GOLD CLOSED UP $123.70 TO $4488.95
EXCHANGE: COMEX
CONTRACT: AUGUST 2026 COMEX 100 GOLD FUTURES
SETTLEMENT: 4,366.000000000 USD
INTENT DATE: 08/18/2026 DELIVERY DATE: 08/20/2026
FIRM ORG FIRM NAME ISSUED STOPPED
099 H DEUTSCHE BANK AG 4
363 H WELLS FARGO SECURITI 165
555 C BNP PARIBAS SEC CORP 169
661 C JP MORGAN SECURITIES 12
732 C RBC CAP MARKETS 3
737 C ADVANTAGE FUTURES 15
TOTAL: 184 184
MONTH TOTALS: 17,754
GOLD: NUMBER OF NOTICES FILED FOR AUGUST/2026: 184 CONTRACTs NOTICES FOR 18,400 OZ or 0.5723 TONNES
total notices so far: 17,938 contracts FOR 1,793,800 OZ OR 55.794 TONNES
SILVER NOTICES: 52 NOTICE(S) FILED FOR 0.260 OZ /
total number of notices filed so far this month : 1606 CONTRACTS (NOTICES) for 8.030 million oz
GLD
INITIAL STANDING FOR JANUARY: 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NEW NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR .100 MILLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ!!
INTIAL STANDING FOR FEBRUARY/SILVER: 13.505 MILLION OZ FOLLOWED BY TODAY’S HUGE 0.005 MILLION OZ QUEUE JUMP / : NEW STANDING FOR SILVER AT THE COMEX ADVANCES TO 25.180 MILLION OZ. BUT WE MUST ADD OUR FIRST EXCHANGE FOR RISK OF 25 CONTRACTS FOR .125 MILLION OZ AND THEN OUR SECOND EXCHANGE FOR RISK OF .0600 MILLION OZ TO OUR THIRD HUGE 2.825 MILLION OZ EXCHANGE FOR RISK!!
INITIAL STANDING FOR MARCH: A SURPRISINGLY LOW 31.076 MILLION OZ/ FOLLOWED BY A TINY QUEUE JUMP OF XX CONTRACTS OR XXX OZ/NEW STANDING ADVANCES TO 46.060 MILLION OZ
INITIAL STANDING FOR APRIL: 7.120 MILLION OZ FOLLOWED BY TODAY’S 1 CONTRACT QUEUE JUMP WHERE 5,000 OZ WILL TAKE DELIVERY OVER ON THIS SIDE OF THE POND. NEW STANDING FOR SILVER AT THE COMEX THUS ADVANCES SLIGHTLY TO 16.565 MILLION OZ PLUS WE MUST ADD OUR 4TH EXCHANGE FOR RISK ISSUANCE OF 17 CONTRACTS OR 0.085 MILLION OZ. THESE WILL BE ADDED TO OUR OTHER 3 ISSUANCES //NEW TOTAL EXCHANGE FOR RISK//1.165 MILLION OZ// NEW TOTAL SILVER STANDING 17.730 MILLION OZ//
INITIAL STANDING FOR MAY: 31.495 MILLION OZ FOLLOWED BY ANOTHER 3 CONTRACT EXCHANGE FOR PHYSICAL JUMP TO LONDON FOR 0.015 MILLION OZ// AND THEN TO BOOT WE HAD OUR FIRST EXCHANGE FOR RISK ISSUANCE FOR 51 CONTRACTS OR 255,000 OZ MAY 21./STANDING BEFORE EXCHANGE FOR RISK: 32.070 MILLION OZ/NEW STANDING THUS REDUCES TO 32.325 MILLION OZ/.//(32.070 MILLION OZ NORMAL STANDING PLUS .255 MILLION OZ EXCHANGE FOR RISK = 32.325 MILLION OZ)
JUNE INITIAL STANDING FOR SILVER:10.935 MILLION OZ TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 10,000 OZ//NEW STANDING ADVANCES TO 12.970 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 20 CONTRACTS FOR 100,000 OZ//NEW STANDING ADVANCES TO 13.070 MILLION OZ. (IN EXCHANGE FOR RISK THE BUYER ASSUMES THE RISK AND ONLY A CENTRAL BANK WOULD TAKE THAT RISK. THE BUYER IS PROBABLY THE CENTRAL BANK OF INDIA.)
JULY INITIAL STANDING: 37.110 MILLION OZ FOLLOWED BY A 3 CONTRACT QUEUE JUMP OR 0.015MILLION STANDING ADVANCES TO 45.875 MILLION OZ///
AUGUST INITIAL STANDING 6.240 MILLION OZ FOLLOWED BY TODAY’S 4 CONTRACT QUEUE JUMP FOR 20,000 OZ//NEW STANDING ADVANCES TO 8.075 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
2026:
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: 38.335 MILLION OZ
AUGUST: 25.875 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 15,000 OZ QUEUE JUMP //STANDING THUS ADVANCES TO 45.875 MILLION OZ//
AUGUST 6.240 MILLION OZ FOLLOWED BY TODAY’S 20,000 OZ QUEUE JUMP//STANDING ADVANCES TO 8.075 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 0.000 TONNES/ TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK 0F 0.0062 TONNES/NEW STANDING ADVANCES TO 40.824TONNES
AUGUST INITIAL STANDING 48.687 TONNES TO WHICH WE ADD OUR 4TH EXCHANGE FOR RISK OF 200 CONTRACTS OR 20,000 OZ OR 6.220 TONNES TO OUR 3RD EXCHANGE FOR RISK OF 1.7045 TONNES TO OUR 2ND EXCHANGE FOR RISK OF 1.552 TONNES TO OUR FIRST 0.0715 TONNES EXCHANGE FOR RISK//NEW TOTAL EXCHANGE FOR RISK: 3.9533 AND THEN ADD OUR NEXT QUEUE JUMP OF 940 CONTRACTS FOR 94,00000 OZ OR 2.923 TONNES//STANDING THUS ADVANCES TO 62.6553 TONNES
IN ESSENCE WE HAVE A FAIR GAIN IN TOTAL CONTRACTS IN GOLD ON THE TWO EXCHANGES OF 3710 CONTRACTS WITH 2090 CONTRACTS INCREASED AT THE COMEX// AND A FAIR SIZED 1620 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON.
THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 3710 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A SMALL SIZED AND CRIMINAL 685 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED UPON .
GOLD PRICE FELL BY $51.55
STANDING FOR THE LAST 8 MONTHS JANUARY TO AUGUST:
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 0.0000 TONNES/ PLUS 0.0062 TONNES EX FOR RISK///NEW STANDING FOR GOLD REMAINS AT 40.824TONNES.
AUGUST INITIAL STANDING 48.687 TONNES TO WHICH WE ADD OUR FIRST 0.0715 TONNES EXCHANGE TO OUR 2ND EXCHANGE FOR RISK = 1.552 TONNES TO OUR 3RD EXCHANGE FOR RISK OF: 1.7045//TOTAL FOR EXCHANGE FOR RISK 3.3312 TONNES THEN FINALLY TO OUR 4TH EXCHANGE FOR RISK OF 200 CONTRACTS FOR 0.6220 TONNES TO OUR NEXT QUEUE JUMP OF 2.923 TONNES//STANDING ADVANCES TO 62.6553 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
YEAR 2026:
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: 163.82 TONNES
AUGUST: 98.862 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 POSITION LIMITS
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 FELL BY A HUGE1045 CONTRACTS TO AN OI OF 120,117
EFP ISSUANCE 255 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 255 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 1045 CONTRACTS AND ADD TO THE 255 E.FP. ISSUED
WE OBTAIN A STRONG LOSS OF 790 OI OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR LOSS OF $2.02
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 3.950 MILLION PAPER OZ
STANDING ADVANCES TO 8.075 MILLION OZ
SILVER PRICE LOSS OF $2.02
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2.ASIAN AFFAIRS AUGUST 19 /2025
AUGUST 19 2026
SHANGHAI CLOSED DOWN 95.88 PTS OR 2.40%
HANG SENG CLOSED UP 10.85 PTS OR 0.04%
Nikkei CLOSED DOWN 2104.73 PTS OR 3.12%
//Australia’s all ordinaries CLOSED UP 0.32%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.7378
/ OFFSHORE CLOSED UP AT 6.7389 Oil UP TO 85.43 dollars per barrel for WTI and BRENT UP TO 91.46 Stocks in Europe OPENED ALL MOSTLY RED
ONSHORE USA/ YUAN// WITH YUAN TRADING UP (6.7378 OFFSHORE YUAN TRADING UP TO 6.7389 ONSHORE YUAN TRADING ABOVE LEVEL // OFF SHORE AND UP ON THE DOLLAR)// / AND THUS STRONGER/OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR 1293 CONTRACTS TO 406,260 STILL WELL ABOVE ITS NEW LOW OF 326,052 OI SET JUNE 3, CLOSE TO THE PREVIOUS ALL TIME LOW OF 345,705 SET (MAY 28) AND CLOSE TO THE PREVIOUS ALL TIME LOW IN OI OF 353,490 SET MAY 27.. PREVIOUS TO THAT THE ALL TIME LOW IN OI WAS 390,000 SET IN THE YEAR 2001 WHEN GOLD WAS TRADING $260.00. THE CME SHOULD BE PROUD OF THEMSELVES AS MANY HAVE ABANDONED THIS CROOKED ARENA!!THUS OUR NEW ALL TIME LOW OF COMEX OI HAS NOW BEEN SET AT 326,052 //JUNE 3 2026 WITH GOLD AT AN EXTREMELY HIGH $4,450.00 WHICH MAKES ABSOLUTELY NO SENSE!!!
WE HAD CONSIDERABLE T.A.S. LIQUIDATION DURING WEDNESDAY’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 AGAIN 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!!
WE HAD A FAIR SIZED GAIN ON OUR TWO EXCHANGES (2833 CONTRACTS) OCCURRED DESPITE OUR LOSS IN PRICE IN GOLD (UP $51.55)
WE THUS HAD A FAIR GAIN IN OI ON BOTH OF OUR EXCHANGES (2,833 CONTRACTS), DESPITE OUR LOSS IN PRICE, AS WE WERE INFORMED OF A FAIR CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE EQUATING TO 1620 CONTRACTS.
THEN WE WERE NOTIFIED TODAY OF A 0 CONTRACT FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 0 OZ OR 0.0 TONNES OF GOLD. TOTAL THUS SO FAR THIS MONTH: 1271 CONTRACTS//127,100 OZ OR 3.9533 TONNES (4 OCCASIONS)
MONTH OF MAY RECORD ISSUANCE OF EXCHANGE FOR RISK: THE HIGHEST EVER ISSUANCE!!
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 JULY AND AUGUST
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: 2 FOR 200 OZ OR 0.00622 TONNES
AUGUST: 1271 CONTRACTS FOR 127,100 OZ OR 3.9533 TONNES (4 OCCASIONS THIS MONTH)
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A LITTLE HISTORY OF EXCHANGE FOR RISK DECEMBER THROUGH TO AUGUST:
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 131+ 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 2 FOR 200 OZ OR 0.00622 TONNES. I DOUBT VERY MUCH THAT THIS IS A CENTRAL BANK
AUGUST: 1271 CONTRACTS FOR 127,100 OZ OR 3.9533 TONNES//4 OCCASIONS
DETAILS ON OUR NEW AUG COMEX CONTRACT MONTH//
IN TOTAL WE HAD A FAIR GAIN ON OUR TWO EXCHANGES OF 2,833 CONTRACTS WITH OUR LOSS IN PRICE ($51.55). HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT THIS WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY AND OUR SHORT SPECULATORS FOR THEIR THOUGHTFULNESS.
LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO OTHER CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. BOTH COMEX AND LBMA ARE WITNESSING MASSIVE AMOUNTS OF GOLD LEAVING THEIR VAULTS.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE/JULY/AUG 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 SMALL SIZED T.A.S ISSUANCE CONTRACTS .THE CME NOTIFIES US THAT THEY HAVE ISSUED 685 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 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..
THEN IT SLOWS DOWN!
JUNE: ZERO FOR THE MONTH
JULY: 2 SO FAR FOR 200 IZ IR 0.00622 TONNES
AUGUST: 1271 CONTRACTS FOR 127,100 OZ OR 3.9533 TONNES
WE MUST ALSO REMEMBER THAT THE FRBNY IS SHORT 131+ 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 16 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 2025
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 0.000TONNES//NEW STANDING REMAINS AT 40.818TONNES PLUS 0.00622 TONNES EXHANGE FOR RISK// NEW TOTAL 40.824 TONNES . TOTAL QUEUE JUMPING SO FAR: 17.5802 TONNES OR 0.8790 TONNES ON EACH TRADING DAY LEAVING COMEX FOR EASTERN SHORES.
AUGUST INITIAL; INITIAL AMOUNT OF GOLD WILLING TO STANDS: 48.687 TONNES TO WHICH WE ADD OUR 4TH EXCHANGE FOR RISK OF 220 CONTRACTS FOR 20,000 OZ OR 0.6220 TONNES TO OUR 3RD EXCHANGE FOR RISK AT 1.7045 TONNES TO OUR 2ND EXCHANGE FOR RISK AT 1.552 TONNES TO OUR FIRST: 0.0715 NEW TOTAL EXCHANGE FOR RISK = 3.9533 TONNES AND THEN ADD OUR NEXT QUEUE JUMP OF 940 CONTRACTS OR 94,000 OZ (2.923 TONNES)//STANDING, IN TOTAL THUS ADVANCES HUGELY TO 62.6563 TONNES.
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE 4 YEARS 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 AUGUST. CONTRACT;
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE ( IT FELL BY $51.55)
WE HAD HUGE T.A.S. SPREADER LIQUIDATION WEDNESDAY // COMEX SESSION// WITH OUR LOSS 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
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 LOSS IN PRICE AT COMEX OF $51.55
WE HAD 857 CONTRACTS REMOVED FROM PRELIMINARY NUMBERS TO FINAL COMEX NUMBERS.
NET GAIN ON THE TWO EXCHANGES: 2853 CONTRACTS OR 285.300 OZ 8.874 TONNES)
AUG DELIVERY MONTH
AUGUST 19
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 0 ENTRIES |
| Deposit to the Dealer Inventory in oz | 0 ENTRIES |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER//gold 0 xxxxxxxxxxxxxxxx |
| No of oz served (contracts) today | 184 CONTRACTS 18,400 OZ 0.5723 TONNES OF GOLD |
| No of oz to be served (notices) | 935 Contracts 93,500 OZ 2.908 TONNES |
| Total monthly oz gold served (contracts) so far this month | 17,938 notices 1,793,800 OZ 55.794 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month |
dealer deposits: 0
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DEPOSITS/CUSTOMER
ENTRIES: 0
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comex withdrawal
0 ENTRIES
adjustments: 2//CUSTOMER TO DEALER
a) Stonex: 37,364.420 oz
b) Loomis: 2401.190 oz
COMEX IS DRAINING GOLD
chaos inside the comex
THE FRONT MONTH OF AUG OI STANDS AT 1119 CONTRACTS HAVING A HUGE GAIN OF 755 CONTRACTS.
NORMAL STANDING FOR GOLD YESTERDAY: 55.779. TODAY’S STANDING IS 58.702 TONNES TO WHICH WE ADD OUR 3.9533 TONNES EXCHANGE FOR RISK. THE NORMAL STANDING INCLUDES OUR NEXT 940 CONTRACT QUEUE JUMP OR AN ADDITIONAL 94000 OZ (2.953 TONNES) AND THESE WILL STAND AT THE COMEX.
SEPTEMBER GAINED 487 CONTRACTS UP TO AN OI OF 5353
OCT LOST 277 CONTRACTS TO AN OI OF 52,856
.
We had 184 contracts filed for today representing 18,400 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 184 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 12 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for AUGUST. /2026. contract month, we take the total number of notices filed so far for the month (17,938) to which we add the difference between the open interest for the front month of AUG (1115 CONTRACTS) minus the number of notices served upon today 184x 100 oz per contract) equals 1,887,300 OZ OR (58.702 Tonnes of gold)then we add our 4 exchange for risk of 1271 contracts for 127,100oz or 3.9533..new standing advances to 62.6563 tonnes.
THUS: INITIAL total number of gold ounces standing for AUG. /2026. contract month, we take the total number of notices filed so far for the month (17,938) to which we add the difference between the open interest for the front month of AUG( 1119) contracts minus the number of notices served upon today 184 x 100 oz per contract) equals 1,887,300 OZ OR (58.702 Tonnes of gold) plus 3.9533 tonnes exchange for risk..new standing advances to 62.6563 tonnes
new total of gold standing in AUG becomes 62.6563 TONNES//
TOTAL COMEX GOLD STANDING FOR AUG 62.6563 TONNES TONNES WHICH IS NOW REALLY HUGE FOR THIS ACTIVE DELIVERY MONTH OF AUG
confirmed volume WEDNESDAY confirmed 154,083/ 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: 1,733,505.786 oz 53.919 tonnes pledged gold lowers
total inventories in gold declining rapidly
total pledged gold: 1,733,505.786 tonnes oz 53.919 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 26,648,837.699 oz
TOTAL REGISTERED GOLD 14,514,950.107 tonnes (451.47 tonnes)
TOTAL OF ALL ELIGIBLE GOLD 12,173,653.262 oz. Lots of eligible gold leaving the comex
REGISTERED GOLD THAT CAN BE SERVED UPON 12,781,445oz ((REG GOLD- PLEDGED GOLD)=
397.556 Tonnes //
total inventories in gold declining rapidly
SILVER COMEX
AUG DELIVERY MONTH
AUGUST 19
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 2 entries i) Out of Delaware: 6047.899 oz ii) Out of Asahi: 74,886.500 oz total withdrawal: 80,934.399 oz |
| Deposits to the Dealer Inventory | 0 |
| Deposits to the Customer Inventory | ENTRY: 2 i) Into Asahi: 597m761.400 oz ii) Into HSBC 591,7700.960 oz total deposit: 1,189,535.300 oz ENTRY: 0 |
| No of oz served today (contracts) | 52 CONTRACT(S) ( 0.260 MILLION OZ) |
| No of oz to be served (notices) | 9 Contracts (0.045 MILLION oz) |
| Total monthly oz silver served (contracts) | 1606 contracts 8.030 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: 2
i) Into Asahi: 597,761.400 oz
ii) Into HSBC 591,7700.960 oz
total deposit: 1,189,535.300 oz
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withdrawals:
2 entries
i) Out of Delaware: 6047.899 oz
ii) Out of Asahi: 74,886.500 oz
total withdrawal: 80,934.399 oz
adjustments :0
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TOTAL REGISTERED SILVER: 99.533 MILLION OZ//.TOTAL REG + ELIGIBLE. 337.315 Million oz
registered silver dropping in numbers
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR AUGUST
FRONT MONTH: SILVER OPEN INTEREST CONTRACTS: 61 FOR A LOSS OF 62 CONTRACTS.
YESTERDAY WE HAD 8.055 MILLION OZ STAND YESTERDAY: TODAY WE HAVE 8.075 MILLION OZ STAND
THUS WE HAVE A GAIN OF 4 CONTRACTS I.E. 20,000 OZ WILL UNDERGO A QUEUE JUMP AND STAND AHEAD OF US SMALL MORTALS AND TAKE DELIVERY ON THIS SIDE OF THE POND.
SEPTEMBER SAW A LOSS OF 3747 CONTRACTS UP TO AN OI OF 52,350 CONTRACTS
OCT GAINED 296 CONTRACTS TO AN OI OF 2262
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 86 or 0.430 MILLION oz
CONFIRMED volume WEDNESDAY; 69,041// fair//
AND NOW AUGUST. DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in AUG. we take the total number of notices filed for the month so far at 1606 X5,000 oz = 8.030 MILLION oz.
Then we take the difference between the front month of August and the number of notices filed for today x 5000 to give us our standing
Thus the standings for silver for the AUG 2026 contract month: (1606 )Notices served so far) x 5000 oz + OI for the front month of AUG ( 61 ) minus number of notices served upon today (52 x 5000 oz) equals silver standing for the AUG .contract month equating to 8.075 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 99.371 million oz of registered silver
JPMorgan as a percentage of total silver: 137.898/337.315million: 40.94%
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/
AUGUST 19//2026/WITH GOLD UP $123.70 /HUGE CHANGES IN GOLD AT THE GLD: A MASSIVE WITHDRAWAL OF 5.42 TONNES OF GOLD OUT OF THE GLD: //:/INVENTORY RESTS AT 1025.24 TONNES
AUGUST 18//2026/WITH GOLD DOWN $51.50 /HUGE CHANGES IN GOLD AT THE GLD: A MASSIVE DEPOSIT OF 7.13 TONNES OF GOLD INTO THE GLD: //:/INVENTORY RESTS AT 1030.66 TONNES
AUGUST 17//2026/WITH GOLD UP $36.70 /HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2.28 TONNES OF GOLD FORM THE GLD: //:/INVENTORY RESTS AT 1023.53 TONNES
AUGUST 14//2026/WITH GOLD UP $16.55 /NO CHANGES IN GOLD AT THE GLD: : //:/INVENTORY RESTS AT 1025.80 TONNES
AUGUST 13//2026/WITH GOLD DOWN $43.05 /HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 3,139 TONNES OF GOLD INTO THE GLD. : //:/INVENTORY RESTS AT 1025,80TONNES
AUGUST 12//2026/WITH GOLD UP $24.55 /HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.562 TONNES OF GOLD INTO THE GLD. : //:/INVENTORY RESTS AT 1022.672TONNES
AUGUST 11//2026/WITH GOLD UP $20.25 /HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.52 TONNES OF GOLD INTO THE GLD. : //:/INVENTORY RESTS AT 1020.06TONNES
AUGUST 10//2026/WITH GOLD UP $22.00 /HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.82 TONNES OF GOLD INTO THE GLD. : //:/INVENTORY RESTS AT 1017. 540TONNES
/AUGUST 7//2026/WITH GOLD UP $98.00 /HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 0.57 TONNES OF GOLD INTO THE GLD. : //:/INVENTORY RESTS AT 1014.720TONNES
AUGUST 6//2026/WITH GOLD DOWN $2.45 /HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 4.851 TONNES OF GOLD FROM THE GLD. : //:/INVENTORY RESTS AT 1014.143TONNES
AUGUST 5//2026/WITH GOLD UP $59.75 /HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.146 TONNES OF GOLD FROM THE GLD. : //:/INVENTORY RESTS AT 1005.874TONNES
AUGUST 3//2026/WITH GOLD DOWN $15.80 /HUGE CHANGES IN GOLD AT THE GLD: A WIITHDRAWAL OF 2.28 TONNES OF GOLD FROM THE GLD. : //:/INVENTORY RESTS AT 1007.02TONNES
JULY 31//2026/WITH GOLD DOWN $50.40 /NO CHANGES IN GOLD AT THE GLD INTO THE GLD. : //:/INVENTORY RESTS AT 1009.30TONNES
JULY 30//2026/WITH GOLD UP $63.70 /NO CHANGES IN GOLD AT THE GLD INTO THE GLD. : //:/INVENTORY RESTS AT 1009.30TONNES
JULY 29//2026/WITH GOLD DOWN $0.10 /NO CHANGES IN GOLD AT THE GLD INTO THE GLD. : //:/INVENTORY RESTS AT 1009.30TONNES
JULY 28//2026/WITH GOLD UP 21.50 /NO CHANGES IN GOLD AT THE GLD INTO THE GLD. : //:/INVENTORY RESTS AT 1009.30TONNES
JULY 27.2026/WITH GOLD UP 21.50 /HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 1.43TONNES OF GOLD INTO THE GLD. : //:/INVENTORY RESTS AT 1009.30TONNES
JLY 24/2026/WITH GOLD UP 6.30 /NO CHANGES IN GOLD AT THE GLD A DEPOSIT OF 1.43TONNES OF GOLD INTO THE GLD. : //:/INVENTORY RESTS AT 1009.30TONNES
JULY 23/2026/WITH GOLD DOWN 98.60 /HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 2.00 TONNES OF GOLD INTO THE GLD. : //:/INVENTORY RESTS AT 1007.87TONNES
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
GLD INVENTORY: 1025.24 TONNES, TONIGHTS TOTAL GOLD INVENTORY
SILVER
AUGUST 19 WITH SILVER UP $1.72 : :HUGE CHANGES IN INVENTORY AT THE SLV A DEPOSIT OF 2.259 MILLION OZ OZ INTO THE SLV. / :INVENTORY RESTS AT 493.290 MILLION OZ
AUGUST 18 WITH SILVER DOWN $2.02 : :SMALL CHANGES IN INVENTORY AT THE SLV A WITHDRAWAL OF 768,000 OZ OUT OF THE SLV. / :INVENTORY RESTS AT 492.296 MILLION OZ
AUGUST 17 WITH SILVER UP $1.11 : :SMALL CHANGES IN INVENTORY AT THE SLV A WITHDRAWAL OF 768,000 OZ OUT OF THE SLV. / :INVENTORY RESTS AT 492.296 MILLION OZ
AUGUST 14 WITH SILVER UP $0.19 : :SMALL CHANGES IN INVENTORY AT THE SLV A DEPOSIT OF 720,000 OZ INTO THE SLV. / :INVENTORY RESTS AT 493.064 MILLION OZ
AUGUST 13 WITH SILVER DOWN $0.92 : :NO CHANGES IN INVENTORY AT THE SLV / :INVENTORY RESTS AT 492.341 MILLION OZ
AUGUST 12 WITH SILVER UP $0.75 : :HUGE CHANGES IN INVENTORY AT THE SLV;A DEPOSIT OF 3.434 MILLION OZ INTO THE SLV / :INVENTORY RESTS AT 492.341 MILLION OZ
AUGUST 11 WITH SILVER DOWN $0.39 : :HUGE CHANGES IN INVENTORY AT THE SLV;A DEPOSIT OF 1.085 MILLION OZ INTO THE SLV / :INVENTORY RESTS AT 488.907 MILLION OZ
AUGUST 10 WITH SILVER UP $1.83 : :NO CHANGES IN INVENTORY AT THE SLV; / :INVENTORY RESTS AT 487.822 MILLION OZ
AUGUST 7 WITH SILVER UP $2.00 : :HUGE CHANGES IN INVENTORY AT THE SLV; A DEPOSIT OF 1.355 MILLION OZ INTO THE SLV : / :INVENTORY RESTS AT 487.822 MILLION OZ
AUGUST 6 WITH SILVER DOWN $0.75 : :NO CHANGES IN INVENTORY AT THE SLV : / :INVENTORY RESTS AT 486.467 MILLION OZ
AUGUST 5 WITH SILVER UP $2.20: :NO CHANGES IN INVENTORY AT THE SLV :// / :INVENTORY RESTS AT 486.673 MILLION OZ
AUGUST 4 WITH SILVER DOWN $0.07: :HUGE CHANGES IN INVENTORY AT THE SLV :A DEPOSIT OF 2.893 MILLION OZ FROIM THE SLV// / :INVENTORY RESTS AT 486.673 MILLION OZ
JULY 31 WITH SILVER DOWN $0.90: :NOCHANGES IN INVENTORY AT THE SLV : / :INVENTORY RESTS AT 483.780 MILLION OZ
JULY 30 WITH SILVER UP $0.97: :SMALL CHANGES IN INVENTORY AT THE SLV : A DEPOSIT OF 723,000 OZ INTO THE SLV // :INVENTORY RESTS AT 483.780 MILLION OZ
JULY 29 WITH SILVER UP $0.34: :NO CHANGES IN INVENTORY AT THE SLV : // :INVENTORY RESTS AT 483.057 MILLION OZ
JULY 28 WITH SILVER UP $0.27: :HUGE CHANGES IN INVENTORY AT THE SLV A WITHDRAWAL OF 0.633 MILLION OZ FROM THE SLV : // :INVENTORY RESTS AT 483.057 MILLION OZ
JULY 27 WITH SILVER UP $0.27: :HUGE CHANGES IN INVENTORY AT THE SLV A WITHDRAWAL OF 0.722 MILLION OZ FROM THE SLV : // :INVENTORY RESTS AT 483.690 MILLION OZ
JULY 24 WITH SILVER UP $1.45: :NO CHANGES IN INVENTORY AT THE SLV : // :INVENTORY RESTS AT 484.413 MILLION OZ
JULY 23 WITH SILVER DOWN 2.18: :HUGE CHANGES IN INVENTORY AT THE SLV : A DEPOSIT OF 0.723MILLION OZ OUT OF THE SLV// :INVENTORY RESTS AT 484.413 MILLION OZ
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
CLOSING INVENTORY 493 MILLION OZ OF SILVER
GOLD COMMENTARIES:
