negotiations is not true.
- Pakistan is said to have sought USD 10bln in US funding after mediating talks with Iran, sources said.
- Explosions were reported in Israel’s Eilat during Iran’s missile strike on Jordan’s Aqaba, N12 reported.
- Only 3 cargo ships crossed the Strait of Hormuz, according to reports citing Kpler data.
Geopolitics: Ukraine
- Ukrainian President Zelensky said Ukraine has struck logistics centres involved in the supply of drone components in Russia’s Krasnodar and Stavropol regions.
- Russia’s Defence Ministry said its forces attacked a Ukrainian port and two vessels were struck at sea, according to TASS.
Geopolitics: Other
- US Secretary of State Rubio said the US disagrees with China’s activities on Taiwan.
Event calendar
- It’s a fairly quiet one. But we’ll get the UK CPI print for June, and earnings releases after the US close include Alphabet and Tesla.
DB’s Jim Reid concludes the overnight wrap
I forgot to mention this on Monday, but over the weekend—after 42 years of playing golf and perhaps 100–150k on-course shots—I finally got a hole-in-one. However, it was on a nine-hole, relatively short par-3 course, so I’ve been debating whether it really counts. It didn’t quite feel like enough to justify buying the entire clubhouse a drink (especially as it was busy), so I quietly snuck off, but my kids watched it go in and were impressed—which, as they get older, is an increasingly hard feat to pull off.
I’m not sure which is harder, a hole-in-one or successful negotiations in the current conflict. Indeed, with no breakthroughs regarding Iran, the market focus returned to inflation over the last 24 hours, as Brent crude closed above $90/bbl for the first time in over a month, reviving fears about a wider stagflationary shock. And this morning we’ve seen a further rise above $92/bbl, so there’s little sign of oil prices easing as the US confirmed overnight they’d completed an 11th consecutive evening of strikes against Iran. To be fair, equities performed very well considering that, thanks to a chip stock rebound, but markets still priced in a more hawkish path for central banks, with bond yields moving higher around the world as a result. Indeed, several hit multi-year highs yesterday, with the US 30 real yield (+1.0bps) reaching a post-2008 high of 2.93%, whilst France’s 10yr yield (+1.8bps) closed at a post-2009 high of 3.96%. Standby for Alphabet and Tesla’s earnings after the US close. The former’s capex plans, and the market reaction to them, will be fascinating.
The latest oil moves come as the strikes between the US and Iran have showed no sign of easing, and there are still no concrete signs of a peace deal either. Admittedly, it was reported by AP that Iran’s interior minister had met with mediators in Pakistan, as attempts are being made to try and revive the interim deal reached between the US and Iran last month. And it was later confirmed by the office of Pakistan’s PM that he’d met with Iran’s interior minister. However, Trump later played down any chance of a meeting saying “They want to desperately meet and until they’re ready to meet in a meaningful way we have no interest”. So with no agreements in the pipeline, investors moved to price in a more sustained supply shock. For instance, the front-end Brent future was up +2.01% to $91.01/bbl by yesterday’s close, whilst the 6-month Brent future (+0.32%) also hit a 1-month high of $81.26/bbl. And that’s continued this morning, with Brent crude up another +1.24% to $92.14/bbl.
Whilst oil prices were moving higher, those inflation fears were exacerbated by the ongoing climb in natural gas prices. Indeed, the European front-end natural gas future (+1.57%) was up for a 7th consecutive day to €59.66/MWh, its highest level in 4 months. Moreover, several other commodities saw some big moves yesterday, with gold (+1.72%) up to $4,077/oz, and silver (+4.20%) up to $58.79/oz, whilst copper (+3.37%) also moved higher. So all that pushed near-term inflation expectations higher, with the 1yr US inflation swap (+0.8bps) up to 2.04%, whilst the 1yr Euro Inflation swap (+1.7bps) moved up to 2.59%.
That backdrop meant investors priced in more Fed rate hikes, and speculation even returned about a potential rate hike next week. For instance, the probability of a July hike was back up to 26% by the close, the highest since last week’s downside surprise in the US CPI print. It was at 45% the day before CPI and as low as 10% the day after. Speaking of the Fed, our US economists are currently conducting their pre-FOMC survey, which includes a few questions on the Fed’s new task forces. If you have a few minutes, they’d appreciate your input to the survey, which you can find here.
With that in mind, US Treasury yields moved higher across the curve, with the 2yr yield (+5.5bps) up to 4.26%, whilst the 10yr yield (+3.6bps) rose to a two-month high of 4.63%. And for real yields there were some even bigger milestones, as the 2yr real yield (+3.6bps) rose to 2.33%, its highest since September 2024, and the 10yr real yield (+2.2bps) was up to 2.35%, its highest since October 2023.
Whilst sovereign bonds had a bad day, it was a different story for global equities, which surged thanks to a sharp bounceback in chip stocks. In fact, the Philly semiconductor index (+5.21%) posted its best daily performance in the last month, which helped to lift US equities more broadly. So the S&P 500 was up a sizeable +0.89% on the day, even as a majority of companies in the index lost ground. And over in Europe, tech stocks also helped to power the recovery, with the STOXX 600 up +0.56% on the day, with the STOXX Technology Index up +3.29%.
Overnight in Asia, we’ve seen that recovery in chip stocks continue, with South Korea’s KOSPI (+5.07%) posting a strong gain for a second consecutive day. Moreover, other indices have also risen, including the Nikkei (+1.03%), the CSI 300 (+0.67%) and the Shanghai Comp (+0.50%). However, the Hang Seng is down -0.83%, and US equity futures are also pointing slightly lower, with those on the S&P 500 down -0.12%. Otherwise, the Japanese yen weakened to levels last seen in 1986, closing at 163.17 per US dollar yesterday, where it remains this morning. And this morning, Finance Minister Satsuki Katayama said that “Our policy remains completely unchanged: We will take appropriate and bold action at any time, should the need arise.” That weakness in the yen is a good opportunity to remind you of Mapping the World’s Prices 2026, which shows just how astonishingly cheap Japan now is relative to its DM peers and even versus many EM ones. See the report here.
Elsewhere yesterday, UK gilts outperformed as markets reacted to the previous evening’s announcement that John Healey would be the new Chancellor of the Exchequer, recovering after a very weak Monday. Although Healey was a surprise choice, given his name wasn’t really in the frame beforehand, markets were reassured by his previous experience as a Treasury minister in the 2000s, and his commitment to the fiscal rules. Indeed, new PM Andy Burnham said yesterday at cabinet that “We’ve got to show that our commitment to the fiscal rules is real, and we’re prepared to make difficult decisions in relation to that”. So the 10yr gilt yield fell -0.2bps on the day to 5.03%. Net net they are +7.9bps on the week so far, the same as 10yr US Treasuries but a bigger rise than for Bunds (+3.9bps) and OATs (+3.6bps). Meanwhile, we also heard the new government’s first economic announcement yesterday, as they announced that VAT of 5% would be removed on domestic electricity bills from October 1.
Otherwise in Europe, sovereign bonds sold off as the focus was on the ongoing rise in oil and gas prices. So yields on 10yr bunds (+1.4bps), OATs (+1.8bps) and BTPs (+1.3bps) all rose yesterday, with the 10yr OAT yield at a post-2009 high of 3.96%. Meanwhile at the front-end, the 2yr German yield (+1.7bps) closed at 2.80%, its highest level in almost two years. That came as the German ZEW survey surprised on the upside yesterday, with the expectations component up to 26.3 in July (vs. 15.3 expected), which is the highest it’s been since February.
Looking at the day ahead, it’s a fairly quiet one. But we’ll get the UK CPI print for June, and earnings releases after the US close include Alphabet and Tesla.
1 b) European opening report
Futures a touch lower, NQ underperforms ahead of Tesla and Alphabet earnings – Newsquawk US Market Open
Wednesday, Jul 22, 2026 – 06:43 AM
- US Secretary of State Rubio said the US has many options to deal with Iran if it refuses to negotiate. He also stated that China is displeased with Iran’s actions in the Strait and Iran is in a lot of trouble.
- Iranian Interior Ministry spokesperson said there is currently no ongoing negotiation and that it may only involve the exchange of messages, Mehr News reported.
- BoJ officials are reportedly considering hiking rates faster than every 6 months due to the JPY’s weakness adding to upside inflation risks, Bloomberg reported. Initial weakness was seen in JGBs while JPY saw fleeting strength.
- US equity futures trades with losses, with underperformance in the NQ ahead of Tesla and Alphabet earnings AMC.
- Fixed income benchmarks hold steady despite the surge in energy prices (Brent +4.8%).
- Looking ahead, highlights include US MBA Mortgage Applications, Supply from the US, Earnings from Tesla, Alphabet, and IBM.
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EUROPEAN TRADE
EQUITIES
- European equity futures are mostly in the green, following on from a positive APAC session; upside which comes despite the ongoing US-Iran conflict and elevated energy prices. For the UK, a cooler/in-line inflation report lessens the need for a BoE hike, though the ongoing geopolitical environment will keep policymakers wary on the path ahead. As it stands, money markets assign a 12% chance of a hike next week, and fully priced in by November.
- European sectors hold a positive bias; Energy and Insurance tops the pile, whilst Tech lags, joined by Travel & Leisure. European pharma names have been in focus, after US President Trump stated that generic drugs will not be subject to US tariffs until 2028 but will then face 100% levies. Given European pharma names typically produce exclusive/high-patented drugs, for reference, the Indian pharma sector fell as much as 2% in APAC trade. However, the likes of Sandoz (-4%) and Bayer (-2%) have extended lower this morning.
- US equity futures are trading with losses, with underperformance in the tech-heavy NQ. Pressure which appears to be a bit of a pull-back from recent strength, and as the KOSPI more-or-less erased most of its overnight gains towards the end of the APAC session. Sticking on tech, SK Hynix denied a report which suggested that the Co. was in talks to buy Intel’s (-3%) Ohio plant. Ahead, focus will be on earnings from Tesla, IBM, and Alphabet.
- Click for the sessions European pre-market equity newsflow
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FX
- G10s are mixed against the USD, with slight outperformance in the EUR and JPY while antipodeans lag.
- Geopolitics remains constructive for the Greenback on paper with oil prices firmer once again, but the environment fails to translate into Buck strength. USD specific catalysts are light with an extremely light data calendar, so focus will be on GOOGL earnings due after the NY closing bell, potentially a report which could give the Buck a bias.
- JPY moved sharply lower, USD/JPY falling 45 pips from recent highs, before paring some of the move. A Bloomberg source report said the BoJ is said to be open to a hike faster than every 6 months, adding the recent JPY weakness is seen as an upside risk to inflation. Despite the move lower in USD/JPY, markets seem inclined to buy dips in the pair, looking to push it towards the 165.00 region, where option structures last week were believed would be the next pain point for the MoF. USD/JPY is a little weaker and just below 163.00.
- GBP/USD has been choppy throughout the session and ultimately lacks direction within a 1.3370-1.3390 range, despite a broadly positive inflation report. Headline Y/Y cooled at a faster rate than expected, and 0.5ppts below BoE’s April MPR forecast; Services cooled in line with BoE forecast due to volatile airfares, while core metric stood at 2.6%, in line with BoE forecast. Within the series, one element likely to be welcomed by policymakers is the food component, slowing to its lowest since August 2024, at 1.1ppts below the BoE forecast. Overall, a report which supports the narrative of a BoE unchanged for the remainder of the year.
FIXED INCOME
- Global fixed income benchmarks initially came under pressure given the rise in energy prices (Brent +3.2%); however, fixed income has reversed off its earlier lows, despite a clear driver.
- Gilts (-8 ticks) trade at the top end of a 86.33-86.69 range, reversing the earlier losses. The broadly positive inflation figure initially failed to support UK gilts. To recap, headline inflation ticked lower to 2.6% Y/Y (exp. 2.7%, prev. 2.8%), while core inflation held at 2.6% Y/Y (exp. 2.5%). Services inflation also fell to 3.6% Y/Y from 3.8%, while food prices fell for a second consecutive month. ING sees the BoE holding rates throughout 2026, with the trend of lower core service inflation and low private-sector wage growth.
- JGBs (-18 ticks) traded rangebound throughout the Asia-Pac session but have come under recent pressure following a Bloomberg scoop. The report stated that the BoJ is open to a hike faster than every 6 months, while adding that the recent JPY weakness is seen as an upside risk to inflation. The Bank is close to a stage of anchoring, not spurring inflation, the report added. Following this, markets are fully pricing a rate hike in December. Elsewhere, the 40-year JGB auction drew its strongest demand since March 2025 (b/c 2.82x vs prev. 2.70x).
- USTs (-1+ ticks) hold steady, just shy of last week’s trough of 108-17, seemingly unaffected by the higher energy prices.
- Germany sells EUR 1.708bln vs exp. EUR 2bln 2.60% 2041 and 3.40% 2047 Bund.
- Australia sells AUD 900mln 2.75% 2035 AGBs: b/c 4.37x (prev. 3.65x), average yield 4.9457% (prev. 4.4140%).
COMMODITIES
- Crude futures are firmer following several escalatory updates overnight and in the European morning. To recap, US CENTCOM confirmed the US military completed its 11th night of airstrikes against Iran. Iran retaliated by launching drone attacks targeting a US military base at Camp Doha in Kuwait, as well as locations in Bahrain and Jordan. On the diplomatic front, an Iranian Interior Ministry spokesperson said there is currently no ongoing negotiation, and it may only involve the exchange of messages. Further, Iranian lawmaker Qashqavi said US President Trump’s claim about Iran’s request for negotiations is not true. On Hormuz, the Iranian Army Commander-in-Chief says Iran controls the Hormuz Strait and will fire upon American forces. Further, the Houthis’ maritime blockade against Saudi Arabia saw several tankers moving to avoid the Bab el-Mandeb Strait. If Bab el-Mandeb, voyages to Asia may only occur via the Suez Canal, which adds notable time and expenses. On that note, CMA CGM (the third-largest container shipping company globally) will impose an emergency fuel surcharge effective August 1 following the renewed escalation of hostilities in the Strait of Hormuz.
- WTI and Brent are higher by over 4% intraday at the time of writing, with Brent towards the top end of a USD 91.31-95.24/bbl range, while WTI resides towards the upper end of its 84.44-88.25/bbl band. The Middle East situation and soaring insurance costs have also prompted Dutch TTF to surge, with the front-month closer to EUR 62/MWh vs yesterday’s sub-EUR 60/MWh prints.
- Precious metals are firmer intraday but off worst levels, feeling opposing forces from higher oil prices and some technical factors after the yellow metal topped USD 4,100/oz. Spot gold trades between 4,076-4,141/oz at the time of writing. Spot silver is more contained between USD 58.73-60.06/oz. Base metals are mostly firmer to varying degrees, but copper gives back some recent gains amid the rise in oil prices and its subsequent effect on inflation and growth.
- 3M LME copper trades around the middle of a USD 13,769.00- 13,919.00/t parameter.
- US Private Inventory Data (bbls): Crude +2.6mln (exp. -0.5mln), Distillates +1.8mln (exp. +1.0mln), Gasoline -1.4mln (exp. -1.8mln), Cushing -0.7mln.
- US President Trump formally approved a landmark nuclear deal with Saudi Arabia that will provide the country with a civilian nuclear program and potentially open the door to uranium enrichment in the kingdom’s territory, according to US officials cited by WSJ.
- Goldman Sachs analysts raised TTF forecasts for Q3 and Q4 to EUR 60/MWh (prev. saw 41/MWh) and EUR 53/MWh (prev. 40/MWh), following an assumed delay to Persian Gulf LNG export normalisation to October 2026.
TRADE/TARIFFS
- US President Trump posted “Effective August 1st, 2026, all Generic Drugs being brought into the United States will continue to have a TARIFF of ZERO PERCENT for a two year period of time, after which the TARIFF will be raised to 100% for a one year period.”
- US Secretary of State Rubio said he discussed trade issues with China, including the Board of Trade. Additionally, Rubio said China’s He and Wang talked about Xi’s trip to the US and that both sides have differences but their job is to manage those.
NOTABLE EUROPEAN DATA RECAP
- UK Inflation Rate YoY (Jun) Y/Y 2.6% vs. Exp. 2.7% (Prev. 2.8%); Services 3.6% (prev. 3.7%).
- UK Inflation Rate MoM (Jun) M/M 0.1% vs. Exp. 0.1% (Prev. 0.2%).
- UK Core Inflation Rate YoY (Jun) Y/Y 2.6% vs. Exp. 2.5% (Prev. 2.6%).
- UK Core Inflation Rate MoM (Jun) M/M 0.3% (Prev. 0.3%).
CENTRAL BANKS
- BoJ officials are reportedly considering hiking rates faster than every 6 months due to the JPY’s weakness adding to upside inflation risks, Bloomberg reported. Some officials believe that it is important to scrutinise upside risks to inflation at this point. The source added that officials think the currency’s impact on prices warrant close attention.
NOTABLE US HEADLINES
- The US House will vote today on a plan to ban members from trading stocks, according to Fox.
- The US House voted 220-205 to pass a stopgap measure to fund federal agencies through November elections.
GEOPOLITICS
MIDDLE EAST
- US Secretary of State Rubio said China is displeased with Iran’s actions in the Strait of Hormuz and that Iran is in “a lot” of trouble. Rubio added that China has been cooperative in Iran in some cases. Additionally, he said the Strait of Hormuz remains a key source of energy and that Iran can never possess nuclear weapons.
- US Secretary of State Rubio said the US is committed to diplomacy in the Middle East and Iran, but added Iran is not serious about talks, while the US remains open and willing to engage in negotiations.
- US Secretary of War Hegseth said we have multiple options for striking Iran’s nuclear facilities in Jabal al-Fas.
- US CENTCOM said forces conducted the 11th consecutive night of strikes against Iran in which they targeted Iranian military operations centres, maritime capabilities, aircraft hangars, drone storage facilities, and military logistics infrastructure to further degrade Iran’s ability to threaten commercial shipping in the Strait of Hormuz. CENTCOM also stated that the Strait of Hormuz remains open to commercial traffic, with US forces facilitating the movement of approximately 900 vessels and 450mln barrels of crude since early May.
- US strikes were reported on Behbahan, Mahshahr, Bandar Abbas, Chabahar, Bushehr, west of Tabriz and Urmia, while several explosions were heard in Iran’s Tabriz. Furthermore, Arab media reported that missiles were fired from Kuwaiti territory to Iran and drone and missile attacks were reported on US bases in Kuwait and Bahrain. More recently, there were explosions heard in Sirik.
- IRGC said it targeted a tactical radar complex near Ali Al-Salem base and another radar system in Bubiyan Island in Kuwait, while Iran’s army also said it shot down a one-way attack drone in the country’s northwest, according to Tasnim. Additionally, Iran’s military said it struck US targets at Jordan’s Azraq base and Bahrain’s Sheikh Isa Air Base, according to Iranian state media.
- Iranian Interior Ministry spokesperson said there is currently no ongoing negotiation and that it may only involve the exchange of messages, Mehr News reported.
- Iranian Army Commander-in-Chief said Iran controls the Hormuz Strait and will fire upon American forces, Press TV reported.
- Iran’s top joint military command warned that all interests of the US and its allies in the region will be targeted if the US attacks Iran’s nuclear sites.
