AUGUST 26/TONIGHT ENDS COMEX OPTIONS EXPIRY AND THUS THE CROOKS RAID RIGHT ON TIME: GOLD CLOSED DOWN $75.35 TO $4598.15 WHILE SILVER WAS DOWN $0.60 TO $68.13//PLATINUM WAS DOWN $15.00 TO $1837.00 WHILE PALLADIUM WAS UP $3.50 TO $1333.00/GOLD COMMENTARY TONIGHT FROM CHRIS POWELL AND HIS GATA DISPATCHES AND ALASDAIR MACLEOD//REPORTS TONIGHT FROM CHINA, JAPAN AND FROM ENGLAND//ISRAEL, IRAN AND USA CONFLICT UPDATES/ISRAEL TBN//RUSSIA VS UKRAINE UPDATES/COVID VACCINE INJURY UPDATES COURTESY OF MARK CRISPIN MILLER//LAST 24 HOURS GLOBALLY COURTESY OF MIKE EVERY OF RABOBANK//OIL REPORT FOR TONIGHT//USA DATA RELEASES/USA ECONOMIC REPORTS/KING NEWS/SWAMP STORIES FOR YOU TONIGHT//
363 H WELLS FARGO SECURITI 4 661 C JP MORGAN SECURITIES 8 732 C RBC CAP MARKETS 1 737 C ADVANTAGE FUTURES 8 905 C ADM 5
TOTAL: 13 13 MONTH 19,276
JPMorgan stopped 8/13
GOLD: NUMBER OF NOTICES FILED FOR AUGUST/2026: 13 CONTRACTs NOTICES FOR 1300 OZ or 0.0404 TONNES
total notices so far: 19,263 contracts FOR 1,926,300 OZ OR 59.956 TONNES
SILVER NOTICES: 1 NOTICE(S) FILED FOR 0.005 MILLION OZ /
total number of notices filed so far this month : 1648 CONTRACTS (NOTICES) for 8.240 million oz
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GLD AND SLV
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
GLD
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD DOWN $75.35 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD//HUGE CHANGES IN GOLD INVENTORY AT THE GLD:/// A WITHDRAWAL OF 1.139 TONNES OF GOLD OUT OF THE GLD///
INVENTORY RESTS AT 1048.350 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER DOWN $0.60 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.139 MILLION OZ INTO THE SLV///// A//INVENTORY RESTS AT 495.097 MILLION OZ
CLOSING INVENTORY: 493.923 MILLION OZ
SILVER//OUTLINE
SILVER COMEX OI FELL A HUGE 1722 CONTRACTS TO AN OI OF 113,801 STILL A LOT HIGHER FROM ITS NEW RECORD LOW OF 95,999 SET MAY 1/2026. THE RECORD HIGH OI FOR SILVER IS 244,710, SET FEB 25/2020, AND THIS HUGE LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR GAIN OF $0.43 IN SILVER PRICING AT THE COMEX WITH RESPECT TO TUESDAY’S TRADING. ON THE FIRST OF MAY, WE REACHED OUR RECORD LOW OI OF 95,999 SURPASSING EVERY DAY NEW OI LOWS SET DURING THE LAST WEEK OF APRIL 2026.
NOW ON A NET BASIS OUR SPECULATORS HAVE REVERTED BACK TO GOING SHORT. THE FRBNY ON A NET BASIS IS PROVIDING THE NECESSARY PAPER TO OUR LONG BANKERS AND THEN TENDER FOR PHYSICAL AT 4 PM EACH NIGHT. BECAUSE OF THE HUGE SHORTFALL IN PHYSICAL SILVER IN LONDON THERE IS A LOTTERY TO SEE WHO GETS ANY OF THE PHYSICAL SILVER AVAILABLE THAT WHICH THEY ARE OBLIGATED TO DELIVER. THEY WAIT PATIENTLY FOR THEIR PHYSICAL METAL AND IF NOBODY GETS ANY THEY THEN COME BACK THE NEXT DAY AND SO ON. THIS IS IN LONDON, THE HOME OF PHYSICAL SILVER!! THE FACT THAT WE ARE WITNESSING MANY EXCHANGE FOR PHYSICAL TRANSFERS TO LONDON HIGHLIGHTS THE FACT THAT THE COMEX IS OUT OF SILVER AS WELL.
WE ARE NOW MOVING TO A MUCH LOWER BASE IN SILVER PRICING BREAKING MAJOR SUPPORT LEVEL OF $70.00. SHORTLY WE WILL REVERT BACK TO NUMBERS GREATER THAN 70 DOLLARS PER OZ.
WE HAVE A STRONG LOSS OF 2634 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A SMALL SIZED ISSUANCE OF 145 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE , WE HAD ZERO LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO TUESDAY TRADING// WE HAD A VERY STRONG SIZED 560 CONTRACT T.A.S. ISSUANCE!! / THEY DESPERATELY AGAIN TODAY TRYING TO CONTAIN SILVER’S PRICE GAIN FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $100.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED ON TUESDAY WITH SILVER’S GAIN IN PRICE.
THE PRICE STILL FINISHED BELOW THE MAGIC NUMBER OF $70.00 SILVER SPOT PRICE AND STILL WELL BELOW THE $100.00 MARK CLOSING AT $68.95 UP $0.43. WE ARE NOW WITNESSING HAVING MANY HUGE T.A.S ISSUANCES // TODAY’S WAS A VERY STRONG SIZED 560 T.A.S. CONTRACTS !!. THE CROOKS ARE BECOMING MORE DESPERATE TO STOP SILVER BREAKING ABOVE THE 100.00 DOLLAR MARK!! AND NOW THE HUGE SUPPORT LEVEL OF 70 DOLLARS HAS BEEN BROKEN// //.MAMMOTH SIZE T.A.S ISSUANCES ARE BECOMING THE NORM AT THE COMEX NOW!!
THERE IS NO NEXT LINE IN THE SAND ONCE THE 100.00 DOLLAR SILVER IS PIERCED AGAIN. WE HAD A SMALL SIZED 145 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR VERY STRONG SIZED 560 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED FOR RAID PURPOSES//AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE
IN ESSENCE WE HAD A HUGE SIZED LOSS OF 1577 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR GAIN IN PRICE OF $0.43. WE HAD CONSIDERABLE GOVERNMENT (FRBY) COMEX CONTRACTS TRADING ALL WEEK AND A MAJOR PORTION WILL BE REMOVED BY DAYS END. (I RECORD THIS FOR YOU ON A DAILY BASIS). THE STICKY SPECULATOR LONGS STILL REMAIN STOIC. OUR SILVER SHORT SPECS GOT SLAUGHTERED TO BITS THIS PAST WEEK.
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE.
THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1)MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, THROUGHOUT MONTH. TOTAL TAS ISSUED ON TUESDAY NIGHT/WEDNESDAY MORNING: A VERY STRONG SIZED 560 CONTRACTS. DESPITE MANY COMPLAINTS THAT THESE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED FRBNY BANKERS).
THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS AS ONE UNIT, BUT SELL THE SHORT SIDE FIRST AND THEN LIQUIDATE THE LONG SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS NOW ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1.1 TRILLION DOLLDOLLARS IN GOLD/SILVER DERIVATIVES.
THUS:
INITIAL STANDING FOR JANUARY: 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NEW NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR .100 MILLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ!!
INTIAL STANDING FOR FEBRUARY/SILVER: 13.505 MILLION OZ FOLLOWED BY TODAY’S HUGE 0.005 MILLION OZ QUEUE JUMP / : NEW STANDING FOR SILVER AT THE COMEX ADVANCES TO 25.180 MILLION OZ. BUT WE MUST ADD OUR FIRST EXCHANGE FOR RISK OF 25 CONTRACTS FOR .125 MILLION OZ AND THEN OUR SECOND EXCHANGE FOR RISK OF .0600 MILLION OZ TO OUR THIRD HUGE 2.825 MILLION OZ EXCHANGE FOR RISK!!
INITIAL STANDING FOR MARCH: A SURPRISINGLY LOW 31.076 MILLION OZ/ FOLLOWED BY A TINY QUEUE JUMP OF XX CONTRACTS OR XXX OZ/NEW STANDING ADVANCES TO 46.060 MILLION OZ
INITIAL STANDING FOR APRIL: 7.120 MILLION OZ FOLLOWED BY TODAY’S 1 CONTRACT QUEUE JUMP WHERE 5,000 OZ WILL TAKE DELIVERY OVER ON THIS SIDE OF THE POND. NEW STANDING FOR SILVER AT THE COMEX THUS ADVANCES SLIGHTLY TO 16.565 MILLION OZ PLUS WE MUST ADD OUR 4TH EXCHANGE FOR RISK ISSUANCE OF 17 CONTRACTS OR 0.085 MILLION OZ. THESE WILL BE ADDED TO OUR OTHER 3 ISSUANCES //NEW TOTAL EXCHANGE FOR RISK//1.165 MILLION OZ// NEW TOTAL SILVER STANDING 17.730 MILLION OZ//
INITIAL STANDING FOR MAY: 31.495 MILLION OZ FOLLOWED BY ANOTHER 3 CONTRACT EXCHANGE FOR PHYSICAL JUMP TO LONDON FOR 0.015 MILLION OZ// AND THEN TO BOOT WE HAD OUR FIRST EXCHANGE FOR RISK ISSUANCE FOR 51 CONTRACTS OR 255,000 OZ MAY 21./STANDING BEFORE EXCHANGE FOR RISK: 32.070 MILLION OZ/NEW STANDING THUS REDUCES TO 32.325 MILLION OZ/.//(32.070 MILLION OZ NORMAL STANDING PLUS .255 MILLION OZ EXCHANGE FOR RISK = 32.325 MILLION OZ)
JUNE INITIAL STANDING FOR SILVER:10.935 MILLION OZ TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 10,000 OZ//NEW STANDING ADVANCES TO 12.970 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 20 CONTRACTS FOR 100,000 OZ//NEW STANDING ADVANCES TO 13.070 MILLION OZ. (IN EXCHANGE FOR RISK THE BUYER ASSUMES THE RISK AND ONLY A CENTRAL BANK WOULD TAKE THAT RISK. THE BUYER IS PROBABLY THE CENTRAL BANK OF INDIA.)
JULY INITIAL STANDING: 37.110 MILLION OZ FOLLOWED BY A 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 2 CONTRACT QUEUE JUMP FOR 10,000 OZ//NEW STANDING ADVANCES TO 8.250 MILLION OZ/
SUMMARY OF OUR JULY 2026 COMEX CONTRACT MONTH
WE HAD:
/ HUGE COMEX LOSS+// A SMALL SIZED EFP ISSUANCE CONTRACTS AT 145 CONTRACTS () A VERY STRONG NUMBER OF T.A.S. CONTRACT ISSUANCE 560 CONTRACTS
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: ADDED 72 CONTRACTS OF OI SILVER //
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS AUGUST.. ACCUMULATION
TOTAL CONTRACTS for 18 DAY(S), total 7187 contracts: OR 35.935 MILLION OZ (399 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 35.935 MILLION OZ
LAST 48 MONTHS TOTAL EFP CONTRACTS ISSUED IN MILLIONS OF OZ:
MAY 137.83 MILLION
JUNE 149.91 MILLION OZ
JULY 129.445 MILLION OZ
AUGUST: MILLION OZ 140.120
SEPT. 28.230 MILLION OZ//
OCT: 94.595 MILLION OZ
NOV: 131.925 MILLION OZ
DEC: 100.615 MILLION OZ
YEAR 2022
JAN 2022-DEC 2022
JAN 2022// 90.460 MILLION OZ
FEB 2022: 72.39 MILLION OZ//
MARCH 2022: 207.140 MILLION OZ//A NEW RECORD FOR EFP ISSUANCE
APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE
MAY: 105.635 MILLION OZ//
JUNE: 94.470 MILLION OZ
JULY : 87.110 MILLION OZ
AUGUST: 65.025 MILLION OZ
SEPT. 74.025 MILLION OZ///FINAL
OCT. 29.017 MILLION OZ FINAL
NOV: 134.290 MILLION OZ//FINAL
DEC, 61.395 MILLION OZ FINAL
TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)
JAN 2023/// 53.070 MILLION OZ //FINAL
FEB: 2023: 100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.
MARCH 2023: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 111.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH
JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)
AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD
SEPT: 72.705 MILLION OZ (SMALLER THIS MONTH)
OCT: 97.455 MILLION OZ
NOV. 50.050 MILLION OZ
DEC. 66.140 MILLION OZ//
TOTAL 2023: 1,104.10 MILLION OZ/
JAN ’24 : 78.655 MILLION OZ//
FEB /2024 : 66.135 MILLION OZ./FINAL
MARCH: 143.750 MILLION OZ// 4TH HIGHEST ON RECORD.
APRIL: 161.770 MILLION OZ (THIS MONTH WILL BE A WHOPPER OF ISSUANCE OF EFPS//3RD HIGHEST EVER RECORDED FOR A MONTH)
MAY: 135.995 MILLION OZ //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
JUNE 110.575 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
JULY: 108.870 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH/ A TOUCH OVER 100 MILLION OZ/)
AUGUST; 99.740 MILLION OZ//THIS MONTH WILL BE STRONG FOR ISSUANCE BUT LESS THAN JULY.
SEPT: 112.415 MILLION OZ//WILL BE A HUGE MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
OCT; 97.485 MILLION OZ (WILL BE SMALLER ISSUANCE THIS MONTH )
NOV. 115.970 MILLION OZ ( HUGE THIS MONTH)
DEC: 132.54 MILLION OZ (THIS MONTH WILL BE A HUMDINGER FOR ISSUANCE BUT ISSUANCE SLOWED DRAMATICALLY THESE PAST FIVE DAYS/// WILL NOT EXCEED MARCH 2022 RECORD OF 209 MILLION OZ
YEAR 2024 TOTAL: 1363.84 MILLION OR 1.363 BILLION OZ
JANUARY 2025: 67.230 MILLION OZ///(THIS MONTH’S ISSUANCE OF EXCHANGE FOR PHYSICAL WILL BE SMALL)
FEB. 58.260 MILLION OZ//EXCHANGE FOR PHYSICAL ISSUANCE/FINAL
MARCH: 67.020 MILLION OZ///QUITE SMALL AND BECOMING SMALLER EACH AND EVERY MONTH.
APRIL: 100.895 MILLION OZ///AVERAGE SIZE ISSUANCE
MAY: 28.975 MILLION OZ (ISSUANCE WILL BE QUITE SMALL THIS MONTH)
JUNE: 81.065 MILLION OZ
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 82.020 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
NOVEMBER: 36.425 MILLION OZ
DEC: 45.765 MILLION OZ
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: 35.935. MILLION OZ.
RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1794 CONTRACTS DESPITE OUR GAIN IN PRICE OF $0.43 IN SILVER PRICING AT THE COMEX// TUESDAY,. THE CME NOTIFIED US THAT WE HAD A SMALL SIZED CONTRACT EFP ISSUANCE OF 145 CONTRACTS ISSUED FOR SEPT, AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS).
INITIAL STANDING: 6.240 MILLION OZ FOLLOWED BY TODAY’S 10,000 OZ QUEUE JUMP//STANDING ADVANCES TO 8.250 MILLION OZ.
LAST 17 MONTHS OF SILVER DELIVERIES
WE FINISHED APRIL WITH A STRONG SILVER OZ STANDING OF 16.050 MILLION OZ NORMAL DELIVERY , PLUS OUR 4.00 MILLION EX FOR RISK
FINAL STANDING APRIL: 19.965 MILLION OZ
AND MAY:
NEW STANDING FOR MAY FINISHES AT: 75.615 MILLION OZ. (INCLUDES 5,000 OZ EFP TRANSFER TO LONDON + 12.93 MILLION OZ EXCHANGE FOR RISK ISSUANCE/PRIOR.//NEW TOTAL STANDING 88.540 MILLION OZ
AND JUNE: FINAL 16.995 MILLION OZ
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 68.040 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING AND EXCHANGE FOR PHYSICAL TRANSFERS) PLUS 3.0 MILLION OZ EX FOR RISK = 71.040 MILLION OZ. (THIS IS THE FIRST AND ONLY ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.)
OCTOBER: 39.565 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
PLUS
2.110 MILLION OZ EXCHANGE FOR RISK//TOTAL OZ STANDING IN OCT ADVAN
NOVEMBER: INITIAL STANDING AT 11.575 MILLION OZ FOLLOWED BY TODAY’S 195,000 OZ QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 9.155 MILLION OZ//STANDING ADVANCES TO 19.670 MILLION OZ/
DECEMBER: INITIAL AMOUNT STANDING FOR DELIVERY: 49.33 MILLION OZ// FOLLOWED BY ANOTHER STRONG 835,000OZ QUEUE JUMP+ DEC. FIRST EXCHANGE FOR RISK 0F .850 MILLION OZ + LAST WEEK.S 495,000 OZ EXCHANGE FOR RISK AND THEN A 3RD ISSUANCE IF 1.00MILLION OZ THEN FINALLY DEC 249ISSUANCE OF 1.35 MILLION OZ EXCHANGE FOR RISK//NEW TOTAL EX FOR RIS IS 3.685 MILLION OZ // STANDING ADVANCES TO 68.415 MILLION OZ//
JANUARY: INITIAL STANDING 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 0.100 MILLLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ
FEB: 13.399 MILLION OZ IS OUR INITIAL STANDING FOR SILVER! TO WHICH WE ADD OUR NEXT QUEUE JUMP FOR 5,000 OZ AND THEN ADD OUR 3 EXCHANGE FOR RISK FOR 3.010 MILLION OZ STANDING ADVANCES TO 28.190 MILLION OZ!!
MARCH: INITIAL AMOUNT OF SILVER STANDING IS 31.076 MILLION OZ FOLLOWED BY A FINAL 0.210 MILLION OZ QUEUE JUMP //NEW TOTAL STANDING ADVANCES TO 46.060 MILLION OZ
APRIL 2026: INITITAL AMOUNT OF SILVER STANDING 7.120 MILLION OZ FOLLOWED BY TODAY’S 5,000 OZ QUUE JUMP //NEW STANDING ADVANCES TO 16.565MILLION OZ PLUS 1.165 MILLION OZ EXCHANGE FOR RISK.NEW TOTALS 17.730 MILLION OZ
MAY: INITIAL AMOUNT OF SILVER WILLING TO STAND; 31.495 MILLION OZ/ TO WHICH WE ADD OUR NEXT EXCHANGE FOR PHYSICAL JUMP OF 15,000 OZ//NEW STANDING REDUCES TO 32.070 MILLION OZ//(FOLLOWING MANY EXCHANGE FOR PHYSICAL TRANSFERS TO LONDON DURING THIS MAY DELIVERY MONTH). THERE SEEMS TO BE A SCARCITY OF SILVER OVER AT THE COMEX). THEN WE ADD OUR FIRST EXCHANGE FOR RISK OF 51 CONTRACTS FOR 255,000 OZ//STANDING ADVANCES TO 32.325 MILLION OZ//
JUNE: INITIAL AMOUNT OF SILVER WILLING TO STAND: 10.935 MILLION OZ PLUS OUR NEXT QUEUE JUMP OF 10,000 OZ//NEW STANDING ADVANCES TO 12.960 MILLION OZ TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 20 CONTRACTS FOR 100,000 OZ//NEW STANDING ADVANCES TO 13.070 MILLION OZ
JULY : INITIAL STANDING: 37.110 MILLION OZ FOLLOWED BY TODAY’S 15,000 OZ QUEUE JUMP //STANDING THUS ADVANCES TO 45.875 MILLION OZ//
AUGUST 6.240 MILLION OZ FOLLOWED BY TODAY’S 10,000 OZ QUEUE JUMP//STANDING ADVANCES TO 8.250 MILLION OZ/
THE NEW TAS ISSUANCE FOR TODAY (560) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED NO DOUBT WITH FUTURE TRADING//.
WE HAD 1 NOTICE(S) FILED TODAY FOR 5,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY BANK OF INDIA
GOLD COMEX OUTLINE;
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR SIZED 1269 OI CONTRACTS UP TO 427,957 CONTRACT OI AND THIS OI STILL SURPASSES BY A CONSIDERABLE MARGIN THE ALL TIME LOW AT 326,052 SET JUNE3/2026 AND THIS OI IS MUCH FURTHER FROM THE RECORD HIGH (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. WE HAVE NOW ADVANCED PAST THE PREVIOUS ALL TIME LOWS OF 357,136 SET APRIL 2/.2026AND 354,581 SET AT THE END OF APRIL 2026. WE ARE STILL QUITE A WAY FROM OUR TWO DECADES OLD: 390,000 CONTRACTS LOW SET IN THE YEAR OF 2001 WITH TRADING FOR GOLD AT $260.00. THUS DURING EARLY APRIL WE HAD AN ALL TIME LOW OI IN COMEX (354,531) BUT WITH AN EXTREMELY HIGH PRICE OF GOLD. IN MAY: RECORD LOW OI OF 326,052 WITH A GOLD PRICE OF $4,460 THE SHORT RATS ARE ABANDONING THE COMEX SHIP, NOBODY WANT TO PLAY IN THIS CROOKED CASINO!! (AND THIS CORRELATES WITH SILVER’S LOW OI OF 104,154 CONTRACTS WITH A MUCH HIGHER SILVER PRICE BASE//$58.00)
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED 3,122 OI CONTRACTS //.
WE HAD A FAIR GAIN OF 2634 CONTRACTS ON OUR TWO EXCHANGES WITH THE GAIN IN PRICE OF $0.00
LAST 17 MONTHS OF GOLD DELIVERIES: (MAY 2025 THROUGH TO /AUGUST 2026)
1.MAY SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
FINAL STANDING FOR MAY: 70.174 TONNES OF GOLD TO WHICH WE ADD 1. MONDAY’S (MAY 19) 6.221 TONNES EXCHANGE FOR RISK , 2. THEN WE ADD: 1.35 TONNES TO LAST WEEK”S. THEN WE ADD 3. 1.55 TONNES TO EQUAL 9.591 TONNES// NEW EXCHANGE FOR RISK = 9.591 TONNES WHICH MUST BE ADDED TO OUR NORMAL DELIVERY SCHEDULE OF 80.644 TONNES. THUS STANDING FOR MAY INCREASES TO 90.235 TONNES OF GOLD
2 JUNE CONTRACT MONTH: 93.085 TONNES OF GOLD (WHICH INCLUDES ALL QUEUE JUMPING AND 0 EX FOR RISK)
3.JULY INITIIAL STANDING FIRST DAY NOTICE: 17.847 TONNES. PLUS TODAY’S 0 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK + 2.195 TONNES EX FOR RISK TODAY = 41.106 TONNES STANDING
4. AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.
5.SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
6.OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
7.NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 2.323 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 4.5596 TONNES//NEW STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
8. DECEMBER BEGINS WITH INITIAL STANDING OF 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.0TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR 4 EXCHANGE FOR RISK FOR DECEMBER OF 6.587 TONNES/NEW STANDING ADVANCES TO 121.977 TONNES
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR FIRST EXCHANGE FOR PHYSICAL TRANSFER OF 0.08709 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEB; INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 93.567 TONNES OF GOLD TO WHICH WE ADD OUR NEXT 0.0248 TONNES 0.1555 TONNES QUEUE JUMP TO 41.2082 TONNES/ NEW NET QUEUE JUMP INCREASES TO 41.233 TONNES// AND THEN WE ADD OUR SIX EXCHANGE FOR RISK: 10,080 CONTRACTS OR 31.251 TONNES//NEW STANDING REDUCES TO 157.878 TONNES
MARCH:: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 8.099 TONNES TO WHICH WE ADD TODAY’S FAIR 4600 OZ QUEUE JUMP (0.2320 TONNES) AND THEN WE ADD OUR THREE EXCHANGE FOR RISK OF 22.3818 TONNES //NEW STANDING ADVANCES TO 67.6648 TONNES/
APRIL: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 52.600 TONNES FOLLOWED BY OUR 345 CONTRACT QUEUE JUMP FOR 34,500 OZ/ (1.073 TONNES)/NEW STANDING ADVANCES TO 70.286 TONNES TO WHICH WE ADD OUR 2ND EXCHANGE FOR RISK OF 1498 CONTRACTS FOR 149800 OZ OR 4.659 TONNES. THE NEW TOTAL EXCHANGE FOR RISK FOR THE MONTH OF APRIL IS 2239 CONTRACTS OR 223900 OZ OR 6.964 TONNES AND THIS WILL BE ADDED TO OUR NORMAL DELIVERY TOTALS (70.762 TONNES) TO GIVE US WHAT WILL STAND IN APRIL (77.726 TONNES)
MAY: INITIAL AMOUNT OF GOLD WILLING TO STAND: 12.24 TONNES OF GOLD TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 345 CONTRACTS OR 34500 OZ (1.073 TONNES) TO WHICH WE ADD OUR FIVE EXCHANGE FOR RISK ISSUANCES FOR 24.635 TONNES/STANDING NOW ADVANCES TO 51.554 TONNES OF GOLD.
JUNE; INITIAL AMOUNT OF GOLD WILLING TO STAND; 64.496 TONNES.(CME CORRECTED) TO WHICH WE ADD OUR NEXT EXCHANGE FOR PHYSICAL TRANSFER OF 0.0186 TONNES/NEW STANDING REDUCES TO 127.03 TONNES
JULY: INITIAL AMOUNT OF GOLD WILLING TO STAND: 23.306 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.000 TONNES/ TO WHICH WE ADD OUR FIRSST EXCHANGE FOR RISK 0F 0.0062 TONNES/NEW STANDING ADVANCES TO 40.824TONNES
AUGUST INITIAL STANDING 48.687 TONNES TO WHICH WE ADD OUR 5TH EXCHANGE FOR RISK OF 5 CONTRACTS FOR 500 OZ OR 0.0155 TONNESS TO 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: 3.9688 AND THEN ADD OUR NEXT QUEUE JUMP OF 211 CONTRACTS FOR 21,100 OZ OR 0.6562 TONNES//STANDING THUS ADVANCES TO 64.6118 TONNES
E.F.P. ISSUANCE/FOR OPENING AUG GOLD CONTRACT
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1365 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 427,957 SURPASSING THE PREVIOUS ALL TIME LOW OF 326,052 SET JUNE 3 AND RISING FROM OUR PREVIOUS RECORD LOW//MAY 28.2026 WE HAVE THUS RECORD LOW COMEX OI WITH A HIGH PRICE OF GOLD
SILVER ALSO HAS AN ULTRA SMALL SIZED AND EXTREMELY LOW COMEX OI OF 113,801 CONTRACTS// STILL ABOVE FROM PREVIOUS ALL TIME LOWS SET DURING THE MONTH OF APRIL AND MAY FIRST.
IN ESSENCE WE HAVE A FAIR GAIN IN TOTAL CONTRACTS IN GOLD ON THE TWO EXCHANGES OF 2634 CONTRACTS WITH 1269 CONTRACTS INCREASED AT THE COMEX// AND A FAIR SIZED 1,365 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON.
THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 2634 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A SMALL SIZED AND CRIMINAL 600 CONTRACTS AND THESE ISSUANCES ARE GENERALLY USED TO INITIATE A RAID WHEN CALLED UPON .
GOLD PRICE REMAINED FLAT
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT (1365) ACCOMPANYING THE FAIR GAIN IN COMEX OI OF 1269 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES 2,634 CONTRACTS!! WITH THE GAIN IN PRICE.
WE HAVE 1) NOW REVERTED TO OUR FORMAT OF BANKER (FRBNY) GOING ON THE LONG SIDE AND HUGE NUMBERS OF NEWBIE SPECULATORS GOING TO THE SHORT SIDE LED BY THE NOSE BY OUR HIGH FREQUENCY TRADERS.. IT WAS OUR SHORT SPECULATORS THAT WILL BE BRUTALIZED WHEN OUR CENTRAL BANKS TENDER FOR PHYSICAL GOLD WITH THEIR NEWLY BOUGHT GOLD FROM THE SPECS THIS MORNING. THE SPECS WILL BE SCRAMBLING LOOKING FOR PHYSICAL GOLD TO DELIVER TO OUR LONG CENTRAL BANKS.
STANDING FOR THE LAST 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 TO OUR 4TH EXCHANGE FOR RISK OF 200 CONTRACTS FOR 0.6220 TONNES/TO OUR 5TH EXCHANGE FOR RISK OF 0.0155 TONNES//TOTALL EXCHANGE FOR RISK: 3.9688 TONNES TO OUR NEXT QUEUE JUMP OF 0.6562 TONNES//STANDING ADVANCES TO 64.6118 TONNES
3)SOME T.A.S. LIQUIDATION IN THE COMEX SESSION// A HUGE GOVT LIQUIDATION // WITH A STRONG LOSS OF EQUITY SHARES/AUGUST 21 HAVING 1)A COMEX GOLD PRICE GAIN OF O DOLLARS ($0.0) AND WE HAD 2) SPEC PILING HUGELY ON THE SHORT SIDE // /// +3. EASTERN CENTRAL BANKERS ALSO PILING INTO THE LONG SIDE. WE HAD A FAIR GAIN OF 2,634 CONTRACTS ON OUR TWO EXCHANGES AND AS WELL A STRONG AMOUNT OF GOLD WILL STILL STAND FOR DELIVERY IN AUG (64.6118 TONNES). THE SHORT SPECS CONTINUED TO PILE INTO THE SHORT SIDE AND WERE SLAUGHTERED.//, CENTRAL BANKERS THE LONG SIDE AND THEY THEN TENDERED FOR PHYSICAL WITH THEIR PURCHASES OF CONTRACTS../ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED TUESDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL
4)A FAIR SIZED COMEX OI GAIN 5) V) A FAIR SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD(1345) AND 6. A SMALL T.A.S. ISSUANCE (600) FOR RAID PURPOSES.!!!
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF AUGUST :
TOTAL EFP CONTRACTS ISSUED: 44,611 CONTRACTS OR 4,461,100 OZ OR 138.758 TONNES IN 18 TRADING DAY(S) AND THUS AVERAGING: 2478 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN18 TRADING DAY(S) IN TONNES: 138.758 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2025, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 138.758 TONNES DIVIDED BY 3550 x 100% TONNES = 3.90% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2023 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2024: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES
2025: AND NOW 2026
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STRONG THIS MONTH
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
NOV: 124.74 TONNES
DEC: 190.04 TONNES//GOOD SIZED THIS MONTH FINAL.
TOTAL EXCHANGE FOR PHYSICAL ISSUED FOR YEAR 2025: 2,026.20 TONNES (LOWER THAN LAST YR 2,569.00 TONNES
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: 138.758 TONNES
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EARLY ASIA TRADING TUESDAY AUGUST 24
SHANGHAI CLOSED UP 23.08 PTS OR 0.59%
HANG SENG CLOSED UP 136.90 PTS OR 0.52%
Nikkei CLOSED UP 401.57 PTS OR 0.61%
//Australia’s all ordinaries CLOSED DOWN 0.68%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.7206
/ OFFSHORE CLOSED UP AT 6.7196 Oil DOWN TO 80.16 dollars per barrel for WTI and BRENT DOWN TO 86.12 Stocks in Europe OPENED ALL MOSTLY GREEN
ONSHORE USA/ YUAN// WITH YUAN TRADING UP (6.7206 OFFSHORE YUAN TRADING UP TO 6.7196 ONSHORE YUAN TRADING BELOW LEVEL // OFF SHORE AND UP ON THE DOLLAR)// / AND THUS STRONGER/OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
SPREADERS:
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID 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 HUGE 1722 CONTRACTS TO AN OI OF 113,801
EFP ISSUANCE 145 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 145 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 1722 CONTRACTS AND ADD TO THE 145 E.FP. ISSUED
WE OBTAIN A HUGE LOSS OF 1577 OI OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN OF $0.43
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTAL 7.888 MILLION PAPER OZ
STANDING ADVANCES AT 8.250 MILLION OZ
SILVER PRICE GAIN OF $0.43
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR 1269 CONTRACTS TO 427,957 STILL WELL ABOVE ITS NEW LOW OF 326,052 OI SET JUNE 3, CLOSE TO THE PREVIOUS ALL TIME LOW OF 345,705 SET (MAY 28) AND CLOSE TO THE PREVIOUS ALL TIME LOW IN OI OF 353,490 SET MAY 27.. PREVIOUS TO THAT THE ALL TIME LOW IN OI WAS 390,000 SET IN THE YEAR 2001 WHEN GOLD WAS TRADING $260.00. THE CME SHOULD BE PROUD OF THEMSELVES AS MANY HAVE ABANDONED THIS CROOKED ARENA!!THUS OUR NEW ALL TIME LOW OF COMEX OI HAS NOW BEEN SET AT 326,052 //JUNE 3 2026 WITH GOLD AT AN EXTREMELY HIGH $4,450.00 WHICH MAKES ABSOLUTELY NO SENSE!!!