1.PETER SCHIFF
2. MATHEW PIEPENBERG/EGON VON GREYERZ//ALASDAIR MACLEOD..
ALASDAIR MACLEOD…
3. CHRIS POWELL AND HIS GATA DISPATCHES
4. ANDREW MAGUIRE//KINESIS LIVE FROM THE VAULT/285 AND LAST WEEK 283
285:
5. COMMODITY REPORT: GOLD
ROBERT LAMBOURNE TO US: ON LUKE GROMEN’S COMMENTS ON CNY VS GOLD
Luke Gromen on X: “The more the CNY collapses v. gold (USDCNY*gold, below), the LOWER Chinese govt bond yields fall. At some point, western policymakers will figure out why the same would also hold true for their bonds. You’ll want to own gold before western policymakers finally figure this out.” / X
| Robert Lambourne | 2:30 AM (1 hour ago) | ||
to Chris, me | |||
This is Luke Gromen yet again highlighting that Chinese government bond yields are falling – they fell even yesterday – as the CNY is declining versus gold.
| The more the CNY collapses v. gold (USDCNY*gold, below), the LOWER Chinese govt bond yields fall. At some point, western policymakers will figure out why the same would also hold true for their bonds. You’ll want to own gold before western policymakers finally figure this out. |
 Luke Gromen (@LukeGromen) 1K likes · 75 repliesx.com |
END
GOLD Confiscation Risk Rising as U.S. Activates Emergency Powers
by ITM Trading
Tuesday, Aug 18, 2026 – 15:18
In 1933, Washington needed gold it didn’t have. Roosevelt signed Executive Order 6102, and Americans handed theirs over under threat of fines and prison. The next year, 6814 came for the silver. Then they revalued the metal and devalued the dollars you were paid with. (A fair trade, if you weren’t the one holding the receipt.)
Now the government is invoking Defense Production Act authority over materials it deems critical, in a determination that openly concedes there may not be enough to go around for both defense and civilians. Guess who wins that tiebreaker.
Taylor Kenney walks the timeline: from mapping where the materials come from, to national security priority, to blocking private exports outright. Weeks, not years.
LIVE EVENT: 8/25 12:30pm EST
THE NEXT BANK FAILURE: Your Money. Their Rules.
Banks used to get bailed out with taxpayer money. Now your deposits could be used instead. Join Taylor Kenney LIVE to learn what changed, followed by Q&A.
Register Here
About ITM Trading: ITM Trading has spent nearly 30 years helping clients prepare for monetary resets, inflation, and systemic risk using physical gold and silver. We focus on education, historical context, and strategies designed to protect wealth when trust in the system breaks down.
END
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 7.65 PTS OR 0.19%
HANG SENG CLOSED UP 12.92 PTS OR 0.07%
Nikkei CLOSED DOWN 1699.25 PTS OR 2.45%
//Australia’s all ordinaries CLOSED UP 0.13%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 6.7432
/ OFFSHORE CLOSED UP AT 6.7459 Oil UP TO 85.32 dollars per barrel for WTI and BRENT UP TO 91.31 Stocks in Europe OPENED ALL MOSTLY RED
ONSHORE USA/ YUAN// WITH YUAN TRADING DOWN (6.7432 OFFSHORE YUAN TRADING UP TO 6.7459 ONSHORE YUAN TRADING ABOVE LEVEL // OFF SHORE AND DOWN ON THE DOLLAR)// / AND THUS WEAKER/OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS WEAKER
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
ONSHORE YUAN: CLOSED UP AT 6.7378
OFFSHORE YUAN: UP TO 6.7389
1.HANG SANG CLOSED UP 10.85 PTS OR 0.04%
2. Nikkei closed DOWN 2104.73 PTS OR 3.12%
WEST TEXAS INTERMEDIATE OIL UP TO 85.43
BRENT; 91.46
3. Europe stocks SO FAR: ALL MOSTLY RED
USA dollar INDEX DOWN 19 BASIS PTS TO 99.36// EURO RISES TO 1.1596 UP 21 BASIS PTS
3b Japan 10 YR bond yield:FALLS TO. +2.895 DOWN 5 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA CROSS NOW AT 159.18… 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: 4.090 DOWN 4 FULL BASIS PTS
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN (6.7432) AND OFFSHORE: DOWN AT 6.7459
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 this morning
3h European bond buying continues to push yields LOWER on all fronts in the EU German 10yr bund YIELD UP TO +3.2539/ Italian 10 Yr bond yield UP AT 4.074/ SPAIN 10 YR BOND YIELD DOWN TO 3.699%
3i Greek 10 year bond yield UP TO 3.9515%
3j Gold at $4354.50/Silver at: 63.07 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble UP 0 AND 26/ 100 roubles/85.26
3m oil (WTI) into the 85 dollar handle for WTI and 91 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 159.18 // 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.897% DOWN 4 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE NOW UNWINDING//YEN BOND TRADING OVERSEAS TO BE REPATRIATED.//JAPAN 30 YR: 4.090 DOWN 4 PTS..: USA/SF this 0.8111 as the Swiss Franc . Euro vs SF: 0.9406
USA 10 YR BOND YIELD: 4.6830 DOWN 2 BASIS PTS…DANGEROUSLY CLOSE TO 5.00%
USA 30 YR BOND YIELD: 5.273 DOWN 2 BASIS PTS/
USA 2 YR BOND YIELD: 4.158 DOWN 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 47.94 UP 2 BASIS PTS/LIRA GETTING KILLED//IDIOTS FOR SELLING GOLD AND USA DOLLAR RESERVES.
10 YR UK BOND YIELD: 5.048 DOWN 4 PTS
30 YR UK BOND YIELD: 5.8046 DOWN 4 BASIS PTS
10 YR CANADA BOND YIELD: 3.697 DOWN 3 BASIS PTS
5 YR CANADA BOND YIELD: 3.286 DOWN 3 BASIS PTS.
1a New York Opening report
Futures Flat With All Eyes On Interest Rates And Oil
Wednesday, Aug 19, 2026 – 08:34 AM
Futures are flat but off their lows as Tech gets a boost from a huge Hynix buyback, which erased ~8% decline to trade up as much as 2% and reversed a 5.8% drop in the Nikkei; the ADRs are +5.6% pre-mkt boosting both Memory and Korea ETFs. As of 8:15am ET, S&P futures are fractionally in the green, with Nasdaq futures down 0.1% even as momentum looks to retrace some of yesterday’s losses. In premarket trading, Semis, Memory, and Mag7 are higher with Software and Low Profitable Tech weaker. Cyclicals and Defensives are both mixed as the market has not yet decided on direction. Bond yields are flat to down 1bp, following from yesterday with USD weaker. Commodities are bid with all 3 complexes moving higher. Brent crude rose 0.8% and briefly topped $92 barrel for the first time since July with little evidence of progress toward a resolution of the US-Iran war. Today’s macro focus is on the 20Y bond auction, which is likely to need a concession, and on the Fed Minutes where investors seek clarity on the Fed’s reaction function in a tape that lacks significant catalysts. NVDA and Jackson Hole loom large.
In premarket trading, Mag 7 stocks are mixed (Amazon +0.2%, Nvidia +0.2%, Meta +0.1%, Microsoft -0.5%, Apple 0.0%, Tesla -0.2%, Alphabet -0.5%)
- Estée Lauder (EL) climbs 7% after posting quarterly results that beat estimates. The company ended a run of three straight declines in annual revenue, a sign the beauty conglomerate’s turnaround efforts are gaining momentum.
- La-Z-Boy (LZB) sinks 16% after the home-furniture maker gave a weaker than expected sales forecast for the current quarter.
- Mercury Systems (MRCY) falls 9% after the maker of display systems used in combat vehicles posted fiscal fourth quarter adj. EPS that came in a penny shy of expectations.
- Moderna (MRNA) soars as much as 100% after the company and Merck said their personalized cancer vaccine helped cut the recurrence of melanoma in a large, late-stage trial. Shares of Merck (MRK) are up 8%.
- Norfolk Southern Corp. (NSC) rises 2% as the company and Union Pacific Corp. can move forward with plans to create the nation’s first coast-to-coast freight network after a federal regulator decided to resume consideration of their joint application.
- SK Hynix ADRs (SKHY) rise 3% after the South Korean memory-chip maker said it plans to buy back $29 billion of its own shares, in a bid to assuage investors concerns about AI spending durability.
- Target (TGT) slips 1% despite the retailer’s comparable sales and adjusted EPS topping expectations, while also getting a boost from tariff refunds. Shares have climbed 56% this year through Tuesday’s close.
- WhiteFiber (WYFI) falls 22% after the artificial intelligence infrastructure firm announced its intention to offer $250 million of convertible senior notes due 2032 in a private placement.
In other corporate news Novo Nordisk is testing small doses of its blockbuster Wegovy pill in a new study that will help establish how low patients can go in their dose and still lose weight. Anthropic plans to give Chief Executive Officer Dario Amodei and other co-founders shares with extra voting power as the firm prepares to make its Wall Street debut, The Information reported. Cerebras Systems introduced a new speedier computer built with the company’s chips, saying the device will give it a wider advantage over Nvidia equipment.
Fairly benign price action in early trading contrasts with Tuesday’s cash session, when stocks struggled for direction and long-dated bonds remained under pressure as higher oil prices kept traders cautious following days of yields at multiyear highs. As noted above, tech got a boost from Hynix buyback, announced just moments after the Kospi closed to get the biggest bang for the lack of liquidity buck, which erased a 8% plunge to trade up as much as 2%; the ADRs are +5.6% pre-mkt boosting both Memory and Korea ETFs. Moderna Inc. surged more than 100% after a positive result from its personalized cancer vaccine trial with Merck & Co. Momentum looks to retrace some of yesterday’s losses even as brent crude rose 0.8% and briefly topped $92 barrel for the first time since July with little evidence of progress toward a resolution of the US-Iran war.
Longer-term bonds trimmed early gains as Brent approached $92 a barrel. The yield on 30-year Treasuries hovered around 5.27%, while rates for most European counterparts were little changed. Investors remained on guard as concerns over major governments’ loose fiscal policy and heavy borrowing by the biggest spenders on artificial intelligence are expected to keep yields elevated. The threat of sticky inflation also lingered as the US-Iran conflict continued to curb oil flows from the Middle East.
“The question is no longer whether higher yields matter, they clearly do, but whether the strength of earnings and capital expenditure implies that the economy can absorb them,” said Florian Ielpo at Lombard Odier Investment Managers. On the other hand, the weakness in tech may be a sign that rising bond yields are starting to keep stock prices in check, he said.
The impact of growing demand for cash among AI hyperscalers was on display as Alphabet paid just under 7% to borrow longer-dated funds in its debut Australian bond offering, the company’s highest-ever yield on a note. The generous rate means some investors could be lured into buying bonds from tech titans rather than their stocks, according to Stephan Kemper, chief investment officer at BNP Paribas Wealth Management Germany.
“AI stocks are increasingly in competition with their own bonds,” he said. “Yields close to multiyear highs in combination with a higher visibility of expected cash flows are making a compelling case for many investors.”
Meanwhile, as we have noted extensively, the lack of a clear path to a resolution in the Middle East is putting upward pressure on oil prices. Regional tensions intensified as the United Arab Emirates said it was cutting all economic ties with Iran after accusing the Islamic Republic of firing ballistic missiles at its territory.
Elsewhere, the Trump administration delayed 50% tariffs on Canadian products for three days, citing a tentative agreement to resolve a trade dispute. Trump is said to have chosen White House policy aide Heidi Overton to lead the FDA.
In politics, Democratic Socialist Angie Nixon stormed to a surprise win in Florida’s US Senate primary against the man who concocted the Russia collusion hoax, Alex Vindman. Democrat Mary Peltola and incumbent Republican Senator Dan Sullivan will advance in Alaska’s Senate primary, setting the state up to be one of the most fiercely contested races in November that could determine control of the US Senate.
Today, top of traders’ minds are a plethora of retail earnings, Fed minutes and the ongoing investor focus on AI. Minutes from the Federal Reserve’s July meeting, due later on Wednesday, may offer investors a better sense of the degree to which officials were losing patience with high inflation. Policymakers voted 9-3 to keep rates unchanged. Money markets currently price around a 50% chance of a hike in October, with the odds of such a move rising to around 90% for December.
In Europe, the Stoxx 600 was little changed at 651.82, snapping a five-day stretch of losses after a tech-led selloff in Asia failed to carry over. Here are the biggest movers Wednesday:
- FLSmidth shares gained as much as 10%, hitting their highest level since April, after the mining-equipment maker delivered earnings comfortably ahead of expectations
- Geberit rose as much as 8.6%, the most since November 2023, following second-quarter results which ZKB says showed “surprisingly strong” revenue momentum
- Ambea gained as much as 13%, the most since November 2024 and to a record high, after the Swedish healthcare group’s earnings beat estimates
- Implenia rose as much as 9.4%, the most since early March, as ZKB says the construction, civil and underground engineering services company’s results “turned out slightly better” than expected
- Sensirion shares rose as much as 8% after the Swiss sensor technology company raised its full-year guidance and drew analyst praise for its results
- Oxford Nanopore shares rose as much as 7.8%, the most in two months, after the British DNA-sequencing company reported a narrower adjusted Ebitda loss for the first half
- Ithaca Energy shares jumped as much as 7.4%, hitting a three-month high, after the oil and gas company delivered record quarterly production and raised its dividend guidance
- Straumann dropped as much as 9.1%, the most in a year, after the Swiss dental implant maker said Christopher Norbye would replace Guillaume Daniellot as CEO. Analysts at Bernstein and JPMorgan said Daniellot was “well-liked”
- Trainline shares fell as much as 17%, the most in five years, after the UK competition watchdog opened an investigation into whether the rail-booking platform breached consumer law through “drip pricing”
- Carlsberg shares fell as much as 4.1%, the most in five months, after the Danish brewer’s first-half volumes disappointed
- Smith & Nephew shares dropped as much as 3.8% to the lowest intraday level since May 12 after the medical devices maker said Chief Financial Officer John Rogers will leave his position at the end of next month
- BKW shares fell as much as 4.6% after the power company’s first-half Ebit dropped by a more-than-expected 15%
Asian stocks slumped, led by a selloff in chipmakers, as elevated bond yields and a stalemate in US-Iran peace talks kept investors cautious. The MSCI Asia Pacific Index dropped as much as 2.3%, the most in three weeks, with chip heavyweights Samsung, SK Hynix and TSMC among the biggest drags. Most major markets were in the red, with Korea’s Kospi sliding 5.8% and Japan’s Nikkei losing 3.2%. A Bloomberg gauge of Asian semiconductor stocks tumbled 3.7%. US-listed shares of SK Hynix climbed in pre-market trading after the firm unveiled plans to buy back 40 trillion won ($29 billion) of stock and return more of its profits to shareholders in an effort to calm worries about the durability of AI spending.
A number of consumer-focused reports due before the market opens include Target, Lowe’s, TJX and Estee Lauder. Placer.ai, directionally accurate in seven of prior eight periods, estimates Target’s adjusted revenue grew 4% year-on-year in fiscal second quarter, while Bloomberg Second Measure notes that observed sales through end July are tracking above industry growth rate. Earnings from Analog Devices are also on deck.
In rates, treasuries rose, giving bond investors some respite after a sharp rise in yields that began last Friday. 10-year Treasury yields fell about 2bp to 4.68%.Long-dated bonds lagged the rest of the curve; 30-year yields were little changed at 5.28%. Front and belly of the curve slightly is richer on the day with long-end lagging ahead of a $16 billion 20-year bond auction which remains on course to be offered at the highest yield since the sector was reintroduced back in May 2020. Gilts outperform in Europe as traders pared BOE tightening bets after UK headline CPI matched estimates. UK 10-year borrowing costs fall 2 bps to 5.07%. Bunds lag following a €3.769b 10-year auction at an average yield at highest level since 2011. Treasury auctions resume with $16 billion 20-year bonds, before a $8 billion 30-year TIPS sale on Thursday. The WI 20-year at around 5.27% sits ~11bp cheaper than the July stop-out and remains around 2.5bp cheaper than the October 2023 yield stop-out. IG dollar issuance slate includes an ADB 10-year benchmark offering. Three issuers priced $6.4 billion on Tuesday after at least seven issuers decided to stand down from announcing deals.
In commodities, WTI futures higher by around 1%, adding to underperformance of bunds vs. Treasuries, rising to highest levels in almost three weeks as a spat between the United Arab Emirates and Iran heightened regional tensions.
“Some of the recovery came from equities finally reacting to the level of yields, some likely from short-covering, and some from the market taking profit on what is now looking like a very crowded steepener,” said Evelyne Gomez-Liechti, multi-asset strategist at Mizuho. Money markets price a 35% chance of a September Fed hike and 23bps of tightening by year-end.
In FX, the Bloomberg Dollar Spot Index falls 0.2% as traders continued to pare bets on a Federal Reserve rate hike ahead of minutes from the last policy meeting. The yen is the strongest of the G-10 currencies, rising 0.3% against the greenback. The Aussie dollar underperforms. The Canadian dollar climbed against most of its Group-of-10 peers after US President Donald Trump delayed 50% tariffs for three days pending the finalization of a trade deal. USD/CAD dropped as much as 0.2% to 1.3872. In a social media post, President Donald Trump said he’s pausing the tariffs “based on the fact that Canada and the U.S.A., subject to the finalization of documents, have a DEAL!”. “The durability of CAD gains will depend on whether a formal agreement is reached within the three-day window,” Kristina Clifton, a senior strategist at Commonwealth Bank of Australia wrote in a note to clients.
Today’s US economic data calendar includes FOMC minutes release from the July 29 meeting at 2pm New York. No Fed speakers scheduled for the session. earnings releases include Target, Lowe’s, and TJX
Market Snapshot
Top Overnight News
- Iranian attacks on shipping in the Strait of Hormuz are piling up without an American military response, raising the risks of crossing the strategic waterway and frustrating some Arab allies who worry the U.S. doesn’t have a strategy to wind down the conflict. WSJ
- Iran has weighed attacking US military targets in Europe should Donald Trump escalate the war, according to people close to the regime, as Tehran considers its options to increase the stakes of the conflict. FT
- The UAE said it was cutting all economic ties with Tehran after accusing Iran of firing ballistic missiles at its territory. Oil rose with no signs of a peace deal. BBG
- Even as Iran projects resilience in the war with the United States, its leaders are worried that a threat of more economic punishment by Donald Trump could increase hardships, reignite unrest and further erode the Islamic Republic’s legitimacy. RTRS
- President Trump said he would pause a 50% tariff on certain goods from Canada for three days while the two countries seek to finalize an agreement. “I have paused the 50% Tariffs against Canada, that were scheduled to kick in tomorrow morning for a three-day period, based on the fact that Canada and the U.S.A., subject to the finalization of documents, have a DEAL!” Trump said on social media Tuesday night. WSJ
- China will expand the use of a $1.6 trillion fund to boost housing-related spending, including renovations, under revised regulations taking effect next month. BBG
- SK Hynix will buy back and cancel 40 trillion won ($28.61 billion) of treasury shares and allocate more than 50% of free cash flow generated between 2025 and 2027 to boost shareholder returns, it said on Wednesday. The chipmaker’s shares plunged nearly 10% on Wednesday before trimming some losses in post-market trading. The shares hit record highs in June but have since declined, partly on investor concern over the durability of AI spending by U.S. technology companies. RTRS
- Target lifted its guidance after results outpaced estimates. Shares initially rose premarket before sliding around 4%, a sign that investors were expecting even stronger results. BBG
- Big pharma is increasingly licensing drugs developed in China. For US drugmakers, the expanding tie-ups means lower costs and more access to breakthrough treatments. For critics in Washington, the deals spell risk. BBG
- Global stocks are meaningfully net bought so far in August, driven almost entirely by US equities which have been net bought for three straight weeks. Notably, on a trailing 3-week basis in % terms, the recent buying in US equities is the largest since March 2020 and second largest in the past decade. Goldman Prime Brokerage
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mostly lower following the tech-led declines stateside, as yields remained elevated and oil continued to edge higher amid the ongoing geopolitical stalemate. ASX 200 retreated amid a deluge of earnings and with RBA Deputy Governor Hauser sticking to the hawkish script, while Australian wage data matched estimates and spurred little reaction. Nikkei 225 failed to benefit from stronger-than-expected Machinery Orders data and was pressured by the tech weakness, despite yields pulling back from multi-decade highs. KOSPI underperformed amid pressure in the tech heavyweights, while sentiment was also not helped by strained US-South Korea ties after US President Trump reduced the joint drills with South Korea and is said to be pushing for a meeting with North Korean leader Kim as soon as this fall. Hang Seng and Shanghai Comp were ultimately mixed, with the Hong Kong benchmark kept afloat as participants digested earnings releases including from Baidu and Xiaomi, while the mainland conformed to the broad downbeat mood with notable losses seen in the ChiNext Nasdaq-style board.