- Iranian lawmaker Qashqavi said US President Trump’s claim about Iran’s request for negotiations is not true.
- Pakistan is said to have sought USD 10bln in US funding after mediating talks with Iran, sources said.
- Explosions were reported in Israel’s Eilat during Iran’s missile strike on Jordan’s Aqaba, N12 reported.
- Only 3 cargo ships crossed the Strait of Hormuz, according to reports citing Kpler data.
RUSSIA-UKRAINE
- Ukrainian President Zelensky said Ukraine has struck logistics centres involved in the supply of drone components in Russia’s Krasnodar and Stavropol regions.
- Russia’s Defence Ministry said its forces attacked a Ukrainian port and two vessels were struck at sea, according to TASS.
OTHER
- US Secretary of State Rubio said the US disagrees with China’s activities on Taiwan.
CRYPTO
- Bitcoin pares back some of Tuesday’s gains, falling back below the USD 66k mark.
APAC TRADE
- APAC stocks traded mostly in the green following on from the tech-led rebound on Wall Street, which was facilitated by several positive sector-specific headlines, and heading into some of the Mag-7 earnings.
- ASX 200 mildly gained amid strength in the commodity-related sectors, but with the upside capped by weakness in defensives, as well as domestic consumer and tech stocks.
- Nikkei 225 initially rallied at the open amid AI-related optimism and after PM Takaichi’s Cabinet approved its first comprehensive economic and fiscal policy guidelines on Tuesday, targeting JPY 370tln in combined public and private investment by 2040, while sentiment was also helped by the stronger-than-expected exports and imports data from Japan.
- Hang Seng and Shanghai Comp were ultimately mixed, with underperformance in the Hong Kong benchmark in a resumption of the rotation out of hyperscalers.
NOTABLE ASIA-PAC HEADLINES
- Japanese Finance Minister Katayama said she won’t comment on specific FX levels, but reiterated will take appropriate action on FX as needed and that they can take bold steps anytime as needed.
- China is said to have told all market participants not to re-discount bills at rates below 0.5%, sources said.
NOTABLE APAC DATA RECAP
- Japanese Balance of Trade (Jun) -406.9B vs. Exp. -120B (Prev. -378.7B).
- Japanese Exports YoY (Jun) Y/Y 19.3% vs. Exp. 18.6% (Prev. 17%).
- Japanese Imports YoY (Jun) Y/Y 25.4% vs. Exp. 21% (Prev. 12.5%).
1 c) Asian opening report
Lacklustre trade with Europe primed for an unch. open, Fixed Income and G10FX flat – Newsquawk EU Market Open:
Wednesday, Jul 22, 2026 – 01:50 AM
- US CENTCOM said forces conducted the 11th consecutive night of strikes against Iran; US Secretary of State Rubio said the US is committed to diplomacy in the Middle East and Iran.
- Iran’s top joint military command warned that all interests of the US and its allies in the region will be targeted if the US attacks Iran’s nuclear sites.
- US is to impose new tariffs on dozens of countries as Trump’s 10% global levy is set to expire, according to AFP citing USTR Greer.
- APAC stocks traded mostly in the green, DXY slightly pulled back, 10yr UST futures lingered near yesterday’s lows, Crude futures mildly extended their gains.
- European equity futures indicate a slightly positive cash market open with Euro Stoxx 50 futures up 0.1%.
- Looking ahead, highlights include UK Inflation (Jun), Supply from Germany & the US, Earnings from Tesla, Alphabet, and IBM.
SNAPSHOT
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IRAN CONFLICT
- US Secretary of State Rubio said the US is committed to diplomacy in the Middle East and Iran, but added Iran is not serious about talks, while the US remains open and willing to engage in negotiations.
- US Secretary of War Hegseth said they have multiple options for striking Iran’s nuclear facilities in Jabal al-Fas.
- US CENTCOM said forces conducted the 11th consecutive night of strikes against Iran in which they targeted Iranian military operations centres, maritime capabilities, aircraft hangars, drone storage facilities, and military logistics infrastructure to further degrade Iran’s ability to threaten commercial shipping in the Strait of Hormuz. CENTCOM also stated that the Strait of Hormuz remains open to commercial traffic, with US forces facilitating the movement of approximately 900 vessels and 450mln barrels of crude since early May.
- US strikes were reported on Behbahan, Mahshahr, Bandar Abbas, Chabahar, Bushehr, west of Tabriz and Urmia, while several explosions were heard in Iran’s Tabriz. Furthermore, Arab media reported that missiles were fired from Kuwaiti territory to Iran and drone and missile attacks were reported on US bases in Kuwait and Bahrain.
- IRGC said it targeted a tactical radar complex near Ali Al-Salem base and another radar system in Bubiyan Island in Kuwait, while Iran’s army also said it shot down a one-way attack drone in the country’s northwest, according to Tasnim.
- Iran’s top joint military command warned that all interests of the US and its allies in the region will be targeted if the US attacks Iran’s nuclear sites.
- Iranian Foreign Minister Araghchi said during a call with his French counterpart that the unconventional and unprofessional actions of two French diplomats in Tehran were unacceptable.
- Pakistan’s Science Minister said they are committed to advancing science and technology diplomacy with Iran, in a meeting with his Iranian counterpart.
- UK PM Burnham approved the use of British military bases by the US for what the UK calls defensive strikes against Iran, in a continuation of Keir Starmer’s policy, even as US President Trump ramps up his war.
US TRADE
EQUITIES
- US stocks gained with outperformance in the tech-heavy Nasdaq 100 as the Tech sector was buoyed by numerous bullish stories, ahead of GOOGL and TSLA earnings on Wednesday; 1) Taiwan export orders in June +59.4% Y/Y (exp. 49.5%); 2) TSMC set to raise prices for both advanced and mature chip production services by up to 10% in 2027; 3) NVDA disclosed a 9.3% passive stake in NBIS; 4) HUT and IREN also gained after recent order news; 5) NVDA said chips are on schedule for use in AI data centres. Elsewhere, geopolitical headlines dominated the tape, as US/Iran tensions continued to escalate with no signs of abating, which saw energy benchmarks see strength of c. USD 2/bbl; some of the more notable reports were that Trump said they will hit Pickaxe Mountain very soon, and hard, while the Yemeni Houthis have warned shipping firms to avoid loading or discharging at Saudi ports. Sectors closed predominantly in the green, with only Consumer Staples and Communications in the red, with Energy the next best performing sector and supported by the aforementioned stories.
- SPX +0.89% at 7,509, NDX +1.93% at 29,155, DJI +0.74% at 52,230, RUT +1.53% at 2,987.
- Click here for a detailed summary.
TARIFFS/TRADE
- US President Trump posted “Effective August 1st, 2026, all Generic Drugs being brought into the United States will continue to have a TARIFF of ZERO PERCENT for a two year period of time, after which the TARIFF will be raised to 100% for a one year period of time, and 200% thereafter. This is done in order to RESHORE Generic Pharmaceutical Production into America, with a penalty to those Companies that decide not to build Plant and Equipment within the stated period of time given to them. The objective of this Policy is to protect the people of the United States.”
- US President Trump said Canada tariffs are not related to wildfires, but they are looking into that.
- US is to impose new tariffs on dozens of countries as Trump’s 10% global levy is set to expire, according to AFP citing USTR Greer. US President Trump’s administration has prepared fresh tariffs targeting 60 trading partners over their alleged failures to act against forced labour, while Greer responded, “We expect to see some action soon”, when asked if new duties were incoming, but did not specify a timeline. It was separately reported that the US is set to impose new tariffs by Friday with the stopgap to expire, while the Trump administration also considers banning imports of military-grade drones.
NOTABLE HEADLINES
- US President Trump thanked House Republicans supporting the first step to getting as much of THE SAVE AMERICA ACT in the Budget Bill, while he called for all House Republicans to vote Yes on the Budget Resolution and said he is watching the vote very closely.
- US House voted 220-205 to pass a stopgap measure to fund federal agencies through November elections, while the move is meant to pressure Senate Democrats to quickly support a plan to avert a lapse in funding, according to POLITICO.
- White House is to redirect billions in research funds towards AI away from colleges, according to WSJ.
APAC TRADE
EQUITIES
- APAC stocks traded mostly in the green following on from the tech-led rebound on Wall Street, which was facilitated by several positive sector-specific headlines, and heading into some of the Mag-7 earnings.
- ASX 200 mildly gained amid strength in the commodity-related sectors, but with the upside capped by weakness in defensives, as well as domestic consumer and tech stocks.
- Nikkei 225 initially rallied at the open amid AI-related optimism and after PM Takaichi’s Cabinet approved its first comprehensive economic and fiscal policy guidelines on Tuesday, targeting JPY 370tln in combined public and private investment by 2040, while sentiment was also helped by the stronger-than-expected exports and imports data from Japan.
- Hang Seng and Shanghai Comp were ultimately mixed, with underperformance in the Hong Kong benchmark in a resumption of the rotation out of hyperscalers.
- US equity futures were contained following the prior day’s gains and as the focus turns to looming key earnings releases, including from Mag-7 names with Alphabet and Tesla due later today.
- European equity futures indicate a slightly positive cash market open with Euro Stoxx 50 futures up 0.1% after the cash market closed with gains of 0.9% on Tuesday.
FX
- DXY slightly pulled back after gaining yesterday amid higher oil prices and yields owing to the current geopolitical backdrop, with Yemeni Houthis warning shipping firms to avoid loading or discharging at Saudi ports, while the US and Iran exchanged attacks for the 11th consecutive night and President Trump threatened to heavily strike Pickaxe Mountain soon.
- EUR/USD nursed some of its recent losses and reclaimed the 1.1400 handle, but with the rebound limited amid light catalysts for the bloc, while there were also prior reports that the European Commission will impose its first Digital Markets Act fine on Google (GOOGL) on Thursday.
- GBP/USD attempted to recover some of the lost ground seen in the aftermath of UK PM Burnham announcing John Healey as the new Chancellor, but with price action contained beneath the 1.3400 level as participants now await UK CPI data.
- USD/JPY took a breather after climbing to 163.00 territory amid firmer US yields and higher oil prices, which spurred more of the same jawboning from Japanese Finance Minister Katayama.
- Antipodeans were range-bound after recent fluctuations and in the absence of any tier-1 data.
- PBoC set USD/CNY mid-point at 6.7933 vs exp. 6.7737 (prev. 6.7917).
FIXED INCOME
- 10yr UST futures lingered near yesterday’s lows after Treasuries bear flattened as rising oil prices stoked inflationary concerns and reinforced expectations for Fed tightening.
- Bund futures lacked firm direction after the recent choppy performance and with further supply scheduled today.
- 10yr JGB futures tracked the downside in global peers, with prices also not helped by mostly better-than-expected trade data and mixed results from the 40yr JGB auction.
COMMODITIES
- Crude futures mildly extended their gains as the geopolitical situation in the Middle East continued to escalate, with the 11th consecutive night of US-Iran attacks, while President Trump also threatened to heavily strike Iran’s Pickaxe Mountain underground nuclear facility soon.
- US Private Inventory Data (bbls): Crude +2.6mln (exp. -0.5mln), Distillates +1.8mln (exp. +1.0mln), Gasoline -1.4mln (exp. -1.8mln), Cushing -0.7mln.
- Iraq’s Oil Minister said the total value of deals signed between Iraq’s Oil Ministry and US companies during the Iraqi PM’s visit is estimated at USD 200bln, while he added that agreements with US companies will add significant production capacity and investment in associated gas.
- Spot gold steadily ascended as Asia-Pac trade got underway and with further momentum seen after prices breached through the USD 4,100/oz level.
- Copper futures took a breather following the prior day’s advances, but with the pullback cushioned by the mostly positive risk sentiment.
CRYPTO
- Bitcoin trickled lower in rangebound trade and remained above the USD 66,000 level.
NOTABLE ASIA-PAC HEADLINES
- Hong Kong is tipped to approve hedge fund tax breaks, attracting investment and talent, according to SCMP.
DATA RECAP
- Japanese Trade Balance (JPY)(Jun) -406.9B vs. Exp. -120B (Prev. -378.7B)
- Japanese Exports YY (Jun) 19.3% vs. Exp. 18.6% (Prev. 17%)
- Japanese Imports YY (Jun) 25.4% vs. Exp. 21.0% (Prev. 12.5%)
GEOPOLITICS
MIDDLE EAST
- US President Trump formally approved a landmark nuclear deal with Saudi Arabia that will provide the country with a civilian nuclear program and potentially open the door to uranium enrichment in the kingdom’s territory, according to US officials cited by WSJ.
RUSSIA-UKRAINE
- Ukrainian President Zelensky dismissed army chief Syrsky.
OTHER
- US President Trump reportedly seeks to nominate FIFA President Infantino as the next UN Secretary General.
EU/UK
NOTABLE HEADLINES
- UK PM Burnham’s new Energy Secretary Fahnbulleh was previously head of a think tank that had called for a net zero target to be accelerated and a total end to new drilling in the North Sea basin, according to FT.
NORTH AND SOUTH KOREA AND JAPAN
SOUTH KOREA
JAPAN
3 CHINA/
4. EUROPEAN AND SCANDINAVIAN COMMENTARIES PLUS NATO
UK
this is good!!
BritCard Is Dead: Burnham Kills Starmer’s £1.8 Billion Digital ID To Pay For An Energy Tax Cut
Wednesday, Jul 22, 2026 – 05:45 AM
Ten months ago Keir Starmer warned that anyone without a government digital ID “will not be able to work in the United Kingdom.” On Tuesday – day two of the Burnham premiership – the scheme was formally killed off.
It wasn’t the nearly 2.9 million people who signed the petition. It wasn’t the civil liberties groups who dragged it through Parliament. It died because the new Prime Minister needed £1.8 billion to scrap VAT on electricity bills.
In his first major act in No 10, Andy Burnham announced that VAT will come off domestic electricity bills from October 1, timed to land before the next Ofgem price cap. Qualifying small businesses, charities and care homes benefit too. New Chancellor John Healey – installed Monday evening after Rachel Reeves was shown the door – said the move “is funded this year from cancelling the Digital ID programme,” which the government prices at £1.8 billion over three years.
So ends BritCard: sold as the answer to illegal migration, buried as a line item in somebody else’s tax cut.
A Short, Unhappy Life
None of this will surprise regular readers. When Starmer unveiled the plan last September, officials admitted its “efficacy depends on everyone having them” – universal or nothing. The pitch was border control. The architecture, as we noted at the time, was always closer to population management: only around 40,000 of the nearly one million migrants who arrived last year came by small boat. A universal ID for the entire country, aimed at the smallest slice of the problem it was sold on, was a problem-reaction-solution classic.
What followed was mission creep at record speed. By October it had become a bait and switch. By January ministers were floating digital IDs for newborns – cradle-to-grave tracking for a £1.8 billion program. Nearly 2.9 million people signed a petition, forcing a Parliamentary debate, and by mid-January the government had dropped the mandatory right-to-work requirement, the load-bearing wall of the whole project. Big Brother Watch’s Silkie Carlo said taxpayers should not be footing “a £1.8 billion bill for a digital ID scheme that is frankly pointless.” Ministers pressed on anyway with a voluntary version that was never the optional convenience they claimed.
Now even that shell is gone – cancelled not on principle but for parts.
Follow The Money
Whether the money is actually there is another question. The Times reports the VAT cut is fully funded. The OBR counters that the £1.8 billion Digital ID budget was never funded in the first place, which means cancelling it pays for nothing. At least one former minister has said flatly that the cut is unfunded. The government’s own release concedes that “updated costs will be set out at Budget” – the arithmetic, in other words, arrives later. More giveaways are already queued: a 20 percent business-rates cut for hospitality within days, per HuffPost UK, and a £2 bus-fare cap as soon as Wednesday.
Gilt traders ran the same numbers and reached the same place. The 10-year yield jumped 8 basis points to 5.04 percent on Monday as Burnham’s early remarks stoked fears of a looser fiscal stance, then pared the move once Healey – the former defence secretary who quit Starmer’s cabinet over defence funding – took the Treasury instead of Ed Miliband, who was packed off to the Foreign Office. Yields fell across the curve Tuesday morning in evident relief, with sterling steady near $1.344. Relief is not confidence. British 10-year borrowing costs are still the highest in the G7, and every unfunded pound of Burnham’s day-two populism gets marked to market eventually.
What Actually Died
To be precise about the corpse: what was cancelled is the standalone national BritCard programme, and nothing else. It does not touch Gov.uk One Login and its millions of enrolled users, the Gov.uk Wallet, or the Online Safety Act’s age-verification regime, which as we reported in June was already working as a backdoor identity mandate for every phone in Britain, with Google and Apple building the plumbing.
Schemes like this also have a habit of returning under new names with smaller line items. A government that just banked £1.8 billion in savings that were never there knows exactly where to find another £1.8 billion next year.
Still, take the win. Nearly three million signatures couldn’t kill BritCard. One expensive winter did.
END
GERMANY/CZECH REPUBLIC
German Motorists Flood Czech Border As Fuel-Price-Cap Ends
Wednesday, Jul 22, 2026 – 05:00 AM
German motorists formed kilometer-long lines at Czech gas stations on Sunday as they rushed to take advantage of lower prices before the government’s fuel cap expired.
Stations near the German border were overwhelmed by drivers seeking cheaper gasoline and diesel, with footage showing long queues at some locations.
According to Echo24, fuel in the Czech Republic was as much as €0.80 per liter cheaper than in Germany.
The surge came shortly before regulated pricing ended and the Czech fuel market returned to market-based rates.
Prices began rising at several stations on Monday morning, with diesel generally recording the sharpest increases.
At a PRIM station in Prague’s Dolní Počernice district, diesel rose by 2.40 crowns (€0.10) to 39.90 crowns (€1.65) per liter. Natural 95 gasoline increased by 1.40 crowns (€0.06) to 40.90 crowns (€1.69).
At a Shell station in Prague’s Chodov district, diesel increased by one crown (€0.04) to 41.90 crowns (€1.73) per liter. Natural 95 gasoline rose by 0.60 crowns (€0.02) to 43.10 crowns (€1.78).
Analysts had expected diesel prices to climb by as much as three crowns (€0.12) per liter because a temporary reduction in the diesel excise tax expired alongside the price controls. Smaller increases were forecast for gasoline.
The government introduced the measures in April after oil prices rose amid the conflict in the Middle East.
The Finance Ministry imposed daily maximum prices based on wholesale costs and capped retailer margins, initially at 2.50 crowns (€0.10) per liter and later at three crowns (€0.12).
The cabinet also temporarily reduced the diesel excise tax from 9.95 crowns (€0.41) to 8.011 crowns (€0.33) per liter. The gasoline tax remained unchanged at 12.84 crowns (€0.53).
Finance Minister Alena Schillerová previously said the diesel tax reduction cost the state budget around one billion crowns, approximately €41.3 million, per month.
Schillerová said the government would continue monitoring the market and could reintroduce regulation if fuel prices rise sharply or conditions on global oil markets deteriorate.
The cabinet also temporarily reduced the diesel excise tax from 9.95 crowns to 8.011 crowns per liter. The gasoline tax remained unchanged at 12.84 crowns.