WE HAD ZERO T.A.S. LIQUIDATION DURING TUESDAY’S COMEX TRADING/. IT SEEMS THAT MANY OF THE SPECULATORS THAT HAVE NOW CONTINUED AGAIN TO BE ON THE SHORT SIDE WITH BANKERS ON THE LONG SIDE AND THESE GUYS WERE 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 (2,634 CONTRACTS) OCCURRED DESPITE OUR FLAT PRICE IN GOLD (UP $0.00)
WE THUS HAD A FAIR GAIN IN OI ON BOTH OF OUR EXCHANGES (2,634 CONTRACTS), WITH OUR FLAT PRICE, AS WE WERE INFORMED OF A FAIR CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE EQUATING TO 1365 CONTRACTS.
THEN WE WERE NOTIFIED TODAY OF A 0 CONTRACT FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 0 OZ OR 0.0000 TONNES OF GOLD. TOTAL THUS SO FAR THIS MONTH: 1276 CONTRACTS//127,600 OZ OR 3.9688 TONNES (5 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: 1276 CONTRACTS FOR 127,600 OZ OR 3.9688 TONNES (5 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: 1276 CONTRACTS FOR 127,600 OZ OR 3.9688 TONNES//5 OCCASIONS
DETAILS ON OUR NEW AUG COMEX CONTRACT MONTH//
IN TOTAL WE HAD A FAIR GAIN ON OUR TWO EXCHANGES OF 2,634 CONTRACTS WITH OUR FLAT PRICE (UP $0.00). 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 600 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: 1276 CONTRACTS FOR 127,600 OZ OR 3.9688 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 5TH EXCHANGE FOR RISK OF 5 CONTRACTS FOR 500 OZ OR 0.0155 TONNES TO 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 = 3.9688 TONNES AND THEN ADD OUR NEXT QUEUE JUMP OF 211 CONTRACTS OR 21100 OZ (0.6562 TONNES)//STANDING, IN TOTAL, THUS ADVANCES HUGELY TO 64.6118 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)
2023:STANDING FOR GOLD/COMEX
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
COMEX GOLD TRADING BEGINNING AUGUST. CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE ( IT ROSE BY $0.00)
WE HAD ZERO T.A.S. SPREADER LIQUIDATION TUESDAY // COMEX SESSION// WITH OUR ZERO GAIN IN PRICE
OTHER EASTERN CENTRAL BANKS TENDERED FOR PHYSICAL EVERY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD THAT STOOD FOR GOLD DURING THESE PAST SEVERAL MONTHS
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 FLAT PRICE AT COMEX OF $0.00
WE HAD 3122 CONTRACTS REMOVED FROM PRELIMINARY NUMBERS TO FINAL COMEX NUMBERS.
NET GAIN ON THE TWO EXCHANGES: 2634 CONTRACTS OR 263,400 OZ 8.193 TONNES)
i) Out of Manfra: 32.151 oz (1 kilobar) total withdrawal 32.151 oz
Deposit to the Dealer Inventory in oz
0 ENTRIES
Deposits to the Customer Inventory, in oz
DEPOSITS/CUSTOMER//gold
TWO ENTRIES
i) Into Malca 72,339.750 oz 2250 kilobars
ii) Into Manfra: 8037.750 oz (250 kilobars)
total deposit: 80,337.500 oz 2500 kilobars or 2.5 tonnes
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No of oz served (contracts) today
13 CONTRACTS
1,300 OZ
0.0404 TONNES OF GOLD
No of oz to be served (notices)
221 Contracts 22100 OZ 0.6874 TONNES
Total monthly oz gold served (contracts) so far this month
18,276 notices 1,827,600 OZ
59.956 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: 2
i) Into Malca 72,339.750 oz 2250 kilobars
ii) Into Manfra: 8037.750 oz (250 kilobars)
total deposit: 80,337.500 oz 2500 kilobars or 2.5 tonnes
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comex withdrawal
1 ENTRIES
i) Out of Manfra: 32.151 oz (1 kilobar)
total withdrawal 32.151 oz
adjustments: 0//
COMEX IS DRAINING GOLD
chaos inside the comex
THE FRONT MONTH OF AUG OI STANDS AT 234 CONTRACTS HAVING A HUGE LOSS OF 739 CONTRACTS.
NORMAL STANDING FOR GOLD YESTERDAY: 59.956. TODAY’S STANDING IS 60.643 TONNES TO WHICH WE ADD OUR 3.9688 TONNES EXCHANGE FOR RISK. THE NORMAL STANDING INCLUDES OUR NEXT 211 CONTRACT QUEUE JUMP OR AN ADDITIONAL 21,100 OZ (0.6562 TONNES) WILL STAND FOR DELIVERY OVER ON THIS SIDE OF THE POND.
SEPTEMBER LOST 35 CONTRACTS DOWN TO AN OI OF 3533
OCT GAINED 1592 CONTRACTS TO AN OI OF 53,673
.
We had 13 contracts filed for today representing 1300 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 13 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 8 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 (19,276) to which we add the difference between the open interest for the front month of AUG (234 CONTRACTS) minus the number of notices served upon today 13 x 100 oz per contract) equals 1,948,700 OZ OR (60.643 Tonnes of gold)then we add our 5 exchange for risk of 1276 contracts for 127,600oz or 3.9688..new standing advances to 64.6118 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 (19,276) to which we add the difference between the open interest for the front month of AUG( 234) contracts minus the number of notices served upon today 13 x 100 oz per contract) equals 1,948,700 OZ OR (60.6118 Tonnes of gold) plus 3.9688 tonnes exchange for risk..new standing advances to 64.6118 tonnes
new total of gold standing in AUG becomes 64.6118 TONNES//
TOTAL COMEX GOLD STANDING FOR AUG 64.6118 TONNES TONNES WHICH IS NOW REALLY HUGE FOR THIS ACTIVE DELIVERY MONTH OF AUGUST
confirmed volume TUESDAY confirmed 213,678/ GOOD// 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: 1,695,988.548 oz 52.752 tonnes pledged gold lowers
total inventories in gold declining rapidly
total pledged gold: 1,695,988.548 tonnes oz 52.75 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 26,902,569.356 oz
TOTAL REGISTERED GOLD 14,545,334.889 tonnes (452.420 tonnes)
TOTAL OF ALL ELIGIBLE GOLD 12,357,234.356 oz. Lots of eligible gold leaving the comex
REGISTERED GOLD THAT CAN BE SERVED UPON 12,849,346 oz ((REG GOLD- PLEDGED GOLD)=
399.668 Tonnes //
total inventories in gold declining rapidly
SILVER COMEX
AUG DELIVERY MONTH
AUGUST 25
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
2 entries
i) Out of CNT 75,364.000 oz ii) Out of Manfra 20,162.472 oz
total withdrawal 95,526.472 oz
Deposits to the Dealer Inventory
0
Deposits to the Customer Inventory
ENTRY: 1
i) Into CNT 1,978.000 oz
total deposit: 1,978.000 oz
No of oz served today (contracts)
1 CONTRACT(S) ( 0.005 MILLION OZ)
No of oz to be served (notices)
2 Contracts (0.0010 MILLION oz)
Total monthly oz silver served (contracts)
1648 contracts 8.240 MILLION oz
Total accumulative withdrawal of silver from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
DEPOSITS INTO DEALER ACCOUNTS
ENTRY:0
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
ENTRY: 1
i) Into CNT 1,978.000 oz
total deposit: 1,978.000 oz
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withdrawals:
TWO ENTRIES
i) Out of CNT 75,364.000 oz ii) Out of Manfra 20,162.472 oz
total withdrawal 95,526.472 oz
adjustments :1 dealer to customer
i) Asahi: 19,704.100 oz
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TOTAL REGISTERED SILVER: 99.188 MILLION OZ//.TOTAL REG + ELIGIBLE. 338.258 Million oz
registered silver dropping in numbers
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR AUGUST
FRONT MONTH: SILVER OPEN INTEREST CONTRACTS: 3 FOR A LOSS OF 18 CONTRACTS.
MONDAY WE HAD 8.240 MILLION OZ STAND : TODAY WE HAVE 8.250 MILLION OZ STAND
THUS WE HAVE A GAIN OF 2 CONTRACTS I.E. 10,000 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 6004 CONTRACTS DOWN TO AN OI OF 26,113 CONTRACTS
OCT LOST 9 CONTRACTS TO AN OI OF 2541
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 1 or 0.005 MILLION oz
CONFIRMED volume TUESDAY; 85,813// excellent/
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 1648 X5,000 oz = 8.240 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: (1648 )Notices served so far) x 5000 oz + OI for the front month of AUG (3) minus number of notices served upon today (1 x 5000 oz) equals silver standing for the AUG .contract month equating to 8.250 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 99.188 million oz of registered silver
JPMorgan as a percentage of total silver: 137.898/338/.288million: 40.82%
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 25//2026/WITH GOLD DOWN $75.35 /HUGE CHANGES IN GOLD AT THE GLD: // A STRONG WITHDRAWAL OF 1/138 TONNES OF GOLD OUT OF THE GLD//:/INVENTORY RESTS AT 1048.950 TONNES
AUGUST 25//2026/WITH GOLD FLAT /HUGE CHANGES IN GOLD AT THE GLD: // A STRONG DEPOSIT OF 2.279 TONNES OF GOLD INTO THE GLD//:/INVENTORY RESTS AT 1049.489 TONNES
AUGUST 24//2026/WITH GOLD UP $15.30 /HUGE CHANGES IN GOLD AT THE GLD: // A MASSIVE DEPOSIT OF 12.50 TONNES OF GOLD INTO THE GLD//:/INVENTORY RESTS AT 1047.21 TONNES
AUGUST 21//2026/WITH GOLD UP $103.98 /NO CHANGES IN GOLD AT THE GLD: //:/INVENTORY RESTS AT 1034.65 TONNES
AUGUST 20//2026/WITH GOLD UP $29.30 /HUGE CHANGES IN GOLD AT THE GLD: A MASSIVE DEPOSIT OF 9.41 TONNES OF GOLD INTO THE GLD: //:/INVENTORY RESTS AT 1034.65 TONNES
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
GLD INVENTORY: 1048.350 TONNES, TONIGHTS TOTAL GOLD INVENTORY
SILVER
AUGUST 26 WITH SILVER DOWN $0.60 : :HUGE CHANGES IN INVENTORY AT THE SLV: A WITHDRAWAL OF 1.174 MILLION OZ OUT OF THE SLV / :INVENTORY RESTS AT 493.923 MILLION OZ
AUGUST 25 WITH SILVER UP $0.43 : :HUGE CHANGES IN INVENTORY AT THE SLV: A DEPOSIT OF 3.9786 MILLION OZ INTO THE SLV / :INVENTORY RESTS AT 495.097 MILLION OZ
AUGUST 24 WITH SILVER DOWN $1.08 : :HUGE CHANGES IN INVENTORY AT THE SLV: A DEPOSIT OF 0.633 MILLION OZ INTO THE SLV / :INVENTORY RESTS AT 491.754 MILLION OZ
AUGUST 21 WITH SILVER UP $1.48 : :NO CHANGES IN INVENTORY AT THE SLV. / :INVENTORY RESTS AT 491.121 MILLION OZ
AUGUST 20 WITH SILVER UP $2.92 : :HUGE CHANGES IN INVENTORY AT THE SLV A WITHDRAWAL OF 2.169 MILLION OZ OZ OUT OF THE SLV. / :INVENTORY RESTS AT 491.121 MILLION OZ
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
CLOSING INVENTORY 493.923 MILLION OZ OF SILVER
GOLD COMMENTARIES:
1.PETER SCHIFF//JOHN RUBINO
2. MATHEW PIEPENBERG/EGON VON GREYERZ//ALASDAIR MACLEOD..
If Bessent fails to stop bond yields rising and his tariff proposal against Iran proves ineffective, the collapse of the dollar priced in gold will almost certainly accelerate.
Before we answer this headline question, we should start by examining the credentials of Scott Bessent, because we were led to believe that he is a master of markets, having trained under George Sorros and with Stanley Druckenmiller — two titans of the early hedge fund industry. In the 1990s they were commonly described in London’s financial district as Masters of the (financial) Universe, a description which was marred only by the dramatic failure of Long-term Capital Management in 1998.
Along with Soros and Druckenmiller, Bessent was not involved in LTCM. He was a managing partner of Soros Fund Management in London. In 2000, Bessent set up his own hedge fund, Bessent Capital, which according to an AI search had mixed-to-poor results, but there appears little to verify it. In 2015 he set up another hedge fund, Key Square Group. Its performance overall was lacklustre, leading to investor withdrawals reducing the fund from $5.1 billion to $577 million.
I would comment that when you manage a large hedge fund, you should be able to get consistently good returns because you are large enough to move markets in your favour, particularly if you use the substantial leverage available to such a fund. So far as we are aware, this Master of the financial Universe appears to have failed this test.
Now that he is in charge of the US Treasury, the entire world depends on his financial management skills, which appear to be those of a paper tiger. Druckenmiller criticised Bessent’s attempts at bond yield suppression in an Op-Ed in yesterday’s Wall Street Journal. He is echoing our view, but we go further.
Inevitably, bond yields are set to rise significantly from here, brought forward by Trump’s disastrous campaign against Iran, so Bessent is standing in front of a runaway train. It’s not his fault, but it will be his failure. The 30-year UST yield has already broken out above its 3-year consolidation phase, and the long bond’s yield is set to rise to far higher levels with catastrophic consequences for Bessent’s tenure as Treasury Secretary.
Today, he is yes-man to a president trapped by his own mistakes and desperate to find a way out. Bessent shows that he is not his own man but Trump’s puppet.
However, possibly a greater error is his plan to impose further sanctions on Iran. Sanctions almost never work against a country whose existence is at stake. They serve only to unite the population behind a beleaguered government. Furthermore, Iran has the unconditional support of China, the largest and most advanced economy in the world, far greater than that of the US on a PPP basis, and of Russia, which is the titan of Asia’s natural and energy resources. The Central Asian ‘stans, Pakistan, and Turkey, will continue to trade with Iran. It will only go to show how toothless the US’s threats are in Greater Asia.
Bessent can only sanction users of onshore dollars cleared through New York’s banks. He has no effective jurisdiction over offshore dollars created by foreign commercial banks outside the US. His is a toothless threat which will can easily be bypassed through China’s CIPS payment system and by discarding the dollar for other currencies.
The signal sent is that the US is still weaponizing its currency, despite the lessons it should have learned when it cut Russia out of SWIFT four years ago. Not only was that action ineffective, but it created global animosity against the dollar. Yet here we are again having that lesson repeated again for anyone who was not paying attention in 2022.
This is not going to end well for the dollar. The Japanese are already selling along with China. China told its commercial banks to sell US treasuries as well. If you live in financially autarkic America, you might not have noticed that the rest of the world is no longer in fear of you and your dollar but rapidly moving toward aversion because of your president’s behaviour.
Bessent does not possess the magic required to stabilise the situation, because the markets are more powerful than he is. And there are far too many dollars held in foreign hands. According to Bessent’s own official TIC figures, the onshore total is $48 trillion. To this must be added eurobonds and other offshore dollar balances of about $13 trillion and a further $83 trillion of FX derivatives and balances (BIS, 2022). For FX dollars, see Chart A. below:
It all represents a potential selling avalanche of foreign-owned dollars, which, taking together onshore and offshore totals, amount to over $150 trillion. The stars are aligning such that this stupendous mountain of dollar credit will topple over. And when it does, it will undoubtedly undermine the values of other fiat currencies aligned to it.
So the answer posed in the title of this essay is yes: When they fail, and fail they will, Bessent’s sanctions and suppression of bond yields will increase demand for gold, accelerating its rise priced in dollars. No one can sanction physical gold in possession, unlike weaponised dollars.
Furthermore, by his actions Bessent is making a collapse in the dollar closer in time than it might have been before.
END
CHRIS POWELL AND HIS GATA DISPATCHES
China plans a gold-convertible renminbi to internationalize it
Submitted by admin on Tue, 2026-08-25 16:50 Section: Daily Dispatches
How a Chinese Gold Vault Network Could Bolster Yuan’s Role
Julie Zhang South China Morning Post, Hong Kong Tuesday, August 25, 2026
China is building a global network of gold vaults and accelerating central bank reserve buying as part of efforts to promote the yuan’s role in international trade, according to an S&P Global Ratings report today.
Firms such as Zijin Mining — China’s largest gold processor — and Shandong Gold Mining were also expected to expand “faster than most of their global peers” after Beijing reclassified gold from a financial asset to a “strategic mineral” in 2025, the report said.
“If you are trading in renminbi, there’s always a question as to how you are going to use the renminbi,” said Charles Chang, greater China lead for corporate ratings at S&P Global. “But if that renminbi is convertible to gold, then that’s a potentially different picture. Gold is tradeable. It is usable in a lot of places.”
The country’s first offshore gold delivery vault was launched in Hong Kong last year under an agreement with the Shanghai Gold Exchange (SGE), with Bank of China (Hong Kong) as the designated operator.
Alongside the launch, the SGE listed two new yuan-denominated gold contracts, which can be settled through either physical delivery or cash transfer.
Other cities under consideration for China’s vault network included gold trading hubs such as Singapore, Kuala Lumpur, Dubai, Riyadh, and Moscow, the report said.
“The network offers connectivity to the world’s largest physical gold market,” Chang said. “It could also attract countries looking to diversify, onshore, or nearshore their gold storage to enhance control.”
Alongside the launch, the SGE listed two new yuan-denominated gold contracts, which can be settled through either physical delivery or cash transfer.
Other cities under consideration for China’s vault network included gold trading hubs such as Singapore, Kuala Lumpur, Dubai, Riyadh and Moscow, the report said.
China’s gold holdings had grown slowly and remained smaller as a share of official reserves, S&P Global data showed.
China’s gold reserves ranked sixth globally, behind those of the U.S., France, Italy, Germany, and Russia, a position that Chang said pointed to “sentiment for further build-up through purchases or production” as international tensions and conflicts continued to escalate.
As of the end of July, China’s gold reserves stood at 76.08 million ounces, marking the 21st consecutive month of accumulation.
Last year nine of the country’s government departments, including China’s top economic planning agency, the National Development and Reform Commission, published an industrial outline to improve the gold industry’s security, capacity, operations, innovation, scale and mine resources, according to the report.
Backed by government support and strong domestic demand for gold bars and coins, Chinese gold miners have accelerated overseas mergers and acquisitions.
Zijin Gold International, a unit of Zijin Mining, acquired another two mines in the past year. The two facilities in Ghana and Kazakhstan have already become profitable, helping drive the company’s first-half net profit up 179% year on year to US$1.45 billion in 2026.
It terminated a planned takeover of Canada’s Allied Gold in late July, instead taking a 9.2% minority stake for about US$295 million, amid Beijing’s tightening scrutiny of outbound overseas investments.
END
4. ANDREW MAGUIRE//KINESIS LIVE FROM THE VAULT/285 AND LAST WEEK 283
286//SILVER PETER KRAUTH
5. COMMODITY REPORT:AGRICULTURAL PRODUCTS/
“Buffers Running Down Quickly”: HSBC Warns Next Global Food Shock Brewing
Tuesday, Aug 25, 2026 – 08:30 PM
Warnings on Wall Street about a confluence of stressors building deep within global agricultural supply chains are growing louder by the week, raising the risk of a food crisis next year.
JPMorgan analysts warned last week that the next global food crisis “won’t be short-lived.” HSBC analysts sounded a similar alarm, pointing to tightening grain supplies, El Niño, disruptions at maritime chokepoints, and a supply “squeeze” sending grain prices soaring.
HSBC economist Jamie Culling, who covers Australia, New Zealand, and global commodities, published a note Tuesday titled “Food Prices Rising Due to the Weather and Wars,” warning that the supply squeeze is already showing up in spot markets. Cereal prices, including wheat, corn, barley, and rice, rose 22% year over year through July.
“Having strong supplies and stocks going into this year has helped keep prices from spiking higher, but the buffer is now starting to be run down quickly,” Culling warned clients.
Culling continued:
Supply ‘squeeze’ underway
Agricultural supply chains face a number of shocks, including the impact of the Middle East conflict, a recent escalation of the Russia-Ukraine war and extreme weather events, including a Northern Hemisphere heatwave and strengthening El Niño. Having strong supplies and stocks going into this year has helped keep prices from spiking higher, but the buffer is now starting to be run down quickly.
On the USDA’s latest forecasts, global grains production is expected to fall to be below consumption in 2026/27, its first shortfall since 2020/21 and largest shortfall since 2006/07. Stock-to-use ratios are set to tighten, alongside a fall in crop yields.
Agricultural prices have risen. Grains prices are up 22% y-o-y, and some ‘finer foods’ prices, such as cocoa and coffee, have spiked higher too.
The Middle East conflict has been a key disruptive factor for agricultural commodities (see Fertiliser, food, and the Middle East conflict, 17 April 2026). The closure of the Strait of Hormuz has continued to constrain fertiliser and sulphur supply, and kept broader input cost pressures elevated. Export restrictions from some economies in response to this ‘squeeze’ have been another source of pressure.
The recent escalation in the Russia-Ukraine war has seen a sharp drop in shipments from the Black Sea. The region supplies nearly a third of global wheat trade and one-fifth of global fertiliser trade, so this represents a key risk to supply, just as grain harvests are ramping up. Damage to refineries in Russia has also lifted diesel prices.
The weather has also been a big factor, with Northern Hemisphere heatwaves, an intensifying El Niño and a positive Indian Ocean Dipole posing downside risks to agri-commodity supply. The impact of previous El Niño episodes varies by region and commodity, but yields tend to decrease and prices increase. Weather-related risks have seen cocoa prices spike 50% in the past few months and lifted coffee prices. Weather risks can also deliver non-linearities, such as more disease outbreaks.
We see supply-side issues continuing to dominate developments in agricultural commodity prices, meaning risks of higher prices on average, increased price volatility, and greater instances of food insecurity in the coming period.
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 23.08 PTS OR 0.59%
HANG SENG CLOSED UP 136.90 PTS OR 0.52%
Nikkei CLOSED UP 401.57 PTS OR 0.61%
//Australia’s all ordinaries CLOSED DOWN 0.68%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.7206
/ OFFSHORE CLOSED UP AT 6.7196 Oil DOWN TO 80.16 dollars per barrel for WTI and BRENT DOWN TO 86.12 Stocks in Europe OPENED ALL MOSTLY GREEN
ONSHORE USA/ YUAN// WITH YUAN TRADING UP (6.7206 OFFSHORE YUAN TRADING UP TO 6.7196 ONSHORE YUAN TRADING BELOW LEVEL // OFF SHORE AND UP ON THE DOLLAR)// / AND THUS STRONGER/OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
ONSHORE YUAN: CLOSED UP AT 6.7206
OFFSHORE YUAN: UP TO 6.7196
1.HANG SANG CLOSED UP 136.90 PTS OR 0.52%
2. Nikkei closed UP 401.57 PTS OR 0.61%
WEST TEXAS INTERMEDIATE OIL DOWN TO 80.16
BRENT; 86.12
3. Europe stocks SO FAR: ALL MOSTLY GREEN
USA dollar INDEX UP 7 BASIS PTS TO 98.91// EURO FALLS TO 1.1691 DOWN 4 BASIS PTS
3b Japan 10 YR bond yield:RISE TO. +2.888 UP 0 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA CROSS NOW AT 158.99… 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: 4.069 UP 1 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 UP CHINESE ONSHORE YUAN: UP (6.7206) AND OFFSHORE: UP AT 6.7196
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA. CENTRAL BANK OF JAPAN WILL NO LONGER DO QE.
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt. GOVERMENT ASKED JAPAN PENSION FUNDS AND INSURANCE FUNDS TO BUY MORE JAPANESE BONDS AND REPATRIATE ALL FOREIGN BONDS.
3g Oil DOWN for WTI and UP for Brent this morning
3h European bond buying continues to push yields LOWER on all fronts in the EU German 10yr bund YIELD DOWN TO +3.1953/ Italian 10 Yr bond yield DOWN AT 4.012/ SPAIN 10 YR BOND YIELD DOWN TO 3.646%
3i Greek 10 year bond yield DOWN TO 3.8527%
3j Gold at $4627.50/Silver at: 68.64 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 62/ 100 roubles/84.31
3m oil (WTI) into the 80 dollar handle for WTI and 86 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 158.99 // 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.888% DOWN 0 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE NOW UNWINDING//YEN BOND TRADING OVERSEAS TO BE REPATRIATED.//JAPAN 30 YR: 4.069 UP 1 PTS..: USA/SF this 0.8033 as the Swiss Franc . Euro vs SF: 0.9375
USA 10 YR BOND YIELD: 4.6450 UP 1 BASIS PTS…DANGEROUSLY CLOSE TO 5.00%
USA 30 YR BOND YIELD: 5.1850 UP 1 BASIS PTS/
USA 2 YR BOND YIELD: 4.199 DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 48.12 UP 2 BASIS PTS/LIRA GETTING KILLED//IDIOTS FOR SELLING GOLD AND USA DOLLAR RESERVES.
10 YR UK BOND YIELD: 4.9869 DOWN 1 PTS
30 YR UK BOND YIELD: 5.7233 DOWN 0 BASIS PTS
10 YR CANADA BOND YIELD: 3.6222 DOWN 6 BASIS PTS
5 YR CANADA BOND YIELD: 3.2180 DOWN 6 BASIS PTS.
1a New York Opening report
Futures Flat Ahead Of Key PCE Report, Nvidia Earnings
Wednesday, Aug 26, 2026 – 08:12 AM
Stock futures are are flat and Treasuries slipped while oil stumbled heading into today’s PCE report and NVDA earnings. As of 8:00am ET, S&P Futures are unchanged and Nasdaq futures drop 0.2% as NVDA and MRVL both rise 0.2% with Semis flat, Memory down 80bp, Korea down 46bp, Software down 1.3%, but Unprofitable Tech +83bp which point to continued de-risking into NVDA / MRVL where expectations are positive, but a stronger print may mean more for the ecosystem than for the individual stocks. Elsewhere, both Cyclicals and Defensives are mixed with Healthcare standing out to the upside and Energy to the downside. Bond yields are +1-3bp as the curve bear flattens, giving back some of yesterday’s gains. Confirming out report from Monday about Bessent’s plan, JPM reports this morning that “There is chatter of CTAs accelerating buying as 10Y yield approaches / breaches 4.60%.” USD is higher, crude is lower on US / Iran deal optimism, but WTI may have support at $80/bbl until a deal is announced. Base Metals are stronger, precious metals are weaker, and Ags are mixed but net higher. Today’s macro data focus is on PCE where consensus expects a headline PCE +0.1% MoM / +3.6% YoY and Core PCE +0.3% MoM / +3.3% YoY. Nvidia reports earnings after the close.
In premarket trading, Mag 7 stocks are mostly higher as Wall Street is eagerly anticipating Nvidia’s earnings on Wednesday afternoon, not so much for what the numbers will say about the chip giant, but for what they mean to artificial intelligence investors and the market itself. Nvidia (NVDA) climbs 0.2%; Meta Platforms +1.5%, Amazon +0.2%, Alphabet +0.1%, Apple 0.0%, Tesla -0.1%, Microsoft -0.7%
Bath & Body municatiWorks (BBWI) falls 3% after the retailer posted second quarter results and providing a year forecast.
Dycom Industries (DY) falls 4% after the builder of fiber-optic systems for cable TV operators posted second quarter results and provided a forecast.
Intuit (INTU) declines 11% after the tax-preparation software company gave a full-year forecast for both adjusted earnings and revenue that was weaker than expected.
JM Smucker (SJM) rises 3% after the food company boosted its adjusted earnings per share guidance for the full year.
Kohl’s (KSS) falls 4% after the department-store chain posted second quarter results.
Neogen (NEOG) gains 3% as Piper Sandler upgrades the food processing firm to overweight following several consecutive quarters of improving performance.
NCino (NCNO) falls 6% after the midpoint forecast for subscription revenue in the third quarter missed the average analyst estimate.
Photronics (PLAB) climbs 17% after the semiconductor supplier reported adjusted earnings per share for the third quarter that beat the average analyst estimate.
Semtech (SMTC) gains 4% after the semiconductor device company reported second-quarter results that beat expectations and gave an outlook that was much stronger than the analyst consensus.
SolarEdge Technologies (SEDG) gains 7% as UBS upgrades to buy, saying the solar company is positioned for market-share gains following the FCC ban on new inverter model imports.
Spyre Therapeutics (SYRE) sinks 11% after the drug developer said a mid-stage trial of its experimental drug for rheumatoid arthritis, an autoimmune disease, fell short of the company’s internal bar to develop it as a monotherapy.
Summit Therapeutics (SMMT) rises 8% after the cancer drug developer gave results from a late-stage trial of its experimental therapy,
ivonescimab, as a treatment for biliary tract cancer. Analysts note that its the drug’s first success in a late-stage trial outside of lung cancer.
Zoom Comons (ZM) falls 6% after the software company gave outlooks for adjusted third-quarter earnings and operating income that were weaker than expected.
In other corporate news Northrop Grumman CEO said the Trump administration’s Golden Dome space defense system was becoming “very tangible” for defense contractors and that her company will end up with a “decent share” of a program that may eventually cost more than $1 trillion. Hyundai unveiled the biggest product push in the automaker’s history, announcing more than 100 model launches and refreshes to challenge Toyota in the hot US hybrid market.
With over $5 trillion in market cap, Nvidia’s earnings after the close are expected to shape sentiment decisively. The stock has fallen the day after each of its previous four reports, while options markets are pricing in a 5.4% move either way on results expected to show revenue nearly doubling from a year ago. The headline numbers, however, aren’t where the market’s attention lies. Investors are more interested in hearing what the artificial-intelligence bellwether has to say about spending by its biggest customers, the outlook for demand and a wave of financing deals.
“What’s really going to matter here is the guide,” said Stephanie Niven, portfolio manager at Ninety One. “And it’s not the growth that’s the question, but the rates at which that growth is either accelerating or decelerating.”
Nvidia fell for seven straight sessions before bouncing back on Tuesday. While the recent weakness may lower the bar for the quarter, “it does not materially lower the bar for the outlook,” said Florian Ielpo, head of macro at Lombard Odier Investment Managers.
“If equities sell off, do we want to buy the dip? If the spread blows up that’s a signal that we do not want to enter,” Li said. “But if spreads are holding tight, and fundamentals are good, and if markets are selling off because of indigestion then maybe we could actually consider re-expressing our conviction which is overweight AI and tech in particular.”
Elsewhere, this morning the US government will publish the latest personal consumption expenditures price index. Economists estimate the index rose 3.6% in July from a year ago, the smallest annual increase in four months. Portfolio-management fees should drive more than half July’s core PCE deflator gain, with downward revisions likely in September. Nominal consumer spending probably rose just 0.1%. The expected slowdown isn’t cause for alarm, as activity was pulled forward into June by Amazon Prime Day and the FIFA World Cup.