Top Asian News
- Japanese Ministry of Defence is reportedly to request JPY 8.9tln spend in budget request, Nikkei reported.
- Japanese Machinery Orders (Jun MM) 9.7% vs. Exp. 7.8% (Prev. -12.4%).
- Japanese Machinery Orders (Jun YY) 16.9% vs. Exp. 10.8% (Prev. -1.9%).
European bourses are broadly lower, following on from the risk-off tone overnight as Asian chipmakers were weighed by the weakness stateside. Switzerland’s SMI outperforms, supported by Geberit, after it reported strong results. Sectors point to a mixed picture. Construction outperforms, with Energy and Retail rounding out the top 3 sectors. To the downside is Media, followed by Banks and Food, Beverages & Tobacco. The latter has been pressured by post-earning losses in Carlsberg (-3.7%) after its H1 EBIT missed consensus.
Top European News
- UK PM Burnham said No. 10 North will take over responsibility for economic growth from the Treasury as part of a transfer of power, according to The Times.
FX
- Focus on yields remain with the USD weaker against most G10 peers today as bonds stabilise around recent lows; the oil story is similar, Brent remaining above USD 90/bbl. Action this morning has been isolated to FX, USD weakness emerging against all peers without a clear driver, EUR/USD rising back above 1.16 while Cable breached 1.3550, DXY below 99.50, familiar levels in recent sessions. The summer conditions likely a factor in the news-absent moves, especially ahead of risk events 1) FOMC minutes, and 2) 20yr auction, both of which have increased focus amid 1) the lack of Fed Chair Warsh’s communication, 2) recent weakness in the long end and it being potentially the most expensive for the Treasury in 25 years. Ahead of this, STIRS are steady with the market assigning a c. 30% probability of Fed tightening in September.
- No major GBP move to UK CPI, which, in short, continues the narrative that the BoE is comfortable at 3.75% with data continuing to not surprise vs. market and BoE’s July MPR forecasts. The headline rise reflects the Ofgem price cap introduced this month, a point which was partially offset by a decent moderation in food inflation. Services moderated as expected, while ING notes the BoE’s core services measure of inflation has picked up a little to 3.8% Y/Y, which, while hotter, shouldn’t be too much to encourage those on the fence for tightening. In conjunction with the soft LFS on Tuesday, both show sufficient evidence to keep the BoE on hold for the rest of the year, with risks tilted both ways.
- JPY is the G10 outperformer, benefitting from a softer Buck as the pair looks to return towards 159.00 after nearing 160.00 in the previous few sessions. Macro catalysts were light, though strength seen in KRW could have given a helping hand also. USD/JPY marked a session low of 159.05, a little off this level at the time of writing.
Fixed Income
- Global fixed benchmarks are mixed this morning, though yields ultimately remain near recent multi-year highs as concerns surrounding geopolitical/fiscal remain. Price action today has been fairly rangebound given the lack of pertinent newsflow. The geopolitical environment remains tense, with President Trump continuing to threaten Iran; recent Iranian sources have rejected the White House’s claim that there have been direct negotiations between Iran and the US.
- USTs (+2 ticks) currently holds towards the upper end of a 108-16 to 108-23 range. The docket is lacking for the remainder of the day, aside from the FOMC Minutes. It will be eyed to gauge hawkish sentiment among the wider FOMC, with markets currently leaning towards a hold in September. However, given recent soft US data, the Minutes could be looked through.
- Bunds (-10 ticks) are slightly lower this morning. EZ HICP Final metrics were unrevised, spurring little move. Thereafter, a poor German auction (high retention), also spurred little action in primary markets. The subdued outing is likely due to the ongoing summer lull, and as European banks taper their bond purchases as they approach their minimum reserve holdings.
- Gilts (+6 ticks) are outperforming this morning, taking lead from the region’s inflation report. Headline inflation rose from the prior (in-line with expectations), but much of the acceleration was attributed to Ofgem’s utility price hike. Dovish factors stem from a decent moderation in food inflation and cooling Services inflation (though mainly due to low air fares reading). Overall, the report will do little to shift the BoE away from its holding policy; ING expects the Bank to keep rates on hold for the remainder of the year, before delivering cuts in Spring 2027.
- Germany sells EUR 3.769bln vs exp. 6bln 3.00% 2036 Bund: b/c 1.15x (prev. 1.10x), average yield 3.26% (prev. 3.13%), retention 37.2% (prev. 25.05%).
Commodities
- WTI and Brent October futures are higher for a fourth trading day, with Brent rising towards USD 92/bbl (vs low and WTI near USD 85/bbl (USD 84.36/bbl), as the US-Iran conflict showed no sign of resolution. Furthermore, weekly API data yesterday reported a modest draw in crude stockpiles. Elsewhere in energy, Dutch TTF is modestly softer and around an intraday low after gradually fading from levels above EUR 64.50/MWh to lows just above EUR 63/MWh. In shipping, China’s seaborne crude imports averaged around 6.8mln bpd in Aug 1-15 , vs ~7.3mln bpd in the same period in July, according to Vortexa. Tanker arrivals point to a pickup in the second half of August, though smaller than initially expected, leaving Chinese seaborne buying below pre-war levels for now.
- Precious metals are mixed and within tight ranges. Spot gold remains under its 100 DMA (USD 4,381/oz) in a narrow USD 4,325-4,363/oz range vs yesterday’s USD 4,329-4,436/oz range. Spot silver is conversely subdued in a USD 62.54-64.33/oz range after dipping under yesterday’s USD 66.56/oz low. Gold edged higher as easing US bond selling reduced pressure after Tuesday’s decline, though analysts note that uncertainty over US-Iran relations and higher energy-led inflation remain potential headwinds.
- Copper eased this morning towards the lower end of a tight USD 13,887-13,990/t. Reports note that the backwardation between immediate and three-month delivery eased to USD 248/ton (vs as much as USD 545 on Monday). Bloomberg notes that LME copper inventories available to buyers rose by more than 20,000 tons on Tuesday, the largest single-day jump since April, easing a historic supply squeeze; Trafigura was behind a significant share of the deliveries.
- US Private Weekly Inventory Data (bbls) Crude -0.3mln (prev. +9.1mln), Gasoline +1.1mln (prev. -1.5mln), Distillate -2.8mln (prev. -0.6mln), Cushing -1.4mln (prev. +0.4mln)
- ADNOC is reportedly aiming to trim the amount of crude sold to Asian customers in August and September, Bloomberg reported citing sources.
Trade/Tariffs
- US President Trump posted “I have paused the 50% tariffs against Canada that was scheduled to kick in tomorrow morning for a three day period, based on the fact that Canada and the U.S.A., subject to finalization of documents, have reached a DEAL!”
- USTR Greer said the deal with Canada will include comprehensive market access for all American goods, economic security commitments and digital trade alignment.
- Canadian PM Carney said the US has agreed to postpone implementation of its 50% tariffs on a range of Canadian goods under Section 338 of the US Tariff Act of 1930 until the end of August 21st.
Central Banks
- RBA Deputy Governor Hauser said inflation is too high, adding that monetary policy needs to bring inflation down and needs to reduce demand in the economy. Hauser added that they are not seeing recession, but just a slowdown. Worried about inflation and upside risk to inflation and that if inflation doesn’t come down, will have to raise rates again.
- ECB’s Rehn said the wage growth and outlook remain moderate, there are no clear signs of second‑round effects and that keeping inflation expectations anchored is essential.
- Indonesia Central Bank leaves rates unchanged at 5.75%, as expected.
Geopolitics: Iran
- US President Trump told top administration envoys to halt their conversations with Iran, according to CNN citing a US official.
- US President Trump is waiting for Iran to cave to his economic pressure, but Tehran may be willing to wait even longer, according to Politico.
- A source close to Iran’s negotiating team said there had been no direct Iran-US negotiations and that talks with Oman concerned sovereignty over the Strait of Hormuz, according to Fars News.
- Iranian Deputy Chairman of the Parliament’s National Security Commission said “A ‘new passage’ in the Strait of Hormuz, other than the southern route, will soon be announced in the form of a joint statement with Oman.”
- Iran’s Foreign Minister said the framework of Tehran’s foreign policy will be based on a strong Iran, an Iran that is self-confident and in control of the situation.
- Iran Foreign Ministry spokesman Baghaei dismissed UAE claims that Iran launched missiles, citing false flag operations in warning against ‘baseless’ accusations.
- Iran has weighed attacking US military targets in Europe if US President Trump escalates the war, according to people close to the regime cited by FT.
- Yemeni Houthis have placed Saudi Aramco and all its facilities, oil tanks, crude transfer pipelines and export ports on their list of targets, Al-Akhbar sources said. The source added that the process of monitoring and tracking Saudi oil tankers in the Red Sea is ongoing.
- UAE Foreign Ministry said all trade, commercial exchanges and financial transactions with Iran have been halted until further notice.
- UKMTO has received a report of an incident 40NM southeast of Al Mukha, Yemen. The cargo vessel was unmanned at the time of the incident, however the damage has resulted in a complete constructive loss.
- The Israeli PM Office said Israel and Syria have agreed to maintain the status quo on security matters, which Syria was about to violate by allowing Turkish forces to deploy at an air base near Aleppo.
- Syria’s petroleum company said an explosion occurred at the gas export pipeline at the Al-Jabsah gas plant, leading to a halt of pumping through the pipeline
Geopolitics: Other
- US President Trump is pushing for a meeting with North Korean leader Kim Jong Un as soon as this fall, according to WSJ citing US officials.
- US-South Korea joint military drills schedule is expected to be cut in half, according to South Korean media. It was later stated by a US Pentagon official that the US military substantially reduces exercise with South Korea and exercises will conclude one week early.
- North Korea denounced US-South Korea military drills and said exercise of its right to self-defence will continue to completely neutralise enemies’ military threat.
US Event Calendar
DB’s Henry Allen concludes the overnight wrap
Markets had another rough session over the last 24 hours, with equities hit by a sharp selloff in chip stocks, just as several countries’ bond yields hit multi-year highs. To be honest, there was little respite for investors anywhere, and with no sign of any US-Iran talks, oil prices saw a fresh move higher as well. So, it was a bad day for the most part, with the S&P 500 (-0.69%) posting a 3rd consecutive decline, whilst Germany’s 10yr bund yield (+3.7bps) hit a post-2011 high of 3.26%. The main exception came from US Treasuries, with the 10yr yield (-1.8bps) falling back a bit. But even that was thanks to a weaker batch of US data, so it was hard to generate a positive narrative wherever you looked.
The bond selloff was the biggest story yesterday, as the relentless rise in yields showed no sign of easing. In part, that’s been driven by longer-term structural forces, including concerns around fiscal deficits and the AI boom. But near-term inflation concerns stepped up a gear yesterday, with 1-year US (+6.3bps) and Euro (+12.0bps) inflation swaps moving higher. That came as Brent crude (+0.17%) edged up to a 3-week high of $91.02/bbl, while European natural gas futures (+3.06%) also hit a 3-year high of €63.65/MWh. So that added to the pressure, particularly for European bonds more exposed to the energy shock. And that trend has continued overnight as well, with Brent crude up another +0.76% this morning to $91.71/bbl.
That backdrop saw yields hit fresh highs around the world, although Europe saw some of the biggest increases. For instance, yields on 10yr bunds (+3.7bps) hit a post-2011 high of 3.26%, 10yr OAT yields (+4.7bps) hit a post-2008 high of 4.11%, and 10yr BTP yields (+6.0bps) hit a 2-year high of 4.07%. Otherwise, there were similar records at the 30yr horizon, with German 30yr yields (+2.4bps) at a post-2011 high of 3.77%, and France’s 30yr yield (+2.8bps) hit a post-2008 high of 4.89%.
The main exception to this pattern yesterday were US Treasury yields, which initially looked set for new highs before falling back. That was thanks to a soft batch of US data, which cast fresh doubt on how rapidly the Fed could hike rates. That included data on housing starts, which fell to an annualised rate of 1.239m in July (vs. 1.345m expected). Meanwhile, industrial production only rose +0.2% in July (vs. +0.3% expected), whilst pending home sales were down -2.3% (vs. unch expected). So with all that now out, the Atlanta Fed cut their GDPNow estimate for Q3 to an annualised pace of +4.0%, down from +4.3% beforehand. And in turn, those releases helped Treasury yields to pull back again, with the 10yr yield (-1.8bps) ultimately closing slightly lower at 4.70%. Another test of demand for long-dated Treasuries will come with today’s 20yr auction, but yields have continued to fall overnight, with the 10yr yield down another -1.6bps this morning to 4.69%.
As all that was going on, there were still no signs of any negotiations to reopen the Strait of Hormuz. Indeed, President Trump said in a post that “There are no talks or conversations going on, or scheduled” with Iran and that the US “Naval Blockade remains in full force and effect”. Meanwhile, Iran’s parliamentary speaker Ghalibaf said that Hormuz would remain shut until the US meets conditions of the interim deal agreed in June, which include lifting the US blockade, removing oil sanctions, and unfreezing Iranian assets. So that led to growing pessimism that the Strait of Hormuz would reopen anytime soon, and we saw oil prices move up throughout the futures curve. In fact, the 12-month Brent future (+0.38%) hit a 2-month high of $78.31/bbl, with fears about a protracted period of high oil prices adding to the pressure on bonds yesterday.
For equities, the stagflationary backdrop meant it was another difficult session, with fresh declines on both sides of the Atlantic. In the US, that saw the S&P 500 (-0.69%) lose ground for a third consecutive session, with chip stocks as the biggest driver of the declines. In fact, the Philly semiconductor index (-4.98%) had its worst day of August so far. The NASDAQ (-1.33%) also underperformed, while the Mag-7 (-0.88%) was led lower by Meta (-4.42%). But the weakness was also broad-based, with the equal-weighted S&P 500 down -0.45%. Meanwhile in Europe, the STOXX 600 (-0.69%) posted a 5th consecutive decline for the first time in 2026 so far, alongside losses for the DAX (-0.80%) and the CAC 40 (-0.82%) as well.
Overnight in Asia, there’s been a similar theme, with the selloff in chip stocks contributing to sizeable losses for the major indices. South Korea’s KOSPI (-5.44%) has seen the biggest declines this morning, but there’s also been sharp moves for the Nikkei (-2.85%), the CSI 300 (-2.41%) and the Shanghai Comp (-1.96%). The main exception to that pattern has been the Hang Seng (+0.24%), with a modest advance. But equity futures are pointing to further declines today in the US and Europe, with those on the S&P 500 (-0.11%) and the DAX (-0.17%) both moving lower.
In other news overnight, President Trump announced a 3-day pause on the 50% tariffs on Canada that had been scheduled. He said this was “based on the fact that Canada and the U.S.A., subject to the finalization of documents, have a DEAL!” We don’t have the full details, but in a White House proclamation, it said that “Canada has expressed a commitment to remove the discriminations or unreasonable and unequal impositions” relating to US alcohol, dairy, and autos. Meanwhile on the Canadian side, Prime Minister Carney didn’t say there’d been a deal, but a statement from him said “Substantial progress has been made, although there is important work still to be done.” The announcement led to a small rally for the Canadian Dollar, which is up +0.13% against the US Dollar this morning.
Otherwise yesterday, UK gilts outperformed their European counterparts after the latest labour market data came in on the dovish side. It showed payrolled employees falling by -13k in July (vs. unch expected), whilst the unemployment rate was at 4.9% in the three months to June (vs. 4.8% expected). Moreover, private sector wage growth (ex bonuses) was only at +2.8% year-on-year in the three months to June, the slowest pace since 2020 during the pandemic. So 10yr gilt yields were only up +2.1bps on the day to 5.08%, a smaller increase than elsewhere.
In Germany, the latest ZEW Survey came in stronger than expected, with the expectations component rising to 34.2 in August (vs. 30.0 expected). That’s the highest level since February, before the Iran conflict began.
Looking at the day ahead, data releases include the UK CPI release for July. From central banks, we’ll get the minutes from the FOMC’s July meeting and hear from ECB President Lagarde. Finally, earnings releases include Target, Lowe’s, and TJX
1b European opening report
Stocks flat with quiet action elsewhere; USD moves lower into FOMC minutes – Newsquawk US Market Open
Wednesday, Aug 19, 2026 – 06:00 AM
- US President Trump is waiting for Iran to cave to his economic pressure, but Tehran may be willing to wait even longer, according to POLITICO.
- A source close to Iran’s negotiating team said there had been no direct Iran-US negotiations and that talks with Oman concerned sovereignty over the Strait of Hormuz, according to Fars News.
- US President Trump announced that the US is to pause the 50% tariffs on Canada.
- US equity futures muted; SK Hynix ADRs surge following share buyback announcement.
- DXY lower; JPY outperforms while GBP follows despite a mixed inflation reading.
- Fixed income benchmarks steady after recent steepening and rangebound energy prices (Brent +1.0%).
- Looking ahead, highlights include FOMC Minutes (Jul). Comments from ECB’s Lagarde, Fed’s Musalem and US President Trump. Supply from the US. Earnings from Lowe’s.
As of 10:45BST / 05:45EDT
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EUROPEAN TRADE
EQUITIES
- European bourses are broadly lower, following on from the risk-off tone overnight as Asian chipmakers were weighed by the weakness stateside. Switzerland’s SMI outperforms, supported by Geberit, after it reported strong results.
- Sectors point to a mixed picture. Construction outperforms, with Energy and Retail rounding out the top 3 sectors. To the downside is Media, followed by Banks and Food, Beverages & Tobacco. The latter has been pressured by post-earning losses in Carlsberg (-3.7%) after its H1 EBIT missed consensus.
- US equity futures initially started on the softer footing but reversed after updates from SK Hynix (+5.6% pre-market). The Co. announced plans to buyback KRW 40tln of stock and return over 50% of FCF to shareholders from its previous target of within 50%. Additionally, S&P upgraded SK Hynix’s credit rating to ‘A-‘ from ‘BBB+’, citing AI-driven operating strength. S&P added that operating performance is likely to continue to surge over the next two years on extremely favourable memory sales and robust profitability and operating cash flow. Traders look ahead to the FOMC minutes for potential impetus.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
FX
- Focus on yields remain with the USD weaker against most G10 peers today as bonds stabilise around recent lows; the oil story is similar, Brent remaining above USD 90/bbl. Action this morning has been isolated to FX, USD weakness emerging against all peers without a clear driver, EUR/USD rising back above 1.16 while Cable breached 1.3550, DXY below 99.50, familiar levels in recent sessions. The summer conditions likely a factor in the news-absent moves, especially ahead of risk events 1) FOMC minutes, and 2) 20yr auction, both of which have increased focus amid 1) the lack of Fed Chair Warsh’s communication, 2) recent weakness in the long end and it being potentially the most expensive for the Treasury in 25 years. Ahead of this, STIRS are steady with the market assigning a c. 30% probability of Fed tightening in September.
- No major GBP move to UK CPI, which, in short, continues the narrative that the BoE is comfortable at 3.75% with data continuing to not surprise vs. market and BoE’s July MPR forecasts. The headline rise reflects the Ofgem price cap introduced this month, a point which was partially offset by a decent moderation in food inflation. Services moderated as expected, while ING notes the BoE’s core services measure of inflation has picked up a little to 3.8% Y/Y, which, while hotter, shouldn’t be too much to encourage those on the fence for tightening. In conjunction with the soft LFS on Tuesday, both show sufficient evidence to keep the BoE on hold for the rest of the year, with risks tilted both ways.
- JPY is the G10 outperformer, benefitting from a softer Buck as the pair looks to return towards 159.00 after nearing 160.00 in the previous few sessions. Macro catalysts were light, though strength seen in KRW could have given a helping hand also. USD/JPY marked a session low of 159.05, a little off this level at the time of writing.
FIXED INCOME
- Global fixed benchmarks are mixed this morning, though yields ultimately remain near recent multi-year highs as concerns surrounding geopolitical/fiscal remain. Price action today has been fairly rangebound given the lack of pertinent newsflow. The geopolitical environment remains tense, with President Trump continuing to threaten Iran; recent Iranian sources have rejected the White House’s claim that there have been direct negotiations between Iran and the US.
- USTs (+2 ticks) currently holds towards the upper end of a 108-16 to 108-23 range. The docket is lacking for the remainder of the day, aside from the FOMC Minutes. It will be eyed to gauge hawkish sentiment among the wider FOMC, with markets currently leaning towards a hold in September. However, given recent soft US data, the Minutes could be looked through.
- Bunds (-10 ticks) are slightly lower this morning. EZ HICP Final metrics were unrevised, spurring little move. Thereafter, a poor German auction (high retention), also spurred little action in primary markets. The subdued outing is likely due to the ongoing summer lull, and as European banks taper their bond purchases as they approach their minimum reserve holdings.
- Gilts (+6 ticks) are outperforming this morning, taking lead from the region’s inflation report. Headline inflation rose from the prior (in-line with expectations), but much of the acceleration was attributed to Ofgem’s utility price hike. Dovish factors stem from a decent moderation in food inflation and cooling Services inflation (though mainly due to low air fares reading). Overall, the report will do little to shift the BoE away from its holding policy; ING expects the Bank to keep rates on hold for the remainder of the year, before delivering cuts in Spring 2027.
- Germany sells EUR 3.769bln vs exp. 6bln 3.00% 2036 Bund: b/c 1.15x (prev. 1.10x), average yield 3.26% (prev. 3.13%), retention 37.2% (prev. 25.05%).
COMMODITIES
- WTI and Brent October futures are higher for a fourth trading day, with Brent rising towards USD 92/bbl (vs low and WTI near USD 85/bbl (USD 84.36/bbl), as the US-Iran conflict showed no sign of resolution. Furthermore, weekly API data yesterday reported a modest draw in crude stockpiles. Elsewhere in energy, Dutch TTF is modestly softer and around an intraday low after gradually fading from levels above EUR 64.50/MWh to lows just above EUR 63/MWh. In shipping, China’s seaborne crude imports averaged around 6.8mln bpd in Aug 1-15 , vs ~7.3mln bpd in the same period in July, according to Vortexa. Tanker arrivals point to a pickup in the second half of August, though smaller than initially expected, leaving Chinese seaborne buying below pre-war levels for now.
- Precious metals are mixed and within tight ranges. Spot gold remains under its 100 DMA (USD 4,381/oz) in a narrow USD 4,325-4,363/oz range vs yesterday’s USD 4,329-4,436/oz range. Spot silver is conversely subdued in a USD 62.54-64.33/oz range after dipping under yesterday’s USD 66.56/oz low. Gold edged higher as easing US bond selling reduced pressure after Tuesday’s decline, though analysts note that uncertainty over US-Iran relations and higher energy-led inflation remain potential headwinds.
- Copper eased this morning towards the lower end of a tight USD 13,887-13,990/t. Reports note that the backwardation between immediate and three-month delivery eased to USD 248/ton (vs as much as USD 545 on Monday). Bloomberg notes that LME copper inventories available to buyers rose by more than 20,000 tons on Tuesday, the largest single-day jump since April, easing a historic supply squeeze; Trafigura was behind a significant share of the deliveries.
- US Private Weekly Inventory Data (bbls) Crude -0.3mln (prev. +9.1mln), Gasoline +1.1mln (prev. -1.5mln), Distillate -2.8mln (prev. -0.6mln), Cushing -1.4mln (prev. +0.4mln)
- ADNOC is reportedly aiming to trim the amount of crude sold to Asian customers in August and September, Bloomberg reported citing sources.
TRADE/TARIFFS
- US President Trump posted “I have paused the 50% tariffs against Canada that was scheduled to kick in tomorrow morning for a three day period, based on the fact that Canada and the U.S.A., subject to finalization of documents, have reached a DEAL!”
- USTR Greer said the deal with Canada will include comprehensive market access for all American goods, economic security commitments and digital trade alignment.