Finance Minister Alena Schillerová previously said the diesel tax reduction cost the state budget around one billion crowns per month.
Schillerová said the government would continue monitoring the market and could reintroduce regulation if fuel prices rise sharply or conditions on global oil markets deteriorate.
END
POLAND
major new port being built
Poland’s Planned Megaport Is Part Of Its Regional Power Play
Wednesday, Jul 22, 2026 – 03:30 AM
Poland will become indispensable to Czechia, Slovakia, Austria, and Hungary’s global trade upon the completion of this project, thus securing their place within its “sphere of influence” and reducing the likelihood that German-backed Ukraine “poaches” them as part of their rivalry for regional leadership.
“Notes From Poland” reported that “Poland has begun construction of a 10 billion zloty (€2.3 billion) deepwater port and container terminal in the city of Świnoujście, near the German border…The facility will also be designed for both civilian and defence use…Deputy infrastructure minister Arkadiusz Marchewka said the terminal would serve not only Poland but also markets including eastern Germany, and the landlocked Czech Republic, Slovakia, Austria and Hungary, reports Business Insider Polska.”
This megaproject is part of Poland’s regional power play in which it envisages becoming the leader of Central & Eastern Europe (CEE) through diplomatic, security, and connectivity means, the first two of which were elaborated upon here while the third concerns the “Three Seas Initiative” (3SI). The last-mentioned involves dual-use connectivity infrastructure such as that which Poland is now building in Świnoujście, which also hosts an LNG terminal that could supply Czechia, Slovakia, Austria, and Hungary.
They and Poland are coincidentally the states that new Hungarian Prime Minister Peter Magyar proposed merging into a sub-regional integration bloc that would combine the Visegrad Group (Poland, Czechia, Slovakia, and Hungary) with the Slavkov format (Czechia, Slovakia, Hungary, and Austria). While they’ve yet to implement his idea, Polish influence over those four will grow upon the completion of Poland’s new 3SI-connected Świnoujście megaport, which will facilitate the expansion of their global trade.
It also goes without saying that their import of American LNG via the Świnoujście terminal would do the same, with both Polish initiatives serving to show just how important that country is poised to become to CEE in the evolving post-conflict order. Another poignant observation is that Czechia, Hungary, and Slovakia all refused to finance the EU’s new €90 billion loan to Ukraine, over half of Austrians want their government to stop financing it too, and Poles are rapidly souring on Ukraine as well.
With all this in mind, Poland already basically leads an unofficial bloc in CEE comprised of countries whose societies and governments alike (Austria’s being the notable exception as regards the latter) are known abroad for their increasing criticism of Ukraine, which most recently ruined its ties with Poland. Zelensky’s state-level glorification of the Volhynia Genocide’s OUN-UPA culprits sparked so much backlash that even the country’s ruling Ukrainophilic liberal coalition was forced to harden its approach.
“Poland Finally Realizes The Geostrategic Challenge Posed By Ukraine” as its German-backed competitor for leadership over CEE. In particular, “Ukraine’s Planned Drone Plants In The Baltics Are Part Of A Plot To Outflank Poland”. Even if Poland “loses” the Baltics to Ukraine, and recalling that Ukraine already beat it in the Balkans (for now) as proven by six regional leaders recently paying political pilgrimage there, Poland could still count Czechia, Slovakia, Austria, and Hungary within its “sphere of influence”.
Joint German-Ukrainian leadership over the Baltics and the Balkans would still overshadow that achievement, and Poland would then face challenges to its political sovereignty and strategic autonomy, but it would still have a fighting chance at avoiding full-blown domination.
Therefore, the grand strategic significance of the Świnoujś
end
UK
AWFUL
The UK Censors The Net ‘For The Children’
Wednesday, Jul 22, 2026 – 02:00 AM
Authored by Ted Newson via AmericanThinker.com,
Outgoing British prime ministers have a tendency to rapidly expand the remit of the state in their final days.
Theresa May tied a Net Zero target into law, Rishi Sunak implemented a generational smoking ban.
Keir Starmer is no exception.
The British state has now outlawed social media usage for those under sixteen.
On June 15, Starmer stood at Downing Street to announce that Britain would ban under-16s from social media, after intense pressure from campaigners. Possibly his last meaningful political action before resigning on June 22. Additionally, the now-departed PM has left the door open to curfews for 16 and 17-year-olds. The country that gave the world the liberal philosophy America’s Founders drew on is now imposing digital ID and information bans.
The justification is public safety. A framing that has a habit of expanding well beyond its original scope. Banning under-16s from social media is framed as “giving children back their childhoods”; in reality, it has a much darker undertone.
Not all social media is created equal. Depending on how they’re put to use, these platforms can serve as invaluable educational resources. Excessive social media use, as a substitute for going outside, is the real issue that studies show.
As state education systems become increasingly politicized, social media can give curious minds access to alternative perspectives that will help them make sense of the world for themselves. While recently social media algorithms have pushed people into more radical politics, the solution is to change the algorithm, not the user.
My teen years were shaped by non-mainstream thinkers from across the political spectrum. At that time, the UK had a centrist government and a narrow Overton window. In the classroom, there were ‘politically correct’ and ‘politically incorrect’ opinions. To explore views the British commentariat either ignored or scorned, I looked to YouTube. The Oxford and Cambridge debates I found there at fifteen took every viewpoint as worthy of criticism, debate, and rebuttal.
As someone who now works in politics, having the ability to watch ‘adult’ debates from a young age expanded my mind and helped me in learning some key skills for the future. This kind of intellectual curiosity is exactly what under-16s should be showing. A blanket ban on usage will only stunt the growth of the next generation.
The philosopher John Stuart Mill argued that the state may only restrict liberty to prevent harm to others, not to protect people from themselves. A teenager on Instagram harms no one but possibly themselves. That, by the oldest principle in liberal democracy, is their business and their parents’, not Starmer’s.
An aggressive form of state parenting would at least be understandable (though still unfair) if applied across every facet of young people’s lives. At sixteen you can join the army, have a child, and under Labour’s own proposals, vote; but apparently you cannot be trusted with Instagram.
The ban doesn’t make sense for teens, but they’re not the only ones who will be affected. Enforcing the ban will require a system for online age verification. Think digital ID checks for the entire population. The House of Lords has even voted to force VPN providers to implement digital ID to close the workaround.
What could possibly go wrong? Data breaches leading to all manner of harm, that’s what.
This level of paternalism isn’t just in British politics. Despite the various flaws exposed by an Australian social media ban, Spain, Greece, and Slovenia are working on bans of their own. France is also expected to implement an under-15s ban. America must resist the pressure of the bipartisan “child safety” coalition in Congress and resist any expansion of KOSA (Kids Online Safety Act). Not only does age-gating the internet push children onto unmoderated dark-web-adjacent sites, it opens up the rest of the population to providing vast amounts of their personal data to social media companies to appease the government.
What Starmer called putting “power back in parents’ hands” actually means handing your passport details to a social media company and handing permanent regulatory power to the Secretary of State; with no sunset clause, no parliamentary override, and no expiry date. It is no longer the case that parents get to decide their own social media policy for their children, the government must go above parents in deciding what is best for children. Ultimately, this leads to people having less individual agency when deciding things. The state, apparently, knows better.
Parents should be allowed to decide what their children see. If they want to use YouTube as an educational tool for their kids, they should be allowed to do so at any age. As things stand, a child aged fifteen would be able to watch Baby Shark videos on YouTube Kids, but be barred from accessing a college lecture.
America was built on freedom and individual rights. It is for that reason, it is one of the most prosperous countries in the world. U.S. lawmakers should resist the urge to follow the rest of the world into overregulation, paternalism, and mass surveillance. Britain is discovering what happens when the state appoints itself the parent of a nation. America was founded precisely to prevent that.
end
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS//
TUESDAY NIGHT//ISRAEL/IRAN/USA
US CENTCOM strikes Iran, marking the eleventh consecutive night of bombardment
“The strikes are designed to continue degrading Iran’s ability to threaten commercial shipping in the Strait of Hormuz,” the US Central Command said in a statement on X.
US Air Force Rockwell B-1B Lancer dropping JDAM bombs photographed from the canopy of an escort fighter jet.(photo credit: Screenshot/X/BLT)ByREUTERS, JONAH DAVIDOVJULY 22, 2026
02:59Updated: JULY 22, 2026 05:19
The US military concluded its latest round of strikes on Iran, marking the 11th consecutive night of attacks CENTCOM announced on its X/Twitter.
Strikes concluded at 8:15 p.m. EST.
CENTCOM targeted “Iranian military operation centers, maritime capabilities, aircraft hangars, drone storage facilities, and military logistics infrastructure to further degrade Iran’s ability to threaten commercial shipping in the Strait of Hormuz,” the post said.
The post said Iran had attacked more than 30 commercial vessels passing through the strait, endangering hundreds of mariners and undermining the principle of freedom of navigation.
Commercial traffic through the Strait of Hormuz has continued despite Iranian attacks. Since the beginning of May, CENTCOM forces have supported the passage of roughly 900 commercial ships carrying about 450 million barrels of crude oil.
Explosions reported in Bushehr, home of nuclear power plant
Loud explosions were heard in parts of Iran’s Bushehr County, according to the IRGC-affiliated Tasnim News Agency.
Bushehr is home to the Bushehr Power Plant, Iran’s first and only commercial nuclear reactor. The region also houses a naval base that is critical for the functioning of the Islamic Revolutionary Guard Corps Navy (IRGCN).
Regime-affiliated Fars News Agency cited East Azerbaijan officials saying that a military site was struck near Tabriz in a US air attack.
Iranian state TV also said that air defenses were activated throughout the capital of Tehran.
WEDNESDAY/ISRAEL/IRAN/USA
Iran targets US bases in Gulf region, claims to hit air bases in Jordan, Bahrain
The IRGC claimed to have destroyed US MQ-9 Reaper drones, damaged an F-15 fighter jet hangar, “severely damaged” two military helicopters, and “killed and wounded” several soldiers.
Smoke seen following reported missile launch from Iran toward Jordan, July 22, 2026.(photo credit: SECTION 27A COPYRIGHT ACT)ByJAMES GENN, JERUSALEM POST STAFFJULY 22, 2026 11:04Updated: JULY 22, 2026 15:06
The Islamic Revolutionary Guard Corps claimed to have attacked Jordan’s King Faisal and Prince Hassan air bases on Wednesday afternoon, Iranian state media reported.
King Faisal Air Base is located in the south of the kingdom, near al-Jafr. It is named after then-King Faisal bin Abdulaziz of Saudi Arabia, who funded its construction.
Earlier this month, an Iranian strike on the airport injured five US soldiers posted to the base.
Prince Hassan Air Base is located in the north of the kingdom, near Sawafi. The US Air Force has used the base periodically since at least the 1980s, and so have other NATO partner air forces, including France and the UK.
Meanwhile, the IRGC-run Fars News Agency claimed that the terror group fired drones towards hangars and other structures used by the US Air Force on a military base in Bahrain.
“The US’s aggressive attacks in recent nights were carried out under the pretext of retaliating for the explosion of offending ships [in the Strait of Hormuz],” the IRGC said.
“Last night, despite the temptation of ship crews, no vessel dared to attempt the illegal passage south of the strait. The child-killing American army did not abandon its aggressive nature and repeated air and missile attacks on a number of our military and civilian centers, and is now receiving crushing responses,” it claimed.
“The IRGC’s Aerospace Force once again smashed US bases in Jordan in response to the enemy’s aggression,” it said.
“In the first phase of the response, a missile and drone attack on King Faisal and Prince Hassan bases targeted an F-15 preparation shed. In addition, in an attack on a drone preparation shed, eight new and refurbished MQ-9 drones were completely destroyed before they could be constructed, and two others were heavily damaged,” it claimed.
“In a subsequent attack on a helicopter hangar, two US military helicopters were severely damaged,” it added.
“A number of invading forces were killed and wounded,” it also claimed.
“If the aggressions continue, we will prepare for a regretful operation that will lead to a declaration of public mourning in the US,” the IRGC stated.
Sirens also sounded in Saudi Arabia from detected Iranian attacks towards the country.
The Pentagon has not yet commented on the claimed attacks.
Sirens also sounded in Sirik, Iran on Wednesday afternoon amid reported airstrikes.
Smoke was seen rising from the Aqaba area in Jordan after Iran launched missiles towards Jordan earlier on Wednesday.
According to the IDF, no Iron Dome interceptors were launched, and no debris from Jordan’s interception fell within Israeli territory.https://player.jpost.com/public/player.html?player=jpost&media=4079712&url=www.jpost.comVideo taken in Eilat shows smoke rising from the area of Aqaba, Jordan on July 22, 2026. (CREDIT: SECTION 27A)
Jordanian state media reported that six Iranian missiles were intercepted in this incident. The smoke reportedly resulted from debris.
Shortly afterward, the Jordanian Armed Forces-Arab Army stated that four Iranian drones were also intercepted in Jordanian airspace.
No injuries have been reported.
After the launches, an Arkia flight from Ben-Gurion Airport to Ramon Airport was forced to delay its landing and circle in the air until authorities could verify that there was no debris on the runway.
This is a developing story.
Amit Avitan contributed to this report.
END
Iran Blasts US ‘Fabricated Pretext’ To Hit Pickaxe Mountain, Launches More Attacks On Bahrain, Saudi Arabia, Jordan
Wednesday, Jul 22, 2026 – 08:25 AM
Amid continued fighting which has included explosions heard in Tehran overnight and in the south, Iran’s leadership has condemned the Trump administration’s “obsessive focus on Kolang Kouh where no nuclear activity is taking place is nothing more than a fabricated pretext for aggression, destruction, and sabotage,” according to Foreign Minister spokesman Esmail Baghaei in a post on X, referring to Pickaxe Mountain.
He pointed out that all of Iran’s nuclear activity has long been fully declared to the IAEA, and so the repeat threats out of Washington to mount a major attack on it is a “flagrant violation” of UN charter and international law. Trump had said the day prior that the US military will be hitting Pickaxe mountain “pretty soon very heavily and there is nothing they can do about it.“
Even some supporters have quested why the US Commander-in-Chief would so casually telegraph his intentions, saying the Pentagon loses an operational edge in revealing such plans.
There’s been a lot of sudden focus on Pickaxe Mountain, though it had largely been absent from all prior media coverage of the war, due to Israeli intelligence feeding it to US mainstream press. “Israeli intelligence believes Iran moved thousands of uranium-enrichment centrifuges into tunnels deep inside a mountain last fall, Israeli and U.S. officials say, a development that would heighten concerns that Tehran could reconstitute its nuclear program,” The Wall Street Journal wrote Tuesday.
“Israel passed along the intelligence findings to the U.S., saying the centrifuges were transferred to the Pickaxe Mountain site last fall after the 12-day war in June when American and Israeli strikes pummeled Iran’s three main nuclear sites,” it added.
And now, by all accounts, more aircraft, refueling planes, and heavy military hardware continue to be transferred from Europe and into the Central Command area of responsibility.
The Iranians might view this as more simply extra targets to be taken out, however, as Gulf countries continue to see inbound attacks. Missile alerts have been sounding Wednesday in Saudi Arabia, and again in Bahrain. ISNA reports (via Newsquawk): Drone and missile attacks on Bahrain and Saudi Arabia; US Fifth Fleet in Bahrain and US base in Saudi Arabia targeted:
- Bahrain has faced almost daily bombardment recently due to hosting the US Fifth Fleet headquarters.
- Saudi Arabia has been pulled into the firing line after the collapse of a previous multi-year ceasefire with Iranian-backed factions.
Soldiers in Jordan seem to be prime targets of Iranian ballistic missiles, in an extremely dangerous situation, after several American soldiers already died there in the past week:
Jordan too continues to see significant inbound projectiles from Iran. Iranian state media has newly announced that F-15 warplanes, drone preparation infrastructure and a helicopter storage facility at Prince Hassan and King Faisal bases were targeted in recent ballistic missile launches.
IRNA news agency claimed that eight new American MQ-9 drones were destroyed and two others “severely damaged” in the attack, and in addition two helicopters were damaged.
The fresh Wednesday morning initial reports of potential further inbound missile on Bahrain and Saudi Arabia have pushed oil prices higher.
Meanwhile Secretary of State Marco says the US is in contact with Saudi officials over the ongoing threat by Yemen’s Houthis to attack commercial vessels and disrupt Saudi shipping in the vital Bab al-Mandeb waterway in the Red Sea. This is squeezing global oil further.
“We’ve been engaged with the Saudis a number of times over the last week in regards to that threat. It’s not a new threat, but it’s one that’s manifested itself in the past,” he told reporters in his latest remarks.
More evidence of serious damage and destruction at American military outposts in Jordan:
In words which Tehran officials will surely not find terrifying or overly threatening, Rubio continued: “At the gist of that issue is the fact Iran is in the middle of it. Talking about the troublemaker of the region, it’s Iran.”
“It’s just another example: the Houthis, Hezbollah, the militias in Iraq, Hamas – this is what Iran spends its money on, not on its people, on supporting terrorist organizations and destabilizing actors in the region,” he added in Washington’s characteristic ‘axis-speak’ of ‘rogue actors’.
END
ISRAEL IRAN./USA
Trump Vows US Will Destroy A Bridge Or Power Plant For Each Iranian Attack On Shipping
Wednesday, Jul 22, 2026 – 09:40 AM
Update(0940ET): More telegraphing of intent from President Trump in the below Truth Social Post… he said the US military will “bomb and destroy” one bridge or power plant – including in Tehran – each time the Iranian military shoots at a ship in the Strait of Hormuz. This comes a day after he unveiled the US military plans to conduct a large bombing of Iran’s Pickaxe Mountain nuclear complex, which is heavily fortified.
But the Iranians have already long demonstrated they won’t alter course in the face of such threats, especially bluster from Trump over social media, and so this unlikely to be any kind of fix for Washington, as Tehran has vowed to keep control of Hormuz at all costs. The Pentagon has argued that things like bridges are ‘dual use’ as the Iranian military uses them to get supplies from one region to another, while international monitors have highlighted the potential for war crimes. The Iranians have in turn widened attacks on Gulf states to include key civic infrastructure, like water desalination plants (in Kuwait) – each time their own infrastructure gets hit.
* * *
Amid continued fighting which has included explosions heard in Tehran overnight and in the south, Iran’s leadership has condemned the Trump administration’s “obsessive focus on Kolang Kouh where no nuclear activity is taking place is nothing more than a fabricated pretext for aggression, destruction, and sabotage,” according to Foreign Minister spokesman Esmail Baghaei in a post on X, referring to Pickaxe Mountain.
He pointed out that all of Iran’s nuclear activity has long been fully declared to the IAEA, and so the repeat threats out of Washington to mount a major attack on it is a “flagrant violation” of UN charter and international law. Trump had said the day prior that the US military will be hitting Pickaxe mountain “pretty soon very heavily and there is nothing they can do about it.“
Even some supporters have quested why the US Commander-in-Chief would so casually telegraph his intentions, saying the Pentagon loses an operational edge in revealing such plans.
There’s been a lot of sudden focus on Pickaxe Mountain, though it had largely been absent from all prior media coverage of the war, due to Israeli intelligence feeding it to US mainstream press. “Israeli intelligence believes Iran moved thousands of uranium-enrichment centrifuges into tunnels deep inside a mountain last fall, Israeli and U.S. officials say, a development that would heighten concerns that Tehran could reconstitute its nuclear program,” The Wall Street Journal wrote Tuesday.