“PCE can ease the immediate macro stress, but it cannot alone solve the Treasury-market problem,” said Ulrich Urbahn at Berenberg. “The more durable bullish outcome would be soft core inflation plus calmer oil, evidence of stable demand, and a subsequent decline in long-end yields that doesn’t rely solely on Treasury liquidity measures.”
Brent crude extended its decline to about 9% for the week as diplomatic efforts to normalize flows through the Strait of Hormuz gained further traction. In the latest development, Iran and Oman are working toward a potential deal to resume shipping through the waterway. Copper held near a record high, with short-term supplies continuing to look tight despite an easing of a severe market squeeze.
While corporate earnings have supported stocks for now, the asset class faces risks from AI-driven supply concerns and volatility ahead of the US midterms, according to Barclays strategists.
European stocks are edging higher, led by miners and with the technology and energy sectors trailing.Here are the biggest movers Wednesday:
Hochschild Mining shares rose as much as 8.5%, trading at a three-month high, after analysts said the miner raised its all-in sustaining cost of production less than feared, a welcome development as gold prices hold onto recent gains
Salmar rose as much as 5.5% to the highest since June after Nordea upgraded the stock to hold from sell, saying there’s “limited fuel for a sell case in the short term” following the Norwegian salmon company’s 2Q results
Stadler Rail gained as much as 18%, the most on record, as analysts noted a solid set of first-half results from the Swiss train manufacturer, including a significant increase in orders
SoftwareONE shares rose as much as 16% to their highest in nearly two years after the Swiss IT company beat profit expectations in the first half, though analysts noted the firm’s failure to boost guidance
Truecaller shares rose as much as 11%, hitting their highest level since December, after analysts at JPMorgan raised their price target and predicted the software company can at least double in value over the next nine months
DEME Group shares rose as much as 7.4%, the most since January, after the marine engineering contractor increased its profit guidance and beat net profit expectations
Inventiva climbed as much as 7.2% — the biggest gain on the CAC Small Index on Wednesday morning — after KBC Securities increased its price target on the stock
Major European software stocks traded lower on Wednesday in the wake of disappointing updates from US outfits Intuit and Zoom Communications, while a downgrade of German heavyweight SAP is also sapping sentiment
SAP fell as much as 4.6% after UBS reduced its rating on the shares to neutral from buy, citing the software company’s slow progress in delivering AI products to customers
Ambu fell as much as 18%, the most since November 2025, after the Danish healthcare-equipment maker reported earnings and updated its guidance, with JPMorgan saying sales were in line, while adjusted Ebit was a 19.5% miss excluding tariff refunds
OVH Groupe shares fell as much as 10% after the announcement that CFO Stéphanie Besnier is to step down
H&M fell as much as 2.3% after Handelsbanken cut its rating on the Swedish fashion retail group to hold from buy, saying the scenario presented in its June 2025 buy initiation has played out, with gross margins recovering thanks to internal and external factors
Asian stocks rose, led by an advance in heavyweight chipmakers before Nvidia’s quarterly earnings report. The MSCI Asia Pacific Index climbed 0.7%, heading for a second day of gains. Samsung and TSMC were the biggest contributors to its increase. Energy was the only sector to decline on the regional benchmark as oil fell for a third day, with Iran and Oman discussing an “interim framework” aimed at resuming shipping through the Strait of Hormuz. The MSCI Asia gauge has risen about 3% in August, on course for its first monthly gain since May. Taiwan’s key index gained the most in two weeks, while gauges in Japan and South Korea also advanced. Australian stocks fell after the nation’s core inflation was stronger than analysts expected in July. Abrdn is positive on Chinese internet firms Tencent and Alibaba after a recent selloff, as well as on financials and high-dividend consumer shares, Pruksa Iamthongthong, senior investment director, said on Bloomberg Television. India is starting to see some positive earnings revisions after a long stretch, while the financials sector offers some opportunities, she said.
In FX, the Bloomberg Dollar Spot Index is little changed, with the Aussie dollar the best performer among major currencies following an unexpected inflation overshoot.
In rates,treasuries hold small losses in early US trading, erasing a portion of Tuesday’s advance before release of PCE inflation gauges in July personal income and spending data and, later Wednesday, the monthly 5-year note auction. Oil prices, which in recent sessions have led yields lower, decline further, limiting Treasuries’ losses. Front-end yields are higher by about 2bp with long-end tenors little changed, extending the recent yield-curve flattening trend; 10-year near 4.64% is less than 1bp higher on the day and slightly cheaper vs UK and German counterparts. Today we get a $70 billion 5-year note auction at 1 p.m. New York time has WI yield near 4.36%; last month’s 5-year sale drew 4.408%, the highest result since December 2024.New 2-year notes hold small gain vs Tuesday’s 4.204% auction stop, with yield just below 4.20%; cycle concludes with $44 billion 7-year note auction Thursday. IG credit new-issue calendar is anticipated to be light through month-end; three borrowers sold a combined $3.7 billion Tuesday
In commodities, Brent slips below $86/barrel after Iran and Oman push talks for an interim deal to reopen the Strait of Hormuz. WTI crude oil futures are down about 2.5% amid assessment of Middle East supply outlook. Gold prices are down and Bitcoin is staying steady around $80,000. Copper held near a record high, with short-term supplies continuing to look tight despite an easing of a severe market squeeze.
US economic data calendar includes July personal income and spending (with PCE price indexes), July preliminary durable goods orders and second estimate of 2Q GDP (all at 8:30 a.m. New York time). Fed speaker slate includes Richmond Fed’s Tom Barkin, unscripted in a panel discussion (11:45 a.m. New York time)
Market Snapshot
Top Overnight News
Secretary of State Marco Rubio has told several of his foreign counterparts in recent days that “for the time being” the U.S. is not expected to initiate new strikes against Iran, according to a U.S. official and a second source with knowledge of the matter. Instead, he’s said the focus is on other means of pressure, including the sanctions initiative announced this week. Axios
Iran and Oman have edged towards an interim agreement on managing shipping through the Strait of Hormuz, the first hint of diplomatic progress in weeks as mediators seek to defuse the battle over the strategic waterway. FT
The US is discussing additional trade penalties against Canada as tensions escalate. Next steps may include higher tariffs, a White House official said. BBG
China’s Moonshot AI is negotiating revenue-sharing agreements with Microsoft, Amazon and Alphabet’s Google that would allow the U.S. cloud giants to host its blockbuster Kimi K3 model, three people familiar with the talks said. RTRS
Japan will set up a study group for implementing a 24-hour blockchain based settlement system for stocks and government bonds. Nikkei
US gasoline inventories fell by 3.2 million barrels last week, API data is said to show. That would cut total holdings to the lowest since November if confirmed by the EIA. Crude supplies rose 4.2 million barrels. BBG
Australian consumer prices rose by more than expected in July, adding pressure on the Reserve Bank of Australia to raise interest rates again before the end of the year. The annual inflation rate stood at 3.5% in July, the Australian Bureau of Statistics said Wednesday. Economists had expected inflation of 3.3%. WSJ
US Treasury secretary Scott Bessent’s bond market intervention is pulling in the opposite direction to the Federal Reserve’s battle against inflation, big investors warned ahead of chair Kevin Warsh’s Jackson Hole speech.
The Money supply is growing quickly, a headwind for the Fed’s goal of cooling inflation. Barron’s
Darlene Graham wins South Carolina Republican primary runoff for US Senate, according to DDHQ projection
A more detailed look at global markets courtesy of Newqsuawk
APAC stocks were mostly in the green following the gains on Wall Street, where sentiment was underpinned amid Strait of Hormuz optimism, lower oil prices and a drop in yields, while participants await NVIDIA earnings. ASX 200 traded lower following another deluge of earnings releases and hotter-than-expected CPI data, while Construction Work disappointed with a surprise contraction, feeding into next week’s GDP release. Nikkei 225 declined at the open following the firmer-than-expected Services PPI data, but then gradually rebounded and returned to above the 66,000 level. KOSPI saw two-way trade, but ultimately outperformed, with the price moves in the index largely driven by tech heavyweights, which were initially choppy. Hang Seng and Shanghai Comp were underpinned as participants digested a deluge of earnings, and with Alibaba shares supported after its founder Jack Ma bought more than HKD 600mln of the Co.’s Hong Kong-listed shares over two consecutive days, signalling confidence in its long-term AI prospects.
Top Asian News
China’s military said naval and air forces conducted routine patrol in South China Sea on August 21st-25th.
Japanese PM Takaichi said they are considering incentives for firms to diversify fuel sources.
Japan’s Ministry of Justice has finalised its request of over JPY 80.7bln in its budget estimate, which is more than double this year’s initial budget, NHK reported.
Japan’s Economy Minister Kiuchi said expect CPI to gradually rise due to conditions in the Middle East.
Shinhan Financial Group (055550 KS) and Visa (V) signed a strategic partnership to test stablecoin issuance, remittances, redemption and card settlement, while jointly developing AI-powered payment models for South Korea.
Japan Atomic Energy Agency and others have developed technology that can extract rare-earth elements from water and oil, reported Nikkei.
European bourses (STOXX 600 +0.1%) are mostly firmer this morning, but with gains only modest in nature. The market remains clouded by ongoing geopolitical uncertainty, with traders awaiting the much-anticipated Nvidia earnings. European sectors hold a slight positive bias. Consumer Products takes the top spot, joined closely by Basic Resources and Travel & Leisure. It appears to be the case that the cyclical sectors are benefiting the most in today’s session, aside from the Tech sector, which is the laggard. The latter is subject to pressure on three fronts: 1) SAP (-4%) received a downgrade at UBS. 2) Broader European software names drift, in a continuation of the action seen on Tuesday after Google announced Gemini Enterprise for financial services. 3) Poor Intuit results. Key stories: Banco BPM (+0.3%, acknowledges the unsolicited offer from MPS), SoftwareOne (+15%, H1 rev. beat), Ambu (-16%, decent headline metrics, but guidance downgraded). FTSE 100: Indicative FTSE 100 quarterly review changes show easyJet and Ithaca Energy are set to join, with Entain and Persimmon to be removed.
Top European News
UK PM Burnham looks at giving mayors in England the authority to suspend the “right to buy” policy and block the sale of council homes, according to FT.
POLITICO expects UK Energy Secretary Fahnbulleh to “stick to the script” on whether to allow new North Sea drilling.
UK Ofgem energy price cap to increase by 4% from October 1st (exp. 4%), driven primarily by the Middle East.
Swedish PPI (Jul MM) 0.1% (Prev. 0.1%).
Swedish PPI (Jul YY) 6.4% (Prev. 7.4%).
FX
G10s show mixed performance with AUD and JPY leading after data, while high-beta currencies mostly lag but sit within yesterday’s ranges.
USD attempts to rebound today with broad based strength against high-beta cyclicals but weakness vs. Aussie and Yen after respective strong domestic data overnight. DXY attempts to rebound after modest losses on Tuesday, but remains within yesterday’s 98.86-99.11 range for now with macro catalysts light into PCE and NVIDIA earnings today.
EUR is resilient to the modest USD strength with the pair flat today; action which comes after the influential ECB’s Schnabel said the “economy looks to be gaining further momentum.”, which ING suggests “should cement expectations for a 25bp rate hike” in September. EUR/USD lost steam at 1.1680 which has proven resistance over the past few days following a brief period above 1.17 last week. GBP tracks the weaker Buck with Cable continuing to range trade above 1.3620; the Ofgem price cap is to be lifted by 4% from October 1st as expected, while Cornwall insight sees a further 9% rise in January, unwelcome news for UK Policymakers.
AUD is the G10 outperformer after Aussie CPI beat estimates, remaining above the RBA’s 3% upper inflation target with the RBA’s preferred measure, trimmed mean, unchanged at 3.6% Y/Y above expectations of 3.5%. Unwelcome news for the RBA where a hike in either Sept/Nov are not yet fully priced by markets; banks remain split on this matter with Westpac and UoB saying a November hike could be in play though others shifting calls towards November, while OIS for September doubled from 3 to 6bps. AUD/USD +0.3% on the day, the pair could look towards 0.72, a level briefly eclipsed in May, should pricing turn more hawkish. MUFG notes the risks are starting to shift to a stronger Aussie but cautions positioning is starting to look stretched, referencing the 2yr AU-US swap spread. JPY similarly outperforms after hot Services PPI data from Japan, USD/JPY around 159.00.
FIxed Income
A contained to modestly firmer start for fixed. USTs and Bunds are slowly inching their way back towards Tuesday’s best, but remain around five and 30 ticks shy, respectively. Gilts differ slightly, in that they opened within reach of Tuesday’s 87.15 best, but have since eased and lost the figure, though still post relative outperformance.
Today’s docket is headlined by US PCE, though any further updates to the geopolitical developments we saw late-Tuesday could ultimately overshadow. For PCE, the core M/M is seen at 0.2% (prev. 0.1%), which would be in-fitting with the CPI print. Data will help inform the Fed debate, with the inflation-side of the mandate still very much in the driving seat; however, near-term Fed bets may not shift dramatically ahead of Friday.
For reference, current Fed pricing via CME has around a 64% implied probability of unchanged in September, and around a 30% chance of unchanged by end-2026, with a 45% chance currently to one hike by the end of the year.
Bunds firmer but, as discussed, shy of Tuesday’s best. Currently holding in the green with gains of around 15 ticks, but a similar amount shy of the 124.65 peak. No move this morning to ECB’s Schnabel, who in a Bloomberg interview stuck to her known hawkish-bias, while noting the ECB’s data-dependent language. On supply, the 2048 Bund auction was well-received, but likely due to the low amount on offer. No move was seen following the auction.
Gilts marginally outperform, but are also off best. Note, coverage remains on the September contract for now, but increasingly activity is turning to the December one, as a way of fully encapsulating what could be a significant September BoE meeting given the bond update that is due, in addition to the first budget of the Burnham government thereafter.
Italy sold EUR 3.0bln vs exp. EUR 2.5-3.0bln 3.00% 2028 BTP: b/c 1.58x & average yield 3.02%.
Japan sold JPY 649bln in 10yr, 20yr and 30yr JGBs in enhanced liquidity auction; b/c 3.20 vs. Prev. 2.68. Highest accepted spread -0.011% vs. Prev. +0.004%. Allotment of bids at highest spread 58.2741% vs. Prev. 87.6152%.
Commodities
In geopolitics, much of the recent US-Iran reporting has tilted positive, albeit remaining unconfirmed by either side. Yesterday, Russian press RIA citing Pakistani and Iranian sources suggested “A ceasefire between the US and Iran has been agreed upon, it includes free navigation in the Strait of Hormuz and will be announced in the coming days”, albeit with no further details. For references, the formal 60-day ceasefire window officially expired in mid-August 2026, albeit hostilities have been minimal since. On the flip side, rhetoric from Iran has been more steadfast with the Iranian side suggesting, that east of the Strait of Hormuz, north of the Indian Ocean, the Arabian Sea, and the Oman Sea are under their operational control.
WTI Oct and Brent Nov futures are softer by over 2% apiece at the time of writing, with desks citing ongoing optimism surrounding Iran and the US. Brent trades within a USD 84.56-85.99/bbl (vs yesterday’s USD 80.23-85.84/bbl range) range and WTI in a USD 79.62-81.31/bbl (vs yesterday’s USD 85.00-91.29/bbl range). Dutch TTF also pulls back amidst this optimism, clocking losses of over 3% intraday at the time of writing, with the front month contract back under EUR 64/MWh vs ~EUR 69/MWh earlier this week.
Precious metals are softer as the DXY remains resilient to the lower oil prices. Spot gold trades in a USD 4,627-4,622/oz range, within yesterday’s USD 4,605-4,697/oz parameter. Spot silver resides in a narrow USD 68.20-69.73/oz range, finding support near its 100 DMA (USD 68.32/oz) and within yesterday’s USD 67.45-69.95/oz range. Base metals are flat as the resilient Dollar is countered by ongoing Chinese stimulus hopes, with 3M LME copper in a USD 14,321.13-14,437.40/t range at the time of writing.
Shipping data shows Tankers loaded 4mln barrels of Saudi Crude in ship-to-ship transfer off Oman; cargoes heading for China.
Japan’s Cabinet office confirms plans to diversify oil procurement; aims to provide support with extra shipping costs.
Russia’s Novorossiysk grain terminal restoration may take between 1-4 months following suspension in August, according to reported.
Five commodity vessels pass through the Strait of Hormuz on Tuesday which is significantly below the 10-day average of 15, according to data.
South Korea plans to cut industrial power rates by up to 10% on the new regionally differentiated pricing scheme, according to Yonhap.
China’s Ministry of Agriculture and Rural Affairs issued the 15th Five-Year Plan for the national farm-product origin market system, targeting improved supply–demand matching and a modern circulation network. China is to largely complete modern farm-produce origin market system by 2030.
Fed’s Barkin (2027 voter) described the July rate decision as a close call and said officials will receive another full set of data prior to the September 15th-16th meeting. said:. Latest trade dispute with Canada was adding to uncertainty regarding how tariffs will affect prices and economy.
Fed’s Barkin (2027 voter) said there will eventually be a reckoning of US debt and debt will reach a point when investors will stop buying if it continues to rise.
BoJ Governor Ueda will not attend this week’s Jackson Hole meeting, with Board Member Tamura to attend on Ueda’s behalf.
Major newswire poll shows 57% of economists expect the BoJ to hike its interest rate to 1.25% at the September meeting, while a slim majority of economists see the BoJ hiking rates to at least 1.5% in Q1 2027.
ECB’s Schnabel said rates must increase further on inflation risks and ECB must prevent second round effects early on, Bloomberg reported.
PBoC set USD/CNY mid-point at 6.7829 vs exp. 6.7166 (prev. 6.7852).
Geopolitics: Ukraine
Ukrainian President Zelenskiy said that they struck 16 targets inside Russia in the past day, which involves oil facilities and logistics centres.
Russia’s Novorossiysk grain terminal restoration may take between 1-4 months following suspension in August, according to reported.
Ukrainian President Zelensky said he is counting on China’s strong diplomatic role in ending Russia’s war against Ukraine, while he added that peace can be our shared achievement.
Russian President Putin advisor said Japan only needs one year to possess a nuclear weapon, according to Al Arabiya.
Geopolitics: Middle East
Iran’s Deputy FM Ghalibaf refiles a post, which said,”Based on negotiations with Oman, the southern route will be completely closed, if Iran’s requirements are not met”.
Iranian President Pezeshkian and Russian President Putin will meet on the sidelines of the upcoming Shanghai Cooperation Organization summit in Kyrgyzstan (31st Aug-1st Sep), Iran International reported.
Iran and Oman outlined a joint proposal for a temporary shipping lane and launch a demining effort in the Strait of Hormuz, according to CNN.
Iran’s Deputy Foreign Minister Gharibabadi details temporary arrangement between Iran and Oman concerning the Strait of Hormuz while asserting that reopening of the waterway hinges on realisation of Tehran’s demands, according to Press TV.
Iran official said only Tehran knows Hormuz mine locations, reported Fars.
Iran Deputy FM Gharibabadi said understanding with Oman on the Strait of Hormuz does not mean opening the Strait of Hormuz. Before taking any action to reopen the Strait of Hormuz, the US must fully implement all its violated commitments. In the understanding with Oman, the route into the strait is completely at our disposal, and part of the exit route is also in Iranian waters; also, the distance between the two routes is not long. US minesweepers are very good targets for us if they enter the region. If US goes ahead with its new sanctions against Iran, Iran will divulge new measures against US interests.
Iranian Army said areas east of the Strait of Hormuz, north of the Indian Ocean, the Arabian Sea, and the Oman Sea are under our operational control, Al Jazeera reported. Iranian military said ships are under our surveillance hundreds of kilometers before they reach the Strait of Hormuz and can cross if they get our permission.
Iranian Army Spokesperson Akraminia said in a possible future war, new issues could be raised, such as regional energy infrastructure.
US President Trump sends nuclear agreement with Saudi Arabia to Congress, while he still insists the agreement is contingent on Saudi Arabia normalising relations with Israel, according to WSJ.
US Secretary of State Rubio told foreign counterparts the US is shifting from strikes to sanctions on Iran and that for the time being, US is not expected to initiate new strikes against Iran, according to a US official and a second source cited by Axios. “U.S. officials say the clearing of mines from most of the Strait of Hormuz, coupled with the fact that more and more tankers have been moving through the southern lane of the strait in recent weeks, significantly reduces Iran’s leverage over global energy markets.”.
Houthi military leader states “We reaffirm our unwavering commitment to our principled and faith-based stance in support of the oppressed Palestinian people and their just cause, which is the cause of the entire nation”. said:. “- We will spare no effort in supporting the Palestinian people and their resistance fighters until the inevitable divine promise of the fall of the Zionist entity is fulfilled.”.
US Ambassador to Lebanon said “there is progress in the pilot areas, but what is on paper requires time for implementation”, Al Hadath reported.
IRIB news agency noted Palestinian sources report that Israeli forces raid two other settlements in the West Bank.
Israeli force of 10 vehicles stormed the village of Jamla in the Daraa countryside in Syria.
Israeli forces strike targets in multiple areas in southern Lebanon.
Israeli PM Netanyahu said it is not possible to reach a diplomatic agreement with Iran.
US Event Calendar
7:00 am: Aug 21 MBA Mortgage Applications, prior -0.4%
8:30 am: Jul Personal Income, est. 0.2%, prior 0.2%
8:30 am: Jul Personal Spending, est. 0.1%, prior 0.29%
8:30 am: Jul PCE Price Index YoY, est. 3.6%, prior 3.67%
8:30 am: Jul Core PCE Price Index MoM, est. 0.2%, prior 0.1%
8:30 am: Jul Core PCE Price Index YoY, est. 3.3%, prior 3.29%
8:30 am: Jul P Durable Goods Orders, est. 0.5%, prior 0.5%
8:30 am: Jul P Durables Ex Transportation, est. 0.6%, prior 0.7%
8:30 am: 2Q S GDP Annualized QoQ, est. 1.5%, prior 1.5%
8:30 am: 2Q S Personal Consumption, est. 3.2%, prior 3.2%
8:30 am: 2Q S GDP Price Index, est. 6.2%, prior 6.2%
8:30 am: 2Q S Core PCE Price Index QoQ, est. 3.4%, prior 3.4%
DB’s Jim Reid concludes the overnight wrap
Markets turned more positive over the past 24 hours amid a flurry of more encouraging, if non-definitive, headlines on Iran, including a report that the US and Iran may announce a ceasefire in the coming days. This has left oil prices likely on course for their biggest weekly decline since June, with Brent crude down -8.6% since Friday as I type. The easing in inflation concerns helped cement a global bond rally, with 10yr Treasuries (-6.8bps) and OATs (-7.3bps) yesterday posting their best days since June and May respectively. Equities also recovered, in part as AI sentiment turned more positive ahead of Nvidia earnings after the market close tonight.
As we said at the start of the week, in the past few years Nvidia’s earnings have often been a big macro event, with reactions on par with US jobs reports and CPI prints. But in the most recent quarters, the positive earnings surprises haven’t been as big as those in 2023-24, and after each of the last four earnings reports, Nvidia’s share price actually fell the next day. Ahead of the release, Nvidia (+2.19%) and the Philly Semiconductor Index (+1.44%) recovered yesterday. With the AI trade seeing more volatility over the summer, the Philly Semiconductor index is down -20.8% from its June peak, though it’s down only -1.9% from its level at the time of Nvidia’s last results on May 20 and is still up +63.6% YTD. The boost in AI sentiment helped the S&P 500 (+0.32%) and the Nasdaq (+0.66%) advance yesterday even as most S&P constituents fell on the day. US equity futures are little changed this morning.
In terms of yesterday’s market moves, Middle East developments were the key driver, as several headlines raised hopes for de-escalation. These included a couple of reports suggesting that the US administration does not expect renewed full-scale conflict with Iran. The New York Times reported that the US was preparing to send US diplomats back to the Middle East, while later in the day Axios reported that Secretary of State Rubio told allies that the US is not looking to initiate new strikes against Iran. Meanwhile, we heard that Iran and Oman discussed an “interim framework” aimed at resuming shipping through the Strait of Hormuz, with the initiative seeking to establish a “temporary joint maritime corridor” and to jointly work on clearing the strait of mines. And then, near the US close, Russia’s RIA Novosti reported, citing Iranian and Pakistani sources, that the US and Iran agreed a new ceasefire which is expected to be announced in the coming days and would include freedom of shipping via Hormuz.
This amalgamation of stories pushed oil prices lower. Brent settled -3.89% lower yesterday and is trading another -2.60% lower at just over $86/bbl this morning, extending its decline following the RIA Novosti report. With a -8.6% decline so far this week as I type, Brent has reversed more than half of its +13% rise over the previous two weeks. Meanwhile, European natural gas prices have retreated from Monday’s three-and-a-half-year highs, with front-month TTF gas down -2.54% yesterday and another -6.1% overnight.
With oil prices declining, bond markets rallied on both sides of the Atlantic. Treasury yields moved lower across the curve, including the 2yr (-5.9bps), 10yr (-6.8bps) and 30yr (-5.9bps). For 10yr Treasury yields this was the biggest decline in two months, taking them to their lowest level in almost three weeks at 4.63%. 10yr USTs are trading around 1bps higher overnight. So in the emerging debate over the credibility of a possible ‘Bessent put’ for the bond market, yesterday was one day in the Treasury Secretary’s favour. Sticking to this topic, our rates strategists published a note yesterday discussing what other measures a more interventionist Treasury could pursue
In Europe, government bonds saw similar relief, with yields on 10yr bunds (-5.1bps), OATs (-7.3bps) and gilts (-6.9bps) all receding. This rally came as the amount of ECB hikes priced by next June fell -8.2bps to 55bps. In the evening, Reuters reported that ECB policymakers are ready to hike rates in September but that they have little appetite to signal further tightening after that. This appears in line with our economists’ view, who think a September hike could be effectively a done deal but that further tightening would require evidence of second-round inflationary effects which have been absent so far.
Turning to the Fed, markets lowered pricing of a September hike from 43% to 36% yesterday. That pullback came even as Boston Fed President Collins published an essay saying that without more sustained disinflation progress, it would be “appropriate to tighten policy soon”. While Collins is a non-voter, our US economists previously pegged her as someone not supporting a 2026 hike, so the comments go to show that a September hike may be very much live for some of the centrists on the FOMC. US inflation will be in focus today, with the release of the July PCE reading. Our US economists expect core PCE inflation, the Fed’s preferred measure, at a monthly +0.18%.
Speaking of data, yesterday we also received mixed signals on the US economy. Consumer confidence for August slipped once more to 89.4 (vs 90.2 expected), its lowest reading since January. Yet despite the overall drop, the survey’s labour market differential saw its biggest monthly improvement since 2022 (from 2.7 to 7.5) after falling to a post-2021 low in July. Another encouraging labour market signal came from the ADP weekly employment report, which rose by 11.75k in the week ending Aug 8 (vs. 9.5k prior), its highest reading in a month. Asian equity markets are mostly advancing this morning supported by lower oil prices and bond yields. Across the region, the KOSPI (+1.97%) is leading gains. The Nikkei (+0.76%), CSI 300 (+1.03%), Hang Seng (+0.82%) and Shanghai Composite (+0.72%) are also clearly higher with tech stocks rising ahead of Nvidia’s results. The S&P/ASX 200 (-0.15%) is bucking the regional trend after Australia’s inflation overshot estimates.
That Australian inflation print saw headline CPI rise +3.5% yoy in July, down from 3.8% in June but clearly ahead of the +3.3% consensus. Trimmed mean CPI came in at +3.6% (vs. 3.5% expected). Following the release, traders have increased pricing of an RBA rate hike at the September 28-29 meeting from 10% to 32%. Indeed, our Australian economist has now moved to expect a 25bps September hike by the RBA, versus his earlier call for a pause for the rest of the year (see here).
European equities were also mostly stronger yesterday, with the Stoxx 600 (+0.35%), DAX (+0.61%) and the FTSE 100 (+0.29%) moving higher, though the CAC (-0.16%) fell back. The German outperformance was helped by the August IFO business climate reading which rose to a 12-month high (88.8 vs 87.2 expected). So that added to encouraging signals for the German economy and followed revised German Q2 GDP figures (+0.3% q/q vs +0.2% q/q prior), which contributed to our Germany economists upgrading their 2026 GDP view (see here). In trade news, Canada announced tariffs ranging from 15% to 50% on a range of US products, including a doubling of its existing counter-tariffs on US steel and aluminium to 50%. These would become effective September 8 on $20bn worth of US exports, roughly matching the new US 50% tariffs on certain Canadian imports that came into force over the weekend. The Canadian dollar (+0.08% against the USD) stabilised after Monday’s decline though it was still one of the weaker G10 currencies on the day.
To the day ahead now, data releases include US July PCE, personal income, personal spending and durable goods orders. ECB’s Cipollone and Fed’s Barkin will speak. Earnings include Nvidia, Crowdstrike and Salesforce. We’ll also get US Treasury auctions with a 2yr FRN re-opening and a 5yr note auction.
1b) European opening report
US equity futures weaker in quiet trade ahead of PCE and NVIDIA earnings – Newsquawk US Market Open
Wednesday, Aug 26, 2026 – 06:06 AM
Iran’s Deputy Foreign Minister Gharibabadi details a temporary arrangement between Iran and Oman concerning the Strait of Hormuz while asserting that reopening of the waterway hinges on the realisation of Tehran’s demands, according to Press TV.
European bourses are mildly firmer; Intuit -11% after disappointing guidance.
USD firms against most G10s, particularly vs. high beta, though AUD and JPY lead after data.
Fixed benchmarks are mixed with USTs off by a couple of ticks, whilst Bunds and Gilts move higher.
Crude futures continue to soften amid positive, unconfirmed US-Iran reports.
Looking ahead, highlights include US Durable Goods (Jul), PCE (Jul), GDP 2nd Estimate (Q2), Atlanta Fed GDP (Q3). Supply from the US. Earnings from NVIDIA, Salesforce & CrowdStrike.
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LOOKING AHEAD
Highlights include US Durable Goods (Jul), PCE (Jul), GDP 2nd Estimate (Q2), Atlanta Fed GDP (Q3). Supply from the US. Earnings from NVIDIA, Salesforce & CrowdStrike.
European bourses (STOXX 600 +0.1%) are mostly firmer this morning, but with gains only modest in nature. The market remains clouded by ongoing geopolitical uncertainty, with traders awaiting the much-anticipated Nvidia earnings.
European sectors hold a slight positive bias. Consumer Products takes the top spot, joined closely by Basic Resources and Travel & Leisure. It appears to be the case that the cyclical sectors are benefiting the most in today’s session, aside from the Tech sector, which is the laggard. The latter is subject to pressure on three fronts: 1) SAP (-4%) received a downgrade at UBS. 2) Broader European software names drift, in a continuation of the action seen on Tuesday after Google announced Gemini Enterprise for financial services. 3) Poor Intuit results.
Key stories: Banco BPM (+0.3%, acknowledges the unsolicited offer from MPS), SoftwareOne (+15%, H1 rev. beat), Ambu (-16%, decent headline metrics, but guidance downgraded).
FTSE 100: Indicative FTSE 100 quarterly review changes show easyJet and Ithaca Energy are set to join, with Entain and Persimmon to be removed.
US equity futures (ES -0.1% NQ -0.2% RTY +0.1%) are trading mixed this morning, but ultimately trade on either side of the unchanged mark. There is some mild underperformance in the NQ this morning, dragged by pre-market losses in Intuit (-11%). The Co. reported strong quarterly earnings, but the outlook disappointed. Focus for today will be on a busy US data slate, which includes PCE and GDP 2nd Estimate.
FX
G10s show mixed performance with AUD and JPY leading after data, while high-beta currencies mostly lag but sit within yesterday’s ranges.