- Canadian PM Carney said the US has agreed to postpone implementation of its 50% tariffs on a range of Canadian goods under Section 338 of the US Tariff Act of 1930 until the end of August 21st.
NOTABLE EUROPEAN HEADLINES
- UK PM Burnham said No. 10 North will take over responsibility for economic growth from the Treasury as part of a transfer of power, according to The Times.
NOTABLE EUROPEAN DATA RECAP
- UK CPI (Jul YY) 2.9% vs. Exp. 2.9% (Prev. 2.6%); CPI services 3.4% (Prev. 3.6%).
- UK CPI (Jul MM) 0.3% vs. Exp. 0.3% (Prev. 0.1%).
- UK Core CPI (Jul YY) 2.6% vs. Exp. 2.5% (Prev. 2.6%).
- UK Core CPI (Jul MM) 0.2% vs. Exp. 0.1% (Prev. 0.3%).
- UK Retail Price Index (Jul YY) 3.2% vs. Exp. 3.3% (Prev. 3.0%).
- UK Retail Price Index (Jul MM) 0.6% vs. Exp. 0.8% (Prev. 0.3%).
- European HICP Final (Jul YY) 2.9% vs. Exp. 2.9% (Prev. 2.8%).
- European HICP Final (Jul MM) 0.2% vs. Exp. 0.2% (Prev. -0.1%).
- European Core HICP Final (Jul YY) 2.5% vs. Exp. 2.5% (Prev. 2.4%).
CENTRAL BANKS
- RBA Deputy Governor Hauser said inflation is too high, adding that monetary policy needs to bring inflation down and needs to reduce demand in the economy. Hauser added that they are not seeing recession, but just a slowdown. Worried about inflation and upside risk to inflation and that if inflation doesn’t come down, will have to raise rates again.
- ECB’s Rehn said the wage growth and outlook remain moderate, there are no clear signs of second‑round effects and that keeping inflation expectations anchored is essential.
- Indonesia Central Bank leaves rates unchanged at 5.75%, as expected.
GEOPOLITICS
MIDDLE EAST
- US President Trump told top administration envoys to halt their conversations with Iran, according to CNN citing a US official.
- US President Trump is waiting for Iran to cave to his economic pressure, but Tehran may be willing to wait even longer, according to Politico.
- A source close to Iran’s negotiating team said there had been no direct Iran-US negotiations and that talks with Oman concerned sovereignty over the Strait of Hormuz, according to Fars News.
- Iranian Deputy Chairman of the Parliament’s National Security Commission said “A ‘new passage’ in the Strait of Hormuz, other than the southern route, will soon be announced in the form of a joint statement with Oman.”
- Iran’s Foreign Minister said the framework of Tehran’s foreign policy will be based on a strong Iran, an Iran that is self-confident and in control of the situation.
- Iran Foreign Ministry spokesman Baghaei dismissed UAE claims that Iran launched missiles, citing false flag operations in warning against ‘baseless’ accusations.
- Iran has weighed attacking US military targets in Europe if US President Trump escalates the war, according to people close to the regime cited by FT.
- Yemeni Houthis have placed Saudi Aramco and all its facilities, oil tanks, crude transfer pipelines and export ports on their list of targets, Al-Akhbar sources said. The source added that the process of monitoring and tracking Saudi oil tankers in the Red Sea is ongoing.
- UAE Foreign Ministry said all trade, commercial exchanges and financial transactions with Iran have been halted until further notice.
- UKMTO has received a report of an incident 40NM southeast of Al Mukha, Yemen. The cargo vessel was unmanned at the time of the incident, however the damage has resulted in a complete constructive loss.
- The Israeli PM Office said Israel and Syria have agreed to maintain the status quo on security matters, which Syria was about to violate by allowing Turkish forces to deploy at an air base near Aleppo.
- Syria’s petroleum company said an explosion occurred at the gas export pipeline at the Al-Jabsah gas plant, leading to a halt of pumping through the pipeline
OTHER
- US President Trump is pushing for a meeting with North Korean leader Kim Jong Un as soon as this fall, according to WSJ citing US officials.
- US-South Korea joint military drills schedule is expected to be cut in half, according to South Korean media. It was later stated by a US Pentagon official that the US military substantially reduces exercise with South Korea and exercises will conclude one week early.
- North Korea denounced US-South Korea military drills and said exercise of its right to self-defence will continue to completely neutralise enemies’ military threat.
CRYPTO
- Bitcoin remains well within Tuesday’s range of USD 63.99k-65.02k range and comfortably above the nearest support of the 20- and 50-SMAs.
APAC TRADE
- APAC stocks were mostly lower following the tech-led declines stateside, as yields remained elevated and oil continued to edge higher amid the ongoing geopolitical stalemate.
- ASX 200 retreated amid a deluge of earnings and with RBA Deputy Governor Hauser sticking to the hawkish script, while Australian wage data matched estimates and spurred little reaction.
- Nikkei 225 failed to benefit from stronger-than-expected Machinery Orders data and was pressured by the tech weakness, despite yields pulling back from multi-decade highs.
- KOSPI underperformed amid pressure in the tech heavyweights, while sentiment was also not helped by strained US-South Korea ties after US President Trump reduced the joint drills with South Korea and is said to be pushing for a meeting with North Korean leader Kim as soon as this fall.
- Hang Seng and Shanghai Comp were ultimately mixed, with the Hong Kong benchmark kept afloat as participants digested earnings releases including from Baidu and Xiaomi, while the mainland conformed to the broad downbeat mood with notable losses seen in the ChiNext Nasdaq-style board.
NOTABLE ASIA-PAC HEADLINES
- Japanese Ministry of Defence is reportedly to request JPY 8.9tln spend in budget request, Nikkei reported.
NOTABLE APAC DATA RECAP
- Japanese Machinery Orders (Jun MM) 9.7% vs. Exp. 7.8% (Prev. -12.4%).
- Japanese Machinery Orders (Jun YY) 16.9% vs. Exp. 10.8% (Prev. -1.9%).
1 c) Asian opening report
Europe primed for a flat open as Oil and Yields take a breather – Newsquawk EU Market Open
Wednesday, Aug 19, 2026 – 02:20 AM
- US President Trump is waiting for Iran to cave to his economic pressure, but Tehran may be willing to wait even longer, according to POLITICO.
- Iranian Foreign Minister Araghchi said Tehran rejected ceasefire proposals and said that the war must end, not pause.
- US President Trump posted that he has paused the 50% tariffs on Canada, due to kick in on August 19th, for a three-day period; Canadian PM Carney confirmed the pause until the end of August 21st.
- APAC stocks were mostly lower following the tech-led declines stateside; European equity futures indicate a slightly lower cash market open.
- Crude futures edged higher amid the ongoing stalemate regarding the Strait of Hormuz; bond yields eased.
- Looking ahead, highlights include UK Inflation (Jul), EU Inflation Final (Jul), and FOMC Minutes (Jul). Comments from ECB’s Lagarde. Supply from Germany and the US. Earnings from Lowe’s.
As of 06:20BST/01:20EDT
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LOOKING AHEAD
- Highlights Highlights include UK Inflation (Jul), EU Inflation Final (Jul), FOMC Minutes (Jul). Comments from ECB’s Lagarde. Supply from Germany & US, Earnings from Lowe’s.
- Click for the Newsquawk Week Ahead.
IRAN CONFLICT
- US President Trump is waiting for Iran to cave to his economic pressure, but Tehran may be willing to wait even longer, according to POLITICO.
- US President Trump told top administration envoys to halt their conversations with Iran, while White House officials have recently communicated to political allies that they are shifting their strategy — going from “hammer Iran ASAP” to “strangle them” over time, according to CNN.
- US Secretary of State Rubio and UAE’s National Security Advisor discussed topics including Lebanon and Iran, according to the State Department.
- Iran has weighed attacking US military targets in Europe if US President Trump escalates the war, according to people close to the regime cited by FT.
- Iranian Foreign Minister Araghchi said Tehran rejected ceasefire proposals and said that the war must end, not pause.
- Iranian Parliamentary Speaker Ghalibaf commented, “Americans think squeezing Iran harder will win concessions that were never part of the agreement. Bessent and Hegseth are way out of their league. Stop waiting for the clown crew to pull a rabbit out of their hat and clean up the mess you made.”
- Iranian Foreign Ministry spokesman Baghaei dismissed UAE claims that Iran launched missiles, while he cited false flag operations in warning against ‘baseless’ accusations.
- UAE’s Defence Ministry said it detected two ballistic missiles launched from Iran with one missile falling outside territorial waters and the second falling inside, while it is ready to deal with any threats.
- UAE’s Foreign Ministry said all trade, commercial exchanges and financial transactions with Iran have been halted until further notice.
- French Foreign Minister announced that France will expel two Iranian diplomatic staff in response to Iran detaining and questioning two French embassy employees for hours.
- Israeli airstrikes hit areas near Kafrman, southern Lebanon.
US TRADE
EQUITIES
- US stocks were pressured on Tuesday, with the Nasdaq leading the downside amid pronounced weakness in Technology as semiconductor and memory names were particularly hard hit as US yields remained elevated. Industrials and Materials also lagged, while Energy, Health Care and Consumer Staples outperformed. The recent backup in long-end yields has been weighing on broader market sentiment, particularly after the 30-year rose to its highest level in around 19 years on Monday. Higher long-term borrowing costs may be reducing the attractiveness of debt-backed financing for hyperscaler capex, potentially weighing on the outlook for AI infrastructure spending and, in turn, demand for semiconductors. Higher yields also present a valuation headwind for growth stocks more broadly. The Vanguard S&P 500 Growth ETF (VOOG) fell over 1%, while the Semiconductor ETF (SOXX) dropped around 5% and the Memory ETF (DRAM) tumbled over 8%. In terms of data, US Import and Export Prices were cooler than expected, adding to the string of softer July inflation reports ahead of the PCE report due later this month. The weekly ADP Employment Change remained subdued at around 9.5k vs the prior week’s 8.25k. On housing, starts declined 12%, below expectations, while the more forward-looking Building Permits rose 5%, topping forecasts. Industrial and Manufacturing Production were broadly in line. In the wake of the data, the Atlanta Fed GDPNow estimate for Q3 was revised down to 4.0% from 4.3%.
- SPX -0.66% at 7,694, NDX -1.68% at 29,491, DJI -0.22% at 53,344, RUT -1.24% at 3,020.
- Click here for a detailed summary.
TARIFFS/TRADE
- US President Trump posted, “I have paused the 50% tariffs against Canada that was scheduled to kick in tomorrow morning for a three day period, based on the fact that Canada and the U.S.A., subject to finalization of documents, have reached a DEAL! The great Keystone XL Pipeline, long ago killed by Sleepy Joe Biden, may be awoken from the grave!”
- US Trade Representative Greer said the deal with Canada will include comprehensive market access for all American goods, economic security commitments and digital trade alignment.
- Canadian PM Carney said the US agreed to postpone implementation of its 50% tariffs on a range of Canadian goods under Section 338 of the US Tariff Act of 1930 until the end of August 21st. Furthermore, the PM’s Office stated substantial progress has been made with the US, although there is important work still to be done, while Canada has engaged in intensive discussions with the US to address outstanding trade issues over the last number of weeks.
- Mexico reportedly weighs tougher trade rules for China.
NOTABLE HEADLINES
- White House plans to host an event with President Trump today that will include various tech leaders, though prediction market companies were not invited, according to Axios citing sources.
- US President Trump is to select White House adviser Heidi Overton to run the FDA.
APAC TRADE
EQUITIES
- APAC stocks were mostly lower following the tech-led declines stateside, as yields remained elevated and oil continued to edge higher amid the ongoing geopolitical stalemate.
- ASX 200 retreated amid a deluge of earnings and with RBA Deputy Governor Hauser sticking to the hawkish script, while Australian wage data matched estimates and spurred little reaction.
- Nikkei 225 failed to benefit from stronger-than-expected Machinery Orders data and was pressured by the tech weakness, despite yields pulling back from multi-decade highs.
- KOSPI underperformed amid pressure in the tech heavyweights, while sentiment was also not helped by strained US-South Korea ties after US President Trump reduced the joint drills with South Korea and is said to be pushing for a meeting with North Korean leader Kim as soon as this fall.
- Hang Seng and Shanghai Comp were ultimately mixed, with the Hong Kong benchmark kept afloat as participants digested earnings releases including from Baidu and Xiaomi, while the mainland conformed to the broad downbeat mood with notable losses seen in the ChiNext Nasdaq-style board.
- US equity futures remained subdued after the recent tech underperformance.
- European equity futures indicate a slightly lower cash market open, with Euro Stoxx 50 futures down 0.2% after the cash market closed with losses of 1.0% on Tuesday.
FX
- DXY marginally softened and gave up ground to the loonie after US President Trump announced a three-day pause of the 50% tariffs on Canada that were due to kick in today, as Canada and the US have reached a deal, subject to finalisation of documents. Elsewhere, there were few fresh catalysts for the dollar with headlines mostly centred around geopolitics, while participants await today’s FOMC Minutes release.
- EUR/USD eked out slight gains against the dollar, but remained confined within a tight range at the 1.1500 handle following a recent choppy mood and after comments from ECB’s Lane did little to shift the dial.
- GBP/USD lacked direction following recent disappointing jobs data from the UK, including a higher-than-expected Unemployment Rate, while participants now await the latest inflation metrics.
- USD/JPY slightly pulled back amid a softer dollar and following stronger-than-expected Machinery Orders data from Japan, although price action was limited to within the 159.00 territory.
- Antipodeans languished around this week’s lows with little reaction seen to the firmer-than-expected PPI data from New Zealand and hawkish comments from RBA’s Deputy Governor Hauser, who noted that inflation is too high and that they will have to raise rates again if it doesn’t come down.
- PBoC set USD/CNY mid-point at 6.7854 vs exp. 6.7421 (prev. 6.7905).
FIXED INCOME
- 10yr UST futures marginally extended on gains after recent flattening, but with yields remaining elevated, while attention shifts to FOMC Minutes.
- Bund futures moved off the prior day’s lows but with the rebound limited amid higher energy prices and looming supply, with a EUR 6bln Bund issuance scheduled today.
- 10yr JGB futures extended its rebound from support beneath the 126.00 level as yields pulled back, despite the higher oil prices and stronger-than-expected Machinery Orders data.
COMMODITIES
- Crude futures edged higher amid the ongoing stalemate regarding the Strait of Hormuz, with Trump recently commenting that there are no talks or conversations going on, or scheduled, with Iran and that the naval blockade remains in full force and effect. Trump was also reported to have told envoys to halt their conversations with Iran as the US shifts its strategy from “hammer Iran ASAP” to “strangle them” over time.
- US Private Weekly Inventory Data (bbls) Crude -0.3mln (prev. +9.1mln), Gasoline +1.1mln (prev. -1.5mln), Distillate -2.8mln (prev. -0.6mln), Cushing -1.4mln (prev. +0.4mln)
- Several independent US oil producers were expected to sign production contracts with Venezuela’s state-run PDVSA on Tuesday, according to POLITICO.
- Syria’s petroleum company said an explosion occurred at the gas export pipeline at the Al-Jabsah gas plant, leading to a halt of pumping through the pipeline, while the explosion was said to be the result of a deliberate act of sabotage based on initial investigations.
- Russian President Putin said Russia is discussing with Myanmar the construction of oil refineries, production and exploration of hydrocarbons, including on the shelf, while he stated relations between Russia and Myanmar continue to strengthen and gain concrete content. Putin also noted good prospects for organising the export of Russian LNG to Myanmar, including transit supplies, as well as the establishment of cooperation with Myanmar in the field of space and manned spaceflight.
- Russia will reroute Kazakh oil exports from Ust-Luga to Novorossiysk to free up Baltic port capacity for additional Russian crude shipments, according to source reports.
- Spot gold nursed some of the prior day’s losses, but with the recovery limited ahead of FOMC Minutes.
- Copper futures were subdued amid the mostly negative risk sentiment across global markets.
CRYPTO
- Bitcoin steadily retreated overnight but remained above the USD 64,000 level.
NOTABLE ASIA-PAC HEADLINES
- China eased limits on NVIDIA (NVDA) H200 chips as the AI race escalates, with Beijing permitting small shipments to help leading tech groups in a drive to catch up with US rivals, while ByteDance and Tencent (700 HK) have each received about 10,000 H200 processors in recent weeks, according to FT.
- RBA Deputy Governor Hauser said inflation is too high and that monetary policy needs to bring inflation down and needs to reduce demand in the economy. Hauser stated he is not seeing a recession, just a slowdown, although he is worried about inflation and upside risk to inflation, as well as noted that if inflation doesn’t come down, they will have to raise rates again.
DATA RECAP
- Japanese Machinery Orders (Jun MM) 9.7% vs. Exp. 7.8% (Prev. -12.4%)
- Japanese Machinery Orders (Jun YY) 16.9% vs. Exp. 10.8% (Prev. -1.9%)
GEOPOLITICS
MIDDLE EAST
- Israeli PM’s Office said Israel and Syria have agreed to maintain the status quo on security matters, which Syria was about to violate by allowing Turkish forces to deploy at an air base near Aleppo. Israel has repeatedly warned Syria that such a deployment would pose a threat to its security, while it added that Syria has chosen to ignore these warnings and Israel will not tolerate threats to its security, according to Axios.
- It was earlier reported that the US is to downplay hopes for a trade deal with Canada on Tuesday, although US President Trump and Canadian PM Carney were expected to speak again on Tuesday, according to people familiar with the matter.
RUSSIA-UKRAINE
- Russian Foreign Minister Lavrov said Russia has the right to regard direct involvement of British missile forces in strikes against Russia as participation in the conflict, according to Interfax.
OTHER
- US President Trump is pushing for a meeting with North Korean leader Kim as soon as this fall, according to WSJ citing US officials
- South Korean Joint Chiefs of Staff said the military drill schedule and scale will be adjusted, with South Korea‑US exercises cut to August 17th‑21st, while a Pentagon official stated that the US military substantially reduced its exercise with South Korea, with exercises to conclude one week early.
- North Korea denounced US-South Korea joint military drills and said the exercise of its right to self-defence will continue to completely neutralise enemies’ military threat.
EU/UK
NOTABLE HEADLINES
- UK PM Burnham said No. 10 North will take over responsibility for economic growth from the Treasury as part of a transfer of power, according to The Times.
- UK PM Burnham launches a national drive to offer rough sleepers a bed this winter in a ‘moral mission’ to end rough sleeping, according to The Mirror.
2.NORTH AND SOUTH KOREA/
NORTH KOREA
JAPAN
3. CHINA
China’s Tungsten Chokehold Turns Almonty Into The West’s Critical-Metal Lifeline
by Tyler Durden
Wednesday, Aug 19, 2026 – 03:25 PM
Almonty Industries has evolved from a junior miner into an established tungsten producer and a pure play on the China decoupling theme, the incoming defense rearmament supercycle in the West, AI infrastructure, and, of course, critical-mineral scarcity. As Western governments race to rebuild a tungsten supply chain outside China, Almonty’s producing assets and the ramp-up of its Sangdong and Panasqueira mines position the miner as a potentially critical supplier to the Western world.
Let’s begin with the catalyst. Beijing tightened tungsten export controls in February 2025, citing national security concerns, and has continued to subject the metal to strict controls. The restrictions have severely curbed available supply, triggering a squeeze in the physical market and driving prices above $3,125 a ton as of Wednesday morning.
Image via Cantor Fitzgerald:
Earlier this year, an inquiry from the US Defense Logistics Agency about potential tungsten purchases unsettled an already tight market, according to industry commentary circulated by Almonty. The agency, which manages critical stockpiles of tungsten for the government, ultimately did not proceed after industry players raised alarm bells that a massive government purchase could drive prices even higher.
Tungsten supplies are certainly turning out to be a major chokepoint: much of the metal available outside China is already committed under long-term contracts, leaving very little supply for the US government to add to its national stockpile.
Meanwhile, Japan is facing a critical shortage. Shipments of Chinese APT, or ammonium paratungstate, a vital white-powder intermediate used to create tungsten products, have reportedly stopped entirely since the beginning of this year, placing immense pressure on Japanese hard-metal and tool manufacturers. Japan has since increased its imports of tungsten scrap, but the US Department of Commerce’s Bureau of Industry and Security has issued a new rule requiring US suppliers to allocate 100% of their tungsten scrap to domestic buyers, not overseas ones.
The great tungsten squeeze has positioned Almonty as a pure play on ex-China supplies, especially as it advances its Sangdong Mine in South Korea toward full production. The project is expected to become a major source of non-Chinese tungsten for Western defense manufacturers and critical-mineral supply chains. The miner also operates one of the world’s longest-producing tungsten mines in Portugal.
On the earnings front, the company’s existing operations benefited from record tungsten prices during the second quarter. Revenue increased 498% from one year ago. Almonty reported net income of about $182 million, though most of that reflected a noncash accounting gain related to convertible securities.
Image via Cantor Fitzgerald:
It’s that very supply gap that shows why Almonty’s mines in South Korea and Portugal are becoming extraordinarily important to the West, not just for defense industries facing a weapons-production supercycle because of depleted stockpiles and the urgent need to resupply, but also for the semiconductor industry, where tungsten hexafluoride is used to create microscopic connections inside advanced memory chips. The supply squeeze ties Almonty to Samsung, SK Hynix, other chipmakers, and the broader AI infrastructure boom.
At the start of the week, Almonty authorized a $300 million stock buyback, allowing it to purchase up to 5% of its outstanding shares over three years.
CEO Lewis Black wrote in a statement, “The Board authorized this program because we do not believe today’s share price reflects the underlying value of this Company or the assets behind it.”
“Almonty controls one of the largest and highest-grade tungsten deposits outside of China at precisely the moment Western governments and defense manufacturers are rebuilding their critical minerals supply chains around non-Chinese sources,” Black said.
He added, “With Sangdong advancing toward full capacity, we believe our own shares are one of the most attractive investments available to us at current market pricing, and repurchasing them is a direct way to build value for the shareholders who own this business alongside us.“
The buyback comes as Almonty’s shares have diverged from tungsten prices since late April.
Almonty’s story should be viewed within the broader China decoupling theme, a trend likely to accelerate as the Trump administration seeks to reindustrialize the US and secure critical supply chains. The underlying move here is to reduce exposure to Chinese supply chains before a potential invasion of Taiwan disrupts access to strategic minerals, semiconductors, and other materials essential to the Western defense-industrial base and now the entire AI data center buildout.
4. EUROPEAN AND SCANDINAVIAN COMMENTARIES PLUS NATO
EUROPE
UK
The Case For Britain Backing Its North Sea Oil & Gas Industry
Wednesday, Aug 19, 2026 – 03:30 AM
Authored by David Whitehouse, chief executive of Offshore Energies UK, via City AM,
- Jackdaw and Rosebank could strengthen UK energy security by increasing domestic oil and gas production while demand remains substantial.
- The projects are expected to support billions of pounds of investment, thousands of jobs, and a broad UK offshore supply chain.
- Continued North Sea production could reduce import dependence while preserving engineering skills and industrial capacity needed for offshore wind, hydrogen, and carbon capture.
Britain faces a simple choice. While we still need oil and gas, do we produce more of it here, supporting jobs, investment, energy security and lower production emissions, or do we import more from overseas, which costs more and involves higher emissions? That is the real question facing ministers as they consider Jackdaw and Rosebank.
With extreme weather becoming ever more visible, the need to tackle climate change is beyond doubt. The UK must scale up renewable and low-carbon energy, but people deserve honesty. Even on our path to net zero, Britain will need oil and gas for years to come.
Oil and gas still meet around 75 per cent of current UK energy needs, which is why the decisions facing ministers on Jackdaw and Rosebank are so important.
Jackdaw could provide more than six per cent of UK gas supply by this winter, equivalent to the gas needed to heat around 1.4m homes. Rosebank is another major opportunity to strengthen domestic production while demand remains.
The public consultation on Jackdaw and Rosebank has now closed.
The economic prize is significant. More than £3bn has already been invested in these projects, with total anticipated investment reaching £10.8bn. Over their producing lives, they could contribute £28.7bn to the UK economy and generate £1.4bn in tax revenues before the end of this Parliament.
For readers, this is not an abstract debate. It is about capital allocation, supply chains and whether the UK remains a credible place to invest.