“Israel passed along the intelligence findings to the U.S., saying the centrifuges were transferred to the Pickaxe Mountain site last fall after the 12-day war in June when American and Israeli strikes pummeled Iran’s three main nuclear sites,” it added.
And now, by all accounts, more aircraft, refueling planes, and heavy military hardware continue to be transferred from Europe and into the Central Command area of responsibility.
The Iranians might view this as more simply extra targets to be taken out, however, as Gulf countries continue to see inbound attacks. Missile alerts have been sounding Wednesday in Saudi Arabia, and again in Bahrain. ISNA reports (via Newsquawk): Drone and missile attacks on Bahrain and Saudi Arabia; US Fifth Fleet in Bahrain and US base in Saudi Arabia targeted:
- Bahrain has faced almost daily bombardment recently due to hosting the US Fifth Fleet headquarters.
- Saudi Arabia has been pulled into the firing line after the collapse of a previous multi-year ceasefire with Iranian-backed factions.
Soldiers in Jordan seem to be prime targets of Iranian ballistic missiles, in an extremely dangerous situation, after several American soldiers already died there in the past week:
Jordan too continues to see significant inbound projectiles from Iran. Iranian state media has newly announced that F-15 warplanes, drone preparation infrastructure and a helicopter storage facility at Prince Hassan and King Faisal bases were targeted in recent ballistic missile launches.
IRNA news agency claimed that eight new American MQ-9 drones were destroyed and two others “severely damaged” in the attack, and in addition two helicopters were damaged.
The fresh Wednesday morning initial reports of potential further inbound missile on Bahrain and Saudi Arabia have pushed oil prices higher.
Meanwhile Secretary of State Marco says the US is in contact with Saudi officials over the ongoing threat by Yemen’s Houthis to attack commercial vessels and disrupt Saudi shipping in the vital Bab al-Mandeb waterway in the Red Sea. This is squeezing global oil further.
“We’ve been engaged with the Saudis a number of times over the last week in regards to that threat. It’s not a new threat, but it’s one that’s manifested itself in the past,” he told reporters in his latest remarks.
More evidence of serious damage and destruction at American military outposts in Jordan:
In words which Tehran officials will surely not find terrifying or overly threatening, Rubio continued: “At the gist of that issue is the fact Iran is in the middle of it. Talking about the troublemaker of the region, it’s Iran.”
“It’s just another example: the Houthis, Hezbollah, the militias in Iraq, Hamas – this is what Iran spends its money on, not on its people, on supporting terrorist organizations and destabilizing actors in the region,” he added in Washington’s characteristic ‘axis-speak’ of ‘rogue actors’.
ISRAEL TBN
END
HEZBOLLAH/LEBANON/ISRAEL
HAMAS VS ISRAEL
IDF confirms building massive sand barrier dividing Gaza after satellite imagery emerges
According to the satellite imagery, more than 23 kilometers were built in recent months through areas where Palestinian communities once stood.
(illustrative) Concrete barriers are positioned as part of preparations for the opening of a Gaza distribution center near Khan Younis, in the southern Gaza Strip, September 10, 2025(photo credit: REUTERS/SHIR TOREM)ByYONAH JEREMY BOBJULY 21, 2026 17:08Updated: JULY 21, 2026 17:28
Without any public announcement, the IDF has been building a large sand-wall barrier separating the 50-70% of the Gaza Strip it controls from the areas controlled by Hamas, the military confirmed on Tuesday.
Earth imaging company Planet Labs PBC observed the topographical changes using satellite imagery and provided them to the Associated Press, which was the first outlet to break the news.
According to the satellite imagery, more than 23 kilometers were built in recent months, running throughout the Strip, often through areas where Palestinian communities once stood but have long since been demolished by the IDF.
Such an extensive sand wall would be equal to over half the length of Gaza, which is around 40 km. long and 11 km. wide (at its widest point).
It was unclear whether the IDF’s goal was to finish the wall across the entire Strip and whether it seeks to hem Hamas and over two million Palestinians to around 30% of the territory where they currently reside, or closer to the 47% Hamas retained from the October 2025 ceasefire.
The IDF specifically declined to elaborate to The Jerusalem Post on the size, details, or more specific goals of the new construction.
In recent months, the IDF has, gradually and without any real battles, pushed Hamas back from the 47% line closer to a 30% line in retaliation for the Gaza terror group failing to start the disarmament process which it was due to begin in early 2026.
In contrast, Hamas has said it is only obligated to begin a partial disarmament process once Israel allows at least partial rebuilding of Gaza.
To date, the Board of Peace, which is supposed to manage the negotiations under the October 2025 ceasefire, has mostly taken Israel’s side regarding the dispute, but has also loudly opposed, along with US President Donald Trump, who towers above the board, any Israeli desire to launch a new major invasion of the Hamas-controlled areas of the Strip.
Neither CENTCOM, which is tasked with monitoring the ceasefire, nor the Board of Peace responded to AP inquiries about the barrier.
IDF: New Gaza boundary a ‘no-go point’
The IDF told the Post that the new boundary was designed to make the no-go point for Palestinians clear to those residing in Hamas-controlled areas as well as to prevent any attempt by the terror group to infiltrate Israeli border towns, which still remain only a few kilometers away at points.
One of the features of Hamas’s successful October 7, 2023 invasion of southern Israel was an ability to infiltrate Israeli border villages in a period of minutes due to their proximity to Gazan territory.
According to Planet Labs PBC, a portion of the sand-wall network in southern Gaza was extended by more than 2 km. between July 1 and July 15.
Previously, the southern Gaza network had extended around 500 meters long, but it then increased to about 2.4 km., cutting through the ruins of the deep southern Gaza city of Rafah, from the al-Mawasi coastal refugee camps.
The AP report said that if construction continued in its current direction, it would join up with the longest stretch of the barrier, which runs nearly unbroken for around 17 km. from the mid-southern city of Khan Yunis to near Gaza City, in the north
Despite Palestinian and international concerns about Israel potentially moving for a longer-term land grab, the IDF has been compelled to withdraw multiple times from large portions of Gaza during the war, even after building large new bases, such aS withdrawing from the Morag Corridor in early 2025.
END
SAUDI ARABIA AND USA
Trump Greenlights Saudi Nuclear Deal, Uranium Enrichment In The Kingdom Possible
Wednesday, Jul 22, 2026 – 06:55 AM
President Trump has formally approved a landmark 30-year civil nuclear cooperation agreement with Saudi Arabia that could be worth tens of billions of dollars and put American companies at the center of the kingdom’s nuclear buildout, according to the Wall Street Journal.
The accord is expected to be signed Wednesday by US Energy Secretary Chris Wright and Saudi Energy Minister Prince Abdulaziz bin Salman, then head to Congress for a 90-day review. Lawmakers could block it through a joint resolution, but overriding a Trump veto would require two-thirds majorities in both chambers.
There is plenty to like here. A Section 123 agreement creates a legal framework for peaceful use, safeguards, and nonproliferation. American involvement also gives Washington more influence over Riyadh’s program than it would have if Saudi Arabia turned to China or Russia.
The agreement is the latest step in a rapidly deepening relationship. The administration previously delinked Saudi nuclear talks from normalization with Israel, while Trump later designated the kingdom a major non-NATO ally after Mohammed bin Salman’s return to the White House.
Yet one provision is difficult to support: “A key provision of the new accord would have American companies build an uranium enrichment facility in Saudi Arabia if a joint U.S.-Saudi study determines such a step would be warranted.”
The 123 accord is not a turnkey export license, and any technology transfer would still require separate federal approval, but the policy direction is clear.
The strongest argument for this arrangement is that US technology and oversight would keep Washington inside the tent and make diversion harder. That is a legitimate advantage, but it doesn’t eliminate the underlying risk.
Uranium enrichment is inherently dual-use. Centrifuges producing reactor fuel enriched to 3 to 5% can be reconfigured toward weapons-grade material above 90%. Safeguards can monitor declared activity, but technology, infrastructure, and trained personnel endure long after a government or regional balance changes.
Mohammed bin Salman has also said Saudi Arabia would pursue a bomb if Iran obtained one. The UAE, another close Gulf partner, accepted the so-called gold standard by renouncing enrichment and reprocessing.
The better model is simple: export the product, not the technology.
As we recently argued, Washington should overbuild uranium conversion and enrichment capacity inside the United States, then supply allies with safeguarded fuel under long-term contracts. Saudi Arabia would receive reliable reactor fuel, American workers would capture the investment, US suppliers would gain durable export revenue, and sensitive technology would remain under US jurisdiction.
No contractors have been announced. Centrus looks like the leading technology candidate given its operating US-origin centrifuge cascade and deep Department of Energy ties, with General Matter the emerging alternative.
Bechtel has the Saudi and nuclear pedigree to participate, but Centrus’ existing EPC partnership with Fluor gives Fluor the stronger documented construction claim.
The agreement is strategically sound if it anchors Riyadh to American reactors, fuel, standards, and safeguards. But building Saudi enrichment capability trades away too much leverage in pursuit of that goal. Washington should sell the kingdom decades of American-made fuel, not the machinery that can ultimately make far more than fuel.
END
RUSSIA VS UKRAINE
Drone War Enters Terrifying New Phase As Russia Deploys 300-MPH Jet-Powered Shahed
Wednesday, Jul 22, 2026 – 04:15 AM
Dramatic footage posted on X shows what appears to be a Russian Geran-4 jet-powered, one-way attack drone striking a passenger train in Ukraine.
If authenticated, the footage shows just how rapidly drone warfare is evolving beyond conventional two-stroke power plants toward miniature turbojets that sharply increase speed, compress warning and response times, potentially render many existing small-drone interceptors ineffective, and accelerate the overall tempo of combat across modern battlefields.
Here’s the footage:
Ukraine’s Defense Intelligence recently published a report on Russia’s new jet-powered strike UAV, known as the Geran-4.
The report said the Geran-4 entered combat in May and can exceed 300 mph, climb above 15,000 feet, and deliver a 100- to 200-pound warhead against targets up to 279 miles away.
Powered by Chinese-made Telefly turbojets, the Geran-4 compresses Ukraine’s detection and engagement windows while forcing Kiev to deploy faster and more expensive interceptor drones and missiles.
Reuters published a report Tuesday noting that Ukrainian drone manufacturer SkyFall unveiled a new high-speed interceptor at the UK’s Farnborough Airshow designed to counter these new Russian jet-powered drones.
We warned in May: “And just wait until micro jet engines become standard on suicide drones …”
Read: Logic Of Violence: We Are Nowhere Near The Endgame In Drone Wars
Last drone coverage:
- Anduril Unveils Tiltrotor Killer Drone Straight Out Of ‘Terminator’
- Watch: Aerial Drone Airlifts Kamikaze Ground Bot Into Battle As Warfare Automation Accelerates
- Why Is China Advertising Insane War Drones On Facebook
- Fiber-Optic Kamikaze Drone Found In Mexico Signals New Drone Threat South Of Border
Counter AUS coverage:
- “Sub-Second Detect- To-Fire”: Futuristic Dome Turret Could Be US Military’s Answer To Drone Swarms
- US Military Races To Harden Strategic Nuclear Bases With Counter-Drone AI Shield
The world is becoming a dark and dangerous place as drones and robots become weaponized. Humanoids will be next.
END
cie megaport is that it’ll prevent Poland’s isolation in the aforesaid scenario by making it indispensable to its landlocked allies, after which it might try to “regain” the Baltics one day.
6/.GLOBAL ISSUES, COVID ISSUES, VACCINE INJURIES/HEALTH ISSUES
GLOBAL ISSUES
MARK CRISPIN MILLER
In memory of those who “died suddenly” in the United States and worldwide, July 13-20, 2026
Bassist Jennifer Finch (L7, 59, C); pianists Jimmy Nichols, Rodney Franklin; hip-hop DJ Bigga Rankin; PBS programming exec Sylvia Bugg; baseballer Duane Ward; acting coach John Kirby; & more
| Mark Crispin MillerJul 22 |  |
A survey of the likely global toll of COVID “vaccination,” based on the reports collected by our worldwide team of researchers this past week.
To help support our work, consider subscribing or making a donation.
UNITED STATES (116)
Jennifer Finch of L7 dies at 59 from aggressive brain cancer
July 19, 2026
Jennifer Finch, the bassist for influential rock group L7, died Saturday after a battle with brain cancer. She was 59. L7 confirmed Finch’s death in an Instagram post. “With a very heavy heart we announce that our beloved bandmate, friend, and fellow troublemaker Jennifer Finch has passed away today,” it read. “She had a long courageous fight with brain cancer and was loved by many wonderful friends, musical peers and fans worldwide. We love you Jennifer.” Earlier this month, Finch announced that she was undergoing treatment after being diagnosed with an aggressive form of brain cancer. When the musician was first diagnosed, it was believed her condition would be easily treated with radiation, but complications required her to undergo multiple surgeries. The procedures left her with severe physical limitations, and she required extensive medical care afterward. (In 2011, Finch was also diagnosed with thyroid cancer.) Due to Finch’s diagnosis and treatment, she dropped out of the upcoming U.S. leg of L7‘s Last Hurrah Tour that had been originally planned when the artist was in good health. At the time, Finch asked her bandmates to continue as planned. A GoFundMe was previously launched by friends and family to cover the costs associated with her treatment and recovery, and to support efforts to create an archive of Finch’s work and complete what’s described as “a significant creative project” that was scheduled for release next year.
Celebrated Session & Touring Keyboardist Jimmy Nichols Passes
July 13, 2026
Jimmy Nichols, a gifted pianist known for his work with artists including Faith Hill, Reba McEntire, Tim McGraw, Carrie Underwood, Elton John and countless others, has passed away. Alongside three of his brothers, he spent 24 years touring the country as a member of the Nichols Brothers. Two weeks before his passing, Nichols was inducted into the Ohio Country Music Hall of Fame. Throughout his career, his work extended beyond country music into pop, gospel and television.
No age or cause of death reported.
Rodney Franklin Dead at 67
July 16, 2026
Jazz legend Rodney Franklin has passed away. He was 67. Franklin’s niece, Jamaica Franklin-Hughes, publicly announced Franklin’s death last week via an announcement on a GoFundMe page she had previously set up to help Franklin pay for rising costs of medical care. Franklin’s GoFundMe page had been set up following a medical emergency in December 2025. The family said that contributions would aid in the “mounting hospital bills, along with the need for future housing and ongoing medical care, present significant financial hurdles for our family.” Their message then explained that “during this difficult time, we are reaching out to Rodney’s fans, family, and friends for support.” Before his passing, Rodney Franklin was a popular jazz pianist who released his debut album In the Center in 1978 when he was only 20 years old. Though Franklin hadn’t released new music in decades, he still regularly performed at jazz clubs before falling ill.
Researcher’s note: If Franklin performed at jazz clubs in 2021-2022, especially in California or New York, he would likely have been subject to “vaccine” mandates.
No cause of death reported.
Voice Of The South DJ Bigga Rankin Has Died, Bun B, Mia X & Others Mourn
July 20, 2026
The Hip-Hop community is mourning the loss of legendary mixtape DJ and music executive Bigga Rankin [50], one of the most influential figures in Southern rap culture. Rankin was widely respected as a mentor, music executive and connector, making him more than a DJ. He recently shared the stage with Rick Ross in Atlanta. Rankin battled serious health issues in recent years, including complications that required dialysis. Just weeks ago, he reflected on his remarkable career during an interview marking three decades in the music industry, explaining that his love for Hip-Hop and his faith continued to motivate him despite his health challenges. “I had COVID. I was in there for a while at the hospital,” he told News4jax. “And then I lost my kidney. So I do dialysis three times a week now. I’m still on the road doing my shows. It’s God. Without God, we have been nothing. You’ve got to have God in your life to really live a beautiful life.”
No cause of death reported.
Sylvia Bugg, PBS Chief Programming Executive, Dies at 55
July 19, 2026
ARLINGTON, VA – PBS CEO Paula Kerger announced Sunday that PBS Chief Programming Executive and General Manager for General Audience Programming Sylvia Bugg died “unexpectedly this weekend.” Bugg was 55. The cause of death has not been revealed.
Researcher’s note – The Public Broadcasting Service (PBS) corporate headquarters required all Washington, D.C.-based employees and on-site contractors to be fully vaccinated [sic] against COVID-19. They established this policy in 2021 to ensure a safe return to office. Because PBS receives federal funding and has a physical corporate headquarters based in Arlington, Virginia, the organization aligned its workplace policies with federal guidance and local health regulations throughout the pandemic: https://n9.cl/cyabr7
No cause of death reported.
Duane Ward, Blue Jays World Series champion, dead at 62 after flying to Toronto for statue unveiling
July 19, 2026
Duane Ward, one of the best relief pitchers in Blue Jays history who helped them win back-to-back World Series championships in 1992 and ’93, has died, the team said Sunday morning. He was 62. Ward died of natural causes, the Blue Jays said. He arrived to Toronto on Friday ahead of the unveiling of a Joe Carter statue commemorating the World Series titles. He did not attend Saturday’s ceremony. The New Mexico native holds the franchise record for saves in a season with 45 in 1993, when he earned his lone All-Star nod.
Researcher’s note – Following his playing career, [Duane] Ward was a regular color commentator and analyst for the Sportsnet 590 The Fan Blue Jays radio broadcasts. During the COVID-19 pandemic, Sportsnet 590 The FAN and its parent company, Rogers Media, mandated COVID-19 vaccination [sic] for all employees. Those who did not comply or disclose their status were placed on unpaid leave: https://www.hrreporter.com/focus-areas/safety/bell-canada-unreasonable-with-vaccine-mandates-for-remote-workers-arbitrator/393805
No cause of death reported.
John Kirby, Acting Coach and Son of Actor Bruce Kirby, Dies at 75
July 18, 2026
John Kirby, the longtime acting coach and son of actor Bruce Kirby, has died. He was 75. Kirby died Wednesday, three years after being diagnosed with ALS. His acting studio manager, Nathan Nesbitt, confirmed his death on Instagram. Kirby lent his talents as an acting coach to a number of projects across his career and was a frequent collaborator with Jim Caviezel. John Kirby was diagnosed with ALS on June 7, 2023, after experiencing symptoms for a year. He suffered a hard fall that resulted in a hip fracture that led to his diagnosis.
Theatrical Press Agent and Author James W. Sapp (AKA Jameson Currier) Has Passed Away
July 20, 2026
Theatrical Press Agent, award-wining Author Jameson Currier [70], Independent Publisher devoted to gay literature and later an Artist, died on Sunday, July 13th, of a sudden heart attack at his home in in Chatham Center, New York. James W. Sapp, born on October 16, 1955, in Marietta, Georgia, was valedictorian of Wheeler High School in 1973.
A founder of a fitness chain “died suddenly”:
Marc Grondahl Remembered as Industry Trailblazer, Role Model & Friend
July 19, 2026
Marc Grondahl, the co-founder of gym giant Planet Fitness alongside his brother Michael, died suddenly in his home in Rye, New Hampshire, last month at the age of 59. Grondahl was one of the most well-known figures in the industry, creating a legacy brand that revolutionized big-box gyms and affordable, accessible fitness across the globe. His business ventures extended beyond the fitness industry, helping to build the New Hampshire-based storage facility Bluebird Self Storage.