USD attempts to rebound today with broad based strength against high-beta cyclicals but weakness vs. Aussie and Yen after respective strong domestic data overnight. DXY attempts to rebound after modest losses on Tuesday, but remains within yesterday’s 98.86-99.11 range for now with macro catalysts light into PCE and NVIDIA earnings today.
EUR is resilient to the modest USD strength with the pair flat today; action which comes after the influential ECB’s Schnabel said the “economy looks to be gaining further momentum.”, which ING suggests “should cement expectations for a 25bp rate hike” in September. EUR/USD lost steam at 1.1680 which has proven resistance over the past few days following a brief period above 1.17 last week. GBP tracks the weaker Buck with Cable continuing to range trade above 1.3620; the Ofgem price cap is to be lifted by 4% from October 1st as expected, while Cornwall insight sees a further 9% rise in January, unwelcome news for UK Policymakers.
AUD is the G10 outperformer after Aussie CPI beat estimates, remaining above the RBA’s 3% upper inflation target with the RBA’s preferred measure, trimmed mean, unchanged at 3.6% Y/Y above expectations of 3.5%. Unwelcome news for the RBA where a hike in either Sept/Nov are not yet fully priced by markets; banks remain split on this matter with Westpac and UoB saying a November hike could be in play though others shifting calls towards November, while OIS for September doubled from 3 to 6bps. AUD/USD +0.3% on the day, the pair could look towards 0.72, a level briefly eclipsed in May, should pricing turn more hawkish. MUFG notes the risks are starting to shift to a stronger Aussie but cautions positioning is starting to look stretched, referencing the 2yr AU-US swap spread. JPY similarly outperforms after hot Services PPI data from Japan, USD/JPY around 159.00.
FIXED INCOME
A contained to modestly firmer start for fixed. USTs and Bunds are slowly inching their way back towards Tuesday’s best, but remain around five and 30 ticks shy, respectively. Gilts differ slightly, in that they opened within reach of Tuesday’s 87.15 best, but have since eased and lost the figure, though still post relative outperformance.
Today’s docket is headlined by US PCE, though any further updates to the geopolitical developments we saw late-Tuesday could ultimately overshadow. For PCE, the core M/M is seen at 0.2% (prev. 0.1%), which would be in-fitting with the CPI print. Data will help inform the Fed debate, with the inflation-side of the mandate still very much in the driving seat; however, near-term Fed bets may not shift dramatically ahead of Friday.
For reference, current Fed pricing via CME has around a 64% implied probability of unchanged in September, and around a 30% chance of unchanged by end-2026, with a 45% chance currently to one hike by the end of the year.
Bunds firmer but, as discussed, shy of Tuesday’s best. Currently holding in the green with gains of around 15 ticks, but a similar amount shy of the 124.65 peak. No move this morning to ECB’s Schnabel, who in a Bloomberg interview stuck to her known hawkish-bias, while noting the ECB’s data-dependent language. On supply, the 2048 Bund auction was well-received, but likely due to the low amount on offer. No move was seen following the auction.
Gilts marginally outperform, but are also off best. Note, coverage remains on the September contract for now, but increasingly activity is turning to the December one, as a way of fully encapsulating what could be a significant September BoE meeting given the bond update that is due, in addition to the first budget of the Burnham government thereafter.
Italy sold EUR 3.0bln vs exp. EUR 2.5-3.0bln 3.00% 2028 BTP: b/c 1.58x & average yield 3.02%.
Japan sold JPY 649bln in 10yr, 20yr and 30yr JGBs in enhanced liquidity auction; b/c 3.20 vs. Prev. 2.68. Highest accepted spread -0.011% vs. Prev. +0.004%. Allotment of bids at highest spread 58.2741% vs. Prev. 87.6152%.
COMMODITIES
In geopolitics, much of the recent US-Iran reporting has tilted positive, albeit remaining unconfirmed by either side. Yesterday, Russian press RIA citing Pakistani and Iranian sources suggested “A ceasefire between the US and Iran has been agreed upon, it includes free navigation in the Strait of Hormuz and will be announced in the coming days”, albeit with no further details. For references, the formal 60-day ceasefire window officially expired in mid-August 2026, albeit hostilities have been minimal since. On the flip side, rhetoric from Iran has been more steadfast with the Iranian side suggesting, that east of the Strait of Hormuz, north of the Indian Ocean, the Arabian Sea, and the Oman Sea are under their operational control.
WTI Oct and Brent Nov futures are softer by over 2% apiece at the time of writing, with desks citing ongoing optimism surrounding Iran and the US. Brent trades within a USD 84.56-85.99/bbl (vs yesterday’s USD 80.23-85.84/bbl range) range and WTI in a USD 79.62-81.31/bbl (vs yesterday’s USD 85.00-91.29/bbl range). Dutch TTF also pulls back amidst this optimism, clocking losses of over 3% intraday at the time of writing, with the front month contract back under EUR 64/MWh vs ~EUR 69/MWh earlier this week.
Precious metals are softer as the DXY remains resilient to the lower oil prices. Spot gold trades in a USD 4,627-4,622/oz range, within yesterday’s USD 4,605-4,697/oz parameter. Spot silver resides in a narrow USD 68.20-69.73/oz range, finding support near its 100 DMA (USD 68.32/oz) and within yesterday’s USD 67.45-69.95/oz range. Base metals are flat as the resilient Dollar is countered by ongoing Chinese stimulus hopes, with 3M LME copper in a USD 14,321.13-14,437.40/t range at the time of writing.
Shipping data shows Tankers loaded 4mln barrels of Saudi Crude in ship-to-ship transfer off Oman; cargoes heading for China.
Japan’s Cabinet office confirms plans to diversify oil procurement; aims to provide support with extra shipping costs.
Russia’s Novorossiysk grain terminal restoration may take between 1-4 months following suspension in August, according to reported.
Five commodity vessels pass through the Strait of Hormuz on Tuesday which is significantly below the 10-day average of 15, according to data.
South Korea plans to cut industrial power rates by up to 10% on the new regionally differentiated pricing scheme, according to Yonhap.
China’s Ministry of Agriculture and Rural Affairs issued the 15th Five-Year Plan for the national farm-product origin market system, targeting improved supply–demand matching and a modern circulation network. China is to largely complete modern farm-produce origin market system by 2030.
US President Trump’s administration is discussing additional trade penalties against Canada after Canada unveiled dollar-for-dollar retaliation, according to Bloomberg.
NOTABLE EUROPEAN HEADLINES
UK PM Burnham looks at giving mayors in England the authority to suspend the “right to buy” policy and block the sale of council homes, according to FT.
NOTABLE EUROPEAN DATA RECAP
UK Ofgem energy price cap to increase by 4% from October 1st (exp. 4%), driven primarily by the Middle East.
Swedish PPI (Jul MM) 0.1% (Prev. 0.1%).
Swedish PPI (Jul YY) 6.4% (Prev. 7.4%).
NOTABLE EUROPEAN EQUITY HEADLINES
POLITICO expects UK Energy Secretary Fahnbulleh to “stick to the script” on whether to allow new North Sea drilling.
CENTRAL BANKS
Fed’s Barkin (2027 voter) described the July rate decision as a close call and said officials will receive another full set of data prior to the September 15th-16th meeting. said:. Latest trade dispute with Canada was adding to uncertainty regarding how tariffs will affect prices and economy.
Fed’s Barkin (2027 voter) said there will eventually be a reckoning of US debt and debt will reach a point when investors will stop buying if it continues to rise.
BoJ Governor Ueda will not attend this week’s Jackson Hole meeting, with Board Member Tamura to attend on Ueda’s behalf.
Major newswire poll shows 57% of economists expect the BoJ to hike its interest rate to 1.25% at the September meeting, while a slim majority of economists see the BoJ hiking rates to at least 1.5% in Q1 2027.
ECB’s Schnabel said rates must increase further on inflation risks and ECB must prevent second round effects early on, Bloomberg reported.
PBoC set USD/CNY mid-point at 6.7829 vs exp. 6.7166 (prev. 6.7852).
NOTABLE US HEADLINES
Darlene Graham wins South Carolina Republican primary runoff for US Senate, according to DDHQ projection.
GEOPOLITICS
RUSSIA-UKRAINE
Ukrainian President Zelenskiy said that they struck 16 targets inside Russia in the past day, which involves oil facilities and logistics centres.
Russia’s Novorossiysk grain terminal restoration may take between 1-4 months following suspension in August, according to reported.
Ukrainian President Zelensky said he is counting on China’s strong diplomatic role in ending Russia’s war against Ukraine, while he added that peace can be our shared achievement.
Russian President Putin advisor said Japan only needs one year to possess a nuclear weapon, according to Al Arabiya.
MIDDLE EAST
Iran’s Deputy FM Ghalibaf refiles a post, which said,”Based on negotiations with Oman, the southern route will be completely closed, if Iran’s requirements are not met”.
Iranian President Pezeshkian and Russian President Putin will meet on the sidelines of the upcoming Shanghai Cooperation Organization summit in Kyrgyzstan (31st Aug-1st Sep), Iran International reported.
Iran and Oman outlined a joint proposal for a temporary shipping lane and launch a demining effort in the Strait of Hormuz, according to CNN.
Iran’s Deputy Foreign Minister Gharibabadi details temporary arrangement between Iran and Oman concerning the Strait of Hormuz while asserting that reopening of the waterway hinges on realisation of Tehran’s demands, according to Press TV.
Iran official said only Tehran knows Hormuz mine locations, reported Fars.
Iran Deputy FM Gharibabadi said understanding with Oman on the Strait of Hormuz does not mean opening the Strait of Hormuz. Before taking any action to reopen the Strait of Hormuz, the US must fully implement all its violated commitments. In the understanding with Oman, the route into the strait is completely at our disposal, and part of the exit route is also in Iranian waters; also, the distance between the two routes is not long. US minesweepers are very good targets for us if they enter the region. If US goes ahead with its new sanctions against Iran, Iran will divulge new measures against US interests.
Iranian Army said areas east of the Strait of Hormuz, north of the Indian Ocean, the Arabian Sea, and the Oman Sea are under our operational control, Al Jazeera reported. Iranian military said ships are under our surveillance hundreds of kilometers before they reach the Strait of Hormuz and can cross if they get our permission.
Iranian Army Spokesperson Akraminia said in a possible future war, new issues could be raised, such as regional energy infrastructure.
US President Trump sends nuclear agreement with Saudi Arabia to Congress, while he still insists the agreement is contingent on Saudi Arabia normalising relations with Israel, according to WSJ.
US Secretary of State Rubio told foreign counterparts the US is shifting from strikes to sanctions on Iran and that for the time being, US is not expected to initiate new strikes against Iran, according to a US official and a second source cited by Axios. “U.S. officials say the clearing of mines from most of the Strait of Hormuz, coupled with the fact that more and more tankers have been moving through the southern lane of the strait in recent weeks, significantly reduces Iran’s leverage over global energy markets.”.
Houthi military leader states “We reaffirm our unwavering commitment to our principled and faith-based stance in support of the oppressed Palestinian people and their just cause, which is the cause of the entire nation”. said:. “- We will spare no effort in supporting the Palestinian people and their resistance fighters until the inevitable divine promise of the fall of the Zionist entity is fulfilled.”.
US Ambassador to Lebanon said “there is progress in the pilot areas, but what is on paper requires time for implementation”, Al Hadath reported.
IRIB news agency noted Palestinian sources report that Israeli forces raid two other settlements in the West Bank.
Israeli force of 10 vehicles stormed the village of Jamla in the Daraa countryside in Syria.
Israeli forces strike targets in multiple areas in southern Lebanon.
Israeli PM Netanyahu said it is not possible to reach a diplomatic agreement with Iran.
OTHERS
China’s military said naval and air forces conducted routine patrol in South China Sea on August 21st-25th.
CRYPTO
Bitcoin is a little lower this morning after facing resistance at USD 80k; Ethereum holds below USD 2.5k.
APAC TRADE
APAC stocks were mostly in the green following the gains on Wall Street, where sentiment was underpinned amid Strait of Hormuz optimism, lower oil prices and a drop in yields, while participants await NVIDIA earnings.
ASX 200 traded lower following another deluge of earnings releases and hotter-than-expected CPI data, while Construction Work disappointed with a surprise contraction, feeding into next week’s GDP release.
Nikkei 225 declined at the open following the firmer-than-expected Services PPI data, but then gradually rebounded and returned to above the 66,000 level.
KOSPI saw two-way trade, but ultimately outperformed, with the price moves in the index largely driven by tech heavyweights, which were initially choppy.
Hang Seng and Shanghai Comp were underpinned as participants digested a deluge of earnings, and with Alibaba shares supported after its founder Jack Ma bought more than HKD 600mln of the Co.’s Hong Kong-listed shares over two consecutive days, signalling confidence in its long-term AI prospects.
NOTABLE ASIA-PAC HEADLINES
Japanese PM Takaichi said they are considering incentives for firms to diversify fuel sources.
Japan’s Ministry of Justice has finalised its request of over JPY 80.7bln in its budget estimate, which is more than double this year’s initial budget, NHK reported.
Japan’s Economy Minister Kiuchi said expect CPI to gradually rise due to conditions in the Middle East.
Shinhan Financial Group (055550 KS) and Visa (V) signed a strategic partnership to test stablecoin issuance, remittances, redemption and card settlement, while jointly developing AI-powered payment models for South Korea.
Japan Atomic Energy Agency and others have developed technology that can extract rare-earth elements from water and oil, reported Nikkei.
NOTABLE APAC DATA RECAP
Australian CPI (Jul MM) 1% vs. Exp. 0.8% (Prev. -0.1%).
Australian CPI (Jul YY) 3.5% vs. Exp. 3.3% (Prev. 3.8%).
Australian RBA Weighted Median CPI (Jul MM) 0.4% (Prev. 0.3%).
Australian RBA Trimmed Mean CPI (Jul MM) 0.5% vs. Exp. 0.3% (Prev. 0.3%).
Australian RBA Trimmed Mean CPI (Jul YY) 3.6% vs. Exp. 3.5% (Prev. 3.6%).
Australian RBA Weighted Median CPI (Jul YY) 3.6% (Prev. 3.7%).
Australian Construction Work Done (Q2 QQ) -2.1% vs. Exp. 0.5% (Prev. 3.4%).
Australian Westpac Leading Index (Jul MM) 0.0% (Prev. 0.0%, Rev. 0.1%).
Japanese Services PPI YY (Jul) 3.6% vs Exp. 3.2% (Prev. 3.2%, Rev. 3.4%).
1c) Asian opening report
Europe set for a firmer open as energy benchmarks moderate on geopolitical optimism – Newsquawk EU Market Open
Wednesday, Aug 26, 2026 – 02:06 AM
Crude futures extended their declines after falling around 5% yesterday as geopolitical developments appeared more constructive.
Iran’s Deputy Foreign Minister said US minesweepers are very good targets if they enter the region.
APAC stocks were mostly in the green following the gains on Wall Street, where sentiment was underpinned amid Strait of Hormuz optimism, lower oil prices and a drop in yields.
US equity futures were indecisive following recent gains and as participants brace for NVIDIA earnings; European equity futures indicate a mildly positive open.
AUD/USD outperformance was seen following firmer-than-expected monthly inflation data, which remained above the RBA’s 2%-3% price target.
Looking ahead, highlights include US Durable Goods (Jul), PCE (Jul), GDP 2nd (Q2), Atlanta Fed GDP (Q3). Comments from ECB’s Cipollone. Supply from Germany, Italy and the US. Earnings from NVIDIA, Salesforce & CrowdStrike.
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
LOOKING AHEAD
Highlights include US Durable Goods (Jul), PCE (Jul), GDP 2nd (Q2), Atlanta Fed GDP (Q3). Comments from ECB’s Cipollone. Supply from Germany, Italy and the US. Earnings from NVIDIA, Salesforce & CrowdStrike.
US Secretary of State Rubio told foreign counterparts the US is shifting from strikes to sanctions on Iran and that for the time being, the US is not expected to initiate new strikes against Iran, according to a US official and a second source cited by Axios. US officials also said the clearing of mines from most of the waterway, coupled with the fact that more and more tankers have been moving through the southern lane of the strait in recent weeks, significantly reduces Iran’s leverage over global energy markets.
Two US officials confirmed Trump’s announcement and said the US Navy had cleared the Traffic Separation Scheme, the median lane of the Strait between Oman and Iran, according to Axios.
A ceasefire between the US and Iran was reportedly agreed upon, which includes free navigation in the Strait of Hormuz and will be announced in days, according to RIA citing Pakistani and Iranian sources.
Iranian Foreign Minister Araghchi said Iran’s commitment to peace and stability is matched by steadfast diplomacy with neighbours, while he noted that regional solutions were stressed in talks with Pakistani and Omani guests. Furthermore, he commented that a proposed framework for a new corridor, joint mine-clearing, and future management of the Strait of Hormuz is the case in point.
Iran’s Deputy Foreign Minister Gharibabadi detailed a temporary arrangement between Iran and Oman concerning the Strait of Hormuz, but asserted the reopening of the waterway hinges on realisation of Tehran’s demands, according to Press TV.
Iran’s Deputy Foreign Minister Gharibabadi said an understanding with Oman on the Strait of Hormuz does not mean opening of the Strait of Hormuz and before taking any action to reopen the Strait of Hormuz, the US must fully implement all its violated commitments. He also stated that in the understanding with Oman, the route into the strait is completely at our disposal, and part of the exit route is also in Iranian waters, while the distance between the two routes is not long. Furthermore, he said US minesweepers are very good targets if they enter the region and that if the US goes ahead with its new sanctions against Iran, Iran will divulge new measures against US interests.
Iranian official said only Tehran knows Hormuz mine locations, according to Fars News Agency.
Iran’s missile and drone attacks have inflicted damage on US intelligence posts and surveillance hardware in the Middle East that is more extensive than any destruction US spy agencies have endured and will cost billions of dollars to repair, according to NBC citing people with knowledge of the matter.
Joint statement between Oman and Iran on consultations between their Foreign Ministers noted that consultations focused on the importance that both countries attach to resuming safe navigation through the Strait of Hormuz.
Iran and Oman outlined a joint proposal for a temporary shipping lane and to launch a demining effort in the Strait of Hormuz, while Iran’s Deputy Foreign Minister said the yet-to-be-finalised deal would see the closure of a UN-authorised shipping channel that follows the coast of Oman, according to CNN.
Oman’s Foreign Minister is hopeful they will soon announce a temporary corridor for the Strait of Hormuz and practical arrangements to restore safe navigation.
Houthi military leader reaffirmed an “unwavering commitment to our principled and faith-based stance in support of the oppressed Palestinian people and their just cause, which is the cause of the entire nation”, while he stated they will spare no effort in supporting the Palestinian people and their resistance fighters until the inevitable divine promise of the fall of the Zionist entity is fulfilled.
Israeli forces conducted strikes on targets in multiple areas in southern Lebanon.
US TRADE
EQUITIES
US stocks closed in the green on Tuesday, with the Nasdaq outperforming in a tech-led rally. Crude prices slumped on US-Iran optimism, with a further move lower seen in late trade after Russian press RIA reported that the US and Iran are close to a ceasefire agreement that includes freedom of navigation through the Strait of Hormuz. The report also weighed on the Dollar and supported Treasuries and stocks into the closing bell. However, at the time of writing, there has been no confirmation of the report from other outlets. Sectors were predominantly firmer, with Technology leading the gains, while Energy slumped alongside weaker crude prices. Consumer Discretionary was also pressured by weak Dick’s (DKS) guidance, which weighed on peers including Nike (NKE), Lululemon (LULU) and On Holding (ONON).
SPX +0.30% at 7,676, NDX +0.64% at 29,209, DJI +0.30% at 53,577, RUT +0.48% at 3,009.
US President Trump’s administration is discussing additional trade penalties against Canada after Canada unveiled dollar-for-dollar retaliation, according to Bloomberg.
Brazil and the US schedule a meeting for August 31st to discuss tariffs, according to Folha.
NOTABLE HEADLINES
Fed Discount Rate Minutes stated that directors at 4 of the 12 regional Federal Reserve banks voted to increase the discount rate prior to the July 28-29 FOMC confab.
Fed’s Barkin (2027 voter) said there will eventually be a reckoning of US debt and that debt will reach a point when investors will stop buying if it continues to rise. Barkin described the July rate decision as a close call and noted that officials will receive another full set of data prior to the next meeting, while he added that the latest trade dispute with Canada was adding to uncertainty regarding how tariffs will affect prices and the economy.
APAC TRADE
EQUITIES
APAC stocks were mostly in the green following the gains on Wall Street, where sentiment was underpinned amid Strait of Hormuz optimism, lower oil prices and a drop in yields, while participants await NVIDIA earnings.
ASX 200 traded lower following another deluge of earnings releases and hotter-than-expected CPI data, while Construction Work disappointed with a surprise contraction, feeding into next week’s GDP release.
Nikkei 225 declined at the open following the firmer-than-expected Services PPI data, but then gradually rebounded and returned to above the 66,000 level.
KOSPI saw two-way trade, but ultimately outperformed, with the price moves in the index largely driven by tech heavyweights, which were initially choppy.
Hang Seng and Shanghai Comp were underpinned as participants digested a deluge of earnings, and with Alibaba shares supported after its founder Jack Ma bought more than HKD 600mln of the Co.’s Hong Kong-listed shares over two consecutive days, signalling confidence in its long-term AI prospects.
US equity futures were indecisive following recent gains and as participants brace for NVIDIA earnings.
European equity futures indicate a mildly positive open with Euro Stoxx 50 futures up 0.1% after the cash market closed with gains of 0.1% on Tuesday.
FX
DXY traded little changed overnight after mildly weakening yesterday amid lower oil prices and yields, as well as trade tensions after Canada announced dollar-for-dollar retaliation to US tariffs, and with the Trump administration said to be discussing additional trade penalties against Canada, while China also denounced ‘illegal’ US sanctions on Iran and trading partners, as well as vowed to take all necessary measures to safeguard its interests. Nonetheless, price action was quiet overnight with little reaction seen following comments from Fed’s Barkin that the July rate decision was a close call and that officials will have another full set of data before the September meeting, while participants look ahead to data including Core PCE.
EUR/USD was rangebound after it eked out mild gains yesterday, with price action contained within a thin range after the single currency failed to benefit from a source report that ECB policymakers are ready to raise rates in September to stem side effects of the Iran war.
GBP/USD lacked direction following its recent choppy performance amid the absence of any pertinent catalysts for the UK.
USD/JPY retreated and dipped beneath the 159.00 handle after the hot Services PPI data from Japan.
Antipodeans were mixed with mild outperformance in AUD/USD following firmer-than-expected monthly inflation data, which remained above the RBA’s 2%-3% price target.
PBoC set USD/CNY mid-point at 6.7829 vs exp. 6.7166 (prev. 6.7852).
FIXED INCOME
10yr UST futures took a breather after rallying yesterday as yields slid alongside a drop in oil prices.
Bund futures remained underpinned as the recent decline in oil prices eases inflationary pressures, but are off the prior day’s highs heading into today’s Bund issuances and with a source report noting that ECB policymakers are said to be ready to hike rates next month.
10yr JGB futures faded most of its recent gains with the reversal seen following firmer-than-expected Services PPI data, but with some tailwinds seen after a stronger demand ratio at the enhanced-liquidity auction for long- to super-long JGBs.
COMMODITIES
Crude futures extended their declines after falling around 5% yesterday as geopolitical developments appeared more constructive following US Treasury Secretary Bessent’s underwhelming sanctions and ‘Operation Outcast’ announcement, as Iran and Oman held consultations focused on the importance of resuming safe navigation through the Strait of Hormuz. There was also a report by Russian press that a ceasefire between the US and Iran has been agreed upon, which includes free navigation in the Strait of Hormuz and will be announced in the coming days, although there was no confirmation of this from any officials and it was not mentioned in any mainstream media outlets.
Tanker Trackers highlighted at least fifteen sets of ship-to-ship transfers were taking place in the Gulf of Oman, with 25mln barrels of crude oil counted plus some refined products, while it was stated that the oil originates from almost every country in the region, minus Iran.
Spot gold was choppy following the prior day’s indecisive performance and with the Fed’s preferred inflation gauge scheduled for release later ahead of Fed Chair Warsh’s inaugural Jackson Hole keynote address.
Copper futures eked mild gains in rangebound trade amid the ultimately positive overnight sentiment.
CRYPTO
Bitcoin gradually edged higher overnight and returned to above the USD 79,000 level.
NOTABLE ASIA-PAC HEADLINES
BoJ Governor Ueda will not attend the Jackson Hole meeting, while Board Member Tamura is to attend on Ueda’s behalf.
DATA RECAP
Japanese Services PPI YY (Jul) 3.6% vs Exp. 3.2% (Prev. 3.2%, Rev. 3.4%)
Australian CPI YY (Jul) 3.5% vs. Exp. 3.3% (Prev. 3.8%)
Australian RBA Trimmed Mean CPI YY (Jul) 3.6% vs. Exp. 3.5% (Prev. 3.6%)
Australian Construction Work Done QQ (Q2) -2.1% vs. Exp. 0.5% (Prev. 3.4%)
GEOPOLITICS
MIDDLE EAST
Agreement was reached to resolve any dispute diplomatically between Syria and Israel, with the US acting as a guarantor for Turkey, according to Al Hadath citing sources.
US President Trump sent a civil nuclear agreement with Saudi Arabia to Congress, while he still insists that the agreement is contingent on Saudi Arabia normalising relations with Israel, according to WSJ.
UK PM Burnham is poised to announce “robust” new sanctions on Israeli settlements in the West Bank next month ahead of the Labour conference, according to The Times.
RUSSIA-UKRAINE
Ukrainian President Zelensky said he is counting on China’s strong diplomatic role in ending Russia’s war against Ukraine, while he added that peace can be their shared achievement.
OTHER
US Pacific Command said the US is preparing for Freedom Edge joint exercises with South Korea and Japan, according to Yonhap.
An advisor to Russian President Putin said Japan only needs one year to possess a nuclear weapon.
China’s naval and air forces conducted a routine patrol in the South China Sea on August 21st-25th.
EU/UK
NOTABLE HEADLINES
UK PM Burnham looks at giving mayors in England the authority to suspend the “right to buy” policy and block the sale of council homes, according to FT.
ECB policymakers are reportedly ready to raise rates in September to stem side effects of the Iran war, while they have little appetite to signal further tightening, according to sources.
ECB’s Schnabel said rates must increase further on inflation risks and ECB must prevent second round effects early on. Natural gas situation particularly concerning. Economy looks to be gaining further momentum. Inflation likely to top 2% for extended period.
end
2.NORTH AND SOUTH KOREA/
SOUTH KOREA//NORTH KOREA
SOUTH KOREA
JAPAN
TROUBLE!!
SoftBank Credit Risk Rises As Firm Mulls $20 Billion Bond Sale For OpenAI Stake
Wednesday, Aug 26, 2026 – 11:10 AM
SoftBank Group’s 8.5% notes due 2036 fell as much as 2.5 cents to about 98 cents on the dollar after Bloomberg reported that Masayoshi Son’s conglomerate is considering a $10 billion to $20 billion bond offering, prompting traders to price in additional leverage and supply risk as the investment firm plans to refinance the massive bridge loan backing its OpenAI investment.
Sources familiar with SoftBank’s plans said the potential bond offering could be denominated in dollars and euros, though they stressed that its size and timing could change. Proceeds would be used partly to repay a $40 billion bridge loan secured earlier this year to fund SoftBank’s OpenAI investment and partly to finance additional artificial intelligence investments.
Masayoshi Son’s junk-rated conglomerate plans to invest more than $65 billion in OpenAI by October, funding one of the largest private AI bets in history partly with borrowed money.
“We are considering various options to refinance the bridge loan, but nothing has been decided, including the amount for each,” a SoftBank spokesperson told the outlet.
The report noted:
Unlike most of its international offerings, SoftBank is exploring a 144A format for the first time in more than a decade, which would allow the notes to be sold to institutional investors in the US, the people said. That would help the company tap a larger pool of capital and potentially boost demand for the sale, they added.
US hyperscalers are expected to pour trillions of dollars into data centers and other AI infrastructure over the coming years. These firms have already borrowed more than $410 billion so far this year, putting pressure on debt markets. There are also $3.1 trillion in hyperscaler off-balance-sheet commitments that have come into question, as we noted in our latest report here.
end
3. CHINA/NEPAL/TIBET
Terrifying Video Captures ‘Day After Tomorrow’-Like Flood Swallowing Entire China-Nepal Border Checkpoint
Wednesday, Aug 26, 2026 – 10:15 AM
At least 31 people were confirmed dead, and hundreds of tourists and travelers remained missing after a catastrophic flash flood tore through Nepal’s border region with Tibet.
The South China Morning Post shared horrifying security-camera footage circulating online that appeared to show people fleeing as a giant wall of water, mud, and debris crashed through a checkpoint on the China-Nepal border.
SCMP cited Chinese state media outlets that said the flash flood struck the border area around 0900 local time before spilling into Gyirong County in Tibet, causing what authorities described as “major casualties and missing persons” at the border checkpoint.
More from SCMP:
In Nepal, 384 tourists and travelers were missing after the landslide, including 93 Nepalese and 291 foreigners, according to the Nepal Tourism Board.
The board said the missing foreigners included citizens from India, Australia, the United States, Britain, and the Netherlands. The nationalities of 111 individuals had yet to be confirmed.
The US Embassy in Nepal responded to the natural disaster on X, saying it was “deeply saddened” by the loss of life caused by the flood. “We extend our sincere condolences to the families and loved ones of those who lost their lives, and our thoughts are with all those affected by this disaster.”
END
Glacier Wall Collapse May Have Sparked Deadly Flash Flood That Swallowed Nepal-Tibet Border Crossing
by Tyler Durden
Wednesday, Aug 26, 2026 – 02:30 PM
Summary:
Glacier Collapse May Have Sparked Nepal Flash Flood
100 Dead, 300 Missing, according to Nepal’s government (54 Americans among hundreds missing)
Deadly Flash Flood Near Nepal’s Border with Tibet Swallows Entire Border Crossing
Experts Say Glacier Collapse Sparked Deadly Flooding
Reuters reports that the massive, “Day After Tomorrow”-like flash flood along Nepal’s border with Tibet, which completely wiped out a border crossing, could have been triggered by a massive glacier collapse.
Planet Labs satellite imagery reviewed by scientists showed that the lower section of a glacier broke away at an elevation of roughly 5,200 meters before plunging about 1,200 meters onto the valley floor.
“What I can see in this morning’s satellite imagery from Planet Labs, the lower part of a glacier broke off at about 5,200 meters and crashed onto the valley floor about 1,200 meters below,” scientist Dan Shugar, an associate professor at the University of Calgary, told the outlet.
The confirmed casualty count currently stands at 100 bodies recovered, while more than 300 travelers remain missing, according to Nepali authorities, who warned that the death toll could rise dramatically.
New York Post Reports:
54 Americans among hundreds missing after deadly flood pummels China-Nepal border
Terrifying Video Captures ‘Day After Tomorrow’-Like Flood Swallowing Entire China-Nepal Border Checkpoint
At least 31 people were confirmed dead, and hundreds of tourists and travelers remained missing after a catastrophic flash flood tore through Nepal’s border region with Tibet.
end
4. EUROPEAN AND SCANDINAVIAN COMMENTARIES PLUS NATO
UK
Normal Brits Are Unwittingly Funding Pro-Illegal Migrant Charities
Every week millions of ordinary Brits buy a National Lottery ticket hoping for a life-changing win. What most never realise is that a chunk of that money has been systematically channelled into pro-migrant activist charities that push open borders and far-left ideology.
A GB News exclusive has revealed that the National Lottery has handed more than £140 million in donations to these organisations.
The figure draws on the Lottery’s own Good Causes data showing over 2,500 projects and organisations have collectively received more than £143 million to support refugees since 1994, alongside a detailed five-year audit of Community Fund grants that identified £114.7 million flowing into refugee, asylum and migrant projects between July 2021 and June 2026.