More than 170 UK supply chain companies are already involved. Jackdaw and Rosebank together will support around 3,500 jobs at peak construction, around 880 long-term jobs during production and 125 apprenticeships. Those skills are not yesterday’s economy. They are the same engineering and technical capabilities needed for tomorrow’s energy system.
Industrial strategy
Some argue the fastest route to net zero is to stop new domestic oil and gas production, but if UK production falls faster than demand, Britain will not stop using oil and gas. It will import more. In the process, we hollow out our industrial strength, skilled workforce and supply chains needed to build our energy future.
Production emissions from Jackdaw and Rosebank could be around eight times lower than imported liquefied natural gas. Importing more energy means exporting jobs, investment and emissions accountability.
Approving Jackdaw and Rosebank would not solve every challenge facing the North Sea, but it would send an important signal. There is a £50bn pipeline of potential oil and gas investment that could be unlocked over the coming decade.
That means jobs, tax revenues and energy security. It also means sustaining the supply chain companies Britain will rely on for offshore wind, hydrogen, carbon capture and the wider low-carbon economy.
If the government wants a serious industrial strategy that supports growth, it should back the North Sea during the transition. The alternative is higher import dependence, weaker domestic capability and less influence over the emissions linked to the energy we consume.
The UK should be ambitious about renewables. It should also be practical about the energy system we have today. Backing North Sea oil and gas production while demand remains is not a retreat from net zero. It is a responsible way to get there.
END
GERMANY
Germany Opens New Drone Security Center Amid Fears Of Russian Hybrid Warfare
Wednesday, Aug 19, 2026 – 02:45 AM
European officials have for years been warning about what they allege is heightened Russian hybrid and sabotage warfare targeting Europe and its airspace in connection with the long-running Ukraine war.
They’ve been further sounding the alarm in the wake of this month’s drone incident near a runway at Leipzig Airport. Reports say a drone carrying explosives was found at this location, which remains one of Europe’s largest cargo hubs, and is also used for NATO logistics.
A NATO spokesperson later specified with the explosive-laden drone, which was equipped with a detonator, appeared to have been targeting an aircraft belonging to the Ukrainian cargo carrier Antonov Airlines.
This close call incident came in the wake of a series of mystery drone incidents which in some cases paused operations at commercial aviation hubs in northern Europe. While some episodes could have been the result of hobby drones or else local pranks or false alarms, EU officials have still long suspected Russian-linked nefarious actors.
Now Germany in particular is stepping up anti-drone security and monitoring measures, by establishing its first major drone security research center.
The new Drone Security Technology Center is part of the German Aerospace Centre (DLR), and officially opened Tuesday in the town of Cochsted, which is famous for its aviation history. The center will focus on research and technology for detecting hostile or unknown drone activity, protecting critical infrastructure from such incursions.
German Interior Minister Alexander Dobrindt announced, “Together with the DLR we are creating, with the new technology center, a facility that is unique nationwide, where innovative technologies for drone security are researched, developed and tested in real-life laboratories.”
He described the new drone threat facing Germany and Europe more broadly as part of the “shadow war of the 21st century”.
“Within the growing network of future test-field activities, the National Test Centre plays an integrative role as a trailblazer for future research and development of new UAS technologies within the DLR and for external partners,” the center’s website states.
The facility will further provide rare opportunity for drones and counter-drone technology to be tested in ‘real-world conditions’ and in multiple scenarios and settings, officials have described.
END
SPAIN/MOROCCO
AGAIN!!
Hellish: Ceuta Mothers Weep In Streets; Rapes Force Women To Flee; Kids’ Parks Smeared In Shit
Wednesday, Aug 19, 2026 – 02:00 AM
Authored by Steve Watson via Modernity News,
Spanish mothers in Ceuta are in tears on live television. Hospitals are overflowing. Beaches and parks that once hosted families are now open-air camps of garbage, feces and makeshift shacks. And the Civil Guard has confirmed at least 15 rapes since the late-July mass migrant invasion – including a 10-year-old girl allegedly assaulted by three migrant brothers.
Women are packing up and leaving the Spanish enclave. Local residents describe a city abandoned by its own government while Prime Minister Pedro Sánchez remains on vacation.
A mother broke down on live TV this week, describing the daily terror for her teenage daughter.
“My 16-year-old daughter has to go everywhere with her father or with me because the migrants devour her. I can’t take it anymore. I want them all gone,” she stated.
She added, “I’m not racist – my granddaughter is mixed-race, my best friends are Muslim – but they can’t invade us. What’s stayed here is the worst of it; there are murderers, rapists, thieves.”
This is the reality two weeks after an estimated 70,000-plus migrants poured across from Morocco into a city of roughly 84,000 people. Reception centres collapsed. Thousands – largely young men – stayed behind when many others returned. Beaches became the default settlement.https://modernity.news/2026/08/13/it-was-destroyed-in-just-days/embed/
Locals described the rapid transformation of once-pristine stretches such as Trampolín Beach: “We can’t take our kids to the beach, we can’t go. They are occupied, they are full of shacks, people are eating there, throwing food, it’s full of clothes, feces, urine.”
Children’s parks across Ceuta have been left covered in human waste by the invaders, even as progressive voices continue claiming everything is under control and “normality” has returned.
Infectious diseases including scabies, tuberculosis and impetigo have surged. Ceuta University Hospital opened an emergency disaster wing. One doctor warned of a “health catastrophe.”
A local doctor attempted to speak with the Spanish migration minister Elma Saiz about the scourge of diseases the migrants are spreading, putting Spaniards in danger.
Saiz made a speech literally saying that ‘diversity is our greatest strength’.
She stated, “I want to highlight the responsibility, civic commitment, and maturity that the citizens are demonstrating. Ceuta is a true example of coexistence. A city in which different cultures, traditions, and faiths coexist. And which has demonstrated over decades that it is one of its greatest strengths.”
Another doctor, nearly in tears on television, described every hospital overrun, medicine running out, and staff afraid of being attacked. She said the streets, parks and football fields are filled with migrants and she is afraid to leave her house. Sexual assaults are rising. The Spanish government, she said, has abandoned its own citizens.
The Civil Guard has now confirmed 15 rapes since the invasion. The latest reported case involved three migrant brothers allegedly sexually assaulting a 10-year-old girl on Lisboa Street.
Earlier reports detailed multiple underage Moroccan girls and at least one boy treated for sexual assault at the hospital. Many of these minors have been sleeping on the streets.https://modernity.news/2026/08/17/women-flee-ceuta-after-15-rapes-recorded-since-migrant-invasion/embed/
Two sisters, Yoli and María José, said they left the city with their daughters out of fear.
“What we are going through is very hard and it is very hard to hear journalists justify this Government, justify everything. We can’t take it anymore, we feel humiliated, trampled. I have had to take my daughters out of their house because the Government does nothing, because Mr. Pedro Sánchez is on vacation in La Mareta. Nobody cares about us,” Yoli told news organisation Cuatro.
Other women described needing escorts just to walk to their front doors, or waking to find a migrant in underwear in their bed after he climbed a balcony.https://www.youtube.com/embed/KhYB8OEE4Lo
One resident reported that a BBVA bank branch had to close because security could no longer guarantee customers could withdraw money after a guard was beaten by a large group of migrants while trying to stop the robbery of an elderly woman.
A pregnant woman described families feeling unsafe amid migrant-related fights and called for stronger action from Spain.
Residents Pilar and Elena urged government figures to visit Ceuta and see the situation for themselves, stating “We live here, we don’t just come for a weekend,” while elitist leftists sitting in TV studios in Madrid scoffed at them.
Another local resident spoke with visible distress in a street interview, gesturing emphatically as she described the daily fear and loss of normal life for Ceuta families under the ongoing occupation of public spaces.
She notes that she feels she cannot leave the house without pepper spray as she’s afraid for her life, adding that the Spanish politician “motherfuckers” have allowed rapists and convicted criminals to invade and roam free.
Ceuta mothers are now demanding the school year be delayed. “I would not let my daughter come to school alone,” one said. Another insisted the schools themselves “should be fumigated before any children are allowed back in.”
This all follows the past weekend’s attempt at a second mass crossing. Hundreds of migrants tried to push from Castillejos. Spanish and Moroccan security forces turned them back with tear gas and a heavy deployment. Calls for a new wave on 15 August had circulated widely online.
Thousands of those who remained from the first wave are now holding mass protests on the beaches, demanding asylum and transfer to mainland Europe. NGOs are reportedly helping produce the signs. There is talk of a hunger strike.
White liberal women volunteering for the NGOs continue to welcome and assist the new arrivals on the ground in Ceuta, openly supporting the occupation while local mothers flee.
What are they claiming asylum from? These are not people fleeing a country shattered by war or natural disaster. Morocco is a stable state that receives millions of tourists every year. The overwhelming majority are economic migrants seeking better opportunities, not refugees.
Footage shows new arrivals landing on the sand and immediately chanting “Allahu Akbar.”
Camps of cardboard and plastic continue to expand along the shore, complete with football games and laundry lines on what was Spanish beach.
Migrants have also set up an improvised mosque on El Trampolín Beach itself.
Throughout the crisis, Spanish government spokesmen and much of the legacy media insisted the migrants had almost all returned to Morocco and that “reasonable normality” had been restored. Left-leaning voices repeated the line.
The reality on the ground – permanent-looking settlements, daily protests for asylum, and residents too afraid to let their daughters outside – shows otherwise.
Ceuta’s women are voting with their feet. Families are sending children to the mainland. Parks and beaches that belonged to locals two weeks ago no longer do.
The open-border agenda that turned a Spanish enclave into a third-world camp overnight is being defended by the same voices who claimed the problem had already solved itself.
How many more European cities will be asked to absorb this nightmare before there is meaningful action and change?
Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.
END
5.RUSSIAN AND MIDDLE EASTERN AFFAIRS
IRAN/ISRAEL TUESDAY NIGHT
Disengagement: Trump Vows New Strategy To ‘Strangle’ Iran Over Time
Tuesday, Aug 18, 2026 – 05:40 PM
Summary
- No talks: Trump confirms US-Iran negotiations are off, vows to ‘strangle them’ over time.
- Hormuz attack: Tanker hit, injuring a crew member.
- Houthis escalate: Attacks shut Yemen’s Mokha port.
- Diplomacy stalled: Qatar says not mediating until Oman-Hormuz deal finalized.
- Iran hardens: Tehran says it maintains an offensive posture.
* * *
Disengagement: Trump Vows New Strategy of Strangling Iran
The US administration has already said this many times and in many different ways. We suppose President Trump wants the world to know that talks with Iran are really really over this time, and the gloves are coming off (again):
US President Trump told top administration envoys to halt their conversations with Iran, according to CNN citing a US official
“White House officials have recently communicated to political allies that they are shifting their strategy — going from “hammer Iran ASAP” to “strangle them” over time.
While there have been no new bombs away just yet, the statement comes after earlier in the day the UAE government reported a rare instance of a pair of alleged Iranian missiles inbound in its territory. Iran subsequently denied that it was behind any attack. Earlier in the summer Kuwait and Bahrain were targets of frequent attacks, but the UAE was largely spared in the most recent salvos.
Trump is now not pursuing to revive talks at all, it appears, and this is being dubbed as a new ‘disengagement’ strategy. According to more from CNN: “And instead of claiming talks were proceeding well, and that a new deal was just around the corner — as he’s asserted repeatedly since the ceasefire signed in June fell apart — Trump announced there was no diplomacy underway whatsoever.”
So this could finally mark the end of the fake and premature ‘deal imminent’ headlines which not infrequently marked earlier phases of the war.
UAE Under Missile Alert
While initial details and the precise nature of the threat remain unclear, the UAE has said it detected a missile threat targeting the country. “UAE air defense systems detected a missile threat targeting the county,” the National Emergency Crisis and Disaster Management Authority said in a post on X. This has included Dubai residents receiving a UAE missile threat alert.
The country has not actually been targeted much by Iran throughout the war. The UAE has in follow-up said the situation is currently “safe” after the missile threat. Air-defenses detected two inbound:
UAE Defense Ministry said it detected two ballistic missiles launched from Iran, one missile fell outside territorial waters, second fell inside.
Trump Confirms ‘No Talks’ – Says Hormuz ‘Open & Operating’; Oil Slides
President Trump issued a new Truth Social post, within hours after posting a map depicting the Strait of Hormuz as a ‘new US territory’. He affirmed there are currently no talks or conversations happening with the Iranians – nor is there so much as anything scheduled. However, he claimed the strait is “open and operating” – with water minds having been “removed or detonated”.
Perhaps as intended, oil reacted to the claim of an ‘open’ and supposedly mine-free Strait of Hormuz, sliding on the statement…
Iranian Attack on Outbound Tanker in Hormuz
Yet another attack has occurred in the Strait of Hormuz, this time on a foreign tanker on an outbound transit route, which Iran and Oman claim to directly oversee and administer according to the terms of the Oman deal for managing the strait which is still being finalized.
UK Maritime Trade Operations says Tuesday that the unknown projectile caused engine-room damage and a crew casualty, with the remaining crew being rescued and assisted by the Omani Coast Guard.
Such attacks which mark enforcement of Iran’s protocol and claim of control over the vital energy transit waterway have been steady, though not rapid, over the last several weeks. Oil prices have been on the rise this week, also as it continues to be clear that Washington and Tehran are digging in with their competing maximum demands.
Houthis Escalate in Red Sea
Hormuz isn’t the only chokepoint still witnessing active conflict. Waters off Yemen and the Red Sea also continue to heat up, with the Iranian-allied Houthi rebels still escalating.
According to The Wall Street Journal on Tuesday, the group is “shutting down operations at a strategic seaport and pushing closer to the Bab al-Mandeb Strait, an important global shipping chokepoint.”
The report cites Yemeni authorities to describe, “The militant group’s recent missile and drone attacks forced the closure of the port of Mokha, a key logistics hub for civilian shipping and for anti-Houthi forces operating along the coast.”
According to more on the significance:
“This is the most significant escalation in quite a few years, maybe since 2020,” said Adam Baron, a Yemen expert and fellow with New America, a policy institute in Washington.
Baron called the port of Mokha the key logistics hub for anti-Houthi forces on the Red Sea. The Houthis control mountainous terrain inland from the Bab al-Mandeb but not the coast along the crucial waterway, which is held by opposing forces.
No Movement on Talks until After Oman Deal Signed: Qatar
On the question of finding a path toward broader US-Iran peace, there’s still no movements on talks. Qatar is even openly saying that its direct mediation efforts won’t resume until the Oman deal is finalized – which critics have complained gives Iran de facto control of operations in the Strait of Hormuz.
“Qatar’s Foreign Ministry spokesman Majed al-Ansari says during a news conference that countries mediating between Iran and the US are waiting for Iran and Oman to announce an expected agreement on transit through the Strait of Hormuz, before pushing Washington and Tehran to resume negotiations aimed at ending their war,” Al Jazeera reports.
President Trump’s latest rhetoric and social media activity is not going to help the cause of peace, or the two sides getting back to the negotiating table. After verbalizing Monday that the US should declare the Hormuz Strait a US territory, he posted the following to Truth Social on Tuesday:
All of this comes on the heels of the 60-day diplomatic window set by the MoU inked in June has expired. Tehran said it was already effectively dead anyway, and thus “irrelevant” – blaming Washington for having violated its terms on multiple occasions.
Rough Road to November
Trump is meanwhile ultimately sticking to the following as an ultimate goal of the Iran conflict: “The number one Goal is, and always will be, that Iran cannot have, in any way, shape, or form, a Nuclear Weapon. Thank you for your attention to this matter! President DONALD J. TRUMP,” he earlier stated on Truth Social.
The path to midterm elections in November continues to be a rough one for the US administration, and the pain is likely to continue for at least the time being…
Not only has Iran not backed down, but its military is newly claiming to take an “offensive” posture and has reshuffled its command accordingly. If there are new tit-for-tat attacks, Tehran is in essence saying the next salvo will go bigger.
IRAN ISRAEL WEDNESDAY
UAE Cuts Ties As Iran Warns Gulf States Against Helping Washington; Kpler Says US Navy Gaining Ground In Hormuz
Wednesday, Aug 19, 2026 – 08:20 AM
Iran’s parliament speaker Mohammad Bagher Ghalibaf is visiting Baghdad while at the same time US Secretary of State Marco Rubio has spoken TO UAE National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan to discuss the Hormuz situation and security. Except of course the two sides aren’t talking with each other.
President Trump has made clear that no talks are on, and that none are scheduled, as he’s been floating a ‘new’ strategy to ‘strangle’ the Iranian economy over the long term. CNN reported Tuesday that White House officials have recently communicated that they are shifting their strategy — going from “hammer Iran ASAP” to “strangle them” over time.
Ghalibaf blasted War Secretary Pete Hegseth and Treasury Secretary Scott Bessent on Tuesday, mocking this new disengagement strategy given the US has already failed to bring Tehran to its knees.
“Americans think squeezing Iran harder will win concessions that were never part of the agreement,” Ghalibaf wrote in a post on X. “Bessent and Hegseth are way out of their league,” Ghalibaf added while referring to them as the “clown crew.” He stated:
Stop waiting for the clown crew to pull a rabbit out of their hat and clean up the mess you made.
After declaring a new ‘offensive’ military posture in response to the crisis, Iran is showing no signs of backing off the confrontation with the US in the region. ON Wednesday its armed forces warned Gulf countries against hosting or assisting American forces, saying it would be tantamount to joining the war on the US side.
“We wish to warn that any assistance or facilitation provided to the aggressor U.S. military amounts to participation in the U.S. military operation,” armed forces chief of staff Ali Abdollahi said.
“It seems unlikely that such a large number of military aircraft, particularly refueling aircraft could be present at regional bases without knowledge of host countries,” the official continued as cited in Mehr news agency.
It’s not known how many are still positioned in the Gulf, but certainly the bulk of regional refueling tankers operated by the US Air Force are currently concentrated at Tel Aviv’s Ben Gurion international airport – and has been subject of a lot of media attention.
And in another significant escalation that effectively torpedoes any remaining illusions of hoped-for cross-Gulf detente, the United Arab Emirates has announced Wednesday a complete and immediate severance of all economic ties with Tehran. The move comes on the heels of what UAE officials claim was a barrage of Iranian ballistic missiles targeted directly at Emirati territory.
Tehran had quickly denied it had fired missiles on its territory, but UAE authorities later clarified that the military observed two missiles inbound from Iran, which caused no damage or casualties – which triggered an urgent missile alert for the population on Tuesday.
Meanwhile, below are some of the latest major developments and reports related to the Iran conflict:
Iran has weighed attacking US military targets in Europe should Donald Trump escalate the war, according to people close to the regime, as Tehran considers its options to increase the stakes of the conflict. FT
Even as Iran projects resilience in the war with the United States, its leaders are worried that a threat of more economic punishment by Donald Trump could increase hardships, reignite unrest and further erode the Islamic Republic’s legitimacy. RTRS
Iranian attacks on shipping in the Strait of Hormuz are piling up without an American military response, raising the risks of crossing the strategic waterway and frustrating some Arab allies who worry the U.S. doesn’t have a strategy to wind down the conflict. WSJ
However, shipping analytics firm Kpler has suggested that the US Navy is gaining ground in the Strait of Hormuz, and that Iran is ceding some control, amid a war of words between President Trump and Iranian leadership over who has actual ‘control’.
previewing new sanctions still to be announced…
“At the moment, however, the evidence is clear: The United States, patrolling the strait with its navy, is gaining ground – and Iran is losing much of its control of the critical waterway,” writes CNN. “More than 80% of liquids transits through the Strait of Hormuz over the past two weeks have taken the Omani route – a UN-authorized shipping channel that Iran vehemently opposes – or have been ‘dark’ transits that likely took the Omani route, according to Kpler, which tracks ships using transponders and satellite data.”
But there’s as yet no rush for international shipping to return to the waterway, given the risk of attack and all of the serious unknowns which could result in total losses as well as threaten the safety of crew.
TBN ISRAEL
RUSSIA VS UKRAINE UPDATES
Fuel Rationing Reaches Moscow Amid ‘Second Wave’ National Shortages
Wednesday, Aug 19, 2026 – 10:20 AM
Already Russia has been subject to many months of a ramped-up long-range drone campaign out of Ukraine, chiefly targeting oil refineries as well as industrial sites – and most recently expanding to online retail companies and attacks on private sector businesses.
Tuesday saw one of the single biggest drone waves on Moscow of the war, for example, with at least 600 sent against against the capital region, resulting in widespread panic and some casualties. Making matters worse for the Russian population, several gas station networks have introduced new restrictions on fuel sales – which is a rarity for the capital.
Gazprom Neft as well as Tatneft have confirmed via representatives and their customer service lines that limits have now been placed on petrol sales at Moscow filling stations.
Long lines of cars have been observed at filling stations in and around the capital city, with Reuters detailing the following:
- A customer hotline operator at Gazprom Neft said gasoline and diesel sales at the company’s automated filling stations in Moscow were limited to 40 litres [10 gallons] per customer.
- At Gazprom Neft’s other filling stations, diesel sales remain unrestricted, while gasoline purchases are capped at 60 litres per vehicle.
- Rosneft, Russia’s largest oil producer, said gasoline sales at all its filling stations across Russia were limited to 30 litres per vehicle [about 8 gallons], while diesel sales faced no restrictions.
These companies have also been warning customers to be prepared for longer waiting times for fill-up due to heightened demand.
One reason being offered by Russian energy giants for the delays is “unscheduled refinery maintenance” – which is a vague but obvious reference to damage left in the wake of Ukraine’s constant drone attacks on the nation’s oil and refining infrastructure.
As for the latest attacks, on Wednesday it’s being widely reported that Ukrainian drones struck an oil refinery and a residential building in the republic of Bashkortostan, regional head Radiy Khabirov also confirmed.
The incident once again demonstrates the very far reach of Ukrainian drones, given that Bashkortostan is fairly remote from the Ukraine border, lying north of Kazakhstan.
Frustration returns at the pumps…
“We’re currently assessing the damage, but preliminary reports indicate that a unit undergoing maintenance was hit. As always, falling debris damages pipes, so there’s minor damage,” Khabirov told TASS. “I expect everything will be repaired in a couple of days,” the official added.
Starting late last week, Russian officials began openly acknowledging a renewed fuel shortage crisis. Oil companies are “taking the necessary measures to increase deliveries to the most vulnerable regions,” a somewhat rare Kremlin statement said at the time. This current crisis has been deemed the ‘second wave’ fuel shortage to hit Russia.
6/.GLOBAL ISSUES, COVID ISSUES, VACCINE INJURIES/HEALTH ISSUES
Fauci Aide Pleads Guilty To Conspiracy That Shielded EcoHealth Records, Countered Lab-Leak Narrative
Tuesday, Aug 18, 2026 – 07:40 PM
Dr. David Morens, the longtime senior adviser to Dr. Anthony Fauci at the National Institute of Allergy and Infectious Diseases, pleaded guilty in Greenbelt federal court on Tuesday to conspiracy to commit offenses and to defraud the United States (18 U.S.C. § 371). The plea caps a records scandal that began with his own emails bragging about making federal documents disappear.
According to the DOJ: After the NIH terminated the bat coronavirus grant, Morens and a co-conspirator pledged to help its recipient restore the canceled funding and “counter the narrative that COVID-19 leaked from a lab.”
The 78-year-old from Chester, Maryland, took the deal in exchange for prosecutors dropping the remaining charges in a five-count April indictment. Those dropped charges included destruction, alteration, or falsification of records in federal investigations; concealment, removal, or mutilation of records; and aiding and abetting – counts that carried up to 20 years apiece at the maximum end. “By pleading guilty today, Dr. Morens has taken responsibility for what he did and will continue to do so,” his attorney, Tim Belevetz, said.
Morens faces up to five years in federal prison, three years of supervised release, and a fine of up to $250,000. U.S. District Judge Paula Xinis is overseeing the case, with sentencing set for Nov. 12 at the federal court in Maryland. A supplement to the plea agreement – the kind that typically covers cooperation – was filed under seal.
The Anatomy of the Conspiracy
According to the plea agreement and accompanying stipulation of facts, the conspiracy ran from roughly April 2020 through at least June 2023, and it began the moment the NIH pulled the plug on a grant titled “Understanding the Risk of Bat Coronavirus Emergence.”
That grant had been awarded to EcoHealth Alliance, the New York-based nonprofit that subawarded U.S. taxpayer funding to the Wuhan Institute of Virology. The NIH terminated it in 2020, in the Justice Department’s words, “based on allegations that COVID-19 emerged from the Wuhan Institute of Virology.”