No cause of death reported.
Father’s Sudden Death Forces Country Singer To Cancel Upcoming Shows: “The Greatest Man I Will Ever Know”
July 15, 2026
Zach John King is mourning a major loss. The country singer took to Instagram to announce that his dad, John King, died suddenly on July 10. “Friday my dad suddenly went home to Jesus,” King wrote. “He was our family’s rock. My best friend. The greatest man I will ever know.” King noted that his dad died “in the literal blink of an eye Friday,” going “home with Jesus where his soul longed to be. We wanted 25 more years with him and that pain will cut deep for the rest of my life,” he wrote.
No age or cause of death reported.
Two pro wrestlers “died suddenly”:
The Equalizer
July 20, 2026
The wrestling world is mourning the death of ECW Original The Equalizer, whose real name was Paul Bykow [58]. Independent wrestler Tony Chini announced Bykow’s passing in a post on X. No cause of death or additional details have been made public. The Equalizer was part of the original Extreme Championship Wrestling roster during the promotion’s early years, where he became a familiar face to ECW fans. Following his time in the promotion, he remained active on the independent wrestling scene and continued to be involved in the wrestling community.
Inaugural ECW World Tag Team Champion Doug Stahl Dead At The Age Of 63
July 14, 2026
Former professional wrestler Doug Stahl, who worked as Super Destroyer #2 during the early days of ECW, has sadly passed away at the age of 63. Stahl passed away on Friday, July 10, according to those closest to him, and an obituary described him as a man who lived remarkably. It reads as follows, “Doug Stahl lived a remarkable life marked by strength, perseverance, and an unwavering commitment to those around him. From an early age, he demonstrated extraordinary determination, becoming a Golden Gloves boxer and winning the Junior USA Heavyweight Championship at just 15 years old, along with two regional Golden Gloves titles. Following high school, he proudly served his country in the United States Army, where he competed on the Fort Bragg boxing team until an Airborne knee injury brought his amateur boxing career to an end.”
Researcher’s note – VA urging veterans, staff to get latest COVID-19 vaccine [sic] booster: https://www.militarytimes.com/veterans/2023/09/18/va-urging-veterans-staff-to-get-latest-covid-19-vaccine-booster/
No cause of death reported.
Remembering Steve Almaas
June 16, 2026
END
DR PAUL ALEXANDER..
An Update on the SARS-CoV-2 Pandemic and the Lessons It May Teach Us, by Geert Vanden Bossche (please support); excellent article by Geert again, a warning that is very plausible; Geert argues as if
virus was true, occurred & as such we must look at this from his lens and not disregard this! I have argued for a toxin, poison, chemical driving the respiratory pulmonary dyspnea blood clot symptoms
as another competing explanation of what we faced….it too cannot be disregarded…as per folk like Yeadon, Couey, Geert etc. Truth and Justice gives us a great lay man explanation of this warning below:
Alexander News Network (ANN): Trump’s War 2.0 for America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Here is a short explanation of Dr. Geert’s excellent article, that may be easier for some of you to understand.
Mass COVID vaccination didn’t end the pandemic — it trapped the virus in an evolutionary pressure cooker.
The shots produce immunity strong enough to make life hard for the virus, but not strong enough to stop it spreading. So the virus keeps circulating, keeps mutating, and keeps hitting the same wall: every new variant gets shut down before it can fully take over.
That’s why we’re not seeing huge waves anymore. Not because the virus is weakening — but because it’s stuck.
What Happens When a Virus Gets Stuck?
It stops playing the old game and changes the rules entirely.
Instead of tweaking its spike protein one amino acid at a time (which the immune system keeps recognizing), Dr. Geert predicts the virus will eventually wrap its spike in a sugar coating — a glycan shield — that makes it invisible to vaccine-trained immunity.
He calls this predicted variant Hi-Vi-Cron.
What Hi-Vi-Cron Would Do
Sidestep vaccine-induced antibodies and T-cells completely.
Spread cell-to-cell without ever entering the bloodstream where antibodies wait
Infect and transmit freely in highly vaccinated populations.
Be more virulent, not less.
The Scary Part
The current “calm” — no big waves, no dominant variant, just low-level churn — is exactly what you’d expect right before a phase transition. It’s the evolutionary equivalent of a pressure gauge in the red zone while everyone insists everything’s fine.
Dr. Geert’s warning: public health authorities are interpreting the quiet as “the pandemic is over” when it may actually be the silence before the storm.’
The most plausible mechanism is extensive remodeling of S glycosylation ─particularly through additional O-linked glycosylation sites─ which could substantially alter viral phenotype by simultaneously enabling several distinct mechanisms (see section VI below;
END
RABOBANK/MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL AND NATURAL GAS//ENERGY COMMENTARIES
Oil Soars To Six-Week Highs Amid Trump Threats, US Production Dip, & ‘Tank Bottoms’ At Cushing
Wednesday, Jul 22, 2026 – 10:40 AM
Oil prices extended their rise this morning to six week highs as fighting between the USand Iran continued around the Persian Gulf and threats of a blockade in the Red Sea added to growing uncertainty about the flow of energy from the region.
Secretary of State Marco Rubio said on Wednesday that U.S. forces would continue to attack Iran as long as it tried to exercise control over shipping traffic, which has dwindled in recent weeks.
Yesterday, President Trump and Secretary of War Pete Hegseth threatened to deepen the war effort, including by potentially targeting the Houthis.
Trump further threatened the Iranians this morning, saying on his social media network that if the country attacks any ship in the Strait of Hormuz, “the United States will bomb and destroy ONE BRIDGE OR POWER PLANT, including those located next to, or in, the Capital City of Tehran.”
WTI is back at six-week highs, dragging bond yields higher and seemingly wearing on stocks too. Overnight saw
API
- Crude +2.6mm
- Cushing
- Gasoline -1.38mm
- Distillates +1.76mm
DOE
- Crude +2.01mm (-500k exp)
- Cushing -674k
- Gasoline +765k
- Distillates +1.395mm
Crude stocks rose (in line with API’s report) but Gasoline stocks rose (against API’s reported draw)…
Stocks at the all-important Cushing hub fell again last week, unable to recover from ‘tank bottoms’…
Interestingly, crude oil releases from the Strategic Petroleum Reserve re-accelerated last week…
Despite the ongoing rise in the rig count, US crude production dipped last week from record highs…
WTI is holding around $88 at six-week highs…
The conflict is widening at a vulnerable time for energy markets.
Oil stockpiles are smaller than they were when U.S.-Israeli strikes on Iran began at the end of February, and Ukrainian attacks have severely damaged Russian refineries, tightening supplies of transportation fuels like diesel and prompting Goldman Sachs to raise a red flag about the potential for $120 Brent if things continue to escalate…
…and worse still, gas prices may go higher…
The $4 threshold is both economically and politically sensitive, as it is where lower-income consumers typically begin cutting discretionary purchases and trading down across gas stations, convenience stores and quick-service restaurants, further weighing on consumer sentiment… and Trump’s approval ratings.
India still buying sanctioned Russian oil
(zerohedge)
India Keeps Buying Russian Oil At Near-Record Pace Despite Expired Waiver
Tuesday, Jul 21, 2026 – 08:55 PM
Authored by Tsvetana Paraskova via OilPrice.com,
India’s crude oil imports have remained close to record-high levels in July despite the end of the U.S. waiver the previous month.
The U.S. quietly let the waiver allowing the purchase of Russian oil loaded on tankers expire on June 17, just as the U.S. and Iran signed the memorandum of understanding to continue negotiations on a deal.
Yet, Indian imports of Russian crude has continued to flow in July, many of which may have been cargoes that were arranged during the window covered by the U.S. waiver.
So India’s imports of crude oil from Russia have averaged 2.45 million barrels per day (bpd) so far this month, according to data by Kpler cited by Indian media.
The July imports from Russia are not far off the record high level of 2.64 million bpd in June, when India boosted purchases from Russia, encouraged by the U.S. waiver that has been extended by a month a few times since March.
The Iran war and the Hormuz crisis further cemented Russia’s position as the single largest crude oil supplier to India
So far in July, the United Arab Emirates (UAE) has ranked second, supplying an average of 617,000 bpd, while Saudi Arabia has been India’s third largest supplier with 586,000 bpd in early July, per Kpler data.
The UAE and Saudi Arabia have workarounds to ship crude from terminals outside the Strait of Hormuz.
Saudi Arabia has redirected most of its shipments to the Yanbu export port on the Red Sea, while the UAE has relied on a pipeline to Fujairah and ship-to-ship transfers on tankers offshore Oman and the UAE east of the Strait of Hormuz.
Going forward, Russian crude will remain a key source of oil supply for India even if the U.S. doesn’t renew the waiver for Russian crude already loaded on tankers, analysts say.
END
Shipping Firms Offering Sailors Massive Bonuses To Risk Crossing Hormuz
Wednesday, Jul 22, 2026 – 07:20 AM
International shipping firms are offering crews large bonuses to transit the Strait of Hormuz despite the risks involved, Bloomberg reported Monday.
Sinokor Group, the world’s largest owner of supertankers, offered its crews six months of extra salary to make a return voyage collecting oil from Saudi Arabia or Iraq and unloading it in the Gulf of Oman, a trip the company said would take around a month, according to a document seen by Bloomberg.
Captain Pradeep Chawla, chairman of GlobalMET, a seafarer training organization that partners with the International Maritime Organization (IMO), said crews are “being offered huge bonuses by some companies,” without referring to the Sinokor offer directly.
He added that “We have heard stories of a large number of crew members getting off, but they are able to find people who are willing to go.“
Since the start of the US war on Iran, at least 59 commercial ships have come under attack in and around the Persian Gulf, with 17 seafarers killed, according to the UN’s shipping agency.
The cost of shipping has surged since attacks on commercial vessels drove traffic through the Strait of Hormuz to near collapse.
The heightened risk has driven up both insurance premiums and crew bonuses, yet many seafarers are still refusing the additional pay rather than risk the crossing.
The latest shipping data by Kpler shows that traffic through the Strait of Hormuz remains heavily suppressed, with only 30 verified crossings logged between July 17 and 19.
Reuters reported last week that shipping firms are steering clear of US-controlled shipping corridors through the Strait of Hormuz along Oman’s coast, fearing Iranian strikes. The move follows a series of attacks on vessels bypassing the Islamic Republic’s designated channels under the Iran–US memorandum of understanding (MoU).
One shipping source said the US appears to have no control over the situation, while Verisk Maplecroft analyst Torbjorn Solvedt warned that Iran’s continued ability to hit ships on the Omani route makes US President Donald Trump’s administration’s plan to keep traffic moving unlikely to succeed.
In early July, three Thai sailors sued their former employer, Precious Shipping, along with two affiliates and the vessel’s captain, accusing them of endangering their lives and dismissing them before their nine-month contracts ended, after a projectile struck their cargo ship in the Strait of Hormuz in March, killing three crew members.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
INDIA/RUSSIA
India furious at Russia with the huge strike in the Black Sea. Remember that India buys lots of Russian sanctioned oil
(zerohedge)
India Summons Russian Envoy, Furious At Mass Casualty Tanker Strike In Black Sea
Wednesday, Jul 22, 2026 – 02:45 AM
Tit-for-tat attacks on shipping between Ukraine and Russia have ratcheted of late in the Black Sea. At least half a dozen commercial vessels have been attacked in these waters over the past two weeks alone. The situation is almost becoming akin to a Hormuz crisis in its own right, as oil transit slows.
Tragically, there’s a mounting death toll among crew members caught in the crossfire. One of the biggest single casualty events – if not the biggest – was the result of a Russian attack on the Golden Leo, a Guinea-Bissau-flagged ship, on Sunday.
Three cruise missiles reportedly hit the vessel, killing ten people, including four Indian citizens. The other dead were from Syria, and one Ukrainian, and the incident has outraged these countries, especailly India.
Throughout the Ukraine war India and Russia have remained key energy trading partners, but this Black Sea incident has introduced fresh tensions.
India’s Foreign Ministry confirmed Tuesday that it summoned a senior Russian diplomat to fiercely protest the attack and deaths of Indian nationals.
“Such attacks undermine the safety, security and stability of international maritime commerce,” India’s Foreign Ministry said in a statement upon summoning Russian chargé d’affaires Vladimir Ladanov.
New Delhi further expressed “grave concerns and unequivocal condemnation” of the attack and told Ladanov to convey to the Kremlin that “the targeting of commercial shipping and the resulting loss of innocent civilian lives are unacceptable and must be avoided.”
Ukraine has also been drastically escalating its attacks on Russian vessels, including so-called ‘dark fleet’ tankers.
As we featured previously, these attacks reached a peak by mid-July: Ukrainian forces struck 17 Russia-linked oil tankers, 2 gas carriers, and one tugboat early on July 15, drone unit commander Robert Brovdi said at the time.
Meanwhile, more reports of tanker attacks off Black Sea coast emerging by the day:
“The first round of the naval battle is over,” the commander wrote, referring to the Sea of Azov, where Ukraine had focused its drone attack efforts in the past few weeks, alongside targeting refineries deep into Russian territory.
“Now, the Black Sea,” Brovdi said, confirming that Ukraine’s campaign to strike oil and gas vessels is indeed expanding to the Black Sea, a key export route for crude and fuels from the south of Russia.
END
U.S./GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY 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: 1.1406 UP 0.0003
USA/ YEN 163.02 DOWN 0.167 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 1.3368 DOWN 0.0011 OR 11 BASIS PTS
USA/CAN DOLLAR: 1.4104 UP 0.0002 //CDN DOLLAR UP 2 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED UP 2.67 PTS OR 0.07%
Hang Seng CLOSED DOWN 239.63 PTS OR 0.95%
AUSTRALIA CLOSED UP 0.64%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 239.63 PTS OR 0.95%
/SHANGHAI CLOSED UP 2.67 PTS OR 0.07%
AUSTRALIA BOURSE CLOSED UP 0.64%
(Nikkei (Japan) CLOSED DOWN 248.19 PTS OR 0.37%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: $4118.50
silver:$59.38
USA DOLLAR VS TRY (TURKISH LIRA): 47.22 UP 2 BASIS PTS AND NOW WE SEE THEIR STUPIDITY OF SELLING SOME OF THEIR GOLD AND ALL OF THEIR USA DOLLAR RESERVES. THE COUNTRY IS IN BIG FINANCIAL TROUBLE
USA DOLLAR VS RUSSIAN ROUBLE: 78.41 ROUBLE// DOWN 0 ROUBLE AND 4 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: 5.0337 UP 1 BASIS PTS
UK 30 YR BOND YIELD: 5.745 UP 1 BASIS PTS
CDN 10 YR BOND YIELD: 3.562 UP 0 BASIS PTS
CDN 5 YR BOND YIELD; 3.160 DOWN 1 BASIS PTS
USA dollar index early WEDNESDAY MORNING: 100.76 DOWN 2 BASIS POINTS FROM TUESDAY’s CLOSE
WEDNESDAY MORNING NUMBERS ENDS
And now your closing WEDNESDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.554% UP 3 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.730% UP 1 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.880 DOWN 1 BASIS PTS//
SPANISH 10 YR BOND YIELD: 3.656 UP 3 in basis points yield
ITALY 10 YR BOND: 4,034 UP 4 points in basis points yield ./
GERMAN 10 YR BOND YIELD: 3.1892 UP 2 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY WEDNESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/10:00 AM
Euro/USA 1.1409 UP 0.0007 OR 7 basis points
USA/Japan: 163.09 DOWN 0.097 OR YEN IS UP 10 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 5.0556 UP 2 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.763 UP 2 BASIS POINTS.
Canadian dollar UP 15 BASIS pts to 1.4092
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The USA/Yuan CNY 6.77321ON SHORE ..DOWN
THE USA/YUAN OFFSHORE// CNH DOWN TO 6.7750
TURKISH LIRA: 47.22 PLUS 2 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
Your closing 10 yr US bond yield UP 2 in basis points from TUESDAY at 4.6444% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 5.144 UP 1 basis points /10:00 AM
USA 2 YR BOND YIELD: 4.274 UP 1 BASIS PTS.
GOLD AT 10;00 AM 4117.50
SILVER AT 10;00: 58.89
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates TUESDAY
DAY CLOSING TIME 10:00 AM///
London: CLOSED UP 143/12 PTS OR 1.35%
GERMAN DAX: CLOSED UP 164.65 PTS OR 0.66%
FRANCE: UP 82.43 OR 0.99 PTS
Spain IBEX CLOSED UP 204.20 PTS OR 1.05 %
Italian MIB: CLOSED UP 499.04 PTS OR 0.95%
WTI Oil price 86.85 10.00 EST/
Brent Oil: 94.93 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 78.55 ROUBLE DOWN 0 AND 18 / 100
CDN 10 YEAR RATE: 3.597 UP 4 BASIS PTS.
CDN 5 YEAR RATE: 3.201 UP 6 BASIS PTS
CLOSING NUMBERS: 4 PM//
Euro vs USA 1.1411 UP 0.0009 OR 9 BASIS POINTS//
British Pound: 1.3372 DOWN 0.0006 OR 6 basis pts/
BRITISH 10 YR GILT BOND YIELD: 5.0384 UP 1 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.752 DOWN 0 IN BASIS PTS.
JAPAN 10 YR YIELD: 2.741 UP 2 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.866 DOWN 2 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 163.134 DOWN 0.0.053 OR YEN UP 5 BASIS PTS//GETTING FURTHER AWAY FROM 160.00/ EXTREMELY DANGEROUS
USA dollar vs Canadian dollar: 1.4086 DOWN 0.0019 PTS// CDN DOLLAR UP 19 BASIS PTS
West Texas intermediate oil: 87.14
Brent OIL: 94.30
USA 10 yr bond yield UP 4 BASIS pts to 4.665
USA 30 yr bond yield: UP 2 PTS to 5.153%
USA 2 YR BOND 4.306 UP 5 PTS
CDN 10 YR RATE 3.602 UP 4 BASIS PTS
CDN 5 YEAR RATE: 3.219 UP 6 BASIS PTS
USA dollar index: 100.99 UP 22 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 47.21 UP 2 BASIS PTS GETTING QUITE CLOSE TO BLOWING UP/IDIOTS SOLD GOLD
USA DOLLAR VS RUSSIA//// ROUBLE: 77.97 UP 0 AND 40/100 roubles //
GOLD $4134.50 3:30 PM)
SILVER: 59.83 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: DOWN 5.29 POINTS OR 0.01%
NASDAQ 100 DOWN 157.08 PTS OR 0.58%
VOLATILITY INDEX 16.87 DOWN 0.21 PTS OR 1.06%
GLD: $ 379/12 UP 4.31 PTS OR 1.15%
SLV/ 53.92 PTS UP 0.84 OR 1.58%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 107.30 PTS OR 0.30%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
MegaCaps Dump Into Earnings, Bullion & Bond Yields Jump As Oil Puts July Rate-Hike Back On Table
WRAP UP;
Stocks meander with tech sold ahead of key earnings – Newsuqawk US Market Wrap
Wednesday, Jul 22, 2026 – 03:45 PM
- SNAPSHOT: Equities flat/down, Treasuries down, Crude up, Dollar flat, Gold up
- REAR VIEW: Trump says will hit Iranian bridges/power if Iran shoots at a ship in Hormuz; Iran threatens attacks on energy infrastructure if its bridges/power is hit; BoJ is said to be open to a hike faster than every six months; EIA crude stocks show surprise build, however, SPR draws continue; Mixed UK inflation; GEV earnings miss; AMD and Anthropic sign chip deal; OpenAI reportedly raises projected cloud spend; Qatar Energy reportedly preparing to extend LNG force majeure into October; Weak US 20yr bond auction; Trump admin weighing military action in Mali.