Presenter Martin Daubney put it bluntly on air: “When you buy your lottery ticket every week, were you aware that millions of pounds were going to left-wing migrant activist charities?”
Commentator Rafe Heydel-Mankoo went further, describing the situation as institutional capture. “We’re talking about the capture of these institutions by far-left ideology that should have no place in the charitable world.”
The recipients are not neutral soup kitchens. Among the largest beneficiaries in the recent audit were Refugee Action (£3.21 million), the British Refugee Council (£2.97 million), the Scottish Refugee Council (£1.75 million), Task Force Trust / Action Asylum (£1.62 million) and the Refugee and Migrant Centre (£1.10 million).
Smaller but telling grants went to groups running yoga and English classes for refugee women, comedy workshops branded “Comedy Asylum,” alpaca encounters led by asylum-seeker women, and projects explicitly framed around anti-racism and the “fundamental right to move.”
Refugee Action’s own language is unambiguous. One statement captured in the coverage declares the goal of building “a future rooted in the fundamental right to move, underpinned by a commitment to anti-racism.” The Scottish Refugee Council has pushed MSPs to “detoxify” the immigration debate. These are political positions dressed up as charity.
The timing of the spending is striking. Funding identified in the audit ran at £16.1 million in 2021/22, rose, then jumped sharply to £43.3 million in 2024/25 alone – more than double the earlier annual figures – before adding another £19.6 million in the most recent period. London and the North West alone accounted for more than £43 million of the total.
This is public money in all but name. Roughly 23 pence of every pound spent on a National Lottery ticket goes to charitable causes. The distributing bodies are public institutions with obligations of political neutrality. Yet year after year the cash has flowed disproportionately toward organisations whose core mission is to expand and defend mass migration at a time when Channel crossings, hotel costs, crime and community tensions remain at crisis levels.
Migrants and organised groups have been emptying donation bins in broad daylight, selling the clothes at car boot sales or shipping them abroad, and fly-tipping the rest. Charities that depend on those donations to fund genuine local need have lost revenue while police often treat the thefts with shrugs about “need.”https://www.youtube.com/embed/K3wFlKIqCAs
So the same communities that see their donated clothes stolen by migrants are, through their lottery tickets, helping bankroll the activist infrastructure that campaigns for still more arrivals. The circle is complete: public generosity is extracted at both ends.
National Lottery Good Causes material celebrates the funding as life-changing support for people forced to flee. In practice a significant portion has gone to groups that treat borders themselves as the problem and British public opinion as something to be managed or “detoxified.”
The Charity Commission guidance even notes that charities may engage in political activity where it advances their purposes – an opening many of these organisations have driven a coach and horses through.
British families struggling with the cost of living, veterans’ charities, children’s hospices and community groups serving the indigenous population receive a fraction of the attention. Players who thought their tickets were supporting Olympic athletes, heritage projects or local youth clubs have instead been underwriting an ideological project they never voted for.
The Lottery is currently under public review of its Good Causes priorities for the first time in more than twenty years. That review arrives not a moment too soon. When an institution charged with distributing the public’s spare change becomes a reliable cash machine for open-borders activism, the social contract that sustains it begins to fray.
Ordinary people are entitled to know exactly where their money goes – and to demand that “good causes” start looking a lot more like the country they still call home.
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/VS ISRAEL/USA/TUESDAY NIGHT
Approval Of Trump’s Presidency And The War On Iran Hit New Lows
Tuesday, Aug 25, 2026 – 04:40 PM
Americans’ approval of the US-Israeli war on Iran has reached another record low, pulling Trump’s approval rating down with it, to the worst reading of either of his two terms in office, according to a new Reuters/Ipsos poll. The new findings also show likely spillover effects for the November midterms that will benefit Democrats seeking to retake the majority in Congress.
Early on, the Trump administration claimed his war of choice would be over in a matter of a few weeks. On Friday, it will have been going on for six months with no resolution in sight. With the war keeping gas prices far higher than they were before Trump teamed up with Israel to launch a surprise attack on Iran in the middle of ongoing negotiations, Americans are increasingly taking a dim view of the war, while also overwhelmingly pessimistic about how long it will last. Eighteen US service members have died, and 774 have been injured or wounded. Thousands of Iranians have been killed.
In the new poll that reflects sentiments recorded through Monday, 63% of Americans disapprove of military strikes on Iran, with only 31% approving. Most Republicans still support the war, but the popularity on that side of the aisle has eroded too: 69% support the war now, compared to 77% in March, shortly after Trump and Israeli Prime Minister Netanyahu started the war on Feb. 28. Fully 90% of Democrats oppose the military attacks on Iran, along with 67% of independents. Despair rules: About 83% of Americans think the war will last “for an extended period of time,” against only 12% who think it will be wrapped up in weeks.
Like cement shoes he put on himself, the war on Iran is steadily pulling Trump’s popularity to new lows. Only 33% of surveyed Americans approve of Trump’s overall performance, the worst level that Reuters/Ipsos has observed over either of his two administrations.
Trump isn’t up for re-election in November, but the stakes are sky-high for him in the midterms. A Democratic takeover of either the House or Senate will spawn any number of investigations of his administration and the Trump family’s side business transactions. A takeover of both chambers would carry the prospect of Trump being impeached and removed from office. Here, the poll brought more bad news for Trump and the Republican Party. In the so-called “generic ballot” question that asks which party they’re likely to vote for in their House race, 35% of Americans said they’d pick a Democrat, compared to 29% who said a Republican. Sixteen percent “don’t know” and another 16% don’t plan to vote.
While the Trump administration is consumed by the war, a 22% plurality of Americans say the most important problem facing the country is “the economy, unemployment and jobs,” followed by 13% who said “threats to democratic values and norms,” and 11% who said “corruption.” Along those same lines, 66% disapprove of Trump’s handling of the economy.
In other survey readings:
Likely 2028 presidential contenders JD Vance and Marco Rubio have similar favorability ratings: 34% for Vance and 32% for Rubio. However, 41% have a “very unfavorable” regard for Vance vs 30% for Rubio.
69% say America is off on the wrong track, vs just 16% who say it’s heading in the right direction.
58% say US foreign policy is on the wrong track, more than double the 23% who say “right direction”
END
WEDNESDAY
Oil Extends Decline As Rubio Rules Out New Strikes, Iran-Oman Transit Deal Nears Finalization
Wednesday, Aug 26, 2026 – 09:05 AM
An IRGC spokesman has announced Wednesday that Iran and Oman have reached agreements on their share of the Strait of Hormuz and its revenues, according toTasnim news agency. So essentially the “fee” scheme has been set. There’s talk of reopening the strait on an “interim” basis, Bloomberg says.
“We entered into negotiations with Oman about a month ago and have reached results that have been accepted by both sides,” the official said. “Agreements have been reached on the share of each country in the waters of the strait and the share of Iran and Oman in its revenues,” the statement continued, while also alleging that negotiations were previously delayed only due to the US obstructing negotiations.
Tehran is still insisting on the United States lifting its naval blockade of the country’s ports. However, it seems that for now at least Tehran is open to some level of negotiations, or at least seems content to see where this current period of rare calm leads.
This is evident in the latest words of Iranian Parliament Speaker Mohammad Bagher Ghalibaf, who argued Wednesday that any negotiations with the US don’t equate to retreat from Iran’s demands.
“Negotiation, in my view, has neither intrinsic value nor is it a taboo; it is neither absolutely good nor absolutely evil,” he wrote in a letter responding to more hardline critics, IRNA reports.
He insisted this does not mean abandoning resistance to US-Israeli aggression. “If necessary, dialogue, too, according to this logic, is the same arena of struggle and resistance; neither a replacement for it nor a sign of retreat from it,” he said.
Ghaliban further suggested this is being done by the Islamic Republic from position of strength while holding on to the nation’s “dignity, wisdom and interests.”
Meanwhile, it seems Washington is also in no mood to rush back into military action, following the Monday announcement by Scott Bessent of the Economic D-Day action against Iran, which is to including secondary sanctions on any country found not complying.
On Wednesday, Secretary of State Marco Rubio told several foreign officials in recent days that “for the time being” the US is not planning to initiate any new strikes against Iran, but instead the focus is on other means of pressure, especially the sanctions initiative, Axios reports. According to more:
The U.S. official said that while Rubio made clear that the U.S. isn’t planning a return to major combat operations, he didn’t rule out strikes if Iran attacks first.
Another U.S. official said the clearing of mines from the Strait of Hormuz by the U.S. Navy is a watershed moment in the war, largely neutralizing one of Iran’s main sources of leverage.
Also on Wednesday, Iranian Foreign Minister Abbas Araghchi and his Omani counterpart Badr Albusaidi confirmed their further work on the “interim framework” aimed at resuming shipping through the Strait of Hormuz, according to a joint statement.
State television has indicated Iran and Oman agreed that the new transit corridor would enter through Iranian territorial waters, with part of the exit route also passing through them. The corridor will span roughly seven miles.
On this and other headlines, oil prices continue to fall…
Oil extends declines as Iran, Oman continue finalizing talks to reopen Hormuz
Satellite image shows surge in Iraq’s Persian Gulf oil loadings
The day prior, on Tuesday, President Trump hinted that military options are still on the table. While announcing the new claim that all mines had been detonated or removed from international waters of the Strait of Hormuz, he said the US Space Force was watching “every square inch” of the Strait, and that “There is a Zero Tolerance policy on mine placement in full force and effect.” But Iran is stillasserting that the strait remains “closed”.
END
ISRAEL TBN
SAUDI ARABIA/USA/ISRAEL
Trump sends Saudi nuclear deal to Congress but says Riyadh must recognize Israel
US President Donald Trump maintained that Saudi Arabia must join the Abraham Accords for a deal to come through, a US administration official told Reuters.
People walk by a billboard sponsored by the Coalition for Regional Security calling for the expansion of the Abraham Accords, in Ramat Gan, Israel June 26, 2025.(photo credit: Violeta Santos Moura/Reuters)ByREUTERSAUGUST 26, 2026 01:29Updated: AUGUST 26, 2026 03:21
US President Donald Trump has sent Congress a proposed agreement with Saudi Arabia on civil nuclear energy while insisting the pact will only be approved if the kingdom normalizes relations with Israel, a US administration official told Reuters on Tuesday.
The agreement, which was reached in July and would allow US companies to export civilian nuclear technology to the kingdom, was sent to Congress on Monday, according to the US official, who declined to be identified.
The Saudi embassy in Washington did not immediately respond to a request for comment.
It was unclear how Trump expects sending the nuclear deal to Congress, which has 90 session days to consider it, to advance his objectives.
“The president’s position has not changed that the agreement will only move forward if Saudi Arabia joins the Abraham Accords,” the US official said in an email, referring to US-brokered agreements between Israel and Arab and Muslim-majority nations to normalize relations.
Iran’s Foreign Minister Abbas Araghchi meets with Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan Al Saud, in Jeddah, Saudi Arabia May 10, 2025. (credit: SAUDI PRESS AGENCY/HANDOUT VIA REUTERS)
Those accords, reached in 2020 and 2021, were between Israel and the UAE, Bahrain, Morocco and Sudan.
Days after agreeing to the Saudi nuclear deal in July, Trump, who worked on a similar pact during his first term, set normalization as a condition for it to go into effect.
Former president Joe Biden also pushed for a nuclear deal and wanted to tie it to the accords. Diplomats thought Riyadh was close to normalizing relations with Israel in 2023, but the start of the Israel-Hamas War in October 2023 changed the landscape.
Saudi Arabia has demanded an irreversible path to a Palestinian state before recognizing Israel.
The 30-year nuclear deal calls for the construction of AP1000 reactors, a project worth tens of billions of dollars that would benefit Westinghouse, jointly owned by Canada-based Cameco and Brookfield Asset Management.
The deal was sent to leaders in Congress and is expected to be handed to committees on Wednesday, two congressional sources said. Unless Congress objects to the deal within 90 session days, it will go into force. If Congress were to reject the agreement, Trump could veto that decision, which would require a two-thirds majority in Congress to override.
Trump move ‘hardly ideal,’ some say
Some Democratic lawmakers and nonproliferation advocates have criticized the nuclear pact for not barring Saudi Arabia from enriching uranium or reprocessing nuclear waste, two potential pathways for making a nuclear weapon. The UAE agreed to such measures, known as the gold standard, in its 2009 civil nuclear deal with Washington.
END
SYRIA/USA
US Removes Syria, Including Al-Nusra Front, From Its List Of Terrorism Sponsors
Wednesday, Aug 26, 2026 – 02:45 AM
Following a decade-and-a-half of a Washington-led full economic siege of the Syrian state, and after a fierce CIA-backed proxy war (Timber Sycamore) to oust Assad over that same period, this week has witnessed the huge milestone of the United States finally removing Syria from its state sponsors of terrorism list.
The designation itself had stretched back several decades, and it placed major hurdles in the way of international investment, but with the Monday move by the State Department many of the related sanctions have now been eased.
“Today’s action will help foster additional investment in Syria to promote political and economic stability,” Treasury Secretary Scott Bessent said, signaling new US efforts to help the war-ravaged country recover.
Of course, this came only after it was ‘mission accomplished’ in terms of overthrowing the secular Ba’ath government of Bashar al-Assad. He fled the country in December 2024, as Jolani’s al-Qaeda linked militant group Hayat Tahrir al-Sham entered Damascus, and since then there have been widespread reports of an ‘Islamization’ of the capital and various other cities and towns. The first year of Jolani’s rule witnessed thousands of religious minorities kidnapped or slaughtered – with Alawites and Druze particularly targeted, but also many Christians.
The whole population was brought to its knees by the long-running sanctions, resulting in runaway inflation and soaring food prices, as wages remained stagnant – also as petrol became hard to come by (and as US soldiers occupied Syria’s eastern oil and gas fields which previously met domestic fuel needs).
The delisting exposes an ultra-ironic and deeply awkward reality: Al Nusra Front, which is Syrian Al Qaeda (and was founded by the self-declared president Ahmed al-Sharaa, aka Jolani) is no longer deemed a terror organization. According to the NY Times:
The removal of the state sponsor of terror designation on Monday came after a U.S. congressional review process and after Syria joined the Global Coalition to Defeat the Islamic State, according to the State Department. The United States also revoked the terrorism designation for Hayat Tahrir al-Sham, a rebel group that was headed by Mr. al-Sharaa and that was previously known as the Al Nusra Front, the State Department said.
It also once again highlights that when Trump on multiple occasions met President Sharaa, he was literally palling around with with an officially designated terrorist (and who until recently had a $10 million FBI bounty on his head).
It wasn’t just the US which supported jihadist groups seeking the overthrow of Assad, but Turkey, Saudi Arabia, Qatar, and the UAE also played a big role (and Israel too at times admitted its support).
Saudi Arabia is among those welcoming the sanctions relief news on Tuesday. Its foreign ministry congratulated the Syrian government and people, expressing hope for security, stability and prosperity.
Can’t make this up: Top Syrian envoy to the United States once kidnapped Americans for Nusra Front/HTS…
Syria had been on the State Sponsor of Terrorism for 47 years. So essentially the US waged a near half-century ‘long war’ for regime change against Bashar and his father Hafez al-Assad before him.
As for the lifting of sanctions, they ultimately hit the common populace the hardest – whether they be Christians, Muslims, Alawites or Druze – and so at the very least hopefully normal people can have some relief going forward.
end
RUSSIA VS UKRAINE
Zelensky Continues To Oppose Wartime Democracy Amidst Escalated Election Demands
Ukrainian President Volodymyr Zelensky is facing mounting pressure to hold elections. The Ukrainian leader was elected to a five-year term in 2019, which expired in May 2024.
Last week, Ukraine’s former defense minister Mykhailo Fedorov publicly called for elections, breaking what has been characterized as a “wartime taboo” within the nation’s elite. He continued to demand elections over the weekend and also directly accused the Defense Ministry of corruption.
Fedorov is not the first high-profile Ukrainian figure to call for elections. Back in 2024, Kiev Mayor Vitali Klitschko denounced Zelensky and called him an “autocrat” for refusing to hold elections. But Fedorov is the first figure to have served within the upper echelons of the national government to publicly endorse the restoration of democracy.
On Sunday, Zelensky released comments slamming Fedorov’s recommendation as a threat to Ukrainian national security. “I believe that if we want to destroy the country, then during such a war we can move in the selection of elections,” Zelensky said.
While Zelensky has portrayed wartime elections as an existential threat to all of Ukraine, he also said he would be open to elections if the nation’s allies secured “specific conditions” that would allow all military personnel and displaced civilians, millions of people, to participate. This pledge undid the myth that Ukraine is forbidden to hold wartime elections by its own constitution under material law. It is also such an unlikely scenario; Zelensky appears open to democracy while safely shielded from it. If elections were held, he would lose.
The challenge from Fedorov is significant because the 35-year-old was the youngest minister of defense in Ukraine’s history, and his firing last month triggered protests throughout the country. Despite having no military experience, the former tech entrepreneur was viewed as revolutionizing Ukraine’s drone warfare. He only served for a few months before a rift with Gen. Oleksandr Syrskyi, commander of Ukraine’s armed forces at the time, prompted Zelensky to fire him.
After protests broke out following Fedorov’s sacking, Zelensky tried to placate the people by firing Syrskyi as well. This has not turned down the temperature, as protestors want Fedorov reinstated.
The anger is understandable. Zelensky and his administration are keeping the nation at war, and there is no end in sight. The war has been the justification for martial law, and the martial law has been the justification for the temporary, indefinite suspension of democracy.
end
RUSSIA/UKRAINE/USA
CIA Director Held Covert Moscow Talks With Russian Intel Chiefs As Relations Sink Deeper Into “Crisis”
Wednesday, Aug 26, 2026 – 06:12 AM
Summary:
CIA Director Ratcliffe Met With Senior Russian intelligence officials, Not Putin
Kremlin spokesman Dmitry Peskov Says Meeting Focused On Repairing Bilateral US-Russia Relations In “Deep Crisis”
CIA Director Ratcliffe On USAF Cargo Jet Flight To Moscow
US Air Force C-17 Makes Mysterious Visit To Moscow
New Details On Ratcliffe’s Trip To Moscow
CIA Director John Ratcliffe traveled to Moscow on a US Air Force C-17 transport jet on Tuesday morning for meetings with Russian intelligence officials, according to CBS News.
The outlet cited Kremlin spokesman Dmitry Peskov, who confirmed Wednesday that Ratcliffe met with senior Russian intelligence officials but not President Vladimir Putin.
Putin was later briefed on the talks, according to Peskov, who cautioned that it was too early to determine whether the meeting could help pull bilateral US-Russian relations out of their “deep crisis.”
The visit marks Ratcliffe’s first known trip to Russia since becoming CIA director, though he has maintained contact with Russian intelligence counterparts, CBS noted.
CBS continued:
Ahead of his trip, the US told Ukrainian officials that a senior delegation would be traveling to Moscow and asked Kyiv to suspend strikes until the delegation’s departure from Russia, according to a senior Ukrainian official.
The secretive trip comes as US-mediated peace talks remain stalled and Ukrainian drone strikes on Russian energy infrastructure have stoked a refined-products crisis that is spreading worldwide in the form of diesel shortages. We must note the energy crisis has been compounded by tanker transit disruptions in the Strait of Hormuz.
CIA Director Ratcliffe On USAF Cargo Jet Flight To Moscow
CBS News Senior White House reporter Jennifer Jacobs has provided some clarity on the mysterious US Air Force Boeing C-17 Globemaster III military transport aircraft that flew to Moscow earlier today.
Jacobs said, “Scoop: CIA Director John Ratcliffe traveled to Russia aboard a C-17 for meetings in Moscow today, sources told @Olivia_Gazis @JimLaPorta and me. @CBSNews.”
US Air Force C-17 Makes Mysterious Visit To Moscow
A US Air Force Boeing C-17 Globemaster III military transport aircraft landed at Moscow’sVnukovo International Airport on Tuesday, according to flight-tracking website Flightradar24.
The C-17 arrived from Riga, Latvia, where it landed on Sunday, according to Flightradar24 data. Flight data show that the military transport plane was recently at Camp Springs, Maryland, home to Joint Base Andrews, which supports presidential and senior US government travel.
“An unusual visitor to Moscow this morning. A US Air Force C-17A Globemaster III flew from Riga to Moscow Vnukovo Airport,” Flightradar24 wrote on X early Tuesday.
Flightradar24 shows the C-17’s latest activity over the past seven days:
Russian business news website RBCconfirmed that a US military transport aircraft had landed at Moscow’s Vnukovo International Airport.
Russian state-owned news agency TASS also reported that an “American Boeing C-17A Globemaster III military transport aircraft has reportedly landed in Moscow.”
More from TASS:
A source within EU air traffic control authorities told TASS that the plane, having originally flown from Andrews Air Force Base to Latvia, had indeed continued its journey toward the Russian border. The source confirmed that the aircraft proceeded toward Russia’s border after its stop in Riga. Additionally, the source noted that prior to this, the plane had also visited Charleston Airport.
There has been no official confirmation from the US about the C-17’s landing in Moscow. The flight could indicate support for a senior US delegation, the transportation of diplomatic cargo or a prisoner transfer. Keep in mind that Joint Base Andrews is a major hub for US government and military missions.
A doctor’s lawsuit against Maine’s medical board can proceed, a federal judge has ruled.
An order from the Maine Board of Licensure in Medicine that Dr. Meryl Nass undergo a psychological evaluation for allegedly spreading misinformation about COVID-19 was “based on no evidence or process,” including no probable cause, U.S. District Judge Lance Walker said in an Aug. 20 decision.
“In judicial proceedings, at a minimum probable cause findings ordinarily are required to justify pretrial impositions. In this case, as alleged, the Board dispensed with preliminary proceedings altogether,” Walker wrote.
The process appeared to have “lacked any safeguards to protect against agency zeal and resembled investigatory action imposed, somewhat ironically, in the absence of evidence rather than the initiation of an impartial, sober, thoughtful judicial process designed to assess the truth of facts to arrive at the existence of probable cause to justify such a sanction,” he also said.
The board did not respond to a request for comment by publication time.
“I am happy to report that I will eagerly move forward with the legal case to clear my name and defend the free speech right of medical practitioners to tell the truth to their patients, especially if it goes against government or medical orthodoxy,” Nass said in a blog post.
Maine’s medical board in 2022 suspended Nass’s license after receiving a complaint from a person who was not her patient that the doctor was spreading misinformation about COVID-19 because she noted that people who recovered from the illness had protection against re-infection.
Board members also took issue with how Nass prescribed ivermectin to a COVID-19 patient and lied to a pharmacist about why she prescribed hydroxychloroquine to another patient. It was for COVID-19, not for Lyme disease.
The board ordered Nass to undergo a psychological evaluation in order to get her license back, among other conditions. State law only authorizes such an order when a licensee “may be unable to practice medicine with reasonable skill and safety to patients by reason of mental illness, alcohol intemperance, excessive use of drugs, narcotics, or as a result of a mental or physical condition interfering with the competent practice of medicine,” Walker noted in the new ruling.
“The record before the Board did not include any suggestion or information that Dr. Nass suffered from drug or alcohol abuse or a physical condition, suggesting that, if anything, the Board considered Dr. Nass’s opinions to be the product of not independent thought but a mental illness or mental condition,” he said. “Alternatively, the imposition of this sanction would suggest that the Board was making an example out of Dr. Nass.”
The Maine Superior Court previously voided the psychological evaluation order, concluding it was arbitrary and capricious.
After that court ruled, Maine’s medical board asked the federal court in Maine to throw out Nass’s lawsuit.
Walker sided with the board regarding its actions apart from the evaluation, finding members enjoyed immunity for their conduct during the hearing on the allegations against Nass and for their determination to suspend her license.
But the case can move forward regarding the psychological evaluation order, he said.
“The scope of what remains of Dr. Nass’s claims will need to be addressed in later proceedings but includes, at a minimum, the requirement that she submit to a psychological evaluation,” the ruling stated.
Nass told The Epoch Times in an email that her license remains suspended because the board imposed conditions that would have prevented her from practicing independently, including requiring her to send her charts regularly to the board for review.
“The reason I wanted a license was so that if another pandemic happened, I would be able to provide the appropriate care to patients as I saw fit, which might not be what the government recommended,” Nass said. “Since the conditions the Board imposed precluded that, I did not seek to regain the license, which remains suspended.”
Nass also said she recently moved to New Hampshire.
Dolly Parton; actors Wondrea Gilmore (36), Michael Wright; film composer Nick Glennie-Smith; gay porn star Christian Styles (29); rockers Frank Beard (ZZ Top), Jeff Conolly (Lyres); & more
Dolly Parton died after being diagnosed with cancer. In a statement to PEOPLE on Aug. 25, reps for the country star confirmed that the “Jolene” singer’s death at 80 on Tuesday followed a “brief battle with cancer.” The type of cancer was not disclosed.
Researcher’s note – Parton, who died from a turbo cancer, was “vaccinated.” From Proton AI: Dolly Parton was vaccinated [sic] against COVID-19. According to multiple sources including Vanderbilt Health News, The New York Times, and The Guardian:
Date: March 2, 2021
Location: Vanderbilt Health in Nashville
Vaccine [sic]: Moderna
Administered by: Dr. Naji Abumrad
Parton documented the moment in a video posted to social media where she encouraged eligible people to get vaccinated [sic]. She even performed a modified rendition of her famous song “Jolene” to urge people to “please get your vaccine [sic].”
Additionally, Parton played a notable role in supporting the vaccine’s [sic] development. In April 2020, she donated $1 million to Vanderbilt University Medical Center to fund early COVID-19 vaccine [sic] research. The Vanderbilt researchers worked with Moderna on their vaccine [sic], and according to reports, her donation funded the critical early stages of the research before the federal government later invested significantly more funding.
So she not only got vaccinated [sic] herself but also publicly advocated for vaccination [sic] and contributed financially to the research that helped create one of the vaccines [sic].
Several leading experts are now sounding the alarm after a major study confirmed that all Covid “vaccines” and “boosters” caused spikes in multiple deadly cancers.
Wondrea Gilmore (36) passed away on August 20. The cause of her death has not been revealed by her family. Her last social media posts were in July. Wondrea Gilmore was a marketer, body-positive content creator, actress and plus-size model. She acted in the television show Big Problems and the films Deceptive Touch and Shuttered Secrets. Over the years, Wondrea has worked with SKIMS, Fashion Nova, Curverra, Ashley Stewart, and Fashion to Figure. Gilmore was featured in Cosmopolitan, EBONY, Essence, Plus Model Magazine, among other publications.
Michael Wright, the actor best known for playing Eddie King Jr. in Robert Townsend-directed musical drama The Five Heartbeats, has died after suffering heart failure. He was 70. As TMZ reports, in addition to heart failure, Wright suffered complications of Marchiafava-Bignami, a rare brain condition. His wife, Susan Wright, broke the news in an Instagram statement posted late Friday.
English film score composer Nick Glennie-Smith has passed away at 74at his home in Los Angeles [CA]. According to Movie Music UK, the musician had been battling a period of ill health. Glennie-Smith was a frequent collaborator of famed film composer Hans Zimmer and was a part of Zimmer’s film score company, Remote Control Productions. Glennie-Smith was a key figure in the sound of modern action scores after working on films like The Rock, Transformers, Pirates of the Caribbean: On Stranger Tides, X-Men: First Class and Man of Steel.
James Lew, the iconic Hollywood stuntman, actor, and fight choreographer whose career spanned some of the most memorable action movies and television shows of the past several decades, has died. He was 73. Lew died Sunday in Los Angeles [CA], according to his wife, who confirmed his death to TMZ. He had been battling unspecified health issues, according to TMZ. His cause of death has not yet been disclosed.
Adult film star Zachary Jaghab, known as Christian Styles, has died at age 29. No further details were shared regarding Styles’death. Styles amassed more than 1.1 million followers on X, where he promoted his OnlyFans account. After news broke of his death, Styles was mourned by several other creators.
José Rendón, the Mexican producer, writer and director behind some of Televisa’s most enduring telenovelas, including the acclaimed 1993 adaptation of ‘Corazón salvaje,’ has died. His death was confirmed by the General Society of Writers of Mexico, known as SOGEM. His age was not immediately disclosed. Reports citing a statement circulated by people close to Rendón said he died Saturday, Aug. 15, after suffering a heart attackat his home in Miami. Rendón built a career that spanned writing, directing and executive production, but his name became most closely associated with ‘Corazón salvaje,’ the sweeping period romance starring Edith González and Eduardo Palomo.
Frank Beard, the longtime drummer whose unmistakable rhythm helped power ZZ Top for more than five decades, has died. Beard, 77, died August 17 following a stay in hospice, according to the Fort Bend County Medical Examiner, TMZ reported on Tuesday, August 18. His death came shortly after serious health problems forced him away from the band’s ongoing tour. A cause of death was not immediately known. Details surrounding Beard’s final illness remainlimited. The drummer had stepped away from performing in recent weeks as concerns about his health grew. His condition reportedly led to ZZ Top’s August 5 cancellation at the Hollywood Bowl. The latest health setback was not Beard’s first break from the road. In March 2025, ZZ Top announced that he would temporarily step away from the band’s tour to undergo an unspecified “health procedure.” Beard again spent time away from touring later that year before rejoining the group.
Garage-rock pioneer and Lyres frontman Jeff Conolly has died. He was 70. One of Boston’s great rock ‘n’ roll eccentrics, Conolly was well-known for his work with bands like Lyres and DMZ. According to Brooklyn Vegan, he’d reportedly been getting treatment for bladdercancer. Based out of Boston, Lyres quickly found a fanbase with their evolved version of punky garage rock. Over the years, the releeased numerous albums, EPs, and compilations. Jeff Conolly had kept the band together, even through his cancer fight, but the future of the band is uncertain at this point.
Researcher’s note – Conolly performed with Lyres at The Middle East Upstairs in Cambridge, MA, on October 2, 2021, during the time they required proof of COVID “vaccination”. Nabil Sater, the venue owner, said, “Everybody’s got to be vaccinated – band members, musicians, customers, club-goers and dining customers and staff, of course”: Link
Linda Pardee, who played bass and sang backing vocals for the post-punk band Gang of Four, has died aged 60. Pardee passed away following a battle with cancer. Sharing the tragic announcement on its Facebook page, the band wrote: “Such sad news. Linda almost came to Australia with us. A huge loss to Boston’s music scene and all who knew her. All Together, Now: F**KCANCER.” Pardee was also known for her work with Orbit and The Chelsea Curve, before joining Gang of Four, where she performed from 2023 to 2024.
Researcher’s note – Pardee was performing in Boston music venues in 2021 & 2022, when many venues had “vaccination” mandates.
Keith Keith, the Funky 4 + 1 MC who helped make Hip-Hop history on Saturday Night Live, has passed away at 68. Associates of the MC who introduced himself as “the women pleaser,” revealed he diedfromunknown causes as of press time. In the late 1970s, Funky 4 + 1 helped build something that changed music forever, and now the culture’s mourning the loss of a true pioneer.
Rod Stewart [a U.S. citizen and resident] has cancelled all coming dateson his farewell tour after undergoing a routine heart procedure. On 9 August, Stewart, 81, pulled a performance in Ohio at the last minute [reported here last week]. After the successful insertion of a coronary stent, he announced that all dates would be cancelled. Representatives for the singer told Rolling Stone that Stewart required four weeks off to recuperate. Stewart told fans that he was “already feeling better and very much on the mend”, and extended his thanks to the medical staff who took care of him. Stewart had been due to perform a six-date Las Vegas residency, in addition to other dates across the US and Mexico, as part of the ongoing One Last Time farewell tour, which began in 2024.