What followed, per the plea, was not improvisation. Morens and his co-conspirators “agreed in writing to intentionally hide their communications from public view” by routing government business through Morens’s personal Gmail account instead of his official NIH email – in explicit anticipation that those communications would be sought under the Freedom of Information Act (FOIA).
Through that channel flowed non-public NIH information, strategy on restoring the canceled funding, edits to draft letters addressed to NIH leadership on EcoHealth’s behalf, and “back-channel” material passed to a figure the filings call Senior NIAID Official 1 – who, according to CBS’s reading of the court documents, appears to be Fauci himself. Every one of those matters, the government notes, fell squarely within Morens’s official duties and constituted federal records required to be created and maintained on government systems.
Illegal Gratuities and “Behind-the-Scenes Shenanigans”
Morens also admitted to discussing illegal gratuities with “Co-Conspirator 1,” widely understood to be associated with EcoHealth Alliance leadership. In June 2020, that co-conspirator shipped two bottles of wine to Morens’s Maryland home as thanks for his “behind-the-scenes shenanigans.”
Per the DOJ, Morens then allegedly identified an official act he could perform to “deserve” the gift: authoring a scientific commentary in a prominent medical journal advocating that COVID-19 had natural origins. The co-conspirator floated further compensation, including meals at Michelin-starred restaurants in Paris, New York, and Washington, D.C.
“Secret Back Channels”: The Email Trail
None of this scheme had to be inferred. Morens wrote it down repeatedly in emails pried loose by the House Select Subcommittee on the Coronavirus Pandemic – the congressional investigation that preceded the criminal case.
“As you know, I try to always communicate on gmail because my NIH email is FOIA’d constantly,” he told correspondents in one message, adding in another that they shouldn’t worry because he would “delete anything I don’t want to see in the New York Times.”
In February 2021, he detailed the mechanics:
“I learned from our foia lady here how to make emails disappear after i am foia’d but before the search starts, so I think we are all safe. Plus I deleted most of those earlier emails after sending them to Gmail.”
By June 2021, he was telling colleagues, “I have retained very few emails or documents on these matters,” and requesting that anything sensitive go to his Gmail. And in an April 2021 message, he explained how the protection extended upward:
“There is no worry about FOIAs. I can either send stuff to Tony [Fauci] on his private gmail, or hand it to him at work or at his house. He is too smart to let colleagues send him stuff that could cause trouble.”
The paper trail triggered a criminal referral long before the indictment: Sen. Rand Paul urged the DOJ in May 2024 to investigate Morens and the NIH FOIA office he claimed had coached him. When the grand jury indicted Morens this past April, then-Acting Attorney General Todd Blanche called the conduct “a profound abuse of trust,” stating that Morens and his co-conspirators “deliberately concealed information and falsified records in an effort to suppress alternative theories regarding the origins of COVID-19.”
Morens served in NIAID’s Office of the Director from 2006 until 2022, the year Fauci retired. As the emails surfaced in 2024, Fauci distanced himself in congressional testimony. Morens, he said, was not an adviser on institute policy or other substantive issues; he claimed to be unaware of Morens’s personal email practices; and he insisted he did not use personal email for government business himself – though he acknowledged Morens’s conduct violated agency policy.
The plea lands amid a widening accountability fight over COVID-19 origins and the ensuing cover-up. A Senate committee voted this month to hold Fauci in contempt of Congress for declining to answer questions about his conduct during and after the pandemic, referring him to a Justice Department that has yet to respond. Fauci’s lawyers maintain he was well within his rights to invoke the Fifth Amendment – and he holds a pardon from then-President Joe Biden covering conduct from Jan. 1, 2014, through Jan. 19, 2025.
END
Jeffrey Tucker Reveals The Insidious Reason For The Lockdowns
Wednesday, Aug 19, 2026 – 12:25 PM
Jeffrey Tucker – founder and president of the Brownstone Institute, says top FDA and NIH officials told him that the purpose of the COVID-19 lockdowns were “to delay the onset of natural immunity… until after the shots were online.”
Tucker sat down for an hour-long conversation with Dr. Jessica Rose, where he says that ‘multiple sources’ who were involved in the response confirmed the bombshell revelation “without a shadow of a doubt.”
As Vigilant Fox notes –
The lockdowns that wiped out small businesses. The school closures that sent children’s reading scores back to 1971. The plexiglass, the masking, the stay-at-home orders. None of it was about keeping us safe. “It was exactly the opposite,” as Tucker put it.
Watch:
TUCKER: “We all have what we consider to be the most shocking feature of the COVID response. But for me, I still can’t get over the fact that I was told by top FDA, NIH officials that a major reason for social distancing, lockdowns, masking, Plexiglas, stay-at-home orders, and everything else was to delay the onset of natural immunity, to delay rising seroprevalence levels, to delay endemicity until after the shots were online.
“So, it wasn’t just that all these tactics, these sort of social engineering tactics, were designed to keep us [safe]. Well, no, it was exactly the opposite. It was to keep us from gaining natural capacity to resist the virus.
“So that they could wait until the injection came along. So the injection could be deployed and experimented upon us and, and thereby get all the credit for having solved the issue.
“That sounds like a wild conspiracy theory, but that’s what they meant by ‘flatten the curve.’ Flatten the curve meant to prolong the pain, delay the solution. And it sounds crazy until you hear it from people who were there on the ground, in the agencies, in the companies, watching all this unfold.
“And multiple sources have confirmed this without a shadow of doubt in their mind that was the real purpose of the school closures, the business shutdowns, the stay-at-home orders, the travel restrictions, and everything: to delay the point at which we would have solved, essentially solved, the problem through natural exposure and immune upgrades.”
h/t Vigilant Fox – give him a follow!
GLOBAL ISSUES
Rubio Announces Sanctions Against International Criminal Court President & Top Lawyer
Tuesday, Aug 18, 2026 – 06:50 PM
Secretary of State Marco Rubio announced Tuesday new sanctions against International Criminal Court President Tomoko Akane and Senior Trial Lawyer Abdoulaye Seye as tensions flare between the court and the Trump administration.
“These individuals have directly engaged in efforts by the ICC to investigate, arrest, detain, or prosecute officials whose government has not consented to ICC jurisdiction,” his statement said.
The ICC, he added, has attempted to “assert authority over” over U.S. citizens and nationals of other nations that have not consented to the Rome Statute that set up the court.
The United States is not a party to the ICC.
“Our whole of government campaign to dismantle the threat posed by the ICC to national sovereignty will be sweeping and we expect more countries to join our campaign by ending their funding and participation in this politicized and unaccountable court,” Rubio said, suggesting that “additional measures” may be taken against the Hague, Netherlands-based body.
As Jack Phillips reports for The Epoch Times, the sanctions against Akane and Seye were issued under a Trump executive order last year authorizing sanctions against the court, according to Rubio.
In July, Rubio said that the Trump administration would seek to dismantle the ICC by using visa revocations, sanctions, the targeting of individuals, and diplomatic pressure on countries to withdraw from the body.
“The American people never agreed to any of this, and they never will,” Rubio said last month.
“Read the words of our Declaration of Independence. We fought a revolution against a foreign power, transporting us beyond seas to be tried for pretended offenses. Independence is our birthright. We will never let foreign bureaucrats take that away from us.”
The court, which was established in 2002 to prosecute war crimes and crimes against humanity under the Rome Statute, has been adopted by more than 120 countries. Countries that do not recognize the court’s authority include the United States, China, Russia, Israel, India, Saudi Arabia, and more.
However, the ICC has argued that the Rome Statute gives the court power to prosecute war crimes committed on the territory of member states by nationals of non-member states.
The Trump administration imposed targeted sanctions last year on several ICC officials such as prosecutors and judges, citing the ICC’s 2024 decision to issue arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Israeli Defense Minister Yoav Gallant over what the court alleged were improper actions carried out by the Israeli government during its war in Gaza.
Earlier this year, three sitting ICC judges sued Trump and his administration over the sanctions, arguing that they were unlawful.
And earlier this month, multiple human rights groups sued the administration over the sanctions, describing the actions and Trump administration order as unconstitutional.
“The plaintiffs are seeking an end to this sanctions regime, which transgresses the president’s authority and violates international and U.S. law, including the rights to freedom of expression and religion,” said lead counsel Andrew Loewenstein in a statement carried by Human Rights Watch, one of the plaintiffs in the lawsuit.
The ICC did not immediately respond to an Epoch Times request for comment.
MARK CRISPIN MILLER
In memory of those who “died suddenly” in the United States and worldwide, August 10-17, 2026
Activist Ward Churchill; music critic Dave Marsh; actress Christy Knowings (46, All That); reality stars Ryan de Nino (40), Tyler Duckworth (44); rocker Scott Sechman; singer Nikki Ross Bellamy; more
| Mark Crispin MillerAug 19 |  |
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 (123)
Ward Churchill, controversial former CU professor and activist, dies at 78
August 12, 2026
Denver, CO – Former University of Colorado professor and controversial activist Ward Churchill has died. He was 78. David Lane, Churchill’s former attorney, confirmed to Denver7 that the former professor died of a stroke on Tuesday. Churchill came under intense scrutiny after a 2001 essay resurfaced in 2005 in which he referred to some 9/11 victims as “little Eichmanns.” The remarks sparked widespread backlash, renewed debate over free speech protections, and thrust CU Boulder into the national spotlight. Although he was not fired from CU for his comments, the university did let him go in 2007 following findings of research misconduct, including allegations of plagiarism and the fabrication and falsification of evidence in his scholarship on Native American issues. In a statement, Lane described Churchill as a passionate advocate for oppressed communities.
Dave Marsh, Influential Critic, Activist, Broadcaster & Biographer of Bruce Springsteen, Dies at 76
August 15, 2026
Dave Marsh, one of the most influential music writers of his generation and a passionate activist for health care, social justice and freedom of expression, died on Friday (Aug 14). The cause of his death has not been reported, but he had been in declining health in recent years. Born in Pontiac, Michigan, in 1950, Dave grew up immersed in the sounds of Detroit – Motown, R&B, and rock ‘n’ roll – inspiring a lifelong belief in the power of music.
Researcher’s note – Marsh attended Bruce Springsteen’s “Springsteen on Broadway” in 2021, which required COVID “vaccination” for all attendees: https://www.backstreets.com/newsarchive113.html?
http://brucebase.wikidot.com/gig:2021-07-06-st-james-theatre-new-york-city-ny
No cause of death reported.
Former ‘All That’ Star Christy Knowings Dead at 46
August 13, 2026
Former “All That” star Christy Knowings is dead after suffering an asthma attack that left her with brain damage, TMZ has learned. A family member tells TMZ Christy was hospitalized Friday after the attack and placed on life support. We’re told Christy remained on life support through Tuesday, when her family made the difficult decision to take her off it. She died Tuesday night at a Los Angeles-area hospital. The actress and comedian joined Nickelodeon’s “All That” in 1997 after appearing in “And Now This” — a Rosie O’Donnell sketch-comedy special produced by the network. She later appeared in 3 episodes of “Sesame Street” alongside her real-life twin brother, Chris Knowings and released the folk single “To the World” in 2020.
‘Married at First Sight’ star Ryan de Nino dead at 40
August 14, 2026
“Married at First Sight” star Ryan de Nino has reportedly died at the age of 40. A family member told TMZ on Friday that the reality TV personality passed away “suddenly” in New Jersey “earlier this week.” According to the outlet, the family will not be releasing further details about de Nino’s death. His sister, Melissa DeNino, took to Facebook with a tribute to the TV star, writing that he “was so damn funny and witty.”
The Challenge winner Tyler Duckworth dead at 44 after he was ‘found unresponsive in his bathroom’
August 13, 2026
THE CHALLENGE star Tyler Duckworth has died at 44 after he was discovered unresponsive in his bathroom. The U.S. Sun has learned from local North Dakota officials that the MTV reality TV alum died on Tuesday just before noon. Officials said the case is classified as an unattended death, meaning there were no witnesses on the scene. An insider claimed Tyler had recently undergone surgery, though it was not immediately clear if the medical procedure had anything to do with his sudden death. His last public appearance was at The Challenge Mania event in Minneapolis on July 31 alongside fellow MTV stars Rachel Robinson, Tina Barta, Mark Long and Brad Fiorenza. In recent years, Tyler had moved from West Hollywood to North Dakota, and was currently working as a teacher at a local middle school.
Researcher’s note – Tyler Duckworth was working in Hollywood between 2021-2023: Hollywood’s On-Set Vaccine [sic] Mandates to End on May 12, 2023: https://variety.com/2023/biz/news/covid-protocols-end-vaccine-mandate-hollywood-return-to-work-1235569515/
No cause of death reported.
Beloved Rock Singer Dies After Battle With Lung Cancer
August 17, 2026
Scott Sechman has died at the age of 72. The longtime musician had been chronicling his battle with lung cancer on social media for several years. His death was confirmed by an online tribute from Dare Arts and reported by PennLive. The correspondent for Galveston Monthly Magazine wrote about his long battle with cancer. “Scott’s friends know that several years ago he was diagnosed with lung and brain cancer, along with other serious health problems,” she wrote. “For the better part of four years, he and his beloved Belinda made more trips than I could begin to count from the Outer Banks to Norfolk for treatments, appointments, tests and consultations. They lived through the peculiar tyranny of serious illness – waiting for results, celebrating good news, absorbing bad news, adjusting to a new reality and then doing it all over again.” She added, “After everything cancer had thrown at him, it wasn’t cancer that finally took Scott. In the end, his body could no longer do the most elemental thing we ask of it – breathe. There is something almost unbearably poignant about that to me. A man whose life had been built around breath – breath to sing, breath behind a harmonica, breath carrying words, arguments, laughter and music – finally reached a point where his body simply could not do it anymore.”
Prominent Gospel Singer Nikki Ross Bellamy Has Passed Away
August 17, 2026
Houston, Texas – Prominent Gospel singer Nikki Ross Bellamy passed away on August 14 at the age of 54, according to a statement from her church, the New Jerusalem Cathedral, which reads in part: “Sis. Nikki was more than an extraordinary voice. She was a beloved daughter of this ministry whose remarkable gift carried her before audiences around the world, while her roots remained deeply connected to her church family.”
No cause of death reported.
‘Society’ and ‘A Nightmare on Elm Street 4’ SFX Artist Screaming Mad George Has Passed Away At 69 Years Old
August 17, 2026
Bloody Disgusting is deeply saddened to learn that special makeup effects artist Screaming Mad George, the legend behind the infamous “shunting” from Society, has passed away at 69 years old. After grieving in private, his family announced on social media that the artist passed on February 10. His contributions to horror are immeasurable, and this loss is deeply felt.
No cause of death reported.
A movie exec “died suddenly”:
Kathie Hoops, Longtime Financial Executive at Paramount, Dies at 66
August 14, 2026
Kathie Hoops, who spent nearly four decades as a financial executive at Paramount Pictures, 30 of them as vice president of residuals, has died. She was 66. Hoops died July 31 in Woodland Hills after a battle with cancer, her friend and former work colleague Jill Glosser announced. Hoops was responsible for managing the Paramount department that handles the setup, data security, calculations and distribution of residual payments for all the films produced by or acquired by the studio. She was regarded as an industry expert in her field and enjoyed being a mentor.
Researcher’s note – Paramount mandated their employees, including executives, to take the COVID “vaccine”. Also, Paramount Pictures was part of Paramount Global, the parent company of CBS – a relentless source of “vaccine” promoting propaganda: https://law.justia.com/cases/federal/district-courts/new-york/nysdce/1:2022cv06322/583692/93/?utm_source=chatgpt.com
A radio producter “died suddenly”:
98.5 The Sports Hub Producer Jeremy Conley Passes Away
August 14, 2026
Holbrook, Massachusetts – 98.5 The Sports Hub producer Jeremy Conley has passed away. The station made the announcement Friday after Conley had battled a brief illness. Conley joined 98.5 The Sports Hub in 2011, but began his career in radio as a promotions assistant for sister station WBCN. Over his tenure with The Sports Hub, he rose to Executive Producer of the New England Patriots and Boston Bruins radio broadcasts. The station operates under Beasley Media Group.
Researcher’s note – In August 2021, Beasley Media Group announced a policy requiring all new and existing employees to be fully “vaccinated” against COVID-19 by November 1, 2021, with exemptions allowed for medical or religious reasons: Link
No age or cause of death reported.
Former Yankees pitcher, pioneering surgery recipient Tommy John dies
August 16, 2026
Tommy John has died. He was 83. TMZ.com cited a statement released by John’s agent, Mike Maguire, saying the pitcher passed away peacefully at his home in Lakewood Ranch, Florida, surrounded by his wife, Cheryl, and family. According to MLB.com, John had recently undergone treatment related to a recurrence of bladder cancer [after first being diagnosed in 2024].
No cause of death reported.
Butch Huskey, the penultimate Met to wear No. 42, dead at 54
August 14, 2026
Butch Huskey, who was the penultimate Met to wear No. 42 and spent parts of five seasons in Queens, has died, the team announced Friday. He was 54 years old. Huskey died from a blood clot in his lung.
An umpire “died suddenly”:
Landon Davis, 55
August 14, 2026
Landon Shane Davis, 55, of Crawfordville [FL], passed away unexpectedly on August 11, 2026. For 34 years, Landon umpired across multiple levels, including the Independent League, Gulf South, Panhandle, MEAC, A-SUN, NCAA regionals, and the FHSAA. While he traveled widely for officiating, he also enjoyed officiating locally for Tallahassee State College, Florida State University, and Florida A&M University, and was known for his consistency, fairness, and deep respect for the sport.
No cause of death reported.
Longtime Middlesex County sportswriter, founder of Marisa Tufaro Foundation, Greg Tufaro passes away
August 11, 2026
DR PAUL ALEXANDER
RABOBANK/MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL AND NATURAL GAS/ENERGY COMMENTARIES
DIESEL
very important!!
Jeff Currie: Forget $91 Brent, The Real Crisis Is $170 Diesel
Wednesday, Aug 19, 2026 – 06:55 AM
Brent at $90.94 looks almost civilized. Jeff Currie thinks that is exactly the problem: everyone is staring at crude while the real energy shock is already showing up in the fuels people actually buy.
As OilPrice reports, “Nobody on the planet earth consumes crude oil,” Currie told CNBC. Refineries do. Everyone else consumes gasoline, diesel and jet fuel, and those markets look considerably uglier.
European diesel was trading around $170 per barrel during the interview, Currie said, almost twice Brent’s current $90.94. WTI was trading at $84.94 Tuesday.
Historically, crude and refined-product prices moved closely enough that crude served as a reasonable shorthand for the broader energy market. Currie says that relationship has broken down.
Part of the disconnect came from roughly 100 million to 120 million barrels of crude trapped inside the Strait of Hormuz following a surge in supplies in late June and early July. China then cut refinery runs, which helped keep crude prices softer but made product supplies tighter.
In other words, China did not solve the shortage. It moved it downstream.
Currie also argues governments have spent decades creating an “illusion of abundance” during supply disruptions by releasing strategic reserves and talking markets down. That strategy has worked before. This disruption, he said, is different because of its scale, duration, and the increasingly tight product market.
The inflation implications are considerably less academic. CNBC noted that gasoline prices are about 30% higher than a year ago, while diesel is up 46%. Diesel feeds directly into trucking, shipping and industrial costs.
Currie expects the crude-product dislocation to eventually correct as refiners chase historically high margins and increase runs.
Until then, $91 Brent may be giving investors a comforting picture of an oil market that consumers stopped living in weeks ago.
end
OIL// SAUDI ARABIA//
Saudis Offer To Sell Oil Near Oman, A Sign They’re Sailing Dark Through Hormuz
Wednesday, Aug 19, 2026 – 05:45 AM
Saudi Arabia spent weeks finding ways around the Strait of Hormuz. Now it is starting to send tankers straight back through it.
According to OilPrice.com, Saudi Aramco resumed crude loadings from its Ras Tanura and Juaymah terminals inside the strait last week, ending a three-week gap in activity at the ports, according to Kpler and Vortexa data cited by Reuters.
Three VLCCs — Malaysia Prosperity, Algeria Prosperity and Singapore Prosperity — each loaded roughly 2 million barrels between August 12 and August 16. Six more VLCCs could load Saudi crude from inside Hormuz later this month, provisional Kpler data showed.
The next round may involve Saudi Arabia’s own ships. According to Bloomberg, Saudi Arabia is offering to sell oil from off the coast of Oman, a sign that the kingdom may be following the United Arab Emirates in shuttling more barrels through the Strait of Hormuz.
Saudi Aramco is offering cargoes on a so-called ship-to-ship basis from locations including Sohar in the Gulf of Oman. The grades being marketed are Arab Medium and Arab Heavy, something that means it’s highly likely the barrels came from inside the Persian Gulf.
For now, the offers are only being made to some Chinese refiners, Bloomberg sources said. Many of the nation’s processors prefer the heavier and relatively sulfur-rich grades produced by Aramco, which are more suited to their complex refineries.
Middle Eastern producers have been pressing ahead with shuttling large volumes of crude out of the Persian Gulf, helping keep a lid on oil prices and assuaging fears of an energy-driven inflation spike. Aramco’s trading arm shuttled some supplies through Hormuz in May, but the kingdom’s ability to divert exports to its Red Sea port of Yanbu made it less reliant on the waterway.
Over the past several weeks, even those diverted Red Sea flows have come under threat after Yemen’s Houthi militants declared a maritime blockade on Saudi Arabia.
There have been recent signs of a pickup in cargo activity from Saudi Arabia’s facilities inside the Persian Gulf. According to satellite imagery, vessels with at least 9 million barrels of transport capacity have loaded at or near the country’s giant Ras Tanura export installations over the past week.
Saudi Arabia has also amassed a large cluster of oil supertankers just outside of the gulf. Seven VLCCs operated by Saudi-based Bahri were sitting off the UAE and Oman on Tuesday, while another two were heading toward Fujairah, according to LSEG shipping data. Traders told Reuters that Aramco could use Saudi-controlled tankers for future Hormuz transits in addition to vessels operated by South Korea’s Sinokor.
That is a notable shift after Aramco halted sales from inside the strait for weeks following attacks on its tanker fleet during last month’s escalation in the U.S.-Iran conflict.
It does not mean Saudi exports are back to normal.
Aramco is still offering Arab Medium and Arab Heavy crude to Asian refiners through ship-to-ship transfers off Fujairah, allowing buyers to collect Saudi barrels without sending their own vessels through Hormuz.
Its other escape route has problems of its own. Saudi Arabia diverted exports toward Yanbu on the Red Sea earlier in the war, only to face a Houthi blockade there. Aramco has since offered crude from Egypt’s Sidi Kerir terminal, but only about 670,000 barrels per day is expected to load there for Asia this month, versus roughly 4 million bpd previously exported through Yanbu.
Longer voyages and higher freight costs have made that workaround a tough sell.
END
WTI Rises As Distillate Stocks Draw, Cushing Back Near ‘Tank Bottoms’, SPR At 43-Year Lows
Wednesday, Aug 19, 2026 – 10:41 AM
Oil prices are chopping sideways (to modestly higher) for the second day in a row as traders weighed the ‘dark fleet’ transits with renewed tensions in the Middle East further clouding the outlook for flows through the vital Strait of Hormuz.
“A combination of the escalation between the UAE and Iran, coupled with a market increasingly pricing a ‘closed for longer scenario,’ keeps oil and refined products supported,” said Arne Lohmann Rasmussen, chief analyst at Global Risk Management.
Combine that with the ever-decreasing poll of global inventories (to soak up any supply shortage)…
…and every incremental report on supply and production matters (especially for refined products).
API
- Crude -328k
- Cushing -1.4mm
- Gasoline +1.1mm
- Distillates -2.8mm
DOE
- Crude +4.41mm (-707k exp)
- Cushing -1.314mm – biggest draw since mid-June
- Gasoline +688k
- Distillates -1.53mm
After last week’s massive crude inventory build, expectations were a calmer week (API showed a small draw). The official data showed a sizable build (4.41mm barrels) for the 3rd week in a row while Cushing stocks slipped back. Products were mixed with Distillates drawing down for a 3rd week…
Cushing stocks remain near ‘tank bottoms’…
The SPR saw another drain…
…pushing stocks back to ever lower lows (1983 lows now)…
US crude production rose last week, edging closer to record highs as rig counts continue to rise…
Crude imports eased after a big surge a week earlier mostly thanks to a significant slide in volumes from Canada. Still, shipments from Venezuela remain very strong holding above 700,000 barrels a day and near the highest levels since 2017.