- COMING UP: Data: South Korean GDP (Q2), Australian Jobs Report (Jun), Canadian Retail Sales (May), US Initial Jobless Claims (Jul/18), Chicago Fed National Activity Index (Jun), EU Consumer Confidence Flash (Jul). Events: CBRT Policy Announcement (Jul), ECB Policy Announcement (Jul), SARB Policy Announcement (Jul). Speakers: ECB President Lagarde. Supply: UK, US. Earnings: Intel, Blackstone, Lockheed Martin, RTX, TotalEnergies, BNP Paribas, STMicroelectronics, Thales, SAP, Roche, Nokia, Repsol
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MARKET WRAP
Stocks were little changed to lower on Wednesday, with the Russell 2000 leading the losses while the Nasdaq also underperformed ahead of big tech earnings after the close. Equities largely traded sideways throughout the session as investors awaited earnings results from Google (GOOGL), IBM (IBM) and Tesla (TSLA). Sector performance was mixed, with Utilities, Energy and Materials outperforming, while Consumer Discretionary, Communication Services and Health Care lagged.
Crude prices settled higher as the US-Iran conflict continued to escalate. Both sides dismissed reports that negotiations were underway, while President Trump warned that if Iran fired at another vessel in the Strait of Hormuz, the US would destroy a bridge or power plant in Iran. Tehran responded by threatening energy and power infrastructure across the region should its own key infrastructure come under attack.
Treasuries came under pressure as higher oil prices lifted inflation expectations. The Treasury curve bear flattened as money markets continued to increase expectations for further Fed tightening, with around 35bps of hikes now priced by year-end.
In FX, firmer crude prices supported the Canadian Dollar, while the Dollar Index was little changed overall. The Yen briefly strengthened after reports suggested the BoJ would be willing to tighten policy more frequently than once every six months, although those gains ultimately faded.
Precious metals were firmer despite rising Treasury yields and inflation expectations, likely reflecting continued haven demand amid elevated geopolitical uncertainty. There were also reports that the Trump administration is considering military options in Mali, whose largest export is gold.
FIXED INCOME
T-NOTE FUTURES (U6) SETTLED 7 TICKS LOWER AT 108-13+
The Treasury curve continued to bear flatten on Wednesday as escalating geopolitical tensions pushed oil prices higher, reinforcing expectations for further Fed tightening. At settlement, 2-year +4.1bps at 4.302%, 3-year +4.1bps at 4.342%, 5-year +3.9bps at 4.407%, 7-year +3.4bps at 4.528%, 10-year +3.3bps at 4.659%, 20-year +2.7bps at 5.171%, 30-year +1.8bps at 5.149%.
THE DAY: It was more of the same on Wednesday during an otherwise quiet week for US data, with markets remaining firmly focused on developments in the Middle East. The conflict between the US and Iran continued to escalate, with both sides dismissing reports that negotiations were ongoing.
President Trump warned that if Iran were to fire at a vessel in the Strait of Hormuz, the US would respond by bombing and destroying a bridge or power plant. Iran responded by threatening energy infrastructure across the region, keeping geopolitical tensions elevated.
The increasingly escalatory rhetoric pushed crude prices higher, with WTI climbing back above USD 86/bbl and Brent above USD 93/bbl. Similar to Tuesday, the rise in oil prices fuelled inflation concerns and prompted money markets to increase expectations for further Fed tightening. Around 8.5bps of tightening are now priced for next week’s FOMC meeting, implying roughly a 34% probability of a 25bp hike. By year-end, markets price around 35bps of cumulative tightening, fully pricing one rate hike with around a 40% probability of a second.
Elsewhere, the USD 13bln 20-year Treasury auction was soft, with the issue tailing by 0.5bps and dealers left with a larger-than-average allocation. The results suggest the renewed geopolitical tensions may have tempered investor appetite for duration despite the 20-year yield trading at its highest level since May.
SUPPLY
Notes
- US sold 13bln of 20yr bonds; Tail 0.5bps.
- US to sell USD 21bln of 10-year tips on July 23rd; to settle on July 31st
Bills
- US sold 17-week bills at a high rate of 3.845%, B/C 2.76x
- US to sell USD 110bln in 4-week bills and USD 100bln of 8-week bills on July 23rd; to settle July 28th
STIRS / OPERATIONS
- Fed Pricing: 35.6bps (prev. Dec 31.9bps)
- EFFR at 3.63% (prev. 3.63%), volumes at USD 106bln (prev. USD 106bln) on July 21st
- SOFR at 3.61% (prev. 3.57%), volumes at USD 2.975tln (prev. USD 3.012tln) on July 21st
- NY Fed RRP op demand at 0.38bln (prev. 0.28bln) across 2 counterparties (prev. 1) on July 22nd
- NY Fed T-Bill Purchases (4-12 month): Accepts USD 3.45bln of USD 44.15bln offered; Offer-to-cover 12.79x
CRUDE
WTI (U6) SETTLED USD 2.49 HIGHER AT USD 86.83/BBL; BRENT (U6) SETTLED USD 3.06 HIGHER AT USD 94.07/BBL
The crude complex was firmer again on Wednesday as US/Iran tensions show no sign of de-escalation, after an 11th consecutive night of attacks. Highlighting this, Trump once again gave punchy rhetoric, which pushed benchmarks higher, as he said, “From this point forward, any time Iran shoots at a ship in the Strait of Hormuz… US will bomb and destroy ONE BRIDGE OR POWER PLANT”. In response to this, an Iranian military source stated, “if any bridge or power plant is targeted… we will hit several infrastructures and energy facilities in the region”. In addition, disruptions around Bab el-Mandeb and rising shipping costs also underpin oil prices. The top negotiator Ghalifbaf put it more bluntly, “In a region where we do not sell oil, no one will sell oil.” Later in the session, Bloomberg reported that QatarEnergy is preparing to extend its LNG force majeure through mid-October, according to people with knowledge of the matter; several buyers in Europe and Asia said separately they are expecting a formal notification in the coming weeks, the report added.
In the weekly EIA metrics, crude saw a surprise build, as did gasoline, while distillates saw a larger-than-expected build. Overall, crude production was -63k W/W to 13.798mln. Ahead, Alphabet and Tesla earnings are the next macro catalyst, as well as, of course, any Middle East updates.
EQUITIES
CLOSES: SPX -0.14% at 7,499, NDX -0.54% at 28,998, DJI -0.01% at 52,224, RUT -0.92% at 2,960
SECTORS: Communication Services -1.29%, Consumer Discretionary -0.84%, Health -0.56%, Real Estate -0.49%, Financials -0.13%, Technology +0.01%, Industrials +0.07%, Consumer Staples +0.38%, Energy +1.19%, Materials +1.45%, Utilities +2.29%.
EUROPEAN CLOSES: Euro Stoxx 50 +0.57% at 6,322, Dax 40 +0.65% at 25,174, FTSE 100 +1.24% at 10,717, CAC 40 +0.89% at 8,438, FTSE MIB +0.97% at 52,792, IBEX 35 +0.99% at 19,571, PSI +1.16% at 9,278, SMI +0.12% at 14,316, AEX +0.37% at 1,101.
STOCK SPECIFICS:
- Anthropic will purchase up to 2GW of AMD’s (AMD) latest-generation chips, Instinct MI450, AMD will invest up to USD 5bln in Anthropic as certain deployment milestones are met. AMD is also in talks to provide a financial backstop for Anthropic’s future data-centre leases as well, according to a person with direct knowledge of the talks.
- Super Micro Computer (SMCI): Stellar Q4 prelim GM figure
- Chubb (CB): Net premiums written missed.
- Equinor (EQNR): Q2 EBT rose, supported by higher oil & gas prices linked to Middle East supply disruptions
- TE Connectivity (TEL): Strong Q metrics & said it will power purchase Astrodyne TDI for $1.4bln
- GE Vernova (GEV): Profit light; Lifted FY26 rev. guidance, but left EBITDA unch.
- AT&T (T): Postpaid phone net adds. topped exp.
- PulteGroup (PHM): Top & bottom line surpassed Wall St. exp.
- Phillip Morris (PM): FY EPS view light
- Oklo (OKLO) and X-Energy (XE) joining an effort by Trump’s admin to speed up nuclear power plant development for AI data centers.
- Reddit (RDDT) has discussed shutting off Google’s access to its content for AI use, according to WSJ citing sources.
- Apple (AAPL) is reportedly planning an overhaul of Macbooks and iMac, as it pushes to meet AI demand.
- Amazon (AMZN) is reportedly cutting jobs in its artificial general intelligence group.
- Pharma – US President Trump posted “Effective August 1st, 2026, all Generic Drugs being brought into the United States will continue to have a TARIFF of ZERO PERCENT for a two year period of time, after which the TARIFF will be raised to 100% for a one year period”.
- European Commission approves Paramount (PSKY) & Warner Bros (WBD) merger.
- FDA reports a new outbreak of Cyclospora linked to a not yet identified product – Sweetgreen (SG), McDonalds (MCD), Chipotle (CMG) and Yum! Brands (YUM) saw downside.
FX
DXY was little changed as markets proved choppy through further geopolitical escalations, higher energy prices, and ahead of GOOGL earnings. US data and Fedspeak again took the backseat given the lack of data and the Fed being on blackout, keeping the Middle East conflict as the main focus. Oil prices settled higher on continued strikes between the US and Iran, and more threats from both sides on hitting key infrastructure. The key headline to watch now is any further attacks from Iran on ships in the Strait of Hormuz, given Trump is now saying if that happens he will hit Iran’s bridges/power. In return, Iran has said they’ll hit energy facilities in the region. On the flip side, Trump’s threats in the past on Iranian infrastructure have led to a U-turn, resulting in a diplomatic approach, and as such, markets will be aware of that USD downside risk.
CAD and EUR outperformed, with higher oil prices providing an economic growth offset for the former, while hawkish repricing for the ECB has continued to help the Euro. Meanwhile, CHF continued to lag against the dollar. ING notes that USD/CHF rather than USD/JPY could become an increasingly popular vehicle for these summer months, and if energy prices have another leg higher, “USD/CHF could deliver some powerful follow-through on a break of 0.8150/70 resistance”. USD/CHF now sits around highs of 0.8148
JPY saw a bout of strength in response to reports that the BoJ is said to be open to a hike faster than every six months, a more hawkish view than the general analyst consensus that the BoJ would stick with its usual six-month hiking pace. Bloomberg added that some members are seeing evidence that companies are passing higher costs to customers faster than in the past. USD/JPY hit lows of 162.66 before paring the entire downside.
GBP was little moved by the mixed UK inflation report, which ultimately suggests the BoE keep rates unchanged through year-end. Headline Y/Y cooled at a faster rate than expected, now 0.5% below BoE’s April forecast; Services cooled in line with BoE’s forecast due to volatile airfares, while core metric stood at 2.6%, in line with BoE forecast.
USA DATA RELEASES
USA ECONOMIC REPORTS
DR DANIEL LACALLE….
A Fed Rate-Hike Would Be A Serious Mistake
Wednesday, Jul 22, 2026 – 02:20 PM
The latest U.S. inflation report and jobs data do not justify another interest rate increase. Additionally, June data show that inflation is slowing down, especially in the core CPI measure that is most closely watched by monetary authorities, while ongoing tightening is stopping the labor market from reaching its full potential.
Hiking rates while maintaining elevated liquidity harms families and small businesses and perpetuates the very factors that drive inflation, including rising money supply and government spending.
Keeping rates above the neutral level has cost the U.S. economy nearly one million jobs, as small and medium-sized enterprises (SMEs) find it increasingly difficult to access credit and face prohibitively high borrowing costs. For investors, a 25-basis-point increase may seem insignificant, but for small businesses, it often means either no access to credit or excessively expensive borrowing rates. In the U.S., the average cost of debt for SMEs typically ranges from 6% to 12% APR, making it extremely difficult to hire new employees.
A further rate hike under these conditions would suggest that the central bank is reacting to past fears rather than future evidence, risking an unnecessary slowdown just as the disinflation process becomes visible in the data.
The June Consumer Price Index report delivered a clear positive surprise relative to consensus estimates. Headline CPI fell by 0.4% month-over-month, and the annual rate decelerated to 3.5%. More importantly for monetary policy, core CPI, which excludes food and energy, was flat for the month and slowed to 2.6% year-over-year, the lowest level since March 2021.
A core inflation rate of 2.6% indicates that tariffs and the energy shock have had no meaningful impact on core goods and services. Underlying price pressures are gradually moving closer to target after a prolonged phase of tightening and normalization. Those still arguing for another rate hike are effectively suggesting that even as core inflation cools toward 2%, policy should become more restrictive. This position is difficult to defend when we examine both inflation and labor market data.
The June inflation data has revived the debate over whether the Federal Reserve should abandon further tightening. Markets initially seemed to recognize that incoming inflation data no longer supports the narrative of tariff-driven inflation and overheating that would justify additional rate increases… [ZH: but recent market action, amid rising oil prices, has pushed a July hike back on the table]…
Raising rates in response to an external energy shock is akin to raising taxes to reduce rainfall. A close examination of the labor market and CPI components reveals no evidence of an overheated economy or justification for further tightening.
The effects of previous rate hikes materialize with a lag across credit markets, housing, business investment, and consumer demand. Tightening policy further when inflation is driven by external factors and is already declining increases the risk of exacerbating economic weakness after the initial inflation surge has passed.
Central banks often err not because they fail to respond to inflation, but because they maintain an elevated money supply that supports government spending while tightening policy after disinflation is already underway. June’s report highlights this risk. Headline inflation declined sharply as energy prices fell, and core inflation also eased, indicating that the slowdown is not merely a temporary or volatile effect.
If headline CPI had fallen solely due to lower fuel prices while core inflation remained elevated, a restrictive policy stance could still be justified. However, that is not what the data show. Core CPI at its lowest level since March 2021 confirms that inflationary pressures are fading.
Some analysts argue that the Federal Reserve must guard against upside risks. While this caution may be theoretically valid, the Fed must rely on actual data rather than behave like a futures trader. There is a fundamental analytical flaw in translating every potential upside risk into justification for tighter policy. Monetary policy is a blunt instrument that disproportionately affects families and businesses. It cannot increase energy supply, resolve supply chain disruptions, or offset geopolitical shocks.
When central banks raise rates to address external, supply-side inflation, they suppress domestic demand without addressing the root causes of inflation, namely excessive government spending and monetary expansion. The result is weaker growth, tighter credit conditions, and job losses. In the current environment, where core inflation is already declining, this trade-off appears particularly risky.
If the Fed is serious about controlling inflation, it should accelerate balance sheet reduction, maintain or lower interest rates, and coordinate with the federal government to reduce deficit spending more rapidly. Any alternative approach risks damaging the private sector while further inflating the sovereign debt burden.
The central policy question is not whether inflation should be taken seriously, but whether the Fed is addressing the primary driver of persistent inflation: excessive government and deficit spending, which increase money supply and velocity.
Excessive tightening would place additional strain on borrowers already refinancing at significantly higher rates, increase the likelihood of a recession, and intensify financial stress in interest-sensitive sectors.
A common defense of a higher-for-longer policy stance is the need to preserve central bank credibility at all costs. This argument is flawed. Credibility erodes when a central bank fails to adapt to incoming data and repeatedly makes policy errors that indirectly support rising government indebtedness. Independence is strengthened when policy is consistent, transparent, and evidence-based rather than narrative-driven.
If the Federal Reserve is truly data-dependent, then June’s core CPI data does not support a tightening bias.
The case against another rate hike is clear: inflation is easing, core inflation is declining, and the economy is still absorbing the delayed effects of prior tightening. If credit growth and demand accelerate significantly, the Fed can use additional tools.
However, today, the probability of another rate hike should be lower than many hawkish consensus views imply.
CIA Distances Itself From Trump’s Iran War With Media Leak
Tuesday, Jul 21, 2026 – 10:10 PM
It seems that CIA and other US intelligence officials hope to distance themselves from Trump’s Iran war, now with the US-initiated conflict having dragged on for nearly five months (with no end in sight), after White House officials had in the opening days touted a swift, limited military excursion.
They are leaking intelligence to the press which shows they have assessed that current American strikes on Iran are unlikely to change Iran’s negotiating position. With tankers in Hormuz on fire and others too afraid to move, Iran is vowing that it will keep its leverage over the strait at all costs.
The Washington Post report says that “Iran’s government is unlikely to feel significant impact or soften its negotiating position as a result of new rounds of U.S. military strikes like those now underway, according to a new intelligence assessment described by current and former U.S. officials.”
To a large degree this intel assessment is stating the obvious, which should have been well understood far in advance. It seems intel officials want to get it on record that they predict a quagmire as the White House seeks to extricate itself and the global economy from the crisis (of its own making) in the Gulf. Escalation in air strikes will only further stalemate the situation, the intel analysis forecasts.
Stating the obvious is further on full display in lines from the WaPo report like the following: “Analysts at American spy agencies also have concluded that Tehran and Washington are, for now, stuck in an indefinite limbo between peace and war, the officials said — an uneasy dynamic given the increasingly deadly nature of the tit-for-tat hostilities between the two nations. The current and former officials spoke on the condition of anonymity to describe the assessments because of their sensitivity.”
President Trump has reportedly been briefed on the assessment. According to more:
The latest intelligence report was written primarily by the CIA, where analysts have underscored the Tehran regime’s staying power despite the loss of many of its top leaders and much of its military hardware to U.S. and Israeli attacks. In May, a CIA analysis concluded that Iran could survive a U.S. naval blockade for at least three to four months before facing more severe economic hardship.
As of Monday, Trump previewed harder hits on Iran to come after the killing of multiple US troops in Jordan and neighboring Iraq. At least two died during a ballistic missile attack in Jordan, while one service member was killed in northern Iraq.
Again, here’s more of the obvious from the Post report:
Jonathan Panikoff, former deputy U.S. national intelligence officer for the Near East, said that the Trump administration appears to believe that if it keeps hitting Iran harder militarily, Tehran eventually will become more flexible. “That assessment is almost certainly incorrect,” said Panikoff, senior director at the Atlantic Council think tank.
Iran’s government has repeatedly shown that its number one priority is survival of the regime, and that it is willing to suffer blows despite the harm to its people and economy, he said.
It’s quite the irony when the hawks have lost even the Atlantic Council.
But a number of more independent-minded analysts have predicted this would spiral into a quagmire from day one.
“We need to give honest answers to direct questions like this,” University of Chicago political scientist Robert Pape said Sunday. “The bottom line is there’s absolutely no doubt President Trump underestimated Iran.”