News from Underground by Mark Crispin Miller is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Researcher’s note – In a 2021 interview, Rod Stewart said he was “vaccinated”, “boosted”, and angry at the “unvaccinated”. Stewart said, “It makes me angry, especially in America, where they talk about ‘It’s my right, it’s my freedom.’ No it’s not! Because you are a killer, and you can be killed. Dead simple”: https://www.rodstewartfc.com/all-the-news-all-the-time/december-2021
For some artists, controversy could end up proving to be beneficial. With a devoted enough fanbase and talent, the bad publicity might not negatively affect them. However, for many, it can radically alter the trajectory of their lives. For Ryan Adams [52], it’s currently making him hit rock bottom. In a since-deleted post on Instagram captured by The Sun and The Daily Beast, the North Carolina rocker announced that his European tour had to becancelled. He shared that he was “wildly sick” and was even having to sell some of his most prized possessions due to being broke. Ultimately, Adams felt like he had simply run out of options, as life kept him in the gutter. While he may not be going on tour any time soon, Ryan Adams did vow to continue making music for his fans. “I’m broke and sick and tired and defeated but my heart is blasting with hope and love and riff optimism,” he shared.
Researcher’s note – Adams performed at Carnegie Hall during the time they required everyone entering the building to be “vaccinated” and “boosted”: “Carnegie Hall is committed to having a fully vaccinated [sic] and boosted [sic] building, including within its concert venues”:https://www.carnegiehall.org/Education/Programs/Workshops/BSAC?utm_source=chatgpt.com
Jon Batiste [39] is unexpectedlyclearing several dates from his calendar. The eight-time Grammy winner has canceleda string of upcoming performances in Pennsylvania, New York, and Connecticut, citing unspecified “personal circumstances.” The musician’s announcement comes about a month after his wife, author and musician Suleika Jaouad [38], opened up about the realities of living withcancer. “One of illness’s optical illusions is that an empty calendar translates into free time,” Jaouad wrote on Instagram on July 16. “The reality is that entire days disappear into appointments and infusions and the fog of fatigue and the administrative labor of having a body.” Batiste has not said whether his canceled performances have any connection to Jaouad’s health, so the reason behind the decision remains private.
He’s also not the only big-name performer to recently pull the plug on scheduled appearances.Jelly Roll recently revealed that he’s planning a much longer break from touring following his final scheduled U.S. performance, telling fans in late July, “I’m fixing totake some time off and heal.”
Researcher’s note – Jaouad was diagnosed with leukemia in 2010, and it returned in 2022.
The Royal Shakespeare Company has announced that it will postpone its radical production of Othello starring Sharon D Clarke, while the Olivier-winning actor undergoes treatment for cancer. The production, directed by Monique Touko, was scheduled to run from 13 February to 3 April 2027 at the Swan theatre in Stratford-upon-Avon. Clarke, 60, is best known for her role as Lola Griffin in the BBC medical drama Holby City, as well as for her theatrical performances in Ma Rainey’s Black Bottom and Caroline, or Change. In a statement on Thursday, Clarke said: “I would like to thank all the beautiful people at the RSC for their understanding, love, support and healing energy. Othello will be my north star as I undergo treatment.”
It has been listened to over 34 million times on Spotify, and there are probably very few Danes who have not heard the Me & My hit “Dub-I-Dub”. But if you were one of those who expected to hear the song live in Aalborg at “Remember? Aalborg’s biggest nostalgia party”, there is unfortunately bad news. The pop duo – consisting of sisters Susanne and Pernille Georgi – has canceled. “Dear everyone. Unfortunately, we have to cancel our show in Aalborg on August 22nd. – Susanne suffered a serious heart attack last week and is still hospitalized. Right now, the most important thing is that she gets the peace and treatment she needs.”
Jeana Keough (RHOC) has tongue cancer; Packers’ Ahman Green, 49, has Parkinson’s; TV actor Lauren Tom’s daughter Ellie has bone cancer; DJ Jodi Brothers has cancer for the second time; & more
An aspiring singer from California discovered she had cancer the day before releasing her debut song. Suede Avery Sanders, a senior at the University of Southern California Thornton School of Music, was diagnosed with the rarecancer,alveolar soft part sarcoma, the day before her song “Go Bravely” was due to go live on July 17, KTVU FOX 2 San Francisco reported. The 21-year-old singer-songwriter from Oakland wrote the song to her middle school self as part of a college course 18 months ago, but never imagined she’d be using her own lyrics as a form of support during a cancer journey. Alveolar soft part sarcoma is anextremelyrarecancer that comes from different types of soft tissue, such as muscle, fat, or nerves, according to the National Cancer Institute. Per a post on her Instagram, Sanders says she was diagnosed with the cancer in her leg and got the call about her diagnosis as her mom was helping her move into her new apartment in Los Angeles. Sanders is taking a new immunotherapy drug, approved by the U.S. Food and Drug Administration in 2022, to treat her cancer. She will also be having surgery in the fall to remove a four-inchtumoron her thigh, per KTVU.
News from Underground by Mark Crispin Miller is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Nicole “Snooki” Polizzi is preparing to undergo a hysterectomy after receiving an encouraging update in her cervical cancer battle. The 38-year-old Jersey Shore alum revealed on TikTok last week that a PET scan showed her stage 1 cancer had not spread, clearing the way for her next major step: surgery. The reality star admitted she was frightened by the planned abdominal surgery, which she said will require an incision similar to a C-section rather than a laparoscopic procedure. “I’m losing an organ,” she said. “Getting cut open and taking something out of your body, like, I’m scared.” Polizzi has had cosmetic surgery before, but she joked that it had done little to prepare her for this operation. Polizzi first disclosed her stage 1 cervicaladenocarcinomadiagnosis in February after a cone biopsy. She said she had received abnormal Pap smear results for several years but delayed follow-up appointments because the exams were painful and uncomfortable. Instead of facing the problem, Polizzi admitted, she “pretended it wasn’t happening” until her doctor repeatedly urged her to return. The Snooki Shop owner has since used her diagnosis to push followers to keep up with cervical cancer screenings and to create a space for others facing similar health scares.
Oscar-winning animator Glen Keane [right] was airlifted from a mountain in Arizona on Wednesday after becoming too dizzy and weak to hike back down. The 72-year-old was hiking Mummy Mountain near Paradise Valley with family shortly after 6 a.m. when he became stranded on a narrow ridge. Firefighters arrived after he called for help and found him alert but unable to walk. Crews secured him with ropes before hoisting him aboard a Phoenix Fire Department helicopter. Keane was flown down the mountain and checked by paramedics, but did not require further treatment. The veteran Disney animator won an Oscar in 2018 with Kobe Bryant for Dear Basketball. His credits include Beauty and the Beast, Aladdin and The Little Mermaid.
Researcher’s note – On July 30, 2021, The Walt Disney Company announced a policy requiring all salaried and non-union hourly employees in the United States working at any of its sites to be fully vaccinated [sic] against COVID-19. This decision was driven by the resurgence of cases due to the Delta variant and recommendations from health officials. Under this policy, employees who were not already vaccinated [sic] and were working on-site were given 60 days to complete their vaccination [sic] protocols. Employees working from home were required to provide verification of vaccination [sic] prior to returning to the office. The mandate also applied to all new hires, who were required to be fully vaccinated [sic] before beginning employment.
“Vaccine” injury can cause difficulties in tolerating high alititudes:
One of the cruelest things about being injured by a pharmaceutical is the degree to which doctors will deny the idea that the injury happened (as acknowledging it requires them to accept the shortcomings of the medical model they’ve invested their lives into). This denial is known as…
A GoFundMe campaign has been launched to help founding SAVATAGE bassist Keith Collins, who is battling dementia. Keith’s former KRUNCH bandmate Glenn Dillman, who started the GoFundMe, wrote in an introductory message: “Now, Keith is facing a difficult chapter. He is suffering from dementia and, due to circumstances early in his life, is unable to qualify for social security benefits that could help with his worsening condition. Without an income, Keith needs help with daily living expenses and, most importantly, legal assistance to establish his identity so he can finally access the benefits he deserves. This support is crucial for his well-being and peace of mind.”
Albuquerque, New Mexico – DeeRonn Booker, a 35-year-old PBA Tour player, announced last week he has been diagnosed withBPDCN (blastic plasmacytoid dendritic cellneoplasm), a rare and aggressive form of leukemia. Booker said he has begun chemotherapy treatment for the cancer and will require a bone marrow transplant. “I’m never one to share bad news over social media, but I felt like this was important,” Booker wrote on social media. “I have a long road to recovery, but I’m going to beat this.” Booker posted an update on July 27 and wrote that he spent multiple days in the ICU due to septic shock. “It brings tears to my eyes seeing all the support from everyone,” Booker also wrote. “I’m so grateful to have everyone behind me during the hardest time of my life. I’m fighting hard to be back so we can continue to make as many memories as we can. From the bottom of my heart, I thank you so much. I’m going to make it through this.” Booker, currently in his fourth season on the PBA Tour, has one PBA Tour title to his name.
Researcher’s note – During the height of the COVID-19 pandemic, the Professional Bowlers Association (PBA) Tour did not implement a strict, universal vaccine [sic] mandate for its players, choosing instead to align operations with local health guidelines, venue-specific rules, and state mandates where individual tournaments were held: Link
San Francisco 49ers fans have become accustomed to hearing Greg Papa’s unmistakable voice call some big moments in franchise history. According to San Francisco Chronicle reporter Eric Branch, Papa is home after an incredibly difficult stretch that included leukemia, a bone marrow transplant and a series of life-threatening complications that left him hospitalized for 78 days. Papa was diagnosed with acute lymphoblasticleukemia in July 2025 while vacationing in France. The cancer was discovered in his brain and spinal column, and he underwent chemotherapy before eventually reaching remission. In March, Papa underwent a bone marrow transplant at UCSF Medical Center. His younger sister, Judy, was a perfect match and served as his donor. At the time, there was reason for optimism. Papa even texted Branch, “TD on opening drive,” after the transplant. Unfortunately, his battle was far from over. In April, Papa’s health took a dramatic turn. He was hospitalized after collapsing and vomiting and later dealt with an infection connected to the Hickman line that had been placed in his chest. Then came an even more frightening stretch. Papa’s right lungcollapsed and twisted, cutting off blood flow and oxygen. He eventually needed chest tubes, spent nearly a week on a ventilator, and battled pneumonia. He also developed four blood clots, including one that traveled to his lung. At one point, doctors advised Papa to prepare for the worst. Papa ultimately survived. He returned home on July 11 after spending 78 days at UCSF, but his recovery is far from over. He currently relies on supplemental oxygen and faces significant damage to his lungs. He also developed temporary diabetes as a result of the heavy doses of steroids used during his treatment. The 63-year-old broadcaster has lost significant weight and strength during the ordeal and now faces anuncertain future. But Papa isn’t ready to give up on returning to the 49ers’ radio booth. “I may be surrounded – cancer, lungs, heart – but I’m still going to fight. I will not say I cannot do it,” Papa told Branch. The road back to the booth, however, will be difficult. Papa’s lung capacity remains limited, and doctors aren’t sure how much of it he will regain through rehabilitation. He also has to determine whether his body can handle the travel, preparation and physical demands that come with calling an NFL game.
Los Angeles Dodgers owner Mark Walter has become the subject of some criticism over recent months, and now his business acumen is under question due to a previously undisclosedmedical incident. According to The Wall Street Journal, Walter suffered a stroke while the Dodgers were in the midst of playing the New York Yankees in the 2024 World Series and it’s led to questions over whether he can – or should – continue forward in his businesses. At the time, only those close to Walter knew he was dealing with a medical emergency: Midway through the World Series, he had suffered a stroke, people familiar with the matter said. He generally prefers to remain in the background throughout the course of a season but the stroke explains Walter’s absence from Yankee Stadium as the Dodgers celebrated their World Series title after winning Game 5. The 66-year-old understandably was more present in the postseason last year when compared to 2024, as he accepted the National League champions trophy on stage and celebrated with the Dodgers when they defeated the Toronto Blue Jays to win the World Series at the Rogers Centre.
GREEN BAY, Wis. – Former Green Bay Packers running back Ahman Green has revealed he was diagnosed with early-onset Parkinson’sdisease last year. Green disclosed the diagnosis during an appearance on the “Go Long” podcast with host Tyler Dunne. The 49-year-old said he underwent testing in January 2025 after noticing symptoms, includingmovement in his feet while sleeping. Green played 12 NFL seasons with the Seattle Seahawks, Packers and Houston Texans from 1998 through 2009.
Green is the second prominent former Packers player in recent years to publicly announce a Parkinson’sdiagnosis. Hall of Fame quarterback Brett Favre revealed his diagnosis in September 2024 while testifying before a congressional committee examining the misuse of welfare funds in Mississippi.
Omaha, NE – State Sen. Margo Juarez of South Omaha said Monday she has been diagnosed with breast cancer, but is optimistic about the treatment plan she and doctors have in place. “I am approaching this journey with faith, determination and gratitude for the outstanding care I am receiving,” she said. Juarez called serving Nebraskans and her constituents of District 5 “one of the greatest honors of my life.” She said she is awaiting some tests to determine potential surgery, but plans to continue as usual with her duties and service as a state lawmaker. “While there may be occasions when treatment requires some adjustments to my schedule, I remain committed to fulfilling my duties and continuing the work you elected me to do.” Juarez, 68, was elected in November 2024 and began serving a four-year term in January 2025. She said she remains committed to running for a second term.
Jeana Keough, one of the OG stars of The Real Housewives of Orange County, has been diagnosed with tonguecancer at the age of 70, her daughter confirmed. The former Bravo star was recently diagnosed, and her daughter, Kara Bosworth, shared details on social media as she looks to crowdfund to cover cancertreatment expenses. “A few months ago, while visiting Shane and me in Florida, my mom mentioned a painful spot on her tongue. She assumed a tooth had been rubbing against it and had even gone to the dentist multiple times to have the tooth filed down,” read the GoFundMe page. After a biopsy, doctors confirmed Keough had cancer, and after surgery to remove it, a second surgery was recommended to remove lymph nodes. It was at this point that they discovered the cancerhad spread. “What we thought would be a one-time surgery became a full cancer battle. Jeana is now in her fifth week of chemotherapy, radiation, and immunotherapy. “The treatments are relentless,” Bosworth explained. “She is exhausted, struggling to stay awake, and becoming malnourished because the pain in her tongue and throat makes swallowing even the smallest bites or sips incredibly difficult.” With Keough going through cancer treatment, she has been unable to work, and it has “created an enormous financial burden” on her.
Lauren Tom [left] shared some devastating health news about her daughter, Ellie, and asked for support from her followers online. “I wanted to share some tough news today,” the 64-year-old Joy Luck Club alum, who also famously played Julie on Friends, wrote in the caption of a Sunday, July 19, Instagram carousel of pictures of her 25-year-old daughter. “This is my beautiful daughter, Ellie. She is currently battling osteosarcoma, (bonecancer) and my family and I are doing everything we can to aid in her healing.” Osteosarcoma is a form of bonecancer that usually begins in the arms or legs. Although Tom did not share details about Ellie’s prognosis, the Cleveland Clinic says that the disease has a 70% survival rate if it hasn’t spread. Treatment is “usually” surgery – which may end in amputation – as well as chemotherapy. “We have a long journey ahead of us,” Tom acknowledged.
Alison McCullough was in the best shape of her life when she found a lump under her arm while shaving. She was set to be a model at New York Fashion Week in September 2025, so she had spent the past several months focusing on her physique. She knew her body well, and she knew what a bump like this might mean. McCullough, then 39, wanted to get it checked out, but getting care was harder than she expected: A mobile mammogram provider turned her away because she wasn’t 40, when the American Cancer Society recommends women start receiving regular mammograms. She had to get a referral from her primary care provider, but the wait for an appointment was long. In her home state of Alaska, there weren’t a lot of other options. While she waited, McCullough tried to avoid looking up the worst-case scenarios. Her appearance at New York Fashion Week was a “great distraction.” Finally, nearly two months after finding the lump, she was diagnosed with an aggressive form of breast cancer. McCullough was diagnosed with triple-negative breast cancer, which accounts for between 10% and 15% of all breast cancer cases, said Dr. Erica Mayer, director of breast cancer clinical research at the Dana-Farber Cancer Institute. Mayer was not involved in McCullough’s care. Triple negative means the cancer is negative for three different receptors: estrogen receptors, progesterone receptors and HER2 receptors. Knowing which receptors a tumor is positive or negative for allows doctors to tailor treatments specifically to those targets, Mayer said. Still, McCullough was scared to learn that her treatment options were more limited than she’d thought they’d be. Then she learned the infusion center where she was set to begin receiving chemotherapy wouldn’t be able to see her for over a month. After her delay in diagnosis, she feared any more waiting would be deadly. McCullough and her husband began looking at other options and learned about City of Hope, a cancer research and treatment organization with facilities in four states. McCullough called the organization’s Phoenix, Arizona, office on a Friday, and expected to wait days for a response. But she heard back within hours. Instead of waiting weeks, it was just “a couple of days” before she began treatment. The six-month regimen involved two forms of chemotherapy. The first three months had few side effects, she said, while the next three “slowed (her) down a bit.” “I had a hard time grasping what it was like to be immunocompromised. But I hung in there,” McCullough said. “Before, I had been preparing for Fashion Week, but there was something bigger that I was about to have to fight for. It was a good thing, going into my cancer journey, that I was as strong as I was.” McCullough finished chemotherapy in March. That alone, she said, felt like “a big win, because not everybody makes it to the end.” To prevent recurrence, her doctors recommended a double mastectomy. McCullough underwent that procedure in late April. She was warned she might still need radiation or long-term oral chemotherapy, but in May, her oncologist gave her some surprising news: McCullough was cancer-free.
Researcher’s note – From Brave AI: Full-course COVID-19 vaccination [sic] has been a strict requirement for models attending New York Fashion Week (NYFW) since the event’s return to in-person shows in September 2021. This policy was established by IMG, the producer of NYFW: The Shows, in partnership with the Council of Fashion Designers of America (CFDA).
A beloved radio DJ announced live on the air how a chilling discovery while she was in her home sauna led her to be diagnosed with cancer for the second time. Jodi Brothers revealed the heartbreaking news to fans on Wednesday during her radio show Mornings with Jodi and Bender, which broadcasts in the Seattle, Washington, area. The 50-year-old mother of one tried her best to fight back tears as she announced that she has breast cancerafter beating colon cancer just three years ago. ‘The biopsy results were invasive ductal carcinoma, which is the most basic bee of all the breast cancers, and I have not one but two little masses in there.’ She is now scheduled to undergo a double mastectomy surgery with the Fred Hutchinson Cancer Center at the end of July.
RABOBANK/MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
The Great Game’s Afoot
by Tyler Durden
Wednesday, Aug 26, 2026 – 12:05 PM
By Michael Every of Rabobank
Brent oil is lower today at $86 on a bundle of news: US Secretary of State Rubio told allies strikes against Iran were off the table –for now — and sanctions were on it; the US was reported to be returning some diplomats to Middle East embassies withdrawn over security fears; and Iran and Oman said they had discussed a Hormuz temporary corridor and mine-clearing – though Iran reiterated that the strait is still closed and just attacked another ship. There’s a Great Game afoot there, obviously.
The regional view is that Iran is running out of money, with the UAE and Iraq in particular showing how Tehran can be hit economically. Yet the US isn’t targeting China’s support for Iran, which Beijing has defended, warned against disrupting — Bloomberg says with “defiance”, and threatened to retaliate against. There’s a Great Game afoot there too, of course.
Bonds liked lower oil prices. 10- and 30-year US Treasury yields were down 7bps and 9bps respectively this week at time of writing. That’s despite an AI-written op-ed from former Bessent and Warsh boss and hedge fund maven Druckenmiller, which criticises the Treasury Secretary’s bond market machinations and arguing price discovery is paramount. There’s a Great Game afoot in that public spat too. As Bloomberg puts it today, ‘Short Squeeze in US Long Bonds Shows ‘Bessent Put’ at Work.’ Gold is not showing signs of capitulation, however.
CIA Director Ratcliffe flew to Moscow for what seems to have been 15 minutes of dialogue. The last time that happened was just before the Russian invasion of Ukraine. The Vatican envoy was also in Moscow calling for an urgent end to the war. Both come after Europe offered further direct military support to Kyiv, the UK pledging blueprints of advanced missiles, despite Russian warnings this crosses their red line; reports of imminent Russian mobilisation of up to 500,000 men; Sweden reviving talk of seizing Russia’s frozen FX assets; accelerated UK civil defence planning against Moscow’s threats; and a UK government warning to Brits to stock up on food amid threat from “climate crisis” and “hostile states.” Did Ratcliffe talk Iran? Was he ‘palling with Putin’? Did he warn Moscow not to escalate vs Ukraine? Or did he try to de-escalate Russian actions vs a UK PM with no foreign policy experience trying to charm EU leaders? There’s a dangerous Great Game in that tangle of questions.
Ex-Soviet Ukraine, Georgia, Moldova, and Armenia, along with Montenegro, want to join the EU. Iceland was just told if it votes to start membership talks Saturday it could be in by 2028: colour in more blue on the map: don’t add any military to defend it. Canada also wants deeper relations with Europe, necessitating a loss of sovereignty, as its press claims it’s ‘fighting for its sovereignty’ with Americans who “don’t even realise they’re in a war.” A combustible pocket of the US press now accuses PM Carney of “colluding” with US Democrats in appointing “a long-time Democrat political operative” to the new position of Chief Operating Officer of the Prime Minister’s Office, the equivalent of the White House Chief of Staff. All the above is a Great Game too if you choose to see it, even if some don’t always understand the rules it’s played by.
Yet Americans, Canadians, and everyone else can see the ensuing North American trade war. Canada just raised its tariffs on the US to 50% in response to Trump. Some of the Canadian press ask, “Where’s the plan to keep industry from fleeing?” Meanwhile, Trump is now saying he’ll rename Lake Ontario to Lake America: what can Canada rename to match?
In US politics, a judge reversed the reversal of her order by the Supreme Court seen the previous day which opened the door to significant changes in how the US postal service handles mail-in voting in elections. As Axios notes, this Great Game still has further to run as we sprint towards the midterms.
The South China Morning Post hammers home: ‘No immunity: how Xi’s anti-corruption fighters are zeroing in on fresh targets.’ Just below that headline is one that ‘Hong Kong’s property, financial markets face test under cross-border anti-corruption law.’ Quite.
And in Japanese politics, PM Takaichi is quoted as saying, I’m so lonely I befriended a cockroach.’
Sticking to the mundane ‘higher/lower’ game of modern markets, Australian CPI came in hotter than expected just after the RBA minutes said the Bank thought it had peaked. Headline CPI was 1.0% m-o-m and 3.5% y-o-y vs. 0.9% and 3.2% consensus, and trimmed mean was 0.5% m-o-m and 3.6% y-o-y vs. 0.3% and 3.5%. A lot of that was driven by fuel, but also by domestic holiday and travel, led by fuel, and restaurant meals, led by food led by fuel. Even clothing and footwear, furniture, and household equipment, all of which need inputs led by fuel and distribution led by fuel, came in stronger than expected. The market is now chattering about the RBA hiking again in September just a day after it was of totally different mind.
Was this a shock given Reuters notes almost half of global oil now flows from war zones? Geopolitics is not something exogenous one can ignore: it lies at the heart of inflationary problems.
When do central banks and modellers grasp the fuel component in CPI, like critical minerals and electricity, flows on to other things – and without the deflationary impact of a ‘China shock’ for those states opting to try to retain local industry? When will their focus shift to *supply* not demand? And, linking back to Bessent, when will they see lower yields as a means to that end rather than towards ‘Buy all the things!!’ Pavlovian responses?
That may not be Great for some. But it’s now The Game.
END
7. OIL AND NATURAL GAS/ENERGY COMMENTARIES
Oil Dumps As Iran, Oman Push To Reopen Hormuz; Satellite Image Shows Gulf Producers Ramping Up
Wednesday, Aug 26, 2026 – 06:55 AM
Brent crude futures dropped for a third session as Iran and Oman advanced plans for a temporary maritime corridor through the Strait of Hormuz.
Brent tumbled to $85 a barrel early Wednesday, down more than 9% for the week, while West Texas Intermediate traded around $80. Crude remains up more than 41% this year following the US-Iran conflict and ongoing disruptions at the Hormuz chokepoint.
Earlier, Oman’s state news agency reported that Iranian Foreign Minister Abbas Araghchi and Omani Foreign Minister Badr Albusaidi discussed an “interim framework” establishing a temporary joint shipping corridor.
Iranian Deputy Foreign Minister Kazem Gharibabadi said both countries agreed on a temporary route and intend to negotiate a permanent corridor within 30 to 60 days, according to Tasnim. No timeline has been given for when the temporary deal to reopen the critical waterway would begin.
Talk of an interim deal comes as oil loadings from Iraq’s Persian Gulf export terminals surged at the beginning of the week, offering one of the clearest signals yet that regional Gulf producers expect Hormuz tensions to dissipate.
Satellite imagery showed seven tankers collecting Iraqi cargoes, with a combined carrying capacity of roughly 13 million barrels, according to Bloomberg.
Maritime research firm TankerTrackers also reported on X, saying, “A busy day in the Gulf of Oman, where there are at least fifteen sets of STS transfer sessions taking place. We count 25 million barrels of crude oil; plus some refined products. The oil originates from almost every country in the region, minus Iran.”
“It seems crude is now beginning to price in a sooner rather than later peace deal,” said Dennis Kissler, senior vice president for trading at BOK Financial Securities, who Bloomberg quoted.
Kissler noted, “With some oil still getting through the strait, Iran and the US are more likely to be in a newer state of de-escalation as both sides are looking for an off-ramp.”
By now, readers know that the energy crisis is not necessarily about crude, but rather refined products, as diesel crack spreads in the US topped $100 a barrel. The good news is that, by midweek, the spread was trading around $88.
Last week, veteran commodities strategist Jeff Currie detailed on X that the next commodities bull market was poised for another leg higher (read note).
The latest developments in the Gulf are promising signals, but an interim framework should not be mistaken for a durable normalization of regional tanker transits through the maritime chokepoint. Previous de-escalation efforts have repeatedly broken down, often returning the region to drone attacks on tankers and short-lived military tit-for-tat bombing campaigns. Until a permanent and enforceable shipping deal is set in stone, the Hormuz risk premium is likely to remain embedded across crude and refined-product markets.
end
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
CANADA/USA TRADE
if Canda cuts off electricity to the States, it would be a stupid move. USA would retaliate and everybody will be in a mess. Cooler heads should prevail
(zerohedge0
US-Canada Trade War Threatens Electricity Imports, Prices
An escalating trade war between the United States and Canada is once again threatening to ensnare the electric power sector at a time when consumers are already stretched thin.
On Monday, Ontario Premier Doug Ford told the Associated Press that “everything is on the table,” including halting the province’s critical minerals and electricity exports entirely. The BBC reported Ford said he and Canadian Prime Minister Mark Carney discussed a 25% tariff on electricity to the U.S.
ISO New England, in a statement to Utility Dive, said that if Canada opted to reduce or eliminate electricity trade, it “would not anticipate reliability issues tied to reduced imports, at least under typical weather conditions.”
Under extreme temperatures, however, supplies in New England “could become tight, but that would hinge on many factors that are difficult to project,” the grid operator added.
“It’s also important to note that power flows both ways between the New England and our Canadian neighbors these days,” it continued. “In the event Canadian provinces reduce (or entirely cut) the amount of electricity they are sending to New England, we would expect the impact to largely be financial, in the form of higher wholesale market prices. We would also anticipate emissions in the region increasing.”
The U.S. Energy Information Administration, earlier this month, highlighted the growing value of electricity and natural gas trade between the two countries.
“The value of electricity trade between the United States and Canada totaled $3.2 billion in 2025, 67% of which was electricity imported from Canada into the United States,” EIA analysts noted. Electricity trade between the two countries “is relatively small compared to trade in other energy sources.”
The two countries’ electricity sectors are more intertwined today, however. In June, North America’s longest fully-buried transmission line began delivering Canadian hydropower to New York City. The $6-billion Champlain-Hudson Power Express is expected to meet up to 20% of the city’s electric needs.
The New York ISO is in “close and regular contact with Hydro Quebec and Ontario’s Independent Electricity System Operator,” Kevin Lanahan, senior vice president of external affairs and corporate communications for the grid operator, said in a statement to Utility Dive.
“The NYISO anticipates having adequate supplies to meet expected demand on the system,” Lanahan said.
END
CANADA/USA
How Canada and US Are Targeting Each Other’s Domestic Politics Through Tariffs and Messaging
Workers install a windshield into a Ram 1500 truck on the assembly line at the Warren Truck Assembly Plant in Warren, Mich., in a file photo. Bill Pugliano/Getty Images
While announcing Canada’s counter-tariffs against the United States on Aug. 25, Finance Minister François-Philippe Champagne said they are “proportionate, targeted, and strategic.”
Canada’s Industry Minister Mélanie Joly was less guarded with her remarks, saying Canada’s dollar-for-dollar tariffs are in part targeting U.S. states, and are meant to put “political pressure” on the White House to remove its tariffs on Canada.
American officials, meanwhile, are suggesting some of Ottawa’s posturing is about domestic politics, with U.S. President Donald Trump accusing Prime Minister Mark Carney of attempting to “gain political support” with his remarks saying Washington is targeting Canada’s French-language protection requirements.
Canada’s Targeted Tariffs
During the first Trump administration, after he imposed tariffs on Canadian steel and aluminum, Ottawa hit the United States with counter-tariffs targeted at specific jurisdictions to ramp up political pressure on the White House to reverse course.
These included, for example, bourbon whiskey, a major export of Kentucky, represented by the then-Republican Senate Majority Leader Mitch McConnell, who would have likely heard from manufacturers to exert pressure on the Trump administration.
Other cases-in-point were counter-tariffs on chocolate affecting major producers in Pennsylvania and on orange juice in Florida, both of which have historically been swing states in presidential elections.
Washington eventually reversed course in 2018, lifting the tariffs on Canadian steel and aluminum.
The second Trump administration has seen a range of tariffs on Canadian exports, while Canada has responded with some of its own counter-tariffs.
The latest round of Canadian counter-tariffs introduced on Aug. 25 affect nearly 900 American products ranging from steel and aluminum to consumer goods such as appliances, furniture, and lighting.
Canadian Prime Minister Mark Carney and U.S. President Donald Trump speak before the FIFA World Cup draw at the Kennedy Center in Washington on Dec. 5, 2025. The Canadian Press/Adrian Wyld
They were introduced in response to new 50 percent American tariffs on a range of Canadian products including alcohol, dairy, consumer electronics, appliances, and other products. These came into force on Aug. 22, after trade talks between the two countries failed the prior day.
Trump has since said he’ll impose new 50 percent tariffs on Canadian autos beginning in 2027, while Canada’s previous counter-tariffs on U.S. autos remain in force. Canada will also raise its tariffs on U.S. steel and aluminum to 50 percent from the previous 25 percent rate as of Sept. 8, along with the other newly announced counter-tariffs.
University of Calgary economics professor Trevor Tombe says that based on his analysis, states hardest hit by Canadian tariffs as a share of their GDP include Michigan (0.34 percent of its GDP), Kentucky (0.28 percent), Indiana (0.21 percent), Missouri (0.2 percent), and Alabama (0.2 percent).
Other affected states include Pennsylvania, Ohio, Mississippi, Wisconsin, Illinois, South Carolina, Tennessee, Iowa, Georgia, Washington, Minnesota, California, New York, North Carolina, Texas, Florida, Alaska, Maine, and Vermont.
Several of the affected states, such as Michigan and Maine, are battlegrounds in the upcoming U.S. midterm elections in November, as Trump’s Republicans attempt to hold their narrow majorities in the two chambers of Congress.
Ontario Premier Doug Ford, who has been blunt in his criticism of the Trump administration and engaged in a war of words and insults with the U.S. president this week, was more direct with his remarks targeting U.S. politics.
“When it comes to the midterms, I have a message to the Americans: Don’t vote-in a person that’s going to kill your jobs,” Ford said on Aug. 24.
Carney cited specific states in his remarks on Aug. 22, listing Michigan, Ohio, Kentucky, and Alabama as states affected by tariffs targeting the auto sector.