WTI Crude is rising on the report back up near $85…
Finally, as we have noted numerous times recently, it’s not crude that is the center of the current crisis but refined products with fuel prices, especially diesel, having rallied much harder than oil, as the war between Russia and Ukraine has also contributed to tighter energy markets following attacks on refineries.
That’s heaping cost pressure onto drivers, truckers and farmers, as well as overall industry, and leaks into inflationary impacts for the ‘average joe’ far quicker.
The margin for making diesel from crude oil in the US has topped $100 a barrel, setting all-time highs. In Europe, gasoil futures have more than doubled this year.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
CANADA/USA
Trump Pauses 50% Canada Tariffs At 11th Hour, Declares “We Have A Deal”
Wednesday, Aug 19, 2026 – 08:45 AM
The Canadian dollar climbed against most of its Group-of-10 peers after President Trump delayed 50% tariffs on billions of dollars of Canadian goods for three days, claiming on Truth Social that a trade deal was pending. The last-minute reprieve will ease trade tensions in North America.
“I have paused the 50% Tariffs against Canada, that were scheduled to kick in tomorrow morning for a three day period, based on the fact that Canada and the U.S.A., subject to the finalization of documents, have a DEAL! The great Keystone XL Pipeline, long ago killed by Sleepy Joe Biden, may be awoken from the grave!” Trump wrote on Truth Social late Tuesday night.
The United States Trade Representative wrote on X, “The deal will include comprehensive market access for all American goods, economic security commitments, digital trade alignment, and many important provisions that will continue to protect our market and American workers, along with our Canadian partners.”
A White House proclamation explained that the tariffs were suspended after Canada committed to removing discriminatory treatment across US automobiles, dairy products, and alcohol.
Canadian Prime Minister Mark Carney released a statement offering a more cautious view and stopped short of confirming that a final deal had been reached.
“Substantial progress has been made, although there is important work still to be done,” Carney said in the statement. “While we continue this work, Canada remains focused on building a stronger, more independent, and more competitive economy at home.”
Analysts at Jefferies added more color:
Trump says U.S., Canada have trade deal, pauses new tariffs for three days Globe and Mail reported that U.S. President Donald Trump announced a tentative trade deal with Canada and paused planned 50% tariffs for three days, less than two hours before they were due to take effect.
Trump said the agreement remains subject to final documentation and did not disclose specific terms or confirm whether the tariffs would be permanently withdrawn.
The announcement followed intense negotiations between Canadian and U.S. officials, including multiple discussions between Prime Minister Mark Carney and Trump.
Sources indicated negotiators believed they had developed a proposal capable of resolving the impasse, but the final decision rested with political leaders. The threatened tariffs, under Section 338, would have applied to about US$20B of Canadian exports including electronics, dairy, alcohol and wood products. Talks also covered existing Section 232 tariffs on autos, metals and forest products.
Reports suggest the U.S. may reduce, but not fully remove, some tariffs in exchange for Canadian concessions such as lifting provincial bans on U.S. alcohol and removing certain countertariffs.
Key sticking points remained auto and lumber tariffs, with Canada seeking exemptions for North American auto content and provinces demanding meaningful lumber relief.
The outcome represents a significant political test for Carney, who has balanced pressure to protect Canadian interests with business demands for greater trade stability.
Scotiabank’s Derek Holt provided his first take:
Great, there’s a possible deal. What’s in the deal? Dunno. Do I trust there is a deal because Trump said so? Not really. Do markets trust there is a deal? Not so much, as CAD only appreciated by about a quarter cent since Trump’s social media post last night, CGBs are flat, and so are TSX futures. All he did was to go TACO and postpone the 50% tariffs for three days just 1¾ hours before they were to have been applied against $20 billion of imports from Canada sans CUSMA exemption. Canada’s retaliation is similarly postponed. That’s a positive for now, since otherwise everything would have skidded off into the ditch, but the rest is still uncertain.
What’s in the deal? Haven’t a clue. Is it good for both Canada and the US? Dunno. Trump’s post merely says the two countries have a deal while intimating that the Keystone XL pipeline is back on. We’ll see about that, given a guarded industry toward the pipeline that has moved on given the wild unpredictability of successive US administrations, the long project timelines and the varied competing interests.
We also have this post from the USTR that claims “comprehensive market access for all American goods, economic security commitments, digital trade alignment, and many important provisions that will continue to protect our market and American workers, along with our Canadian partners.” We’ll be the judge of that, not the White House.
Canadian PM Carney’s post was much more measured. It noted that “substantial progress has been made, although there is important work still to be done.” On that count, massive shout-outs to the Canadian team for working so tirelessly and on something so mindless as zero-sum beggar-thy-neighbour trade policies out of the US that divert precious management time by leaders and businesses away from more meaningful pursuits. You’ve served your country well so far.
And so we need details. What’s in the agreement, what are the enforcement mechanisms, what are the timelines for implementation, and of course, how exactly comprehensive is this? Is it a meaningfully comprehensive CUSMA extension, or just the opening salvo? How much did PM Carney give away from a salability standpoint at home? The provinces will need to be briefed and their reactions and cooperation will be important. And is Trump’s signature going to actually mean anything on this ‘deal’ given his pattern of not honouring much of what he commits to doing?
Throughout all of this I have stuck to a cautious optimist line that Canada would get a trade deal before the midterms or before the new US Congress convenes in January. The odds of this happening just went up. That has been part of a macro narrative for improved growth and modest tightening by the Bank of Canada as the case for last Fall’s insurance cuts to persist would be removed at a minimum. I hope that’s true, but I’ll jump on the ‘Let’s Make a Deal’ stage when I see something meaningful. Until then, post on to your heart’s content, we want details!!
If a deal that extends CUSMA and lowers uncertainty in a meaningful way were to be achieved, then it would be positive for Canadian economic growth and negligible for US growth. It would buoy market and business sentiment toward Canada. It could put at ease consumer worries.
And be wary toward the possible confirmation bias in gloomier quarters. I wouldn’t want talk to see some of the research gloomsters who were adopting a negative stance on trade and how damaging it could be to Canada’s economy and markets while making rate cuts more likely then turn around and say a deal doesn’t mean much. Nothing to see here. Don’t want to see it because it goes against all of their other views that deliberately excluded the cautious optimists. #accountability. The BoC wouldn’t dismiss a deal; amid multiple uncertainties, removing or materially dropping trade uncertainty would be another step toward modest tightening.
Trump’s announcement signals possible progress ahead of the review of the North American trade agreement between the US, Canada and Mexico. The US and Canada traded $900 billion in goods and services last year.
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: 1.1596 UP 0.0021
USA/ YEN 159.18 DOWN 0.377 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 1.3554 DOWN 0.0018 OR 18 BASIS PTS
USA/CAN DOLLAR: 1.3876 DOWN 0.0022 //CDN DOLLAR UP 22 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED DOWN 95.88 PTS OR 2.40%
Hang Seng CLOSED UP 10.85 PTS OR 0.04%
AUSTRALIA CLOSED UP 0.13%
// EUROPEAN BOURSE: ALL MOSTLY RED EXCEPT PARIS
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL MOSTLY RED EXCEPT PARIS
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 10.85 PTS OR 0.00%
/SHANGHAI CLOSED DOWN 95.88 PTS OR 2.40%
AUSTRALIA BOURSE CLOSED UP .32%
(Nikkei (Japan) CLOSED DOWN 2104.73 PTS OR 3.12%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: $4354.00
silver:$63.07
USA DOLLAR VS TRY (TURKISH LIRA): 47.94 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: 85.26 ROUBLE// DOWN 0 ROUBLE AND 26 BASIS PTS.
UK 10 YR BOND YIELD: 5.048 DOWN 3 BASIS PTS
UK 30 YR BOND YIELD: 5.8046 DOWN 3 BASIS PTS
CDN 10 YR BOND YIELD: 3.697 DOWN 3 BASIS PTS
CDN 5 YR BOND YIELD; 3.286 DOWN 3 BASIS PTS
USA dollar index early WEDNESDAY MORNING: 99.36 DOWN 19 BASIS POINTS FROM TUESDAY’s CLOSE
WEDNESDAY MORNING NUMBERS ENDS
And now your closing WEDNESDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.600% DOWN 1 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.889% DOWN 6 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 4.086 DOWN 6 BASIS PTS//
SPANISH 10 YR BOND YIELD: 3.696 DOWN 1 in basis points yield
ITALY 10 YR BOND: 4.068 DOWN 2 points in basis points yield ./
GERMAN 10 YR BOND YIELD: 3.2559 DOWN 1 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 1.1674 UP 0.0099 OR 99 basis points
USA/Japan: 158.14 DOWN 1.41 OR YEN IS UP 141 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 5.0445 DOWN 4 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.7888 DOWN 4 BASIS POINTS.
Canadian dollar DOWN 88 BASIS pts to 1.3810
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The USA/Yuan CNY 6.7306 ON SHORE ..UP
THE USA/YUAN OFFSHORE// CNH UP TO 6.7304
TURKISH LIRA: 47.94 UP 2 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
Your closing 10 yr US bond yield DOWN 6 in basis points from TUESDAY at 4.649% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 5.184 DOWN 11 basis points /10:00 AM
USA 2 YR BOND YIELD: 4.183 UP 1 BASIS PTS.
GOLD AT 10;00 AM 4484.20
SILVER AT 10;00: 65.62
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates THURSDAY
DAY CLOSING TIME 10:00 AM///
London: CLOSED UP 15.31 PTS OR 0.14%
GERMAN DAX: CLOSED DOWN 37.03 PTS OR 0.14%
FRANCE: DOWN 7.45 OR 0.09 PTS
Spain IBEX CLOSED DOWN 87.40 PTS OR 0.46%
Italian MIB: CLOSED DOWN 399.44 PTS OR 0.75%
WTI Oil price 85.94 10.00 EST/
Brent Oil: 91.82 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 84.96 ROUBLE UP 0 AND 4/ 100
CDN 10 YEAR RATE: 3.672 DOWN 3 BASIS PTS.
CDN 5 YEAR RATE: 3.280 DOWN 3 BASIS PTS
CLOSING NUMBERS: 4 PM//
Euro vs USA 1.1676 UP 0.0099 OR 99 BASIS POINTS//
British Pound: 1.3608 UP 0.0072 OR 72 basis pts/
BRITISH 10 YR GILT BOND YIELD: 5.056 UP 1 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.795 UP 1 IN BASIS PTS.
JAPAN 10 YR YIELD: 2.897 DOWN 5 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 4.094 DOWN 4 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 158.24 DOWN 1.311 OR YEN UP 131 BASIS PTS//GETTING FURTHER AWAY FROM 160.00/ EXTREMELY DANGEROUS
USA dollar vs Canadian dollar: 1.3811 DOWN 0.0081 PTS// CDN DOLLAR UP 81 BASIS PTS
West Texas intermediate oil: 85.65
Brent OIL: 91.23
USA 10 yr bond yield DOWN 6 BASIS pts to 4.647
USA 30 yr bond yield: DOWN 9 PTS to 5.195%
USA 2 YR BOND 4.175 UP 0 PTS
CDN 10 YR RATE 3.694 DOWN 1 BASIS PTS
CDN 5 YEAR RATE: 3.303 UP 1 BASIS PTS
USA dollar index: 98.71 DOWN 85 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 47.91 UP 0 BASIS PTS GETTING QUITE CLOSE TO BLOWING UP/IDIOTS SOLD GOLD
USA DOLLAR VS RUSSIA//// ROUBLE: 84.96 UP 0 AND 5/100 roubles //
GOLD $4,510.30 3:30 PM)
SILVER: 66.35 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 119.71 POINTS OR 0.22%
NASDAQ 100 UP 41.38 PTS OR 0.16%
VOLATILITY INDEX 15.07 DOWN 0.77 PTS OR 4.86%
GLD: $ 413/83 UP 15.28 PTS OR 3.83%
SLV/ 60.01 PTS UP 2.57 OR 4.47%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 18.26 PTS OR 0.05%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
Bitcoin & Bullion Explode After Bessent-Bailout, Yield-Curve & Dollar Crushed; Tech Tepid On Momo-Mess
‘
WRAP UP
USA DATA RELEASES/THE BIGGY!!
Here Comes QE Lite: Yields, Dollar Tumble, Gold Spikes After Treasury Unexpectedly Doubles Size Of Long-End Treasury Buybacks
Wednesday, Aug 19, 2026 – 09:11 AM
Over the past several years, one of the more amusing debates gripping the market’s Fed-watchers was whether the Fed’s treasury buyback auctions were a form of soft QE, with this website consistently arguing that – contrary to what washed out ex-Bridgewater traders with a newsletter to sell may tell you – Treasury buybacks were just that when it comes to what matters such as market reaction, to wit:
And moments ago, Scott Bessent finally resolved the debate when, with 30Y yields at 20 year highs and threatening to blow out higher, the US Treasury shocked markets, sparked a meltdown in yields and surge in equity futures and gold when it announced at 8:30am that they will be “increasing, by at least double, the size of liquidity support buyback operations for longer-dated nominal coupon securities (the 10-year to 20-year sector and the 20-year to 30-year sector). The current maximum size of $2 billion per operation will be at least $4 billion per operation.”
This change will be effective September 9, 2026 and will be in effect for the remainder of this refunding quarter (through November 4, 2026). The releases noted that the Treasury will provide more information about future buyback sizes at the next Quarterly Refunding, scheduled for November 4, 2026, in other words it has the benefit of 3 months of “NOT QE” without having to even specify its thinking.
According to the statement, “this increase in buyback operation sizes reflects Treasury’s desire to provide greater liquidity support in longer-dated nominal sectors where there is consistent strong sponsorship from market participants, as evidenced by the significant volume of high-quality offers Treasury routinely receives in longer-dated buyback operations.”
Translation: Bessent panicked and the justification that there is no liquidity is just a strawman, with the Treasury now freaking out that the demand for AI paper is crowding out demand for Treasuries as we have been warning for the past several weeks, and as we predicted a week ago when looking at the blowing out Treasury skew, “Bessent will be busy.:”
It took just one week for him to show just how busy he would be.
The market reaction was instant and violent, with 30y yields down 6bps in an instant on the headlines, having been down 2bp prior, This brings Wednesday’s yield decline to 8bp total
US 2s30s is 7bp flatter on the day and 10s30s 2bp flatter.
Naturally, with Bessent panicking, stock futures surged…
… but more importantly, gold is breaking out bigly….
… as the market realizes that with total US debt about to hit $40 trillion…
… it all gets much worse from here.
END
Deutsche Bank: Operation Twist Is Here WHY PROVACATIVE? AI
It’s provocative because Deutsche Bank frames the U.S. Treasury’s surprise doubling of long-end buybacks as “soft-form financial repression” that mimics the Fed’s classic Operation Twist—and effectively shifts yield-curve management from the independent central bank to the Treasury/administration.
streetinsider.com
What just happened
On August 19, 2026, the U.S. Treasury announced it was raising the per-operation cap on liquidity-support buybacks of longer-dated Treasuries (10–20-year and 20–30-year nominal coupons) from $2 billion to at least $4 billion. The dollar weakened sharply right after the news.
streetinsider.com
Deutsche Bank’s head of FX research, George Saravelos, immediately called it out:
- The buyback “is effectively very similar to the Fed’s operation twist.”
- Treasury will likely issue more short-term T-bills to fund the removal of duration from the market.
- This eases financial conditions by putting downward pressure on long-end yields.
- It is part of a broader pattern of “soft-form financial repression policies aimed at containing the long-end of the US yield curve.”
Why the comparison is provocative
Classic Operation Twist (Fed, 1961 and 2011) involved the central bank selling short-term Treasuries and buying long-term ones. The goal was to “twist” the yield curve: lower long-term rates (to stimulate borrowing/investment) without expanding the overall balance sheet or cutting short-term rates.
investopedia.com
Here the Treasury (not the Fed) is buying long-end bonds and financing it with more short-term issuance. Functionally similar effect on duration and the curve—but done by the fiscal authority rather than the independent monetary authority. That blurs the traditional separation of powers between Treasury and Fed.Deutsche Bank explicitly links it to administration unease about rising long-end yields and to earlier signals (such as discouraging Japanese yen intervention). They describe it as part of a “Pennsylvania plan”-style framework for containing long yields through non-market means. The more such measures are seen as distorting free market pricing of Treasuries, the more the dollar is forced to take the adjustment (i.e., weaken), according to the bank.
streetinsider.com
The provocative implications
- Yield-curve management by Treasury: Historically the Fed’s job. This looks like the executive branch stepping into monetary territory.
- Financial repression angle: “Soft-form” language suggests policymakers are capping long yields by administrative means rather than letting markets clear, which can discourage foreign holders or force currency depreciation as the pressure valve.
- Fed response risk: If the buybacks ease conditions and Fed Chair (Kevin Warsh in the note) does not offset them or even acknowledge them, markets may read that as tacit approval—further dollar-negative.
- Slippery slope: Markets will watch for more such measures. Perception of distortionary support for the Treasury market itself becomes dollar-weakening.
In short, the headline “Operation Twist Is Here” is eye-catching because it equates a Treasury liquidity/buyback tweak with a famous Fed policy tool and then labels the whole thing soft financial repression. That combination—central-bank-style curve control by the Treasury + repression framing—is what makes the analysis land as provocative.
END
Gold Rallies $125 on Bessent’s QE-Lite Play.
by VBL
Wednesday, Aug 19, 2026 – 10:03
Here is Why Gold Just Rallied $125
QE is Back
Authored by GoldFix
The reason for today’s rally is Secretary of the Treasury Scott Bessent said that the US would be buying back more bonds further out on the curve.
- TREASURY DEBT BUYBACK TARGETS COUPONS MATURING IN 2031 – 2034
This amounts to a mini type of QE intervention. It supports bonds and effectively prints more dollars permanently monetizing our debt. That’s why Gold rallied.
Right now, Gold is up over $125 completely obliterating yesterday sell off and is headed towards new recent highs. Silver is not slacking, but it does have some more ground to pick up.
Bessent Starts QE Lite
With 30-year Treasury yields trading near 20-year highs and long-end pressure intensifying, the Treasury Department announced a significant expansion of its liquidity-support buyback program, immediately pushing yields lower while equity futures and gold moved higher.
Treasury said it will at least double the maximum size of buyback operations for longer-dated nominal coupon securities, covering both the 10-to-20-year and 20-to-30-year sectors. The current $2 billion maximum per operation will increase to at least $4 billion beginning September 9.
“Increasing, by at least double, the size of liquidity support buyback operations for longer-dated nominal coupon securities.”
The change will remain in effect through the current refunding quarter, ending November 4. Treasury will provide additional guidance on future buyback sizes at the next Quarterly Refunding, effectively giving the program roughly three months to operate at the larger size before officials need to outline what comes next.
Bessent framed the decision as a liquidity measure (LOL), saying the larger operations reflect a desire to provide greater support in longer-duration sectors where dealers and other market participants have consistently submitted substantial volumes of high-quality securities for sale.
Essentially the treasury is saying: The market is wrong and they aim to prove it.
“This increase in buyback operation sizes reflects Treasury’s desire to provide greater liquidity support in longer-dated nominal sectors.”
Continues here
END
FOMC Minutes Tilt Hawkish: ‘Inflation Risks Skewed To The Upside’ Due To AI
Wednesday, Aug 19, 2026 – 02:05 PM
While today’s market moves (post-Bessent’s OpTwist bailout) are changing things rapidly, since the last FOMC meeting, on July 19th, where Warsh held rates (hawkishly) unchanged (in the biggest surprise to market expectations in decades) amid multiple dissents, gold, bitcoin, and oil have outperformed, the dollar and bonds have lagged, with stocks solidly green in the middle…
And rate-hike expectations have plunged, erasing the hawkish shift since Warsh’s first Fed meeting (thanks mostly to weak macro since the meeting)…
With Fed-watchers up in arms about him not giving the book away (ending forward guidance), they are hoping for some signs on the tea-leaves today of The Fed’s reaction function (don’t hold your breath) or what they are watching (still don’t hold your breath).
Market participants expected the Minutes to show that hawkish sentiment on the committee was broad-based, despite the decision to hold rates steady. That could re-energize market bets on an imminent rate hike, bets that have subsided since July’s weak jobs and retail-sales data and modest CPI inflation.
However, bear in mind that the FOMC minutes are backward-looking, of course, but the editorial process – which requires sign-off from top officials – allows the Fed to selectively underscore certain messages. Given the sharp upward movement in long-term bond yields recently (before today) and concerns about Fed credibility, many are expecting officials likely to give the minutes a hawkish edit.
So what do Warsh and his new pals at The Eccles Building want us to know?
As expected, a hawkish tilt to the Minutes:
As we already knew, the members were mixed:
- Most participants assessed higher rates would likely be necessary if inflation did not fall;
- “Many participants assessed that policy tightening would likely be necessary if inflation did not decline,” the minutes said.
- Most participants at Fed’s July 28-29 meeting supported keeping interest rates unchanged, but several favored an increase
- Various participants said tighter financial conditions over intermeeting period reflected strong economic growth and expectations for Fed to adopt more restrictive stance before long
- A few of the participants who favored raising rates at the meeting judged doing so would likely help forestall need for further hikes
Fewer meetings possible:
The minutes also showed Warsh raised the idea of reducing the committee’s annual number of policy meetings from eight to six.
“The Chairman observed that six scheduled meetings per year, held roughly every two months, would allow more information to accumulate between meetings than under current practice and provide policymakers and the staff more time to consider strategic monetary policy issues,” the minutes said.
Warsh then asked for input from the committee on the idea. The minutes made clear the number of meetings would not be adjusted this year. A reduction in the number of policy meetings would mark a significant shift in the way the central bank operates.
It was all about inflation:
“Most participants anticipated that inflation would step down over the rest of the year as the effects of tariffs and earlier energy price increases wane, but many participants noted the possibility that inflation might be more persistently elevated,” the minutes said.
- Fed staff economic outlook showed inflation outlook was similar to one prepared for June meeting but economic outlook was ‘a touch weaker’
- *FED: PARTICIPANTS JUDGED INFLATION RISKS WERE SKEWED TO UPSIDE
- *FED: SEVERAL SAW AI INVESTMENT HAVING BROADER EFFECT ON PRICES
- *FED: SEVERAL SAID TARIFF PASS-THROUGH WAS NOW LARGELY COMPLETE
- Several participants noted price increases over last year were broad based, spanning various categories of goods and services
- The record showed participants’ inflation outlooks were “highly uncertain” and the re-escalation of the Iran war “clouded the inflation outlook.”
Labor:
- Officials described the labor market as stable, with labor demand and supply in balance.
Balance Sheet
- A couple of participants noted ample-reserves regime had helped maintain orderly market functioning during brief payments outage during intermeeting period.
Interestingly, in line with his lack of forward guidance (and the potential for fewer meetings), the Minutes appeared more sparse of actionable detail than usual.
END
TEXAS //GRID
Texas Hits New Peak Demand Record, Faces 80% Supply Shortfall By 2030
Wednesday, Aug 19, 2026 – 02:25 PM
By Marlene Wilden of UtilityDive
- Peak demand in the Electric Reliability Council of Texas territory could reach 120 GW by 2030 – incredible growth of more than 30% above the new, unofficial all-time peak reached on July 22, but notably lower than ERCOT’s own forecasts, according to a market report from Ascend Analytics that was provided to Utility Dive.
- The firm cites gas turbine shortages, multi-year development timelines and interconnection bottlenecks as limiting factors preventing enough new generation from coming online to serve proposed large loads.
- Ascend says ERCOT’s energy-only market no longer provides enough revenue certainty to finance the dispatchable generation needed to meet future demand, while persistent gaps between forward markets and actual outcomes weaken the market signals used to guide investment decisions.
ERCOT’s large-load queue has grown by more than 200 GW since 2024, driven largely by data centers, manufacturing, cryptocurrency and industrial oil and gas development, but uncertainty remains over how much load can be safely interconnected.
The grid operator said in April that the total 2030 load reported by transmission service providers, based on contracts and officer letters, was 208 GW. ERCOT’s adjusted load forecast put it at 138 GW.
Ascend’s estimate of 120 GW assumes delays and a 55.4% success rate for proposed loads. The firm says delays in energization and large-load attrition are making it increasingly difficult to forecast how much demand will actually materialize on ERCOT’s grid.