“We are still continuing to underestimate, in my opinion,” Pape said. “We’re having a very hard time, as countries do, seeing the nationalist fighters on the other side of the battlefield. And those are burning quite bright now in Iran.”
END
WOW!!
Thousands Of Noncitizens Registered To Vote In New Jersey, Governor Admits
Tuesday, Jul 21, 2026 – 08:05 PM
Authored by Tom Gantert via The Epoch Times,
New Jersey Gov. Mikie Sherrill said a software error in the state’s Motor Vehicle Commission system resulted in roughly 6,600 people who indicated they were not U.S. citizens being registered to vote between June 2023 and June 2024.
New Jersey Democratic gubernatorial candidate, U.S. Rep. Mikie Sherrill (D-N.J.), speaks to the media after casting her vote in Montclair, N.J., on Nov. 4, 2025. Eduardo Munoz Alvarez/Getty Images
Sherrill said in a statement that the individuals answered “no” when asked on a keypad whether they were U.S. citizens while applying for driver’s licenses or identification cards, but were registered because of a software error.
According to the governor, a preliminary analysis found that fewer than 400 individuals who were newly registered because of the error voted. She said those voters were registered as Democrats, Republicans, and unaffiliated voters and were located throughout the state.
The governor said the issue occurred under the previous administration. She said she has directed her chief counsel to investigate what happened and ordered election officials to remove any residents who were erroneously added to the voter rolls during that period.
In a press conference, the governor said the error was fixed in June 2024, but she learned about it recently.
Sherrill also said the Motor Vehicle Commission administrator she appointed has begun replacing the vendor responsible for administering the system.
Sherrill said she was “appalled” by what she described as failures that allowed the error to occur and said those responsible would be held accountable.
She also accused the Trump administration of attempting to “weaponize elections for political gain.”
The White House said in an email to The Epoch Times that the New Jersey error highlights the need to pass the SAVE America Act, which Republicans say is necessary to ensure election integrity.
“Democrats and their media allies have repeatedly said it is impossible for noncitizens to register to vote, let alone cast a ballot. Time and again, they have been proven wrong,” White House Spokeswoman Abigail Jackson stated.
“As President [Donald] Trump has said, there is nothing more important than the integrity of our elections. And this latest incident underscores the absolute necessity of the SAVE America Act. American voters deserve to have confidence that our elections are safe and secure – President Trump will never stop fighting to make that happen and all patriotic Americans should join in his effort.”
The governor said the state would continue taking steps to ensure that only eligible citizens vote and that lawful votes are counted.
This is a breaking story and will be updated.
END
‘I See Dead People’: Treasury Blocks $99 Million In Federal Payments To Deceased Americans
Tuesday, Jul 21, 2026 – 07:40 PM
The Treasury Department announced Tuesday morning that it has successfully implemented new safeguards to prevent government payments to dead people in an effort to reduce waste and fraud.
The verification system includes screening 885 million federal payments against expanded death records, effectively auditing payments totaling nearly $2.7 trillion.
It has already flagged and stopped payments totaling roughly $99 million that had been marked to be sent to dead people.
“Treasury has delivered on a key promise of President Trump’s mandate to stop improper payments and fraud before money leaves the Treasury, and strengthen the integrity of the federal payment system,” Treasury Secretary Scott Bessent said in a statement.
“Together with Vice President Vance’s Task Force to Eliminate Fraud, this new safeguard addresses a longstanding vulnerability and helps ensure every dollar the federal government spends reaches its intended recipient. Treasury will continue efforts to modernize the federal payment system, strengthen safeguards against fraud and improper payments, and protect taxpayer dollars.”
As Jack Phillips reports for The Epoch Times, while speaking to Fox Business anchor Maria Bartiromo on July 21, Bessent said his office believes there is “up to $350 million that we can stop before the end of this year” in line with Vice President JD Vance’s anti-fraud task force that was initiated earlier this year.
“This number might be up to $500 billion, which is about 1.66 percent of GDP,“ he added, referring to potentially improper payments that could be blocked.
”So that could go a long way towards paying down the debt, providing more services. And this is just the start.”
In February, Trump signed the “Ending Improper Payments to Deceased People Act,” which authorizes the Treasury Department to access the Social Security death master file to evaluate payments.
Access was initially granted on a temporary, three-year basis through the Consolidated Appropriations Act, signed in 2021, according to the Treasury.
In March, Trump signed an order to establish the Vance-led task force to investigate the federal government’s “vast benefits system for citizens in need that includes housing, food, medical care, cash assistance, and more” while stating that some states have not implemented “basic fraud controls.”
Vance in May said that the fraud task force has located and “exposed billions of dollars in benefits that have been stolen from the American people” in two months.
He cited fraudulent payments sent out through small business loans, Medicaid reimbursements, and COVID-19-related relief programs.
In early 2025, the Elon Musk-associated Department of Government Efficiency (DOGE) was established to look into fraud, waste, and abuse across the federal government. DOGE recently announced that its mandate ended on July 4.
At one point, DOGE staffers were investigating Social Security payments and records for possible fraud. DOGE’s access was the subject of numerous lawsuits before the Supreme Court ruled in DOGE’s favor last summer. The task force in May 2025 said it performed a “major cleanup” of the agency’s records, finding that 12.3 million people in the system were marked as “deceased.”
The Treasury Department did not immediately respond to an Epoch Times request on Tuesday for additional comment on the figures that Bessent provided.
Bessent added in a statement that the department will “continue efforts to modernize the federal payment system, strengthen safeguards against fraud and improper payments, and protect taxpayer dollars.”
END
Today: Congress Votes To Integrate US Military Tech & Supply Chains With Israel
Wednesday, Jul 22, 2026 – 09:05 AM
The House of Representatives will vote today on final passage of the $1.15 trillion National Defense Authorization Act for Fiscal Year 2027 (H.R. 8800) – and with it, Section 219, the United States-Israel Defense Technology Cooperation Initiative, a provision directing the Pentagon to expand and accelerate the integration of US and Israeli military technology, supply chains, and defense industrial capacity.
On paper, it is one section among hundreds in a sprawling must-pass bill. In practice, it has become the single most watched line item in the entire package – partly because of what it does, and partly because House leadership just made sure nobody gets to vote on it by itself.
What Section 219 Actually Does
Section 219 – numbered Section 224 in earlier drafts – directs the Secretary of Defense to designate an “executive agent” inside the Department of Defense whose mandate is to expand and accelerate joint research, development, co-production, and industrial integration with Israel across next-gen warfare domains: missile and air defense, counter-drone systems, cyber and electronic warfare, artificial intelligence and autonomous systems, quantum technologies, directed energy, biotechnology, and defense manufacturing – with explicit pathways for moving Israeli-origin and jointly developed technology into US programs of record.
House Armed Services Chairman Mike Rogers (R-AL), who introduced the bill on May 13, has pushed back on the “merger” framing, saying the section simply designates a single senior official to coordinate cooperation that already exists, but critics say that’s exactly the point.
Executive agents are permanent bureaucratic machinery – they outlive administrations, and a statutory mandate to “expand and accelerate” only runs in one direction. The Quincy Institute, in a June analysis titled Cooperation without Oversight, argued the executive-agent authority makes the provision “significantly different” from America’s existing defense technology arrangements with any other allied nation. Once two industrial bases are physically intertwined – shared components, co-production lines, joint classified programs – no future Congress unwinds that with a floor amendment.
What “Executive Agent” Means
A June policy note by the Quincy Institute’s Steven Simon starts from an inconvenient fact for both sides of this fight: the United States does not need Section 219 to buy, co-develop, or field Israeli defense technology. Iron Dome, the Trophy active-protection system, and Barak missiles were all acquired under existing law – cooperative R&D authority under 22 U.S.C. § 2767(j)(1), plus standard Foreign Military Sales and Direct Commercial Sales channels under the Arms Export Control Act. Whatever the initiative is for, it is not access. Its real impact is structural.
The structure is the executive agent. Under DoD Directive 5101.01, an executive agent’s authority takes precedence over other Defense Department component heads within its assigned scope – meaning the Israel-cooperation agent could overrule determinations by offices like the Defense Technology Security Administration, the Pentagon body that manages the risks of transferring defense technology and critical information abroad. Pair that precedence with a statutory mandate to “expand and accelerate,” and the note’s conclusion follows: wherever an internal office pushes back on a transfer or an integration step, the agent exists to push it through. State Department export-control channels would still operate independently, and programs must comply with existing law – but inside the Pentagon, the tie would go to integration.
No other US ally has anything like this. Defense cooperation with the United Kingdom, Japan, Australia, and NATO runs through the standard architecture – the under secretary of defense for policy and the Defense Security Cooperation Agency – with no dedicated agent holding precedence authority to promote one country’s participation in sensitive US programs. Proponents read the same structure as streamlining: one accountable senior official instead of a dozen scattered offices. Quincy reads it as handing Israeli defense firms “their own promoter in the Pentagon” – and recommends Congress strip the provision outright.
The note also supplies the missing context for why this is happening now. Section 219 is one piece of a broader, publicly acknowledged shift from aid to integration. The FY2026 NDAA already ordered a working group to study folding Israel into the National Technology and Industrial Base. A draft Senate intelligence authorization provision would mandate expanded intelligence sharing with Israel while limiting the president’s power to curtail it. And the endgame is not hidden: the Washington Post reported in June that Netanyahu himself backs the GOP effort to wind down the $3.3 billion in annual direct military aid in favor of integration and purchases, and House Resolution 1339 frames the transition, in its own title, as “Prime Minister Benjamin Netanyahu’s Initiative.” The concern Quincy raises is the one every aid critic should sit with: a $3.3 billion check is at least a number – published, debated, and voted on every year. Integrated supply chains carry no price tag and come up for no annual vote.
The entrenchment aspect is serious:the F-35 program already ran this experiment, and it is worth being precise about who paid for it. When Turkey was expelled from the program in 2019 over its purchase of a Russian air-defense system, Turkish industry was building roughly 1,000 parts in the global supply chain – and the costs of cutting it loose landed on both sides. Turkey lost its planned jets and its production share. But the United States – the party doing the expelling – did not walk away clean: late parts deliveries spiked, finished-jet deliveries went delinquent, and the already-delayed program slid further behind schedule, all documented by the Government Accountability Office. Fuse two defense industrial bases deeply enough, and the option of changing course quietly disappears – whatever the next decade brings.
Speedrunning it…
On June 15, Rep. Thomas Massie (R-KY) and Rep. Ro Khanna (D-CA) filed a bipartisan amendment to strike Section 219 outright. The Rules Committee refused to make it in order – no debate, no vote. Then the process blew up on its own: on June 30, the rule governing the NDAA failed on the House floor, 198-224, after thirteen Republicans revolted – not over Israel, but over Speaker Mike Johnson’s decision to staple a contested voter-ID bill to the defense package. Johnson canceled the rest of the week and sent members home.
Opponents of Section 219 hoped the do-over would finally produce a clean vote. Instead, the Rules Committee reported a reworked rule, H. Res. 1438, on a party-line 8-4 vote Monday night – once again leaving the Massie-Khanna amendment off the approved list. The full House adopted the rule Tuesday, 214-211, a three-vote margin. The resolution sweeps six separate measures to the floor at once, puts the NDAA under a structured rule limiting amendments to a leadership-approved list, and closes off the other five bills entirely, according to a Capitol Wire analysis of the rule.
Massie posted minutes after the floor vote, saying “No debate or vote was allowed on section 219, integration of US military technology and supply chains with Israel’s.”
Former Rep. Marjorie Taylor Greene – out of Congress since January but still commanding one of the largest audiences in Republican politics – amplified him within hours, in considerably hotter language:
She’s not wrong – this roll call will be screenshotted, sorted into lists, and campaigned on for years – which is what happens when leadership denies members a clean vote and forces every position into a single up-or-down proxy.
Khanna, for his part, is already looking past Wednesday. “Thomas Massie and I have been fighting to stop the integration between our military and the Israeli military. It’s shocking that this even has to be explained. It’s about American sovereignty,” he said Tuesday, vowing to fight the provision in conference negotiations with the Senate. Civil liberties groups, including the Council on American-Islamic Relations, had backed the strike amendment on the narrower ground that a change this significant deserved a direct vote.
The Alliance Is Already The Deepest On The Books
To understand what Section 219 accelerates, consider this: the US-Israel defense relationship is already the most extensive technology partnership Washington maintains with any nation it holds no mutual defense treaty with.
Under the 2016 Memorandum of Understanding, the United States committed $38 billion over ten years – $3.3 billion annually in foreign military financing plus $500 million a year for missile defense – the largest such pledge ever made to any country. Israel has been a designated Major Non-NATO Ally since 1987 and was elevated to “major strategic partner” by statute in 2014.
The hardware already flows both ways. Iron Dome is co-produced by Israel’s Rafael and America’s RTX; the US Army bought two batteries of its own, and the Marine Corps fields an interceptor derived from it. David’s Sling and the Arrow interceptor family were co-developed with US funding and US primes. Israeli Trophy active-protection systems ride on American Abrams tanks. Israel was the first foreign air force to fly the F-35 in combat, and Israeli industry builds wing sets for the global F-35 program. The United States has pre-positioned a war reserve stockpile on Israeli soil for decades and has drawn it down repeatedly when inventories ran short elsewhere.
Congress has spent years bolting on the machinery – binational R&D foundations, working groups, counter-drone cooperation mandates. Section 219 does not start this trajectory. It codifies it, staffs it, and hands it a permanent owner.
So what would America be giving up when its defense industrial base is formally fused with a foreign state’s?
- Strategic autonomy. Leverage runs both ways. When supply chains are integrated, every future policy disagreement – over war aims, over strikes, over settlements – collides with America’s own production dependencies. Creating daylight, conditioning aid, or simply saying no becomes materially harder, by design. The legislative tracker A New Policy argues the initiative would entrench Israeli technology inside the US defense supply chain in a way that shields the relationship from the annual appropriations process – insulating it from Congress’s power of the purse just as public support for unconditional aid is eroding.
- Escalation coupling. This is not hypothetical in July 2026. The United States is in an ongoing war with Iran; the Strait of Hormuz was shut to tanker traffic; the regional escalation ladder has been climbed in public. Critics ask the obvious question: when the industrial bases are fused, does the next conflict automatically become an American production commitment – before Congress votes on anything?
- The constitutional shortcut. Commitments of treaty-like depth and permanence are being created by simple majority, inside a must-pass bill, under a rule that forbids amendment. The Founders put a two-thirds Senate threshold on entangling alliances for a reason.
- Industrial priorities. With shipyards behind schedule, solid-rocket-motor bottlenecks, and munitions lines still scaling, the America First argument holds that marginal dollars and engineering talent should rebuild the domestic base before deepening integration offshore with anyone.
- Concentration risk. Any deep technology-sharing arrangement, with any partner, raises export-control, counterintelligence, and single-point-of-failure questions. Those questions were asked loudly and publicly about AUKUS. Here, the rule ensured they would not even be asked on the floor.
As Antiwar.com notes, Israeli Prime Minister Benjamin Netanyahu has described the integration plan as his own idea – begging the question of whose priorities a permanent Pentagon office would be built to serve.
END
TRUMP WANTS ALL MANUFACTURING DONE IN THE USA ON GENERICS
UBS Warns Trump’s 100% Generic Drug Tariff Puts Indian Pharma “On Notice”; Goldman Flags Reshoring Winners
Wednesday, Jul 22, 2026 – 09:45 AM
President Trump will impose a 100% tariff on imported generic drugs starting in August 2028, rising to 200% a year later, unless manufacturers shift production to the US.
“This is done in order to RESHORE Generic Pharmaceutical Production into America, with a penalty to those Companies that decide not to build Plant and Equipment within the stated period of time given to them,” Trump wrote on Truth Social late Tuesday.
He continued, “The objective of this Policy is to protect the people of the United States. The Policy on Patented, Branded, or Innovative Drugs, which has been so successful, will remain as is,” adding, “Pharmaceutical Facilities are being built, at a level never seen before, all over the United States of America.”
Trump’s announcement is the latest effort to reshore critical supply chains, and in this case, boost domestic production of generic drugs. Trump has been pressuring drugmakers through his most-favored-nation drug pricing policy to lower prices to what people pay in other high-income countries. At least 90% of medicines sold in the U.S. are generics.
UBS analyst Aditi Samajpati told clients earlier that Trump’s move to reshore generic drug production puts Indian pharmaceutical companies “on notice.”
Samajpati said:
President Donald Trump has threatened steep tariffs on generic-drug imports to push manufacturing back to the US, though his plan includes a two-year tariff-free window before levies rise to 100% from August 2028 and 200% from August 2029. India is highly exposed: its generic medicines account for nearly 40% of US generic-drug volume, used widely to treat hypertension, diabetes, cancer, and infectious diseases.
In FY2024-25, India’s pharma exports to the US totalled $9.7bn, according to the Global Trade Research Initiative. Yet implementation is uncertain given prior unfulfilled tariff threats, a February bilateral trade pact that included negotiated outcomes for generics, and India’s 30%-50% manufacturing-cost advantage. The risk of immediate disruption is limited as investors assess whether policy pressure can realistically shift low-cost supply chains back to the US, especially if execution stretches beyond Trump’s term.
Goldman analyst Matt Dellatorre offered clients a way to profit from this announcement:
For our generics coverage, we view the group as relatively well-positioned given: AMRX (significant US infrastructure), TEVA (diversified manufacturing; branded portfolio), and VTRS (diversified manufacturing; limited US exposure).
The national security case for reshoring critical generic-drug supply chains stems directly from Covid-era disruptions of essential medicines, active pharmaceutical ingredients, protective equipment, and medical devices. Years of offshoring have left the US dangerously dependent on foreign production, such as that in India.
In the event of a future supply shock, particularly one triggered by conflict in the Pacific, Washington could be confronted with shortages far more severe than the Covid-era. Rebuilding domestic production would give the US greater resilience to absorb any future supply shock without jeopardizing access to critical medical supplies.
END
Video Game Market Tanks As Studio, Console Stocks Sink ; Can GTA VI Revive Industry?
Wednesday, Jul 22, 2026 – 02:40 PM
Video game stocks have been battered so far this year, with Electronic Arts the only major name in positive territory and even then only marginally higher. The Roundhill Video Games ETF is down about 14.8% YTD, highlighting industry-wide weakness as investors await a potential revival sparked by Take-Two’s release of Grand Theft Auto VI this upcoming fall.
The latest report from Bloomberg, citing new data from market research company Circana, shows the video game market in the US contracted by 21% in June, its steepest monthly decline since 2022. The decline was driven by higher hardware prices, which softened demand, and by a difficult comparison with Nintendo’s Switch 2 launch one year ago.
Console spending plunged 62%, while content purchases fell to $3.9 billion, below levels recorded before the Switch 2 debut. Subscriptions were the only content category to grow. Total industry spending was down 1% for the year.
Nintendo continued expanding the Switch 2 catalog, but rising memory and component costs are compressing margins. Its shares have fallen more than 50% from last summer’s record, and the company has announced global price increases for the fall.
It’s not just Nintendo facing margin erosion because of the memory chip shortage that is forcing companies to raise prices; Xbox and PlayStation are also affected – and these price hikes come just four months before the next iteration of Grand Theft Auto is released.