“We’re their largest customer for automobiles, more than the European Union, Japan, Korea, many others, combined, and the United Kingdom,” he said, adding that tariffs will lead to job losses in those states.
Carney said that since the U.S. economy is much larger than Canada’s, it “will be difficult to carry out dollar-for-dollar retaliation,” adding that instead, Canada would be taking “more targeted measures.”
While Canada’s announced counter-tariffs target about CA$27.6 billion (US$19.9 billion) worth of American products, matching the $US20 billion Canadian products targeted with Washington’s new 50 percent tariffs, the rate of Canadian tariffs aren’t all to the same level as Washington’s, instead ranging from 15 percent to 50 percent.
“A large package here, to be sure, but not quite full dollar-for-dollar as we normally mean it,” Tombe said in a post.
According to Tombe, the Canadian tariffs primarily affect industrial supplies, capital goods, consumer goods, transport equipment, and food and beverages, in descending order.
Washington has said its new 50 percent tariffs coming into force on Aug. 22 are in response to Canada’s dairy supply management, provincial bans on U.S. alcohol, and Canada’s counter-tariffs on U.S. autos.
US Officials on Canadian Politics
Carney said on Aug. 22 in his first public remarks since the breakdown of trade talks that Canada got “attacked” by the United States. “You’re at war when you get attacked,” he said.
Peter Navarro, senior counsellor to Trump on trade and manufacturing, said in a message to Canadians on Aug. 24 that Carney is on a “dangerous road.”
“Carney gets a political boost every time he talks tough on Trump — but the bill lands on your economy, not his poll numbers,” Navarro said.
U.S. Treasury Secretary Scott Bessent said on Aug. 24 that Carney came to power on an “anti-Trump” platform, referencing how he reversed the Liberals’ fortunes after they trailed the Conservatives by double digits toward the end of former Prime Minister Justin Trudeau’s tenure. Carney won the election in March 2025 with a campaign heavily focused on standing up to Trump.
Peter Navarro, senior counselor to the president, speaks to reporters at the White House in Washington on April 30, 2025. Travis Gillmore/The Epoch Times
“They were offered quite a good deal last week. They chose to reject it,” Bessent said. “[Carney] seems to have gone back to his old playbook, and I think one has to ask oneself: Is he trying to benefit himself, the Liberal Party, or the Canadian people?”
Trump also alluded to Canadian politics as Carney cited Washington objecting to Canada’s French-language protection requirements as one of the three main reasons trade talks collapsed on Aug. 21.
Carney said two of the main reasons the talks failed were that Washington didn’t want to include medium- and heavy-duty trucks among the products getting tariff relief, and that the U.S. side wanted to restrict Canada’s engagement in other trade deals. Carney and Quebec Premier Christine Fréchette, who along with other premiers were briefed on the trade talks by Carney, said the third factor was that Americans took issue with Canada’s requirements for French labelling and user manuals, as well as French content rules.
“We were not prepared to compromise on our sovereignty, the protection of the French language, and our culture,” Carney said.
U.S. Trade Representative Jamieson Greer, who says Canada is to blame for the failure of the talks for walking away from its commitments at the last minute, disputes Carney’s claim, saying Washington’s objection was to Canadian requirements for streaming platforms such as Netflix to pay for the production of French-language content. He characterized the requirement as a tax on American companies.
He also said that the United States had offered to cut tariffs on Canadian steel and aluminum by half and substantially reduce tariffs on autos and softwood lumber, “things that are sensitive for the Canadians,” adding that it doesn’t make economic sense for Ottawa to walk away from the proposed deal, suggesting it may be because of the upcoming federal byelections on Aug. 31.
“Simply, they wanted more. I don’t know if it was political for them, it certainly doesn’t make economic sense. But perhaps for political reasons, they have some byelections coming up,” Greer told CNBC on Aug. 24.
Referencing the French-language dispute, Trump also said the issue is related to Canadian politics.
“I would never interfere with Canadians speaking French! In fact, I have never even thought of doing such a stupid thing,” he said in a social media post on Aug. 25. “This lie was made up by a weak and ineffective Prime Minister in an attempt to gain political support, which he has totally lost, from the people of Quebec. I love French Canadians!”
END
U.S./GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 6;30AM//OPENING AND CLOSING
OPENING LEVELS OF CURRENCIES// AND CLOSING ASIAN STOCK MARKET AND OPENING EUROPEAN STOCKS:6 AM EST
EURO VS USA DOLLAR: 1.1671 DOWN 0.0004
USA/ YEN 158.99 DOWN 0.218 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 1.3635 DOWN 0.0011 OR 11 BASIS PTS
USA/CAN DOLLAR: 1.3860 UP 0.0022 //CDN DOLLAR DOWN 22 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED UP 23.08 PTS OR 0.59%
Hang Seng CLOSED UP 136.90 PTS OR 0.52%
AUSTRALIA CLOSED DOWN 0.68%
// EUROPEAN BOURSE: ALL MOSTLY GREEN EXCEPT LONDON
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL MOSTLY GREEN EXCEPT LONDON
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 136.90 PTS OR 0.52%
/SHANGHAI CLOSED UP 23.08 PTS OR 0.59%
AUSTRALIA BOURSE CLOSED DOWN .68%
(Nikkei (Japan) CLOSED UP 401.57 PTS OR 0.61%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: $4631.60
silver:$68.86
USA DOLLAR VS TRY (TURKISH LIRA): 48.12 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: 84.31 ROUBLE// DOWN 1 ROUBLE AND 62 BASIS PTS.
UK 10 YR BOND YIELD: 4.9869 DOWN 1 BASIS PTS
UK 30 YR BOND YIELD: 5.7233 DOWN 1 BASIS PTS
CDN 10 YR BOND YIELD: 3.622 DOWN 6 BASIS PTS
CDN 5 YR BOND YIELD; 3.218 DOWN 6 BASIS PTS
USA dollar index early WEDNESDAY MORNING: 98.91 UP 7 BASIS POINTS FROM TUESDAY’s CLOSE
WEDNESDAY MORNING NUMBERS ENDS
And now your closing WEDNESDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.558% DOWN 0 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.885% DOWN 1 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 4.065 UP 1 BASIS PTS//
SPANISH 10 YR BOND YIELD: 3.658 UP 1 in basis points yield
ITALY 10 YR BOND: 4.034 UP 1 points in basis points yield ./
GERMAN 10 YR BOND YIELD: 3.2160 DOWN 5 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 1.1663 DOWN 0.0011 OR 11 basis points
USA/Japan: 159.16 DOWN 0.053 OR YEN IS UP 5 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 5.0016 UP 1 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.7340 UP 1 BASIS POINTS.
‘Waiting For Jensen‘: Low Energy Day Sees Stocks, Bonds, & Gold Dip After Hot-flation & Russian Escalation
WRAP UP
Dollar and US yields rise on above expected PCE; stocks rangebound ahead of NVDA earnings – Newsquawk US Market Wrap
Wednesday, Aug 26, 2026 – 03:55 PM
SNAPSHOT: Equities mixed, Treasuries down, Crude down, Dollar up, Gold down
REAR VIEW: Mixed US PCE report, in-line core, headline above consensus; US Q2 GDP unrevised as expected; Durable goods rise more than expected; Trump says he is “not in a hurry” with Iran; Senior Iranian Official says that an agreement with Oman with the Strait of Hormuz has not yet been finalised; Russian President Putin reportedly planning Ukraine escalation and seeing talks as fruitless; US 5yr auction shows improving demand; Atlanta Fed GDPnow Q3 estimate revised higher; META to pay a maximum of $16.68B to states to settle social media case.
COMING UP: Data: Chinese Industrial Profits (Jul), German GfK Consumer Confidence (Sep), US Jobless Claims (Aug/22). Events: Fed Jackson Hole Symposium (27-29th), BoK Announcement (Aug), ECB Minutes (Jul), RBA Bulletin (Aug). Speakers: BoJ’s Himino. Supply: US. Earnings: Marvell, Pernod Ricard.
2. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
MARKET WRAP
Stocks traded little changed on Wednesday ahead of NVDA earnings after the close. Sectors were mixed, with Industrials, Tech, and Utilities leading gains, while Healthcare and Communications saw the most weakness. In comms, slight weakness in Alphabet was enough to offset the gains in Meta following the latters’ settlement in the US case on social media harm to children, which helps clear some of the uncertainty overhang (to pay a max of $16.68bln).
The dollar and US yields rose on the day in response to above consensus PCE report; the core readings matched expectations, though the headline came in slightly above at 0.2% M/M (exp. 0.1%) and 3.7% Y/Y (exp. 3.6%). Despite the rise in US 2yr yields, money market bets on Fed policy were little changed for the September meeting, still pricing a 60% chance of a hold. Meanwhile, US GDP was unrevised at 1.5% in Q2 on the second estimate, with increases seen in consumer spending, exports, and investment; durable goods beat in July, supporting the theme of solid investment.
Oil prices settled slightly lower, but well off European lows. The initial weakness was a continuation of downside in response to a RIA report on Tuesday that a ceasefire between the US and Iran has been agreed upon, and it includes free navigation in the Strait of Hormuz and will be announced in the coming days. Since the report, no other news outlet has reported anything similar. Helping crude to rebound was a Bloomberg report that Russian President Putin is planning an escalation vs Ukraine as talks hit a dead end. The EIA report may have also contributed to the reversal, with the SPR 3.7mln draw more than offsetting the slight commercial crude stock build. Additionally, modest upside was seen in response to reports that a senior Iranian Official said that an agreement with Oman on the Strait of Hormuz has not yet been finalised. Separately, IRGC said Iran and Oman agreed on the share of Hormuz revenues; however, US interference is delaying implementation.
As mentioned, US yields were firmer with the curve bear-flattening as the short end underperformed. The US 5yr note auction was met with improved demand since the last auction, with dealers’ proportion of the bid shrinking; however, the 0.2bps tail displays the challenges the maturity faces. Amid the rise in yields and the USD, precious metals were weighed on, with spot gold trimming MTD gains, now sitting at ~ USD 4,600.
US
US PCE: Core PCE rose 0.2% M/M in July, in line with analyst expectations, while headline PCE rose 0.2%, above the 0.1% forecast. Core PCE rose 3.3% Y/Y, matching both the prior pace and analyst forecasts, while headline PCE rose 3.7% Y/Y, unchanged from the prior but above the 3.6% forecast. With the headline measures hotter than expected, the initial reaction was hawkish as the FOMC continues to face stubbornly elevated inflation. However, the data did not materially alter the policy outlook, with recent softness in the labour market allowing the Fed to remain patient rather than rushing into rate hikes. There is still more data due before the September FOMC to further shape expectations for the meeting, with markets currently assigning around a 62% probability of a hold. Elsewhere within the report, personal spending rose 0.2%, above the 0.1% forecast but slowing from the prior 0.3%, while personal income rose 0.4%, above both the 0.2% forecast and prior, pointing to continued resilience among consumers. On prices, Pantheon Macroeconomics noted that the core deflator was a whisker away from rounding to 0.3%, although the underlying details were relatively encouraging. The consultancy highlighted that around 11bps of the monthly core increase came from portfolio management prices, a volatile component which it expects will largely be revised away following upcoming methodological changes. Pantheon expects further relatively reassuring monthly inflation prints to convince the FOMC to keep policy unchanged through the remainder of the year.
GDP Q2 2ND EST: GDP growth was unrevised at 1.5% for Q2, in line with expectations. The increase was supported by increases in consumer spending, exports, and investment that were partly offset by a decrease in government spending. The upward revision to consumer spending reflected an upward revision to services that was led by healthcare, which was partly offset by a downward revision to goods that was led by recreational goods and vehicles. The price index rose 6.4% Q/Q, above the expected 6.3%; core PCE prices rose 3.6% in Q2, above the 3.4% consensus, whilst sales rose 2.2% as expected. Real final sales to private domestic purchasers increased 4.2%, revised up from 3.9%. The price index for gross domestic purchases rose 5.8%, revised up from 5.7%. Oxford Economics notes that solid consumer spending will keep the Fed focused on inflation, with Q2 headline and core PCE revised slightly higher. The firm expects Core PCE to end 2026 at 3.2% before easing to 2.3% by Dec. 2027 as fading tariff effects, services disinflation and lower energy prices drive further disinflation.
DURABLE GOODS: Durable Goods for July was strong on the headline as it rose 1.1%, above the expected 0..4% and previous 0.3%. Core durable goods disappointed as it printed 0.4%, shy of the expected 0.6%, and falling from the prior 1.1%. Goods Orders Non Defense Ex Air printed 0.2% (exp. 0.9%, prev. 1.7%), with durables ex defense came in at 1.3% (prev. 0.3%). Overall, the data points to still solid investment. Oxford Economics notes that the headline reading was in line with their above-consensus forecast, although core capital goods orders came in softer than expected. However, an upward revision to June core orders takes some of the sting out of that weaker July reading. Ahead, OxEco remarks anticipated business spending on equipment continues to be robust, indicating that further strength is in store for business investment during H2.
FIXED INCOME
T-NOTE FUTURES (U6) SETTLED 6+ TICKS LOWER AT 108-21
Treasury yields rose across the curve on Wednesday on hot-leaning US data and oil prices paring overnight losses. At settlement, 2-year +4.6bps at 4.222%, 3-year +4.8bps at 4.283%, 5-year +4.5bps at 4.373%, 7-year +4.5bps at 4.504%, 10-year +3.9bps at 4.662%, 20-year +3.1bps at 5.177%, 30-year +2.6bps at 5.183%.
THE DAY: Treasury yields rose across the curve on Wednesday, with front-end yields leading the move higher and resulting in a bear flattening of the curve. The move was driven by hot-leaning inflation data alongside resilient economic activity, while the rebound in oil prices from session lows provided an additional source of pressure.
On the data, core PCE rose 0.2% M/M in July, in line with expectations, while headline PCE rose 0.2%, above the 0.1% forecast, with the Y/Y rate also above expectations at 3.7%. Core PCE Y/Y was in line at 3.3%. Alongside the PCE report, Q2 GDP rose 1.5%, matching forecasts, although the Q2 price index rose 6.4%, above the 6.3% forecast, while core PCE prices rose 3.6% in Q2, above the 3.4% consensus. Durable Goods were also stronger than expected. The combination of resilient activity and hot-leaning price data pressured Treasuries across the curve, particularly at the front end. Overall, the data did little to materially alter the Fed policy outlook but continued to show that inflation remains elevated. Attention now turns to the remaining data ahead of the September FOMC, including another NFP, CPI and PPI report.
Meanwhile, oil prices rebounded from morning lows amid punchy Iranian commentary and reports suggesting Iran and Oman are still working towards an agreement regarding the Strait of Hormuz. The developments offset some of the optimism seen in late trade on Tuesday following RIA’s report that a US-Iran ceasefire agreement, including freedom of navigation through Hormuz, could soon be announced.
The US Treasury also sold USD 70bln of 5-year notes, which tailed the WI by just 0.2bps. The minimal tail, above-average bid-to-cover, strong direct participation and low dealer allocation pointed to a solid reception, particularly given the lower outright yield compared with July. Indirect participation remained below average, preventing the result from being particularly strong, but demand was clearly improved from the soft July offering.
SUPPLY
Notes/Bonds
US sold USD 70bln of 5-year notes; Tail 0.2bps.
US to sell USD 44bln of 7-yr notes on Aug. 27th; to settle on Aug. 31st
Bills
US sold 17-wk bills at 3.750%, B/C 3.09x
US to sell USD 100bln of 4-wk bills and USD 90bln of 8-wk bills on Aug. 27th; all to settle on Sept. 1st
EFFR at 3.63% (prev. 3.63%), volumes at USD 109bln (prev. USD 99bln) on August 25th
SOFR at 3.66% (prev. 3.65%), volumes at USD 2.916tln (prev. USD 2.919tln) on August 25th
NY Fed RRP op demand at 0.70bln (prev. 0.41bln) across 4 counterparties (prev. 6) on August 27th
NY Fed T-Bill Purchases (4-11 month): Accepts USD 2.12bln of USD 21.96bln offered; Offer-to-cover 10.35x
CRUDE
WTI (V6) SETTLED USD 0.13 LOWER AT USD 82.23/BBL; BRENT (X6) SETTLED USD 0.33 LOWER AT USD 86.94/BBL
The crude complex was choppy, settling little changed as headlines included both geopolitical escalatory and de-escalatory updates. After settlement on Tuesday, downside in oil was seen as a Russian outlet, Ria, reported that a ceasefire between the US and Iran has been agreed upon, and it includes free navigation in the Strait of Hormuz and will be announced in the coming days. Since this report, we have had nothing similar, but it sparked notable downside throughout overnight and European trade. Benchmarks hit session lows in the European morning, potentially as traders got to their desks and reacted to the news. Today, WTI and Brent saw upside as a Senior Iranian Official stated that an agreement with Oman on the Strait of Hormuz has not yet been finalised, and they are still working on an agreement. Moreover, further gains were seen in the US afternoon as BBG TV reported that Russian President Putin is planning an escalation on Ukraine and sees talks as fruitless.
In terms of the weekly EIA data, crude saw a slightly smaller build than anticipated, while gasoline and distillates both saw a larger draw than forecasted. Overall, weekly crude production rose 13k to 13.843mln, with US SPR falling to 289.7mln from 293.4mln. For the record, WTI traded between USD 79.62-82.02/bbl and Brent USD 84.56-86.65/bbl.
EQUITIES
CLOSES: SPX -0.02% at 7,676, NDX +0.05% at 29,225, DJI -0.21% at 53,469, RUT -0.14% at 3,006
SECTORS: Health -1.01%, Communication services -0.71%, Consumer discretionary -0.62%, Real estate -0.54%, Consumer staples -0.4%, Financials -0.11%, Materials flat, Energy +0.27%, Technology +0.37%, Utilities +0.47%, Industrials +1.07%
EUROPEAN CLOSES: Euro Stoxx 50 +0.30% at 6,475, Dax 40 +0.19% at 26,316, FTSE 100 -0.07% at 10,878, CAC 40 +0.27% at 8,462, FTSE MIB +0.31% at 52,883, IBEX 35 +0.05% at 20,067, PSI +0.01% at 9,446, SMI +0.12% at 14,543, AEX -0.05% at 1,108
STOCK SPECIFICS:
Intuit (INTU): Dismal next Q & FY guidance.
Zoom Communications (ZM): Next Q outlook light, disappointing investors hoping its expanded product suite would drive stronger growth.
Kohl’s (KSS): Rev. light; profit topped & raised guidance, but tariff refunds have done a lot of heavy lifting.
J M Smucker (SJM): Top & bottom line beat alongside raising FY outlook.
Solar Edge Technologies (SEDG): Upgraded at UBS.
Boston Scientific (BSX): Identified a cybersecurity incident affecting certain of its information technology systems that has resulted in a global disruption to the company’s operations.
States and Meta (META) agreed to settle claims that platforms harmed children, according to a court filing; Meta agrees to pay a maximum of USD 16.68bln to states as part of the deal.
Apple (AAPL) to hold new iPhone launch event on September 9th.
FX
USD was bid on a hot-leaning PCE report. Core printed in line with expectations of 0.2% M/M and 3.3% Y/Y; meanwhile, the headline was slightly hot at 0.2% M/M (exp. 0.1%) and 3.7% Y/Y (exp. 3.6%). G10 peers were largely weaker on the day, led by NZD, CHF and GBP. Oil prices were choppy, managing to recoup earlier losses initially driven by optimistic reporting on an imminent US-Iran deal, which likely helped support the buck. Keeping oil prices and inflationary concerns heightened was a Bloomberg report that Russian President Putin is looking to escalate the war with Ukraine in response to enduring attacks on energy infrastructure, a situation that will likely lead to a further deterioration in the refined products market.
Other US data included US GDP rising 1.5% in Q2 (unrevised from the advance figure), driven by increases in consumer spending, exports, and investment; Durable Goods beat in July, supporting the theme of solid investment. DXY hit highs of 99.23, still shy of the 99.63 highs seen last week before the US Treasury Buyback announcement.
AUD was the clear G10 outperformer vs USD following inflation data. CPI came in above expectations, remaining above the RBA’s 3% upper inflation target, with the RBA’s preferred measure, trimmed mean, unchanged at 3.6% Y/Y above expectations of 3.5%. AUD/USD hit highs of 0.7189 before trimming to around 0.7172.
USA DATA RELEASES
Fed’s Favorite Inflation Indicator Ticks Up In July As Americans Suddenly Start Saving More
Wednesday, Aug 26, 2026 – 08:43 AM
Following the CPI and PPI internals, this morning’s PCE data should not offer too many surprises with expectations for the headline price Index to rise just 0.1% MoM in July (after deflating for the first time since COVID in June).
The (old) Fed’s favorite inflation indicator – Core PCE (a measure of price changes in consumer goods and services that excludes volatile food and energy costs) – printed in line with expectations (+0.2% MoM and +3.3% YoY), a very slight uptick…
Services costs continue to dominate the inflationary picture…
The headline PCE rose 0.2% MoM (hotter than the +0.1% MoM expected) with a small uptick for the YoY at +3.7%…
Non-durable goods prices continued to deflate in July…
The much-watched SuperCore PCE (Services ex-shelter) saw price inflation slow on a YoY basis…
The decline in crude prices dragged the Energy component of PCE lower…
Ironically, while semiconductor prices are major contributors to inflation, it turns out that a rising (or now sideways/falling) stock market is also driving up aggregate prices as portfolio management service costs soar…
This is important because it accounted for more than half of all Core PCE Services inflation…
Under the hood, it was all Portfolio Management & Advice Services…
Higher prices were met with higher spending (+0.2% MoM notional) and higher income growth (+0.4% MoM) – both stronger than expected…
Income and spending annual growth is slowing…
On the income side, both public and private worker wage growth slowed:
Govt worker wages drop to just 1.4% YoY, lowest since March 2021
Private worker wages drop to 3.8% from 4.6%, lowest since March 2026
Real personal spending growth dipped notably…
…which might help explain why the savings rate inflected higher from four year lows…
Will today’s disinflationary print (following CPI and PPI) offer Warsh some leeway in his speech on Friday to push back against the endless hawks?
END
Q2 GDP Grew At Modest 1.5% According To Latest Revision, As Expected
Wednesday, Aug 26, 2026 – 08:45 AM
While far less relevant than the rest of today’s data barrage, including the core PCE report and Durable Goods data which showed a mixed real-time picture of the economy as core prices rose more than expected while core CapEx missed expectations, the BEA also reported its second revision of Q2 GDP data – yes, for the quarter ended June 30 or almost two months ago – and which came in at 1.5%, right on top of expectations, and unchanged from the previous estimate.
According to the BEA, contributors to the increase in real GDP in the second quarter were increases in consumer spending, exports, and investment that were partly offset by a decrease in government spending. Imports, which are a subtraction in the calculation of GDP, increased.
Compared to the first quarter, the deceleration in real GDP in the second quarter reflected a downturn in government spending and decelerations in investment and exports that were partly offset by an acceleration in consumer spending. Imports increased more in the second quarter than in the first quarter.
As shown in the chart below, virtually all growth in Q2 GDP came from personal consumption, which added 2.31% to the bottom line 1.5%, GDP print, or more than all of it. On an annualized basis, personal consumption rose 3.4% q/q, beating the 3.2% median estimate and also advance reading.
Another 1.2% came from Fixed Investment, all of which was the result of non-residential construction (data centers and intellectual property products). On the other end, Net Exports subtracted a total of 1.14% from the bottom line GDP print while the change in private inventories detracted another 0.72%. Finally government erased another 0.16% from the GDP print.
There was some better news when it comes to real gross domestic income (GDI) which increased 2.2% in the second quarter, compared with an increase of 1.2% in the first quarter. The average of real GDP and real GDI increased 1.8%, compared with an increase of 1.7%.
And while it is especially irrelevant in light of today’s much more up-to-date core PCE data, the price index for gross domestic purchases increased 5.8% in the second quarter, revised up 0.1% point from the previous estimate. The personal consumption expenditures (PCE) price index increased 5.3% revised up 0.2%, and the PCE price index excluding food and energy increased 3.6%, also revised up 0.2% point. However, as noted previously, this is for a quarter that ended 2 months ago so ignore all of the above.
Finally, profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $400.9 billion in the second quarter, compared with an increase of $74.4 billion in the first quarter
END
USA ECONOMIC REPORTS
“The Magic Deportation Bus”: US Prepares For Largest-Ever Mass Visa Revocation In History
Tuesday, Aug 25, 2026 – 06:00 PM
Shortly after AP News reported Monday evening that the Trump administration was preparing the largest mass visa revocation in US history, targeting up to 200,000 foreigners, the White House posted a meme on X spoofing the animated series The Magic School Bus and renaming Ms. Frizzle’s vehicle “The Magic Deportation Bus.”
The report states that the State Department is expected to announce the rolling cancellation of B1 and B2 visas issued between 2016 and 2026. The revocations will be coordinated with the Department of Homeland Security to identify affected visa holders.
“We are coordinating with DHS to identify and revoke the nonimmigrant visas of foreigners who have come to the United States claiming to be short-term visitors, but then file for asylum to stay here permanently,” State Department spokesman Tommy Pigott told the outlet.
Deputy Secretary of State Christopher Landau wrote on X, “People in the US and all over the world are fed up with bogus asylum claims. Asylum isn’t supposed to be a loophole to circumvent immigration law.”
Revocation would not automatically result in deportation. Foreigners with pending asylum cases would generally remain in the immigration system but lose their classification as legitimate business or tourist travelers.
Over the past 18 months, the State Department has revoked roughly 175,000 visas involving alleged criminal conduct, national security concerns and, in some cases, public opposition to US foreign policy.
In July, US Immigration and Customs Enforcement (ICE) arrested a record 51,000 illegal aliens. Deportations for the year stand at 356,389.
Meanwhile, Democrats continue to die on the hill of defending criminal illegal aliens, even though the vast majority of Americans support deporting illegal aliens who commit crimes.
At the same time, the party’s far-left wing, led by the Democratic Socialists of America, is openly promoting an agenda that would effectively eliminate borders and invite an even larger wave of illegal immigration.
The consequences of uncontrolled mass migration are absolutely nation-killing, as Europe is discovering the hard way. The resulting public backlash is now driving what Nomura describes as Europe “lurching right” ahead of the coming 18-month election cycle.
The national debt has now passed $40 trillion. It stands at 120 percent of GDP. That should alarm us and probably does but let’s just be honest: no one can conceive of such figures. They are just floating zeros and no one has any sense of whether and to what extent this portends economic doom for us. Maybe it does or maybe it doesn’t.
You can perhaps conceptualize this better by considering household finance. The extent of the debt burden a household can handle depends on the ratio of financial inflows to outflows in the form of debt service. This is the debt-to-income ratio. Another consideration looks at assets that would need to be liquidated should bankruptcy arrive. That’s the debt-to-assets ratio.
The usual financial advice for a household is to keep the debt-to-income ratio in the range of 30 percent. As for debt-to-assets, anything beyond 50 percent is overly vulnerable to shocks that could turn everything south and quickly, leading to tragedy with even small changes in interest rates, stock valuations, business fortunates, or real-estate hiccups.
And yet here we are with a 120 percent ratio of debt to GDP. This is higher than the brief blowout of the Second World War, a time when the nation was stuffed with real savings and U.S. creditworthiness was unquestioned. After the war, the nation got its fiscal house in order and it stayed that way for decades.
The turning point toward this scary debt cycle was the end of the gold standard and the Bretton Woods system that forced some degree of fiscal responsibility. Gold outflows were always going to be a consequence of extension. When the spending extravaganza of the Great Society plus the Vietnam War (guns and butter) tested the limits and nations around the world started demanding payment in specie, the United States panicked and closed the gold window for good. That was 1971 and by 1973, we had a new system: a world of floating fiat currency.
The crucial point here is that Congress no longer faced any real cost for authorizing endless spending of whatever sort. The Treasury creates the debt and sells it to bond dealers who dish it out to all takers. The buyer of last resort is of course the Federal Reserve. This is the creator of this moral hazard. It’s why there is no real default premium on U.S. debt and no serious work to rate the quality of debt with any realistic measurement. It’s because the Fed is there always and ever to be the buyer of last resort.
Let’s put this in simpler terms. Why is it that states within the United States don’t run these kinds of debts? If they do run deficits, their default risk goes up and the quality rating goes down. Most states do very well on this score with a AAA rating, whereas Illinois, New Jersey, Pennsylvania, and Kentucky have lower ratings. In states, there are consequences for fiscal mismanagement.
I’ve wondered how common the knowledge is to explain this puzzle. So I asked a conventional AI engine what it believed to be the explanation. To my amazement, the answer came back quickly and precisely: states in the union have no power to create money. Boom! That’s it. That’s the whole thing.
This is why every scheme for balancing the budget at the federal level has failed. There is no balanced budget amendment but it likely would not matter much anyway. We could have a quantity rule for the Federal Reserve but it would be completely unenforceable.
The only way to stop the debt madness at the federal level would be to legally prohibit the Fed’s open market operations (OMOs) and related large-scale asset purchases. This would largely prevent the Federal Reserve from expanding the monetary base in its primary and most powerful way. This and this alone would bring fiscal accountability to the federal level that states face all day every year.
Absent that solution, the federal government faces the same problem that a household with too much debt faces. Eventually all its income flows will be eaten up by debt service. Right now, 19 percent of federal revenue feeds the debt machine but matters are getting worse. The latest estimates from the Congressional Budget Office forecast a coming fiscal trainwreck.
The new estimates are that if net interest averages 250 basis points (2.5 percentage points) higher than CBO’s baseline assumptions, 100 percent of all revenue going to the federal government will go to paying interest on the debt by 2055. That’s just not that far away. That moment spells disaster.
And this is one reason why there is such a push by both parties and all stakeholders to hold down rates as much as possible. Letting them float according to free market pressures would bankrupt the country in a period of years. But therein lies another problem. Artificially low interest rates feed inflation and distort production structures.
This is why I’m not optimistic that our problems with inflation are going away anytime soon. If the Fed were really to crack down on quantitative easing, the fiscal burden of debt would explode in ways that would limit the power of politicians and utterly blow up the bond market. It appears to me that U.S. elites have decided that a persistent 3-4 percent inflation rate is a necessary tradeoff to avoid a fiscal calamity.
I’m very sorry to be the bearer of this bad news. We’ve gone though heck and back over the last 5 years of inflation but the problem is not going away soon. Let’s further assume that the Reality Index is correct that the real inflation rate is one-third higher than official reports. At this rate, the dollar might have lost a clean 50 percent across the board of its 2019 purchasing power in one decade. This means that the fight to achieve the American dream is ongoing.
Consider too that the unfunded liabilities assumed over a 75-year horizon is closer to $80 trillion-$90 trillion, numbers that are beyond comprehension. The answer to the debt problem, then, is to bring back fiscal discipline through serious monetary reform. Let rates rise to their market level, allow that increase to feed the fullness of the yield curve, close open market operations, and expect Congress to stop its wild behavior once and for all. There are pathways out of this mess but it will require genuine political courage to pursue them.
Nine major tech companies (primarily hyperscalers and related chip firms) have roughly $3–3.1 trillion in off-balance-sheet commitments mostly tied to AI infrastructure, according to a Wall Street Journal analysis of recent SEC filings (around mid-August 2026) and follow-up reporting.
wsj.com
This figure is about five times their combined trailing-12-month capital expenditures (~$600 billion) and roughly triple their reported on-balance-sheet leases and long-term debt.
tipranks.com
Breakdown
~ $1.2 trillion: Unstarted/uncommenced leases (e.g., data-center space signed but not yet begun; Meta alone disclosed ~$347 billion in such lease commitments).