“Even though that appetite is enormous, if it can’t get met, it’s not coming online,” Brent Nelson, senior managing director of market intelligence at Ascend, told Utility Dive in an interview.
“The ability of the grid to add new generation is much, much smaller than the demand of queued large-load facilities,” Robert LaFaso, Ascend’s director of market intelligence, told Utility Dive.
Both executives identified generation availability as the primary constraint.
Nelson said some transmission challenges can be mitigated by co-locating generation and load. Developers face significant supply chain hurdles in adding those resources, particularly dispatchable plants, according to Ascend.
Ascend cites the limited number of tier-one gas turbine manufacturers as a key factor contributing to project attrition among Texas Energy Fund applicants. The firm also identifies engineering, procurement and construction capacity, high-voltage equipment and permitting as growing bottlenecks to building new generation.
Ascend expects ERCOT’s reserve margins will remain healthy through 2026 before tightening as load growth outpaces supply additions. That shift is prompting discussion of potential market reforms, including concepts such as a “bring-your-own-new-generation” requirement for large loads.
Nelson said such a structure could help align new demand with new supply but warned it could undermine the economics of existing merchant generators and increase policy uncertainty for investors.
For storage, the challenge is squarely financial.
“We’ve seen pullbacks from a lot of the lenders expressing drastic concerns over the past several years, where [storage projects] have not met revenue expectations, and the lending community is starting to question whether or not merchant storage is investable without firmer revenue,” LaFaso said.
Lenders increasingly require contracted revenues rather than relying on merchant market returns, he said. Those financing challenges are compounded by ERCOT’s energy-only market design, which relies on scarcity pricing to incentivize new generation.
Scarcity revenues alone are unlikely to support investment, particularly as developers face rising costs for natural gas equipment and other infrastructure. The problem, Nelson warned, is that there are only two realistic outcomes under that structure: Either scarcity pricing fails to provide enough revenue to support new entry — leaving the system short of dispatchable capacity — or it succeeds in doing so but creates an affordability crisis by forcing consumers to pay high, volatile prices to the entire supply stack.
The firm also said a changing generation mix could make scarcity revenues more weather- and outage-dependent, adding volatility for generators and complicating financing. It identified September as an emerging risk period due to reduced solar output from earlier sunsets and lower evening wind generation than in August.
Ascend expects wholesale prices to rise in the near term as demand grows before stabilizing over the longer term as additional renewable generation comes online. Natural gas plants are still expected to set prices during evening ramping periods when solar output declines.
USA ECONOMIC REPORTS
Why Are So Many Democrats Being Arrested On Fraud Charges?
Tuesday, Aug 18, 2026 – 11:00 PM
An obvious pattern is emerging. Multiple Democrat officials have been arrested and charged with fraud or related federal crimes over the past two years and the trend seems to be growing. Democrat politicians and DNC members are over-represented when it comes to fraud and it’s starting to look like the entire party has been pilfering the cookie jar for quite some time.
In the latest incident, Lawrence, MA Mayor Brian DePeña faces federal charges for allegedly using Covid-19 relief money meant for his tire business to fund his political campaign and pay personal debts, according to court documents. His charges include: Wire fraud; aiding and abetting, and unlawful monetary transactions; aiding and abetting.
Records indicate that an arrest warrant was issued Thursday. City Council President Jeovanny Rodriguez confirmed DePeña was arrested Friday. Neighbors described FBI agents shouting through a bullhorn outside the mayor’s home early in the morning and using a battering ram to force open his door.
This incident has developed right as another official, Former New Mexico Democrat House leader Sheryl Williams Stapleton, has just been convicted of 31 felony charges for diverting millions of dollars of school funds to her friend’s company while receiving kickbacks.
After the exposure of migrant fraud in Wisconsin and California linked to Democrat and left-wing NGO operations, it surprises no one that politics is one big criminal enterprise, for Democrats in particular. Republican officials are not free from such charges; a handful of mostly low profile cases have occurred since 2024. That said, when Democrats go for fraud, they go big, and many of these cases involve the misappropriation of covid relief funds.
In other words, the pandemic was a money-making bonanza for Dems, and a lot of this money was used to pay for campaign operations.
U.S. Rep. Sheila Cherfilus-McCormick (Democrat, Florida) was arrested in November of last year and charged with 15 federal counts, including theft of government funds related to allegedly stealing approximately $5 million in FEMA disaster relief for the Covid crisis.
Prosecutors say the money had been overpaid to her family’s health-care company (Trinity Healthcare Services), which held a contract to register people for Covid-19 vaccinations. Within two months of receiving the funds, more than $100,000 was allegedly spent on personal items, including a diamond ring for the congresswoman. She also allegedly pumped millions into her own campaign operations.
It’s not unfair to suggest that Democrats may have believed they were going to retain political power for years to come (many Americans view the covid event as an engineered coup). Unfortunately for them, the Biden regime did not stay in office or destroy conservative opposition, so now they are under a microscope. And, under the light of scrutiny, the ugly deeds of 2021-2024 are being exposed.
END
looks like we have an affordability issue;
La-Z-Boy Crashes Most Since 2022 As Frozen Housing Market Crushes Sofa Demand
Wednesday, Aug 19, 2026 – 11:10 AM
La-Z-Boy shares suffered their steepest decline in 4.5 years on Wednesday after the furniture maker’s second-quarter guidance missed expectations, providing even more evidence that weak housing turnover has suppressed demand for big-ticket discretionary goods such as sofas and recliners. With mortgage rates elevated and home prices near record levels, affordability remains severely stretched, keeping transaction volumes depressed, thus limiting replacement purchases that typically drive furniture demand.
La-Z-Boy forecasted second-quarter sales of $475.7 million, down 3% from a year earlier and well below the $537 million average analyst estimate tracked by Bloomberg. It forecast an adjusted operating margin of 3.9% to 4.8% and a reported operating margin ranging from negative .4% to 4.5%.
KeyBanc Capital Markets analyst Bradley Thomas said the company issued sales and implied earnings guidance below consensus, pressured partly by continued investment.
The soft guidance followed a weaker-than-expected first quarter. Adjusted earnings came in at 43 cents a share, compared with 47 cents one year ago and below the 49-cent analyst estimate. On a reported basis, La-Z-Boy lost 6 cents a share, compared with earnings of 44 cents a year earlier.
Sofas and recliners are considered highly deferrable purchases – non-essential goods. The stock’s 14% plunge suggests investors view the dismal evidence as further evidence that households are delaying discretionary spending and that the trend will persist, with the 30-year fixed mortgage rate remaining around 6.7%.
The broader read-through is that dismal housing conditions have also dampened home-improvement demand at Home Depot and Lowe’s, as confirmed in this week’s earnings. Wayfair, RH, and Williams-Sonoma have also experienced sluggish demand for big-ticket household items.
La-Z-Boy is another canary in the coal mine, warning that America’s frozen housing market continues to dampen consumer demand for big-ticket items. Last week, July retail sales were a major disappointment, with discretionary categories seeing sharp pullbacks. This all comes as the national average for gasoline at the pump is over $4 per gallon, continuing to dent consumer sentiment.
END
KING NEWS
| The King Report August 19, 2026 Issue 7808 | Independent View of the News |
| Trump: There are no talks or conversations going on, or scheduled, with the Islamic Republic of Iran. The Naval Blockade remains in full force and effect. The Hormuz Strait is open and operating. All water mines have been removed or detonated… Trump posts map labeling Strait of Hormuz ‘new US territory’ before announcing no talks with Iran planned https://trib.al/8VbxawQ @foxnewspolitics: Jared Kushner confirms U.S.-Iran communications are “more robust” than ever — even as Tehran publicly denies any backchannel with Trump exists. (More 4D Chess?) Kushner told Fox News’ Trey Yingst that Iranian officials have been trying to “trick” the U.S. with false concessions and “hide certain cards” during nuclear negotiations. The senior Trump adviser said Iran must abandon its nuclear weapons pursuit before any economic deal can move forward. The revelation comes as the U.S.-Iran Memorandum of Understanding expired Monday, Iran continues targeting vessels in the Strait of Hormuz, and Iranian officials are making threats against Trump’s life. Kushner’s blunt assessment of Iran’s position: “They have to want to be a real country. They can be one of the wealthiest countries in the world if they choose to pursue it. They have incredible people, incredible history, so they have so much potential.” But he said Iran must stop “spreading revolution and causing instability throughout the region and the world” first. Pending Home Sales Retreat in July as Mortgage Rates Hit 2026 High Contract signings on existing homes fell 2.3% in July from the prior month, with declines in all four regions, the National Association of Realtors reported on Tuesday. Zooming out further, pending sales fell 2.2% year over year, with gains in the Midwest but declines in the Northeast, South, and West… In the Northeast, pending home sales fell 2% month over month and dropped slightly by 0.2% year over year. Pending home sales in the Midwest saw a 0.7% decrease from the previous month, but rose by 1.7% compared to last year. In the South, pending home sales fell 2.2% month over month and 3% year over year. In the West, pending home sales fell the most, down 4.7% from the previous month and 7.1% year over year… https://www.realtor.com/news/trends/pending-home-sales-housing-market-nar-july-2026/ July Housing Starts tumbled 12.4% m/m to 1.239m; 1.35m was consensus. Single-family housing starts sank 9.9% m/m & 15.7% y/y. Permits for single-family units rose 2.5% m/m & 1/1% y/y. Overall Permits were 1.443m, 1.37m expected. Permits tend to lag housing starts on the downside. Builders procure financing for projects and keep building even as demand recedes. The US Diesel Crack Spread hit a record $102.20 for the first time in history. Everything that is shipped should get more expensive. KMPG Chief Economist @DianeSwonk: The price of diesel is a major accelerant for inflation, as it seeps into all goods that are shipped via truck, and it seeps into food costs for farmers. This is not good for inflation. Refining capacity has thinned, which is further buoying prices. @TomKloza: Diesel is the star for refiners, but gasoline cracks aren’t exactly chopped liver. At midday Tuesday, gasoline fetches $44/bbl over WTI at Gulf Coast; $51.00/bbl in NY Harbor; $58.25/bbl in Group 3; $52/bbl in Chicago and $62.30/bbl above crude in California. @BurggrabenH: “It’s already a crisis — a quiet crisis,” said Tom Kloza, chief energy adviser at Gulf Oil. “These are body punches to the middle of the economy. I think they’re going to have a pretty dramatic impact.” @ekwufinance: Diesel here in Germany is at €2.30/liter… That’s over $10 per gallon. Germany is… Schwab’s @KevRGordon: Import prices for capital goods rose by 6.55% y/y in July … the largest increase in the history of the monthly data going back to 1990. https://x.com/KevRGordon/status/2089694128808370479 No Turnaround Tuesday for you! US stocks sank early on Tuesday as equity types finally recognized what Mr. Bond has been proclaiming for the past few weeks: Soaring diesel and gasoline prices are generating inflation – and the July CPI and PPI Reports were bogus because they both deceitfully calculated that energy prices fell sharply. Near 10:40 ET: SNDK -5.14%, MU -5.93%, NVDA -2.36%, META -3.75%, Apple +1.9%, Intel -6.35, SPCX -3.18%, AMD -5.06%, TSLA -0.565, MSFT +0.9%, AVGOP -3.3%, AMZN +-.15% There was an early rotation out of AI bubble stocks and into ‘safe’ Fangs. Near 10:33 ET; Health Care +1.5%, Energy +1.32%, Info Tech -1.75%, Industrial -0.81%, DJIA -0.14%, DJTA -0.41%, S&P 500 -0.49%, SOX Index -4.75%, PKHX Housing -0.98%; USU +6/32 USUS hit a low of 107 29/32, -13/32, at 7:32 ET and then rebounded from 107 29/32 at 9:31 ET to 108 17/32 at 10:27 ET on apparent asset allocation. Energy commodities were modestly higher at the time. Dec Gold was -$33.80 near 10:41 ET; Dec Silver was -$1.715. Precious traded modestly higher early. Industrial metals rallied moderately, led by aluminum. Sept Copper was up sharply early but turned negative at 10:39 ET manic selling that took Sept Copper from 6.5135 to 6.37 in less than one minute! However, Cash Copper remained positive and in backwardization on tight supplies. Yes, Virginia, it appears someone manipulated Sept Copper futures lower because after the manic selling, Sept Copper jumped to 6.4845 in ONE MINUTE! @zerohedge: US Average Retail Diesel Prices Rise 3.7% in past week to $5.45/gal (+46.9% y/y) https://x.com/zerohedge/status/2089718690203783216 Meta faces 29-state trial that could reshape Instagram and Facebook The trial will test the four states’ allegations that Meta designed Facebook and Instagram to be addictive to children and teens and misled consumers about the safety of the platforms for young users. It will also address the claims of all 29 states accusing Meta of improperly collecting and using children’s personal data while they used the company’s platforms in violation of federal law… Meta has said the penalties could be as high as $1.4 trillion, near the company’s market cap of $1.5 trillion… https://reut.rs/4wCeB7b The S&P 500 Index opened sharply lower and then vacillated in a 19-handle range as the usual suspects bought the early drop in hope of generating a Turnaround Tuesday to the upside and the expiry squeeze manipulation. The index made a daily low of 7694.18 at 11:01 ET, which was only six handles below the opening. The manipulation for the 11:30 ET Euro close was modest as was the ensuing Noon Balloon. @ariel_oseran: The UAE says air defense systems detected an incoming missile attack and urged citizens to seek shelter. 11:01 ET https://x.com/ariel_oseran/status/2089729489785802773 The UAE’s Defense Ministry says Iran launched two ballistic missiles at its territory, with one falling outside territorial waters, and the other within territorial waters. Iran Parliament Speaker Ghalibaf: ‘Americans think squeezing Iran harder will win concessions that were never part of the agreement. Bessent and Hegseth are way out of their league. Stop waiting for the clown crew to pull a rabbit out of their hat and clean up the mess you made.’ 13:00 ET https://x.com/mb_ghalibaf/status/2089759296376480003 The S&P 500 labored up to 7708.97 at 12:55 ET. It then fell to 7694.94 at 14:10 ET. After a spike to 7705.42 at 14:22 ET, the S&P 500 fell to a new daily low of 7688.63 at 15:59 ET. A desperate manipulation closed the S&P 500 at 7691.76. The venerable index stayed in the trading range from the opening drop until the late drop. Positive aspects of previous session USUs were +12/32 at the NYSE close on an apparent defensive asset allocation. Near NYSE close: Dec Gold -$76.80, Dec Silver -$2.65 Apple +1.45% on ‘safe’ Fang rotation buying S&P Energy +1.79%, Health Care +1.59%, Cons Staples +1.06% Negative aspects of previous session US 30-Year hit 5.337%, highest yield since April 2007 https://fred.stlouisfed.org/series/DGS30 S&P 500 -0.69%, DJIA -0.22%, DJTA -1.6%, Nasdaq -1.33%, Nas 100 -1.68%, PHLX Housing -2.73% Near NYSE close: Sept WTI +0.53%, Sept Gasoline +3.69¢, Sept Diesel +2.78¢, Noc Brent + $0.47 The ¥/$ hit 159.778; a 160 handle on Wednesday could provoke US bond selling. AI semiconductor stocks got hammered; SOX Index -4.98% S&P Info Tech -1.93%, Industrials -1.46%, Materials -0.92%, Comm Servs -0.65%, Real Estate -0.45% Ambiguous aspects of previous session When will equity types began serious selling after ‘getting it’ re: Mr. Bond & commodity inflation? First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour: Down; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to day traders]: 7698.11 Previous session (S&P 500 Index) High/Low: 7713.95 (9:42 ET); 7688.63 (15:59 ET) Bond yields are jumping globally. It is not just a US dynamic; it is not just a US debt story.JGBs hit 2.939%, highest since 1996; the Japan 30-year hit 4.05%, highest in historyThe UK 30-year hit 5.833%, highest since 1998 (May 19998 all-time high 5.86%)French 30-year hit 4.86%, highest since 2008German Bunds (10-year) hit 3.2577%, highest since March 2011 (European Debt Crisis) @ekwufinance: Japan’s 2Y yield is surging to its highest level in 33 years. But yields aren’t the only thing that has surged since 1993. Debt/GDP then: ~72%; Debt/GDP now: ~200% In other words, we now have 1993 yields combined with 2026 debt levels… And Japan can’t simply dump its massive UST holdings without crashing the US bond market. What a mess https://x.com/ekwufinance/status/2089758505905357162 @Jake__Wujastyk: META If this breaks down through the 2023 pivot VWAP zone, this would be a big status quo change over the last 3 years. https://x.com/Jake__Wujastyk/status/2089845113409384870 Today is Weird Wednesday, which usually marks the peak intensity of the expiry manipulation. Despite the ominous action in bonds and energy commodities, equity jockeys have NOT yet begun to unload. For months, equity traders, operators, and investors have benefitted greatly from ignoring all negative news. We all know that ‘equities get it last.’ But some equity types are getting it. Equity debacles, to paraphrase Hemmingway, begin “slowly at first and then suddenly.” There is now great danger for equities. Seasonally, stocks that bubble up in summer often experience fall classic tumbles, especially during most Midterm Election years since 1982 (6 of 10, 1 in Dec). When Stocks Stumble in Midterm Years, What Comes Next https://www.hartfordfunds.com/practice-management/client-conversations/managing-volatility/when-stocks-stumble-in-midterm-years-what-comes-next.html 2026 Midterm Election Year Seasonal Patterns of US Indices https://time-price-research-astrofin.blogspot.com/2025/12/2026-midterm-election-year-seasonal.html Trump Orders Envoys to Halt All Negotiations with Iran – CNN ESUs -11.25; NQUs -130.25; USUs -1/32; WTI Oil +$0.37; Gasoline +0.5¢, ¥/$ 159.488 at 20:12 ET. Watch the ¥/$! Most of the historic US-Japan yen manipulation has been rescinded! Expected Economic Data: FOMC Minutes 14:00 ET; Expected earnings: Target 2.33, TJX 1.19, Lowes 4.23 (Walmart tomorrow) S&P 500 50-eay MA: 7522; 100-day MA: 7340; 200-day MA: 7082 (S&P 500 Close 7691.91) DJIA 50-day MA: 52,432; 100-day MA: 50,752; 200-day MA: 49,469 (DJIA Close 53,343.58) (Green is positive slope; Red is negative slope) @R_H_Ebright: Fauci Senior Advisor David Morens pleads guilty to “Conspiracy to Commit Offenses and to Defraud the United States” in connection with conspiring with Fauci, Daszak, Keusch, and others to defraud the public about NIH-funded gain-of-function research and the origin of COVID. https://x.com/R_H_Ebright/status/2089799142662893580 Intel Politics: NSA sat on election threat reporting over Trump ‘deep state’ label, memo shows In a tense March 2020 meeting just months before the presidential election, the National Security Agency’s (NSA) deputy director blocked the release of a long-delayed report on foreign targeting of U.S. elections—not because the intelligence was flawed, but because he feared it would brand the agency as part of the “deep state.”… U.S. intel analysts reportedly hid evidence of Chinese 2020 election meddling from Trump because they opposed his China policies, per a 2021 analytic ombudsman report. One China analyst refused to send intel to “that vulgarian in the Oval Office.”… https://justthenews.com/government/security/nsa-analyst-agency-sat-2016-election-interference-intel-avoid-trump-era Trump shares Kim Jong Un meme after downscaling South Korea military exercises The meme features Kim surrounded by military leaders and speaking on the phone with the caption “hey Donald, we cool… right?” He shared the image on Truth Social… (We do not understand 4D Chess) https://justthenews.com/politics-policy/trump-shares-kim-jong-un-meme-after-downscaling-south-korea-military-exercises WSJ’s @alexbward: President Trump is pushing aides for a meeting as soon as this fall with North Korean leader Kim Jong Un. There’s been talk of a gathering around Trump’s possible next Asia swing to attend the APEC summit in China. No planning is officially under way. @mercoglianos: Hearing rumors that @DeptofWar is going to activate one of the National Security Multi-Mission Ships (NMSV) (looks like “The Love Boat”), either from @MaritimeCollege – Empire State- or @Maine_Maritime, State of Maine, of @DOTMARAD, to head to Diego Garcia. The mission could be to provide additional housing at Diego Garcia but also a place where crews can come off @usnavy warships for R&R. https://x.com/mercoglianos/status/2089829360547115421 SF high school where 94% flunk math has California’s highest Berkeley acceptance rate https://trib.al/QBL47Oa Virginia man acquitted by insanity in killing flees US during 48-hour mental hospital pass https://trib.al/kIJCk2h NYC career thief busted 150 times is arrested again – just weeks after being cut loose https://trib.al/fAuNaJb Family-owned store (LA County, CA) ransacked in barbaric scene during street takeover: ‘everything we’ve worked so hard for’ https://trib.al/6K77NTn NYC Dem leader blamed ‘Zionists’ for property dispute, peddled antisemitic conspiracy theories https://trib.al/nNfyYdn At some point, even left-leaning women and apathetic men will clamor for law & order leaders. | |
SWAMP STORIES FOR YOU TONIGHT
GREG HUNTER….,INTERVIEWING DR JEROME CORSI
Trump Against Great Odds to Stop Voter Fraud in Midterms – Jerome Corsi
By Greg Hunter On August 18, 2026 In Political Analysis1 Comment
By Greg Hunter’s USAWatchdog.com
Dr. Jerome Corsi, who has a Harvard PhD in political science and has written more than 50 books, is still predicting that “President Trump is Not Going to Allow Dems to Steal Midterms.” It’s not going to be easy as a federal judge recently blocked Trump from restricting out-of-control mail-in voting. The public is not seeing the battle because the Lying Legacy Media (LLM) is not reporting or under reporting the huge fight over voter fraud the Dems desperately need to win. President Trump is asking for the Supreme Court to step in with an emergency ruling. Dr. Corsi says, “The mainstream media would like to say that Trump is interfering with the elections by trying to get a fair election. How’s that interfering with the election? Trump wants the rules to be followed. He does not want illegals voting. . .. He does not want mail-in ballots sent out by the bushel to random people who did not request mail-in ballots. They say Trump is going to steal the election by having only legitimate voters vote.”
It is clear illegal aliens are voting, and they are voting in very big numbers. Another voter fraud story that broke just this week quotes President Trump saying, “Census Bureau Analysis Confirms Over 24,000 Noncitizens Voted in 2020 Election as 32 Million Records Remain to be Analyzed: “I WON THE ELECTION!” Meanwhile, James O’Keefe has Democrats calling for his arrest for exposing the fraudulent ‘voter vouching’ system in Minnesota. The Lying Legacy Media is not covering these stories because they don’t want you to see all the fraud. The LLM conspiring against President Trump is nothing new. Dr Corsi says, “There have been coordination between the intelligence agencies and the mainstream media against Trump. We know Obama was concocting the ‘Russian Collusion’ theory out of whole cloth. We have seen the US government do everything possible to imprison or kill Trump. Trump has been against great odds trying to enforce the rules and trying to get the country to live by the Constitution. Now, we have the Democrat party becoming a Marxist, jihadist, communist party. . .. I think Trump will have a national security emergency as his final step to get us fair elections in 2026. I have said this for months.”
Dr. Corsi contends there is a lot of work still to be done to secure the midterms. Dr. Corsi says, “On GodsFiveStones.com, it still shows algorithms in the official state data bases that allow the creation of millions of false records that let people get state IDs in a cryptographic scheme where they are hidden in the data base but yet can be used in mail-in ballot fraud. Those algorithms have not been removed by state boards of elections of the voter registration files, and Trump knows it. We have briefed Trump on it.”
Dr. Corsi also thinks most of the polls are fake. This story that came out today says, “Polling Firm Showing Karen Bass, Francesca Hong in Lead Admits Fake Polls. . .” The polls are nothing more than a psyop, and Dr. Corsi says, “They want to convince you not to come to vote. It’s all over. Don’t bother, your vote won’t count. . .. If it looks so far ahead for one candidate, it discourages people.” So, don’t fall for the phony poll psyop—vote.
By the way, the “Trump DOJ to Deploy RECORD 1,000 Federal Monitors to Polling Places Nationwide for Midterms.” This voter fraud war is getting serious. Pay attention no matter what the Lying Legacy Media says.
There is more in the 18-minute update.
Join Greg Hunter of USAWatchdog as he goes one-on-one with Dr. Jerome Corsi of GodsFiveStones.com as he gives us an update on the voter fraud war being fought for honest elections for the midterms in November for 8.18.26.
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After the Interview:
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