Related:
- A $1,000 Playstation 6? Sony Won’t Sell “At Significant Losses” Anymore
- Xbox Hits Gamers With Price-Hike As Major Retailer Warns Console Shortage Looms Ahead Of GTA VI Launch
In recent weeks, Xbox CEO Asha Sharma announced 3,000 layoffs, warning, “Our business today is not healthy. We must reset Xbox.” Against that dismal backdrop, whether Grand Theft Auto VI can single-handedly revive an industry remains an open question.
KING NEWS
| The King Report July 22, 2026 Issue 7788 | Independent View of the News |
| Two tankers carrying Saudi crude make U-turns in Red Sea – Al Jazeera Two oil tankers which loaded Saudi crude for China and India made U-turns in the Red Sea and headed toward the Suez following a warning from Yemen’s Houthi militia. The Houthis on Monday declared a naval blockade against Saudi Arabia, opening a potential new front against the United States in its war on Iran and raising the threat to global energy supplies and trade beyond the Gulf… The Houthis control northern Yemen, including the coast of the Bab al-Mandeb, the strait at the mouth of the Red Sea. Saudi Arabia’s Yanbu port on the Red Sea has been the main bypass route for millions of barrels per day of Middle East oil to avoid the blockaded Strait of Hormuz at the mouth of the Gulf. https://www.aljazeera.com/news/liveblog/2026/7/21/iran-war-live-us-launches-10th-night-of-strikes-tehran-attacks-kuwait?update=4793372 @WindwardAI: Saudi-origin tankers reverse course ahead of Bab al-Mandab amid renewed Houthi blockade threats. 5 tankers heading toward Bab al-Mandab reversed course as blockade threats picked up in the Red Sea. 4 of the 5 were carrying Saudi-origin cargo (crude, gasoil, naphtha), ~3.84m bbl combined (source: @vortexa) 4 turned back inside the Red Sea; 1 u-turned outside, in the Gulf of Aden. Diversions span both of Saudi Arabia’s western export terminals, Yanbu and Jizan. The spread is the signal. Cargo mix and destinations point to broad commercial risk-avoidance, not a single-buyer or single-terminal event. One vessel reversed on a ballast China–Canada leg as far out as the Gulf of Aden, which says owners are treating the wider Bab al-Mandab approach as the risk zone, not just the Red Sea proper. Oil and gasoline rallied sharply on the above story. Gold rallies as much as 1.5%. USUs fell modestly. @JewishWarrior13: Trump announces the US military will be striking Iran’s Pickaxe Mountain nuclear facility, where Iran stores the nuclear centrifuges that were moved from other sites. “Normally I wouldn’t say that…we’ll be hitting that area pretty soon, very heavily, and there’s not a thing they can do about it.” https://x.com/JewishWarrior13/status/2079595423153508704 Google AI: President Donald Trump claimed that U.S. military strikes completely destroyed Iran’s nuclear infrastructure and centrifuges during separate escalations in June 2025 and again while threatening further action in early 2026… Iran’s Nuclear Facilities Have Been Obliterated — and Suggestions Otherwise are Fake News The White House June 25, 2025 https://www.whitehouse.gov/releases/2025/06/irans-nuclear-facilities-have-been-obliterated-and-suggestions-otherwise-are-fake-news/ Israel Believes Iran Moved Nuclear Centrifuges Into Pickaxe Mountain – WSJ July 21, 2026 The U.S. has reviewed the Israeli assessment, and President Trump has threatened to attack the site Israeli intelligence believes Iran moved thousands of uranium-enrichment centrifuges into tunnels deep inside a mountain last fall, Israeli and U.S. officials say, a development that would heighten concerns that Tehran could reconstitute its nuclear program. Israel passed along the intelligence findings to the U.S., saying the centrifuges were transferred to the Pickaxe Mountain site last fall after the 12-day war in June when American and Israeli strikes pummeled Iran’s three main nuclear sites… Trump warns Iran of much greater destruction if war continues: ‘They haven’t seen anything yet’ https://trib.al/PyZA6kx @JewishWarrior13: Q: “There are no signs Iran wants to stop fighting.” TRUMP: “How would you know? Why, do you know something I don’t know? You don’t know the dialogue behind the scenes; they want to meet desperately because they’re getting decimated. You don’t get that when you listen to your fake station. You don’t know anything. You know something I don’t know.” https://x.com/JewishWarrior13/status/2079590304613544231 Iran says it attacked Amazon infrastructure in Bahrain Fars News Agency said on Tuesday the IRGC had “attacked the central data infrastructure of the American company Amazon in Bahrain with several cruise missiles and destroyed it,” according to a translated Telegram post… https://www.cnbc.com/2026/07/21/iran-war-update-five-things-to-know-after-resumption-of-hostilities.html Equity traders, unlike debt and commodity traders, have been dismissing the turmoil in the Middle East. Amazon sank as much as 3 points on the IRGC attack; so, the usual suspects bought other Fangs, notably the chipmakers. Micron surged as much as 13.2%. Broadcom was +2.4% and NVDA +1.5% at midday. However, Nvidia opened + 2.6%, the high for the day. Broadcom did the same, +3.3 on the open. The SOX Index hit +5.62% at 13:06 ET. As we opined, traders played for a Turnaround Tuesday to the upside, led by Fang, AI-related stocks, and trading sardines. The usual suspects are conditioned to load up on these issues ahead of expected great results. Plus, Japanese and South Korean chipmakers rallied sharply on Tuesday. Furthermore, Nvidia Touts Progress Getting New Rubin Design to Customers – BBG Nvidia said its latest chip designs are making their way to customers and will help solidify its leadership in the industry… “We are absolutely in full production.” The Vera Rubin roll out has come under close scrutiny by investors and analysts, who are concerned about possible delays and manufacturing snags… BofA touted Micron, saying it has 66% upside with a $1550.00 price target, and added it to its US 1 List. USUs declined as much as 17/32. The yen/dollar moving to 163.24 (at 16:24 ET) was a factor. ESUs waffled between modest losses and small gains until they broke higher near 20:33 ET. ESUs then rallied to 7530.25 (+46.00) at 2:33 ET, 6:35 ET, and 9:27 ET. The triple top induced selling; ESUs slid to 7504.50 at 9:46 ET. The usual suspects eagerly and gratefully bought the opening dip, ugly Iran news be damned! ESUs then intractably rallied to a daily high of 7554.00 (+70.00) at 12:54 ET. When the afternoon arrived, activity went inert. ESUs did a slow and modest ABC decline to 7542.25 at 14:32 ET. They then rebounded a tad and traded in a meager 5-handle range into the NYSE close. Positive aspects of previous session Fangs and AI-related stocks rallied because they are ‘the game’ and results are nigh. The DJIA and DJTA rallied moderately. Negative aspects of previous session USUs sank as much as 28/32, Mr. Bond is very unhappy. Yields are breaking out to the upside. Gasoline, oil, and diesel fuel rallied moderately. Ambiguous aspects of previous session How long can equity jockeys insouciantly dismiss negative fundamentals, notably higher yields? First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour: Up; Last Hour: Down a tad Pivot Point for S&P 500 Index [above/below indicates daily trend to day traders]: 7497.46 Previous session (S&P 500 Index) High/Low: 7515.1 (12:55 ET); 7467.86 (9:47 ET) Illegal immigrant who murdered Michigan woman sues Trump, demands $75M, public apology, US citizenship – alleging he faced humiliation when his case was used as a political talking point,.. https://trib.al/sHGunQY Liberal privilege and granting special privileges to certain groups, has reached the Twilight Zone. “When people get used to preferential treatment, equal treatment seems like discrimination.” – Thomas Sowell @CENTCOM: CENTCOM forces began striking military targets in Iran at 7 p.m. ET today for the 11th consecutive night. The strikes are designed to continue degrading Iran’s ability to threaten commercial shipping in the Strait of Hormuz. 7:32 PM · Jul 21, 2026 WSJ: White House to Redirect Billions in Research Funds Toward AI, Away from Colleges – The overhaul will reshape $200 billion in spending a year and favors individual scientists to outpace China Today – Fangs reporting season moves into high gear today. The usual suspects expect great results from IBM, Tesla, and Google. Discerning traders are perplexed that market activity basically halted in the PM. Is everyone that wants to be long for coming Fang and semiconductor stock results full? Who is left to buy? Are there enough squeamish shorts or organic buyers to take the longs out of their holdings? The S&P 500 Index unnaturally traded within a 10-handle range from noon ET into the close. Astute traders will exploit the market reaction to IBM, Tesla, and Google’s results to ascertain if fast money and others use good results to liquidate. So, barring news the session could be lame. ESUs are +0.50; NQUs are +8.75; USUs are -12/32; WTI Oil is +1.68; Gasoline is -0.62 at 20:07 ET. Expected Impact Earnings: PM 2.04, T .59, PHM 2.36, IBM 2.98, Tesla .51, Google 2.89, LUV .52 S&P 500 Index (7509.20 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 7564.98 triggers a buy signal Hourly: Trender and MACD are positive – a close below 7482.97 triggers a sell signal S&P Index 50-day MA: 7470; 100-day MA: 7162; 150-day MA: 7073; 200-day MA: 6995 DJIA 50-day MA: 51,11;100-day MA: 49,592; 150-day MA: 49,416; 200-day MA: 48,820 (Green is positive slope; Red is negative slope) Babylon Bee: Democrats Push for Death Certificates to Be Accepted As Voter ID @realdefender45: I want people to understand the enormity of what has been done to us. From day one the deep state has litigated its way into stopping the Trump administration at every turn, to date, there are over 900 lawsuits and counting. Activist organizations, blue state AGs, and uniparty allies flooding the courts on borders, deportations, EOs, military policy, you name it. This is straight color revolution tactics, American style: when Democrats lose at the ballot box, they weaponize institutions, courts, NGOs, activist judges, and use their billionaire funders to manufacture chaos, tie the elected President’s hands with endless injunctions, and grind the people’s mandate to a halt. They Flood the system with lawsuits, get friendly judges to block policy after policy, bleed out momentum while the media cheers the “resistance.” This is a classic playbook for undermining the people and the government from within without firing a shot. Ex-Deputy AG @JeffClarkUS: Absolutely correct, @realdefender45 . @listen_2learn: Obama’s legal hatchet man, Norm Eisen, brags about filing over 300 of the cases along with his partners from the nonprofit wing of Democracy Inc. (the ACLU, LULAC, the NAACP, the League of Women Voters, Protect Democracy, Democracy Forward/fascist Skye Perriman, Democracy Docket/Marc Elias, etc.) along with blue state AGs. It’s all part of his “democracy” playbook, which is based on Gene Sharp’s book From Dictatorship to Democracy, the revolution business bible. It’s beyond frustrating that there is absolutely no effort from anyone on the right to take this operation head on. Democracy Inc. is the deep state. NJ Governor Mikie Sherrill @GovSherrillNJ: Last week I learned that a serious software error in New Jersey’s Motor Vehicle System led to the registration of roughly 6,600 people who indicated that they were not U.S. citizens between June 2023 and June 2024, almost three years prior to my taking office. These individuals answered “no” when asked on a keypad whether they were a U.S. citizen when applying for drivers’ licenses and identification cards, but through no fault of their own, the system registered them anyway… (6600 illegals registered to vote in one year. How many registered over the past 20 years?) https://x.com/GovSherrillNJ/status/2079602942722662725 @NateSilver538: Income and education are usually positively correlated. But sometimes the relationship breaks down. What’s the most Democratic voting group in America? People with post-graduate degrees but lower-to-middle incomes. https://x.com/NateSilver538/status/2079571167673811211 @ClayTravis: This is important. The far left in this country is mostly made up of people who spent a ton on their degrees and can’t make back what they spent. As a result, they hate capitalism. | |
SWAMP STORIES FOR YOU TONIGHT
MY GOODNESS!!
Shirley You Must Be Joking: Groups Sue For Communication Records Linked To Somali Daycare Fraud Claims
Wednesday, Jul 22, 2026 – 03:45 PM
Authored by Owen Evans via The Epoch Times,
A coalition of civil-rights groups sued the Trump administration on Monday, seeking to force the release of internal communications between federal health officials and a YouTube journalist who accused Somali-run Minnesota daycare centers of fraud.
Independent Journalist Nick Shirley speaks at Freedomfest in Las Vegas, on July 9, 2026. (John Fredricks/The Epoch TimesThe viral videos helped spur a since-abandoned effort to freeze childcare funding in five Democratic-led states.
Earlier this month, the U.S. Department of Health and Human Services (HHS) rescinded a $10 billion freeze on childcare subsidies and social services funding for five states governed by Democrats: California, Illinois, Colorado, New York, and Minnesota.
The suit, filed in federal court on July 20 by the American Civil Liberties Union (ACLU), its Illinois and Colorado chapters, the National Women’s Law Center, and the National Center for Law and Economic Justice, accused HHS of failing to respond to a Freedom of Information Act (FOIA) request filed in March, according to a press statement.
The request includes communication records between federal officials and YouTube creator and journalist Nick Shirley, whose viral video was publicly amplified and “credited by senior administration officials as the basis for the restrictions,” the statement said.
“The public deserves to know why the Trump administration is restricting access to critical child care and family assistance funds that hundreds of thousands of families rely on,” said Linda Morris, senior staff attorney at the ACLU Women’s Rights Project, according to the statement.
“These restrictions are a threat to the very programs that help families stay afloat and enable parents to work, attend school, and care for their children. We are going to court to ensure the public gets the transparency that federal law requires.”
YouTuber Nick Shirley’s viral video raised the alarm about fraud at Somali-run daycares in Minnesota late in 2025.
Shirley claimed that Somali-run daycares appeared to be devoid of children, raising concerns that the centers could be fraudulently billing government programs for absent or nonexistent children.
Minnesota state lawmakers have said that whistleblowers have been punished for voicing concerns about Somalis committing fraud and have been accused of racism or Islamophobia because Somalis are black Muslims.
In January, some Somalis told The Epoch Times that they think fraud is “occurring on a large scale” in Minnesota. Most, however, said the accusations appear to be aimed at vilifying Somalis as a group.
The Trump administration froze $10 billion in funds to Minnesota as well as California, Colorado, Illinois, Minnesota, and New York in January this year, citing concerns about fraudulent spending.
Earlier this month, it released the funds.
HHS officials said in letters to the states that they were rescinding the freezes on the funds, which were an attempt to compel the states to provide data proving that the funds would be used for American families, rather than illegal immigrants, according to documents filed with a federal court in New York on July 13.
In March, the ACLU civil rights groups sent a FOIA request seeking records concerning the adoption, implementation, and enforcement of the nationwide Defend the Spend policy and the sweeping five-state funding freeze, which it said targeted Child Care and Development Fund (CCDF), Temporary Assistance for Needy Families (TANF), and Social Services Block Grant (SSBG) dollars.
It said that the administration had “refused to disclose information to the public about its actions, including through its sudden reversal of the funding freeze in an apparent attempt to avoid being required to produce officials’ communications about these attacks in pending litigation.”
“This only heightens the need for transparency into how the Defend the Spend policy and funding freeze were adopted and who was involved,” it added.
Shirley delivered testimony at the Senate Committee Hearing on July 15, where he said that Minnesotans reached out to him “talking about the fraud that was taking place inside of their community.”
“We went to the daycares, autism centers, and healthcare providers, and to my surprise, the businesses were not operating how a typical business would operate,” he said.
He said the first daycare he went to was in an industrial building.
“There was no playground, no children footprints in the snow. They had all the windows blacked out. The doorbell was broken, and the sign said 7 a.m. to 10 p.m., yet there was no one to be found,” he added.
“This daycare in 2025 had received over $1 million in CCAP [Child Care Assistance Program] funding. This continued to be a pattern as we went to other daycare locations.”
The Epoch Times has contacted HHS and Nick Shirley for comment.
Children watch television at ABC Learning Center in Minneapolis, Minn., on Dec. 31, 2025. Mark Vancleave /AP Photo
GREG HUNTER….INTERVIEWING ED DOWD
Iran-US War Could Speed Up Global Recession – Ed Dowd
By Greg Hunter On July 22, 2026 In Market AnalysisNo Comments
By Greg Hunter’s USAWatchdog.com
Wall Street money manager and financial analyst Ed Dowd of PhinanceTechnologies.com warned at the end of May we could see “$250 a barrel oil and 11% inflation as a worst-case scenario in 2026.” That didn’t happen—yet. Dowd explains, “We had two scenarios when we talked last. One was the conflict would get resolved in the April – May time frame. Oil would peak out around $125 (per barrel), and inflation would peak out in May and go lower. That’s what happened, but recently, MOU (Memorandum of Understanding with Iran) has been torn up and oil is back on the rise. Oil collapsed to around the low $70s to high $60s after the MOU. It’s now $80 and change. So, unless this is resolved quickly, the other scenario is on the table. . .. If the conflict continues and gets worse, and you want to watch it progress, if we break out technically, meaningfully to $100 to $125, and back test and hold support, then the next level is $200 to $250 a barrel. All we are talking about here is my thesis that we are going into a global recession, and it gets pulled forward that much quicker. We will have a burst of inflation and massive demand destruction.”
The Iran/US war is not the only headwind Dowd sees. AI (artificial intelligence) investment is in bubble territory according to Dowd, and the lights are about to go out on that trade. Dowd says, “The stock market is 45% AI and AI adjacent. When the equity market figures out the party may be slowing or it’s over, that will affect the stock market. It’s a feedback loop that I think is beginning. Let’s call it the AI summer of discontent. . .. Closing time is closer than most people think. The party has been going on for a while. We had this huge impulse in semiconductor stocks in April and May. The indices have 17% to 19% of the S&P 500, the semiconductor index. That is a warning sign in and of itself. This is a notoriously cyclical boom and bust industry. . .. There is inflation going on in this . . . AI build. All the projections of return on investment are going the way of the dodo bird because they are now paying exorbitant prices for commodity memory chips. Also, power costs are going up, and they have to build power plants. The whole math does not work with the AI infrastructure in the credit driven AI complex. So, the math kind of implodes on itself at some point. . .. I think the party is closer to the end than the beginning, and closing time will be upon us soon.”
When the AI bubble pops, Dowd expect a “nasty pullback in the stock market.” This is why Dowd is telling investors to raise cash levels just like famed investor Warren Buffett is doing by holding record amounts of cash in his fund. Dowd says, “Cash is dry powder.” And for those who think the US dollar is going to tank, Dowd thinks just the opposite and says, “The dollar looks quite bullish.”
Dowd still likes gold as a core asset, and his target price is unchanged at $10,000 per ounce in the next few years.
There is much more in the 34-minute interview.
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Join Greg Hunter of USAWatchdog as he goes One-on-One with money manager and investment expert Ed Dowd as he explains why he is still seeing big trouble for the US economy. Dowd predicted this was coming in January with his report called “US Economy Outlook 2026.”
After the Interview:
To get Dowd’s latest red-hot reporting, go to his new Substack called “Ed Dowd: Beyond the Narrative,” by clicking here.
There is lots of free information on Dowd’s website called PhinanceTechnologies.com. You can also find the reports he mentioned you can buy.
Ed Dowd has a website for you to book him for consulting and speaking engagements. It’s called EdDowd.com.
END
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