~ $1.9 trillion: Purchase commitments (chips/hardware, servers, energy/power contracts, etc.). These stay off the balance sheet under accounting rules until delivery or lease commencement. forbes.com
Alphabet stands out: its purchase commitments and other contractual obligations hit $811 billion as of June 30, 2026, up sharply from ~$332 billion just three months earlier. Other companies in the analysis include Amazon, Meta, Microsoft, Oracle, Nvidia, Broadcom, AMD, and SpaceX.
tipranks.com
A related Morgan Stanley note put AI-related off-balance-sheet commitments (including guarantees, leases, and support for others’ spending) above $3.1 trillion for a similar group of hyperscalers plus Nvidia and Broadcom.
news.bloomberg
tax.com
Context and RisksThese are forward-looking contractual obligations to secure scarce AI compute capacity (GPUs, data centers, power). Companies are betting that future AI demand and revenue will cover them. Free cash flow has already turned negative or sharply lower at several hyperscalers (e.g., Alphabet in Q2 2026 for the first time in years; Amazon and Meta also pressured) due to the scale of AI buildout spending.
forbes.comIf AI adoption, utilization, or pricing falls short of optimistic assumptions—or if hardware depreciates faster than expected—the obligations could become a significant burden. Earlier estimates (e.g., ~$1.65–1.8 trillion a few months prior for a narrower group) show the rapid growth, consistent with the “up $1.3TN in three months” framing in some coverage.
247wallst.com
This is disclosed in footnotes rather than the main balance sheet, so headline debt and leverage metrics understate the full picture of future cash commitments. It does not mean the companies currently “owe” $3T in the sense of outstanding loans, but the locked-in spend is large relative to current cash generation and reported liabilities.
END
Please tell your kids and grandkids do not take drugs especially because of the following:
DEA Seized 47 Million Fentanyl-Laced Counterfeit Pills In 2025
The U.S. Drug Enforcement Administration (DEA) confiscated more than 47 million fentanyl-laced counterfeit pills and almost 10,000 pounds of fentanyl powder in 2025.
The seized narcotics are equivalent to 369 million lethal doses of fentanyl, according to an announcement made by the Department of Justice (DOJ) in an Aug. 21 post on X as part of the National Fentanyl Prevention and Awareness Day. So far this year, the total fentanyl seized by the DEA represents more than 239 million deadly doses.
“Just 2 milligrams – smaller than a grain of salt – can kill. This Justice Department is committed to combating the fentanyl crisis and keeping Americans and our communities safe,” the post said.
In an Aug. 21 statement, the DEA asked the public to remain aware of the threat fentanyl poses to American communities, highlighting that the synthetic opioid is around 100 times more potent than morphine and about 50 times more potent than heroin.
Mexican cartels CJNG and Sinaloa Cartel are pressing fentanyl into counterfeit pills with a similar appearance to prescription medications such as Xanax, oxycodone, and Percocet. The criminal groups are also mixing fentanyl with cocaine, methamphetamine, and heroin. Both Sinaloa Cartel and CJNG were designated Foreign Terrorist Organizations last year.
According to the DEA, many people who were poisoned with fentanyl didn’t even know they were ingesting the substance. The department asserted that the only safe medications are those coming from accredited and licensed medical professionals.
“Parents are often the first line of defense in protecting our children from the dangers of fentanyl and counterfeit pills,” Farhana Islam, DEA New York Enforcement Division special agent in charge, said in the statement. “A single conversation can provide the knowledge that saves a life.”
According to Customs and Border Protection (CBP) data, for fiscal year 2026 through July, the agency has seized 9,600 pounds of fentanyl. In the entirety of fiscal year 2025, 12,000 pounds were confiscated.
In a May 13 statement, the Centers for Disease Control and Prevention said that synthetic opioids such as fentanyl accounted for the largest share of deaths by drug overdose in the United States last year. Psychostimulants, including meth, were in second place.
China Fentanyl Supply
According to a September 2025 report from the Government Accountability Office, most of the fentanyl trafficked into the United States comes from Mexico, and the chemicals and equipment used to manufacture narcotics come from China.
The Trump administration has taken action to stem the outflow of fentanyl precursors from China. In November 2025, FBI Director Kash Patel said at a press briefing that Beijing has reportedly committed to restrict the export of 13 fentanyl precursor chemicals to Mexico, Canada, and the United States.
In December 2025, President Donald Trump signed an executive order designating fentanyl as a weapon of mass destruction. Trump warned that adversaries were trafficking fentanyl into the United States, partly to kill Americans.
“They’re trying to drug-out our country,” Trump said. “You can look throughout history. Look at China when they were loaded up with drugs; they were suffering greatly, and others were able to take them over.
“No bomb does what this is doing,” Trump said.
Trump said there has been a 50 percent decline in the amount of fentanyl coming across the border, highlighting that Beijing has been working with Washington to cut down smuggling of these narcotics.
In June, Rep. Young Kim (R-Calif.) said during a House subcommittee hearing on the Chinese communist regime’s role in the fentanyl crisis that Beijing subsidizes the export of at least 17 deadly chemicals that have zero legal use.
When China announces restrictions on one precursor chemical, manufacturers in the country simply shift to another precursor, according to Kim.
“Why does Beijing allow these factories of death to remain open? Because the Chinese Communist Party sees strategic value in America’s suffering. It has repeatedly chosen geopolitical leverage over human life,” she said.
END
USA //ILLEGAL IMMIGRANTS/AFRICA
ICE Begins Deporting Illegal Immigrants To Dangerous African Countries
Wednesday, Aug 26, 2026 – 04:15 AM
Imagine entering the US illegally and enjoying the fruits of the American economy for years, only to wake up one day in the darkest of Africa in a country known for cannibalism? The strategy might be ugly, but it might also be ingenious.
Last year, illegal Cuban immigrant Yasmany Moreno de Armas was working and living in Florida. He’s now in the Central African Republic, after the Trump administration sent him and dozens of deportees to the deeply impoverished and conflict-ridden nation.
The 31-year-old said he only learned the U.S. government was deporting him to Africa after he arrived there in late July, alongside detainees from countries across the globe, including Ecuador, Honduras, Serbia, Russia and Vietnam.
“We cannot leave, we don’t have documents and we’re suffering and missing our families, in a continent we don’t know…”
Armas claims he committed no crime, but he committed the crime of invading US borders without citizenship. The ongoing narrative from the political left is that this particular crime somehow doesn’t count.
Illegals shipped to Africa are appealing to the media to plead their case, though there’s not a whole lot anyone can do about their situation. Under the Immigration and Nationality Act (INA) the US government has the right to deport illegal migrants with expediency. And technically, ICE isn’t required to take these migrants back to the countries they originally came from.
The US established an agreement with more stable countries like Liberia in West Africa to accept illegal migrant deportations over a year ago. Liberia has recently accepted over 1200 of these deportations. However, ICE and DHS are branching out to other countries in Africa that are not so stable.
The Central African Republic has a history of extreme sectarian violence. It also has a long history of cannibalism. European explorers noted the cannibal practices of the Azande tribes in the 19th Century and the habit has continued into present day, with warlords in the region famously committing cannibalistic acts against their enemies.
The seemingly random nature of these deportations and the severity of them might sound like unorganized brutality, but if we ponder it for a moment, it’s actually highly effective. Any illegal migrant from anywhere could win the African lottery; no one is guaranteed a ride home. Therefore, it would be smarter for migrants to self deport and ensure they end up in a place they’re familiar with.
In other words, as news spreads that the US is dumping illegals in the middle of the worst countries in Africa, self deportations could skyrocket and ICE won’t be required to hunt these people down in the streets. It’s brilliant.
Appeals to sympathy are having less and less effect as the political left continues to fail to drum up any substantial public opposition to deportations. In fact, many Americans feel that the sooner illegal migrants are removed from the country the sooner the US can get back to normal business.
END
KING NEWS
The King Report August 26, 2026 Issue 7813
Independent View of the News
The Conference Board Consumer Confidence Index® decreased by 0.8 points to 89.4 (1985=100) in August, down from 90.2 in July.The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—rose by 6.8 points to 121.2, following three months of consecutive decline. The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—fell by 5.8 points to 68.2. The survey period for this month’s preliminary results was August 3–16… Consumers’ average and median 12-month inflation expectations were slightly more elevated in August. Most consumers—61.3%—still anticipated higher interest rates over the next 12 months, down moderately from 62% in July. Meanwhile, consumers still expected higher stock prices a year from now… https://www.morningstar.com/news/pr-newswire/20260825ny33151/us-consumer-confidence-edged-down-slightly-in-august
August New Home Sales tumbled 10.5% m/m & 6.3% y/y after an upwardly resided 7.6% /m in July.
WSJ: Canada Targets U.S. Metals, Foods in Retaliatory Tariff Package – New duties range from 15% to 50% on about $20 billion of goods, designed to protect domestic firms’ market share.
In retaliation for Canada’s retaliatory tariff package, Trump threatened to rename Lake Ontario to Lake America. Please make it stop! @realDonaldTrump: The United States is giving serious consideration to changing the name of Lake Ontario to Lake America in that we don’t expect to be doing much business with Ontario any longer… Canada has been “Ripping Off” the U.S.A. for decades. They have been charging our Farmers 400% Tariffs, and more. They have driven many wonderful U.S. companies out of business. For 10 years they wouldn’t certify Gulfstream Jets, until I got involved. They wanted 100% of the market for Gulfstream’s Canadian competitor. I deal with many countries, and Canada is easily the most difficult and unreasonable. They feel entitled, but they are not a State, and will be entitled no longer!
WSJ’s @NickTimiraos: Boston Fed President Susan Collins says June and July inflation reports were “mildly encouraging” but “it will be appropriate to tighten policy soon” if “evidence of sustained inflation progress” doesn’t materialize. Her relatively favorable modal inflation outlook “is predicated on seeing limited additional tariff increases and some degree of reopening of the Strait of Hormuz.” https://www.bostonfed.org/news-and-events/speeches/2026/perspectives-on-the-economy
As we guessed, Tuesday’s action was lethargic due to coming big events (NVDA results, Jackson Hole, PCE) and Team Trump’s palpable fear of freely traded markets. Nvidia rallied after 7 consecutive daily declines. USUs rallied as much as 31/32 on reports that Bessent was determined to squeeze US Treasury bond and note shorts, which are very large.
Sharp declines in energy commodities also boosted US debt. Near 13:38 ET, Oct WTI Oil was -$2.75; Oct Brent was -$3.62; Oct Diesel was -1.58¢; and Oct Gasoline was -2.60¢.
The yen/dollar hit 159.491. Gold and silver rallied a tad.
The S&P 500 Index gapped up to 7676.66 (+23.80) on the opening but quickly hit a daily high of 7686.11 (+33.25) at 9:34 ET. Sellers appeared; the index sank to a daily low of 7650.92 (-1.94) at 10:30 ET.
The index quickly rebounded to 7664.03 at 10:31 ET. It then traded sideways until it broke higher on a Noon Balloon. After hitting 7675.14 at 12:33 ET, the S&P fell to 7663.83 at 12:49 ET. Steady buying took the index to 7677.70 at 12:39 ET. A 5-wave decline took the S&P down to 7664.50 at 13:28 ET.
After a plodding rally to 7669.46 at 13:55 ET, the S&P 500 Index fell to 7665.19 at 14:17 ET. The index wandered higher until the rally accelerated when the clock struck 14:30 ET. The S&P 500 Index hit 7675.82 at 14:46 ET. The index then fell to 7666.90 at 15:20 ET. The late manipulation forced the S&P 500 to 7680.54 at 15:55 ET. The index fell to 7675.73 at 15:59 ET and closed at 7677.28.
ECB Policymakers Ready to Raise Rates in September to Stem Side Effects of War in Iran Policymakers Have Little Appetite to Signal Further Tightening -Reuters per sources
Anthropic will reportedly tell investors that its potential AI market is above $30 trillion – WSJ
Who would believe Anthropic’ s absurd claim? US GDP as of Q2 end: $32.48 trillion. Global GDP is projected to be $126 trillion for 2026 per the IMF. FT: China warns US it could retaliate over Iran sanctions
Ex-US Treasury official @maxmeizlish: A friendly reminder that China is threatening to retaliate over potential Iran-related sanctions not because it values its trade with Iran and wants to preserve that relationship, but because China needs to maintain its access to the dollar. Without the dollar, China’s export-dependent economy would come to a standstill. So too would China’s ability to import more energy than any other country in the world. All of this shows why sanctions are a powerful tool — and how failure to use this tool now, in a powerful way, will only further entrench Beijing’s view that it is entitled to use the dollar however it sees fit.
Positive aspects of previous session S&P +0.32%, DJIA +0.3%, DJTA +0.11%, Nasdaq +0.66%, Nas 100 +0.64%, SOX Index +1.44% Info Tech +0.98%, Comm Services +0.46%; USUs +31/32 at peak
Negative aspects of previous session Copper, ‘the metal with the PhD in economics,’ hit an all-time high of $6.73/lb. Energy -1.7%; PHLX Gold/Silver Index +2.29% OCT WTI Oil -$4.49, Oct Brent -$5.75, Oct Diesel -10.85¢, Oct Gasoline -7.81¢ at 16:14 ET
Ambiguous aspects of previous session How long can almost daily market manipulation last before the inevitable market revolt?
First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour:Down; Last Hour: Up
Pivot Point for S&P 500 Index [above/below indicates daily trend to day traders]: 7671.44 Previous session (S&P 500 Index) High/Low: 7686.11 (9:34 ET); 7650.92 (10:30 ET)
Americans’ anxiety about the US healthcare industry is rising: new researchhttps://trib.al/vFUo4KP
Rubio tells allies U.S. shifting from strikes to sanctions on Iran Avoiding military action against Iran for the time being. Increasing economic pressure on Iran through the U.S. naval blockade and the new TreasuryDepartment sanctions push. Transporting as much oil as possible through the strait and into global energy markets. … This is expected to be the policy at least until after the midterm elections, when a new military campaign could again be on the table… https://www.axios.com/2026/08/25/rubio-iran-war-hormuz-oil
Iran, Oman reach agreement to temporarily reopen Strait of Hormuzhttps://trib.al/HpuhbHE (Probably why energy commodities tumbled Tuesday and fell on Monday. The oil market has always been tres sleazy; but during DJT’s 2nd reign, the insider trading is egregious!)
Afternoon trading could be impact by rumors or leaks on NVDA’s results. Someone always knows!
For the past three days, there has been verbal intervention from Team Trump. It fomented a short squeeze in bonds and a moderate rally in some sectors of the equity market. If there is no intervention today, only the anticipation of solid NVDA results and CEO Huang’s routine bullish shtick are the props for stocks.
Expected Economic Data: Q2 GDP 2.2%, Consumption 3.2%, GDP Price Index 6.3%; Q2 PCE 5.1% q/q, Q2 PCE Core 3.4% y/y; July PCE 0.1% m/m & 3.4% y/y; July PCE Core 3.3% y/y; July Durables 0.5%
ESUs -11.50, NQUs are -72.75, USUs -2/32; WTI Oil -$1.27; Gasoline -3.01¢, ¥/$ 159.21 at 20:01 ET.
S&P 500 50-eay MA: 7551; 100-day MA: 7399; 200-day MA: 7104 (S&P 500 Close 7677.28) DJIA 50-day MA: 52,688; 100-day MA: 51,123; 200-day MA: 49,618 (DJIA Close 53,577.40) (Green is positive slope; Red is negative slope)
More and more moms are being diagnosed with ADHD – because of their kidshttps://trib.al/yHWzP2G
The ADHD controversy – a new way of thinking Could it be that at least some of the reason for the explosion in self-referrals for ADHD is the fact that the ‘worried well’ have become empowered to believe that they suffer from a mental disorder? Normal variation may be mistaken for mental illness. Getting distracted by social media, which is inherently designed to be addictive, may be misinterpreted by an individual as abnormal, and as evidence that they may suffer from ADHD. In a highly distracting and stimulating world, it is any wonder that people feel that they lack attention? In a world in which children as young as 4 or 5 are forced to spend several hours a day sitting quietly in classrooms, is it any wonder that they are being diagnosed as ‘hyperactive,’ just because they struggle to sit still? The fact that obtaining a formal diagnosis can also be linked with material benefits is perhaps another incentive to pursue this path… A 2021 systematic review found that ADHD is indeed significantly overdiagnosed in children and adolescents, and warned that the harms of diagnosis may outweigh the benefits… We should aim to correctly identify and support those in need, without overdiagnosing… https://maudsleylearning.com/insights/blogs-and-videos/long-read-the-adhd-controversy-a-new-way-of-thinking/
@mattrobinson: Teenage gang members in Chicago suburb Hazel Crest IL doing a vlog posted outside flashing guns in broad daylight. https://x.com/mattrobinson/status/2092061972300784053 (The usual suspects will clamor for more gun laws when current laws are NOT enforced!)
@cspan: From 2018: @DollyParton(Died at 80 on Tuesday) explains what inspired her to create the Imagination Library, which has now gifted more than 325 million books. https://x.com/cspan/status/2092316943797596166
The California State Teachers Retirement System (CalSTRS) is the largest teachers-only public pension system in the country, with more than $400 billion in assets under management. As of December 31, 2024, CalSTRS directly held three-quarters of a million shares of Target Corporation, worth more than $100 million.
If one were to add in the Target holdings of the Teacher Retirement System of Texas and the New York State Teachers’ Retirement System (the second and third-largest teachers-only plans in the country, respectively), then the total value of shares owned would jump by another $60-plus million. Add in the remaining state teacher retirement systems, plus the city systems of Chicago, Denver, Kansas City (Missouri), New York City, St. Louis, and St. Paul, and the total value of Target shares directly held by teacher pensions is well into the multiple hundreds of millions, at the very least. Add in the value of indirect shares held through various index funds and ETFs, and teacher retirement plans hold literally billions of dollars’ worth of Target stock. Given all this, it’s more than fair to say that Target is a key component of teachers’ pension portfolios and, as a result, the company’s long-term success is directly linked to American teachers’ retirement security.
And yet…
This past weekend, the American Federation of Teachers, the second-largest teachers’ union in the country and likely the most prominent, launched a new campaign urging parents and students to boycott Target for back-to-school supplies and clothes. Randi Weingarten, the politically active and politically connected president of the AFT, released a video detailing the boycott and explaining why it is, in her eyes, an absolute moral imperative to teach Target a lesson. According to an AFT press release, “The ‘Shop Smart, Support Working Families’ campaign was created in response to Target’s refusal to condemn the unlawful Immigration and Customs Enforcement activity that continues to roil communities around the country.” Weingarten herself complained that “We gave Target ample time to stand with the communities in which they operate and help their neighbors, but its silence about federal immigration abuses has been deafening.”
The AFT is angry at Target because Target and its executives didn’t do what the union wanted: make its political fight their fight. And it’s actively trying to damage the company because of that refusal.
Taken together, these two facts – teachers’ pensions hold considerable equity in Target, while teachers’ unions are purposefully trying to harm the company – say quite a bit about the state of markets and politics in the country at the moment and suggest a handful of lessons that can and should be learned by outside observers.
The first thing this strange confluence of circumstances tells us is that people, in general, neither understand what a publicly traded corporation is nor fully grasp its purpose. Corporations are, as a rule, portrayed in our popular media and perceived by most average Americans as far-off, distant, heartless organizations run by and for rich people. In truth, publicly traded corporations like Target are owned by their shareholders, the overwhelming majority of whom are just ordinary folks – like teachers – who are trying to save for their retirement. Public pension plans, 401(k)s, IRAs, etc., are the primary savings vehicles for most “investors.” The perception of investors as a bunch of “fat cats” on Wall Street who own everything and manipulate everything for their benefit is largely a myth, and it has been for decades. You, your spouse, your kids, your mom and pop, and their small business are the majority of investors and, by extension, the majority of owners of most corporations.
There is no doubt that a significant disconnect exists between the owners of corporations (principals) and those who run them on the owners’ behalf (agents). This is a longstanding concern that has prompted much discussion, consternation, and even confrontation over the decades. Moreover, with so many owners – literally millions of people – many opinions on how best to run the company exist, and those opinions often and passionately conflict with one another. Given this, basic rules governing the conduct of the agents exist and are updated constantly. This is what’s known as “governance.” The most famous description of foundational principles of governance, designed to secure the interests of all shareholders, was provided by the economist Milton Friedman:
In a free-enterprise, private-property system, a corporate executive is an employee of the owners of the business. He has direct responsibility to his employers. That responsibility is to conduct the business in accordance with their desires, which generally will be to make as much money as possible while conforming to the basic rules of the society, both those embodied in law and those embodied in ethical custom.
That’s it. That’s what corporate executives are supposed to do. That’s how they are meant to treat their shareholders – by providing them a return on their investment. That’s the fundamental principle of governance: produce returns for all investors.
Unfortunately, some people think that their opinions, wants, and desires are more important than other people’s right to earn a return on their investment. They think that corporations exist to serve their ends and to accommodate their political beliefs and ambitions. Even more unfortunately, many of these people have been encouraged to think this by the very corporate “agents” who know better and who have moral and legal obligations to the contrary.
In August 2019, for example, the Business Roundtable (BRT) – a nonprofit organization whose members are the CEOs of the largest corporations in the United States – issued a declaration called a “Statement on the Purpose of a Corporation.” In it, the 181 signatories proclaimed that they and their corporations were dedicated to being less focused on shareholders and more focused on stakeholders. The chairman of the Roundtable at the time was Jamie Dimon, the CEO and chairman of the largest bank in the world (by market cap). “The American dream is alive,” Dimon lamented, “but fraying.” He implied that only the executives of the world’s biggest companies (the agents to their tens of millions of principals) could save the American Dream. More to the point, he implied that they could only do so by redefining the purpose of a corporation. “These modernized principles reflect the business community’s unwavering commitment to continue to push for an economy that serves all Americans.”
Every CEO who signed that document alongside Dimon (and Larry Fink from BlackRock, Tim Buckley from Vanguard, Brian Moynihan from Bank of America, Michael Corbat from Citigroup, Jeff Bezos from Amazon, etc., etc., ad nauseam) is responsible for sowing confusion among the people, for encouraging people like Randi Weingarten to think of Target as a tool to accomplish her goals. These CEOs may not fully agree with this declaration they issued seven years ago, and they may wish they hadn’t signed the BRT’s now-infamous statement, but that doesn’t change the fact that they did sign it and that by doing so they gave Weingarten and countless others the impression that corporations were the appropriate vehicle for their political aspirations.
Ironically, one of the signatories of that document was a man named Brian Cornell, who was then the CEO of Target. Cornell retired from the CEO role earlier this year but remains the company’s executive chair. Even more ironically, Cornell was hardly the first of Target’s executives to play politics with the company’s resources and reputation. As I have noted elsewhere, Target has a long history of getting involved in matters that are beyond its business purview. Indeed, Target has a well-earned reputation as a social-justice-compliant company – which is probably why Weingarten is so upset that it has resisted her entreaties. The lesson here is that “no good deed goes unpunished” (no matter how broadly one defines the word “good”). Once you decide to ride the social-justice wave, it can be nigh on impossible to bail on that wave before wiping out. The folks at Target are undoubtedly learning this lesson the hard way.
The nation’s teachers are learning that lesson the hard way as well, whether they realize it or not. They are part-owners of the company that Weingarten and the AFT are trying to damage over politics. Indeed, it’s almost certainly the case that Weingarten herself is a part-owner of Target and, as such, is damaging her own pension returns. Of course, the catch here is that as an individual shareholder, Weingarten is free to make her own investment decision for whatever reasons she sees fit. As the president of a teachers’ union, however, she has certain obligations. She is not legally a fiduciary steward of her constituents’ pension funds, but she does have tremendous influence over those who are fiduciaries. The AFT’s Trustee Council openly concedes that it has more than 50 members on 27 different pension boards. Additionally, the union produces a variety of materials meant to influence fiduciaries on their responsibilities to union members and beneficiaries. Randi Weingarten’s hands may be legally clean, but her house is a mess. She’s harnessed the power of her union and of teachers more generally to fight against a company of which they are all part-owners. That is the very definition of self-defeating.
In the end, this is what happens when people forget – or ignore – the nature of capital markets and publicly traded corporations. No one, it seems – not the AFT, not the BRT, not the massive asset management firms that control more than $25 trillion in other people’s money – thinks of corporations as what they really are: the collected savings of tens of millions of ordinary people. They think of corporations as the means to their ends, not the ends of their true owners.
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Democratic Party Panics As Top Lieutenants Move In Lockstep To Denounce Hasan Piker
Wednesday, Aug 26, 2026 – 11:45 AM
The higher-ups in the Democratic Party establishment are clearly terrified of Hasan Piker, one of the most influential media surrogates for the Democratic Socialists of America – whose members want to “dismantle the empire from within.”
Piker specifically instructed his followers to kill capitalists and “let the streets soak in their fucking red capitalist blood.”
And while mainstream Democrats didn’t take issue with Piker’s calls to murder capitalists, the highest-ranking Democrat in the House of Representatives, Hakeem Jeffries (D-NY), blasted Piker for antisemitismduring an appearance on CNN:
X user OSZ pointed out that Jeffries was not the only one condemning Piker; other top lieutenants of the Democratic Party establishment did so as well:
Meanwhile, DSA Watch posted a snippet from Piker’s stream in which he apparently experienced what the X user described as a “multi-day meltdown” after the media turned against him.
What is clear is that senior Democrats are moving in a coordinated fashion to distance the party from Piker and the far-left radicals in DSA. The concerted effort suggests that party strategists may be seeing internal polling data showing that such links are politically toxic beyond the progressive base and could become a major liability in general elections.
Yet another century-old house of worship has been wiped from the map.
The former Friendship Baptist Church in Cleveland, Ohio – a structure dating to the mid-1890s that began life as a synagogue before becoming a Baptist sanctuary – was engulfed in a massive early-morning blaze last week.
Nearly sixty firefighters fought the inferno for hours. The roof collapsed. The remnants were later demolished. Officials initially listed the cause as unknown.
Gunther Eagleman wrote: “Christians are supposed to just shrug and move along? No. Every church fire deserves a serious investigation. If it’s an accident, prove it. If it’s arson, hunt down whoever did it and prosecute them to the fullest extent of the law. Christians should never become numb to attacks on our churches. Enough is enough. Protect our churches. Defend our faith. Demand answers.”
Local fire officials have since confirmed the blaze was incendiary. Motives were not believed to be financial. Arrests were expected as investigators worked through the warrant process. The building had sat vacant for years after the congregation dwindled. Cleveland Fire Lieutenant Mike Norman called the loss “irreplaceable” and estimated damage at roughly $500,000.
This is not an isolated incident. It sits inside a lengthening list of historic Christian sites reduced to ash while official language defaults to “unknown,” “under investigation,” or “accidental,” and political attention remains selective.
Just weeks earlier, a 164-year-old church in Leicester, UK suffered severe damage. St Andrew’s Church on Jarrom Street, built in 1862 and designed by Sir George Gilbert Scott, caught fire after 11pm on July 28.
Firefighters battled through the night. The fire started on the ground floor and spread to the roof. Officials later said the most probable cause was accidental, with the building secure and no sign of forced entry. Services resumed in the church hall. The Pope sent a letter of solidarity. Repairs could take years.https://modernity.news/2026/07/30/another-historic-uk-church-torched-cause-unknown/embed/
Stark double standards amid escalating attacks on Christian sites across the UK
National Churches Trust data has recorded hundreds of attacks on churches, including arson, and thousands of crimes at church properties in recent years, with security funding per site far lower than for mosques or synagogues.
In the US, in Buffalo, the 140-year-old former St. Ann’s Church and Shrine was hit by multiple fires this year after its 2022 sale to a group affiliated with the Downtown Islamic Center for conversion into an Islamic community centre.
New York City saw the 173-year-old South Bushwick Reformed Church in Brooklyn gutted in June. The cause was initially listed as under investigation before the FDNY confirmed it was intentionally set.
In Canada, arson attacks on churches more than doubled after 2021. A Macdonald-Laurier Institute report found fewer than 4 percent of cases resulted in charges. One of the more recent examples was the 1893 church in Saint-Romain, Quebec, destroyed by fire in April and treated as arson.https://modernity.news/2026/04/14/yet-another-historic-church-torched-in-canada/embed/
Other historic sites, including a 17th-century chapel and a cloister, suffered major fire damage around the same period. Studies have noted a Christian religious building disappearing every two weeks through fire, collapse or deliberate damage.https://modernity.news/2026/04/24/yet-another-historic-church-set-ablaze/embed/
Across these cases the official language often settles on “unknown,” “accidental,” or “under investigation.” Suspects are rarely identified.
Historic Christian buildings disappear while demographic shifts continue and political priorities remain selective.
The Cleveland fire is simply the latest entry in a lengthening record. Christians are told to move along. Enough is enough.
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END
GREG HUNTER…INTERVIEWING DR JOE SANSONE
CV19 Bioweapon Vax Is Psychopathic Authoritarianism – Dr. Joe Sansone
Dr. Joe Sansone is a Florida psychotherapist, and has been one of the only people to sue to take the CV19 bio-weapon vax off the market in his state. He lost his case despite the fact the CV19 injections have been proven to cause heart disease, auto immune problems, blood clotting and so-called “turbo-cancers” that are still popping up everywhere. The latest data from the Bureau of Labor Statistics (BLS) shows “US Disabilities Hit an All-Time High of 37 Million In July: UP 23% Since Feb 2021.” Since early 2021, CV19 bio-weapon weapon injections caused an additional 7 million people to be permanently disabled, and millions have been killed globally. No matter how high the death and injury numbers get, Sansone still contends the World (continues) Ignoring Disaster of CV19 Bioweapon Vax.” How can this be? Dr Sansone lays out his case in a new book showing a world run by “Psychopathic Authoritarianism.” This is not a fluke or an accident. Dr. Sansone says, “On a systemic level, I call it “Psychopathic Authoritarianism,” and we are seeing that across the country. With the CV19 shots, the bottom line is these mRNA injections are biological and technological weapons of mass destruction. The people that deployed this, know this. In my case in Florida, the late Dr. Francis Boyle who gave an affidavit for my case (Boyle wrote the 1989 Bio Weapons Act) publicly stated the Covid injections were, in fact, offensive bio warfare weapons based on the law he wrote. . .. What we are seeing is true unadulterated evil. That is really what my book is all about. In order to defeat these people, you need to know who you are fighting against. These are not normal people who are running the world right now.”
Dr. Sansone says, “The bottom line is most people that we know will have a shortened life span from these injections. Now, I am not saying they are going to die tomorrow, but if you give me a chronic disease or illness . . . I am not going to live as long as I would without it. If that is not going to wake people up, I don’t know what will. “Psychopathic Authoritarianism,” is a systemic level disease of the society as a whole.”
Singer Dolly Parton just passed away, reportedly after a “brief cancer battle.” Parton funded research for the CV19 vax. She got a shot on camera and adapted one of her songs to sing to encourage people to get their CV19 vax. She changed the name in her hit song “Jolene” to “vaccine.” While she was doing this in 2021, CV19 vax deaths and injuries were already piling up, and being covered up by the CDC and FDA. Parton had what appears to be some sort of turbo cancer that is common after taking the CV19 vax. Was Parton killed by the CV19 injections? We will probably never know. Dr Sansone says, “Honestly, Dolly Parton was exploited. I think she died due to the CV19 shots. I don’t know that for a fact, but that seems reasonable to assume. I seriously doubt that Dolly Parton would have wanted to injure anybody. The idea putting these celebrities out there promoting these injections is totally unethical. . .. You have to understand, these people are sadistic. They get off in causing pain in others and humiliating other people. They have fun doing this. They are getting off on giving people chronic diseases and illnesses. Exploiting Dolly Parton and giving her poison while she is promoting poison . . . that’s sadistic. That is evil behavior. I think it is all done on purpose.”
Join Greg Hunter of USAWatchdog as he goes one-on-one with Dr. Joe Sansone, as he highlights his new book called “Psychopathic Authoritarianism,”and talks about the systemic evil in our world, and what you need to know about it. for 8.26.26.
harveyorganblog.com 
